BETTERLIFE HLDG(06909)

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百得利控股(06909) - 2025 - 中期业绩
2025-08-28 09:47
[Group Financial Summary](index=1&type=section&id=Group%20Financial%20Summary) This section provides a concise overview of the group's key financial performance and position for the first half of 2025 compared to 2024 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,812.6 | 4,280.2 | -10.9% | | Passenger Vehicles Sold | 8,307 units | 9,141 units | -9.1% | | Revenue from Vehicle Sales | 3,158.8 | 3,673.7 | -14.0% | | Revenue from After-sales Services | 653.8 | 606.5 | +7.8% | | Net Profit | 11.6 | 47.5 | -75.6% | | Profit Attributable to Equity Holders of the Company | 7.1 | 33.9 | -79.1% | | Net Profit Margin | 0.3% | 1.1% | -0.8pp | | Net Cash Inflow from Operating Activities | 309.4 | 379.8 | -18.6% | | Cash and Cash Equivalents | 909.9 (as of June 30, 2025) | 899.4 (as of December 31, 2024) | +1.2% | [Interim Results Overview](index=2&type=section&id=Interim%20Results) The Board of Directors announced the unaudited consolidated interim results for the six months ended June 30, 2025, which have been reviewed by the audit committee - The Board of Directors announced the unaudited consolidated interim results for the six months ended June 30, 2025, which have been reviewed by the audit committee[4](index=4&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the consolidated financial performance, including revenue, profit, and comprehensive income, for the six months ended June 30, 2025 and 2024 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,812,566 | 4,280,157 | -10.9% | | Cost of Sales | (3,799,606) | (4,076,484) | -6.8% | | Gross Profit | 12,960 | 203,673 | -93.6% | | Other Income | 363,583 | 259,900 | +39.9% | | Selling and Distribution Expenses | (228,278) | (289,988) | -21.3% | | Administrative Expenses | (105,290) | (88,932) | +18.4% | | Operating Profit | 42,975 | 84,653 | -49.2% | | Finance Costs | (29,809) | (16,349) | +82.3% | | Profit Before Tax | 13,166 | 68,304 | -80.7% | | Income Tax Expense | (1,539) | (20,802) | -92.6% | | Profit for the Period | 11,627 | 47,502 | -75.5% | | Profit Attributable to Equity Holders of the Company | 7,132 | 33,878 | -79.0% | | Basic and Diluted Earnings Per Share (RMB) | 0.01 | 0.05 | -80.0% | | Total Comprehensive Income for the Period | 10,564 | 46,795 | -77.4% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section details the group's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 566,867 | 415,952 | +36.3% | | Investment Properties | 338,114 | 54,898 | +516.0% | | Right-of-use Assets | 769,078 | 335,380 | +129.3% | | Intangible Assets | 791,380 | 810,557 | -2.4% | | Goodwill | 367,944 | 367,944 | 0.0% | | Deferred Tax Assets | 35,227 | 23,246 | +51.5% | | Long-term Prepayments | 89,900 | 386,175 | -76.7% | | **Total Non-current Assets** | **2,958,510** | **2,394,152** | **+23.6%** | | **Current Assets** | | | | | Inventories | 694,481 | 829,099 | -16.3% | | Trade Receivables | 129,400 | 77,317 | +67.4% | | Prepayments, Other Receivables and Other Assets | 657,577 | 647,903 | +1.5% | | Pledged Bank Deposits | 377,874 | 430,170 | -12.2% | | Cash and Cash Equivalents | 508,548 | 450,605 | +12.8% | | **Total Current Assets** | **2,405,286** | **2,469,688** | **-2.6%** | | **Current Liabilities** | | | | | Trade Payables and Bills Payable | 842,354 | 882,144 | -4.5% | | Interest-bearing Bank and Other Borrowings | 497,866 | 438,445 | +13.5% | | **Total Current Liabilities** | **1,761,436** | **1,577,808** | **+11.6%** | | **Non-current Liabilities** | | | | | Interest-bearing Bank and Other Borrowings | 350,000 | — | N/A | | **Total Non-current Liabilities** | **868,670** | **547,022** | **+58.8%** | | **Total Equity** | **2,733,690** | **2,739,010** | **-0.2%** | [Notes to the Unaudited Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements) This section provides detailed explanations and disclosures for the figures presented in the interim financial statements [1. General Information](index=6&type=section&id=1.%20General%20Information) The Company, incorporated in the Cayman Islands, primarily operates 4S dealership businesses in China and was listed on the HKEX main board on July 15, 2021 - The Company was incorporated as an exempted company in the Cayman Islands on May 18, 2018[10](index=10&type=chunk) - The Group is principally engaged in 4S dealership businesses in the People's Republic of China[11](index=11&type=chunk) - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 15, 2021[12](index=12&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The interim consolidated financial statements are prepared in accordance with IFRS, presented in RMB, and measured using the historical cost convention, requiring management judgments and estimates - The interim condensed consolidated financial statements have been prepared in accordance with all applicable accounting standards of International Financial Reporting Standards[13](index=13&type=chunk) - The financial statements are presented in RMB, the Group's presentation currency, and have been rounded to the nearest thousand[14](index=14&type=chunk) - The financial statements have been prepared on the historical cost basis, except for certain assets that are stated at fair value[15](index=15&type=chunk) [3. Application of Amendments to International Financial Reporting Standards](index=7&type=section&id=3.