智通财经APP讯，广汇宝信(01293)发布公告，于2025年4月24日，北京晨德宝(本公司间接全资附属公 司)与北京百得利集团订立资产转让协议，北京晨德宝同意出售而北京百得利集团同意购买目标资产。 于资产转让协议同日(即2025年4月24日)，北京燕宝(本公司间接全资附属公司)与北京百得利集团订立燕 宝租赁协议，北京百得利集团同意租赁燕宝4S经销店。 目标资产包括与经营位于中国北京市朝阳区东苇路金港汽车公园C区1001号的晨德宝4S经销店有关的机 器及设备、办公设备、租赁土地上的自建建筑、翻新及改造工程。 燕宝4S经销店位于中国北京市北京经济技术开发区宏达北路26号，包括建筑、场地、设备(包括经营宝 马4S店的办公设备/电子设备/通用设备/专用设备)、改造、翻新及装修工程，建筑面积为6,313平方米， 占地面积为12,255平方米。 为进一步优化本集团生产经营佈局、统筹资源利用，本集团拟租赁燕宝4S经销店并将目标资产出售给 北京百得利集团。本次出售目标资产及租赁燕宝4S经销店将有利于本集团资源的有效利用及进一步变 现。资产转让协议及燕宝租赁协议的条款及其项下订明的代价及租金乃由订约方通过公平磋商而达致。 资 ...

Economic Overview - In the first half of 2024, China's GDP reached CNY 61.7 trillion, growing by 5.0% year-on-year[3]. - During the same period, the production and sales of automobiles in China were 13.89 million and 14.04 million units, respectively, representing year-on-year increases of 4.9% and 6.1%[3]. - New energy vehicles (NEVs) saw production and sales of 4.93 million and 4.94 million units, with year-on-year growth of 30.1% and 32%, capturing a market share of 35.2%[3]. - The automotive consumption market plays a crucial role in the national economy, with the Chinese government setting clear development goals for the automotive industry to promote stable growth and high-quality development in 2024[41]. Company Performance - The company recorded revenue of approximately RMB 12.983 billion for the six months ended June 30, 2024, a year-on-year decrease of 18.7%[6]. - New car sales totaled 39,006 units, representing a year-on-year decrease of 8.9%, with new car sales revenue of RMB 10.9095 billion, down 21.2% from the previous year[7]. - The overall gross margin for new cars was -5.7%, a decline of 7.4 percentage points compared to the previous year's gross margin of 1.7%[7]. - The company reported a loss of RMB 0.0635 billion for the six months ended June 30, 2024, compared to a profit of RMB 0.3242 billion in the same period last year[25]. - The company recorded a net loss of RMB 63,487 thousand for the six months ended June 30, 2024, compared to a profit of RMB 324,158 thousand in the prior year[58]. - The company reported a profit of RMB 323,548,000 for the six months ended June 30, 2024, compared to a profit of RMB 485,115,000 for the same period in 2023, reflecting a decrease of approximately 33.3%[63]. Sales and Revenue Breakdown - Automotive sales accounted for 84.1% of total revenue, while after-sales service contributed 15.8%, up from 13.1% in the previous year[19][20]. - Vehicle sales revenue amounted to RMB 10,909,542 thousand, down 21.1% from RMB 13,849,272 thousand in the previous year[73]. - After-sales service revenue was RMB 2,056,103 thousand, slightly decreased by 2.0% from RMB 2,098,268 thousand[73]. - The sales of Seres and Wanjie reached 41,457 units, with a staggering year-on-year growth of 631.42%[4]. - NIO's sales reached 87,426 units, marking a year-on-year increase of 60.2%[4]. Financial Position and Assets - As of June 30, 2024, total assets amounted to RMB 21,100,415 thousand, down from RMB 23,092,922 thousand as of December 31, 2023[60]. - Current assets decreased to RMB 13,302,237 thousand from RMB 15,103,550 thousand, a decline of approximately 13.5%[60]. - The company’s total liabilities include RMB 504,130 thousand in non-current borrowings, with various interest rates applicable[90]. - The company’s financial position indicates a significant reliance on secured loans, with a total of RMB 2,825,962 thousand in secured bank borrowings[88]. Operational Strategies - The company aims to enhance the operational quality of its core luxury brand dealerships and explore opportunities in the NEV market[2]. - The company plans to focus on cost reduction and efficiency improvement to ensure healthy cash flow and stable operations amid market challenges[2]. - The company aims to enhance operational efficiency through refined management and cost control measures, focusing on optimizing existing store management[17]. - The company plans to meet liquidity needs through a combination of bank borrowings, cash flows from operations, and potential capital market fundraising[26]. - The company is leveraging big data and AI to enhance customer experience and service efficiency, integrating online and offline sales channels[8]. Shareholder and Financing Information - Major shareholder Guanghui Automotive Services (Hong Kong) Limited holds 1,945,334,071 shares, representing 68.56% of the voting shares[46]. - The company secured a financing agreement for a total amount of $130 million, with the potential to increase to $150 million[48]. - The financing is intended for refinancing existing debts and general corporate purposes[48]. - The company has guaranteed bank borrowings of up to RMB 3,230,242,000 as of June 30, 2024, down from RMB 5,068,710,000 as of December 31, 2023[103]. Challenges and Future Outlook - The company emphasizes the importance of internal optimization and risk management to address challenges in the rapidly evolving industry[41]. - The company plans to continuously innovate its business models and service methods to adapt to changes in the automotive consumption market, ensuring long-term sustainable development[41]. - The Chinese passenger car market will continue to be influenced by market conditions, technological innovations, consumer demand changes, and policy directions[41]. - The company will maintain a focus on its core business areas while adapting to the competitive landscape of the automotive market[41].

