Financial Performance - The annual profit for the year ended December 31, 2024, was RMB 116.1 million, a decrease of approximately 20.3% year-on-year[3]. - The annual profit excluding share-based payment expenses was RMB 154.0 million, down about 5.9% compared to the previous year[3]. - Total revenue for the year was RMB 5,071.96 million, slightly down from RMB 5,082.98 million in 2023[4]. - Gross profit for the year was RMB 665.01 million, compared to RMB 681.24 million in 2023, reflecting a decrease[4]. - Operating profit for the year was RMB 110.17 million, down from RMB 140.39 million in the previous year[4]. - The company’s earnings per share (EPS) decreased to RMB 0.30 from RMB 0.43 in the previous year[4]. - The company reported a total tax expense of RMB 9,363,000 for 2024, compared to RMB 5,533,000 in 2023, indicating an increase of 69.5%[26]. - The company’s total financial costs remained stable at RMB 21,983,000 in 2024, slightly down from RMB 21,984,000 in 2023[25]. - The company’s employee benefits expenses rose to RMB 364,282,000 in 2024 from RMB 330,078,000 in 2023, an increase of 10.4%[24]. - The company’s depreciation of property, plant, and equipment increased to RMB 100,036,000 in 2024 from RMB 85,946,000 in 2023, a rise of 16.4%[24]. Revenue Breakdown - Revenue from product sales was RMB 5,034,752 thousand, while service revenue was RMB 37,204 thousand, indicating a significant drop in service revenue from RMB 65,449 thousand in the previous year[18]. - Over 90% of the company's revenue and operating profit came from electric vehicle sales in China, highlighting the market's significance[21]. - Revenue from electric bicycles increased by approximately 11.7% from RMB 2,699.9 million in 2023 to RMB 3,016.5 million in 2024, driven by higher sales volume and improved product reliability[68]. - Revenue from electric scooters decreased by approximately 30.3% from RMB 1,021.4 million in 2023 to RMB 711.4 million in 2024, primarily due to structural changes in market demand[68]. - Revenue from battery sales decreased by approximately 4.4% from RMB 1,093.6 million in 2023 to RMB 1,045.9 million in 2024, also attributed to market demand changes[68]. Assets and Liabilities - The total assets increased to RMB 4,324.34 million from RMB 3,862.48 million in 2023[10]. - The net cash and cash equivalents decreased to RMB 554.51 million from RMB 994.97 million in 2023[8]. - The company reported a total borrowing of RMB 1,002,333,000 in 2024, compared to RMB 643,346,000 in 2023, reflecting a substantial increase of 55.8%[43]. - The total trade payables rose to RMB 483,294,000 in 2024, up from RMB 445,558,000 in 2023, indicating an increase of 8.5%[41]. - The company’s leverage ratio increased from 42.6% as of December 31, 2023, to 68.1% as of December 31, 2024, mainly due to an increase in discounted notes[92]. Research and Development - Research and development costs increased to RMB 231.17 million from RMB 189.40 million in 2023, indicating a focus on innovation[4]. - R&D expenses increased by approximately 22.1% from RMB 189.4 million in the year ending December 31, 2023, to RMB 231.2 million for the year ending December 31, 2024, with 313 new patent applications filed and 247 new patents granted in 2024[47]. Market and Industry Trends - The electric two-wheeler market experienced a year-on-year decline of 11.6% in 2024 due to regulatory tightening and market adjustments, leading to a deep transformation in the industry[44]. - In 2024, China's GDP exceeded RMB 134 trillion, growing by 5.0% year-on-year, with domestic consumption contributing 44.5% to economic growth, providing significant development momentum for the electric two-wheeler market[44]. - The electric bicycle market is projected to grow from USD 35 billion in 2024 to USD 62 billion by 2030, with a compound annual growth rate (CAGR) of nearly 10%[60]. - The Asia-Pacific region accounts for approximately 63% of the global electric bicycle market, followed by Europe (31.4%) and North America (3.9%)[60]. Strategic Initiatives - The company launched over 30 new models in 2024, including industry-leading products such as the S90, Moda8, and Cola10 series, all featuring smart battery systems and traction control systems[48]. - The group established strategic partnerships with major players in the shared mobility sector, including Hello Bike and Didi Qingju Electric Two-Wheelers, enhancing its position as a key supplier in the electric two-wheeler manufacturing industry[52]. - The group plans to prioritize the development of high-end electric bicycles by 2025 and strategically expand into the electric mobility ecosystem, including battery swapping infrastructure and shared transportation solutions[56]. - The group is planning a strategic transformation towards smart manufacturing, incorporating automation and industrial internet connectivity to enhance production efficiency and reduce costs[59]. Shareholder and Governance - The company proposed a final dividend of HKD 0.15 per share for the year ended December 31, 2024, compared to zero for the previous year[3]. - The board confirmed that the reallocation will not adversely affect existing business operations[119]. - The company has fully complied with the corporate governance code during the reporting period[132]. - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and risk management[139]. Share Options and Incentives - A total of 15,321,275 share options remain unexercised under the pre-IPO share plan, accounting for about 3.7% of the total issued shares as of December 31, 2024[101]. - The post-IPO share incentive plan granted 3,212,500 shares, which is approximately 0.8% of the total issued shares (excluding treasury shares) as of the announcement date[102]. - The company aims to align the interests of eligible employees with those of the company and its shareholders through these share incentive plans[100].
绿源集团控股(02451) - 2024 - 年度业绩