也可以大家在现场里面扫码下载也可以登陆我们公司的官网里面下载今天我们的会议会分为三个环节一个是由我向大家介绍公司2024年的全年的业绩的亮点第二就是由年主持一个致辞第三就是大家投资者跟我们的一个互动的交流 下面这个会议就正式开始首先由我向大家介绍公司2024年的全年的业绩的表现的情况我们是广西国际围下属广西汽车集团有限公司在香港的上市公司主要的业务是透过跟广西汽车集团合资拥有的柳州武林汽车工业有限公司经营整车商用整车 因为这个公司也是在一个初期营运的这个状态了他现在也是一个经营亏损但是2024年相对2023年的这个经营亏损呢都已经有一些改善了在呃机械零部件分布方面呢我们提供的产品啊是涵盖了底板 车身内外是电子电器等核心的机械零部件的产品其中2024年的产级贡献最大的就是包括了驱动桥传统的板筋悬挂类更机动类的这个产品都是一些底盘核心的产品我们的配度的侧形也是涵盖的覆盖的面也是很广化的 配计的车型及售价的区间是在几万到上百万都有也受国内新能源汽车市场快速增长的这个带动了2024年我们配套新能源车型的这个产级的占比是超过50%达到50亿较2023年的是大幅提升了25个八分点在客户方面呢2024年产值比较高的客户包括 ...

Core Insights - Wuling Motors reported a revenue of 7.949 billion yuan for 2024, a year-on-year decrease of 24.18%, while net profit attributable to shareholders reached 50.621 million yuan, a significant increase of 115.6% [1][3] Business Segments - The automotive parts and other industrial services segment remains the core pillar, contributing 5.461 billion yuan, accounting for 69% of total revenue. Despite a year-on-year revenue decline of 10.9%, the increase in high-margin product sales and government subsidies led to an operating profit growth of 68.3% to 154 million yuan [2] - The power system business generated 1.737 billion yuan in revenue, down 30% year-on-year, primarily due to weak demand in the traditional fuel vehicle market. However, inventory management optimization and expansion into new energy clients resulted in a 25% increase in casting sales [2] - The commercial vehicle business reported revenue of 719 million yuan, a decline of 60.9% year-on-year, but maintained profitability of 75.92 million yuan through cost control measures [2] New Energy Transition - The new energy transition is a significant highlight for Wuling Motors in 2024, with its joint venture, Wuling New Energy, achieving sales of over 14,000 units, a year-on-year increase of 41%, and revenue of 1.02 billion yuan. The company successfully expanded into overseas markets such as Japan and South Korea, with export volume increasing by 58% [2] - The self-developed new energy electric drive bridge and three-in-one motor control products have been supplied to automakers like Great Wall and Jianghuai, with cumulative production and sales of new energy rear axles exceeding 1.5 million units. The new production base in Jingmen, Hubei, contributed to a year-on-year revenue growth of over 100% to 730 million yuan [2] Future Outlook - Wuling Motors has achieved profit growth despite revenue pressure, attributed to high-margin product adjustments, government subsidies, and reduced losses from joint ventures. The future growth potential may expand with the advancement of the "Ling Shi Project" and the expansion of the new energy supply market, although the success of traditional business transformation under competitive market pressure remains to be observed [3]

Core Viewpoint - Wuling Motors reported a significant growth in its main business for the fiscal year 2024, with total revenue reaching 7.95 billion RMB, driven by strong performance in automotive parts and industrial services [2] Financial Performance - Total revenue for 2024 was 7.95 billion RMB, with automotive parts and other industrial services contributing 69%, automotive power systems 22%, and commercial vehicles 9% [2] - Net profit for 2024 was approximately 110 million RMB, a year-on-year increase of 60.2%, while profit attributable to shareholders surged by 115.6% to 50.62 million RMB [2] Strategic Initiatives - The company is focusing on the "Ling Shi Project" to enhance its core business areas, particularly in new energy power, drive axles, and chassis [2][3] - Wuling Motors aims to achieve over 15 billion RMB in revenue from new energy vehicles and over 5 billion RMB from each component sector within the next three years [4] Market Outlook - The company anticipates a favorable macroeconomic environment with potential supportive policies from the Chinese government in 2025 [2] - Wuling Motors is committed to expanding its international market presence and enhancing product quality and value [3] Technological Advancements - The company is actively pursuing smart technology applications in both components and vehicles, including intelligent driving features and AI integration [5][10] - Research is ongoing in low-altitude economy sectors, including flying cars and aerial logistics [6] Customer Diversification - Wuling Motors is working to reduce its dependency on SAIC-GM-Wuling by broadening its customer base and exploring new market opportunities [7] Competitive Landscape - The company recognizes the competitive pressures in the automotive industry and is focusing on core components to maintain its market position [11]

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]

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].

