Financial Performance - In 2024, the company achieved a total revenue of RMB 2,627.8 million, a decrease of 15.8% compared to RMB 3,119.4 million in 2023[9]. - The net profit attributable to shareholders was RMB 153.2 million, representing a year-on-year increase of 2.7% from RMB 149.3 million in 2023[9]. - The gross profit for the same period was approximately RMB 430.6 million, down 16.5% year-on-year[16]. - The company achieved a net profit of approximately RMB 156.7 million, an increase of 3.6% compared to 2023[16]. - The logistics and supply chain services segment generated revenue of approximately RMB 1,944.2 million, a decrease of 20.0% year-on-year[20]. - The supply chain financial services segment reported revenue of approximately RMB 463.3 million, an increase of 0.8% year-on-year[20]. - Revenue from the logistics and supply chain services segment was RMB 1,944.2 million, representing 74.0% of total revenue, down approximately 20.0% from RMB 2,431.2 million in 2023[56][58]. - The supply chain finance services segment generated revenue of RMB 463.3 million for the year ending December 31, 2024, an increase of approximately 0.8% from RMB 459.5 million in the previous year, primarily due to increased financing lease business volume[59]. Sales and Market Activity - The company’s commercial vehicle sales in China decreased by 9.0% year-on-year, totaling 2,969 thousand units in 2024[8]. - The export of commercial vehicles increased by 17.5% year-on-year, reaching 904 thousand units in 2024[8]. - The company sold 819 commercial vehicles in 2024, including 323 new energy vehicles, representing a year-on-year increase of 361.4% in new energy vehicle sales[22]. - The company is expanding its overseas market presence, particularly in Southeast Asia, focusing on commercial vehicle export trade, sales, and leasing[48]. Investment and Financing - The financing lease and factoring business had a cumulative new investment of RMB 7,861.3 million in 2024[11]. - The company issued asset-backed securities (ABS) totaling RMB 1,860 million in its financing lease segment[11]. - The company launched a new factoring business with a total investment amount of RMB 2,934.1 million[24]. - The company issued three tranches of asset-backed securities (ABS) in 2024, with a total principal amount of RMB 1,860 million[24]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 9,489.2 million, while total liabilities were RMB 6,130.7 million[18]. - As of December 31, 2024, the company's net current assets were approximately RMB 1,424.4 million, a decrease of about 23.8% from RMB 1,870.4 million as of December 31, 2023[79]. - Current liabilities increased from approximately RMB 5,150.0 million as of December 31, 2023, to approximately RMB 5,591.4 million as of December 31, 2024, an increase of about RMB 441.4 million[80]. - The total outstanding financing lease receivables amounted to RMB 6,260.7 million, an increase from RMB 5,491.7 million in 2023, representing a growth of 14%[36]. Operational Efficiency and Cost Management - Total costs decreased by approximately 15.6% from RMB 2,604.0 million in 2023 to RMB 2,197.2 million in 2024, mainly due to a reduction in revenue[63]. - The logistics and supply chain services segment's costs decreased by about 19.7%, aligning closely with a 20.0% decrease in revenue for the same period[64]. - Sales expenses decreased by approximately 12.7% from RMB 49.5 million in 2023 to RMB 43.2 million in 2024, mainly due to a reduction in the sales workforce[66]. - The financing cost increased to RMB 202.9 million in 2024, representing 7.7% of total costs, compared to RMB 149.7 million and 4.8% in 2023[63]. Research and Development - The company established a "Smart Logistics Research Institute" in collaboration with Xi'an University of Technology to advance technology development[10]. - The company launched a self-developed vehicle-mounted battery swapping system and a "4+1" modular battery swapping station in 2024, marking a breakthrough in autonomous product development[13]. - The company has developed multiple application scenarios based on its platform scale and data collection advantages, including smart logistics and vehicle financing solutions[45]. Risk Management and Compliance - The company has implemented risk management policies to address various operational risks, with the audit committee overseeing the overall risk management practices[157]. - The company confirms compliance with the Listing Rules regarding related party transactions for the fiscal year ending December 31, 2024[182]. - The company does not engage in foreign exchange hedging activities and primarily conducts transactions in RMB, thus facing no significant foreign exchange risk[110]. Management and Governance - Mr. Wang has over 34 years of experience in the commercial vehicle industry, contributing to the overall management and operations of the group since his appointment as Executive Director in December 2020[122]. - The independent directors play a crucial role in overseeing the board's activities and providing independent judgment, ensuring corporate governance[124]. - The company is committed to strategic planning and decision-making processes that align with its long-term growth objectives in the automotive sector[130]. Future Outlook and Strategic Plans - The company plans to enhance its core competitiveness and expand its business in the fields of new energy and intelligence, aiming for a comprehensive service advantage[15]. - The company is developing new business models, including operational leasing, to enhance core competitiveness and explore new business opportunities[48]. - The company aims to enhance its core technology capabilities in the Internet of Vehicles and data services, with a budget of RMB 303.3 million, of which RMB 260.6 million has been utilized[161].
德银天下(02418) - 2024 - 年度业绩