Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% compared to the same period in 2023[2] - Gross profit for the year was RMB 90.83 million, a decrease of 24.91% from RMB 120.95 million in 2023, resulting in a gross margin of 7.28% (2023: 9.94%) [2] - Loss before tax increased by 47.78% to RMB 288.34 million, compared to RMB 195.11 million in 2023[2] - Basic and diluted loss per share for the year was RMB 1.27, up from RMB 0.95 in 2023[2] - The company reported a loss attributable to equity holders of RMB 288,339,000 for the year ended December 31, 2024, compared to a loss of RMB 195,108,000 for the previous year, representing a 47.8% increase in losses[36] - The basic loss per share for 2024 was RMB 1.27, up from RMB 0.95 in 2023, indicating a 33.7% increase in loss per share[36] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,560.92 million, down from RMB 1,672.55 million in 2023[5] - Total equity decreased to RMB 903.02 million from RMB 1,123.71 million in 2023, with accumulated losses increasing to RMB 508.74 million[5] - Total liabilities increased to RMB 657.90 million from RMB 548.84 million in 2023[6] - The company’s total borrowings increased to RMB 314,898,000 in 2024 from RMB 225,657,000 in 2023, representing a 39.5% increase in total borrowings[44] Cash Flow - Cash and cash equivalents decreased significantly to RMB 181.11 million from RMB 720.45 million in 2023[5] - The net cash used in operating activities was RMB (404.98) million for 2024, compared to RMB (261.79) million in 2023, reflecting a significant increase in cash outflow[9] - The net cash used in investing activities was RMB (264.82) million, an increase from RMB (118.34) million in the previous year, indicating higher investment expenditures[9] - The net cash generated from financing activities was RMB 127.16 million, a decrease from RMB 736.48 million in 2023, showing a reduction in financing inflows[9] - The company incurred a net cash outflow of RMB 542.64 million during the year, contrasting with a net increase of RMB 356.36 million in 2023[9] Research and Development - Research and development expenses rose to RMB 280.65 million, compared to RMB 216.62 million in 2023[3] - The total research and development expenses increased from RMB 216,624,000 in 2023 to RMB 280,651,000 in 2024, an increase of approximately 29.6%[28] - The R&D team expanded from 292 to 474 personnel throughout 2024, enhancing the company's capabilities in advanced algorithms and product development[62] - The company applied for a total of 250 invention patents by the end of 2024, with 93.6% related to software and algorithms[63] Revenue Breakdown - Revenue from autonomous driving solutions and products was RMB 1,192.58 million, up from RMB 1,130.44 million in 2023, indicating a growth of about 5.5%[18] - The largest customer, Geely Group, contributed RMB 1,043.90 million to the total revenue, accounting for approximately 83.66% of total revenue, down from 93.3% in 2023[20] - The revenue from the self-developed intelligent front-view camera product iFC increased significantly to RMB 57.97 million from RMB 15.40 million in 2023, driven by orders from major automotive manufacturers[58] - Revenue from autonomous driving-related R&D services decreased to RMB 41.66 million, down RMB 21.45 million or 33.99% from 2023, representing 3.34% of total revenue[59][65] Market and Operations - The company delivered over 227,000 sets of autonomous driving solutions and products in 2024, representing a 75% increase compared to 2023[55] - The penetration rate of L2 and above assisted driving new vehicles in China approached 50% in 2024, with expectations for continued growth in 2025[53] - The production and sales of new energy vehicles reached 12.89 million and 12.87 million units respectively in 2024, marking year-on-year growth of 34.4% and 35.5%[53] - The company is actively monitoring market dynamics and enhancing product management to meet diverse customer needs in the autonomous driving sector[55] Corporate Governance and Compliance - The company has confirmed compliance with the Standard Code for Securities Transactions during the reporting period[115] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period[116] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2024[117] - The external auditor confirmed that the financial figures in the preliminary results announcement match those in the audited consolidated financial statements for the year ending December 31, 2024[118] Future Plans and Investments - The company plans to enhance its product line and expand manufacturing capabilities while providing more cost-effective solutions through technological advancements and supply chain optimization[97] - The company aims to deepen and diversify its OEM customer base by expanding its product solutions to more vehicle models and increasing the scale of its sales and marketing teams[99] - The company is actively exploring diversified business models, particularly in sectors such as public transport, logistics, and agriculture, to enhance operational efficiency and reduce costs[102]
知行汽车科技(01274) - 2024 - 年度业绩