北京汽车(01958) - 2023 Q3 - 季度业绩

Announcements and General Information Announcement Details Beijing Automotive Group Co., Ltd. (BAIC) released its unaudited third-quarter operating results for the nine months ended September 30, 2023, prepared under Chinese accounting standards and disclosed per HKEX listing rules - The reporting entity is Beijing Automotive Group Co., Ltd. and its subsidiaries (the Group)[1] - The reporting period covers operating results for the nine months ended September 30, 2023[1] - Financial information is unaudited and prepared in accordance with Chinese Enterprise Accounting Standards[1] - This announcement is made pursuant to Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)[1] Consolidated Financial Statements This chapter outlines the consolidated financial position, operating results, and cash flows of Beijing Automotive Group Co., Ltd. as of September 30, 2023, showing a slight decrease in total assets, a significant reduction in total liabilities, an increase in shareholders' equity, and year-on-year growth in both operating revenue and net profit Consolidated Balance Sheet As of September 30, 2023, the Group's consolidated total assets slightly decreased, total liabilities significantly reduced, while equity attributable to owners of the parent and minority interests both increased, leading to an overall rise in total shareholders' equity Consolidated Balance Sheet Key Data Comparison (As of September 30, 2023 vs December 31, 2022) | Metric | September 30, 2023 (RMB) | December 31, 2022 (RMB) | Change (RMB) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 171,458,998,860.41 | 173,375,442,068.64 | (1,916,443,208.23) | -1.11% | | Total Liabilities | 87,649,001,612.44 | 94,438,339,336.18 | (6,789,337,723.74) | -7.19% | | Total Shareholders' Equity | 83,809,997,247.97 | 78,937,102,732.46 | 4,872,894,515.51 | 6.17% | | Total Equity Attributable to Owners of the Parent | 57,123,576,382.33 | 54,496,765,414.77 | 2,626,810,967.56 | 4.82% | | Minority Interests | 26,686,420,865.64 | 24,440,337,317.69 | 2,246,083,547.95 | 9.19% | - Financing receivables within current assets significantly increased by 276.83%, from RMB 917 million at the end of 2022 to RMB 3.456 billion at the end of September 2023[2] - Short-term borrowings within current liabilities decreased by 51.25%, from RMB 6.284 billion at the end of 2022 to RMB 3.067 billion at the end of September 2023; bonds payable decreased by 41.08%, from RMB 5.925 billion to RMB 3.492 billion[4] Consolidated Income Statement The Group achieved steady growth in total operating revenue and net profit in the first three quarters of 2023, with a significant increase in net profit attributable to owners of the parent, though financial expenses shifted from a gain to a loss, and investment losses expanded Consolidated Income Statement Key Data Comparison (January-September 2023 vs January-September 2022) | Metric | January-September 2023 (RMB) | January-September 2022 (RMB) | Change (RMB) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 154,410,243,805.59 | 141,877,236,640.20 | 12,533,007,165.39 | 8.83% | | Operating Profit | 19,724,263,978.21 | 18,938,359,339.10 | 785,904,639.11 | 4.15% | | Net Profit | 13,236,259,663.14 | 12,468,162,314.24 | 768,097,348.90 | 6.16% | | Net Profit Attributable to Owners of the Parent | 4,017,483,935.74 | 3,215,092,080.76 | 802,391,854.98 | 24.96% | - Financial expenses shifted from a net gain of RMB 619 million in the same period of 2022 to a net expense of RMB 488 million in 2023, indicating increased financing costs[6] - Investment losses expanded from RMB 560 million in the same period of 2022 to RMB 823 million in 2023, primarily due to losses from investments in associates and joint ventures[6] - Gains from changes in fair value shifted from a loss of RMB 601 million in the same period of 2022 to a gain of RMB 7.4986 million in 2023[6] Consolidated Cash Flow Statement The Group's net cash flow from operating activities significantly increased, cash outflow from investing activities decreased, but cash outflow from financing activities substantially rose, leading to a year-on-year increase in net cash and cash equivalents Consolidated Cash Flow Statement Key Data Comparison (January-September 2023 vs January-September 2022) | Metric | January-September 2023 (RMB) | January-September 2022 (RMB) | Change (RMB) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 23,032,519,881.53 | 17,475,749,719.26 | 5,556,770,162.27 | 31.80% | | Net Cash Flow Used in Investing Activities | (7,114,137,860.49) | (7,564,244,474.09) | 450,106,613.60 | -5.95% | | Net Cash Flow Used in Financing Activities | (14,837,950,734.56) | (9,435,658,654.27) | (5,402,292,080.29) | 57.25% | | Net Increase in Cash and Cash Equivalents | 1,208,893,219.65 | 396,324,095.07 | 812,569,124.58 | 205.03% | - Cash outflow from financing activities significantly increased, primarily due to higher cash payments for debt repayment and for distribution of dividends, profits, or