港股汽车股盘初走强，蔚来汽车(09866.HK)、小鹏汽车(09868.HK)涨超7%，吉利汽车(00175.HK)涨超 4%，零跑汽车(09863.HK)、北京汽车(01958.HK)等跟涨。 ...

港股汽车股回暖，比亚迪股份(01211.HK)涨近6%，吉利汽车(00175.HK)涨5.6%，理想汽车(02015.HK)、 小鹏汽车(09868.HK)涨5%，长城汽车(02333.HK)、北京汽车(01958.HK)跟涨。 ...

Core Viewpoint - Beijing Automotive's performance in 2024 shows a significant decline in net profit and revenue, primarily driven by the poor performance of its luxury brand Beijing Benz and the ongoing losses of Beijing Hyundai [2][5][10]. Group 1: Beijing Automotive's Financial Performance - In 2024, Beijing Automotive reported a revenue of 192.5 billion yuan, a decrease of 2.8% year-on-year, with a net profit of 9.56 billion yuan, down 68.5% from the previous year [2]. - The revenue from fuel vehicles increased slightly by 1.2% to 184.97 billion yuan, while revenue from new energy vehicles plummeted by 50.7% to 7.53 billion yuan [2]. - Overall gross profit fell by 19.4% to 30.89 billion yuan, with a significant drop in gross profit from fuel vehicles and continued losses in the new energy sector [2][3]. Group 2: Beijing Benz's Impact - Beijing Benz, a key profit contributor, experienced a revenue decline of 3.36% to 21.75 billion euros, with net profit dropping by 18.5% to 2.44 billion euros, resulting in a loss of over 2 billion yuan in net profit contribution to Beijing Automotive [6][11]. - The sales volume of Beijing Benz fell by 7.3% to 683,600 units, significantly exceeding the global decline of 3% for the Mercedes-Benz brand [7]. - The price war in the market led to substantial discounts on key models, which did not translate into increased sales, damaging the brand's reputation [7][8]. Group 3: Beijing Hyundai's Performance - Beijing Hyundai has faced continuous losses, with a cumulative loss of 13.08 billion yuan over three years, and a significant drop in sales from 300,000 units to just 154,200 units in 2024, a decline of 36.02% [10][13]. - The company has not launched any electric vehicles, contributing to its declining market presence and financial struggles [12][13]. Group 4: Increased Expenditures - Despite declining profits, Beijing Automotive's capital expenditures rose by 9.8% to 53.8 billion yuan, and R&D expenditures increased by 20.2% to 4.29 billion yuan, attributed to investments in new energy vehicle development [14].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 192,495.606 million, a decrease of 2.3% compared to RMB 197,949.177 million in 2023[8] - Gross profit for the year was RMB 30,887.049 million, down 19.2% from RMB 38,298.560 million in the previous year[8] - Operating profit decreased to RMB 17,180.983 million, a decline of 24.0% from RMB 22,569.113 million in 2023[8] - Net profit attributable to equity holders of the company was RMB 955.839 million, a significant drop of 68.4% from RMB 3,030.346 million in the prior year[9] - The company reported a total comprehensive income of RMB 10,074.864 million, a decrease of 30.0% from RMB 14,453.684 million in the previous year[9] - Basic and diluted earnings per share for the year were RMB 0.12, down from RMB 0.38 in 2023[9] - The company reported a decrease in the impairment provision for other receivables from RMB 776,052 thousand in 2023 to RMB 676,876 thousand in 2024, a decline of 12.8%[34] - The profit attributable to equity holders of the company for 2024 was RMB 955,839 thousand, a significant decrease of 68.4% from RMB 3,030,346 thousand in 2023[52] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 172,044.268 million, an increase of 1.9% from RMB 168,723.153 million in 2023[6] - Total liabilities increased to RMB 93,562.795 million, up 4.9% from RMB 89,339.535 million in the previous year[7] - As of December 31, 2024, the group's current liabilities exceeded current assets by RMB 2,604 million, indicating sufficient funding sources for ongoing operations[14] - The total accounts receivable as of December 31, 2024, was RMB 12,518,966 thousand, down from RMB 16,722,343 thousand in 2023, with a provision for impairment of RMB (1,457,105) thousand[29] - The company's total accounts payable increased to RMB 39,308,419 thousand in 2024, up 9.1% from RMB 35,847,709 thousand in 2023[43] Cash Flow and Financial Position - Cash and cash equivalents rose to RMB 33,598.355 million, an increase of 7.9% compared to RMB 31,124.229 million in 2023[4] - The company recorded a net cash generated from operating activities increase of 20.2%, rising from RMB 24,248.9 million in 2023 to RMB 29,148.5 million in 2024[82] - The company's debt-to-asset ratio increased from 53.0% at the end of 2023 to 54.4% at the end of 2024, an increase of 1.4 percentage points[83] - The company's borrowings decreased from RMB 13,274,941 thousand in 2023 to RMB 8,589,379 thousand in 2024, a reduction of approximately 35.5%[35] Revenue Sources and Segments - Total revenue for the year ended December 31, 2024, was RMB 192,495,606 thousand, with fuel vehicles contributing RMB 184,969,173 thousand and new energy vehicles contributing RMB 7,526,433 thousand[22] - The gross profit for the group was RMB 30,887,049 thousand, with a