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 12.983 billion, with automotive sales revenue at RMB 10.9095 billion and after-sales service revenue at RMB 2.0561 billion[1]. - Gross profit was RMB 0.598 billion, resulting in a gross margin of 0.5%[1]. - Loss attributable to equity holders of the parent was RMB 0.629 billion, compared to a profit of RMB 3.235 billion for the same period in 2023[1]. - Basic and diluted loss per share attributable to ordinary equity holders of the parent was RMB 0.02, compared to earnings of RMB 0.11 for the same period in 2023[2]. - The company reported a total comprehensive loss of RMB 90.129 million for the six months ended June 30, 2024, compared to a comprehensive income of RMB 209.222 million for the same period in 2023[4]. - Total revenue for the six months ended June 30, 2024, was RMB 12,983,001 thousand, a decrease of 18.6% compared to RMB 15,970,009 thousand for the same period in 2023[14]. - Revenue from automobile sales was RMB 10,909,542 thousand, down 21.0% from RMB 13,849,272 thousand in the previous year[14]. - After-sales service revenue was RMB 2,056,103 thousand, a slight decrease of 2.0% from RMB 2,098,268 thousand[14]. - The company reported a net loss attributable to ordinary equity holders of RMB 62,943 thousand for the six months ended June 30, 2024, compared to a profit of RMB 323,548 thousand for the same period in 2023, representing a significant decline[26]. - The gross profit for the six months ended June 30, 2024, was RMB 59.8 million, a decrease of RMB 847.9 million or 93.4% from the previous year[51]. - Operating profit decreased by 66.5% to RMB 261.3 million for the six months ended June 30, 2024, down from RMB 780.7 million in the same period of 2023[53]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 11.290 billion, a decrease from RMB 11.651 billion as of December 31, 2023[6]. - Current liabilities totaled RMB 9.810 billion, down from RMB 11.440 billion at the end of 2023[6]. - Net current assets were RMB 3.492 billion, compared to RMB 3.662 billion at the end of 2023[6]. - Non-current assets were valued at RMB 7.798 billion, a decrease from RMB 7.989 billion at the end of 2023[5]. - The company's total current bank borrowings as of December 31, 2023, were RMB 5,519,790,000[30]. - As of June 30, 2024, the total bank borrowings amount to RMB 4,903,873,000, with secured loans ranging from 3.5% to 8.8%[29]. - The accounts payable for trade and notes is RMB 2,818,225,000 as of June 30, 2024, a decrease from RMB 3,843,580,000 as of December 31, 2023[32]. - The company's debt-to-equity ratio was 58.4% as of June 30, 2024, down from 62.1% as of December 31, 2023[62]. Income and Expenses - The cost of sales for automobile sales was RMB 11,534,902 thousand, down 15.3% from RMB 13,616,660 thousand in the previous year[20]. - The group reported a pre-tax profit of RMB 59,823 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 92,321 thousand in the same period of 2023[19]. - The company’s financing costs decreased to RMB 256,507 thousand for the six months ended June 30, 2024, compared to RMB 295,537 thousand for the same period in 2023, showing a reduction in interest expenses[23]. - The company’s advertising and promotional expenses decreased to RMB 78,292 thousand for the six months ended June 30, 2024, down from RMB 97,540 thousand in the same period of 2023, indicating cost control measures[21]. - The company recorded a significant increase in inventory write-downs to RMB 93,785 thousand for the six months ended June 30, 2024, compared to RMB 57,974 thousand for the same period in 2023, suggesting challenges in inventory valuation[21]. - The company’s income tax expense for the six months ended June 30, 2024, was RMB 63,065 thousand, a decrease from RMB 160,957 thousand for the same period in 2023, reflecting changes in tax liabilities[24]. - The total employee cost for the six months ended June 30, 2024, was approximately RMB 478.7 million, compared to RMB 499.8 million for the same period in 2023, a decrease of 4.2%[63]. Market and Industry Trends - In the first half of 2024, China's GDP reached RMB 61.7 trillion, growing by 5.0% year-on-year[34]. - The production and sales of automobiles in China from January to June 2024 reached 13.89 million and 14.04 million units, respectively, representing year-on-year increases of 4.9% and 6.1%[34]. - New energy vehicles (NEVs) saw production and sales of 4.929 million and 4.944 million units in the first half of 2024, with year-on-year growth of 30.1% and 32%[34]. - The market share of NEVs reached 35.2% in the first half of 2024, surpassing traditional fuel vehicles for the first time[34]. - The Chinese government has set clear development goals and policy measures for the automotive industry to promote stable growth in automotive consumption and high-quality development of the industry[69]. Strategic Initiatives - The company continues to explore new strategies for market expansion and product development in the automotive sector[11]. - The company is focusing on the core business of luxury brand dealership and service, while exploring cooperation models in the electric vehicle sector to optimize sales structure and enhance service