吉利汽车（0175.HK）系列点评四 极氪表现坚挺 产品周期强劲 2024年03月03日 ➢ 事件概述：公司发布24年2月销量公告，2月批发总销量（含领克）11.1 推荐 维持评级 万辆，同比+2.5%，环比-47.8%。其中，2月公司新能源销量33,508辆，渗透 当前价格： 8.64港元 率30.1%，同比+43.9%，环比-49.1%。2 月公司整体出口销量 24,373 辆，同 比+39.1%。分品牌看： 吉利品牌2月销量9.1万辆，同比+0.4%，环比-47.5%；其中银河2月销量9,120 [Table_Author] 辆，环比-52.6%； 极氪品牌2月销量7,510辆，同比+37.7%，环比-40.1%； 领克品牌2月销量13,209辆，同比+9.3%，环比-53.1%。 ➢ 2 月批发总量受淡季影响 新能源依然坚挺。受 2 月春节假期影响，公司 2 月销量环比下降，批发总销量（含领克）11.1万辆，同比+2.5%，环比-47.8%。 但受益极氪007、银河E8、领克08等新产品上量，新能源表现依然坚挺，2月 分析师 崔琰 新能源批发 33,508 辆，同比+43.9%，环比-49.1%；其中 ...

Investment Rating - The investment rating for Geely Automobile is not explicitly stated in the provided content, but the report suggests to "continue to pay attention" to the company, indicating a positive outlook [6]. Core Views - Geely Automobile has divested its stake in Ruin Blue Automobile, which is expected to enhance its performance by shedding underperforming assets. The sale is projected to generate approximately 117 million yuan in revenue [2][3]. - The company reported a significant increase in sales for January 2024, with total sales reaching 213,000 units, a year-on-year increase of 110.5%. The penetration rate of new energy vehicles reached 30.8%, up 21.4 percentage points year-on-year [4]. - Geely aims for a sales target of 1.9 million units for 2024, representing a 13% increase year-on-year, with new energy vehicle sales expected to grow by 66% [5]. Summary by Sections Financial Performance - Geely's projected revenues for 2023, 2024, and 2025 are 180.92 billion yuan, 269.87 billion yuan, and 371.10 billion yuan, respectively, with year-on-year growth rates of 22.3%, 49.2%, and 37.5% [6][7]. - The net profit attributable to the parent company is expected to be 5.90 billion yuan in 2023, 8.93 billion yuan in 2024, and 12.48 billion yuan in 2025, with growth rates of 15.2%, 51.3%, and 39.7% [6][7]. Sales and Market Position - January 2024 saw Geely's sales of pure electric and plug-in hybrid vehicles reach 36,000 and 30,000 units, respectively, marking year-on-year increases of 306.2% and 4918.5% [4]. - The company has launched several new models, including the Galaxy E8 and the Emgrand L HiP, which are expected to drive sales growth throughout the year [5]. Valuation Metrics - The projected earnings per share (EPS) for Geely are 0.59 yuan, 0.89 yuan, and 1.24 yuan for 2023, 2024, and 2025, respectively [6][7]. - The price-to-earnings (P/E) ratio is projected to decrease from 12.52 in 2023 to 5.92 in 2025, indicating an improving valuation as earnings grow [7].

Volvo Cars shares surged 23% as the Swedish automaker said it will stop providing funding to EV startup Polestar as it ramps up its own investment. Volvo Cars said it’s “evaluating a potential adjustment to Volvo Cars’ shareholding in Polestar, including a distribution of shares to Volvo Cars shareholders” in which Geely 175, -0.54% would become a significant new shareholder in Polestar. Volvo Cars VOLCAR.B, +22.62% holds a 48% stake in Polestar PSNY, -3.13%, while Geely holds 79% of Volvo. Geely will co ...