gross loss of RMB 4,441,525 thousand from the new energy vehicle segment[22] - The group’s operational segments include fuel vehicles and new energy vehicles, with the performance evaluated based on gross profit[22] - The company generated approximately 97.5% of its revenue from external customers located within China for the year ended December 31, 2024[26] Market and Sales Performance - In 2024, the company achieved a total wholesale of 946,000 vehicles and retail sales of 983,000 vehicles across its brands[67] - The Beijing brand sold 173,000 vehicles in 2024, with a growing proportion of off-road vehicle sales, emphasizing the launch of the "electric off-road" strategy and the introduction of the Magic Core Electric Drive solution[70] - The group achieved an export volume of 120,000 vehicles during the reporting period, significantly exceeding industry growth rates, with a year-on-year increase of over 200% in exports from Beijing Hyundai, totaling 55,000 vehicles[69] Strategic Initiatives and Future Outlook - The company is focusing on a dual strategy in domestic and international markets, emphasizing multi-technology product lines including fuel, electric, hybrid, and off-road vehicles[67] - The group will focus on key segments such as off-road, SUV, and mid-to-high-end hybrid vehicles to enhance product matrix and market position[99] - The group anticipates a continued stable growth in the passenger car market, with a projected increase of approximately 5% in 2025[96] - The group aims to deepen joint ventures and promote major projects to support strategic transformation towards electrification and digitalization[99] Accounting and Compliance - The group adopted the new accounting standard "Interpretation No. 18" effective January 1, 2024, which reclassified warranty costs from distribution expenses to cost of sales[16] - The implementation of "Interpretation No. 18" is expected to impact the classification of income and expenses in the income statement, potentially affecting operating profit calculations[20] - The group plans to adopt several new accounting standards by January 1, 2027, which may require restatement of comparative information for the fiscal year ending December 31, 2026[19] - The group’s management is currently assessing the specific impacts of the new accounting standards on the consolidated financial statements[20] Corporate Governance and Shareholder Value - The board of directors recommended not to pay a final dividend for the fiscal year ending December 31, 2024, compared to a final dividend of RMB 0.13 per share for the previous year[54] - The group is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[103]

Financial Performance - In the first half of 2024, BAIC achieved vehicle sales of 450,189 units, a decrease from 507,326 units in the same period of 2023, representing a decline of approximately 11.3%[11] - The consolidated revenue for the first half of 2024 was RMB 94.32 billion, down from RMB 99.05 billion in the first half of 2023, reflecting a decrease of about 4.5%[11] - The net profit attributable to equity holders of the company for the first half of 2024 was RMB 1.98 billion, compared to RMB 2.85 billion in the same period of 2023, indicating a decline of approximately 30.4%[11] - The company reported a gross profit of RMB 18.69 billion for the first half of 2024, down from RMB 20.57 billion in the first half of 2023, which is a decrease of around 9.2%[11] - The company's revenue decreased from RMB 99,047.1 million in the first half of 2023 to RMB 94,322.3 million in the first half of 2024, representing a decline of 4.8% year-on-year, primarily due to reduced income from both fuel and new energy vehicles[55] - Gross profit fell from RMB 20,566.1 million in the first half of 2023 to RMB 18,686.8 million in the first half of 2024, a decrease of 9.1%, mainly attributed to lower gross profit from fuel vehicles[55] - Net profit attributable to equity holders decreased from RMB 2,845.7 million in the first half of 2023 to RMB 1,978.0 million in the first half of 2024, a decline of 30.5%[55] - The profit for the six months ended June 30, 2024, was RMB 6,866,298 thousand, a decrease of 19.7% compared to RMB 8,551,305 thousand for the same period in 2023[66] - The total comprehensive income for the period was RMB 8,350,835 thousand, down 4.7% from RMB 8,764,885 thousand in the previous year[66] Assets and Liabilities - BAIC's total assets as of June 30, 2024, were RMB 170.36 billion, an increase from RMB 168.72 billion at the end of 2023[11] - Total assets as of June 30, 2024, amounted to RMB 170,361,142 thousand, an increase from RMB 168,723,153 thousand at the end of 2023, representing a growth of about 1.0%[64] - Total liabilities decreased to RMB 88,654,790 thousand from RMB 89,339,535 thousand, indicating a reduction of approximately 0.8%[64] - Total equity increased to RMB 81,706,352 thousand from RMB 79,383,618 thousand, reflecting a growth of about 2.9%[64] - The company's debt-to-asset ratio decreased from 53.0% at the end of 2023 to 52.0% as of June 30, 