CGA(SH:600297)2024-07-12 13:06Financial Performance - The company expects a net profit attributable to shareholders for the first half of 2024 to be between -699.18 million RMB and -582.65 million RMB[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -872.11 million RMB and -755.58 million RMB[18]. - Total profit for the reporting period is estimated at 1,114.96 million RMB, with a net profit attributable to shareholders of 601.06 million RMB and a net profit after deducting non-recurring gains and losses of 333.43 million RMB[7]. Strategic Adjustments - The company has implemented decisive measures to close underperforming brands and stores, leading to asset impairment and accelerated amortization, resulting in one-time losses and expenses[8]. - The company has adjusted its brand structure and accelerated the layout of new energy vehicle outlets, with significant year-on-year growth in new energy vehicle sales[15]. Market Conditions - The company is facing intensified competition and a market downgrade, leading to a decline in new car sales volume and gross margin compared to the same period last year[15]. - The company has experienced an increase in asset impairment compared to the same period last year, primarily due to inventory write-downs and indications of impairment in long-term equity investments[22]. Stock Performance - The stock price closed at 0.98 RMB per share on June 20, 2024, marking the first time it fell below 1 RMB[11]. - Investors are advised to be cautious of investment risks due to the potential for stock delisting if the share price remains below 1 RMB for 20 consecutive trading days[4]. Audit and Compliance - The financial data presented is preliminary and subject to final audit by the accounting firm[20].