EF001 免責聲明 | 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告的內容概不負責，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 | | | --- | --- | | 公告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。 股票發行人現金股息公告 | | | 發行人名稱 | BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED | | 股份代號 | 01114 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月22日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.8 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 ...

[Performance Overview](index=1&type=section&id=%E6%A5%AD%E7%B8%BE) The Group's financial performance for the first half of 2025 shows increased revenue and profit attributable to equity holders, alongside changes in comprehensive income and balance sheet items [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group recorded revenue of **RMB 561,692 thousand**, gross profit of **RMB 93,478 thousand**, and profit attributable to equity holders of **RMB 1,701,404 thousand** for the first half of 2025, with basic earnings per share of **RMB 0.33723**, showing growth from the prior period Condensed Consolidated Statement of Profit or Loss | Metric | 1H 2025 (RMB '000) | 1H 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 561,692 | 518,038 | | Cost of Sales | (468,214) | (414,486) | | Gross Profit | 93,478 | 103,552 | | Other Income | 14,829 | 8,088 | | Interest Income | 78,164 | 295,169 | | Selling Expenses | (33,440) | (12,463) | | General and Administrative Expenses | (279,895) | (176,593) | | Share of Results of Associates | 2,048,529 | 2,734,677 | | Profit for the Period | 1,654,217 | 1,465,637 | | Profit Attributable to Equity Holders of the Company | 1,701,404 | 1,473,258 | | Basic Earnings Per Share | RMB 0.33723 | RMB 0.29201 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E5%A0%B1%E8%A1%A8) The Group's total comprehensive income for the first half of 2025 significantly increased to **RMB 3,243,017 thousand** from **RMB 1,196,013 thousand** in the prior period, primarily due to a turnaround in the share of other comprehensive income (expense) of associates Condensed Consolidated Statement of Comprehensive Income | Metric | 1H 2025 (RMB '000) | 1H 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the Period | 1,654,217 | 1,465,637 | | Share of Other Comprehensive Income (Expense) of Associates | 1,588,677 | (270,274) | | Total Comprehensive Income for the Period | 3,243,017 | 1,196,013 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 3,290,204 | 1,203,634 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets decreased to **RMB 27,406,376 thousand** from **RMB 29,105,715 thousand** at December 31, 2024, with reductions in net current assets and net assets, while total equity remained at **RMB 25,602,221 thousand** Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Total Non-current Assets | 15,914,768 | 15,686,102 | | Total Current Assets | 11,491,608 | 13,419,613 | | Total Current Liabilities | 1,635,457 | 1,835,649 | | Net Current Assets | 9,856,151 | 11,583,964 | | Total Assets Less Current Liabilities | 25,770,919 | 27,270,066 | | Net Assets | 25,602,221 | 27,097,881 | | Total Equity | 25,602,221 | 27,097,881 | [Notes to Financial Statements](index=6&type=section&id=%E9%99%84%E8%A8%BB) This section details the Group's organizational structure, accounting policies, segment information, and specific financial items, including provisions and receivables [Organization and Operations](index=6&type=section&id=%E7%B5%84%E7%B9%94%E5%8F%8A%E7%87%9F%E9%81%8B) Brilliance China Automotive Holdings Limited is incorporated in Bermuda, listed on the HKEX, with Shenyang Automotive Group Co., Ltd. as its ultimate largest shareholder, and its principal businesses are detailed in Note 4 - Company incorporated in Bermuda on June 9, 1992, with shares traded on the Main Board of the Hong Kong Stock Exchange[11](index=11&type=chunk) - Shenyang Automotive Group Co., Ltd. is considered the Company's single ultimate largest shareholder, indirectly holding a **29.99% equity interest**[11](index=11&type=chunk) [Compliance Statement and Accounting Policies](index=6&type=section&id=%E9%81%B5%E4%BE%8B%E8%81%B2%E6%98%8E%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated interim financial statements are prepared in accordance with HKFRS 34 and HKEX Listing Rules, adopting the same accounting policies as the 2024 annual financial statements, except for the adoption of revised HKFRSs - Condensed interim financial statements prepared in accordance with applicable disclosure provisions of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting" issued by the HKICPA[13](index=13&type=chunk) - These statements are prepared using the same accounting policies as the consolidated annual financial statements for the year ended December 31, 2024, except for the adoption of revised HKFRSs[13](index=13&type=chunk) [Adoption of Revised HKFRSs](index=6&type=section&id=%E6%8E%A1%E7%B4%8D%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) The