永达汽车(03669) - 2024 - 中期财报

Financial Performance - Pre-tax profit for the six months ended June 30, 2024 was RMB 126.2 million, a decrease of 77.1% compared to RMB 552.0 million for the same period in 2023[46] - Net cash generated from operating activities for the six months ended June 30, 2024 was RMB 699.2 million, a decrease of 36.4% compared to RMB 1,099.4 million for the same period in 2023[47] - Net cash used in investing activities for the six months ended June 30, 2024 was RMB 229.9 million, an increase of 76.0% compared to RMB 130.6 million for the same period in 2023[47] - Net cash used in financing activities for the six months ended June 30, 2024 was RMB 1,045.5 million, a decrease of 22.2% compared to RMB 1,343.0 million for the same period in 2023[48] - Total capital expenditure for the six months ended June 30, 2024 was RMB 330.6 million[51] - Total borrowings as of June 30, 2024 were RMB 3,418.2 million, a decrease of 13.7% compared to RMB 3,960.6 million as of December 31, 2023[52] - Net debt ratio as of June 30, 2024 was 12.5%, compared to 12.2% as of December 31, 2023[53] - The company provided a guarantee of RMB 210 million for the loan principal balance of Shanghai Yongda Financial Leasing Co., Ltd as of June 30, 2024[54] Inventory and Turnover - Inventory balance as of June 30, 2024 was RMB 3,954.7 million, a decrease of 9.4% compared to RMB 4,363.2 million as of December 31, 2023[49] - Average inventory turnover days increased to 26.7 days for the six months ended June 30, 2024, compared to 24.4 days for the same period in 2023[50] Share Incentive Plans - The remaining duration of the Pre-IPO Employee Incentive Plan is approximately 68 years as of June 30, 2024[81] - The number of shares available for grant under the 2020 Amended Plan is 27,792,205 shares, representing approximately 1.47% of the total issued shares[81] - A total of 550,000 restricted shares were granted under the 2020 Amended Plan on June 28, 2024, with a fair value of RMB 1.57 per share[82] - The Share Incentive Plan, adopted on June 1, 2022, has a remaining duration of approximately 7 years and 11 months as of June 30, 2024[84] - The maximum number of shares available for grant under the Share Incentive Plan is 194,502,551 shares, representing 10% of the total issued shares as of the amendment date[85] - As of June 30, 2024, the number of shares available for issuance under the Share Incentive Plan is 198,477,551 shares, representing approximately 10.49% of the total issued shares[85] Revenue and Sales - New car sales and related services revenue for the first half of 2024 was RMB 23,956,258 thousand, a decrease from RMB 28,174,410 thousand in the same period of 2023[115] - Luxury and ultra-luxury brand new car sales revenue for the first half of 2024 was RMB 19,100,028 thousand, down from RMB 23,637,843 thousand in the same period of 2023[115] - Independent new energy brand new car sales revenue for the first half of 2024 was RMB 1,090,529 thousand, a significant increase from RMB 529,349 thousand in the same period of 2023[115] - Used car sales and related services revenue for the first half of 2024 was RMB 2,087,418 thousand, down from RMB 2,479,145 thousand in the same period of 2023[115] - After-sales service revenue for the first half of 2024 was RMB 4,776,474 thousand, slightly down from RMB 4,789,224 thousand in the same period of 2023[115] - Total revenue for the first half of 2024 was RMB 30,820,150 thousand, a decrease from RMB 35,442,779 thousand in the same period of 2023[115] - Revenue from point-in-time recognition for the first half of 2024 was RMB 26,167,691 thousand, down from RMB 30,240,160 thousand in the same period of 2023[115] - Revenue from over-time recognition for the first half of 2024 was RMB 4,652,459 thousand, down from RMB 5,202,619 thousand in the same period of 2023[115] - Passenger car sales and service revenue for the six months ended June 30, 2024, was RMB 30,849,270,000, a decrease from RMB 35,521,992,000 in the same period in 2023[123] - New car sales and related services revenue for the six months ended June 30, 2024, was RMB 23,983,885,000, down from RMB 28,251,867,000 in the same period in 2023[123] - Used car sales and related services revenue for the six months ended June 30, 2024, was RMB 2,087,418,000, compared to RMB 2,479,145,000 in the same period in 2023[123] - After-sales service revenue for the six months ended June 30, 2024, was RMB 4,777,967,000, slightly down from RMB 4,790,980,000 in the same period in 2023[123] - Total cost for passenger car sales and services for the six months ended June 30, 2024, was RMB 28,298,499,000, a decrease from RMB 32,166,875,000 in the same period in 2023[123] Other Financial Information - The company's revenue is entirely derived from the Mainland China market[115] - The company has adopted revised IFRS standards effective from January 1, 2024, but these changes did not have a material impact on the financial statements[114] - Government subsidies for the six months ended June 30, 2024, were RMB 10,077,000, down from RMB 13,068,000 in the same period in 2023[125] - Interest income from bank deposits for the six months ended June 30, 2024, was RMB 21,982,000, up from RMB 18,066,000 in the same period in 2023[125] - Compensation income due to breach of lease contracts for the six months ended June 30, 2024, was RMB 28,707,000, compared to none in the same period in 2023[125] - Total financing costs for the six months ended June 30, 2024, were RMB 148,020,000, down from RMB 168,526,000 in the same period in 2023[127] - Employee costs for the six months ended June 30, 2024, were RMB 983,495,000, a decrease from RMB 1,147,472,000 in the same period in 2023[129]