Financial Performance - For the year ended December 31, 2024, the company reported a loss attributable to equity holders of RMB 213.0 million, compared to a profit of RMB 11.9 million in 2023[3]. - Revenue for the period was RMB 8,608.9 million, a decrease of 21.6% compared to RMB 10,977.8 million in 2023[4]. - New car sales volume decreased by 15.8% to 27,107 units, with sales revenue declining by 24.4% to RMB 7,023.2 million[4]. - The gross loss for the period was RMB 29.8 million, resulting in a gross loss margin of 0.3%, down from a gross profit margin of 3.8% in 2023[4]. - The company recorded a pre-tax loss of RMB 187.7 million, compared to a profit of RMB 18.0 million in the previous year[4]. - Basic and diluted loss per share was RMB 0.36, compared to earnings of RMB 0.02 per share in 2023[6]. - The company experienced a net loss of RMB 213.0 million for the year, compared to a profit of RMB 11.9 million in 2023[69][70]. - The company reported a pre-tax loss of RMB 187.7 million for the year, compared to a pre-tax profit of RMB 18.0 million in 2023[67]. Revenue Breakdown - Total revenue for 2024 was RMB 8,608,890, a decrease of 21.5% from RMB 10,977,823 in 2023[20]. - Revenue from automobile sales in 2024 was RMB 7,454,640, down 23.2% from RMB 9,717,294 in 2023[20]. - After-sales service revenue for 2024 was RMB 1,154,250, a decline of 8.4% from RMB 1,260,529 in 2023[20]. - New car sales revenue amounted to RMB 7,023.2 million, down RMB 2,272.4 million or 24.4% year-on-year, accounting for 81.6% of total revenue[58]. - Other income for 2024 totaled RMB 622,290, an increase of 30.3% from RMB 477,408 in 2023[23]. Assets and Liabilities - Total assets decreased to RMB 5,665.2 million from RMB 5,823.2 million in 2023, reflecting a decline in both non-current and current assets[8]. - Current liabilities decreased to RMB 2,878.9 million from RMB 3,058.1 million in 2023, indicating improved liquidity management[8]. - The company’s net asset value was RMB 2,253.997 million, down from RMB 2,462.848 million in 2023[9]. - The total inventory as of December 31, 2024, was RMB 1,011,521,000, down from RMB 1,277,491,000 in 2023, showing a decrease of approximately 20.9%[30]. - Accounts receivable increased to RMB 40,536,000 in 2024 from RMB 37,307,000 in 2023, representing a growth of about 6.6%[31]. - The total accounts payable and notes payable rose to RMB 953,153,000 in 2024, up from RMB 823,280,000 in 2023, marking an increase of approximately 15.8%[34]. Operational Highlights - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[10]. - The company has secured brand authorizations for traditional and new energy vehicles in multiple regions, enhancing its market presence[57]. - The company is actively promoting technical diagnostics and improving key spare parts penetration to strengthen its brand image[49]. - The company aims to enhance customer satisfaction and loyalty through a digital management platform, focusing on customer lifecycle touchpoints[56]. - The company is expanding its product offerings in the automotive financial sector, including flexible loan plans and personalized insurance packages[47]. Market Trends - The economic growth in Shaanxi Province, where the company primarily operates, was 5.3% in 2024, with retail sales of consumer goods increasing by 4.8%[37]. - The retail sales of new energy vehicles in Shaanxi Province surged by 36.9%, indicating a strong market trend towards green consumption[37]. - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, representing year-on-year growth of 3.7% and 4.5%[38]. - The domestic sales of new energy passenger cars reached 11.05 million units, a year-on-year increase of 40.2%, representing 48.9% of total domestic passenger car sales[40]. - The sales of new energy vehicles in China are anticipated to reach 16 million units in 2025, reflecting a year-on-year growth rate of 24.4%[85]. Future Outlook - The forecast for China's economic growth in 2025 is around 4.5%, with potential to reach 5% if necessary economic expansion measures are implemented[82]. - The company plans to continue promoting consumption and investment efficiency as part of the national strategy to boost domestic demand in 2025[83]. - The company is focusing on expanding its collaboration with leading new energy brands and enhancing its network of dealerships in key regions[88]. Corporate Governance - The company has adopted the corporate governance code and has complied with all relevant provisions during the reporting period[94][95]. - The board consists of four executive directors and three independent non-executive directors[108]. - The company expresses gratitude to its management team, employees, customers, business partners, and shareholders for their ongoing support[106]. Miscellaneous - The company did not declare or pay any dividends for the years ended December 31, 2024, and 2023[28]. - There were no significant litigations or arbitrations involving the group during the year ending December 31, 2024[97]. - The company has not purchased, sold, or redeemed any of its listed securities during the year ending December 31, 2024[96].
新丰泰集团(01771) - 2024 - 年度业绩