2024, reflecting a 1.0 percentage point decline[57] - The net debt-to-equity ratio improved from -29.0% at the end of 2023 to -33.5% as of June 30, 2024, due to an increase in total equity and a decrease in total borrowings[57] Product Development and Market Strategy - The company has launched several new products, including the BJ40 Blade Hero and BJ60 Magic Core Electric Drive, as part of its strategy to optimize its product matrix[4] - BAIC is focusing on both domestic and international markets, with steady improvements in export sales during the reporting period[4] - The company has introduced its first Magic Core Electric Drive technology and is continuing to deepen its layout in the new energy sector[4] - The product matrix is continuously enriched to meet diverse consumer demands, reflecting the company's commitment to innovation and market responsiveness[15] - The company launched several new products, including the BJ30 electric off-road vehicle and the 11th generation Sonata, enhancing its product matrix[26] - The company is actively pursuing strategic collaborations, including partnerships with Huawei, to enhance its technological capabilities[21] - The company is investing in R&D for electric vehicles, with a budget allocation of RMB 500 million for the upcoming fiscal year[127] - Market expansion efforts include entering two new international markets, aiming for a 5% market share in each by the end of 2025[127] Operational Efficiency and Cost Management - The company is committed to innovation and transformation, combining long-term and short-term measures to unlock growth channels[37] - The group is enhancing its operational efficiency and competitiveness through the integration of production and finance, as well as industry cooperation[36] - The company has set a target to reduce operational costs by 10% through efficiency improvements in the supply chain[127] Marketing and Customer Engagement - The company is enhancing its marketing strategies through new media and fan engagement, aiming to improve brand exposure and customer service[33] - New marketing strategies are being implemented, focusing on digital channels, which are expected to increase brand engagement by 25%[127] Corporate Governance and Management Changes - The fifth supervisory board was formed on March 19, 2024, with five members, including Zhang Ran as the chairman[40] - On March 22, 2024, Song Wei was elected as the president of the company, effective immediately[41] - The company has appointed Zhang Kai as the vice president effective April 26, 2024[47] Environmental and Sustainable Development - BAIC is committed to green development and is enhancing its product quality system while exploring sustainable development paths[4] - The company is implementing green initiatives in its manufacturing processes, including solar energy management and rainwater recycling[30] Future Outlook - The automotive industry is expected to experience stable growth in the second half of 2024, driven by policy effects that will release consumer potential[37] - The future outlook includes a projected revenue growth of 10% for the second half of 2024, driven by new product launches and market expansion strategies[127]

Financial Statements and Notes [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group experienced a decline in total revenue, gross profit, and net profit attributable to equity holders in H1 2024, with basic earnings per share at RMB 0.25 Key Income Statement Data for H1 2024 | Metric | For the six months ended June 30, 2024 (RMB '000) | For the six months ended June 30, 2023 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 94,322,292 | 99,047,066 | -4.8% | | **Gross Profit** | 18,686,757 | 20,566,103 | -9.1% | | **Operating Profit** | 10,750,177 | 12,585,178 | -14.6% | | **Profit for the Period** | 6,866,298 | 8,551,305 | -19.7% | | **Profit Attributable to Equity Holders of the Company** | 1,978,021 | 2,845,716 | -30.5% | | **Basic Earnings Per Share (RMB)** | 0.25 | 0.36 | -30.6% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2024, the Group's total assets slightly increased to **RMB 170.36 billion**, total liabilities slightly decreased, and total equity rose to **RMB 81.71 billion**, optimizing the capital structure with a debt-to-asset ratio reduction from 53.0% to 52.0% Key Balance Sheet Items | Metric | As of June 30, 2024 (RMB '000) | As of December 31, 2023 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 170,361,142 | 168,723,153 | +1.0% | | **Total Liabilities** | 88,654,790 | 89,339,535 | -0.8% | | **Total Equity** | 81,706,352 | 79,383,618 | +2.9% | | **Cash and Cash Equivalents** | 31,375,177 | 31,124,229 | +0.8% | [Notes to the Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes detail significant events, accounting policies, and financial item breakdowns, highlighting that while the fuel vehicle business remains the primary revenue source despite a 2.6% decline, the new energy vehicle business saw a 34.7% revenue drop and remains unprofitable, with no interim dividend proposed - The