Prinx Chengshan (01809.HK) announced that the expected net profit attributable to owners of the company for the six months ending on June 30, 2024 will be between approximately RMB 0.752 billion and RMB 0.85 billion, up by about 130% to 160% compared to the same period in 2023.

According to the board of directors, the expected increase in net profit over the same period last year is mainly due to the growth of the domestic auto industry, stable increase in demand in the overseas tire market, and the refund of anti-dumping duties on passenger vehicle and light truck tires originating from Thailand. The group is driven by technological innovation and continues to optimize its product structure and business structure, with significant results. Its high value-added and deep connotation product matrix is recognized by domestic and foreign customers, effectively improving the group's market share and penetration rate in segmented markets and significantly enhancing profitability.

For the six months ended June 30, 2024, the group achieved tire sales of 13.8 million units (11.5 million units in the same period of 2023), a year-on-year increase of 19%. Among them, overseas market sales increased by about 21%, and passenger vehicle tire sales increased by about 25% year-on-year. At the same time, benefiting from the improvement of product competitiveness, the company's gross margin has significantly improved year-on-year.