Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 95,061,587 thousand, up 11.5% from RMB 85,498,035 thousand in 2023[2] - Gross profit rose to RMB 14,865,494 thousand, representing a 9.8% increase compared to RMB 13,538,492 thousand in the previous year[2] - Operating profit for 2024 was RMB 7,457,995 thousand, an increase of 14.9% from RMB 6,487,101 thousand in 2023[2] - Net profit attributable to equity shareholders increased to RMB 5,858,394 thousand, up 10.2% from RMB 5,318,107 thousand in 2023[3] - Basic earnings per share for 2024 was RMB 2.14, compared to RMB 1.93 in 2023, reflecting an increase of 10.8%[3] - The total operating profit for the group was RMB 7,457,995 thousand for the fiscal year ending December 31, 2024, up from RMB 6,487,101 thousand in the previous year, reflecting an overall improvement in profitability[16][17] - The net profit for the period was RMB 6,688 million, an increase of RMB 861 million, or 14.8% year-on-year, with a net profit margin of 7.0%, up 0.2 percentage points[131] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 90,427,197 thousand, a slight increase from RMB 87,066,767 thousand in 2023[5] - Current liabilities increased to RMB 79,054,650 thousand from RMB 72,530,061 thousand in 2023, indicating a rise of 8.5%[5] - Non-current liabilities increased to RMB 1,569,972 thousand from RMB 1,294,896 thousand in 2023, reflecting a growth of 21.2%[6] - Total equity as of December 31, 2024, was RMB 49,152,400 thousand, up from RMB 47,960,531 thousand in 2023, indicating a growth of 2.5%[6] - Total liabilities for 2024 were RMB 80,624,622,000, up from RMB 73,824,957,000 in 2023, indicating a rise of 9.8%[20] Revenue Segmentation - The heavy truck segment generated external sales of RMB 83,152,308 thousand, while the light truck and other segment contributed RMB 9,840,086 thousand, indicating a strong performance in the heavy truck category[16] - The financial services segment reported external revenue of RMB 1,354,162 thousand for the year ending December 31, 2024, compared to RMB 1,219,790 thousand in the previous year, marking an increase of approximately 11%[16][17] - Revenue from overseas customers increased significantly to RMB 38,384,799,000 in 2024, up from RMB 30,828,147,000 in 2023, a growth of 24.9%[21] Expenses and Costs - The cost of goods sold for 2024 was RMB 71,982,666,000, up from RMB 64,507,415,000 in 2023, reflecting a growth of 11.5%[25] - Depreciation and amortization expenses totaled RMB 1,798,413,000 in 2024, compared to RMB 1,572,493,000 in 2023, indicating an increase of 14.4%[25] - Research and development expenses rose to RMB 2,735,842,000 in 2024, up from RMB 2,450,110,000 in 2023, marking an increase of 11.7%[28] Dividends and Shareholder Returns - Proposed final dividend for 2024 is RMB 0.51 per share, compared to RMB 0.965 per share in 2023, which was a decrease of approximately 47.3%[34] - The company plans to distribute approximately RMB 500,412,000 in dividends to non-controlling interests for the year ending December 31, 2024, compared to RMB 46,725,000 in 2023, indicating a substantial increase[35] Market Performance - Heavy truck sales amounted to 243,418 units, representing a year-on-year increase of 7.2%[54] - Domestic heavy truck sales increased by 12.8% to 109,380 units during the reporting period[56] - New energy heavy truck sales surged by 294%, with market share increasing by 3.7 percentage points[58] - Light truck sales volume increased to 100,542 units in 2024, up by 4% from 96,567 units in 2023[102] Financial Services - Revenue from automotive financial services increased by RMB 189 million or 46.9% year-on-year, reaching RMB 592 million[88] - The number of borrowers for automotive financial services increased to fewer than 70,000 as of December 31, 2024, compared to fewer than 50,000 in 2023[89] - The company plans to terminate commercial loan services following the automatic liquidation of China National Heavy Duty Truck Group Finance Co., Ltd., with no significant adverse impact expected on its financial condition and operations[87] Employee and Operational Metrics - The total employee expenditure for the group reached RMB 6,303 million, an increase of 14.8% year-on-year, including RMB 55 million for employee share-based payment[106] - As of December 31, 2024, the group employed a total of 28,560 employees, with 54.98% in manufacturing roles and 13.49% in technical and engineering positions[107] Governance and Compliance - The annual financial statements for the year ending December 31, 2024, have been reviewed by the audit committee[165] - The external auditor, KPMG, confirmed that the financial data aligns with the draft consolidated financial statements for the year ending December 31, 2024[166] - The company operates under the regulations of the Hong Kong Stock Exchange and the Shenzhen Stock Exchange[178]
中国重汽(03808) - 2024 - 年度业绩