Group first applied HKAS 21 (Amendment) "Lack of Exchangeability" during this period, but its adoption had no impact on the preparation and presentation of results and financial position for current or prior periods - The Group first applied HKAS 21 (Amendment) "Lack of Exchangeability"[15](index=15&type=chunk) - The adoption of revised HKFRSs had no impact on the preparation and presentation of the results and financial position for the current and prior periods[15](index=15&type=chunk) [Revenue and Segment Information](index=7&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's principal businesses include manufacturing and sales of BMW vehicles and parts, non-BMW vehicles and parts, and providing auto financing services, with non-BMW vehicle sales increasing and auto financing revenue decreasing in 1H 2025 - The Group's principal businesses include manufacturing and sales of BMW vehicles and parts through BMW Brilliance, non-BMW vehicles and parts through Jinbei Shenyang, Ningbo Yumin, and Mianyang Rui'an, and providing auto financing services through Brilliance East Asia Auto Finance[16](index=16&type=chunk) Revenue by Source | Revenue Source | 1H 2025 (RMB '000) | 1H 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of non-BMW vehicles and auto parts | 481,951 | 405,380 | | Interest and service fee income from auto financing services | 79,741 | 112,658 | | **Total Revenue** | **561,692** | **518,038** | Segment Sales to External Customers | Segment | 1H 2025 Segment Sales to External Customers (RMB '000) | 1H 2024 Segment Sales to External Customers (RMB '000) | | :--- | :--- | :--- | | Manufacturing and sales of non-BMW vehicles and auto parts | 481,951 | 405,380 | | Manufacturing and sales of BMW vehicles and parts | 85,796,182 | 111,521,948 | | Providing auto financing services | 79,741 | 112,658 | | **Total** | **561,692** | **518,038** | [Profit Before Income Tax Expense](index=10&type=section&id=%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before income tax expense for the period decreased to **RMB 1,906,261 thousand** from **RMB 2,937,756 thousand** in the prior period, mainly due to significant increases in impairment losses on property, plant and equipment and research and development costs Items Deducted from Profit Before Income Tax Expense | Item | 1H 2025 (RMB '000) | 1H 2024 (RMB '000) | | :--- | :--- | :--- | | Allowance for expected credit losses on loans receivable | 34,344 | 24,608 | | Cost of inventories | 449,924 | 379,184 | | Amortisation of intangible assets | 15,519 | 9,439 | | Depreciation of property, plant and equipment | 54,203 | 48,862 | | Impairment loss on property, plant and equipment | 55,486 | – | | Employee costs | 145,550 | 116,157 | | Research and development costs | 52,701 | 16,579 | | Exchange losses, net | 21,269 | 42,577 | [Income Tax Expense](index=11&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for the period significantly decreased to **RMB 252,044 thousand** from **RMB 1,472,119 thousand** in the prior period, primarily due to a substantial reduction in PRC dividend withholding tax Income Tax Expense Breakdown | Item | 1H 2025 (RMB '000) | 1H 2024 (RMB '000) | | :--- | :--- | :--- | | PRC Enterprise Income Tax - Current Period | 2,044 | 969 | | PRC Dividend Withholding Tax | 250,000 | 1,474,000 | | **Total Income Tax Expense** | **252,044** | **1,472,119** | [Earnings Per Share](index=11&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share for the six months ended June 30, 2025, was **RMB 0.33723**, with diluted earnings per share being the same as basic earnings per share due to no outstanding potentially dilutive ordinary shares - Basic earnings per share calculated based on profit attributable to equity holders of the Company of **RMB 1,701,404,000** divided by the weighted average of **5,045,269,000** ordinary shares[28](index=28&type=chunk) - Diluted earnings per share is the same as basic earnings per share as there were no potentially dilutive ordinary shares outstanding during the period[28](index=28&type=chunk) [Dividends](index=11&type=section&id=%E8%82%A1%E6%81%AF) The Company declared a special dividend of **HKD 1.0 per share**, totaling **RMB 4,738,677 thousand**, on March 3, 2025, and the Board declared an interim dividend of **HKD 0.8 per share** on August 22, 2025 Dividends Declared | Dividend Type | 1H 2025 (RMB '000) | 1H 2024 (RMB '000) | | :--- | :--- | :--- | | Special Dividend | 4,738,677 | 27,210,904 | | Interim Dividend | HKD 0.8/share (2025) | None (2024) | [Short-term Bank Deposits](index=12&type=section&id=%E7%9F%AD%E6%9C%9F%E9%8A%80%E8%A1%8C%E5%AD%98%E6%AC%BE) As of June 30, 2025, total short-term bank deposits were **RMB 1,236,152 thousand**, including **RMB 748,000 thousand** in time deposits and **RMB 488,152 thousand** in pledged and restricted short-term bank deposits, with restricted deposits primarily related to unauthorized