Revenue and Profitability - Revenue for the six months ended June 30, 2023, was RMB 73,181,745 thousand, an increase of 25.7% compared to RMB 58,183,773 thousand for the same period in 2022[17]. - Gross profit for the same period was RMB 10,540,492 thousand, up from RMB 8,475,802 thousand, reflecting a gross margin improvement[17]. - Profit before tax increased to RMB 1,474,100 thousand, compared to RMB 1,316,513 thousand in the previous year, representing a growth of 12%[17]. - Net profit attributable to equity holders of the company was RMB 1,273,508 thousand, slightly down from RMB 1,277,848 thousand in 2022[17]. - Basic earnings per share for the period was RMB 14.91 cents, compared to RMB 14.83 cents for the same period last year[17]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 1,185,698,000, a decrease of 31.4% compared to RMB 1,726,252,000 in the same period of 2022[18]. - The net profit for the period was RMB 1,273,508,000, slightly down from RMB 1,277,848,000 in the previous year, indicating a marginal decline of 0.2%[18]. - For the six months ended June 30, 2023, the total comprehensive income amounted to RMB 1,506,117,000, a decrease of 320,419,000 compared to the previous period[24]. - The company reported a profit of RMB 71,064,000 for the current period, with other comprehensive income contributing an additional RMB 5,952,000[24]. - The company’s net profit attributable to shareholders for the period was RMB 1,499,664,000, showing a decline compared to the previous period[24]. Expenses and Costs - Distribution and selling expenses increased to RMB 4,767,790 thousand from RMB 3,303,773 thousand, indicating higher marketing and sales costs[17]. - Administrative expenses rose to RMB 4,867,108 thousand, compared to RMB 4,660,511 thousand in the previous year[17]. - Employee costs totaled RMB 4,260,043,000 for the six months ended June 30, 2023, up from RMB 3,837,265,000 in the same period of 2022, representing an increase of approximately 11%[47]. - Depreciation expenses amounted to RMB 1,910,988,000 for the six months ended June 30, 2023, compared to RMB 1,687,199,000 in the previous year, indicating an increase of about 13%[47]. - The group reported a total financial expense of RMB 267,584,000 for the six months ended June 30, 2023, compared to RMB 208,589,000 in the same period of 2022, marking an increase of about 28%[45]. Assets and Liabilities - Non-current assets increased to RMB 87,678,628,000 as of June 30, 2023, up from RMB 78,762,416,000 at the end of 2022, reflecting a growth of 11.5%[19]. - The company's inventory rose to RMB 11,737,592,000, an increase of 8.5% from RMB 10,822,330,000 at the end of 2022[19]. - Trade and other receivables decreased to RMB 31,010,539,000, down 10.4% from RMB 34,392,326,000 at the end of 2022[19]. - The total equity attributable to the company's shareholders increased to RMB 76,569,089,000, compared to RMB 75,130,455,000 at the end of 2022, marking a growth of 1.9%[20]. - The company's cash and cash equivalents stood at RMB 32,847,813,000, a slight decrease from RMB 33,341,339,000 at the end of 2022[19]. - The current liabilities increased to RMB 74,258,420,000, up from RMB 68,953,214,000 at the end of 2022, indicating an increase of 7.5%[19]. - The company reported a significant increase in intangible assets, which rose to RMB 25,473,260,000, up from RMB 22,547,705,000, reflecting a growth of 12.9%[19]. - The company’s goodwill increased to RMB 64,309,000, compared to RMB 61,418,000 at the end of 2022, showing a growth of 4.7%[19]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2023, was RMB 10,698,972 thousand, an increase from RMB 9,807,546 thousand in the same period of 2022, representing a growth of approximately 9.05%[26]. - Net cash used in investing activities for the six months ended June 30, 2023, was RMB (8,986,314) thousand, compared to RMB (5,609,171) thousand in the same period of 2022, indicating a significant increase in investment outflows[26]. - Net cash from financing activities for the six months ended June 30, 2023, was RMB (2,206,223) thousand, a decrease from RMB 5,277,787 thousand in the same period of 2022, reflecting a shift in financing strategy[26]. - The cash and cash equivalents at the end of the period were RMB 32,847,813 thousand, down from RMB 37,562,245 thousand at the end of the same period in 2022, indicating a reduction in liquidity[26]. - The company paid income tax of RMB (1,531,719) thousand for the six months