Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 518,038,000, an increase from RMB 507,855,000 in the same period of 2023, representing a growth of approximately 2.3%[4] - Gross profit for the same period was RMB 103,552,000, down from RMB 142,315,000, indicating a decline of about 27.2%[4] - Net profit for the six months ended June 30, 2024, was RMB 1,465,637,000, compared to RMB 3,745,486,000 in 2023, reflecting a decrease of approximately 60.9%[5] - Basic earnings per share for the period was RMB 0.29201, down from RMB 0.74211 in the previous year, a decline of about 60.7%[5] - Total comprehensive income for the six months was RMB 1,196,013,000, compared to RMB 4,731,508,000 in 2023, a decrease of approximately 74.7%[7] - The company reported interest income of RMB 295,169,000, down from RMB 348,850,000, a decline of about 15.3%[4] - The company incurred selling expenses of RMB 12,463,000, a decrease from RMB 19,306,000, reflecting a reduction of approximately 35.4%[4] - Administrative expenses were RMB 176,593,000, down from RMB 201,533,000, indicating a decrease of about 12.4%[4] - The company’s share of results from associates was RMB 2,734,677,000, compared to RMB 3,759,457,000 in the previous year, a decline of approximately 27.2%[4] - The profit before tax for the six months ended June 30, 2024, was RMB 2,937,756,000, down from RMB 4,022,647,000 in the same period of 2023, representing a decline of approximately 27%[29] Assets and Liabilities - Non-current assets totaled RMB 19,851,940 thousand as of December 31, 2023, compared to RMB 14,934,529 thousand as of June 30, 2024, reflecting a significant increase[9] - Current assets amounted to RMB 35,302,680 thousand as of June 30, 2024, up from RMB 33,693,772 thousand as of December 31, 2023, indicating growth in liquidity[11] - Total liabilities reached RMB 22,336,648 thousand as of June 30, 2024, compared to RMB 3,178,664 thousand as of December 31, 2023, showing a substantial rise in obligations[11] - The company's net asset value was RMB 26,195,567 thousand as of June 30, 2024, compared to RMB 51,891,135 thousand as of December 31, 2023, indicating a decrease in equity[11] - Cash and cash equivalents were reported at RMB 27,346,117 thousand as of June 30, 2024, compared to RMB 30,845,795 thousand as of December 31, 2023, reflecting a decline in cash reserves[9] - The total value of non-current liabilities was RMB 96,086 thousand as of June 30, 2024, compared to RMB 84,821 thousand as of December 31, 2023, indicating an increase in long-term obligations[11] - The company’s total assets minus current liabilities stood at RMB 26,291,653 thousand as of June 30, 2024, compared to RMB 51,975,956 thousand as of December 31, 2023, showing a decline in net asset position[11] - The company’s equity attributable to shareholders was RMB 25,110,834 thousand as of June 30, 2024, down from RMB 51,118,104 thousand as of December 31, 2023, indicating a reduction in shareholder equity[11] Investments and Acquisitions - The company acquired 100% equity of Huachen Automotive Group Holdings Company Limited, enhancing its market position[13] - The group has invested approximately RMB 1,336,912,000 in the restructuring of Brilliance Renault, which is below the board-approved investment cap of RMB 1,360,000,000[20] - As of December 31, 2023, the group has recognized an investment prepayment of approximately RMB 282,557,000 related to Brilliance Renault's restructuring[20] - The restructuring of Brilliance Renault is expected to be completed by June 30, 2024, allowing the group to regain control with an effective ownership of 80.72%[20] - The group has ceased consolidating Brilliance Renault's financials after losing control due to the restructuring process initiated by the Shenyang Intermediate People's Court[19] Market Performance - For the six months ended June 30, 2024, the group reported sales of automotive parts amounting to RMB 405,380,000, an increase from RMB 381,079,000 in the same period of 2023, representing a growth of approximately 6.4%[23] - Interest and service fee income from automotive financial services for the same period was RMB 112,658,000, down from RMB 126,776,000 in 2023, indicating a decrease of about 11.1%[23] - The segment performance for non-BMW vehicles and automotive parts showed a loss of RMB 31,995,000 for the first half of 2024, compared to a loss of RMB 5,180,000 in the same period of 2023, indicating a significant decline in performance[27] - The domestic sales of Brilliance BMW reached 312,730 vehicles in the first half of 2024, a decrease of 6.4% from 334,076 vehicles sold in the same period of 2023[50] - Brilliance BMW's total sales decreased by 6.8% in the first half of 2024, with domestic sales at 312,730 units and exports at 13,967 units[55] Research and Development - Research and development costs for the first half of 2024 were RMB 16,579,000, significantly higher than RMB 5,356,000 in the same period of 2023, indicating an increase of approximately 209%[29] - The group is focusing on expanding its aluminum lightweight industry chain and has applied for several innovative patents[58] Cash Flow and Dividends - The company declared a special dividend of RMB 7,013,177,000 for the first special dividend and RMB 20,197,727,000 for the second special dividend, totaling RMB 27,210,904,000, compared to RMB 4,178,452,000 for the same period in 2023[35] - The company declared a special dividend of HKD 1.5 per share on April 15, 2024, and HKD 4.3 per share on June 14, 2024, with payments made on May 17, 2024, and July 25, 2024, respectively[89] - As of June 30, 2024, the total amount of restricted short-term bank deposits was RMB 630,868,000, down from RMB 2,500,975,000 as of December 31, 2023[37] Employee and Training - As of June 30, 2024, the employee cost was RMB 116.2 million, an increase from RMB 112.8 million for the same period in 2023, with approximately 1,400 employees[78] - Huachen Dongya Automobile Finance has developed its own online training platform to improve employee training efficiency and reduce attendance requirements for sales and training teams[79] - The company has implemented a set of training systems and workflows, including onboarding training and specialized position training, to enhance overall employee skill levels[79] Corporate Governance - The company has maintained compliance with corporate governance codes as of June 30, 2024[95] - The audit committee has reviewed the accounting principles and practices used by the company for the six months ending June 30, 2024[96] - The board of directors consists of four executive directors and four independent non-executive directors as of the announcement date[97]
BRILLIANCE CHI(01114) - 2024 - 中期业绩