Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 22,154.0 million, a decrease from RMB 28,554.6 million in 2023, representing a decline of approximately 22.6%[6] - The gross profit for the year was RMB 1,561.0 million, with a gross margin of 7.0%, down from RMB 2,077.9 million in 2023[5] - The company reported a loss of RMB 2,258.8 million for the year, compared to a profit of RMB 155.8 million in the previous year[6] - Total revenue for 2024 was RMB 22,153,952 thousand, a decrease of 22.6% from RMB 28,554,553 thousand in 2023[26] - Revenue from passenger car sales was RMB 17,726,326 thousand, down 27.4% from RMB 24,421,186 thousand in the previous year[26] - The company reported a pre-tax loss of RMB 2,634,517 thousand in 2024 compared to a profit of RMB 384,474 thousand in 2023[39] - The net loss for the year was approximately RMB 2,258.8 million, compared to a profit of approximately RMB 155.8 million in the previous year, resulting in a loss margin of about -10.2%[111] Impairment and Costs - Non-cash impairment of goodwill and intangible assets related to automotive dealership rights totaled RMB 2,911.0 million for the year[5] - The company recognized a goodwill impairment loss of RMB 943,466 thousand in 2024, compared to RMB 43,519 thousand in 2023[37] - The group recognized a significant impairment loss of RMB 1,967,486,000 for intangible assets related to automotive dealership rights as of December 31, 2024, compared to RMB 43,519,000 in the previous year[63] - Employee costs decreased from RMB 869,941 thousand in 2023 to RMB 711,084 thousand in 2024, a decline of around 18.2%[33] - The total financing costs decreased from RMB 291,162 thousand in 2023 to RMB 239,325 thousand in 2024, a reduction of approximately 17.8%[33] Cash Flow and Dividends - Cash generated from operating activities was RMB 1,097.1 million, an increase from RMB 1,034.8 million in 2023[14] - The net cash from operating activities after tax payments was RMB 864.7 million, compared to RMB 816.8 million in the previous year[14] - The company proposed a final dividend of RMB 0.0445 per ordinary share[5] - The company paid dividends to equity shareholders amounting to RMB 169,223 thousand, significantly higher than RMB 44,426 thousand in the previous year[26] - The proposed final dividend per ordinary share is RMB 0.0445, an increase from RMB 0.0330 in 2023, with a total proposed dividend of RMB 59,908,000 compared to RMB 44,426,000 in the previous year[86] Assets and Liabilities - Total non-current assets decreased to RMB 4,368.2 million from RMB 7,847.7 million in 2023, primarily due to a significant reduction in intangible assets[10] - Current liabilities increased to RMB 6,788.4 million from RMB 4,447.4 million in 2023, driven by higher trade and other payables[10] - The company's total equity decreased to RMB 2,956.8 million from RMB 5,286.1 million in the previous year, reflecting the losses incurred[12] - The total net book value of property, plant, and equipment as of December 31, 2024, is RMB 1,431,364,000, down from RMB 1,708,135,000 as of December 31, 2023[50] - The net book value of land use rights as of December 31, 2024, is RMB 465,382,000, down from RMB 481,262,000 as of December 31, 2023[53] Inventory and Receivables - Inventory costs decreased significantly from RMB 26,255,858 thousand in 2023 to RMB 20,330,016 thousand in 2024, a reduction of approximately 22.6%[37] - The company’s automotive inventory was valued at RMB 610,835,000 in 2024, a decrease from RMB 768,366,000 in 2023[72] - Trade receivables increased to RMB 319,838,000 in 2024 from RMB 276,385,000 in 2023, suggesting improved collection efforts[72] - The accounts receivable balance includes a rebate receivable of RMB 830,176,000, compared to RMB 605,409,000 in 2023[73] Market and Sales Performance - The retail sales of passenger vehicles in China reached 22.89 million units, a year-on-year increase of 5.5%, with new energy vehicles accounting for 10.9 million units sold, up 40.7%[97] - The average discount rate in the luxury car market reached 20.7%, significantly impacting dealer profitability and leading to an expected closure of 4,000 dealerships[98] - New passenger vehicle sales revenue decreased by approximately 27.4% to about RMB 17,726.3 million, accounting for approximately 80.0% of total revenue[103] - The group’s after-sales and warranty service revenue increased by approximately 7.1% to about RMB 4,427.6 million, representing approximately 20.0% of total revenue[103] Corporate Governance and Future Outlook - The company has complied with the corporate governance code as per the applicable rules during the year[143] - The company will continue to explore opportunities in the new energy vehicle market through sales of existing luxury brand models and related services[128] - The company emphasizes a data-driven corporate culture to attract talent and improve employee satisfaction[129] - The company will maintain a prudent approach to manage cash reserves and reduce debt burden for sustainable business development[128]
美东汽车(01268) - 2024 - 年度业绩