Dongfeng Motor Group Company (489) H2 2024 earnings summary

Executive summary

• Achieved revenue of RMB106.2 billion in 2024, up 6.9% year-over-year, with gross profit of RMB13.6 billion, up 38.2%. Net profit attributable to shareholders was RMB58 million, reversing a prior-year loss of RMB3.9 billion.

• Sold 1.8959 million vehicles, down 9.2% year-over-year, but proprietary passenger vehicle sales rose 26.4% to 438,900 units. NEV sales grew 13.4% to 394,600 units, and overseas exports increased 15.5% to 195,200 units.

• Gross margin improved by 2.9 percentage points to 12.8%. Proprietary PV gross margin rose by 8.4 percentage points to 12.9%.

• Significant transformation initiatives included accelerated NEV launches, intelligentization, and international expansion.

Financial highlights

• Revenue: RMB106.2 billion (+6.9% YoY); Gross profit: RMB13.6 billion (+38.2% YoY); Net profit: RMB58 million (vs. RMB-3.9 billion prior year).

• Operating cash flow increased by RMB8.2 billion YoY; cash reserves near RMB100 billion.

• Debt-to-asset ratio: 52.4%.

• Total assets: RMB325.1 billion (-3.38% YoY); Total liabilities: RMB170.3 billion (-3.11% YoY); Total equity: RMB154.8 billion (-3.68% YoY).

• Interim dividend of RMB0.05 per share paid; no final dividend proposed.

Outlook and guidance

• 2025 industry sales expected to grow 3.6%, with NEV sales projected to rise 23% and exports by 11%.

• NEV penetration expected to exceed 50%; domestic brands to reach up to 70% market share.

• Company to focus on NEV, intelligentization, and internationalization transitions, with continued supply chain and operational optimization.