Financial Performance - The company's revenue for the year ended December 31, 2023, reached RMB 6,685.97 million, a 29% increase compared to RMB 5,201.51 million in 2022[2]. - The adjusted net profit for the year was RMB 910.05 million, up 32% from RMB 688.34 million in the previous year[2]. - The company achieved a gross profit of RMB 1,188.64 million, reflecting a 68% increase from RMB 708.99 million in 2022[2]. - The total revenue for the period increased by 29% year-on-year to RMB 6,685,971,000 from RMB 5,201,508,000 for the year ended December 31, 2022[24]. - Adjusted operating profit for the period was RMB 1,090,891,000, a 44% increase from RMB 755,102,000 for the year ended December 31, 2022[24]. - The gross profit for the period was RMB 3,247,148,000, a 12% increase from RMB 2,888,371,000 for the year ended December 31, 2022[24]. - The annual profit attributable to the company's owners for 2023 was RMB 554,958,000, up from RMB 370,814,000 in 2022, representing a growth of approximately 49.5%[70]. Financing Transactions - The total financing transaction amount was RMB 65.9 billion, representing a 24% growth year-on-year[4]. - The number of financing transactions increased to 678, a 22% rise from 556 in 2022[3]. - The financing transaction amount for new energy vehicles reached RMB 12.4 billion, a significant increase of 200% year-on-year[4]. - The financing transaction volume for new energy vehicles increased to 116,000 units, representing a year-on-year growth of 206%[6]. - The number of new car financing transactions during the reporting period was 399,000, an increase of 51% compared to 265,000 in the same period last year[17]. - The financing amount for new cars reached RMB 40.2 billion, up 57% from RMB 25.6 billion year-on-year[17]. - The number of used car financing transactions was 279,000, a decrease of 4% from 291,000 in the previous year, with used car financing accounting for 41% of total automotive financing transactions[17]. Market Expansion and Strategy - The company is focusing on overseas markets, particularly in Southeast Asia and the Middle East, to explore new growth opportunities[7]. - The company aims to expand its SaaS business to cover the entire automotive consumer finance market over the next 2-3 years[7]. - The company plans to expand its overseas financing business through partnerships with foreign financial institutions, reducing barriers to entry in the automotive financing market[19]. - The company is actively promoting green finance practices, having issued green asset-backed securities in March 2023[5]. - The company plans to continue expanding its market presence and developing new products and technologies to enhance growth prospects[112]. Risk Management - The company has implemented a comprehensive risk management and internal control system to address credit risk, which is the primary risk faced[49]. - The overdue rate for loans over 90 days was reported at 1.89%, indicating effective asset quality management[5]. - The company has tightened customer approval standards in response to macroeconomic uncertainties, actively monitoring and analyzing customer repayment behavior[48]. - The credit assessment process includes automated preliminary assessments and manual evaluations, utilizing over 40 models to analyze various data points[51]. - The expected credit loss provision for finance lease receivables as of December 31, 2023, was determined based on risk characteristics grouped by product type, including consumer loans and auto loans[99]. Investments and Acquisitions - The company invested a total of USD 12 million (approximately HKD 94 million) in additional convertible bonds issued by Yusheng to strengthen cooperation in the used car business[65]. - The company has made a prepayment of RMB 384 million for the acquisition of the remaining equity of Dalian Rongxin, with a total consideration of RMB 640 million approved at the special shareholders' meeting held on July 17, 2023[148]. - The company plans to pursue strategic acquisitions to enhance its technology capabilities, with a budget of RMB 500 million allocated for this purpose[189]. Shareholder Information - The company plans to pay a final dividend of HKD 0.03 per share, which accounts for approximately 30% of the earnings per share during the reporting period[8]. - The proposed final dividend is HKD 0.03 per share, totaling approximately HKD 195.7 million (approximately RMB 177.6 million) for the year ended December 31, 2023[41]. - The annual general meeting is scheduled for May 8, 2024, with a notice to be published in accordance with listing rules[183]. Employee and Operational Metrics - The company's employee count increased to 4,231 as of December 31, 2023, from 4,106 in the previous year, reflecting a growth in workforce[67]. - The total compensation cost for the group, including equity incentive expenses, was RMB 945 million for the year ended December 31, 2023, down from RMB 1,014 million in 2022[67]. - Research and development expenses increased by 25% to RMB 200 million, focusing on fintech innovations[189]. Financial Position - The total assets of the company as of December 31, 2023, were RMB 43,575,102,000, compared to RMB 32,164,392,000 in 2022, marking an increase of approximately 35.5%[72]. - Total liabilities increased to RMB 27,809,932 thousand, up from RMB 16,838,179 thousand, representing a growth of approximately 65.5% year-over-year[76]. - The company's total equity as of December 31, 2023, was RMB 15,765,170 thousand, compared to RMB 15,326,213 thousand at the end of 2022, reflecting an increase of about 2.9%[77]. - The company's current assets as of December 31, 2023, were RMB 21.3 billion, compared to RMB 16.9 billion as of December 31, 2022, mainly due to an increase in the current portion of receivables from financing leases[58]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 15% to RMB 1.725 billion[189]. - New product launches are expected to contribute an additional RMB 300 million in revenue in the upcoming year[189]. - A new SaaS product is set to launch in Q3 2024, expected to generate RMB 150 million in its first year[189].

