BRILLIANCE China Automotive Holdings, the first mainland stock listed in New York, has announced a net profit of 37.4 million yuan (about HK$50.38 million) for the final six months of last year. Total sales were 681 million yuan, while earnings per share were 2.56 yuan. Local analysts said the result was in line with the prospectus forecast - but at least one predicted that Brilliance's initial appeal would wear off slightly. SBCI (Asia) associate director Lawrence Ang said that the mainland stock was trading at a price earnings multiple of 24 in New York. It was trading at a premium because of its status as the first mainland enterprise to gain a direct listing abroad. Now, said Mr Ang, ''the stock is obviously over-priced''. He added: ''The state-owned Peugeot carmaker Denway's not-so-outstanding performance since its listing in Hongkong reflects the diminishing appeal of a growing number of China stocks listed overseas.'' Brilliance China, which is 30 per cent owned by overseas investors, acquired a 51 per cent stake in Shenyang JinBei Passenger Vehicle Manufacturing Company, a joint venture enterprise based in Shenyang, Liaoning province last October. For the first six months of 1992, Shenyang Automotive reported earnings of about $11 million on sales of $92.15 million. Shenyang Automotive is China's largest producer of minibuses and sole producer of luxury minibuses. It has a 40 per cent share of the 11 to 15-seat domestic minibus market. Mr Yang Rong, chairman and president of Brilliance China said:''We are pleased with the results, which reflect increases in production capacity and improved operations.'' ''Unlike many enterprises in China, managers at Shenyang Automotive have the authority and responsibility to make and implement their own decisions.'' Mr Rong said that part of the proceeds of the October listing had been spent on increasing production capacity from some 20,000 vehicles a year currently to 40,000 a year by the end of 1994. Another substantial sum was being invested to increase the percentage of domestic components used in each vehicle. A taxation refund of 17.8 million yuan, resulting from changes in taxation policy by the China's Tax Bureau, appeared in the accounts. This income is expected to be non-recurring. The company said that the exchange rate used when converting the reported figures from yuan to US dollars had been the official one, rather than the Shanghai swap centre's floating one. Brilliance China, which is registered in Bermuda, is controlled by the Chinese Financial Education Development Foundation, an offshoot of the People's Bank of China. The 37th-largest industrial concern in China, it raised US$80 million by selling five million shares at $16 each through an underwriting group led by First Boston Corp.