上周以来，政策暖风继续吹，上海宣布全面重启，进一步提振市场信心，尽管受加息等外围因素扰动不断，但仍难阻 市场情绪逐步向好。据东方财富Choic统计，截至6月2日收盘，A股大盘走出"四连阳"行情，多个板块连续走强，其中 汽车板块成为资金追逐的宠儿之一。 （数据来源：东方财富Choice终端） 汽车经销商迎来"春天"，永达汽车将成核心受惠者之一 其实，自4月底以来，汽车板块随大盘触底反转，并从整车、零部件逐步扩散，经销商板块集中爆发，其中，港股汽 车零售板块连日大幅反弹。 豪车经销商"三杰"近期涨跌幅 （数据来源：富途牛牛，截至2022年6月2日收盘价计） 汽车零售股的爆发，主要受两大催化剂助力： 一是最新的汽车乘用车购置税减免政策细则出台，超越市场预期。 （来源：财政部） 机构认为，2.0L排量及以下和30万元以下所针对的车型受益范围比预期（小排量1.6L及以下）要广，但此次税收减征 （5%）有效期只有7个月，远短于2015-16年的15个月。由于80%的燃油车符合购置税减半条件，大多数传统主机厂将 受益于该政策。而在经销商中，永达对此受益更大，因为其符合条件的车型占新车销量约50%。 其实，今年4月以来，广东 ...

Core Insights - Despite an increase in automobile sales, dealers are facing significant challenges, with the industry experiencing a shift from "increasing sales without profit" to "losing money with every sale" [1] - The "2025 China Automotive Circulation Industry Dealer Group Top 100 Ranking" highlights the struggles of traditional dealers, with the top performer, Zhongsheng Group, reporting revenues of 168.12 billion yuan and total sales of 711,500 vehicles [1][5] - The implementation of the "old-for-new" policy in 2024 has helped maintain a 5.5% growth in the passenger car market, with over 3.22 million applications for subsidies by May 11, 2025 [1] Industry Overview - The automotive circulation industry is witnessing a polarization in operational capabilities among dealers, with the future favoring those who can adapt to new market conditions [2] - The average gross profit margin for new cars among struggling traditional brand dealers is negative, leading to an overall pre-tax profit margin of -6.9% [4] - In contrast, strong traditional brand dealers maintain a gross profit margin of 1.5% on new cars and achieve a net profit margin of 2.1% through effective management [4] Financial Performance - The top 100 dealers reported a total revenue of 1.7213 trillion yuan in 2024, a decrease of 2.5% year-on-year, with new car sales down by 0.2% to 6.52 million units [5] - The number of 4S stores increased by 3.5% to 6,003, while the gross profit margin for new cars fell by 22.6%, although the overall gross profit margin rose by 3.2% to 6.7% [5] - Used car sales surged by 19.7% to 1.39 million units, but the gross profit margin for used cars decreased by 3.6% to 6.4% [5] Strategic Responses - To counter declining profit margins, top dealers are reducing operational costs, with employee numbers down by 6.8% and salaries reduced by 8.2% [6] - The number of base customers for top dealers grew by 19.3% to 100.26 million, indicating a focus on customer retention and engagement [6] - The penetration rate of new energy vehicles among top dealers reached 23%, a year-on-year increase of 31.1%, with total sales of new energy vehicles rising by 30.9% to 15.02 million units [7] Future Directions - The "New Four Transformations" strategy for dealers includes diversifying business operations, asset lightening, brand differentiation, and management digitization [7] - Successful examples, such as Chongqing Baishida, demonstrate the effectiveness of value-driven customer engagement and digital tools in enhancing profitability [8] - Digital transformation is seen as a means to not only control costs but also to unlock greater profit potential, as evidenced by various case studies [8]

| 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 97.10 | 50022.46 | 517.000 | 512.500 | 2202672.67 | | 01299 | 友邦保险 | 200.00 | 13363.56 | 67.650 | 65.650 | 905885.42 | | 01919 | 中远海控 | 556.00 | 8035.93 | 14.640 | 14.200 | 391168.19 | | 03898 | 时代电气 | 38.45 | 1247.13 | 32.500 | 32.250 | 132422.11 | | 01483 | 网誉科技 | 462.00 | 554.40 | 1.200 | 1.200 | 2677.78 | | 00670 | 中国东方航 空股份 | 200.00 | 527.34 | 2.67 ...

