目 錄 | 公司介紹與業務概要 | 2 | | --- | --- | | 董事長致辭 | 5 | | 董事會報告書 | 8 | | 管理層討論與分析 | 39 | | 董事、監事和高級管理人員情況 | 53 | | 監事會報告書 | 61 | | 企業管治報告 | 64 | | 獨立核數師報告 | 93 | | 綜合損益表 | 99 | | 綜合全面收入表 | 100 | | 綜合財務狀況表 | 101 | | 綜合權益變動表 | 104 | | 綜合現金流量表 | 106 | | 財務報表附註 | 111 | | 五年財務概要 | 235 | | 釋義 | 236 | 公司介紹與業務概要 一. 公司信息 公司名稱 東風汽車集團股份有限公司 註冊地址 中國湖北省武漢市武漢經濟技術開發區東風大道特一號 中國主要營業地點 中國湖北省武漢市武漢經濟技術開發區東風大道特一號 香港主要營業地點 香港銅鑼灣希慎道33號利園一期19樓1922室 核數師 安永會計師事務所 執業會計師及 註冊公眾利益實體核數師 二零二 四 年度報告 2 公司介紹與業務概要（續） 二. 公司股票簡況 上市時間 二零零五年十二月七日 上市地點 ...

香港交易所信息显示，美国银行在东风集团股份的持股比例于4月8日从6.82%升至7.82%。 ...

股票研究 /[Table_Date] 2025.04.01 年报扭亏为盈，央企重组不断推进 东风集团股份(0489) ——东风集团股份 2024 年报点评 | [table_Authors] 吴晓飞(分析师) | 管正月(分析师) | [当前价格 Table_CurPrice] (港元)： | 4.74 | | --- | --- | --- | --- | | 0755-23976003 | 021-38032026 | | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | [Table_Market] | | | 登记编号 S0880517080003 | S0880521030003 | 交易数据 | | | | | 52 周内股价区间（港元） | 1.88-5.06 | 本报告导读： 公司 2024 年业绩实现扭亏为盈，商乘业务均大幅扭亏，自主乘用车毛利率明显改 善，合资业务触底企稳，战略转型步入收获期。汽车央企重组不断推进，值得期待。 投资要点： -42% -21% -1% 19% 39% 59% 2024/3 2024/4 2024/5 2024 ...

中证报中证网讯（记者 李嫒嫒）日前，东风汽车集团有限公司新闻发言人吕海涛在接受中国证券报记 者采访时表示："汽车行业的竞争本质上是规模之争，在智能化这个涉及IT、电子等多个行业的领域， 单靠单个整车厂难以完成全部工作，因此，生态合作成为必然趋势。东风集团股份坚持'两条腿'走路， 公司将在保持核心技术自主掌控的同时，积极与华为等企业开展生态合作。" "在智能化转型提速，新能源加快发展等影响下，2024年东风集团股份（东风汽车旗下公司）毛利率整 体得到改善，尤其是自主乘用车表现突出。"东风汽车财务控制部总经理廖显志对记者说。东风集团股 份2024年，整体实现扭亏为盈，实现营收1061.97亿元，同比增长6.9%；归属于上市公司股东净利润 0.58亿元，上年同期亏损38.87亿元；整体毛利率12.8%。 坚持"两条腿"走路 "智能化变革阶段的竞争将更加激烈。"中国科学院院士欧阳明高日前表示。中国证券报记者注意到，自 去年以来，多家车企都在加速布局智能化领域，尤其是智驾领域，今年一季度已有吉利集团、比亚迪 （002594）、长安汽车等相继发布智能化战略。 自主品牌业务加速跑 合资业务步调放缓 2024年，东风集团股份 ...

