Broad-Ocean Electric Announces 2024 First Half Results

Broad-Ocean Motor released its financial report for the first half of 2024, showing that its operating income reached 5.797 billion yuan, a year-on-year increase of 3.5%. In terms of products, Broad-Ocean Motor's building and household appliance motor products achieved operating income of 3.451 billion yuan, accounting for 59.54% of total operating income, a year-on-year increase of 8.79%; starters and generators achieved operating income of 1.565 billion yuan, accounting for 26.99% of total operating income, a year-on-year increase of 15.84%; new energy vehicle powertrain systems achieved operating income of 686 million yuan, accounting for 11.84% of total operating income, a year-on-year decrease of 14.74%. The operating income of the new energy vehicle powertrain system business decreased year-on-year, mainly due to factors such as the market sales of supporting models not meeting expectations and the long mass production cycle of newly added fixed-point products.