KLM(SH:600686) Xin Lang Cai Jing·2025-04-26 05:02Core Viewpoint - Xiamen King Long Motor Group Co., Ltd. reported a complex financial performance for 2024, with strong sales figures overshadowed by mixed results in revenue, profit, and cash flow [1] Revenue and Market Expansion - In 2024, the company achieved operating revenue of 22,965,580,624.89 yuan, an increase of 18.38% from 19,399,848,164.77 yuan in the previous year, indicating effective market expansion [2] - The main business segment, automotive and body parts, generated revenue of 21,864,530,440.65 yuan, up 22.59%, accounting for 95.21% of total revenue, driven by the recovery of the highway tourism bus market and the replacement of old new energy buses [2] Profit Performance - The net profit attributable to shareholders was 157,743,263.44 yuan, a significant increase of 110.05% from 75,096,755.96 yuan in the previous year [3] - However, the net profit excluding non-recurring gains and losses was -157,931,960.74 yuan, indicating that core business profitability needs improvement [3] - Non-recurring gains and losses totaled 315,675,224.18 yuan, significantly impacting net profit, including government subsidies and asset disposal gains [3] Expense Management - Sales expenses increased by 6.02% to 865,038,578.81 yuan, reflecting ongoing investments in market expansion [4] - Management expenses decreased by 8.27% to 523,818,412.15 yuan, indicating effective internal cost control measures [5] - Financial expenses turned from profit to loss, amounting to 11,184,965.34 yuan, primarily due to reduced exchange gains, highlighting potential challenges in currency risk management [6] Research and Development - R&D expenses rose by 9.93% to 823,260,453.62 yuan, representing 3.58% of operating revenue, emphasizing the company's focus on technological innovation [7][12] - The R&D workforce comprised 1,778 employees, with 81.83% holding a bachelor's degree or higher, supporting the company's innovation efforts [13] Cash Flow Analysis - Net cash flow from operating activities decreased by 47.23% to 1,250,751,243.89 yuan, primarily due to increased cash payments for goods [9] - Net cash flow from investing activities improved, with a reduction in outflows by 29.88% to -1,217,547,614.55 yuan, indicating better management of investment cash flow [10] - Net cash flow from financing activities decreased by 77.37% to -722,230,892.69 yuan, reflecting a reduction in borrowings [11]