永达汽车(03669) - 2023 - 中期财报

Financial Performance - Total revenue for the first half of 2023 reached RMB 35.684 billion, an increase of 11.6% year-on-year, while gross profit decreased by 6.9% to RMB 3.423 billion[6] - Net profit and profit attributable to owners of the company for the first half of 2023 were RMB 425 million and RMB 407 million, respectively, both down 38.9% year-on-year[6] - Gross profit for the first half of 2023 decreased by 6.9% to RMB 3.423 billion, with new car sales gross profit dropping by 85.5% to RMB 777 million[17] - Net profit attributable to the company's owners decreased by 38.9% to RMB 407 million in the first half of 2023[17] - Operating profit declined by 37.6% to RMB 667.8 million[42] - Profit attributable to owners of the company decreased by 38.9% to RMB 406.5 million[46] - Total revenue for the six months ended June 30, 2023, was RMB 34.86 billion, an increase from RMB 31.39 billion in the same period last year[98] - Gross profit for the six months ended June 30, 2023, was RMB 2.60 billion, compared to RMB 3.08 billion in the same period last year[98] - Operating profit for the six months ended June 30, 2023, was RMB 667.77 million, down from RMB 1.07 billion in the same period last year[98] - Net profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 406.54 million, compared to RMB 665.75 million in the same period last year[98] - Basic earnings per share for the six months ended June 30, 2023, were RMB 0.21, down from RMB 0.34 in the same period last year[98] - The company's total comprehensive income for the six months ended June 30, 2023, was RMB 425.01 million, compared to RMB 695.26 million in the same period last year[99] - The company's total assets as of June 30, 2023, were RMB 34.86 billion, with total liabilities of RMB 32.26 billion[98] - The company's net cash flow from operating activities for the six months ended June 30, 2023, was RMB 2.60 billion, compared to RMB 3.08 billion in the same period last year[98] - The company's total equity attributable to the owners as of June 30, 2023, was RMB 2.60 billion, compared to RMB 3.08 billion in the same period last year[98] - Total assets decreased slightly to RMB 29,984,178 thousand as of June 30, 2023, compared to RMB 32,464,731 thousand at the end of 2022[100] - Non-current assets remained stable at RMB 15,299,445 thousand, with a minor increase in property, plant, and equipment to RMB 6,082,166 thousand[100] - Current assets decreased to RMB 14,684,733 thousand, primarily due to a reduction in trade and other receivables to RMB 6,879,763 thousand[100] - Current liabilities decreased to RMB 12,023,241 thousand, driven by a reduction in trade and other payables to RMB 6,825,087 thousand[100] - Net current assets stood at RMB 2,661,492 thousand, reflecting a slight decrease from RMB 2,830,186 thousand at the end of 2022[100] - Non-current liabilities increased to RMB 3,498,412 thousand, mainly due to higher borrowings and lease liabilities[101] - Net assets decreased to RMB 14,462,525 thousand, with equity attributable to the company's owners at RMB 13,999,437 thousand[101] - The company recorded a net profit of RMB 406,544 thousand for the six months ended June 30, 2023[102] - Other comprehensive income for the period was RMB 184 thousand, contributing to a total comprehensive income of RMB 406,728 thousand[102] - The company repurchased and canceled shares worth RMB 72,808 thousand during the period[102] - The company's operating cash flow before working capital changes was RMB 1,237,074 thousand in the first half of 2023, compared to RMB 1,678,859 thousand in the same period last year[105] - Net cash generated from operating activities was RMB 1,099,422 thousand in the first half of 2023, a decrease from RMB 3,152,402 thousand in the same period last year[105] - The company's inventory decreased by RMB 468,173 thousand in the first half of 2023, compared to a decrease of RMB 532,680 thousand in the same period last year[105] - Trade and other receivables decreased by RMB 1,008,962 thousand in the first half of 2023, compared to a decrease of RMB 1,993,799 thousand in the same period last year[105] - The company's net cash used in investing activities was RMB 130,627 thousand in the first half of 2023, a decrease from RMB 599,783 thousand in the same period last year[106] - The company's profit before tax was RMB 552,004 thousand in the first half of 2023, compared to RMB 944,493 thousand in the same period last year[105] - The company's depreciation of property, plant, and equipment was RMB 407,505 thousand in the first half of 2023, compared to RMB 373,420 thousand in the same period last year[105] - The company's amortization of other intangible assets was RMB 51,675 thousand in the first half of 2023, compared to RMB 50,166 thousand in the same period last year[105] - The company's share-based payment expenses were RMB 26,991 thousand in the first half of 2023, compared to RMB 21,934 thousand in the same period last year[105] - The company's proceeds from the sale of a subsidiary were RMB 112,416 thousand in the first half of 2023[106] - Net