AutoBeta(AutoBeta.net)03/30 Report--

FAW car disclosed its annual report that its operating income in 2018 was 26.244 billion yuan, down 5.94% from the same period last year; net profit was 155 million yuan, down 44.88% from the same period last year; and basic earnings per share was 0.0953 yuan. During the reporting period, the company sold 211200 vehicles, a decrease of 11.82% over the previous year.

According to the announcement, the net profit of FAW cars in 2018 was-507 million yuan, an increase of 0.45 percent over the same period last year. FAW cars said it was mainly due to the reduction in transportation and advertising expenses this year. In addition, FAW Mazda joint venture, in which FAW has a 56% stake, made a net profit of 279 million yuan in 2018, an increase of 40.23% over the same period last year. FAW said it was mainly due to a reduction in advertising fees, quality assurance fees and management fees this year.

FAW cars issued a suspension notice on March 27, announcing that FAW cars planned to purchase FAW Jiefang shares held by FAW shares and raise supporting funds by means of asset replacement, issuing shares to purchase assets, and so on. Industry insiders speculate that this is a new step after FAW Group's overall listing is hopeless for many years.

In February this year, FAW car was replaced as a legal person, and the legal representative was changed from Wang Guoqiang to Xi Guohua. Wang Guoqiang no longer held the post of chairman, and Xi Guohua was added as chairman. By the end of the public competition for FAW cars in March, Liu Changqing continued to serve as general manager of FAW cars. At the same time, it is necessary to sign a "military writ": the total profit targets from 2019 to 2021 are 300 million yuan, 500 million yuan and 1 billion yuan respectively, and the independent sales targets are 150000, 270000 and 410000 vehicles, respectively.

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