YADEA(01585)2025-03-25 04:01Financial Performance - Revenue decreased by approximately 18.8% to RMB 28,236.2 million compared to the year ended December 31, 2023[3] - Profit attributable to owners decreased by approximately 51.8% to RMB 1,272.4 million compared to the year ended December 31, 2023[3] - Basic earnings per share decreased by approximately 52.3% to RMB 42.2 cents compared to the year ended December 31, 2023[3] - Gross profit decreased to RMB 4,288.98 million from RMB 5,885.24 million, reflecting a decline in gross margin[4] - Operating profit decreased to RMB 1,665.30 million from RMB 3,132.08 million[4] - Total revenue for the year ended December 31, 2024, was RMB 28,236,246 thousand, a decrease of 18.9% from RMB 34,762,757 thousand in 2023[20] - Other income for the year was RMB 593,817 thousand, down 28.2% from RMB 826,208 thousand in 2023[28] - The company reported a net loss from foreign exchange of RMB 37,869 thousand compared to a gain of RMB 27,534 thousand in 2023[28] - Total expenses for the year ended December 31, 2024, decreased to RMB 27,213,872,000 from RMB 32,610,447,000 in 2023, representing a reduction of approximately 16.5%[30] - The company's profit attributable to owners for the year ended December 31, 2024, was RMB 1,272,374,000, down from RMB 2,640,158,000 in 2023, indicating a decline of about 51.8%[36] - Basic earnings per share for 2024 were RMB 42.2, compared to RMB 88.5 in 2023, reflecting a decrease of approximately 52.3%[36] - The total tax expense for the year ended December 31, 2024, was RMB 311,021,000, down from RMB 379,794,000 in 2023, a reduction of about 18.1%[33] - The company reported a net profit for the year decreased by approximately 51.8% from RMB 2,640.2 million in 2023 to RMB 1,272.4 million in 2024[69] Revenue Breakdown - Revenue from electric bicycles was RMB 12,244,215 thousand, down 23.5% from RMB 15,952,107 thousand in 2023[20] - Revenue from batteries and chargers decreased to RMB 7,995,475 thousand, a decline of 13.5% from RMB 9,249,600 thousand in 2023[20] - The gross profit for the electric two-wheeler and related parts segment was RMB 3,747,306 thousand, compared to RMB 5,264,580 thousand in 2023, reflecting a decrease of 29%[25] - The total segment revenue for electric two-wheelers and related parts was RMB 27,726,357 thousand, while the total segment revenue for battery and electric drive was RMB 5,009,952 thousand[25] - Sales volume of electric scooters decreased by about 20.7% from approximately 4,960,000 units in 2023 to about 3,931,000 units in 2024, while electric bicycles decreased by about 21.4% from approximately 11,561,000 units to about 9,089,000 units[57] Assets and Liabilities - Total assets decreased to RMB 24,618.89 million from RMB 25,660.10 million[9] - Total liabilities decreased to RMB 15,860.82 million from RMB 17,258.89 million[9] - The company's inventory as of December 31, 2024, increased to RMB 1,279,385,000 from RMB 955,438,000 in 2023, representing an increase of approximately 33.9%[39] - Accounts receivable decreased to RMB 477,940,000 in 2024 from RMB 554,702,000 in 2023, a decline of about 13.8%[41] - The company's total financial assets at fair value through profit or loss decreased to RMB 2,471,164,000 in 2024 from RMB 2,789,800,000 in 2023, a decrease of approximately 11.4%[42] - The total amount of accounts payable decreased to RMB 11,871,433,000 in 2024 from RMB 13,672,198,000 in 2023, indicating a decline of about 13.2%[44] - The debt-to-equity ratio increased to 16.4% as of December 31, 2024, compared to 9.9% as of December 31, 2023[81] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.22 per share and a special dividend of HKD 0.23 per share for 2024[3] - The company plans to distribute a final dividend of HKD 22.0 per share for 2024, down from HKD 48.0 per share in 2023, totaling approximately RMB 1,266,974,000[34] - The company has proposed a final dividend of HK0.48 for the year ending December 31, 2023, and a special dividend of HK$0.23 per share, which was not declared in the previous year[101] - The annual general meeting is scheduled for June 17, 2025, with a record date for shareholders on June 27, 2025[102] - The company will suspend the registration of shareholders