Financial Performance - For the fiscal year ending December 31, 2024, revenue reached RMB 864.2 million, a 20.0% increase from RMB 720.3 million for the fiscal year ending December 31, 2023, primarily driven by an increase in revenue from RV sales[4] - Gross profit increased from RMB 181.1 million to RMB 268.5 million, representing a growth of 48.3%, attributed to higher direct sales through self-operated and joint venture stores[4] - Gross margin improved from 25.1% to 31.1%, an increase of 6 percentage points, due to a higher proportion of direct sales compared to wholesale sales[7] - Revenue for the year ended December 31, 2024, increased to RMB 864,165 thousand, up 20% from RMB 720,303 thousand in 2023[21] - Gross profit for 2024 was RMB 268.5 million, a 48.3% increase from RMB 181.1 million in 2023, with a gross margin rising from 25.1% to 31.1%[44] - Operating profit decreased to RMB 73,873 thousand, down 33% from RMB 109,991 thousand in 2023[21] - Net profit for the year was RMB 45,489 thousand, a decline of 42% from RMB 78,768 thousand in 2023[22] - Basic and diluted earnings per share decreased to RMB 0.06 from RMB 0.11 in the previous year[21] - The company reported a total comprehensive income of RMB 42,727 thousand, down 47% from RMB 79,999 thousand in 2023[22] - The adjusted net profit for 2024 was RMB 72.933 million, compared to RMB 78.768 million in 2023, with a reported net profit of RMB 45.489 million for 2024[62] Sales and Production - Sales costs for the fiscal year ending December 31, 2024, were RMB 595.6 million, up RMB 56.3 million or 10.4% from RMB 539.3 million in the previous year, aligned with increased RV sales[7] - As of December 31, 2024, the company delivered a total of 2,804 RVs, representing a 4.1% increase from 2,694 units in 2023[13] - The Snowy River brand, the best-selling brand, delivered 2,408 units in 2024, an increase of 11.2% from 2,165 units in 2023[15] - The company has successfully produced 50 RV models across three distinct brands, including the best-selling mid-range brand Snowy River[12] Market and Product Development - The company upgraded 5 models under the Regent brand and launched 13 new models under the Snowy River brand in 2024, along with upgrades to 4 models and the development of 4 new models under the NEWGEN brand[10] - The company is developing pioneering models of electric RVs, aiming to create a sustainable and environmentally friendly path for RV electrification[10] - The company emphasizes customization in its RV offerings, catering to diverse customer needs from aesthetics to functionality[9] - The company aims to penetrate the European market by leveraging its status as a listed company and collaborating with local dealers[19] - The company plans to launch the SRH-Hybrid 2025, a hybrid RV model, in February 2025, focusing on durability, advanced technology, and luxury[16] Expenses and Financial Management - Selling and distribution expenses for 2024 were RMB 84.0 million, a significant increase of 102.4% from RMB 41.5 million in 2023, attributed to increased marketing and sales personnel[46] - Administrative expenses rose to RMB 79.9 million in 2024, up 120.7% from RMB 36.2 million in 2023, due to business expansion and increased administrative staff[47] - Research and development expenses increased by 71.3% to RMB 13.7 million in 2024 from RMB 8.0 million in 2023, reflecting a rise in R&D personnel costs[48] - Financial costs surged by 439.1% to RMB 12.4 million in 2024 from RMB 2.3 million in 2023, primarily due to increased interest expenses from financing partners[50] Assets and Liabilities - Total assets increased to RMB 443,371 thousand, up 41% from RMB 314,220 thousand in 2023[23] - Trade and other receivables rose to RMB 54,382 thousand, an increase of 18% from RMB 46,138 thousand in 2023[23] - Inventory decreased to RMB 228,103 thousand, down 6% from RMB 242,827 thousand in 2023[23] - Trade receivables decreased to RMB 37.7 million in 2024 from RMB 39.9 million in 2023, with all trade receivables expected to be collected within one year[36] - Total trade and other payables increased to RMB 314.8 million in 2024 from RMB 240.7 million in 2023, with significant increases in accounts payable and accrued expenses[39] - As of December 31, 2024, the company's net current liabilities amounted to RMB 60 million, primarily due to trade and other payables increasing by RMB 74.1 million to RMB 314.8 million compared to December 31, 2023[53] - Total loans and borrowings as of December 31, 2024, were RMB 89.4 million, up from RMB 31.6 million as of December 31, 2023, with RMB 64.2 million being secured loans from financing partners[54] Corporate Governance and Compliance - The company has established an audit committee consisting of independent non-executive directors to oversee financial reporting[71] - The company has complied with the corporate governance code as per the listing rules since its listing date, except for the separation of the roles of Chairman and CEO[68] - All directors confirmed compliance with the standard code of conduct for securities trading since the listing date[69] - The financial figures for the fiscal year ending December 31, 2024, have been agreed upon by the auditors, KPMG, and align with the consolidated financial statements[70] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[74] Future Outlook - The company aims to strengthen its leadership in the Australian and New Zealand markets while expanding into Europe and Canada[20] - The company issued guarantees totaling RMB 24.8 million as of December 31, 2024, with no other significant contingent liabilities disclosed[60] - The net proceeds from the global offering, approximately HKD 292.6 million, will be used as disclosed in the prospectus, with no changes to the intended use of proceeds[67] - The company had 722 employees as of December 31, 2024, with 70.6% in production and supply chain roles[64] - The company's capital expenditure for 2024 was RMB 8 million, primarily for the purchase of plant and equipment[59] - As of December 31, 2024, the company had no significant capital commitments or plans for major investments or acquisitions[58] - The board does not recommend the declaration of any final dividend for the fiscal year ending December 31, 2024[73] - No significant events affecting the company have occurred since December 31, 2024, apart from the IPO[72]
新吉奥房车(00805) - 2024 - 年度业绩