China Meidong Auto Holdings Ltd. · HKEX:1268
China Meidong Auto — FY2024 Earnings Presentation
24 slides from China Meidong Auto's earnings presentation, March 2025
Slide 1: 2024 Annual Results Presentation
(Stock Code: 1268.HK) 2024 Annual Results Presentation March 2025
Slide 2: Agenda
简单 · 直接 · 数据化 Agenda SIMPLE DIRECT DATA DRIVEN 1. 2024 Annual Results Overview 2. Financial Review and Analysis 3. Outlook
Slide 3: 2024 Annual Results Overview
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN 2024 Annual Results Overview
Slide 4: 2024 Summary
简单 · 直接 · 数据化 2024 Summary SIMPLE DIRECT DATA DRIVEN Reduced profit due to new car GP and non-operating items Healthy operating cash flow, after-sales GP, Cost control & absorption ratio Liquidity & fast inventory turn & relative market share enhancement EV and growth strategies: planning proactivel
Slide 5: Revenue and Profit
简单 · 直接 · 数据化 Revenue and Profit SIMPLE DIRECT DATA DRIVEN 2023 2024 RMB mn After-sales and Mortgage After-sales and Mortgage Total Revenue New Car Sales Total Gross Profit New Car Sales Facilitation Services Facilitation Services 28,555 2,660 24,421 2,078 2,220 22,154 1,561 17,726 4,133 4,428 -142
Slide 6: Gross Margin
简单 · 直接 · 数据化 Gross Margin SIMPLE DIRECT DATA DRIVEN 2023 2024 Total Gross Profit and Gross Margin New Car Sales Gross Margin RMB mn 2,800 0.1 7.3% -0.6% -0.5% 7.0% -1.3% 0.1 2,300 2,078 0.1 -6.2% -5.8% 1,800 -6.3% 1,561 0.1 New Car Sales Luxury Brands Mid-to-High End Brands 1,300 0.0 0.0 After-sale
Slide 7: Healthy Balance Sheet
简单 · 直接 · 数据化 Healthy Balance Sheet SIMPLE DIRECT DATA DRIVEN 2023 2024 Gearing Ratio (including Convertible Bonds)1 Cash2 Net Operating Cash Flow RMB mn RMB mn 13.8% 4,765 3,895 817 865 3.5% 2023年 2024年 2023年 2024年 2023年 2024年 Inventory Days Accounts Receivable Days Accounts Payable Days 41 13 12 2
Slide 8: Stable After-sales and Absorption Ratio
简单 · 直接 · 数据化 Stable After-sales and Absorption Ratio SIMPLE DIRECT DATA DRIVEN 2023 2024 RMB mn After-sales and Mortgage Facilitation Services Revenue After-sales and Mortgage Facilitation Services Gross Profit 4,428 4,133 2,660 2,220 Absorption Ratio (including finance cost and non-operating items
Slide 9: Effective Cost Control
简单 · 直接 · 数据化 Effective Cost Control SIMPLE DIRECT DATA DRIVEN Adjusted Expenses1 2023 2024 RMB mn 5.5% 5.6% 2.7% 2.6% 2.2% 2.3% 1,566 0.6% 0.7% 1,236 764 585 620 502 182 148 Distribution Costs Administrative Expenses Finance Costs Total Expenses Example: Total Expenses of Certain Brand Example: Abs
Slide 10: Jan - Feb 2025 Data
简单 · 直接 · 数据化 Jan - Feb 2025 Data SIMPLE DIRECT DATA DRIVEN Jan – Feb 2024 Jan – Feb 2025 New Car Order Foot Traffic 1.09 1.15 1.00 1.00 After-sales Revenue Inventory Turnover 1.00 1.01 1.00 0.81 10
Slide 11: Macroeconomic Challenges
简单 · 直接 · 数据化 Macroeconomic Challenges SIMPLE DIRECT DATA DRIVEN Foot Traffic Foot Traffic YoY 2024 Q1 2025 Q1 1.40 1.18 1.20 1.13 1.11 1.09 1.12 1.09 1.08 1.00 1.03 1.20 1.00 0.98 1.00 1.00 1.00 1.00 0.95 0.94 1.00 0.82 0.80 0.80 0.60 0.60 0.40 0.40 0.20 - 0.20 Q1/23 Q2 Q3 Q4 Q1/24 Q2 Q3 Q4 Q1/25 B
Slide 12: Dividend Payout
简单 · 直接 · 数据化 Dividend Payout SIMPLE DIRECT DATA DRIVEN ✓ 2024 annual dividend of RMB0.0445 per share Dividend Payout since IPO Dividend per share (RMB) Payout Ratio 90.0% 1.0000 64.0% 80.0% 50.7% 55.0% 0.8284 50.0% 49.0% 0.9000 45.8% 0.8000 40.0% 40.0% 27.1% 30.0% 0.7000 0.6000 0.5000 -20.0% 0.4000
