中升控股(00881) - 2021 - 年度财报

Financial Performance - In 2021, Zhongsheng Group achieved new car sales of 528,154 units, representing a year-on-year growth of 5.5%, with luxury brand sales reaching 299,304 units, up 8.7%[6]. - The group's total revenue for the year ended December 31, 2021, was RMB 175,103.1 million, an increase of RMB 26,755.0 million or 18.0% compared to the previous year[22]. - New car sales revenue amounted to RMB 142,465.7 million, reflecting a growth of 13.5% year-on-year, while after-sales and premium business revenue reached RMB 24,504.6 million, up 21.0%[22]. - The group's net income from value-added services reached RMB 3.53 billion, reflecting a year-on-year increase of 12% and a comparable growth of 20%[6]. - The group's gross profit for the year ended December 31, 2021, was RMB 18,469.6 million, an increase of RMB 4,987.8 million or 37.0% compared to the previous year[24]. - Operating profit for the year ended December 31, 2021, was RMB 12,617.3 million, an increase of RMB 3,680.6 million or 41.2% from the previous year[26]. - The company reported a profit attributable to equity holders of approximately RMB 8,329 million for the year ended December 31, 2021, with basic and diluted earnings per share of RMB 3.56 and RMB 3.47, respectively[174]. Market Position and Strategy - In October 2021, Zhongsheng Group completed the acquisition of Renfu China for approximately USD 1.314 billion, enhancing its market share in the Mercedes-Benz brand to about 18%[6]. - The company plans to enhance its strategic cooperation with new domestic car manufacturers, including XPeng, to expand its service network and sales centers[8]. - The company aims to strengthen its presence in high-tier cities, where the demand for luxury vehicles is expected to continue growing[12]. - The company is expanding its market presence, with plans to open new dealerships in key cities across China[146]. - Strategic acquisitions are being considered to enhance the company's distribution network and service capabilities[145]. After-Sales and Service - The group's after-sales service revenue increased to RMB 24.5 billion, a year-on-year growth of 21%[6]. - The after-sales business accounted for 14.0% of total revenue, while used car sales revenue surged to RMB 8,132.8 million, a remarkable increase of 215.7% year-on-year[22]. - The company emphasizes high-quality after-sales service as a critical factor for customer selection of 4S dealerships, with a growing customer base driving demand for after-sales services[53]. - The company has been providing after-sales services for over ten years, including parts, maintenance, and used car trading, which are integral to its operational model[53]. Employee and Workforce Management - The total number of employees increased to 39,668 as of December 31, 2021, up from 31,460 in the previous year, reflecting the company's growth[37]. - The employee turnover rate for the year was 22.00%, with a total of 6,921 employees leaving, a decrease of 4,501 from the previous year[64]. - The company has implemented a standardized recruitment management system to ensure fair treatment and opportunities for all employees, in compliance with national labor laws[62]. - The company has established a talent reserve training program for key positions, allowing for multiple selection assessments and recommendations during promotions and replacements[71]. - The employee satisfaction survey indicates that over 90% of employees are satisfied with the company's management across various dimensions, with the remaining 10% having personalized issues addressed[68]. Environmental and Social Responsibility - The company emphasizes the importance of environmental protection and has implemented strict measures to comply with current environmental laws and regulations[155]. - The group sold 11,060 new energy vehicles in 2021, with a year-on-year sales proportion increase of 1.3%, resulting in a reduction of carbon emissions by approximately 19,353 tons per year compared to fuel vehicles[74]. - The company donated RMB 4 million to Dalian Charity Federation in December 2021 to support the procurement of epidemic prevention materials for local schools and kindergartens[87]. - The company provided 249 job positions for disabled individuals in 2021, actively participating in initiatives to enhance employment opportunities for this group[87]. Corporate Governance - The board of directors is responsible for leading and controlling the company, overseeing business strategies and performance, and ensuring effective internal controls and risk management systems[106]. - The company has established a disclosure policy to guide directors and senior management in handling confidential information[133]. - The company has adopted various risk management procedures and guidelines to ensure compliance with monitoring policies across all departments[132]. - The company has established anti-corruption measures and training programs for employees to prevent bribery and fraud[104]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year ending December 31, 2021[194]. Financial Management and Capital Structure - The company aims to use the proceeds from the convertible bonds for further business expansion[172]. - The total distributable reserves of the company as of December 31, 2021, amounted to RMB 7,691.8 million, with RMB 1,665.8 million proposed as the final dividend for the year[157]. - The company has entered into a bond subscription agreement to issue USD 450 million 3.00% bonds due January 13, 2026[176]. - The company reported a strong performance in 2021, with a significant increase in revenue and market share in the automotive sector[144].