ended June 30, 2023, compared to RMB (1,318,680) thousand in the same period of 2022, reflecting an increase in tax obligations[26]. Market and Strategic Outlook - The company is focusing on expanding its market presence and enhancing product offerings through new technology developments[17]. - Future outlook includes continued investment in research and development to drive innovation and market expansion strategies[17]. - The company plans to continue expanding its market presence and developing new products and technologies to enhance its competitive edge[101]. - The company is actively addressing challenges during its transition to new energy, maintaining overall profitability and healthy business development[174]. - The company plans to focus on launching multiple new energy vehicle models in the second half of 2023, including the "Geely Galaxy L6" and "Geely Galaxy E8"[192]. Related Party Transactions - Total revenue from related party transactions with Zhejiang Geely Automobile Co., Ltd. reached RMB 13.8 billion for the six months ended June 30, 2023, compared to RMB 19.0 billion in the same period of 2022, representing a decrease of approximately 27.4%[141]. - Revenue from product research and technical licensing services with Ningbo Geely Automobile Research and Development Co., Ltd. was RMB 1.67 billion for the six months ended June 30, 2023, up from RMB 947.3 million in 2022, indicating an increase of approximately 76.5%[143]. - The company reported operational service income of RMB 97.7 million from Geely Automobile Group Co., Ltd. for the six months ended June 30, 2023, compared to RMB 50.3 million in 2022[143]. Acquisitions and Joint Ventures - The company completed the acquisition of 100% equity in Xi'an Geely Automobile Co., Ltd. for a cash consideration of RMB 382,450,000, finalized in April 2023[119]. - The company established a joint venture with CATL, with a registered capital of RMB 1,000,000,000, where Geely holds a 49% stake[121]. - The group conditionally agreed to acquire 49.9% of the issued and paid-up ordinary shares of Baoteng and DHG for approximately RMB 1,450.4 million, including USD 56,390,000 (approximately RMB 387.4 million) related to receivables sold to the group[68]. Research and Development - Research and development expenses for the first half of 2023 totaled approximately RMB 3 billion, down from RMB 3.3 billion in the same period of 2022[183]. - The company incurred RMB 436.4 million in research and development costs capitalized as intangible assets for the six months ended June 30, 2023, compared to RMB 852.8 million in the same period of 2022[139]. - In the first half of 2023, the company's capitalized R&D expenses increased by 87% year-on-year to RMB 5.1 billion, primarily driven by the rapid growth in R&D spending for the Zeekr brand[184].

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Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 73,181,745 thousand, representing a 26% increase from RMB 58,183,773 thousand in the same period of 2022[4] - Net profit attributable to equity holders for the same period was RMB 1,570,728 thousand, slightly up from RMB 1,552,238 thousand, marking a 1% increase[4] - Total sales volume reached 694,045 units, a 13% increase compared to 613,845 units in the previous year[4] - Basic earnings per share for the period was RMB 14.91, up from RMB 14.83, reflecting a 1% increase[6] - The gross profit for the six months was RMB 10,540,492 thousand, compared to RMB 8,475,802 thousand in the same period last year, indicating a significant increase[6] - The company reported a total comprehensive income of RMB 1,185,698 thousand for the period, down from RMB 1,726,252 thousand in the previous year[7] - The company reported a pre-tax profit of RMB 1,474,100 thousand for the six months ended June 30, 2023, compared to RMB 1,316,513 thousand in 2022, an increase of 12%[10] - The net profit attributable to the parent company's shareholders for the first half of 2023 was RMB 1.57 billion, a slight increase of 1% compared to the same period last year, with diluted earnings per share at RMB 0.1475[84] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 164,278,569 thousand, a 4% increase from RMB 157,826,329 thousand at the end of 2022[4] - The company's equity attributable to equity holders increased to RMB 76,569,089 thousand, up 2% from RMB 75,130,455 thousand[4] - Non-current assets totaled RMB 87,678,628 thousand, an increase from RMB 78,762,416 