长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：只买消费垄断 来源：雪球 道德经里面 ， 老子云 ， 天地不仁 ， 以万物为刍狗 。 意思就是大自然是不会对人类有仁慈之心 的 ， 对待万事万物包括人类 ， 都像对待祭祀用的用纸扎成的狗一样 ， 用完就扔掉了 。 这句话 可以挪用到股市来 ， 就是股市不仁 ， 以股民为刍狗 。 案例一 ： 网易 2001年 ， 网络股泡沫破灭 ， 投资女王徐新 ， 5块钱投资的网易 ， 跌到了1块钱 。 当时网易账 上现金5.6亿 ， 但是市值跌到3亿 。 账上现金是市值2倍 。 而且没有负债 。 当时网易陷入了一个 官司 ， 如果官司打输了要退市 。 所以股民纷纷抛售 。 加上股价下跌的惯性 ， 纳斯达克指数暴 跌80% ， 网易股票从15跌到1块 。 当时丁磊自己都不确定公司能不能东山再起 ， 在香港的一次 聚会中丁磊想把公司卖给台湾的一家大公司 ， 被徐新阻止 。 段永平就是在那种情况下投资了网 易 。 市场看待网易是一只马上要退市的股票 ， 但是段永平和徐新看待网易 ， 有4个新角度 。 1.账上现金是市值 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 518,038,000, an increase of 2.3% from RMB 507,855,000 in the same period of 2023[4] - Gross profit decreased to RMB 103,552,000, down 27.2% from RMB 142,315,000 year-over-year[4] - Profit attributable to equity holders of the company was RMB 1,473,258,000, a decline of 60.7% compared to RMB 3,744,137,000 in the previous year[4] - Basic and diluted earnings per share were RMB 0.29201, down from RMB 0.74211 in the same period last year[4] - Total comprehensive income for the period was RMB 1,196,013,000, a decrease of 74.7% from RMB 4,731,508,000 in the prior year[5] - The company reported a pre-tax profit of RMB 2,937,756,000 for the six months ended June 30, 2024[21] - The group reported a net profit of RMB 10,939,670,000 for the six months ended June 30, 2024, down from RMB 15,009,834,000 for the same period in 2023[39] - The unaudited profit before tax decreased by 27.0% to RMB 2,937,800,000 in the first half of 2024, down from RMB 4,022,600,000 in the same period of 2023[91] - The unaudited net profit attributable to equity holders was RMB 1,473,300,000 in the first half of 2024, compared to RMB 3,744,100,000 in the same period of 2023[91] Assets and Liabilities - Non-current assets totaled RMB 14,934,529,000, down from RMB 19,851,940,000 as of December 31, 2023[6] - Current assets decreased to RMB 33,693,772,000 from RMB 35,302,680,000 at the end of 2023[6] - Total liabilities increased to RMB 22,336,648,000, compared to RMB 3,178,664,000 in the previous period[6] - Total assets as of June 30, 2024, amounted to RMB 48,628,301,000, with total liabilities of RMB 22,432,734,000[23] - The total assets of the group amounted to RMB 64,976,792,000, a decrease from RMB 86,942,362,000 as of December 31, 2023[38] - The group’s total liabilities decreased to RMB 73,494,053,000 as of June 30, 2024, from RMB 77,041,032,000 as of December 31, 2023[38] Cash Flow and Investments - Net cash used in operating activities was RMB (675,034,000), compared to RMB (600,607,000) in the previous year[11] - Net cash generated from investing activities amounted to RMB 5,433,600,000, a significant increase from RMB 409,107,000 year-over-year[11] - Cash and cash equivalents were RMB 27,346,117,000, down from RMB 30,845,795,000[6] - The company has short-term bank deposits of RMB 463,690,000 as of June 30, 2024, down from RMB 2,324,385,000 as of December 31, 2023, reflecting a decrease of approximately 80%[46] - The group incurred capital expenditures of RMB 35.4 million in the first half of 2024, compared to RMB 24.5 million in the same period of 2023[97] Equity and Dividends - Total equity attributable to shareholders reached RMB 51,118,104,000, with retained earnings of RMB 47,718,864,000[10] - The company declared a special dividend of RMB 27,210,904,000 for the six months ended June 30, 2024, significantly higher than RMB 4,178,452,000 in the same period of 2023[31] - The company declared special dividends of HKD 1.5 and HKD 4.3 per share on April 15 and June 14, 2024, respectively[106] Operational Changes and Strategies - The company completed the acquisition of 100% equity of Brilliance Auto Group Holdings Limited, making it the largest shareholder with a 29.99% indirect stake[12] - The restructuring of Brilliance Renault has been completed, with the company regaining control and consolidating its financial statements[15] - The company is in the process of relocating its office and factory, expected to be largely completed within 2024[17] - The company plans to start production of the "Neue Klasse" models in 2026, with a significant investment in a new generation battery project[92] - The group is collaborating with BMW to supply components for BMW vehicles and is focusing on the BEV market with plans to launch new models in the coming years[98] Employee and Operational Costs - Employee costs, including director remuneration, increased to RMB 116,157,000 for the six months ended June 30, 2024, compared to RMB 112,832,000 in 2023, reflecting a rise of 2.9%[28] - Employee costs for the six months ended June 30, 2024, amounted to RMB 116,200,000, compared to RMB 112,800,000 for the same period in 2023[100] Credit and Receivables - The company has recognized expected credit loss provisions of RMB 44,048,000 against accounts receivable as of June 30, 2024, compared