Guangzhou Automobile Group Co Class H ( (GNZUF) ) has released its Q4 earnings. Here is a breakdown of the information Guangzhou Automobile Group Co Class H presented to its investors.
Guangzhou Automobile Group Co., Ltd. is a prominent Chinese company engaged in the manufacturing and sale of automobiles, engines, and automotive parts, as well as providing financial services, operating primarily in the automotive industry. The company has been listed on the Hong Kong and Shanghai Stock Exchanges since 2010 and 2012, respectively.
In its 2024 earnings report, Guangzhou Automobile Group Co. reported a challenging year with a decline in revenue to RMB 107.78 billion from RMB 129.71 billion in 2023. The company faced a net loss of RMB 494.05 million compared to a profit of RMB 3.74 billion the previous year, reflecting the impact of a competitive and rapidly changing automotive market.
Key financial metrics highlighted in the report include a significant reduction in gross profit to RMB 2.44 billion from RMB 4.36 billion in 2023. The company also reported an operating loss of RMB 3.43 billion, although it achieved gains from the disposal of investments in joint ventures and associates amounting to RMB 3.86 billion. Despite the losses, Guangzhou Automobile Group made strides in international expansion, increasing overseas sales by 67.6% year-on-year.
Looking forward, Guangzhou Automobile Group is focused on strategic transformation and high-quality development, with plans to enhance its product competitiveness and expand its international presence. The company aims to achieve a 15% year-on-year growth in automobile sales volume, leveraging its efforts in new energy vehicles and intelligent driving technologies to drive long-term sustainable growth.