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An announcement from Guangzhou Automobile Group Co ( (HK:2238) ) is now available.
Guangzhou Automobile Group has issued a profit warning for its 2024 annual results, anticipating a significant decline in net profit by 72.91% to 81.94% compared to the previous year. The company attributes this downturn to decreased vehicle sales, aggressive market competition, and substantial investments in business strategies, including sales subsidies. Additionally, changes in non-recurring gains or losses due to equity disposals and government subsidies have impacted the financial outlook. Stakeholders are advised to exercise caution and await the detailed annual results expected in March 2025.
More about Guangzhou Automobile Group Co
Guangzhou Automobile Group Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, operating in the automotive industry. The company focuses on manufacturing and selling vehicles, with a market focus on the competitive automotive sector in China.
YTD Price Performance: -15.48%
Average Trading Volume: 7,439
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: $9.51B
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