北京汽车：2025年5月销售11030台汽车，同比增长19%。 ...

「来源：北京汽车2024年财报」 与之形成鲜明对比的是，北京汽车披露营收、利润下跌的年报后，资本市场的反馈却截然相反，盘后（3月29日）大跌6.05%。的确，相比一个月前的年 报，一季报似乎还不错。 值得一提的是，随着北京汽车2024年报披露，其收获了多个首次——利润首次跌破10亿元，创十年利润新低；近五年来首次未分红派息…… 2024年净利润首次跌破10亿元创十年新低，多品牌承压转型待解。 不足10亿元！既是北京汽车2025年一季度的净利润水平，亦是其2024年的利润水平。 4月29日，北京汽车发布一季度业绩，营业总收入424.44亿元，同比减少8.77%；归母净利润9.29亿元，同比减少10.2%。 虽然营收和利润指标均出现下滑，但北京汽车在资本市场却逆势上涨。4月30日，北京汽车股价上涨5.52%。 | | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- | | | 附註 | 二零二四年 | 二零二三年 | | | | 人民幣千元 | 人民幣千元 | | 收入 | 3 | 192,495,606 | 197,949,177 | | 銷售成本 | 2(b). 13 | ...

北京汽车第一季度营收424.4亿元人民币，比上年同期下滑8.8%； 净利润9.29亿元，比上年同期下滑 10%。 ...

Financial Performance - In 2024, the company achieved consolidated revenue of RMB 192.5 billion and a net profit of RMB 9.83 billion[10]. - Revenue for 2024 was $192.496 million, down 2.3% from $197.949 million in 2023[18]. - Gross profit for 2024 was $30.887 million, a decline of 19.3% compared to $38.298 million in 2023[18]. - Net profit attributable to equity holders for 2024 was $956,000, a significant drop of 68.4% from $3.030 million in 2023[18]. - Vehicle sales for 2024 reached 945,593 units, a decrease of 9.3% from 1,042,005 units in 2023[18]. - The group's revenue decreased from RMB 197,949.2 million in 2023 to RMB 192,495.6 million in 2024, a year-on-year decline of 2.8%, primarily due to a drop in sales of new energy vehicles[81]. - The net profit attributable to equity holders fell from RMB 3,030.3 million in 2023 to RMB 955.8 million in 2024, a decrease of 68.5%[81]. - Gross profit decreased from RMB 38,298.6 million in 2023 to RMB 30,887.0 million in 2024, a decline of 19.4%, mainly due to reduced sales and increased promotional activities[82]. Vehicle Sales and Market Trends - The total vehicle sales for the year reached 946,000 units, with retail sales at 983,000 units[12]. - The Chinese automotive market saw a total sales volume of 31.44 million vehicles in 2024, a year-on-year increase of 4.5%[11]. - In 2024, the group achieved wholesale sales of 946,000 vehicles and retail sales of 983,000 vehicles across its brands[62]. - The sales volume of new energy vehicles reached 12.87 million units, with a market share of 40.9%, reflecting a 35.5% year-on-year growth[61]. - The company is focusing on key segments such as off-road and mid-to-high-end hybrid vehicles, aiming for stable growth in overseas markets[15]. - The new energy vehicle market is projected to continue its rapid growth, becoming a core driver of the overall automotive market[79]. Product Development and Innovation - The company launched several new electric and hybrid models, including the BJ60 and new E-class hybrid vehicles, as part of its commitment to full electrification[14]. - New product lines include electric off-road vehicles and hybrid models under the Beijing brand, enhancing the product portfolio[25]. - The group launched several new energy vehicles, including the BJ30, BJ60, and the new E-Class L plug-in hybrid, enhancing its product matrix in the new energy sector[63]. - The collaboration with Mercedes-Benz resulted in the launch of four new energy models, including the EQA and EQB, with plans for further joint development in smart and new energy vehicles[68]. - The group emphasized R&D innovation, achieving domestic production of key components like the turbocharger and 48V battery, enhancing self-sufficiency[69]. - The company aims to enhance its core technology and smart technology applications to