长安汽车(000625) - 2023 Q4 - 年度财报

Financial Performance - Revenue for 2023 reached RMB 151.30 billion, a year-on-year increase of 24.78%[15] - Net profit attributable to shareholders of the listed company in 2023 was RMB 11.33 billion, up 45.25% year-on-year[15] - Net cash flow from operating activities in 2023 surged to RMB 19.86 billion, a 250.52% increase compared to the previous year[15] - Total assets at the end of 2023 amounted to RMB 190.17 billion, a 30.21% increase from the previous year[16] - Equity attributable to shareholders of the listed company at the end of 2023 was RMB 71.85 billion, up 14.31% year-on-year[16] - Non-recurring gains and losses in 2023 totaled RMB 7.55 billion, primarily driven by a RMB 5.02 billion gain from a non-controlling business merger[21] - Q4 2023 revenue was RMB 43.09 billion, with a net profit attributable to shareholders of RMB 1.45 billion[20] - Basic earnings per share in 2023 were RMB 1.15, a 43.75% increase from the previous year[15] - Weighted average return on equity in 2023 was 16.55%, up 3.48 percentage points year-on-year[15] - Total revenue reached 151.298 billion yuan, a year-on-year increase of 24.78%[44] - Net profit attributable to shareholders was 11.327 billion yuan, up 45.25% year-on-year[44] - Revenue for 2023 reached RMB 150 billion, a 12% increase year-over-year[90] - Net profit for the year was RMB 8.5 billion, up 15% compared to the previous year[90] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 3.43 yuan per 10 shares, based on a total share capital of 9,917,289,033 shares[4] - The company announced a cash dividend of RMB 3.43 per 10 shares, totaling RMB 3.40 billion, representing 30.03% of the net profit attributable to shareholders, with a year-on-year increase of 45.31%[93] - Cash dividend amount (including tax) is RMB 3,401,630,138.32, with a dividend ratio of 100% of the total profit distribution[133][134] - The company's distributable profit is RMB 44,297,589,798.86[134] - The company's 2023 profit distribution plan was approved by the 19th meeting of the 9th Board of Directors and will be submitted to the 2023 Annual Shareholders' Meeting for review[134] Subsidiaries and Acquisitions - The company's subsidiaries include Nanjing Changan, Hebei Changan, and Hefei Changan, among others[7] - The company completed the acquisition of Changan New Energy, resulting in a one-time investment gain of RMB 5.02 billion in Q1 2023[21] - The company completed the acquisition of 51% equity in Deep Blue Automotive Technology Co., Ltd., increasing its ownership to 51.00%[144] - The company completed the acquisition of Shenlan Automotive Technology Co., Ltd., increasing its shareholding to 51.00% and consolidating it as a subsidiary[173] - The company completed the acquisition of Shenlan Automobile, increasing its shareholding from 40.66% to 51.00%, and included it in the consolidated financial statements starting from February 2023[187] Stock and Shareholder Information - The company's stock is listed on the Shenzhen Stock Exchange with stock codes 000625 and 200625[8] - The total number of shares decreased from 9,921,799,422 to 9,917,289,033 due to the repurchase and cancellation of restricted shares[190] - The company's restricted shares decreased from 675,775,474 to 104,805,899, with a significant reduction in state-owned legal person shares from 515,311,738 to 0[189] - The company's unrestricted shares increased from 9,246,023,948 to 9,812,483,134, with RMB ordinary shares increasing from 7,604,409,171 to 8,170,868,357[189] - The company's non-publicly issued restricted shares totaling 515,311,738 became tradable on November 7, 2023[190] - The company's A-share restricted stock incentive plan saw 44,275,061 shares become tradable on March 6, 2023, and 7,366,678 shares on January 2, 2024[189] - The company's restricted shares related to equity incentives decreased by 4,510,389 shares due to repurchase and cancellation[196] - The total number of ordinary shareholders at the end of the reporting period is 451,892[198] - China Changan Automobile Group Co., Ltd. holds 17.98% of the shares, totaling 1,783,090,143 shares[198] - China South Industries Group Corporation holds 14.23% of the shares, totaling 1,410,747,155 shares[198] - Southern Industrial Asset Management Co., Ltd. holds 4.60% of the shares, totaling 456,253,257 shares, with a decrease of 49,990,000 shares during the reporting period[198] - China Securities Finance Corporation Limited holds 4.30% of the shares, totaling 426,362,905 shares[198] - Hong Kong Central Clearing Limited holds 2.37% of the shares, totaling 235,386,954 shares, with an increase of 92,260,045 shares during the reporting period[198] - Shen Yanjun, an individual shareholder, holds 0.35% of the shares, totaling 35,003,248 shares, all of which are newly acquired during the reporting period[198] - The top 10 shareholders include China South Industries Group Corporation and its wholly-owned subsidiaries, which are considered acting in concert under the "Administrative Measures for the Acquisition of Listed Companies"[199] - The top 10 shareholders with unrestricted shares include China Changan Automobile Group Co., Ltd., holding 1,783,090,143 shares of RMB ordinary shares[199] - Shen Yanjun holds 35,003,248 shares through a margin trading account with GF Securities Co., Ltd.