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]

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） （股份代號：1958） 公告 本公司截至二零二三年九月三十日止的第三季度經營業績 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。 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、未經審核的截至二零二三年九月三十日止九個月的經營業 績（「第三季度經營業績」）。 本公告及隨附的第三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 以中文為 ...

Sales Performance - In the first half of 2023, BAIC Motor Corporation achieved a total vehicle sales of 507,000 units, representing a year-on-year increase of 24.1%[4] - The wholesale sales of fuel vehicles reached 459,000 units in the first half of 2023, up from 383,000 units in the same period of 2022[11] - The sales of new energy vehicles increased to 49,000 units in the first half of 2023, compared to 25,000 units in the same period of 2022[11] - Beijing brand sales in the first half of 2023 reached 72,000 units, a significant increase of 125% compared to 32,000 units in the same period of 2022[12] - Fuel vehicle sales for Beijing brand rose to 44,000 units, up 83% from 24,000 units year-over-year, while new energy vehicle sales surged to 29,000 units from 8,000 units, marking a 262.5% increase[12] - Beijing Benz's sales increased to 301,000 units in the first half of 2023, compared to 267,000 units in the same period of 2022, reflecting a growth of 12.7%[12] - Beijing Hyundai's sales grew to 118,000 units, up 25.5% from 94,000 units year-over-year[12] - The sales of new energy vehicles reached 49,000 units, a year-on-year increase of 91.5%, contributing to market expansion[23] - The sales of fuel vehicles increased by 19.7% to 459,000 units, demonstrating steady growth[23] - In the first half of 2023, Beijing Benz sold 301,000 vehicles, reflecting a year-on-year growth of 12.9%[25] - Beijing Hyundai achieved vehicle sales of 118,000 units, marking a year-on-year increase of 25.7%[26] Financial Performance - The company's consolidated revenue for the first half of 2023 was RMB 99.05 billion, an increase of 18.4% compared to RMB 83.68 billion in the same period of 2022[9] - Net profit attributable to equity holders of the company for the first half of 2023 was RMB 2.85 billion, reflecting a year-on-year growth of 31.9%[4] - The earnings per share for the first half of 2023 was RMB 0.36, which is a 33.3% increase from the previous year[4] - The company's revenue increased from RMB 83,678.6 million in the first half of 2022 to RMB 99,047.1 million in the first half of 2023, representing an 18.4% year-on-year growth, driven by increased sales and changes in vehicle model structure[47] - Net profit attributable to equity holders rose from RMB 2,158.3 million in the first half of 2022 to RMB 2,845.7 million in the first half of 2023, a growth of 31.9%; basic earnings per share increased from RMB 0.27 to RMB 0.36[47] - Gross profit increased from RMB 18,559.9 million in the first half of 2022 to RMB 20,566.1 million in the first half of 2023, a 10.8% increase, mainly due to higher sales and changes in vehicle model structure[47] - The company's net cash generated from operating activities rose from RMB 9,058.5 million in the first half of 2022 to RMB 13,707.7 million in the first half of 2023, reflecting a 51.3% increase due to higher sales[47] - Total revenue for the six months ended June 30, 2023, was RMB 99,047,066 thousand, an increase from RMB 83,678,641 thousand in the same period of 2022, representing a growth of approximately 18.3%[59] - Gross profit for the same period was RMB 20,566,103 thousand, compared to RMB 18,559,917 thousand in 2022, reflecting a gross margin improvement[59] - Net profit attributable to equity holders of the company for the six months was RMB 2,845,716 thousand, up from RMB 2,158,298 thousand in 2022, indicating a growth of approximately 31.8%[59] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 175.07 billion, compared to RMB 173.38 billion as of December 31, 2022[9] - Total liabilities as of June 30, 2023, were RMB 95.48 billion, slightly up from RMB 94.44 billion at the end of 2022[9] - The company's total liabilities as of June 30, 2023, were RMB 95,482,299 thousand, compared to RMB 94,438,337 thousand at the end of 2022[58] - The total assets as of June 30, 2023, amounted to RMB 175,068,117 thousand, compared to RMB 173,375,442 thousand at the end of 2022, showing a slight increase[58] - The company had outstanding borrowings totaling RMB 17,297.9 million, including short-term borrowings of RMB 10,104.3 million and long-term borrowings of RMB 7,193.6 million[47] - The company maintains a net debt-to-equity ratio of -29.7% as of June 30, 2023, indicating a strong capital structure[47] Strategic Initiatives - The company is accelerating its transformation towards electrification and intelligence, covering