Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 507,855,000, a decrease of 8.9% compared to RMB 557,527,000 for the same period in 2022[4] - Gross profit increased to RMB 142,315,000, up 42.7% from RMB 99,605,000 year-on-year[4] - Net profit for the period was RMB 3,745,486,000, representing a 17.7% increase from RMB 3,180,488,000 in the previous year[6] - Basic and diluted earnings per share rose to RMB 0.74211, compared to RMB 0.63039 for the same period last year, marking a 17.7% increase[4] - Total comprehensive income for the period was RMB 4,731,508,000, up 48.8% from RMB 3,172,097,000 in 2022[6] - The company reported a profit attributable to shareholders of RMB 3,744,137 thousand for the first half of 2023, compared to RMB 3,180,360 thousand in the same period of 2022, marking an increase of approximately 18%[13] - The company reported a pre-tax profit of RMB 4,022,647,000 for the six months ended June 30, 2023, compared to RMB 3,176,676,000 for the same period in 2022, reflecting a growth of 26.6%[28] - The group’s unaudited profit before income tax increased by 26.6% from RMB 3,176,700,000 in the first half of 2022 to RMB 4,022,600,000 in the same period of 2023[96] Assets and Liabilities - Non-current assets totaled RMB 27,061,020,000 as of June 30, 2023, compared to RMB 21,698,019,000 at the end of 2022, reflecting a significant increase[8] - Current assets decreased to RMB 29,445,521,000 from RMB 33,728,585,000 at the end of 2022, indicating a reduction in liquidity[9] - Total liabilities increased to RMB 3,644,841,000 from RMB 3,114,199,000, suggesting a rise in financial obligations[9] - The company’s total assets increased to RMB 52,216,827 thousand as of June 30, 2023, compared to RMB 46,976,786 thousand as of June 30, 2022, indicating a growth of around 11%[13] - The total liabilities as of June 30, 2023, were RMB 3,736,658,000, an increase from RMB 3,209,777,000 as of December 31, 2022, representing a rise of 16.4%[30] - The company’s equity attributable to shareholders rose to RMB 51,996,961,000 from RMB 51,445,254,000, indicating a growth in shareholder value[9] Cash Flow - The net cash used in operating activities for the first half of 2023 was RMB (600,607) thousand, compared to RMB 850,172 thousand in the same period of 2022, indicating a significant decline in cash flow from operations[16] - The net cash generated from investing activities in the first half of 2023 was RMB 409,107 thousand, a substantial decrease from RMB 17,252,758 thousand in the first half of 2022[16] - The net cash used in financing activities for the first half of 2023 was RMB (3,650,177) thousand, compared to RMB (1,212,075) thousand in the same period of 2022, reflecting increased financing outflows[16] - The cash and cash equivalents decreased to RMB 24,621,599 thousand as of June 30, 2023, from RMB 28,463,276 thousand at the beginning of the year[16] Business Segments - The company identified three main business segments: manufacturing and sales of automotive parts, manufacturing and sales of BMW vehicles and parts, and providing automotive financial services[27] - The company began supplying automotive parts to electric vehicle manufacturers in the first half of 2023 to offset declines in sales to traditional automakers[88] Shareholder Information - The company declared a special dividend of HKD 0.96 per share on January 13, 2023, totaling HKD 4,843,458,000, and another special dividend of HKD 0.96 per share on July 18, 2023, also totaling HKD 4,843,458,000[41] - Major shareholders include Huachen with 1,535,074,988 shares (30.43%), and Liaoning Transportation Investment Group with 600,000,000 shares (11.89%)[130] - The company’s directors and senior management hold a total of 6,200,000 shares, representing 0.12% of the issued share capital[131] Restructuring and Investments - The company has entered into a restructuring investment agreement with Brilliance Renault, proposing to inject RMB 1.36 billion in cash, which would result in the company holding 80.98% of Brilliance Renault's equity after the restructuring[32] - The restructuring of Brilliance Renault includes a proposed capital injection of up to RMB 1.36 billion to support its debt restructuring, with the plan approved by the Shenyang Intermediate People's Court[101] Market Trends and Strategies - The company plans to leverage the growing NEV market, supported by new government measures aimed at promoting automotive consumption and enhancing NEV infrastructure[97] - The new fully electric BMW i3 40L model was launched on February 20, 2023, marking a significant milestone in the company's commitment to electrification and digitalization[98] - The company is implementing the iFactory production strategy, utilizing data science, AI, and virtual technologies to enhance production efficiency and sustainability[98] Legal Matters - Brilliance China Automotive Holdings Limited is involved in multiple legal cases with China Everbright Bank, including a total of RMB 1.818 billion, RMB 30 million, RMB 156 million, RMB 208 million, and RMB 490 million in litigation judgments[152] - Harbin Bank has applied for a retrial regarding a RMB 300 million lawsuit and requested enforcement of the judgment from the Liaoning Provincial High Court[152]
BRILLIANCE CHI(01114) - 2023 - 中期财报