China Yongda Automobiles Services Holdings (3669) H2 2024 earnings summary

Executive summary

• Operated 221 outlets in 2024, focusing on luxury, ultra-luxury, and NEV brands, with 171,236 new cars sold, including 18,485 NEV units.

• Pre-owned vehicle transactions reached 74,969 units, with a growing user base and digital engagement.

• Revenue for 2024 was RMB63,420 million, down 14.6% year-over-year, mainly due to lower sales volume and average selling prices.

• Net profit attributable to owners was RMB201 million, down 64.9% year-over-year.

• Continued network optimization, closing underperforming outlets and expanding NEV presence.

Financial highlights

• Revenue from new vehicle sales and related services reached RMB58,879 million in 2024.

• Gross profit declined 21.2% to RMB5,273 million; gross margin fell to 8.32%.

• Net profit attributable to owners was RMB201 million in 2024, down from RMB573 million in 2023.

• Operating cash net inflow was RMB1,518 million in 2024.

• Dividend payout ratio increased to 120% in 2024.

Outlook and guidance

• By 2026, new car sales of luxury brands expected to account for 40% and NEV brands nearly 50% of total new car sales.

• Focus on expanding leading NEV outlets and leveraging customer base for rapid sales growth.

• Continued investment in battery recycling and intelligent robot businesses.

• Emphasis on digital transformation, AI adoption, and cost control to drive efficiency.