2024-08-14
classification：Company News
On 14 August, Mr. Su Ertian, Chairman of the Board of GNMI, together with Mr. Zhou Fangchao, Vice President of GNMI, visited CQV, a Korean subsidiary of GNMI. Mr. Su dived into the company’s performance in the first half of 2024 and provided guidance on its future development. The management team of CQV accompanied and reported to them operation achievements and future strategies.
According to the latest audit report. CQV registered a steady growth in the first half of 2024 with promising core financial indicators. The report shows that the company’s revenue in the first half of 2024 increased by 30.2% yoy, gross profit up by 76.8% yoy, and net profit up by a marked 490.3%. The significant performance demonstrates CQV’s strong competitiveness and ability to maintain steady operation.
During his visit, Chairman Su checked specific performance of all business sectors of CQV and showed strong interests in the notable growth of the automotive-level product sector. In the first half of 2024, the sector grew by 67% yoy, making it an important propeller of overall performance improvement. According to CQV’s management, the increased revenue can be mainly attributed to significant increase in sales and partially to a successful price adjustment strategy. Chairman Su highly recognized this as a major achievement of CQV’s efforts in product strategy and market expansion.
In addition, CQV also performed notably in cost control and post-investment integration, and the effect of integration has been felt, driving up overall gross profit margin. Mr. Su appreciated that and encouraged CQV to keep its upward momentum, optimize cost structure and boost market competitiveness.
Later at a symposium, Chairman Su received a detailed report on CQV’s future development strategy. He stressed that as an important subsidiary of GNMI, CQV shoulders the mission of promoting business diversification and international development of the group. He asked CQV to step up R&D input, boost technological innovation, expand market and strive for greater breakthroughs in cutting-edge areas such as new energy vehicles and smart manufacturing.
After the visit, CQV’s management team said that they would fully follow the guidance of Mr. Su, face challenges and opportunities in the second half of 2024 with greater passion and full confidence and strive to maintain a strong momentum in the second half to lift the company’s performance to a new height.
