证券研究报告 永达汽车 (3669 HK) 传统品牌销量承压，新能源渠道扩张 提速 24 年新车销量承压，全年销售量 17.1 万辆，同比-12%，对应销售及相关 服务收入 494 亿元，同比-16%。得益于小米 SU7、问界 M9 等爆款热销， 新能源品牌销售表现亮眼，24 年收入 30 亿元，同比+85%，销售占比由 3% 提升至 6%；单车平均售价（直销+经销）同比提升 4 万元至 28 万元。新能 源相关的售后业务也同比提升，24 年独立新能源品牌维修收入 3 亿元，同 比+95%。二手车销售和整体售后服务业务收入分别为 97/38 亿元，同比 -28.4%/-0.1%。整体来看，24 年销售业务虽然承压，但我们看到新能源汽 车业务带来改善机会，为前后双端注入新动力。 优化门店结构+推进控本降费，应对盈利承压挑战 24 年公司毛利率为 8.3%，同比-0.7pct。其中新车销售及相关服务毛利率同 比-1.8pct 至 1.7%，主要系行业竞争加剧，新车市场价格下行造成压制；二 手车、售后、汽车经营租赁服务毛利率分别为 6.4%/42.2%/15.2%，同比 -0.9/-0.3/-7.6pct。面对利润 ...

证券时报·数据宝统计，永达汽车在港交所公告显示，4月1日以每股2.630港元至2.680港元的价格回购 150.00万股，回购金额达399.77万港元。该股当日收盘价2.650港元，下跌1.49%，全天成交额1550.06万 港元。 自3月31日以来公司已连续2日进行回购，合计回购350.00万股，累计回购金额932.67万港元。 其间该股 累计下跌0.75%。 今年以来该股累计进行9次回购，合计回购1425.10万股，累计回购金额3481.63万港元。（数据宝） 永达汽车回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.04.01 | 150.00 | 2.680 | 2.630 | 399.77 | | 2025.03.31 | 200.00 | 2.690 | 2.590 | 532.90 | | 2025.01.24 | 67.10 | 2.590 | 2.590 | 173.79 | | 2025.01.23 | 200.00 | 2.570 | 2.51 ...

中金发布研报称，维持永达汽车(03669)2025年净利润基本不变，首次引入2026年净利润4.62亿元。当前 股价对应2025/2026年13.4倍/10.1倍市盈率，维持跑赢行业评级，由于板块估值抬升且公司新能源车型 矩阵丰富，该行上调目标价29.9%至3.00港元，对应15.0倍2025年市盈率和11.4倍2026年市盈率，2024年 业绩符合该行预期。 中金主要观点如下： 2024年毛利率同比-0.69pct至8.32%，主因终端价格竞争激烈导致新车销售及相关服务毛利率同 比-1.77pct至1.74%。此外，二手车经销毛利率同比-0.92pct至5.59%，但维保业务毛利率超40%，保持稳 健。费用端管控显效，销管费用率同比-0.22pct至7.71%，得益于关停22家低效门店、共享化管理平台降 本及数字化工具提效。该行认为，随着新能源高毛利车型放量，以及售后业务持续增长，公司盈利水平 有望逐步改善。 高分红彰显回报能力，新能源转型与创新布局奠定长期竞争力 2024年公司全年分红总额2.4亿元，派息率高达120%，持续强化股东回报。往前看，公司聚焦新能源业 务突破与战略升级，公司公告计划2026年新 ...

3月28日，中国领先的乘用车零售商及综合性服务供应商中国永达汽车服务控股有限公司(03669.HK)公布截至 2024年12月31日之全年业绩。 2024年上半年，中国乘用车市场供过于求，下半年车企主动调整销量目标和新车价格，缩短返利周期，市场压力 有所缓解，销售质量趋稳。期内，集团录得收入为人民币634.20亿元，较去年同期的人民币742.95亿元下降14.6%; 毛利为人民币[52.73] 亿元，较2023年同期减少人民币[14.21] 亿元，下降21.2%。受期内新车销售下降及集团确认非 现金商誉减值人民币[4,045]万元等因素影响，集团期内的净利润及本公司拥有人应占净利润分别为人民币1.65亿元和 人民币2.01亿元。期内的每股基本盈利为人民币0.11元。 董事会议决派发末期股息每股人民币0.069元，加上期内已分派的中期股息每股人民币0.059元，全年共计派发股 息每股人民币0.128元。全年股息额占本公司拥有人应占净利润的比率提升至120%，切实保障股东权益。 集团的其他营运指标仍维持在较健康的水平，其中存货余额为人民币41.50 亿元，较2023年末下降4.9%，存货周 转天数保持在较为良性的 ...

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分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 - 1 - • 截至二零二四年十二月三十一日止十二個月的收入為人民幣634.20億元，較截 至二零二三年十二月三十一日止十二個月的人民幣742.95億元下降14.6% 。 • 截至二零二四年十二月三十一日止十二個月的新車經銷收入為人民幣464.07億 元，較截至二零二三年十二月三十一日止十二個月的人民幣564.39億元下降 17.8% 。 • 截至二零二四年十二月三十一日止十二個月的獨立新能源新車經銷收入為人民 幣30.24億元， 較截至二零二三年十二月三十一日止十二個月的人民幣16.36億 元增長84.8% 。 • 截至二零二四年十二月三十一日止十二個月的新車銷售相關佣金收入為人民幣 23.71億元， 較截至二零二三年十二月三十一日止十二個月的人民幣13.99億元 增長69.5% 。 • 截至二零二四年十二月三十一日止十二個月的維修保養相關收入為人民幣94.67 億元，較截至二零二三年十二月三十一日止 ...

