YONGDA AUTO(03669)2025-03-28 09:00Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 63.42 billion, a decrease of 14.6% compared to RMB 74.30 billion for the fiscal year ending December 31, 2023[3]. - The net profit for the fiscal year ending December 31, 2024, was RMB 165 million, a decline of 71.8% from RMB 586 million in the previous year[6]. - The total revenue for the year ended December 31, 2024, was RMB 63,420,229 thousand, a decrease of 14.4% from RMB 74,295,499 thousand in 2023[26]. - Gross profit for 2024 was RMB 5,273,470 thousand, down 21.2% from RMB 6,694,430 thousand in 2023[26]. - Operating profit for 2024 was RMB 405,823 thousand, a decline of 57.8% from RMB 961,472 thousand in 2023[26]. - Basic earnings per share for 2024 were RMB 0.11, down from RMB 0.29 in 2023[26]. - The total comprehensive income for the year was RMB 163,136,000, compared to RMB 584,460,000 in the previous year, reflecting a significant decrease[28]. - The company's net profit attributable to owners was RMB 198,539,000, down from RMB 571,288,000 year-on-year[28]. - The net profit before tax for the fiscal year ending December 31, 2024, was RMB 208,568,000, a significant decrease from RMB 740,317,000 in 2023[42]. - The net profit attributable to the company's owners for 2024 was RMB 200.8 million, a significant decline of 65.0% compared to RMB 572.6 million in 2023[51]. Revenue Breakdown - The new car dealership revenue for the fiscal year ending December 31, 2024, was RMB 46.41 billion, down 17.8% from RMB 56.44 billion in the previous year[3]. - The total revenue from new car sales and related services was RMB 49,410,449,000, down from RMB 58,758,814,000, a decrease of approximately 15.8%[34]. - The revenue from used car sales and related services was RMB 3,810,071,000, down from RMB 5,321,115,000, a decline of about 28.3%[34]. - The total revenue from used car sales was RMB 3,777.6 million, down 28.4% from RMB 5,277.1 million in the previous year[64]. - The revenue from maintenance and repair services in 2024 was RMB 9.467 billion, a slight increase of 0.1% year-on-year, with a gross margin of 40.45%[14]. - After-sales service revenue remained stable at RMB 9,748.1 million, compared to RMB 9,758.6 million in the previous year[65]. Sales Performance - The total number of used cars sold was 74,969 units, a decrease of 19.4% from 93,012 units in the previous year[3]. - In 2024, new car sales volume reached 171,236 units, a year-on-year decrease of 11.7%, with total revenue from new car sales and related services at RMB 49.455 billion, down 16.0% year-on-year[10]. - The number of new cars sold was 163,836 units, representing an 11.2% decline from 184,550 units in 2023[62]. - The number of used cars sold decreased by 18.2% to 36,488 units from 44,590 units in 2023[64]. - The retail sales volume of new energy vehicles in China reached 10.89 million units, a year-on-year increase of 40.7%, indicating a market penetration rate close to 50%[4]. Cost Management - The company reported a decrease in total sales, management, and financing costs to RMB 5.19 billion, down 16.6% from RMB 6.22 billion in the previous year[6]. - The total segment costs for the fiscal year ending December 31, 2024, were RMB 58,146,759,000, compared to RMB 67,601,069,000 for the previous year, indicating a reduction of approximately 14%[42]. - The cost of sales and services for the passenger car sales and services segment was RMB 48,595.1 million for the twelve months ended December 31, 2024, a decrease of 14.5% compared to RMB 56,814.9 million for the same period in 2023[67]. - The total employee costs for 2024 amounted to RMB 2,240.6 million, a decrease of 14.8% from RMB 2,629.1 million in 2023[50]. Inventory and Assets - The inventory turnover days were maintained at a healthy 25.8 days as of December 31, 2024[9]. - Inventory as of December 31, 2024, was RMB 4,149.9 million, a decrease of 4.9% from RMB 4,363.2 million in 2023[56]. - Non-current assets decreased from RMB 15,202,109,000 in 2023 to RMB 14,888,752,000 in 2024, a decline of approximately 2.07%[29]. - Current assets increased from RMB 17,490,942,000 in 2023 to RMB 20,157,511,000 in 2024, representing an increase of about 15.2%[29]. - The company's total liabilities increased from RMB 14,559,392,000 in 2023 to RMB 17,138,557,000 in 2024, an increase of approximately 17.8%[29]. Strategic Initiatives - The company aims for new energy vehicles to account for 50% of total new car sales by 2026, while luxury vehicles are projected to represent approximately 40%[92]. - The company plans to develop a battery recycling industry and explore smart robotics for future sales and maintenance channels[93]. - The company will continue to enhance after-sales service and upgrade the used car business to solidify customer retention and support the growth of its two main business segments[91]. - The company has established a professional department for AI application research to enhance operational efficiency and customer experience through innovative AI technology[94]. - Cost control measures are being implemented, including organizational streamlining and optimization of personnel efficiency, aiming to effectively reduce sales management expenses[95]. Shareholder Information - The company proposed a final dividend of RMB 0.069 per share for the year ending December 31, 2024, totaling approximately RMB 130 million, pending shareholder approval[50]. - The proposed final dividend for the year ending December 31, 2024, is RMB 0.069 per share, amounting to an estimated total of approximately RMB 130 million[103]. - The company repurchased a total of 44,206,500 shares at a total cost of approximately HKD 77,120,461.45, with the highest price per share being HKD 2.34 and the lowest being HKD 1.28[99]. Compliance and Governance - The audit and compliance committee has confirmed that the annual financial performance for the year ending December 31, 2024, complies with relevant accounting standards[101]. - The company has adopted corporate governance codes and has been in compliance with them throughout the reporting period[97].