Shanghai Jiao Yun Group (600676.SH) expects to incur a net loss of 391 million yuan in 2024.

Shanghai Jiao Yun Group (600676.SH) announced that, according to preliminary calculations by the finance department, it is expected to achieve a net profit attributable to the owners of the parent company of approximately -391 million yuan in the year 2024. This represents a loss compared to the same period in the previous year (which was 9.1787 million yuan). It is estimated that the net profit after deducting non-recurring gains and losses for the year 2024 will be approximately -428 million yuan. The three major business segments of the company have all been affected by the acceleration of the transformation of the upstream automotive industry and the contraction of the traditional fuel vehicle market. In the road freight and logistics services segment, intensifying competition in the logistics sub-sector, a decrease in demand for logistics distribution services of automotive components by upstream automotive industry customers, and unfavorable factors such as route adjustments have significantly pressured the main business revenue and profits. In the automotive components manufacturing and sales services segment, a decrease in demand for powertrain and body parts products due to a decrease in vehicle production and sales by major customers has led to a decrease in both main business revenue and profits. The passenger car sales and automotive after-sales service segment is facing changes in the traditional automotive dealership system, accelerated integration, and changes in the competitive landscape, leading to a decline in profitability of automotive sales and consequently, a decrease in profits as well.