Business Operations and Network - The company operates 14 luxury and ultra-luxury brand 4S dealerships and showrooms across seven provinces in China, including Beijing, Shanghai, Tianjin, Shandong, Sichuan, Zhejiang, and Guangdong[3] - The company's dealership network includes brands such as Porsche, Mercedes-Benz, BMW, Audi, Bentley, Jaguar-Land Rover, and Volvo[3] - The company provides a full range of automotive-related products and services, including sales of new energy and gasoline models, after-sales services, and value-added services such as car financing and used car-related business services[5] - The company has implemented standardized central management across its 4S dealership network, including investment in new stores, pricing, procurement, inventory management, financial management, and budgeting[5] - The company has established advanced information technology systems, including a complete ERP system, to integrate customer and automotive brand data and information[5] - The company's "BetterLife" brand is designed to encourage people to pursue a better life, with a customer-centric philosophy and customized services[5] - The company offers a "butler-style service" to provide detailed services during the new car purchase process, including brand and performance introductions, model selection, test drives, financing, insurance, and license plate registration services[5] - The company aims to provide comprehensive after-sales services, including maintenance, repair, and extended warranty services throughout the vehicle's lifecycle[5] - The company's service model aims to increase customer interaction frequency, maintain consistent service quality across the dealership network, and build customer loyalty[5] Financial Performance - The company sold a total of 9,141 passenger vehicles in the six months ended June 30, 2024, an increase of 8.4% compared to 8,433 vehicles sold in the same period in 2023[6] - Revenue from vehicle sales decreased by 22.2% to approximately RMB 3,673.7 million, accounting for 85.8% of the company's total revenue[6] - Revenue from after-sales services decreased by 5.8% to approximately RMB 606.5 million, accounting for 14.2% of the company's total revenue[6] - The average selling price of vehicles decreased by 28.2% from approximately RMB 559,700 in 2023 to RMB 401,900 in 2024[7] - Gross profit decreased by 36.2% to approximately RMB 203.7 million, with gross margin declining from 6.0% to 4.8%[9] - Other income increased by 42.3% to approximately RMB 259.9 million, mainly due to increased commission income from value-added automotive services[10] - Net profit for the period decreased by 8.1% to approximately RMB 47.5 million, with a net profit margin of 1.1% compared to 1.0% in the same period in 2023[16] - Inventory turnover days increased from 29.8 days as of December 31, 2023, to 36.8 days as of June 30, 2024[18] - Total equity of the group was approximately RMB 2,915.0 million as of June 30, 2024, compared to RMB 2,893.2 million as of December 31, 2023[19] - Current assets of the group were approximately RMB 2,676.0 million as of June 30, 2024, compared to RMB 2,463.5 million as of December 31, 2023[19] - Current liabilities of the group were approximately RMB 1,327.5 million as of June 30, 2024, compared to RMB 1,211.7 million as of December 31, 2023[19] - Interest-bearing bank and other borrowings decreased by approximately 15.3% to RMB 373.9 million as of June 30, 2024, from RMB 441.4 million as of December 31, 2023[19] - Net cash position of the group was approximately RMB 893.7 million as of June 30, 2024, compared to RMB 535.7 million as of December 31, 2023[19] - Cash and cash equivalents, cash in transit, pledged bank deposits, and restricted deposits totaled approximately RMB 1,267.6 million as of June 30, 2024, compared to RMB 977.1 million as of December 31, 2023[19] - Capital commitments of the group were approximately RMB 2.8 million as of June 30, 2024, compared to RMB 3.5 million as of December 31, 2023[20] - Total capital expenditure for the six months ended June 30, 2024, was approximately RMB 54.6 million, compared to RMB 193.1 million for the same period in 2023[23] - The group had 1,405 employees as of June 30, 2024, compared to 1,440 employees as of December 31, 2023[26] - The group did not have any significant contingent liabilities as of June 30, 2024[24] - The company's revenue for the first half of 2024 was RMB 4,280,157 thousand, a decrease from RMB 5,363,537 thousand in the same period of 2023[45] - Gross profit for the first half of 2024 was RMB 203,673 thousand, down from RMB 319,522 thousand in the first half of 2023[45] - Operating profit for the first half of 2024 was RMB 84,653 thousand, compared to RMB 102,318 thousand in the same period of 2023[45] - Net profit attributable to shareholders for the first half of 2024 was RMB 33,878 thousand, down from RMB 35,529 thousand in the first half of 2023[45] - Basic and diluted earnings per share for the first half of 2024 were RMB 0.05, compared to RMB 0.06 in the same period of 2023[45] - Net profit for the six months ended June 30, 2024, was RMB 47,502 thousand, a decrease from RMB 51,732 thousand in the same period last year[47] - Total comprehensive income for the period was RMB 46,795 thousand, up from RMB 41,168 thousand in the previous year[47] - Property, plant, and equipment decreased to RMB 463,087 thousand as of June 30, 2024, from RMB 526,824 thousand at the end of 2023[48] - Cash and cash equivalents increased to RMB 1,126,654 thousand as of June 30, 2024, compared to RMB 858,471 thousand at the end of 2023[48] - Total assets minus current liabilities stood at RMB 3,489,509 thousand as of June 30, 2024, slightly down from RMB 3,500,896 thousand at the end of 2023[48] - Non-current liabilities decreased to RMB 574,538 thousand as of June 30, 2024, from RMB 607,728 thousand at the end of 2023[49] - Total equity attributable to the company's shareholders was RMB 2,701,580 thousand as of June 30, 2024, up from RMB 2,693,401 thousand at the end of 2023[49] - Retained earnings increased to RMB 1,866,780 thousand as of June 30, 2024, from RMB 1,832,902 thousand at the end of 2023[52] - The company declared dividends of RMB 18,675 thousand during the six months ended June 30, 2024[52] - Exchange rate differences from the translation of the company's financial statements amounted to RMB 4,672 thousand for the six months ended June 30, 2024[47] - Operating cash flow decreased to RMB 379.78 million in 2024 from RMB 557.99 million in 2023, reflecting a decline in cash generated from operations[54] - Net cash from investing activities improved to RMB 21.95 million in 2024, compared to a net cash outflow of RMB 143.54 million in 2023, driven by higher proceeds from the sale of property, plant, and equipment[54] - Net cash used in financing activities was RMB 134.99 million in 2024, a significant shift from a net cash inflow of RMB 367.78 million in 2023, primarily due to higher repayments of bank and other borrowings[56] - Total revenue decreased to RMB 4.28 billion in 2024 from RMB 5.36 billion in 2023, with passenger car sales declining to RMB 3.67 billion from RMB 4.72 billion[61] - After-sales service revenue decreased to RMB 606.49 million in 2024 from RMB 643.83 million in 2023, reflecting a decline in service-related income[61] - Other income increased to RMB 259.90 million in 2024 from RMB 182.73 million in 2023, driven by higher commission income of RMB 214.43 million compared to RMB 134.49 million in 2023[62] - Cash and cash equivalents at the end of the period stood at RMB 1.13 billion in 2024, down from RMB 1.49 billion in 2023, reflecting a net increase of RMB 266.74 million during the period[56] - The company's revenue is entirely derived from mainland China, with no