Core Viewpoint - Wuling Motors (00305) reported a significant increase in net profit for 2024, driven by higher sales of high-margin automotive components and industrial services, with a net profit of approximately 110 million RMB, a year-on-year increase of 60.2%, and attributable profit of 50.62 million RMB, up 115.6% [1] Group 1: Business Performance - In 2024, Wuling Motors achieved revenue of 7.95 billion RMB, with automotive components and industrial services contributing 69% of revenue, automotive power systems 22%, and commercial vehicles 9% [2] - The automotive components and industrial services segment generated approximately 5.46 billion RMB in revenue, with operating profit of about 150 million RMB, a year-on-year increase of 68.3% [2] - The company successfully expanded its customer base, securing new contracts for components including electric seat switches and combination switches, and actively pursued external market opportunities [2][3] Group 2: Product Development and Market Expansion - Wuling Motors has developed and optimized new-generation electric drive axles and power systems, successfully producing the first commercialized electric drive coaxial axle for Changan [3] - The automotive power systems segment reported revenue of approximately 1.74 billion RMB, with a focus on improving order management and reducing inventory [3][4] - The commercial vehicle segment generated about 720 million RMB in revenue, benefiting from effective cost control measures [4] Group 3: Strategic Initiatives and Future Plans - Wuling Motors is enhancing its R&D efforts and has established an innovation center in Hong Kong, collaborating with local universities to build an innovation ecosystem [6] - The "Ling Shi Project" is set to be a key initiative for the parent company, Guangxi Automobile Group, from 2025 to 2027, focusing on developing a new energy vehicle brand and establishing a comprehensive automotive industry ecosystem [6][7] - The company aims to improve product quality and expand both domestic and international markets under the guidance of the "Ling Shi Project" [7]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 7,949,439, a decrease of 24.2% compared to RMB 10,483,933 in 2023[2]. - Gross profit for the same period was RMB 860,097, down 17.1% from RMB 1,036,999 in 2023[2]. - Net profit for the year increased by 60.2% to RMB 111,245, compared to RMB 69,456 in the previous year[2]. - Profit attributable to owners of the company rose by 115.6% to RMB 50,621, up from RMB 23,477 in 2023[2]. - Basic and diluted earnings per share were both RMB 1.53, an increase of 115.5% from RMB 0.71 in 2023[2]. - The total comprehensive income for the year was RMB 131,652, compared to RMB 80,458 in 2023, showing a significant increase[5]. - The company reported an adjusted EBIT of RMB 229,932,000 for 2024, compared to RMB 207,884,000 in 2023, showing an increase of approximately 10.6%[21]. - The group recorded a net loss of RMB 63,140,000 from joint ventures, primarily due to losses from Fawer Interior and Fawer Exhaust[104]. Revenue Breakdown - Revenue from automotive power systems was RMB 1,737,084,000 in 2024, down from RMB 2,479,958,000 in 2023, reflecting a decrease of about 30%[21]. - Revenue from automotive parts and other industrial services decreased to RMB 4,771,393,000 in 2024 from RMB 5,246,576,000 in 2023, a decline of approximately 9%[14]. - The commercial vehicle segment generated revenue of RMB 718,758,000 in 