GL-Carlink Technology Holding (2531) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 24.9% YoY to RMB700.4m and gross profit increased 73.7% to RMB437.4m; reported profit fell 13.9% to RMB44.4m.

• Adjusted profit, excluding listing expenses, increased 5.4% to RMB65.1m; adjusted net profit margin was 9.3% versus 11.0% in 2023.

Financial highlights

• Revenue was RMB700.4m versus RMB560.6m; gross profit was RMB437.4m versus RMB251.8m.

• Profit before tax decreased to RMB38.9m from RMB59.0m; a RMB5.5m income tax credit contributed to net profit of RMB44.4m.

• Owners’ profit was RMB44.4m versus RMB51.1m; basic EPS was RMB0.13 versus RMB0.17.

• Listing expenses were RMB20.7m versus RMB10.2m; adjusted profit excluding these expenses was RMB65.1m versus RMB61.7m.

Outlook and guidance

• For 2025, priorities include expanding NEV manufacturer and store customers, adding vehicle-lifecycle digital services, and using AI and big data to improve operating efficiency.

• Planned product areas include used-car consignment, digital financial services, battery inspection and refurbishment, and intelligent-driving protection benefits.

• On 28 February 2025, entered an agreement to become an ecological partner for EFORT’s universal technology base for intelligent robots.