lead its development[14]. Strategic Partnerships and Collaborations - The company is deepening its collaboration with partners like Mercedes-Benz and Hyundai to enhance sustainable development initiatives[14]. - The company aims to deepen cooperation with Hyundai to promote long-term development and enhance competitive strength[77]. - The company is actively pursuing strategic partnerships to strengthen its R&D capabilities and expand its market presence[38]. Financial Position and Investments - Total assets as of December 31, 2024, were $172.044 billion, an increase of 1.9% from $168.723 billion in 2023[20]. - Total liabilities for 2024 were $93.563 billion, up 4.9% from $89.340 billion in 2023[20]. - Equity attributable to equity holders increased to $57.315 billion in 2024, compared to $57.009 billion in 2023[20]. - The company will invest approximately RMB 2 billion to acquire shares in BAIC New Energy, enhancing its position in the new energy vehicle sector[75]. - The company and Hyundai Motor agreed to inject a total of $1,095,466,000 into Beijing Hyundai, with each party contributing $547,733,000 to support capital stability and strategic development[77]. Corporate Governance and Compliance - The company has established a management system that aligns with the requirements for listed companies, enhancing corporate governance[121]. - The company has confirmed the independence of all non-executive directors in accordance with listing rules, ensuring compliance with governance standards[124]. - The company has maintained strict adherence to applicable rules, laws, and industry standards, with no known violations reported for the fiscal year 2024[121]. - The board recommends not to distribute profits for the year 2024[111]. Employee and Talent Management - The company has a total of 31,705 employees as of the end of 2024[195]. - The company has established a comprehensive performance evaluation management system to link annual operational goals with departmental and employee performance assessments[196]. - The company has implemented a strategic talent development program to enhance organizational effectiveness and employee vitality[197]. - The company has a competitive compensation standard based on job value and employee performance, referencing salary levels in the Beijing area and related industries[199]. Environmental and Social Responsibility - The company is committed to social responsibility and has launched the "West Xinjiang" plan to support economic development in western regions[14]. - The company is committed to sustainable development, with plans to upgrade the Beijing Benz smart factory in 2024, incorporating green and low-carbon principles into production[71]. - The company has been recognized as a "leader" in carbon peak initiatives and is actively promoting green supply chain management[71]. - The company aims to enhance energy efficiency and reduce carbon emissions as part of its transition towards becoming a carbon-neutral enterprise[117]. Risks and Challenges - The group faces risks from fluctuating prices of key raw materials, including lithium and cobalt, which could impact production costs[97]. - The automotive industry is undergoing significant technological changes, including electrification and smart connectivity, which intensifies market competition[96]. - The company will continue to monitor market conditions and implement measures to maintain and enhance its market position[96].

