Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 1,917,823 thousand, a decrease of 29% compared to RMB 2,704,082 thousand for the same period in 2021[6] - Gross profit for the same period was RMB 175,187 thousand, down 50% from RMB 348,726 thousand in 2021[6] - The net profit attributable to equity holders for the six months was RMB 28,947 thousand, a decline of 79% from RMB 134,917 thousand in the previous year[6] - Basic earnings per share decreased to RMB 0.01 from RMB 0.05 year-on-year[6] - For the six months ended June 30, 2022, the company reported a profit attributable to equity holders of RMB 28,947,000, a decrease of 78.6% compared to RMB 134,917,000 for the same period in 2021[61] - Profit and total comprehensive income for the period was RMB 34.6 million, a significant decline of 75.23% year-on-year[121] Assets and Liabilities - Total assets as of June 30, 2022, were RMB 7,834,345 thousand, compared to RMB 8,076,297 thousand as of December 31, 2021[10] - Total equity decreased to RMB 7,828,756 thousand from RMB 8,067,222 thousand at the end of 2021[11] - Total assets as of June 30, 2022, amounted to RMB 10,306,001 thousand, with segment assets for light commercial vehicles at RMB 1,334,856 thousand and medium and heavy trucks at RMB 774,942 thousand[40] - Total liabilities were reported at RMB 2,477,245 thousand, with segment liabilities for light commercial vehicles at RMB 372,091 thousand[40] - The group’s total liabilities as of June 30, 2022, were RMB 2,107,084,000, slightly down from RMB 2,119,936,000 at the end of 2021[80] Cash Flow - For the six months ended June 30, 2022, the net cash used in operating activities was RMB (40,551) thousand, a significant decrease from RMB 182,016 thousand in the same period of 2021[15] - The cash and cash equivalents decreased by RMB 353,900 thousand during the six months ended June 30, 2022, compared to an increase of RMB 1,039,149 thousand in the same period of 2021[17] - The company’s cash and cash equivalents amounted to RMB 1,294,668 thousand as of June 30, 2022, compared to RMB 1,673,977 thousand at the end of 2021[11] - The financing activities generated a net cash inflow of RMB 238,921 thousand, contrasting with a net cash outflow of RMB (257,500) thousand in the previous year[17] Sales Performance - Sales of light commercial vehicles reached RMB 807,647 thousand, an increase of 76.4% compared to RMB 457,791 thousand in the previous year[26] - Sales of medium and heavy vehicles decreased to RMB 274,339 thousand from RMB 520,825 thousand, reflecting a decline of 47.4%[26] - The company’s revenue from the sale of chassis was RMB 449,542 thousand, a decrease of 59.8% from RMB 1,118,627 thousand in the previous year[26] - In the first half of 2022, the company sold 17,575 vehicles, a year-on-year decrease of 29.80%[121] - The commercial vehicle market in China saw a total sales volume of 1.522 million units in the first half of 2022, a year-on-year decline of 42.2%[122] Research and Development - Research expenses for the period were RMB 99,457 thousand, slightly down from RMB 101,750 thousand in 2021[6] - The company has restructured its R&D organization and initiated a new integrated quality management system for new products[124] - The company is focusing on the development of fuel vehicles and has made progress in fuel consumption technology research[124] Corporate Governance - The company has complied with the corporate governance code as per the Listing Rules, with no deviations reported as of June 30, 2022[149] - The company emphasizes high standards of corporate governance to enhance investor confidence and protect shareholder interests[149] - The board decided not to declare an interim dividend for the six months ended June 30, 2022[141] Market Strategy - The company aims to continue expanding its market presence and enhancing product offerings in the upcoming quarters, focusing on innovation and technology development[36] - The company has implemented a new mechanism for marketing and sales, focusing on the modified vehicle market and large customer orders[124] Employee Costs - Total employee costs, including directors' remuneration, amounted to RMB 160,079,000, a decrease of 6.5% from RMB 170,739,000 in the previous year[52] Inventory and Receivables - The company reported a significant increase in inventory, which rose to RMB (264,517) thousand from RMB (14,221) thousand year-over-year[15] - Accounts receivable, notes receivable, and other receivables totaled RMB 1,032,330,000 as of June 30, 2022, down from RMB 2,083,402,000 at the end of 2021, representing a decrease of approximately 50.5%[73] - The provision for credit losses on accounts receivable decreased to RMB 75,421,000 from RMB 102,810,000, indicating a reduction of about 26.7%[70] Shareholder Information - As of June 30, 2022, the total share capital of the company was 2,482,268,268 shares, with domestic shares accounting for approximately 50.10% and H-shares accounting for approximately 49.90%[144] - The major shareholder, Qingling Motors (Group) Co., Ltd., holds 1,243,616,403 domestic shares, representing 100.00% of the domestic share category and 50.10% of the total share capital[145] - Isuzu Motors Co., Ltd. holds 496,453,654 H-shares, representing 40.08% of the H-share category and 20.00% of the total share capital[145]
庆铃汽车股份(01122) - 2022 - 中期财报