Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 10,973.9 million, representing a year-over-year increase of 10.3%[12] - Net profit for the same period was RMB 1,311.9 million, with a net profit margin of 12.0%[19] - Gross profit margin slightly decreased to 21.2% from 21.3% in the previous year[17] - Total assets increased to RMB 11,024.7 million, up from RMB 10,602.4 million in 2023[15] - The company's equity attributable to shareholders rose to RMB 6,543.5 million, reflecting a year-over-year growth of 20.4%[19] - Basic earnings per share increased to RMB 2.06, up 26.9% compared to the previous year[19] - EBITDA for 2024 was RMB 1.99 billion, an increase of 16.4% year-on-year, while net profit attributable to shareholders was RMB 1.31 billion, up 26.9% year-on-year, resulting in a basic earnings per share of RMB 2.06, a growth of 27.2%[30] - The total revenue for 2024 reached RMB 10,974 million (+10.3%), with a gross profit of RMB 2,330 million (+9.8%) and a net profit attributable to the company's owners of RMB 1,312 million (+26.9%) [43] Manufacturing and Production - The company operates two major manufacturing bases in China and Thailand, and has established sales centers in China, North America, and Europe[21] - The company plans to establish a second overseas tire production base in Kedah, Malaysia, with a total investment of approximately USD 380 million, aiming for an annual production capacity of 6 million semi-steel tires and 600,000 all-steel tires, expected to generate an annual output value of USD 270 million upon reaching full capacity[33] - The company is launching an off-the-road (OTR) tire project in Shandong, with a total investment of approximately RMB 1.17 billion, targeting an annual production capacity of 840,000 high-performance engineering tires and 10,000 giant engineering tires, projected to achieve an annual output value of RMB 1 billion by 2029[33] - The Shandong tire production base's annual capacity for semi-steel tires is 330,000 units, with a utilization rate of 97.8% in 2024[71] - The Thailand tire production base has an annual capacity of 2 million units for semi-steel tires, with a utilization rate of 87.1% in 2024[71] Research and Development - The company plans to continue investing in research and development to enhance its product offerings and market presence[21] - The company has achieved significant technological breakthroughs in product development, with two projects awarded the second prize of the Shandong Province Rubber Industry Science and Technology Award, and six projects reaching international advanced or domestic leading standards[31] - The company is committed to improving organizational management and corporate culture to enhance operational efficiency[76] - The company is investing in R&D for new technologies, with an allocated budget of 50millionfortheupcomingyear[163]−ResearchanddevelopmentexpensesgrewfromapproximatelyRMB240.0millionin2023toapproximatelyRMB250.7millionin2024,anincreaseofabout4.520 million in revenue[166] - The board has approved a new risk management strategy to mitigate potential market volatility impacts[168]
