零跑汽车(09863) - 2023 - 中期财报

Financial Performance - Revenue for the first half of 2023 reached RMB 5,813.1 million, an increase of 14.4% compared to RMB 5,081.5 million in the same period of 2022[4] - The gross loss for the first half of 2023 was RMB (341.8) million, a significant improvement from RMB (1,318.8) million, representing a 74.1% reduction[4] - The operating loss for the first half of 2023 was RMB (2,333.6) million, a slight improvement from RMB (2,493.5) million, reflecting a 6.4% reduction[4] - The net loss for the six months ended June 30, 2023, was RMB 2,276.1 million, compared to RMB 2,444.0 million for the same period in 2022, representing a decrease of 6.9%[14] - The adjusted net loss (non-IFRS) for the same period was RMB 1,936.5 million, down from RMB 2,322.9 million in 2022, indicating a 16.6% improvement[17] - Basic and diluted loss per share for the six months ended June 30, 2023, was RMB 1.99, compared to RMB 2.42 for the same period in 2022, reflecting a reduction of 17.7%[14] Vehicle Deliveries and Production - The company delivered a total of 44,502 new energy vehicles in the first half of 2023, with the C11 and C01 models accounting for 80% of deliveries[5] - C11 range-extended model was launched on March 1, 2023, contributing to a total of 33,993 vehicles delivered in the second quarter of 2023[5] - In July 2023, the company delivered a record 14,335 new energy vehicles, with the C series accounting for over 12,000 units, representing approximately 85% of total deliveries[8] - As of June 20, 2023, the cumulative delivery of new energy vehicles reached 200,000 units[5] Research and Development - The company's R&D expenses for the six months ended June 30, 2023, were RMB 823.2 million, a 56.4% increase from RMB 526.4 million for the same period in 2022, driven by new vehicle and component development[12] - The company introduced the "Clover" central integrated electronic and electrical architecture, which features a high degree of generalization and aims to reduce the number of controllers and wiring harness length[9] - The company plans to launch the C01 extended-range model in the second half of the year and unveil its first global vehicle at the Munich Auto Show[9] Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2023, amounted to RMB 10,178.3 million, an increase of 4.1% from RMB 9,781.9 million as of December 31, 2022[14] - The free cash flow for the six months ended June 30, 2023, was RMB (448.6) million, an improvement of 66.4% from RMB (1,333.8) million for the same period in 2022[14] - The company’s cash flow from operating activities improved significantly due to government subsidies for new energy vehicles and improved gross margins from sales[14] - The company reported a net cash generated from operating activities of RMB 151,739 thousand, a significant improvement from a net cash outflow of RMB (581,144) thousand in the same period last year[74] Shareholder Information and Corporate Governance - The company has a total of 220,552,174 domestic shares and 922,153,885 H shares issued as of June 30, 2023[26] - The group has implemented two share incentive plans and a pre-IPO share option plan to reward and motivate key employees[23] - The board does not recommend declaring any interim dividends for the reporting period[20] - The company has not engaged in any share buybacks or securities transactions during the reporting period[21] - The company has complied with all applicable provisions of the corporate governance code during the reporting period[54] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[70] - The company continues to explore market expansion opportunities and new product development as part of its growth strategy[33] - The company plans to expand production capacity in Jinhua and Hangzhou, Zhejiang Province, as part of its growth strategy[16] Employee and Operational Insights - The group has a total of 7,514 full-time employees as of June 30, 2023, with 44.5% in manufacturing, 30.7% in R&D, and 17.1% in sales and marketing[22] - Employee benefits expenses for the six months ended June 30, 2023, totaled RMB 1,254,024,000, up from RMB 811,792,000 in the same period of 2022, representing a rise of approximately 54%[87] - The company provides competitive compensation and a vibrant work environment, participating in various government-mandated employee benefit plans[23] Risks and Liabilities - The group faces cash flow interest rate risk from floating rate borrowings and fair value interest rate risk from fixed rate borrowings, with no hedging instruments in place[19] - The company reported a total of RMB 1,800,799 thousand in RMB financing as of June 30, 2023, up from RMB 895,830 thousand as of December 31, 2022, representing a 100.5% increase[138] - The company reported a significant increase in share-based payment expenses, totaling RMB 339.64 million for the six months ended June 30, 2023, compared to RMB 121.07 million for the same period in 2022, representing an increase of 180%[128] Environmental, Social, and Governance (ESG) - The company emphasizes sustainable development and has integrated ESG principles into its daily operations, releasing its 2022 ESG report on April 17, 2023[7]