Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 12.983 billion, with automotive sales revenue at RMB 10.9095 billion and after-sales service revenue at RMB 2.0561 billion[1]. - Gross profit was RMB 0.598 billion, resulting in a gross margin of 0.5%[1]. - Loss attributable to equity holders of the parent was RMB 0.629 billion, compared to a profit of RMB 3.235 billion for the same period in 2023[1]. - Basic and diluted loss per share attributable to ordinary equity holders of the parent was RMB 0.02, compared to earnings of RMB 0.11 for the same period in 2023[2]. - The company reported a total comprehensive loss of RMB 90.129 million for the six months ended June 30, 2024, compared to a comprehensive income of RMB 209.222 million for the same period in 2023[4]. - Total revenue for the six months ended June 30, 2024, was RMB 12,983,001 thousand, a decrease of 18.6% compared to RMB 15,970,009 thousand for the same period in 2023[14]. - Revenue from automobile sales was RMB 10,909,542 thousand, down 21.0% from RMB 13,849,272 thousand in the previous year[14]. - After-sales service revenue was RMB 2,056,103 thousand, a slight decrease of 2.0% from RMB 2,098,268 thousand[14]. - The company reported a net loss attributable to ordinary equity holders of RMB 62,943 thousand for the six months ended June 30, 2024, compared to a profit of RMB 323,548 thousand for the same period in 2023, representing a significant decline[26]. - The gross profit for the six months ended June 30, 2024, was RMB 59.8 million, a decrease of RMB 847.9 million or 93.4% from the previous year[51]. - Operating profit decreased by 66.5% to RMB 261.3 million for the six months ended June 30, 2024, down from RMB 780.7 million in the same period of 2023[53]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 11.290 billion, a decrease from RMB 11.651 billion as of December 31, 2023[6]. - Current liabilities totaled RMB 9.810 billion, down from RMB 11.440 billion at the end of 2023[6]. - Net current assets were RMB 3.492 billion, compared to RMB 3.662 billion at the end of 2023[6]. - Non-current assets were valued at RMB 7.798 billion, a decrease from RMB 7.989 billion at the end of 2023[5]. - The company's total current bank borrowings as of December 31, 2023, were RMB 5,519,790,000[30]. - As of June 30, 2024, the total bank borrowings amount to RMB 4,903,873,000, with secured loans ranging from 3.5% to 8.8%[29]. - The accounts payable for trade and notes is RMB 2,818,225,000 as of June 30, 2024, a decrease from RMB 3,843,580,000 as of December 31, 2023[32]. - The company's debt-to-equity ratio was 58.4% as of June 30, 2024, down from 62.1% as of December 31, 2023[62]. Income and Expenses - The cost of sales for automobile sales was RMB 11,534,902 thousand, down 15.3% from RMB 13,616,660 thousand in the previous year[20]. - The group reported a pre-tax profit of RMB 59,823 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 92,321 thousand in the same period of 2023[19]. - The company’s financing costs decreased to RMB 256,507 thousand for the six months ended June 30, 2024, compared to RMB 295,537 thousand for the same period in 2023, showing a reduction in interest expenses[23]. - The company’s advertising and promotional expenses decreased to RMB 78,292 thousand for the six months ended June 30, 2024, down from RMB 97,540 thousand in the same period of 2023, indicating cost control measures[21]. - The company recorded a significant increase in inventory write-downs to RMB 93,785 thousand for the six months ended June 30, 2024, compared to RMB 57,974 thousand for the same period in 2023, suggesting challenges in inventory valuation[21]. - The company’s income tax expense for the six months ended June 30, 2024, was RMB 63,065 thousand, a decrease from RMB 160,957 thousand for the same period in 2023, reflecting changes in tax liabilities[24]. - The total employee cost for the six months ended June 30, 2024, was approximately RMB 478.7 million, compared to RMB 499.8 million for the same period in 2023, a decrease of 4.2%[63]. Market and Industry Trends - In the first half of 2024, China's GDP reached RMB 61.7 trillion, growing by 5.0% year-on-year[34]. - The production and sales of automobiles in China from January to June 2024 reached 13.89 million and 14.04 million units, respectively, representing year-on-year increases of 4.9% and 6.1%[34]. - New energy vehicles (NEVs) saw production and sales of 4.929 million and 4.944 million units in the first half of 2024, with year-on-year growth of 30.1% and 32%[34]. - The market share of NEVs reached 35.2% in the first half of 2024, surpassing traditional fuel vehicles for the first time[34]. - The Chinese government has set clear development goals and policy measures for the automotive industry to promote stable growth in automotive consumption and high-quality development of the industry[69]. Strategic Initiatives - The company continues to explore new strategies for market expansion and product development in the automotive sector[11]. - The company is focusing on the core business of luxury brand dealership and service, while exploring cooperation models in the electric vehicle sector to optimize sales structure and enhance service capabilities[70]. - The company maintained a cautious approach to external network expansion while focusing on optimizing existing store management and improving operational efficiency[45]. Other Information - The company has not reported any single customer contributing 10% or more to total revenue, indicating a diversified customer base[13]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[25]. - The audit committee has reviewed the unaudited interim financial statements for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards and regulations[77]. - The company entered into a conditional equity transfer agreement on August 12, 2024, to sell its entire stake in Hangzhou Baoxin Real Estate Co., Ltd. for RMB 133 million[33]. - The company entered into a share transfer agreement on August 12, 2024, to sell a subsidiary for a total consideration of RMB 133 million[68]. - No significant equity investments were held by the company or its subsidiaries as of June 30, 2024[72]. - The company did not engage in any major acquisitions or disposals of subsidiaries or associates during the six months ending June 30, 2024[73].
广汇宝信(01293) - 2024 - 中期业绩