Xi'an Actionpower Electric (688719.SH) reported a net profit of 73.0274 million yuan in 2024, a year-on-year decrease of 47.33%.

Xi'an Actionpower Electric (688719.SH) released its 2024 annual performance report, with a total operating revenue of 988 million yuan, a year-on-year increase of 19.60%; the net profit attributable to the owners of the parent company was 73.0274 million yuan, a year-on-year decrease of 47.33%; the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was 59.8472 million yuan, a year-on-year decrease of 52.19%; and the basic earnings per share were 0.64 yuan. During the reporting period, the company actively focused on its main business, closely followed industry trends, continuously upgraded existing products, and improved operational efficiency and management levels, resulting in a steady increase in market penetration rate of its products. In 2024, the company had sufficient orders and an increase in operating income. However, due to continued high investment in research and development, operating costs continued to rise. Coupled with intensified market competition, the overall gross profit margin of products decreased, leading to a lower-than-expected growth in profit from the main business, resulting in a significant decrease in net profit attributable to the parent company compared to the same period last year.