On August 16, Gloria announced that Sunfonda gp (01771.HK) is expected to have no more than RMB 97 million in losses attributable to the owners of the parent company for the six months ending June 30, 2024, while a profit of RMB 8.2 million attributable to the owners of the parent company was recorded for the six months ending June 30, 2023.

According to the announcement, the main reason for the change from a profit attributable to the owners of the parent company for the six months ending June 30, 2023 to a loss attributable to the owners of the parent company for the six months ending June 30, 2024 is the impact of macroeconomic conditions and intensified competition in the autos industry, resulting in a decline in the profitability of new car sales compared to the same period in 2023.