Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 7,949,439, a decrease of 24.2% compared to RMB 10,483,933 in 2023[2]. - Gross profit for the same period was RMB 860,097, down 17.1% from RMB 1,036,999 in 2023[2]. - Net profit for the year increased by 60.2% to RMB 111,245, compared to RMB 69,456 in the previous year[2]. - Profit attributable to owners of the company rose by 115.6% to RMB 50,621, up from RMB 23,477 in 2023[2]. - Basic and diluted earnings per share were both RMB 1.53, an increase of 115.5% from RMB 0.71 in 2023[2]. - The total comprehensive income for the year was RMB 131,652, compared to RMB 80,458 in 2023, showing a significant increase[5]. - The company reported an adjusted EBIT of RMB 229,932,000 for 2024, compared to RMB 207,884,000 in 2023, showing an increase of approximately 10.6%[21]. - The group recorded a net loss of RMB 63,140,000 from joint ventures, primarily due to losses from Fawer Interior and Fawer Exhaust[104]. Revenue Breakdown - Revenue from automotive power systems was RMB 1,737,084,000 in 2024, down from RMB 2,479,958,000 in 2023, reflecting a decrease of about 30%[21]. - Revenue from automotive parts and other industrial services decreased to RMB 4,771,393,000 in 2024 from RMB 5,246,576,000 in 2023, a decline of approximately 9%[14]. - The commercial vehicle segment generated revenue of RMB 718,758,000 in 2024, down from RMB 1,838,271,000 in 2023, indicating a significant drop of around 61%[21]. - The total revenue from the mainland China market was RMB 7,824,205,000 in 2024, down from RMB 10,323,953,000 in 2023, representing a decline of approximately 24.2%[14]. - The total revenue for the automotive parts and other industrial services segment was RMB 5,460,853,000, a decrease of approximately 10.9% compared to last year, primarily due to market cyclicality and a challenging business environment[67]. Cost Management - Research and development expenses decreased to RMB 282,187 from RMB 306,556, reflecting a focus on cost management[4]. - The company reported a financing cost of RMB 115,997, slightly down from RMB 120,508 in the previous year[4]. - Employee costs rose to RMB 750,952 thousand in 2024, compared to RMB 705,249 thousand in 2023, indicating an increase of approximately 6.5%[33]. - General and administrative expenses amounted to RMB 429,816,000, down 13.7% year-over-year, as the company implemented cost control measures to enhance competitiveness[107]. - Sales and distribution costs totaled RMB 80,873,000, a decrease of 42.1% compared to the previous year, attributed to reduced business volume and changes in maintenance expense accounting[107]. Asset and Liability Management - Non-current assets decreased from RMB 4,502,186 thousand in 2023 to RMB 4,162,391 thousand in 2024, a decline of approximately 7.6%[6]. - Current assets decreased from RMB 10,548,588 thousand in 2023 to RMB 9,606,525 thousand in 2024, a decline of about 8.9%[6]. - Current liabilities decreased from RMB 11,025,659 thousand in 2023 to RMB 9,532,503 thousand in 2024, a reduction of approximately 13.5%[7]. - Total assets decreased from RMB 15,051,247 thousand in 2023 to RMB 13,769,048 thousand in 2024, a decrease of about 8.5%[7]. - The total equity attributable to shareholders was RMB 1,973,393,000, with a net asset value per share of approximately RMB 0.598[114]. Market Strategy and Future Plans - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year[19]. - The company aims to transform into a national-level manufacturer of lightweight drive axles and automotive chassis, focusing on mid-to-high-end vehicles and new energy vehicles[76]. - The company is actively optimizing its product market structure to capture the trend of transformation towards new energy vehicles, with significant market response from diversified projects[72]. - The company plans to continue expanding its product lineup and has received positive market feedback on new models, including the "Lingshi Golden Warehouse" series, which achieved over 1,000 sales in consecutive months[92]. Dividends and Shareholder Information - The company declared a final dividend of 0.5 HKD cents, unchanged from the previous year[2]. - The final dividend for the year 2023 is proposed at HKD 0.5 per share, an increase from HKD 0.3 per share in 2022, amounting to approximately HKD 16,491,000 (or RMB 15,228,000) pending shareholder approval[35]. - The company plans to pay a final dividend of HKD 0.5 per share for the year ending December 31, 2024, totaling approximately HKD 16,491,000 (equivalent to about RMB 15,228,000)[116]. Corporate Governance - The company has fully complied with all corporate governance codes as per the listing rules for the year ending December 31, 2024[120]. - The audit committee has reviewed the financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and listing rules[123].
五菱汽车(00305) - 2024 - 年度业绩