capabilities[70]. - The company maintained a cautious approach to external network expansion while focusing on optimizing existing store management and improving operational efficiency[45]. Other Information - The company has not reported any single customer contributing 10% or more to total revenue, indicating a diversified customer base[13]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[25]. - The audit committee has reviewed the unaudited interim financial statements for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards and regulations[77]. - The company entered into a conditional equity transfer agreement on August 12, 2024, to sell its entire stake in Hangzhou Baoxin Real Estate Co., Ltd. for RMB 133 million[33]. - The company entered into a share transfer agreement on August 12, 2024, to sell a subsidiary for a total consideration of RMB 133 million[68]. - No significant equity investments were held by the company or its subsidiaries as of June 30, 2024[72]. - The company did not engage in any major acquisitions or disposals of subsidiaries or associates during the six months ending June 30, 2024[73].

Financial Performance - In 2023, the company's revenue reached RMB 37,582 million, an increase from RMB 31,699 million in 2022, representing a growth of 18.2%[7] - The EBITDA for 2023 was RMB 2,846 million, compared to RMB 2,286 million in 2022, indicating a growth of 24.6%[7] - The net profit attributable to the owners of the parent company for 2023 was RMB 1,303 million, a significant increase from a loss of RMB 698 million in 2022[7] - The group's total revenue for the year was approximately RMB 31.907 billion, a year-on-year increase of 0.7%[24] - The group's gross profit was RMB 1.2946 billion, up 179.4% year-on-year, with a net profit attributable to shareholders of RMB 125.7 million, compared to a loss of RMB 698 million in the previous year[24] - The group sold 879,600 new vehicles, a 2.4% increase year-on-year, but new vehicle sales revenue decreased by 1.1% to RMB 27.634 billion[26] - After-sales service revenue increased by 14.1% to RMB 4.2366 billion, accounting for 13.3% of total revenue[28] - The overall gross margin for new car sales was -0.4%, an improvement from -3.1% in the previous year[26] - Gross profit for the year ended December 31, 2023, was RMB 1.2946 billion, an increase of RMB 831.2 million or 179.4% compared to the same period in 2022, primarily due to the recovery in new car sales[45] - The gross margin for the year ended December 31, 2023, was 4.1%, up from 1.5% in 2022, with the gross margin from new car sales improving from a loss of RMB 863.6 million to a loss of RMB 98.3 million[45] - Operating profit for the year ended December 31, 2023, was RMB 787.7 million, compared to an operating loss of RMB 42.4 million in the same period of 2022[49] - Net profit for the year ended December 31, 2023, was RMB 114.1 million, a significant recovery from a net loss of RMB 700.5 million in 2022[52] Market Overview - The domestic automobile market saw a total production and sales volume of 30.16 million and 30.09 million vehicles in 2023, respectively, with a year-on-year growth of 11.6% and 12%[17] - The sales volume of domestic passenger cars reached 26.12 million units in 2023, reflecting a year-on-year increase of 9.6%[17] - The market share of Chinese brand passenger cars reached 56% in 2023, with sales increasing by 24.1% year-on-year[17] - The production and sales of new energy vehicles in 2023 reached 9.59 million and 9.49 million units, respectively, marking a year-on-year growth of 35.8% and 37.9%[17] - BMW, Mercedes-Benz, and Audi delivered approximately 824,000, 765,000, and 729,000 vehicles in China, representing year-on-year growth of 4.2%, 1.7%, and 13.5% respectively[18] - BMW's electric vehicle sales reached approximately 100,000 units, a year-on-year increase of over 138%[21] Strategic Focus - The company plans to focus on luxury car dealership business while enhancing the sales services of luxury brand new energy vehicles[10] - The company aims to improve the operational quality of its core traditional luxury brand stores and maintain stable new car sales while increasing the gross profit margin of luxury brand models[10] - The company is committed to optimizing its management system to enhance core competitiveness and fulfill corporate social responsibility[12] - The company plans to strengthen its core business in traditional luxury brands while exploring partnerships in the new energy vehicle sector[41] Operational Efficiency - The company aims to enhance operational efficiency and optimize management processes to address industry risks and challenges[39] - The company adjusted 5 underperforming dealership locations during the reporting period, bringing the total to 102 dealerships by December 31, 2023[35] - The sales and service costs decreased by 2.0% to RMB 30.61 billion from RMB 31.24 billion in the previous year[44] Financial Position and Assets - Cash and bank balances as of December 31, 2023, were RMB 185.3 million, a decrease of 62.7% from RMB 496.1 million as of December 31, 2022[53] - Inventory increased by 11.0% from RMB 3.223 billion as of December 31, 2022, to RMB 3.5777 billion as