%20Application%20of%20Amendments%20to%20International%20Financial%20Reporting%20Standards) Amendments to IAS 21 "Lack of Exchangeability" were first applied during the period, but had no significant impact on the Group's financial performance or position - The Group has first applied the amendments to IAS 21 "Lack of Exchangeability" issued by the International Accounting Standards Board[16](index=16&type=chunk)[17](index=17&type=chunk) - The application of these amendments did not have a significant impact on the Group's financial performance and position for the current and prior periods[17](index=17&type=chunk) [4. Revenue and Segment Reporting](index=7&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) The Group primarily engages in passenger vehicle sales and after-sales services, reporting a single operating segment in China, with vehicle sales revenue decreasing and after-sales service revenue increasing - The Group is principally engaged in the sale of passenger vehicles and provision of after-sales services, operating a single reportable operating segment, which is the sale of passenger vehicles and provision of related services in China[18](index=18&type=chunk) Revenue Disaggregated by Major Product or Service Line (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Sale of Passenger Vehicles | 3,158,820 | 3,673,665 | -14.0% | | Provision of After-sales Services | 653,746 | 606,492 | +7.8% | | **Total** | **3,812,566** | **4,280,157** | **-10.9%** | - All revenue is derived from mainland China and recognized at a point in time[19](index=19&type=chunk) [5. Other Income](index=8&type=section&id=5.%20Other%20Income) Other income increased by 39.9% year-on-year to RMB 363.6 million, primarily driven by a significant rise in commission income Other Income Components (For the six months ended June 30) | Income Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Interest income | 2,320 | 6,143 | -62.3% | | Commission income | 312,256 | 214,434 | +45.6% | | Rental income | 273 | 305 | -10.5% | | Government grants | 139 | 1,483 | -90.6% | | Gain on disposal of items of property, plant and equipment | 7,905 | 11,531 | -31.4% | | Others | 40,690 | 26,004 | +56.5% | | **Total** | **363,583** | **259,900** | **+39.9%** | [6. Profit Before Tax](index=8&type=section&id=6.%20Profit%20Before%20Tax) Profit before tax significantly decreased by 80.7% to RMB 13.2 million, mainly due to a substantial increase in finance costs and higher staff costs Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 21,167 | 5,681 | +272.6% | | Interest on lease liabilities | 8,404 | 10,309 | -18.5% | | Interest on sale and leaseback liabilities | 238 | 359 | -33.7% | | **Total** | **29,809** | **16,349 | **+82.3%** | Staff Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Salaries, wages and other benefits | 144,038 | 132,576 | +8.6% | | Contributions to defined contribution retirement plans | 19,108 | 16,993 | +12.4% | | Equity-settled share-based payment transactions | 1,101 | (6,317) | N/A | | **Total** | **164,247** | **143,252** | **+14.7%** | Other Items (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories | 3,761,486 | 4,017,800 | -6.4% | | Depreciation — owned property, plant and equipment | 42,687 | 48,980 | -12.8% | | Depreciation — right-of-use assets | 37,481 | 34,917 | +7.3% | | Amortisation of intangible assets | 19,177 | 19,717 | -2.7% | | Operating lease charges | 3,472 | 720 | +382.2% | | Auditor's remuneration — other services | 1,500 | — | N/A | [7. Income Tax](index=9&type=section&id=7.%20Income%20Tax) Income tax expense decreased significantly by 92.8% year-on-year to RMB 1.5 million, primarily due to reduced taxable profit, with varying corporate income tax rates applied to Chinese subsidiaries Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Current tax: Provision for PRC income tax for the period | 17,808 | 21,812 | -18.4% | | Deferred tax: Origination and reversal of temporary differences | (16,269) | (1,010) | +1510.8% | | **Total** | **1,539** | **20,802** | **-92.6%** | - The Company, incorporated in the Cayman Islands, is not subject to income tax; Hong Kong subsidiaries had no taxable profit during the period, thus no provision for Hong Kong profits tax was made[24](index=24&type=chunk) - PRC subsidiaries are subject to a corporate income tax rate of 25%, except for Chengdu Jinbao, Chengdu Xinbao, and Hainan Liya, which enjoy a preferential tax rate of 15%, and two subsidiaries in Harbin and Xiamen, which enjoy a preferential tax rate of 5%[25](index=25&type=chunk)[30](index=30&type=chunk) [8. Dividends](index=10&type=section&id=8.%20Dividends) The Board recommended no interim dividend for the six months ended June 30, 2025, compared to RMB 0.03 per ordinary share in the prior period - No interim dividend was proposed after the end of the reporting period for the six months ended June 30, 2025 (for the six months ended June 30, 2024: RMB 0.03 per ordinary share)[28](index=28&type=chunk) - A final dividend of RMB 0.02 per ordinary share for the previous financial year was approved in the next interim period (for the six months ended June 30, 2024: RMB 0.03 per ordinary share)[28](index=28&type=chunk) [9. Earnings Per Share](index=10&type=section&id=9.%20Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, was RMB 0.01, a significant decrease from RMB 0.05 in the prior period - Basic earnings per share for the six months ended June 30, 2025, was **RMB 0.01** (2024: RMB 0.05)[5](index=5&type=chunk)[28](index=28&type=chunk) - Basic earnings per share is calculated based on the profit attributable to equity holders of the Company of **RMB 7,132,000** and the weighted average number of ordinary shares in issue of **611,524,729** shares[28](index=28&type=chunk) - No adjustment has been made to the basic earnings per share amount for dilution as the outstanding share options had an anti-dilutive effect on the basic earnings per share amount presented[29](index=29&type=chunk) [10. Intangible Assets](index=11&type=section&id=10.