Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 4,561,692 thousand, a significant increase from RMB 518,038 thousand in the same period of 2024, representing a growth of approximately 782%[4] - Gross profit for the same period was RMB 93,478 thousand, down from RMB 103,552 thousand in 2024, indicating a decrease of about 9.9%[4] - Net profit for the period was RMB 1,654,217 thousand, compared to RMB 1,465,637 thousand in 2024, reflecting an increase of approximately 12.9%[4] - Basic and diluted earnings per share increased to RMB 0.33723 from RMB 0.29201, marking a growth of about 15.5%[4] - Total comprehensive income for the period was RMB 3,243,017 thousand, up from RMB 1,196,013 thousand in 2024, representing a growth of approximately 171.5%[6] - Total revenue for the period was RMB 561,692 thousand, representing a 8.4% increase compared to RMB 518,038 thousand in the same period of 2024[19] - The pre-tax profit before income tax expenses for the same period was RMB 1,906,261 thousand, reflecting a significant performance in the financial services segment[22] - Unreviewed profit before tax decreased by 35.1% from RMB 2,937,800,000 in the first half of 2024 to RMB 1,906,300,000 in the first half of 2025[89] Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 5,857,011 thousand from RMB 10,539,550 thousand, a decline of about 44.4%[7] - For the six months ended June 30, 2025, the net cash used in operating activities was RMB (257,757) thousand, a significant improvement from RMB (675,034) thousand in the same period of 2024[12] - The net cash generated from investing activities was RMB 527,525 thousand, compared to RMB 5,433,600 thousand in the previous year, indicating a decrease in investment inflows[12] - The net cash used in financing activities was RMB (4,952,307) thousand, down from RMB (8,258,244) thousand in 2024, reflecting a reduction in financing outflows[12] - As of June 30, 2025, cash and cash equivalents decreased to RMB 5,857,011 thousand from RMB 27,346,117 thousand at the beginning of the year[12] Assets and Liabilities - Total assets less current liabilities amounted to RMB 25,770,919 thousand, down from RMB 27,270,066 thousand in 2024, indicating a decrease of approximately 5.5%[8] - The total assets as of June 30, 2025, amounted to RMB 27,406,376 thousand, with manufacturing and sales assets accounting for RMB 11,910,293 thousand[24] - The total liabilities for the same date were RMB 1,804,155 thousand, with manufacturing and sales liabilities at RMB 1,595,858 thousand[24] - The company’s equity attributable to shareholders decreased to RMB 24,612,505 thousand from RMB 26,060,978 thousand, reflecting a decline of about 5.5%[8] - The total current liabilities as of June 30, 2025, were RMB 448,513,000, compared to RMB 408,187,000 as of December 31, 2024, indicating an increase of about 9.8%[59] Investments and Joint Ventures - The Group invested RMB 240,000,000 in Shenyang Hydrogen Energy Technology Co., Ltd., acquiring a 48% stake[36] - The company entered into a joint venture agreement to acquire 50% equity in Yuxin Intelligent Technology (Shenyang) Co., Ltd. for a cash consideration of RMB 700 million[40] - The company reported revenue from the joint venture of RMB 9,883,000 for the six months ended June 30, 2025, with a loss of RMB 23,166,000 during the same period[42] - The joint venture Yuxin, established with TCL Ningbo, focuses on developing and manufacturing smart cockpit and display components, with the company holding a 50% stake valued at RMB 688.4 million as of June 30, 2025[105] Shareholder Information - The major shareholder of the company is Shenyang Automotive Group Co., Ltd., holding a 29.99% equity interest[13] - Major shareholders include Shenyang San Shi Automotive Industry Development Co., Ltd., holding 1,512,875,802 shares, representing 29.99%[123] - First Beijing Investment Limited holds 253,116,000 shares as a beneficial owner[126] - The company has issued a total of 5,045,269,388 shares[125] Employee and Operational Costs - Employee costs, including directors' remuneration, totaled RMB 145,550 thousand for the six months ended June 30, 2025, compared to RMB 116,157 thousand in the previous year[28] - The employee count increased from 1,400 to approximately 1,890, with total employee costs for the first half of 2025 amounting to RMB 145.6 million, up from RMB 116.2 million in the same period last year[112] Market and Sales Performance - Total domestic sales of BMW vehicles by Brilliance BMW fell by 16.7% to 260,455 units in the first half of 2025 from 312,730 units in the same period of 2024[87] - The Chinese automotive market saw a total sales increase of 11.4% to 15.653 million vehicles in the first half of 2025, with NEV sales rising by 40.3%[90] - The company is preparing to start production of the "Neue Klasse" model in 2026, with over 300 test vehicles undergoing rigorous certification across more than 400 cities in China[91] Compliance and Governance - The company is committed to maintaining compliance with the revised Hong Kong Financial Reporting Standards, which are expected to have no significant impact on its financial performance[16] - The company has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO, which is currently held by Mr. Zhang Yue[134]
BRILLIANCE CHI(01114) - 2025 - 中期财报