to RMB 42,240,000 as of December 31, 2023[49] - The group recognized expected credit loss provisions for accounts receivable from Shenyang Automotive and Huachen Power, amounting to RMB 858,000,000 and RMB 128,320,000 respectively, as of June 30, 2024[76][77] Market Performance - Revenue from the sale of automotive parts for the six months ended June 30, 2024, was RMB 405,380,000, an increase of 6.8% compared to RMB 381,079,000 for the same period in 2023[19] - The contribution from the joint venture, BMW Brilliance, decreased by 27.3% to RMB 2.7347 billion, down from RMB 3.7595 billion in the same period of 2023[88] - BMW Brilliance's domestic sales reached 312,730 vehicles in the first half of 2024, a 6.4% decrease from 334,076 vehicles sold in the same period of 2023[88] - In the first half of 2024, total vehicle sales decreased by 6.4% to 312,730 units compared to 334,076 units in the same period of 2023[89] - The number of BEV vehicles sold increased by 22.2% to 50,750 units from 41,547 units year-on-year[89] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2024[120] - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing matters related to auditing, internal controls, and financial reporting[121] - The board consists of four independent non-executive directors, meeting the requirements of the listing rules[122]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 518,038,000, an increase from RMB 507,855,000 in the same period of 2023, representing a growth of approximately 2.3%[4] - Gross profit for the same period was RMB 103,552,000, down from RMB 142,315,000, indicating a decline of about 27.2%[4] - Net profit for the six months ended June 30, 2024, was RMB 1,465,637,000, compared to RMB 3,745,486,000 in 2023, reflecting a decrease of approximately 60.9%[5] - Basic earnings per share for the period was RMB 0.29201, down from RMB 0.74211 in the previous year, a decline of about 60.7%[5] - Total comprehensive income for the six months was RMB 1,196,013,000, compared to RMB 4,731,508,000 in 2023, a decrease of approximately 74.7%[7] - The company reported interest income of RMB 295,169,000, down from RMB 348,850,000, a decline of about 15.3%[4] - The company incurred selling expenses of RMB 12,463,000, a decrease from RMB 19,306,000, reflecting a reduction of approximately 35.4%[4] - Administrative expenses were RMB 176,593,000, down from RMB 201,533,000, indicating a decrease of about 12.4%[4] - The company’s share of results from associates was RMB 2,734,677,000, compared to RMB 3,759,457,000 in the previous year, a decline of approximately 27.2%[4] - The profit before tax for the six months ended June 30, 2024, was RMB 2,937,756,000, down from RMB 4,022,647,000 in the same period of 2023, representing a decline of approximately 27%[29] Assets and Liabilities - Non-current assets totaled RMB 19,851,940 thousand as of December 31, 2023, compared to RMB 14,934,529 thousand as of June 30, 2024, reflecting a significant increase[9] - Current assets amounted to RMB 35,302,680 thousand as of June 30, 2024, up from RMB 33,693,772 thousand as of December 31, 2023, indicating growth in liquidity[11] - Total liabilities reached RMB 22,336,648 thousand as of June 30, 2024, compared to RMB 3,178,664 thousand as of December 31, 2023, showing a substantial rise in obligations[11] - The company's net asset value was RMB 26,195,567 thousand as of June 30, 2024, compared to RMB 51,891,135 thousand as of December 31, 2023, indicating a decrease in equity[11] - Cash and cash equivalents were reported at RMB 27,346,117 thousand as of June 30, 2024, compared to RMB 30,845,795 thousand as of December 31, 2023, reflecting a decline in cash reserves[9] - The total value of non-current liabilities was RMB 96,086 thousand as of June 30, 2024, compared to RMB 84,821 thousand as of December 31, 2023, indicating an increase in long-term obligations[11] - The company’s total assets minus current liabilities stood at RMB 26,291,653 thousand as of June 30, 2024, compared to RMB 51,975,956 thousand as of December 31, 2023, showing a decline in net asset position[11] - The company’s equity attributable to shareholders was RMB 25,110,834 thousand as of June 30, 2024, down from RMB 51,118,104 thousand as of December 31, 2023, indicating a reduction in shareholder equity[11] Investments and Acquisitions - The company acquired 100% equity of Huachen Automotive Group Holdings Company Limited, enhancing its market position[13] - The group has invested approximately RMB 1,336,912,000 in the restructuring of Brilliance Renault, which is below the board-approved investment cap of RMB 1,360,000,000[20] - As of December 31, 2023, the group has recognized an investment prepayment of approximately RMB 282,557,000 related to Brilliance Renault's restructuring[20] - The restructuring of Brilliance Renault is expected