Core Insights - Greenland Technologies Holding Corporation reported a significant turnaround in profitability for the fiscal year 2024, achieving net income of 25.02 million in 2023, resulting in earnings per share of 6.39 million, or 7.1%, to approximately 90.33 million in 2023 [4] - Excluding exchange rate fluctuations, revenue decreased by approximately 5.6% [3][4] - Total cost of goods sold decreased by approximately 61.41 million [5] - Gross profit decreased by approximately 22.53 million, with gross margins of approximately 26.8% in 2024 compared to 27.2% in 2023 [7] - Operating expenses were reduced by 28% to 13.80 million in 2023, primarily due to lower after-sales service fees, research and development expenses, and allowances for credit losses [8][5] Operational Highlights - Income from operations increased by 17% to approximately 10.78 million in 2023, driven by lower operating expenses and improved operational performance [9] - The company successfully launched seven industrial heavy equipment models and introduced a new line of direct current mobile charging solutions to support electric vehicle fleets [3] Cash Flow and Assets - As of December 31, 2024, cash and cash equivalents decreased by approximately 6.66 million, mainly due to increased short-term investments [11] - Accounts receivable decreased by approximately 15.80 million, attributed to reduced sales volume [12] Shareholder Equity - Total shareholders' equity increased to approximately 50.65 million in 2023, reflecting improved retained earnings [17]
Greenland Technologies Fiscal Full Year 2024 Net Income Surges to $15.15 Million