Foryou Corporation posts 46.23% YoY surge in H1 2024 revenue

Beijing (Gasgoo)- Chinese automotive parts supplier Foryou Corporation recently announced its financial results for the first half of 2024 (H1 2024), showing significant growth in both revenue and profit.

Photo credit:  Foryou Corporation

The company reported an operating revenue of 4.193 billion yuan in H1, marking a 46.23% spike year-on-year. In the period, Foryou Corporation’s net profit attributable to shareholders reached 287 million yuan, which zoomed up 57.89% from the same period last year. Meanwhile, the company’s adjusted net profit leapt 64.43% year on year to 277 million yuan.

During the first half of this year, Foryou Corporation poured in 373 million yuan in R&D, representing a 25.57% year-on-year increase, and accounting for 8.9% of its operating revenue.

The company's primary business sectors include automotive electronics and precision die-casting, which together contributed to 95.03% of its total revenue in H1 2024. Specifically, revenue generated by automotive electronics shot up 65.41% from the year-ago period to 3.071 billion yuan in the first six months of this year, while precision die-casting’s revenue increased by 23.55% year over year to 914 million yuan.

Foryou’s automotive electronics division focuses on smart cockpit, smart driving, and intelligent connectivity, supplying products and services to automakers. The financial data reflects consistent growth in this segment over the past several years.

Foryou Corporation anticipates continued high growth in the automotive electronics sector, driven by the increasing penetration of smart products and the growing share of automotive electronics in overall vehicle costs.