both fuel and new energy vehicle types[14] - The new product lineup includes models such as the new X7, EU5 PLUS, and various hybrid and electric vehicles, catering to diverse outdoor needs[16] - The company aims to enhance its product matrix by focusing on SUVs and crossovers, targeting different consumer segments[14] - The partnership with Mercedes-Benz and the establishment of joint ventures are key strategies for expanding market presence and enhancing product offerings[18] - The company plans to enhance its international business through joint ventures and subsidiaries, focusing on markets outside of China and South Africa[21] - The company is actively promoting digitalization and smart technology applications to enhance competitiveness in the automotive market[26] - The group is committed to enhancing research and development capabilities, with a focus on electric, intelligent, and connected technologies[29] - The R&D center in Beijing Benz is the largest within the joint venture, focusing on shortening development cycles and enhancing digital verification capabilities[29] Corporate Governance - The company did not propose an interim dividend for the reporting period[4] - The company has established an audit committee to review the accounting standards and practices adopted by the group[37] - The board of directors appointed Song Wei as the new president effective June 30, 2023[36] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[34] - There were no significant litigations or arbitrations as of June 30, 2023[42] - No significant events affecting the group occurred after the reporting period[42] Employee and Operational Metrics - The total number of employees at the group as of June 30, 2023, was 30,691, down from 31,511 at the end of 2022[31] - The group aims to maintain stable growth in the second half of 2023, driven by the recovery of the macro economy and the performance of new energy vehicles[31] - The group is enhancing its sales channels and optimizing production capacity to achieve year-on-year increases in sales and revenue[33] Market Overview - The automotive market in China saw a wholesale sales increase of 8.8% year-on-year, with a total of 11.27 million passenger vehicles sold in the first half of 2023[4] - The sales of passenger cars in China reached 11.268 million units in the first half of 2023, an increase of 8.8% year-on-year[21] - The sales of new energy vehicles in the first half of 2023 reached 3.747 million units, a year-on-year growth of 44.1%, with a market share of 28.3%[21]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 99,047,066 thousand, an increase of 18.4% compared to RMB 83,678,641 thousand for the same period in 2022[2] - Gross profit for the same period was RMB 20,566,103 thousand, representing a gross margin of 20.8%, up from RMB 18,559,917 thousand in 2022[2] - Operating profit increased to RMB 12,585,178 thousand, a rise of 9.8% from RMB 11,463,669 thousand in the previous year[2] - Net profit attributable to equity holders was RMB 2,845,716 thousand, up 31.9% from RMB 2,158,298 thousand in 2022[2] - Basic and diluted earnings per share increased to RMB 0.36, compared to RMB 0.27 for the same period last year[2] - The company reported a profit before tax of RMB 12,579,113 thousand for the period, with a net profit of RMB 8,551,305 thousand after tax expenses of RMB 4,027,808 thousand[12] - The group’s revenue increased from RMB 83,678.6 million in the first half of 2022 to RMB 99,047.1 million in the first half of 2023, representing an 18.4% year-on-year growth, driven by increased sales and changes in vehicle model structure[45] - Net profit attributable to equity holders rose from RMB 2,158.3 million in the first half of 2022 to RMB 2,845.7 million in the first half of 2023, marking a 31.9% increase; basic earnings per share increased from RMB 0.27 to RMB 0.36[45] - Gross profit increased from RMB 18,559.9 million in the first half of 2022 to RMB 20,566.1 million in the first half of 2023, a 10.8% year-on-year rise, primarily due to higher sales and changes in vehicle model structure[46] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 175,068,117 thousand, a slight increase from RMB 173,375,442 thousand at the end of 2022[5] - Total liabilities increased to RMB 95,482,299 thousand from RMB 94,438,337 thousand at the end of 2022[5] - Non-current assets decreased to RMB 92,251,611 thousand from RMB 90,920,604 thousand at the end of 2022[4] - The total accounts receivable as of June 30, 2023, was RMB 15,684,766, with a provision for impairment of RMB 1,081,163, resulting in a net accounts receivable of RMB 14,603,603[15] - The total accounts payable as of June 30, 2023, was RMB 28,719,354, an increase from RMB 27,183,330 as of December 