EVERG VEHICLE (00708) has released its annual results for the year ended 31 December 2024, reporting a net profit attributable to shareholders of 6.269 billion yuan, a significant turnaround from the loss recorded in the prior year.
During the reporting period, the group generated revenue of 53.308 million yuan from continuing operations, marking a sharp decline of 96.02% compared to the previous year. Earnings per share came in at 57.809 cents, driven by the substantial profit attributable to shareholders.
According to the company's announcement, the drop in revenue is primarily attributed to the decline in vehicle and auto parts sales, which fell from 146 million yuan in 2023 to just 5.54 million yuan during the reporting period. Additionally, property sales revenue decreased by 1.114 billion yuan, as the group has ceased its automobile manufacturing business and property development activities.
Throughout the reporting period, production at the company's Tianjin manufacturing base remained suspended, while the Shanghai and Guangzhou manufacturing facilities were placed under shutdown management. In August 2024, two of the company's subsidiaries based in Guangdong entered bankruptcy and restructuring proceedings.
As of the announcement date, several more of the company's Chinese subsidiaries, including the Tianjin subsidiary registered as the legal owner of the Tianjin manufacturing base, have entered bankruptcy liquidation procedures pursuant to rulings by relevant Chinese courts. All of the group's production facilities in China have been sold or are in the process of being sold through these proceedings.
The group no longer operates an automobile manufacturing business and has no intention to resume such operations. Consequently, the company's original vehicle business is not expected to generate any revenue in the future.
The group has completed its transformation from an automobile manufacturer into a light-asset technology and trading enterprise. Looking ahead, the company will focus its resources on the following areas: technology service operations, battery trading activities, debt restructuring, and the resumption of trading in its shares.
At the company's request, trading in its shares on the Main Board of the Stock Exchange has been suspended since 9:00 a.m. on 1 April 2025, pending the publication of its outstanding financial results and the fulfilment of the resumption guidance set out in the company's announcements dated 17 April 2025, 7 August 2025, 16 June 2026, and 8 September 2026. Trading will remain suspended until further notice.
Comments