thousand at the end of 2022[8] - The total liabilities decreased from RMB 12,677,300 thousand as of December 31, 2022, to RMB 8,816,578 thousand as of June 30, 2023, a reduction of 30.5%[9] - The company's total liabilities as of June 30, 2023, are not explicitly stated but are implied to have changed in relation to the net asset values and receivables reported[51] Cash Flow and Investments - The cash flow from operating activities before changes in working capital for the six months ended June 30, 2023, was RMB 5,698,021 thousand, slightly down from RMB 5,985,586 thousand in the same period of 2022, a decrease of 4.8%[10] - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 10,698,972 thousand, compared to RMB 9,807,546 thousand in 2022, reflecting an increase of 9.1%[10] - The net cash used in investing activities for the six months ended June 30, 2023, was RMB 8,986,314 thousand, which is a significant increase from RMB 5,609,171 thousand in the same period of 2022, indicating a rise of 60.5%[11] - The cash and cash equivalents at the end of June 30, 2023, were RMB 32,847,813 thousand, down from RMB 37,562,245 thousand at the end of June 30, 2022, a decrease of 12.3%[11] - The company reported a net loss from foreign exchange and derivative financial instruments of RMB (114,584) thousand for the current period, compared to a gain of RMB 38,132 thousand in the previous year[23] Sales and Market Performance - Sales of vehicles and related services accounted for RMB 60,284,330 thousand, up from RMB 49,202,613 thousand, representing a growth of 22.4%[20] - Sales of battery packs and related components surged to RMB 5,954,587 thousand, a significant increase from RMB 1,686,566 thousand, marking a growth of 253.5%[20] - The company’s processing income for the current period was RMB 134,686 thousand, reflecting the introduction of new services[20] - The company’s total revenue from logistics services increased to RMB 127,790 thousand, compared to RMB 32,499 thousand in the previous year, indicating a strong growth trajectory[23] - The company’s export sales increased by 38% in the first half of 2023, reaching 121,185 units[83] Research and Development - Research and development costs for the first half of 2023 amounted to RMB 843,808,000, down from RMB 926,194,000 in the same period of 2022, a decrease of approximately 9%[25] - In the first half of 2023, the company's total R&D expenses amounted to approximately RMB 3 billion, a decrease of 8% compared to RMB 3.33 billion in the same period of 2022[93] - Capitalized R&D expenditures increased by 87% year-on-year to RMB 5.1 billion, primarily driven by the growth in R&D spending for the Zeekr brand in the high-end smart electric vehicle sector[93] Dividends and Shareholder Equity - The company did not declare an interim dividend for the period, consistent with the previous year[4] - The company declared a final dividend of HKD 0.21 per share for the year ended December 31, 2022, totaling approximately RMB 1,915,763,000, compared to RMB 1,787,669,000 for the same period in 2022[29] - As of June 30, 2023, the company's shareholder equity was approximately RMB 76.6 billion, an increase from RMB 75.1 billion as of December 31, 2022[105] Strategic Acquisitions and Partnerships - The company acquired a 49.9% stake in Proton Holdings Berhad for approximately RMB 1,450.4 million, providing an entry into the Southeast Asian right-hand drive passenger vehicle market[39] - The acquisition of Proton is expected to enhance the company's business development in Southeast Asia, particularly in electric vehicle development under the Proton brand[40] - The company completed the acquisition of 100% equity in Xi'an Geely Automobile Co., Ltd. for RMB 382,450,000, which was finalized in April 2023[77] - The group acquired 49.9% equity in Baoteng and DHG for RMB 1.063 billion and approximately RMB 393.7 million, respectively[87] - A joint venture for powertrain business was established with Geely Holding and Renault, with respective equity stakes of 33%, 17%, and 50%[88] Employee and Operational Metrics - Employee costs, including directors' remuneration, totaled RMB 4,260,043,000 for the first half of 2023, up from RMB 3,837,265,000 in the same period of 2022, representing an increase of approximately 11%[25] - The total number of employees increased to approximately 53,000 as of June 30, 2023, up from 49,000 as of December 31, 2022[109] Financial Instruments and Risks - The company is actively monitoring foreign exchange risks and has implemented forward contracts to mitigate potential losses from currency fluctuations[106] - The company has no breaches of financing covenants as of June 30, 2023[70] Corporate Governance - The audit committee, consisting of independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2023[113] - The interim report for 2023 will include all information disclosed in the interim performance announcement and will be published on the company's and Hong Kong Stock Exchange's websites[114]

