Core Viewpoint - Wuling Motors reported a total loss of RMB 63.14 million for 2024, primarily impacted by losses from joint ventures and a significant decrease in revenue due to adverse economic conditions and strategic repositioning in the modified vehicle segment [1][2][3] Financial Performance - Total revenue for 2024 was RMB 7,949,439,000, a decrease of 24.2% compared to the previous year, attributed to reduced customer orders and a decline in the automotive power system segment [2] - Gross profit for the year was RMB 860,097,000, down 17.1%, but the gross margin improved from 9.9% to 10.8% [3] - Net profit attributable to the company’s owners was RMB 50,621,000, an increase of 115.6% year-on-year, while overall net profit rose by 60.2% to RMB 111,245,000 [3] Segment Performance - The automotive power system segment reported total revenue of RMB 1,737,084,000, a decrease of 30%, mainly due to a downturn in the traditional fuel light commercial vehicle market [3][4] - Sales of engines (including those for hybrid systems) dropped significantly by 38.6% to approximately 153,000 units [4] - Revenue from automotive parts and other industrial services was RMB 5,460,853,000, down 10.9%, while commercial vehicle revenue plummeted by 60.9% to RMB 718,758,000 [5] Joint Venture Performance - Wuling New Energy achieved total revenue of RMB 1,016,937,000, a 29.5% increase from the previous year, although it still incurred an operating net loss [6]
受合资公司业亏损影响，五菱汽车2024年总亏损为6314万元