奔驰销量下滑，现代持续亏损，北京汽车2024年净利大降近七成。 近期，北京汽车披露2024年全年业绩公告。公司去年营收1924.96亿元，同比下降2.8%；归母净利润为 9.56亿元，较上年同期减少20.74亿元，下降68.5%。 报告期内，公司燃油车和新能源车的收入情况"冰火两重天"。燃油车板块收入1849.69亿元，同比微增 1.2%；新能源车收入则同比"腰斩"，下降50.7%至75.26亿元。 毛利方面，尽管油车收入增长，但毛利却同比下降16%，由上年的420.29亿元降至353.29亿元；新能源 业务的毛利则持续亏损，且金额由37.5亿元扩大至44.42亿元。去年，其整体毛利显著下滑，一年减少 74.12亿元，下降19.4%至308.87亿元。 对此，集团方面表示，毛利下滑主要是由于销量下降及促销活动的增加。 北京奔驰一年少赚5.5亿欧元 面对失意的中国市场，奔驰此前表示将加强本土研发。按其规划，今年，北京奔驰将投产全新纯电长轴 距CLA车型，搭载由中国团队主导研发的"无图"L2++高阶智能驾驶系统；2026年，将投产长轴距GLE SUV新车型。 这一点在北京汽车"利润奶牛"——北京奔驰表现尤为显著。 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 192,495.606 million, a decrease of 2.3% compared to RMB 197,949.177 million in 2023[8] - Gross profit for the year was RMB 30,887.049 million, down 19.2% from RMB 38,298.560 million in the previous year[8] - Operating profit decreased to RMB 17,180.983 million, a decline of 24.0% from RMB 22,569.113 million in 2023[8] - Net profit attributable to equity holders of the company was RMB 955.839 million, a significant drop of 68.4% from RMB 3,030.346 million in the prior year[9] - The company reported a total comprehensive income of RMB 10,074.864 million, a decrease of 30.0% from RMB 14,453.684 million in the previous year[9] - Basic and diluted earnings per share for the year were RMB 0.12, down from RMB 0.38 in 2023[9] - The company reported a decrease in the impairment provision for other receivables from RMB 776,052 thousand in 2023 to RMB 676,876 thousand in 2024, a decline of 12.8%[34] - The profit attributable to equity holders of the company for 2024 was RMB 955,839 thousand, a significant decrease of 68.4% from RMB 3,030,346 thousand in 2023[52] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 172,044.268 million, an increase of 1.9% from RMB 168,723.153 million in 2023[6] - Total liabilities increased to RMB 93,562.795 million, up 4.9% from RMB 89,339.535 million in the previous year[7] - As of December 31, 2024, the group's current liabilities exceeded current assets by RMB 2,604 million, indicating sufficient funding sources for ongoing operations[14] - The total accounts receivable as of December 31, 2024, was RMB 12,518,966 thousand, down from RMB 16,722,343 thousand in 2023, with a provision for impairment of RMB (1,457,105) thousand[29] - The company's total accounts payable increased to RMB 39,308,419 thousand in 2024, up 9.1% from RMB 35,847,709 thousand in 2023[43] Cash Flow and Financial Position - Cash and cash equivalents rose to RMB 33,598.355 million, an increase of 7.9% compared to RMB 31,124.229 million in 2023[4] - The company recorded a net cash generated from operating activities increase of 20.2%, rising from RMB 24,248.9 million in 2023 to RMB 29,148.5 million in 2024[82] - The company's debt-to-asset ratio increased from 53.0% at the end of 2023 to 54.4% at the end of 2024, an increase of 1.4 percentage points[83] - The company's borrowings decreased from RMB 13,274,941 thousand in 2023 to RMB 8,589,379 thousand in 2024, a reduction of approximately 35.5%[35] Revenue Sources and Segments - Total revenue for the year ended December 31, 2024, was RMB 192,495,606 thousand, with fuel vehicles contributing RMB 184,969,173 thousand and new energy vehicles contributing RMB 7,526,433 thousand[22] - The gross profit for the group was RMB 30,887,049 thousand, with a gross loss of RMB 4,441,525 thousand from the new energy vehicle segment[22] - The group’s operational segments include fuel vehicles and new energy vehicles, with the performance evaluated based on gross profit[22] - The company generated approximately 97.5% of its revenue from external customers located within China for the year ended December 31, 2024[26] Market and Sales Performance - In 2024, the company achieved a total wholesale of 946,000 vehicles and retail sales of 983,000 vehicles across its brands[67] - The Beijing brand sold 173,000 vehicles in 2024, with a growing proportion of off-road vehicle sales, emphasizing the launch of the "electric off-road" strategy and the introduction of the