Financial Performance - In 2022, Geely Automobile Holdings Limited reported revenue of RMB 147,964,647 thousand, a 46% increase from RMB 101,611,056 thousand in 2021[4] - The profit attributable to equity holders of the company rose by 9% to RMB 5,260,353 thousand, compared to RMB 4,847,448 thousand in the previous year[6] - Total assets increased by 17% to RMB 157,826,329 thousand, up from RMB 134,341,404 thousand in 2021[6] - Total revenue increased by 46% to RMB 148 billion for the year ending December 31, 2022[10] - Net profit rose by 7% to RMB 4.65 billion, while attributable net profit increased by 9% to RMB 5.26 billion[10] - The basic earnings per share rose to RMB 51.06, a 6% increase from RMB 48.06 in the previous year[6] - The total liabilities of the company stood at RMB 81,630,514 thousand, compared to RMB 64,120,432 thousand in 2021[4] - The company's capital debt ratio increased to 14.4% from 5.6% in the previous year[6] Vehicle Sales and Production - The company sold a total of 1,432,988 vehicles in 2022, an 8% increase from the previous year, with domestic wholesale volume increasing by 2% to 1,234,746 vehicles[8] - Sales of new energy vehicles surged by 300% to 328,727 units, accounting for 23% of total sales[8] - The group achieved a wholesale volume of 1,432,988 units, representing an 8% year-on-year increase, while the overall passenger vehicle industry saw a decline of 1.5%[16] - The average selling price increased by 30% year-on-year, with a 24% growth in comprehensive average selling price after including Lynk & Co and Zeekr brands[10] - The total annual production capacity across various factories is projected to be 1,620,000 units, ensuring sufficient supply to meet market demand[38] New Energy Vehicle Strategy - The company aims to accelerate its transformation towards new energy vehicles in response to market changes and supply chain challenges[8] - The company aims to reduce carbon emissions per vehicle by over 25% by 2025 and achieve carbon neutrality by 2045[11] - The company is committed to its new energy vehicle strategy to address challenges related to fuel efficiency and emission standards[144] - The company aims to double its sales of new energy vehicles in 2023, supported by the launch of multiple new models and the establishment of over 200 battery swap stations in key cities[39] - The company aims to enhance its supply chain ecosystem by improving collaboration with key component suppliers, aiming to reduce costs and improve profitability of new energy products[39] Research and Development - Research and development expenses for 2022 amounted to RMB 6.76 billion, a 23% increase from RMB 5.52 billion in 2021[31] - The company is focused on maintaining strong relationships with customers and suppliers, which are crucial for its success[135] - Significant progress has been made in technical cooperation with Volvo Cars, with plans to explore synergies in powertrains, electrification, and autonomous driving[137] - The introduction of the "Raytheon Hybrid System" has been well-received in the market, with plans to launch a series of plug-in hybrid products based on its upgraded technology in 2023[40] Corporate Governance - Geely Automobile Holdings Limited reported a commitment to high levels of corporate governance, ensuring effective board functionality and communication with shareholders[66] - The company adhered to the Hong Kong Stock Exchange's corporate governance code, with some exceptions noted in specific clauses[66] - The board of directors possesses extensive experience in the automotive industry, business management, and capital market operations, enhancing decision-making capabilities[67] - The company has established a framework for ongoing related party transactions, ensuring compliance with regulatory agreements and shareholder interests[196] Strategic Initiatives and Acquisitions - The group successfully acquired a 34.02% stake in Renault Korea for