Credit Impairment and Provisions - Credit impairment losses increased from RMB 286 million for the year ended December 31, 2021, to RMB 790 million for the reporting period[1] - Expected credit loss provisions for receivables from finance leases rose from RMB 121 million to RMB 475 million, attributed to an increase in impairment provisions from RMB 379 million to RMB 584 million[1] - Expected credit loss provisions for risk guarantee liabilities rose from RMB 10 million to RMB 228 million, with the outstanding loans with potential repurchase obligations increasing to RMB 44.6 billion[2] - The impairment assessment and write-off of receivables from finance leases amounted to RMB 371 million based on the expected credit loss model[2] Leasing and Transactions - The outstanding balance of self-financed leasing receivables increased from RMB 11.5 billion to RMB 14.4 billion, driven by a higher number of new leasing agreements[1] - The percentage of used car transactions facilitated by the group increased from 41% in 2021 to 55% in the reporting period, reflecting increased resource allocation to the used car business[2] Share Incentive Plan - The number of shares available for issuance under the first share incentive plan is 49,270,685 shares, representing 0.76% of the issued shares as of the report date[2]

Economic Performance - In the first half of 2023, China's GDP grew by 5.5% year-on-year, indicating a recovery in the economy[7] - The Chinese GDP growth rate for the reporting period was 5.5%, indicating a recovery trend in the economy[11] - The total sales volume of new passenger cars in China was 11.3 million units, representing a year-on-year increase of 9%[12] - The total transaction volume of used passenger cars in China was 7 million units, showing a year-on-year growth of 16%[13] - Sales of new energy vehicles reached 3.8 million units in the first half of 2023, a year-on-year increase of 49%[13] - The penetration rate of new energy vehicles in the domestic market reached 35% by June 2023[13] Company Financial Performance - The company achieved 312,000 financing transactions, a 17% increase compared to the same period last year, with a transaction amount of RMB 30.4 billion, up 21% year-on-year[7] - Core business revenue increased to RMB 1.821 billion, reflecting a year-on-year growth of 25%[7] - The adjusted net profit for the company was RMB 413 million, a 25% increase from RMB 330 million in the first half of 2022[7] - Total revenue for the six months ended June 30, 2023, reached RMB 2,844.19 million, a 16% increase compared to RMB 2,452.34 million in the previous year[26] - Adjusted operating profit for the six months ended June 30, 2023, was RMB 431.08 million, an increase of 14% from RMB 379.27 million in the same period last year[25] - The company reported a 69% increase in operating profit to RMB 253.96 million compared to RMB 150.01 million in the same period last year[26] - The company’s profit increased by 115% year-on-year, from RMB 124 million to RMB 266 million, primarily due to increased gross profit and reduced selling and marketing expenses[44] Financing and Transactions - New car financing transactions amounted to 180,000, a 55% increase from 116,000 in the previous year, with financing amounting to RMB 18.1 billion, a 66% increase from RMB 10.9 billion[17] - The number of used car financing transactions decreased by 12% to 132,000, with a financing amount of RMB 12.3 billion, down 13% from RMB 14.1 billion[16] - New energy vehicle financing transactions surged by 236% to 39,000, with financing amounting to RMB 4.35 billion, a 267% increase from RMB 1.19 billion[18] - The overdue rate for loans over 90 days stood at 1.91% as of June 30, 2023, demonstrating strong asset quality resilience[8] - The overdue rate for financing transactions was 1.52% for those overdue by more than 180 days as of June 30, 2023, slightly up from 1.49% at the end of 2022[52] Revenue Streams - Revenue from guarantee services increased by 83% to RMB 414.15 million, driven by an expanded customer base[30] - Revenue from the self-financing business increased by 21% year-on-year to RMB 700 million, up from RMB 577 million in the same period last year[31] - Revenue from SaaS services surged by 101% to RMB 86.28 million, accounting for 3% of total revenue[30] - The trading platform business generated revenue of RMB 2,144.25 million, representing 75% of total revenue, with a 14% year-on-year growth[29] Strategic Initiatives - The company launched battery GAP insurance services and renewal services to enhance customer experience in the after-market segment, generating RMB 104 million