of December 31, 2023, with average inventory turnover days rising from 34.6 days to 40.0 days[57] - Trade receivables increased from RMB 484.9 million as of December 31, 2022, to RMB 764.1 million as of December 31, 2023[58] - Interest-bearing bank and other borrowings increased from RMB 5.722 billion as of December 31, 2022, to RMB 6.0165 billion as of December 31, 2023, reflecting a proactive adjustment in financing structure[59] - Capital expenditures for the year ended December 31, 2023, totaled RMB 586.2 million, compared to RMB 549.0 million in 2022[55] - The company's debt-to-equity ratio as of December 31, 2023, is 62.1%, a decrease from 65.4% in 2022[64] Corporate Governance - The board consists of seven members, including four executive directors and three independent non-executive directors[79] - The company has implemented a mechanism to ensure independent viewpoints are available to the board, which has been deemed effective during the year[78] - The company has arranged appropriate liability insurance for directors and executives against legal actions arising from corporate activities[82] - The company has established a management structure that effectively promotes operational and business development[83] - The audit committee held two meetings during the year ending December 31, 2023, to review financial data and the effectiveness of financial reporting procedures[96] - The remuneration committee conducted three meetings during the year to review the remuneration policies and structures for executive directors and senior management[98] - The nomination committee held three meetings during the year to assess the board's structure, size, and composition[101] - The company believes that all independent non-executive directors are independent individuals[86] - The board held a total of 6 meetings during the year ending December 31, 2023, to review the company's financial and operational performance and discuss future strategies[102] - Attendance rates for board and committee meetings were high, with key executives attending all 6 board meetings[105] Shareholder Communication - The company ensures shareholder rights are protected by presenting independent resolutions at the general meeting for significant matters[133] - The board of directors has evaluated the effectiveness of shareholder communication policies and deemed them sufficient, providing multiple channels for communication[141] - The company held a special general meeting on April 20, 2023, to propose amendments to its articles of association, including provisions for hybrid and electronic shareholder meetings[143] Environmental and Social Responsibility - The company has implemented internal environmental policies and measures for energy conservation and waste recycling to minimize emissions and waste[186] Stock Options and Remuneration - The company has a stock option plan that was adopted on December 14, 2011, and has a total of 46,597,000 stock options available under this plan as of December 31, 2023[197] - The percentage of stock options granted under the stock option plan relative to the weighted average number of shares issued during the year is 1.64%[196] - The total salary paid to non-director senior management for the year ending December 31, 2023, falls within the range of HKD 1,000,001 to HKD 1,500,000 for 4 individuals[132] - The company has established a formal and transparent procedure for determining the remuneration policy for senior management, linking it to company performance and individual contributions[131]

Financial Performance - The company's profit for the year ended December 31, 2023, was RMB 114.1 million, a significant recovery from a loss of RMB 700.5 million in 2022[3] - Revenue for the year was RMB 31.91 billion, compared to RMB 31.70 billion in the previous year, reflecting a slight increase[27] - Gross profit increased to RMB 1.29 billion, up from RMB 463.4 million in 2022, indicating improved profitability[27] - Profit attributable to equity holders of the parent was RMB 125.7 million, a significant recovery from a loss of RMB 698 million for the year ended December 31, 2022[42] - The company reported a comprehensive income of RMB 61.2 million, recovering from a comprehensive loss of RMB 1.001 billion in the previous year[44] - Earnings per share attributable to ordinary equity holders was RMB 0.04, compared to a loss per share of RMB 0.25 in the previous year[42] - The net profit attributable to equity holders of the parent company was RMB 125,747 thousand in 2023, a significant recovery from a loss of RMB 697,982 thousand in 2022[92] Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 31.907 billion, with automobile sales revenue at RMB 27.634 billion and after-sales revenue at RMB 4.237 billion[42] - Total revenue from customer contracts reached RMB 31,870,522 thousand in 2023, compared to RMB 31,698,687 thousand in 2022, showing a slight increase of 0.54%[77] - The group sold 87,960 new cars in 2023, a 2.4% increase compared to the same period in 2022, but revenue from new car sales decreased by 1.1% to RMB 27.634 billion[137] - After-sales service revenue increased from RMB 3.7134 billion to RMB 4.2366 billion, representing a growth of 