Financial Performance - The consolidated revenue for 2021 was RMB 175.92 billion, with a net profit of RMB 15.15 billion, reflecting a stable performance despite external challenges[10]. - The company proposed a dividend of RMB 0.16 per share for the fiscal year 2021, aimed at returning value to shareholders[10]. - The company reported a gross profit of RMB 37.64 billion in 2021, with a gross margin of approximately 21.4%[14]. - The total sales cost for 2021 was RMB 138.27 billion, resulting in a decrease in gross profit compared to the previous year[14]. - The group's revenue decreased from RMB 176,973.0 million in 2020 to RMB 175,915.7 million in 2021, a decline of 0.6% year-on-year, primarily due to reduced revenue from Beijing Benz[80]. - Revenue related to Beijing Benz fell from RMB 169,695.5 million in 2020 to RMB 167,966.4 million in 2021, a decrease of 1.0%, with sales volume dropping by 8.2% year-on-year[80]. - The net profit attributable to equity holders increased significantly from RMB 2,028.8 million in 2020 to RMB 3,858.2 million in 2021, marking a 90.2% year-on-year increase[80]. - The group's gross profit declined from RMB 42,139.9 million in 2020 to RMB 37,643.2 million in 2021, a decrease of 10.7%, mainly due to reduced gross profit from Beijing Benz[81]. - The cash generated from operating activities dropped from RMB 26,007.6 million in 2020 to RMB 12,903.0 million in 2021, a decline of 50.4%[83]. - The group's capital expenditures decreased from RMB 8,358.1 million in 2020 to RMB 7,066.0 million in 2021, a reduction of 15.5%[87]. Sales and Market Performance - In 2021, the company achieved a total vehicle sales volume of 1.031 million units across its brands, including Beijing Brand, Beijing Benz, Beijing Hyundai, and Fujian Benz[7]. - In 2021, the automotive industry in China saw a total passenger vehicle sales of 21.482 million units, a year-on-year increase of 6.5%[8]. - Beijing Benz sold 561,000 units in 2021, maintaining its position as a leading domestic luxury brand[10]. - Beijing Hyundai achieved stable operations with a sales volume of 361,000 units, adapting to market changes and pandemic impacts[10]. - Sales of Beijing brand vehicles fell from 81,792 units in 2020 to 72,434 units in 2021, a decline of about 11.5%[18]. - Sales of Beijing Benz vehicles decreased from 610,816 units in 2020 to 561,008 units in 2021, a drop of approximately 8.1%[18]. - Sales of Beijing Hyundai vehicles dropped from 446,082 units in 2020 to 360,565 units in 2021, a decline of around 19.2%[18]. - In 2021, Beijing brand launched a new product planning strategy focusing on fuel, hybrid, and electric vehicles, aiming to enhance user experience[24]. - The sales of new energy passenger vehicles in China surged to 3.334 million units in 2021, marking a year-on-year increase of 167.5%[53]. - The company achieved total vehicle sales of 1.031 million units in 2021, with the Beijing brand selling 72,000 units and a 72.9% increase in sales of new energy vehicles[54][56]. Strategic Focus and Future Plans - The company plans to focus on "electrification, intelligence, and connectivity" in 2022, enhancing its operational capabilities and management levels[11]. - The company aims to strengthen supply assurance and lean production for its new energy vehicle models in 2022[11]. - The company aims to optimize its product structure and enhance brand strength through continuous innovation and market expansion[21]. - The company is focusing on innovation and product diversification, with a strong emphasis on new energy, intelligence, and connectivity technologies to meet diverse market demands[40]. - The company aims to enhance operational capabilities and achieve dual improvements in market scale and development quality in 2022, accelerating strategic transformation and product iteration[74]. - Beijing brand will focus on the transformation towards "electrification, intelligence, and networking," enhancing operational capabilities to meet annual business goals[75]. - The 2022 outlook predicts a moderate growth trend in the Chinese passenger car market, with macroeconomic growth expected to stabilize and consumer demand gradually recovering[70]. - The 2022 new energy vehicle subsidy policy will maintain the current framework and thresholds, with no cap on the subsidy scale, expected to support strong growth in the new energy vehicle market[72]. Research and Development - The company is focusing on R&D