"Profit Warning" YONGDA AUTO provisions for asset impairment, expects a profit loss of 4.77 billion RMB

YONGDA AUTO (03669.HK) issued a profit warning, stating that for the fiscal year 2025, the group will recognize a non-cash impairment of approximately RMB 5.01 billion on several long-term assets, including goodwill for underperforming 4S stores, intangible assets related to dealership agreements, properties and renovations, and deferred tax assets. This will impact the annual profit attributable to the company's owners by approximately RMB 4.77 billion. The adjusted net loss for the year is expected to be between RMB 300 million and RMB 330 million, compared to an adjusted profit of RMB 280 million in the previous year