Summary by Futu AI
Yadea Holdings announced its unaudited interim performance for the six months ending June 30, 2024, showing a decrease in revenue, gross profit, and attributable profit to shareholders compared to the same period last year. Revenue decreased from approximately 1,704.1 million yuan in the same period of 2023 to approximately 1,441.4 million yuan, a decrease of 15.4%; gross profit decreased from approximately 287.4 million yuan to approximately 259.4 million yuan, a decrease of 9.8%; attributable profit to shareholders decreased from approximately 118.7 million yuan to approximately 103.4 million yuan, a decrease of 12.9%. Basic earnings per share also decreased from 39.9 cents to 34.5 cents. This decrease is mainly due to macroeconomic uncertainty, weakening market demand, and distributor inventory cycle. Despite the challenges, Yadea remains the market leader in the electric two-wheeler industry and will continue to invest in research and development and expand overseas markets. The board of directors has decided not to distribute interim dividends.
