LC Group Reports Revenue and Profit for 2024 Fiscal Year

The Longchen Automobile Holding Co., Ltd. released its annual report for the fiscal year of 2024, revealing substantial growth in sales and revenue.

Revenue for 2024 reached RMB 21.95 billion, a year-on-year increase of 16.73%. Gross profit stood at RMB 39.49 billion, up 25.47% from the previous year. The gross margin rate increased to 19.51%, up 1.36 percentage points from the same period last year.

The company's net profit for 2024 was RMB 12.69 billion, with an increase of 80.73% compared to the same period in the previous year. Excluding non-operating items and equity investments, the net profit was RMB 9.75 billion, also up 101.4% from the same period last year.

In terms of individual departments, the company's single-wheel revenue reached RMB 16.38 million, a growth of 2.30 million units compared to the previous year. Single-wheel profit rose by 0.46 million units to RMB 1.03 million. The operating cash flow for 2024 was RMB 27.78 billion, an increase of 56.49% from the same period in the previous year.

New energy vehicle sales of Longchen Automobile reached 322,200 units in 2024, up 25.65% year-over-year. Overseas sales increased by 44.61% to 45,410 units, driven mainly by sales growth in international markets.

Global Sales and Market Share

Longchen Automobile's global sales exceeded 9 million units, marking a significant milestone for the company. The company's SUVs, such as the HaVe8 and TankSU, also enjoyed substantial gains with global sales surpassing 6 million units for each model. Longchen Automobile remains the top-selling electric vehicle brand in China, with domestic market share reaching nearly 50%. Other brands like Wei Pai, Euler, and Longchen Spirit Motorcycle also delivered significant results.

Overseas Expansion

Longchen Automobile has expanded its overseas reach steadily. As of end-2024, the company had over 14 million global users worldwide, more than 1,400 overseas sales channels and cumulative exports exceeding 190 million units.

In 2024, Wei Pai successfully launched its high-end SUV model in Europe and the Middle East. Longchen's Tank 700 Hi4-T was also introduced in Kazakhstan. The company further expanded its reach with Tank 500 sales in Chile and Indonesia, as well as entry into South Africa, Mexico, Azerbaijan, and Malaysia.

The second-generation HaVe-H9 was released in the Middle East and Kazakhstan. Mountain Sea Cannon made its international debut in Australia, Thailand, Colombia, and South Africa. Euler Good Cat became Turkey's first locally produced e-CAT model. Meanwhile, Longchen Automobile is working on Malaysian and Indonesian CKD projects, and has signed contracts to construct Senegal and Vietnam KD manufacturing plants, as well as the 10,000th batch of trucks for Pakistan.