geographical diversification in its income streams[61] - Financial costs decreased to RMB 16,349 thousand in 2024 from RMB 25,764 thousand in 2023, primarily due to a reduction in bank and other loan interest expenses from RMB 16,038 thousand to RMB 5,681 thousand[63] - Employee costs decreased to RMB 143,252 thousand in 2024 from RMB 156,588 thousand in 2023, with a notable decrease in salary, wages, and other benefits from RMB 136,354 thousand to RMB 132,576 thousand[64] - Inventory costs decreased significantly to RMB 4,017,800 thousand in 2024 from RMB 4,994,249 thousand in 2023[67] - Depreciation expenses for property, plant, and equipment decreased to RMB 48,980 thousand in 2024 from RMB 59,481 thousand in 2023[67] - The company acquired property, plant, and equipment with a total original cost of RMB 55,240 thousand in 2024, compared to RMB 94,193 thousand in 2023[70] - The company recognized an increase in right-of-use assets of RMB 59,837 thousand in 2024 due to new lease agreements for buildings[71] - Intangible assets, including automotive dealership rights, had a net book value of RMB 857,366 thousand as of June 30, 2024, with a total amortization expense of RMB 19,717 thousand during the period[72] - Goodwill remained unchanged at RMB 378,625 thousand as of June 30, 2024, with accumulated impairment losses of RMB 652,031 thousand[74] - The company recorded a net profit attributable to shareholders of RMB 33,878 thousand for the six months ended June 30, 2024, compared to RMB 35,529 thousand in the same period in 2023[68] - The company's subsidiaries in China are subject to a corporate income tax rate of 25%, with certain subsidiaries enjoying preferential tax rates of 15% due to regional development policies[68] - Inventory as of December 31, 2023, totaled RMB 801,288 thousand, with a provision for inventory of RMB 32,076 thousand[75] - Trade receivables as of June 30, 2024, amounted to RMB 54,544 thousand, with 99.5% expected to be collected within one year[76] - Prepayments, other receivables, and other assets as of June 30, 2024, totaled RMB 497,562 thousand, a decrease from RMB 607,255 thousand at the end of 2023[77] - Restricted bank deposits pledged for notes payable increased to RMB 124,747 thousand as of June 30, 2024, from RMB 108,747 thousand at the end of 2023[78] - Cash and cash equivalents as of June 30, 2024, stood at RMB 1,126,654 thousand, up from RMB 858,471 thousand at the end of 2023[79] - Interest-bearing bank and other borrowings as of December 31, 2023, totaled RMB 441,445 thousand, with RMB 61,370 thousand of inventory pledged as collateral as of June 30, 2024[80] - Trade payables and notes payable as of June 30, 2024, amounted to RMB 614,194 thousand, with RMB 309,256 thousand of inventory pledged as collateral[81] - The company granted 9,800,000 share options under the Share Option Plan, with a weighted average exercise price of HKD 8.264[82][83] - An interim dividend of RMB 0.03 per share was proposed for the six months ended June 30, 2024, totaling RMB 18,675 thousand[84][85] - No cash dividends were declared or paid to non-controlling shareholders for the six months ended June 30, 2024 (same period in 2023: RMB 0)[86] - The company's issued and fully paid ordinary shares remained unchanged at 622,500 thousand shares, with a value of HKD 6,225 thousand (RMB 5,180 thousand equivalent) as of June 30, 2024[87] - Capital commitments for property, plant, and equipment amounted to RMB 2,766 thousand as of June 30, 2024, down from RMB 3,482 thousand as of December 31, 2023[89] - Lease payments to related parties totaled RMB 23,303 thousand for the six months ended June 30, 2024, up from RMB 15,392 thousand in the same period in 2023[92] - The company recorded a lease liability of RMB 91,532 thousand and right-of-use assets of RMB 105,265 thousand as of June 30, 2024, under IFRS 16[94] - Sale and leaseback transactions with related parties generated proceeds of RMB 11,686 thousand for the six months ended June 30, 2024, down from RMB 16,374 thousand in the same period in 2023[95] - Receivables from related parties stood at RMB 18,581 thousand as of June 30, 2024, compared to RMB 23,350 thousand as of December 31, 2023[96] - Payables to related parties increased to RMB 13,740 thousand as of June 30, 2024, from RMB 11,954 thousand as of December 31, 2023[96] - The company's key management personnel compensation totaled a net loss of RMB 3,878 thousand for the six months ended June 30, 2024, compared to a gain of RMB 7,066 thousand in the same period in 2023[97] Corporate Governance and Shareholding - Chou Dynasty holds 450,000,000 shares, representing 72.29% of the issued share capital[30] - Xingtai Investment Management holds 32,026,000 shares, representing 5.34% of the issued share capital[30] - Zhou Xiaobo resigned as Chairman and CEO on March 9, 2024, and was succeeded by Dr. Zhou Songbo and Mr. Xu Tao[35] - The company did not purchase, redeem, or sell any of its listed securities during the period[33] - The company did not hold any significant investments in equity of other companies during the period[34] - The company complied with the Corporate Governance Code except for the period when Zhou Xiaobo served as both Chairman and CEO[35] - The Audit Committee reviewed the unaudited interim financial statements for the six months ended June 30, 2024[38] - The company has no treasury shares as of June 30, 2024[33] - As of June 30, 2024, the company had 3,000,000 unexercised share options under the share option plan, representing approximately 0.5% of the total issued shares[41] - The maximum number of shares that can be issued under the share option plan is 60,000,000, representing approximately 9.64% of the total issued shares as of the report date[40] - As of June 30, 2024, the company could grant additional share options involving 50,200,000 shares, representing approximately 8.1% of the total issued shares[41] - The share option plan has a remaining term of approximately 7 years, with an expiration date of June 16, 2031[41] - During the first half of 2024, 5,800,000 share options granted under the share option plan expired[43] - BetterLife Holding Limited is incorporated in the Cayman Islands with limited liability[103] - The company's stock code is 6909[105] - BetterLife Holding Limited is registered as a limited company in the Cayman Islands[104] Financing and Dividends - The company secured a financing agreement with Hang Seng Bank (China) for up to RMB 200,000,000[37] - The company declared an interim dividend of RMB 0.03 per share, totaling approximately RMB 18.7 million[39] - The company adopted new amendments to IFRS 7 and IAS 7, which will require additional disclosures related to supplier financing arrangements in the annual financial statements for 2024[60]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was approximately RMB 4,280.2 million, a decrease of about 20.2% compared to the same period in 2023[1]. - Revenue from automobile sales for the six months ended June 30, 2024, was approximately RMB 3,673.7 million, a decrease of about 22.2% compared to the same period in 2023[1]. - The gross profit for the six months ended June 30, 2024, was RMB 203.7 million, down from RMB 319.5 million in the same period of 2023[2]. - Total revenue from after-sales services was RMB 606,492 thousand, down 5.8% from RMB 643,827 thousand in the previous year[11]. - The total revenue for the group for the six months ended June 30, 2024, was RMB 4,280,157 thousand, representing a decline of 20.2% from RMB 5,363,537 thousand in the same period of 2023[11]. - The group reported a basic and diluted earnings per share of RMB 0.05 for the six months ended June 30, 2024, compared to RMB 0.06 in the same period of 2023[2]. - The group reported a net profit for the six months