to be completed by June 30, 2024, allowing the group to regain control with an effective ownership of 80.72%[20] - The group has ceased consolidating Brilliance Renault's financials after losing control due to the restructuring process initiated by the Shenyang Intermediate People's Court[19] Market Performance - For the six months ended June 30, 2024, the group reported sales of automotive parts amounting to RMB 405,380,000, an increase from RMB 381,079,000 in the same period of 2023, representing a growth of approximately 6.4%[23] - Interest and service fee income from automotive financial services for the same period was RMB 112,658,000, down from RMB 126,776,000 in 2023, indicating a decrease of about 11.1%[23] - The segment performance for non-BMW vehicles and automotive parts showed a loss of RMB 31,995,000 for the first half of 2024, compared to a loss of RMB 5,180,000 in the same period of 2023, indicating a significant decline in performance[27] - The domestic sales of Brilliance BMW reached 312,730 vehicles in the first half of 2024, a decrease of 6.4% from 334,076 vehicles sold in the same period of 2023[50] - Brilliance BMW's total sales decreased by 6.8% in the first half of 2024, with domestic sales at 312,730 units and exports at 13,967 units[55] Research and Development - Research and development costs for the first half of 2024 were RMB 16,579,000, significantly higher than RMB 5,356,000 in the same period of 2023, indicating an increase of approximately 209%[29] - The group is focusing on expanding its aluminum lightweight industry chain and has applied for several innovative patents[58] Cash Flow and Dividends - The company declared a special dividend of RMB 7,013,177,000 for the first special dividend and RMB 20,197,727,000 for the second special dividend, totaling RMB 27,210,904,000, compared to RMB 4,178,452,000 for the same period in 2023[35] - The company declared a special dividend of HKD 1.5 per share on April 15, 2024, and HKD 4.3 per share on June 14, 2024, with payments made on May 17, 2024, and July 25, 2024, respectively[89] - As of June 30, 2024, the total amount of restricted short-term bank deposits was RMB 630,868,000, down from RMB 2,500,975,000 as of December 31, 2023[37] Employee and Training - As of June 30, 2024, the employee cost was RMB 116.2 million, an increase from RMB 112.8 million for the same period in 2023, with approximately 1,400 employees[78] - Huachen Dongya Automobile Finance has developed its own online training platform to improve employee training efficiency and reduce attendance requirements for sales and training teams[79] - The company has implemented a set of training systems and workflows, including onboarding training and specialized position training, to enhance overall employee skill levels[79] Corporate Governance - The company has maintained compliance with corporate governance codes as of June 30, 2024[95] - The audit committee has reviewed the accounting principles and practices used by the company for the six months ending June 30, 2024[96] - The board of directors consists of four executive directors and four independent non-executive directors as of the announcement date[97]

Financial Performance - For the year ended December 31, 2023, the total revenue was RMB 1,121,454,000, a slight decrease of 0.2% compared to RMB 1,130,725,000 in 2022[7]. - The net profit for the year was RMB 7,736,451,000, representing an increase of 8.2% from RMB 7,146,830,000 in the previous year[7]. - The basic earnings per share increased to RMB 1.53312, up from RMB 1.41655 in 2022, reflecting a growth of 8.2%[7]. - The group's total revenue for the year ended December 31, 2023, was RMB 1,121,500,000, a slight decrease of 0.8% compared to RMB 1,130,700,000 for the year ended December 31, 2022[29]. - The company's profit before tax increased by 15.7% from RMB 7.14 billion in 2022 to RMB 8.26 billion in 2023[34]. - Net profit attributable to equity holders increased by 8.2% from RMB 7.15 billion in 2022 to RMB 7.74 billion in 2023, with basic earnings per share rising from RMB 1.41655 to RMB 1.53312[34]. - Interest income increased by 61.0% from RMB 416,300,000 in 2022 to RMB 670,200,000 in 2023, attributed to dividend income from Huachen BMW[30]. - The gross profit margin improved from 20.8% in 2022 to 25.7% in 2023, primarily due to a decrease in the market price of aluminum[30]. Production and Sales - In 2023, the total production of BMW vehicles by Brilliance BMW reached approximately 728,000 units, marking a significant achievement for the company[11]. - Domestic sales of BMW vehicles reached 709,954 units in 2023, a 6.8% increase from 664,934 units in 2022, with BEV sales growing by 110.6%[33]. - The sales volume of new energy vehicles (NEVs) in China surged by 37.9% to 9,500,000 units in 2023, indicating strong market demand[10]. - The