Financial Performance - The company's revenue for the fiscal year 2024 was RMB 76,668,813, a decrease of 8.61% compared to RMB 83,890,973 in 2023[6]. - The profit attributable to shareholders for 2024 was RMB 1,142,405, representing a decline of 37.29% from RMB 1,821,836 in 2023[10]. - The net profit margin for 2024 was approximately 1.70%, down from 2.18% in 2023[6]. - The company reported a basic earnings per share of RMB 1.01 for 2024, down from RMB 1.62 in 2023[6]. - The company's consolidated revenue for the year ending December 31, 2024, was approximately RMB 76.669 billion, a decrease of about 8.61% compared to the previous year[19]. - The attributable profit to shareholders was approximately RMB 1.142 billion, down approximately 37.29% year-on-year, with basic earnings per share of RMB 1.01[19]. - Other income increased by approximately 10.73% from RMB 1.897 billion in 2023 to RMB 2.101 billion in 2024, primarily due to an increase in government subsidies[73]. - The company's gross profit decreased by approximately 17.64% from RMB 5.965 billion in 2023 to RMB 4.912 billion in 2024, with the overall gross margin declining by 0.70 percentage points to 6.41%[72]. Assets and Liabilities - Total assets increased to RMB 55,280,555 in 2024, up from RMB 46,750,952 in 2023, marking a growth of 18.76%[7]. - The company's total liabilities rose to RMB 36,371,632 in 2024, compared to RMB 28,306,329 in 2023, reflecting a 28.73% increase[7]. - Cash and cash equivalents increased to approximately RMB 21.410 billion as of December 31, 2024, compared to RMB 15.435 billion as of December 31, 2023[78]. - The net current assets decreased to approximately RMB 3.945 billion as of December 31, 2024, from RMB 6.054 billion as of December 31, 2023, mainly due to increased borrowings[79]. - Total liabilities rose by approximately 28.49% to about RMB 36.372 billion, up from RMB 28.306 billion in the previous year[81]. - The debt-to-asset ratio increased to 33.55% in 2024 from 19.42% in 2023[89]. Market and Product Development - The company is focusing on enhancing its leadership position in the lead-acid battery sector and exploring diverse application scenarios[16]. - The company is advancing solid-state battery technology to prepare for future market demands in power batteries and energy storage[16]. - The company aims to optimize its battery recycling and reuse systems to promote healthy development in the circular economy[16]. - The company is accelerating the research and development of solid-state batteries, hydrogen fuel cells, and sodium-ion batteries to meet market demand[18]. - The company has launched several new power battery products and completed upgrades of multiple champion-level lead-acid battery products[26]. - The company achieved a manufacturing revenue of approximately RMB 43.559 billion during the reporting period[32]. - The high-end eco-friendly battery segment generated revenue of about RMB 39.854 billion, widely used in electric light vehicles and other applications[32]. - The lead-acid power battery segment, a core product, reported revenue of approximately RMB 37.181 billion, benefiting from stable demand in the electric light vehicle market[33]. Global Expansion and Strategy - The company is expanding its overseas sales network and enhancing service systems in key markets to support global market penetration[18]. - The company is accelerating its globalization strategy, achieving market breakthroughs in Vietnam, Indonesia, and Cambodia, with a new factory and offices established[30]. - The overseas revenue in power batteries, backup power, and energy storage has shown significant growth, with local production in Vietnam starting[41]. - The company aims to build a globally competitive brand by collaborating with international partners and integrating high-quality resources[19]. Sustainability and Innovation - The company is committed to sustainable development and environmental responsibility, aiming to strengthen its influence in these areas[29]. - The company has introduced innovative technologies in lithium battery recycling, significantly improving recovery efficiency and resource utilization[29]. - The company achieved a recovery rate of over 98.5% for cobalt, nickel, and manganese from retired lithium batteries, significantly enhancing the recovery of high-value metals[66]. - The company has established four green circular economy industrial parks in Zhejiang, Anhui, Jiangsu, and Henan, with an annual processing capacity of 1.2 million tons of waste lead-acid batteries[61]. Corporate Governance - The company has maintained high standards of corporate governance to enhance investor confidence[122]. - The board consists of nine members, including four independent non-executive directors, ensuring compliance with listing rules[124]. - The company has implemented the corporate governance code as per the Hong Kong Stock Exchange listing rules[123]. - The independent non-executive directors have confirmed their independence according to the listing rules[124]. - The company emphasizes board diversity as a key element for achieving strategic goals, considering factors such as gender, age, and professional experience[130]. Human Resources - The company employed 20,676 staff as of December 31, 2024, down from 25,776 in the previous year, with employee costs amounting to approximately RMB 2.906 billion[93]. - The company plans to enhance automation in production to mitigate rising labor costs and improve efficiency through employee incentive programs[103]. - The company provides adequate resources for training and career development to cultivate a diverse pipeline of potential successors[131]. Shareholder Information - The company plans to declare a cash dividend of HKD 0.17 per share, subject to shareholder approval at the annual general meeting on May 16, 2025[19]. - The board proposed a final dividend of HKD 0.17 per share, down from HKD 0.43 per share in 2023, pending shareholder approval[106]. - The proposed final dividend is expected to be paid on or before June 13, 2025, pending shareholder approval at the annual general meeting[107].
天能动力(00819) - 2024 - 年度财报