2024-03-20 04:22Financial Performance - Total sales volume increased by 18% to 1,686,516 units in 2023 from 1,432,988 units in 2022[4] - Revenue rose by 21% to RMB 179,203,592,000 in 2023 compared to RMB 147,964,647,000 in 2022[4] - Net profit attributable to equity holders increased by 1% to RMB 5,308,408,000 in 2023 from RMB 5,260,353,000 in 2022[4] - Basic earnings per share rose to RMB 0.51 in 2023, up from RMB 0.51 in 2022, while diluted earnings per share increased to RMB 0.51 from RMB 0.50[6] - Proposed final dividend per share increased by 5% to HKD 0.22 in 2023 from HKD 0.21 in 2022, subject to shareholder approval[5] - Gross profit margin improved to 15.3% in 2023 from 14.1% in 2022, reflecting better cost management[6] - Financial income increased by 43% to RMB 544,350,000 in 2023 from RMB 380,472,000 in 2022[6] - Total comprehensive income for the year was RMB 4,659,536,000 in 2023, slightly down from RMB 4,684,225,000 in 2022[7] Assets and Liabilities - Non-current assets totaled RMB 78,962,781,000 in 2023, compared to RMB 78,762,416,000 in 2022[8] - Current liabilities increased to RMB 96,823,927,000 in 2023 from RMB 68,953,214,000 in 2022, indicating a rise in short-term obligations[8] - Total equity increased to RMB 85,151,498 thousand in 2023, up from RMB 76,195,815 thousand in 2022, representing a growth of 11.5%[9] - The company's reserves rose to RMB 76,911,915 thousand in 2023, compared to RMB 71,533,667 thousand in 2022, marking an increase of 7.5%[9] - Non-current liabilities decreased from RMB 12,677,300 thousand in 2022 to RMB 10,622,256 thousand in 2023, a reduction of approximately 16.2%[9] - Trade and other payables increased significantly to RMB 2,721,668 thousand in 2023, up from RMB 1,602,020 thousand in 2022, reflecting a growth of 69.8%[9] Cash Flow and Investments - The company reported a net cash from operating activities of RMB 22,342,369 thousand, significantly higher than RMB 16,018,395 thousand in the previous year, marking an increase of approximately 39.5%[12] - For the year ended December 31, 2023, the net cash flow from investing activities was RMB (16,144,646) thousand, compared to RMB (12,130,350) thousand in 2022, indicating an increase in cash outflow for investments[13] - The cash flow from financing activities showed a net outflow of RMB (2,763,776) thousand in 2023, a significant decrease from a net inflow of RMB 1,325,083 thousand in 2022[13] - The total cash and cash equivalents at the end of 2023 amounted to RMB 36,775,293 thousand, up from RMB 33,341,339 thousand at the end of 2022, reflecting a net increase of RMB 3,433,947 thousand[13] Revenue Sources - Revenue from external customers in China increased to RMB 146.31 billion in 2023, up from RMB 125.12 billion in 2022, representing a growth of 16.9%[28] - Total revenue for 2023 reached RMB 179.20 billion, compared to RMB 147.96 billion in 2022, marking an increase of 21.1%[31] - Sales of automobiles and related services accounted for RMB 149.62 billion in 2023, up from RMB 122.78 billion in 2022, reflecting a growth of 21.8%[31] - The company reported government grants of RMB 958.90 million in 2023, significantly higher than RMB 324.47 million in 2022, indicating a growth of 195.5%[32] Joint Ventures and Acquisitions - The company acquired a 30% stake in Shangjian for RMB 17.35 million, completing the acquisition in November 2023[61] - The acquisition of 49.9% of Proton Holdings Berhad and DHG was completed for approximately RMB 1,450.4 million, providing an entry into the Southeast Asian right-hand drive vehicle market[50] - The company has a 49% stake in Times Geely Power Battery Co., Ltd., which is involved in the R&D, manufacturing, and sales of batteries and battery modules[47] - The company plans to continue collaborating with Proton to develop electric vehicles under the Proton brand following the acquisition[50] Employee and Operational Costs - Employee costs, including directors' remuneration, rose to RMB 10,336,768,000 in 2023, up from RMB 8,715,550,000 in 2022, representing an increase of 18.5%[36] - The total depreciation expense for 2023 was RMB 3,753,550,000, compared to RMB 3,519,081,000 in 2022, indicating a year-over-year increase of 6.7%[37] Future Outlook and Plans - The group plans a capital expenditure budget of approximately RMB 15 billion for 2024, focusing on new vehicle models and smart technology development[123] - The group has set a sales target of 1,900,000 vehicles for the fiscal year 2024, representing an approximate 13% increase compared to the total sales achieved in 2023[128] - The group aims to reduce carbon emissions per vehicle lifecycle by over 25% by 2025, with a 12% reduction achieved by the end of 2023 compared to the 2020 baseline[121] Legal and Governance - The company held its annual general meeting on May 25, 2023, with the chairman unable to attend due to scheduling conflicts, delegating an executive director to report on shareholder inquiries[136] - The audit committee, consisting of independent non-executive directors, is responsible for reviewing the group's financial reporting processes and risk management[138] - The external auditor confirmed that the preliminary performance announcement data for the year ending December 31, 2023, aligns with the group's financial statements[140]