FOTON(SH:600166) Zheng Quan Shi Bao Wang·2025-05-12 08:59Core Viewpoint - Foton Motor's 2024 annual report reveals a significant decline in revenue and profit, with total revenue at 47.698 billion yuan, down 14.97% year-on-year, and net profit attributable to shareholders at 80.5428 million yuan, down 91.14% year-on-year [2] Financial Performance - The company has reported a cumulative loss of over 14.451 billion yuan in net profit excluding non-recurring items from 2015 to 2024, with eight consecutive years of losses from 2015 to 2022 [3] - Foton Motor's stock price has decreased by over 13% since 2015 [3] Dividend Policy - Foton Motor will not distribute profits or increase share capital from reserves for the 2024 fiscal year, marking the seventh consecutive year without cash dividends [2] - The company's retained earnings are negative, with a deficit of 4.538 billion yuan as of the end of Q1 this year, indicating challenges in future cash dividend distributions [2] Asset Structure - As of the end of Q1, the company's debt-to-asset ratio reached 74.44%, with a ratio of 70.5% after excluding advance receipts, both figures returning to historically high levels [6] - The company announced plans to subscribe for shares in Beiqi Blue Valley New Energy Technology Co., Ltd. for an amount not exceeding 2.5 billion yuan, raising concerns among investors about the source of funding and the company's profitability [6] Strategic Initiatives - Foton Motor stated that the share subscription aims to accelerate the transformation of commercial vehicles towards new energy and intelligence, mitigating cyclical risks in the commercial vehicle industry and allowing the company to benefit from the growth of the new energy passenger vehicle market [6]