Changjiu Co., Ltd. (06959) rose more than 10% and rose 11.65% at press time to HK$37.85, with a turnover of HK$4.13 million and a turnover of HK$4.13 million.
The Zhitong Finance App learned that Changjiu Shares (06959) rose by more than 10% and rose 11.65% at press time to HK$37.85, with a turnover of HK$4.13 million and a turnover of HK$4.13 million. It is worth noting that the company's stock price has been rising since late February, with a cumulative increase of more than 350%.
Previously, the company announced annual results for the year ended December 31, 2023. The group obtained revenue of 642 million yuan (RMB, same below) during the period, an increase of 17.1% over the previous year; profit attributable to the company's equity shareholders was 102 million yuan, an increase of 6.72% over the previous year; and the basic profit per share was 0.6762 yuan. According to the announcement, the increase in revenue was mainly due to the increase in revenue generated by pledged vehicle monitoring services, mainly due to the increase in the number of service agreements; and the increase in revenue generated by car dealer operation and management services, mainly due to the increase in the number of car dealers managed by the group and the profit of each car dealer.
From an industry perspective, with the development of the Chinese passenger car market, the penetration rate of pledged vehicle monitoring services by Chinese car dealers will continue to increase. According to Insight Consulting, in terms of revenue, the market size of pledged vehicle monitoring services by Chinese car dealers increased from RMB 873.1 million in 2018 to RMB 1,054.0 million in 2022, with a compound annual growth rate of about 4.8%, and is expected to reach RMB 1,451.9 million in 2027.