Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 20,746.8 million, a decrease of 14.0% compared to RMB 24,132.0 million in 2023[3]. - The overall gross profit was approximately RMB 779.1 million, down 22.8% from RMB 1,008.6 million in 2023, with a gross profit margin of 3.8%, a decline of 0.4 percentage points year-on-year[3]. - The operating loss for the year was approximately RMB 549.0 million, compared to an operating profit of approximately RMB 168.2 million in 2023[3]. - The net loss for the year was approximately RMB 1,529.1 million, an increase of about 86.4% from RMB 820.5 million in 2023[3]. - The company reported a basic and diluted loss per share of RMB 56.0, compared to RMB 31.9 in 2023[4]. - Revenue from the sale of passenger vehicles decreased to RMB 15,978,627,000 in 2024 from RMB 20,224,295,000 in 2023, representing a decline of approximately 21.1%[18]. - Total revenue for the year was RMB 20,746,774,000, down from RMB 24,131,975,000 in the previous year, indicating a decrease of about 13.5%[18]. - The group reported a net loss of RMB 1,529 million for the year ending December 31, 2024, compared to a net loss attributable to equity shareholders of RMB 357 million as of December 31, 2023[13]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 5,564.0 million, down from RMB 6,870.4 million in 2023[8]. - Non-current liabilities decreased to RMB 4,494.3 million from RMB 5,583.3 million in 2023[8]. - The company's cash and cash equivalents were RMB 573.1 million, down from RMB 744.9 million in 2023[7]. - The group's current liabilities net amount was RMB 8,333 million as of December 31, 2024, compared to RMB 8,218 million as of December 31, 2023[13]. - The group’s total non-current assets added in 2024 amount to RMB 710,535, down from RMB 1,787,140 in 2023[34]. - The total reportable segment assets for 2024 are RMB 17,922,425, a decrease from RMB 18,262,176 in 2023[36]. - The total amount of notes payable was RMB 3,409,756,000 as of December 31, 2024, compared to RMB 3,609,422,000 in 2023, reflecting a decrease of about 5.5%[64]. Operational Efficiency and Strategy - The company is actively responding to market changes by enhancing operational efficiency and accelerating the transformation towards new energy brands[2]. - The company aims to improve its used car business model and promote international business development[2]. - The company has optimized its procurement management model, resulting in a 20% reduction in the comprehensive cost of collective procurement products[94]. - The company is actively adjusting its store layout and inventory structure to respond to market challenges and price wars[95]. - The company has established a cross-regional resource coordination management mechanism to accelerate turnover and reduce inventory depth[95]. - The group plans to continue strengthening its strategic partnerships with major manufacturers, particularly in the new energy sector, to enhance brand structure and profitability[104]. Employee and Cost Management - Employee costs decreased from RMB 955,750,000 in 2023 to RMB 802,334,000 in 2024, representing a reduction of approximately 16.0%[23]. - The group employed 5,672 employees as of December 31, 2024, down from 6,669 employees on December 31, 2023[127]. - The group’s current liabilities as of December 31, 2024, were approximately RMB 23,654.2 million, an increase of about RMB 1,009.8 million from RMB 22,644.4 million on December 31, 2023, primarily due to an increase in short-term loans and borrowings[118]. Financial Instruments and Investments - The group recognized an impairment loss of RMB 32,095,000 for goodwill and RMB 76,161,000 for intangible assets in 2024, with no impairment recognized in 2023[41]. - The company’s borrowing costs were capitalized at an annual rate of 5.2%–5.8% for 2023, compared to 3.7%–5.0% previously[22]. - The group received dividend income of RMB 20,280,000 from Dongfeng Logistics in 2024, down from RMB 39,538,000 in 2023, a decrease of approximately 48.9%[61]. - The group redeemed part of its financial products, recovering RMB 2,976,000 in 2024, an increase from RMB 850,000 in 2023[59]. Market Performance and Sales - The group achieved total new car sales of 55,054 units for the year ending December 31, 2024, with mid-to-high-end brand sales accounting for 46,756 units[97]. - New energy vehicle sales reached approximately 5,759 units, representing 10.5% of total sales, showing an increase in both volume and percentage compared to the previous year[97]. - The group sold 14,000 used cars in 2024, marking a year-on-year increase of approximately 24%, with retail sales up 36%[100]. - The group organized multiple marketing activities throughout the year, resulting in a 60% increase in sales leads and a 63% increase in new media-driven transactions[96]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2024[140]. - The financial statements for the year ending December 31, 2024, have been matched with the amounts in the audited consolidated financial statements by the auditors, KPMG[141]. - The company has complied with the corporate governance code as stipulated in the listing rules for the year ending December 31, 2024[139]. - The company has taken necessary measures to comply with listing rules regarding the composition of the board and committees within three months[139].
正通汽车(01728) - 2024 - 年度业绩