2025-04-10 08:46Financial Performance - In 2024, the company achieved a total delivery of 500,508 vehicles, marking a year-on-year growth of 33.1% and setting a record for luxury car brands in China to exceed 500,000 annual deliveries[12]. - The company's revenue for 2024 reached RMB 144.46 billion, reflecting a year-on-year increase of 16.6%[7]. - The net profit for 2024 was RMB 8.05 billion, a decrease of 31.9% compared to the previous year[7]. - The company’s operating profit for 2024 was RMB 7.02 billion, a decline of 5.2% from the previous year[7]. - The company’s non-GAAP net profit for 2024 was RMB 10.67 billion, down 12.5% year-on-year[7]. - Total revenue increased by 16.6% from RMB 123.9 billion in 2023 to RMB 144.5 billion in 2024[31]. - Vehicle sales revenue rose by 15.2% from RMB 120.3 billion in 2023 to RMB 138.5 billion in 2024, driven by increased vehicle deliveries[31]. - Other sales and services revenue surged by 66.5% from RMB 3.6 billion in 2023 to RMB 5.9 billion in 2024, attributed to increased service and parts sales[31]. - Gross profit rose by 7.9% from RMB 27.5 billion in 2023 to RMB 29.7 billion in 2024, with a gross margin decrease from 22.2% to 20.5%[33]. - Net profit for 2024 was RMB 8.0 billion, down from RMB 11.8 billion in 2023[39]. - Cash position increased by 8.8% from RMB 103.7 billion in 2023 to RMB 112.8 billion in 2024[40]. - The company's debt-to-asset ratio improved to 56.1% in 2024 from 57.8% in 2023[48]. Product Development and Innovation - The company launched two new models and upgraded existing ones, expanding its product matrix to cover price ranges from RMB 200,000 to 600,000[13]. - The company conducted 19 OTA upgrades in 2024, adding 310 new features and optimizing 324 existing ones to enhance product intelligence and safety[14]. - The company achieved 12 technology upgrades in smart driving in 2024, enhancing user experience with features like nationwide NOA and a new dual-system smart driving solution launched in October 2024[16]. - The company’s new model, the Li MEGA, became the best-selling new energy MPV priced above RMB 500,000 in China for 2024[14]. - In 2024, the company's R&D expenditure reached RMB 11.1 billion, accounting for 7.7% of total revenue, with 5,930 R&D personnel as of December 31, 2024[16]. Market Expansion and Sales Network - By the end of 2024, the company expanded its sales and service network to 3,700 locations, a year-on-year increase of over 40%, with 502 retail centers and 478 after-sales service centers across 150 cities[20]. - The company added 1,420 new supercharging stations in 2024, bringing the total to 1,727 stations and 9,100 charging piles, establishing the largest high-speed supercharging network in the country[21]. - In Q1 2025, the company delivered 92,864 vehicles, a 15.5% increase compared to Q1 2024, with 500 retail centers and 502 after-sales service centers operational across 150 cities[23]. - The company is expanding its market presence in Southeast Asia, targeting a 20% increase in sales in that region by the end of 2025[143]. Corporate Governance and Compliance - The company has complied with all relevant laws and regulations that significantly impact its business operations during the reporting period[63]. - The company’s independent non-executive directors have reviewed the contractual arrangements and confirmed compliance with the relevant regulations under Chapter 14A of the Listing Rules[91]. - The board of directors includes experienced professionals with backgrounds in finance and technology, enhancing corporate governance[148]. - The company aims to maintain a high standard of corporate governance, ensuring transparency and accountability in its operations[9]. - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[173]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee[186]. Social Responsibility and Sustainability - The company received an "AAA" ESG rating from MSCI ESG Research for the second consecutive year, recognizing its performance in governance, product safety, and sustainable development[22]. - The company is committed to social responsibility and sustainable growth, as detailed in its Environmental, Social, and Governance (ESG) report[62]. - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 30% by 2026[146]. - The company made charitable donations totaling RMB 1.8 million for the year ending December 31, 2024, compared to RMB 33.2 million in 2023[111]. Challenges and Risks - The company faces significant challenges as a new entrant in the pure electric vehicle market, with limited operational history and reliance on a small number of vehicle models for revenue[60]. - The company continues to experience net losses, which may persist in the future, indicating ongoing financial challenges[60]. - The company may face challenges in international expansion due to legal, regulatory, political, and economic risks, which could adversely affect its operations[65]. Future Outlook - For 2025, the company plans to launch a new pure electric SUV and accelerate the construction of its supercharging network, aiming to expand its market share in China's new energy vehicle market priced above RMB 200,000[28]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a projected growth of 20%[3]. - The company plans to launch three new products in the next quarter, aiming to capture an additional 10% market share in the automotive sector[141].