专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 3月26日晚，东风汽车集团股份有限公司（以下称"东风集团股份"）发布2024年财报，全年实现营业总收入1061.97亿元，同比增长5.99%，净利润0.58亿元， 同比扭亏为盈。 东风集团股份表示，营收增长主要得益于乘用车业务的收入增加，尤其是自主乘用车及新能源业务的显著提升。 值得注意的是，2024年东风集团股份实现净利润0.58亿，刚刚回到盈亏平衡线，同时在2024年国内乘用车市场全面降价的背景下，公司应收款、存货及周转 天数显著上升，而相应的坏账和减值计提却不增反降，足见全年业绩的"水分"。 由于轩逸、天籁、奇骏、CRV、思域等明星车型销量全线大跌，东风集团股份旗下重点品牌东风日产和东风本田销量继续下滑。更让人担忧的是，今年前两 个月，东风日产和东风本田销量还在加速下行，导致公司乘用车总体销量同比降幅扩大至33%。 然而，即便销售遭遇"开门黑"，东风集团股份仍将2025年全年销售目标设定为300万台，相比2024年190万台的实际销量增长近60%。预定目标最终如何完 成，令人疑惑。 应收和存货显著上升 坏账和减值不增反降 2024年， ...

Core Viewpoint - Dongfeng Motor Group Co., Ltd. reported a total revenue of RMB 106.197 billion for 2024, a 6.9% increase from RMB 99.383 billion in 2023, driven by growth in passenger vehicle sales, particularly in self-owned and new energy vehicles [1] Financial Performance - Total revenue for 2024: RMB 106.197 billion, up 6.9% from RMB 99.383 billion in 2023 [1] - Gross profit reached RMB 13.585 billion, a 38.2% increase from the previous year, with gross margin rising from 9.9% in 2023 to 12.8% in 2024 [4] - The company achieved a profit attributable to equity holders of RMB 0.58 billion, recovering from a loss of RMB 38.87 billion in the previous year [4] - The debt-to-asset ratio remained stable at 52.4%, indicating a healthy financial position [4] - Operating cash flow increased by 88.0%, with the operating cash ratio improving by 7.1 percentage points to 16.4% [4] Sales Performance - Total sales volume for 2024 was 1.8959 million units, a decline of 9.2% year-on-year [4] - Joint venture sales fell by 9.2%, with Dongfeng Nissan's sales down 12.7% to 631,200 units and Dongfeng Honda's sales down 29.2% to 428,200 units [4] - Self-owned vehicle sales, however, grew by 26.4% to 438,900 units, with high-end new energy brand Lantu achieving a 59.3% increase in sales to 80,100 units [4] Strategic Initiatives - The company plans to double its investment in new energy research and development, with over 60% of R&D focused on new energy and 80% on passenger vehicles [5] - By 2025, multiple new models and technologies will be launched across various brands, including Lantu's introduction of four or more new or updated models [5] - Dongfeng Nissan is set to launch five new energy models, including the first pure electric vehicle, Nissan N7 [6] - The company aims to achieve a total sales target of 3 million units in 2025, with 500,000 units planned for overseas export [6] Corporate Restructuring - There is no confirmed announcement regarding the restructuring between Dongfeng Motor and Changan Automobile, despite market speculation [7]

Group 1 - Dongfeng Group reported a revenue of 106.197 billion yuan for the fiscal year 2024, an increase of 6.86% year-on-year, with a net profit attributable to shareholders of 58 million yuan, reversing a loss of 3.887 billion yuan from the previous year [1] - The company sold approximately 1.8959 million vehicles during the period, a decrease of 9.2% year-on-year, while sales of self-owned passenger vehicles increased by 26.4% to 438,900 units, with a gross margin improvement of 8.4 percentage points [1] - New energy vehicle sales reached approximately 394,600 units, a year-on-year increase of 13.4%, with the proportion of new energy sales in total sales rising by 4.1 percentage points [1] Group 2 - Dongfeng's new energy vehicle segment is gaining momentum, with the launch of 7 new and 2 updated self-owned passenger car models, and 7 commercial vehicle models throughout the year [2] - The Dongfeng Lantu brand achieved over 10,000 units in sales for four consecutive months, with the Dreamer model becoming the top seller in the new energy MPV market [2] - The company has made significant advancements in smart technology, with a 77% adoption rate of L2+ level autonomous driving in self-owned passenger vehicles and the launch of the industry’s first self-controlled high-performance automotive-grade MCU chip [3]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 106,197 million, an increase of 6% from RMB 99,383 million in 2023[5] - Gross profit for the same period was RMB 13,585 million, up 38% from RMB 9,833 million in 2023[5] - The net loss for the year was RMB 1,222 million, significantly improved from a net loss of RMB 6,703 million in 2023[5] - Basic and diluted loss per share for the year was RMB 0.70, compared to a loss of RMB 45.66 per share in the previous year[5] - Other income