in revenue, a 17% increase year-on-year[8] - The company has established strategic partnerships with ten new energy vehicle manufacturers and deepened cooperation with traditional automakers like Changan and Toyota[9] - The company is exploring financing leasing business models in the electric commercial vehicle sector through collaboration with a stakeholding company[9] - The company plans to expand its SaaS business model into the used car sector and provide localized comprehensive solutions for regional banks[10] Risk Management and Compliance - The company has established a comprehensive risk management and internal control system to address credit risk, which is considered its primary risk[53] - The company actively monitors overdue rates and continuously enhances data analysis capabilities to improve asset risk control[53] - The company has implemented a data-driven credit assessment system to manage credit risk effectively across all service categories and product lines[53] - The board is responsible for assessing the effectiveness of risk management and internal control systems, which are designed to manage risks rather than eliminate them[109] Shareholder Information - As of June 30, 2023, the total number of shares issued by the company is 6,524,013,012, with Zhang Xu'an holding 233,466,189 shares, representing approximately 3.58%[75] - The major shareholder Tianyao holds 2,093,833,612 shares, which is approximately 32.09% of the total issued shares[79] - Tencent Mobility Limited owns 489,922,607 shares, representing approximately 7.51% of the total issued shares[79] - The company has not granted any stock options or incentives to its directors or senior management during the reporting period[98] Cash Flow and Liquidity - The net cash used in operating activities for the reporting period was RMB 4.33 billion, compared to RMB 109 million in the same period last year, mainly due to increased cash outflows from new self-operated financing transactions[59] - Cash and cash equivalents increased by 10% year-on-year, totaling RMB 3.78 billion compared to RMB 3.43 billion at the end of 2022[45] - The company continues to manage its cash flow effectively, with a focus on maintaining liquidity and supporting operational needs through its cash and cash equivalents[188] Regulatory Environment - The company must comply with new cybersecurity review regulations if it holds personal information of over 1 million users, which could impact its ability to list abroad[105] - The company is required to conduct annual data security assessments and report findings to local internet information departments if the new data management regulations are enacted[105] - The company faces uncertainties regarding the interpretation and implementation of new regulations affecting its business and future financing activities[104] Employee and Compensation - The total employee count as of June 30, 2023, was 3,947, a decrease from 4,106 as of December 31, 2022[71] - The total compensation cost, including equity incentive expenses, was RMB 470 million for the reporting period, down from RMB 537 million in the same period last year[71] - The total expense recognized for share-based payments for the six months ended June 30, 2023, was RMB 43,597,000, a decrease from RMB 80,467,000 in the same period of 2022, showing a reduction of approximately 45.9%[196]

Financial Performance - For the six months ended June 30, 2023, the company reported total revenue of RMB 2,844.19 million, a 16% increase compared to RMB 2,452.34 million in the same period of 2022[3]. - The adjusted net profit for the same period was RMB 412.92 million, reflecting a 25% growth from RMB 329.76 million in the previous year[3][6]. - The company achieved a gross profit of RMB 699.54 million, which is a 24% increase from RMB 566.03 million in the previous year[3]. - Adjusted operating profit for the six months ended June 30, 2023, was RMB 431.08 million, up 14% from RMB 379.27 million in the same period last year[23]. - Operating profit increased by 69% to RMB 253.96 million, compared to RMB 150.01 million in the same period last year[25]. - The company reported a net profit for the period of RMB 266 million, a substantial increase of 115% year-on-year[42]. - The company reported a basic and diluted earnings per share of RMB 0.04, compared to RMB 0.02 in the same period last year[72]. Revenue Sources - Revenue from loan facilitation services was RMB 1,539.86 million, accounting for 54% of total revenue, with a 1% increase year-on-year[27]. - Revenue from after-market services grew by 17% to RMB 104 million compared to the same period