First-quarter net profit of BAIC plummeted 59% Beijing net loss of 3.265 billion yuan
On August 29, Beijing Automobile released its 2017 interim results report. The report shows that in the first half of 2017, the company's revenue increased by 36% year-on-year to RMB67,737 million (the same in the same unit); profit attributable to shareholders decreased by 59% year-on-year to RMB968 million; earnings per share were RMB0.13.
Beijing Automotive First Half Revenue Report
According to the announcement, the increase in Beiqi's first-half revenue was mainly due to the increase in Beijing Benz’s revenue . Revenue related to Beijing Benz increased from RMB37,368.5 million in the first half of 2016 to RMB58,313.3 million in the first half of 2017, representing a year-on-year increase of 56.0%, which was mainly due to the 47.0% increase in sales of Mercedes-Benz in Beijing and the relative price The increase in sales of high models leads to an increase in average income.
The decrease in profit attributable to shareholders was due to the decrease in net profit (including investment income) of the Beijing brand from 3.98 billion yuan in the same period of the previous year to a net loss of 3.265 billion yuan for the period . Revenue related to Beijing brand decreased from RMB 11,670.3 million in the first half of 2016 to RMB 8,423.8 million in the first half of 2017, representing a year-on-year decrease of 27.8%, mainly due to: Beijing brand sales decreased by 45.5% year-on-year; in response to domestic use The slowdown in the growth rate of the auto industry and the adjustment of preferential policies for vehicle purchase tax will provide additional promotions to the market. The increase in sales of higher-priced E+S products will offset the impact of some sales declines.
The following is the performance of Beijing Automotive's corporate companies for the first half of 2017:
In the first half of 2017, the Beijing brand achieved a total sales of 111,000 vehicles, a year-on-year decrease of 45.5%. However, it has achieved certain results in terms of product structure and new energy products. In the first half of 2017, sales of Beijing brand E+S products increased by 10.2 percentage points year-on-year to 65.9%, a record high. In terms of new energy products, the Beijing brand put the EX260, EH300, and EU4003 pure electric new energy products into the market, further enriching the product lines and increasing the mileage of the integrated operating conditions to 360 kilometers.
During the reporting period, Beijing Benz continued to continue its explosive growth, achieving 211,000 units of vehicle sales and a 47% year-on-year increase. It has already secured its position as the second-largest producer of joint venture luxury brands. In sales of subdivided products, the Beijing Benz E-class sedans, C-class sedans, and GLC-class SUVs hit a strong monthly sales of over 10,000 yuan. The mid-to-late GLA-class SUVs also hit the market and achieved good sales results. .
Beijing Hyundai achieved a total of 301,000 vehicle sales and a 42.4% year-on-year decrease, which was fluctuating due to factors such as the slowdown in the growth of the passenger vehicle market and the sluggish Korean market.
In addition, with the new V-Class and other models of the market driven, Fujian Mercedes-Benz to achieve sales of 10,100 vehicles, an increase of 95.4%, continue to maintain a good momentum of rapid growth
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