Economic Performance - In the first half of 2020, China's GDP growth rate dropped to -1.6%, with a recovery of 3.2% in Q2 compared to Q1[8]. - The contribution rate of final consumption expenditure to economic growth in 2019 was 57.8%, indicating strong domestic demand potential[11]. - The automotive industry remains a pillar of the national economy, with a focus on stabilizing and expanding automobile consumption[11]. Automotive Sales and Market Trends - The retail sales of passenger cars in China decreased by 22.5% year-on-year, totaling 7.7 million units in the first half of 2020[8]. - The luxury car market showed a V-shaped recovery, with retail sales increasing by 1% year-on-year, reaching 1.05 million units[8]. - The luxury car segment is increasingly favored by consumers, with a significant rise in purchasing intent observed post-COVID-19[9]. - The penetration rate of automotive financial loans is increasing, lowering the barriers for purchasing luxury vehicles[9]. - The luxury car market in China has seen a compound annual growth rate of 22% over the past eleven years, significantly outpacing the overall passenger car market's 8%[17]. Company Sales and Revenue - BMW's sales in China were 329,000 units, a decline of 5.8% year-on-year, but Q2 sales increased by 17.1%[9]. - Lexus achieved a year-on-year sales growth of 4.8%, selling 97,000 units in the first half of 2020[9]. - New car sales volume for the first half of 2020 reached 14,613 units, a year-on-year decline of 5.5%, with BMW (including MINI) sales down 5.4% and Lexus sales up 7.4%[15]. - Revenue for the first half of 2020 was RMB 5,754.7 million, a slight decrease of 2.3% compared to RMB 5,891.5 million in the same period of 2019[21]. - New car sales revenue accounted for 87.3% of total revenue, amounting to RMB 5,021.4 million, while after-sales service revenue was RMB 717.9 million, down 13.6%[21]. Profitability and Financial Performance - The gross profit for the first half of 2020 was RMB 519.8 million, a decrease of 10.0% from RMB 577.6 million in the same period of 2019[23]. - The gross margin for the group in the first half of 2020 was 9.0%, down from 9.8% in the previous year[23]. - The profit attributable to the owners of the parent company for the first half of 2020 was approximately RMB 2,348 million, a decrease of 18.0% compared to the same period in 2019[29]. - The net profit for the six months ended June 30, 2020, was RMB 242,252,000, compared to RMB 293,958,000 for the same period in 2019, representing a decline of 17.6%[86]. - Basic earnings per share for the period was RMB 0.15, down from RMB 0.19 in the previous year[86]. Expenses and Cost Management - In the first half of 2020, the group's administrative expenses were RMB 758 million, remaining stable compared to the same period last year[26]. - The group's financial expenses for the first half of 2020 were RMB 571 million, an increase of 2.8% from RMB 555 million in the same period of 2019[28]. - The company’s total tax expense for the six months ended June 30, 2020, was RMB 65,388,000, compared to RMB 69,621,000 in the same period of 2019, a decrease of 6.4%[127]. - The company’s advertising and promotional expenses decreased to RMB 18,810,000 for the six months ended June 30, 2020, down from RMB 27,437,000 in the same period of 2019, a decline of 31.6%[126]. Cash Flow and Liquidity - As of June 30, 2020, the total cash and deposits amounted to RMB 18,016 million, with a net cash inflow from operating activities of RMB 7,291 million[32]. - The net cash generated from operating activities was RMB 729,108 thousand, an increase of 27% compared to RMB 574,595 thousand for the same period in 2019[104]. - Cash and cash equivalents at the end of the period amounted to RMB 1,801,591 thousand, up from RMB 1,163,500 thousand at the end of June 30, 2019, representing a 55% increase[104]. - The company reported a net cash outflow from investing activities of RMB 118,496 thousand, compared to RMB 72,651 thousand in the same period of 2019[104]. Inventory and Asset Management - Inventory decreased from RMB 12,619 million as of December 31, 2019, to RMB 10,251 million as of June 30, 2020, reflecting improved order management[35]. - The total inventory as of June 30, 2020, was