Financial Performance - Pre-tax profit for the six months ended June 30, 2024 was RMB 126.2 million, a decrease of 77.1% compared to RMB 552.0 million for the same period in 2023[46] - Net cash generated from operating activities for the six months ended June 30, 2024 was RMB 699.2 million, a decrease of 36.4% compared to RMB 1,099.4 million for the same period in 2023[47] - Net cash used in investing activities for the six months ended June 30, 2024 was RMB 229.9 million, an increase of 76.0% compared to RMB 130.6 million for the same period in 2023[47] - Net cash used in financing activities for the six months ended June 30, 2024 was RMB 1,045.5 million, a decrease of 22.2% compared to RMB 1,343.0 million for the same period in 2023[48] - Total capital expenditure for the six months ended June 30, 2024 was RMB 330.6 million[51] - Total borrowings as of June 30, 2024 were RMB 3,418.2 million, a decrease of 13.7% compared to RMB 3,960.6 million as of December 31, 2023[52] - Net debt ratio as of June 30, 2024 was 12.5%, compared to 12.2% as of December 31, 2023[53] - The company provided a guarantee of RMB 210 million for the loan principal balance of Shanghai Yongda Financial Leasing Co., Ltd as of June 30, 2024[54] Inventory and Turnover - Inventory balance as of June 30, 2024 was RMB 3,954.7 million, a decrease of 9.4% compared to RMB 4,363.2 million as of December 31, 2023[49] - Average inventory turnover days increased to 26.7 days for the six months ended June 30, 2024, compared to 24.4 days for the same period in 2023[50] Share Incentive Plans - The remaining duration of the Pre-IPO Employee Incentive Plan is approximately 68 years as of June 30, 2024[81] - The number of shares available for grant under the 2020 Amended Plan is 27,792,205 shares, representing approximately 1.47% of the total issued shares[81] - A total of 550,000 restricted shares were granted under the 2020 Amended Plan on June 28, 2024, with a fair value of RMB 1.57 per share[82] - The Share Incentive Plan, adopted on June 1, 2022, has a remaining duration of approximately 7 years and 11 months as of June 30, 2024[84] - The maximum number of shares available for grant under the Share Incentive Plan is 194,502,551 shares, representing 10% of the total issued shares as of the amendment date[85] - As of June 30, 2024, the number of shares available for issuance under the Share Incentive Plan is 198,477,551 shares, representing approximately 10.49% of the total issued shares[85] Revenue and Sales - New car sales and related services revenue for the first half of 2024 was RMB 23,956,258 thousand, a decrease from RMB 28,174,410 thousand in the same period of 2023[115] - Luxury and ultra-luxury brand new car sales revenue for the first half of 2024 was RMB 19,100,028 thousand, down from RMB 23,637,843 thousand in the same period of 2023[115] - Independent new energy brand new car sales revenue for the first half of 2024 was RMB 1,090,529 thousand, a significant increase from RMB 529,349 thousand in the same period of 2023[115] - Used car sales and related services revenue for the first half of 2024 was RMB 2,087,418 thousand, down from RMB 2,479,145 thousand in the same period of 2023[115] - After-sales service revenue for the first half of 2024 was RMB 4,776,474 thousand, slightly down from RMB 4,789,224 thousand in the same period of 2023[115] - Total revenue for the first half of 2024 was RMB 30,820,150 thousand, a decrease from RMB 35,442,779 thousand in the same period of 2023[115] - Revenue from point-in-time recognition for the first half of 2024 was RMB 26,167,691 thousand, down from RMB 30,240,160 thousand in the same period of 2023[115] - Revenue from over-time recognition for the first half of 2024 was RMB 4,652,459 thousand, down from RMB 5,202,619 thousand in the same period of 2023[115] - Passenger car sales and service revenue for the six months ended June 30, 2024, was RMB 30,849,270,000, a decrease from RMB 35,521,992,000 in the same period in 2023[123] - New car sales and related services revenue for the six months ended June 30, 2024, was RMB 23,983,885,000, down from RMB 28,251,867,000 in the same period in 2023[123] - Used car sales and related services revenue for the six months ended June 30, 2024, was RMB 2,087,418,000, compared to RMB 2,479,145,000 in the same period in 2023[123] - After-sales service revenue for the six months ended June 30, 2024, was RMB 4,777,967,000, slightly down from RMB 4,790,980,000 in the same period in 2023[123] - Total cost for passenger car sales and services for the six months ended June 30, 2024, was RMB 28,298,499,000, a decrease from RMB 32,166,875,000 in the same period in 2023[123] Other Financial Information - The company's revenue is entirely derived from the Mainland China market[115] - The company has adopted revised IFRS standards effective from January 1, 2024, but these changes did not have a material impact on the financial statements[114] - Government subsidies for the six months ended June 30, 2024, were RMB 10,077,000, down from RMB 13,068,000 in the same period in 2023[125] - Interest income from bank deposits for the six months ended June 30, 2024, was RMB 21,982,000, up from RMB 18,066,000 in the same period in 2023[125] - Compensation income due to breach of lease contracts for the six months ended June 30, 2024, was RMB 28,707,000, compared to none in the same period in 2023[125] - Total financing costs for the six months ended June 30, 2024, were RMB 148,020,000, down from RMB 168,526,000 in the same period in 2023[127] - Employee costs for the six months ended June 30, 2024, were RMB 983,495,000, a decrease from RMB 1,147,472,000 in the same period in 2023[129]

