Century United Holdings (01959.HK) announced that it is expected to record revenue of approximately RMB 0.738 billion for the six months ending June 30, 2024, which is basically the same as the approximately RMB 0.7303 billion for the six months ended June 30, 2023. The Group expects to record a net comprehensive loss after tax of approximately RMB 53 million for the six months ended June 30, 2024, while a net comprehensive loss after tax of approximately RMB 28.1 million was recorded for the six months ended June 30th, 2023.

The announcement stated that the decline in financial performance was mainly due to the influence of the macro economy, the decrease in consumer purchasing power, and the intensification of price wars in the automobile market. Competitions that exchanged price for quantity ultimately led to a decrease in automobile sales prices, resulting in a decrease in the Group's gross profit.