Financial Performance - Revenue for the year ended December 31, 2024, was RMB 408,591,000, a decrease of 16.9% compared to RMB 491,968,000 in 2023[7] - Gross profit for 2024 was RMB 255,128,000, down 18.4% from RMB 312,482,000 in 2023, resulting in a gross margin of 62.4%[7] - The company reported a net loss of RMB 110,562,000 for 2024, compared to a profit of RMB 9,269,000 in 2023, marking a decline of 1,292.8%[7] - Adjusted net profit (non-IFRS measure) was RMB 58,393,000, a decrease of 45.4% from RMB 106,869,000 in the previous year[7] - Revenue for the reporting period was RMB 408.6 million, a decrease of 16.9% compared to RMB 492.0 million for the year ended December 31, 2023[32] - Revenue from used car auction commissions and service fees decreased by 8.4% to RMB 263.0 million, down from RMB 287.2 million for the year ended December 31, 2023[35] - Revenue from used car value-added services decreased by 6.5% to RMB 69.0 million, down from RMB 73.8 million for the year ended December 31, 2023[35] - Revenue from used car sales arrangements decreased by 22.0% to RMB 50.0 million, down from RMB 63.6 million for the year ended December 31, 2023[35] - Revenue from exhibition business decreased by 74.3% to RMB 14.1 million, down from RMB 54.8 million for the year ended December 31, 2023[36] Market Trends - The domestic used car market experienced a peak in transactions in Q4 2024, with a year-on-year growth of 9.7% driven by government policies supporting vehicle replacement[12] - In 2024, the domestic new car market is expected to reach approximately 31.5 million units, a year-on-year increase of 4.5%, with electric vehicle sales growing by 35.5% to about 12.9 million units[14] - The penetration rate of new energy passenger vehicles in China reached 47.6% in 2024, up 12.0% year-on-year, with expectations to rise to 57.0% in 2025[13] - The total transaction volume of used cars in 2024 is projected to be around 19.6 million units, reflecting a year-on-year growth of 6.5%[15] - The average price of fuel vehicles decreased by approximately 6.8% and new energy vehicles by about 9.2% in 2024 due to ongoing price wars in the new car market[13] Operational Metrics - The total number of used cars traded and serviced was approximately 412,000, a decline of 3.3% from approximately 426,000 in 2023[7] - The number of used cars auctioned was approximately 180,000, an increase of 2.3% from approximately 176,000 in 2023[7] - The number of used electric vehicles traded reached approximately 1.1 million units in 2024, representing a 48.0% increase year-on-year[15] - The average revenue per used car auctioned decreased from RMB 1,636 in 2023 to RMB 1,458 in 2024[20] - The transaction success rate improved slightly to approximately 45.8% in 2024, compared to 45.7% in 2023[25] - The number of used cars serviced by value-added services decreased from approximately 220,000 units in 2023 to about 206,000 units in 2024, primarily due to reduced demand for pre-purchase evaluation services[26] Strategic Initiatives - The company has expanded its auction network by establishing new auction sites in multiple cities, including Shanghai and Chongqing, enhancing service capabilities for dealers and professional buyers[17] - The company launched institutional auction services in September 2024, targeting operational leasing clients and ride-hailing platforms[22] - The company has established strategic partnerships with 28 major manufacturers and 11 mobility companies by December 31, 2024, to expand its used car sourcing channels[24] - The company aims to strengthen cooperation with new energy vehicle manufacturers to improve evaluation and transaction capabilities for used new energy vehicles[30] - The company plans to enhance its digital products and services to create a comprehensive platform for used car data and evaluation testing[30] Financial Position - Total assets as of December 31, 2024, were RMB 1,250,236,000, an increase from RMB 1,146,724,000 in 2023[11] - Total liabilities decreased to RMB 312,708,000 in 2024 from RMB 751,998,000 in 2023[11] - The company’s total equity increased significantly to RMB 937,528,000 in 2024 from RMB 394,726,000 in 2023[11] - Cash and cash equivalents increased by 11.9% to RMB 1,046.6 million as of December 31, 2024, up from RMB 935.4 million in 2023[52] - Outstanding borrowings as of December 31, 2024, rose by 86.3% to