%20Intangible%20Assets) As of June 30, 2025, the net book value of intangible assets was RMB 791.4 million, primarily comprising motor vehicle dealership rights, with amortization expense of RMB 19.2 million for the period Net Book Value of Intangible Assets (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Office software | 23,195 | 25,734 | | Motor vehicle dealership rights | 768,185 | 784,823 | | **Total** | **791,380** | **810,557** | - Motor vehicle dealership rights have an estimated useful life of 30 years, with fair value determined using the multi-period excess earnings method at each acquisition date[31](index=31&type=chunk) - Intangible assets of approximately **RMB 27.2 million** were written off due to the closure of a Jaguar-Land Rover retail store in the Foshan area[33](index=33&type=chunk) [11. Goodwill](index=12&type=section&id=11.%20Goodwill) As of June 30, 2025, the carrying amount of goodwill remained stable at RMB 367.9 million, with RMB 10.7 million written off last year due to the closure of a Jaguar-Land Rover retail store in Foshan - The carrying amount of goodwill was **RMB 367,944 thousand** as of June 30, 2025, and December 31, 2024[34](index=34&type=chunk) - Goodwill of approximately **RMB 10.7 million** was written off last year due to the closure of a Jaguar-Land Rover retail store in the Foshan area[33](index=33&type=chunk)[34](index=34&type=chunk) [12. Inventories](index=12&type=section&id=12.%20Inventories) Total inventories as of June 30, 2025, decreased by 16.2% to RMB 694.5 million, with portions pledged as collateral for bank loans and bills payable Inventory Components (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Motor vehicles | 655,622 | 783,766 | -16.4% | | Parts and accessories | 65,726 | 73,737 | -10.9% | | Less: Provision for inventories | (26,867) | (28,404) | -5.4% | | **Total** | **694,481** | **829,099** | **-16.3%** | - As of June 30, 2025, inventories with a carrying amount of **RMB 130,733 thousand** were pledged as collateral for bank and other borrowings[35](index=35&type=chunk) - As of June 30, 2025, inventories with a carrying amount of **RMB 236,179 thousand** were pledged as collateral for bills payable[35](index=35&type=chunk) [13. Trade Receivables](index=13&type=section&id=13.%20Trade%20Receivables) Total trade receivables as of June 30, 2025, significantly increased by 67.4% to RMB 129.4 million, with all expected to be recovered within one year and no significant impairment provision recognized Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 3 months | 103,055 | 76,810 | +34.2% | | 3 to 6 months | 9,671 | 247 | +3815.0% | | 6 months to 1 year | 16,674 | 260 | +6313.1% | | **Total** | **129,400** | **77,317** | **+67.4%** | - All trade receivables are expected to be recovered within one year, and management continuously monitors credit risk[36](index=36&type=chunk) - No significant impairment provision for trade receivables was recognized as of June 30, 2025, and December 31, 2024[36](index=36&type=chunk) [14. Prepayments, Other Receivables and Other Assets](index=13&type=section&id=14.%20Prepayments,%20Other%20Receivables%20and%20Other%20Assets) The current portion of prepayments, other receivables, and other assets was RMB 657.6 million as of June 30, 2025, including RMB 579.0 million paid for the acquisition of a claim from Inner Mongolia Commercial Bank, which is not yet fully completed Components of Prepayments, Other Receivables and Other Assets (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Prepayments | 172,194 | 157,037 | +9.7% | | Prepayments for acquisition of claims | 89,721 | 385,996 | -76.7% | | Other receivables | 240,554 | 174,700 | +37.7% | | Rebates receivable | 233,746 | 291,125 | -19.7% | | Recoverable VAT | 26,502 | 40,460 | -34.5% | | **Total** | **762,717** | **1,049,318** | **-27.3%** | | Less: Long-term prepayments | (89,900) | (386,175) | -76.7% | | Impairment provision for other receivables | (15,240) | (15,240) | 0.0% | | **Current portion** | **657,577** | **647,903** | **+1.5%** | - The Group entered into a claim transfer agreement with Inner Mongolia Commercial Bank, having paid the remaining consideration of approximately **RMB 579.0 million**, with the transaction not fully completed before June 30, 2025[38](index=38&type=chunk) [15. Trade Payables and Bills Payable](index=14&type=section&id=15.%20Trade%20Payables%20and%20Bills%20Payable) Total trade payables and bills payable decreased by 4.5% to RMB 842.4 million as of June 30, 2025, with bills payable secured by inventories and pledged bank deposits Components of Trade Payables and Bills Payable (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 109,146 | 88,291 | +23.6% | | Bills payable | 733,208 | 793,853 | -7.6% | | **Total** | **842,354** | **882,144** | **-4.5%** | - Bills payable are secured by inventories with a carrying amount of **RMB 236,179 thousand** and pledged bank deposits of **RMB 377,874 thousand**[39](index=39&type=chunk) [16. Acquisition of a Subsidiary](index=15&type=section&id=16.