Revenue and Sales Performance - Revenue for the six months ended June 30, 2024 was RMB 31.036 billion, a decrease of 13.0% compared to RMB 35.684 billion for the same period in 2023[2] - New car sales revenue for the six months ended June 30, 2024 was RMB 22.911 billion, a decrease of 15.3% compared to RMB 27.043 billion for the same period in 2023[2] - New car sales in the first half of 2024 were 83,698 units, a year-on-year decrease of 7.4%, with revenue of RMB 23.984 billion and a gross margin of 1.64%[7] - Total revenue for the first half of 2024 decreased to RMB 31,035.83 million from RMB 35,684.38 million in the same period of 2023, a decline of approximately 13%[21] - Revenue for the six months ended June 30, 2024, was RMB 31,035.8 million, a 13.0% decrease compared to RMB 35,684.4 million for the same period in 2023[54] - New car sales revenue for the six months ended June 30, 2024, was RMB 22,910.9 million, a 15.3% decrease compared to RMB 27,043.2 million for the same period in 2023[56] - Luxury and ultra-luxury brand new car sales revenue for the six months ended June 30, 2024, was RMB 19,106.3 million, a 19.3% decrease compared to RMB 23,671.5 million for the same period in 2023[56] - New car sales volume for the six months ended June 30, 2024, was 81,073 units, a 5.5% decrease compared to 85,759 units for the same period in 2023[56] - Luxury and ultra-luxury brand new car sales volume for the six months ended June 30, 2024, was 55,268 units, an 11.2% decrease compared to 62,233 units for the same period in 2023[56] - Used car sales revenue for the six months ended June 30, 2024, was RMB 2,063.8 million, a 15.8% decrease compared to RMB 2,451.9 million for the same period in 2023[56] - After-sales service revenue for the six months ended June 30, 2024, was RMB 4,778.0 million, a 0.3% decrease compared to RMB 4,791.0 million for the same period in 2023[57] - Revenue from new car sales and related services decreased to RMB 23,956,258 thousand in 2024 from RMB 28,174,410 thousand in 2023[31] - Revenue from luxury and ultra-luxury brand new car sales dropped to RMB 19,100,028 thousand in 2024 from RMB 23,637,843 thousand in 2023[31] - Revenue from independent new energy brand new car sales increased significantly to RMB 1,090,529 thousand in 2024 from RMB 529,349 thousand in 2023[31] - Revenue from used car sales and related services decreased to RMB 2,087,418 thousand in 2024 from RMB 2,479,145 thousand in 2023[31] - Revenue from after-sales services remained stable at RMB 4,776,474 thousand in 2024 compared to RMB 4,789,224 thousand in 2023[31] - New car sales and related service revenue for the first half of 2024 was RMB 23,983,885,000, a decrease from RMB 28,251,867,000 in the same period of 2023[36] - Used car sales and related service revenue for the first half of 2024 was RMB 2,087,418,000, down from RMB 2,479,145,000 in the same period of 2023[36] - After-sales service revenue for the first half of 2024 was RMB 4,777,967,000, slightly lower than RMB 4,790,980,000 in the same period of 2023[36] - Total external revenue for the passenger car sales and services segment in the first half of 2024 was RMB 35,442,779,000[35] - Commission income for the six months ended June 30, 2024 was RMB 124.0 million, a decrease of 16.3% compared to RMB 148.2 million for the same period in 2023[58] - Revenue from the car rental services segment for the six months ended June 30, 2024 was RMB 221.0 million, a decrease of 10.6% compared to RMB 247.1 million for the same period in 2023[58] Profit and Loss - Net profit for the six months ended June 30, 2024 was RMB 101 million, a decrease of 76.1% compared to RMB 425 million for the same period in 2023[2] - The company's net profit attributable to owners for the six months ended June 30, 2024 was RMB 111 million, a decrease of 72.6% compared to RMB 407 million for the same period in 2023[3] - Gross profit for the six months ended June 30, 2024 was RMB 2.584 billion, a decrease of 24.5% compared to the same period in 2023[6] - Net profit for the first half of 2024 dropped to RMB 101.45 million, compared to RMB 424.82 million in the first half of 2023, a significant decrease of 76%[21] - Gross profit margin for the first half of 2024 was 8.3%, down from 9.6% in the same period of 2023[21] - Operating profit for the first half of 2024 was RMB 224.18 million, a sharp decline from RMB 667.77 million in the same period of 2023, reflecting the challenging market conditions[21] - Gross profit for the six months ended June 30, 2024 was RMB 2,584.2 million, a decrease of 24.5% compared to RMB 3,422.6 million for the same period in 2023[60] - Gross margin for the six months ended June 30, 2024 was 8.33%, a decrease of 1.26 percentage points compared to 9.59% for the same period in 2023[60] - New car sales and related services gross profit for the six months ended June 30, 2024 was RMB 393.8 million, a decrease of 64.8% compared to RMB 1,119.6 million for the same period in 2023[61] - Used car sales and related services gross profit for the six months ended June 30, 2024 was RMB 139.4 million, a decrease of 25.4% compared to RMB 186.9 million for the same period in 2023[61] - Operating profit for the six months ended June 30, 2024 was RMB 224.2 million, a decrease of 66.4% compared to RMB 667.8 million for the same period in 2023[64] - Profit attributable to owners of the company for the six months ended June 30, 2024 was RMB 111.5 million, a decrease of 72.6% compared to RMB 406.5 million for the same period in 2023[69] - Other income, other gains, and losses for the six months ended June 30, 2024 was a net gain of RMB 60.1 million, a decrease of 49.4% compared to RMB 118.9 million for the same period in 2023[62] - Segment gross profit for the passenger car sales and services segment in the first half of 2024 was RMB 3,355,117,000[35] - Total pre-tax profit for the first half of 2024 was RMB 552,004,000[35] - The company's profit attributable to owners for the six months ended June 30, 2024, was RMB 111,450 thousand, a significant decrease from RMB 406,544 thousand in the same period in 2023[42] Cost and Expense Management - Total sales, administrative expenses, and financing costs for the six months ended June 30, 2024 was RMB 2.568 billion, a decrease of 15.6% compared to the same period in 2023[6] - Distribution and sales expenses and administrative expenses for the six months ended June 30, 2024 was RMB 2,420.2 million, a decrease of 15.8% compared to RMB 2,873.7 million for the same period in 2023[63] - The company implemented cost and expense control measures, reducing sales management expenses through organizational and performance optimizations[82] - Total employee costs for the first half of 2024 were RMB 983,495,000, a decrease from RMB 1,147,472,000 in the same period of 2023[39] - Current tax expenses for the first half of 2024 were RMB 48,929,000, significantly