31, 2022[17] - The group maintained a debt-to-asset ratio of 54.5% as of June 30, 2023, unchanged from the end of 2022[48] Sales and Market Performance - In the first half of 2023, the overall passenger car sales in China reached 11.268 million units, representing a year-on-year growth of 8.8%[31] - New energy vehicle sales in the first half of 2023 totaled 3.747 million units, with a year-on-year increase of 44.1%, capturing a market share of 28.3%[31] - Sales of Chinese brand passenger cars in the first half of 2023 amounted to 5.986 million units, reflecting a year-on-year growth of 22.4% and a market share of 53.1%[31] - High-end brand passenger car sales reached 2.033 million units in the first half of 2023, showing a year-on-year increase of 19.7%[31] - Passenger car exports in the first half of 2023 reached 1.78 million units, marking a significant year-on-year growth of 88.4%[31] - In the first half of 2023, the group achieved total sales of 507,000 vehicles, a year-on-year increase of 24.1%, with 49,000 new energy vehicles sold, up 91.5%[33] - Beijing brand sales reached 72,000 vehicles, a significant year-on-year growth of 125.9%, with electric vehicle sales of 29,000 units and export sales of 18,000 units, up 234.8%[34] - Beijing Benz sold 301,000 vehicles, reflecting a year-on-year increase of 12.9%, while launching new models such as the long-wheelbase GLC SUV and EQE SUV[35] - Beijing Hyundai's sales totaled 118,000 vehicles, a year-on-year increase of 25.7%, with a focus on digitalization and smart technology applications[36] - Fujian Benz achieved sales of 15,000 vehicles, maintaining stable development[37] Research and Development - The group emphasized R&D capabilities, focusing on electrification, intelligence, and connectivity, with advancements in high-efficiency engines and 800V high-voltage platforms[39] - Beijing Benz established the largest R&D center in the joint venture, enhancing digital verification capabilities and reducing development cycles[40] - Research and development expenses fell from RMB 1,326.0 million in the first half of 2022 to RMB 1,034.7 million in the first half of 2023[50] Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading, with all directors and senior management confirming compliance during the reporting period[54] - The audit committee has reviewed the unaudited interim financial statements for the first half of 2023[57] - The board of directors includes a mix of executive and non-executive members, ensuring a balanced governance structure[57] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[53] Strategic Initiatives - The group is accelerating its transition to electrification and intelligence in its passenger vehicle offerings, covering both fuel and new energy vehicles[24] - The company aims to enhance its market share and operational capabilities in the second half of 2023, focusing on user engagement and international market expansion[43] - The group plans to accelerate product iteration and improve marketing capabilities to achieve its annual operational goals[44] - The company is expanding its international business through joint ventures and subsidiaries, focusing on the export of Beijing brand passenger vehicles[30] Tax and Financial Policies - The current tax expense for the six months ended June 30, 2023, was RMB 4,129,423, compared to RMB 3,940,793 for the same period in 2022[20] - The Chinese government has extended the purchase tax exemption policy for new energy vehicles until 2027, enhancing market expectations and expanding effective demand[32] Other Financial Information - The group recorded a foreign exchange gain of RMB 101.8 million in the first half of 2023, compared to a loss of RMB 63.1 million in the first half of 2022, due to effective hedging strategies[52] - The group has not proposed any interim dividend for the six months ended June 30, 2023, consistent with the previous year[22] - There are no significant contingent liabilities as of June 30, 2023[53] - The company has no major litigation or arbitration matters as of June 30, 2023[53] - The group’s capital expenditures decreased from RMB 2,689.2 million in the first half of 2022 to RMB 2,374.1 million in the first half of 2023[49]

