Financial Performance - Total revenue for 2024 reached RMB 14,758,694, representing an 8.5% increase from RMB 13,601,085 in 2023[12] - Gross profit for 2024 was RMB 3,745,978, with a gross margin of 25.4%, compared to RMB 3,359,353 and 24.7% in 2023, marking an 11.5% increase[12] - Adjusted net profit for 2024 was RMB 624,138, reflecting a 29.7% increase from RMB 481,314 in 2023[12] - Operating profit for 2024 was RMB 331,031, representing a significant increase of 104.9% from RMB 161,524 in 2023[12] - The company reported a net profit of RMB 482,038 for 2024, a decrease of 92.8% compared to RMB 6,700,697 in 2023[12] - Adjusted EBITDA for 2024 was RMB 777,262, a 2.6% increase from RMB 757,783 in 2023[12] - The total operating expenses for 2024 amounted to RMB 3.5 billion, with operating expenses as a percentage of revenue decreasing by 0.7 percentage points to 23.6%[17] - The company's revenue for the year ended December 31, 2024, was RMB 14,758.7 million, an increase of 8.5% compared to RMB 13,601.1 million for the year ended December 31, 2023[49] - The gross profit for the year ended December 31, 2024, was RMB 3,746.0 million, with a gross margin of 25.4%, up from 24.7% in the previous year[59] - The adjusted net profit for 2024 was RMB 624.1 million, compared to RMB 481.3 million in 2023, reflecting strong financial performance[47] User Growth and Engagement - The number of transaction users increased to 24.1 million, a growth of 24.8% from 19.3 million in 2023[14] - Registered users grew to 138.8 million, up 20.4% from 115.3 million in 2023[14] - By the end of 2024, the company had nearly 140 million registered users on its platform, with average monthly active users reaching 12 million, a significant increase of 17.2% year-over-year[18] - The same-store user count increased by over 5% year-on-year in 2024, with over 90% of stores operating for more than six months remaining profitable by December 2024[28] Store Network Expansion - The number of Tuhu workshop stores reached 6,874, a 16.3% increase from 5,909 in 2023[14] - The number of self-operated Tuhu workshop stores increased to 158, a 3.9% rise from 152 in 2023[14] - As of the end of 2024, the company has expanded its store network to 6,874 locations, with a net increase of 965 stores during the year, solidifying its position as the largest automotive service platform in the country[25] - The company launched the "Ten Thousand Towns, Ten Thousand Stores" initiative in August 2024, resulting in over 30% year-on-year growth in store numbers in key development areas, with Xinjiang seeing over 60% growth[26] Product and Service Development - The company integrated 70,000 charging stations for electric vehicles across 342 cities by the end of 2024, enhancing its service offerings for active electric vehicle users[22] - The company added over 1,300 new service locations equipped with light beauty services, bringing the total to over 5,700 locations by the end of 2024[20] - The company launched the ExtremeContact XC7 series in collaboration with Continental, achieving over 1,000 units sold in the first three months post-launch[31] - Sales of Michelin products on the platform increased by over 60% year-on-year in 2024, following a successful promotional event[31] - The company's self-controlled brand, Feijun tires, saw over 200% year-on-year sales growth in 2024, supported by the introduction of high-end series to meet mid-to-high-end user demands[32] - The company introduced hybrid-specific engine oils in response to the growing penetration of hybrid vehicles, with sales of hybrid oils increasing by over 270% year-on-year in 2024[33] - In 2024, the battery business revenue grew by 30% year-on-year, supported by improved service network density and inventory capabilities, with on-site installation order fulfillment rate increasing by over 2 percentage points to 86%[34] - The fast repair business saw nearly 50% year-on-year growth in online payment users, with over 99% of service stations offering core fast repair categories by the end of 2024[35] - The deep beauty segment experienced over 30% year-on-year growth in order volume, with new car users under one year old accounting for 40% of transaction users[36] Financial Position and Investments - Non-current assets totaled RMB 4,431.9 million as of December 31, 2024, up from RMB 3,493.4 million in 2023, reflecting a growth of 26.9%[95] - Current assets increased slightly to RMB 8,365.3 million as of December 31, 2024, compared to RMB 8,271.3 million in 2023, marking a growth of 1.1%[95] - The total liabilities as of December 31, 2024, were RMB 738.9 million, slightly up from RMB 704.0 million in 2023, indicating a 4.9% increase[97] - The total equity increased to RMB 4,859.4 million as of December 31, 2024, compared to RMB 4,458.3 million in 2023, reflecting a growth of 9.0%[97] - The company has continued to invest in long-term financial investments, which rose to RMB 1,871.8 million in 2024 from RMB 1,065.3 million in 2023, showing a significant increase of 76.0%[95] - The company's financial investments as of December 31, 2024, amounted to RMB 4.95 billion, an increase of 86.5% from RMB 2.65 billion as of December 31, 2023[107] Governance and Management - The company is committed to the highest standards of governance, transparency, and integrity[164] - The management team emphasizes a customer-centric model and streamlined supply chain to provide digital and on-demand service experiences[163] - The corporate culture is rooted in continuous learning and self-improvement, fostering innovation and adaptability to changing market conditions[163] - The board ensures that corporate values are integrated into the company culture, maintaining consistency across business operations[164] - The company has adopted and applied the principles of the Corporate Governance Code as per the Listing Rules Appendix C1, ensuring compliance with all applicable code provisions for the year ending December 31, 2024, except for code provision C.2.1[165] - The board consists of at least three independent non-executive directors, representing at least one-third of the board, with at least one having appropriate professional qualifications in accounting or related financial management knowledge[168] - The board is responsible for leading and controlling the company, guiding and supervising its affairs, and acting in the best interests of the company and its shareholders[169] - The company has established four board committees to oversee specific aspects of its affairs, ensuring clear authority and responsibilities[180] Employee and Training Initiatives - The total employee count as of December 31, 2024, is 4,491, down from 4,729 as of December 31, 2023[140] - The company provides regular and professional training to maintain the quality, knowledge, and skill levels of its workforce[141] - Directors are required to participate in ongoing professional development to ensure their contributions to the board remain informed and relevant[174] - The company encourages all directors to attend relevant training courses, with costs covered by the company[175]
途虎-W(09690) - 2024 - 年度财报