RMB 129.5 million, compared to RMB 69.5 million in 2023[53] - The debt-to-asset ratio decreased significantly to 25.0% as of December 31, 2024, down from 65.6% in 2023, primarily due to the conversion of convertible redeemable preferred shares into ordinary shares[54] Governance and Compliance - The company has maintained a strong governance structure with an independent non-executive director leading the audit committee[118] - The audit committee is responsible for overseeing the financial reporting system, risk management, and internal control systems[118] - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors[140] - All independent non-executive directors have submitted annual confirmations of their independence according to listing rules[145] - The company has implemented appropriate recruitment and selection procedures to promote workforce diversity[150] Future Outlook - The company has set a future outlook with a revenue guidance of $600 million for the next quarter, indicating a 20% growth expectation[124] - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[125] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[126] - A strategic acquisition is planned, with an estimated cost of $200 million, aimed at enhancing technological capabilities[127] - The company is investing $30 million in R&D for new technologies to improve operational efficiency[124] Sustainability Initiatives - The management team emphasized a focus on sustainability initiatives, aiming for a 25% reduction in carbon footprint by 2025[125] - The company aims to integrate ESG (Environmental, Social, Governance) principles into its business model to contribute to the construction of a green circulation ecosystem[192] - The platform facilitates the efficient circulation of 180,000 used vehicles annually, effectively reducing overall carbon emissions in the industry[193] - The company aims to achieve a 30.00% share of renewable energy in its electricity consumption by 2028[193] - By 2030, the company plans to become the most sustainable used car trading platform in Asia[193]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 408,591,000, a decrease of 16.9% compared to RMB 491,968,000 in the previous year[4] - Gross profit for the same period was RMB 255,128,000, down 18.4% from RMB 312,482,000[4] - The net loss for the year was RMB 110,562,000, a significant increase of 1,292.8% from a profit of RMB 9,269,000 in the previous year[4] - Adjusted net profit (non-IFRS measure) was RMB 58,393,000, down 45.4% from RMB 106,869,000[4] - The total comprehensive loss for 2024 was CNY 103,796,000, compared to a gain of CNY 10,561,000 in 2023, indicating a substantial decline[7] - The company reported a pre-tax loss of RMB 118,039,000 for the year 2024, compared to a loss of RMB 118,463,000 in 2023, showing a slight improvement[28] - The net loss attributable to the parent company for 2024 was CNY 123,003,000, compared to a loss of CNY 15,509,000 in 2023, reflecting a significant increase in losses[5] Revenue Breakdown - Revenue from second-hand car auction commissions and service fees amounted to RMB 262,952,000, down from RMB 287,202,000, indicating a decline of about 8.4%[19] - Revenue from second-hand car value-added services was RMB 69,041,000, compared to RMB 73,814,000 in the previous year, reflecting a decrease of approximately 6.5%[19] - Revenue from second-hand car sales arrangement was RMB 49,564,000, down from RMB 63,567,000, showing a decline of about 22%[19] - Revenue from exhibition business decreased by 74.3% to RMB 14.1 million, primarily due to the biennial schedule of the Tianjin International Auto Show and reduced participation from exhibitors[73] Expenses and Costs - Operating expenses for 2024 included selling and distribution expenses of CNY 80,352,000, down from CNY 89,978,000 in 2023, showing a reduction of approximately 10.5%[5] - Administrative expenses for 2024 were CNY 134,114,000, slightly decreased from CNY 138,769,000 in 2023, a reduction of about 3.4%[5] - The total cost of sales for used car sales arrangements was RMB 8,365,000, down from RMB 12,687,000 in the previous year[28] - Employee benefits expenses totaled RMB 96,378,000 in 2024, a decrease from RMB 107,282,000 in the previous year[28] Assets and Liabilities - Total non-current assets decreased from RMB 101,325,000 to RMB 92,074,000, representing a decline of approximately 