2022-04-19 04:03Financial Performance - Total revenue for 2021 reached RMB 101.61 billion, a 10% increase from RMB 92.11 billion in 2020[5] - Profit attributable to equity holders of the company was RMB 4.85 billion, a decrease of 12% compared to RMB 5.53 billion in 2020[11] - Total assets increased by 21% to RMB 134.34 billion from RMB 110.82 billion in 2020[11] - The company's equity attributable to equity holders rose by 8% to RMB 68.61 billion from RMB 63.63 billion in 2020[11] - EBITDA for 2021 was RMB 17.24 billion, with an EBITDA margin of 16.2%[6] - Basic earnings per share for 2021 were RMB 0.48, a decrease of 15% from RMB 0.56 in 2020[11] - The total revenue for 2021 increased by 10% to RMB 101.6 billion, while the net profit attributable to equity holders decreased by 12% to RMB 4.8 billion, resulting in a diluted earnings per share of RMB 0.48, a 15% decrease[24] - The company achieved a net profit of RMB 1.06 billion in 2021, reflecting a 45% year-on-year growth[75] - The company reported a net profit margin of 8% for the fiscal year, reflecting improved operational efficiency[92] - The company reported a significant increase in revenue, achieving a total of 100 billion HKD for the year, representing a 15% growth compared to the previous year[100] Vehicle Sales and Market Performance - The total vehicle sales for the group in 2021 were 1,328,031 units, a 1% increase from 2020, despite a 3% decline in domestic wholesale volume[13] - The export sales of the group grew significantly by 58% year-on-year to 115,008 units, while the overall automotive export from China increased by 110%[24] - In 2021, Geely Automobile Holdings Limited sold a total of 1,328,031 vehicles, achieving 87% of its annual sales target of 1,530,000 units, despite a 12% decline in sales in the second half of the year compared to the same period last year[24] - Geely's export sales rose by 58% to 115,008 units, accounting for 8.7% of the total sales for the year[64] - The company sold a total of 100,128 units of new energy and electrified vehicles, representing a 47% increase compared to 2020, with new energy vehicles accounting for 7.5% of total sales[72] - The company aims to achieve annual sales of 3.65 million units by 2025 as part of its "Smart Geely 2025" strategy, focusing on electric and hybrid vehicles to make up 90% of total sales[70] Research and Development - Research and development expenses amounted to RMB 5.52 billion in 2021, up 48% from RMB 3.74 billion in 2020[61] - The company has increased its capitalized R&D costs by RMB 4.3 billion, primarily related to vehicle model development and new energy vehicle technologies[62] - The company is investing heavily in new product development, with a budget allocation of 5 billion HKD for R&D in electric vehicle technology[98] - The company plans to allocate approximately RMB 9.2 billion for capital expenditures in 2022, focusing on new vehicle platforms and production facility upgrades[60] - The company aims to develop next-generation electric vehicle modular architectures through collaboration with Volvo, enhancing synergy and cost efficiency[54] Strategic Initiatives and Acquisitions - The company plans to continue expanding its market presence and investing in new technologies and products[3] - Geely completed the acquisition of Changxing Components for approximately RMB 2,534.7 million, enhancing its manufacturing capacity for new vehicle models[26] - A joint venture was established with Xinwanda and Geely Automobile Group to develop, produce, and sell hybrid battery cells, modules, and packs, with a registered capital of RMB 100 million[26] - The company agreed to purchase target assets I and II from Geely Holding Group for a maximum cash consideration of approximately RMB 632.8 million and RMB 357.9 million respectively[30] - The company completed the acquisition of 91%, 8%, and 1% equity in Zeekr Automotive (Shanghai) for a total cash consideration of approximately RMB 980.4 million[36] - The company is focused on expanding its market presence through new product development and technology innovation[194] Sustainability and Environmental Commitment - The company is committed to achieving carbon neutrality by 2045 and has initiated the "Blue Geely Action" to promote sustainable development[20] - The management emphasized the importance of sustainability, committing to reduce carbon emissions by 30% by 2025[92] - The company aims to reduce environmental pressure through scientific site selection, energy-saving technologies, and regulated emission management[179] - The company is committed to sustainable development through the development of new energy vehicles[179] Governance and Board Structure - The board of directors consists of seven executive directors and six independent non-executive directors as of December 31, 2021[121] - The company has established five board committees, including the Executive Committee, Remuneration Committee, Nomination Committee, Audit Committee, and Sustainability Committee[129] - The company emphasizes the importance of board diversity as a key element for sustainable development, with ongoing reviews of the board's diversity policy at least annually[139] - The company has a diverse board composition, considering various factors such as gender, ethnicity, age range, and years of service[140] - The company has received independence confirmations from its independent non-executive directors as per the listing rules[187] Future Outlook - The management provided a positive outlook for 2022, projecting a revenue growth of 20% driven by new product launches and market expansion[92] - The company plans to launch over 25 new smart vehicle products in the next five years as part of its "Smart Geely 2025" strategy[72] - The company aims to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[92] - The company plans to introduce three new electric vehicle models in 2022, with a target of selling 300,000 units of these models[92] - The company has set a future outlook with a revenue growth target of 10-15% for the upcoming fiscal year, driven by new product launches and market expansion strategies[100]