The Zhitong Finance App learned that MeiDong Auto (01268) continued to drop by nearly 8%, down 7.96% at press time, to HK$2.66, with a turnover of HK$6.59 million.
According to the news, on April 10, the China Automobile Dealers Association released the results of the “Auto Dealer Inventory” survey for March 2024: the comprehensive inventory coefficient for car dealers in March was 1.56, down 10.3% from the previous month and 12.4% year on year. The inventory level was above the warning line, and dealer inventory pressure declined.
According to reports, the 2023 financial reports of eight Hong Kong stock car dealers have been released one after another. Among them, the net profit of 5 companies declined year-on-year in 2023. Net profit of Zhongsheng Holdings was 5,018 billion yuan, down 24.97% year on year; Yongda Auto's net profit was 586 million yuan, down 60.16% year on year; Meidong Auto's net profit was 156 million yuan, down 71.98% year on year; and Baidley Holdings' net profit was 84 million yuan, down 65.25% year on year. Zhengtong Auto lost 820 million yuan in 2023, up about 176.1% year on year; gross profit was 1.09 billion yuan, down 36% year on year.