Sales Performance - The group recorded new car sales of 19,100 units, an increase of 8.7% compared to 17,571 units in the same period last year[1]. - Vehicle sales amounted to 19,100 units in the first half of 2024, representing an increase of 8.7% year-on-year, with BMW (including MINI) deliveries at 12,351 units, down 8.5%[32]. - The penetration rate of new energy vehicles in the domestic market reached 48.4%, up from 34.9% in the previous year, with sales of approximately 4.1 million units, a growth of 33.1%[30]. Revenue and Profitability - The group reported revenue of RMB 7,466.3 million, a decrease of 7.9% from RMB 8,109.5 million in the same period last year[1]. - Revenue from automobile sales and other services decreased by 8.4% to RMB 6,273.6 million compared to the previous year[1]. - The gross profit decreased by 37.0% to RMB 366.3 million in the first half of 2024, with a gross margin of 4.9%[36][37]. - The after-sales service revenue was RMB 1,170.5 million, a decrease of 4.9% from RMB 1,231.4 million in the previous year, accounting for 15.7% of total revenue[34]. - The group recorded a net loss of RMB 74.7 million, compared to a net profit of RMB 208.3 million in the same period of 2023[1]. - The group recorded a loss of RMB 76,275,000 for the six months ended June 30, 2024, compared to a profit of RMB 201,224,000 for the same period in 2023[21]. Financial Position - The group's non-current assets totaled RMB 4,597.2 million as of June 30, 2024, an increase from RMB 4,498.9 million as of December 31, 2023[4]. - Current assets amounted to RMB 6,004.4 million, a decrease from RMB 6,336.2 million as of December 31, 2023[4]. - The total liabilities decreased from RMB 4,308.1 million to RMB 4,136.9 million during the same period[4]. - The equity attributable to the owners of the company decreased from RMB 5,572.3 million to RMB 5,578.4 million[6]. - As of June 30, 2024, the group's cash and deposits totaled RMB 1,192.2 million, with a net cash inflow from operating activities of RMB 125.2 million for the six months ended June 30, 2024[41]. - The company maintained a stable liquidity position, with a debt-to-asset ratio of 47.4% as of June 30, 2024, slightly down from 47.7% as of December 31, 2023[45]. Expenses and Costs - Financial expenses increased to RMB 78,937,000 from RMB 64,303,000, reflecting a rise of 22.9%[15]. - The sales and service costs decreased by 5.7% to RMB 7,100.0 million compared to RMB 7,528.1 million in the previous year[35]. - The cost of automobile sales was RMB 6,377,811,000, compared to RMB 6,801,967,000 in the previous year, indicating a reduction of 6.2%[18]. - Financial expenses increased by 22.7% to RMB 78.9 million due to rising leasing interest from the expansion of international distribution networks[38]. Capital Expenditures and Investments - Capital expenditures for the reporting period were RMB 178.2 million, significantly higher than RMB 18.4 million for the six months ended June 30, 2023, primarily for properties, plants, and equipment related to sales outlets[43]. - The group acquired property, plant, and equipment amounting to RMB 204,174,000 during the six months ended June 30, 2024[22]. - There were no significant investments, acquisitions, or disposals involving subsidiaries, associates, or joint ventures during the reporting period[56]. Corporate Governance and Compliance - The company has adhered to the Corporate Governance Code as of June 30, 2024, ensuring high standards of governance to enhance transparency and accountability[55]. - The Audit Committee has reviewed the unaudited interim results for the six months ending June 30, 2024, and confirmed compliance with relevant accounting standards[58]. - The company maintains sufficient public float as required by listing rules as of the announcement date[57]. Employee and Operational Metrics - The group employed a total of 3,902 employees as of June 30, 2024, an increase from 3,642 employees as of December 31, 2023, with employee costs amounting to RMB 235.9 million for the six months ended June 30, 2024[48]. - The average inventory turnover days increased to 40.3 days in the first half of 2024, compared to 35.6 days in the same period last year[32]. - Inventory increased by RMB 179.0 million to RMB 1,658.7 million as of June 30, 2024, with an average inventory turnover period of 40.3 days, up from 35.6 days in the same period of 2023[44]. Dividends - The group did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared in 2023[19]. - The board resolved not to declare an interim dividend for 2024, consistent with the previous year[54]. Strategic Focus - The company plans to continue focusing on its core business in mainland China while strategically participating in mergers and acquisitions to enhance market share[33]. - The company has established over 20 international distribution points as part of its global expansion strategy in the new energy vehicle sector[32].
和谐汽车(03836) - 2024 - 中期业绩