from June 12 to June 17, 2025, to determine eligibility for voting at the annual general meeting[104] - The company will also suspend the registration of shareholders from June 24 to June 27, 2025, to determine eligibility for receiving the proposed dividends[104] Corporate Governance and Compliance - The audit committee, consisting of four independent non-executive directors and one non-executive director, has reviewed the annual performance for the year ending December 31, 2024[105] - The company has fully complied with the corporate governance code throughout the year ending December 31, 2024[99] - The company has adopted the standard code for securities trading by directors and confirmed compliance for the entire year ending December 31, 2024[100] - There were no significant subsequent events related to the group's business or financial performance from the end of the reporting period until the announcement date[97] Strategic Initiatives - The company is focusing on technological innovation, investing in R&D for core components like batteries and electronic control systems, and plans to launch a sodium-ion battery-powered electric bicycle in early 2025[51] - The company is accelerating its global expansion, particularly in Southeast Asia, with new factories in Indonesia and Vietnam, and opening flagship stores in Thailand and Indonesia[52] - The company anticipates that the implementation of new national standards for electric two-wheelers will stabilize the industry and drive new growth in 2025[53] - The company aims to enhance marketing efforts through digital platforms and social media to connect with younger consumers, appointing Wang Hedi as its global brand ambassador[53] Acquisitions and Investments - The company acquired 100% equity of Wuxi Lingbo Electronic Technology Co., Ltd. for a total cash consideration of RMB 351,500,000, with RMB 24,279,000 classified as contingent payment[45] - The net identifiable assets acquired from Lingbo amounted to RMB 304,394,000, with goodwill recognized at RMB 22,827,000, bringing the total acquisition value to RMB 327,221,000[47][48] - The cash outflow for the acquisition, net of cash acquired, was RMB 185,247,000[48] - The company completed the acquisition of Wuxi Lingbo Electronic Technology Co., Ltd. for a total cash consideration of approximately RMB 351.5 million on April 17, 2024[88] - The company did not conduct any significant investments, acquisitions, or disposals of subsidiaries and associates during the reporting period[89] Other Financial Information - Cash and cash equivalents remained relatively stable at RMB 7,868.88 million compared to RMB 7,913.81 million[8] - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7,868.9 million, a decrease of about 0.6% from RMB 7,913.8 million in 2023[71] - The total employee cost for 2024 was RMB 2,355.6 million, a decrease of approximately 13.0% from RMB 2,707.6 million in 2023, mainly due to reduced employee bonuses and a decrease in headcount[84] - The company has incurred approximately RMB 5,020,000 in post-merger service expenses, which have been deducted from general and administrative expenses[45] - Financial expenses decreased by approximately 18.7% from RMB 44.2 million in 2023 to RMB 36.0 million in 2024, mainly due to lower bank interest rates[67] - The total value of financial assets measured at fair value through profit or loss decreased by approximately 11.4% from RMB 2,789.8 million as of December 31, 2023, to RMB 2,471.2 million as of December 31, 2024[77] - The breakdown of financial assets at fair value as of December 31, 2024, includes RMB 2,299.9 million in wealth management products and structured deposits, RMB 67.5 million in listed equity investments, RMB 82.2 million in unlisted equity investments, RMB 6.3 million in bond investments, and RMB 15.3 million in other financial assets[79] - As of December 31, 2024, the company had pledged assets amounting to RMB 3,599.3 million as collateral for notes payable, down from RMB 4,118.6 million in 2023[86] - The company had no significant contingent liabilities or guarantees as of December 31, 2024[85] - The annual results announcement will be published on the Hong Kong Stock Exchange website and the company's website[108]