Financial Performance - For Q1 2023, total operating revenue reached RMB 47.70 billion, an increase of 4.24% compared to RMB 45.73 billion in Q1 2022[6] - Net profit for Q1 2023 was RMB 4.16 billion, down 8.91% from RMB 4.56 billion in the same period last year[6] - The total comprehensive income for Q1 2023 was RMB 4,150,950,680.63, compared to RMB 4,072,443,330.36 in Q1 2022, representing an increase of approximately 1.93%[7] - Revenue from sales of goods and services in Q1 2023 reached RMB 53,714,090,823.97, compared to RMB 51,676,150,720.82 in Q1 2022, reflecting an increase of about 3.96%[8] - Total revenue for Q1 2023 reached RMB 2,124,609,270.95, an increase of 18.6% compared to RMB 1,791,515,260.81 in Q1 2022[14] Assets and Liabilities - Total current assets as of March 31, 2023, amounted to RMB 84.56 billion, up from RMB 82.45 billion at the end of 2022, reflecting a growth of 2.54%[2] - Total liabilities decreased to RMB 91.30 billion as of March 31, 2023, from RMB 94.44 billion at the end of 2022, a reduction of 3.3%[5] - The company's total assets as of March 31, 2023, were RMB 88,697,548,426.41, down from RMB 94,081,451,546.57 as of December 31, 2022, representing a decrease of about 5.67%[10] - The total liabilities decreased to RMB 23,310,082,990.96 as of March 31, 2023, from RMB 28,023,976,208.11 as of December 31, 2022, a reduction of approximately 16.1%[11] - Total liabilities amounted to RMB 23,310,082,991.05 in Q1 2023, down from RMB 25,397,462,382.25 in Q1 2022, a decrease of 8.2%[12] Cash Flow - Net cash flow from operating activities for Q1 2023 was RMB 6,994,882,684.54, up from RMB 4,229,406,569.68 in Q1 2022, indicating a growth of approximately 65.5%[8] - The net cash flow from financing activities in Q1 2023 was (RMB 4,876,908,748.24), a decline from (RMB 3,334,282,752.25) in Q1 2022, indicating a worsening of approximately 46.3%[9] - Cash flow from operating activities for Q1 2023 was RMB (950,207,569.60), compared to RMB (79,826,109.61) in Q1 2022, showing a significant increase in cash outflow[16] - The net cash flow used in financing activities in Q1 2023 was RMB (4.9 billion), compared to RMB (2.56 billion) in Q1 2022, indicating a significant increase in cash outflow[17] - The net decrease in cash and cash equivalents for Q1 2023 was RMB (6.16 billion), which is a 44.4% increase compared to RMB (4.27 billion) in Q1 2022[17] Research and Development - Research and development expenses for Q1 2023 were RMB 186.01 million, an increase of 24% from RMB 150.22 million in Q1 2022[6] - The company reported a significant decrease in research and development expenses, which were RMB 0 in Q1 2023 compared to RMB 9,031.39 in Q1 2022[14] Inventory and Equity - The company’s inventory as of March 31, 2023, was RMB 26.23 billion, slightly up from RMB 26.09 billion at the end of 2022, indicating a 0.54% increase[2] - The company's inventory as of March 31, 2023, was RMB 462,693,459.58, down from RMB 583,994,521.61 as of December 31, 2022, reflecting a decrease of approximately 20.7%[10] - The total equity attributable to shareholders increased to RMB 55.96 billion from RMB 54.50 billion, reflecting a growth of 2.68%[5] - Shareholders' equity totaled RMB 65,387,465,435.45, reflecting a stable capital structure[12] Future Plans - The company plans to expand its market presence and invest in new technologies to enhance product offerings in the upcoming quarters[6] - The company aims to enhance its market expansion strategies and product development in the upcoming quarters[14]

Sales Performance - In 2022, BAIC Motor Corporation achieved total vehicle sales of 947,000 units, with Beijing Benz contributing 592,000 units, maintaining its position among domestic luxury brands[8][11] - The overall automotive market in China saw a total sales volume of 23.563 million passenger vehicles in 2022, an increase of 9.5% year-on-year[9] - Sales volume for Beijing brand vehicles was 71,897 units in 2022, slightly down from 72,434 units in 2021[24] - Beijing Benz sold 591,716 units in 2022, an increase of 5.3% from 561,008 units in 2021[24] - Beijing Hyundai's sales dropped significantly to 250,424 units in 2022 from 360,565 units in 2021, a decline of 30.6%[24] - Beijing Brand achieved total vehicle sales of 72,000 units in 2022, a year-on-year decrease of 0.7%, while electric vehicle sales increased by 51.1%[66] - Beijing Benz produced over 600,000 vehicles in 2022, with sales reaching 592,000 units, representing a year-on-year growth of 5.5%[67] - Beijing Hyundai sold 250,000 vehicles in 2022, focusing on digitalization and smart connectivity technologies[69] - Beijing Brand exported 18,000 vehicles in 2022, marking an impressive year-on-year growth of 81.8%[66] Financial Performance - The company reported consolidated revenue of RMB 190.46 billion and a net profit of RMB 16.34 billion for the year 2022[8][11] - The company reported a gross profit of RMB 54.497 billion in 2022, indicating a robust financial performance[19] - Revenue for the year ended December 31, 2022, was $190,463 million, an increase of 8.8% compared to $175,916 million in 2021[20] - Gross profit for 2022 was $42,334 million, up from $37,643 million in 2021, reflecting a gross margin improvement[20] - The annual profit attributable to equity holders was $4,197 million in 2022, compared to $3,858 million in 2021, marking a growth of 8.8%[20] - The group's revenue increased from RMB 175,915.7 million in 2021 to RMB 190,462.6 million in 2022, representing an 8.3% year-on-year growth, primarily due to increased revenue from Beijing Benz[91] - The net profit attributable to equity holders rose from RMB 3,858.2 million in 2021 to RMB 4,196.6 million in 2022, marking an 8.8% increase; basic earnings per share increased from RMB 0.48 to RMB 0.52[91] - Gross profit increased from RMB 37,643.2 million in 2021 to RMB 42,334.2 million in 2022, a 12.5% year-on-year growth, mainly driven by higher gross profit from Beijing Benz[92] - The cash generated from operating activities rose significantly from RMB 12,903.0 million in 2021 to RMB 18,654.1 million in 2022, a 44.6% increase, attributed to higher net cash inflow from Beijing Benz[94] Market Trends - The sales of new energy vehicles in China reached 6.887 million units in 2022, representing a year-on-year growth of 93.4%[9] - The automotive market is expected to continue its stable growth in 2023, supported by the recovery of chip supply and ongoing policies favoring new energy vehicles[11][12] - The company expects the Chinese passenger car market to maintain moderate growth in 2023, supported by macroeconomic recovery and easing chip supply shortages[81] - The company anticipates stable development in the automotive market in 2023, with continued support for new energy vehicle demand through favorable policies[83] Strategic Initiatives - In 2023, the company aims to focus on "comprehensive electrification" and accelerate its transition towards electric and intelligent vehicles[12] - BAIC Motor plans to implement a dual strategy for domestic and international markets to enhance high-quality development[12] - The company aims to solidify its competitive position by forming a differentiated product matrix in the electric vehicle sector[12] - The company aims to enhance its product lineup with a focus on hybrid and electric vehicle technologies, targeting a broader consumer base[28] - The company is focused on optimizing product structure and enhancing operational stability across its various brands[64] - The company plans to enhance its focus on electric and intelligent transformation in 2023, aiming for high-quality development[84] Research and Development - The core R&D team consists of senior professionals from both domestic and international fields, covering various domains including electrification and vehicle integration[3] - The company is committed to enhancing its R&D capabilities and has established a comprehensive quality control system that meets national and international standards[47] - The R&D capabilities are being enhanced across all brands, with a focus on electrification, intelligence, and connectivity[75] - Beijing Benz has established the largest R&D center among joint ventures of the Mercedes-Benz Group, enhancing local prototype vehicle development[76] - The company continues to explore lightweight R&D, new energy technology transformation, and big data applications in its operations[41] Shareholder Returns - The board proposed a dividend of RMB 0.17 per share for the fiscal year 2022, reflecting a commitment to shareholder returns[11] - The company has established a mechanism for compliance with relevant laws and regulations to protect shareholder interests[129] Compliance and Governance - The company has maintained compliance with environmental laws and regulations, focusing on sustainable development and energy efficiency improvements[128] - There were no significant legal disputes or compliance issues reported during the year[131] - The company confirmed the independence of all independent non-executive directors as per the listing rules[134] - The company has not made any changes to the composition of the board, strategic committee, audit committee, nomination committee, or remuneration committee since January 1, 2022[140] Debt and Financing - The total outstanding borrowings amounted to RMB 20,313.4 million at the end of 2022, including short-term borrowings of RMB 11,733.0 million and long-term borrowings of RMB 8,580.4 million[96] - The company's debt-to-asset ratio decreased from 58.6% at the end of 2021 to 54.5% at the end of 2022, a year-on-year decline of 4.1 percentage points, primarily due to profit contributions increasing equity and the reduction of interest-bearing debt[95] - The company issued short-term financing bonds totaling RMB 1,500 million with a maturity of 180 days and an interest rate of 2.16%[159] - The company raised RMB 1,000 million through green medium-term notes with a 3-year maturity and an interest rate of 2.88% for procurement of machinery for electric vehicle production[159] Related Party Transactions - The company has established pricing policies to ensure fair and reasonable terms for procurement and sales transactions with suppliers, including BAIC[187] - The group engaged in continuous related party transactions with the Mercedes-Benz Group, focusing on vehicle sales and parts procurement[195] - The group has implemented measures to ensure that transaction terms with related parties are not less favorable than those with independent third parties[191]

