Summary by Moomoo AI
Brilliance China's unaudited comprehensive interim financial performance for the first half of 2024 shows a 2% increase in revenue compared to the same period last year, reaching RMB 5180 million, but a 27.2% decrease in gross profit, amounting to RMB 1036 million. Financial costs decreased by 20%, reaching RMB 0.8 million. Equity attributable to minority interests decreased by 27.3%, amounting to RMB 27347 million, mainly due to the decline in performance of Brilliance BMW. The net profit for the period was RMB 14656.37 million, a decrease of 60.9% compared to the same period last year. Basic earnings per share were RMB 0.29201. Brilliance BMW launched new models of automobiles in the Chinese market, focusing on the electric vehicle market. Brilliance Eurasia Automobile Finance is facing market challenges and is implementing various measures to address them. In the first half of 2024, the company invested approximately RMB 1.34 billion in Brilliance Renault, regaining control, and plans to relocate existing factories and office properties, with compensation of approximately RMB 4514 million to be received by 2025 at the latest.