Performance | Zhongsheng Holdings posted nearly 1.7 billion RMB loss last year

Zhongsheng Holdings (00881) announced its full-year results for the year ending last year, with a attributable loss of 1.673 billion yuan (RMB). In the same period of 2024, it recorded a profit of 3.212 billion yuan. Basic loss per share was 0.71 yuan, with no final dividend declared.

During the period, total revenue was 164.403 billion yuan, down 2.21% year-on-year. Among them, new car sales amounted to 125.878 billion yuan, up 0.44%. Gross profit margin was 5.4%, down 0.9 percentage points.

The group stated that it will further close inefficient stores in the future, dynamically adjust sales strategies based on the profitability of different brands and models, and stop purchasing and selling unprofitable models in a timely manner to comprehensively improve overall network profitability and asset efficiency. At the same time, it will accelerate embracing opportunities in the new energy industry, building on the successful operation of the Wenjie brand, and further layout Huawei’s automotive ecosystem brand, as well as expand strategic cooperation with Geely. The goal is to achieve a multiple increase in new energy store numbers by the end of this year.

Additionally, Zhongsheng announced that Yu Jian has been appointed as an Executive Director and Group Chief Financial Officer, while Yu Ning has resigned as an Executive Director and has been reassigned from CFO to Financial Director, effective immediately.