cash used in financing activities was RMB 1,343,017 thousand, a decrease compared to RMB 1,218,146 thousand in the same period last year[107] - Cash and cash equivalents decreased by RMB 374,222 thousand, compared to an increase of RMB 1,334,473 thousand in the previous year[107] - New borrowings amounted to RMB 11,035,847 thousand, slightly lower than the RMB 11,949,398 thousand in 2022[107] - Repayment of medium-term notes was RMB 370,000 thousand, with no such repayment in the previous year[107] - Dividend payments totaled RMB 575,981 thousand, a significant reduction from RMB 948,826 thousand in 2022[107] - Cash and cash equivalents at the end of the period were RMB 1,811,575 thousand, down from RMB 3,584,820 thousand in the previous year[107] - Net profit attributable to the company's owners decreased by RMB 14,542 thousand compared to the same period last year[117] - Total comprehensive income attributable to the company's owners decreased by RMB 14,542 thousand compared to the same period last year[117] - Basic earnings per share decreased from RMB 0.34 to RMB 0.21 year-over-year[119] - Diluted earnings per share decreased from RMB 0.34 to RMB 0.21 year-over-year[119] - Deferred tax assets increased by RMB 63,471 thousand after adjustment as of December 31, 2022[120] - Deferred tax liabilities increased by RMB 5,750 thousand after adjustment as of December 31, 2022[120] - The company's profit attributable to owners decreased to RMB 406,544 thousand in 2023 from RMB 665,752 thousand in 2022, indicating a decline in profitability[143] - The company declared an interim dividend of RMB 0.105 per share for the six months ended June 30, 2023, compared to no dividend declared in the same period in 2022[145] - The weighted average number of shares for calculating diluted earnings per share decreased slightly to 1,949,066 thousand in 2023 from 1,968,959 thousand in 2022[146] Sales Performance - New car sales volume in the first half of 2023 was 85,759 units, with new car sales revenue of RMB 27.043 billion, up 6.5% year-on-year, but gross margin decreased by 3.09 percentage points to 0.49%[7] - New energy vehicle sales in the first half of 2023 reached 16,240 units, up 116.5% year-on-year, accounting for 18.0% of total sales[7] - New car sales volume in the first half of 2023 increased by 11.7% to 85,759 units, with Porsche sales up 6.4% to 5,220 units and BMW sales up 1.7% to 36,732 units[18] - Second-hand car transaction volume reached 41,084 units in the first half of 2023, a year-on-year increase of 30.6%, with dealer sales accounting for 19,916 units, a year-on-year increase of 207.8%, generating dealer revenue of RMB 2.452 billion, a year-on-year increase of 74.3%[23] - Second-hand car gross profit reached RMB 187 million in the first half of 2023, a year-on-year increase of 7.5%, with dealer gross profit accounting for RMB 160 million, a year-on-year increase of 23.4%[23] - New energy vehicle sales reached 16,240 units in the first half of 2023, a year-on-year increase of 116.5%, accounting for 18.0% of total sales[25] - Independent new energy brand sales reached 7,687 units in the first half of 2023, a year-on-year increase of 169.8%, with dealer sales accounting for 3,024 units and direct sales accounting for 4,663 units[25] - Independent new energy brand after-sales service revenue reached RMB 70.83 million in the first half of 2023, a quarter-on-quarter increase of 81.2%, with an average single vehicle output value of RMB 2,478[25] - Independent new energy brand after-sales service customer base reached 19,688 by the end of June 2023, a year-on-year increase of 94.1%[25] - New energy vehicle mini-program registered users reached 61,600 in the first half of 2023, with car owner members reaching 10,500[25] - New car sales volume in the passenger vehicle sales and service segment reached 85,759 units in the first half of 2023, up 11.7% from 76,752 units in the same period of 2022[35] - Luxury and ultra-luxury brand new car sales volume increased by 7.6% to 62,233 units in the first half of 2023, compared to 57,835 units in the same period of 2022[36] - Used car sales volume surged by 207.8% to 19,916 units in the first half of 2023, compared to 6,471 units in the same period of 2022[36] - Used car sales revenue grew by 74.3% to RMB 2,451.9 million in the first half of 2023, compared to RMB 1,406.5 million in the same period of 2022[37] - New car sales revenue increased to RMB 23,637,843 thousand, up from RMB 22,459,089 thousand in the same period last year[125] - Used car sales revenue increased significantly to RMB 2,451,947 thousand from RMB 1,406,530 thousand year-over-year[125] - Passenger car sales revenue for the six months ended June 30, 2023, was RMB 29,495,153,000, an increase from RMB 26,805,391,000 in the same period in 2022[132] - After-sales service revenue for the six months ended June 30, 2023, was RMB 5,204,375,000, up from RMB 4,419,082,000 in the same period in 2022[132] - Total revenue from external customers for passenger car sales and services reached RMB 34,699,528,000 for the six months ended June 30, 2023, compared to