lower than RMB 196,614,000 in the same period of 2023[40] Cash Flow and Financial Position - Net cash generated from operating activities for the six months ended June 30, 2024 was RMB 699 million[3] - Net debt ratio as of June 30, 2024 was 12.5%, remaining stable compared to 12.2% as of December 31, 2023[3] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 699.2 million, a decrease from RMB 1,099.4 million in the same period last year[70] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 229.9 million, primarily due to the purchase of property, plant, and equipment, and intangible assets[70] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 1,045.5 million, mainly due to the repayment of borrowings and payment of dividends[71] - Total capital expenditure for the six months ended June 30, 2024, was RMB 330.6 million, primarily for the purchase of property, plant, and equipment, and intangible assets[73] - Total borrowings as of June 30, 2024, decreased by 13.7% to RMB 3,418.2 million compared to December 31, 2023[74] - Net debt ratio as of June 30, 2024, was 12.5%, slightly higher than 12.2% as of December 31, 2023[75] - Total current liabilities decreased to RMB 12,491,341 thousand as of June 30, 2024, from RMB 14,559,392 thousand as of December 31, 2023[24] - Net current assets decreased slightly to RMB 2,793,265 thousand as of June 30, 2024, from RMB 2,931,550 thousand as of December 31, 2023[24] - Total non-current liabilities decreased to RMB 3,519,763 thousand as of June 30, 2024, from RMB 3,735,208 thousand as of December 31, 2023[25] - Total equity decreased marginally to RMB 14,307,453 thousand as of June 30, 2024, from RMB 14,398,451 thousand as of December 31, 2023[26] - The company acquired property, plant, and equipment worth approximately RMB 670,064 thousand during the six months ended June 30, 2024, down from RMB 883,162 thousand in the same period in 2023[43] - The company sold property, plant, and equipment with a book value of approximately RMB 471,265 thousand, generating cash proceeds of RMB 478,639 thousand and a gain of RMB 7,374 thousand during the six months ended June 30, 2024[43] - The company recognized right-of-use assets of approximately RMB 179,120 thousand at the commencement of new lease agreements during the six months ended June 30, 2024, compared to RMB 160,085 thousand in the same period in 2023[44] - The company acquired other intangible assets for a cash consideration of RMB 53,577 thousand during the six months ended June 30, 2024, down from RMB 66,132 thousand in the same period in 2023[45] - The company's inventory as of June 30, 2024, was RMB 3,954,710 thousand, a decrease from RMB 4,363,154 thousand as of December 31, 2023[46] - The company's trade receivables and notes receivable as of June 30, 2024, amounted to RMB 1,030,282 thousand, an increase from RMB 985,819 thousand as of December 31, 2023[48] - The company's prepayments and other receivables as of June 30, 2024, totaled RMB 6,393,946 thousand, up from RMB 6,216,740 thousand as of December 31, 2023[49] - Trade payables as of June 30, 2024, were RMB 917,951 thousand, a decrease from RMB 967,416 thousand as of December 31, 2023[52] - Notes payable as of June 30, 2024, were RMB 6,292,718 thousand, a decrease from RMB 7,380,234 thousand as of December 31, 2023[52] - Trade payables and notes payable aged 0-90 days as of June 30, 2024, were RMB 6,938,825 thousand, a decrease from RMB 7,989,712 thousand as of December 31, 2023[53] - The company provided a guarantee of RMB 210 million for the loan principal balance of Shanghai Yongda Financial Leasing Co., Ltd[76] - The company faces interest rate risk due to fluctuations in the loan market quoted rate (LPR), which could increase borrowing costs[77] Inventory and Asset Management - Inventory turnover days as of June 30, 2024 was 26.7 days[3] - Inventory balance as of June 30, 2024 was RMB 3.955 billion, a decrease of 9.4% compared to the end of 2023[6] - The company's new car inventory turnover days remained healthy at 26.2 days in the first half of 2024[7] - Inventory turnover efficiency remained high in the first half of 2024, with the company strengthening resource integration and collaboration within brands to manage inventory effectively[17] - Inventory turnover days increased to 26.7 days as of June 30, 2024, compared to 24.4 days in the same period last year[72] After-Sales and Maintenance Services - After-sales service revenue in the first half of 2024 was RMB 4.778 billion, a slight decrease of 0.3% year-on-year, with maintenance service revenue increasing by 0.2% to RMB 4.654 billion[8] - The company's maintenance service gross margin in the first half of 2024 was 40.69%, remaining stable compared to the same period in 2023[8] - The zero-service absorption rate in the first half of 2024 was 78.56%, an increase of 11.22 percentage points compared to the same period in 2023[8] Used Car Business - Used car transaction volume in the first half of 2024 was 35,236 units, a year-on-year decrease of 14.2%, with dealer revenue of RMB 2.064 billion and a gross margin of 5.61%[10] - The company plans to enhance the profitability of its used car business by leveraging brand, inventory, and retail capabilities[80] New Energy Vehicle (NEV) Business - New energy vehicle sales in the first half of 2024 were 14,467 units, a year-on-year decrease of 10.9%, with the average selling price increasing to RMB 274,000 and a gross profit per vehicle of RMB 13,100[12] - Independent new energy brand maintenance revenue in the first half of 2024 was RMB 122.65 million, a year-on-year increase of 73.2%, with an average per vehicle output value of RMB 2,958[12] - The company will focus on optimizing the layout and profitability of its new energy vehicle (NEV) network and expanding battery-related services[81] Network and Outlet Management - The company opened 5 new self-built outlets in the first half of 2024, including 1 Xiaomi, 1 Xpeng, 1 Smart, and 2 Zeekr, while closing 9 stores[13] - As of the first half of 2024, the company operates 226 outlets, with luxury brands accounting for 65.5% of the network structure[13] - The company closed 5 net outlets in the first half of 2024, reducing the total number of outlets from 231 to 226, with luxury and ultra-luxury brand