On July 9th, Gelonhui announced the performance forecast for the first half of 2024 of Bafang Electric (Suzhou) (603489.SH). According to preliminary calculations by the financial department, the net income attributable to shareholders of the listed company is expected to be 50 million yuan to 62 million yuan in the first half of 2024, a decrease of 42.3937 million yuan to 54.3937 million yuan compared to the same period of the previous year, a year-on-year decrease of 40.61% to 52.10%. The company expects the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses to be 47 million yuan to 59 million yuan in the first half of 2024, a decrease of 33.1668 million yuan to 45.1668 million yuan compared to the same period of the previous year, a year-on-year decrease of 35.99% to 49.01%.

The main reason for the performance forecast reduction this period is the continuous impact of geopolitical conflicts, inflation and other factors, and the insufficient demand in overseas end markets, slow digestion of high inventory in the channels, which has negatively affected the company's business situation.