北京汽车第一季度营收424.4亿元人民币，比上年同期下滑8.8%； 净利润9.29亿元，比上年同期下滑 10%。 ...

（股份代號：1958） 公告 本公司截至二零二五年三月三十一日止的第一季度經營業績 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09(2)和13.10B條 及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定義見上市規則）而作出。 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份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。 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* （於中華人民共和國註冊成立的股份有限公司） 本公告隨附的經營業績為北京汽車股份有限公司（「本公司」，與其附屬公司，統稱「本集團」）根據中 華人民共和國（「中國」）境內有關法例規定於中國境內指定媒體及╱或證券交易所等其他場合公開披 露的本集團根據中國企業會計準則編製、未經審核的截至二零二五年三月三十一日止三個月的經營 業績（「第一季度經營業績」）。 本公告及隨附的第一季度經營業績最初以中文編製，並以中英文本刊載。如中英文有任何差異，概 以中 ...

Financial Performance - In 2024, the company achieved consolidated revenue of RMB 192.5 billion and a net profit of RMB 9.83 billion[10]. - Revenue for 2024 was $192.496 million, down 2.3% from $197.949 million in 2023[18]. - Gross profit for 2024 was $30.887 million, a decline of 19.3% compared to $38.298 million in 2023[18]. - Net profit attributable to equity holders for 2024 was $956,000, a significant drop of 68.4% from $3.030 million in 2023[18]. - Vehicle sales for 2024 reached 945,593 units, a decrease of 9.3% from 1,042,005 units in 2023[18]. - The group's revenue decreased from RMB 197,949.2 million in 2023 to RMB 192,495.6 million in 2024, a year-on-year decline of 2.8%, primarily due to a drop in sales of new energy vehicles[81]. - The net profit attributable to equity holders fell from RMB 3,030.3 million in 2023 to RMB 955.8 million in 2024, a decrease of 68.5%[81]. - Gross profit decreased from RMB 38,298.6 million in 2023 to RMB 30,887.0 million in 2024, a decline of 19.4%, mainly due to reduced sales and increased promotional activities[82]. Vehicle Sales and Market Trends - The total vehicle sales for the year reached 946,000 units, with retail sales at 983,000 units[12]. - The Chinese automotive market saw a total sales volume of 31.44 million vehicles in 2024, a year-on-year increase of 4.5%[11]. - In 2024, the group achieved wholesale sales of 946,000 vehicles and retail sales of 983,000 vehicles across its brands[62]. - The sales volume of new energy vehicles reached 12.87 million units, with a market share of 40.9%, reflecting a 35.5% year-on-year growth[61]. - The company is focusing on key segments such as off-road and mid-to-high-end hybrid vehicles, aiming for stable growth in overseas markets[15]. - The new energy vehicle market is projected to continue its rapid growth, becoming a core driver of the overall automotive market[79]. Product Development and Innovation - The company launched several new electric and hybrid models, including the BJ60 and new E-class hybrid vehicles, as part of its commitment to full electrification[14]. - New product lines include electric off-road vehicles and hybrid models under the Beijing brand, enhancing the product portfolio[25]. - The group launched several new energy vehicles, including the BJ30, BJ60, and the new E-Class L plug-in hybrid, enhancing its product matrix in the new energy sector[63]. - The collaboration with Mercedes-Benz resulted in the launch of four new energy models, including the EQA and EQB, with plans for further joint development in smart and new energy vehicles[68]. - The group emphasized R&D innovation, achieving domestic production of key components like the turbocharger and 48V battery, enhancing self-sufficiency[69]. - The company aims to enhance its core technology and smart technology applications to lead its development[14]. Strategic Partnerships and Collaborations - The company is deepening its collaboration with partners like Mercedes-Benz and Hyundai to enhance sustainable development initiatives[14]. - The company aims to deepen cooperation with Hyundai to promote long-term development and enhance competitive strength[77]. - The company is actively pursuing strategic partnerships to strengthen its R&D capabilities and expand its market presence[38]. Financial Position and Investments - Total assets as of December 31, 2024, were $172.044 billion, an increase of 1.9% from $168.723 billion in 2023[20]. - Total liabilities for 2024 were $93.563 billion, up 4.9% from $89.340 billion in 2023[20]. - Equity attributable to equity holders increased to $57.315 billion in 2024, compared to $57.009 billion in 2023[20]. - The company will invest approximately RMB 2 billion to acquire shares in BAIC New Energy, enhancing its position in the new energy vehicle sector[75]. - The company and Hyundai Motor agreed to inject a total of $1,095,466,000 into Beijing Hyundai, with each party contributing $547,733,000 to support capital stability and strategic development[77]. Corporate Governance and Compliance - The company has established a management system that aligns with the requirements for listed companies, enhancing corporate governance[121]. - The company has confirmed the independence of all non-executive directors in accordance with listing rules, ensuring compliance with governance standards[124]. - The company has maintained strict adherence to applicable rules, laws, and industry standards, with no known violations reported for the fiscal year 2024[121]. - The board recommends not to distribute profits for the year 2024[111]. Employee and Talent Management - The company has a total of 31,705 employees as of the end of 2024[195]. - The company has established a comprehensive performance evaluation management system to link annual operational goals with departmental and employee performance assessments[196]. - The company has implemented a strategic talent development program to enhance organizational effectiveness and employee vitality[197]. - The company has a competitive compensation standard based on job value and employee performance, referencing salary levels in the Beijing area and related industries[199]. Environmental and Social Responsibility - The company is committed to social responsibility and has launched the "West Xinjiang" plan to support economic development in western regions[14]. - The company is committed to sustainable development, with plans to upgrade the Beijing Benz smart factory in 2024, incorporating green and low-carbon principles into production[71]. - The company has been recognized as a "leader" in carbon peak initiatives and is actively promoting green supply chain management[71]. - The company aims to enhance energy efficiency and reduce carbon emissions as part of its transition towards becoming a carbon-neutral enterprise[117]. Risks and Challenges - The group faces risks from fluctuating prices of key raw materials, including lithium and cobalt, which could impact production costs[97]. - The automotive industry is undergoing significant technological changes, including electrification and smart connectivity, which intensifies market competition[96]. - The company will continue to monitor market conditions and implement measures to maintain and enhance its market position[96].

