吉利汽车(00175) - 2023 - 中期财报

Revenue and Profitability - Revenue for the six months ended June 30, 2023, was RMB 73,181,745 thousand, an increase of 25.7% compared to RMB 58,183,773 thousand for the same period in 2022[17]. - Gross profit for the same period was RMB 10,540,492 thousand, up from RMB 8,475,802 thousand, reflecting a gross margin improvement[17]. - Profit before tax increased to RMB 1,474,100 thousand, compared to RMB 1,316,513 thousand in the previous year, representing a growth of 12%[17]. - Net profit attributable to equity holders of the company was RMB 1,273,508 thousand, slightly down from RMB 1,277,848 thousand in 2022[17]. - Basic earnings per share for the period was RMB 14.91 cents, compared to RMB 14.83 cents for the same period last year[17]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 1,185,698,000, a decrease of 31.4% compared to RMB 1,726,252,000 in the same period of 2022[18]. - The net profit for the period was RMB 1,273,508,000, slightly down from RMB 1,277,848,000 in the previous year, indicating a marginal decline of 0.2%[18]. - For the six months ended June 30, 2023, the total comprehensive income amounted to RMB 1,506,117,000, a decrease of 320,419,000 compared to the previous period[24]. - The company reported a profit of RMB 71,064,000 for the current period, with other comprehensive income contributing an additional RMB 5,952,000[24]. - The company’s net profit attributable to shareholders for the period was RMB 1,499,664,000, showing a decline compared to the previous period[24]. Expenses and Costs - Distribution and selling expenses increased to RMB 4,767,790 thousand from RMB 3,303,773 thousand, indicating higher marketing and sales costs[17]. - Administrative expenses rose to RMB 4,867,108 thousand, compared to RMB 4,660,511 thousand in the previous year[17]. - Employee costs totaled RMB 4,260,043,000 for the six months ended June 30, 2023, up from RMB 3,837,265,000 in the same period of 2022, representing an increase of approximately 11%[47]. - Depreciation expenses amounted to RMB 1,910,988,000 for the six months ended June 30, 2023, compared to RMB 1,687,199,000 in the previous year, indicating an increase of about 13%[47]. - The group reported a total financial expense of RMB 267,584,000 for the six months ended June 30, 2023, compared to RMB 208,589,000 in the same period of 2022, marking an increase of about 28%[45]. Assets and Liabilities - Non-current assets increased to RMB 87,678,628,000 as of June 30, 2023, up from RMB 78,762,416,000 at the end of 2022, reflecting a growth of 11.5%[19]. - The company's inventory rose to RMB 11,737,592,000, an increase of 8.5% from RMB 10,822,330,000 at the end of 2022[19]. - Trade and other receivables decreased to RMB 31,010,539,000, down 10.4% from RMB 34,392,326,000 at the end of 2022[19]. - The total equity attributable to the company's shareholders increased to RMB 76,569,089,000, compared to RMB 75,130,455,000 at the end of 2022, marking a growth of 1.9%[20]. - The company's cash and cash equivalents stood at RMB 32,847,813,000, a slight decrease from RMB 33,341,339,000 at the end of 2022[19]. - The current liabilities increased to RMB 74,258,420,000, up from RMB 68,953,214,000 at the end of 2022, indicating an increase of 7.5%[19]. - The company reported a significant increase in intangible assets, which rose to RMB 25,473,260,000, up from RMB 22,547,705,000, reflecting a growth of 12.9%[19]. - The company’s goodwill increased to RMB 64,309,000, compared to RMB 61,418,000 at the end of 2022, showing a growth of 4.7%[19]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2023, was RMB 10,698,972 thousand, an increase from RMB 9,807,546 thousand in the same period of 2022, representing a growth of approximately 9.05%[26]. - Net cash used in investing activities for the six months ended June 30, 2023, was RMB (8,986,314) thousand, compared to RMB (5,609,171) thousand in the same period of 2022, indicating a significant increase in investment outflows[26]. - Net cash from financing activities for the six months ended June 30, 2023, was RMB (2,206,223) thousand, a decrease from RMB 5,277,787 thousand in the same period of 2022, reflecting a shift in financing strategy[26]. - The cash and cash equivalents at the end of the period were RMB 32,847,813 thousand, down from RMB 37,562,245 thousand at the end of the same period in 2022, indicating a reduction in liquidity[26]. - The company paid income tax of RMB (1,531,719) thousand for the six months ended June 30, 2023, compared to RMB (1,318,680) thousand in the same period of 2022, reflecting an increase in tax obligations[26]. Market and Strategic Outlook - The company is focusing on expanding its market presence and enhancing product offerings through new technology developments[17]. - Future outlook includes continued investment in research and development to drive innovation and market expansion strategies[17]. - The company plans to continue expanding its market presence and developing new products and technologies to enhance its competitive edge[101]. - The company is actively addressing challenges during its transition to new energy, maintaining overall profitability and healthy business development[174]. - The company plans to focus on launching multiple new energy vehicle models in the second half of 2023, including the "Geely Galaxy L6" and "Geely Galaxy E8"[192]. Related Party Transactions - Total revenue from related party transactions with Zhejiang Geely Automobile Co., Ltd. reached RMB 13.8 billion for the six months ended June 30, 2023, compared to RMB 19.0 billion in the same period of 2022, representing a decrease of approximately 27.4%[141]. - Revenue from product research and technical licensing services with Ningbo Geely Automobile Research and Development Co., Ltd. was RMB 1.67 billion for the six months ended June 30, 2023, up from RMB 947.3 million in 2022, indicating an increase of approximately 76.5%[143]. - The company reported operational service income of RMB 97.7 million from Geely Automobile Group Co., Ltd. for the six months ended June 30, 2023, compared to RMB 50.3 million in 2022[143]. Acquisitions and Joint Ventures - The company completed the acquisition of 100% equity in Xi'an Geely Automobile Co., Ltd. for a cash consideration of RMB 382,450,000, finalized in April 2023[119]. - The company established a joint venture with CATL, with a registered capital of RMB 1,000,000,000, where Geely holds a 49% stake[121]. - The group conditionally agreed to acquire 49.9% of the issued and paid-up ordinary shares of Baoteng and DHG for approximately RMB 1,450.4 million, including USD 56,390,000 (approximately RMB 387.4 million) related to receivables sold to the group[68]. Research and Development - Research and development expenses for the first half of 2023 totaled approximately RMB 3 billion, down from RMB 3.3 billion in the same period of 2022[183]. - The company incurred RMB 436.4 million in research and development costs capitalized as intangible assets for the six months ended June 30, 2023, compared to RMB 852.8 million in the same period of 2022[139]. - In the first half of 2023, the company's capitalized R&D expenses increased by 87% year-on-year to RMB 5.1 billion, primarily driven by the rapid growth in R&D spending for the Zeekr brand[184].