YADEA(01585)2025-04-24 10:12Financial Performance - Total revenue for 2024 decreased by 18.8% to RMB 28,236.2 million compared to RMB 34,762.8 million in 2023[20] - Profit attributable to owners of the company for 2024 was RMB 1,272.4 million, down from RMB 2,640.2 million in 2023, representing a decline of 51.8%[20] - The gross profit margin for 2024 was 15.2%, down from 16.9% in 2023, indicating increased cost pressures[20] - The company's gross profit decreased by approximately 27.1% to RMB 4,289.0 million in 2024 from RMB 5,885.2 million in 2023, with a gross margin decline from about 16.9% to approximately 15.2%[41] - Other income and gains decreased by approximately 34.4% from RMB 979.8 million in 2023 to RMB 642.9 million in 2024, primarily due to the absence of one-time government grants in 2024 and increased foreign exchange losses[42] - Profit for the year decreased by approximately 51.8% from RMB 2,640.2 million in 2023 to RMB 1,272.4 million in 2024[48] - Basic earnings per share decreased by approximately 52.3% to RMB 42.2 cents for the year ended December 31, 2024[180] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 24,618.9 million, a decrease from RMB 25,660.1 million in 2023[21] - The total liabilities decreased to RMB 15,860.8 million in 2024 from RMB 17,258.9 million in 2023, reflecting improved financial stability[21] - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7,868.9 million, a decrease of about 0.6% from RMB 7,913.8 million as of December 31, 2023[49] - Inventory increased by approximately 33.9% from RMB 955.4 million as of December 31, 2023, to RMB 1,279.4 million as of December 31, 2024, mainly due to preparations for anticipated demand during the Chinese New Year[53] - Accounts receivable decreased by approximately 16.2% from RMB 545.9 million as of December 31, 2023, to RMB 457.7 million as of December 31, 2024, due to increased collection efforts and a decline in sales[54] - The debt-to-equity ratio increased to 16.4% as of December 31, 2024, compared to 9.9% as of December 31, 2023[58] Sales and Market Performance - The revenue breakdown for 2024 shows electric scooters at 3.2%, batteries and chargers at 25.1%, electric bicycles at 28.3%, and parts at 43.4%[18] - Total sales of electric scooters and bicycles dropped from approximately 16.5 million units in 2023 to about 13.0 million units in 2024, reflecting a significant decline in demand[34] - The sales volume of electric scooters decreased by approximately 20.7% from about 4,960,000 units in 2023 to approximately 3,931,000 units in 2024[37] - The sales volume of electric bicycles fell by approximately 21.4% from about 11,561,000 units in 2023 to approximately 9,089,000 units in 2024[37] Research and Development - The company operates six R&D centers and holds over 2,000 patents, emphasizing its commitment to innovation in electric vehicles[10] - The company continues to invest in R&D for core components such as batteries and electronic control systems, with a focus on launching compliant and market-oriented products[29] - The company is set to launch its first mass-produced sodium-ion battery-powered electric bicycle in January 2025, marking a significant breakthrough in sustainable transportation[29] Marketing and Expansion - The company aims to enhance marketing efforts through digital platforms and social media to connect with younger consumers, appointing a global brand ambassador to rejuvenate its brand image[30] - The company plans to accelerate global expansion, particularly in Southeast Asia, with new factories in Indonesia and Vietnam, and flagship stores in Thailand and Indonesia[29] Corporate Governance - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[73] - The company has fully complied with the corporate governance code during the year ended December 31, 2024[69] - All independent non-executive directors confirmed their independence according to the guidelines set out in the listing rules[75] - The company has established mechanisms to ensure independent judgment from the board, including evaluating the time commitment of independent non-executive directors[86] - The roles of chairman and CEO are clearly defined and separated, with Dong Jinggui as chairman and Qian Jinghong as CEO[87] Risk Management - The company has established a robust risk management and internal control system to safeguard shareholder investments and company assets[117] - The board has identified four risk categories: strategic risk, financial risk, operational risk, and legal risk, and has established a reporting policy to address misconduct or fraud[122] - The company encourages employees and stakeholders to report any concerns regarding misconduct or fraud, ensuring thorough investigations are conducted[122] Social Responsibility and Sustainability - The company is committed to fulfilling its social responsibilities through active implementation of environmental, social, and governance policies during the reporting period[135] - The company is focused on sustainable development and continuously reviews and improves its sustainability efforts during the reporting period[135] Leadership and Management - The company has a strong leadership team with over 23 years of experience in the electric two-wheeler industry, co-founded by the current chairman and CEO[138][140] - The management team has received multiple accolades, indicating a high level of recognition in their respective fields[149] - The strategic appointments aim to strengthen the company's operational efficiency and drive future growth initiatives[146][148][151][152][154] Shareholder Communication - The company emphasizes the importance of transparent communication with shareholders to enhance their understanding of business performance and strategies[121] - The company maintains various formal communication channels to report performance and engage with shareholders, including investor forums and site visits[123]