last year[7]. - Revenue from the trading platform business increased by 14% year-on-year to RMB 2.144 billion, accounting for 75% of total revenue[28]. - SaaS services revenue surged by 101% to RMB 86 million, contributing 3% to total revenue[28]. - Self-financing business revenue rose by 21% year-on-year to RMB 700 million, primarily due to increased income from financing leasing services[29]. Financing Transactions - The total number of automotive financing transactions reached 312,000, a 17% increase from 266,000 transactions in the same period last year[5]. - The total transaction amount for financing reached RMB 30.4 billion, a 21% increase from the previous year[6]. - New car financing transactions amounted to 180,000, a 55% increase from 116,000 year-on-year, with financing amounting to RMB 18.1 billion, a 66% increase from RMB 10.9 billion[18]. - Used car financing transactions decreased to 132,000, down 12% from 150,000 year-on-year, with a financing amount of RMB 12.3 billion, a 13% decrease from RMB 14.1 billion[18]. - New energy vehicle financing transactions surged to 39,000, a 236% increase from 12,000 year-on-year, with financing amounting to RMB 4.35 billion, a 267% increase from RMB 1.19 billion[18]. Market Trends - The total sales volume of new passenger cars in China was 11.3 million units, representing a year-on-year increase of 9%[13]. - The sales volume of used passenger cars in China reached 7 million units, with a year-on-year growth of 16%[14]. - The sales volume of new energy vehicles in the first half of 2023 was 3.8 million units, a year-on-year increase of 49%[14]. - The penetration rate of new energy vehicles in new car transactions through the SaaS model reached 36% during the reporting period[9]. - The penetration rate of new energy vehicles in June 2023 reached 35% in the domestic market[14]. Risk Management - The overdue rate for loans over 90 days stood at 1.91% as of June 30, 2023, indicating strong asset quality resilience[7]. - The company has implemented a data-driven credit assessment system to manage credit risk effectively across all service categories and product lines[52]. - The company has established a comprehensive risk management and internal control system to address credit risk, which is identified as a primary risk faced[52]. - The company actively monitors overdue rates and continuously enhances data analysis capabilities to improve credit risk management[53]. - The expected credit loss (ECL) provision for receivable financing leases totaled RMB 643,397 thousand, with a total book value of RMB 19,458,092 thousand[91]. Economic Environment - The macroeconomic environment in China is expected to improve in the second half of the year, with GDP growth of 5.5% during the reporting period[12]. - The government continues to support the development of the new energy vehicle industry, with policies extended to 2027[14]. Strategic Initiatives - The company has established strategic partnerships with ten new energy vehicle manufacturers and is collaborating with traditional automakers like Changan and Toyota[8]. - The company launched its first green asset-backed securities (ABS) in March 2023, aligning with national carbon neutrality goals[6]. - The company is expanding its SaaS model to the used car sector and providing localized comprehensive solutions for regional banks[10]. - The company aims to diversify its business and improve service quality based on market demand[10]. Asset and Liability Management - Total assets as of June 30, 2023, amounted to RMB 38,213,068 thousand, up from RMB 32,164,392 thousand at the end of 2022, indicating a growth of 18.8%[74]. - Total liabilities increased to RMB 22,695,676 thousand from RMB 16,838,179 thousand, reflecting a rise of 34.6%[75]. - The company's cash and cash equivalents stood at RMB 3,780,201 thousand, an increase from RMB 3,433,182 thousand, showing a growth of 10.1%[74]. - The company's total borrowings reached RMB 18.4 billion as of June 30, 2023, up from RMB 12.5 billion on December 31, 2022, driven by business expansion[61]. Employee and Governance - The total compensation cost for employees, including equity incentive expenses, was RMB 470 million for the reporting period, down from RMB 537 million in the same period last year[69]. - The company has maintained compliance with corporate governance codes, although the roles of Chairman and CEO are held by the same individual, which is under review[160]. - The audit committee has reviewed the unaudited interim consolidated financial statements and confirmed they are prepared in accordance with applicable accounting standards[163].

