Yadea Group Warns of Lower 2024 Profit; Shares Slide 3%
MT Newswires Live2024-12-30
Yadea Group Holdings (HKG:1585) expects a net profit of between 1.2 billion yuan to 1.4 billion yuan for the year ending Dec. 31, compared with 2.64 billion yuan in 2023.
The company attributed the downbeat forecast to weaker sales due to distributors' inventory destocking cycles and the lower selling prices of existing models due to inventory clearance.
The electric bike manufacturer plans to release its annual results in March 2025.
The company's shares were down 3% in recent trade, according to a Friday filing with the Hong Kong bourse.
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