company plans to launch the new generation BMW 5 Series and the first BMW i5 in China in early 2024, indicating ongoing product development[11]. Assets and Liabilities - The total assets of the company as of December 31, 2023, included non-current assets of RMB 19,851,940,000 and current assets of RMB 35,302,680,000[7]. - As of December 31, 2023, total assets amounted to RMB 55,154,600,000, a slight decrease from RMB 55,426,600,000 on December 31, 2022[97]. - The company had short-term bank borrowings of RMB 924,500,000 as of December 31, 2023, compared to RMB 350,000,000 as of December 31, 2022[95]. - The company reported accounts payable of RMB 219,300,000 as of December 31, 2023, compared to RMB 170,100,000 as of December 31, 2022[95]. Corporate Governance - The company emphasizes maintaining high corporate governance standards to enhance shareholder value and protect shareholder rights, adhering to the Corporate Governance Code effective from December 31, 2023[136]. - The board consists of eight directors, including four executive directors and four independent non-executive directors, meeting the minimum requirements set by listing rules[141]. - The independent non-executive directors account for 50% of the board, ensuring strong independence and diverse perspectives[141]. - The company has adopted a whistleblowing policy and an anti-corruption policy as of December 30, 2022, and October 25, 2023, respectively[139]. Environmental and Social Responsibility - The company maintained its ESG reporting scope in 2023, with slight decreases in Scope 1 and Scope 2 GHG emissions, while Scope 3 emissions increased due to post-COVID-19 recovery[42]. - Approximately 95% of GHG emissions originated from electricity consumption during production operations, with the remainder from vehicle usage in daily operations[43]. - The company announced that Ningbo Yumin was recognized as a three-star green factory, utilizing all generated electricity through a distributed photovoltaic power station installed in collaboration with a local new energy technology company[44]. - The company has implemented comprehensive measures for hazardous waste management, ensuring proper classification, collection, recycling, and disposal[43]. Strategic Initiatives - The company plans to continue focusing on its core business of manufacturing and selling BMW vehicles and automotive components, as well as providing automotive financial services[37]. - The group is actively exploring investment opportunities in NEV manufacturing and component supply, aiming to enhance profitability and shareholder value[101]. - The group plans to develop new electric vehicle products, including the "Sea Lion" and "Sea Lion King" series, to align with the growing NEV market[102]. - The company has established strategic partnerships with Tesla and other NEV manufacturers, focusing on retail finance and lightweight aluminum products[45]. Employee and Management - The company employed approximately 1,200 employees as of December 31, 2023, down from approximately 1,300 employees as of December 31, 2022, with employee costs for the year amounting to RMB 238,100,000, a decrease from RMB 341,700,000 in the previous year[104]. - The company has developed its own online training platform to enhance employee training and reduce travel needs for sales and training teams[105]. - The company has established a succession plan to ensure a solid talent foundation for long-term development[105]. Financial Services - The automotive financial services generated revenue of RMB 279,200,000 for the year ended December 31, 2023, representing a 10.5% increase from RMB 252,800,000 in 2022, accounting for 25% of total revenue[112]. - Huachen Dongya Automotive Finance has implemented a comprehensive risk control mechanism focusing on risk identification, analysis, and continuous monitoring[117]. - The non-performing loan rate is a critical benchmark for assessing asset quality, with rising rates potentially impacting external funding capabilities[119]. Related Party Transactions - The group entered into several related party transactions in 2023, which are classified as continuing connected transactions under the listing rules[79]. - The group has ongoing related party transactions with Brilliance, which include sales of vehicles and components, and purchases of materials and services, approved by independent shareholders[80][82]. Dividends and Shareholder Information - The board declared two special dividends of HKD 0.96 per share from the proceeds of selling a 25% stake in Huachen BMW[14]. - The company declared a special dividend of HKD 0.96 per share on January 13, 2023, and July 18, 2023, with payments made on February 27, 2023, and August 31, 2023[49]. - No dividends will be proposed for the fiscal year ending December 31, 2023, consistent with the previous year[49].