Financial Performance - In 2024, the company reported new car sales of 171,236 units, a decrease of 11.7% compared to 2023[18]. - Revenue for 2024 was RMB 74.295 billion, down 14.6% from RMB 73.521 billion in 2023[11][17]. - Gross profit for 2024 was RMB 5.273 billion, representing a gross margin of 8.3%, down from 9.0% in 2023[12][17]. - Net profit attributable to the company’s owners for 2024 was RMB 2.41 billion, a decline of 60.7% compared to RMB 1.412 billion in 2023[14][17]. - The used car transaction volume for 2024 was 74,969 units, a decrease of 19.4% compared to the previous year[20]. - In 2024, the company's revenue was RMB 63.42 billion, a decrease of 14.6% compared to 2023[30]. - The gross profit for 2024 was RMB 5.273 billion, down RMB 1.421 billion or 21.2% year-on-year, with new car sales and related services gross profit decreasing by RMB 1.204 billion or 58.3%[30]. - Net profit for 2024 was RMB 165 million, a decline of RMB 420 million or 71.8% year-on-year, while profit attributable to the company's owners was RMB 201 million, down RMB 372 million or 64.9%[30]. - The overall gross profit for the twelve months ended December 31, 2024, was RMB 5,273.5 million, a decline of 21.2% from RMB 6,694.4 million for the twelve months ended December 31, 2023[55]. - Operating profit for the twelve months ended December 31, 2024, was RMB 405.8 million, a decrease of 57.8% from RMB 961.5 million for the twelve months ended December 31, 2023[58]. Sales and Market Trends - The retail sales of new energy vehicles in China for 2024 reached 10.899 million units, a year-on-year increase of 40.7%, with a market penetration rate approaching 50%[28]. - The second-hand car transaction volume in China for 2024 was 19.614 million units, a year-on-year increase of 6.5%[28]. - The company aims for new energy vehicle sales to account for 50% of total sales by 2026, focusing on the dual strategy of "new energy + luxury cars"[21]. - The average selling price of new cars increased from RMB 243,000 in 2023 to RMB 283,000 in 2024, driven by the launch of high-value models like the Wanjie M9 and Xiangjie S9[34]. - The company has achieved a 65% year-on-year increase in total leads from new media platforms, maintaining a leading position in digital marketing[45]. Cost Management and Efficiency - The total sales, administrative, and financing costs for 2024 amounted to RMB 5.187 billion, a reduction of RMB 1.032 billion or 16.6% year-on-year[30]. - The company continues to focus on cost reduction and efficiency improvement, particularly in labor costs and sales management expenses[44]. - The company has enhanced cash flow management, significantly shortening the collection cycle and improving inventory turnover efficiency[43]. Inventory and Debt Management - The inventory balance at the end of 2024 was RMB 4.15 billion, a decrease of 4.9% from the end of 2023[20]. - The company’s net debt ratio as of December 31, 2024, was 10.2%, down 2.0 percentage points from the end of 2023[20]. - As of December 31, 2024, the company's inventory balance was RMB 4,149.9 million, a decrease of 4.9% from RMB 4,363.2 million as of December 31, 2023[67]. Strategic Initiatives and Future Plans - The company plans to develop a battery recycling industry and explore intelligent robotics for future sales and maintenance channels[22]. - The company plans to enhance talent cultivation in new energy, used cars, digitalization, and AI-related fields to support business transformation and sustainable development[25]. - The company is actively exploring new business models, including services like washing and refurbishment, to adapt to market changes and consumer demands[46]. - The company aims to actively participate in the national "low carbon" strategy and is committed to ESG-related corporate social responsibilities[78]. Corporate Governance and Shareholder Relations - The board is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[190]. - The company has mechanisms in place to ensure the board receives independent opinions and input data, maintaining board independence[198]. - The company has confirmed that the ongoing related transactions have been conducted in accordance with the relevant agreements and pricing principles, ensuring fairness and reasonableness[146]. Human Resources and Employee Incentives - As of December 31, 2024, the company has a total of 13,654 employees, and the compensation policy is based on individual performance[152]. - The company adopted a new share option scheme on June 1, 2023, which is valid for ten years, aimed at incentivizing eligible individuals for their contributions to the group's interests[154]. - The stock options granted under the 2013 stock option plan during the year ending December 31, 2024, include a total of 1,886,000 options for other employees, with a weighted average exercise price of HKD 8.220 and a market price of HKD 8.370 on the grant date[159]. Risks and Challenges - The company faces significant risks related to the financial condition and operational performance fluctuations of automobile manufacturers, which may impact dealership agreements and profitability[120]. - Changes in government policies regarding automobile purchases and ownership, as well as fiscal policies, could significantly impact the company's business and profitability[122]. - The company is exposed to various market risks, including currency, interest rate, credit, and liquidity risks, as detailed in the financial statements[123].