ended June 30, 2024, of approximately RMB 47.5 million, a decrease of about 8.1% year-on-year, with a net profit margin rising to approximately 1.1% from 1.0% in 2023[1][2]. - Profit before tax declined by approximately 10.8% to about RMB 68.3 million[39]. - Net profit for the period decreased by approximately 8.1% to about RMB 47.5 million, with a net profit margin of approximately 1.1%[41]. Sales and Operations - The group sold a total of 9,141 passenger vehicles during the same period, an increase of approximately 8.4% year-on-year[1]. - For the six months ended June 30, 2024, total revenue from the sale of passenger vehicles was RMB 3,673,665 thousand, a decrease of 22.1% compared to RMB 4,719,710 thousand for the same period in 2023[11]. - The average selling price of vehicles dropped by approximately 28.2% to about RMB 401,900 from RMB 559,700 in the same period of 2023[32]. - The company's five largest customers accounted for approximately 7.8% of total revenue, up from 6.3% in the same period of 2023[31]. - The company operates 14 4S dealerships across seven major provinces and cities in China, focusing on luxury and ultra-luxury brands[28]. Cash and Assets - As of June 30, 2024, the group's net cash position was approximately RMB 893.7 million, an increase from RMB 535.7 million as of December 31, 2023[1]. - The group's total assets less current liabilities amounted to RMB 3,489.5 million as of June 30, 2024, compared to RMB 3,500.9 million as of December 31, 2023[5]. - The group's equity attributable to shareholders was RMB 2,701.6 million as of June 30, 2024, compared to RMB 2,693.4 million as of December 31, 2023[5]. - Trade receivables as of June 30, 2024, were RMB 46,393,000, down from RMB 54,544,000 as of December 31, 2023[25]. - The total intangible assets as of June 30, 2024, amounted to RMB 857,366,000, a decrease from RMB 877,083,000 as of December 31, 2023[21]. Expenses and Costs - Employee costs totaled RMB 143,252 thousand for the six months ended June 30, 2024, a decrease of 8.5% from RMB 156,588 thousand in the same period of 2023[13]. - Sales cost decreased by approximately 19.2% from about RMB 5,044.0 million in the same period of 2023 to about RMB 4,076.5 million[33]. - Selling and distribution expenses rose by approximately 6.5% to about RMB 290.0 million, mainly due to increased promotional expenses to boost car sales[36]. - Administrative expenses decreased by approximately 30.3% to about RMB 88.9 million, reflecting stricter control over administrative costs[37]. Dividends and Shareholder Information - The company declared an interim dividend of RMB 0.03 per ordinary share, amounting to RMB 18,675,000, compared to zero for the same period in 2023[18]. - The interim dividend payment date is expected to be on or before November 28, 2024[58]. - The company will suspend the registration of share transfers from September 12 to September 17, 2024, to determine eligibility for the interim dividend[59]. Corporate Governance and Compliance - The audit committee reviewed the unaudited interim financial results for the six months ended June 30, 2024, during a meeting held on August 26, 2024[57]. - The company has complied with all corporate governance code provisions except for the temporary dual role of the chairman and CEO held by Mr. Zhou from January 1 to March 9, 2024[54][55]. - The company did not purchase, redeem, or sell any of its listed securities during the reporting period[53].

Financial Performance - Revenue for the year ended December 31, 2023, increased by approximately RMB 646.8 million or 6.4% to approximately RMB 10,728.5 million compared to RMB 10,081.7 million for the year ended December 31, 2022[6]. - Net profit for the year was RMB 84.4 million, a decrease of approximately 65.2% from RMB 242.8 million in 2022[6]. - Revenue from automobile sales reached approximately RMB 9,427.2 million, an increase of about 5.7% year-on-year, accounting for approximately 87.9% of total revenue[20]. - Revenue from after-sales services amounted to approximately RMB 1,301.3 million, reflecting an increase of about 11.6% year-on-year, contributing approximately 12.1% to total revenue[20]. - Gross profit decreased by approximately 34.1% to about RMB 578.4 million, with a gross margin dropping from approximately 8.7% to about 5.4%[25]. - Other income and gains increased by approximately 60.4% to about RMB 410.7 million, primarily due to increased commission income from value-added automotive services[26]. - Selling and distribution expenses rose by approximately 10.1% to about RMB 565.2 million, representing about 5.3% of total revenue[27]. - The company's net profit decreased by approximately 65.2% to about RMB 84.4 million, with a net profit margin of approximately 0.8%[33]. - The group's revenue increased by approximately RMB 646.8 million or about 6.4% to approximately RMB 10,728.5 million for the year, compared to approximately RMB 10,081.7 million for the year ended December 31, 2022[22]. - The revenue from automobile sales rose by approximately RMB 511.3 million or about 5.7% to approximately RMB 9,427.2 million, accounting for about 87.9% of total revenue[22]. - The total number of passenger cars sold increased by approximately 23.9% to 18,782 units from 15,154 units in the previous year[22]. Business Operations - The company operates 15 4S dealerships for luxury and ultra-luxury brands across seven provinces in China, indicating strong purchasing power and demand in developed regions[6]. - The company aims to expand its dealership network and brand portfolio through internal growth and selective acquisitions[8]. - The company plans to enhance its information technology systems to improve operational capabilities and customer experience[8]. - The company intends to strengthen after-sales services and high-frequency automotive-related services to meet daily customer needs[8]. - The company is focusing on expanding its used car business to adapt to the growing new energy vehicle market[8]. - The company established a used car center in 2023 to focus on developing the used car business, enhancing consumer confidence with transparent pricing and comprehensive services[10]. - The company operates 15 4S dealerships and has opened a new Jaguar-Land Rover showroom in Shanghai and a new Mercedes-Benz showroom in Beijing[14]. - The company plans to acquire additional 4S dealerships for luxury and ultra-luxury brands in economically developed regions of China[10]. - The company aims to enhance operational efficiency and profitability while capturing significant opportunities in the automotive dealership industry[10]. Financial Position - The total equity of the group as of December 31, 2023, was approximately RMB 2,893.2 million, compared to approximately RMB 2,832.8 million as of December 31, 2022[37]. - The group's loans and borrowings decreased by approximately 22.8% to RMB 441.4 million from RMB 572.1 million in the previous year[39]. - The debt-to-equity ratio was approximately 15.3% as of December 31, 2023, down from approximately 20.2% as of December 31, 2022[39]. - As of December 31, 2023, cash and cash equivalents amounted to RMB 977.1 million, an increase from RMB 756.7 million as of December 31, 2022[40]. - Capital commitments as of December 31, 2023, were approximately RMB 3.5 million, down from RMB 14.5 million as of December 31, 2022[41]. - Total capital expenditures for the year were approximately RMB 286.6 million, compared to RMB 784.3 million for the year ended December 31, 2022[44]. - The company has no significant contingent liabilities as of December 31, 2023, consistent with the previous year[45]. - Inventory pledged as collateral for bank loans was valued at approximately RMB 142.8 million, up from RMB 47.7 million as of December 31, 2022[47]. Human Resources - The workforce as of December 31, 2023, consisted of 1,440 employees, a decrease from 1,490 employees as of December 31, 2022[48]. - The company emphasizes the recruitment, training, and retention of employees to support future growth and expansion[8]. - The company has adopted a performance-based culture with key performance indicators (KPIs) to motivate employees[174]. - The company emphasizes the importance of personal development and employee retention through clear career paths and training programs[163]. Corporate Governance - The board is committed to providing independent oversight and strategic guidance to support the company's growth initiatives[75]. - The company has adopted corporate governance practices to ensure transparency and accountability to shareholders[190]. - The board has reviewed the effectiveness of the internal control and risk management systems, confirming their adequacy and effectiveness[162]. - The company has established a director nomination policy to ensure a balanced approach to skills, experience, and diversity within the board[200]. - The company has complied with listing rules by appointing at least three independent non-executive directors as of December 31, 2023[195]. - Independent non-executive directors have confirmed their independence as of December 31, 2023, in compliance with Listing Rule 3.13[107]. - The nomination committee will review the board's structure and composition annually to ensure a balanced and diverse representation[198]. - The board's diversity policy includes considerations of gender, age, cultural background, professional qualifications, and industry experience[198]. Sustainability and Compliance - The company has adopted strict environmental protection measures to comply with current laws and regulations, promoting green operations and resource efficiency[173]. - The company is committed to sustainability policies and practices, aiming to reduce environmental impact through energy conservation and resource efficiency initiatives[173]. - The company has complied with relevant laws and regulations throughout the year and up to the date of the report[177]. - There were no significant legal disputes or arbitrations involving the company as of December 31, 2023[178]. Shareholder Information - The proposed final dividend for the year is RMB 0.03 per share, totaling approximately RMB 18.7 million, which represents about 32.9% of the profit attributable to the holding company for the year[91]. - The company will suspend share transfer registration from April 25 to April 30, 2024, for the annual general meeting[187]. - The company will also suspend share transfer registration from May 7 to May 10, 2024, to determine eligibility for the proposed final dividend[188]. - As of December 31, 2023, Mr. Zhou Xiaobo holds 450,000,000 shares, representing 72.29% of the issued share capital[108]. - As of December 31, 2023, the company has no arrangements that would cause directors or senior management to hold any interests in the company's shares[110]. - The company has maintained a public float of no less than 25% of its issued shares as required by the listing rules as of December 31, 2023[99].

Financial Performance - For the year ended December 31, 2023, the revenue was approximately RMB 10,728.5 million, an increase of about 6.4% compared to the year ended December 31, 2022[3]. - A total of 18,782 passenger vehicles were sold in the year ended December 31, 2023, representing an increase of approximately 23.9% from the previous year[3]. - Revenue from automobile sales for the year ended December 31, 2023, was approximately RMB 9,427.2 million, up about 5.7% from the previous year[3]. - The profit for the year ended December 31, 2023, was approximately RMB 84.4 million, a decrease of about 65.2% compared to RMB 242.8 million for the year ended December 31, 2022[3]. - The net profit margin decreased to approximately 0.8% for the year ended December 31, 2023, down from 2.4% for the year ended December 31, 2022[3]. - The total comprehensive income for the year ended December 31, 2023, was RMB 71.9 million, down from RMB 265.3 million in the previous year[6]. - Basic and diluted earnings per share for the year ended December 31, 2023, were RMB 0.09, compared to RMB 0.28 for the previous year[5]. - The company reported a pre-tax profit of RMB 56,813,000 for 2023, a significant decrease from RMB 171,528,000 in 2022[29]. - The company's pre-tax profit decreased by approximately 58.5% to RMB 133.4 million due to the factors mentioned above[70]. - Net profit for the year fell by approximately 65.2% to RMB 84.4 million, resulting in a net profit margin of about 0.8%[72]. - Profit attributable to equity holders of the parent company decreased by approximately 66.9% to RMB 56.8 million[73]. Revenue Breakdown - The company reported a significant increase in after-sales service revenue, reaching approximately RMB 1,301.3 million, an increase of about 11.6% from the previous year[3]. - Sales of passenger vehicles contributed RMB 9,427,205,000 to total revenue, up from RMB 8,915,862,000 in the previous year, representing a growth of 5.7%[21]. - After-sales service revenue increased to RMB 1,301,255,000 from RMB 1,165,867,000, marking an increase of 11.6%[21]. - Revenue from automobile sales reached approximately RMB 9,427.2 million, up about 5.7% from last year's RMB 8,915.9 million, accounting for approximately 87.9% of total revenue[61]. - After-sales service revenue amounted to approximately RMB 1,301.3 million, an increase of about 11.6% from last year's RMB 1,165.9 million, representing approximately 12.1% of total revenue[61]. Cash and Assets - As of December 31, 2023, the net cash position was approximately RMB 535.7 million, compared to RMB 184.6 million as of December 31, 2022[3]. - The total assets less current liabilities as of December 31, 2023, were RMB 3,500.9 million, compared to RMB 3,434.7 million as of December 31, 2022[9]. - Cash and cash equivalents increased to RMB 858,471,000 as of December 31, 2023, up 22.3% from RMB 701,887,000 on December 31, 2022[38]. - Total equity as of December 31, 2023, was approximately RMB 2,893.2 million, an increase from RMB 2,832.8 million as of December 31, 2022[77]. - Loans and borrowings decreased by approximately 22.8% from RMB 572.1 million as of December 31, 2022, to RMB 441.4 million as of December 31, 2023, with a debt-to-equity ratio of about 15.3%[79]. - Cash and cash equivalents, along with restricted cash and pledged deposits, amounted to approximately RMB 977.1 million as of December 31, 2023, compared to RMB 756.7 million as of December 31, 2022[80]. Inventory and Receivables - Inventory as of December 31, 2023, totals RMB 801,288,000, a decrease of 6.1% from RMB 853,774,000 on December 31, 2022[36]. - Trade receivables as of December 31, 2023, amount to RMB 54,544,000, a slight decrease from RMB 56,106,000 on December 31, 2022[37]. - The average inventory turnover period is about 29.8 days[76]. - The company's average credit period granted to customers is three months, with no significant impairment losses recognized for trade receivables as of December 31, 2023[37]. Operational Insights - The company operates 15 4S dealerships and additional showrooms for luxury and ultra-luxury brands across seven economically developed provinces in China[43]. - The average selling price and gross margin of automobile sales decreased due to the macroeconomic conditions and consumer spending not fully recovering as expected[47]. - The company aims to enhance operational efficiency and profitability while optimizing existing business strategies and identifying potential opportunities in the automotive dealership industry[49]. - The company has implemented a standardized central management system across its extensive 