RMB 1,025,138,000, down from RMB 1,261,867,000 as of December 31, 2019, a decrease of 18.7%[139]. - Current assets amounted to RMB 5,746,148,000, up from RMB 5,548,083,000, indicating an increase of about 3.57%[92]. - The company's goodwill increased to RMB 141,791,000 from RMB 57,911,000, showing a significant rise of approximately 144.5%[92]. Shareholder and Stock Options - The company has granted a total of 70,000,000 stock options under the stock option plan, with an exercise price of HKD 3.00 per share[57]. - The stock options granted on December 17, 2019, total 20,000,000 shares with an exercise price of HKD 4.00 per share[58]. - The stock options have a validity period until June 28, 2025, unless the relevant grantees cease to be employees[65]. - The company aims to attract and retain capable employees through the stock option plan, which was adopted on June 26, 2015[57]. Future Strategies and Expansion Plans - The group plans to expand its dealership network with 8 new authorized locations in key cities, enhancing its presence in the luxury car market[12]. - Future strategies include focusing on core business, expanding dealership operations through acquisitions, and increasing after-sales market value[20]. - The group aims to enhance customer retention and satisfaction while improving operational efficiency through data-driven management strategies[16]. Acquisitions and Goodwill - The group acquired 100% equity of several automotive sales service companies for a total consideration of RMB 154,057,000 during the reporting period[174]. - The goodwill arising from the acquisition is provisionally estimated at RMB 83,880,000, reflecting the expected synergies and future market developments[179].

China Harmony New Energy Auto Holding Limited 中國和諧新能源汽車控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 3836 2019 年度報告 102 2 1 2012 1 Card ( 目錄 公司資料 2 主席致辭 4 管理層討論與分析 9 企業管治報告 17 董事及高級管理層 29 董事會報告 > 34 2019年度環境·社會及管治報告 52 74 78 80 82 84 87 186 獨立核數師報告 | --- | |--------------------------| | | | | | 綜合損益及其他全面收入表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 綜合財務報表附註 | | | 五年財務概要 公司資料 執行董事 馮長革先生(主席) 王能光先生(於2019年2月4日獲委任) 馮長革先生(主席) 陳英龍先生(於2020年3月27日獲委任) 劉風雷先生(總裁) 薛國平先生(於2020年3月27日辭任) 馬林濤女士(副總裁) 肖 長 年 先 生 ( 於 2019年 2 月 4 日 辭 任 ) 馮 果女士(副 ...

Market Performance - In the first half of 2019, the overall production and sales of passenger cars in China decreased by 15.8% and 14% respectively, with a total of 9.978 million and 10.127 million units sold[12]. - The luxury car market saw a demand increase, with over 1.4 million units sold in the first half of 2019, representing a year-on-year growth of 7.2%[12]. - The sales of new energy vehicles reached 614,000 units, with a year-on-year increase of 48.5%[12]. - The luxury car market is expected to maintain strong growth despite overall market challenges, driven by consumer upgrades and increased brand offerings[16]. - The luxury and ultra-luxury vehicle market is expected to continue positive growth, with the company focusing on expanding its brand portfolio and dealer network[20]. Company Sales and Revenue - During the reporting period from January 1 to June 30, 2019, BMW sales accounted for the largest share at 11,606 units, up 33.1% year-on-year[15]. - Lexus, as the second-largest brand, achieved sales of 1,723 units, reflecting a year-on-year growth of 30.7%[15]. - Ferrari's sales increased by 172.7% and Rolls Royce's sales rose by 90% during the same period[15]. - The company's revenue for the first half of 2019 was RMB 5,891.5 million, a 25.7% increase from RMB 4,687.4 million in the same period of 2018[23]. - New car sales revenue grew by 26.2% to RMB 5,048.8 million, accounting for 85.7% of total revenue[23]. - Revenue from automobile sales reached RMB 5,048,817 thousand for the six months ended June 30, 2019, compared to RMB 3,999,083 thousand for the same period in 2018, representing a growth of approximately 26.3%[138]. - Revenue from after-sales services increased to RMB 710,935 thousand for the six months ended June 30, 2019, up from RMB 606,357 thousand in the previous year, reflecting a growth of about 17.2%[138]. - Total revenue for the six months ended June 30, 2019, was RMB 5,891,521 thousand, compared to RMB 4,687,357 thousand for the