2024, down from RMB 1,838,271,000 in 2023, indicating a significant drop of around 61%[21]. - The total revenue from the mainland China market was RMB 7,824,205,000 in 2024, down from RMB 10,323,953,000 in 2023, representing a decline of approximately 24.2%[14]. - The total revenue for the automotive parts and other industrial services segment was RMB 5,460,853,000, a decrease of approximately 10.9% compared to last year, primarily due to market cyclicality and a challenging business environment[67]. Cost Management - Research and development expenses decreased to RMB 282,187 from RMB 306,556, reflecting a focus on cost management[4]. - The company reported a financing cost of RMB 115,997, slightly down from RMB 120,508 in the previous year[4]. - Employee costs rose to RMB 750,952 thousand in 2024, compared to RMB 705,249 thousand in 2023, indicating an increase of approximately 6.5%[33]. - General and administrative expenses amounted to RMB 429,816,000, down 13.7% year-over-year, as the company implemented cost control measures to enhance competitiveness[107]. - Sales and distribution costs totaled RMB 80,873,000, a decrease of 42.1% compared to the previous year, attributed to reduced business volume and changes in maintenance expense accounting[107]. Asset and Liability Management - Non-current assets decreased from RMB 4,502,186 thousand in 2023 to RMB 4,162,391 thousand in 2024, a decline of approximately 7.6%[6]. - Current assets decreased from RMB 10,548,588 thousand in 2023 to RMB 9,606,525 thousand in 2024, a decline of about 8.9%[6]. - Current liabilities decreased from RMB 11,025,659 thousand in 2023 to RMB 9,532,503 thousand in 2024, a reduction of approximately 13.5%[7]. - Total assets decreased from RMB 15,051,247 thousand in 2023 to RMB 13,769,048 thousand in 2024, a decrease of about 8.5%[7]. - The total equity attributable to shareholders was RMB 1,973,393,000, with a net asset value per share of approximately RMB 0.598[114]. Market Strategy and Future Plans - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year[19]. - The company aims to transform into a national-level manufacturer of lightweight drive axles and automotive chassis, focusing on mid-to-high-end vehicles and new energy vehicles[76]. - The company is actively optimizing its product market structure to capture the trend of transformation towards new energy vehicles, with significant market response from diversified projects[72]. - The company plans to continue expanding its product lineup and has received positive market feedback on new models, including the "Lingshi Golden Warehouse" series, which achieved over 1,000 sales in consecutive months[92]. Dividends and Shareholder Information - The company declared a final dividend of 0.5 HKD cents, unchanged from the previous year[2]. - The final dividend for the year 2023 is proposed at HKD 0.5 per share, an increase from HKD 0.3 per share in 2022, amounting to approximately HKD 16,491,000 (or RMB 15,228,000) pending shareholder approval[35]. - The company plans to pay a final dividend of HKD 0.5 per share for the year ending December 31, 2024, totaling approximately HKD 16,491,000 (equivalent to about RMB 15,228,000)[116]. Corporate Governance - The company has fully complied with all corporate governance codes as per the listing rules for the year ending December 31, 2024[120]. - The audit committee has reviewed the financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and listing rules[123].

