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

Executive summary

• Focused on luxury, ultra-luxury, and NEV brands, operating 221 outlets and selling 171,236 new cars in 2024, including 18,485 NEV units.

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

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

Financial highlights

• Revenue from new vehicle sales and related services reached RMB 58,879 million in 2024.

• Gross profit from new car sales and related services was RMB 4,147 million; after-sales services gross profit was RMB 2,064 million.

• Net profit attributable to owners was RMB 614 million in 2024, up from RMB 573 million in 2023.

• Operating cash net inflow was RMB 1,518 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 development of after-sales and pre-owned vehicle businesses.