On October 21, Saily (601127) announced that the company plans to use no more than 15 billion yuan (including this amount) of its own funds for wealth management, and the aforementioned quota can be used repeatedly.
July 21, 2024, Chongqing, the headquarters building of Saily located in Shapingba District.
Saily stated that while ensuring the necessary working capital for normal operations and effectively controlling risks, the company and its subsidiaries intend to reasonably utilize idle self-owned funds to purchase wealth management products, improving the efficiency of fund use and increasing the company’s financial returns, thus generating greater economic benefits and providing more investment returns for the company and its shareholders.
Saily emphasized that the types of investments by the company and its subsidiaries are high in safety, good in liquidity, and low in risk. The use of idle self-owned funds to purchase wealth management products does not constitute a related party transaction and will not affect the normal operations of the company and its subsidiaries' core businesses.
It is reported that Saily's 15 billion yuan scale in wealth management is expected to rank relatively high among listed companies this year.
In fact, Saily has just achieved a turnaround to profit this year. Data shows that from 2020 to 2023, Saily accumulated losses of nearly 10 billion yuan, approximately 9.835 billion yuan.
In 2022, the net loss reached 3.832 billion yuan, a new high. In 2023, the company’s losses declined, but still totaled 2.450 billion yuan.
However, with the sales of the Wenjie series of vehicles soaring this year, entering 2024, Saily has continuously achieved record high quarterly revenues. Financial reports indicate that Saily expects its revenue for the first three quarters of 2024 to be between 103 billion and 110 billion yuan, a year-on-year increase of 518%-559%; with an expected net profit of 3.5 billion to 4.1 billion yuan, marking a return to profitability compared to the same period last year.
As of the end of the first half of 2024, Saily's cash funds amounted to 42.612 billion yuan. At the beginning of 2024, its liquid funds were 13.161 billion yuan.
