Financial Performance - Revenue for the year ended December 31, 2024, was RMB 408,591,000, a decrease of 16.9% compared to RMB 491,968,000 in the previous year[4] - Gross profit for the same period was RMB 255,128,000, down 18.4% from RMB 312,482,000[4] - The net loss for the year was RMB 110,562,000, a significant increase of 1,292.8% from a profit of RMB 9,269,000 in the previous year[4] - Adjusted net profit (non-IFRS measure) was RMB 58,393,000, down 45.4% from RMB 106,869,000[4] - The total comprehensive loss for 2024 was CNY 103,796,000, compared to a gain of CNY 10,561,000 in 2023, indicating a substantial decline[7] - The company reported a pre-tax loss of RMB 118,039,000 for the year 2024, compared to a loss of RMB 118,463,000 in 2023, showing a slight improvement[28] - The net loss attributable to the parent company for 2024 was CNY 123,003,000, compared to a loss of CNY 15,509,000 in 2023, reflecting a significant increase in losses[5] Revenue Breakdown - Revenue from second-hand car auction commissions and service fees amounted to RMB 262,952,000, down from RMB 287,202,000, indicating a decline of about 8.4%[19] - Revenue from second-hand car value-added services was RMB 69,041,000, compared to RMB 73,814,000 in the previous year, reflecting a decrease of approximately 6.5%[19] - Revenue from second-hand car sales arrangement was RMB 49,564,000, down from RMB 63,567,000, showing a decline of about 22%[19] - Revenue from exhibition business decreased by 74.3% to RMB 14.1 million, primarily due to the biennial schedule of the Tianjin International Auto Show and reduced participation from exhibitors[73] Expenses and Costs - Operating expenses for 2024 included selling and distribution expenses of CNY 80,352,000, down from CNY 89,978,000 in 2023, showing a reduction of approximately 10.5%[5] - Administrative expenses for 2024 were CNY 134,114,000, slightly decreased from CNY 138,769,000 in 2023, a reduction of about 3.4%[5] - The total cost of sales for used car sales arrangements was RMB 8,365,000, down from RMB 12,687,000 in the previous year[28] - Employee benefits expenses totaled RMB 96,378,000 in 2024, a decrease from RMB 107,282,000 in the previous year[28] Assets and Liabilities - Total non-current assets decreased from RMB 101,325,000 to RMB 92,074,000, representing a decline of approximately 9.5% year-over-year[8] - Current assets increased significantly from RMB 1,045,399,000 to RMB 1,158,162,000, reflecting a growth of about 10.8% year-over-year[8] - The company’s total liabilities decreased from RMB 426,067,000 to RMB 50,423,000, representing a significant reduction of approximately 88.2% year-over-year[9] - The debt-to-asset ratio decreased significantly from 65.6% to 25.0% as of December 31, 2024, primarily due to the conversion of convertible redeemable preferred shares into common stock[92] Market Trends - In 2024, the total transaction volume of used cars reached approximately 19.6 million units, a year-on-year increase of 6.5%[47] - The trading volume of used new energy vehicles surged to 1.1 million units in 2024, marking a 48.0% increase compared to 2023[44] - The average price of fuel vehicles decreased by approximately 6.8%, while new energy vehicle prices fell by about 9.2% in 2024[45] - The penetration rate of new energy passenger vehicles reached 47.6% in 2024, a year-on-year increase of 12.0%, with expectations to reach 57.0% in 2025[44] Strategic Initiatives - The company plans to continue focusing on market expansion and new product development to drive future growth[27] - Future strategies include strengthening partnerships with new energy manufacturers and exploring potential strategic collaborations and acquisition opportunities[65] - The company aims to enhance the used car trading process in China by expanding and optimizing auction networks and upgrading service facilities[65] - The company plans to establish strategic partnerships and alliances, which will contribute 10.0% to net income, or HKD 8.3 million[111] Corporate Governance - The company has maintained compliance with corporate governance standards since its listing, ensuring the protection of shareholder rights[101] - The Audit Committee, consisting of three independent non-executive directors, oversees financial reporting and risk management, ensuring adherence to applicable accounting standards[103] - No final dividend has been recommended for the reporting period, indicating a focus on retaining earnings[105]
汽车街(02443) - 2024 - 年度业绩