Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 9,887.73 million, representing a 48% increase compared to RMB 6,685.97 million in 2023[5]. - The company's adjusted net profit reached RMB 1,078.80 million, a 19% increase from RMB 910.05 million in the previous year[5]. - The gross profit for the year was RMB 4.64 billion, a 43% increase from RMB 3.25 billion in 2023, with a gross margin of 47% in 2024 compared to 49% in 2023[54]. - The adjusted operating profit for 2024 was RMB 1.44 billion, compared to RMB 1.09 billion in 2023, primarily driven by revenue growth[40]. - The annual profit attributable to the company's owners was RMB 809,938,000, up from RMB 554,958,000 in 2023, reflecting an increase of approximately 46.0%[120]. - The company reported a net profit margin of approximately 8.2% for 2024, compared to 8.3% in 2023[120]. - The operating profit rose 64% to RMB 1.13 billion, with adjusted operating profit increasing by 32% to RMB 1.44 billion[44]. - The total expenses for the year ended December 31, 2024, amounted to RMB 8,799,286 thousand, compared to RMB 6,042,277 thousand in 2023, reflecting a growth of 46.0%[184]. Financing and Transactions - The total number of financing transactions processed was 726,000, reflecting a 7% growth from 678,000 in 2023[6]. - The financing amount increased to RMB 69.1 billion, marking a 5% rise year-on-year[12]. - Financing transactions facilitated by the company's fintech platform exceeded RMB 20 billion, representing a 107% year-on-year growth[14]. - The company processed 175,000 financing transactions in the new energy vehicle sector, a substantial 51% increase year-on-year[12]. - New car financing transactions decreased by 6% to 376,000, with financing amounting to RMB 38.698 billion, down 4% from RMB 40.205 billion in 2023[27]. - Used car financing transactions increased by 25% to 350,000, with financing amounting to RMB 30.445 billion, up 18% from RMB 25.744 billion in 2023[27]. - Financing for new energy vehicles (NEVs) surged by 51% to 175,000 transactions, with a total financing amount of RMB 17.922 billion, compared to RMB 12.405 billion in 2023[27]. SaaS and Fintech Growth - The company achieved a significant 290% growth in SaaS service revenue, reaching RMB 1,803.84 million compared to RMB 462.68 million in 2023[5]. - The fintech business of the company achieved strong growth in 2024, with revenue soaring to RMB 1.8 billion, a year-on-year increase of 290%[14]. - The average revenue per core customer (ARPCC) increased by 132% to approximately RMB 1.04 million in 2024, up from RMB 447,270 in 2023[34]. - The number of core customers connected to the fintech platform rose from 10 in 2023 to 17 in 2024, accounting for 98% of total fintech revenue[34]. - The fintech business generated revenue of RMB 1.8 billion in 2024, representing a remarkable year-on-year increase of 290%[31]. Asset Quality and Risk Management - The overdue rate for loans over 90 days improved to 1.86%, indicating enhanced asset quality[12]. - The overdue rate for financing transactions over 180 days was 1.39% as of December 31, 2024, a slight improvement from 1.49% in 2023[81]. - The company has implemented a data-driven credit assessment system to manage credit risk effectively across all service categories and product lines[88]. - The company actively monitors historical overdue rates and enhances data analysis capabilities to improve asset quality management[88]. - The expected credit loss (ECL) model follows a "three-stage" impairment model as per IFRS 9, with significant credit risk increases leading to a shift from Stage 1 to Stage 2[148]. Market and Industry Trends - The Chinese automotive finance industry is expected to see greater development opportunities in 2025, driven by rising consumer demand and industry upgrades[15]. - In 2024, China's new passenger car sales reached 27.6 million units, a year-on-year increase of 5.8%[19]. - Retail sales of new energy vehicles in 2024 reached 10.9 million units, marking a 40.7% year-on-year growth[20]. - China's automobile export volume reached 5.9 million units in 2024, reflecting a year-on-year increase of 19.3%[20]. - The government has implemented a series of supportive policies for the automotive industry, including the "old-for-new" subsidy program, which is expected to drive market activity in 2024[22]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.065 per share, representing approximately 50.1% of the earnings per share during the reporting period[16]. - The total dividend proposed for the year ending December 31, 2024, is approximately HKD 878.5 million (approximately RMB 810.9 million), compared to HKD 195.7 million for the previous year[74]. - The company paid dividends to shareholders amounting to RMB 177,681 thousand in 2024, a decrease of 7.4% from RMB 191,963 thousand in 2023[133]. Operational Efficiency and Cost Management - The cost of revenue increased by 53% to RMB 5.25 billion, driven by higher commissions and funding costs associated with the transaction platform and self-financing services[53]. - Sales and marketing expenses decreased by 3% year-on-year to RMB 1.02 billion, primarily due to reduced marketing and advertising costs[63]. - Administrative expenses increased by 26% year-on-year to RMB 443 million, mainly due to higher salaries and professional service fees[64]. - Research and development expenses increased by 20% to RMB 232.6 million, indicating a focus on innovation and technology development[44]. Cash Flow and Liquidity - The net cash used in operating activities was RMB 2 billion for the reporting period, down from RMB 8.7 billion for the year ended December 31, 2023, due to enhanced collection measures[97]. - The year-end cash and cash equivalents reached RMB 4,212,760 thousand, up from RMB 3,479,550 thousand at the end of 2023, representing a growth of 21.1%[134]. - The net cash inflow from financing activities for 2024 was RMB 2,563,956 thousand, a decrease of 73.0% compared to RMB 9,486,435 thousand in 2023[133]. Employee and Workforce Development - The total employee compensation cost for the year was RMB 1,019,000,000, an increase from RMB 945,000,000 in 2023, representing a growth of approximately 7.8%[115]. - The company has 4,278 full-time employees as of December 31, 2024, compared to 4,231 in 2023, indicating a growth in workforce[114].
易鑫集团(02858) - 2024 - 年度业绩