Financial Performance - For the year ended December 31, 2023, the revenue was RMB 28,554.6 million, a decrease of 0.3% compared to RMB 28,654.7 million in the same period of 2022[2]. - Gross profit for the year was RMB 2,077.9 million, with a gross margin of 7.3%[2]. - The net profit for the year was RMB 155.8 million, down from RMB 555.9 million in 2022, representing a decline of approximately 72%[5]. - The basic earnings per share for the year was RMB 10.44, compared to RMB 40.93 in the previous year[6]. - The total dividend for the year was RMB 0.0417 per share, with a payout ratio of about 40%[2]. - The pre-tax profit for 2023 was RMB 384,474,000, down from RMB 863,540,000 in 2022, indicating a decrease of approximately 55.5%[32]. - The income tax expense for 2023 was RMB 228,694,000, compared to RMB 307,604,000 in 2022, a reduction of about 25.7%[31]. - The group’s profit for the year decreased by approximately 72.0% to about RMB 155.8 million, compared to RMB 555.9 million in the previous year, with a profit margin dropping from about 1.9% to approximately 0.5%[91]. Revenue Breakdown - Revenue from passenger car sales was RMB 24,421,186,000 in 2023, compared to RMB 25,297,011,000 in 2022, indicating a decline of about 3.45%[21]. - After-sales service revenue increased to RMB 4,133,367,000 in 2023 from RMB 3,357,723,000 in 2022, marking a growth of approximately 23%[21]. - New passenger vehicle sales revenue decreased by 3.5% to approximately RMB 24,421.2 million, accounting for about 85.5% of total revenue[86]. - After-sales service revenue increased by approximately 23.1% to about RMB 4,133.4 million, representing around 14.5% of total revenue[86]. Cash Flow and Liquidity - Cash generated from operating activities was RMB 1,034.8 million, down from RMB 1,626.0 million in 2022[12]. - The company reported a net cash inflow from investing activities of RMB 156.8 million, compared to a net outflow of RMB 3,483.5 million in the previous year[12]. - The company reported a net cash increase of RMB 723,295 thousand in 2023, compared to a decrease of RMB 1,001,855 thousand in 2022[13]. - The cash and cash equivalents at the end of 2023 were RMB 2,361,671 thousand, an increase from RMB 1,635,625 thousand at the end of 2022[13]. - The group’s cash and cash equivalents, along with bank deposits with maturities over three months, totaled approximately RMB 2,361.7 million, RMB 561.9 million, and RMB 971.5 million respectively[98]. Assets and Liabilities - Non-current assets decreased to RMB 7,847.7 million from RMB 8,350.9 million in 2022[8]. - Current assets increased to RMB 6,372.7 million from RMB 5,888.5 million in 2022, primarily due to an increase in cash and cash equivalents[8]. - Total equity increased to RMB 5,286.1 million from RMB 4,433.8 million in the previous year[10]. - Total loans and borrowings received amounted to RMB 11,989,067 thousand in 2023, down from RMB 12,861,255 thousand in 2022, indicating a decrease of approximately 6.8%[13]. - The asset-liability ratio as of December 31, 2023, was approximately 97.7%, down from 131.9% as of December 31, 2022[98]. Dividends and Shareholder Returns - The company paid dividends to equity shareholders totaling RMB 169,223 thousand in 2023, a significant decrease of 83.0% from RMB 994,706 thousand in 2022[13]. - The company declared an interim dividend of RMB 0.0087 per share for the year, down from RMB 0.0808 per share in the previous year, totaling RMB 11,712,000[72]. - The proposed final dividend is RMB 0.0330 per share, compared to RMB 0.1170 per share in the previous year, amounting to RMB 44,426,000[72]. Financing Activities - The company reported a net cash outflow from financing activities of RMB 250,293 thousand in 2023, contrasting with a net inflow of RMB 1,327,784 thousand in 2022[13]. - The company issued new shares, net of issuance expenses, amounting to RMB 871,191 thousand in 2023, compared to RMB 628,815 thousand in 2022, reflecting a growth of 38.5%[13]. - The company issued guaranteed zero-coupon convertible bonds totaling HKD 2,750,000,000 (approximately RMB 2,248,263,000) on January 14, 2022, receiving net cash of HKD 2,689,517,000 (approximately RMB 2,198,814,000) after transaction costs[66]. - The company repurchased convertible bonds with a total principal amount of HKD 231,000,000 during the year, with a total consideration of HKD 214,355,000 (approximately RMB 194,253,000)[70]. Operational Highlights - The company maintained a healthy cash flow with inventory turnover days reaching 12 days, enhancing cash flow recovery speed[84]. - The domestic passenger car sales volume was approximately 21.7 million units, a year-on-year increase of 5.6%[83]. - The penetration rate of new energy vehicles increased by 8.1 percentage points to 35.7%, with sales volume rising by nearly 36.4% to approximately 7.74 million units[83]. - The group operated a total of 78 stores as of December 31, 2023, an increase of 2 stores from 76 in the previous year, including 2 new Tesla after-sales service centers[97]. Taxation and Compliance - The group confirmed a withholding tax on dividends from China of RMB 80.5 million, based on dividends distributed of RMB 756.3 million for the year ending December 31, 2023, and an estimated future distribution of RMB 853.0 million[33]. - The current tax liabilities in the consolidated financial position as of December 31, 2023, amounted to RMB 124.99 million, compared to RMB 101.75 million in 2022[34]. - The group’s income tax expense for the year was approximately RMB 228.7 million, a decrease of about 25.7% from RMB 307.6 million in the previous year, primarily due to a reduction in pre-tax profits[90]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules[110]. Future Outlook - The annual revenue growth rate is projected to decline by 10.1% to 6.1% for 2024, with a slight recovery expected in 2025 at 1.3% to 3.8% and 2026 at 1.1% to 3.8%[53]. - The gross profit margin is estimated to range from 7.2% to 15.6% in 2024, improving to 8.2% to 16.6% in 2025, and further to 9.0% to 19.5% in 2026[53]. - The group intends to gradually repay certain loans and convertible bonds to reduce debt levels and financing costs, aiming for a more streamlined and efficient balance sheet structure[103].
美东汽车(01268) - 2023 - 年度业绩