GWMOTOR(601633)2024-08-29 09:33Share Structure and Capital Management - As of June 30, 2024, the total number of shares issued by Great Wall Motor is 8,541,945,790, comprising 6,223,169,790 A shares and 2,318,776,000 H shares[17]. - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[5]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[4]. - The company has not violated any decision-making procedures in providing guarantees to external parties[4]. - There are no changes in the company's registered address or historical changes during the reporting period[14]. Financial Performance - Total revenue for the first half of 2024 reached ¥91.43 billion, a 30.67% increase compared to ¥69.97 billion in the same period last year[20]. - Net profit attributable to shareholders was ¥7.08 billion, representing a significant increase of 419.99% from ¥1.36 billion year-on-year[20]. - The net cash flow from operating activities was ¥9.41 billion, a recovery from a negative cash flow of ¥2.44 billion in the previous year[20]. - Basic earnings per share rose to ¥0.83, up 418.75% from ¥0.16 in the same period last year[21]. - The weighted average return on equity increased to 10.10%, up by 8.00 percentage points compared to 2.10% last year[21]. - The total assets at the end of the reporting period were ¥198.62 billion, a slight decrease of 1.32% from ¥201.27 billion at the end of the previous year[20]. - The net assets attributable to shareholders increased by 7.92% to ¥73.93 billion from ¥68.50 billion at the end of the previous year[20]. - Non-recurring gains and losses totaled ¥1.43 billion, primarily driven by government subsidies and other income[23]. Market and Sales Performance - In the first half of 2024, China's automotive production and sales reached 13.89 million and 14.05 million units, respectively, representing year-on-year growth of 4.9% and 6.1%[28]. - The production and sales of passenger vehicles in the first half of 2024 were 11.89 million and 11.98 million units, showing year-on-year increases of 5.4% and 6.3%[29]. - New energy vehicle production and sales reached 4.93 million and 4.94 million units, with year-on-year growth of 30.1% and 32%, capturing a market share of 35.2%[30]. - Total sales for the first half of 2024 reached 554,856 units, a year-on-year increase of 6.95%, with overseas sales up 62.09% to 199,847 units[52]. - The sales of the WEY brand's new energy vehicles reached 20,188 units, representing a growth of 43.54% year-on-year[53]. - The TANK brand achieved cumulative sales of 115,710 units, marking a significant increase of 97.66% year-on-year[54]. - Haval brand sales totaled 297,284 units, with a slight increase of 0.17% year-on-year, surpassing 9 million cumulative global sales[55]. - ORA brand sold 31,247 units in the first half of 2024, focusing on the BEV market and targeting female consumers[56]. - Great Wall Pickup maintained its position as the top-selling pickup in China for 26 consecutive years, with domestic sales of 90,038 units and overseas sales of 23,624 units, up 14.10%[57]. Research and Development - The company has established a global R&D network with 10 technology centers across various countries, focusing on core technologies in new energy, with over 110 forward-looking projects initiated[26]. - Research and development expenses increased by 19.24% to RMB 4.18 billion, up from RMB 3.51 billion[39]. - The company is advancing its smart technology strategy, including the establishment of the largest supercomputing center in the automotive industry for intelligent driving[59]. Environmental Management - The company reported a total hazardous waste generation of 651.27 tons in the first half of 2024[185]. - The company’s wastewater discharge includes a chemical oxygen demand (COD) concentration of 108.34 mg/L and ammonia nitrogen concentration of 32.72 mg/L, both compliant with discharge standards[185]. - The total nitrogen concentration in wastewater was reported at 43.11 mg/L, also within regulatory limits[185]. - The company has no instances of exceeding pollutant discharge standards during the reporting period[185]. - The company’s VOCs concentration was reported at 25.7 mg/m³, compliant with industrial emission standards[186]. - The company has implemented a VOCs treatment system that includes RTO incineration and a zeolite rotor + incineration setup, ensuring compliance with emission standards[197]. - The company has obtained environmental impact assessments and pollutant discharge permits for all major projects, ensuring compliance with environmental regulations[199]. Employee Management and Incentives - The company employed 81,902 employees as of June 30, 2024, a decrease from 84,938 employees a year earlier[47]. - The total employee cost accounted for 8.10% of total revenue, down from 10.28% in the previous year[48]. - The company has implemented various employee incentive plans, including stock options and restricted stock plans, with details disclosed in multiple announcements[89]. - The employee stock ownership plan allows for a maximum of 40,000,043 shares to be issued, representing 0.64% of the total shares issued as of the semi-annual report date[159]. - The employee stock ownership plan is designed to align the interests of employees and shareholders, promoting long-term development and value creation[156]. Corporate Governance - The board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report[2]. - The audit committee, consisting of 3 independent non-executive directors and 1 non-executive director, reviewed the company's mid-year performance announcement and financial reports, confirming compliance with applicable accounting standards[77]. - The company has adopted the Standard Code as the code of conduct for all directors' securities transactions, with all directors reportedly complying during the reporting period[81]. Strategic Focus and Future Plans - The company aims to enhance its competitive edge by focusing on high-end market segments and improving product structure through technological innovation[32]. - Great Wall Motors aims to achieve overseas sales exceeding 1 million vehicles by 2030, focusing on "International New Four Modernizations" to enhance global presence[60]. - The company plans to launch more competitive models in 2024, including the new generation Haval H6 and Tank 700 Hi4-T, targeting high-end and off-road markets[61].