和谐汽车(03836) - 2025 - 中期财报

Company Information Board of Directors and Committees This section lists the company's board members and their roles in the audit, remuneration, and nomination committees, including executive directors, independent non-executive directors, and committee chairpersons - The Board of Directors comprises executive directors Feng Changge (Chairman), Feng Shaolun (Vice Chairman), Liu Fenglei (President), Ma Lintao (Vice President), Cheng Junqiang (Vice President), and independent non-executive directors Wang Nengguang, Liu Guoxun, and Song Jiaheng[3] - The Audit Committee Chairman is Mr. Wang Nengguang, the Remuneration Committee Chairman is Mr. Song Jiaheng, and the Nomination Committee Chairman is Mr. Feng Changge[3] Company Contact and Registration Information This section provides the company's legal counsel, auditor, principal bankers, registered office, principal place of business, and share registrar information - The Company Secretary is Ms. Wong Wai Yee, and authorized representatives are Mr. Liu Fenglei and Ms. Wong Wai Yee[3] - The legal counsel is Haiwen & Partners, and the auditor is Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd[3] - The company's stock code is 3836, and its website is www.hexieauto.com[4](index=4&type=chunk) Management Discussion and Analysis Industry Overview and Outlook In the first half of 2025, China's passenger vehicle retail sales increased by 10.8% year-on-year, with new energy vehicle sales growing by 33.3%; the luxury car market faced challenges, experiencing an 11.8% year-on-year decline in sales, while Chinese new energy vehicle brands demonstrated exceptional export performance, growing by 48.0% Overview of China's Passenger Vehicle Market in H1 2025 | Metric | H1 2025 | Y-o-Y Growth | | :--- | :--- | :--- | | Passenger Vehicle Retail Sales | approx. 10.9 million units | 10.8% | | Cumulative NEV Sales | 5.5 million units | 33.3% | - The luxury car market's cumulative sales in H1 2025 were approximately 1.2 million units, a 11.8% decrease compared to the same period last year[7] - China's new energy vehicle exports significantly increased by 48.0% year-on-year, with BYD's exports growing by 1.3 times[8] - Fiscal policies, such as trade-in subsidies and NEV purchase tax incentives, are expected to continue boosting market demand[8] Business Review and Outlook In the first half of 2025, the Group achieved a significant 60.6% increase in total sales, driven by strategic overseas market expansion and successful implementation of the '1+2' operating strategy in the domestic market, which also delivered stable operating net profit through focused brand and regional advantages, enhanced synergy, and refined management - Total sales reached 30,666 units in H1 2025, a significant 60.6% year-on-year increase[9] - Sales in Hong Kong and overseas markets reached 15,725 units, accounting for 51.3% of total sales and becoming the primary growth driver[9] - Excluding non-recurring losses of RMB 32.5 million related to store closures, adjusted net profit was RMB 20.7 million, representing a significant turnaround[9] Mainland China Market The Mainland China market achieved stable operating net profit through a '1+2' operating strategy (focusing on performance profitability, advantageous brands and regions, and efficient quality) and prudent M&A development; the Group enhanced business synergy, optimized sales pace and model structure, and improved after-sales service gross margin and overall operational efficiency through deep customer demand analysis and refined management - Adjusted operating net profit for the Mainland China market (excluding non-recurring losses related to store closures) was approximately RMB 17.9 million[10] - Adhering to the '1+2' operating strategy, focusing on 3 ultra-luxury brands (Bentley, Rolls-Royce, Ferrari) and 2 luxury brands (BMW, Lexus)[10] - In H1 2025, the comprehensive gross margin for after-sales services increased from 38.3% in the same period last year to 39.2%, a year-on-year increase of approximately 1 percentage point[12] - Added 3 Denza brand experience showrooms to capitalize on the growth opportunities in China's electric vehicle market[13] Hong Kong and Overseas Markets The Group's international new energy vehicle market strategy is showing initial results, establishing a global strategic partnership with BYD, operating 40 4S centers, 36 showrooms, and 6 service centers across Asia-Pacific, Europe, and Africa, with 29 new outlets added in the first half; BYD sales lead in Hong Kong, while Indonesia, Cambodia, and the Philippines markets show significant sales growth, all adopting a 'low-cost, high-efficiency' operating model - Established a global strategic partnership with BYD Company, a leading Chinese automobile manufacturer, for distribution and after-sales services[14] - As of June 30, 2025, operating 40 4S centers, 36 showrooms, and 6 service centers in Asia, Europe, and Africa, with a total of 29 new outlets added in the first half[14] Sales Performance in Hong Kong and Overseas Markets (H1 2025) | Market | Sales (units) | Y-o-Y Growth | | :--- | :--- | :--- | | Hong Kong (BYD) | 4,762 | - | | Indonesia | 2,538 | 226% | | Cambodia | 1,610 | 444% | | Philippines | 1,767 | 89% | - Overseas regions adopt a 'low-cost, high-efficiency' operating model, with lower single-store investment and fewer employees than traditional 4S stores in China[14] Future Outlook The Group's future systematic deployment will focus on 'framework building, coverage expansion, foundation establishment, refinement, breadth expansion, and deep impact,' aiming to complete global network layout, increase core market density, build localized management and profitability systems, strengthen refined operations, expand NEV-related businesses, and continuously enhance core competitiveness to become the world's largest NEV dealer group - Future plans include rapidly advancing new market development in the Middle East, Africa, and Americas, based on Asia-Pacific and Europe, to complete the global network framework layout[16] - Continuously building local-demand-oriented management foundations and profitability systems, including talent management, business process standards, used car market business improvement, and integration of derivative business resources like insurance and finance[16] - Expanding NEV-related businesses such as energy storage, charging solutions, battery repair and recycling, zero-carbon parks, and supporting facilities[16] - Committed to becoming the world's largest new energy vehicle dealer group[16] Financial Review In the first half of 2025, the Group's total revenue increased by 29.1% to RMB 9,636.6 million, primarily driven by significant growth in automobile and other sales, especially strong performance in Hong Kong and overseas markets; despite a 52.8% increase in gross profit, the period still recorded a loss due to increased selling and distribution expenses and administrative expenses, though the loss significantly narrowed year-on-year - Total revenue for H1 2025 was RMB 9,636.6 million, a 29.1% increase from H1 2024[18] - Gross profit increased by 52.8% from RMB 366.3 million in H1 2024 to RMB 559.8 million, with gross margin improving from 4.9% to 5.8%[23] - Loss attributable to owners of the Company decreased to RMB 11.8 million, compared to a loss of RMB 76.3 million in H1 2024[31] Revenue Analysis The Group's total revenue in H1 2025 increased by 29.1% to RMB 9,636.6 million; automobile and other sales revenue grew significantly by 36.7%, accounting for 89.0% of total revenue, primarily due to international sales network expansion, while after-sales service and finance lease service revenues decreased; geographically, Hong Kong and overseas revenue surged 5.0 times, comprising 40.5% of total revenue, whereas Mainland China revenue declined by 15.8% Revenue by Type of Goods or Services (RMB million) | Revenue Source | H1 2025 | H1 2024 | Y-o-Y Change | Share of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | Automobile and Other Sales | 8,577.4 | 6,273.6 | +36.7% | 89.0% | | After-sales Services | 1,044.7 | 1,170.5 | -10.7% | 10.8% | | Finance Lease Services | 14.5 | 22.1 | -34.4% | 0.2% | Revenue by