company entered into a trusteeship agreement with its controlling shareholder, BAIC Group, to manage voting rights of BAIC BluePark, but as of the reporting period, the company has not gained control and thus has not consolidated it[9](index=9&type=chunk) Segment Performance (For the six months ended June 30) | Segment | Item (RMB '000) | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Fuel Vehicles** | **Total Revenue** | 89,961,975 | 92,364,754 | -2.6% | | | **Segment Gross Profit** | 20,162,718 | 21,983,175 | -8.3% | | **New Energy Vehicles** | **Total Revenue** | 4,360,317 | 6,682,312 | -34.7% | | | **Segment Gross Loss** | (1,475,961) | (1,417,072) | -4.2% | - The Board did not propose an interim dividend for the first half of 2024, while the 2023 final dividend of approximately **RMB 1.042 billion** (RMB 0.13 per share) was approved by shareholders in June 2024[26](index=26&type=chunk) Business Overview and Operations [Key Business Operations](index=14&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81) The Group's core business involves R&D, manufacturing, and sales of passenger vehicles, encompassing whole vehicles, core components, auto finance, and international operations through four key brands covering both fuel and new energy vehicle models - The Group operates its passenger vehicle business through four key brands: - **Beijing Brand**: An independent brand covering fuel and new energy vehicle models - **Beijing Benz**: A 51% owned subsidiary producing Mercedes-Benz passenger vehicles - **Beijing Hyundai**: A 50% owned joint venture producing Hyundai passenger vehicles - **Fujian Benz**: A 35% owned joint venture with concerted action, producing Mercedes-Benz multi-purpose passenger vehicles[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - In addition to whole vehicles, the Group also produces core components such as engines, powertrains, and power batteries, and conducts auto finance business through associates and joint ventures[33](index=33&type=chunk)[34](index=34&type=chunk) [Industry Development and Group Operations](index=17&type=section&id=%E4%BA%8C%E3%80%81%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E8%A1%8C%E6%A5%AD%E7%99%BC%E5%B1%95%E6%83%85%E6%B3%81) In H1 2024, despite market growth driven by new energy vehicles and exports, the Group achieved **450,000 wholesale** and **476,000 retail** vehicle sales, actively pursuing multi-technology product strategies, expanding overseas markets with **38,000 exports**, increasing R&D investment, and deepening new energy vehicle presence through strategic trusteeship of BAIC BluePark - Industry Background: In H1 2024, China's passenger vehicle sales reached **11.979 million units**, with new energy vehicles accounting for **35.2%** of the market and Chinese brands holding **61.9%** market share[36](index=36&type=chunk) - The Group achieved total vehicle wholesale of **450,000 units** and retail sales of **476,000 units** in the first half[37](index=37&type=chunk) - Breakthroughs were made in overseas markets, with **38,000 vehicles exported** during the reporting period, outperforming the overall market growth rate[39](index=39&type=chunk) - The Group actively promotes technological innovation, with R&D expenditure increasing again, focusing on core technologies such as intelligent driving and electrified off-road vehicles[40](index=40&type=chunk) - A trusteeship agreement was signed with BAIC Group for BAIC BluePark, aiming to deepen the new energy industry layout, enhance comprehensive resource utilization, and improve industry competitiveness[44](index=44&type=chunk) [H2 2024 Outlook](index=22&type=section&id=%E5%9B%9B%E3%80%81%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%B1%95%E6%9C%9B) For H2 2024, the Group plans to focus on off-road, SUV, mid-to-high-end hybrid, and overseas markets to boost high-value product sales, with each brand aiming to enhance competitiveness, consolidate market position, stabilize sales, expand exports, and improve efficiency - In the second half, the focus will be on key segments (off-road, SUV, mid-to-high-end hybrid) and overseas opportunity markets to expand sales of high-value, high-volume products[45](index=45&type=chunk) - Key development priorities for each brand include: - **Beijing Brand**: Focusing on new products and off-road vehicle competitiveness - **Beijing Benz**: Accelerating high-quality project implementation and consolidating market leadership - **Beijing Hyundai**: Stabilizing sales pace and continuously expanding exports - **Fujian Benz**: Maintaining stable operations and promoting quality improvement and efficiency gains[45](index=45&type=chunk) Management Discussion and Analysis [Financial Performance Analysis](index=23&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%B7%A8%E5%88%A9%E6%BD%A4) Influenced by declining sales and changes in vehicle mix, the Group's H1 revenue decreased by 4.8% to **RMB 94.32 billion**, and net profit fell by 30.5% to **RMB 1.98 billion**, with both fuel and new energy vehicle segments experiencing revenue and gross