Jinwu Financial News | Zhongsheng Holdings (00881) announced that for the year ended December 31, 2023, ordinary equity holders of the parent company should account for profit of 5,018 billion yuan (RMB, same below), a year-on-year decrease of 24.97%; basic profit per share was 2.09 yuan. A final dividend of HK$0.797 is proposed.
During the period, the Group's revenue was 179.29 billion yuan, a year-on-year decrease of 0.32%. In detail, revenue from new car sales was 140.215 billion yuan, down 3.6% year on year, mainly due to the decline in new car sales during the year. Revenue from the boutique and after-sales service business was 25.09 billion yuan, an increase of 2% over the previous year. Used car sales revenue was 13.985 billion yuan, up 42.3% year on year, mainly due to the increase in used car sales during the year.
In terms of new car sales revenue, Mercedes-Benz is the car brand with the highest sales revenue of the Group, accounting for 40.9% of the Group's total new car sales revenue.
During the period, the Group's gross profit was 13.764 billion yuan, a year-on-year decrease of 14.14%, and gross margin was 7.7%, a year-on-year decrease of 1.2 percentage points. The gross profit of the new car sales business was 1,058 billion yuan, a year-on-year decline of 73.1%, mainly due to the decline in new car sales in the current year and the narrowing of new car sales on the distribution side due to increased competition in the domestic new car market. The gross profit from used car sales was 940 million yuan, up 85.7% year on year, mainly due to the increase in used car sales during the year and the increase in the average profit contribution of a single used car sales.