Xinchen Dynamics (01148) announced its annual results for the year ended December 31, 2023. The group achieved benefits, people...
According to the Zhitong Finance App, Xinchen Dynamics (01148) announced the results for the year ended December 31, 2023. The group achieved revenue of RMB 5.341 billion (same unit), an increase of 223.2% over the previous year; net profit of RMB 41.071 million; a loss of RMB 116 million for the same period last year; and profit per share of RMB 0.032.
In 2023, the Group achieved total comprehensive sales of about 5,340.83 billion yuan, an increase of about 223.20% over 2022 (approximately 1,6524.8 billion yuan), mainly due to increased trading of range extenders produced by the joint venture. Since COVID-19 only affected the first quarter of the reporting year, the company's business gradually resumed from the second quarter. The increase in range extender sales is due to a rebound in demand since the second quarter of this year after the COVID-19 pandemic. Meanwhile, the increase in crankshaft sales is mainly due to increased demand from BMW Brilliance for the Group's Bx8 crankshafts.