CHINA MEIDONG AUTO HOLDINGS LIMITED China MeiDong Auto Holdings Limited
中國美東汽車控股有限公司
(Incorporated in the Cayman Islands with limited liability)
Stock Code : 1268
Interim Report
2022
CONTENTS
2 Corporate Information
4 Management Discussion and Analysis
12 Other Information
30 Report on Review of Interim Financial Report
32 Consolidated Statement of Comprehensive Income
34 Consolidated Statement of Financial Position
36 Consolidated Statement of Changes In Equity
- Condensed Consolidated Cash Flow Statement
- Notes to the Unaudited Interim Financial Report
CORPORATE INFORMATION
BOARD OF DIRECTORS | REMUNERATION COMMITTEE |
Executive Directors | WANG, Michael Chou (Chairman) |
CHEN Guiyi | |
YE Fan (Chairman) | JIP Ki Chi |
YE Tao (Chief Executive Officer) | |
LUO Liuyu | NOMINATION COMMITTEE |
Independent Non-Executive | YE Fan (Chairman) |
Directors | JIP Ki Chi |
WANG, Michael Chou | |
CHEN Guiyi | |
WANG, Michael Chou | REGISTERED OFFICE |
JIP Ki Chi | |
Cricket Square | |
AUTHORISED REPRESENTATIVE | Hutchins Drive |
PO Box 2681 | |
YE Tao | Grand Cayman, KY1-1111 |
Cayman Islands | |
COMPANY SECRETARY | |
HEAD OFFICE AND PRINCIPAL | |
WONG Cheung Ki Johnny, FCPA, FCG | PLACE OF BUSINESS IN PRC |
(CS, CGP), FCS (CS, CGP) | |
13th Floor, Unit A1 | |
AUDIT COMMITTEE | Tian An Tech Industry Building |
Huangjin Road | |
JIP Ki Chi (Chairman) | Nancheng District, Dongguan |
CHEN Guiyi | Guangdong, PRC |
WANG, Michael Chou |
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CORPORATE INFORMATION
PRINCIPAL PLACE OF BUSINESS IN | CAYMAN ISLANDS SHARE |
HONG KONG | REGISTRAR AND TRANSFER OFFICE |
Room 2404 | Conyers Trust Company (Cayman) Limited |
24th Floor, World-Wide House | Cricket Square |
19 Des Voeux Road Central | Hutchins Drive |
Hong Kong | PO Box 2681 |
Grand Cayman, KY1-1111 | |
AUDITOR | Cayman Islands |
KPMG | HONG KONG BRANCH SHARE |
Public Interest Entity Auditor | REGISTRAR AND TRANSFER OFFICE |
registered in accordance with the | |
Financial Reporting Council Ordinance | Tricor Investor Services Limited |
Certified Public Accountants | 17/F, Far East Finance Centre |
8th Floor, Prince's Building | 16 Harcourt Road |
10 Chater Road | Hong Kong |
Central, Hong Kong | |
PRINCIPAL BANKERS | |
HONG KONG LEGAL ADVISORS | |
China Construction Bank (Asia) Corporation | |
HW Lawyers | Limited |
Units 2511-2512, 25/F | Bank of China (Hong Kong) Limited |
K11 Atelier King's Road | STOCK CODE |
728 King's Road | |
Hong Kong | |
1268 | |
COMPANY'S WEBSITE | |
www.meidongauto.com |
INTERIM REPORT 2022 | 3 |
MANAGEMENT DISCUSSION AND ANALYSIS
In the first half of 2022, amid the volatility of the COVID-19 pandemic and a more severe external environment, China's economy faced downward pressure and consumption of automobile has also been significantly affected. Coupled with the shortage in supply of automobiles of certain brands, traditional premium brands were impacted to varying degrees and performance was not satisfactory both in terms of production and sales volume. According to the data of the China Passenger Car Association, the retail sales volume of premium brand vehicles for the six months ended 30 June 2022 (the "Period") was 1.301 million units, representing a decrease of 14% yoy.
Nevertheless, as the COVID-19 pandemic in China showed signs of being contained since late May 2022, combined with multiple impacts of the policies of halving the purchase tax and various promotional charges, sales volume of premium brand vehicles began to rebound. According to the data of the China Passenger Car Association, the retail sales volume of premium brand vehicles in June 2022 was 310 thousand units, representing an increase of 26% yoy. Despite the daunting challenges faced by the domestic automobile industry, the market for premium brand vehicles is expected to gradually recover and commence its next round of growth with the recovering market and imposition of government policies.
BUSINESS AND FINANCIAL REVIEW
During the Period, by leveraging our high operating efficiency as well as the acquisition of 7 Porsche 4S stores, the Group delivered a year-on-year growth in revenue despite the challenging operating environment. Revenue from sales of new vehicles and after-sales services both recorded a growth, whereas the sales contribution of premium brand vehicles also further increased. In particular, Porsche, riding on its strong brand value, has fully demonstrated its resilience and high potential by delivering standout performance against other premium brands. The newly acquired Porsche stores also showed synergies since the Group took over its operation, reporting a rapid growth in business and operating efficiency, which is expected to bring strong momentum to the Group's future growth. Meanwhile, after-sales services was able to maintain a satisfactory growth and profit margin during the pandemic. Although the Group's profit for the Period was adversely impacted by the unfavorable market conditions and additional non-operating expenses such as acquisition charge and associated finance expense, it was nonetheless able to maintain a high efficiency rate. Its operating metrics, including inventory turnover days, were maintained at a satisfactory level. Its balance sheet and cash flow were also fairly stable during the Period.
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China MeiDong Auto Holdings Ltd. published this content on 15 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2022 10:39:01 UTC.
