Dongfeng Auto's profits decline, sets modest dividend

Dongfeng Automobile (SSE:600006) reported a significant 85.42% year-over-year decline in net profit, closing at CNY29.16 million for 2024, citing increased industry competition and a structural market shift, despite a 2.5% increase in vehicle sales to 155,000 units. The company's board has approved a cash dividend of CNY0.005 per share, a total payout of CNY10 million, subject to shareholder approval. The company has identified several key objectives for 2025 including increasing production efficiency, and enhancing market competitiveness.