GEELY AUTO(00175)2025-03-20 04:17Financial Performance - Total vehicle sales increased by 32% to 2,176,567 units in 2024, compared to 1,648,515 units in 2023[3]. - Revenue rose by 34% to RMB 240,194,270,000 in 2024, up from RMB 179,203,592,000 in 2023[3]. - Net profit for the year surged by 240% to RMB 16,799,095,000, compared to RMB 4,935,018,000 in the previous year[5]. - Basic earnings per share increased by 219% to RMB 1.64, up from RMB 0.51 in 2023[5]. - The proposed final dividend is HKD 0.33 per share, a 50% increase from HKD 0.22 per share in 2023[4]. - The company reported a pre-tax profit of RMB 18,403,553,000, compared to RMB 4,949,942,000 in 2023[5]. - The total comprehensive income for the year amounted to RMB 16,071,111 thousand, reflecting a significant contribution from profit attributable to equity holders of RMB 16,799,095 thousand[12]. - The company reported a profit of RMB 16,487,558 thousand for the year, which is a substantial increase compared to previous periods[12]. Assets and Liabilities - Total assets increased to RMB 125,321,709,000 in 2024, compared to RMB 94,986,761,000 in 2023[8]. - Non-current assets increased to RMB 104,069,950,000 in 2024, up from RMB 78,962,781,000 in 2023[8]. - The total liabilities classified as held for sale amounted to RMB 7,885,018,000 as of December 31, 2023[131]. - The total liabilities of the Lynk & Co Group are RMB 37,170,835 thousand for 2024, compared to RMB 34,363,313 thousand in 2023[97]. - The total amount of trade receivables from related parties controlled by major shareholders increased to RMB 11,193,408,000 in 2024 from RMB 9,190,957,000 in 2023, a rise of 21.8%[104]. Cash Flow and Investments - Operating cash flow for the year was RMB 30,006,013, up 21.5% from RMB 24,649,561 in the previous year[13]. - The company reported a net increase in cash and cash equivalents of RMB 4,078,984, compared to RMB 3,433,947 in the previous year[15]. - The company incurred a loss of RMB 9,097,711 from the estimated loss of partial interests, which was not present in the previous year[13]. - The company reported a cash inflow of RMB 1,757,540,000 from the acquisition of Ningbo Passenger Vehicle, after accounting for the cash consideration paid[150]. Research and Development - Research and development expenses rose to RMB 10,419,240,000, an increase of 33% from RMB 7,809,997,000 in 2023[5]. - The revenue from research and development and related technical support services grew to RMB 7,900,108 thousand, an increase of 20% from RMB 6,591,992 thousand[42]. - The company plans to launch 9 new energy vehicle products in 2024, including models from the Galaxy, Zeekr, and Lynk & Co brands[179]. Foreign Exchange and Risk Management - The company experienced a foreign exchange loss of RMB 709,227 thousand due to the translation of overseas financial statements[12]. - The company faced significant foreign exchange losses due to currency fluctuations in emerging markets, impacting financial performance[186]. - The company has implemented a comprehensive risk management strategy to mitigate foreign exchange risks, including entering into foreign currency forward contracts[188]. Shareholder Activities - The company declared a final dividend of RMB 1,915,763 thousand for the previous year, impacting retained earnings[11]. - The total amount of transactions with owners during the year was RMB (8,802,679) thousand, highlighting significant shareholder activities[12]. - The company's authorized share capital increased from HKD 240 million (12 billion shares) to HKD 360 million (18 billion shares) as of December 31, 2024, approved at the annual general meeting on May 31, 2024[136]. Acquisitions and Joint Ventures - The company completed the acquisition of Lynk & Co, with a total consideration of RMB 9,000,000,000, which will increase its stake in the company to 51%[160]. - The company aims to reduce ongoing related party transactions and enhance operational independence through strategic acquisitions[151]. - The establishment of the joint venture Horse Powertrain was agreed upon on November 8, 2022, with contributions valued at €2,310,000,000 from the company, €1,190,000,000 from Geely, and €3,500,000,000 from Renault[86][87]. Employee and Operational Metrics - The total number of employees increased to approximately 62,000 as of December 31, 2024, compared to 60,000 a year earlier[193]. - The company has established a comprehensive AI layout, achieving a computing power of 23.5 EFLOPS and developing the first full-stack self-researched automotive AI model, which is certified by the China Academy of Information and Communications Technology[182]. Future Outlook - The company has set a sales target of 2.71 million vehicles for 2025, which is approximately a 25% increase from the total sales achieved in 2024[184]. - The group plans a capital expenditure budget of approximately RMB 15 billion for 2025, focusing on new models and smart technology development[177].