9.5% year-over-year[8] - Current assets increased significantly from RMB 1,045,399,000 to RMB 1,158,162,000, reflecting a growth of about 10.8% year-over-year[8] - The company’s total liabilities decreased from RMB 426,067,000 to RMB 50,423,000, representing a significant reduction of approximately 88.2% year-over-year[9] - The debt-to-asset ratio decreased significantly from 65.6% to 25.0% as of December 31, 2024, primarily due to the conversion of convertible redeemable preferred shares into common stock[92] Market Trends - In 2024, the total transaction volume of used cars reached approximately 19.6 million units, a year-on-year increase of 6.5%[47] - The trading volume of used new energy vehicles surged to 1.1 million units in 2024, marking a 48.0% increase compared to 2023[44] - The average price of fuel vehicles decreased by approximately 6.8%, while new energy vehicle prices fell by about 9.2% in 2024[45] - The penetration rate of new energy passenger vehicles reached 47.6% in 2024, a year-on-year increase of 12.0%, with expectations to reach 57.0% in 2025[44] Strategic Initiatives - The company plans to continue focusing on market expansion and new product development to drive future growth[27] - Future strategies include strengthening partnerships with new energy manufacturers and exploring potential strategic collaborations and acquisition opportunities[65] - The company aims to enhance the used car trading process in China by expanding and optimizing auction networks and upgrading service facilities[65] - The company plans to establish strategic partnerships and alliances, which will contribute 10.0% to net income, or HKD 8.3 million[111] Corporate Governance - The company has maintained compliance with corporate governance standards since its listing, ensuring the protection of shareholder rights[101] - The Audit Committee, consisting of three independent non-executive directors, oversees financial reporting and risk management, ensuring adherence to applicable accounting standards[103] - No final dividend has been recommended for the reporting period, indicating a focus on retaining earnings[105]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 191.3 million, a decrease of 15.5% compared to RMB 226.3 million in 2023[6] - Gross profit for the same period was RMB 123.7 million, down 14.8% from RMB 145.2 million in 2023[6] - The adjusted net profit (non-IFRS measure) was RMB 26.7 million, a decline of 34.9% from RMB 41.1 million in 2023[6] - The company reported a loss of RMB 142.2 million for the period, a significant increase of 307.8% compared to a loss of RMB 34.9 million in 2023[6] - Revenue from used car auction commissions and service fees decreased by 7.8% to RMB 133.3 million, primarily due to declining auction prices influenced by competition in the new car market[20] - Revenue from used car value-added services decreased by 5.1% to RMB 33.2 million, mainly due to adjustments in service structures by partnered dealer groups[21] - Revenue from used car sales arrangements decreased by 36.0% to RMB 18.3 million, attributed to a decline in new car sales prices affecting consumer trade-in numbers[22] - The company reported a pre-tax loss of RMB 142,293,000 for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 74,909,000 for the same period in 2023[87] Market Activity - The number of used cars traded and serviced was 189,591 units, an increase of 1.8% from 186,292 units in the previous year[6] - The Chinese used car market saw a total transaction volume of approximately 9.4 million units in the first half of 2024, a year-on-year increase of 7.0%[9] - Electric vehicle transactions accounted for 5.4% of total used car transactions, with a growth of 63.5% year-on-year[9] - The number of used car transactions increased to 79,439 in the first half of 2024, up from 77,906 in the same period of 2023, reflecting a slight growth[11] - The transaction success rate for used cars improved to approximately 45.6% in the first half of 2024, compared to 45.4% in the same period of 2023[13] Operational Efficiency - The gross margin improved slightly to 64.7%, up 0.5 percentage points from 64.2% in 2023[6] - The average revenue per vehicle for used car auctions decreased to RMB 1,678 in the first half of 2024, down from RMB 1,856 in the same period of 2023, primarily due to declining new car sales prices[13] - The