Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 1,095,949,000, a decrease of 2.5% from RMB 1,121,454,000 in 2023[3] - Gross profit for the same period was RMB 193,880,000, down 32.8% from RMB 288,479,000 in the previous year[3] - The company's net profit for the year was RMB 3,045,624,000, a significant decline of 60.7% compared to RMB 7,736,451,000 in 2023[4] - Basic and diluted earnings per share decreased to RMB 0.61465 from RMB 1.53312, reflecting a drop of 59.9%[4] - Total comprehensive income for the year was RMB 2,098,327,000, down 74.7% from RMB 8,296,150,000 in 2023[6] - The company's total liabilities decreased to RMB 1,835,649,000 from RMB 3,178,664,000, a reduction of 42.3%[9] - The company's equity attributable to shareholders decreased to RMB 26,060,978,000 from RMB 51,118,104,000, a decline of 48.9%[9] - The company's consolidated revenue for the year ending December 31, 2024, was RMB 1,095,900,000, a slight decrease of 2.3% from RMB 1,121,500,000 in 2023[71] - The group's profit attributable to equity holders decreased by 60.0% from RMB 7,735,000,000 in 2023 to RMB 3,101,100,000 in 2024, with basic earnings per share dropping from RMB 1.53312 to RMB 0.61465[77] Assets and Liabilities - Non-current assets decreased to RMB 15,686,102,000 from RMB 19,851,940,000, a decline of 21.5%[8] - Current assets also saw a significant drop to RMB 13,419,613,000 from RMB 35,302,680,000, a decrease of 61.9%[8] - The company reported a total asset value of RMB 29,105,715,000 for 2024, with total liabilities amounting to RMB 2,007,834,000[37] - Total assets decreased from RMB 55,154,600,000 in 2023 to RMB 29,105,700,000 in 2024, with total liabilities reducing from RMB 3,263,500,000 to RMB 2,007,800,000[80] Revenue Sources - Sales of non-BMW vehicles and automotive parts amounted to RMB 893,092,000, up 6.1% from RMB 842,240,000 in the previous year[27] - Interest and service fee income from automotive financial services was RMB 202,857,000, down 27.3% from RMB 279,214,000 in the previous year[27] - The largest customer contributed approximately RMB 106,063,000, accounting for 10% of total revenue, compared to 14% from RMB 156,535,000 in the previous year[27] - Total sales for the year 2024 reached RMB 893,092,000, an increase from RMB 842,240,000 in 2023, representing a growth of approximately 6.06%[28] - Sales in China amounted to RMB 751,784,000 in 2024, up from RMB 714,091,000 in 2023, indicating a growth of about 5.28%[28] Expenses and Costs - Sales costs increased by 8.3% to RMB 902,100,000 in 2024, leading to a gross profit decline of 32.8% to RMB 193,900,000[71] - The gross profit margin decreased from 25.7% in 2023 to 17.7% in 2024, primarily due to rising raw material costs and decreased profitability in automotive finance[71] - Interest income for the year 2024 was RMB 417,838,000, a decrease from RMB 670,174,000 in 2023[33][35] - General and administrative expenses rose by 22.3% from RMB 432,300,000 in 2023 to RMB 528,600,000 in 2024, with the percentage of revenue increasing from 38.5% to 48.2%[72] Investments and Acquisitions - The company has undergone a significant acquisition, with Shenyang Automotive acquiring 100% equity of Brilliance Automotive Group, making it the largest shareholder[11] - The company plans to introduce more new BMW internal combustion engine models and BEVs in the coming years, with local production of the "Neue Klasse" model set to begin in 2026[66] - A total investment of RMB 10 billion is underway for the sixth-generation battery project, which is progressing as planned[66] - The group has committed to investing RMB 1,340,000,000 in Jinbei Shenyang to regain control and has reached an agreement for RMB 451,400,000 in compensation for relocation costs[76] Market Performance - The total sales volume of vehicles in China reached 31.5 million units in 2024, representing a growth of 4.6% compared to 2023[62] - Passenger vehicle sales in China grew by 5.2% to 27.4 million units in 2024, highlighting stable domestic market demand[62] - NEV sales surged to 11.8 million units in 2024, representing a 24.2% increase year-over-year, accounting for 43% of total passenger car sales[63] - Luxury passenger car sales grew by 12.8% to 5.1 million units, outperforming the overall market due to strong consumer demand for high-end features and government support[63] Employee and Governance - As of December 31, 2024, the company employed approximately 1,600 employees, an increase from about 1,200 employees as of December 31, 2023[96] - Employee costs for the year ended December 31, 2024, amounted to RMB 258,300,000, compared to RMB 238,100,000 for the year ended December 31, 2023[96] - The company is committed to maintaining high corporate governance standards and has adhered to all provisions of the Corporate Governance Code for the fiscal year ending December 31, 2024, with one exception regarding the separation of roles between the Chairman and CEO[115] Financial Reporting and Compliance - The adoption of revised Hong Kong Financial Reporting Standards is expected to have no significant impact on the group's financial statements[20] - The measurement basis for the consolidated financial statements is historical cost, except for financial instruments measured at fair value[23] - The audit committee has reviewed the accounting principles and practices used by the group, discussing matters related to auditing, internal controls, and financial reporting for the year ending December 31, 2024[116] - The auditors confirmed that the preliminary performance announcement figures are consistent with the draft consolidated financial statements for the year ending December 31, 2024[117]
BRILLIANCE CHI(01114) - 2024 - 年度业绩