4S dealership network, including investment in new stores, pricing, procurement, inventory management, and financial management[54]. - Advanced information technology systems, including a comprehensive ERP system, have been established to integrate customer and automotive brand data[46]. - The company continues to focus on improving customer satisfaction and aims to be a one-stop supplier of automotive products and services[54]. Future Plans and Developments - The company plans to expand its dealership network and brand portfolio through internal growth and selective acquisitions in economically developed regions of China[47]. - A used car center was established in 2023 to focus on the growing used car market, providing comprehensive services to enhance consumer confidence[47]. - The company plans to further expand its distribution network while maintaining flexibility in its expansion process, without significant capital commitments depending on market conditions[82]. Corporate Governance - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO, which was maintained until March 9, 2024[97][98]. - The audit committee has been established in accordance with the listing rules and consists of three members, with the chairman being Mr. Lu Shidong[102]. - The company has maintained the required public float as per listing rules throughout the year[104]. - The annual general meeting is scheduled for April 30, 2024, where shareholders will vote on the proposed final dividend[105]. - The company will suspend share transfer registration from April 25 to April 30, 2024, to determine eligibility for the annual general meeting and proposed final dividend[107][108]. - The annual results announcement will be available on the Hong Kong Stock Exchange and the company's website[109].

Financial Performance - The net profit for BetterLife Holding Limited for the six months ended June 30, 2023, was approximately RMB 517 million, a decrease of about 75.8% compared to RMB 2.137 billion in the same period of 2022[6]. - Revenue for the six months ended June 30, 2023, was RMB 5,363,537 thousand, an increase of 17.1% compared to RMB 4,578,702 thousand in 2022[91]. - Gross profit decreased to RMB 319,522 thousand, down 34.5% from RMB 487,530 thousand in the previous year[91]. - Operating profit for the period was RMB 102,318 thousand, a decline of 63.4% from RMB 279,893 thousand in 2022[91]. - Net profit attributable to shareholders was RMB 35,529 thousand, a decrease of 77.7% compared to RMB 159,124 thousand in the same period last year[91]. - Basic and diluted earnings per share were RMB 0.06, down from RMB 0.26 in 2022[91]. - Total comprehensive income for the period was RMB 41,168 thousand, significantly lower than RMB 238,591 thousand in the previous year[94]. - Profit before tax decreased by approximately 70.9% to about RMB 76.6 million from RMB 263.3 million in the same period of 2022[37]. - Other income increased by approximately 55.0% to about RMB 182.7 million from RMB 117.9 million in the same period of 2022[33]. Sales and Revenue Growth - Revenue from automobile sales was approximately RMB 4,719.7 million, up about 16.3% year-on-year, accounting for approximately 88.0% of the total revenue[26]. - Revenue from after-sales services reached approximately RMB 643.8 million, an increase of about 23.4% compared to the previous year, making up about 12.0% of total revenue[26]. - The company sold a total of 8,433 passenger cars during the period, representing an increase of approximately 30.8% compared to 6,448 cars sold in the same period of 2022[26]. - Sales of passenger vehicles reached RMB 4,719,710,000, up from RMB 4,056,797,000 in the same period of 2022, reflecting a strong demand in the market[119]. Operational Strategy - The company operates 15 4S dealerships for luxury and ultra-luxury brands across seven provinces and cities in China, including Beijing, Tianjin, Shandong, Sichuan, Zhejiang, Shanghai, and Guangdong[6]. - The company plans to expand its dealership network in first and second-tier cities, particularly in the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area[11]. - The company aims to enhance its operational capabilities and customer experience by upgrading its information technology systems, including the ERP system launched in 2016[10]. - The company is focusing on expanding its new energy vehicle business to capture the growing market demand[10]. - The company is committed to expanding its dealership network and leveraging strategic partnerships with renowned luxury car manufacturers to capture significant market opportunities[26]. Financial Position - Total equity as of June 30, 2023, was approximately RMB 2,859.5 million, a slight increase from RMB 2,832.8 million as of December 31, 2022[43]. - Interest-bearing bank and other borrowings increased by approximately 84.1% to RMB 1,053.0 million from RMB 572.1 million as of December 31, 2022[44]. - As of June 30, 2023, cash and cash equivalents amounted to RMB 1,612.1 million, up from RMB 756.7 million as of December 31, 2022[45]. - The company reported a net asset value of RMB 2,859,494 thousand, up from RMB 2,832,752 thousand in the previous year[99]. - The company’s financial liabilities increased to RMB 1,053,032 thousand from RMB 572,075 thousand as of December 31, 2022[96]. Employee and Management - The company emphasizes the importance of recruiting, training, and retaining employees to support future growth and expansion[10]. - The group employed 1,454 staff as of June 30, 2023, compared to 1,490 staff as of December 31, 2022[53]. - Employee costs increased to RMB 156,588,000 for the six months ended June 30, 2023, compared to RMB 107,446,000 in 2022, reflecting a 46% rise[123]. - Total compensation for key management personnel for the six months ended June 30, 2023, was RMB 7,066 thousand, a decrease of 38.2% from RMB 11,425 thousand in the same period of 2022[166]. Corporate Governance - The company complied with all corporate governance code provisions, except for the separation of the roles of Chairman and CEO[75]. - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three members, with the chairman being Mr. Lu Shidong[80]. - The board has proposed not to declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[81]. Capital Expenditures and Commitments - Total capital expenditures for the six months ended June 30, 2023, were approximately RMB 193.1 million, down from RMB 550.6 million for the same period in 2022[50]. - Capital commitments as of June 30, 2023, were approximately RMB 5.7 million, a decrease from RMB 14.5 million as of December 31, 2022[47]. - The group acquired property, plant, and equipment at a total original cost of RMB 94,193,000 for the six months ended June 30, 2023, down from RMB 249,361,000 in 2022[130]. Cash Flow and Liquidity - Cash generated from operating activities was RMB 582,463,000, significantly up from RMB 127,279,000 in the prior year, resulting in a net cash inflow of RMB 557,986,000[106]. - The company incurred a net cash outflow from investing activities of RMB 143,536,000, compared to RMB 450,348,000 in the previous year, indicating improved cash management[106]. - Financing activities generated a net cash inflow of RMB 367,778,000, up from RMB 56,718,000 in the same period last year[109]. Inventory and Receivables - The cost of inventory for the six months ended June 30, 2023, was RMB 4,994,249,000, an increase from RMB 4,055,376,000 in 2022[124]. - Trade receivables as of June 30, 2023, totaled RMB 46,845,000, down from RMB 56,106,000 as of December 31, 2022, indicating a decrease of about 16.8%[138]. - The company’s inventory provision decreased to RMB 703,548,000 as of June 30, 2023, from RMB 869,404,000 as of December 31, 2022, reflecting a reduction of approximately 19.1%[135].

