Financial Performance - In 2022, the company's revenue was RMB 1,130,725,000, a decrease of 47.3% compared to RMB 2,141,946,000 in 2021[6] - The net profit for the year was RMB 7,146,830,000, down 31.9% from RMB 10,440,794,000 in the previous year[6] - The company's basic earnings per share for 2022 were RMB 1.41655, down from RMB 2.37064 in 2021[6] - The group’s consolidated revenue for the year ended December 31, 2022, was RMB 1,130,700,000, a decrease of 47.2% compared to RMB 2,141,900,000 for the year ended December 31, 2021[32] - The gross profit increased by 30.4% from RMB 180,700,000 in 2021 to RMB 235,600,000 in 2022, resulting in a gross margin improvement from 8.4% to 20.8%[32] - Interest income surged 8.4 times from RMB 49,800,000 in 2021 to RMB 416,300,000 in 2022, primarily due to the sale of a 25% equity stake in BMW Brilliance and related dividend income[33] - Other income rose by 161.4% from RMB 53,400,000 in 2021 to RMB 139,600,000 in 2022, mainly from compensation received for relocating a subsidiary[33] - The contribution from the joint venture BMW Brilliance decreased by 83.6% from RMB 14,514,800,000 in 2021 to RMB 2,379,800,000 in 2022, due to its reclassification from a joint venture to an associate company[35] - The group recorded a gain of RMB 4,895,900,000 from the sale of a 25% equity stake in BMW Brilliance, effective February 11, 2022[38] - In 2022, the company recorded a net profit attributable to equity holders of RMB 7,146,900,000, a decrease of 40.2% compared to RMB 11,960,500,000 in 2021[39] - The return on invested capital (ROIC) for 2022 was 15.5%, compared to 29.2% in 2021[39] - The company reported a pre-tax profit of RMB 7,142,800,000 in 2022, down from RMB 10,459,600,000 in 2021[39] Production and Sales - The company sold over 45,000 units of the new BMW i3 model, with NEVs sales increasing by 93.4% to 6,900,000 units in China[10] - The company plans to increase the production of NEVs, which are expected to represent a larger share of total output in the future[10] - BMW Brilliance's domestic sales reached 664,934 vehicles in 2022, a 2.0% increase from 652,000 vehicles sold in 2021[37] - The number of battery electric vehicles (BEVs) sold by BMW Brilliance increased by 102.0% from 22,452 in 2021 to 45,364 in 2022[37] Assets and Liabilities - The total assets of the company as of December 31, 2022, were RMB 55,426,604,000, with non-current assets at RMB 21,698,019,000[6] - The company’s total liabilities included current liabilities of RMB (3,114,199,000) and non-current liabilities of RMB (95,578,000)[6] - The group’s total liabilities decreased to RMB 3,209,800,000 as of December 31, 2022, compared to RMB 8,776,700,000 a year prior[118] Dividends and Shareholder Returns - The board declared a special dividend of HKD 0.96 per share following the sale of a 25% stake in Huachen BMW[15] - A special dividend of HKD 0.96 per share was declared on January 13, 2023, and paid on February 27, 2023[58] - The board of directors will inform shareholders of decisions regarding the use of net proceeds from the sale of a 25% equity stake in Brilliance BMW by June 30, 2023[58] Strategic Initiatives and Partnerships - The company aims to explore strategic investment projects within the automotive industry value chain for sustainable business growth[15] - Huachen Dongya is expanding its business by collaborating with selected Chinese NEV partners such as Tesla and Li Auto[15] - The group has established strategic partnerships with Tesla and other NEV manufacturers to enhance its retail finance core business strategy[55] Governance and Leadership - The company has established various committees, including the Compensation Committee and Nomination Committee, to ensure effective governance and oversight[141] - The leadership team includes independent non-executive directors with extensive backgrounds in finance and automotive engineering, contributing to robust corporate governance[146] - The company emphasizes adherence to the Corporate Governance Code, ensuring compliance with applicable laws and regulations to enhance shareholder value[154] - The board consists of eight members, including four executive directors and four independent non-executive directors, ensuring compliance with listing rules regarding independence[162] Environmental and Social Responsibility - The group continues to implement measures to reduce GHG emissions, with approximately 95% of emissions coming from electricity usage in production operations[49] - The company has expanded its environmental, social, and governance (ESG) reporting scope, with total emissions, wastewater, electricity, and waste significantly increasing compared to 2021[48] - The company is committed to enhancing its sustainable development performance by monitoring global and Chinese environmental policies and regulations[51] Employee and Operational Metrics - As of December 31, 2022, the group employed approximately 1,300 employees, a decrease from about 4,113 employees as of December 31, 2021[127] - Employee costs for the year ended December 31, 2022, amounted to RMB 341.7 million, down from RMB 480 million for the year ended December 31, 2021[127] Legal and Compliance Issues - The company has faced significant legal challenges, including a court ruling requiring it to fulfill obligations related to a RMB 300 million lawsuit[46] - The company has not issued any stock options to directors or major shareholders during the reporting period, maintaining compliance with individual limits set forth in the stock option plan[72] Future Outlook - The company plans to continue focusing on its core business of manufacturing and selling BMW vehicles, automotive parts, and providing automotive financial services[42] - The group plans to launch new internal combustion and pure electric BMW models in the Chinese market, including the new X1 model in 2023[123] - The company aims to enhance its competitive edge through strategic partnerships and potential mergers and acquisitions in the automotive market[142]
BRILLIANCE CHI(01114) - 2022 - 年度财报