Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion in 2023, representing a growth of 15% compared to the previous year[10]. - In 2023, the company's profit decreased by 72.0% year-on-year to 156 million RMB, primarily due to a decline in gross sales margin and impairment of goodwill and distributor rights[12]. - The group’s revenue for the year was approximately RMB 28,554.6 million, a slight decrease of 0.3% compared to RMB 28,654.7 million in 2022[27]. - Revenue from new passenger car sales decreased by 3.5% to approximately RMB 24,421.2 million, accounting for about 85.5% of total revenue[27]. - Gross profit decreased by approximately 17.5% to about RMB 2,077.9 million, with an overall gross margin decline of 1.5 percentage points to approximately 7.3%[29]. - The net profit for the year dropped by approximately 72.0% to about RMB 155.8 million, with a profit margin decrease of 1.4 percentage points to approximately 0.5%[32]. - The group maintained a healthy balance sheet and cash flow despite the challenging operating environment[25]. - The company reported a significant increase in overall revenue, with a year-over-year growth of 15% in the latest fiscal year[64]. Customer and Market Insights - User data showed an increase in active customers, reaching 500,000, which is a 20% increase year-over-year[10]. - The company reported a five-year financial summary ending December 31, 2023, with detailed performance and asset-liability overview available on page 180 of the annual report[30]. - In 2023, the domestic passenger car sales volume reached approximately 21.7 million units, a year-on-year increase of 5.6%[24]. - The sales volume of new energy vehicles increased significantly by 36.4% year-on-year to approximately 7.74 million units, with a market penetration rate rising by 8.1 percentage points to 35.7%[24]. Strategic Initiatives - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[10]. - New product launches included the introduction of two electric vehicle models, expected to contribute an additional 200 million in revenue[10]. - The company is exploring potential acquisitions to enhance its product offerings and market share[10]. - A strategic partnership was announced with a leading technology firm to develop autonomous driving solutions[10]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $30 million earmarked for potential acquisitions[64]. - The company aims to maintain a zero-cost absorption rate above 100%, ensuring survival even without vehicle sales in worst-case scenarios[14]. Operational Efficiency and Cost Management - Cash flow remained strong at 817 million RMB, with total cash increasing from 3.26 billion RMB to 3.90 billion RMB, and the debt ratio improved from 68.9% to 62.8%[12]. - The company is adjusting operational assumptions to focus on liquidity and cost reduction in response to macroeconomic challenges and increased competition from new energy vehicles[14]. - Cost control measures implemented have resulted in a 5% reduction in operational expenses[64]. - The company is focusing on cost control and efficiency improvements, identifying and eliminating inefficiencies in operations[20]. - Significant opportunities for cost rationalization and optimization exist in collaboration with brand partners, particularly in operational requirements[20]. Sustainability and Corporate Governance - The board emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[10]. - The management team emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 25% over the next five years[64]. - The company has implemented strict environmental protection measures to comply with current environmental laws and regulations[76]. - The company is committed to maintaining high standards of corporate governance and ethical principles to enhance shareholder value[129]. Shareholder and Financial Management - The interim dividend for the six months ended December 31, 2023, is proposed at RMB 0.0087 per share, with a final dividend of RMB 0.0330 per share for the year ending December 31, 2023, compared to RMB 0.1170 per share in 2022[34]. - The company reported a reserve available for distribution to shareholders of RMB 2,706,060,000 as of December 31, 2023, compared to RMB 1,348,940,000 as of December 31, 2022, reflecting a significant increase[78]. - The company aims to strengthen its financial position and support sustainable development through the share placement and subscription[46]. - The company plans to utilize the proceeds from the share issuance within three years, depending on market conditions[49]. Risk Management and Internal Controls - The company acknowledges the impact of macroeconomic conditions, government policies, and public health crises on its operations[73]. - The company has established a risk management and internal control system to effectively identify and evaluate emerging risks, ensuring timely management of related risks[167]. - The audit committee monitored the effectiveness of the internal control and risk management systems during the year[157]. - The board believes there are no significant internal control issues that could impact shareholders, and the risk management and internal control systems are deemed effective and sufficient[170]. Employee and Corporate Culture - The company emphasizes high turnover as a key operational principle, requiring continuous reflection and reinforcement to embed this culture[16]. - The company emphasizes a culture of respect for employees as responsible adults, allowing them to make decisions in their roles[21]. - The management acknowledges the importance of a supportive culture that encourages trial and error among employees[23]. - The company has established career development plans for employees, focusing on talent retention and growth[122].

