Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 700,418 thousand, representing a 24.9% increase compared to RMB 560,569 thousand in 2023[6] - Gross profit increased by 73.7% to RMB 437,356 thousand in 2024 from RMB 251,778 thousand in 2023[6] - Annual profit decreased by 13.9% to RMB 44,358 thousand in 2024 from RMB 51,542 thousand in 2023[6] - Adjusted annual profit (non-IFRS measure) rose by 5.4% to RMB 65,073 thousand in 2024 from RMB 61,737 thousand in 2023[6] - Total comprehensive income for the year was RMB 44,211 thousand in 2024, down from RMB 49,741 thousand in 2023[8] - Basic earnings per share decreased to RMB 0.13 in 2024 from RMB 0.17 in 2023[10] - Total revenue for the period was approximately RMB 700.4 million, representing a year-on-year growth of about 24.9% from RMB 560.6 million in 2023[51] - Gross profit for the year was approximately RMB 437.4 million, an increase of around 73.7% compared to RMB 251.8 million in 2023, with the gross margin improving from 44.9% to 62.5%[51] - Adjusted profit for the year (non-IFRS measure) was approximately RMB 65.1 million, an increase of about 5.5% from RMB 61.7 million in 2023[76] - The company reported a net profit of approximately RMB 44.4 million for the year, a decrease of about 13.8% from RMB 51.5 million in 2023, attributed to increased listing, R&D, and administrative expenses[75] Revenue Breakdown - Total revenue from customer contracts for the year ended December 31, 2024, was RMB 700,418 thousand, an increase of 25% from RMB 560,569 thousand in 2023[23] - Revenue from sales of vehicle-mounted hardware products decreased to RMB 161,474 thousand in 2024 from RMB 226,098 thousand in 2023, representing a decline of 28.6%[23] - Revenue from SaaS value-added services significantly increased to RMB 405,170 thousand in 2024, up 102.5% from RMB 199,946 thousand in 2023[23] - The total revenue from SaaS value-added services was approximately RMB 405.2 million, representing a year-on-year growth of about 102.6%[54] - The contribution of revenue from new energy vehicle manufacturers and their delivery service stores exceeded 70% of the group's SaaS value-added service income, becoming the core engine for performance growth[53] - Revenue from the digital light modification category reached RMB 170.6 million, accounting for 42.1% of SaaS value-added service income, while revenue from digital rights services was RMB 221.6 million, making up 54.7%[54] Assets and Liabilities - Non-current assets increased to RMB 208,743 thousand in 2024 from RMB 64,085 thousand in 2023, primarily due to an increase in equity interests in associates[12] - Total assets reached RMB 699,004 thousand in 2024, compared to RMB 501,766 thousand in 2023[12] - Net assets increased to RMB 659,222 thousand in 2024 from RMB 365,314 thousand in 2023, reflecting strong capital growth[13] - Trade receivables increased to RMB 148,445,000 in 2024 from RMB 139,086,000 in 2023, with a net amount after credit loss provisions of RMB 124,043,000, up from RMB 95,825,000[42] - The company’s trade payables rose to RMB 33,639,000 in 2024 from RMB 21,121,000 in 2023, reflecting an increase of approximately 59.4%[47] - Trade and other receivables and prepayments increased to approximately RMB 211.7 million, up about 58.2% from RMB 133.8 million in 2023, driven by business expansion[79] Expenses - Listing expenses increased significantly by 103.2% to RMB 20,715 thousand in 2024 from RMB 10,195 thousand in 2023[6] - The company’s depreciation and amortization expenses totaled RMB 15,593,000, up from RMB 13,856,000 in 2023, indicating an increase of approximately 12.5%[39] - Employee benefits expenses totaled RMB 53,593 thousand for the year ended December 31, 2024, compared to RMB 52,762 thousand in 2023, showing a slight increase of 1.6%[38] - Operating expenses for distribution and sales were approximately RMB 333.3 million, up about 109.5% from RMB 159.1 million in 2023, primarily due to the expansion of SaaS value-added services[70] - Research and development expenses increased to approximately RMB 27.9 million, a rise of about 54.1% from RMB 18.1 million in 2023, mainly due to increased staff costs and software amortization[72] Strategic Initiatives - The company aims to leverage the growth in the Chinese intelligent connected vehicle (ICV) market, which saw sales exceeding 31 million vehicles in 2024, with new energy vehicles (NEV) sales growing by 35.5% year-on-year[51] - The company plans to enhance its technology research and development capabilities to meet the growing demand for post-market services in the new energy sector[52] - The company plans to accelerate the signing of contracts with vehicle manufacturers and expand its customer base in the new energy vehicle sector in 2025[59] - The focus will be on developing innovative digital products that meet the full lifecycle service needs of new energy vehicle owners, including second-hand car sales platforms and digital financial services[59] - The company aims to enhance operational efficiency and innovative product capabilities through the use of artificial intelligence and big data technologies[60] - The development of the "AI Assistant" application and various AI-driven products aims to improve sales and operational efficiency in stores[56] - The company is actively researching the application of its solutions in the robotics sector, having signed a partnership with Efort Intelligent Robotics[60] - The company is committed to creating long-term sustainable value returns for shareholders by leveraging its data monetization methodologies in other intelligent sectors[59] Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes since its listing date[94] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards[101] - Deloitte has confirmed that the preliminary financial figures for the year ending December 31, 2024, align with the audited financial statements approved by the board on March 25, 2025[102] - The board expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[104] Future Outlook - The company expects that the application of new international financial reporting standards will not have a significant impact on the consolidated financial statements in the foreseeable future[22] - The company has not early adopted any new international financial reporting standards that have been issued but are not yet effective[19] - The company has no significant capital commitments or contingent liabilities as of December 31, 2024[84][85] - The board has resolved not to recommend the payment of a final dividend for the year ending December 31, 2024[99] - The company will hold its annual general meeting on June 18, 2025, with a share transfer registration suspension from June 13 to June 18, 2025[100] - There are no significant post-balance sheet events occurring after December 31, 2024[86]
广联科技控股(02531) - 2024 - 年度业绩