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） 截至2023年6月30日止六個月的 中期業績公告 集團財務摘要 • 截至2023年6月30日止六個月的收益約為人民幣5,363.5百萬元，較2022年同期增加 約17.1%。 • 截至2023年6月30日止六個月，本集團已售出合共8,433輛乘用車，較2022年同期增 加約30.8%。 • 截至2023年6月30日止六個月，銷售汽車所得收益約為人民幣4,719.7百萬元，較 2022年同期增加約16.3%。 • 截至2023年6月30日止六個月，本集團售後服務所得收益達約人民幣643.8百萬元， 較2022年同期增加約23.4%。 • 截至2023年6月30日止六個月的溢利約為人民幣51.7百萬元，較2022年同期減少約 ...

Financial Performance - Revenue for the year ended December 31, 2022, increased by approximately RMB 118.8 million or 1.2% to approximately RMB 10,081.7 million compared to RMB 9,962.9 million for the year ended December 31, 2021[8]. - Net profit for the year was RMB 242.8 million, a decrease of approximately 56.7% from RMB 560.7 million in the same period of 2021[8]. - Revenue from automobile sales reached approximately RMB 8,915.9 million, an increase of about 2.2%, accounting for approximately 88.4% of total revenue[23]. - Revenue from after-sales services was RMB 1,165.9 million, a decrease of approximately 5.6%, representing about 11.6% of total revenue[23]. - Gross profit decreased by approximately 24.7% to about RMB 877.5 million from RMB 1,165.8 million last year, with a gross margin decline from approximately 11.7% to 8.7%[29]. - The net profit for the year decreased by approximately 56.7% to about RMB 242.8 million from RMB 560.7 million last year, resulting in a net profit margin of approximately 2.4%[39]. - Other income and gains increased by approximately 16.3% to about RMB 256.1 million from RMB 220.3 million last year[32]. - Selling and distribution expenses increased by approximately 22.7% to about RMB 513.2 million from RMB 418.1 million last year, representing about 5.1% of total revenue[33]. - Administrative expenses rose by approximately 18.1% to about RMB 261.2 million from RMB 221.1 million last year, accounting for about 2.6% of total revenue[34]. - The revenue from the top five customers accounted for approximately 5.3% of total revenue, up from 4.2% last year[24]. - The revenue from the largest customer represented about 1.6% of total revenue, an increase from 1.3% last year[24]. Business Operations - The company operates 15 4S dealerships for luxury and ultra-luxury brands across seven provinces and cities in China, indicating strong purchasing power and demand in these regions[8]. - New dealerships for Jaguar-Land Rover in Shanghai and Chengdu, and a new showroom for SAIC Audi in Beijing have opened during the year[12]. - The company plans to expand its dealership network in first and second-tier cities, particularly in the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area[12]. - The company is focusing on expanding its new energy vehicle business to capture the growing market demand[10]. - The company has established a comprehensive service portfolio, including vehicle sales, after-sales services, insurance agency services, and vehicle registration services[19]. - The company is actively optimizing its existing business strategy and seeking potential opportunities in the luxury and ultra-luxury automotive dealership industry[13]. - The company completed the acquisition of a BMW 4S dealership in Beijing for $80.0 million and a BMW repair shop for RMB 5.0 million[13]. - The company sold a total of 15,154 passenger cars this year, an increase of approximately 7.0% compared to 14,158 units sold last year[23]. - The company has a diversified portfolio of luxury and super-luxury vehicles, focusing on high-end brands[89]. - The company has established a strong presence in the automotive sales and service market in China through its subsidiaries[89]. Employee and Management - The company intends to continue recruiting, training, and retaining employees to support future growth and expansion[10]. - The company has a senior management team with an average of 15 years of experience in the automotive dealership industry, ensuring effective management and operational consistency[23]. - As of December 31, 2022, the group had 1,490 employees, an increase from 1,320 employees as of December 31, 2021[54]. - The company has implemented a stock option plan to reward directors and eligible employees, aligning their interests with the company's growth[183]. - The company has purchased appropriate liability insurance for its directors and senior management[130]. Financial Position and Equity - The total equity of the group as of December 31, 2022, was approximately RMB 2,832.8 million, a slight increase from RMB 2,807.6 million as of December 31, 2021[43]. - The group's loans and borrowings increased by approximately 156.0% to RMB 572.1 million as of December 31, 2022, from RMB 223.5 million as of December 31, 2021, primarily to finance inventory purchases[45]. - The current assets of the group were approximately RMB 2,495.6 million as of December 31, 2022, down from RMB 2,623.9 million as of December 31, 2021, while current liabilities rose to RMB 1,406.0 million from RMB 966.1 million[43]. - The net cash position of the group decreased to approximately RMB 184.6 million as of December 31, 2022, from RMB 1,134.6 million as of December 31, 2021[45]. - The company reported a reserve available for distribution of approximately RMB 419.3 million as of December 31, 2022, down from RMB 582.0 million in 2021[97]. Strategic Initiatives - The company plans to further explore business opportunities and expand its distribution network to drive future growth[24]. - The company plans to open new showrooms for Mercedes-Benz and Jaguar Land Rover in Beijing and Shanghai, with a property acquisition cost of approximately RMB 155.0 million for the Mercedes-Benz showroom[18]. - The group plans to further expand its dealership network while maintaining flexibility in its expansion process, avoiding setting fixed capacity targets[48]. - The company has not disclosed any new product launches or technological developments in the provided documents[61][62][63]. - The company has not reported any performance metrics or financial guidance in the provided content[61][62][63]. Compliance and Governance - The board emphasized the importance of environmental protection and compliance with relevant laws and regulations[92]. - The company is committed to maintaining good corporate governance practices to enhance shareholder value and ensure operational transparency[196]. - The board has reviewed the effectiveness of the internal control and risk management systems, confirming they are adequate and effective[180]. - The company has confirmed compliance with pricing guidelines and internal control measures for related party transactions[166]. - The board believes that the current arrangement of having the same individual serve as both Chairman and CEO does not compromise the balance of power and authority[197]. Risks and Challenges - The operational performance was negatively impacted by regional COVID-19 outbreaks and public health control measures in cities where the company operates its 4S dealerships[12]. - The company faced various risks and uncertainties, with mitigation strategies outlined in the annual report[92]. - The company has maintained its internal monitoring and risk management systems to manage risks associated with achieving business objectives[173]. - There were no major legal disputes or arbitrations involving the company as of December 31, 2022[195].