Financial Performance - For the year ended December 31, 2023, the revenue was RMB 28,554.6 million, a decrease of 0.3% compared to RMB 28,654.7 million in the same period of 2022[2]. - Gross profit for the year was RMB 2,077.9 million, with a gross margin of 7.3%[2]. - The net profit for the year was RMB 155.8 million, down from RMB 555.9 million in 2022, representing a decline of approximately 72%[5]. - The basic earnings per share for the year was RMB 10.44, compared to RMB 40.93 in the previous year[6]. - The total dividend for the year was RMB 0.0417 per share, with a payout ratio of about 40%[2]. - The pre-tax profit for 2023 was RMB 384,474,000, down from RMB 863,540,000 in 2022, indicating a decrease of approximately 55.5%[32]. - The income tax expense for 2023 was RMB 228,694,000, compared to RMB 307,604,000 in 2022, a reduction of about 25.7%[31]. - The group’s profit for the year decreased by approximately 72.0% to about RMB 155.8 million, compared to RMB 555.9 million in the previous year, with a profit margin dropping from about 1.9% to approximately 0.5%[91]. Revenue Breakdown - Revenue from passenger car sales was RMB 24,421,186,000 in 2023, compared to RMB 25,297,011,000 in 2022, indicating a decline of about 3.45%[21]. - After-sales service revenue increased to RMB 4,133,367,000 in 2023 from RMB 3,357,723,000 in 2022, marking a growth of approximately 23%[21]. - New passenger vehicle sales revenue decreased by 3.5% to approximately RMB 24,421.2 million, accounting for about 85.5% of total revenue[86]. - After-sales service revenue increased by approximately 23.1% to about RMB 4,133.4 million, representing around 14.5% of total revenue[86]. Cash Flow and Liquidity - Cash generated from operating activities was RMB 1,034.8 million, down from RMB 1,626.0 million in 2022[12]. - The company reported a net cash inflow from investing activities of RMB 156.8 million, compared to a net outflow of RMB 3,483.5 million in the previous year[12]. - The company reported a net cash increase of RMB 723,295 thousand in 2023, compared to a decrease of RMB 1,001,855 thousand in 2022[13]. - The cash and cash equivalents at the end of 2023 were RMB 2,361,671 thousand, an increase from RMB 1,635,625 thousand at the end of 2022[13]. - The group’s cash and cash equivalents, along with bank deposits with maturities over three months, totaled approximately RMB 2,361.7 million, RMB 561.9 million, and RMB 971.5 million respectively[98]. Assets and Liabilities - Non-current assets decreased to RMB 7,847.7 million from RMB 8,350.9 million in 2022[8]. - Current assets increased to RMB 6,372.7 million from RMB 5,888.5 million in 2022, primarily due to an increase in cash and cash equivalents[8]. - Total equity increased to RMB 5,286.1 million from RMB 4,433.8 million in the previous year[10]. - Total loans and borrowings received amounted to RMB 11,989,067 thousand in 2023, down from RMB 12,861,255 thousand in 2022, indicating a decrease of approximately 6.8%[13]. - The asset-liability ratio as of December 31, 2023, was approximately 97.7%, down from 131.9% as of December 31, 2022[98]. Dividends and Shareholder Returns - The company paid dividends to equity shareholders totaling RMB 169,223 thousand in 2023, a significant decrease of 83.0% from RMB 994,706 