Group 1 - The core point of the article is that SAIC-GM-Wuling Automobile Co., Ltd. has initiated a recall of 1,116 Baojun Yueye vehicles due to a software issue in the electronic brake booster (EBS) system that poses safety risks [1] - The recall affects vehicles produced between April 20, 2023, and June 14, 2023, as the EBS software has a timing system that incorrectly processes leap year dates, leading to communication failures and loss of brake assistance [1] - The company will upgrade the EBS software for the recalled vehicles to eliminate the safety hazard, and some vehicles have already received the updated software and do not require further upgrades [1]

Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses the automotive parts industry, focusing on a specific company involved in supplying components to various automotive manufacturers, including high-end models. Key Points and Arguments Revenue and Profit Margins - The company's revenue from automotive parts has seen a decline in profit margins, with the share of revenue from a specific segment dropping from approximately 75% in 2021 to 62% in the current year [1][2][3]. - The profit margins for lower-priced models are thinner, while higher-end models, such as those supplied to Great Wall Motors, yield better margins [2][3]. Client Relationships and Market Share - The company has expanded its client base, with Great Wall Motors now accounting for over 10% of its revenue, particularly from high-end models like the Tank series [2][3]. - Other clients include Chery and Geely, with a gradual increase in the share of revenue from these new customers [3]. Product Development and Technology - The company has developed advanced products using high-strength steel technology, which is crucial for lightweight and high-strength automotive components [5][6]. - The introduction of new products, such as those for collision safety, has led to a significant expansion in the market size for these components [5][6]. Powertrain Systems - The powertrain segment has seen an increase in profit margins from 21% to 23% over the past few years, primarily driven by revenue from fuel engines [7][8]. - The company is also transitioning towards electric and hybrid powertrains, with new clients in the electric vehicle sector [8][9]. Commercial Vehicle and Modification Business - The modification business, particularly for commercial vehicles, is a significant revenue stream, with a focus on customized vehicles for various applications [12][14]. - The company is actively pursuing new clients for modification services, aiming to expand its market share in this segment [14][15]. Export Strategy - The company has increased its export efforts, targeting traditional automotive markets such as Japan and Europe, and expanding into Southeast Asia and Africa [16][17]. - The export of modified vehicles and specialized models is a key focus area, with plans to enhance production capabilities for international markets [16][17]. Smart Technology and Innovation - The company is investing in smart technology, including mobile charging solutions and autonomous driving systems, to enhance its product offerings [18][19]. - The development of a one-ton monitoring chassis for low-speed autonomous driving applications is a notable innovation [19][20]. Future Outlook - The company remains optimistic about its growth trajectory, particularly in the commercial vehicle sector, despite current challenges in the passenger vehicle market [22][24]. - There is a focus on maintaining a strong brand presence in the commercial vehicle market before considering entry into the more competitive passenger vehicle segment [24]. Other Important but Overlooked Content - The company has not disclosed specific revenue percentages for various segments but indicates that the profitability of the modification services is relatively high compared to other business areas [11][12]. - The impact of market conditions on the company's performance, particularly in the context of client order delays, has been acknowledged, with expectations for improvement in the upcoming quarters [22][24].

Financial Performance - The total revenue for the six months ended June 30, 2024, was RMB 3,946,324,000, representing a decrease of 22.5% compared to the same period in 2023[6]. - Gross profit for the period was RMB 425,824,000, maintaining the same level as the corresponding period in 2023, with a gross profit margin of 10.8%, an increase of approximately 270 basis points from 8.1% in 2023[6]. - The net profit for the first half of 2024 was RMB 21,125,000, representing an increase of 72.3% compared to RMB 12,260,000 for the same period in 2023[8]. - Profit attributable to owners of the Company for the period was RMB 1,586,000, up from RMB 1,521,000 in the same period of 2023[8]. - The Group recorded a net profit of RMB 21,125,000 in the first half of 2024, representing a 72.3% increase compared to RMB 12,260,000 in the same period of 2023[9]. - The Group's gross profit for the period was RMB 425,824,000, an increase of 3.7% from the corresponding period in 2023, with a gross profit margin improving to 10.8% from 8.1%[104]. - The Group reported a net gain of RMB 6,690,000 from the disposal of its equity interest in Liuzhou Leadrive Electronic Control Technology Co., Ltd.