outlets decreasing by 4 and mid-to-high-end brand outlets decreasing by 3[14] - The company is accelerating the closure of unprofitable outlets and optimizing its brand network, focusing on luxury and independent new energy brands, while also improving asset utilization efficiency[16] Digital Transformation and Technology - New media platform leads increased by 53% year-over-year in the first half of 2024, driven by the company's efforts in expanding its presence on platforms like Douyin, WeChat Video, and Xiaohongshu[19] - The company is advancing its digital user operation system, aiming to complete the construction of a user asset lifecycle management system by the end of 2024, with AI tools being fully utilized to enhance user operations[20] - The company is accelerating digital transformation, exploring AI, ChatGPT, and digital human technologies to improve operational efficiency[83] - The company is strengthening talent development in NEV, used cars, digitalization, and intelligent technologies to support long-term growth[84] Share Repurchase and Dividends - The company repurchased 39.215 million shares in the first seven months of 2024, using approximately HKD 70 million, exceeding the total repurchases in 2023[82] - The company repurchased 23.715 million shares

Financial Performance - In 2023, the company sold 193,945 new vehicles, generating revenue of RMB 56.599 billion, a decrease of 2.8% compared to 2022[16]. - The company's total revenue for 2023, including agency service income, was RMB 74.295 billion, an increase of 1.1% year-on-year, while gross profit was RMB 6.694 billion, a decrease of 15.1%[13]. - Net profit for 2023 was RMB 586 million, a decline of 60.2% compared to the previous year, with attributable net profit of RMB 573 million, down 59.4%[13]. - The gross profit for the twelve months ended December 31, 2023, was RMB 4,994.4 million, a decline of 21.8% from RMB 6,389.3 million in the previous year[61]. - The gross margin decreased to 6.88%, down 1.99 percentage points from 8.87% in the previous year, primarily due to a decline in new car prices[61]. - Operating profit for the twelve months ended December 31, 2023, was RMB 961.5 million, a decrease of 58.3% compared to RMB 2,303.9 million for the same period in 2022[65]. - Profit before tax for the twelve months ended December 31, 2023, was RMB 740.3 million, down 64.3% from RMB 2,072.7 million in the previous year[67]. - Net profit for the twelve months ended December 31, 2023, was RMB 585.8 million, a decline of 60.2% compared to RMB 1,471.3 million for the same period in 2022[69]. Revenue Sources - The after-sales service revenue, including maintenance and extended products, reached RMB 10.543 billion, an increase of 4.4% year-on-year, with a gross margin of 41.53%[16]. - The gross margin for after-sales services was 41.53% in 2023[36]. - Financial agency revenue reached RMB 1.239 billion, up 9.0% year-on-year[33]. - Revenue from new car sales in the luxury and ultra-luxury brand segment was RMB 48,273.9 million, down 4.3% from RMB 50,448.5 million in the previous year[58]. Vehicle Sales and Market Trends - Sales of new energy vehicles reached 32,919 units, a year-on-year increase of 33.8%, accounting for 17.0% of total sales[16]. - The company achieved a used car transaction volume of 93,012 units, a year-on-year increase of 15.1%, with dealership volume growing by 167.3% to 44,590 units[16]. - In 2023, new car sales reached 193,945 units, a year-on-year increase of 1.5%, with a 14.5% increase in sales in the second half compared to the first half[33]. - The Chinese used car transaction volume in 2023 reached 18.413 million units, a year-on-year increase of 14.9%[30]. Inventory and Cash Flow - Inventory balance at the end of 2023 was RMB 4.363 billion, a decrease of 4.2% from the end of 2022, with inventory turnover days maintained at 23.0 days[17]. - The cash generated from operating activities in 2023 was RMB 1.832 billion[32]. - Cash generated from operating activities for the twelve months ended December 31, 2023, was RMB 1,832.2 million, down from RMB 4,232.5 million in the previous year[71]. Strategic Initiatives - The company plans to focus on optimizing brand structure and enhancing store efficiency to ensure stable growth in after-sales services and achieve quality development[20]. - The company aims to strengthen its used car business and accelerate the development of the new energy vehicle industry while implementing cost control measures[20]. - The company is implementing cost control measures, including salary reductions and optimizing operational efficiency[25]. - The company is focusing on digital transformation and the application of new technologies like AI to improve operational efficiency[26]. - The company aims to enhance its second-hand car business as a key growth engine, focusing on brand, sourcing, and retail capabilities[22]. Corporate Governance and Compliance - The company has adopted corporate governance codes and complies with the requirements for information disclosure and corporate governance[144]. - The management team is committed to maintaining high standards of corporate governance and operational efficiency[102]. - The company has confirmed that there are no significant interests held by directors or related entities in any competitive businesses as of December 31, 2023[172]. Environmental and Social Responsibility - The company is committed to resource and energy efficiency, adhering to relevant environmental laws and regulations, and has set long-term goals for energy and water resource usage[138]. - The company emphasizes the importance of environmental protection awareness among employees through recycling and resource-saving initiatives[139]. - The management team emphasized the importance of sustainable practices, aiming for a 40% reduction in carbon emissions by 2025[99]. Future Outlook - The company aims to stabilize new car sales prices while optimizing brand structure and enhancing single-store efficiency in 2024[83]. - The company plans to implement a new customer loyalty program, expected to increase customer retention rates by 15%[99]. - The company has set a future outlook with a revenue guidance of $2 billion for the next fiscal year, indicating a growth target of 20%[99].