thousand in 2022[13]. - The company declared an interim dividend of RMB 0.0087 per share for the year, down from RMB 0.0808 per share in the previous year, totaling RMB 11,712,000[72]. - The proposed final dividend is RMB 0.0330 per share, compared to RMB 0.1170 per share in the previous year, amounting to RMB 44,426,000[72]. Financing Activities - The company reported a net cash outflow from financing activities of RMB 250,293 thousand in 2023, contrasting with a net inflow of RMB 1,327,784 thousand in 2022[13]. - The company issued new shares, net of issuance expenses, amounting to RMB 871,191 thousand in 2023, compared to RMB 628,815 thousand in 2022, reflecting a growth of 38.5%[13]. - The company issued guaranteed zero-coupon convertible bonds totaling HKD 2,750,000,000 (approximately RMB 2,248,263,000) on January 14, 2022, receiving net cash of HKD 2,689,517,000 (approximately RMB 2,198,814,000) after transaction costs[66]. - The company repurchased convertible bonds with a total principal amount of HKD 231,000,000 during the year, with a total consideration of HKD 214,355,000 (approximately RMB 194,253,000)[70]. Operational Highlights - The company maintained a healthy cash flow with inventory turnover days reaching 12 days, enhancing cash flow recovery speed[84]. - The domestic passenger car sales volume was approximately 21.7 million units, a year-on-year increase of 5.6%[83]. - The penetration rate of new energy vehicles increased by 8.1 percentage points to 35.7%, with sales volume rising by nearly 36.4% to approximately 7.74 million units[83]. - The group operated a total of 78 stores as of December 31, 2023, an increase of 2 stores from 76 in the previous year, including 2 new Tesla after-sales service centers[97]. Taxation and Compliance - The group confirmed a withholding tax on dividends from China of RMB 80.5 million, based on dividends distributed of RMB 756.3 million for the year ending December 31, 2023, and an estimated future distribution of RMB 853.0 million[33]. - The current tax liabilities in the consolidated financial position as of December 31, 2023, amounted to RMB 124.99 million, compared to RMB 101.75 million in 2022[34]. - The group’s income tax expense for the year was approximately RMB 228.7 million, a decrease of about 25.7% from RMB 307.6 million in the previous year, primarily due to a reduction in pre-tax profits[90]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules[110]. Future Outlook - The annual revenue growth rate is projected to decline by 10.1% to 6.1% for 2024, with a slight recovery expected in 2025 at 1.3% to 3.8% and 2026 at 1.1% to 3.8%[53]. - The gross profit margin is estimated to range from 7.2% to 15.6% in 2024, improving to 8.2% to 16.6% in 2025, and further to 9.0% to 19.5% in 2026[53]. - The group intends to gradually repay certain loans and convertible bonds to reduce debt levels and financing costs, aiming for a more streamlined and efficient balance sheet structure[103].

智通财经APP获悉，美东汽车(01268)现跌超5%，截至发稿，跌4.73%，报2.62港元，成交额1063.67万港 元。 招银国际发布研究报告称，美东汽车2H23业绩面临新车毛利和商誉减值压力，如果FY24不再计提商誉 减值，预测美东净利润有望从2023年的8,000万元增长至2024年的3.7亿元。 该行指出，保时捷是最有望盈利改善的品牌，特别是2Q24以后，伴随库存下降到合理水平以及全新帕 拉梅拉的推出。该行预计今年保时捷在中国的销量将下滑13%至7万辆，美东的市占率15%，新车毛利 率有望改善0.5个百分点至2.5%，带动总新车毛利改善2400万元。宝马和雷克萨斯今年仍将面临挑战。 ...

