2025-04-29 10:45Financial Performance - The company reported a net profit attributable to shareholders of the parent of 11,403 million in 2023, an increase from 9,228 million in 2022, reflecting a growth of approximately 23%[21]. - Basic earnings per share for 2024 were reported at 1.31, up from 1.13 in 2023, indicating a year-over-year increase of about 16%[19]. - Total revenue for 2024 reached 220,215 million, compared to 213,958 million in 2023, representing a growth of approximately 1.2%[17]. - The company's revenue increased by 0.8% year-on-year to approximately RMB 215,691 million, while net profit attributable to shareholders rose by approximately 26.5% to RMB 11,403 million[27]. - Basic earnings per share reached RMB 1.31, representing a year-on-year increase of approximately 25.4%[27]. - The company's EBIT increased from approximately RMB 16,507 million in 2023 to approximately RMB 21,176 million in 2024, marking a year-on-year increase of approximately RMB 4,669 million or 28.3%[88]. - The gross profit for the year was approximately RMB 48,386 million, with a gross operating margin of approximately 22.4%, an increase of 2.1 percentage points from the previous year[83]. - The company anticipates sales revenue for 2025 to be between RMB 226.5 billion and RMB 237.3 billion, indicating a projected growth of approximately 5% to 10% compared to 2024[78]. Market and Product Development - The company plans to expand its market presence and invest in new technologies to enhance product offerings and drive future growth[10]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its product portfolio[10]. - The heavy-duty truck industry saw a sales volume of 902,000 units in 2024, a year-on-year decrease of 1%, while the agricultural equipment industry experienced a sales volume increase of 4.9% to 437,000 units[25]. - The company launched the world's first diesel engine with a base thermal efficiency of 53.09%, achieving a record for four consecutive years[27]. - New energy products, including hydrogen-powered trucks, commenced commercial operations and achieved industry-leading sales[33]. - The company introduced 6,000 full-platform products and completed the deployment of new energy vehicle 2.0 charging products[33]. - The company launched an AI brand, Tianyan, marking the first software-defined vehicle technology framework in the industry[33]. - The commercial vehicle segment achieved annual sales of 118,000 units, a year-on-year increase of 2%, enhancing both production scale and operational efficiency[34]. Research and Development - The establishment of the world's largest multi-source power comprehensive testing laboratory enhanced the company's R&D capabilities[27]. - The Group invested over RMB 3.2 billion in R&D for the engines segment, achieving an R&D intensity of nearly 6%[64]. - The Group established the world's first digital unmanned engine factory, featuring 100% automated machining and 80% automated assembly[64]. - The Group is constructing the Weichai (Yantai) New Energy Power Industrial Park, creating a world-class R&D and manufacturing base for new energy powertrains[64]. Corporate Governance and Management - The strategic development and investment committee has been restructured with new appointments to enhance governance and oversight[12]. - The company is focusing on environmental, social, and governance (ESG) initiatives, establishing a dedicated committee to address these areas[11]. - The company aims to strengthen its aftermarket business by offering integrated lifecycle product-service packages, focusing on Total Cost of Ownership (TCO) solutions[50][51]. - The company will enhance digital transformation by embedding advanced technologies into high-end product development, aiming for technological leadership[50][51]. - The company will strengthen corporate risk management and governance standards to ensure operational efficiency and asset security[50][51]. - The company is focused on expanding its leadership team with experienced professionals from diverse backgrounds to enhance strategic decision-making[165]. - The company aims to leverage its technological expertise and market presence to drive future growth and innovation in the automotive sector[164]. Financial Position and Cash Flow - As of December 31, 2024, total assets of the Group amounted to approximately RMB 343,879 million, with current assets at approximately RMB 184,750 million, a decrease from RMB 197,925 million as of December 31, 2023[104]. - Total liabilities as of December 31, 2024, were approximately RMB 221,921 million, compared to RMB 221,561 million as of December 31, 2023, with current liabilities increasing by approximately RMB 8,789 million, or 6%[104]. - The Group's total equity as of December 31, 2024, was approximately RMB 121,959 million, of which approximately RMB 86,696 million was attributable to equity holders of the Company[106]. - Net cash inflows from operating activities decreased by approximately RMB1,377 million year-on-year to RMB26,094 million, despite an increase in sales receipts by about RMB5,724 million[96][98]. - Net cash outflows from investing activities amounted to RMB28,911 million, an increase of approximately RMB23,174 million compared to the previous year, with cash received from investments increasing by RMB31,308 million[97][98]. Future Outlook - Future guidance indicates a positive outlook for revenue growth, driven by increased demand in key markets[10]. - The company plans to aggressively expand its new energy business and integrate resources to ensure growth that outperforms the industry[47][50]. - The company will focus on precision marketing and R&D to enhance product competitiveness and customer satisfaction, aiming for stable sales growth[49]. - In 2025, the company aims to accelerate innovation and transformation to achieve high-quality operational goals while maximizing efficiency[46]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 3.47 per 10 shares, based on a total of 8,715,671,296 shares, pending approval at the 2024 annual general meeting[43]. - On March 27, 2025, a cash dividend of RMB 3.47 per 10 shares is planned for distribution to shareholders[134].