Financial Performance - Adjusted net profit for 2022 reached RMB 688 million, a 152% increase compared to RMB 273 million in 2021[5] - Total financing transactions in 2022 were 556,000, a 5% increase from 2021, with financing amount reaching RMB 53 billion, up 18% year-on-year[5] - New core service revenue grew 54% to RMB 3.61 billion in 2022, up from RMB 2.347 billion in 2021[5] - The company's adjusted operating profit for 2022 was RMB 755.1 million, a significant increase from RMB 274.8 million in 2021, primarily due to revenue growth[22] - The company's adjusted net profit for 2022 was RMB 688.3 million, compared to RMB 273.2 million in 2021, also driven by revenue growth[23] - The company's operating profit for 2022 was RMB 400 million, up from RMB 102.2 million in 2021[22] - The company's net profit for 2022 was RMB 370.8 million, a substantial increase from RMB 28.9 million in 2021[23] - Total revenue increased by 49% year-over-year to RMB 5.20 billion in 2022, driven by rapid growth in the transaction platform business[24][25] - Core business revenue, including loan facilitation services and new self-operated transaction income, grew by 54% to RMB 3.61 billion in 2022[25] - Loan facilitation service revenue increased by 62% to RMB 3.15 billion, accounting for 61% of total revenue in 2022[26] - Transaction platform business revenue grew by 73% to RMB 3.98 billion, contributing 77% of total revenue in 2022[27] - Gross profit increased by RMB 1.11 billion or 62% to RMB 2.888 billion in 2022, with a gross margin of 56%, up from 51% in 2021[31] - Transaction platform business gross margin improved to 55% in 2022 from 49% in 2021, driven by higher percentage of high-yield businesses[32] - Net interest income for self-operated financing business increased by 6% to RMB 696.1 million in 2022, with a net interest yield of 5.5%, down 10 basis points from 2021[33] - Operating profit increased significantly to RMB 400 million in 2022 from RMB 102 million in 2021, primarily due to higher gross profit[39] - Net profit for the period rose to RMB 371 million in 2022 from RMB 29 million in 2021, driven by increased gross profit[41] Financing and Transactions - Used car transactions accounted for 52% of the total financing volume in 2022[5] - The company's new energy vehicle financing transaction volume increased by 153% YoY to approximately 35,000 units in 2022[8] - Total financing transactions for the year ended December 31, 2022, reached 556,000, a 5% YoY increase from 530,000 in 2021, with total financing amount rising to RMB 52.995 billion, up 18% YoY from RMB 44.928 billion[16] - New car financing transactions decreased by 9% YoY to 265,000 in 2022, while financing amount increased by 1% YoY to RMB 25.617 billion[16] - Used car financing transactions surged by 23% YoY to 291,000 in 2022, with financing amount jumping 40% YoY to RMB 27.379 billion[16] - New energy vehicle (NEV) financing transactions skyrocketed by 153% YoY to 35,000 in 2022, with financing amount surging 199% YoY to RMB 3.705 billion[16] - NEV financing accounted for 18% of total new car financing in H2 2022, up from 7% in 2021, with AION NEV contributing nearly 30% of total NEV financing transactions[17] - Used car financing represented 52% of the company's total financing transactions in 2022, driven by increased investment in sales teams and channel development[17] - The company facilitated approximately 463,000 financing transactions through loan facilitation services, with a 7% increase in transaction volume year-over-year[27] - Self-operated financing business revenue increased by 2% to RMB 1.22 billion in 2022, primarily due to new financing lease transactions[28] Risk Management and Asset Quality - The 90+ days delinquency rate slightly decreased to 1.92% as of December 31, 2022, compared to 1.95% in 2021[6] - The company developed a decision engine based on massive customer data to analyze repayment behavior and implement early warning measures[6] - The company adjusted risk policies proactively in response to external uncertainties and economic recovery delays[6] - The company's asset quality was impacted by delayed economic recovery and weakened customer repayment capabilities[6] - The overdue rate for financing transactions over 180 days decreased to 1.49% in 2022, down from 1.64% in 2021[50] - The overdue rate for financing