Financial Performance - The total revenue for the year ended December 31, 2022, was RMB 190,462,586 thousand, an increase of 8.8% compared to RMB 175,915,687 thousand in 2021[6] - The gross profit for 2022 was RMB 42,334,207 thousand, up from RMB 37,643,235 thousand in 2021, reflecting a gross margin improvement[6] - The net profit attributable to equity holders of the company for 2022 was RMB 4,196,597 thousand, compared to RMB 3,858,175 thousand in 2021, representing a growth of 8.8%[7] - The company reported a basic and diluted earnings per share of RMB 0.52 for 2022, compared to RMB 0.48 in 2021[7] - The total revenue from sales discounts and commissions increased to RMB 11,717,464 thousand in 2022, compared to RMB 11,155,224 thousand in 2021, reflecting a growth of 5.0%[41] - The company's profit before tax for the year ended December 31, 2022, was RMB 24,729,213, an increase of 7.9% from RMB 22,920,481 in 2021[46] - The tax expense for the year ended December 31, 2022, was RMB 8,393,911, compared to RMB 7,769,002 in 2021, reflecting a year-on-year increase of 8.0%[46] - The proposed final dividend for the year ended December 31, 2022, is RMB 0.17 per share, compared to RMB 0.16 per share in 2021, indicating a 6.3% increase[48] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 173,375,442 thousand, a decrease from RMB 180,844,377 thousand in 2021[3] - The total liabilities as of December 31, 2022, were RMB 94,438,337 thousand, down from RMB 105,957,302 thousand in 2021[5] - The total equity attributable to equity holders of the company increased to RMB 54,496,766 thousand in 2022 from RMB 52,582,759 thousand in 2021[3] - The company's cash and cash equivalents decreased to RMB 37,227,015 thousand from RMB 40,968,622 thousand in the previous year[2] - The total amount of unrecognized tax losses carried forward was approximately RMB 39 billion as of December 31, 2022, up from RMB 33 billion in 2021, representing an increase of about 18.2%[20] - The total borrowings as of December 31, 2022, were RMB 20,313,380 thousand, a decrease from RMB 22,383,645 thousand in 2021, reflecting a reduction of approximately 9.2%[30] - The company's current liabilities, including accounts payable, decreased to RMB 27,183,330 thousand in 2022 from RMB 37,276,917 thousand in 2021, representing a reduction of 27.1%[39] Sales and Market Performance - The total sales of passenger vehicles in China for 2022 reached 23.563 million units, a year-on-year growth of 9.5%[49] - Sales of new energy vehicles in China surged to 6.887 million units in 2022, marking a significant year-on-year increase of 93.4% and capturing a market share of 25.6%[49] - The sales of Chinese brand passenger vehicles reached 11.766 million units in 2022, reflecting a year-on-year growth of 22.8% and achieving a historical market share high of 49.9%[49] - The company holds a 51.0% stake in Beijing Benz, which has become a key player in the production and sales of Mercedes-Benz vehicles in China[53] - Beijing Brand's overseas vehicle exports reached 18,000 units in 2022, marking an increase of 81.8% year-on-year[60] Research and Development - The company is focusing on R&D in electric, intelligent, and connected vehicles, with plans to launch a new EV model featuring F-OTA technology in 2023[66] - The company established the largest R&D center within the Mercedes-Benz group in its joint venture, enhancing its capabilities in battery testing and prototype vehicle production[66] - Research and development expenses increased by 2.3% from RMB 2,651.4 million in 2021 to RMB 2,712.5 million in 2022, reflecting the group's commitment to product development[72] Operational Efficiency - The company is committed to sustainable development through digitalization and automation, achieving over 90% automation in its production processes[64] - The production facilities are equipped with flexible production lines, allowing for quick adjustments to production plans in response to market demand[63] - The company is optimizing its dealer network and enhancing customer experience to improve overall competitiveness[65] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance product offerings in the coming years[10] - The company aims to accelerate the transition