港股汽车股多数下跌，比亚迪股份(01211.HK)跌超5%，广汽集团(02238.HK)跌超3%，小鹏汽车 (09868.HK)、北京汽车(01958.HK)、吉利汽车(00175.HK)均跌超1%。 ...

Core Insights - Beijing Off-road's BJ40 extended range model has gained significant consumer interest, achieving over 10,000 orders within 48 hours of its launch, showcasing its strong product capabilities and innovative technology [1][9] Product Launch and Features - The BJ40 extended range model, particularly the "Chitu" version, is priced at 299,800 yuan and focuses on aesthetics, performance, and safety, with over 200,000 yuan in upgrades [3] - Key upgrades include a striking visual design, enhanced off-road capabilities with specialized tires and shock absorbers, and advanced safety features such as a 360-degree driving assistant [3] Performance and Testing - The BJ40 extended range is equipped with a 40.3 kWh battery and an 82L fuel tank, theoretically offering a range of 1,200 kilometers; real-world tests showed a range of 972 kilometers under full load and air conditioning [5] - A "Thousand-Mile Challenge" event has been launched to allow users to experience the vehicle's capabilities firsthand, with rewards available for participants [5] Safety Standards - The BJ40 extended range model has surpassed the new national safety standards for electric vehicle batteries, achieving compliance 16 months ahead of schedule [7] - The vehicle features a three-layer protective structure designed to enhance passenger safety [7] Market Performance - Since its launch on April 7, the BJ40 extended range has captured 81% of the extended range box market, ranking first in the new energy box segment [9] - The company has introduced attractive purchasing policies, including significant discounts and user care initiatives to enhance the buying experience [11] Future Developments - Beijing Off-road plans to release six new products over the next three years, focusing on diverse user needs and market innovation [14] - The company emphasizes its commitment to redefining the standards for new energy off-road vehicles through technological advancements and user-centric approaches [14]

港股汽车板块多数高开，比亚迪股份(01211.HK)开涨4.52%，北京汽车(01958.HK)开涨1.08%，蔚来汽车 (09866.HK)、小鹏汽车(09868.HK)小幅高开。 ...

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]