profit declines, and new energy vehicle gross loss expanding by 4.2% Revenue and Net Profit YoY Change | Item | H1 2024 (RMB millions) | H1 2023 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 94,322.3 | 99,047.1 | -4.8% | | - Fuel Vehicle Related Revenue | 89,962.0 | 92,364.8 | -2.6% | | - New Energy Vehicle Related Revenue | 4,360.3 | 6,682.3 | -34.7% | | **Net Profit Attributable to Equity Holders** | 1,978.0 | 2,845.7 | -30.5% | Gross Profit YoY Change | Item | H1 2024 (RMB millions) | H1 2023 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Gross Profit** | 18,686.8 | 20,566.1 | -9.1% | | - Fuel Vehicle Gross Profit | 20,162.7 | 21,983.2 | -8.3% | | - New Energy Vehicle Gross Profit | (1,476.0) | (1,417.1) | -4.2% | [Liquidity and Capital Structure](index=24&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) The Group maintains a robust financial position with its debt-to-asset ratio decreasing from 53.0% to 52.0%, holding **RMB 31.38 billion** in cash and equivalents and **RMB 24.85 billion** in unused bank facilities, despite a 15.9% YoY decline in net cash from operating activities to **RMB 11.53 billion** due to reduced revenue - Net cash generated from operating activities decreased by **15.9%** to **RMB 11.53 billion** from **RMB 13.71 billion** in the prior period[48](index=48&type=chunk) - The debt-to-asset ratio decreased from **53.0%** at the end of 2023 to **52.0%**, and the net debt-to-equity ratio improved from **-29.0%** to **-33.5%**, indicating an optimized capital structure[49](index=49&type=chunk) - As of June 30, 2024, the Group held **RMB 31.38 billion** in cash and cash equivalents, with **RMB 10.89 billion** in outstanding borrowings and **RMB 24.85 billion** in unused bank credit facilities[48](index=48&type=chunk) [Significant Investments and Other Financial Matters](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) In H1, capital expenditure slightly decreased to **RMB 2.21 billion**, while R&D expenditure significantly increased by 74.2% to **RMB 1.80 billion**, primarily for off-road vehicles and next-generation EV platforms, alongside a **RMB 0.32 billion** foreign exchange loss due to RMB-Euro fluctuations - Total R&D expenditure increased by **74.2%** to **RMB 1.80 billion** from **RMB 1.03 billion** in the prior period, primarily due to increased investment in off-road vehicle products and next-generation pure electric platforms[50](index=50&type=chunk) - Total capital expenditure decreased from **RMB 2.37 billion** in the prior period to **RMB 2.21 billion**[50](index=50&type=chunk) - Foreign currency exchange shifted from a gain of **RMB 0.102 billion** in the prior period to a loss of **RMB 0.32 billion** in the current period, mainly due to fluctuations in the RMB against the Euro[51](index=51&type=chunk) Other Information [Dividends and Securities Repurchase](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board did not recommend an interim dividend for H1 2024, and neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - The Board did not propose an interim dividend for the first half of 2024[52](index=52&type=chunk) - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[52](index=52&type=chunk) [Corporate Governance](index=26&type=section&id=%E9%BC%8E%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code during the reporting period, with the fifth Board of Directors and Supervisory Committee established in March 2024 following elections, and the Audit Committee having reviewed the unaudited interim financial statements - The company consistently complied with the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period[53](index=53&type=chunk) - The term of the fourth Board of Directors expired, and the fifth Board of Directors was appointed by the shareholders' meeting on March 22, 2024[54](index=54&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim financial statements for the first half of 2024[57](index=57&type=chunk)

Financial Performance - For Q1 2024, total operating revenue was RMB 46.52 billion, a decrease of 2.46% from RMB 47.70 billion in Q1 2023[6] - Total operating costs for Q1 2024 were RMB 41.19 billion, down 1.4% from RMB 41.77 billion in Q1 2023[6] - Net profit attributable to shareholders for Q1 2024 was RMB 1.03 billion, a decline of 29.0% compared to RMB 1.46 billion in Q1 2023[6] - The total comprehensive income for Q1 2024 reached RMB 4,500,727,691.00, an increase from RMB 4,150,950,680.63 in Q1 2023, representing a growth of approximately 8.5%[7] - The net cash flow from operating activities for Q1 2024 was RMB 5,050,662,212.16, down from RMB 6,994,882,684.54 in Q1 2023, indicating a decrease of about 27.9%[9] - The company reported sales revenue from goods and services received in Q1 2024 of RMB 49,216,508,611.04, down from RMB 53,714,090,823.97 in Q1 2023, a decline of about 8.3%[9] - The company reported a total comprehensive income of RMB 193,926,473.27 for Q1 2024, compared to RMB (670,009,903.01) in Q1 2023[16] Cash and Liquidity - Cash and cash equivalents increased to RMB 35.23 billion as of