approximately 264 billion KRW, enhancing its market presence and technological capabilities[19] - The group announced a proposed spin-off of ZEEKR for independent listing, aimed at enhancing shareholder value and allowing ZEEKR to fully realize its potential[21] - Geely plans to enhance its new energy product promotion and launch the "Galaxy" series of mid-to-high-end new energy vehicles as part of its strategic development[51] - Geely Automobile Holdings Limited agreed to establish a joint venture with Renault, each holding 50% equity, focusing on internal combustion, hybrid, and plug-in hybrid powertrains and related technologies[184] Financial Management - The company aims to allocate approximately RMB 14 billion for capital expenditures in 2023, focusing on new vehicle platforms and production facility upgrades[30] - The company has implemented strict foreign exchange risk management policies to mitigate currency exchange risks[142] - The company is committed to maintaining cost-effectiveness, flexibility, and competitive advantages in intellectual property resources[115] - The company has a strong focus on risk management and compliance, led by Executive Director Gui Shengyue, who has over 36 years of administrative and project management experience[59] Market Presence and Expansion - The group’s overseas sales reached 198,242 units, a 72% increase year-on-year, outperforming the industry growth rate of 56.7%[17] - The company is expanding its market presence in Europe in 2023, targeting one of the most mature automotive markets[52] - The company has established a presence in 51 countries through 43 sales agents and 379 sales and service outlets by the end of 2022[50] Challenges and Risks - The global chip supply shortage has severely impacted the company's supply chain, potentially leading to increased costs and reduced profitability[140] - Increased competition in the Chinese automotive market may dilute the company's market share and profit margins[140] - The company acknowledges the risk of not accurately predicting customer demand changes, which could significantly impact its brand image and financial performance[136] Shareholder Communication and Dividends - The company plans to distribute a final dividend of HKD 0.21 per ordinary share, amounting to approximately RMB 1,866,554,000[134] - The company has conducted a comprehensive review of its shareholder communication policy to ensure timely and accurate communication with stakeholders[120] - The board of directors can declare dividends based on the company's distributable profits and reserves, with the ability to pay interim dividends without a general meeting[126]

Financial Performance - Total sales volume increased by 8% to 1,432,988 units in 2022 from 1,328,031 units in 2021[3]. - Revenue rose by 46% to RMB 147,964,647 thousand in 2022 compared to RMB 101,611,056 thousand in 2021[4]. - Net profit attributable to equity holders increased by 9% to RMB 5,260,353 thousand in 2022 from RMB 4,847,448 thousand in 2021[3]. - Basic earnings per share increased by 6% to RMB 51.06 in 2022 from RMB 48.06 in 2021[3]. - Total comprehensive income for the year was RMB 4,684,225 thousand, compared to RMB 4,297,491 thousand in 2021[5]. - Operating cash flow for the year was RMB 16,018,395 thousand, compared to RMB 15,348,343 thousand in the previous year, reflecting an increase of approximately 4.4%[10]. - The company reported a pre-tax profit of RMB 4,681,941 thousand, slightly up from RMB 4,665,175 thousand in the previous year[10]. - The total revenue for 2022 reached RMB 147,964,647 thousand, compared to RMB 101,611,056 thousand in 2021, marking an increase of about 45.6%[24]. - The company reported a significant contribution from a major customer, generating RMB 21,580,845 thousand, which exceeded 10% of total revenue[25]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.21 per share, unchanged from the previous year[3]. - The proposed final dividend per share for 2022 is HKD 0.21, consistent with the dividend for 2021, amounting to RMB 1,866,554,000[34]. - The company paid dividends amounting to RMB 1,787,669 thousand during the year, an increase from RMB 1,611,439 thousand in the previous year[11]. Assets and Liabilities - Non-current assets increased to RMB 78,762,416 thousand in 2022 from RMB 69,045,582 thousand in 2021[6]. - Current liabilities increased to RMB 68,953,214 thousand in 2022 from RMB 60,350,557 thousand in 2021[6]. - The total liabilities, including