Core Insights - BRILLIANCE CHI (01114) reported annual results for the year ending December 31, 2023, with revenue of 1.121 billion RMB, a year-on-year decrease of 0.82% [1] - The company's net profit attributable to shareholders was 7.735 billion RMB, reflecting an increase of 8.23% year-on-year [1] - Basic earnings per share stood at 1.53312 RMB [1] Revenue Analysis - The decline in revenue was primarily attributed to a continuous drop in demand for automotive parts related to traditional fossil fuel vehicles [1] - This decline was offset by a rising demand from manufacturers of electric and hybrid vehicles [1] Financial Services Contribution - The automotive finance market showed strong demand, leading to increased revenue contributions from Huachen Dongya Automotive Finance in the second half of 2023 [1]

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 1,121,454,000, a slight decrease of 0.24% from RMB 1,130,725,000 in 2022[3] - Gross profit increased to RMB 288,479,000, up 22.36% from RMB 235,572,000 in the previous year[3] - Interest income rose significantly to RMB 670,174,000, compared to RMB 416,323,000 in 2022, marking an increase of 60.73%[3] - Net profit for the year was RMB 7,736,451,000, representing an increase of 8.23% from RMB 7,146,830,000 in 2022[4] - Basic and diluted earnings per share increased to RMB 1.53312, up from RMB 1.41655 in the previous year, reflecting a growth of 8.25%[4] - Total comprehensive income for the year was RMB 8,296,150,000, slightly down from RMB 8,412,138,000 in 2022[6] Assets and Liabilities - Non-current assets decreased to RMB 19,851,940,000 from RMB 21,698,019,000, a decline of 8.49%[8] - Cash and cash equivalents increased to RMB 30,845,795,000, up from RMB 28,463,276,000, an increase of 8.43%[8] - Total liabilities decreased to RMB 3,178,664,000 from RMB 3,114,199,000, a reduction of 2.06%[9] - Total equity attributable to equity holders of the company was RMB 51,118,104,000, down from RMB 51,445,254,000, a decrease of 0.64%[9] Accounting Policies and Standards - The consolidated financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and the relevant accounting policies remain consistent with those adopted in the previous year[12] - The adoption of new and revised Hong Kong Financial Reporting Standards did not have a significant impact on the group's consolidated financial statements, except for the changes in accounting policy disclosures[15] - The group has adopted HKAS 1 (Revised) which changes the terminology from "major accounting policies" to "significant accounting policy information"[16] - The group has also adopted HKAS 8 (Revised), which defines accounting estimates as monetary amounts in financial statements affected by measurement uncertainty[16] - The measurement basis for preparing the consolidated financial statements is historical cost, except for financial instruments measured at fair value[22] Revenue Sources - Sales of automotive parts amounted to RMB 842,240,000 in 2023, down 4.1% from RMB 877,945,000 in 2022[26] - Interest and service fee income from automotive financial services increased to RMB 279,214,000 in 2023, up 10.5% from RMB 252,780,000 in 2022[26] - The largest customer contributed approximately RMB 156,535,000, accounting for 14% of total revenue in 2023, compared to 22% in 2022[26] - The company reported a total capital expenditure of RMB 33,872 thousand for self-owned assets in 2022[37] Market Performance - Sales in China decreased to RMB 714,091,000 in 2023, down 9.2% from RMB 777,845,000 in 2022[27] - Sales in Europe increased to RMB 72,548,000 in 2023, up 31.1% from RMB 55,385,000 in 2022[27] - Domestic sales of BMW vehicles reached 709,954 units in 2023, a 6.8% increase from 664,934 units in 2022, with BEV sales growing by 110.6% to 95,550 units[71] Research and Development - Research and development costs increased to RMB 31,590 thousand in 2023 from RMB 19,078 thousand in 2022[39] - The company has completed sample trials for a camshaft design improvement project in collaboration with Shanghai Jiao Tong University, aiming to enhance diesel engine combustion efficiency[86] Strategic Initiatives - The company plans to continue exploring strategic investment projects within the automotive industry value chain for sustainable business growth[63] - The company aims to enhance profitability and shareholder value by exploring various investment opportunities, including collaboration with BMW for automotive parts supply and potential expansion into NEV manufacturing[82] - Brilliance Renault expects to develop electric products under the Jinbei brand, targeting the growing NEV market and aiming to create a well-known brand in LCVs[83] Corporate Governance - The company has adopted the standard code for securities trading by directors and confirmed compliance for the year ended December 31, 2023[105] - The company has maintained compliance with the corporate governance