14.1%[183] Cost and Expenses - Financing costs rose by 2.1% to RMB 550.7 million for the year ended December 31, 2023, compared to RMB 539.4 million in 2022[2] - The total employee benefits expenditure was RMB 1,051,954 thousand in 2023, slightly down from RMB 1,070,805 thousand in 2022[83] - The cost of selling cars was RMB 27,732,245 thousand, a decrease of 3.75% from RMB 28,811,632 thousand in 2022[85] - The group reported a decrease in sales and distribution expenses from RMB 1.1603 billion to RMB 1.100 billion, a reduction of 5.2%[185] Assets and Liabilities - The total current liabilities decreased to RMB 11.441 billion from RMB 13.605 billion year-over-year[30] - The net value of current assets increased to RMB 3.663 billion from RMB 3.021 billion year-over-year[30] - Non-current liabilities totaled RMB 3.917 billion, slightly up from RMB 3.900 billion year-over-year[30] - The total equity value was RMB 7.735 billion, compared to RMB 7.674 billion in the previous year[30] - The total non-current assets decreased to RMB 7.99 billion from RMB 8.55 billion in the previous year, reflecting a reduction in asset values[29] Inventory and Receivables - Inventory as of December 31, 2023, was RMB 3.58 billion, compared to RMB 3.22 billion in 2022, showing an increase in stock levels[29] - Trade receivables increased to RMB 764.1 million from RMB 484.9 million in the previous year, indicating a rise in credit sales[29] - Trade receivables rose to RMB 781,054 thousand in 2023, up from RMB 489,026 thousand in 2022, reflecting increased sales activity[68] - The average inventory turnover days increased from 34.6 days in 2022 to 40.0 days in 2023, primarily due to adjustments in inventory levels in response to market changes[191] Market and Sales Performance - In 2023, the domestic automobile market saw a total production and sales volume of 30.161 million and 30.094 million vehicles, respectively, with year-on-year growth of 11.6% and 12%[129] - Sales of passenger vehicles reached 26.124 million units, with a year-on-year increase of 9.6%[129] - The market share of Chinese brand passenger vehicles reached 56%, with a year-on-year growth of 6.1%[129] - New energy vehicle sales reached 9.587 million units, marking a year-on-year increase of 35.8%[129] Strategic Initiatives - The company plans to enhance online capabilities and resource integration among brand stores to stabilize new car sales amid market challenges[110] - The group aims to enhance internal processes and management to effectively respond to industry challenges and ensure operational control[149] - Future strategies include leveraging core resources to adapt to market changes while focusing on high-quality service for sustainable growth[150] - The group actively optimized the brand structure and implemented a "close and transfer" strategy for continuously loss-making brands and stores[175] Other Financial Metrics - The company has not engaged in any significant acquisitions or disposals of subsidiaries during the reporting period[12] - The company did not declare any dividends for the fiscal year ending December 31, 2023[126] - The company faced interest rate risks due to fluctuations in borrowing rates, which could adversely affect financing costs and financial condition[193] - There were no significant investments made by the company for the year ended December 31, 2023[198]

Financial Performance - In the first half of 2023, the company recorded revenue of approximately RMB 15.970 billion, an increase of 9.0% year-on-year[32]. - The gross profit for the same period was RMB 907.7 million, a decrease of 32.1% compared to the previous year[49]. - The profit attributable to the owners of the parent company was RMB 323.5 million, down 39.9% year-on-year, with earnings per share of RMB 0.11[32]. - The company's new car sales revenue increased by RMB 984.6 million or 7.7% compared to the same period last year, driven by luxury and ultra-luxury vehicle sales[46]. - After-sales service revenue reached RMB 2.098 billion, an increase of 18.9% year-on-year, accounting for 13.1% of total revenue[35]. - The gross profit margin for after-sales service was 31.4%, with a gross profit of RMB 658.4 million, a slight decrease of 4.7% year-on-year[49]. - The overall gross margin for new car sales in the first half of 2023 was 1.7%, a decrease of 3.2 percentage points year-on-year[57]. - The operating profit for the six months ended June 30, 2023, decreased by 27.9% to RMB 780.7 million from RMB 1.0825 billion in the same period last year[70]. - The profit for the six months ended June 30, 2023, decreased by 39.9% to RMB 324.2 million from RMB 539.6 million in the same period last year[71]. - The total revenue for the six months ended June 30, 2023, was RMB 4,756,334 thousand, compared to RMB 5,722,110 thousand for the same period in 2022, reflecting a decrease of approximately 16.9%[157]. - The company reported a total comprehensive income of RMB 209,222 thousand for the six months ended June 30, 2023, down from RMB 392,291 thousand in the previous year, indicating a decrease of approximately 47%[174]. Sales and Market Performance - In the first half of 2023, BMW Group delivered 392,580 vehicles in China, representing