to electrification and intelligence, focusing on high-quality development in 2023[83] - The Chinese automotive market is projected to maintain stability, with an anticipated improvement in chip shortages and an increase in the market share of new energy vehicles[81] - New energy vehicle purchase tax exemptions will remain unchanged in 2023, with local policies continuing to promote demand in the new energy market[82] Employee and Workforce - The total number of employees increased from 18,694 at the end of 2021 to 19,491 at the end of 2022, indicating growth in workforce[75] - Employee costs rose by 11.7% from RMB 5,201.8 million in 2021 to RMB 5,809.1 million in 2022, driven by increased production and average wage growth[75]

Financial Performance - Total operating revenue for the first nine months of 2022 reached RMB 141.88 billion, an increase from RMB 123.87 billion in the same period of 2021, representing a growth of approximately 14.6%[5] - Net profit attributable to shareholders for the first nine months of 2022 was RMB 3.22 billion, compared to RMB 2.67 billion in 2021, reflecting a year-on-year increase of about 20.6%[5] - The total comprehensive income for the first nine months of 2022 was RMB 11.42 billion, a decrease of 8.55% compared to RMB 12.49 billion in the same period of 2021[6] - Total operating revenue for the first nine months of 2022 reached RMB 4,387,313,066.77, a significant increase from RMB 2,772,917,154.02 in the same period of 2021, representing a growth of approximately 58.2%[15] - Net profit for the first nine months of 2022 was RMB 1,807,064,565.86, down from RMB 3,567,157,842.57 in 2021, indicating a decline of approximately 49.3%[15] - The total comprehensive income for the first nine months of 2022 was RMB 1,818,045,013.31, compared to RMB 3,558,565,275.72 in 2021, showing a decline of about 48.9%[15] Assets and Liabilities - Total assets as of September 30, 2022, amounted to RMB 178.64 billion, a slight decrease from RMB 180.84 billion at the end of 2021[3] - Current assets totaled RMB 87.31 billion as of September 30, 2022, compared to RMB 86.64 billion at the end of 2021, indicating a marginal increase[2] - Total liabilities decreased to RMB 98.20 billion as of September 30, 2022, down from RMB 105.96 billion at the end of 2021, showing a reduction of approximately 7.3%[3] - The total current assets as of September 30, 2022, were RMB 33.79 billion, down from RMB 37.60 billion at the end of 2021, indicating a decrease of 10.56%[10] - The company's total assets as of September 30, 2022, were RMB 89.56 billion, a decrease from RMB 92.26 billion at the end of 2021[12] - The total liabilities as of September 30, 2022, were RMB 27.76 billion, a decrease from RMB 30.99 billion as of December 31, 2021[12] Cash Flow - The net cash flow from operating activities for the first nine months of 2022 was RMB 17.48 billion, compared to a negative cash flow of RMB 8.54 billion in the same period of 2021[7] - Cash received from the sale of goods and services increased to RMB 158.03 billion in the first nine months of 2022, up from RMB 134.40 billion in the same period of 2021, representing a growth of 17.59%[7] - Cash flow from operating activities showed a net outflow of RMB 1,510,079,208.64 in 2022, compared to a net inflow of RMB 917,944,170.69 in 2021[16] - Cash flow from investing activities generated a net inflow of RMB 1,962,255,011.82 in 2022, contrasting with a net outflow of RMB 1,835,268,655.04 in 2021[17] - Cash flow from financing activities resulted in a net outflow of RMB 3,790,496,991.42 in 2022, compared to a net inflow of RMB 948,684,075.72 in 2021[17] - The company's cash and cash equivalents at the end of September 2022 were RMB 41.36 billion, an increase from RMB 27.52 billion at the end of 2021[9] Research and Development - Research and development expenses for the first nine months of 2022 were RMB 602 million, slightly lower than RMB 666 million in the same period of 2021[5] - Research and development expenses were notably low at RMB 9,031.39 in 2022, compared to RMB 4,557,980.24 in 2021, indicating a significant reduction in investment in this area[15] Investments - The company’s long-term equity investments increased to RMB 14.46 billion as of September 30, 2022, up from RMB 12.53 billion at the end of 2021, indicating a growth of approximately 15.4%[2] - Long-term equity investments increased to RMB 43.24 billion as of September 30, 2022, compared to RMB 39.94 billion at the end of 2021, reflecting a growth of 8.06%[11] - The company’s investment income for the first nine months of 2022 was RMB 5,709,192,880.71, down from RMB 6,680,406,472.38 in 2021, reflecting a decrease of approximately 14.5%[15] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[1]