On March 8, GLONGHUI | Xinfengtai Group (01771.HK) announced that the profit attributable to the Group's unaudited parent company owners for the year ended December 31, 2023 is estimated to be approximately RMB 11.8 million, down about 85.5% from the profit attributable to parent company owners for the year ended December 31, 2022.
The main reason for the decline in profits attributable to owners of the Group's parent company for the year ended December 31, 2023 is due to the decline in terminal transaction prices in the automobile dealership market due to factors such as the macroeconomic environment and intense competition in the automobile consumer market, leading to a decline in overall profitability of new car sales.