a year-on-year increase of 3.7%, with pure electric vehicle sales surging by 283.0% to approximately 44,900 units[18]. - Mercedes-Benz delivered over 377,200 new vehicles to Chinese customers in the first half of 2023, marking a 6.0% year-on-year growth, with pure electric vehicle sales reaching approximately 102,600 units, up 121.0%[18]. - The domestic passenger car market saw retail sales of approximately 9.524 million units, a year-on-year increase of 2.7%, with domestic brands' market share exceeding 50%[28]. - In the first half of 2023, the company sold 42,819 new cars, a year-on-year increase of 7.2%, generating new car sales revenue of RMB 13.849 billion, up 7.7% from 2022[57]. - The sales volume of luxury and ultra-luxury vehicles reached 36,392 units, an increase of 3,318 units year-on-year, contributing RMB 13.0206 billion to sales revenue, which is a 9.1% increase compared to 2022[57]. Operational Strategies - The company aims to enhance the operational quality of its luxury brand dealerships while focusing on the development of luxury brand new energy vehicle sales services[14]. - The company plans to implement differentiated operational strategies based on the various types of luxury brands to improve gross margins while maintaining stable new car sales[14]. - The company will continue to focus on luxury car brand dealership operations while enhancing its core traditional luxury brand offerings, particularly BMW[14]. - The company is focusing on enhancing the quality of after-sales services and financial products to improve customer loyalty and operational efficiency[62]. - The company has adopted a cautious approach to external network expansion while optimizing existing store management and operational efficiency[63]. - The company is actively leveraging government subsidies and online sales channels to boost new car sales and enhance customer acquisition[58]. - The company plans to enhance its sales share and service capabilities in the new energy vehicle sector, aiming for sustainable long-term development[86]. Financial Position and Liabilities - As of June 30, 2023, the company's total bank borrowings amounted to RMB 9,421,700,000, an increase from RMB 4,551,473,000 as of December 31, 2022[1]. - The company's financial liabilities measured at amortized cost were approximately RMB 13,241,335,000 as of June 30, 2023, down from RMB 15,667,910,000 as of December 31, 2022[7]. - The available but undrawn bank financing as of June 30, 2023, was approximately RMB 6.8878 billion, down from RMB 8.7378 billion as of December 31, 2022[75]. - Interest-bearing bank and other borrowings amounted to RMB 6.1985 billion as of June 30, 2023, an increase of RMB 476.4 million from RMB 5.7221 billion on December 31, 2022[101]. - The capital debt ratio was 60.2% as of June 30, 2023, down from 65.4% on December 31, 2022[103]. - The company’s cash and bank balances as of June 30, 2023, were RMB 399.7 million, a decrease of 19.4% from RMB 496.1 million as of December 31, 2022[95]. - The net cash used in operating activities was RMB 104.6 million, compared to RMB 535.4 million generated in the same period in 2022[97]. - The company’s total assets as of June 30, 2023, were RMB 7,896,764 thousand, compared to RMB 9,017,546 thousand as of June 30, 2022, indicating a decrease of approximately 12.4%[157]. Corporate Governance and Shareholder Information - The company has adopted the corporate governance code principles as per the listing rules, ensuring compliance with the latest developments[128]. - The company is committed to enhancing corporate governance practices to promote business growth and ensure compliance with the corporate governance code[129]. - The major shareholder, Guanghui Automobile Services (Hong Kong) Limited, holds 1,921,117,571 shares, representing 67.70% of the voting shares of the company[139]. - Baoxin Investment Management Ltd. owns 219,379,630 shares, equivalent to a 7.73% stake in the listed company[139]. - The company does not have any outstanding stock options available for grant as of June 30, 2023, following the expiration of the stock option plan[132]. - The company has no knowledge of any other shareholders holding 5% or more of the issued share capital as of June 30, 2023[125]. Investment and Financing Activities - The company secured a financing agreement totaling $130 million, with a potential increase to $150 million, aimed at refinancing existing debts and general corporate purposes[143]. - The company did not engage in any significant acquisitions or disposals of subsidiaries or associates during the reporting period[168]. - The financing activities generated a net cash inflow of RMB 94,302 thousand for the six months ended June 30, 2023, contrasting with a net cash outflow of RMB 1,101,543 thousand for the same period in 2022[157].

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，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 GRAND BAOXIN AUTO GROUP LIMITED 廣 匯 寶 信 汽 車 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1293） 截至二零二三年六月三十日止六個月的 中期業績公告 廣匯寶信汽車集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公 司及其子公司（統稱「本集團」或「我們」）截至二零二三年六月三十日止六個月的未 經審核簡明綜合中期財務業績，連同二零二二年同期的比較數字如下： 財務摘要 截至二零二三年六月三十日止六個月： ...

