Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 2,463,426 thousand, representing a 14.0% increase compared to RMB 2,161,063 thousand in 2023[4] - The gross loss decreased significantly by 76.5% to RMB 35,400 thousand from RMB 150,445 thousand in the previous year[4] - Operating loss improved by 18.6% to RMB 483,453 thousand from RMB 593,853 thousand in 2023[4] - The company reported a net loss of RMB 564,182 thousand, a reduction of 18.6% compared to RMB 692,794 thousand in the previous year[6] - The company reported a pre-tax loss of RMB 368,953,000 for 2024, an improvement from a loss of RMB 441,489,000 in 2023[26] - The company reported a loss attributable to ordinary shareholders of RMB 562,985,000 for 2024, compared to RMB 692,490,000 in 2023, representing a decrease of approximately 18.7%[32] - Adjusted net loss (non-IFRS measure) for the year ended December 31, 2024, was RMB 457.8 million, down 15.4% from RMB 541.2 million in 2023[68] - Net loss for the year ended December 31, 2024, was RMB 564.2 million, a decrease of 18.6% from RMB 692.8 million in 2023[66] Revenue Breakdown - Revenue from ride-hailing services reached RMB 2,196,924,000 in 2024, up 21% from RMB 1,812,133,000 in 2023[19] - The total transaction value reached RMB 2,978.8 million, an increase from RMB 2,741.0 million, reflecting a growth of 8.7%[5] - The average transaction value per order decreased slightly to RMB 26.4 from RMB 28.0[5] - Total revenue for the year ended December 31, 2024, was RMB 2,463,426,000, representing an increase of 14% from RMB 2,161,063,000 in 2023[26] - Total revenue increased by 14.0% from RMB 2,161.1 million in 2023 to RMB 2,463.4 million in 2024, driven by higher ride-hailing transaction volume[46] - Ride-hailing service revenue grew by 21.2% from RMB 1,814.1 million in 2023 to RMB 2,199.0 million in 2024, primarily due to increased ride-hailing transaction volume[49] Operational Metrics - The number of registered passengers increased to 34.5 million, up from 23.8 million in 2023, marking a growth of 45.3%[5] - The number of orders rose from 97.7 million in 2023 to 113.0 million in 2024, with daily orders increasing from 267.8 thousand to 309.6 thousand[49] Expenses and Costs - Research and development expenses totaled RMB 141,361,000 in 2024, compared to RMB 118,943,000 in 2023, indicating a 19% increase[30] - Sales and marketing expenses decreased by 10.4% from RMB 218.9 million in 2023 to RMB 196.2 million in 2024, attributed to reduced promotional spending[58] - General and administrative expenses fell by 12.4% from RMB 155.0 million in 2023 to RMB 135.7 million in 2024, due to decreased listing expenses and improved operational efficiency[59] - The company reported a significant reduction in general and administrative expenses, which were RMB 135,694,000 in 2024 compared to RMB 154,979,000 in 2023[26] - The company incurred financial costs of RMB 1,770,000 in 2024, a decrease from RMB 2,615,000 in 2023[28] Assets and Liquidity - Cash and cash equivalents increased significantly to RMB 1,016,618 thousand from RMB 612,858 thousand, indicating improved liquidity[8] - The total assets less current liabilities improved to RMB 1,116,167 thousand from a negative RMB 1,406,248 thousand in 2023[8] - Trade receivables rose to RMB 28,597,000 in 2024, up from RMB 20,044,000 in 2023, indicating a year-over-year increase of approximately 42.5%[35] - Prepayments increased to RMB 78,400,000 in 2024 from RMB 62,869,000 in 2023, marking a growth of about 24.7%[37] - Trade payables decreased to RMB 66,838,000 in 2024 from RMB 78,168,000 in 2023, a decline of approximately 14.5%[38] - Current ratio increased from 33.3% as of December 31, 2023, to 455.8% as of December 31, 2024[74] - Total debt as of December 31, 2024, was RMB 38.9 million, a decrease from RMB 69.0 million as of December 31, 2023[71] Strategic Initiatives - The company plans to continue expanding its ride-hailing services and invest in technology development to enhance operational efficiency[11] - The company plans to expand its ride-hailing and Robotaxi services internationally, optimize operational management through data analysis, and enhance brand awareness[45] - The company aims to expand its market presence and enhance its service offerings through strategic initiatives[111] Shareholder Information - The weighted average number of ordinary shares increased to 140,929,175 in 2024 from 90,000,000 in 2023, reflecting a significant increase in share issuance[33] - The total issued and paid-up ordinary shares increased to 196,343,994 in 2024 from 90,190,000 in 2023, reflecting a substantial increase due to share issuance[40] - The company had no dividends declared or paid for the year ended December 31, 2024, consistent with 2023[41] - The company does not recommend a final dividend for the year ending December 31, 2024[95] Risk Management - The company faces credit, liquidity, interest rate, and currency risks, which are actively managed[83] - The company has no significant foreign currency risk as of December 31, 2023[91] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[103] - The audit committee reviewed the group's annual performance for the year ending December 31, 2024, and confirmed that the financial statements were prepared in accordance with applicable accounting standards[103] - The company has not engaged in any purchase, sale, or redemption of its listed securities from the listing date until December 31, 2024[101] - There have been no changes to the board of directors that require disclosure under the listing rules as of the announcement date[102] - The annual report for the year ending December 31, 2024, will be published on the stock exchange and the company's website, containing all required information[105] - The company has not disclosed any insider trading violations by employees during the period from the listing date to the announcement date[100] Research and Development - The company is focused on developing L4 and L5 autonomous driving technologies for its Robotaxi services[111] - The company’s research and development costs had a tax deduction impact of RMB 32,742,000 in 2024, compared to RMB 28,493,000 in 2023, an increase of about 14.5%[31] - The net proceeds from the global offering amounted to approximately HKD 982.4 million, with 40% allocated for R&D activities[92]
如祺出行(09680) - 2024 - 年度业绩