Magic Core Electric Drive solution[70] - The group achieved an export volume of 120,000 vehicles during the reporting period, significantly exceeding industry growth rates, with a year-on-year increase of over 200% in exports from Beijing Hyundai, totaling 55,000 vehicles[69] Strategic Initiatives and Future Outlook - The company is focusing on a dual strategy in domestic and international markets, emphasizing multi-technology product lines including fuel, electric, hybrid, and off-road vehicles[67] - The group will focus on key segments such as off-road, SUV, and mid-to-high-end hybrid vehicles to enhance product matrix and market position[99] - The group anticipates a continued stable growth in the passenger car market, with a projected increase of approximately 5% in 2025[96] - The group aims to deepen joint ventures and promote major projects to support strategic transformation towards electrification and digitalization[99] Accounting and Compliance - The group adopted the new accounting standard "Interpretation No. 18" effective January 1, 2024, which reclassified warranty costs from distribution expenses to cost of sales[16] - The implementation of "Interpretation No. 18" is expected to impact the classification of income and expenses in the income statement, potentially affecting operating profit calculations[20] - The group plans to adopt several new accounting standards by January 1, 2027, which may require restatement of comparative information for the fiscal year ending December 31, 2026[19] - The group’s management is currently assessing the specific impacts of the new accounting standards on the consolidated financial statements[20] Corporate Governance and Shareholder Value - The board of directors recommended not to pay a final dividend for the fiscal year ending December 31, 2024, compared to a final dividend of RMB 0.13 per share for the previous year[54] - The group is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[103]

Financial Performance - In the first half of 2024, BAIC achieved vehicle sales of 450,189 units, a decrease from 507,326 units in the same period of 2023, representing a decline of approximately 11.3%[11] - The consolidated revenue for the first half of 2024 was RMB 94.32 billion, down from RMB 99.05 billion in the first half of 2023, reflecting a decrease of about 4.5%[11] - The net profit attributable to equity holders of the company for the first half of 2024 was RMB 1.98 billion, compared to RMB 2.85 billion in the same period of 2023, indicating a decline of approximately 30.4%[11] - The company reported a gross profit of RMB 18.69 billion for the first half of 2024, down from RMB 20.57 billion in the first half of 2023, which is a decrease of around 9.2%[11] - The company's revenue decreased from RMB 99,047.1 million in the first half of 2023 to RMB 94,322.3 million in the first half of 2024, representing a decline of 4.8% year-on-year, primarily due to reduced income from both fuel and new energy vehicles[55] - Gross profit fell from RMB 20,566.1 million in the first half of 2023 to RMB 18,686.8 million in the first half of 2024, a decrease of 9.1%, mainly attributed to lower gross profit from fuel vehicles[55] - Net profit attributable to equity holders decreased from RMB 2,845.7 million in the first half of 2023 to RMB 1,978.0 million in the first half of 2024, a decline of 30.5%[55] - The profit for the six months ended June 30, 2024, was RMB 6,866,298 thousand, a decrease of 19.7% compared to RMB 8,551,305 thousand for the same period in 2023[66] - The total comprehensive income for the period was RMB 8,350,835 thousand, down 4.7% from RMB 8,764,885 thousand in the previous year[66] Assets and Liabilities - BAIC's total assets as of June 30, 2024, were RMB 170.36 billion, an increase from RMB 168.72 billion at the end of 2023[11] - Total assets as of June 30, 2024, amounted to RMB 170,361,142 thousand, an increase from RMB 168,723,153 thousand at the end of 2023, representing a growth of