Financial Performance - In the first half of 2021, the company recorded revenue of approximately RMB 9,612 million, representing a year-on-year increase of about 8.23%[7] - The company reported a loss attributable to equity holders of approximately RMB 1,455 million, with a basic loss per share of approximately RMB 0.54, representing a year-on-year increase of about 6.59%[7] - The group's revenue for the first half of 2021 was approximately RMB 9,612 million, an increase of about 8.2% compared to RMB 8,881 million in the same period of 2020[41] - The company reported a net loss of approximately RMB 1,519 million for the first half of 2021, compared to a loss of RMB 1,323 million in the first half of 2020[50] - The company incurred a net loss of 1,455,474 for the six months ended June 30, 2021, compared to a loss of 1,518,695 in the same period of the previous year[149] - The total comprehensive loss for the six months ended June 30, 2021, was RMB 1,516,106, compared to RMB 1,328,152 in 2020, indicating an increase in loss of about 14.2%[129] Vehicle Sales and Market Performance - The company sold a total of 24,424 new vehicles in the first half of 2021, reflecting a year-on-year growth of approximately 13.2%, including 18,198 luxury and super-luxury vehicles, which grew by about 3.6%[8] - The luxury car market in China saw sales of approximately 1.472 million units in the first half of 2021, a year-on-year increase of 39.7%[4] - New car sales revenue was approximately RMB 7,566 million, up 12.0% from RMB 6,758 million in the first half of 2020, accounting for 78.7% of total revenue[41] - Revenue from passenger vehicle sales was RMB 7,566,395 thousand, up from RMB 6,757,976 thousand, indicating a growth of about 11.9%[166] After-Sales and Service Revenue - The after-sales service business recorded a total of 592,551 service instances in the first half of 2021, a year-on-year decrease of approximately 3.5%, with service revenue of RMB 1,613 million, down 8.9% year-on-year[11] - The company’s revenue from after-sales services decreased to RMB 1,613,169 thousand from RMB 1,769,919 thousand, a decline of approximately 8.8%[166] - The gross profit from after-sales services was approximately RMB 568 million, a decline of 24.4% compared to the same period last year, resulting in a gross margin of 35.2%[11] Financial Services and Loans - Dongzheng Automotive Finance's loan scale decreased by 29% from RMB 57.5 billion on December 31, 2020, to RMB 41.1 billion by June 30, 2021[16] - Net interest income for Dongzheng Automotive Finance was RMB 164 million, a decrease of 43% compared to the same period in 2020[16] - Dongzheng Automotive Finance reported a net loss of RMB 260 million for the first half of 2021, compared to a net profit of RMB 143 million in the same period of 2020[16] - The non-performing loan ratio for Dongzheng Automotive Finance was 10.7% as of June 30, 2021[17] Operational Developments - The company opened one new Mercedes-Benz store and one new Porsche store during the reporting period, further expanding its advantageous brand network[7] - The company actively engaged in the new energy vehicle market, attempting new business operation models and accumulating service experience[7] - The company implemented differentiated sales strategies based on brand market performance to expand sales scale and profitability[9] - The company has restored credit limits with financial institutions to support rapid business development following the resolution of liquidity risks[9] Inventory and Cash Flow - Inventory as of June 30, 2021, was approximately RMB 2,090 million, an increase of about RMB 288 million from RMB 1,802 million at the end of 2020[56] - Operating cash flow for the six months ended June 30, 2021, was negative at -60,069, compared to positive 569,205 for the same period in 2020[149] - Cash and cash equivalents were reported at RMB 319,390 thousand, a decrease from RMB 395,119 thousand at the end of 2020[136] Shareholder and Equity Information - The company completed a supplementary agreement with Xiamen Guotai Holdings, adjusting the number of shares to be transferred to 820,618,184 shares, representing 29.9% of the total issued share capital, for a total consideration of HKD 1,427,875,640.16, equivalent to HKD 1.74 per share[71] - As of June 30, 2021, the total number of issued shares was 2,744,542,420 shares, with the largest shareholder, Yidu, holding 50.41% of the shares[75] - The company has a stock option plan that allows for the issuance of up to 200,000,000 shares, which is approximately 7.29% of the total issued share capital as of the report date[83] - The company has established a trust for the shares granted under the stock incentive plan, ensuring that the beneficiaries are properly managed[74] Strategic Initiatives and Future Plans - The group plans to introduce strategic investment partners to eliminate liquidity risks and improve operational efficiency in the short term[66] - The group aims to enhance its luxury brand network and provide high-value services to improve market competitiveness in the mid-term[66] - The group is committed to transforming and upgrading its operations to create greater value for shareholders, employees, and society in the long term[66] - The group is actively exploring new marketing models, utilizing multiple online platforms for customer interaction to enhance marketing channels and improve business development efficiency[38]
正通汽车(01728) - 2021 - 中期财报