transactions over 90 days (including over 180 days) decreased to 1.92% in 2022, down from 1.95% in 2021[50] - The company implemented stricter customer approval standards in 2022 to mitigate macroeconomic uncertainties[51] - Credit impairment losses surged by 176% to RMB 790 million in 2022, mainly due to increased provisions for expected credit losses on financing receivables[37] - The coverage ratio of expected credit loss provisions for net receivables from financing leases rose to 4.28% in 2022, compared to 3.49% in 2021[44] - The risk guarantee liability ratio increased to 2.55% in 2022, compared to 1.91% in 2021[48] New Energy Vehicles (NEV) - The penetration rate of new energy passenger vehicles reached 27% in 2022, reflecting strong growth momentum[5] - China's new energy vehicle sales reached 6.9 million units in 2022, accounting for over half of the global market share[8] - The company's new energy vehicle financing accounted for approximately 18% of total new vehicle financing in H2 2022[8] - The company strengthened cooperation with AION NEV, BYD, Chery NEV, and Changan Auto, focusing on expanding NEV financing services[17] - The company plans to deepen its involvement in the NEV industry chain through charging infrastructure, battery leasing, battery swapping, and NEV fleet management[17] - The company's BaaS (Battery as a Service) model is gaining wider acceptance, with potential opportunities in battery leasing, replacement, and echelon utilization[8] - NEV sales in China surged 93% YoY to 6.9 million units in 2022, with NEV penetration rate expected to reach 34% in 2023[13] Fintech and SaaS Business - The company's SaaS business achieved revenue of RMB 122 million in 2022, with a target to facilitate over RMB 10 billion in financing through its fintech platform in 2023[10] - The company has established partnerships with nearly 40 institutions in its fintech business as of December 31, 2022[10] - The company's fintech business achieved revenue of RMB 122 million in 2022, its first year of operation, and established partnerships with nearly 40 institutional clients[19] - The company aims to tap into the RMB 2 trillion automotive financing market through its fintech business, which focuses on providing technology-based solutions for the automotive financing industry[19] - SaaS service revenue reached RMB 122 million in 2022, contributing 2% of total revenue, with a significant growth trend in the second half of the year[27] Dividends and Shareholder Returns - The company plans to pay a final dividend of HK$0.0195 per share and a special dividend of HK$0.0130 per share, subject to shareholder approval[11] - The company proposed a final dividend of HK$0.0195 per share and a special dividend of HK$0.013 per share, totaling approximately HK$212 million (equivalent to RMB 185.5 million) based on 6,523,873,012 shares[83] - The company's distributable reserves as of December 31, 2022, were RMB 18,296,147,000, compared to RMB 16,641,777,000 in 2021[85] Corporate Governance and Leadership - Zhang Xu'an, CEO and Executive Director, has over 20 years of experience in internet, automotive, and financial industries, and has been instrumental in the development of Yiche Holding since its merger with Bitauto in November 2020[70] - Jiang Dong, Executive Director and Co-President, joined the company in March 2015 and previously served as Group Vice President of China Grand Automotive Services Co., Ltd. from February 2011 to March 2015[70] - Xie Qinghua, Non-Executive Director, has been with Tencent since December 2003 and currently serves as Vice President of the company[71] - Miao Qin, Non-Executive Director, joined JD.com in June 2020 and has been the President of JD Retail's Lifestyle Services Business Group since January 2021[71] - Zhu Zhixin, Non-Executive Director, has been the Managing Director of Black Horse Capital (Hong Kong) Limited since July 2014 and has over 10 years of investment banking experience[71] - Yuan Tianfan, Independent Non-Executive Director, has held various high-profile positions including CEO of the Hong Kong Stock Exchange and Vice Chairman of PCCW Limited[72] - Guo Chunhao, Independent Non-Executive Director, has served in senior roles at international financial institutions such as Credit Suisse (Hong Kong) Limited and Standard Chartered Bank (Hong Kong) Limited[73] - The