%20Acquisition%20of%20a%20Subsidiary) The Group acquired a claim from Inner Mongolia Commercial Bank for approximately RMB 965.0 million to obtain collateral, including equity in Aurora Real Estate, business of Aurora Star, and two properties in Beijing, treated as an acquisition of assets and liabilities - The Group entered into a claim transfer agreement with Inner Mongolia Commercial Bank to acquire claims for a cash consideration of approximately **RMB 965.0 million**, aiming to acquire assets pledged as collateral[40](index=40&type=chunk) - The collateral includes equity in Beijing Aurora Real Estate Development Co., Ltd., the business of Beijing Aurora Star Automobile Sales and Service Co., Ltd., and two properties located in Beijing[40](index=40&type=chunk) - The transfer of equity in Aurora Real Estate is treated as an acquisition of assets and liabilities, not a business combination, with total assets and liabilities of **RMB 875,269 thousand** at the acquisition date[40](index=40&type=chunk)[42](index=42&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational performance, financial position, and key business developments during the reporting period [1. Business Review](index=17&type=section&id=1.%20Business%20Review) The Company is a luxury and ultra-luxury automotive dealership service provider in China, operating 17 4S stores and one showroom across eight provinces and cities, offering comprehensive automotive products and after-sales services - The Group is an automotive dealership service provider in China, focusing on luxury and ultra-luxury brands, operating **17 4S dealership stores** and one showroom across eight provinces and cities in China[44](index=44&type=chunk)[45](index=45&type=chunk) - It offers a full range of automotive-related products and services, including sales of imported and domestic vehicles, after-sales services, insurance agency, vehicle registration, auto financing, and used car services[47](index=47&type=chunk) - The Group implements standardized central management and builds an intelligent business platform to enhance operational efficiency, optimize customer experience, and establish differentiated competitive barriers[47](index=47&type=chunk) Key Operating Data (For the six months ended June 30) | Metric | H1 2025 | H1 2024 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Passenger Vehicles Sold | 8,307 units | 9,141 units | -9.1% | | Revenue from Vehicle Sales | RMB 3,158.8 million | RMB 3,673.7 million | -14.0% | | Revenue from After-sales Services | RMB 653.8 million | RMB 606.5 million | +7.8% | | Proportion of Vehicle Sales Revenue to Total Revenue | 82.9% | 85.8% | -3.4% | | Proportion of After-sales Services Revenue to Total Revenue | 17.1% | 14.2% | +20.4% | [2. Financial Review](index=20&type=section&id=2.%20Financial%20Review) The Group's revenue decreased by 10.9% to RMB 3,812.6 million, primarily due to lower vehicle sales and average selling prices, leading to a significant 93.6% drop in gross profit and a 75.6% decline in net profit [2.1 Revenue](index=20&type=section&id=2.1%20Revenue) Revenue decreased by 10.9% to RMB 3,812.6 million, driven by a 14.0% decline in vehicle sales revenue due to lower sales volume and average selling price, while after-sales service revenue increased by 7.8% - Revenue decreased by approximately **10.9%** from approximately **RMB 4,280.2 million** for the corresponding period in 2024 to approximately **RMB 3,812.6 million** for the period[51](index=51&type=chunk) - Revenue from vehicle sales decreased by **14.0%** to approximately **RMB 3,158.8 million**, primarily due to a decline in new car sales volume (down **9.1%**) and average selling price (down **5.4%**)[51](index=51&type=chunk) - Revenue from after-sales services increased by **7.8%** to approximately **RMB 653.8 million**, mainly due to an increase in business volume[51](index=51&type=chunk) [2.2 Cost of Sales](index=20&type=section&id=2.2%20Cost%20of%20Sales) Cost of sales decreased by 6.8% to RMB 3,799.6 million, primarily due to a decline in new vehicle sales volume - Cost of sales decreased by approximately **6.8%** from approximately **RMB 4,076.5 million** for the corresponding period in 2024 to approximately **RMB 3,799.6 million** for the period, mainly due to a decline in new car sales volume[52](index=52&type=chunk) [2.3 Gross Profit and Gross Margin](index=20&type=section&id=2.3%20Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased significantly by 93.6% to RMB 13.0 million, with the gross margin falling to 0.3%, mainly due to lower average selling prices and gross margins for passenger vehicles - Gross profit was approximately **RMB 13.0 million**, a decrease of approximately **93.6%** compared to the corresponding period in 2024[53](index=53&type=chunk) - Gross profit margin decreased from approximately **4.8%** for the corresponding period in 2024 to approximately **0.3%** for the period, primarily due to a decrease in the average selling price and gross profit margin of passenger vehicles[53](index=53&type=chunk) [2.4 Other Income](index=21&type=section&id=2.4%20Other%20Income) Other income increased by 39.9% to RMB 363.6 million, primarily attributable to higher commission income from other value-added automotive services - Other income increased by approximately **39.9%** from approximately **RMB 259.9 million** for the corresponding period in 2024 to approximately **RMB 363.6 million** for the period, mainly due to an increase in commission income from other value-added automotive services[54](index=54&type=chunk) [2.5 Selling and Distribution Expenses](index=21&type=section&id=2.5%20Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 21.3% to RMB 228.3 million, mainly due to reduced promotional expenses for vehicle sales - Selling and distribution expenses decreased by approximately **21.3%** from approximately **RMB 290.0 million** for the corresponding period in 2024 to