Financial Performance - Revenue for 2022 was RMB 31,699 million, a decrease of 15.5% from RMB 37,582 million in 2021[11] - Gross profit for 2022 was RMB 463 million, with a gross margin of 1.5%, down from 8.1% in 2021[14] - EBITDA for 2022 was RMB 481 million, significantly lower than RMB 2,021 million in 2021[16] - The company reported a loss attributable to equity holders of RMB 698 million in 2022, compared to a profit of RMB 552 million in 2021[17] - The company reported a revenue of RMB 31,698,687, a decrease from RMB 37,582,644 in the previous year, representing a decline of approximately 15.0%[147] - The gross profit for the year was RMB 463,400, significantly lower than RMB 2,285,792 in the previous year, indicating a decline of about 79.8%[147] - The operating loss for the year was RMB 42,389, compared to an operating profit of RMB 1,478,976 in the previous year, marking a substantial shift in performance[147] - The net loss attributable to the parent company was RMB 697,982, contrasting with a profit of RMB 551,986 in the previous year, reflecting a significant downturn[147] - The company incurred financing costs of RMB 539,375, a decrease from RMB 598,008 in the previous year, showing a reduction of approximately 9.8%[147] - The company’s basic and diluted loss per share for the year was RMB (0.25), compared to a profit of RMB 0.19 in the previous year[147] Corporate Governance - The board has reviewed corporate governance policies and practices, ensuring compliance with legal and regulatory requirements[21] - The company is committed to maintaining a diverse board, currently comprising 7 members, including 3 female directors[23] - The board will annually review the composition and structure of the board to align with corporate strategy[22] - The board of directors is required to convene a special general meeting within 21 days upon receiving a written request from shareholders holding at least 10% of the voting shares[37] - The company emphasizes the importance of effective communication with shareholders to improve investor relations and transparency in business performance[40] - The company has complied with all relevant laws and regulations that significantly impact its operations as of December 31, 2022[59] - The company has established confidentiality rules and training for senior management and staff to handle insider information, ensuring strict control over sensitive information access[33] - The company has made appropriate insurance arrangements for its directors and senior officers against legal actions arising from corporate activities[91] Risk Management - The company has established an internal risk control system and corresponding management guidelines to manage risks effectively[31] - The company has engaged Ernst & Young for consulting services related to its ESG report for the fiscal year 2022[29] Market Strategy and Growth - The company plans to continue expanding its market presence and exploring new strategies for growth[19] - The company has established close and stable partnerships with leading global automotive manufacturers and their joint ventures in China, emphasizing the importance of suppliers in building a top-tier automotive dealership[131] - The company is considering strategic acquisitions to bolster its market position, with potential targets identified that could add G million in annual revenue[152] - Market expansion plans include entering new geographic regions, targeting an increase in market share by F% in the next fiscal year[152] Operational Efficiency - The company has reported a decrease in operating expenses by I%, reflecting improved cost management strategies implemented during the year[152] - Cash flow from operations improved, with a total of $J million generated, indicating a K% increase compared to the previous fiscal year[152] Sustainability Initiatives - The management emphasized a focus on sustainability initiatives, aiming to reduce carbon emissions by H% over the next five years[152] - The company has implemented internal environmental policies and measures to reduce emissions and waste, promoting sustainable development[88] Shareholder Relations - The company has adopted a dividend policy without a predetermined payout ratio, allowing the board to propose dividends based on financial conditions and shareholder approval[42] - The board of directors will present independent resolutions for shareholder approval on various matters at the annual general meeting[36] Subsidiaries and Investments - As of December 31, 2022, the company reported no significant investments or acquisitions of subsidiaries, joint ventures, or associated companies during the fiscal year[53] - The company has 100% ownership in several subsidiaries, including Ninghai Binxin Automobile Sales Service Co., Ltd. and Shenzhen Shenlong Automobile Sales Service Co., Ltd., with registered capital of RMB 49 million and RMB 65 million respectively[196] - The company consolidates the financial results of subsidiaries from the date control is obtained until the date control is lost[199] Financial Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in RMB, with values rounded to the nearest thousand[197] - The group applies the Hong Kong Financial Reporting Standards, with specific amendments effective from January 1, 2024, expected to have no significant impact on financial statements[184]

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就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之任何損失承擔任何責任。 GRAND BAOXIN AUTO GROUP LIMITED 廣 匯 寶 信 汽 車 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1293） 截至二零二二年十二月三十一日止年度的 全年業績公告 廣匯寶信汽車集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 司及其子公司（統稱「本集團」或「我們」）截至二零二二年十二月三十一日止年度（「報 告期」）的綜合業績，以及二零二一年同期的比較數字。 財務摘要 截至二零二二年十二月三十一日止年度： ...

