Changan Automobile's revenue increased in the first quarter, but net profit plummeted

Changan Automobile achieved operating revenue of 37.023 billion yuan in the first quarter of 2024, a year-on-year increase of 7.14%, but its attributable net profit was only 1.158 billion yuan, a year-on-year plunge of 83.39%. Despite the increase in sales, the sharp decline in net profit still put pressure on the stock price, causing Changan Automobile to hit the daily limit at the close of trading on April 30.