YADEA releases interim results, with a shareholder's net profit of 1.034 billion yuan
YADEA Holdings released its interim results as of June 30, 2024, with revenue of 14.414 billion yuan, attributable profit to shareholders of 1.034 billion yuan, and basic earnings per share of 34.5 cents. Despite a decrease in sales volume from 8.2107 million units to 6.3826 million units, sales gradually recovered in May and June, with gross profit margin increasing to 18%. The group will continue to invest in new technologies for core components, expand overseas markets, and respond to industry changes brought about by new regulatory requirements
According to the latest financial report released by YADEA Holdings (01585) for the six months ended June 30, 2024, the company achieved a revenue of RMB 14.414 billion, a gross profit of RMB 2.594 billion, a net profit attributable to shareholders of RMB 1.034 billion, and a basic earnings per share of 34.5 cents.
Despite a decrease in total sales of electric scooters and bicycles from 8.2107 million units in the first half of 2023 to 6.3826 million units in the same period of 2024, sales gradually recovered in May and June 2024, indicating a positive sales trend. An optimized product portfolio, coupled with the group's ability to command a premium for its batteries and electric drive products, resulted in an increase in the overall gross profit margin from 16.9% in the first half of 2023 to 18% in the same period of 2024.
The group remains focused on long-term development, continuing to invest in research and development of new technologies for core components, expanding overseas markets, and promoting the "YADEA" brand globally. The management believes that new regulations on battery design and manufacturing will create a favorable environment for YADEA based on the company's internal expertise and strength in batteries, electronic controls, and other related components. YADEA's industry-leading technological innovation has continuously strengthened its electric two-wheeler offerings over the years. It is expected that the development of new regulatory requirements will accelerate industry reshuffling, leading the electric two-wheeler industry into a new phase of growth
