ZHONGSHENG HLDG(00881)2023-03-23 04:13Sales Performance - For the year ended December 31, 2022, the new car sales volume was 520,396 units, a decrease of 1.5% compared to the previous year[2]. - Luxury brand new car sales reached 307,434 units, an increase of 2.7% year-on-year[2]. - The used car transaction volume was 140,121 units, an increase of 0.5% year-on-year[2]. - The group sold 140,121 used cars, with retail sales accounting for 25.3% or 35,450 units[11]. - Automotive sales increased by 69.4% year-on-year, attributed to the strong dealership network of the group's core brand electric vehicles[11]. Financial Performance - Revenue for the year was RMB 179,857.0 million, representing a growth of 2.7% compared to the previous year[2]. - The profit attributable to equity holders for the year was RMB 6,667.6 million, a decrease of 19.9% year-on-year[3]. - The basic earnings per share for the year was RMB 2.76, down from RMB 3.56 in the previous year[3]. - The group's operating profit for the year was RMB 10,168,839, down from RMB 12,617,281 the previous year[14]. - The company's net profit for the year ended December 31, 2022, was RMB 6,614,434, a decrease of 21.3% compared to RMB 8,407,330 in 2021[15]. Assets and Liabilities - The company's total assets less current liabilities amounted to RMB 62,769,034, an increase from RMB 57,093,165 in 2021[17]. - Current assets increased to RMB 46,832,828 from RMB 40,346,938, reflecting a growth of 16.3%[17]. - The company's total liabilities increased to RMB 18,651,474 from RMB 16,386,674, representing a rise of 13.8%[18]. - The net assets of the company reached RMB 44,117,560, up from RMB 40,706,491, indicating a growth of 10.5%[19]. - The company's inventory increased to RMB 15,237,427 from RMB 11,192,016, marking a significant rise of 36.3%[17]. Revenue Breakdown - Total revenue from customer contracts for 2022 was RMB 179,856,972 thousand, an increase from RMB 175,103,062 thousand in 2021, representing a growth of approximately 1.6%[27]. - The revenue from automobile sales was RMB 155,248,023 thousand in 2022, compared to RMB 150,598,453 thousand in 2021, indicating an increase of about 3.5%[27]. - Other income and gains for 2022 totaled RMB 4,424,144 thousand, up from RMB 3,890,572 thousand in 2021, reflecting a growth of approximately 13.7%[28]. Cost and Expenses - Employee benefits expenses for 2022 were RMB 5,492,475 thousand, a decrease from RMB 5,652,610 thousand in 2021, showing a reduction of about 2.8%[29]. - The cost of goods sold for 2022 was RMB 161,663,435 thousand, compared to RMB 154,664,762 thousand in 2021, which is an increase of approximately 4.5%[30]. - Depreciation and impairment of property, plant, and equipment for 2022 amounted to RMB 1,713,613 thousand, up from RMB 1,428,389 thousand in 2021, representing an increase of about 20%[30]. Cash Flow and Capital Expenditure - Cash flow from operating activities was RMB 8,784.8 million, primarily from operating profit before changes in working capital and tax payments[51]. - Cash used in investing activities was RMB 3,599.8 million for the year[52]. - Cash used in financing activities was RMB 4,526.8 million for the year[52]. - The total capital expenditure for the year ended December 31, 2022, was RMB 1,948.8 million, with no significant investments made during the same period[54]. Shareholder Information - The proposed final dividend is HKD 1.09 per share (approximately RMB 0.97), compared to HKD 0.84 per share in the previous year[42]. - The average number of ordinary shares issued during 2022 was 2,411,562,186, an increase from 2,340,870,937 in 2021[35]. - The company has a total of 11,000,000 unexercised share options as of December 31, 2022, representing approximately 0.46% of the issued share capital[67]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the year ended December 31, 2022[69]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the year ended December 31, 2022[70]. - The company has not entered into any related party transactions that require disclosure under the Listing Rules during the year ended December 31, 2022[68]. Future Outlook - The company plans to continue enhancing operational efficiency and adapting to changing customer demands, supported by its scale and management system[13]. - The company plans to expand its presence in the luxury and mid-to-high-end passenger car market through new store openings and appropriate acquisitions[62]. - Forward-looking statements regarding the group's business outlook, financial performance estimates, and development strategies are included, based on existing information[78].