Zoomlion(01157)2025-03-24 13:16Financial Performance - For the year ending December 31, 2024, the group's continuing operating revenue was RMB 45.478 billion, a decrease of RMB 1.597 billion (3.39%) compared to 2023[3] - The profit attributable to shareholders for the year was RMB 3.521 billion, a decrease of RMB 0.29 billion (0.82%) from 2023[3] - Basic and diluted earnings per share for the year were both RMB 0.41, down RMB 0.02 from 2023[3] - The operating profit for the year was RMB 4.327 billion, an increase from RMB 3.835 billion in 2023[4] - The company reported a total comprehensive income of RMB 3.579 billion for the year, compared to RMB 3.916 billion in 2023[7] - The total revenue from the company's main business segments in 2024 was RMB 45,478 million, down from RMB 47,075 million in 2023, indicating a decline of 3.4%[20] - The company reported a net profit of RMB 4,009 million for the year ending December 31, 2024, compared to RMB 3,521 million in 2023, showing an increase of 13.8%[12] - The total cash dividend declared for the fiscal year 2023 was RMB 2.777 billion, based on a total share capital of 8.678 billion ordinary shares[39] - The proposed final dividend for the fiscal year 2024 is RMB 0.30 per share, totaling approximately RMB 2.603 billion, pending shareholder approval[40] Revenue Breakdown - The revenue from concrete machinery in 2024 was RMB 8,004 million, a decrease of 6.6% from RMB 8,571 million in 2023[20] - The revenue from agricultural machinery significantly increased to RMB 4,646 million in 2024, up from RMB 2,089 million in 2023, representing a growth of 122%[20] - The total revenue for the engineering machinery segment in 2024 was RMB 44,849 million, a decrease of 2.3% from RMB 46,391 million in 2023[25] - Revenue from agricultural machinery increased significantly to RMB 4,650 million in 2024, up 122.5% from RMB 2,092 million in 2023[25] - Revenue from external customers in mainland China decreased to RMB 22,164 million in 2024, down 23.5% from RMB 29,026 million in 2023[29] - Revenue from external customers outside China increased to RMB 23,314 million in 2024, up 29.4% from RMB 18,049 million in 2023[29] Expenses and Costs - Research and development expenses decreased to RMB 2.769 billion from RMB 3.441 billion in 2023[4] - The total employee costs rose to RMB 6,503 million in 2024, an increase of 19.1% from RMB 5,460 million in 2023[32] - Sales and service costs fell by 4.22% from RMB 34.109 billion in 2023 to RMB 32.668 billion in 2024[85] - Gross profit decreased by 1.20% from RMB 12.966 billion in 2023 to RMB 12.810 billion in 2024, while the gross profit margin increased from 27.54% to 28.17%[86] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 123.712 billion, down from RMB 130.825 billion in 2023[9] - Current liabilities decreased to RMB 42.987 billion from RMB 49.996 billion in 2023[10] - The net asset value increased to RMB 59.802 billion from RMB 59.131 billion in 2023[10] - The company's total equity as of December 31, 2024, was RMB 59,802 million, an increase from RMB 59,131 million at the end of 2023[12] - The group's accounts receivable decreased to RMB 31.108 billion in 2024 from RMB 35.494 billion in 2023, a reduction of 12.3%[54] - The total amount of accounts payable was RMB 8,830 million in 2024, down from RMB 11,215 million in 2023, a decrease of 21.3%[68] Investments and Shareholder Returns - The company repurchased ordinary shares worth RMB 1,085 million during the year 2023[11] - Cash dividends paid out in 2023 amounted to RMB 2,641 million, reflecting a significant return to shareholders[11] - The company repurchased a total of 10,710,200 H-shares at a total cost of HKD 57,890,629, with the highest price per share at HKD 5.70 and the lowest at HKD 5.21[125] Research and Development - The company has developed 548 new products and tackled 355 key technologies during the reporting period, including 9 global bests and 15 industry-first products[108] - The company has launched 40 new energy products, including the world's largest 150-ton distributed electric drive crawler crane and the industry's first modular electric direct drive mixer truck[111] - The company is committed to strengthening research and innovation, focusing on developing high-quality, high-value, and high-safety products, while enhancing its international patent protection network[119] Market Position and Strategy - The company aims to enhance its competitive edge by optimizing its industrial structure and promoting the development of both traditional and emerging industries[96] - The company maintains a solid market position in traditional product lines such as concrete machinery and construction cranes, with ongoing improvements in overseas market presence[97] - The company achieved a comprehensive product matrix covering 1.5 to 400 tons in earthmoving machinery, with a significant market share increase in the over 100-ton mining excavator segment, ranking among the top three in the industry[99] - The company has established 11 overseas production bases across 8 countries, forming a production system covering 8 categories and 32 series[105] Governance and Management - The audit committee has held four meetings to review the company's financial performance and internal control systems for the year ending December 31, 2023[128] - The company is committed to transparency in its financial reporting and governance[129] - The board of directors includes Dr. Zhan Chunxin as the executive director and Mr. He Liu and Mr. Wang Xianping as non-executive directors[129] - Independent non-executive directors include Mr. Zhang Chenghu, Mr. Huang Guobin, Mr. Wu Baohai, and Ms. Huang Jun[129] Future Outlook - Future outlook includes potential market expansion and new product development[129] - The government is expected to increase fiscal spending significantly in 2025, which will positively impact industry demand and drive sales in the engineering machinery sector[116] - The agricultural machinery market is anticipated to grow due to national policies promoting agricultural development and the replacement of old machinery, leading to increased demand for smart agricultural equipment[116]