approximately **RMB 228.3 million** for the period, mainly due to a reduction in promotional expenses for vehicle sales[55](index=55&type=chunk) [2.6 Administrative Expenses](index=21&type=section&id=2.6%20Administrative%20Expenses) Administrative expenses increased by 18.4% to RMB 105.3 million, primarily due to higher staff costs and increased depreciation and amortization expenses - Administrative expenses increased by approximately **18.4%** from approximately **RMB 88.9 million** for the corresponding period in 2024 to approximately **RMB 105.3 million** for the period, mainly due to an increase in staff costs and depreciation and amortization expenses[56](index=56&type=chunk) [2.7 Finance Costs](index=21&type=section&id=2.7%20Finance%20Costs) Finance costs increased by 82.8% to RMB 29.8 million, mainly driven by an increase in bank and other borrowings - Finance costs increased by approximately **82.8%** from approximately **RMB 16.3 million** for the corresponding period in 2024 to approximately **RMB 29.8 million** for the period, mainly due to an increase in bank and other borrowings[57](index=57&type=chunk) [2.8 Profit Before Tax](index=21&type=section&id=2.8%20Profit%20Before%20Tax) Profit before tax decreased significantly by 80.7% to RMB 13.2 million - Profit before tax decreased by approximately **80.7%** from approximately **RMB 68.3 million** for the corresponding period in 2024 to approximately **RMB 13.2 million** for the period[58](index=58&type=chunk) [2.9 Income Tax Expense](index=22&type=section&id=2.9%20Income%20Tax%20Expense) Income tax expense decreased by 92.8% to RMB 1.5 million, primarily due to a reduction in taxable profit - Income tax expense decreased by approximately **92.8%** from approximately **RMB 20.8 million** incurred for the corresponding period in 2024 to approximately **RMB 1.5 million** incurred for the period, mainly due to a reduction in taxable profit[59](index=59&type=chunk) [2.10 Profit for the Period](index=22&type=section&id=2.10%20Profit%20for%20the%20Period) Profit for the period decreased by 75.6% to RMB 11.6 million, resulting in a net profit margin of 0.3% compared to 1.1% in the prior period - Profit for the period decreased by approximately **75.6%** from approximately **RMB 47.5 million** for the corresponding period in 2024 to approximately **RMB 11.6 million** for the period[60](index=60&type=chunk) - The net profit margin for the period was approximately **0.3%**, compared to approximately **1.1%** for the corresponding period in 2024[60](index=60&type=chunk) [2.11 Profit Attributable to Equity Holders of the Company](index=22&type=section&id=2.11%20Profit%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) Profit attributable to equity holders of the Company decreased by 79.1% to RMB 7.1 million - Profit attributable to equity holders of the Company decreased by approximately **79.1%** from approximately **RMB 33.9 million** for the corresponding period in 2024 to approximately **RMB 7.1 million** for the period[61](index=61&type=chunk) [2.12 Inventory Turnover Days](index=22&type=section&id=2.12%20Inventory%20Turnover%20Days) Inventory balance decreased by 16.2% to RMB 694.5 million, with average inventory turnover days increasing slightly to 36.3 days - The inventory balance decreased by approximately **16.2%** from approximately **RMB 829.1 million** as of December 31, 2024, to approximately **RMB 694.5 million** as of June 30, 2025[62](index=62&type=chunk) - As of June 30, 2025, the average inventory turnover days were approximately **36.3 days** (December 31, 2024: approximately 35.2 days)[62](index=62&type=chunk) [3. Liquidity and Financial Resources](index=22&type=section&id=3.%20Liquidity%20and%20Financial%20Resources) The Group maintains a prudent treasury policy and sound liquidity, with total equity slightly decreasing, interest-bearing bank and other borrowings significantly increasing by 93.4% to RMB 847.9 million, and a debt-to-equity ratio rising to 31.0% - The Group's primary sources of working capital include cash inflows from operating activities and bank borrowings, maintaining a prudent treasury policy and sound liquidity[63](index=63&type=chunk) - As of June 30, 2025, the Group's total equity was approximately **RMB 2,733.7 million** (December 31, 2024: approximately RMB 2,739.0 million)[63](index=63&type=chunk) - Interest-bearing bank and other borrowings amounted to **RMB 847.9 million**, an increase of approximately **93.4%** compared to December 31, 2024, mainly due to increased loans to pay for the claim transfer from Inner Mongolia Commercial Bank[64](index=64&type=chunk) - The debt-to-equity ratio was approximately **31.0%** (December 31, 2024: approximately 16.0%)[64](index=64&type=chunk) - Net cash inflow from operating activities was approximately **RMB 309.4 million** (H1 2024: RMB 379.8 million)[64](index=64&type=chunk) [4. Capital Commitments](index=23&type=section&id=4.%20Capital%20Commitments) As of June 30, 2025, capital commitments were approximately RMB 4.0 million, primarily for property, plant and equipment, intangible assets, and business acquisitions, with no large capital commitments for future expansion - The Group's capital commitments were approximately **RMB 4.0 million** (December 31, 2024: approximately RMB 2.5 million)[66](index=66&type=chunk) - Capital commitments primarily include expenditures for property, plant and equipment, intangible assets, and business acquisitions[66](index=66&type=chunk) - The Group plans to further expand its dealership network and prefers to maintain flexibility throughout the expansion process, without making any large capital commitments for its expansion[67](index=67&type=chunk) [5. Significant Acquisitions and Disposals of Subsidiaries](index=24&type=section&id=5.