Financial Performance - In 2024, the company's revenue was RMB 1,095,949,000, a decrease of 2.3% compared to RMB 1,121,454,000 in 2023[6] - The profit before tax was RMB 4,519,902,000, down 45.6% from RMB 8,262,811,000 in the previous year[6] - The net profit attributable to shareholders was RMB 3,101,075,000, a decline of 59.9% compared to RMB 7,734,993,000 in 2023[6] - The basic and diluted earnings per share were RMB 0.61465, down from RMB 1.53312 in 2023[6] - The gross profit decreased by 32.8% from RMB 288,500,000 in 2023 to RMB 193,900,000 in 2024, resulting in a gross margin decline from 25.7% to 17.7%[28] - Sales costs increased by 8.3% from RMB 833,000,000 in 2023 to RMB 902,100,000 in 2024[28] - The group's profit before tax decreased by 45.3% from RMB 8,262,800,000 in 2023 to RMB 4,519,900,000 in 2024, with net profit attributable to equity holders dropping by 60.0% to RMB 3,101,100,000[32] - The company's interest income for the year was RMB 417,838,000, while financial costs amounted to RMB 3,684,000[25] - Other income decreased by 40.7% from RMB 39,800,000 in 2023 to RMB 23,600,000 in 2024, primarily due to adjustments related to excess provisions for expenses in 2023[29] - Interest income fell by 37.7% from RMB 670,200,000 in 2023 to RMB 417,800,000 in 2024, attributed to declining bank deposit rates and a reduction in cash and cash equivalents[29] Market and Sales Performance - The total sales volume of NEVs reached 1,180,000 units, representing a growth of 24.2% compared to the previous year[9] - The luxury passenger car market grew by 12.8%, reaching a total sales volume of 5,100,000 units[10] - Brilliance BMW's domestic vehicle sales in 2024 reached 603,807 units, a decrease of 15.0% from 709,954 units in 2023[30] Production and Operations - The company achieved a significant milestone with the production of its 6,000,000th vehicle at the Shenyang plant, showcasing advanced manufacturing capabilities[11] - The company continues to focus on localizing production and optimizing supply chains to enhance competitiveness amid market challenges[10] - The implementation of the BMW iFactory production strategy at the Shenyang plant aims to enhance production efficiency and quality through data science and AI[12] - Jinbei Shenyang is gradually resuming operations, with production capacity expected to be achieved by Q2 2025, and plans to restart various fuel and electric vehicle models starting from Q2 2024[13] Strategic Initiatives and Investments - Brilliance BMW plans to introduce more new internal combustion engine models and BEVs in the coming years, with the local production of the "Neue Klasse" model set to begin in 2026, supported by a total investment of RMB 10 billion for the sixth-generation battery project[12] - The company has established a joint venture with TCL to enhance its automotive cockpit technology, aiming to integrate advanced display and control systems into its vehicles[15] - The company’s investment strategy includes exploring opportunities in high-tech sectors, particularly in smart cockpit technology[15] - The group completed a capital injection of RMB 1,340,000,000 into Jinbei Shenyang, regaining control with an 80.72% stake, and received RMB 451,400,000 in compensation from the government for relocation costs[31][38] Environmental and Sustainability Efforts - The company announced a reduction of 227.4 tons of CO2 equivalent emissions through renewable energy applications at its Ningbo Yumin facility, recognized as a three-star green factory[43] - Over 97% of GHG emissions are attributed to electricity consumption during production operations, with ongoing efforts to reduce pollutants and resource consumption[44] - The company has enhanced its data collection systems in 2024 to improve monitoring procedures related to waste management and resource conservation[44] - In 2024, the company will focus on developing ESG skills and knowledge among employees through comprehensive training sessions[45] Corporate Governance and Leadership - The company has undergone changes in its board of directors, with several appointments and resignations noted, including the appointment of Mr. Zhang Yue as chairman effective November 4, 2024[67] - The company continues to maintain a strong governance structure with independent non-executive directors, including Song Jian and Jiang Bo, who have significant industry experience[139][140] - The board consists of seven members, including three executive directors and four independent non-executive directors[155] - The company has adopted whistleblowing and anti-corruption policies to ensure compliance and ethical conduct[153] - The board will continue to review and improve corporate governance practices to adapt to changing market conditions[151] Financial Position and Liabilities - As of December 31, 2024, the group had cash and cash equivalents amounting to RMB 10,539,600,000, a decrease from RMB 30,845,800,000 as of December 31, 2023[102] - The total assets of the group as of December 31, 2024, were approximately RMB 29,105,700,000, down from RMB 55,154,600,000 as of December 31, 2023[104] - The group incurred capital expenditures of RMB 259,600,000 in 2024, significantly higher than RMB 39,500,000 in 2023[106] - The group’s total liabilities as of December 31, 2024, were RMB 2,007,800,000, down from RMB 3,263,500,000 as of December 31, 2023[104] Shareholder Engagement and Dividends - The company declared special dividends of HKD 1.5 per share on April 15, 2024, and HKD 4.3 per share on June 14, 2024, with payments made on May 17, 2024, and July 25, 2024, respectively[51] - No dividends were recommended for the fiscal year 2024 during the board meeting held on March 21, 2025[52] - The company has not made any charitable donations for the fiscal year ending December 31, 2024[53] Risk Management and Compliance - The company has a risk management policy in place to assess and manage risks that could impact share prices and market behavior[196] - The company has a communication policy for shareholders to ensure transparency and timely information dissemination[191] - The company has a policy for disclosing transactions involving major shareholders or directors with potential conflicts of interest[197]
BRILLIANCE CHI(01114) - 2024 - 年度财报