Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 5,340,830,000, a significant increase from RMB 1,652,481,000 in the previous year, representing a growth of approximately 223%[11] - The gross profit for the same period was RMB 175,866,000, compared to RMB 102,392,000 in the prior year, indicating a year-over-year increase of about 72%[11] - The company recorded a net profit of RMB 41,071,000 for the year, a recovery from a net loss of RMB 115,829,000 in the previous year[11] - Other income rose to RMB 50,591,000, up from RMB 24,978,000, reflecting an increase of approximately 103%[11] - The total comprehensive income for the year was RMB 41,093,000, compared to a loss of RMB 115,690,000 in the previous year, marking a significant turnaround[12] - The company reported a pre-tax profit of RMB 48,515,000 in 2023, a significant improvement from a loss of RMB 110,731,000 in 2022[79] - The profit attributable to the owners of the company for 2023 was approximately RMB 41.07 million, while the net loss for the year ended December 31, 2022, was approximately RMB 115.83 million[134] Revenue Breakdown - Total revenue from external customers reached RMB 5,340,830 thousand, with segment revenue contributions of RMB 4,556,025 thousand from gasoline engines, RMB 95,117 thousand from diesel engines, and RMB 689,688 thousand from engine components[25] - Customer A generated revenue of RMB 2,926,932 thousand in 2023, a significant increase from RMB 724,135 thousand in 2022[31] - Revenue from the engine components segment increased by approximately 8.22% from RMB 637.33 million in 2022 to RMB 689.69 million in 2023, primarily due to increased production and supply of Bx8 crankshafts and connecting rods to BMW Brilliance[129] - The engine business segment recorded a revenue increase of approximately 358.17%, rising from about RMB 1.015 billion in 2022 to approximately RMB 4.651 billion in 2023[154] Costs and Expenses - The company reported a total of RMB 5,100,978,000 in cost of goods sold for the year, a significant increase from RMB 1,498,723,000 in the previous year[80] - The sales cost for 2023 was approximately RMB 5.16496 billion, representing an increase of about 233.20% from approximately RMB 1.55009 billion in 2022, attributed to the rise in range extender sales[102] - Sales and distribution expenses rose by approximately 64.03% from RMB 12.37 million in 2022 to RMB 20.29 million in 2023, accounting for approximately 0.75% and 0.38% of revenue in 2022 and 2023, respectively[131] - Other expenses increased significantly by approximately 332.94% from RMB 12.61 million in 2022 to RMB 54.49 million in 2023, mainly due to increased general research expenses[132] Assets and Liabilities - The total assets minus current liabilities amounted to RMB 2,192,940 thousand in 2023, compared to RMB 2,340,466 thousand in 2022[35] - Non-current assets were valued at RMB 2,488,630 thousand in 2023, down from RMB 2,668,042 thousand in 2022[34] - The company’s net current liabilities decreased to RMB 295,690 thousand in 2023 from RMB 327,576 thousand in 2022[35] - The total liabilities were approximately RMB 378.50 million as of December 31, 2023, up 52.5% from RMB 248.12 million on December 31, 2022[162] - The debt-to-equity ratio increased to 2.21 as of December 31, 2023, compared to 1.48 on December 31, 2022, primarily due to increased payables related to trading[164] Governance and Compliance - The company maintained compliance with all corporate governance codes as of December 31, 2023, ensuring adherence to high standards of corporate governance[2] - The board of directors includes two executive directors and four independent non-executive directors, ensuring a balanced governance structure[5] Market and Industry Trends - The demand for plug-in hybrid vehicles grew by 85% to 2.81 million units, while pure electric vehicle sales increased by 25% to 6.68 million units, reflecting the robust growth of the NEV market in China[98] - The company is optimistic about the automotive industry's future, with NEV sales expected to rise to over 50% of total vehicle sales by 2035[125] - The sales of new energy vehicles (NEVs) increased by 37.9% year-on-year to 9.49 million units, accounting for about 31.5% of the total national sales in 2023[150] Research and Development - Research and development costs recognized as other expenses surged to RMB 34,248,000 in 2023, compared to RMB 9,718,000 in 2022, indicating a growth of 252.5%[80] - The company has developed NEV-compatible CE engines for the new generation of NEV range extenders, addressing the challenges of charging infrastructure[126] Financial Management - The company had available and undrawn bank financing of RMB 193,048,000 as of December 31, 2023, indicating strong liquidity support for future operations[20] - The company is actively engaging with financial institutions for refinancing and new borrowings, demonstrating proactive financial management strategies[20] - Major shareholder Brilliance China has committed to providing ongoing financial support to the group for a period of 12 months from the date of board approval of the consolidated financial statements[41] Shareholder Returns - The company has not declared or paid any dividends for the years ended December 31, 2023, and 2022[58] - The group does not recommend any dividend distribution for the year ended December 31, 2023[170]
新晨动力(01148) - 2023 - 年度业绩