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 742.95 billion, an increase of 1.1% compared to RMB 735.21 billion for the year ended December 31, 2022[2]. - The net profit for the year ended December 31, 2023, was RMB 5.86 billion, a decrease of 60.2% from RMB 14.71 billion for the year ended December 31, 2022[2]. - The net profit attributable to the owners of the company for the year ended December 31, 2023, was RMB 5.73 billion, down 59.4% from RMB 14.12 billion for the previous year[3]. - The cash generated from operating activities for the year ended December 31, 2023, was RMB 18.32 billion, a decrease of 56.7% from RMB 42.32 billion for the previous year[3]. - The total comprehensive income for the year was RMB 584,460 thousand, compared to RMB 1,470,042 thousand in 2022, indicating a decrease of 60.24%[20]. - Basic and diluted earnings per share for 2023 were RMB 0.29, down from RMB 0.72 in 2022, reflecting a decline of 59.72%[19]. Revenue Breakdown - New car dealership revenue for the year ended December 31, 2023, was RMB 564.39 billion, a decrease of 3.0% from RMB 581.92 billion for the previous year[2]. - After-sales service revenue for the year ended December 31, 2023, was RMB 105.43 billion, an increase of 4.4% compared to RMB 100.99 billion for the previous year[2]. - The revenue from new car sales amounted to RMB 48,220,668 thousand, a decrease from RMB 50,388,466 thousand in the previous year[31]. - Revenue from after-sales services was RMB 10,537,738 thousand, up from RMB 10,094,512 thousand, indicating an increase of about 4.38%[33]. - The revenue from used car dealership increased by 56.6% to RMB 5,277.1 million from RMB 3,370.0 million in 2022[61]. Sales Performance - The total number of used car transactions for the year 2023 was 1,841.3 million units, an increase of 14.9% year-on-year[4]. - The total number of new energy vehicles sold in 2023 reached 7.736 million units, a year-on-year increase of 36.2%, accounting for 35.7% of total passenger vehicle sales[4]. - In 2023, the new car sales volume reached 193,945 units, a year-on-year increase of 1.5%, with a 14.5% increase in the second half compared to the first half[7]. - The used car transaction volume was 93,012 units, a year-on-year increase of 15.1%, with dealership volume growing by 167.3% to 44,590 units[9]. - The sales volume of independent new energy brands reached 18,376 units, a year-on-year increase of 91.6%, with AITO, Xiaopeng, smart, and Zhiji accounting for approximately 66.1%[11]. Inventory and Asset Management - The inventory turnover days as of December 31, 2023, was 23.0 days, remaining stable compared to 22.1 days for the previous year[3]. - The average turnover days for used cars was reduced to 14.9 days, a decrease of 4.4 days year-on-year, indicating improved inventory management[9]. - The company reported a decrease in inventory to RMB 4,363,154 thousand from RMB 4,555,391 thousand, reflecting a reduction of 4.22%[21]. - Trade and other receivables decreased to RMB 7,202,559 thousand from RMB 8,017,640 thousand, a decline of 10.14%[21]. Operational Efficiency - The company is actively upgrading to a digital and omnichannel operation model for used cars, aiming to increase retail operations and profitability[9]. - The company focused on improving asset operation efficiency by closing unprofitable outlets and optimizing the network structure[15]. - The company emphasized cash flow management and core financial indicators to ensure stable operations[16]. - The company is implementing cost control measures to address pressure on new car gross margins, including optimizing organizational structure and reducing sales management expenses[88]. Future Outlook and Strategy - The company aims to stabilize and recover new car sales prices while optimizing brand structure and enhancing single-store efficiency in 2024[83]. - The company plans to strengthen its used car business and accelerate the development of the new energy vehicle industry, focusing on cost reduction and efficiency improvement[83]. - The company will enhance its luxury car business by improving turnover efficiency and maintaining stable gross margins amid market fluctuations[84]. - The company is committed to developing its used car business, leveraging its advantages in brand, sourcing, and after-sales service to ensure stable profitability[86]. - The company will focus on optimizing the layout of new energy vehicle service points and enhancing cooperation with leading new energy brands to meet the growing demand for after-sales services[87]. Shareholder Information - The company plans to distribute a final dividend of RMB 0.052 per share for the fiscal year 2023, totaling approximately RMB 100 million, pending shareholder approval[48]. - The final dividend is expected to be paid on or around June 28, 2024, to shareholders listed on June 18, 2024[98]. - The company repurchased a total of 24,581,500 shares at a total cost of approximately HKD 110,453,724.05 during the fiscal year ending December 31, 2023[93]. - The company has canceled a total of 24,581,500 shares repurchased during the reporting period[95]. Compliance and Governance - The audit and compliance committee confirmed that the annual financial performance for the year ended December 31, 2023, complies with relevant accounting standards[96]. - The company has no significant events to disclose after December 31, 2023[100]. - The annual report for the year ended December 31, 2023, will be sent to shareholders and published on the company's website[100].

Financial Performance - Total revenue for the first half of 2023 reached RMB 35.684 billion, an increase of 11.6% year-on-year, while gross profit decreased by 6.9% to RMB 3.423 billion[6] - Net profit and profit attributable to owners of the company for the first half of 2023 were RMB 425 million and RMB 407 million, respectively, both down 38.9% year-on-year[6] - Gross profit for the first half of 2023 decreased by 6.9% to RMB 3.423 billion, with new car sales gross profit dropping by 85.5% to RMB 777 million[17] - Net profit attributable to the company's owners decreased by 38.9% to RMB 407 million in the first half of 2023[17] - Operating profit declined by 37.6% to RMB 667.8 million[42] - Profit attributable to owners of the company decreased by 38.9% to RMB 406.5 million[46] - Total revenue for the six months ended June 30, 2023, was RMB 34.86 billion, an increase from RMB 31.39 billion in the same period last year[98] - Gross profit for the six months ended June 30, 2023, was RMB 2.60 billion, compared to RMB 3.08 billion in the same period last year[98] - Operating profit for the six months ended June 30, 2023, was RMB 667.77 million, down from RMB 1.07 billion in the same period last year[98] - Net profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 406.54 million, compared to RMB 665.75 million in the same period last year[98] - Basic earnings per share for the six months ended