Grand Baoxin Forecasts Significant Mid-Year Loss

TipRanksJul 12 09:41 ET

Grand Baoxin (01293) issued a warning of loss, expecting that the loss attributable to the parent company's owners in the first half of the year will not exceed 0.1 billion yuan, a year-on-year profit to loss reversal.

Grand Baoxin (01293) announced that it is expected to incur a loss of no more than 0.1 billion yuan attributable to the owners of the parent company in the first half of 2024, while during the same period in 2023, the owners of the parent company shall enjoy a surplus of 0.324 billion yuan. The main reason for the loss is due to the impact of the market consumption degradation and the intensified competition pattern in the industry. Major OEMs are engaged in price wars to win market share, resulting in a decline in the company's new car sales volume and gross margin compared to the same period last year.

Zhitong FinanceJul 12 09:18 ET

Express News | Grand Baoxin Auto - Expected Result Due to Decrease in Market Consumption, Others

ReutersJul 12 09:17 ET

Express News | Grand Baoxin Auto Sees Hy Loss Attributable of Not More Than RMB100 Mln

ReutersJul 12 09:16 ET

GRAND BAOXIN: PROFIT WARNING

Hong Kong Stock ExchangeJul 12 09:15 ET · Announcements

Auto retailers in general are doing well. Zhongsheng Hldg (00881) has risen 5.25%. In June, the inventory level of auto retailers was below the warning line.

Jingu Wealth News | Auto retailers are performing well overall, with Grand Baoxin (01293) up 11.25%, Zhongsheng Holdings (00881) up 5.25%, Meidong Auto (01268) up 4.95%, Yongda Auto (03669) up 2.47%, and Harmony Auto (03836) up 2.15%. On July 10th, the China Automobile Dealers Association released the "Auto Retailer Inventory" survey results for June 2024. The comprehensive inventory coefficient of automobile dealers in June was 1.40, a 2.8% decrease from the previous month and a 3.7% increase compared to the same period last year. Inventory levels were below the warning line. Dealers are upset.

金吾財訊Jul 11 01:36 ET