Workflow
和谐汽车(03836) - 2022 - 中期财报
HARMONY AUTOHARMONY AUTO(HK:03836)2022-09-29 08:44

Sales Performance - In the first half of 2022, China Harmony Auto Holding Limited delivered a total sales volume of 17,190 units, representing a year-on-year decline of 23.4%[12] - The sales of luxury brands showed resilience, with Ferrari, Bentley, and Rolls-Royce achieving year-on-year sales growth of 365.2%, 10.3%, and 2.4% respectively[12] - BMW (including Mini) deliveries totaled 13,090 units, down 23.5% year-on-year, while Lexus deliveries were 1,828 units, a decrease of 23.3%[12] - The overall luxury brand market share decreased from 14.8% to 13.7% year-on-year, indicating a 1 percentage point drop[8] - The overall retail market for passenger vehicles in China saw a sales volume of 9.396 million units in the first half of 2022, a decline of 6.8% year-on-year[8] Financial Performance - The company's revenue for the first half of 2022 was RMB 7,940.1 million, a decrease of 15.3% compared to RMB 9,373.9 million in the same period last year[17] - New car sales revenue decreased by 16.3% to RMB 6,906.3 million, accounting for 87.0% of total revenue[17] - The company recorded an operating loss of RMB 774.0 million, compared to an operating profit of RMB 564.9 million in the first half of 2021[25] - The gross profit decreased by 19.5% to RMB 691.8 million, with a gross margin of 8.7%[20] - The net loss for the six months ended June 30, 2022, was RMB 908,360 thousand, compared to a profit of RMB 400,586 thousand in the previous year[83] Inventory and Market Strategy - The average inventory level for dealers was approximately 1.68 months, slightly higher than the 1.55 months recorded in the same period of 2021[9] - The average inventory turnover days increased by 6.9 days to 30.6 days due to strict COVID-19 prevention policies[31] - The company aims to expand its market share in the luxury segment, particularly for Ferrari, which accounted for nearly 25% of its total sales in mainland China during the first half of 2022[12] - The company plans to focus on electric vehicle transformation as a key medium to long-term strategy[16] - The automotive industry in China is expected to see structural growth driven by policies promoting vehicle consumption, despite ongoing challenges such as chip shortages and high raw material prices[11] Cash Flow and Assets - The company’s cash and deposits totaled RMB 1,622.4 million as of June 30, 2022[27] - The company’s total assets as of June 30, 2022, were RMB 7,093,927 thousand, compared to RMB 8,042,562 thousand as of January 1, 2022, indicating a decrease of approximately 11.8%[103] - Cash and bank balances stood at RMB 1,622,352 thousand as of June 30, 2022, slightly down from RMB 1,629,199 thousand at the end of 2021[91] - Operating cash flow for the six months ended June 30, 2022, was RMB 618,081 thousand, an increase from RMB 462,541 thousand in the same period of 2021, reflecting a growth of approximately 33.6%[106] - The company’s financing activities resulted in a net cash outflow of RMB (595,553) thousand for the six months ended June 30, 2022, compared to RMB (120,818) thousand for the same period in 2021[106] Shareholder Information - The company has a total of 42,191,000 stock options remaining unexercised as of June 30, 2022, after 1,325,000 options were canceled during the period[61] - The company believes that the share repurchase is in the best interest of the company and its shareholders, potentially increasing earnings per share[71] - The company’s major shareholder, Foxconn, holds 128,734,000 shares, representing approximately 8.32% of the equity[67] - The company has not granted any shares under the share incentive plan during the six-month period ending June 30, 2022[65] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2022[77] Liabilities and Financial Health - As of June 30, 2022, the group's debt-to-asset ratio was 41.4%, an increase of 2.1 percentage points from December 31, 2021[34] - The group had no significant contingent liabilities or guarantees as of June 30, 2022, consistent with December 31, 2021[35] - The company’s total equity as of June 30, 2022, was RMB 7,093,927 thousand, a decrease from RMB 8,042,562 thousand at the end of 2021[98] - The company incurred a fair value loss on financial assets of RMB 1,217,011 thousand for the six months ended June 30, 2022, compared to a loss of RMB 13,665 thousand in the same period of 2021[153] - The income tax expense for the six months ended June 30, 2022, was RMB 76,704 thousand, a decrease of 26.0% from RMB 103,699 thousand in the same period of 2021[148] Employee and Operational Metrics - The group employed 3,901 employees as of June 30, 2022, down from 4,551 employees as of December 31, 2021[38] - There were no significant acquisitions, disposals, or investments in subsidiaries or associates during the six months ended June 30, 2022[39] - The company acquired property, plant, and equipment amounting to approximately RMB 271,040 thousand during the six months ended June 30, 2022[158] - The company has capital commitments of RMB 82,948,000 for property, plant, and equipment as of June 30, 2022[181] - The company has not used any financial derivatives to hedge interest rate risks as of the reporting date[37]