[Today's focus]

Ideal Automobile-W (02015.HK)'s first quarter revenue of 25.6 billion yuan increased 36.4% year-on-year

Ideal Automobile-W (02015.HK) announced unaudited financial results for the first quarter of 2024. In the first quarter of 2024, total vehicle deliveries were 80,400 vehicles, up 52.9% year on year; total revenue was RMB 25.6 billion, up 36.4% year on year; gross profit was RMB 5.3 billion, up 38.0% year on year; net profit was RMB 591.1 million, and net cash used in operating activities was RMB 3.3 billion.

According to the announcement, the company delivered 25,787 vehicles in April 2024, an increase of 0.4% over April 2023. As of April 30, 2024, across the country, the company has 481 retail centers in 144 cities, operates 361 after-sales maintenance centers and ideal automobile authorized sheet painting centers in 210 cities, and has put into use 386 ideal overcharging stations equipped with 1,678 charging piles.

Mr. Li Xiang, Chairman and CEO of Ideal Auto, said, “In the first quarter of 2024, our delivery volume reached 80,400 vehicles, an increase of 52.9% over the previous year, continuing to solidify Ideal Auto's leading position in the NEV market of over RMB 300,000 in China. In March, we released and delivered the first high-voltage pure electric model, the MPV Ideal MEGA, the flagship MPV of Home Technology, and increased investment in installing ideal supercharging stations nationwide to enrich the charging resources of ideal users and accelerate the process of high-voltage pure electric models from 0 to 1. In April, we released and delivered the ideal L6, a five-seater luxury SUV for families, to meet the travel needs of more young families, and bring increased range four-wheel drive and intelligence to models within RMB 300,000. As Ideal Auto continues to grow in an ever-changing market environment, we will actively embrace the challenges in the process, continue to focus on improving operational efficiency, and continue to create more value for users.”

Mr. Li Tie, Chief Financial Officer of Ideal Auto, added: “Despite the launch of new models, product iterations, and price system adjustments, our financial results in the first quarter remained steady. During this period, revenue increased 36.4% year over year to reach RMB 25.6 billion, and gross margin remained at a healthy level of 20.6%. Although delivery volume fluctuated from month to month in the first quarter, we are confident that delivery volume will increase over the next few quarters and will continue to invest in R&D and sales and service networks. Looking ahead, we will continue to rigorously evaluate and optimize operations, maintain a focus on users and products, and move towards a long-term vision in a competitive market environment.”

In the second quarter of 2024, the company expects vehicle deliveries of 105,000 to 110,000 vehicles, an increase of 21.3% to 27.1% over the second quarter of 2023. Total revenue was RMB29.9 billion to RMB31.4 billion, up 4.2% to 9.4% from the second quarter of 2023.

[Important matters]

PricewaterhouseCoopers (01358.HK) plans to split its subsidiary Sichuan Ruijian Medical and go public on the new third board

Jiayi Holdings (01025.HK) plans to establish a joint venture to engage in multinational e-commerce and is exploring possible fund-raising solutions

Zhonghuan New Energy (01735.HK) plans to join hands with Datang Anhui to carry out comprehensive sustainable and in-depth win-win strategic cooperation on the development, construction and industrial support of new energy projects

Taiping Pension, a subsidiary of China's Taiping (00966.HK), received a capital increase of 1,075 billion yuan from Fujie

China Express (03969.HK): Won the bid for important projects in the rail transit market with a total bid amount of 2,979 billion yuan

[Financial results]

Suteng Juchuang (02498.HK) ADAS lidar sales surged 542.0% in the first quarter, and overall gross margin increased rapidly, R&D expenses increased 97.4%

Gaofeng Group Holdings (02863.HK)'s interim income of approximately HK$346 million decreased by about 5.6% year over year

World Chinese-Language Media (00685.HK) Profit Alert: Annual loss is expected to be about US$11 million to US$13 million

Perfect Healthcare (01830.HK): Total annual sales are expected to be no less than HK$1.4 billion

[Operational data]

China Mobile (00941.HK): The total number of 5G package customers reached 799 million in April

China Telecom (00728.HK) released April operating data: 5G package users reached 332 million

China Unicom (00762.HK) released April operating data: 5G package users reached 271 million

Cathay Pacific (00293.HK): The number of passengers carried in April increased by 26.1% year-on-year to 1.7416 million

Electricity sales of power plants affiliated to China Resources Electric Power (00836.HK) increased by 5.5% in the first four months of 2024; electricity sales of attached wind farms increased by 8.0%, and sales of photovoltaic power plants increased by 191.4%

[Pharmaceutical Innovation]

Shanghai Pharmaceutical (02607.HK): Perindopril tert-butylamine API application approved

[Acquisition and sale]

Hebei Construction (01727.HK) plans to sell 100% of the total shares in the construction for 101 million yuan

OCI, the controlling shareholder of Shengneng Group (02459.HK), sells 32 million shares of the company

Shandong Molong (00568.HK) plans to sell 100% of Shouguang Maolong's shares and 100% of Molong Logistics's shares

Yuexiu Real Estate (00123.HK): Acquisition of 20% of Pazhou South Phase II Project

Xinrui Pharmaceutical (06108.HK) plans to acquire 16% of China's Nu Wa Pharmaceutical Group shares for HK$17.28 million

[Equity Incentives]

SMORE International (06969.HK): The trustee purchased a total of 6.144 million shares in connection with the share award program

Xuanwuyun (02392.HK) repurchased 3.598 million shares of the company for HK$2.276,600 under the restricted share unit plan

[Issuance of additional shares]

Mandi Technology Co., Ltd. (01400.HK) plans to place up to 300 million shares to raise HK$29.4 million net

China Tianhua Chemical (00362.HK) plans to sell a maximum of 300 million shares at a discount of about 2.0% to raise HK$29.4 million

China Agricultural Financial Investment (08120.HK) plans to discount about 8.16% and place up to 150 million shares to raise HK$6.48 million net

[Increase or decrease holdings]

Peng Shun International (06163.HK) received 5 million shares from controlling shareholder Peng Zhongyong

[Repurchase Cancellation]

Tencent Holdings (00700.HK) spent HK$1.04 billion to repurchase 2.54 million shares on May 20

HSBC Holdings (00005.HK) spent HK$218 million to buy back 3.1924 million shares on May 17

Standard Chartered Group (02888.HK) spent £7.8898 million to buy back 1.05 million shares on May 17

Jiangxi Copper Co., Ltd. (00358.HK) completed the repurchase and repurchased a total of 10.44 million A-shares

Hang Seng Bank (00011.HK) spent HK$33.98 million to repurchase 300,000 shares on May 20

Gloria Ying (06821.HK) spent 29.2832 million yuan to buy back 356,900 A shares on May 20

AIA (01299.HK) spent HK$16.3827 million to repurchase 250,000 shares on May 20

Swire Group A (00019.HK) spent HK$9.39 million to repurchase 135,500 shares on May 20

Xiansheng Pharmaceutical (02096.HK) spent HK$4.588 million to repurchase 800,000 shares on May 20

GCL Technology (03800.HK) cancelled 18.112 million shares to repurchase shares on May 20

Yuewen Group (00772.HK) cancelled 200,000 shares to repurchase shares on May 20