Sales Performance - In the first half of 2024, the retail sales volume of passenger cars in China reached approximately 9.9 million units, a year-on-year increase of 2.9%[4] - The company's sales volume for the first half of 2024 was 19,100 units, representing a year-on-year growth of 8.7%[5] - The delivery of BMW vehicles (including the MINI brand) decreased by 8.5% to 12,351 units in the first half of 2024[5] - The sales of new energy vehicles (NEVs) in China reached approximately 4.1 million units, a year-on-year increase of 33.1%, with a domestic retail penetration rate of 48.4%[4] - The luxury car market in China saw a decline of 5.6% in cumulative sales, with the company's three major luxury brands (BMW, Mercedes-Benz, Audi) collectively selling approximately 1.1 million units[4] - BYD's sales reached 2,245 units in the first half of 2024, following the opening of its first showroom in Hong Kong in October 2023[5] - The penetration rate of NEVs among Chinese domestic brands reached 72.5%, with BYD leading the market with a share of 33.8%[4] Financial Performance - The company recorded revenue of RMB 7,466.3 million for the six months ended June 30, 2024, a decrease of 7.9% compared to RMB 8,109.5 million in the same period last year[6] - Revenue from automobile sales and others decreased by 8.4% to RMB 6,273.6 million, accounting for 84.0% of total revenue for the first half of 2024[6] - Gross profit fell by 37.0% to RMB 366.3 million, with a gross margin of 4.9%, down 2.4 percentage points from the previous year[8] - The company reported a loss attributable to owners of RMB 76.3 million, compared to a profit of RMB 201.2 million in the same period last year[13] - Operating profit decreased significantly to RMB 14,118 thousand, compared to RMB 336,778 thousand in the prior year, reflecting a decline of 95.8%[55] - The company reported a loss before tax of RMB 64,825 thousand, compared to a profit of RMB 271,483 thousand for the same period in 2023[55] - The net loss for the period was RMB 74,703 thousand, a significant decline from a profit of RMB 208,255 thousand in the previous year[55] - Basic and diluted loss per share for the period was RMB (0.051), compared to earnings of RMB 0.113 per share in the same period last year[56] Expenses and Costs - Selling and distribution expenses increased by 15.6% to RMB 459.3 million, primarily due to the expansion of international distribution networks[10] - Administrative expenses rose by 24.5% to RMB 131.1 million, also linked to the expansion efforts[10] - Financial expenses increased to RMB 78,937,000 for the six months ended June 30, 2024, compared to RMB 64,303,000 for the same period in 2023, representing a 22.8% increase[74] - Income tax expense decreased significantly to RMB 9,878,000 for the six months ended June 30, 2024, from RMB 63,228,000 in the same period of 2023, a reduction of 84.4%[75] - The cost of automobile sales was RMB 6,377,811,000 for the six months ended June 30, 2024, down from RMB 6,801,967,000 in the same period of 2023, a decrease of 6.2%[77] Inventory and Assets - 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 of 2023[5] - Inventory increased by RMB 179.0 million to RMB 1,658.7 million, with average inventory turnover days rising to 40.3 days[17] - As of June 30, 2024, non-current assets totaled RMB 4,597,225 thousand, an increase of 2.2% from RMB 4,498,947 thousand as of December 31, 2023[57] - Current assets decreased to RMB 6,004,388 thousand, down 5.2% from RMB 6,336,219 thousand as of December 31, 2023[57] - Total liabilities decreased to RMB 5,023,242 thousand, down 1.5% from RMB 5,169,999 thousand as of December 31, 2023[58] Capital and Financing - Bank loans and other borrowings increased by 9.2% to RMB 2,382.1 million, with a debt-to-asset ratio of 47.4%[18] - Capital expenditures for the reporting period were RMB 178.2 million, significantly higher than RMB 18.4 million in the same period last year[16] - The company borrowed RMB 250,000,000 from Henan Harmony Real Estate Co., Ltd. at a fixed annual interest rate of 4.2%, with interest payments totaling RMB 5,250,000 during the reporting period[91] - The company reported a net cash outflow from financing activities of RMB 130,804 thousand, a significant improvement from a net outflow of RMB 314,667 thousand in the same period of 2023[60] Employee and Shareholder Information - As of June 30, 2024, the company employed a total of 3,902 employees, an increase from 3,642 employees as of December 31, 2023[22] - Employee costs amounted to RMB 235.9 million for the six months ended June 30, 2024[22] - The company has 42,191,000 unexercised share options under the share option plan, representing approximately 2.8% of the issued shares as of June 30, 2024[22] - The share incentive plan allows for a maximum of 60,000,000 shares to be purchased, equivalent to 3.94% of the issued shares as of June 30, 2024[23] - The company will regularly review its compensation policies and employee benefits based on market practices and individual performance[23] Corporate Governance and Compliance - The company maintains a prudent financial management approach regarding its treasury policy, ensuring a robust liquidity position as of June 30, 2024[21] - The company did not declare an interim dividend for the period, consistent with the previous year[45] - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on its financial statements[62] - The company maintained sufficient public float as required by listing rules during the reporting period[46] - No significant events affecting the group occurred after the reporting period up to the date of the interim report[47]
和谐汽车(03836) - 2024 - 中期财报