Financial Performance - For the year ended December 31, 2023, the total revenue was RMB 1,121,454,000, a slight decrease of 0.2% compared to RMB 1,130,725,000 in 2022[7]. - The net profit for the year was RMB 7,736,451,000, representing an increase of 8.2% from RMB 7,146,830,000 in the previous year[7]. - The basic earnings per share increased to RMB 1.53312, up from RMB 1.41655 in 2022, reflecting a growth of 8.2%[7]. - The group's total revenue for the year ended December 31, 2023, was RMB 1,121,500,000, a slight decrease of 0.8% compared to RMB 1,130,700,000 for the year ended December 31, 2022[29]. - The company's profit before tax increased by 15.7% from RMB 7.14 billion in 2022 to RMB 8.26 billion in 2023[34]. - Net profit attributable to equity holders increased by 8.2% from RMB 7.15 billion in 2022 to RMB 7.74 billion in 2023, with basic earnings per share rising from RMB 1.41655 to RMB 1.53312[34]. - Interest income increased by 61.0% from RMB 416,300,000 in 2022 to RMB 670,200,000 in 2023, attributed to dividend income from Huachen BMW[30]. - The gross profit margin improved from 20.8% in 2022 to 25.7% in 2023, primarily due to a decrease in the market price of aluminum[30]. Production and Sales - In 2023, the total production of BMW vehicles by Brilliance BMW reached approximately 728,000 units, marking a significant achievement for the company[11]. - Domestic sales of BMW vehicles reached 709,954 units in 2023, a 6.8% increase from 664,934 units in 2022, with BEV sales growing by 110.6%[33]. - The sales volume of new energy vehicles (NEVs) in China surged by 37.9% to 9,500,000 units in 2023, indicating strong market demand[10]. - The company plans to launch the new generation BMW 5 Series and the first BMW i5 in China in early 2024, indicating ongoing product development[11]. Assets and Liabilities - The total assets of the company as of December 31, 2023, included non-current assets of RMB 19,851,940,000 and current assets of RMB 35,302,680,000[7]. - As of December 31, 2023, total assets amounted to RMB 55,154,600,000, a slight decrease from RMB 55,426,600,000 on December 31, 2022[97]. - The company had short-term bank borrowings of RMB 924,500,000 as of December 31, 2023, compared to RMB 350,000,000 as of December 31, 2022[95]. - The company reported accounts payable of RMB 219,300,000 as of December 31, 2023, compared to RMB 170,100,000 as of December 31, 2022[95]. Corporate Governance - The company emphasizes maintaining high corporate governance standards to enhance shareholder value and protect shareholder rights, adhering to the Corporate Governance Code effective from December 31, 2023[136]. - The board consists of eight directors, including four executive directors and four independent non-executive directors, meeting the minimum requirements set by listing rules[141]. - The independent non-executive directors account for 50% of the board, ensuring strong independence and diverse perspectives[141]. - The company has adopted a whistleblowing policy and an anti-corruption policy as of December 30, 2022, and October 25, 2023, respectively[139]. Environmental and Social Responsibility - The company maintained its ESG reporting scope in 2023, with slight decreases in Scope 1 and Scope 2 GHG emissions, while Scope 3 emissions increased due to post-COVID-19 recovery[42]. - Approximately 95% of GHG emissions originated from electricity consumption during production operations, with the remainder from vehicle usage in daily operations[43]. - The company announced that Ningbo Yumin was recognized as a three-star green factory, utilizing all generated electricity through a distributed photovoltaic power station installed in collaboration with a local new energy technology company[44]. - The company has implemented comprehensive measures for hazardous waste management, ensuring proper classification, collection, recycling, and disposal[43]. Strategic Initiatives - The company plans to continue focusing on its core business of manufacturing and selling BMW vehicles and automotive components, as well as providing automotive financial services[37]. - The group is actively exploring investment opportunities in NEV manufacturing and component supply, aiming to enhance profitability and shareholder value[101]. - The group plans to develop new electric vehicle products, including the "Sea Lion" and "Sea Lion King" series, to align with the growing NEV market[102]. - The company has established strategic partnerships with Tesla and other NEV manufacturers, focusing on retail finance and lightweight aluminum products[45]. Employee and Management - The company employed approximately 1,200 employees as of December 31, 2023, down from approximately 1,300 employees as of December 31, 2022, with employee costs for the year amounting to RMB 238,100,000, a decrease from RMB 341,700,000 in the previous year[104]. - The company has developed its own online training platform to enhance employee training and reduce travel needs for sales and training teams[105]. - The company has established a succession plan to ensure a solid talent foundation for long-term development[105]. Financial Services - The automotive financial services generated revenue of RMB 279,200,000 for the year ended December 31, 2023, representing a 10.5% increase from RMB 252,800,000 in 2022, accounting for 25% of total revenue[112]. - Huachen Dongya Automotive Finance has implemented a comprehensive risk control mechanism focusing on risk identification, analysis, and continuous monitoring[117]. - The non-performing loan rate is a critical benchmark for assessing asset quality, with rising rates potentially impacting external funding capabilities[119]. Related Party Transactions - The group entered into several related party transactions in 2023, which are classified as continuing connected transactions under the listing rules[79]. - The group has ongoing related party transactions with Brilliance, which include sales of vehicles and components, and purchases of materials and services, approved by independent shareholders[80][82]. Dividends and Shareholder Information - The board declared two special dividends of HKD 0.96 per share from the proceeds of selling a 25% stake in Huachen BMW[14]. - The company declared a special dividend of HKD 0.96 per share on January 13, 2023, and July 18, 2023, with payments made on February 27, 2023, and August 31, 2023[49]. - No dividends will be proposed for the fiscal year ending December 31, 2023, consistent with the previous year[49].
BRILLIANCE CHI(01114) - 2023 - 年度财报