non-current liabilities, amounted to RMB 88,873,115 thousand in 2022, up from RMB 73,990,847 thousand in 2021, reflecting a rise of approximately 20.1%[7]. - The total equity attributable to the company's shareholders increased to RMB 75,130,455 thousand in 2022 from RMB 68,606,146 thousand in 2021, representing a growth of approximately 9.5%[7]. - The company's reserves rose significantly to RMB 71,533,667 thousand in 2022, compared to RMB 65,010,029 thousand in 2021, indicating an increase of about 10.5%[7]. - The total amount of trade and other payables rose to RMB 1,602,020 thousand in 2022, compared to RMB 961,697 thousand in 2021, reflecting an increase of about 66.6%[7]. Cash Flow and Investments - The net cash used in investing activities was RMB 12,130,350 thousand, compared to RMB 7,159,167 thousand in the previous year, indicating a significant increase in investment outflows[11]. - The total cash level at the end of 2022 increased by 20% year-on-year to RMB 33.7 billion, while total borrowings rose by 184% to RMB 10.8 billion[102]. - The company’s total liabilities from financing activities included bank loans, related company loans, and bonds, totaling RMB 3,951,780,000 at the beginning of 2021[88]. Research and Development - The total R&D costs for 2022 amounted to RMB 1,965,596,000, compared to RMB 1,292,171,000 in 2021, reflecting a significant increase in investment[32]. - Research and development expenses for 2022 amounted to RMB 6.765 billion, a 23% increase compared to RMB 5.518 billion in 2021[104]. Market and Sales - Sales of new energy vehicles surged by 300% to 328,727 units, accounting for 23% of total sales, with the Zeekr brand delivering 71,941 units of its first model[100]. - The average selling price increased by 30% year-on-year, with a 24% growth in consolidated average selling price after accounting for joint ventures[98]. - The company aims to achieve a sales target of 1,650,000 units in 2023, representing a 15% increase from the total sales in 2022[107]. Corporate Governance and Compliance - The audit committee, consisting of independent non-executive directors, has reviewed the group's financial performance for the year ending December 31, 2022[118]. - The company has ensured that independent non-executive directors can express any concerns to the chairman, despite the lack of formal meetings during the year[116]. - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance throughout the year[117]. Future Outlook and Strategy - The company plans to spin off Zeekr Holdings for independent listing, with the proposal confirmed by the Hong Kong Stock Exchange[95]. - The company aims to reduce carbon emissions per vehicle by over 25% by 2025, with an 8% reduction achieved by the end of 2022[101]. - The company plans to enhance its supply chain ecosystem and procurement strategies in 2023 to address operational challenges faced in 2022[107]. - The company is set to enter the European market in 2023, aiming to create value in one of the most mature automotive markets globally[107].

Share Option Scheme Details - As of December 31, 2021, the total number of share options available under the 2012 Share Option Scheme was 44,076,045, representing approximately 0.44% of the total issued share capital[1]. - The total number of securities that could be issued under the 2012 Share Option Scheme was 620,866,045 shares, which includes 576,790,000 options granted but not yet exercised, accounting for about 6.20% of the total issued share capital as of December 31, 2021[1]. - The 2012 Share Option Scheme was approved at the annual general meeting on May 18, 2012, allowing for a maximum of 747,486,045 shares to be issued upon exercise, which represented 10% of the issued share capital at that time[1]. - The 2012 Share Option Scheme expired on May 18, 2022, and no new share option scheme has been adopted as of the announcement date[1].