March 31, 2024, up from RMB 33.14 billion at the end of 2023, representing a growth of 6.35%[2] - Cash and cash equivalents at the end of Q1 2024 totaled RMB 33,919,103,169.67, compared to RMB 37,415,555,427.99 at the end of Q1 2023, reflecting a decrease of approximately 9.5%[10] - The company’s cash and cash equivalents at the end of Q1 2024 were RMB 4,313,848,501.81, an increase from RMB 2,015,018,543.81 at the end of Q1 2023[18] Assets and Liabilities - Total assets reached RMB 173.65 billion as of March 31, 2024, compared to RMB 168.72 billion at the end of 2023, marking an increase of 2.77%[5] - Total liabilities amounted to RMB 89.63 billion as of March 31, 2024, slightly up from RMB 89.34 billion at the end of 2023, reflecting a growth of 0.33%[5] - Total liabilities decreased to RMB 19,925,491,964.64 from RMB 20,134,219,409.30 year-over-year[14] - The company's total liabilities as of March 31, 2024, amounted to RMB 12,777,351,334.39, a decrease from RMB 13,004,281,788.54 as of December 31, 2023[13] Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[6] - Future strategies may involve market expansion and potential mergers and acquisitions[19] - The company is committed to developing new products and technologies to drive growth[19] - Emphasis on user data analysis to inform decision-making and strategy[19] - The company aims to improve operational efficiency through strategic initiatives[19] - Financial performance metrics will be closely monitored to ensure alignment with growth objectives[19] Governance and Board Composition - The board of directors includes Chairman Chen Wei and several non-executive directors[19] - The executive director is Song Wei, with additional non-executive directors including Liu Guanjiao and Ye Qian[19] - The board also comprises independent non-executive directors such as Yin Yuanping and Xu Xiangyang[19] - The company is focused on enhancing its governance structure with a diverse board composition[19] - The board is dedicated to maintaining transparency and accountability in its operations[19] Research and Development - The company reported a decrease in research and development expenses to RMB 165.21 million in Q1 2024 from RMB 186.01 million in Q1 2023, a decline of 11.14%[6]

Sales Performance - In 2023, BAIC Motor Corporation achieved total vehicle sales of 1,042,005 units, representing a year-on-year increase of 7.3%[10] - Sales of new energy vehicles increased by 46.6% year-on-year, totaling 102,000 units sold, surpassing industry averages[11] - The international market saw a significant boost, with export sales rising over 200% to 59,000 units[11] - In 2023, the passenger car market in China saw sales of 26.063 million units, a year-on-year increase of 10.6%[42] - The sales of new energy vehicles reached 9.046 million units in 2023, growing by 38.2% year-on-year, with a market share of 34.7%[42] - The group sold a total of 1.042 million vehicles in 2023, reflecting a year-on-year growth of 7.3%[43] - The sales of new energy vehicles by the group reached 102,000 units, marking a year-on-year increase of 46.6%[45] - The group achieved vehicle exports of 59,000 units, representing a year-on-year growth of over 200%[46] Financial Performance - The company's consolidated revenue for the year reached RMB 197.95 billion, compared to RMB 190.46 billion in 2022[13] - Net profit for 2023 was RMB 13.63 billion, reflecting the company's strong financial performance amid market recovery[10] - Gross profit for the year was RMB 40,070 million, showing a decrease from RMB 42,334 million in the previous year[14] - Profit attributable to equity holders of the company was RMB 3,030 million, down from RMB 4,197 million in the previous year, representing a decrease of approximately 27.8%[15] - The net profit attributable to equity holders decreased from RMB 4,196.6 million in 2022 to RMB 3,030.3 million in 2023, representing a decline of 27.8%[56] - The gross profit decreased from RMB 42,334.2 million in 2022 to RMB 40,070.5 million in 2023, a decline of 5.3%, mainly due to reduced gross profit from both fuel and new energy vehicles[56] Research and Development - R&D expenditures have been continuously increased to enhance core technology control and drive innovation[11] - The group's R&D expenditure increased by over 30% year-on-year in 2023, emphasizing the importance of innovation for future development[48] - Research and development expenses rose by 31.7% from RMB 2,712.5 million in 2022 to RMB 3,571.2 million in 2023, reflecting increased investment in new energy vehicle development[57] - The core R&D team consists of experienced professionals from both domestic and international backgrounds, covering various fields such as intelligent networking and power systems, which strengthens the company's R&D capabilities[32] - The company is committed to advancing new energy, intelligent, and connected technologies, with ongoing projects to refresh its product line[28] Product Development and Innovation - The company launched over 10 new vehicle models during the year, further