for the year was RMB 7,016 million, an increase of 68% from RMB 4,161 million in 2023[5] - The company reported a significant reduction in financial asset impairment losses, down to RMB 631 million from RMB 1,144 million in 2023[5] - The company reported a significant increase in revenue, with total sales reaching 8.6 billion RMB, reflecting a growth of 16% year-over-year[17] - The company achieved a net profit of 1.17 billion currency units, with earnings per share at 5.07 currency units, marking a 14% increase compared to the previous year[13] - The company reported a total vehicle sales of approximately 1.8959 million units, a decrease of 9.2% year-on-year[67] - The company reported a net loss of RMB 7,193 million for the year, with significant contributions from the commercial vehicle and passenger vehicle segments[43] Assets and Liabilities - Total assets decreased to RMB 325,052 million from RMB 336,430 million in 2023[9] - Current liabilities increased to RMB 143,007 million from RMB 137,341 million in 2023[9] - Non-current liabilities decreased to RMB 27,248 million from RMB 38,373 million in 2023[10] - Total equity decreased from 160,716 million to 154,797 million, a decline of approximately 3.7%[11] - Total liabilities and equity decreased from 336,430 million to 325,052 million, reflecting a reduction of about 3.4%[11] - The total issued share capital slightly decreased from 8,302 million to 8,253 million[11] - Retained earnings remained relatively stable, decreasing from 117,762 million to 117,189 million[11] - Total assets for the company amounted to RMB 336,430 million, with liabilities totaling RMB 175,714 million[43] Market and User Growth - User base reached 19.8 million, representing a 99% market penetration among targeted demographics[13] - The company plans to expand its market presence by targeting an additional 5 million users in the next fiscal year[13] - The user base expanded to 3.3 million active users, marking a 14% increase compared to the previous year[16] - The penetration rate of new energy vehicles reached 40.9%, with sales of new energy vehicles increasing by 13.4% year-on-year[66] - The company aims for its self-owned brand passenger vehicles to account for 70% of total sales in the future[84] Strategic Initiatives - The company is investing 250 million currency units in research and development for new technologies[13] - A strategic acquisition is in progress, which is anticipated to enhance the company's market share by 10%[13] - The company plans to launch three new electric vehicle models in the upcoming fiscal year, aiming to capture a larger market share[18] - The company plans to focus on three transitions: new energy, intelligence, and internationalization, to enhance business and employee development[85] - The company is currently analyzing the impact of IFRS 18 on its financial statement presentation and disclosures[29] Financial Reporting Standards - The group has adopted new and revised International Financial Reporting Standards (IFRS) for the current year's financial statements, including IFRS 16 and IAS 1[22] - The group has reassessed its liability terms and conditions as of January 1, 2023, and January 1, 2024, concluding that the classification of liabilities as current or non-current remains unchanged[25] - The amendments to IFRS 7 and IFRS 9 clarify the characteristics of supplier financing arrangements, requiring additional disclosures to help users understand their impact on liabilities and cash flow[24] - The group does not have any supplier financing arrangements, thus the amendments do not affect its financial position or performance[25] - The company is not eligible to adopt IFRS 19 as it is a publicly listed entity, although some subsidiaries are considering its application[31] Corporate Governance - The board of directors emphasizes high standards of corporate governance to enhance shareholder value and confidence, fully complying with applicable governance codes[121] - The company is in the process of completing the board rotation procedure, which was due by September 24, 2023, but has not yet been finalized[122] - The chairman and CEO roles are held by different individuals, with Yang Qing serving as chairman since November 2, 2023, and Zhou Zhiping appointed as CEO on June 21, 2024[123] - The annual general meeting for the fiscal year ending December 31, 2024, is scheduled for June 20, 