Financial Performance - In 2024, BetterLife Holding Limited experienced an overall revenue decline of approximately 18.5%, totaling around RMB 8.746 billion[9]. - The net profit shifted from approximately RMB 844 million in 2023 to a net loss of about RMB 162 million in 2024, impacted by a non-cash loss of approximately RMB 310.8 million from the closure of the Foshan store[9]. - Revenue from vehicle sales amounted to approximately RMB 7,482.8 million, a decrease of about 20.6%, accounting for approximately 85.6% of total revenue[24]. - Gross profit decreased by approximately 51.8% to about RMB 278.7 million, with a gross margin decline from approximately 5.4% to about 3.2%[29]. - The company's pre-tax profit plummeted by approximately 93.3% to about RMB 8.9 million[34]. - The net loss for the year was approximately RMB 16.2 million, compared to a profit of approximately RMB 84.4 million in the previous year, resulting in a net profit margin of about -0.2%[36]. - Total equity as of December 31, 2024, was approximately RMB 2,739.0 million, down from approximately RMB 2,893.2 million a year earlier[40]. - The company's loan and borrowings decreased by approximately 0.7% to about RMB 438.4 million[41]. - The debt-to-equity ratio was approximately 16.0% as of December 31, 2024, compared to about 15.3% a year earlier[41]. - As of December 31, 2024, cash and cash equivalents amounted to approximately RMB 899.4 million, a decrease from RMB 977.1 million as of December 31, 2023[42]. Vehicle Sales and Market Trends - Total vehicle sales reached 18,905 units in 2024, a slight increase of about 0.7% compared to 2023, while new vehicle sales decreased by approximately 12.9% to 14,271 units[9]. - The average selling price of vehicles dropped from approximately RMB 550,000 in 2023 to about RMB 490,000 in 2024[9]. - Second-hand vehicle sales surged by 94.0%, compensating for the decline in new vehicle sales[9]. - The market share of new energy vehicles has rapidly exceeded 50% due to the efforts of various brands in this sector[11]. - In 2024, the online signing rate for new car sales reached 100%, with an online payment rate of approximately 85.6%[14]. Strategic Initiatives and Acquisitions - The company anticipates potential acquisition opportunities in the current market environment, despite facing significant pressure in the European luxury car brand market[10]. - Management is focused on strategic goals to navigate the new market conditions and enhance operational systems[10]. - The company is focusing on strategic acquisitions and optimizations of existing high-end brands to adapt to market changes[12]. - The company plans to introduce reliable new energy luxury car brands to meet the growing consumer demand in the future[16]. - The company aims to leverage its strong market position and strategic partnerships with luxury car manufacturers to capitalize on future growth opportunities[25]. Operational Efficiency and Customer Engagement - The company has established a business intelligence platform covering "users - scenarios - data," enhancing customer engagement and operational efficiency[13]. - The company has implemented a standardized central management system across its dealerships, improving operational efficiency and customer experience[21]. - The company has established a comprehensive service model, including customized services and after-sales support, enhancing customer interaction and loyalty[22]. - The number of customers using the company's mini-program reached approximately 265,900, with a customer satisfaction rate of about 96.6%[14]. - The absorption rate of after-sales service income, including commissions, increased from about 107.4% to 135.3%[9]. Corporate Governance and Compliance - The company has established a strong corporate governance framework to ensure transparency and accountability to shareholders[158]. - The board of directors confirmed the independence of all independent non-executive directors as of the report date[94]. - The company has adopted a board diversity policy to maintain a competitive advantage through a diverse board composition, considering factors such as gender, age, and professional qualifications[175]. - The company has complied with the corporate governance code during the fiscal year, with minor deviations noted[170]. - The company has appointed several independent non-executive directors with significant expertise in finance and asset evaluation to enhance governance[61][63][65]. Environmental and Social Responsibility - The company has taken strict environmental protection measures to comply with current environmental laws and regulations[74]. - The company has a commitment to sustainable development, emphasizing the importance of employees, customers, and business partners in achieving this goal[154]. - The company has implemented strict policies to manage operational risks, including procurement and production efficiency[144]. Employee and Talent Management - The company emphasizes the importance of talent diversification to enhance its core competitiveness and service quality[13]. - The number of employees increased to 1,450 as of December 31, 2024, from 1,440 as of December 31, 2023[50]. - The company is committed to employee development and has implemented stock option and share reward plans to recognize contributions to growth[145]. Shareholder Information and Dividends - The board proposed a final dividend of RMB 0.02 per share, totaling approximately RMB 12.3 million, subject to shareholder approval at the annual general meeting on May 30, 2025[79]. - The proposed final dividend for the year ending December 31, 2024, is RMB 0.02 per share, a decrease from RMB 0.03 per share in 2023, pending shareholder approval at the annual general meeting on May 30, 2025[166]. - The company maintained a public float of at least 25% of its issued shares as required by the listing rules as of the report date[86].
百得利控股(06909) - 2024 - 年度财报