零跑汽车(09863) - 2024 - 年度业绩

Financial Performance - In Q4 2024, the company achieved a net profit of RMB 80 million, marking the second new car manufacturer to turn profitable[6]. - Revenue for 2024 was RMB 32.16 billion, up 92.0% from RMB 16.75 billion in 2023[6]. - The gross margin for 2024 improved to 8.4%, a significant increase of 7.9 percentage points from 0.5% in 2023[6]. - The gross profit for 2024 was RMB 2.69 billion, a significant increase of 3,262.5% from RMB 80 million in 2023, with the gross margin improving from 0.5% to 8.4%[28]. - The adjusted net loss for the year ended December 31, 2024, was RMB 2.35 billion, compared to an adjusted net loss of RMB 3.52 billion for the year ended December 31, 2023[51]. - The net loss attributable to equity holders of the company for 2024 was RMB 2,820,796 thousand, down from RMB 4,216,274 thousand in 2023, showing a decrease of approximately 33.1%[65]. - Total expenses for the year ended December 31, 2024, were RMB 35,641,487,000, up from RMB 21,238,714,000 in 2023, reflecting an increase of approximately 67.9%[91]. - The basic loss per share for the year ended December 31, 2024, was RMB (2.11), an improvement from RMB (3.62) in 2023, indicating a reduction in losses per share[98]. Vehicle Deliveries and Sales - Total vehicle deliveries for 2024 reached 293,724 units, a 103.8% increase from 144,155 units in 2023, ranking among the top three new car manufacturers[6]. - The C10 model delivered 75,469 units in 2024, with a monthly average sales of nearly 10,000 units in Q4[8]. - C series vehicles accounted for 76.6% of total sales in 2024, with a year-on-year growth of 112.9%[9]. - The company achieved a cumulative sales volume of 50,457 units in January-February 2025, representing a 167.8% growth compared to the same period in 2023[25]. Cash Flow and Investments - The company reported a net cash inflow from operating activities of RMB 8.47 billion in 2024, an increase of RMB 7.39 billion from RMB 1.08 billion in 2023[9]. - Free cash flow for 2024 was RMB 6.32 billion, a remarkable increase of 2,058.5% compared to a negative RMB 320 million in 2023[38]. - The cash flow from investing activities resulted in a net outflow of RMB 13,322,997 thousand in 2024, compared to RMB 4,860,373 thousand in 2023, indicating a significant increase in investment expenditures[72]. - The company reported a net cash outflow from financing activities of RMB 503,450 thousand in 2024, contrasting with a net inflow of RMB 8,551,699 thousand in 2023, highlighting a shift in financing strategy[72]. 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[31]. Expansion and Market Presence - The company plans to launch the B series products in 2025, targeting a sales goal of 500,000 units for that year[10]. - The company expanded its sales network to 695 stores and 427 service centers, covering 264 cities, an increase of 82 cities from 2023[15]. - The company exported 13,726 vehicles overseas by the end of December 2024, with plans to establish over 550 sales and service channels globally by 2025[20]. - The company aims to accelerate its international market presence with the launch of models C10 and T03 in Europe in September 2024[119]. Financial Position - Total assets increased to RMB 37,646,520 thousand in 2024 from RMB 28,453,417 thousand in 2023, marking a growth of around 32.4%[66]. - The company's cash and cash equivalents decreased to RMB 6,378,268 thousand in 2024 from RMB 11,731,389 thousand in 2023, a decline of approximately 45.5%[66]. - The total liabilities increased to RMB 27,575,854 thousand in 2024 from RMB 15,955,221 thousand in 2023, representing a growth of approximately 73.2%[67]. - The company's equity attributable to equity holders decreased to RMB 10,070,666 thousand in 2024 from RMB 12,498,196 thousand in 2023, a decline of about 19.4%[67]. Employee and Operational Metrics - The total number of full-time employees as of December 31, 2024, was 15,551, with employee welfare expenses amounting to approximately RMB 4.15 billion during the reporting period[54]. - Employee benefit expenses for the year ended December 31, 2024, were RMB 4,153,966,000, compared to RMB 3,478,637,000 in 2023, marking an increase of 19.5%[91]. Compliance and Governance - The company plans to enhance training for directors and senior management regarding compliance with listing rules to prevent future incidents related to securities trading[60]. - The company received an MSCI ESG AA rating in January 2025, maintaining its position as a leader among global peers for two consecutive years[22]. Future Outlook - The company plans to launch the new B-series model B10, which is set for pre-sale on March 10, 2025, featuring the latest LEAP 3.5 technology architecture[119]. - The annual performance conference call is scheduled for March 10, 2025, at 17:15 Beijing/Hong Kong time[118].