%20Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) The Group acquired a subsidiary during the period, as detailed in Note 16 to the financial statements, with no other significant acquisitions or disposals - During the period, the Group acquired a subsidiary, details of which are disclosed in Note 16 to the financial statements in this announcement[68](index=68&type=chunk) - Save as disclosed above, the Group had no other significant acquisitions or disposals of subsidiaries during the period[68](index=68&type=chunk) [6. Capital Expenditure and Investments](index=24&type=section&id=6.%20Capital%20Expenditure%20and%20Investments) Total capital expenditure for the six months ended June 30, 2025, was approximately RMB 699.7 million, a significant increase from the prior period, primarily for property, plant and equipment and business acquisitions - For the six months ended June 30, 2025, the Group's total capital expenditure was approximately **RMB 699.7 million** (for the six months ended June 30, 2024: approximately RMB 54.6 million)[69](index=69&type=chunk) - Capital expenditure primarily includes expenditures for property, plant and equipment and business acquisitions[69](index=69&type=chunk) - Save as disclosed above, the Group made no other significant investments for the six months ended June 30, 2025[69](index=69&type=chunk) [7. Contingent Liabilities](index=24&type=section&id=7.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: Nil)[70](index=70&type=chunk) [8. Pledged Group Assets](index=24&type=section&id=8.%20Pledged%20Group%20Assets) The Group pledged certain assets, including inventories, deposits, and properties, as collateral for bills payable and interest-bearing bank borrowings to fund daily business operations - The Group pledged its group assets as collateral for bills payable and interest-bearing bank and other borrowings to fund its daily business operations[71](index=71&type=chunk) Total Carrying Amount of Pledged Assets (As of June 30) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Inventories | 366.9 | 348.8 | | Deposits | 377.9 | 430.2 | | Properties | 161.8 | — | [9. Human Resources](index=24&type=section&id=9.%20Human%20Resources) As of June 30, 2025, the Group had 1,756 employees, an increase from December 31, 2024, with remuneration comprising basic salaries, discretionary bonuses, social insurance contributions, and share-based incentives - As of June 30, 2025, the Group had **1,756 employees** (December 31, 2024: 1,450 employees)[72](index=72&type=chunk) - Remuneration for existing employees includes basic salaries, discretionary bonuses, social insurance contributions, and share-based incentives[72](index=72&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section presents additional disclosures regarding post-balance sheet events, securities transactions, investments, corporate governance, and publication details [1. Post Balance Sheet Events](index=25&type=section&id=1.%20Post%20Balance%20Sheet%20Events) The acquisition of a subsidiary under the claim transfer agreement and asset-for-debt agreement was completed on August 4, 2025 - The transaction for the acquisition of a subsidiary under the claim transfer agreement and the asset-for-debt agreement was completed on August 4, 2025[73](index=73&type=chunk) [2. Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=2.%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the period, and no treasury shares were held as of June 30, 2025 - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[74](index=74&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[74](index=74&type=chunk) [3. Material Investments Held](index=25&type=section&id=3.%20Material%20Investments%20Held) The Group held no material investments in the equity of any company during the period - The Group held no material investments in the equity of any company during the period[75](index=75&type=chunk) [4. Significant Acquisitions and Disposals of Subsidiaries and Associates](index=25&type=section&id=4.%20Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) The Group acquired a subsidiary during the period, as detailed in Note 16 to the financial statements, with no other significant acquisitions or disposals of subsidiaries and associates - During the period, the Group acquired a subsidiary, details of which are disclosed in Note 16 to the financial statements in this announcement[76](index=76&type=chunk) - Save as disclosed above, the Group had no other significant acquisitions or disposals of subsidiaries and associates during the period[77](index=77&type=chunk) [5. Corporate Governance Code](index=25&type=section&id=5.%20Corporate%20Governance%20Code) The Company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 to the HKEX Listing Rules during the period - During the period, the Company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[78](index=78&type=chunk) [6. Standard Code for Securities Transactions by Directors](index=25&type=section&id=6.%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted and confirmed compliance by all directors with the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[79](index=79&type=chunk) - Following specific enquiries made to all Directors, the Company confirmed that each of them has complied with the required standards set out in the Standard Code throughout the period[79](index=79&type=chunk) [7. Audit Committee](index=26&type=section&id=7.