2025[125] Capital Expenditures and Investments - Capital expenditures for the year totaled RMB 17,765 million, reflecting ongoing investments in property, plant, and equipment[41] - The company is investing 1.2 billion RMB in research and development for new technologies and sustainable practices[17] - The company has completed the acquisition of a local parts supplier, which is expected to enhance supply chain efficiency and reduce costs[18] - The company received government grants and subsidies amounting to RMB 3,266 million in 2024, significantly higher than RMB 1,163 million in 2023[48] Operational Efficiency - The company reported a significant increase in operational efficiency, reducing costs by 5% year-over-year[13] - The gross margin improved to 22%, up from 20% in the previous year, due to better cost management and pricing strategies[17] - The company reported a significant interest income of RMB 1,002 million, primarily from the automotive finance segment[40] - The financial services segment generated revenue of RMB 1,523 million, contributing to the overall income stream[40]

Sales Performance - In the first half of 2024, Dongfeng Group sold approximately 966,100 vehicles, representing a year-on-year increase of 2.2%[3] - Sales of self-owned passenger vehicles reached 188,000 units, up 19.9% year-on-year, with a gross margin increase of 4.7 percentage points[3] - New energy vehicle sales amounted to 153,600 units, a year-on-year increase of 28.5%, accounting for 35.2% of total sales, up 3.3 percentage points from the previous year[3] - The overseas export volume reached 93,000 units, marking a year-on-year increase of 14.8%, achieving the best historical level[3] - Dongfeng Motor Group produced approximately 951,000 vehicles and sold about 966,000 vehicles in the first half of 2024, achieving a market share of approximately 6.9% in the domestic market[8] - The commercial vehicle segment produced 178,730 units and sold 191,355 units, with a market share of 9.3%, while the passenger vehicle segment produced 771,927 units and sold 774,782 units, with a market share of 6.5%[9] - The overall automotive industry in China saw a sales increase of 6.1% year-on-year, with total sales reaching 14.047 million vehicles in the first half of 2024[10] - The penetration rate of new energy vehicles reached 35.25%, indicating a significant growth in this segment[10] Financial Performance - The group achieved a revenue of 51.145 billion yuan and a net profit attributable to shareholders of 684 million yuan in the first half of 2024[3] - The company's revenue for the first half of 2024 was approximately RMB 51.145 billion, an increase of about 12.1% compared to RMB 45.640 billion in the same period last year[34][35] - Passenger vehicle sales revenue reached approximately RMB 21.556 billion, a significant increase of about 35.93% from RMB 15.858 billion year-on-year[36] - Commercial vehicle sales revenue was approximately RMB 26.166 billion, reflecting a growth of about 2.87% from RMB 25.436 billion in the previous year[37] - The net profit attributable to shareholders for the first half of 2024 was approximately RMB 0.684 billion, a decrease of about RMB 0.630 billion from RMB 1.314 billion year-on-year, with a net profit margin of 1.3%[55] - The gross profit margin for the first half of 2024 was 11.6%, higher than the same period last year[33] - The total sales cost for the first half of 2024 was approximately RMB 45.209 billion, an increase of about RMB 4.733 billion or 11.7% compared to the same period last year[46] - Gross profit for the first half of 2024 was approximately RMB 5.936 billion, an increase of about RMB 0.772 billion or 15.0% year-on-year, with a gross margin of 11.6%[46] Research and Development - Dongfeng Group is focusing on core technologies, advancing R&D in next-generation platforms, solid-state batteries, and hydrogen fuel cells[4] - The company continues to invest in research and development in strategic areas such as new energy, digitization, and smart technologies, with R&D expenses increasing[51] - Research costs for the six months ended June 30, 2024, amounted to RMB 2,205 million, an increase from RMB 2,001 million in the same period of 2023, reflecting a growth of approximately 10.2%[94] Operational Strategy - The company is actively restructuring its operations to enhance the integration of its passenger vehicle, commercial