diversifying its product offerings[11] - The company has launched new models under the Beijing brand, including the new BJ40 and BJ60 off-road vehicles, as well as the EU5 and EU7 new energy vehicles[19] - The company is focusing on enhancing innovative product forms to meet increasingly diverse market demands, with a strong emphasis on quality and high-performance development[28] - The company is steadily advancing new product projects and aims to consolidate its leading position in the high-end luxury car market[28] Market Strategy - BAIC Motor aims to focus on dual strategies of oil and electric vehicles, enhancing both domestic and international market sales[12] - The company is expanding its international business through wholly-owned subsidiaries and partnerships, enhancing its competitive edge in the global market[28] - The company is focusing on expanding its international market presence, particularly in Europe, Central Asia, and Southeast Asia[46] - The company is actively optimizing its sales network and enhancing customer experience through digital marketing and service ecosystem development[50] Sustainability and ESG Initiatives - The company is committed to sustainable development, aiming to reduce carbon footprints and increase the use of green electricity[49] - The company has achieved over 90% automation in its production facilities, ensuring high-quality output and cost efficiency[49] - The company is committed to reducing carbon emissions throughout the entire lifecycle of vehicles, including electric vehicle electrification and alternative fuel usage[187] - The company aims to achieve comprehensive decarbonization of products and operational carbon neutrality by 2050[178] - The company has established an internal carbon trading mechanism to support its low-carbon transformation efforts[178] Governance and Compliance - The company has established a compliance mechanism to ensure adherence to relevant laws and regulations, with no significant litigation disputes reported in 2023[76] - The company continues to strengthen its governance structure and compliance with applicable regulations, ensuring shareholder interests are protected[76] - The board of directors underwent changes in 2023, with new appointments and reassignments, including the appointment of Song Wei as an executive director[78] - The company has established a comprehensive corporate governance structure, including various committees to enhance shareholder value and accountability[123] Employee and Management - The company employed a total of 31,711 employees as of the end of 2023, an increase from 31,511 employees at the end of 2022[114] - The company maintains a competitive compensation structure based on job value and employee performance, aligned with industry standards in the Beijing area[116] - The company has implemented a corporate annuity system to provide supplementary retirement income for eligible employees[117] - The company has established a comprehensive performance evaluation system linking annual operational goals with departmental and individual performance assessments[114] Risk Management - The company has established a comprehensive risk management system based on COSO-ERM and other frameworks, focusing on a full-value chain risk prevention network[155] - The internal control and risk management system is designed to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses[154] - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and ensure informed investment decisions[158] Future Outlook - The automotive market in China is expected to maintain a positive trend in 2024, driven by macroeconomic policies and the ongoing push for electrification[11] - In 2024, China's automobile sales are expected to grow by over 3% according to the China Association of Automobile Manufacturers (CAAM) [51] - The company anticipates a revenue growth of 10% for the upcoming fiscal year, projecting revenues to reach approximately 79.2 billion RMB[170]

转自：上海证券报 上证报中国证券网讯（记者 汤立斌）根据北京市统计局4月18日发布的数据，一季度，北京37个工业行 业大类中，21个行业增加值实现增长，14个行业降幅比前2个月收窄或增速提高。 在重点行业中，汽车制造业增加值同比增长15.2%，增速比1至2月提高13个百分点，新能源整车制造领 域呈现强势增长态势。计算机、通信和其他电子设备制造业增加值增长19%，消费电子领域、集成电路 领域、显示器件领域等主要领域均呈现回暖态势。电力、热力生产和供应业继续保持平稳较快增长，增 加值增长10.6%。医药制造业增加值与上年同期持平，扭转了连续两年的下降趋势。 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 197,949,177 thousand, an increase of 3.8% compared to RMB 190,462,586 thousand in 2022[11] - Gross profit for the year was RMB 40,070,462 thousand, down 6.0% from RMB 42,334,207 thousand in the previous year[11] - Operating profit decreased to RMB 22,569,113 thousand, a decline of 13.7% from RMB 26,008,890 thousand in 2022[11] - Net profit for the year was RMB 13,626,309 thousand, representing a decrease of 16.6% compared to RMB 16,335,302 thousand in 2022[11] - Basic and diluted earnings per share for the year were RMB 0.38, down from RMB 0.52 in the previous year[13] - The company reported a total comprehensive income of RMB 14,453,684 thousand for the year, compared to RMB 15,509,901 thousand in 2022, reflecting a decline of 6.8%[14] - The