Electric Vehicle Market Trends - The global sales of plug-in electric vehicles reached approximately 1,784,000 units in the first nine months of 2020, representing an 11% increase compared to the same period in 2019, capturing about 3.4% of the total automotive market[8]. - In China, overall automotive sales increased by approximately 8% year-on-year in September 2020, with the plug-in segment experiencing a significant growth of about 66%[9]. - The global electric vehicle market is projected to see a decline of 18% in sales to 1.7 million units in 2020 due to COVID-19, but long-term growth is expected to accelerate, with electric vehicles projected to account for 58% of new car sales by 2040[32]. Company Acquisitions and Partnerships - The company completed the acquisition of Sino Partner Global Limited in March 2020, rebranding itself as Apollo Future Mobility Group Limited to reflect its strategic positioning as a full-service automotive mobility solutions provider[12]. - The company announced plans to acquire Ideenion Automobil AG, a German automotive mobility solutions provider, to enhance its capabilities in providing cutting-edge technology solutions[12]. - A joint venture was established with Jiangsu Jinpeng Group to accelerate business expansion in the new energy vehicle market, with ownership stakes of approximately 57%, 29%, and 14% respectively[24]. - The company completed the acquisition of 86.06% of Apollo, a European supercar manufacturer, on March 17, 2020, enhancing its position in the high-performance automotive sector[19]. Technological Innovations - The company launched several advanced technologies and innovations during the year, including an 800V silicon carbide dual inverter, urban logistics vehicles, electric scooters, and autonomous driving development chassis[13]. - GLM announced the development of an 800V silicon carbide dual inverter in collaboration with ROHM, which is expected to enhance power output and reduce charging time compared to traditional 400V IGBT inverters[27]. - The new urban logistics vehicle is designed for cost and time efficiency, featuring a modular battery system for quick battery swaps, and is expected to begin production in 2022[28]. Financial Performance - The group's revenue decreased by approximately 33.3% year-on-year to about HKD 357.7 million, down from HKD 536.4 million last year[37]. - Gross profit for the year was approximately HKD 125.9 million, with a gross margin increase to about 35.2% from 26.6% last year[38]. - The net loss for the year decreased to approximately HKD 359.4 million from HKD 619.3 million last year[42]. - Cash and cash equivalents as of September 30, 2020, were approximately HKD 184.5 million, down from HKD 447.6 million last year[57]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance and business ethics, aiming to enhance shareholder value[180]. - The board has adopted the code set out in Appendix 14 of the Listing Rules, continuously reviewing and improving internal controls and procedures[180]. - The company has complied with the corporate governance code as per listing rules during the year[152]. - The audit committee consists of four independent non-executive directors, meeting the minimum requirement of one-third of the board[154]. Research and Development Commitment - The company is committed to research and development in the mobility industry, allowing external contractors to use its internally developed technologies in exchange for licensing fees[13]. - The company aims to provide a seamless, comprehensive solution platform for the global mobility market, from conception and design to prototype delivery[13]. - The company is committed to providing cleaner, safer, and smarter mobility solutions to create a sustainable future for automotive transportation[35]. Market Position and Strategy - The ultra-luxury supercar market remained relatively unaffected by the COVID-19 pandemic, as it primarily targets ultra-high-net-worth individuals and car collectors[10]. - The company aims to leverage its collaboration with De Tomaso to enhance its business strategy for creating immediately usable platforms for future mobility[25]. - The company aims to maintain long-term relationships with suppliers and contractors to ensure stable business development[81]. Shareholder Information - The total number of shares issued by the company was 7,170,198,562[114]. - Major shareholder He Jingmin holds 1,797,196,474 shares, accounting for 25.06% of the issued shares[136]. - The company has a significant concentration of ownership, with several entities holding 9.00% of the shares each, indicating potential influence over corporate decisions[136].
APOLLO出行(00860) - 2020 - 年度财报