average revenue per vehicle for value-added services decreased to RMB 302 in the first half of 2024, down from RMB 333 in the same period of 2023[14] - The number of consumer vehicle replacement transactions fell to 9,231 in the first half of 2024, down from 12,755 in the same period of 2023, with average revenue per vehicle decreasing to RMB 1,985 from RMB 2,243[15] Strategic Initiatives - The company aims to enhance its auction services and expand its value-added services to optimize the used car trading process[10] - The company aims to expand and optimize its auction network and service facilities, enhance upstream used car supply sources, and strengthen partnerships with new energy manufacturers[18] - The company plans to enhance its digital products and services to create a comprehensive platform for used car data and evaluation[18] - The company plans to continue its market expansion and product development strategies to improve future performance[76] Corporate Governance - The company has maintained compliance with all corporate governance codes since its listing date[54] - The board of directors has confirmed adherence to the standard code for securities trading since the listing date[55] - The company is committed to protecting the rights and interests of all shareholders, including minority shareholders[54] - The company will continue to review and monitor its corporate governance practices to ensure compliance with established standards[54] Cash Flow and Financial Position - Cash and cash equivalents increased by 2.6% to RMB 959.7 million as of June 30, 2024, compared to RMB 935.4 million as of December 31, 2023[37] - Outstanding borrowings as of June 30, 2024, amounted to RMB 79.7 million, a 14.7% increase from RMB 69.5 million as of December 31, 2023[38] - The debt-to-asset ratio decreased to 23.6% as of June 30, 2024, down from 65.6% as of December 31, 2023, primarily due to a significant reduction in trade and other payables[39] - The total employee benefits expense for the six months ended June 30, 2024, was RMB 56.6 million, compared to RMB 66.1 million for the same period in 2023, indicating a decrease of 14.3%[43] Shareholder Information - As of June 30, 2024, Chang Guang Investment Limited holds 100,000,000 shares, representing 12.01% of the total issued shares of 832,662,428[50] - Manheim Investments, Inc. owns 90,000,000 shares, accounting for 10.81% of the total shares[50] - Zhuoheng Holding Limited has 70,115,754 shares, which is 8.42% of the total shares[50] - World Key Investment Trading Limited possesses 50,000,000 shares, equivalent to 6.00% of the total shares[50] Future Outlook - The company projects a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion[116] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[116] - A strategic acquisition of a local competitor is expected to enhance the company's supply chain efficiency and increase market penetration[116] - The company aims to reduce operational costs by 15% through improved logistics and supply chain management[116]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 191,309 thousand, a decrease of 15.5% compared to RMB 226,284 thousand for the same period in 2023[2]. - Gross profit for the same period was RMB 123,701 thousand, down 14.8% from RMB 145,207 thousand year-over-year[2]. - The net loss for the period was RMB 142,231 thousand, a significant increase of 307.8% compared to a loss of RMB 34,874 thousand in the prior year[2]. - Adjusted net profit (non-IFRS measure) was RMB 26,724 thousand, down 34.9% from RMB 41,051 thousand in the same period last year[2]. - The total comprehensive loss for the period amounted to RMB 143,218 thousand, compared to RMB 42,114 thousand in the same period last year[5]. - The basic and diluted loss per share was RMB 0.19, compared to RMB 0.13 in the previous year[4]. - Other income and net profit decreased by 50.2% from RMB 8.9 million for the six months ended June 30, 2023, to RMB 4.5 million for the same period in 2024[48]. - Loss before tax increased by 396.0% from RMB 27.4 million for the six months ended June 30, 2023, to RMB 135.7 million for the same period in 2024[51]. - Reported losses increased by 307.8% from RMB 34.9 million for the six months ended June 30, 2023, to RMB 142.2 million for the same period in 2024, primarily due to a decrease in gross profit and increased losses from financial