CFMOTO(SH:603129)2025-04-15 12:30Financial Performance - The company's operating revenue for 2024 reached RMB 15,038,060,145.03, representing a 24.18% increase compared to RMB 12,110,347,152.11 in 2023[23] - Net profit attributable to shareholders for 2024 was RMB 1,471,761,328.04, a 46.08% increase from RMB 1,007,519,139.18 in the previous year[23] - The net cash flow from operating activities for 2024 was RMB 2,972,746,094.55, showing a significant increase of 114.69% compared to RMB 1,384,697,207.14 in 2023[23] - The total assets of the company at the end of 2024 were RMB 14,900,162,628.85, a 44.47% increase from RMB 10,313,748,347.15 at the end of 2023[24] - The net assets attributable to shareholders increased to RMB 6,194,046,198.66, up 22.93% from RMB 5,038,823,536.91 in 2023[24] - Basic earnings per share for 2024 were RMB 9.74, reflecting a 45.37% increase from RMB 6.7 in 2023[25] - The weighted average return on equity for 2024 was 26.25%, an increase of 4.58 percentage points from 21.67% in 2023[25] Sales and Market Performance - The all-terrain vehicle segment sold 169,100 units, generating sales revenue of 7.21 billion RMB, with a year-on-year growth of 10.85%[34] - The motorcycle segment sold 286,500 units, achieving sales revenue of 6.037 billion RMB, reflecting a year-on-year increase of 37.14%[35] - The domestic sales of motorcycles reached 143,200 units, with sales revenue of 3.094 billion RMB, up 44.44% year-on-year[35] - The company expanded its overseas sales of motorcycles to 143,300 units, generating sales revenue of 2.943 billion RMB, a growth of 30.22%[36] - The company successfully acquired the "GOES" brand in the European market, enhancing brand penetration and market share[34] - The company implemented a strategy of optimizing sales channels and expanding in the U.S. market, resulting in strong growth momentum[34] - The company added 81 new sales channels, bringing the total to over 600, enhancing market coverage and penetration[35] Research and Development - R&D investment reached 1.026 billion yuan, accounting for 6.82% of revenue, with a year-on-year increase of 11%[40] - The launch of new products, including the AE4 and AE5 series, showcased advanced safety features and performance, enhancing market competitiveness[40] - The company secured 40 new invention patents and 290 utility model patents in 2024, totaling 1,659 effective patents[42] - The company has a comprehensive patent portfolio with 1,659 effective authorized patents, including 141 invention patents, 1,311 utility model patents, and 207 design patents[74] - The company completed 18 two-wheeler projects and 16 four-wheeler projects in 2024, with 17 new products developed and 11 entering mass production[105] Global Expansion and Market Strategy - Jike Electric's international presence expanded to over 30 countries and regions, bolstered by participation in global exhibitions and product launches[38] - The company has established a comprehensive product matrix covering high-performance models from 125cc to 1250cc, enhancing its competitive advantage in the motorcycle market[61] - The company has achieved significant recognition in international markets, exporting products to over 100 countries and regions, and has received high praise for its high-performance models in mature markets like Europe and North America[62] - The company aims to deepen its presence in mature markets like North America and Europe while actively exploring emerging markets in South America and the Middle East, increasing resource investment to meet local market demands[130] Risk Management and Challenges - The company has outlined potential risks in its future development discussions, which investors should be aware of[9] - The company faces intensified competition in the all-terrain vehicle and mid-to-large displacement motorcycle markets, necessitating improvements in product innovation and customer service to maintain market share[146] - Supply chain risks are present due to long procurement cycles for key components, prompting the company to establish a stable supplier system to ensure product delivery[148] - Raw material price volatility and rising labor costs pose significant risks to the company's operating performance, with raw materials constituting a large portion of production costs[149] - The company is at risk of losing key technical personnel, which could hinder its ability to innovate and maintain competitiveness in the market[150] Corporate Governance and Shareholder Engagement - The company has held three shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[154] - The board of directors consists of nine members, including three independent directors, and has conducted eight meetings to review 52 proposals, enhancing governance and decision-making processes[155] - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations[158] - The company actively respects and protects the rights of stakeholders, promoting balanced interests among all parties[157] - The company has established a fair and transparent performance evaluation and incentive mechanism for directors and senior management to promote sustainable development[157] Dividend Policy - The company declared a cash dividend of CNY 587,424,002.55, which represents 39.91% of the net profit attributable to ordinary shareholders in the consolidated financial statements[192] - The cash dividend per share is CNY 38.50, and no stock dividends or capital increases were proposed[192] - The company has a cash dividend policy that emphasizes stable and continuous returns to shareholders, aligning with the company's articles of association[190] - The total undistributed profits at the end of the most recent accounting year amounted to CNY 3,033,325,314.37[194] Employee Management and Development - The company employed a total of 6,911 staff, with 5,302 in the parent company and 1,609 in major subsidiaries[185] - The company has established a competitive salary and benefits system linked to economic performance, ensuring moderate salary growth[186] - The company plans to implement a comprehensive training program to enhance employee skills and knowledge, with annual training needs assessments conducted[187] Sustainability and Future Outlook - The company is committed to sustainable development and aims to enhance its self-research capabilities while expanding its electric product line to meet future market demands[138] - The company is focused on global industrial layout and production capacity transformation to ensure dynamic alignment between capacity and market demand[139] - The company is advancing its electric strategy by focusing on technology innovation and developing a diverse range of electric products, targeting urban commuting and lifestyle markets[134]