June 30, 2023, were RMB 0.21, down from RMB 0.34 in the same period last year[98] - The company's total comprehensive income for the six months ended June 30, 2023, was RMB 425.01 million, compared to RMB 695.26 million in the same period last year[99] - The company's total assets as of June 30, 2023, were RMB 34.86 billion, with total liabilities of RMB 32.26 billion[98] - The company's net cash flow from operating activities for the six months ended June 30, 2023, was RMB 2.60 billion, compared to RMB 3.08 billion in the same period last year[98] - The company's total equity attributable to the owners as of June 30, 2023, was RMB 2.60 billion, compared to RMB 3.08 billion in the same period last year[98] - Total assets decreased slightly to RMB 29,984,178 thousand as of June 30, 2023, compared to RMB 32,464,731 thousand at the end of 2022[100] - Non-current assets remained stable at RMB 15,299,445 thousand, with a minor increase in property, plant, and equipment to RMB 6,082,166 thousand[100] - Current assets decreased to RMB 14,684,733 thousand, primarily due to a reduction in trade and other receivables to RMB 6,879,763 thousand[100] - Current liabilities decreased to RMB 12,023,241 thousand, driven by a reduction in trade and other payables to RMB 6,825,087 thousand[100] - Net current assets stood at RMB 2,661,492 thousand, reflecting a slight decrease from RMB 2,830,186 thousand at the end of 2022[100] - Non-current liabilities increased to RMB 3,498,412 thousand, mainly due to higher borrowings and lease liabilities[101] - Net assets decreased to RMB 14,462,525 thousand, with equity attributable to the company's owners at RMB 13,999,437 thousand[101] - The company recorded a net profit of RMB 406,544 thousand for the six months ended June 30, 2023[102] - Other comprehensive income for the period was RMB 184 thousand, contributing to a total comprehensive income of RMB 406,728 thousand[102] - The company repurchased and canceled shares worth RMB 72,808 thousand during the period[102] - The company's operating cash flow before working capital changes was RMB 1,237,074 thousand in the first half of 2023, compared to RMB 1,678,859 thousand in the same period last year[105] - Net cash generated from operating activities was RMB 1,099,422 thousand in the first half of 2023, a decrease from RMB 3,152,402 thousand in the same period last year[105] - The company's inventory decreased by RMB 468,173 thousand in the first half of 2023, compared to a decrease of RMB 532,680 thousand in the same period last year[105] - Trade and other receivables decreased by RMB 1,008,962 thousand in the first half of 2023, compared to a decrease of RMB 1,993,799 thousand in the same period last year[105] - The company's net cash used in investing activities was RMB 130,627 thousand in the first half of 2023, a decrease from RMB 599,783 thousand in the same period last year[106] - The company's profit before tax was RMB 552,004 thousand in the first half of 2023, compared to RMB 944,493 thousand in the same period last year[105] - The company's depreciation of property, plant, and equipment was RMB 407,505 thousand in the first half of 2023, compared to RMB 373,420 thousand in the same period last year[105] - The company's amortization of other intangible assets was RMB 51,675 thousand in the first half of 2023, compared to RMB 50,166 thousand in the same period last year[105] - The company's share-based payment expenses were RMB 26,991 thousand in the first half of 2023, compared to RMB 21,934 thousand in the same period last year[105] - The company's proceeds from the sale of a subsidiary were RMB 112,416 thousand in the first half of 2023[106] - Net cash used in financing activities was RMB 1,343,017 thousand, a decrease compared to RMB 1,218,146 thousand in the same period last year[107] - Cash and cash equivalents decreased by RMB 374,222 thousand, compared to an increase of RMB 1,334,473 thousand in the previous year[107] - New borrowings amounted to RMB 11,035,847 thousand, slightly lower than the RMB 11,949,398 thousand in 2022[107] - Repayment of medium-term notes was RMB 370,000 thousand, with no such repayment in the previous year[107] - Dividend payments totaled RMB 575,981 thousand, a significant reduction from RMB 948,826 thousand in 2022[107] - Cash and cash equivalents at the end of the period were RMB 1,811,575 thousand, down from RMB 3,584,820 thousand in the previous year[107] - Net profit attributable to the company's owners decreased by RMB 14,542 thousand compared to the same period last year[117] - Total comprehensive income attributable to the company's owners decreased by RMB 14,542 thousand compared to the same period last year[117] - Basic earnings per share decreased from RMB 0.34 to RMB 0.21 year-over-year[119] - Diluted earnings per share decreased from RMB 0.34 to RMB 0.21 year-over-year[119] - Deferred tax assets increased by RMB 63,471 thousand after adjustment as of December 31, 2022[120] - Deferred tax liabilities increased by RMB 5,750 thousand after adjustment as of December 31, 2022[120] - The company's profit attributable to owners decreased to RMB 406,544 thousand in 2023 from RMB 665,752 thousand in 2022, indicating a decline in profitability[143] - The company declared an interim dividend of RMB 0.105 per share for the six months ended June 30, 2023, compared to no dividend declared in the same period in 2022[145] - The weighted average number of shares for calculating diluted earnings per share decreased slightly to 1,949,066 thousand in 2023 from 1,968,959 thousand in 2022[146] Sales Performance - New car sales volume in the first half of 2023 was 85,759 units, with new car sales revenue of RMB 27.043 billion, up 6.5% year-on-year, but gross margin decreased by 3.09 percentage points to 0.49%[7] - New energy vehicle sales in the first half of 2023 reached 16,240 units, up 116.5% year-on-year, accounting for 18.0% of total sales[7] - New car sales volume in the first half of 2023 increased by 11.7% to 85,759 units, with Porsche sales up 6.4% to 5,220 units and BMW sales up 1.7% to 36,732 units[18] - Second-hand car transaction volume reached 41,084 units in the first half of 2023, a year-on-year increase of 30.6%, with dealer sales accounting for 19,916 units, a year-on-year increase of 207.8%, generating dealer revenue of RMB 2.452 billion, a year-on-year increase of 74.3%[23] - Second-hand car gross profit reached RMB 187 million in the first half of 2023, a year-on-year increase of 7.5%, with dealer gross profit accounting for RMB 160 million, a year-on-year increase of 23.4%[23] - New energy vehicle sales reached 16,240 units in the first half of 2023, a year-on-year increase of 116.5%, accounting for 18.0% of total sales[25] - Independent new energy brand sales reached 7,687 units in the first half of 2023, a year-on-year increase of 169.8%, with dealer sales accounting for 3,024 units and direct sales accounting for 4,663 