code throughout the fiscal year ending December 31, 2023[106] - The audit committee has reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2023[108] Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.96 per share, totaling approximately RMB 4,443,390,000, with no dividends declared for the previous year[54] - The company declared special dividends of HKD 0.96 per share on January 13, 2023, and July 18, 2023, with payments made on February 27, 2023, and August 31, 2023[96]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 507,855,000, a decrease of 8.9% compared to RMB 557,527,000 for the same period in 2022[4] - Gross profit increased to RMB 142,315,000, up 42.7% from RMB 99,605,000 year-on-year[4] - Net profit for the period was RMB 3,745,486,000, representing a 17.7% increase from RMB 3,180,488,000 in the previous year[6] - Basic and diluted earnings per share rose to RMB 0.74211, compared to RMB 0.63039 for the same period last year, marking a 17.7% increase[4] - Total comprehensive income for the period was RMB 4,731,508,000, up 48.8% from RMB 3,172,097,000 in 2022[6] - The company reported a profit attributable to shareholders of RMB 3,744,137 thousand for the first half of 2023, compared to RMB 3,180,360 thousand in the same period of 2022, marking an increase of approximately 18%[13] - The company reported a pre-tax profit of RMB 4,022,647,000 for the six months ended June 30, 2023, compared to RMB 3,176,676,000 for the same period in 2022, reflecting a growth of 26.6%[28] - The group’s unaudited profit before income tax increased by 26.6% from RMB 3,176,700,000 in the first half of 2022 to RMB 4,022,600,000 in the same period of 2023[96] Assets and Liabilities - Non-current assets totaled RMB 27,061,020,000 as of June 30, 2023, compared to RMB 21,698,019,000 at the end of 2022, reflecting a significant increase[8] - Current assets decreased to RMB 29,445,521,000 from RMB 33,728,585,000 at the end of 2022, indicating a reduction in liquidity[9] - Total liabilities increased to RMB 3,644,841,000 from RMB 3,114,199,000, suggesting a rise in financial obligations[9] - The company’s total assets increased to RMB 52,216,827 thousand as of June 30, 2023, compared to RMB 46,976,786 thousand as of June 30, 2022, indicating a growth of around 11%[13] - The total liabilities as of June 30, 2023, were RMB 3,736,658,000, an increase from RMB 3,209,777,000 as of December 31, 2022, representing a rise of 16.4%[30] - The company’s equity attributable to shareholders rose to RMB 51,996,961,000 from RMB 51,445,254,000, indicating a growth in shareholder value[9] Cash Flow - The net cash used in operating activities for the first half of 2023 was RMB (600,607) thousand, compared to RMB 850,172 thousand in the same period of 2022, indicating a significant decline in cash flow from operations[16] - The net cash generated from investing activities in the first half of 2023 was RMB 409,107 thousand, a substantial decrease from RMB 17,252,758 thousand in the first half of 2022[16] - The net cash used in financing activities for the first half of 2023 was RMB (3,650,177) thousand, compared to RMB (1,212,075) thousand in the same period of 2022, reflecting increased financing outflows[16] - The cash and cash equivalents decreased to RMB 24,621,599 thousand as of June 30, 2023, from RMB 28,463,276 thousand at the beginning of the year[16] Business Segments - The company identified three main business segments: manufacturing and sales of automotive parts, manufacturing and sales of BMW vehicles and parts, and providing automotive financial services[27] - The company began supplying automotive parts to electric vehicle manufacturers in the first half of 2023 to offset declines in sales to traditional automakers[88] Shareholder Information - The company declared a special dividend of HKD 0.96 per share on January 13, 2023, totaling HKD 4,843,458,000, and another special dividend of HKD 0.96 per share on July 18, 2023, also totaling HKD 4,843,458,000[41] - Major shareholders include Huachen with 1,535,074,988 shares (30.43%), and Liaoning Transportation Investment Group with 600,000,000 shares (11.89%)[130] - The company’s directors and senior management hold a total of 6,200,000 shares, representing 0.12% of the issued share capital[131] Restructuring and Investments - The company has entered into a restructuring investment agreement with Brilliance Renault, proposing to inject RMB 1.36 billion in cash, which would result in the company holding 80.98% of Brilliance Renault's equity after the restructuring[32] - The restructuring of Brilliance Renault includes a proposed capital injection of up to RMB 1.36 billion to support its debt restructuring, with the plan approved by the Shenyang Intermediate People's Court[101] Market Trends and Strategies - The company plans to leverage the growing NEV market, supported by new government measures aimed at promoting automotive