Market Overview - The global luxury car market was valued at approximately 744.20 billion by 2032, with a CAGR of 4.9% from 2024 to 2032[6]. - The global top supercar market is expected to grow from 25.6 billion in 2024, with a CAGR of 33.6% driven by advanced technology and high-net-worth consumer demand[5]. - In 2023, global deliveries of pure electric vehicles and plug-in hybrid electric vehicles reached 14.2 million units, a year-on-year increase of 35%, with 10 million being pure electric vehicles[7]. - China maintained its position as the largest electric vehicle market globally, with sales reaching 8.4 million units, accounting for 59% of global sales[9]. Product Development - The Apollo IE flagship supercar features a naturally aspirated V12 engine and a lightweight carbon fiber body, emphasizing performance and aesthetic design[11]. - The upcoming Apollo EVO supercar is set to redefine high-performance vehicles with its advanced carbon fiber monocoque structure and exceptional handling capabilities, expected to open for pre-orders next year[12]. - The company continues to develop top supercars and luxury electric vehicles to strengthen its leading position in the luxury mobility industry[10]. - The company is actively expanding into the luxury electric vehicle market, planning to develop a new model that emphasizes luxury, technology, and sustainability[17]. Strategic Partnerships and Initiatives - The company entered a strategic partnership with Guangzhou Juyuan Technology to develop and apply ultra-fast charging (XFC) battery systems, aiming to enhance the luxury electric vehicle market[22]. - Apollo's subsidiary GLM Co., Ltd continues to provide extensive mobility development and engineering services, being Japan's first company to obtain an electric vehicle production license[19]. - The company is collaborating with GLM's expert team in Japan to develop promising mobility and platform engineering service projects to meet specific customer needs[31]. Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue decreased by approximately 64.0% to about HKD 279.2 million, compared to HKD 774.9 million for the fifteen months ending December 31, 2022[34]. - The revenue from the mobility services segment was approximately HKD 14.2 million, down from HKD 218.8 million for the previous period, primarily due to the ongoing development of the next-generation supercar[34]. - The gross profit for the year was approximately HKD 63.1 million, with a gross profit margin increasing to about 22.6% from 20.6% in the previous period[35]. - The company recorded a net profit attributable to shareholders of approximately HKD 263.5 million, reversing from a loss of HKD 860.5 million in the previous period[36]. Operational Changes - The company has strategically sold several subsidiaries during the year, contributing to a 41.5% reduction in general and administrative expenses to approximately HKD 161 million[35]. - The company completed the sale of Ideenion for a total consideration of EUR 15 million (approximately HKD 124.35 million) on February 22, 2023[63]. - The company agreed to sell Shengda Holdings for a total consideration of HKD 408 million, which was completed on July 31, 2023[65]. - The company announced the termination of the acquisition of WM Motor Global Investment Limited, citing global market volatility and geopolitical conflicts as key factors[27]. Governance and Management - New management appointments were made to strengthen the company's leadership and strategic direction in the mobility industry[25]. - The company has established an audit committee to assist the board in providing independent opinions on financial control, internal monitoring, and risk management systems[153]. - The company has a strong governance structure with independent non-executive directors overseeing various committees, ensuring accountability and transparency[162][164]. - The board is responsible for leading and controlling the group, overseeing overall strategy, policy, and performance evaluation[177]. Risk Management - The group continues to monitor foreign exchange risks, primarily from sales and purchases denominated in HKD, RMB, EUR, and JPY, and does not anticipate significant operational difficulties from currency fluctuations[62]. - The lending division recognized an expected credit loss provision of approximately HKD 7,940,000 against total receivables of about HKD 193,692,000, reflecting an increase of approximately 63.1% from HKD 4,867,000 as of December 31, 2022[49]. - The lending division has maintained strict internal controls to minimize credit risk, including regular monitoring of loan recoverability and borrower status[51]. Employee and Shareholder Relations - The company aims to maintain strong relationships with employees, customers, and business partners, emphasizing competitive compensation and training opportunities[86]. - The gender ratio of the group's total employees, including senior management, is approximately 2.2:1 (male to female) as of December 31, 2023[198]. - The compensation range for board members and senior management includes four individuals earning between HKD 3,500,001 and HKD 4,000,000[190]. Future Outlook - The company is focused on expanding its market presence and developing new products and technologies to drive future growth[157][158]. - The company aims to consolidate its position as a leading provider of mobility technology solutions and is focusing on developing proprietary future mobility technologies[110].
APOLLO出行(00860) - 2023 - 年度财报