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） 截至2022年12月31日止年度的全年業績公告 集團財務摘要 • 截至2022年12月31日止年度的收益約為人民幣10,081.7百萬元，較截至2021年12月 31日止年度增加約1.2%。 • 截至2022年12月31日止年度，本集團已售出合共15,154輛乘用車，較截至2021年12 月31日止年度增加約7.0%。 • 截至2022年12月31日止年度，銷售汽車所得收益約為人民幣8,915.9百萬元，較截 至2021年12月31日止年度增加約2.2%。 • 截至2022年12月31日止年度，本集團售後服務所得收益達約人民幣1,165.9百萬元， 較截至2021年12月31日止年度減少約5.6%。 • 截至2022年12月31日止年度的溢利約為人民幣242. ...

Financial Performance - The net profit for the first half of 2022 was approximately RMB 213.7 million, a decrease of about 19.9% compared to RMB 266.8 million in the same period of 2021[8]. - Revenue from automobile sales was approximately RMB 4,056.8 million, down about 6.3% from approximately RMB 4,331.5 million in the same period of 2021, accounting for about 88.6% of total revenue[35]. - After-sales service revenue was approximately RMB 521.9 million, a decrease of about 14.6% from approximately RMB 611.2 million in the same period of 2021, representing about 11.4% of total revenue[35]. - The company's pre-tax profit decreased by approximately 22.8% to about RMB 263.3 million from approximately RMB 340.9 million in the same period of 2021[43]. - Net profit for the period was approximately RMB 213.7 million, down about 19.9% from approximately RMB 266.8 million in the same period of 2021, with a net profit margin of about 4.7%[45]. - For the six months ended June 30, 2022, the company reported revenue of RMB 4,578,702 thousand, a decrease of 7.4% from RMB 4,942,644 thousand in the same period of 2021[116]. - Gross profit for the same period was RMB 487,530 thousand, down 11.6% from RMB 551,750 thousand year-on-year[116]. - Operating profit decreased to RMB 279,893 thousand, a decline of 20.0% compared to RMB 350,075 thousand in the previous year[116]. - Profit before tax was RMB 263,277 thousand, down 22.8% from RMB 340,899 thousand in the prior year[116]. - Basic and diluted earnings per share were RMB 0.26, down from RMB 0.46 in the previous year[116]. Operational Developments - The company operates 15 4S dealerships for luxury and ultra-luxury brands across seven provinces and cities in China, including Beijing, Tianjin, Shandong, Sichuan, Zhejiang, Shanghai, and Guangdong[8]. - The company plans to expand its dealership network and brand portfolio through internal growth and selective acquisitions[13]. - Two new Jaguar Land Rover 4S dealerships were opened in Shanghai and Chengdu, along with a new SAIC Audi showroom in Beijing during the first half of 2022[14]. - The company has received preliminary approvals to open new showrooms for Mercedes-Benz and Jaguar Land Rover in Beijing and Shanghai, respectively, with plans to open these in the second half of 2022[14]. - The company is focusing on expanding its new energy vehicle business to capture the growing market demand[13]. - The company aims to enhance its operational capabilities and customer experience by upgrading its information technology systems[13]. - The company completed the acquisition of a BMW 4S dealership and a BMW repair shop in Beijing for a total consideration of $80 million and RMB 5 million respectively[15]. - The company is actively seeking to acquire additional luxury and ultra-luxury brand dealerships, including Porsche, Mercedes-Benz, and Bentley[15]. Market Conditions - The operational performance was negatively impacted by regional COVID-19 outbreaks and public health control measures in cities where the company operates its 4S dealerships[14]. - The sales volume of luxury and ultra-luxury passenger cars in China is expected to grow at a compound annual growth rate of 10.2% and 3.3% from 2020 to 2025, reaching 5.7 million and 118,400 units respectively by 2025[9]. Financial Position - As of June 30, 2022, the total equity of the group was approximately RMB 2,800.5 million, a slight decrease from RMB 2,807.6 million as of December 31, 2021[50]. - The group's interest-bearing bank and other borrowings increased by approximately 112.2% to RMB 474.2 million as of June 30, 2022, compared to RMB 223.5 million as of December 31, 2021, primarily to finance inventory purchases[51]. - The debt-to-equity ratio was approximately 16.9% as of June 30, 2022, up from 8.0% as of December 31, 2021[51]. - The group's cash and cash equivalents, along with pledged deposits and restricted cash, totaled approximately RMB 1,076.9 million as of June 30, 2022, down from RMB 1,358.1 million as of December 31, 2021[53]. - Capital expenditures for the six months ended June 30, 2022, amounted to approximately RMB 550.6 million, significantly higher than RMB 79.7 million for the same period in 2021[57]. - The group's net cash position was approximately RMB 602.8 million as of June 30, 2022, down from RMB 1,134.6 million as of December 31, 2021[51]. - The company's administrative expenses increased by approximately 4.1% to about RMB 112.4 million, accounting for about 2.5% of total revenue[41]. - Financial costs rose by approximately 80.4% to about RMB 16.6 million, primarily due to increased bank and other borrowings[42]. Shareholder Information - Major shareholder Chou Dynasty holds 450 million shares, representing 72.29% of the issued share capital[80]. - Xingtai Investment Management Limited holds 32,026,000 shares, accounting for 5.34% of the issued share capital[80]. - The company has not issued any equity securities during the reporting period[71]. - The board has recommended not to declare any interim dividend for the six months ending June 30, 2022, consistent with the previous year[97]. - The company declared a final dividend of RMB 0.22 per ordinary share for the past financial year, totaling RMB 136,950,000, with no interim dividend recommended for the six months ended June 30, 2022[191][189]. Governance and Compliance - The company has adhered to all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by Mr. Zhou Xiaobo[88]. - Mr. Zhou Xiaobo purchased a total of 551,000 shares of the company on August 2, 2022, without prior notification to the board, violating the standard code provisions[90]. - The company has implemented measures to prevent future violations of the trading standards by reminding directors of the trading restrictions during the blackout periods[91]. - The audit committee has been established to oversee financial reporting and internal controls, consisting of three members, with Mr. Qiu Jiaqi as the chairman[96]. Employee and Share Option Information - The senior management team has an average of 15 years of experience in the automotive dealership industry, contributing to effective management and operational consistency[30]. - The company approved the grant of 9,800,000 share options to core employees at an exercise price of HKD 8.264 per share, based on the average closing price prior to the grant date[185]. - The total number of stock options granted to directors was 9,800,000, with a weighted average exercise price of HKD 8.264[186]. - As of June 30, 2022, the company had 622,500,000 ordinary shares issued, maintaining the same amount as of December 31, 2021[194].