consumption and enhancing NEV infrastructure[97] - The new fully electric BMW i3 40L model was launched on February 20, 2023, marking a significant milestone in the company's commitment to electrification and digitalization[98] - The company is implementing the iFactory production strategy, utilizing data science, AI, and virtual technologies to enhance production efficiency and sustainability[98] Legal Matters - Brilliance China Automotive Holdings Limited is involved in multiple legal cases with China Everbright Bank, including a total of RMB 1.818 billion, RMB 30 million, RMB 156 million, RMB 208 million, and RMB 490 million in litigation judgments[152] - Harbin Bank has applied for a retrial regarding a RMB 300 million lawsuit and requested enforcement of the judgment from the Liaoning Provincial High Court[152]

Loan Portfolio and Borrowers - As of December 31, 2022, the loan portfolio of Brilliance China Automotive Holdings Limited amounted to RMB 2,469,000,000, with RMB 2,308,000,000 provided by Brilliance Dongya Automotive Finance itself[2] - The total number of borrowers in the loan portfolio was 32,000 as of December 31, 2022, including 22,094 individuals and 9,906 enterprises[3] - The largest single borrower accounted for approximately 0.28% of the outstanding receivables, demonstrating a diversified risk profile[3] NEV Financing Focus - The NEV-related business accounted for 93.1% of new business in 2022 and 84.1% of the loan balance by the end of 2022, establishing Brilliance Dongya as a leading NEV financing provider[2] - The company has shifted its focus from traditional ICE vehicle financing to NEV financing since 2021, responding to the growing demand in the market[2] Credit Quality and Risk Management - The overdue loan amount represented only 0.11% of the loan portfolio as of December 31, 2022, indicating strong credit quality[4] - The company has established a debt-to-income ratio monitoring mechanism to assess high debt-to-income ratio customers, ensuring prudent credit approval[6] - The company’s non-performing loan ratio is a critical indicator of asset quality, with an increase potentially affecting external financing capabilities and related costs[6] - The company’s credit risk assessment considers overdue situations, customer demographics, historical default records, and collateral values[7] Loan Repayment and Deferrals - During the year, 401 requests for loan repayment deferrals were approved, with approximately 80% of those customers subsequently repaying their loans[4] - The company has implemented comprehensive internal control procedures to monitor loan statuses and determine recovery actions[6] Financial Performance and Receivables - Total accounts receivable amounted to RMB 2,468,633,000 in 2022, down from RMB 3,514,556,000 in 2021, representing a decrease of approximately 29.8%[9] - The expected credit loss allowance was RMB 44,682,000 in 2022, compared to RMB 63,436,000 in 2021, indicating a reduction of about 29.5%[9] - Net accounts receivable after deducting expected credit loss was RMB 2,423,951,000 in 2022, down from RMB 3,451,120,000 in 2021, a decrease of approximately 29.8%[9] - The total recoverable accounts receivable due within one year was RMB 1,134,146,000 in 2022, down from RMB 1,973,296,000 in 2021, a decrease of approximately 42.6%[9] - Long-term accounts receivable stood at RMB 1,314,172,000 in 2022, compared to RMB 1,517,536,000 in 2021, reflecting a decline of about 13.4%[9] Overdue Receivables - As of December 31, 2022, the total overdue receivables amounted to RMB 79,964,000, a 6.9% increase from RMB 74,995,000 in 2021[11] - Overdue receivables aged 1 to 60 days were RMB 65,932,000, up from RMB 61,107,000, while those aged 61 to 90 days increased significantly to RMB 6,490,000 from RMB 3,155,000[11] - The total overdue receivables aged over 120 days decreased to RMB 3,398,000 from RMB 5,072,000 in 2021, indicating improved collection efforts[11] Impairment Losses - The company recognized a total impairment loss of RMB 23,393,000 for the year ended December 31, 2022, primarily due to the negative impact of the COVID-19 pandemic in China[14] - The expected credit loss allowance for Level 3 receivables was 100%, consistent with the previous year[12] - The company reported a significant increase in the expected credit loss allowance for Level 2 receivables, remaining at 60%[12] Governance Structure - The board of directors includes four executive directors and four independent non-executive directors, ensuring a diverse governance structure[15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED （ 華 晨 中 國 汽 車 控 股 有 限 公 司）* （於百慕達註冊成立之有限公司） （股份代號：1114） 截至二零二三年六月三十日止六個月之 未經審核中期業績公佈 業績 華晨中國汽車控股有限公司（「本公司」）董事會（「董事會」）公佈本公司及其 附屬公司（ 統稱為「本集團」）截至二零二三年六月三十日止六個月之未經審核 綜合中期財務業績。董事會轄下之審核委員會已審閱未經審核綜合中期財務報 表。 簡明綜合損益表 （以人民幣千元列示，惟每股盈利金額除外） （ 未經審核） 截至六月三十日止六個月 二零二三年 二零二二年 附註 人民幣千元 人民幣千元 收益 4 507,855 557,527 銷售成本 (365,540) (457,922) ...

