HK Stock Market Move | Zhejiang Shibao (01057) opened over 4% higher after Yingxi, with an expected year-on-year net profit growth of 81.34% to 113.72%.

Zhejiang Shibao (01057) opened more than 4% higher after the good news, rising by 4.17% to 3 Hong Kong dollars, with a trading volume of 1.032 million Hong Kong dollars as of press time. On the news front, Zhejiang Shibao announced that it expects the net profit attributable to shareholders of the listed company for the 12 months from January 1, 2024 to December 31, 2024 to be between 140 million and 165 million yuan, an increase of 81.34% to 113.72% compared to the same period last year. During the reporting period, benefiting from the acceleration of the trends of electrification, intelligence, and globalization of automobiles, as well as the gradual increase in market share of Chinese brand passenger cars, the company's sales of electrification and intelligence steering system products increased, driving overall revenue growth, gross profit increase, and a decrease in expenses as a proportion of revenue, leading to a significant year-on-year increase in net profit for the company.