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 ...

Summary of Key Points Core Viewpoint - Yongda Automobile has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2] Share Buyback Details - On April 1, 2025, Yongda Automobile repurchased 1.5 million shares at a price range of HKD 2.630 to HKD 2.680, totaling HKD 3.9977 million [2] - The stock closed at HKD 2.650 on the same day, reflecting a decrease of 1.49%, with total trading volume of HKD 15.5006 million [2] - Since March 31, 2025, the company has conducted buybacks for two consecutive days, totaling 3.5 million shares and an aggregate amount of HKD 9.3267 million [2] - The stock has experienced a cumulative decline of 0.75% during this buyback period [2] Year-to-Date Buyback Activity - Year-to-date, Yongda Automobile has executed 9 buybacks, acquiring a total of 14.251 million shares for a cumulative amount of HKD 34.8163 million [2] Buyback Breakdown - Detailed buyback transactions include: - April 1: 150,000 shares at a maximum price of HKD 2.680 and a minimum of HKD 2.630, totaling HKD 399.77 thousand [2] - March 31: 200,000 shares at a maximum price of HKD 2.690 and a minimum of HKD 2.590, totaling HKD 532.90 thousand [2] - January 24: 67,100 shares at a maximum price of HKD 2.590, totaling HKD 173.79 thousand [2] - January 23: 200,000 shares at a maximum price of HKD 2.570, totaling HKD 508.84 thousand [2] - January 22: 215,000 shares at a maximum price of HKD 2.520, totaling HKD 540.57 thousand [2] - January 21: 13,000 shares at a maximum price of HKD 2.430, totaling HKD 31.59 thousand [2] - January 17: 180,000 shares at a maximum price of HKD 2.370, totaling HKD 422.50 thousand [2] - January 15: 200,000 shares at a maximum price of HKD 2.300, totaling HKD 434.52 thousand [2] - January 14: 200,000 shares at a maximum price of HKD 2.210, totaling HKD 437.16 thousand [2]

Core Viewpoint - The report maintains the net profit forecast for Yongda Automobile (03669) for 2025 and introduces a net profit estimate of 462 million yuan for 2026, with a target price increase of 29.9% to 3.00 HKD, reflecting a valuation uplift in the sector [1] Financial Performance - For 2024, the company achieved revenue of 63.42 billion yuan, a year-on-year decrease of 14.64%, and a net profit of 201 million yuan, down 64.94% year-on-year [2] - In the second half of 2024, revenue was 32.38 billion yuan, a year-on-year decline of 16.13% but a quarter-on-quarter increase of 4.35%, with a net profit of 89 million yuan, down 46.20% year-on-year and 19.85% quarter-on-quarter [2] Sales and Growth Drivers - The decline in revenue is primarily attributed to pressure in the traditional fuel vehicle market, with luxury and mid-to-high-end brand sales down 12.79% and 13.59% respectively [3] - The independent new energy brand saw a 23.4% increase in new car sales to 11,085 units, driven by a higher proportion of high-value models, leading to an 84.63% increase in revenue to 3.018 billion yuan [3] - The company expects revenue structure optimization and a potential increase in new energy vehicle sales to over 15% by 2025, supported by new model launches [3] Profitability and Cost Management - The gross margin for 2024 decreased by 0.69 percentage points to 8.32%, mainly due to intense price competition affecting new car sales and related services [4] - The company managed to reduce selling and administrative expenses by 0.22 percentage points to 7.71%, aided by the closure of 22 inefficient stores and the implementation of cost-saving digital tools [4] - The high-margin maintenance business, with a gross margin exceeding 40%, is expected to support profitability as new energy high-margin models are launched [4] Shareholder Returns and Strategic Focus - The total dividend for 2024 was 240 million yuan, with a payout ratio of 120%, emphasizing the company's commitment to shareholder returns [5] - The company plans to increase the proportion of new energy vehicle sales to 50% and luxury vehicle sales to 40% by 2026, while also exploring new business areas such as battery recycling and smart robotics [5]

