BYD(01211)2024-04-29 10:46Financial Performance - Revenue for the first quarter of 2024 reached RMB 124.94 billion, a 3.97% increase compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB 4.57 billion, up 10.62% year-on-year[11] - Operating cash flow decreased by 29.29% to RMB 10.23 billion compared to the same period last year[11] - Total operating revenue increased to RMB 124.94 billion, up 3.97% from RMB 120.17 billion in the previous period[49] - Net profit attributable to the parent company's owners rose to RMB 4.57 billion, up 10.62% from RMB 4.13 billion[70] - Operating cash flow decreased to RMB 10.23 billion, down 29.3% from RMB 14.47 billion in the previous period[61] - Revenue from sales of goods and services rose to RMB 124.16 billion, a 32.5% increase from RMB 93.70 billion[61] - Comprehensive income attributable to owners of the parent company was 4.14 billion RMB, slightly down from 4.20 billion RMB in the previous period[75] - Basic earnings per share increased to 1.57 RMB from 1.42 RMB in the previous period[75] Expenses and Costs - R&D expenses increased by 70.10% to RMB 10.61 billion, primarily due to increased employee compensation and material consumption[17] - Sales expenses rose by 46.37% to RMB 6.80 billion, mainly driven by increased advertising and exhibition expenses, as well as depreciation and amortization[17] - R&D expenses surged to RMB 10.61 billion, a significant 70.1% increase from RMB 6.24 billion in the prior period[49] - Sales expenses increased by 46.4% to RMB 6.80 billion compared to RMB 4.65 billion in the prior period[49] - Interest expenses nearly doubled to RMB 580.45 million from RMB 307.13 million in the prior period[49] - Total assets impairment losses increased to RMB 642.72 million, up 30.6% from RMB 492.29 million[49] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 677.78 billion, a slight decrease of 0.26% compared to the end of the previous year[11] - Equity attributable to shareholders of the listed company increased by 3.08% to RMB 143.09 billion[11] - Prepayments increased by 35.90% to RMB 3.01 billion, mainly due to increased prepayments for material procurement[16] - Long-term deferred expenses rose by 32.34% to RMB 5.38 billion, primarily due to increased improvement expenditures on right-of-use assets[16] - Total assets at the end of the period amounted to RMB 677.78 billion, compared to RMB 679.55 billion at the beginning of the year[45] - Current assets totaled RMB 292.89 billion, a decrease from RMB 302.12 billion at the start of the year[40] - Inventory increased to RMB 98.78 billion from RMB 87.68 billion at the beginning of the year[40] - Fixed assets remained stable at RMB 231.09 billion, slightly up from RMB 230.90 billion[45] - Total liabilities decreased to RMB 522.84 billion from RMB 529.09 billion[47] - Current liabilities stood at RMB 444.08 billion, down from RMB 453.67 billion[46] - Shareholders' equity increased to RMB 154.95 billion from RMB 150.46 billion[47] - Retained earnings rose to RMB 71.69 billion from RMB 67.12 billion[47] - Long-term receivables decreased to RMB 8.13 billion from RMB 8.24 billion[45] - Development expenditure increased to RMB 637.61 million from RMB 541.00 million[45] Cash Flow and Financing - Net cash flow from financing activities decreased by 143.02% to negative RMB 5.18 billion, mainly due to increased cash repayments of debt[18] - Net cash flow from financing activities was negative RMB 5.18 billion, a sharp decline from positive RMB 12.05 billion in the previous period[63] - Cash received from investment income decreased to 114.23 million RMB from 138.04 million RMB in the previous period[78] - Cash received from disposal of fixed assets, intangible assets, and other long-term assets dropped significantly to 36.99 million RMB from 166.39 million RMB in the previous period[78] - Cash inflows from investment activities totaled 591.21 million RMB, a sharp decline from 10.54 billion RMB in the previous period[78] - Cash outflows for investment activities amounted to 27.86 billion RMB, down from 33.24 billion RMB in the previous period[78] - Net cash flow from investment activities was -27.27 billion RMB, compared to -22.70 billion RMB in the previous period[78] - Ending cash and cash equivalents balance stood at 86.18 billion RMB, up from 54.89 billion RMB in the previous period[81] - Net increase in cash and cash equivalents was -22.33 billion RMB, compared to a positive 3.71 billion RMB in the previous period[81] Shareholder Information - HKSCC NOMINEES LIMITED holds 1,097,461,820 H-shares, representing a significant portion of the company's foreign-listed shares[20] - Rongjie Investment Holding Group Co., Ltd. holds 155,072,702 A-shares, accounting for 5.3269% of the total shares[23] - Wang Chuanfu holds 128,405,963 A-shares, excluding 1,000,000 H-shares and 3,727,700 A-shares held through an asset management plan[20][36] - Central Huijin Asset Management Co., Ltd. holds 11,976,633 A-shares, representing 0.41% of the total shares[19] - Xia Zuoquan and his overseas company SIGN INVESTMENTS LIMITED hold 195,000 and 305,000 H-shares, respectively[36] Government Subsidies and Non-Recurring Items - The company received government subsidies amounting to RMB 865,127,000 during the reporting period[29] - Non-current asset disposal losses amounted to RMB -261,472,000, impacting the company's financial performance[29] - The company's fair value changes and investment income from financial assets totaled RMB 307,841,000[29] - The company's total non-recurring gains and losses amounted to RMB 816,813,000 for the reporting period[29] - Other comprehensive income after tax for the current period was -425.44 million RMB, compared to 78.37 million RMB in the previous period[72] Investment and Income - Investment income grew by 153.3% to RMB 621.94 million from RMB 245.49 million[49] - The company's fair value changes and investment income from financial assets totaled RMB 307,841,000[29] Share Repurchase - The company plans to repurchase A-shares worth RMB 400 million to reduce registered capital, aiming to enhance investor confidence and stabilize company value[24]