The demand for new energy vehicles is strong, and Cyrus’s first quarter 2024 financial report shines

News on April 30, Thalys announced its financial report for the first quarter of 2024 and its full-year financial report for 2023 on April 29. The report shows that in the first quarter of 2024, Cyrus achieved astonishing revenue growth, reaching 26.561 billion yuan, a surge of 421.76% compared with the same period last year. At the same time, the net profit attributable to shareholders of the listed company also increased significantly to 3.220 billion yuan, and the gross profit margin in the first quarter climbed to 21.5%.

The editor understands that this outstanding performance is mainly due to the rapid development of its new energy vehicle business. As of the first quarter of 2024, Cyrus's new energy vehicle sales reached 694,825 units, a year-on-year surge of 374.77%. In particular, its star model M7 has been enthusiastically sought after by the market since its launch. Data shows that in just seven months since the launch of AITO Wenjie’s new M7, the cumulative sales volume has exceeded 1.74 million yuan. At the same time, its luxury technology strength also helped Wenjie M9 accumulate more than 870,000 yuan in three months on the market.

By 2023, Cyrus will achieve annual revenue of 35.842 billion yuan, of which new energy vehicles will account for a large proportion of revenue, reaching 28.948 billion yuan, a year-on-year increase of 16.10 %. This also reflects the continued growth of market demand for new energy vehicles. In terms of research and development, Cyrus has also continued to invest, with R&D investment in 2023 reaching 4.438 billion yuan, accounting for 12.38% of its annual revenue. This persistent pursuit of innovation and technology has undoubtedly laid a solid foundation for its leading position in the new energy vehicle market.

In addition, the significant increase in sales has also brought more abundant cash flow to Thalys. The financial report shows that in the first quarter of 2024, the company's net cash flow generated from operating activities was 1.187 billion yuan, an increase of 3.355 billion yuan compared with the same period last year. This undoubtedly injects strong impetus into the continued development of Thalys.

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