liabilities measured at fair value[53]. Revenue Breakdown - Revenue from second-hand vehicle sales commission and service fees was RMB 133,309,000 for the six months ended June 30, 2024, down from RMB 144,581,000 in 2023, a decline of about 7.9%[17]. - Revenue from used car auction commissions and service fees decreased by 7.8% to RMB 133.3 million, primarily due to declining auction prices influenced by competition in the new car market[41]. - Revenue from used car sales arrangements dropped by 36.0% to RMB 18.3 million, attributed to falling new car sales prices and a decrease in consumer trade-in activity[41]. - Revenue from exhibition business plummeted by 93.9% to RMB 0.7 million, as the company shifted from hosting an annual event to a biennial schedule[42]. Operational Metrics - The number of second-hand vehicles traded and serviced was 189,591, representing a 1.8% increase from 186,292 vehicles in the previous year[2]. - The number of used cars traded through the company's auction platform was 79,439, compared to 77,906 in the previous year, an increase of 2.0%[29]. - The transaction success rate for used cars was approximately 45.6%, up from 45.4% in the first half of 2023, indicating improved operational quality[32]. - The number of consumer vehicle replacement transactions was 9,231, down from 12,755, a decrease of 27.5%[29]. Assets and Liabilities - Non-current assets total value decreased to RMB 97,559,000 from RMB 101,325,000, a decline of approximately 3.7%[6]. - Current assets increased to RMB 1,080,317,000 from RMB 1,045,399,000, an increase of about 3.3%[6]. - Current liabilities decreased to RMB 231,942,000 from RMB 325,931,000, a reduction of approximately 29%[6]. - Total equity increased to RMB 899,404,000 from RMB 394,726,000, reflecting a substantial growth of about 128.5%[8]. - As of June 30, 2024, the debt-to-asset ratio is 23.6%, a significant decrease from 65.6% on December 31, 2023, primarily due to a substantial reduction in trade payables and other payables[59]. Expenses - Selling and distribution expenses decreased by 13.8% to RMB 39.6 million, mainly due to reductions in salaries and benefits[45]. - Administrative expenses increased by 13.6% to RMB 77.2 million, primarily due to higher listing expenses[46]. - Other expenses rose by 31.2% to RMB 1.6 million, mainly due to increased compensation payments related to discrepancies in vehicle condition reports[47]. - Financial costs increased by 19.3% from RMB 2.7 million for the six months ended June 30, 2023, to RMB 3.3 million for the same period in 2024, mainly due to an increase in interest expenses corresponding to the rise in bank borrowings[49]. Corporate Developments - The company was listed on the Hong Kong Stock Exchange on May 31, 2024, marking a significant milestone in its corporate development[10]. - The company aims to enhance the used car trading process in China by expanding and optimizing auction networks and upgrading service facilities[37]. - Future strategies include strengthening partnerships with new energy manufacturers and enhancing digital products and services to build a comprehensive platform for used car data and evaluation[37]. Taxation - For the six months ended June 30, 2024, the company's income tax expense totaled RMB 6,504,000, a decrease of 13.3% from RMB 7,507,000 for the same period in 2023[20]. - The company has subsidiaries in China that qualify for a reduced corporate income tax rate of 15% due to their designation as "high-tech enterprises"[21]. - The company has not generated taxable profits in Hong Kong during the reporting period, thus no provision for Hong Kong profits tax was made[21]. Market Trends - In the first half of 2024, the domestic new car sales volume was approximately 11.2 million units, a year-on-year increase of 1.4%[27]. - The total transaction volume of used cars in the first half of 2024 was approximately 9.4 million units, a year-on-year increase of 7.0%[28]. - The electric vehicle sales volume reached approximately 4.3 million units in the first half of 2024, a year-on-year increase of 35.1%[27]. Miscellaneous - The company has no significant contingent liabilities as of June 30, 2024[63]. - The company has not engaged in any major litigation or arbitration as of June 30, 2024[70]. - No significant events occurred after the reporting period that could materially impact the company[39].