Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 6,082,391 thousand, representing a 13.9% increase from RMB 5,340,830 thousand in 2023[7]. - The net profit attributable to shareholders for the year was RMB 38,135 thousand, compared to RMB 41,093 thousand in the previous year, indicating a slight decrease of 4.8%[7]. - In 2024, the company recorded total sales of approximately RMB 6.08239 billion, an increase of about 13.88% compared to RMB 5.34083 billion in 2023, primarily driven by increased sales of range extenders[13]. - The group recorded a profit attributable to shareholders of approximately RMB 38.17 million for the year ended December 31, 2024, compared to RMB 41.07 million for the year ended December 31, 2023, representing a decrease of about 7.0%[25]. - The group's pre-tax profit for 2024 was approximately RMB 42.38 million, down from RMB 48.52 million in 2023, indicating a decline of about 12.5%[24]. - Income tax expenses decreased by approximately 43.48% from RMB 7.44 million in 2023 to RMB 4.21 million in 2024 due to a reduction in deferred tax items recognized during the reporting period[25]. - The gross profit margin decreased from approximately 3.29% in 2023 to about 3.02% in 2024, primarily due to the increased proportion of lower-margin range extender sales[19]. - The total sales cost for 2024 was approximately RMB 5.89883 billion, an increase of about 14.21% from RMB 5.16496 billion in 2023, attributed to the rise in range extender sales[18]. Market Trends and Demand - The total sales volume of NEVs (New Energy Vehicles) in China increased by 35.5% to 12.87 million units, accounting for approximately 40.9% of total vehicle sales in 2024[8]. - The demand for plug-in hybrid vehicles surged by 83.3% to 5.14 million units, with their market share within NEVs rising to 40%[10]. - The market for commercial vehicles in 2024 is estimated to be around 4 million units, with new energy commercial vehicles accounting for approximately 15% to 20%, or 600,000 to 800,000 units[11]. - In 2024, China's automobile production and sales exceeded 31 million units, setting a new historical high, with NEV sales reaching 12.88 million units, a year-on-year increase of 34.4%[51]. Strategic Plans and Growth - The company plans to expand its presence in the NEV market through acquisitions and strategic partnerships, leveraging the growth momentum in the sector[9]. - The company is actively exploring potential mergers and acquisitions to expand its product portfolio and strengthen core competitiveness[15]. - The company aims to expand its product portfolio and strengthen market share through technological enhancements and new product development[51]. - The company is focused on developing high-performance engines and powertrains to meet existing customer demands and explore potential new markets[51]. Assets and Liabilities - Non-current assets decreased to RMB 2,248,001 thousand from RMB 2,488,630 thousand in 2023, reflecting a decline of 9.7%[7]. - Current assets increased to RMB 3,229,708 thousand, up from RMB 3,012,473 thousand in 2023, marking a growth of 7.2%[7]. - The total liabilities of the company slightly decreased, with current liabilities at RMB 3,293,002 thousand compared to RMB 3,308,163 thousand in 2023[7]. - The total assets of the group as of December 31, 2024, were approximately RMB 5.47771 billion, a slight decrease from RMB 5.50110 billion as of December 31, 2023[27]. - The debt-to-equity ratio as of December 31, 2024, was approximately 2.12, down from 2.21 as of December 31, 2023, indicating a reduction in lease liabilities during the reporting period[30]. Employee and Management - The group employed approximately 1,002 employees as of December 31, 2024, an increase from approximately 964 employees as of December 31, 2023[33]. - The company emphasizes the importance of employee development through tailored talent development plans and a performance-oriented compensation system[56]. - The company has a strong management team with extensive experience in finance and automotive industries, enhancing its operational capabilities[44][45]. Governance and Compliance - The company has complied with all relevant laws and regulations in China and Hong Kong as of December 31, 2024[55]. - The company has maintained compliance with all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024[113]. - The board of directors is responsible for the strategic direction and oversight of the company, aiming to enhance shareholder value[115]. - The company has established internal control procedures that are deemed effective by the independent non-executive directors[105]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[123]. Environmental and Social Responsibility - The environmental, social, and governance report covers operations from January 1, 2024, to December 31, 2024, with a focus on sustainable development[187]. - The company has complied with all relevant laws and regulations related to health, safety, and the environment[188]. - The company reported a total of 26,317.86 tons of carbon dioxide (CO2) equivalent greenhouse gas emissions for the year 2024, with a density of 1.49 tons of CO2 equivalent per unit of production[193]. - The total hazardous waste generated by the company was 53.23 tons, equating to 0.003 tons per unit of production[194]. - The company aims to meet national environmental protection standards for air, wastewater, and noise pollutants, with measures in place to reduce emissions by 95% for certain pollutants[195]. Shareholder Information - The company has proposed a final dividend of HKD 0.97 per share for the year ending December 31, 2024, compared to no dividend for the previous year[61]. - Major shareholders include Huachen Investment Holdings, Xin Hua Investment Holdings, and Pusch Group, each holding 400,000,000 shares, representing approximately 31.20% of the total issued shares as of December 31, 2024[77][81]. - The company will hold its annual general meeting on June 20, 2024, and a special general meeting on December 20, 2024, to address shareholder inquiries[178]. Risk Management - The company has identified financial risks related to interest rates and liquidity, but does not face foreign currency exchange risks due to the absence of foreign currency loans[50]. - The company has established risk management policies to assess and manage potential risks affecting its operations[149]. - The company has implemented a whistleblowing policy to enhance oversight and management effectiveness[160].
新晨动力(01148) - 2024 - 年度财报