智通财经APP获悉，招银国际发布研究报告称，维持美东汽车(01268)"买入"评级，如果FY24不再计提 商誉减值，预测美东净利润有望从2023年的8,000万元增长至2024年的3.7亿元，目标价4港元。公司发布 2H23业绩前瞻，认为糟糕的2023年已经成为过去。 招银国际主要观点如下： 2H23业绩面临新车毛利和商誉减值压力： 去年下半年，该行测算美东的新车销量环比增长1%至3.2万台，但平均售价的下滑可能导致新车收入环 比减少8%;该行估计售后服务收入有望环比增长5%至21亿元。该行测算去年下半年美东的新车毛利率由 正转负至-0.4%，但综合毛利率有望相比上半年改善0.4个百分点至7.5%，主要得益于售后的贡献。该行 认为美东面临商誉和无形资产减值的风险，该行假设下半年商誉减值为1亿元。综上，该行测算去年下 半年美东净利润环比增长5%至4,100万元。如果扣除减值的影响，2H23净利润有望环比1H23增长6,500 万元。 2024年展望： 该行认为保时捷是最有望盈利改善的品牌，特别是2Q24以后，伴随库存下降到合理水平以及全新帕拉 梅拉的推出。该行预计今年保时捷在中国的销量将下滑13%至7万辆，美东 ...

Financial Performance - For the first half of 2023, China MeiDong Auto Holdings Limited reported revenue of approximately RMB 14,088.7 million, representing a year-on-year increase of about 11.3% compared to RMB 12,658.4 million in the same period of 2022[8]. - New passenger vehicle sales revenue increased by 8.7% to approximately RMB 12,126.5 million, accounting for about 86.1% of total revenue[8]. - After-sales service revenue rose by approximately 30.3% to about RMB 1,962.2 million, driven by efficient operations and contributions from Porsche stores[8]. - The group's profit decreased by approximately 87.8% to about RMB 44.7 million, compared to RMB 366.6 million in the same period last year, with a profit margin dropping from about 2.9% to approximately 0.3%[13]. - Gross profit decreased by 25.0% to approximately RMB 1,001.1 million, with an overall gross margin decline of 3.4 percentage points to about 7.1%[10]. - Operating profit for the period was RMB 304.65 million, a decline of 54.4% compared to RMB 668.12 million in the previous year[58]. - The net profit attributable to equity shareholders was RMB 38.99 million, significantly lower than RMB 343.22 million in the same period last year[59]. - Basic earnings per share decreased to RMB 2.91 from RMB 27.02 year-on-year, reflecting a decline of 89.3%[59]. Revenue Breakdown - New passenger car sales revenue reached approximately RMB 12,126.5 million, an increase of about 8.7% year-on-year, with high-end brand sales contributing approximately RMB 10,826.1 million, accounting for about 89.3% of total new passenger car sales revenue[16]. - The revenue breakdown includes RMB 12,126,498 thousand from passenger car sales and RMB 1,962,175 thousand from after-sales services for the first half of 2023[72]. - Other income for the six months ended June 30, 2023, totaled RMB 123,446 thousand, compared to RMB 109,117 thousand in the same period of 2022, reflecting an increase of approximately 13.1%[77]. Cost and Expenses - Sales costs increased by 15.6% to approximately RMB 13,087.6 million, primarily due to growth in new passenger vehicle sales and after-sales services[9]. - The financing costs for the first half of 2023 amounted to RMB 149,293 thousand, up from RMB 127,146 thousand in the same period of 2022, indicating an increase of approximately 17.4%[79]. - Employee costs for the first half of 2023 were RMB 426,868 thousand, a decrease from RMB 478,109 thousand in the same period of 2022, representing a decline of approximately 10.7%[80]. - The company reported a decrease in convertible bonds from RMB 2,394,840 thousand to RMB 2,274,932 thousand, a reduction of about 5%[61]. Assets and Liabilities - The total equity of the group as of June 30, 2023, was approximately RMB 5,179.7 million, up from RMB 4,433.8 million as of December 31, 2022[20]. - The group’s total current assets were approximately RMB 6,244.8 million, compared to RMB 5,888.5 million at the end of 2022, while current liabilities decreased to approximately RMB 4,268.3 million from RMB 4,873.7 million[20]. - The cash and cash equivalents balance as of June 30 was RMB 1,745,531 thousand, down from RMB 3,496,358 thousand year-on-year[67]. - Trade receivables as of June 30, 2023, amounted to RMB 1,355,066,000, down from RMB 1,560,489,000 as of December 31, 2022, reflecting a decrease of 13.1%[97]. - Total loans and borrowings as of June 30, 2023, were RMB 1,697,948,000, a decrease of 11% from RMB 1,906,731,000 as of December 31, 2022[100]. Dividends - The board proposed an interim dividend of RMB 0.0087 per share, maintaining a payout ratio of about 30.0%[14]. - The interim dividend declared is RMB 0.0087 per share, down from RMB 0.0808 per share for the same period last year, totaling approximately RMB 11.7 million[54]. - The final dividend for the previous fiscal year approved for the next interim period is RMB 0.1170 per ordinary share, amounting to RMB 157,511,000, down