guarantee events Short-term Bank Deposits Breakdown | Deposit Type | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Time Deposits | 748,000 | – | | Restricted Short-term Bank Deposits | 347,200 | 347,200 | | Short-term Bank Deposits Pledged for Bank Acceptance Bills | 140,952 | 234,915 | | **Total Short-term Bank Deposits** | **1,236,152** | **582,115** | - As of June 30, 2025, the Group had cumulatively repaid approximately **RMB 1,362,863,000** directly from restricted short-term deposits under PRC court orders, reducing the relevant restricted short-term deposits to approximately **RMB 347,200,000**[31](index=31&type=chunk) [Trade Receivables](index=13&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE) As of June 30, 2025, total trade receivables amounted to **RMB 466,010 thousand**, with most amounts due in less than six months, and the Group maintains strict credit policies to mitigate credit risk Trade Receivables Composition | Trade Receivables Component | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables | 455,525 | 402,189 | | Amounts Due from Affiliated Companies | 10,485 | 1,362 | | **Total** | **466,010** | **403,551** | Aging Analysis of Trade Receivables | Aging Analysis | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Less than six months | 452,340 | 407,906 | | Six months to one year | 10,709 | 1,323 | | One year to two years | 1,599 | 883 | | Two years to five years | 19,302 | 20,629 | | Over five years | 19,387 | 17,957 | | Less: Allowance for Expected Credit Losses | (47,812) | (46,509) | | **Net** | **455,525** | **402,189** | - The Group's credit policy aims to minimize credit risk by conducting credit assessments for new customers and debtors and requiring deposits or letters of credit from major customers[33](index=33&type=chunk) [Trade Payables](index=14&type=section&id=%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE) As of June 30, 2025, total trade payables increased to **RMB 320,980 thousand** from **RMB 260,379 thousand** at December 31, 2024, with the majority of amounts due in less than six months Trade Payables Composition | Trade Payables Component | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Payables | 311,501 | 249,835 | | Amounts Due to Affiliated Companies | 9,479 | 10,544 | | **Total** | **320,980** | **260,379** | Aging Analysis of Trade Payables | Aging Analysis | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Less than six months | 239,456 | 178,048 | | Six months to one year | 13,959 | 9,828 | | One year to less than two years | 11,694 | 13,255 | | Two years or more | 46,392 | 48,704 | | **Total** | **311,501** | **249,835** | [Loss Provision](index=14&type=section&id=%E虧%E6%90%8D%E6%92%A5%E5%82%99) Loss provision primarily stems from estimated losses related to Jinbei Auto Control's unauthorized guarantees for Brilliance Auto Group Holdings Co., Ltd.'s bank borrowings, with **RMB 1,362,863 thousand** cumulatively settled as of June 30, 2025, and management deems the provision adequate - Loss provision refers to estimated losses arising from Jinbei Auto Control's unauthorized guarantees for bank borrowings of Brilliance Auto Group Holdings Co., Ltd[36](index=36&type=chunk) - The Group recognized a provision of approximately **RMB 1,917,062,000** for related losses in prior years[37](index=37&type=chunk) - As of June 30, 2025, the Group had cumulatively settled debts and related legal fees totaling approximately **RMB 1,362,863,000**, and management considers the provision adequate[37](index=37&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth review of the Group's business performance, market outlook, liquidity, capital structure, and significant events during the period [Business Discussion and Analysis](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) The Group's 1H 2025 revenue increased by **8.4%** to **RMB 561.7 million**, driven by electric and hybrid vehicle orders, but partially offset by reduced auto financing income; gross margin declined to **16.6%** due to new order setup costs and unrecovered fixed costs, while interest income significantly decreased by **73.5%**, and share of results of associates (BMW Brilliance) fell by **25.1%** due to a **16.7%** drop in sales - The Group's unaudited consolidated revenue for 1H 2025 was **RMB 561.7 million**, an **8.4% increase** from 1H 2024, primarily due to steady growth in orders from electric and hybrid vehicle manufacturers[38](index=38&type=chunk) - Unaudited gross profit margin decreased from **20.0%** in 1H 2024 to **16.6%** in 1H 2025, mainly due to additional initial setup costs for new orders and unrecovered fixed costs at Jinbei Shenyang[39](index=39&type=chunk) - Unaudited interest income decreased by **73.5%** from **RMB 295.2 million** in 1H 2024 to **RMB 78.2 million** in 1H 2025, attributed to lower interest rates and a general reduction in bank deposits, cash, and cash equivalents[40](index=40&type=chunk) - The