Market Performance - In the first half of 2022, the overall retail sales of passenger cars in China reached 1.943 million units, representing a year-on-year increase of 22.6%[8]. - The retail sales of new energy passenger vehicles in China amounted to 2.248 million units, showing a significant year-on-year growth of 122.5%[9]. - The overall automotive market in China is expected to see further growth opportunities in the second half of 2022, assuming manageable pandemic risks[8]. - In the first half of 2022, the production and sales of new energy vehicles reached 2.661 million and 2.6 million units, respectively, representing a year-on-year increase of 120% and a market share of 21.6%[80]. - The sales of new energy passenger vehicles accounted for 24% of total passenger vehicle sales in the same period[80]. - After the pandemic control measures, the sales of luxury brands BMW, Mercedes-Benz, and Audi (BBA) in June 2022 rose to around 70,000 units each[17]. Financial Performance - The company's revenue for the first half of 2022 was impacted by the COVID-19 pandemic and lockdown measures, leading to a notable decline in market demand and supply chain disruptions[8]. - In the first half of 2022, the company recorded a revenue of approximately RMB 14.6504 billion, a decrease of 26.3% year-on-year[22]. - The sales revenue from new vehicles was RMB 12.8646 billion, down 26.9% compared to the previous year[25]. - The company's after-sales service revenue was RMB 1.7647 billion, a decrease of 22.7% year-on-year, accounting for 12.1% of total revenue[27]. - Total revenue for the six months ended June 30, 2022, was RMB 14,650 billion, a decrease of approximately 26.3% compared to the same period in 2021[41]. - The gross profit for the six months ended June 30, 2022, was RMB 1.336 billion, an increase of 8.5% compared to the same period in 2021[47]. - The net profit for the period was RMB 539,599 thousand, a significant increase of 38.7% compared to RMB 388,864 thousand in the prior year[116]. - Basic and diluted earnings per share for the period were RMB 0.19, compared to RMB 0.14 for the same period last year[116]. Operational Strategies - The company plans to enhance its digital tools to empower its core business and focus on the sales and service of luxury new energy vehicles[9]. - The company aims to maintain its competitive advantage in the BMW brand by providing comprehensive service content and efficient service processes[9]. - The company is committed to optimizing its management system to enhance core competitiveness and fulfill corporate social responsibilities[12]. - The company will continue to upgrade its existing network facilities and optimize brand structure and regional distribution to ensure stable development of after-sales services[9]. - The company has adjusted its marketing strategies to mitigate the impact of the pandemic, focusing on online and new media marketing activities[26]. Shareholder Relations - The company expresses gratitude to shareholders and partners for their trust and support, emphasizing a commitment to high-quality operational management and shareholder returns[12]. - As of June 30, 2022, major shareholders hold 67.70% of the voting shares, with Guanghui Automobile Services (Hong Kong) Limited owning 1,921,117,571 shares[96]. - The company did not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[114]. Assets and Liabilities - Cash and cash equivalents decreased by 37.6% from RMB 1,701.1 million to RMB 1,061.8 million as of June 30, 2022[54]. - Inventory increased by 35.2% from RMB 2,782.5 million to RMB 3,763 million as of June 30, 2022, with average inventory turnover days rising from 34.3 days to 44.2 days[57]. - Total current liabilities decreased to RMB 11,751,263,000 from RMB 14,437,911,000, a reduction of about 18.54%[124]. - The company reported trade payables and notes payable of RMB 4,498,182 thousand as of June 30, 2022, down from RMB 6,845,486 thousand, indicating a decrease of approximately 34%[176]. Financing and Debt - The company has secured a financing agreement totaling $130 million, with the potential to increase to $150 million for refinancing existing debts and general corporate purposes[102]. - The financing is structured to be repayable within 36 months from the first drawdown date[102]. - The company reported total interest-bearing bank and other borrowings as of June 30, 2022, were RMB 6,012,059 thousand, compared to RMB 4,566,798 thousand as of December 31, 2021, marking an increase of around 32%[171]. - The company's ultimate holding company provided guarantees for bank borrowings amounting to RMB 3,462,287,000 as of the reporting period end, down from RMB 5,234,063,000 as of December 31, 2021[199]. Corporate Governance - The company has maintained compliance with the corporate governance code, except for the specific provision regarding the separation of the roles of Chairman and CEO[106]. - The company has established an audit committee to review the financial statements and ensure compliance with applicable accounting standards[110]. Employee and Management Changes - The company has undergone significant changes in its board of directors, including the appointment of a new chairman and CEO in September 2022[74]. - The total employee cost for the six months ended June 30, 2022, was approximately RMB 502.2 million, down from RMB 580.4 million for the same period in 2021[69].