%20Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, advises on external auditor appointments and oversees financial reporting, internal controls, risk management, and corporate governance, having reviewed the unaudited interim financial results - The Audit Committee comprises three members, namely Mr. Lu Shidong, Mr. Liu Dengqing, and Dr. Chu Fumin, with Mr. Lu Shidong serving as the Chairman of the Audit Committee[80](index=80&type=chunk) - The primary duties of the Audit Committee are to advise the Board on the appointment and removal of external auditors and to assist the Board in fulfilling its oversight responsibilities related to the Group's financial reporting, internal control structure, risk management process, external audit function, and corporate governance responsibilities[80](index=80&type=chunk) - The Audit Committee held a meeting on August 26, 2025, and reviewed the unaudited interim financial results for the six months ended June 30, 2025[80](index=80&type=chunk) [8. Interim Dividends](index=26&type=section&id=8.%20Interim%20Dividends) The Board recommended no interim dividend for the six months ended June 30, 2025 - The Board recommended no interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: RMB 0.03 per ordinary share)[81](index=81&type=chunk) [9. Public Float](index=26&type=section&id=9.%20Public%20Float) The Company maintained the prescribed public float under the Listing Rules throughout the period and up to the date of the announcement - During the period and as of the date of this announcement, the Company maintained the public float as prescribed by the Listing Rules[82](index=82&type=chunk) [10. Publication of Interim Results Announcement and Interim Report](index=26&type=section&id=10.%20Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is available on the HKEX and Company websites, and the interim report will be published and dispatched to shareholders in due course - This interim results announcement is available on the HKEX website www.hkexnews.hk and the Company's website www.blchina.com[83](index=83&type=chunk)[84](index=84&type=chunk) - The Company's interim report for the period, containing all information required by the Listing Rules, will be published on the aforementioned websites and dispatched to shareholders who have indicated their wish to receive printed copies in due course[83](index=83&type=chunk)
百得利控股发盈警,预期中期股东应占溢利同比减少不超过80%
Zhi Tong Cai Jing· 2025-08-20 09:02
Group 1 - The company expects a significant decrease in profit attributable to shareholders for the six months ending June 30, 2025, with an anticipated reduction of not more than 80% compared to the profit of approximately RMB 33.9 million for the six months ending June 30, 2024 [1] - The expected decline in profit is primarily attributed to the adverse effects of a sluggish macroeconomic environment and low market sentiment, which have led to a decrease in automotive sales revenue [1] - This decline in revenue has further resulted in a decrease in both gross profit and gross profit margin for the period [1]
百得利控股(06909.HK)盈警:预期中期拥有人应占溢利同比减少不超过80%
Ge Long Hui· 2025-08-20 09:02
预期公司拥有人应占集团溢利减少乃主要由于受宏观经济及市场情绪低迷影响,汽车销售收益减少,进 一步导致期间的毛利及毛利率下降。 格隆汇8月20日丨百得利控股(06909.HK)公告,基于对现时可得资料(包括但不限于集团截至2025年6月 30日止6个月未经审核综合管理账目)所作初步评估,集团预期录得公司拥有人应占溢利较截至2024年6 月30日止6个月的公司拥有人应占溢利约人民币3390万元减少不超过80%。 ...
百得利控股(06909)发盈警,预期中期股东应占溢利同比减少不超过80%
智通财经网· 2025-08-20 08:59
Group 1 - The company expects a significant decrease in profit attributable to shareholders for the six months ending June 30, 2025, with an estimated reduction of up to 80% compared to the same period in 2024, translating to a profit of approximately RMB 33.9 million [1] - The anticipated decline in profit is primarily attributed to the adverse effects of a sluggish macroeconomic environment and market sentiment, which have negatively impacted automotive sales revenue [1] - This decrease in automotive sales revenue has further led to a decline in both gross profit and gross profit margin during the period [1]
百得利控股(06909) - 盈利警告
2025-08-20 08:53
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,並明確表示概不就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。 BetterLife Holding Limited 百得利控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號:6909) 盈利警告 本公告由百得利控股有限公司(「本公司」,連同其附屬公司統稱為「本集團」)根據香 港聯合交易所有限公司證券上市規則(「上市規則」)第13.09(2)(a)條及香港法例第 571章證券及期貨條例第XIVA部項下的內幕消息條文(定義見上市規則)刊發。 本公司董事會(「董事會」)謹此通知本公司股東及潛在投資者,基於對現時可得資料 (包括但不限於本集團截至2025年6月30日止六個月(「本期間」)的未經審核綜合管理 賬目)所作初步評估,本集團預期錄得本公司擁有人應佔溢利較截至2024年6月30日 止六個月的本公司擁有人應佔溢利約人民幣33.9百萬元減少不超過80%。 – 1 – 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 百得利控股有限公司 董事長 周 ...
百得利控股(06909.HK)拟8月28日举行董事会会议以审批中期业绩
Ge Long Hui· 2025-08-18 08:48
Group 1 - The board meeting of Baideli Holdings (06909.HK) is scheduled for August 28, 2025, to review and approve the unaudited interim results for the six months ending June 30, 2025 [1] - The meeting will also consider the distribution of an interim dividend, if any [1] - Additional business and matters will be addressed during the meeting [1]
百得利控股(06909) - 董事会会议日期
2025-08-18 08:31
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,概不對因本公告的全部或任何部份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。 BetterLife Holding Limited 百得利控股有限公司 百得利控股有限公司(「本公司」)董事(「董事」)會(「董事會」)謹此宣佈,董事會會議 將於2025年8月28日(星期四)舉行,藉以(其中包括)(i)審議及批准本公司及其附屬 公司截至2025年6月30日止六個月的未經審核中期業績及其刊發;(ii)考慮派發中期 股息(如有);及(iii)處理任何其他業務及事項。 承董事會命 百得利控股有限公司 董事長 周小波 香港,2025年8月18日 於本公告日期,執行董事為周小波先生、孫靖女士、徐濤先生及李丹女士;及獨立非執行董事為劉 登清先生、盧世東先生及褚福民博士。 本公告可於本公司網站www.blchina.com及香港聯合交易所有限公司網站www.hkexnews.hk瀏 覽。 (於開曼群島註冊成立的有限公司) (股份代號:6909) 董事會會議日期 ...