interest payments[9] Company Financial Statements This chapter presents the standalone financial position, operating results, and cash flows of Beijing Automotive Group Co., Ltd. (parent company) as of September 30, 2023, showing stable total assets, a significant decrease in total liabilities, a substantial increase in shareholders' equity, and significant growth in both operating revenue and net profit Company Balance Sheet As of September 30, 2023, the parent company's total assets remained stable, total liabilities significantly decreased, and shareholders' equity substantially increased, reflecting an optimized financial structure Company Balance Sheet Key Data Comparison (As of September 30, 2023 vs December 31, 2022) | Metric | September 30, 2023 (RMB) | December 31, 2022 (RMB) | Change (RMB) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 94,018,275,484.11 | 94,081,451,546.57 | (63,176,062.46) | -0.07% | | Total Liabilities | 23,901,517,987.79 | 28,023,976,208.11 | (4,122,458,220.32) | -14.71% | | Total Shareholders' Equity | 70,116,757,496.32 | 66,057,475,338.46 | 4,059,282,157.86 | 6.14% | - Cash and bank balances significantly decreased by 68.74%, from RMB 8.309 billion at the end of 2022 to RMB 2.597 billion at the end of September 2023[10] - Other receivables significantly increased by 27.55%, from RMB 15.002 billion at the end of 2022 to RMB 19.135 billion at the end of September 2023[10] - Short-term borrowings within current liabilities decreased by 53.47%, from RMB 5.804 billion at the end of 2022 to RMB 2.700 billion at the end of September 2023[13] Company Income Statement The parent company achieved explosive growth in total operating revenue and net profit in the first three quarters of 2023, primarily driven by a substantial increase in investment income, demonstrating strong performance in its investment activities Company Income Statement Key Data Comparison (January-September 2023 vs January-September 2022) | Metric | January-September 2023 (RMB) | January-September 2022 (RMB) | Change (RMB) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 7,288,972,198.39 | 4,387,313,066.77 | 2,901,659,131.62 | 66.13% | | Operating Profit | 5,113,999,830.13 | 1,812,902,676.47 | 3,301,097,153.66 | 182.09% | | Net Profit | 5,083,102,375.80 | 1,807,064,565.86 | 3,276,037,809.94 | 181.30% | - Investment income significantly increased by 37.19%, from RMB 5.709 billion in the same period of 2022 to RMB 7.833 billion in the same period of 2023, serving as the primary driver for net profit growth[15] - Taxes and surcharges significantly decreased by 77.89%, from RMB 393 million in the same period of 2022 to RMB 87 million in the same period of 2023[15] - Selling expenses significantly decreased by 83.69%, from RMB 332 million in the same period of 2022 to RMB 54 million in the same period of 2023[15] Company Cash Flow Statement The parent company experienced increased cash outflow from operating activities and significantly expanded cash outflow from financing activities; despite a notable increase in cash inflow from investing activities, overall cash and cash equivalents still showed a net decrease Company Cash Flow Statement Key Data Comparison (January-September 2023 vs January-September 2022) | Metric | January-September 2023 (RMB) | January-September 2022 (RMB) | Change (RMB) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow Used in Operating Activities | (2,536,315,568.76) | (1,510,079,208.64) | (1,026,236,360.12) | 67.96% | | Net Cash Flow from Investing Activities | 4,561,167,405.99 | 1,962,255,011.82 | 2,598,912,394.17 | 132.45% | | Net Cash Flow Used in Financing Activities | (7,736,385,444.76) | (3,790,496,991.42) | (3,945,888,453.34) | 104.10% | | Net Decrease in Cash and Cash Equivalents | (5,711,413,744.67) | (3,337,844,673.17) | (2,373,569,071.50) | 71.12% | - Cash received from sales of goods and rendering of services significantly decreased by 61.00%, from RMB 5.502 billion in the same period of 2022 to RMB 2.146 billion in the same period of 2023[16] - Cash received from borrowings decreased by 50.49%, from RMB 10.811 billion in the same period of 2022 to RMB 5.351 billion in the same period of 2023[17] Other Information This section provides additional corporate information, including the composition of the Board of Directors Board of Directors Discloses the composition of Beijing Automotive Group Co., Ltd.'s Board of Directors as of the announcement date, including the Chairman, Non-executive Directors, Executive Directors, and Independent Non-executive Directors - The Board of Directors includes: Mr. Chen Wei as Chairman and Non-executive Director; Mr. Hu Hanjun and Mr. Chen Hongliang as Non-executive Directors; Mr. Song Wei as Executive Director; Mr. Ye Qian, Mr. Hubertus Troska, Mr. Harald Emil Wilhelm, Mr. Gu Tiemin, and Mr. Sun Li as Non-executive Directors; and Mr. Ge Songlin, Ms. Yin Yuanping, Mr. Xu Xiangyang, Mr. Tang Jun, and Mr. Xue Lipin as Independent Non-executive Directors[17]