company's board diversity policy considers factors such as gender, age, cultural and educational background, professional experience, and industry expertise[195] - The company has 2 female directors and aims to maintain at least this level while gradually increasing female representation when suitable candidates are identified[199] - The company adopted a Diversity Policy and Nomination Policy, both updated in September 2022, to ensure board diversity and effective governance[193] Strategic Partnerships and Business Expansion - The company has established partnerships with nearly 40 institutions in its fintech business as of December 31, 2022[10] - The company aims to expand its business to the upstream and downstream of the automotive industry chain, including smart transportation and Mobility-as-a-Service (MaaS)[9] - The company invested in a high-tech enterprise providing autonomous driving solutions through a "vehicle-road-cloud" integration approach[9] - The company renewed its used car service strategic cooperation agreement with Jingzhengu, a subsidiary of Tencent, for another three years starting January 1, 2023[131] - The company leverages Yunhan's financing platform to expand its auto finance customer base and increase business revenue[143] - The company deepens its business cooperation with Dalian Rongxin to reach new customers and generate revenue by providing asset management and guarantee enhancement services[145] - The company utilizes Tencent's vast user base to attract more consumers to its financial products and services, thereby expanding its customer base and promoting business growth[147] Regulatory and Compliance - The company is subject to new cybersecurity regulations requiring annual data security assessments and reporting obligations for overseas-listed companies[166] - The company has complied with all relevant laws and regulations in all material aspects[175] - The company adheres to high standards of corporate governance, including transparency, accountability, and integrity[176] - The company has adopted anti-corruption and whistleblowing policies to maintain ethical business practices[179] - The company's public float is 22.99% of issued share capital, which is below the standard requirement but has been granted an exemption by the Hong Kong Stock Exchange[173] Shareholder and Investor Relations - The company raised a net amount of approximately HKD 6.51 billion (equivalent to RMB 5.53 billion) from its initial public offering, with the funds allocated as follows: HKD 1.95 billion for sales and marketing, HKD 1.30 billion for enhancing research and technical capabilities, HKD 1.30 billion for self-operated financing business, HKD 1.30 billion for potential investments or acquisitions, and HKD 650.76 million for working capital and other general corporate purposes[80][81] - As of December 31, 2022, the company had utilized HKD 6.25 billion (RMB 5.31 billion) of the raised funds, with HKD 196.53 million (RMB 166.86 million) utilized during the reporting period, leaving HKD 256.96 million (RMB 218.17 million) unused, primarily for enhancing research and technical capabilities[81] - The company expects to fully utilize the remaining funds for enhancing research and technical capabilities by the end of 2023, subject to further review[81] - The company's top five customers accounted for 35% of total revenue in 2022, with the largest single customer contributing 11%[169] - Revenue from the largest customer, Shanghai Pudong Development Bank, represented 11% of total revenue in 2022[169] - Purchases from the top five suppliers (excluding banks and financial institutions) accounted for 29% of total procurement in 2022, with the largest supplier contributing 23%[170] Operational Metrics and Market Trends - China's GDP growth slowed to 0.4% in Q2 2022 but rebounded to 3.0% for the full year, driven by stimulus policies and resumption of work in major cities[12] - China's new passenger car sales reached 23.6 million units in the reporting period, a 10% YoY increase, while used passenger car sales declined 8% YoY to 12.9 million units[13] - The company's aftermarket services business generated revenue of RMB 184 million in 2022, with 45% of the total aftermarket transaction value coming from used car customers[18] - The company has accumulated over 3 million customers by