from RMB 0.6991 per share totaling RMB 891,651,000 for the same period in 2022[111]. Market Outlook - The company maintains a cautious optimism for the second half of 2023, anticipating adjustments in supply from certain brands and the introduction of economic subsidy policies[6]. - The outlook for the second half of 2023 anticipates improvements in the domestic passenger car supply-demand relationship, driven by expected government subsidies and economic policies[25]. - The company is actively exploring opportunities in the after-sales service for new energy vehicles, with the first Tesla after-sales service store having commenced operations and a second store added in the second half of the year[25]. Stock Options and Financing - The company has adopted a stock option plan allowing the granting of options to selected participants as an incentive for their contributions[33]. - The total number of shares involved in granting options cannot exceed 10% of the issued shares as of the company's listing date[34]. - The company raised approximately HKD 6.19 million from the issuance of 1,455,000 shares after the exercise of stock options, which is expected to be used for operational funding and other corporate purposes over the next three years[42]. - The company has a total of 9324,250 shares accounted for under various stock options, with a significant portion being unexercised[40]. Employee and Management Compensation - As of June 30, 2023, the group had 4,520 employees, with total employee costs amounting to approximately RMB 426.9 million for the period[49]. - Total compensation for key management personnel was RMB 7,433,000 in the first half of 2023, down from RMB 11,834,000 in the same period of 2022[135]. Compliance and Audit - The external auditor has reviewed the interim financial report in accordance with the relevant auditing standards[53]. - The financial report was authorized for publication on August 30, 2023, and is prepared in accordance with Hong Kong Financial Reporting Standards[68].

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，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 China MeiDong Auto Holdings Limited 中國美東汽車控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1268） 截至二零二三年六月三十日止六個月 中期業績公告 | --- | --- | |-------|-----------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | ‧ | 截至二零二三年六月三十日止六個月收益為人民幣 14,088.7 百萬元，較 二零二二年同期增長 11.3 % 。 | | ‧ | 新乘用車銷售收益為人民幣 12,126.5 百萬元，較二零二二年同期增長 8.7% 。 | | | | | ‧ | 售後服務收益為人民幣 1,962.2 百萬元，較二零二二年同期增長 30.3% ...

Market Trends and Challenges - In 2022, new car leads increased by 16%, but store traffic decreased by 15%, indicating that approximately 30% of customers could not visit stores to test drive vehicles [11]. - The penetration rate of electric vehicles reached nearly 30% in 2022, highlighting significant growth in the electric vehicle market [11]. - The company anticipates that the oversupply and price wars in both fuel and electric vehicles are likely to continue in 2023 and beyond [11]. - The operational challenges faced in 2022 were unprecedented, leading to extremely low consumer activity [11]. - The significant increase in electric vehicle sales in 2022 has led to a rapid escalation in price competition among brands [11]. - The company is preparing for a potentially difficult environment in 2023, focusing on resilience and adaptability [11]. - The rapid shift from supply shortages to oversupply in the electric vehicle market has reinforced the importance of operational efficiency for future survival [16]. - The company believes that achieving high efficiency is crucial for both current and future operations, especially in a competitive market environment [16]. Financial Performance - The company's profit in 2022 decreased by 54.2%, from RMB 1.213 billion to RMB 556 million, primarily due to a decline in gross margin from 6.8% to 3.4% caused by market oversupply [13]. - Aftermarket revenue and gross profit grew by approximately 22% in 2022, with a 7% growth even excluding contributions from the newly acquired brand [13]. - The integration of the newly acquired brand resulted in a 5.4% increase in sales volume and a 12.6% increase in sales revenue, with aftermarket revenue rising by 24% [13]. - Gross profit decreased by approximately 9.1% to about RMB 2,517.5 million, with an overall gross margin decline of about 3.0 percentage points to approximately 8.8% [30]. - Net profit fell by approximately 54.2% to