GWMOTOR(601633)2025-03-28 14:45Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 12,692,204,172.58, with retained earnings at RMB 43,272,339,677.50 as of December 31, 2024[7]. - Total revenue for 2024 reached CNY 20,219,547.23 million, an increase of 16.73% compared to 2023[27]. - Net profit attributable to shareholders was CNY 1,269,220.42 million, reflecting a significant growth of 80.76% year-on-year[27]. - The net cash flow from operating activities increased by 56.49% to CNY 2,778,262.63 million[27]. - Basic earnings per share for 2024 were CNY 1.49, an increase of 81.71% compared to the previous year[29]. - The company's total assets increased by 7.95% to CNY 21,726,622.37 million at the end of 2024[29]. - The return on equity (ROE) improved to 17.20%, up by 6.59 percentage points from 2023[29]. - Operating profit reached RMB 13.92 billion, marking a substantial year-on-year growth of 93.32%[106]. - Net profit attributable to shareholders was RMB 12.69 billion, reflecting an increase of 80.76% year-on-year[106]. Dividends and Share Capital - The proposed cash dividend is RMB 0.45 per share (including tax), subject to approval at the 2024 annual general meeting[7]. - The total number of shares issued as of December 31, 2024, is 8,556,164,379, comprising 6,237,388,379 A shares and 2,318,776,000 H shares[22]. - The company plans to distribute profits based on the total share capital minus shares held in the repurchase account[7]. - As of December 31, 2024, approximately 39.77% of the company's issued share capital is held by the public[185]. - The company’s major shareholder, Mr. Wei Jianjun, controls 5,115,000,000 A shares, representing 82.21% of A shares and 59.78% of total shares[176]. Operational Highlights - The company sold 1.2345 million vehicles in 2024, reflecting a slight increase of 0.37% year-on-year[39]. - The sales of new energy vehicles reached 322,200 units, marking a year-on-year growth of 25.65%[41]. - Overseas sales amounted to 454,100 units, a significant increase of 44.61% year-on-year[42]. - The company launched the new Coffee Pilot Ultra and Coffee OS 3 systems, enhancing its smart driving capabilities[40]. - The company sold 707,104 units under the Haval brand, solidifying its position as a leading global SUV brand with over 9 million users[61]. - The Tank brand recorded sales of 232,195 units, representing a year-over-year growth of 42.57%[62]. - The Wey brand achieved sales of 55,539 units, marking a significant increase of 56.60% year-on-year, focusing on high-end intelligent new energy vehicles[63]. - The company’s pickup truck sales reached 175,057 units, capturing nearly 50% of the domestic market share[65]. Research and Development - Research and development expenses rose by 15.27% to CNY 928,436.73 million, indicating a commitment to innovation[27]. - The company has applied for over 28,000 patents, with 17,000 granted, covering key technologies in new energy and intelligence[127]. - The company employed 23,308 R&D personnel, representing 27.45% of the total workforce[125]. - The capitalized R&D expenses accounted for 49.59% of total R&D investment, indicating a significant focus on long-term innovation[124]. - The company plans to increase its R&D investment in the smart new energy sector and enhance its competitive advantage in intelligent technology[156]. Risk Management and Compliance - The company has no significant risks affecting production and operations during the reporting period[9]. - Deloitte Huayong issued a standard unqualified audit report for the company[6]. - The company has maintained compliance with decision-making procedures regarding external guarantees[9]. - The company has confirmed that all disclosed related party transactions were approved by the board and complied with pricing policies[187]. - The company has adhered to relevant laws and regulations regarding environmental and social responsibilities, as detailed in its 2024 Social Responsibility Report[199]. Strategic Initiatives - The company plans to accelerate its smart and new energy strategies in 2025, focusing on product innovation and market expansion[44]. - GWM plans to achieve over 1 million overseas sales by 2030, focusing on localized ecosystems and differentiated layouts for new energy products[77]. - The company is focusing on three key areas: intelligent new energy, off-road advancements, and high-quality international expansion[155]. - The company is committed to promoting green supply chains and achieving carbon neutrality by reducing carbon emissions during production and improving resource utilization efficiency[159]. - The company is transforming comprehensively with 5G and AI digital twin technology to build digital production capabilities and intelligent service capabilities[159].