RMB 31,224,473,000 in the same period in 2022[132] - The cost of passenger car sales and services for the six months ended June 30, 2023, was RMB 32,166,875,000, up from RMB 28,190,790,000 in the same period in 2022[133] - Service income for the six months ended June 30, 2023, was RMB 822,464,000, an increase from RMB 594,545,000 in the same period in 2022[135] - Sales of cars to Shanghai Baocheng Shenjiang amounted to RMB 20,817 thousand in the first half of 2023, compared to no sales in the same period of 2022[188] - Sales of parts to Shanghai Yongda Changrong Automobile Sales Service Co., Ltd. and Yongda Financial Leasing totaled RMB 2,212 thousand in the first half of 2023, up from RMB 76 thousand in the same period of 2022[188] After-Sales Service - After-sales service revenue, including maintenance and extended products, reached RMB 5.204 billion in the first half of 2023, up 17.8% year-on-year, with a gross margin of 43.07%[7] - After-sales service revenue increased by 17.8% to RMB 5.204 billion in the first half of 2023, with maintenance revenue up 26.1% to RMB 4.424 billion[20] - After-sales service revenue increased by 17.8% to RMB 5,204.4 million in the first half of 2023, compared to RMB 4,419.1 million in the same period of 2022[37] - After-sales service revenue grew to RMB 5,202,619 thousand from RMB 4,418,009 thousand in the same period last year[125] - Service income from Yongda Financial Leasing decreased to RMB 5,153 thousand in the first half of 2023 from RMB 7,838 thousand in the same period of 2022[189] Used Car Business - Used car transaction volume in the first half of 2023 was 41,084 units, up 30.6% year-on-year, with used car sales revenue of RMB 2.452 billion, up 74.3% year-on-year[7] - Second-hand car transaction volume reached 41,084 units in the first half of 2023, a year-on-year increase of 30.6%, with dealer sales accounting for 19,916 units, a year-on-year increase of 207.8%, generating dealer revenue of RMB 2.452 billion, a year-on-year increase of 74.3%[23] - Second-hand car gross profit reached RMB 187 million in the first half of 2023, a year-on-year increase of 7.5%, with dealer gross profit accounting for RMB 160 million, a year-on-year increase of 23.4%[23] - Used car sales volume surged by 207.8% to 19,916 units in the first half of 2023, compared to 6,471 units in the same period of 2022[36] - Used car sales revenue grew by 74.3% to RMB 2,451.9 million in the first half of 2023, compared to RMB 1,406.5 million in the same period of 2022[37] - Used car sales revenue increased significantly to RMB 2,451,947 thousand from RMB 1,406,530 thousand year-over-year[125] New Energy Vehicles - New energy vehicle sales in the first half of 2023 reached 16,240 units, up 116.5% year-on-year, accounting for 18.0% of total sales[7] - New energy vehicle sales reached 16,240 units in the first half of 2023, a year-on-year increase of 116.5%, accounting for 18.0% of total sales[25] - Independent new energy brand sales reached 7,687 units in the first half of 2023, a year-on-year increase of 169.8%, with dealer sales accounting for 3,024 units and direct sales accounting for 4,663 units[25] - Independent new energy brand after-sales service revenue reached RMB 70.83 million in the first half of 2023, a quarter-on-quarter increase of 81.2%, with an average single vehicle output value of RMB 2,478[25] - Independent new energy brand after-sales service customer base reached 19,688 by the end of June 2023, a year-on-year increase of 94.1%[25] - New energy vehicle mini-program registered users reached 61,600 in the first half of 2023, with car owner members reaching 10,500[25] Digital Transformation and Operational Efficiency - The company adjusted its short-term strategy by focusing on core brands and improving operational efficiency through digitalization[8] - The company will focus on optimizing its brand structure, particularly in luxury cars, used cars, and new energy vehicles, to enhance operational efficiency and profitability[9] - The company plans to accelerate the establishment of a shared operation platform, including user operations, derivative businesses, and shared repair centers, to reduce management costs[11] - The company will focus on digital transformation, leveraging big data and AI to enhance customer experience and operational efficiency, while exploring new business ecosystems[12] - The company is focusing on digital transformation, aiming to complete a more integrated digital operation system by the end of 2023[32] - The company is implementing a comprehensive digital retail process, focusing on customer-centric digital user service platforms using big data and AI to enhance customer experience and efficiency[61] - The company is building a "shared platform" to integrate mid- and back-office resources, aiming to improve overall operational efficiency and user stickiness[61] - The company is advancing digital transformation and proactively laying out battery recycling and shared body repair centers[61] Strategic Initiatives - The company is exploring opportunities in the battery recycling industry, including