[199] New Energy and Innovation - New energy vehicle (NEV) sales in China reached 9.495 million units, a significant year-on-year growth of 37.9%[23] - NEV exports exceeded 1.2 million units, a year-on-year increase of over 70%[23] - Changan's self-owned brand NEV sales reached 474,000 units, a 74.8% year-on-year growth[25] - Changan is actively developing five self-owned brands: Avatr, Deepal, Changan Qiyuan, Changan Gravity, and Changan Kaicheng, focusing on NEV transformation[29] - The company's new energy "Shangri-La" plan has reached a new level, with the establishment of three intelligent electric vehicle brands: Avatr, Deepal, and Changan Qiyuan, laying the foundation for future global competition[30] - The joint venture with CATL, Times Changan Power Battery Co., Ltd., has officially started production with a designed capacity of 30GWh and an automation rate of over 95%[30] - Avatr 12 achieved over 20,000 pre-orders in its first month, with an average order price exceeding 350,000 RMB, solidifying its position in the high-end market[31] - Deepal S7 achieved monthly sales of over 5,000 units and won 6 category championships in the 2023 Qinghai Lake (International) Electric Vehicle Challenge[31] - Changan Qiyuan launched three new models within two months, achieving cumulative sales of 40,000 units in three months[32] - Changan Lumin sold over 144,000 units in 2023, ranking among the top in its segment[32] - The company plans to launch 8 new energy products in 2024, including E07, C798, Deep Blue G318, and Avatr 15[36] - The company's new energy vehicle sales revenue in 2023 was RMB 38.545 billion[41] - The company's self-developed CTP battery achieved mass production with an integration rate of over 76%[160] - The company's self-developed hybrid electric drive achieved mass production with a maximum efficiency of 95%[160] - The company's second-generation hydrogen fuel engine achieved near-zero emissions[160] Sales and Market Performance - China's automobile industry achieved a total sales volume of 30.094 million units in 2023, a year-on-year increase of 12.0%[23] - Passenger vehicle sales reached 26.063 million units, up 10.6% year-on-year, while commercial vehicle sales surged to 4.031 million units, a 22.1% increase[23] - Changan Automobile achieved total sales of 2.553 million units in 2023, an 8.8% year-on-year increase[25] - Changan's export sales reached 358,000 units, a 43.9% year-on-year increase[25] - Domestic sales in 2023 reached 2,194,598 units, a year-on-year increase of 4.66%[38] - Overseas sales in 2023 reached 358,454 units, a year-on-year increase of 43.86%[38] - Overseas sales reached 358,000 units, a year-on-year increase of 43.9%[43] - Overseas revenue accounted for 13.57% of total revenue, reaching 20.536 billion yuan, a year-on-year increase of 53.13%[46] - Sales volume of automobiles reached 2,553,052 units, a year-on-year increase of 8.82%[50] - Production volume of automobiles reached 2,583,215 units, a year-on-year increase of 12.39%[50] - Inventory volume of automobiles reached 66,387 units, a year-on-year increase of 20.92%[50] - Revenue from the Chinese market accounted for 86.43% of total revenue, reaching 130.761 billion yuan, a year-on-year increase of 21.25%[46] - Revenue from the dealer sales model accounted for 87.82% of total revenue, reaching 132.864 billion yuan, a year-on-year increase of 28.11%[46] - Total vehicle sales for 2023 were 2.3 million units, a 10% growth from 2022[90] - Market share in China increased to 8.5%, up from 7.8% in 2022[90] - New energy vehicle sales accounted for 15% of total sales, reaching 345,000 units[90] - International market expansion contributed 10% to total revenue, up from 7% in 2022[90] R&D and Innovation - The company has 9,322 patents, including 2,704 invention patents, as of December 2023[42] - The company's R&D capabilities have ranked first in the industry for 14 years in the National Enterprise Technology Center evaluation[42] - The company has completed 72 QCA certification audits and 87 supplier laboratory recognitions in 2023[40] - R&D expenses increased by 38.57% to 5.98 billion yuan, primarily due to the consolidation of Shenlan Automotive's R&D expenses[56] - The number of R&D personnel increased by 38.90% to 10,972, with a significant increase in master's degree holders by 67.03%[58] - Total R&D investment reached 9.01 billion yuan, a year-on-year increase of 58.64%, accounting for 5.95% of total revenue[58] - R&D investment for 2023 was RMB 5 billion, representing 3.3% of total revenue[90] Corporate Governance and Leadership - The company's controlling shareholder has undergone changes, with the latest being China Changan Automobile Group Co., Ltd., which was renamed in 2019[12] - The company's auditor is Lixin Certified Public Accountants, located at 61 East Nanjing Road, Shanghai[13] - The company's sponsor for the 2020 private placement was CITIC Securities, with continuous supervision until December 31, 2021[14] - The company has established a comprehensive financial management system, ensuring the safety of company assets and the quality of accounting information, with no significant defects in financial reporting internal controls[94] - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance[95] - The 2022 annual general meeting had a 50.620% investor participation rate, held on June 28, 2023[97] - The 2023 first extraordinary general meeting had a 40.107% investor participation rate, held on July 27, 2023[97] - The 2023 second extraordinary general meeting had a 