LUYUAN GP HLDG (02451) issues profit warning, expecting a decrease in annual net profit by not more than 30% compared to the previous year.

LUYUAN GP HLDG (02451) announced that the group expects a decrease in net profit for the year ending December 31, 2024, of no more than 30% compared to the year ending December 31, 2023. The decrease is mainly attributed to the impact of share payment expenses related to share awards granted by the company; the decrease in average selling price of the group's electric vehicles due to intense market competition, leading to a decrease in gross profit; and an increase in research and development costs. Excluding the impact of share payment expenses, the group expects a decrease in net profit for the current year of no more than 10% compared to the year ending December 31, 2023.