卖车销售盆满钵满,卖车老板赔得退网?
创业邦· 2025-08-09 01:09
Core Viewpoint - The article highlights the contrasting experiences of individual car salespeople who can earn high incomes from selling popular new models, while traditional dealerships face significant financial challenges and a wave of closures due to declining profitability and market pressures [9][16][32]. Group 1: Sales Performance and Challenges - In late 2023, the launch of the AITO M9 saw salespeople achieving remarkable sales figures, with one salesperson selling 28 units in a month [6][8]. - Despite the potential for high earnings, the reality for many salespeople is marked by intense work pressure and high turnover rates, as many leave due to the demanding nature of the job [12][15]. - The sales environment is increasingly competitive, with new models from various brands entering the market, yet many salespeople report low sales during off-peak months [10][13]. Group 2: Dealership Financial Struggles - The China Automobile Dealers Association predicts that over 4,400 dealerships will close in 2024, with a loss rate among dealers reaching 41.7% [9][17]. - Price inversion affects 84.4% of dealerships, with over 60.4% experiencing a price drop exceeding 15% [17][18]. - Major dealership groups like Zhongsheng Holdings and Yongda Automotive are experiencing significant declines in new car sales and profitability, with some reporting net profit drops of over 80% [19][20]. Group 3: After-Sales Service as a Revenue Stream - After-sales services are becoming a crucial revenue source for traditional dealerships, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue in 2024 [25][26]. - The focus on after-sales services is seen as a potential lifeline for dealerships struggling with new car sales [25][32]. Group 4: Industry Transformation and Future Outlook - The article discusses the need for dealerships to adapt to changing market conditions, emphasizing collaboration with manufacturers and a shift towards after-sales and user engagement strategies [32]. - The success of individual salespeople and mid-sized dealerships in the new energy vehicle market illustrates the potential for growth and adaptation within the industry [30][32]. - The ongoing transformation in the automotive industry highlights the importance of flexibility and innovation for both dealerships and sales personnel to thrive in a competitive landscape [32].
卖车销售盆满钵满,卖车老板赔得退网?
3 6 Ke· 2025-08-07 01:10
Core Insights - The automotive sales industry in China is experiencing a significant divide between individual salespeople benefiting from high commissions on popular new models and traditional dealerships facing severe financial losses and network reductions [3][10][23] - The introduction of new electric vehicle models is seen as a potential lifeline for struggling dealerships, but the ongoing price wars and channel transformation pressures may exacerbate the existing challenges [3][10][23] Group 1: Sales Performance and Challenges - Individual salespeople have reported high earnings during the launch of popular models, with some achieving monthly incomes of 30,000 to 40,000 yuan [4][6] - However, the high earnings come with extreme work intensity and high turnover rates among sales staff, indicating a challenging work environment [6][9][23] - The automotive sales sector is witnessing a significant number of dealership closures, with over 4,400 4S stores expected to exit the market in 2024, reflecting a 41.7% loss rate among dealers [10][11] Group 2: Financial Performance of Dealerships - Major dealership groups are reporting declining new car sales and revenues, with companies like Zhongsheng Holdings and Yongda Automotive experiencing significant drops in both sales volume and profit margins [11][12] - The overall profitability of traditional dealerships is under pressure, with many reporting negative gross margins on new car sales, leading to a shift in focus towards after-sales services as a key revenue source [15][16] - The after-sales business has shown growth, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue, highlighting a potential area for profitability amidst declining new car sales [15][16] Group 3: Industry Transformation and Future Outlook - The automotive industry is undergoing a transformation, with traditional dealerships needing to adapt to new market realities, including the rise of electric vehicles and changing consumer preferences [23] - Collaboration between manufacturers and dealerships is emphasized as a necessary strategy for survival, with calls for more flexible arrangements and support from manufacturers to help dealers navigate the current challenges [23] - The success of individual salespeople and mid-sized dealerships in the electric vehicle market suggests that there are opportunities for growth and adaptation, provided that stakeholders can work together effectively [23]
百得利控股(06909):债权转让协议及以资抵债协议项下拟进行的交易已完成交割
智通财经网· 2025-08-04 08:49
Core Viewpoint - The announcement details the completion of a debt transfer agreement between Beijing Baideli Group and Mongolian Merchants Bank, along with a debt settlement agreement involving the debtor and Ms. Yu Yao, which was finalized on August 4, 2025 [1] Group 1 - Following the completion of the agreements, Beijing Baideli Group has acquired the debt rights [1] - Aurora Real Estate has become an indirect wholly-owned subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1] - The properties involved in the agreements are legally owned by the group, and all target businesses are also legally owned by the group [1]