about 1.0%[64] - Total liabilities decreased to RMB 88,654,790 thousand from RMB 89,339,535 thousand, indicating a reduction of approximately 0.8%[64] - Total equity increased to RMB 81,706,352 thousand from RMB 79,383,618 thousand, reflecting a growth of about 2.9%[64] - The company's debt-to-asset ratio decreased from 53.0% at the end of 2023 to 52.0% as of June 30, 2024, reflecting a 1.0 percentage point decline[57] - The net debt-to-equity ratio improved from -29.0% at the end of 2023 to -33.5% as of June 30, 2024, due to an increase in total equity and a decrease in total borrowings[57] Product Development and Market Strategy - The company has launched several new products, including the BJ40 Blade Hero and BJ60 Magic Core Electric Drive, as part of its strategy to optimize its product matrix[4] - BAIC is focusing on both domestic and international markets, with steady improvements in export sales during the reporting period[4] - The company has introduced its first Magic Core Electric Drive technology and is continuing to deepen its layout in the new energy sector[4] - The product matrix is continuously enriched to meet diverse consumer demands, reflecting the company's commitment to innovation and market responsiveness[15] - The company launched several new products, including the BJ30 electric off-road vehicle and the 11th generation Sonata, enhancing its product matrix[26] - The company is actively pursuing strategic collaborations, including partnerships with Huawei, to enhance its technological capabilities[21] - The company is investing in R&D for electric vehicles, with a budget allocation of RMB 500 million for the upcoming fiscal year[127] - Market expansion efforts include entering two new international markets, aiming for a 5% market share in each by the end of 2025[127] Operational Efficiency and Cost Management - The company is committed to innovation and transformation, combining long-term and short-term measures to unlock growth channels[37] - The group is enhancing its operational efficiency and competitiveness through the integration of production and finance, as well as industry cooperation[36] - The company has set a target to reduce operational costs by 10% through efficiency improvements in the supply chain[127] Marketing and Customer Engagement - The company is enhancing its marketing strategies through new media and fan engagement, aiming to improve brand exposure and customer service[33] - New marketing strategies are being implemented, focusing on digital channels, which are expected to increase brand engagement by 25%[127] Corporate Governance and Management Changes - The fifth supervisory board was formed on March 19, 2024, with five members, including Zhang Ran as the chairman[40] - On March 22, 2024, Song Wei was elected as the president of the company, effective immediately[41] - The company has appointed Zhang Kai as the vice president effective April 26, 2024[47] Environmental and Sustainable Development - BAIC is committed to green development and is enhancing its product quality system while exploring sustainable development paths[4] - The company is implementing green initiatives in its manufacturing processes, including solar energy management and rainwater recycling[30] Future Outlook - The automotive industry is expected to experience stable growth in the second half of 2024, driven by policy effects that will release consumer potential[37] - The future outlook includes a projected revenue growth of 10% for the second half of 2024, driven by new product launches and market expansion strategies[127]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1958） 截至二零二四年六月三十日止六個月之中期業績公佈 北京汽車股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司（合稱「本 集團」或「我們」）截至二零二四年六月三十日止六個月期間（「報告期」或「二零二四年上半年」）之未經審 計中期業績連同二零二三年同期的比較數字。該業績乃按照國際會計準則理事會公佈的《國際會計準 則》第34號《中期財務報告》以及《香港聯合交易所有限公司證券上市規則》（「上市規則」）披露要求而 編製。董事會審核委員會（「審核委員會」）及本集團外部核數師羅兵咸永道會計師事務所已審閱本未 經審計的簡明合併中期財務資料（「簡明財務資料」）。 1 中期簡明合併綜合收益表 截至二零二四年六月三十日止六個月 | --- | ...

