Zhongsheng Holdings (00881) rose more than 10%. As of press release, it was up 10.24% to HK$13.56, with a turnover of HK$58,399 million.
The Zhitong Finance App learned that Zhongsheng Holdings (00881) rose more than 10%. As of press release, it had risen 10.24% to HK$13.56, with a turnover of HK$58,399 million.
According to the news, Zhongsheng Holdings announced its 2023 annual results. The group received revenue of $179.29 billion (RMB, same below), a year-on-year decrease of 0.32%; profit attributable to shareholders was $5,018 billion, a year-on-year decrease of 24.97%; and plans to pay a final dividend of HK$0.797 per share. It is worth noting that during the period, the company's used car business achieved significant growth in terms of the number of transactions and comprehensive profit. In 2023, Zhongsheng Holdings' total used car trading volume exceeded 164,000 units, up 17% year on year; corresponding comprehensive profit exceeded RMB 1.2 billion, up 55% year on year, accounting for 6.9% of the annual comprehensive profit, a record high.
Bank of America Securities pointed out that Zhongsheng Holdings' performance in the second half of last year was slightly better than expected. Revenue in the second half of the year increased 4% year on year to reach 97 billion yuan. While sales volume fell 1% year on year, the average price of comprehensive products fell 1%, and the gross margin of the business segment fell 2 percentage points to 0.3% year on year, mainly due to pricing pressure brought about by the price war in China's electric vehicle industry and weak demand recovery.