Group's share of results of associates (BMW Brilliance) decreased by **25.1%** from **RMB 2,734.7 million** in 1H 2024 to **RMB 2,048.5 million** in 1H 2025, primarily due to a decline in BMW Brilliance's performance[43](index=43&type=chunk) BMW Brilliance Sales Volume | BMW Brilliance Model | 1H 2025 Sales Volume (units) | 1H 2024 Sales Volume (units) | Change (%) | | :--- | :--- | :--- | :--- | | 1 Series | 2 | 81 | -97.5% | | 3 Series | 85,486 | 103,099 | -17.1% | | 5 Series | 61,127 | 43,660 | 40.0% | | X1 | 32,588 | 51,289 | -36.5% | | X2 | 298 | – | 99.3% | | X3 | 37,188 | 68,562 | -45.8% | | X5 | 39,032 | 45,741 | -14.7% | | **Total** | **260,455** | **312,730** | **-16.7%** | | Of which BEV | 27,591 | 50,750 | -45.6% | [Outlook](index=18&type=section&id=%E5%B1%95%E6%9C%9B) China's economy expanded steadily in 1H 2025 with **11.4%** growth in total vehicle sales and **40.3%** in NEV sales; BMW Brilliance plans new models and "Neue Klasse" production, Jinbei Shenyang aims for capacity expansion, Brilliance East Asia Auto Finance seeks new business models, and new products from Mianyang Rui'an, Ningbo Yumin, and Yuxin JV are expected to launch - China's economy grew by **5.3%** year-on-year in 1H 2025, with total vehicle sales increasing by **11.4%** and new energy vehicle sales by **40.3%**[47](index=47&type=chunk) - BMW Brilliance's total sales decreased by **16.7%** in 1H 2025, but it will add several new models and is preparing for the production of "Neue Klasse" models starting in 2026[48](index=48&type=chunk)[49](index=49&type=chunk) - Jinbei Shenyang has resumed production of the Haise, Haise King, and EV models, with a focus on gradually increasing production capacity and improving domestic and international sales and after-sales service systems during the year[50](index=50&type=chunk) - Brilliance East Asia Auto Finance faces increased competition from banks entering the auto finance sector, narrowing profit margins, and limited funding, prompting it to seek new business models, lower-cost funding sources, and strengthen risk management[51](index=51&type=chunk) - Mianyang Rui'an will focus on "three key areas" (new market product development, cost control, and safe production for delivery), while Ningbo Yumin will deepen cooperation with OEMs like BYD and develop lightweight aluminum alloy new products[52](index=52&type=chunk)[53](index=53&type=chunk) - The production base of Yuxin Zhixing Technology (Shenyang) Co., Ltd. is expected to be completed and gradually put into operation in 2H 2025, with smart cockpit and display products developed for Zeekr anticipated to commence mass production soon[54](index=54&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's cash and cash equivalents significantly decreased to **RMB 5,857 million** from **RMB 10,539.6 million** at the end of 2024, while short-term bank deposits increased to **RMB 1,236.2 million** and short-term bank borrowings decreased to **RMB 130 million**, with both trade receivables and inventory turnover days increasing Liquidity and Financial Resources Summary | Metric | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 5,857,011 | 10,539,550 | | Statutory Reserve Deposits with Central Bank | – | 42,500 | | Short-term Bank Deposits | 1,236,152 | 582,115 | | Trade Payables | 320,980 | 260,379 | | Bills Payable | 178,560 | 279,853 | | Short-term Bank Borrowings | 130,000 | 330,000 | - For the six months ended June 30, 2025, the Group's trade receivables turnover days were **139 days** (Year ended December 31, 2024: **123 days**), and inventory turnover days were **119 days** (Year ended December 31, 2024: **77 days**)[60](index=60&type=chunk) [Capital Structure and Financial Policies](index=20&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group's total assets were approximately **RMB 27,406.4 million**, primarily funded by share capital, reserves, total liabilities, and non-controlling interests, with **84.5%** of cash and cash equivalents denominated in RMB, and the Group manages short-term working capital and long-term capital expenditures through a combination of operational cash flow, bank borrowings, and other financing methods Funding Sources | Funding Source | As of June 30, 2025 (RMB '000) | As of Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Total Assets | 27,406,400 | 29,105,700 | | Share Capital | 397,200 | 397,200 | | Reserves | 24,215,300 | 25,663,800 | | Total Liabilities | 1,804,200 | 2,007,800 | | Contribution from Non-controlling Interests | 989,700 | 1,036,900 | - Of the Group's cash and cash equivalents, **84.5%** was denominated in RMB and **15.5%** in other currencies, with the increase in foreign currency proportion mainly due to a decrease in RMB-denominated cash and cash equivalents[62](index=62&type=chunk) - The Group primarily meets short-term working capital needs through operating cash flow, short-term bank borrowings, issuance of bank acceptance