LEAPMOTOR(09863)2025-04-29 12:08Financial Performance - In 2024, the company achieved a total revenue of RMB 32.16 billion, a 92.1% increase from RMB 16.75 billion in 2023[8] - The gross profit for 2024 was RMB 2.69 billion, a significant increase of 3,248.4% from RMB 80.47 million in 2023[8] - The company reported a net profit of RMB 80 million in Q4 2024, marking the first quarterly profit in its history, ahead of its target by one year[10] - The gross margin for 2024 improved to 8.4%, up 7.9 percentage points from 0.5% in 2023, with Q4 2024 achieving a record high gross margin of 13.3%[10] - The adjusted net loss for 2024, excluding share-based payments, was RMB 2.35 billion, a reduction of RMB 1.17 billion from RMB 3.52 billion in 2023[10] - Operating loss narrowed to RMB 3.17 billion in 2024 from RMB 4.38 billion in 2023, as gross profit growth outpaced expense increases[34] - The net cash generated from operating activities in 2024 was RMB 8.47 billion, an increase of RMB 7.39 billion from RMB 1.08 billion in 2023[11] - Free cash flow for 2024 was RMB 6.32 billion, a remarkable increase of 2,058.5% from a negative RMB 0.32 billion in 2023[41] - The net loss for 2024 was RMB 2.82 billion, down from RMB 4.22 billion in 2023, with adjusted net loss (non-IFRS) at RMB 2.35 billion compared to RMB 3.52 billion in 2023[38] Vehicle Deliveries and Sales - The total vehicle deliveries for 2024 reached 293,724 units, representing a 103.8% growth compared to 144,155 units in 2023, maintaining a top-three position among new car manufacturers[12] - C-series vehicles accounted for 76.6% of total sales in 2024, with 225,071 units delivered, reflecting a 112.9% increase from the previous year[12] - In 2024, the company delivered 75,469 units of the C10 and 43,528 units of the C16, with average monthly sales of nearly 10,000 and over 8,000 units respectively in Q4 2024[15] - The company achieved a cumulative sales volume of 87,552 units from January to March 2025, a 162.1% increase compared to the same period in 2024[26] Research and Development - Research and development expenses rose to RMB 2.90 billion in 2024, a 51.0% increase from RMB 1.92 billion in 2023, reflecting increased investment in R&D[33] - The company established a smart technology research institute with over 500 personnel to enhance AI capabilities and aims to achieve city NOA by the end of 2025[18] - The LEAP 3.0 technology architecture was introduced in 2024, leading to a monthly average sales of over 30,000 units for the C series in Q4 2024, with all models ranking in the top five of their respective segments[17] Expansion and Market Presence - The company plans to launch the B series, including the compact SUV B10, mid-size sedan B01, and sporty hatchback B05, aiming for a sales target of 500,000 units in 2025[16] - By the end of 2024, the company had established 695 sales stores and 427 service stores, covering 264 cities, an increase of 82 cities from 2023[20] - The company exported 13,726 units overseas by the end of 2024 and established over 400 sales and service points globally, with plans to reach over 550 by 2025[24] - The company launched its first global strategic model, the C10, in Europe in September 2024, accelerating its international market presence[59] Corporate Governance and Compliance - The company has complied with all applicable laws and regulations during the reporting period, with no significant legal or regulatory issues reported[74] - The supervisory board believes that the company's 2024 financial report objectively reflects its financial status and operating results, complying with relevant accounting standards and regulations[171] - The supervisory board found that related party transactions during the reporting period were priced objectively and fairly, with no harm to the company's or shareholders' interests[172] - The company is focused on maintaining fair and reasonable transaction conditions in its related party dealings[172] Shareholder Information - Stellantis holds approximately 21.26% of the company's issued share capital, making it a major shareholder[105] - The company has a stock option plan allowing executives to acquire 2,000,000 shares, subject to vesting conditions[114] - The total issued domestic shares amount to 220,552,174, while the total issued H shares are 1,116,413,915[115] - The company has not recommended any final dividend for the year ended December 31, 2024, considering the long-term interests of shareholders[61] Employee Engagement and Compensation - As of December 31, 2024, the company has 15,551 full-time employees, primarily located in Zhejiang Province, China[112] - The company offers competitive compensation and comprehensive training programs for employees, including safety and quality awareness training[112] - The company has established a vibrant work environment to encourage employee initiative and engagement[112] Financial Instruments and Risks - The company has not engaged in any foreign exchange hedging instruments as of December 31, 2024, and does not foresee significant direct foreign exchange risks from its operations[55] - The company has not utilized any interest rate swap contracts or other financial instruments to hedge its interest rate risks during the reporting period[56] Future Plans and Investments - Approximately 75% (RMB 2,148.4 million) of the funds raised will be used for the research and development of new electric vehicle models and upgrading existing models[153] - The company aims for global expansion, particularly entering the European market, leveraging Stellantis' extensive distribution network[157] - 25% of the net proceeds will enhance production capacity and operational efficiency, also with a five-year timeline[159]