Zitong Financial App News, Guanghui Baoxin (01293) announced that in the first half of 2017, the group achieved an income of 15.671 billion yuan (RMB, the same below), an increase of 44.1% over the same period last year, of which car sales were 13.895 billion yuan, an increase of 45.9% over the same period last year. The gross profit is about 1.344 billion yuan, an increase of 40.5% over the same period last year.
In addition, the net profit attributable to the owner of the parent company is 400 million yuan, an increase of 521.3% over the same period last year; the basic profit per share is 0.16 yuan, without paying an interim dividend.
The group's three major brands are BMW, Jaguar Land Rover and Maserati. BMW's sales in China grew by 18.4% in the first half, up 11% from the same period last year. In June this year, BMW launched a new 5-Series sedan with a comprehensive upgrade in the sense of technology and control, which will contribute to BMW's sales growth in the second half of the year.
Jaguar Land Rover's sales grew by 26.2% in the first half, mainly due to growth in sales of XFL and F-PACE models. In the second half of the year, Jaguar Land Rover will also launch two new models, namely, the range Rover Star Pulse and the new domestic Jaguar XE sports sedan, which will further enrich the brand's product lineup. Thanks to the sales contribution of Levante, Maserati's sales grew by 110.4% in the first half of the year compared with the same period last year, ranking 11th among luxury brands in China.
During the period under review, the substantial increase in revenue was mainly due to an increase of 4.37 billion yuan or 45.9% in revenue from car sales (especially luxury and ultra-luxury car sales) compared with the same period in 2016. On June 30, 2017, the group sold a total of 45591 new cars, up 56.6% from the same period last year. Of this total, luxury brand car sales were 33040, up 36.7% from the same period last year, and middle and high-end brand car sales were 12551, an increase of 153.9% over the same period last year.
In addition, the after-sales service revenue reached 1.754 billion yuan, an increase of 30.5% over the same period last year, the gross profit margin of after-sales service increased to 47.6%, and the commission income from automobile value-added services reached 296 million yuan, an increase of 83.6% over the same period last year.
At the same time, the gross profit from automobile sales increased by 45.0% from 336.3 million yuan to 487.8 million yuan, of which 410 million yuan came from luxury and ultra-luxury car sales, while the gross profit from after-sales business increased from 617.8 million yuan to 834.5 million yuan. In the first half of the year, car sales and after-sales business accounted for 36.3% and 62.1% of the total gross profit, respectively.
The group follows the brand and regional strategy and selects areas with potential markets for network expansion. In addition to a new BMW 4S store in Wuxi, the company acquired six new 4S stores and a showroom in March, including two BMWs, two Porsche, one Porsche showroom and two Maserati. New agent brand Alfa Romeo. On June 30, 2017, seven outlets have acquired the distribution rights of the brand.
During the period, the Group closed three underperforming distribution outlets to improve capital operation efficiency and overall profitability, including a Buick store, a Chevrolet store and a GMC outlet in Shanghai.
By the end of the reporting period, the Group had 108 auto dealerships, including 86 luxury brand dealerships, 17 high-end brand dealerships, 2 independent maintenance centers and 3 decoration damage centers.