Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 518,038,000, an increase of 2.3% from RMB 507,855,000 in the same period of 2023[4] - Gross profit decreased to RMB 103,552,000, down 27.2% from RMB 142,315,000 year-over-year[4] - Profit attributable to equity holders of the company was RMB 1,473,258,000, a decline of 60.7% compared to RMB 3,744,137,000 in the previous year[4] - Basic and diluted earnings per share were RMB 0.29201, down from RMB 0.74211 in the same period last year[4] - Total comprehensive income for the period was RMB 1,196,013,000, a decrease of 74.7% from RMB 4,731,508,000 in the prior year[5] - The company reported a pre-tax profit of RMB 2,937,756,000 for the six months ended June 30, 2024[21] - The group reported a net profit of RMB 10,939,670,000 for the six months ended June 30, 2024, down from RMB 15,009,834,000 for the same period in 2023[39] - The unaudited profit before tax decreased by 27.0% to RMB 2,937,800,000 in the first half of 2024, down from RMB 4,022,600,000 in the same period of 2023[91] - The unaudited net profit attributable to equity holders was RMB 1,473,300,000 in the first half of 2024, compared to RMB 3,744,100,000 in the same period of 2023[91] Assets and Liabilities - Non-current assets totaled RMB 14,934,529,000, down from RMB 19,851,940,000 as of December 31, 2023[6] - Current assets decreased to RMB 33,693,772,000 from RMB 35,302,680,000 at the end of 2023[6] - Total liabilities increased to RMB 22,336,648,000, compared to RMB 3,178,664,000 in the previous period[6] - Total assets as of June 30, 2024, amounted to RMB 48,628,301,000, with total liabilities of RMB 22,432,734,000[23] - The total assets of the group amounted to RMB 64,976,792,000, a decrease from RMB 86,942,362,000 as of December 31, 2023[38] - The group’s total liabilities decreased to RMB 73,494,053,000 as of June 30, 2024, from RMB 77,041,032,000 as of December 31, 2023[38] Cash Flow and Investments - Net cash used in operating activities was RMB (675,034,000), compared to RMB (600,607,000) in the previous year[11] - Net cash generated from investing activities amounted to RMB 5,433,600,000, a significant increase from RMB 409,107,000 year-over-year[11] - Cash and cash equivalents were RMB 27,346,117,000, down from RMB 30,845,795,000[6] - The company has short-term bank deposits of RMB 463,690,000 as of June 30, 2024, down from RMB 2,324,385,000 as of December 31, 2023, reflecting a decrease of approximately 80%[46] - The group incurred capital expenditures of RMB 35.4 million in the first half of 2024, compared to RMB 24.5 million in the same period of 2023[97] Equity and Dividends - Total equity attributable to shareholders reached RMB 51,118,104,000, with retained earnings of RMB 47,718,864,000[10] - The company declared a special dividend of RMB 27,210,904,000 for the six months ended June 30, 2024, significantly higher than RMB 4,178,452,000 in the same period of 2023[31] - The company declared special dividends of HKD 1.5 and HKD 4.3 per share on April 15 and June 14, 2024, respectively[106] Operational Changes and Strategies - The company completed the acquisition of 100% equity of Brilliance Auto Group Holdings Limited, making it the largest shareholder with a 29.99% indirect stake[12] - The restructuring of Brilliance Renault has been completed, with the company regaining control and consolidating its financial statements[15] - The company is in the process of relocating its office and factory, expected to be largely completed within 2024[17] - The company plans to start production of the "Neue Klasse" models in 2026, with a significant investment in a new generation battery project[92] - The group is collaborating with BMW to supply components for BMW vehicles and is focusing on the BEV market with plans to launch new models in the coming years[98] Employee and Operational Costs - Employee costs, including director remuneration, increased to RMB 116,157,000 for the six months ended June 30, 2024, compared to RMB 112,832,000 in 2023, reflecting a rise of 2.9%[28] - Employee costs for the six months ended June 30, 2024, amounted to RMB 116,200,000, compared to RMB 112,800,000 for the same period in 2023[100] Credit and Receivables - The company has recognized expected credit loss provisions of RMB 44,048,000 against accounts receivable as of June 30, 2024, compared to RMB 42,240,000 as of December 31, 2023[49] - The group recognized expected credit loss provisions for accounts receivable from Shenyang Automotive and Huachen Power, amounting to RMB 858,000,000 and RMB 128,320,000 respectively, as of June 30, 2024[76][77] Market Performance - Revenue from the sale of automotive parts for the six months ended June 30, 2024, was RMB 405,380,000, an increase of 6.8% compared to RMB 381,079,000 for the same period in 2023[19] - The contribution from the joint venture, BMW Brilliance, decreased by 27.3% to RMB 2.7347 billion, down from RMB 3.7595 billion in the same period of 2023[88] - BMW Brilliance's domestic sales reached 312,730 vehicles in the first half of 2024, a 6.4% decrease from 334,076 vehicles sold in the same period of 2023[88] - In the first half of 2024, total vehicle sales decreased by 6.4% to 312,730 units compared to 334,076 units in the same period of 2023[89] - The number of BEV vehicles sold increased by 22.2% to 50,750 units from 41,547 units year-on-year[89] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2024[120] - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing matters related to auditing, internal controls, and financial reporting[121] - The board consists of four independent non-executive directors, meeting the requirements of the listing rules[122]
BRILLIANCE CHI(01114) - 2024 - 中期财报