about RMB 555.9 million, with a profit margin decrease of 3.2 percentage points to approximately 1.9% [34]. - The group recorded revenue of approximately RMB 28,654.7 million for the year, representing a year-on-year growth of about 21.5% [28]. - Passenger vehicle sales revenue increased by 21.4% to approximately RMB 25,297.0 million, accounting for about 88.3% of total revenue [28]. - After-sales service revenue rose by approximately 22.2% to about RMB 3,357.7 million, representing around 11.7% of total revenue [28]. Inventory and Operational Strategy - Inventory days at the end of the year were 11.5 days, which, while higher than 5.8 days at the end of 2021, is still considered a healthy level [13]. - The company aims to optimize profit under certain inventory investment constraints rather than simply maximizing profit [14]. - The strategy of low inventory and fast turnover is a key operational principle, aiming to enhance profit under fixed inventory levels [14]. - The company has shifted focus to luxury vehicles due to historically higher gross margins and better supply-demand control [14]. - The company aims to enhance operational efficiency through data-driven management and respond flexibly to market challenges [62]. Acquisitions and Market Expansion - The group completed the acquisition of 7 Porsche stores, contributing to stable growth in passenger vehicle sales and after-sales service revenue [26]. - The company acquired all issued shares of Meidong Automobile Sales Group for a cash consideration of RMB 3,700 million, expanding its dealership presence in seven cities in China [57]. - The company plans to integrate the newly acquired Porsche stores to drive business growth and efficiency improvements [62]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025 [67]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration [67]. Employee and Governance Practices - The company has a commitment to employee welfare, providing a safe working environment and ensuring employee rights are protected [80]. - The management team includes experienced professionals, such as the Chief Financial Officer, who has been with the company since May 2010, overseeing financial planning and management [73]. - The company has established various board committees, including the Remuneration Committee and Audit Committee, to enhance governance and oversight [161]. - The board consists of six members, including an executive chairman and a CEO, ensuring a mix of executive and independent non-executive directors [138]. - The company emphasizes the importance of compliance with applicable rules and regulations in its governance practices [149]. Environmental and Social Responsibility - The company recognizes the importance of environmental protection and has adopted strict measures to comply with environmental laws and regulations [81]. - The company is actively involved in environmental protection initiatives, encouraging employee participation in community-benefiting activities [81]. - The management team emphasizes a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025 [67]. - The company has engaged an external consultant to identify significant environmental, social, and governance issues and report on its performance in these areas [85]. Shareholder and Financial Management - The company proposed a final dividend of RMB 0.1170 per share, with a total dividend for the year of RMB 0.1978 per share, resulting in a payout ratio of approximately 50% [36]. - As of December 31, 2022, the total equity of the group was approximately RMB 4,433.8 million, an increase from RMB 4,116.6 million as of December 31, 2021, representing a growth of about 7.7% [42]. - The company has a total of 1,276,572,364 shares issued as of December 31, 2022 [95]. - The company has adopted a share option scheme as a reward for directors and eligible employees [127]. - The board considers various factors, including current and future financial performance, when deciding on dividend payments [147].

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，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 China MeiDong Auto Holdings Limited 中國美東汽車控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1268） 二零二二年全年業績公告 及 建議修訂組織章程大綱及細則 | --- | --- | --- | |-------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------| | | | | | | 業績摘要 | | | ‧ | 截至二零二二年十二月三十一日止年度的收益為人民 較二零二一年同期增長 21.5% 。 | 28,654.7 百萬元， | | ‧ | 毛利為人民幣 2,517.5 百萬元，毛利 ...