capabilities, emphasizing "intelligent networking" and "electrification," with a significant investment in the largest R&D center of the Mercedes-Benz Group in the joint venture[66]. - The company has developed multiple engine and transmission models, including the award-winning "Magic Core" 1.5T engine, which received the "China Heart" Top Ten Engine Award in 2021[33]. - Beijing Hyundai has been manufacturing engines since 2004, with products covering four major series: BETA, Kappa, Gamma, and Gamma II, leading the industry in technology and power[33]. - The company is committed to lightweight R&D, new energy technology transformation, and big data applications, continuing to innovate in related businesses[39]. Corporate Governance and Compliance - The company is committed to improving corporate governance and has strengthened its management systems to align with listing requirements[121]. - The company has established a compliance mechanism to ensure adherence to relevant laws and regulations, with no significant litigation disputes reported in 2021[121]. - The company has not reported any violations of significant laws or regulations in 2021, ensuring compliance and integrity in operations[122]. - The board of directors was restructured on March 24, 2021, with new appointments including Mr. Jiang Deyi as chairman and several new non-executive directors[127]. - The company has obtained liability insurance for directors, supervisors, and senior management against relevant legal lawsuits[156]. - The company continues to focus on legal compliance and corporate governance to protect shareholder interests and enhance board functionality[119]. Supply Chain and Procurement - The company emphasizes maintaining strong relationships with suppliers and customers to achieve both short-term and long-term goals[117]. - The top five suppliers represented about 65.7% of the raw material costs used in sales, with the largest supplier accounting for approximately 44.5%[115]. - The procurement of products under the framework agreement amounted to RMB 26.635 billion in 2021, while procurement services totaled RMB 3.5526 billion[180]. - The actual amount of supply products under the framework agreement with BAIC Group for the year 2021 was RMB 17,209.4 million, while the actual amount for supply services was RMB 37.0 million[183]. - The agreement ensures that the terms of transactions with BAIC Group are no less favorable than those with independent third parties[182]. Employee and Operational Efficiency - The company has 18,694 full-time employees as of the end of 2021, with 13,571 in production roles and 3,711 in technical positions[200]. - The number of employees decreased from 21,038 at the end of 2020 to 18,694 at the end of 2021, while employee costs fell from RMB 5,363.9 million to RMB 5,201.8 million, a decline of 3.0%[90]. - The production automation rate at Beijing Hyundai exceeds 90%, ensuring high precision and quality output while effectively managing production costs[63]. - The company is committed to optimizing the dealer network and enhancing customer experience, with a focus on improving dealer profitability and operational efficiency through the "2020 Network Upgrade Plan"[64]. Risk Management - The company continues to monitor the impact of the COVID-19 pandemic on its financial condition and operating performance, as purchasing power has not fully recovered[95]. - The company is aware of the risks posed by macroeconomic fluctuations, which could affect consumer purchasing power and demand for its products[96]. - The company faces intensified market competition as the automotive industry undergoes transformation and upgrade, necessitating increased R&D investment[97]. - The company is at risk from fluctuations in raw material prices and supply chain disruptions, particularly concerning steel, aluminum, and chip shortages[98]. Environmental and Social Responsibility - The company adheres to environmental policies and regulations, focusing on "green operations and sustainable development" to reduce the environmental impact of its products throughout their lifecycle[118]. - In 2021, the company implemented energy-saving measures to improve energy efficiency and reduce energy consumption, aiming for continuous improvement in energy performance[118]. - The company aims to transition towards a "carbon-neutral" model through ongoing energy-saving initiatives and technological improvements[118].
北京汽车(01958) - 2021 - 年度财报