units[25] - Independent new energy brand after-sales service revenue reached RMB 70.83 million in the first half of 2023, a quarter-on-quarter increase of 81.2%, with an average single vehicle output value of RMB 2,478[25] - Independent new energy brand after-sales service customer base reached 19,688 by the end of June 2023, a year-on-year increase of 94.1%[25] - New energy vehicle mini-program registered users reached 61,600 in the first half of 2023, with car owner members reaching 10,500[25] - New car sales volume in the passenger vehicle sales and service segment reached 85,759 units in the first half of 2023, up 11.7% from 76,752 units in the same period of 2022[35] - Luxury and ultra-luxury brand new car sales volume increased by 7.6% to 62,233 units in the first half of 2023, compared to 57,835 units in the same period of 2022[36] - Used car sales volume surged by 207.8% to 19,916 units in the first half of 2023, compared to 6,471 units in the same period of 2022[36] - Used car sales revenue grew by 74.3% to RMB 2,451.9 million in the first half of 2023, compared to RMB 1,406.5 million in the same period of 2022[37] - New car sales revenue increased to RMB 23,637,843 thousand, up from RMB 22,459,089 thousand in the same period last year[125] - Used car sales revenue increased significantly to RMB 2,451,947 thousand from RMB 1,406,530 thousand year-over-year[125] - Passenger car sales revenue for the six months ended June 30, 2023, was RMB 29,495,153,000, an increase from RMB 26,805,391,000 in the same period in 2022[132] - After-sales service revenue for the six months ended June 30, 2023, was RMB 5,204,375,000, up from RMB 4,419,082,000 in the same period in 2022[132] - Total revenue from external customers for passenger car sales and services reached RMB 34,699,528,000 for the six months ended June 30, 2023, compared to RMB 31,224,473,000 in the same period in 2022[132] - The cost of passenger car sales and services for the six months ended June 30, 2023, was RMB 32,166,875,000, up from RMB 28,190,790,000 in the same period in 2022[133] - Service income for the six months ended June 30, 2023, was RMB 822,464,000, an increase from RMB 594,545,000 in the same period in 2022[135] - Sales of cars to Shanghai Baocheng Shenjiang amounted to RMB 20,817 thousand in the first half of 2023, compared to no sales in the same period of 2022[188] - Sales of parts to Shanghai Yongda Changrong Automobile Sales Service Co., Ltd. and Yongda Financial Leasing totaled RMB 2,212 thousand in the first half of 2023, up from RMB 76 thousand in the same period of 2022[188] After-Sales Service - After-sales service revenue, including maintenance and extended products, reached RMB 5.204 billion in the first half of 2023, up 17.8% year-on-year, with a gross margin of 43.07%[7] - After-sales service revenue increased by 17.8% to RMB 5.204 billion in the first half of 2023, with maintenance revenue up 26.1% to RMB 4.424 billion[20] - After-sales service revenue increased by 17.8% to RMB 5,204.4 million in the first half of 2023, compared to RMB 4,419.1 million in the same period of 2022[37] - After-sales service revenue grew to RMB 5,202,619 thousand from RMB 4,418,009 thousand in the same period last year[125] - Service income from Yongda Financial Leasing decreased to RMB 5,153 thousand in the first half of 2023 from RMB 7,838 thousand in the same period of 2022[189] Used Car Business - Used car transaction volume in the first half of 2023 was 41,084 units, up 30.6% year-on-year, with used car sales revenue of RMB 2.452 billion, up 74.3% year-on-year[7] - Second-hand car transaction volume reached 41,084 units in the first half of 2023, a year-on-year increase of 30.6%, with dealer sales accounting for 19,916 units, a year-on-year increase of 207.8%, generating dealer revenue of RMB 2.452 billion, a year-on-year increase of 74.3%[23] - Second-hand car gross profit reached RMB 187 million in the first half of 2023, a year-on-year increase of 7.5%, with dealer gross profit accounting for RMB 160 million, a year-on-year increase of 23.4%[23] - Used car sales volume surged by 207.8% to 19,916 units in the first half of 2023, compared to 6,471 units in the same period of 2022[36] - Used car sales revenue grew by 74.3% to RMB 2,451.9 million in the first half of 2023, compared to RMB 1,406.5 million in the same period of 2022[37] - Used car sales revenue increased significantly to RMB 2,451,947 thousand from RMB 1,406,530 thousand year-over-year[125] New Energy Vehicles - New energy vehicle sales in the first half of 2023 reached 16,240 units, up 116.5% year-on-year, accounting for 18.0% of total sales[7] - New energy vehicle sales reached 16,240 units in the first half of 2023, a year-on-year increase of 116.5%, accounting for 18.0% of total sales[25] - Independent new energy brand sales reached 7,687 units in the first half of 2023, a year-on-year increase of 169.8%, with dealer sales accounting for 3,024 units and direct sales accounting for 4,663 units[25] - Independent new energy brand after-sales service revenue reached RMB 70.83 million in the first half of 2023, a quarter-on-quarter increase of 81.2%, with an average single vehicle output value of RMB 2,478[25] - Independent new energy brand after-sales service customer base reached 19,688 by the end of June 2023, a year-on-year increase of 94.1%[25] - New energy vehicle mini-program registered users reached 61,600 in the first half of 2023, with car owner members reaching 10,500[25] Digital Transformation and Operational Efficiency - The company adjusted its short-term strategy by focusing on core brands and improving operational efficiency through digitalization[8] - The company will focus on optimizing its brand structure, particularly in luxury cars, used cars, and new energy vehicles, to enhance operational efficiency and profitability[9] - The company plans to accelerate the establishment of a shared operation platform, including user operations, derivative businesses, and shared repair centers, to reduce management costs[11] - The company will focus on digital transformation, leveraging big data and AI to enhance customer experience and operational efficiency, while exploring new business ecosystems[12] - The company is focusing on digital transformation, aiming to complete a more integrated digital operation system by the end of 2023[32] - The company is implementing a comprehensive digital retail process, focusing on customer-centric digital user service platforms using big data and AI to enhance customer experience and efficiency[61] - The company is building a "shared platform" to integrate mid- and back-office resources, aiming to improve overall operational efficiency and user stickiness[61] - The company is advancing digital transformation and proactively laying out battery recycling and shared body repair centers[61] Strategic Initiatives - The company is exploring opportunities in the battery recycling industry, including