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和谐汽车(03836) - 2023 - 中期财报
HARMONY AUTOHARMONY AUTO(HK:03836)2023-09-28 08:35

Financial Performance - Operating profit for the reporting period was RMB 336.8 million, a turnaround from an operating loss of RMB 774 million in the first half of 2022[11] - Profit attributable to equity holders of the parent was RMB 201.2 million, compared to a loss of RMB 914.8 million in the same period of 2022[12] - The company recorded revenue of RMB 8,109.5 million for the first half of 2023, an increase of 2.1% compared to RMB 7,940.1 million in the same period last year[73] - Revenue from automobile sales and others decreased by 0.8% to RMB 6,852.6 million, accounting for 84.5% of total revenue in the first half of 2023[73] - Revenue from after-sales services increased by 23.0% to RMB 1,231.4 million, representing 15.2% of total revenue in the first half of 2023[73] - Gross profit decreased by 16.0% to RMB 581.3 million compared to RMB 691.8 million in the first half of 2022[74] - The group reported a net profit of RMB 208,255 thousand for the period, compared to a net loss of RMB 908,360 thousand in the same period last year[175] Assets and Liabilities - Total bank loans and borrowings amounted to RMB 1,864.2 million, a reduction of 10.5% from RMB 2,083 million as of December 31, 2022[5] - The group's debt-to-asset ratio was 41.6% as of June 30, 2023, down by 2.6% from December 31, 2022[5] - Current assets net increased by 12.1% to RMB 2,289.4 million compared to RMB 2,042.8 million as of December 31, 2022[19] - As of June 30, 2023, the total current liabilities decreased to RMB 3,555,071 thousand from RMB 3,899,527 thousand, representing a reduction of approximately 8.8%[159] - The total assets less current liabilities rose to RMB 7,056,442 thousand compared to RMB 6,903,030 thousand, reflecting an increase of approximately 2.2%[159] - The equity attributable to the owners of the parent company increased to RMB 6,110,421 thousand from RMB 5,946,823 thousand, marking an increase of about 2.8%[159] Inventory and Sales - Inventory decreased by RMB 147.4 million to RMB 1,393 million as of June 30, 2023, with an average turnover period of 35.6 days, up from 30.6 days in the same period of 2022[4] - In the first half of 2023, the company achieved sales of 17,571 units, representing a year-on-year growth of 2.2%[40] - The sales of luxury brands such as Lincoln, Volvo, Audi, and Land Rover increased by 17.2%, 10.1%, 9.6%, and 36.0% respectively[40] - The sales of BMW electric vehicles reached 44,900 units in the first half of 2023, a significant year-on-year increase of 283%[34] - The overall profit margin from new car sales for dealers dropped from 19.7% at the end of 2022 to 4.9% in the first half of 2023[34] - The group sold 3,799 used cars in the first half of 2023, reflecting a year-on-year growth of 24.0%[52] Employee and Operational Efficiency - The group employed a total of 3,787 employees as of June 30, 2023, down from 3,925 employees as of December 31, 2022[8] - The group plans to continue optimizing expense ratios and improving operational efficiency to enhance profitability[53] - The group has established a systematic training system to enhance employees' business capabilities and professional skills, emphasizing talent development[65] Cash Flow and Financial Management - The group's cash and deposits totaled RMB 1,255 million as of June 30, 2023, with a net cash inflow from operating activities of RMB 448.5 million during the first half of 2023[13] - Net cash generated from operating activities was RMB 448,548 thousand, down from RMB 618,081 thousand year-on-year, indicating a decrease of approximately 27.5%[175] - Cash and cash equivalents as of June 30, 2023, amounted to RMB 1,254,957 thousand, a slight decrease from RMB 1,622,352 thousand at the end of 2022[178] Corporate Governance and Compliance - The company complied with the Corporate Governance Code and maintained high standards of corporate governance throughout the reporting period[137] - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2023, and found them to comply with relevant accounting standards[153] Market Trends and Future Outlook - The government policies supporting the new energy vehicle market are expected to continue driving growth, with a stable outlook for the second half of 2023[39] - The luxury car retail market showed strong performance with a year-on-year growth of 11% from January to July 2023[38] - The company aims to actively collaborate with domestic new energy vehicle brands to support industry development[41] - The cumulative retail sales volume of new energy vehicles in China for the first half of 2023 was 3.086 million units, representing a significant year-on-year growth of 37.3%[49] Share Options and Awards - As of January 1, 2023, the company had 42,191,000 unexercised stock options, representing approximately 2.7% of the issued shares[73] - As of June 30, 2023, the company still had 42,191,000 unexercised stock options, now representing approximately 2.8% of the issued shares[73] - The company adopted a share award plan on February 28, 2019, aimed at incentivizing and retaining employees and aligning their interests with shareholders[117] - The share award plan does not grant new shares but allows for existing shares to be awarded to selected participants[117] - The company has no outstanding stock options that were granted under the stock option plan as of June 30, 2023[110]