Core Viewpoint - China Yongda Automobile Services Holdings Limited reported a decline in revenue and profit for the fiscal year ending December 31, 2024, amid a challenging automotive market, but maintained a strong focus on shareholder returns through dividends and share buybacks [1][12]. Financial Performance - The company recorded revenue of RMB 634.20 billion, a decrease of 14.6% from RMB 742.95 billion in the same period last year [1] - Gross profit was RMB 52.73 billion, down 21.2% year-on-year [1] - Net profit attributable to the company’s owners was RMB 2.01 billion, with basic earnings per share at RMB 0.11 [1] - The total dividend per share for the year was RMB 0.128, representing 120% of net profit attributable to owners [1] Operational Metrics - Inventory balance stood at RMB 41.50 billion, a decrease of 4.9% from the end of 2023, with inventory turnover days at 25.8 days [2] - Cash generated from operating activities was RMB 15.18 billion, and the net debt ratio was 10.2%, down 2.0 percentage points from the end of 2023 [2] New Car Sales - New car sales reached 171,236 units, generating revenue of RMB 494.55 billion [3] - The gross margin for new car sales in the second half of 2024 improved by 0.19 percentage points to 1.83% [3] - New car turnover days were maintained at a healthy level of 25.2 days [3] New Energy Vehicle (NEV) Business - The company sold 18,485 units of independent NEV brands, with a significant portion coming from direct sales [4] - The average selling price of new cars increased from RMB 24.3 million in 2023 to RMB 28.3 million in 2024 [4] - NEV sales and after-sales services experienced rapid growth, supported by strong demand for high-value models [4] After-Sales Services - After-sales revenue for independent NEV brands reached RMB 31.01 million, a year-on-year increase of 95.2% [5] - The average revenue per vehicle for after-sales services was RMB 3,114, up 27.1% year-on-year [5] - The number of after-sales customers for independent NEV brands grew by 134.3% to 57,400 [5] Used Car Business - The used car transaction volume was 74,969 units, a decline of 19.4% year-on-year [8] - The company maintained a healthy inventory turnover and a stable new-to-used car ratio of 43.8% [8] - The average revenue per used car sold was RMB 104,000, with a gross margin of 5.59% [8] Network Changes - The company optimized its network by closing 18 underperforming stores and opening 12 new outlets in 2024 [10] - The focus is on enhancing brand representation and operational efficiency through strategic adjustments [10] Future Outlook - The company aims for NEVs to account for 50% of total new car sales by 2026, while luxury vehicles are projected to represent 40% [11] - Plans include expanding into the battery recycling industry and developing smart robotics for future operations [11][12] - The company remains committed to shareholder returns and sustainable growth amid market challenges [12][13]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 63.42 billion, a decrease of 14.6% compared to RMB 74.30 billion for the fiscal year ending December 31, 2023[3]. - The net profit for the fiscal year ending December 31, 2024, was RMB 165 million, a decline of 71.8% from RMB 586 million in the previous year[6]. - The total revenue for the year ended December 31, 2024, was RMB 63,420,229 thousand, a decrease of 14.4% from RMB 74,295,499 thousand in 2023[26]. - Gross profit for 2024 was RMB 5,273,470 thousand, down 21.2% from RMB 6,694,430 thousand in 2023[26]. - Operating profit for 2024 was RMB 405,823 thousand, a decline of 57.8% from RMB 961,472 thousand in 2023[26]. - Basic earnings per share for 2024 were RMB 0.11, down from RMB 0.29 in 2023[26]. - The total comprehensive income for the year was RMB 163,136,000, compared to RMB 584,460,000 in the previous year, reflecting a significant decrease[28]. - The company's net profit attributable to owners was RMB 198,539,000, down from RMB 571,288,000 year-on-year[28]. - The net profit before tax for the fiscal year ending December 31, 2024, was RMB 208,568,000, a significant decrease from RMB 740,317,000 in 2023[42]. - The net profit attributable to the company's owners for 2024 was RMB 200.8 million, a significant decline of 65.0% compared to RMB 572.6 million in 2023[51]. Revenue Breakdown - The new car dealership revenue for the fiscal year ending December 31, 2024, was RMB 46.41 billion, down 17.8% from RMB 56.44 billion in the previous year[3]. - The total revenue from new car sales and related services was RMB 49,410,449,000, down from RMB 58,758,814,000, a decrease of approximately 15.8%[34]. - The revenue from used car sales and related services was RMB 