Revenue Performance - For the first half of 2024, the company recorded revenue of approximately RMB 10,655.9 million, a decrease of about 24.4% compared to RMB 14,088.7 million in the same period of 2023[11]. - New passenger vehicle sales revenue fell by approximately 29.3% to about RMB 8,569.4 million, accounting for approximately 80.4% of total revenue[11]. - After-sales and mortgage application service revenue increased by approximately 6.3% to about RMB 2,086.5 million, representing approximately 19.6% of total revenue[11]. - Revenue for the six months ended June 30, 2024, was RMB 10,655,863 thousand, a decrease of 24.3% compared to RMB 14,088,673 thousand for the same period in 2023[75]. - Revenue from new passenger car sales was RMB 8,569,387 thousand, down 29.5% from RMB 12,126,498 thousand in the previous year[92]. - Revenue from after-sales and mortgage application services increased to RMB 2,086,476 thousand, up 6.3% from RMB 1,962,175 thousand in the previous year[92]. Cost and Profitability - The company's sales cost decreased by approximately 24.7% to about RMB 9,849.4 million, primarily due to the decline in new passenger vehicle sales revenue[12]. - Gross profit decreased approximately 19.4% from about RMB 1,001.1 million in the first half of 2023 to about RMB 806.4 million, while overall gross margin increased by 0.5 percentage points to approximately 7.6%[13]. - The gross profit margin for new vehicle sales continued to decline, while after-sales and mortgage services maintained stable gross profit margins[10]. - The operating profit decreased to RMB 141,081 thousand from RMB 304,653 thousand, representing a decline of 53.8%[75]. - The company reported a total financing cost of RMB 123,871,000 for the six months ended June 30, 2024, down 13% from RMB 142,845,000 in the same period of 2023[98]. - Employee costs were reduced to RMB 315,776,000 in the first half of 2024, a decrease of 21% from RMB 400,777,000 in the same period of 2023[99]. Financial Position - As of June 30, 2024, the total equity of the group was approximately RMB 5,184.7 million, a decrease from RMB 5,286.1 million as of December 31, 2023[27]. - Current assets increased to approximately RMB 6,832.3 million from 6,372.7 million, primarily due to concentrated procurement of new vehicles, resulting in an inventory increase of about RMB 436.5 million[27]. - Current liabilities rose to approximately RMB 6,657.6 million from RMB 4,447.4 million, mainly due to the reclassification of convertible bonds from non-current to current liabilities[27]. - The group's asset-liability ratio was approximately 88.3% as of June 30, 2024, down from 97.7% as of December 31, 2023[28]. - Cash and cash equivalents totaled approximately RMB 3,943.4 million, with a significant portion held in RMB, USD, and HKD[28]. - The company reported cash and cash equivalents of RMB 2,557,619 thousand as of June 30, 2024, compared to RMB 2,361,671 thousand at the end of 2023[78]. Market and Competitive Landscape - The competitive landscape in the new energy vehicle market is intensifying, with a retail sales volume of 4.11 million units, a year-on-year increase of 33.2%, leading to a market share of 41.8%[9]. - The overall domestic passenger vehicle sales reached 9.84 million units, a year-on-year increase of 3.2%, while luxury vehicle sales decreased by 5.6% to 1.33 million units[8]. - The company is focusing on cost control, cash turnover, and operational efficiency as key strategies in response to the challenging market environment[8]. Shareholder Information - As of June 30, 2024, the total number of issued shares is 1,346,247,201[41]. - Mr. Ye Fan holds 703,916,000 shares, representing 52.29% of the total shares[41]. - FIL Limited and its affiliates collectively hold 121,772,260 shares, accounting for 9.05% of the total shares[46]. - Fidelity Funds owns 95,108,000 shares, which is 7.06% of the total shares[46]. - The company did not declare an interim dividend for the period, compared to RMB 0.0087 per share in the first half of 2023[19]. Debt and Financing - The company issued convertible bonds with a total principal amount of HKD 2,750 million in January 2022, guaranteed by the company[59]. - The outstanding principal amount of convertible bonds as of the report date is HKD 1,873,000,000, representing approximately 68.11% of the initial total principal amount of the convertible bonds[63]. - The company repurchased convertible bonds totaling approximately HKD 642.03 million during the period, with a total principal amount of HKD 636 million[61]. - The company plans to reduce debt burden by gradually repaying loans and convertible bonds to lower the debt ratio and financing costs[34]. Employee and Management Information - The total remuneration for key management personnel was RMB 6,552 thousand for the six months ended June 30, 2024, down from RMB 7,433 thousand in the same period of 2023, a decrease of 11.8%[154]. - As of June 30, 2024, the group had 3,674 employees, down from 3,805 employees as of December 31, 2023[66]. - Employee costs for the group totaled RMB 334.2 million, a decrease from RMB 426.9 million in the same period last year[66]. Other Financial Metrics - The company recorded a loss of approximately RMB 22.9 million for the period, compared to a profit of approximately RMB 44.7 million in the same period last year, resulting in a profit margin of -0.2%, a decrease of 0.5 percentage points year-on-year[18]. - The company recognized a goodwill impairment loss of RMB 104,762,000 for the first half of 2024, compared to RMB 32,924,000 in the same period of 2023, indicating increased challenges in asset valuation[100]. - The company reported a total tax expense of RMB 113,583,000 for the first half of 2024, an increase of 15% from RMB 99,175,000 in the same period of 2023[103].
美东汽车(01268) - 2024 - 中期财报