EVERG VEHICLE (00708) Announces 2024 Annual Results: Profit Attributable to Shareholders of RMB 6.269 Billion, Turning Profitable Year-on-Year

EVERG VEHICLE (00708) Announces 2024 Annual Results: Profit Attributable to Shareholders of RMB 6.269 Billion, Turning Profitable Year-on-Year EVERG VEHICLE (00708) released its annual results for the year ended December 31, 2024. During the period, the Group recorded revenue from continuing operations of RMB 53.308 million (the same unit below), a year-on-year decrease of 96.02%; profit attributable to shareholders of RMB 6.269 billion, turning profitable year-on-year; basic earnings per share of RMB 57.809 cents. The announcement stated that the decrease in revenue was mainly due to the decline in sales of automobiles and auto parts from RMB 146 million for the year ended 2023 to RMB 5.54 million in the reporting period, as well as a decrease of RMB 1.114 billion in property sales revenue, as the Group has terminated its automobile manufacturing business and property development activities. During the reporting period, production at the Group's Tianjin manufacturing base has been suspended, while the Shanghai manufacturing base and Guangzhou manufacturing base were in shutdown management status. In August 2024, two of the Company's subsidiaries in Guangdong entered bankruptcy and restructuring proceedings. As at the date of this announcement, more of the Company's PRC subsidiaries (including the Tianjin subsidiary that is the registered owner of the Tianjin manufacturing base) have entered bankruptcy liquidation proceedings pursuant to rulings of the relevant PRC courts, and all of the Group's production facilities in China have been sold or are in the process of being sold through such proceedings. The Group no longer operates an automobile manufacturing business and has no intention of resuming such business. Accordingly, the Group's original automobile business is not expected to contribute any revenue in the future. The Group has completed its transformation from an automobile manufacturer to an asset-light technology and trading enterprise. Looking ahead, the Group will concentrate its resources on the following areas: technology services business; battery trading business; debt restructuring; resumption of trading. At the request of the Company, trading in the shares has been suspended on the Main Board of the Stock Exchange since 9:00 a.m. on April 1, 2025, pending the publication of its outstanding financial results and the fulfillment of the resumption guidance set out in the Company's announcements dated April 17, 2025, August 7, 2025, June 16, 2026 and September 8, 2026, and will continue to be suspended from trading until further notice.