Slide 13: Financial Review and Analysis
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Financial Review and Analysis
Slide 14: 2024 Annual Results Profit and Loss Overview
简单 · 直接 · 数据化 2024 Annual Results Profit and Loss Overview SIMPLE DIRECT DATA DRIVEN RMB (’000) 2023 2024 Change Revenue 28,554,553 22,153,952 -22.4% Gross profit 2,077,947 1,561,031 -24.9% Other revenue and other net income 249,100 183,982 -26.1% Profit / (loss) for the year 155,780 (2,258,832) - P
Slide 15: Revenue by Brands
简单 · 直接 · 数据化 Revenue by Brands SIMPLE DIRECT DATA DRIVEN As a % of total revenue in 2024 As a % of total revenue in 2023 RMB mn Porsche BMW 26.0% 27.1% Lexus 36.6% 30.8% 2024 2023 Total Revenue 12.8% Total Revenue Toyota 22,154 32.4% 31.1% 2024 38.5% 28,555 2023 38.5% After-sales and After-sales an
Slide 16: Volume by Brands
简单 · 直接 · 数据化 Volume by Brands SIMPLE DIRECT DATA DRIVEN As a % of total volume in 2024 As a % of total volume in 2023 Porsche BMW Lexus 35.6% 18.5% 35.1% Toyota 15.3% Others 2024 2023 Total number of 0.1% Total number of cars sold cars sold 56,930 units 66,370 units 30.8% 18.3% 29.2% 17.1% Units 20
Slide 17: Other Revenue and Other Net Income
简单 · 直接 · 数据化 Other Revenue and Other Net Income SIMPLE DIRECT DATA DRIVEN RMB (’000) 2023 2024 Insurance commission income 72,671 72,282 Bank interest income 108,618 103,965 Management service income 4,185 3,604 Net gain on disposal of property, plant and equipment 25,254 (10,213) Net foreign excha
Slide 18: Net Profit and Net Margin
简单 · 直接 · 数据化 Net Profit and Net Margin SIMPLE DIRECT DATA DRIVEN Adjusted Net Profit1 Reconciliation Net Profit and Net Profit Margin RMB mn 1500 RMB mn 2023 2024 1000 578 1 Profit/ (Loss) for the Year 156 (2,259) 500 3661 422 2,625 Amortized cost for dealership rights 153 153 0 156 2023 2024 Amort
Slide 19: Balance Sheet Key Data
简单 · 直接 · 数据化 Balance Sheet Key Data SIMPLE DIRECT DATA DRIVEN RMB (’000) As of 31 Dec 2023 As of 31 Dec 2024 Total Assets 14,220,406 11,481,315 Cash and cash equivalents 2,361,671 2,644,539 Fixed deposits with more than three months to maturity when placed 561,905 12,000 Pledged bank deposits 971,5
Slide 20: Cash Flow Statement Key Data
简单 · 直接 · 数据化 Cash Flow Statement Key Data SIMPLE DIRECT DATA DRIVEN RMB (’000) 2023 2024 Cash generated from operations 1,034,779 1,097,124 Net cash generated from operating activities 816,787 864,655 Net cash generated from investing activities 156,801 730,474 Net cash used in from financing activ
Slide 21: Outlook
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Outlook
Slide 22: Outlook
简单 · 直接 · 数据化 Outlook SIMPLE DIRECT DATA DRIVEN Fast inventory turns & healthy cash flow Maintain healthy balance sheet Grow after-sales & absorption ratio Be conservative and minimize expenses Survive the perfect storm 22
Slide 23: Disclaimer
简单 · 直接 · 数据化 Disclaimer SIMPLE DIRECT DATA DRIVEN This presentation has been prepared by, and is subject to the copyright of, China MeiDong Auto Holdings Limited (“MeiDong Auto” or the “Company”) . No part of this presentation may be reproduced, transmitted, stored in a retrieval system or translat
Slide 24: Investor Enquiries
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Investor Enquiries Email: ir@meidongauto.com lixiuzhen@meidongauto.com ir@dlkadvisory.com Thank You
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