[109]. - The share of results from associates reported a total net loss of RMB 59,928,000, primarily due to losses from Wuling New Energy, FL Seating, and FL Emission[108]. Revenue Breakdown - Revenue from the automotive components and other industrial services division reached RMB 2,698,094,000 in the first half of 2024, marking a year-on-year increase of 6.1%[10]. - The commercial vehicle assembly division achieved revenue of RMB 330,671,000 in the first half of 2024, reflecting a significant decrease of 75.5% compared to the same period in 2023[17]. - The vehicles' power supply systems division generated revenue of RMB 902,113,000 in the first half of 2024, a year-on-year decrease of 23.6% due to a decline in engine sales volume[14]. - The total revenue of the automotive components and other industrial services division for the six months ended June 30, 2024, was RMB 2,698,094,000, representing an increase of 6.1% compared to the same period in 2023[56]. - Total revenue for the vehicles' power supply systems division was RMB 902,113,000, a decrease of 23.6% compared to the same period in 2023, primarily due to delays in customer orders[38]. - Revenue from sales of engines and related parts was RMB 902,113, down from RMB 1,180,571, indicating a decrease of approximately 23.5%[191]. - Revenue from sales of automotive components and accessories increased to RMB 2,331,161, up from RMB 2,162,702, reflecting a growth of approximately 7.8%[191]. - Revenue from contracts with customers within the scope of HKFRS 15 was RMB 3,930,878, down from RMB 5,075,935, a decrease of approximately 22.5%[191]. Strategic Initiatives - The Group's strategy focuses on "Stabilising Growth, Enhancing Effectiveness and Exploring New Horizons" amid intensified market competition and economic downturn[6]. - The Group is undergoing transformation and upgrading towards digitalization, intelligentization, and greenness to promote high-quality development[6]. - The Group's strategy includes enhancing product customization and expanding into international markets, with successful exports of Wuling products to countries like Vietnam, Thailand, and the USA[17]. - The Group aims to enhance its core competitiveness by integrating digitalization with traditional industries, promoting the development of automotive digital services[24]. - The Group is committed to optimizing management and enhancing efficiency through lean management practices, aiming for high-quality development[22]. - The Group's strategy includes deepening reforms and improving incentive mechanisms to drive high-quality development[22]. - The Group is actively reducing costs and improving operational efficiency by implementing policies focused on increasing revenue and reducing expenditures[28]. Market and Product Development - The automotive components division experienced steady growth due to the strategy of acquiring new clients, despite a decrease in revenue from the commercial vehicle assembly division[6]. - The Group focused on securing existing markets and developing new markets, particularly in supplying components for new energy vehicles, optimizing client structure, and expanding into markets like Great Wall, Chery, and BYD[9]. - The vehicles' power supply systems division is accelerating the transformation to new energy business, focusing on hybrid and pure electric assembly systems and core components[15]. - The chassis business achieved a significant breakthrough by exporting self-developed components for the first time, including the rear drive axle assembly for new energy passenger cars to Vietnam[10]. - The division is focusing on high-end, intelligent, and green product development, actively exploring market opportunities in the new energy vehicle sector[61]. - The successful launch of high-end models is expected to enhance the division's commercial potential and technical capabilities[55]. - The division continues to expand its customer base, including partnerships with Great Wall Motors, Beiqi Foton Motors, and Chery Automobile[60]. Operational Efficiency - The Group is committed to implementing cost control measures and enhancing fine management to improve efficiency[34]. - The Group's liquidity position is strategically managed with an optimistic outlook for economic recovery in the second half of 2024[116]. - The Group will continue to monitor its liquidity and financial position closely to adapt to market conditions and challenges[119]. - The Group has sufficient financial resources to meet its financial obligations for the foreseeable future, supported by continuous financial backing from Guangxi Automobile Holdings Limited[183][184]. Human Resources and Governance - The Group had approximately 8,200 employees as of 30 June 2024, with total staff costs amounting to approximately RMB 388,864,000, reflecting an increase of 8.6% compared to the same period in 2023[149]. - The Company has fully complied with all code provisions on Corporate Governance Practices as per the Listing Rules[145]. - The remuneration policy of the Group is reviewed annually based on applicable legislation, market conditions, and performance[149]. - The Group emphasizes the importance of human resources management to support the expansion of new businesses[153]. Shareholder Information - The total number of issued shares as of June 30, 2024, was 3,298,161,332[128]. - The interim dividend for the six months ended 30 June 2024 is set at RMB 0, compared to nil for the same period in 2023[145]. - The share option scheme was adopted on November 10, 2021, allowing directors to invite employees to take up options at nil consideration[141].