Core Viewpoint - Wuling Motors reported a significant decline in revenue, marking the first time since 2010 that annual revenue has fallen below 10 billion RMB, with a 24.2% year-on-year decrease in 2024 [1][2]. Financial Summary - In 2024, Wuling Motors achieved revenue of 79.49 billion RMB, down from 104.84 billion RMB in 2023, representing a 24.2% decline [2]. - Gross profit for the year was 8.6 billion RMB, a decrease of 17.1% compared to the previous year [2]. - The net profit attributable to the company's owners was 506.21 million RMB, showing a significant increase of 115.6% year-on-year [2]. Business Segment Performance - The automotive power system segment generated revenue of 1.737 billion RMB in 2024, down 30% from the previous year, primarily due to reduced customer orders in the traditional fuel light commercial vehicle market [3][4]. - Sales to core customer SAIC-GM-Wuling in the automotive power system segment fell by approximately 48% to 695 million RMB [3]. - The automotive parts and other industrial services segment reported revenue of 5.46 billion RMB, a decrease of about 10.9%, but profitability improved due to higher sales of high-margin products and government subsidies [4]. - The commercial vehicle segment saw a dramatic revenue drop of approximately 60.9%, totaling 719 million RMB, attributed to weak market demand and a strategic shift in the company's focus on modified vehicle services [4]. Joint Ventures and New Energy Vehicles - Wuling New Energy reported total revenue of 1.016 billion RMB in 2024, an increase of approximately 29.5%, with a slight reduction in net operating losses [5]. - The sales volume of Wuling New Energy's vehicles reached about 14,200 units, reflecting a year-on-year growth of 41%, driven by the launch of new products tailored for the domestic market [5]. Market Performance - As of the report date, Wuling Motors' stock price increased by 3.85%, trading at 0.54 HKD per share, with a total market capitalization of 1.781 billion HKD [6].
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