3,810,071,000, down from RMB 5,321,115,000, a decline of about 28.3%[34]. - The total revenue from used car sales was RMB 3,777.6 million, down 28.4% from RMB 5,277.1 million in the previous year[64]. - The revenue from maintenance and repair services in 2024 was RMB 9.467 billion, a slight increase of 0.1% year-on-year, with a gross margin of 40.45%[14]. - After-sales service revenue remained stable at RMB 9,748.1 million, compared to RMB 9,758.6 million in the previous year[65]. Sales Performance - The total number of used cars sold was 74,969 units, a decrease of 19.4% from 93,012 units in the previous year[3]. - In 2024, new car sales volume reached 171,236 units, a year-on-year decrease of 11.7%, with total revenue from new car sales and related services at RMB 49.455 billion, down 16.0% year-on-year[10]. - The number of new cars sold was 163,836 units, representing an 11.2% decline from 184,550 units in 2023[62]. - The number of used cars sold decreased by 18.2% to 36,488 units from 44,590 units in 2023[64]. - The retail sales volume of new energy vehicles in China reached 10.89 million units, a year-on-year increase of 40.7%, indicating a market penetration rate close to 50%[4]. Cost Management - The company reported a decrease in total sales, management, and financing costs to RMB 5.19 billion, down 16.6% from RMB 6.22 billion in the previous year[6]. - The total segment costs for the fiscal year ending December 31, 2024, were RMB 58,146,759,000, compared to RMB 67,601,069,000 for the previous year, indicating a reduction of approximately 14%[42]. - The cost of sales and services for the passenger car sales and services segment was RMB 48,595.1 million for the twelve months ended December 31, 2024, a decrease of 14.5% compared to RMB 56,814.9 million for the same period in 2023[67]. - The total employee costs for 2024 amounted to RMB 2,240.6 million, a decrease of 14.8% from RMB 2,629.1 million in 2023[50]. Inventory and Assets - The inventory turnover days were maintained at a healthy 25.8 days as of December 31, 2024[9]. - Inventory as of December 31, 2024, was RMB 4,149.9 million, a decrease of 4.9% from RMB 4,363.2 million in 2023[56]. - Non-current assets decreased from RMB 15,202,109,000 in 2023 to RMB 14,888,752,000 in 2024, a decline of approximately 2.07%[29]. - Current assets increased from RMB 17,490,942,000 in 2023 to RMB 20,157,511,000 in 2024, representing an increase of about 15.2%[29]. - The company's total liabilities increased from RMB 14,559,392,000 in 2023 to RMB 17,138,557,000 in 2024, an increase of approximately 17.8%[29]. Strategic Initiatives - The company aims for new energy vehicles to account for 50% of total new car sales by 2026, while luxury vehicles are projected to represent approximately 40%[92]. - The company plans to develop a battery recycling industry and explore smart robotics for future sales and maintenance channels[93]. - The company will continue to enhance after-sales service and upgrade the used car business to solidify customer retention and support the growth of its two main business segments[91]. - The company has established a professional department for AI application research to enhance operational efficiency and customer experience through innovative AI technology[94]. - Cost control measures are being implemented, including organizational streamlining and optimization of personnel efficiency, aiming to effectively reduce sales management expenses[95]. Shareholder Information - The company proposed a final dividend of RMB 0.069 per share for the year ending December 31, 2024, totaling approximately RMB 130 million, pending shareholder approval[50]. - The proposed final dividend for the year ending December 31, 2024, is RMB 0.069 per share, amounting to an estimated total of approximately RMB 130 million[103]. - The company repurchased a total of 44,206,500 shares at a total cost of approximately HKD 77,120,461.45, with the highest price per share being HKD 2.34 and the lowest being HKD 1.28[99]. Compliance and Governance - The audit and compliance committee has confirmed that the annual financial performance for the year ending December 31, 2024, complies with relevant accounting standards[101]. - The company has adopted corporate governance codes and has been in compliance with them throughout the reporting period[97].

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]