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 58,183,773 thousand, an increase from RMB 45,032,091 thousand in the same period of 2021, representing a growth of approximately 29.2%[7] - Gross profit for the same period was RMB 8,475,802 thousand, compared to RMB 7,759,047 thousand in 2021, reflecting an increase of about 9.2%[7] - Profit attributable to equity holders for the period was RMB 1,277,848 thousand, down from RMB 2,409,088 thousand in 2021, indicating a decrease of approximately 46.9%[7] - Basic earnings per share for the period was RMB 14.83 cents, compared to RMB 23.60 cents in the previous year, a decline of about 37.5%[7] - The total comprehensive income for the six months ended June 30, 2022, was RMB 1,726,252 thousand, a decrease of 28.7% compared to RMB 2,420,554 thousand for the same period in 2021[8] - The net profit for the period was RMB 1,277,848 thousand, down 46.9% from RMB 2,409,088 thousand in the previous year[8] - The company reported a pre-tax profit of RMB 1,316,513 thousand, down from RMB 2,920,638 thousand in the previous year, a decrease of approximately 55.0%[7] Expenses and Costs - The total distribution and selling expenses for the period were RMB 3,303,773 thousand, up from RMB 2,554,189 thousand in 2021, representing an increase of about 29.3%[7] - Employee costs, including directors' remuneration, amounted to RMB 3,837,265,000 for the six months ended June 30, 2022, up from RMB 2,929,970,000 in the previous year, representing a rise of approximately 31%[34] - Depreciation for owned assets was RMB 1,369,278,000, compared to RMB 1,192,899,000 in the previous year, indicating an increase of about 14.8%[35] Cash Flow and Financial Position - The company’s cash and cash equivalents increased to RMB 37,562,245 thousand from RMB 28,013,995 thousand, marking a growth of 34.2%[11] - The cash flow from operating activities for the six months ended June 30, 2022, was significant, reflecting strong operational performance[17] - The net cash generated from operating activities was RMB 9,807,546 thousand, significantly higher than RMB 4,117,052 thousand in the previous year, indicating a year-over-year increase of approximately 138.5%[18] - The total cash and cash equivalents at the end of the period reached RMB 37,562,245 thousand, up from RMB 19,799,643 thousand at the end of the previous year, marking an increase of approximately 89.6%[18] - The company’s total liabilities as of June 30, 2022, were RMB 53,377,123,000, down from RMB 58,354,487,000 as of December 31, 2021, indicating a decrease of approximately 8.5%[69] Investments and Acquisitions - The company completed the acquisition of China-Euro Vehicle Technology AB for approximately SEK 1,057.8 million (around RMB 741.3 million), focusing on smart electric vehicle design and technology solutions[84] - The company is in the process of acquiring 45,375,000 shares of Renault Korea Motors Co., Ltd. for approximately KRW 264 billion (approximately RMB 1,608,795,000), with the subscription not yet completed as of June 30, 2022[89] - The company has a capital commitment of RMB 629,142,000 for a joint venture with LG Chem Ltd. for the production and sale of electric vehicle batteries, with the establishment not yet completed[90] Market and Sales Performance - Total revenue for the six months ended June 30, 2022, was RMB 58,183,773,000, an increase from RMB 45,032,091,000 in the same period of 2021, representing a growth of approximately 29.1%[28] - Revenue from automobile sales and related services was RMB 49,202,613,000, compared to RMB 39,312,044,000 in the previous year, indicating a year-on-year increase of about 25.5%[28] - Total sales in the Chinese market decreased by 9% year-on-year to 526,217 units, primarily due to pandemic control measures and global chip shortages[130] - Total sales of pure electric vehicles reached 85,820 units, a year-on-year increase of 520%, while plug-in hybrid vehicles sold 23,891 units, up 192% year-on-year[137] Future Outlook and Strategy - The company plans to continue expanding its market presence and invest in new product development to drive future growth[1] - The management remains optimistic about future performance despite the current challenges in the market[1] - The group plans to launch several new products in the second half of 2022, including the all-new Boyue L SUV and the Starry L plug-in hybrid model[141] - The group expects significant sales contributions from hybrid vehicles equipped with the Raytheon hybrid technology in the second half of 2022[137] Shareholder and Corporate Governance - Proper Glory Holding Inc. holds a total of 4,215,888,000 shares, representing approximately 42.07% of the company's issued share capital[155] - The company is committed to adhering to corporate governance codes, with specific compliance noted in the report[183] - The audit committee was established in accordance with listing rules to review and supervise the financial reporting process, risk management systems, and internal controls as of June 30, 2022[188]