bills, and credit purchases from suppliers, and funds long-term capital expenditures through a combination of operating cash flow, bank borrowings, dividends, and capital market fundraising[63](index=63&type=chunk) [Capital Expenditure and Commitments](index=21&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E5%8F%8A%E6%89%BF%E6%93%94) In 1H 2025, the Group incurred **RMB 1,248.5 million** in capital expenditure, mainly for tools, machinery, construction in progress, software, and investments in new associates and joint ventures, with contracted capital commitments of **RMB 210.8 million** primarily for plant and machinery purchases - In 1H 2025, the Group incurred capital expenditure of **RMB 1,248,500,000**, primarily for the purchase of tools and dies, machinery and equipment, construction in progress, special software, and investments in a new associate and a joint venture[64](index=64&type=chunk) - As of June 30, 2025, the Group's contracted capital commitments amounted to **RMB 210,800,000**, related to capital expenditure for the purchase of plant and machinery[65](index=65&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=21&type=section&id=%E6%8C%81%E6%9C%89%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E8%B3%87%E4%BC%81%E6%A5%AD%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the Group increased its equity interest in Jinbei Shenyang to **87.3364%** with an additional **RMB 500 million** investment; BMW Brilliance remains a key associate, contributing **RMB 2,051.6 million** in profit and **RMB 2,143.96 million** in dividends; and the newly formed Yuxin joint venture, with a **50%** stake, was acquired for **RMB 700 million** - The Company invested an additional **RMB 500,000,000** in Jinbei Shenyang, with the industrial and commercial registration change completed on July 7, 2025, increasing the Group's interest in Jinbei Shenyang from **80.72%** to **87.3364%**[66](index=66&type=chunk) - As of June 30, 2025, the Group held a **25% equity interest** in BMW Brilliance, with a carrying amount of **RMB 10,885,000,000**, representing **39.7%** of the Group's total assets[68](index=68&type=chunk) - The Group's share of BMW Brilliance's profit was **RMB 2,051,600,000**, a **25% decrease** year-on-year, and dividends of **RMB 2,143,960,000** were received[68](index=68&type=chunk) - Jinbei Auto Control and TCL Ningbo signed a strategic joint venture agreement to establish Yuxin, in which the Group holds a **50% equity interest** with an investment cost of **RMB 700,000,000** in cash[69](index=69&type=chunk) [New Businesses and Products](index=22&type=section&id=%E6%96%B0%E6%A5%AD%E5%8B%99%E5%8F%8A%E6%96%B0%E7%94%A2%E5%93%81) BMW Brilliance will accelerate "Neue Klasse" development for 2026 local production, Jinbei Shenyang has upgraded facilities and expanded sales, Brilliance East Asia Auto Finance focuses on NEVs and digital strategy, Ningbo Yumin secured new product orders and collaborates on lightweight aluminum, Mianyang Rui'an strengthens existing and new markets, and Yuxin's smart cockpit and display products for Zeekr are nearing mass production - BMW Brilliance will accelerate the development of the "Neue Klasse" new generation of vehicles, with the first locally produced model to be manufactured at the Lydia plant in Shenyang, expected to commence in 2026[71](index=71&type=chunk) - Jinbei Shenyang has completed production process upgrades, with Haise, Haise King, and EV models successively put into production, restoring **80 dealers** and **105 service stations** domestically, and gradually resuming and developing overseas channels[72](index=72&type=chunk) - Brilliance East Asia Auto Finance is increasingly focusing on the new energy vehicle sector and leveraging digital strategies to enhance operational efficiency, streamline organizational layers, and optimize cost structures[73](index=73&type=chunk) - Ningbo Yumin has secured **12 new product orders**, including sunroof guide rails for the new generation BMW X5 and Beijing Benz GLE models, and is collaborating with BYD on lightweight aluminum alloy products[74](index=74&type=chunk) - Yuxin's smart cockpit products and smart display products developed for Zeekr are expected to commence mass production soon[74](index=74&type=chunk) [Employees, Remuneration Policy and Training Programs](index=24&type=section&id=%E5%83%B1%E5%93%A1%E3%80%81%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96%E5%8F%8A%E5%9F%B9%E8%A8%93%E8%A8%88%E5%8A%83) As of June 30, 2025, the Group employed approximately **1,890 employees** with employee costs of **RMB 145.6 million**, maintaining competitive remuneration based on performance and offering diverse training programs covering professional skills, quality, management, and leadership Employee Metrics | Metric | As of June 30, 2025 | As of June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 1,890 | 1,400 | | Employee Costs (RMB '000) | 145,600 | 116,200 | - The Group is committed to ensuring employee salaries are competitive with industry practices and current market conditions, with remuneration determined based on performance[76](index=76&type=chunk) - The Group provides various online and in-person training programs covering professional skills, quality improvement, business and product knowledge, professional ethics and safety, ESG issues, anti-corruption, management skills, leadership, and teamwork[77](index=77&type=chunk) [Pledge of Assets](index=24&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%BC%E8%A8%98) As of June 30, 2025, all short-term bank borrowings were unsecured; the Group pledged **RMB 141 million** in short-term bank deposits and approximately **RMB 38.1 million** in bank acceptance bills receivable from third parties and related parties as collateral for issued bank acceptance bills, with restricted short-term deposits of approximately **RMB 347.2 million** due to unauthorized guarantee events - As of June 30, 2025, all short-term bank borrowings were unsecured[78](index=78&type=chunk) - The Group pledged short-term bank deposits totaling **RMB 141,000,000** and bank acceptance bills receivable from third parties and affiliated companies of approximately **RMB 38,100,000** as collateral for issued bank acceptance bills[78](index=78&type=chunk) - As of June 30, 2025, due to litigation related to unauthorized guarantee events, the relevant restricted short-term deposits had been reduced to approximately **RMB 347,200,000**[79](index=79&type=chunk) [Plans for Material Investments or Additions of Capital Assets](index=25&type=section&id=%E6%9C%AA%E4%BE%86%E4%BD%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E6%B7%BB%E7%BD%AE%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E8%A8%88%E5%8A%83) As of the date of this announcement, the Group has no future plans for material investments or additions of capital assets beyond those already disclosed - As of the date of this announcement, the Group has no future plans for material investments or additions of capital assets other than those already disclosed[80](index=80&type=chunk) [Gearing Ratio](index=25&type=section&id=%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio was approximately **0.07**, a decrease from **0.08** at December 31, 2024, primarily due to a reduction in current liabilities resulting from decreased short-term bank borrowings - As of June 30, 2025, the Group's gearing ratio was approximately **0.07** (December 31, 2024: approximately **0.08**)[81](index=81&type=chunk) - The decrease in the gearing ratio was primarily due to a reduction in short-term bank borrowings as of June 30, 2025, leading to a decrease in current liabilities[81](index=81&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group conducts most transactions in RMB and believes exchange rate fluctuations have no significant impact on overall financial performance, holding some HKD cash to mitigate exchange rate risk for dividend distributions and potential investments, with no outstanding hedging transactions as of June 30, 2025 - The majority of the Group's transactions are denominated in RMB, and it believes that exchange rate fluctuations do not have a significant impact on the Group's overall financial performance[82](index=82&type=chunk) - To mitigate exchange rate fluctuation risks for dividend distributions and potential future investments requiring HKD, the Company holds certain HKD cash and cash equivalents[82](index=82&type=chunk) - As of June 30, 2025, the Group had no outstanding hedging transactions[82](index=82&type=chunk) [Contingent Liabilities](index=25&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[83](index=83&type=chunk) [Dividends](index=25&type=section&id=%E8%82%A1%E6%81%AF) The Company declared a special dividend of **HKD 1.0 per ordinary share** on March 3, 2025, paid on March 28, 2025, and the Board is pleased to declare an interim dividend of **HKD 0.8 per ordinary share** for 2025, expected to be paid on September 26, 2025 - The Board declared a special dividend of **HKD 1.0 per ordinary share** of the Company, which was paid on March 28, 2025[84](index=84&type=chunk) - The Board is pleased to declare an interim dividend of **HKD 0.8 per ordinary share** of the Company for 2025, expected to be paid on September 26, 2025[84](index=84&type=chunk) [Closure of Register of Members](index=25&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E6%89%8B%E7%BA%8C) To determine eligibility for the interim dividend, the Company's register of members will be closed from September 8 to September 9, 2025, with the record date set for September 9, 2025 - To determine eligibility for the interim dividend, the Company's register of members will be closed from September 8 to September 9, 2025 (both dates inclusive)[85](index=85&type=chunk) - The record date for this dividend is set for September 9, 2025[85](index=85&type=chunk) [Material