the end of 2022, providing a solid foundation for expanding and offering unique services throughout the service lifecycle[18] - The company's credit assessment system includes over 40 models analyzing user data, behavior, credit, and consumption patterns to evaluate creditworthiness[53] - Post-financing management includes GPS monitoring of vehicles and proactive repayment reminders sent three days before due dates[54] - The company considers writing off receivables overdue for more than 180 days, based on industry practices and historical recovery rates[55] Financial Position and Liquidity - Cash and cash equivalents increased to RMB 3.433 billion as of December 31, 2022, up from RMB 3.052 billion in 2021, driven by improved profitability and working capital management[56] - Total borrowings rose to RMB 12.5 billion as of December 31, 2022, compared to RMB 9.4 billion in 2021, with asset-backed securities and notes accounting for 32% of total borrowings[57] - Net current assets decreased by 12% to RMB 5.736 billion as of December 31, 2022, from RMB 6.534 billion in 2021, due to increased current liabilities from new borrowings[58] - Total equity increased to RMB 15.3 billion as of December 31, 2022, up from RMB 14.6 billion in 2021, primarily due to net profit recorded during the reporting period[59] - The company's asset-liability ratio increased to 31% as of December 31, 2022, from 21% in 2021, reflecting higher debt levels[60] - The company issued a total of RMB 44.9 billion in standardized products across various exchanges, including a groundbreaking RMB-denominated asset-backed note with an "AAA" international rating[57] - The company's liquidity ratio decreased to 1.52x as of December 31, 2022, from 1.78x in 2021, reflecting a higher proportion of current liabilities[60] - Current ratio decreased from 1.78 as of December 31, 2021, to 1.52 as of December 31, 2022, primarily due to an increase in short-term borrowings[61] - Debt-to-asset ratio increased to 31% as of December 31, 2022, from 21% as of December 31, 2021, mainly due to an increase in net debt[61] - Capital expenditure and investments totaled RMB 129.1 million in 2022, compared to RMB 428.6 million in 2021[63] Shareholder Structure and Ownership - Tencent Mobility Limited holds a beneficial interest of 489,922,607 shares, representing 7.51% of the issued shares[122] - THL H Limited holds a beneficial interest of 931,604,940 shares, representing 14.28% of the issued shares[122] - Teng Yue holds a beneficial interest of 2,093,833,612 shares, representing 32.09% of the issued shares[122] - JD.com Global Investment Limited holds a beneficial interest of 406,675,101 shares, representing 6.23% of the issued shares[122] - JD Financial Investment Limited holds a beneficial interest of 636,318,820 shares, representing 9.75% of the issued shares[122] - JD.com Investment Limited holds a controlled corporate interest of 1,042,993,921 shares, representing 15.99% of the issued shares[122] - Hammer Capital Holdco 1 Limited holds a beneficial interest of 422,125,440 shares, representing 6.47% of the issued shares[122] - Black Horse Capital holds a controlled corporate interest of 516,393,344 shares, representing 7.92% of the issued shares[122] - Zhang Xu'an holds 233,466,189 shares, representing 3.58% of the issued shares[117] - Jiang Dong holds 43,657,810 shares, representing 0.67% of the issued shares[117] - Tencent holds 489,922,607 shares through Tencent Mobility Limited, 931,604,940 shares through THL H Limited, and 2,093,833,612 shares through Tianyao, representing approximately 8.80% of the company's issued share capital as of December 31, 2022[123] - JD.com holds 406,675,101 shares through JD.com Global Investment Limited and 636,318,820 shares through JD Financial Investment Limited, with Max Smart Limited controlling 70.4% of JD

董事會 執行董事 年度報告 2021 www.yixincars.com | 目錄 | | --- | | 公司資料 | 2 | | --- | --- | | 董事長致辭 | 4 | | 管理層討論與分析 | 6 | | 董事及高級管理層 | 20 | | 董事會報告書 | 25 | | 企業管治報告 | 68 | | 環境、社會及管治報告 | 87 | | 獨立核數師報告 | 121 | | 合併損益表 | 128 | | 合併綜合收益表 | 129 | | 合併資產負債表 | 130 | | 合併權益變動表 | 132 | | 合併現金流量表 | 134 | | 合併財務報表附註 | 135 | | 五年財務摘要 | 233 | | 釋義 | 234 | 2021年報 易鑫集团有限公司 公司資料 張序安先生 （主席兼首席執行官） 姜東先生 （總裁）* 非執行董事 鄭潤明先生# 楊峻先生 繆欽先生 朱芷欣女士 獨立非執行董事 袁天凡先生 郭淳浩先生 董莉女士 審計委員會 郭淳浩先生 （主席） 袁天凡先生 董莉女士 薪酬委員會 袁天凡先生 （主席） 張序安先生 董莉女士 提名委員會 張序安先生 （主席） 郭 ...