company reported a net profit of RMB 13,626,309 thousand for the year ended December 31, 2023, after income tax expenses of RMB 7,373,652 thousand[28] - The company's profit attributable to ordinary shareholders for the year ended December 31, 2023, was RMB 3,030,346,000, a decrease of 28.0% from RMB 4,196,597,000 in 2022[60] - Basic earnings per share for the year ended December 31, 2023, was RMB 0.38, down from RMB 0.52 in 2022, reflecting a decline of 26.9%[60] - The total tax expense for the year ended December 31, 2023, was RMB 7,373,652,000, compared to RMB 8,393,911,000 in 2022, representing a decrease of 12.1%[58] - A cash dividend of RMB 0.13 per share is proposed for the fiscal year 2023, totaling approximately RMB 1.04 billion based on the total share capital[128] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 168,723,153 thousand, a decrease from RMB 173,375,442 thousand in 2022[9] - Total liabilities decreased to RMB 89,339,535 thousand from RMB 94,438,337 thousand in the previous year[9] - Total liabilities increased to RMB 174,831,763 thousand in 2023, up from RMB 164,643,106 thousand in 2022, representing a growth of 6.7%[53] - The group has unrecognized deferred tax assets related to tax losses and deductible temporary differences amounting to approximately RMB 53 billion as of December 31, 2023, up from RMB 48 billion in 2022[32] - The group’s deferred tax liabilities totaled RMB 1,385,608,000 as of December 31, 2023, compared to RMB 1,284,013,000 in 2022, indicating an increase of approximately 7.9%[31] - The debt-to-asset ratio improved from 54.5% at the end of 2022 to 53.0% at the end of 2023, a decrease of 1.5 percentage points due to reduced interest-bearing debt[109] Cash Flow and Expenditures - Cash and cash equivalents as of December 31, 2023, were RMB 31,124,229 thousand, down from RMB 37,227,015 thousand in 2022[5] - Operating cash flow increased by 30.0% from RMB 18,654.1 million in 2022 to RMB 24,248.9 million in 2023, reflecting higher net cash inflow from operating activities[107] - Capital expenditures decreased by 11.2% from RMB 5,520.1 million in 2022 to RMB 4,899.1 million in 2023, while R&D expenditures increased by 31.7% from RMB 2,712.5 million to RMB 3,571.2 million, focusing on new energy vehicle development[110] Sales and Market Performance - In 2023, the total passenger car sales in China reached 26.063 million units, an increase of 10.6% year-on-year[66] - Sales of new energy vehicles in 2023 reached 9.046 million units, a year-on-year increase of 38.2%, with a market share of 34.7%[66] - The sales of Chinese brand passenger cars in 2023 were 14.596 million units, up 24.1% year-on-year, capturing a market share of 56.0%[66] - The company sold 1.042 million vehicles, representing a year-on-year growth of 7.3%[83] - The sales of new energy vehicles reached 102,000 units, with a significant year-on-year increase of 46.6%[85] - The company achieved vehicle exports of 59,000 units, marking a year-on-year growth of over 200%[87] Research and Development - Research and development expenditure increased by over 30% year-on-year in 2023, highlighting the importance of R&D capabilities for future growth[91] - The company launched two hybrid engines in 2023, achieving mass production and receiving recognition as one of the top ten engines in China[91] - The company has established the largest R&D center among joint ventures of the Mercedes-Benz Group, significantly shortening the new product introduction verification cycle[91] Strategic Initiatives - The company is accelerating its transformation towards electrification and intelligence, covering both fuel and new energy vehicle types[71] - The company plans to optimize its industrial chain and enhance brand strength through continuous development in passenger car R&D, manufacturing, sales, and after-sales services[70] - The company is advancing its energy transition strategy, focusing on new energy platforms and models like the EQ series and BJ60[84] - The company has strengthened its international business channels, targeting markets in Europe, Central Asia, and Southeast Asia[87] - The company is committed to green development, actively responding to national carbon neutrality guidelines and enhancing the use of green electricity[94] Operational Efficiency - The company has achieved over 90% automation in its production processes, ensuring high-quality output while effectively reducing manufacturing costs[97] - The company is focusing on building a unified hardware platform and software ecosystem to enhance its AI capabilities in future products[93] Market Outlook - In 2024, China's automotive sales are expected to grow by over 3% according to the China Association of Automobile Manufacturers (CAAM)[122] - The macroeconomic environment is projected to stabilize, with policies supporting the growth of new energy vehicles and artificial intelligence[123] - Continued government policies will further stimulate demand in the new energy vehicle market, including the extension of vehicle purchase tax exemptions[126]