Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 1,121,454,000, a slight decrease of 0.24% from RMB 1,130,725,000 in 2022[3] - Gross profit increased to RMB 288,479,000, up 22.36% from RMB 235,572,000 in the previous year[3] - Interest income rose significantly to RMB 670,174,000, compared to RMB 416,323,000 in 2022, marking an increase of 60.73%[3] - Net profit for the year was RMB 7,736,451,000, representing an increase of 8.23% from RMB 7,146,830,000 in 2022[4] - Basic and diluted earnings per share increased to RMB 1.53312, up from RMB 1.41655 in the previous year, reflecting a growth of 8.25%[4] - Total comprehensive income for the year was RMB 8,296,150,000, slightly down from RMB 8,412,138,000 in 2022[6] Assets and Liabilities - Non-current assets decreased to RMB 19,851,940,000 from RMB 21,698,019,000, a decline of 8.49%[8] - Cash and cash equivalents increased to RMB 30,845,795,000, up from RMB 28,463,276,000, an increase of 8.43%[8] - Total liabilities decreased to RMB 3,178,664,000 from RMB 3,114,199,000, a reduction of 2.06%[9] - Total equity attributable to equity holders of the company was RMB 51,118,104,000, down from RMB 51,445,254,000, a decrease of 0.64%[9] Accounting Policies and Standards - The consolidated financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and the relevant accounting policies remain consistent with those adopted in the previous year[12] - The adoption of new and revised Hong Kong Financial Reporting Standards did not have a significant impact on the group's consolidated financial statements, except for the changes in accounting policy disclosures[15] - The group has adopted HKAS 1 (Revised) which changes the terminology from "major accounting policies" to "significant accounting policy information"[16] - The group has also adopted HKAS 8 (Revised), which defines accounting estimates as monetary amounts in financial statements affected by measurement uncertainty[16] - The measurement basis for preparing the consolidated financial statements is historical cost, except for financial instruments measured at fair value[22] Revenue Sources - Sales of automotive parts amounted to RMB 842,240,000 in 2023, down 4.1% from RMB 877,945,000 in 2022[26] - Interest and service fee income from automotive financial services increased to RMB 279,214,000 in 2023, up 10.5% from RMB 252,780,000 in 2022[26] - The largest customer contributed approximately RMB 156,535,000, accounting for 14% of total revenue in 2023, compared to 22% in 2022[26] - The company reported a total capital expenditure of RMB 33,872 thousand for self-owned assets in 2022[37] Market Performance - Sales in China decreased to RMB 714,091,000 in 2023, down 9.2% from RMB 777,845,000 in 2022[27] - Sales in Europe increased to RMB 72,548,000 in 2023, up 31.1% from RMB 55,385,000 in 2022[27] - Domestic sales of BMW vehicles reached 709,954 units in 2023, a 6.8% increase from 664,934 units in 2022, with BEV sales growing by 110.6% to 95,550 units[71] Research and Development - Research and development costs increased to RMB 31,590 thousand in 2023 from RMB 19,078 thousand in 2022[39] - The company has completed sample trials for a camshaft design improvement project in collaboration with Shanghai Jiao Tong University, aiming to enhance diesel engine combustion efficiency[86] Strategic Initiatives - The company plans to continue exploring strategic investment projects within the automotive industry value chain for sustainable business growth[63] - The company aims to enhance profitability and shareholder value by exploring various investment opportunities, including collaboration with BMW for automotive parts supply and potential expansion into NEV manufacturing[82] - Brilliance Renault expects to develop electric products under the Jinbei brand, targeting the growing NEV market and aiming to create a well-known brand in LCVs[83] Corporate Governance - The company has adopted the standard code for securities trading by directors and confirmed compliance for the year ended December 31, 2023[105] - The company has maintained compliance with the corporate governance code throughout the fiscal year ending December 31, 2023[106] - The audit committee has reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2023[108] Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.96 per share, totaling approximately RMB 4,443,390,000, with no dividends declared for the previous year[54] - The company declared special dividends of HKD 0.96 per share on January 13, 2023, and July 18, 2023, with payments made on February 27, 2023, and August 31, 2023[96]
BRILLIANCE CHI(01114) - 2023 - 年度业绩