Financial Performance - In 2022, the company's revenue was RMB 1,130,725,000, a decrease of 47.3% compared to RMB 2,141,946,000 in 2021[6] - The net profit for the year was RMB 7,146,830,000, down 31.9% from RMB 10,440,794,000 in the previous year[6] - The company's basic earnings per share for 2022 were RMB 1.41655, down from RMB 2.37064 in 2021[6] - The group’s consolidated revenue for the year ended December 31, 2022, was RMB 1,130,700,000, a decrease of 47.2% compared to RMB 2,141,900,000 for the year ended December 31, 2021[32] - The gross profit increased by 30.4% from RMB 180,700,000 in 2021 to RMB 235,600,000 in 2022, resulting in a gross margin improvement from 8.4% to 20.8%[32] - Interest income surged 8.4 times from RMB 49,800,000 in 2021 to RMB 416,300,000 in 2022, primarily due to the sale of a 25% equity stake in BMW Brilliance and related dividend income[33] - Other income rose by 161.4% from RMB 53,400,000 in 2021 to RMB 139,600,000 in 2022, mainly from compensation received for relocating a subsidiary[33] - The contribution from the joint venture BMW Brilliance decreased by 83.6% from RMB 14,514,800,000 in 2021 to RMB 2,379,800,000 in 2022, due to its reclassification from a joint venture to an associate company[35] - The group recorded a gain of RMB 4,895,900,000 from the sale of a 25% equity stake in BMW Brilliance, effective February 11, 2022[38] - In 2022, the company recorded a net profit attributable to equity holders of RMB 7,146,900,000, a decrease of 40.2% compared to RMB 11,960,500,000 in 2021[39] - The return on invested capital (ROIC) for 2022 was 15.5%, compared to 29.2% in 2021[39] - The company reported a pre-tax profit of RMB 7,142,800,000 in 2022, down from RMB 10,459,600,000 in 2021[39] Production and Sales - The company sold over 45,000 units of the new BMW i3 model, with NEVs sales increasing by 93.4% to 6,900,000 units in China[10] - The company plans to increase the production of NEVs, which are expected to represent a larger share of total output in the future[10] - BMW Brilliance's domestic sales reached 664,934 vehicles in 2022, a 2.0% increase from 652,000 vehicles sold in 2021[37] - The number of battery electric vehicles (BEVs) sold by BMW Brilliance increased by 102.0% from 22,452 in 2021 to 45,364 in 2022[37] Assets and Liabilities - The total assets of the company as of December 31, 2022, were RMB 55,426,604,000, with non-current assets at RMB 21,698,019,000[6] - The company’s total liabilities included current liabilities of RMB (3,114,199,000) and non-current liabilities of RMB (95,578,000)[6] - The group’s total liabilities decreased to RMB 3,209,800,000 as of December 31, 2022, compared to RMB 8,776,700,000 a year prior[118] Dividends and Shareholder Returns - The board declared a special dividend of HKD 0.96 per share following the sale of a 25% stake in Huachen BMW[15] - A special dividend of HKD 0.96 per share was declared on January 13, 2023, and paid on February 27, 2023[58] - The board of directors will inform shareholders of decisions regarding the use of net proceeds from the sale of a 25% equity stake in Brilliance BMW by June 30, 2023[58] Strategic Initiatives and Partnerships - The company aims to explore strategic investment projects within the automotive industry value chain for sustainable business growth[15] - Huachen Dongya is expanding its business by collaborating with selected Chinese NEV partners such as Tesla and Li Auto[15] - The group has established strategic partnerships with Tesla and other NEV manufacturers to enhance its retail finance core business strategy[55] Governance and Leadership - The company has established various committees, including the Compensation Committee and Nomination Committee, to ensure effective governance and oversight[141] - The leadership team includes independent non-executive directors with extensive backgrounds in finance and automotive engineering, contributing to robust corporate governance[146] - The company emphasizes adherence to the Corporate Governance Code, ensuring compliance with applicable laws and regulations to enhance shareholder value[154] - The board consists of eight members, including four executive directors and four independent non-executive directors, ensuring compliance with listing rules regarding independence[162] Environmental and Social Responsibility - The group continues to implement measures to reduce GHG emissions, with approximately 95% of emissions coming from electricity usage in production operations[49] - The company has expanded its environmental, social, and governance (ESG) reporting scope, with total emissions, wastewater, electricity, and waste significantly increasing compared to 2021[48] - The company is committed to enhancing its sustainable development performance by monitoring global and Chinese environmental policies and regulations[51] Employee and Operational Metrics - As of December 31, 2022, the group employed approximately 1,300 employees, a decrease from about 4,113 employees as of December 31, 2021[127] - Employee costs for the year ended December 31, 2022, amounted to RMB 341.7 million, down from RMB 480 million for the year ended December 31, 2021[127] Legal and Compliance Issues - The company has faced significant legal challenges, including a court ruling requiring it to fulfill obligations related to a RMB 300 million lawsuit[46] - The company has not issued any stock options to directors or major shareholders during the reporting period, maintaining compliance with individual limits set forth in the stock option plan[72] Future Outlook - The company plans to continue focusing on its core business of manufacturing and selling BMW vehicles, automotive parts, and providing automotive financial services[42] - The group plans to launch new internal combustion and pure electric BMW models in the Chinese market, including the new X1 model in 2023[123] - The company aims to enhance its competitive edge through strategic partnerships and potential mergers and acquisitions in the automotive market[142]