Century United Holdings (01959) announced that it expects the Group's earnings for the year ended December 31, 2023...
According to Zhitong Finance App, Century Joint Holdings (01959) announced that the Group's revenue and comprehensive net loss after tax for the year ended December 31, 2023 will be approximately RMB 1,619 million and RMB 54 million respectively, while the Group's revenue for the year ended December 31, 2022 is approximately RMB 1,999 million, and the net loss after comprehensive tax is approximately RMB 23.6 million.
According to the announcement, the main reasons for the decline in financial performance are (i) the decline in automobile sales due to the impact of China's macroeconomy; (ii) the decline in sales prices due to fierce competition in the automobile market, leading to a decline in gross profit; and (iii) the increase in labor and depreciation costs due to the construction of new energy vehicle sales stores, charging stations and online car-hailing businesses.