39.109% investor participation rate, held on September 15, 2023[97] - The company has optimized its board of directors and established specialized committees to enhance decision-making efficiency and governance effectiveness[94] - The company has implemented reforms to the independent director system, revising relevant rules to support their role in decision-making and supervision[94] - The company has a clear profit distribution policy, with a focus on shareholder returns and long-term sustainable development[93] - The total compensation for directors, supervisors, and senior management in 2023 amounted to RMB 5,321,552, including RMB 30,500 in personal share increases[101] - Klaus Zyciora was appointed as Vice President on October 7, 2023, due to work requirements[102] - Tan Benhong was appointed as Deputy Party Secretary and recognized as a senior management member on October 24, 2023[102] - Zhang Xiaoyu was appointed as Executive Vice President on December 1, 2023, due to work requirements[102] - Deng Chenghao was appointed as Vice President on December 1, 2023, due to work requirements[102] - The company's board of directors, supervisors, and senior management underwent several changes in 2023, with new appointments and elections to meet operational needs[102] - The company's senior management team includes multiple executive vice presidents and vice presidents, with compensation ranging from RMB 171,990 to RMB 353,080[100] - The company's independent directors and supervisors have terms extending until 2026, with some members having served since 2018[100] - The company's leadership team includes a mix of experienced and newly appointed members, reflecting a balance of continuity and fresh perspectives[100] - The company's financial and governance structure remains stable, with key leadership positions filled by experienced professionals[100] - Shi Yaoxiang was elected as a director on January 30, 2024, due to work requirements[103] - Hua Dumiao was dismissed as the discipline inspection secretary on March 3, 2023, due to work changes[103] - Zhou Kaiquan left his position as a director on May 30, 2023, due to work changes[103] - Lian Jian retired as the chairman of the supervisory board on May 31, 2023, having reached the statutory retirement age[103] - Xian Zhigang and Liu Gang left their positions as directors on July 27, 2023, due to election rotation[103] - Ren Xiaochang and Wei Xinjiang completed their terms as independent directors on July 27, 2023, after six years[103] - Yuan Mingxue was dismissed as the deputy party secretary on October 24, 2023, due to work changes[103] - Tan Benhong was dismissed as the executive vice president on October 24, 2023, due to work changes[103] - Zhang Xiaoyu was dismissed as the vice president on December 1, 2023, due to work changes[103] - Zhang Bo left his position as a director on December 26, 2023, due to work changes[103] - Wen Hong, Chairman of the Supervisory Committee, holds the position of Deputy Director and Senior Executive at the Southwest Regional Department of China Ordnance Equipment Group[108] - Sun Dahong, Supervisor, serves as Deputy Director and Senior Executive in the Audit, Risk Control, and Legal Department of China Ordnance Equipment Group[108] - Shi Shengwei, Employee Supervisor, currently works as a Discipline Inspection Officer in the Supervision Office of the Discipline Inspection Department[108] - Luo Yan, Employee Supervisor, is a Senior Supervisor at the Jiangbei Sub-center of the Shared Service Center in the Human Resources Department[108] - Tan Benhong, Deputy Party Secretary and Chairman of the Labor Union, also serves as the General Manager of the Changan Learning Center[110] - Pu Xingchuan, Secretary of the Discipline Inspection Commission and Director of the Inspection Work Leading Group Office, holds a Master's degree and is a Senior Economist[110] - Ye Pei, Executive Vice President and General Manager of the Changan Brand Division, has a Master's degree and is an Engineer[110] - Chen Wei, Executive Vice President and Chief Legal Officer, also serves as a Director of Changan Ford Motor Co., Ltd. and China Changan Automobile Group Co., Ltd.[110] - Li Mingcai, Executive Vice President and Representative of the Two-Integration Management, holds a Master's degree and has extensive experience in international business development[110] - Yang Dayong, Executive Vice President, also serves as a Director and Executive Vice President of Changan Ford Motor Co., Ltd., and is the Chairman and President of Changan Ford New Energy Vehicle Technology Co., Ltd.[110] - Total remuneration for directors, supervisors, and senior management in 2023 was RMB 34,385,715[115] - Chairman and Party Secretary Zhu Huarong received a pre-tax remuneration of RMB 2,634,743[116] - President and Deputy Party Secretary Wang Jun received a pre-tax remuneration of RMB 2,634,743[116] - Chief Financial Officer and Board Secretary Zhang Deyong received a pre-tax remuneration of RMB 2,124,651[116] - Independent directors received a remuneration of RMB 153,333 each, except for Li Keqiang who voluntarily waived his allowance[115][116] - Executive Vice Presidents received pre-tax remunerations ranging from RMB 1,980,569 to RMB 2,217,536[116] - Vice President Klaus Zyciora received a pre-tax remuneration of RMB 938,697[116] - Board Secretary Li Jun received a pre-tax remuneration of RMB 979,198[117] - Former Deputy Party Secretary