same period in 2018, indicating an overall increase of approximately 25.7%[138]. Financial Performance - The gross profit for the first half of 2019 increased by 21.0% to RMB 577.6 million, compared to RMB 477.2 million in the same period of 2018[25]. - Operating profit decreased to RMB 440,162, down 25.3% from RMB 588,347 in the previous year[82]. - Net profit for the period was RMB 293,958, a decline of 31.9% compared to RMB 431,269 in the prior year[82]. - Basic earnings per share for the six months ended June 30, 2019, was RMB 0.19, down from RMB 0.28 in the same period of 2018[82]. - The company’s total comprehensive income for the period included a profit of RMB 424,424,000, contributing to a total comprehensive income of RMB 426,650,000[92]. - The income tax expense for the six months ended June 30, 2019, was RMB 69,621 thousand, down from RMB 83,393 thousand in the previous year, a decrease of 16.5%[152]. Cash Flow and Liquidity - The cash and deposits as of June 30, 2019, totaled RMB 1,489.8 million, with a net cash inflow from operating activities of RMB 574.6 million for the first half of 2019[29]. - As of June 30, 2019, the net cash flow from operating activities was RMB 574,595 thousand, a significant improvement from a net cash outflow of RMB 233,869 thousand in the same period of 2018[99]. - The cash and cash equivalents at the end of the period increased to RMB 1,163,500 thousand from RMB 866,981 thousand year-over-year, reflecting a positive cash position[101]. - The total cash and bank balances presented in the consolidated balance sheet were RMB 1,363,500 thousand, compared to RMB 971,481 thousand in the previous year[101]. Inventory and Asset Management - Inventory decreased from RMB 1,124.4 million on December 31, 2018, to RMB 991.5 million on June 30, 2019, a reduction of RMB 132.9 million[33]. - Average inventory turnover days improved from 44 days in 2018 to 36 days in the first half of 2019, reflecting better inventory management[33]. - The company has pledged inventory with a total carrying value of approximately RMB 500,195,000 as collateral for bank loans as of June 30, 2019, down from RMB 596,072,000 at the end of 2018[169]. Debt and Liabilities - Total bank loans and borrowings decreased by 8.3% from RMB 2,137.6 million on December 31, 2018, to RMB 1,961.1 million on June 30, 2019[34]. - The debt-to-asset ratio increased to 39.9% as of June 30, 2019, up from 37.2% on December 31, 2018, primarily due to the adoption of new lease accounting standards[35]. - Total liabilities amounted to RMB 4,658,809,000 as of June 30, 2019, compared to RMB 4,100,789,000 at the end of 2018, indicating an increase of about 13.6%[89]. - The total lease liabilities amounted to RMB 473,879,000 as of June 30, 2019, a decrease from RMB 497,285,000 at the beginning of the year[196]. Employee and Corporate Governance - Employee costs for the first half of 2019 were approximately RMB 148.0 million, compared to RMB 140.0 million in the same period of 2018[39]. - The company had 3,372 employees as of June 30, 2019, down from 3,693 employees on December 31, 2018[39]. - The company has established an audit committee in compliance with listing rules and corporate governance codes[77]. - The company continues to review and monitor its corporate governance practices to maintain high standards[74]. Shareholder and Equity Information - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2019[76]. - The company declared a final dividend of HKD 0.12 per share, totaling approximately RMB 156,079,000[156]. - As of June 30, 2019, the company had a total of 81,791,000 shares outstanding[57]. - The company repurchased a total of 5,852,500 shares at an average price of HKD 3.22, with a total cost of approximately HKD 18,413,850 during the six months ended June 30, 2019[70].

HARMONY AUTO 和諧汽車 China Harmony New Energy Auto Holding Limited 中國和諧新能源汽車控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：3836 2018 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | r proposion 目 錄 公司資料 2 主席致辭 4 管理層討論與分析 6 企業管治報告 16 董事及高級管理層 29 董事會報告 34 2018年度環境、社會及管治報告 51 獨立核數師報告 71 綜合損益表 77 綜合全面收益表 78 綜合財務狀況表 79 綜合權益變動表 81 綜合現金流量表 83 財務報表附註 86 an | --- | --- | --- | |-------|-------------------------------------------------| ...