Financial Performance - For Q1 2024, total operating revenue was RMB 46.52 billion, a decrease of 2.46% from RMB 47.70 billion in Q1 2023[6] - Total operating costs for Q1 2024 were RMB 41.19 billion, down 1.4% from RMB 41.77 billion in Q1 2023[6] - Net profit attributable to shareholders for Q1 2024 was RMB 1.03 billion, a decline of 29.0% compared to RMB 1.46 billion in Q1 2023[6] - The total comprehensive income for Q1 2024 reached RMB 4,500,727,691.00, an increase from RMB 4,150,950,680.63 in Q1 2023, representing a growth of approximately 8.5%[7] - The net cash flow from operating activities for Q1 2024 was RMB 5,050,662,212.16, down from RMB 6,994,882,684.54 in Q1 2023, indicating a decrease of about 27.9%[9] - The company reported sales revenue from goods and services received in Q1 2024 of RMB 49,216,508,611.04, down from RMB 53,714,090,823.97 in Q1 2023, a decline of about 8.3%[9] - The company reported a total comprehensive income of RMB 193,926,473.27 for Q1 2024, compared to RMB (670,009,903.01) in Q1 2023[16] Cash and Liquidity - Cash and cash equivalents increased to RMB 35.23 billion as of March 31, 2024, up from RMB 33.14 billion at the end of 2023, representing a growth of 6.35%[2] - Cash and cash equivalents at the end of Q1 2024 totaled RMB 33,919,103,169.67, compared to RMB 37,415,555,427.99 at the end of Q1 2023, reflecting a decrease of approximately 9.5%[10] - The company’s cash and cash equivalents at the end of Q1 2024 were RMB 4,313,848,501.81, an increase from RMB 2,015,018,543.81 at the end of Q1 2023[18] Assets and Liabilities - Total assets reached RMB 173.65 billion as of March 31, 2024, compared to RMB 168.72 billion at the end of 2023, marking an increase of 2.77%[5] - Total liabilities amounted to RMB 89.63 billion as of March 31, 2024, slightly up from RMB 89.34 billion at the end of 2023, reflecting a growth of 0.33%[5] - Total liabilities decreased to RMB 19,925,491,964.64 from RMB 20,134,219,409.30 year-over-year[14] - The company's total liabilities as of March 31, 2024, amounted to RMB 12,777,351,334.39, a decrease from RMB 13,004,281,788.54 as of December 31, 2023[13] Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[6] - Future strategies may involve market expansion and potential mergers and acquisitions[19] - The company is committed to developing new products and technologies to drive growth[19] - Emphasis on user data analysis to inform decision-making and strategy[19] - The company aims to improve operational efficiency through strategic initiatives[19] - Financial performance metrics will be closely monitored to ensure alignment with growth objectives[19] Governance and Board Composition - The board of directors includes Chairman Chen Wei and several non-executive directors[19] - The executive director is Song Wei, with additional non-executive directors including Liu Guanjiao and Ye Qian[19] - The board also comprises independent non-executive directors such as Yin Yuanping and Xu Xiangyang[19] - The company is focused on enhancing its governance structure with a diverse board composition[19] - The board is dedicated to maintaining transparency and accountability in its operations[19] Research and Development - The company reported a decrease in research and development expenses to RMB 165.21 million in Q1 2024 from RMB 186.01 million in Q1 2023, a decline of 11.14%[6]

Sales Performance - In 2023, BAIC Motor Corporation achieved total vehicle sales of 1,042,005 units, representing a year-on-year increase of 7.3%[10] - Sales of new energy vehicles increased by 46.6% year-on-year, totaling 102,000 units sold, surpassing industry averages[11] - The international market saw a significant boost, with export sales rising over 200% to 59,000 units[11] - In 2023, the passenger car market in China saw sales of 26.063 million units, a year-on-year increase of 10.6%[42] - The sales of new energy vehicles reached 9.046 million units in 2023, growing by 38.2% year-on-year, with a market share of 34.7%[42] - The group sold a total of 1.042 million vehicles in 2023, reflecting a year-on-year growth of 7.3%[43] - The sales of new energy vehicles by the group reached 102,000 units, marking a year-on-year increase of 46.6%[45] - The group achieved vehicle exports of 59,000 units, representing a year-on-year growth of over 200%[46] Financial Performance - The company's consolidated revenue for the year reached RMB 197.95 billion, compared to RMB 190.46 billion in 2022[13] - Net profit for 2023 was RMB 13.63 billion, reflecting the company's strong financial performance amid market recovery[10] - Gross profit for the year was RMB 40,070 million, showing a decrease from RMB 42,334 million in the previous year[14] - Profit attributable to equity holders of the company was RMB 3,030 million, down from RMB 4,197 million in the previous year, representing a decrease of approximately 27.8%[15] - The net profit attributable to equity holders decreased from RMB 4,196.6 million in 2022 to RMB 3,030.3 million in 2023, representing a decline of 27.8%[56] - The gross profit decreased from RMB 