Summary by Futu AI
Wuling Motors announced its interim performance for the six months ended June 30, 2024, with total revenue of RMB 3,946,324,000, a decrease of 22.5% compared to the same period last year. The gross profit was RMB 425,824,000, and the gross margin increased from 8.1% to 10.8%. The net profit for the period was RMB 21,125,000, an increase of 72.3% from the same period last year, and the basic earnings per share were RMB 0.05. The company's operation was affected by factors such as intensified market competition and economic downturn, especially the decline in automobile power system and commercial vehicle business. However, the auto parts and other industrial services division recorded growth in revenue. Wuling New Energy, as a subsidiary of the company, focuses on the new energy automobile business, and its revenue has grown, but it is still in the development stage and has incurred losses. The company has not announced an interim dividend and continues to implement cost control measures to enhance competitiveness and efficiency.