Events Affecting the Group Since 30 June 2025](index=26&type=section&id=%E8%87%AA%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E8%B5%B7%E7%99%BC%E7%94%9F%E5%BD%B1%E9%9F%BF%E6%9C%AC%E9%9B%86%E5%9C%98%E4%B9%8B%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) Since June 30, 2025, the Group made a further capital contribution of **RMB 500 million** to Jinbei Shenyang, with the industrial and commercial registration change completed on July 7, 2025, increasing the Group's equity interest in Jinbei Shenyang to **87.3364%** - Since June 30, 2025, the Group made a further capital contribution of **RMB 500,000,000** to Jinbei Shenyang, with the industrial and commercial registration change completed on July 7, 2025, increasing the Group's equity interest in Jinbei Shenyang from **80.72%** to **87.3364%**[86](index=86&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[87](index=87&type=chunk) [Corporate Governance](index=26&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) This section outlines the Group's adherence to corporate governance codes, the composition and responsibilities of the Board and Audit Committee [Compliance with Corporate Governance Code](index=26&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) The Company generally complied with the Corporate Governance Code in 1H 2025, with the exception of Mr. Zhang Yue holding both Chairman and CEO roles, which the Board believes enhances leadership and strategic efficiency while maintaining sufficient checks and balances - The Group complied with all code provisions set out in Part 2 of Appendix C1 to the Listing Rules for the six months ended June 30, 2025, except as noted below[88](index=88&type=chunk) - Code Provision C.2.1 of the Corporate Governance Code stipulates that the roles of chairman and chief executive officer should be separate and not performed by the same individual; during 1H 2025, Mr. Zhang Yue served as both Chairman of the Board and Chief Executive Officer of the Company[88](index=88&type=chunk) - The Board believes that Mr. Zhang Yue's dual role as Chairman of the Board and Chief Executive Officer facilitates consistent leadership within the Company, enhancing the efficiency and effectiveness of the Company's overall strategic planning[88](index=88&type=chunk) [Review of Financial Statements](index=27&type=section&id=%E5%AF%A9%E9%96%B1%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Company's Audit Committee reviewed the Group's accounting principles and practices, and discussed auditing, internal controls, and financial reporting matters, including the unaudited condensed consolidated interim financial statements for the period, with all committee members being independent non-executive directors - The Company's Audit Committee reviewed the Group's accounting principles and practices and discussed auditing, internal controls, and financial reporting matters, including the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025[89](index=89&type=chunk) - The Audit Committee members include Mr. Jiang Bo, Mr. Song Jian, and Mr. Dong Yang, all of whom are independent non-executive directors of the Company, with Mr. Jiang Bo serving as Chairman of the Audit Committee[89](index=89&type=chunk) [Board of Directors](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the announcement date, the Board of Directors comprises three executive directors (Mr. Zhang Yue, Mr. Zhang Wei, Mr. Guo Hongbo) and four independent non-executive directors (Mr. Song Jian, Mr. Jiang Bo, Mr. Dong Yang, Dr. Lin Jielan) - The Board of Directors comprises three executive directors: Mr. Zhang Yue (Chairman and Chief Executive Officer), Mr. Zhang Wei, and Mr. Guo Hongbo; and four independent non-executive directors: Mr. Song Jian, Mr. Jiang Bo, Mr. Dong Yang, and Dr. Lin Jielan[90](index=90&type=chunk)

Core Viewpoint - Zeekr Automotive has launched an extended warranty service with promotional offers for both new and existing vehicle owners, effective from August 11, 2023 [1] Group 1: Extended Warranty Service - The extended warranty service is available until October 31, 2025, for first-time owners of non-commercial Zeekr vehicles that are less than 3 years old and within the original factory warranty period (6 years/150,000 km, whichever comes first) [1] - First-time owners can purchase the "lifetime extension" service at a promotional price within 15 days of vehicle delivery during the promotional period [1] Group 2: Charging Rights - The charging rights for first-time owners cannot be shared with additional vehicles purchased later [1] - In certain cases, eligible additional models may have the rights transferred [1]

摩根士丹利发布研报称，华晨中国(01114)盈警反映业绩受压，但仍好过之前预期，因为单位盈利能力 较稳定。大摩指，现时预测认为华晨宝马合资公司的净利润率更具韧性，预测2025至2027年间增幅为 0.5个百分点，但将期间的销售量预测下调约6%。大摩对华晨中国目标价由3港元升至3.4港元，评级"与 大市同步"。 华晨中国发盈警，预计6月止六个月税前溢利将较2024年同期减少34%至36%，原因是主要联营华晨宝 马业绩下滑。然而，预计税后溢利同比增加10%至13%，主要由于期间减少派发股息，令预扣税大幅减 少83%。 ...

