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北京汽车(01958) - 2022 - 中期财报
BAIC MOTORBAIC MOTOR(HK:01958)2022-09-27 11:59

Financial Performance - In the first half of 2022, BAIC Motor achieved a total vehicle sales of 399,000 units, generating a consolidated revenue of RMB 83.68 billion, and a profit attributable to equity holders of RMB 2.16 billion, with an earnings per share of RMB 0.27[8][13]. - The company's revenue decreased from RMB 90,375.2 million in the first half of 2021 to RMB 83,678.6 million in the first half of 2022, a year-on-year decline of 7.4%[58]. - Gross profit fell from RMB 21,325.0 million in the first half of 2021 to RMB 18,559.9 million in the first half of 2022, representing a decrease of 13.0%[58]. - The net profit attributable to equity holders decreased from RMB 2,758.1 million in the first half of 2021 to RMB 2,158.3 million in the first half of 2022, a year-on-year decline of 21.7%[58]. - The total comprehensive income for the first half of 2022 was RMB 7,492,858 thousand, down from RMB 10,456,258 thousand in the first half of 2021, a decrease of about 28.7%[71]. - The basic and diluted earnings per share for the first half of 2022 were RMB 0.27, down from RMB 0.34 in the same period of 2021, a decrease of approximately 20.6%[70]. - The company reported a net profit before tax of RMB 11,445,523 thousand for the first half of 2022, compared to RMB 13,578,950 thousand in the first half of 2021, reflecting a decline of about 15.7%[70]. Sales and Market Performance - The wholesale sales of passenger vehicles in the first half of 2022 included 22,000 units from the Beijing brand, 267,000 units from Beijing Benz, and 94,000 units from Beijing Hyundai, showing a decline in sales for the Beijing brand and Beijing Benz compared to the same period in 2021[15]. - The sales of new energy passenger cars accounted for 24.0% of total passenger car sales in the first half of 2022, marking a new high in sales volume[30]. - Beijing Benz achieved vehicle sales of 267,000 units in the first half of 2022, maintaining its position among domestic luxury brands[31]. - Beijing Hyundai's wholesale sales reached 94,000 units, while retail sales were 109,000 units in the first half of 2022[32]. - The high-end brand passenger car wholesale sales reached 1.708 million units in the first half of 2022, a decrease of 1.2% year-on-year[30]. Assets and Liabilities - The total assets as of June 30, 2022, were RMB 177.47 billion, with total liabilities of RMB 101.00 billion, resulting in equity attributable to the company's shareholders of RMB 53.25 billion[13]. - The company's total assets as of June 30, 2022, were RMB 177,473,821 thousand, a decrease from RMB 180,844,377 thousand at the end of 2021, representing a decline of approximately 1.3%[74]. - Total liabilities decreased to RMB 101,000,639 thousand as of June 30, 2022, from RMB 105,957,302 thousand at the end of 2021, indicating a reduction of about 4.5%[74]. - The debt-to-asset ratio decreased from 58.6% at the end of 2021 to 56.9% as of June 30, 2022, a year-on-year decline of 1.7 percentage points[60]. - Total outstanding borrowings as of June 30, 2022, were RMB 19,984.8 million, including short-term borrowings of RMB 12,767.2 million and long-term borrowings of RMB 7,217.6 million[60]. Research and Development - The company has developed and mass-produced multiple engines and transmissions, with the "Magic Core" 1.5T engine winning the "China Heart" Top Ten Engines award in 2021[23]. - Research and development expenses increased from RMB 1,229.6 million in the first half of 2021 to RMB 1,326.0 million in the first half of 2022[61]. - The company aims for "full electrification" in its product planning and technology roadmap, focusing on new products, new energy, and exports to stabilize market deliveries and boost sales[42]. Strategic Initiatives - The company plans to introduce and develop eight new vehicle models in the first half of 2022, with a focus on enhancing competitiveness throughout the product lifecycle[36]. - The company and Hyundai Motor signed a joint venture agreement, with a capital increase of approximately $942 million, where each party contributes about $471 million, maintaining a 50% ownership in Beijing Hyundai[38]. - The company plans to acquire at least 35.99% of the new A-shares issued by BAIC Blue Valley, with a maximum investment of approximately RMB 2.879 billion, potentially increasing its stake to between 6.25% and 24.36% post-acquisition[40]. Operational Efficiency - The production facilities are equipped with flexible production lines, allowing for quick adjustments to production plans in response to market demand[37]. - The company is actively enhancing its supply chain risk management to ensure stability and improve production efficiency and quality[34]. - The company aims to improve operational efficiency, targeting a 10% reduction in costs over the next year[137]. Corporate Governance - The board of directors did not propose any interim dividend for the first half of 2022[52]. - The audit committee has reviewed the unaudited interim financial statements for the first half of 2022[52]. - There were no significant events affecting the group after the reporting period[51]. - The company has established an audit committee with a defined written terms of reference[52]. - There were no changes in the composition of the board, strategic committee, audit committee, nomination committee, and remuneration committee during the reporting period[52]. Economic Context - The Chinese GDP growth rate for the first half of 2022 was reported at 2.5%, indicating significant economic pressure due to various factors[30]. - The automotive industry faced significant pressure in the first half of 2022 due to supply shortages and rising raw material prices, but is expected to recover in the second half with the easing of the pandemic and implementation of stimulus policies[42].