Summary by Futu AI
Meidong Auto (01268.HK) announced its interim financial report for the six months ending on June 30, 2024, showing a revenue of approximately RMB 10,655.9 million, a decrease of about 24.4% year-on-year. Revenue from new passenger vehicle sales decreased by approximately 29.3% year-on-year, while revenue from after-sales and mortgage application services increased by about 6.3% year-on-year. During the period, the gross margin decreased by about 19.4% from approximately RMB 1,001.1 million in the first half of 2023 to approximately RMB 806.4 million. The overall gross margin increased by 0.5 percentage points to approximately 7.6%. The company incurred a loss of approximately RMB 22.9 million during the period, while a profit of approximately RMB 44.7 million was recorded in the same period of the previous year. The board of directors decided not to declare an interim dividend for the period. The company continues to face a persistently challenging macroeconomic environment, but maintains efficient operation and lays a solid foundation for future recovery through strict cost control, with operating expenses decreasing by about 19.4% year-on-year.