智通财经APP获悉，摩根士丹利发布研报称，华晨中国(01114)盈警反映业绩受压，但仍好过之前预期， 因为单位盈利能力较稳定。大摩指，现时预测认为华晨宝马合资公司的净利润率更具韧性，预测2025至 2027年间增幅为0.5个百分点，但将期间的销售量预测下调约6%。大摩对华晨中国目标价由3港元升至 3.4港元，评级"与大市同步"。 华晨中国发盈警，预计6月止六个月税前溢利将较2024年同期减少34%至36%，原因是主要联营华晨宝 马业绩下滑。然而，预计税后溢利同比增加10%至13%，主要由于期间减少派发股息，令预扣税大幅减 少83%。 ...

大摩发表报告，认为盈警反映业绩受压，但仍好过该行之前预期，因为单位盈利能力较稳定；现时预测 认为华晨宝马合资公司的净利润率更具韧性，预测2025至2027年间增幅为0.5个百分点，但将期间的销 售量预测下调约6%。大摩对华晨中国目标价由3港元上调至3.4港元，评级"与大市同步"。 华晨中国发盈警，预计6月止六个月税前溢利将较2024年同期减少34%至36%，原因是主要联营华晨宝 马业绩下滑。然而，预计税后溢利按年增加10%至13%，主要由于期间减少派发股息，令预扣税大幅减 少83%。 ...

格隆汇8月12日丨BRILLIANCE CHI(01114.HK)宣布，将于2025年8月22日（星期五）在香港中环美利道 2号The Henderson 33楼3303室举行董事会会议，藉以（其中包括）考虑及批准本公司及其附属公司截至 2025年6月30日止六个月的未经审核综合中期财务业绩，以及考虑及批准宣派及派付股息（如有）。 ...

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 董事會會議通知 華 晨 中 國 汽 車 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 將 於 二 零 二 五 年 八 月 二 十 二 日（ 星 期 五 ）在 香 港 中 環 美 利 道2號 The Henderson 33樓3303 室 舉 行 董 事 會 會 議，藉 以（ 其 中 包 括 ）考 慮 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 中 期 財 務 業 績，以 及 考 慮 及 批 准 宣 派 及 派 付 股 息（ 如 有 ）。 承董事會命 Brilliance China Automotive Holdings Limited ...

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

Group 1 - The Hang Seng Index rose by 0.09%, gaining 22 points to close at 24,929 points, while the Hang Seng Tech Index fell by 0.39%. The morning trading volume in Hong Kong was HKD 110.2 billion [1] - Dairy stocks led the gains, with expectations that fertility subsidies will boost dairy product demand. Institutions noted that the meat and milk cycle is favorable for livestock companies. Notable stock performances include: Aoyuan Group up 35.62%, Modern Farming up 15%, and China Shengmu up 13% [1] - Hong Teng Precision (06088) saw a rise of over 7% due to the mass production ramp-up of its GB200 series products, while BYD Electronics (00285) increased by over 4% [1] - Zhonghui Biotechnology-B (02627) surged over 16% on its second day of trading, following a nearly 158% increase the previous day, with a total market capitalization exceeding HKD 15 billion [1] - Ping An Good Doctor (01833) rose by 5.6%, reporting significant achievements in its medical AI products and ongoing optimization of its business structure [1] - Huachen China (01114) increased by over 9%, with expected profit growth of 13% to 16% for the first half of the year [1] - Zhenjiu Lidu (06979) rose by over 8%, with institutions suggesting that policy variables are accelerating industry clearing, and performance bottoming is expected as early as the first half of next year [1] Group 2 - Lithium stocks fell in early trading, with strong expectations of a contraction in lithium supply. Analysts indicated that the overall demand increase for the second half of the year lacks imagination. Tianqi Lithium (09696) dropped by 8%, and Ganfeng Lithium (01772) fell by 5% [2]