vehicle, and parts businesses[5] - The company plans to continue optimizing its cost structure and improving profitability while accelerating its transformation and upgrading efforts[5] - Dongfeng Motor Group plans to enhance its marketing capabilities and accelerate the development of new energy vehicles to ensure high-quality growth[10] - The company is focusing on optimizing its layout and structural adjustments to support rapid development in new energy and overseas markets[10] Governance and Compliance - Dongfeng Motor Group's independent non-executive directors ensure compliance with governance standards, enhancing transparency and accountability[14] - The company is in the process of adjusting its board of directors to ensure continuity in senior management and governance effectiveness[12] - The board of directors maintained a 100% attendance rate for all members during the board meetings held in the reporting period[17] - The audit and risk management committee reviewed and discussed the interim results and report for the six months ending June 30, 2024[18] - The internal control system was deemed effective, covering governance, operations, investments, finance, and administration[21] Financial Position - The asset-liability ratio stood at 51.0%, indicating a stable financial structure[3] - Total assets as of June 30, 2024, were approximately RMB 323.370 billion, a decrease of about RMB 13.060 billion or 3.9% from RMB 336.430 billion at the end of the previous year[56] - Total liabilities as of June 30, 2024, were approximately RMB 164.83 billion, a decrease of about RMB 10.88 billion or 6.19% from the end of the previous year[57] - Total equity as of June 30, 2024, was RMB 158.54 billion, down RMB 2.18 billion or 1.36% compared to the end of the previous year[58] Cash Flow and Investments - Net cash outflow from operating activities was RMB 0.49 billion, with a pre-tax profit of approximately RMB 1.21 billion[59] - Net cash outflow from investment activities was RMB 8.25 billion, primarily due to cash payments for property, plant, and equipment amounting to RMB 1.87 billion[60] - Net cash outflow from financing activities was RMB 3.12 billion, with cash inflow from bank loans of RMB 1.80 billion[60] - As of June 30, 2024, cash and cash equivalents amounted to RMB 60.56 billion, a decrease of RMB 11.89 billion from the previous year-end[60] Shareholder Information - The company declared an interim dividend of RMB 0.05 per share for the year 2024, compared to no dividend for the six months ending June 30, 2023[22] - The major shareholders included Dongfeng Motor Group Co., Ltd. holding 69.80% of the total issued share capital[27] - The company repurchased a total of 27,490,000 H-shares by June 30, 2024, with a total cost of approximately HKD 77,881,733[30][31] Related Party Transactions - The total purchases from related parties for automotive parts and raw materials amounted to RMB 6,927 million for the six months ended June 30, 2024, compared to RMB 6,679 million in the same period of 2023, reflecting an increase of approximately 3.7%[112] - The company reported sales of automotive parts and raw materials to related parties totaling RMB 681 million for the six months ended June 30, 2024, down from RMB 1,122 million in the previous year[114] - The company incurred service payments to related parties amounting to RMB 1,101 million for the six months ended June 30, 2024, compared to RMB 658 million in the same period of 2023, indicating a rise of approximately 67.3%[117] Joint Ventures and Associates - For the six months ended June 30, 2024, the revenue from joint ventures and associates increased to RMB 375 million, up from RMB 332 million in the same period of 2023, representing a growth of approximately 12.9%[120] - The revenue from joint ventures alone was RMB 294 million, compared to RMB 279 million in the previous year, indicating a growth of about 5.4%[120] - The total revenue from joint ventures and associates for the six months ended June 30, 2024, was RMB 99 million, up from RMB 93 million in the previous year, showing an increase of approximately 6.5%[122]

Dividend Eligibility - The register of members will be closed from September 16, 2024, to September 23, 2024, for interim dividend eligibility[1] - H shares shareholders must submit transfer documents by 4:30 p.m. on September 13, 2024, to qualify for the interim dividend[1]