Financial Performance - The net profit for BetterLife Holding Limited for the year ended December 31, 2021, was approximately RMB 560.7 million, an increase of about 82.9% compared to RMB 306.5 million for the year ended December 31, 2020[30]. - Revenue from automobile sales reached approximately RMB 8,728.0 million, representing an increase of about 17.0% from RMB 7,462.5 million in the previous year, accounting for approximately 87.6% of total revenue[54]. - After-sales service revenue amounted to approximately RMB 1,234.9 million, up about 15.3% from RMB 1,070.7 million in the previous year, contributing approximately 12.4% to total revenue[54]. - Gross profit increased by approximately 36.5% to about RMB 1,178.5 million, with a gross profit margin rising from approximately 10.1% to about 11.8%[56]. - The company's pre-tax profit rose by approximately 73.1% to about RMB 727.3 million for the year ended December 31, 2021[65]. - Net profit for the year increased by approximately 82.9% to about RMB 560.7 million, with a net profit margin of approximately 5.6%[68]. - The company proposed a final dividend of RMB 0.22 per share, totaling approximately RMB 137.0 million, subject to shareholder approval[70]. - The company's financial costs decreased by approximately 52.2% to about RMB 19.6 million, primarily due to reduced bank and other borrowings[64]. - As of December 31, 2021, the total equity of the group was approximately RMB 2,807.6 million, an increase of about 65.7% from RMB 1,694.2 million as of December 31, 2020[74]. - The group's current assets were approximately RMB 2,623.9 million as of December 31, 2021, compared to RMB 1,589.1 million as of December 31, 2020, while current liabilities were approximately RMB 966.1 million, down from RMB 1,000.7 million[74]. - Interest-bearing bank and other borrowings decreased by approximately 31.5% to RMB 223.5 million as of December 31, 2021, from RMB 326.1 million as of December 31, 2020, primarily due to significant cash generated from operating activities[75]. - The debt-to-equity ratio was approximately 8.0% as of December 31, 2021, down from 19.2% as of December 31, 2020[75]. - Cash and cash equivalents, restricted cash, cash in transit, and pledged deposits totaled RMB 1,358.1 million as of December 31, 2021, compared to RMB 262.3 million as of December 31, 2020[76]. - The total capital expenditure for the year ended December 31, 2021, was RMB 183.4 million, an increase from RMB 169.5 million in 2020[80]. - The company reported a distributable reserve of approximately RMB 582.0 million as of December 31, 2021, with RMB 137.0 million proposed for the final dividend[123]. Business Operations - The company operates 14 4S dealerships for luxury and ultra-luxury brands such as Porsche, Audi, and Mercedes-Benz across seven provinces in China, indicating a strong market presence[30]. - The company aims to enhance its market position through strategies including internal growth and selective acquisitions to expand its dealership network and brand portfolio[34]. - The company plans to further expand its new energy vehicle business to capitalize on the growing market for electric vehicles[34]. - The company has implemented an ERP system to integrate business information, enhancing operational efficiency and customer relationship management[32]. - BetterLife Holding Limited focuses on improving customer satisfaction and aims to be a one-stop supplier for automotive products and services[31]. - The company emphasizes the importance of recruiting, training, and retaining employees to support future growth and expansion[34]. - The Chinese government's promotion of passenger vehicle consumption is expected to stimulate demand for the company's products and services[31]. - The company has opened two new Jaguar-Land Rover 4S stores in Shanghai and Chengdu, both of which commenced operations in January 2022[36]. - The company plans to establish new showrooms for Mercedes-Benz, Jaguar-Land Rover, and SAIC Audi in Beijing and Shanghai, with expected openings in Q2 and Q3 of 2022[45]. - The company operates 14 4S dealerships for luxury and ultra-luxury brands across seven provinces and cities in China, strategically located in affluent urban areas[42]. - The company aims to acquire additional 4S dealerships for luxury brands such as Porsche, Mercedes-Benz, and Bentley, targeting locations similar to new store openings[36]. - The company is focused on enhancing operational efficiency and profitability to maximize shareholder returns[37]. - The company has implemented standardized central management across its extensive 4S dealership network, covering investment, pricing, procurement, and inventory management[46]. - The company emphasizes customer retention as a key performance indicator, utilizing technology to improve customer service experiences[48]. - The company has a seasoned management team with an average tenure of approximately 14 years in the automotive dealership industry[49]. - The company provides a comprehensive range of automotive-related products and services, including sales, after-sales service, and value-added services like financing and insurance[45]. - The company is committed to cultivating local talent, with most dealership general managers promoted internally and having an average tenure of about 10 years[49]. - The company sold a total of 14,158 passenger cars for the year ended December 31, 2021, an increase of approximately 5.0% compared to 13,480 passenger cars sold in the previous year[50]. Market Outlook - According to a Frost & Sullivan report, the sales of luxury and ultra-luxury passenger vehicles in China are projected to grow at a compound annual growth rate (CAGR) of 10.2% and 3.3% from 2020 to 2025, reaching approximately 5.7 million and 118,400 units respectively by 2025[31]. - The company aims to further explore business opportunities and expand its dealership network to drive future growth[53]. Corporate Governance - The company has a management team with extensive experience in the automotive industry, including leadership roles in various dealerships[110]. - The company’s independent non-executive directors bring over 30 years of professional accounting and management experience, enhancing corporate governance[107]. - The company has issued a total of 172,500,000 shares at a price of HKD 4.4 each during the global offering[156]. - The company has no arrangements that would cause directors or senior management to hold any interests in the company's shares or related securities, apart from those disclosed[148]. - The company has established several non-exempt continuing connected transactions as of December 31, 2021[180]. - The external auditor has issued an unqualified opinion letter regarding the group's continuing connected transactions in accordance with the relevant standards[199]. Shareholder Information - The board proposed a final dividend of RMB 0.22 per share for the year ended December 31, 2021, totaling approximately RMB 137.0 million[84]. - The board recommended a final cash dividend of RMB 0.22 per share for the year, pending shareholder approval[124]. - The company has not established any fixed dividend payout ratio at present[124]. - As of December 31, 2021, Chou Dynasty holds 450,000,000 shares, representing 72.29% of the issued share capital[150]. Environmental and Social Responsibility - The company emphasizes strict environmental protection measures to comply with current laws and regulations[118]. - The company made charitable donations of approximately RMB 2.5 million during the fiscal year ending December 31, 2021[127].