42,334.2 million in 2022 to RMB 40,070.5 million in 2023, a decline of 5.3%, mainly due to reduced gross profit from both fuel and new energy vehicles[56] Research and Development - R&D expenditures have been continuously increased to enhance core technology control and drive innovation[11] - The group's R&D expenditure increased by over 30% year-on-year in 2023, emphasizing the importance of innovation for future development[48] - Research and development expenses rose by 31.7% from RMB 2,712.5 million in 2022 to RMB 3,571.2 million in 2023, reflecting increased investment in new energy vehicle development[57] - The core R&D team consists of experienced professionals from both domestic and international backgrounds, covering various fields such as intelligent networking and power systems, which strengthens the company's R&D capabilities[32] - The company is committed to advancing new energy, intelligent, and connected technologies, with ongoing projects to refresh its product line[28] Product Development and Innovation - The company launched over 10 new vehicle models during the year, further diversifying its product offerings[11] - The company has launched new models under the Beijing brand, including the new BJ40 and BJ60 off-road vehicles, as well as the EU5 and EU7 new energy vehicles[19] - The company is focusing on enhancing innovative product forms to meet increasingly diverse market demands, with a strong emphasis on quality and high-performance development[28] - The company is steadily advancing new product projects and aims to consolidate its leading position in the high-end luxury car market[28] Market Strategy - BAIC Motor aims to focus on dual strategies of oil and electric vehicles, enhancing both domestic and international market sales[12] - The company is expanding its international business through wholly-owned subsidiaries and partnerships, enhancing its competitive edge in the global market[28] - The company is focusing on expanding its international market presence, particularly in Europe, Central Asia, and Southeast Asia[46] - The company is actively optimizing its sales network and enhancing customer experience through digital marketing and service ecosystem development[50] Sustainability and ESG Initiatives - The company is committed to sustainable development, aiming to reduce carbon footprints and increase the use of green electricity[49] - The company has achieved over 90% automation in its production facilities, ensuring high-quality output and cost efficiency[49] - The company is committed to reducing carbon emissions throughout the entire lifecycle of vehicles, including electric vehicle electrification and alternative fuel usage[187] - The company aims to achieve comprehensive decarbonization of products and operational carbon neutrality by 2050[178] - The company has established an internal carbon trading mechanism to support its low-carbon transformation efforts[178] Governance and Compliance - The company has established a compliance mechanism to ensure adherence to relevant laws and regulations, with no significant litigation disputes reported in 2023[76] - The company continues to strengthen its governance structure and compliance with applicable regulations, ensuring shareholder interests are protected[76] - The board of directors underwent changes in 2023, with new appointments and reassignments, including the appointment of Song Wei as an executive director[78] - The company has established a comprehensive corporate governance structure, including various committees to enhance shareholder value and accountability[123] Employee and Management - The company employed a total of 31,711 employees as of the end of 2023, an increase from 31,511 employees at the end of 2022[114] - The company maintains a competitive compensation structure based on job value and employee performance, aligned with industry standards in the Beijing area[116] - The company has implemented a corporate annuity system to provide supplementary retirement income for eligible employees[117] - The company has established a comprehensive performance evaluation system linking annual operational goals with departmental and individual performance assessments[114] Risk Management - The company has established a comprehensive risk management system based on COSO-ERM and other frameworks, focusing on a full-value chain risk prevention network[155] - The internal control and risk management system is designed to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses[154] - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and ensure informed investment decisions[158] Future Outlook - The automotive market in China is expected to maintain a positive trend in 2024, driven by macroeconomic policies and the ongoing push for electrification[11] - In 2024, China's automobile sales are expected to grow by over 3% according to the China Association of Automobile Manufacturers (CAAM) [51] - The company anticipates a revenue growth of 10% for the upcoming fiscal year, projecting revenues to reach approximately 79.2 billion RMB[170]