Zhengtong Auto (01728) announced its annual results for the year ended December 31, 2023. The group made profits during the period...
According to the Zhitong Finance App, Zhengtong Auto (01728) announced the results for the year ended December 31, 2023. The group achieved revenue of 24.132 billion yuan (RMB, same below) during the period, an increase of 6.75% over the previous year; losses attributable to shareholders were 891 million yuan, an increase of 200.72% over the previous year; and the basic loss per share was 31.9 points.
According to the announcement, the increase in earnings was mainly due to an increase in new car sales during the year.
The Group's revenue comes from new vehicle sales, after-sales service and other business revenues. In 2023, revenue from new car sales was about 20.024 billion yuan, up about 7.3% from about 18.845 billion yuan in 2022, accounting for about 83.8% of total revenue in 2023, compared to 83.4% in the same period last year. Revenue from luxury and ultra-luxury brand car sales was approximately $19.139 billion, up about 9.4% year-on-year from approximately $17.491 billion in 2022. This increase was mainly due to increased sales of luxury cars, which accounted for about 94.6% of new car sales revenue in 2023, compared to 92.8% in the same period last year. The revenue from after-sales service was approximately RMB 3.240 billion, up about 5.2% from approximately RMB 3.81 billion in 2022. In 2023, after-sales service revenue accounted for about 13.4% of total revenue, accounting for a year-on-year decrease of about 0.2 percentage points.
In 2023, the Group focused on improving quality and efficiency, actively responded to complex market environments and challenges, and achieved a contrarian increase in the market share of core distribution brands. For the year ended December 31, 2023, the Group achieved a total of 60,845 new car sales, an increase of about 8.1% year on year, including 51,872 luxury brand and super luxury brand car sales, an increase of about 14.4% year on year.