BAIC MOTOR Corporation Limited Announces 2015 Interim Results

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Wednesday, 26 August 2015, 18:48 HKT/SGT

HONG KONG, Aug 26, 2015 - (ACN Newswire) - BAIC MOTOR Corporation Limited (the "BAIC MOTOR" or "Company"; stock code: 1958) is pleased to announce the unaudited interim results of the Company for the six months ended June 30, 2015.

FINANCIAL HIGHLIGHTS

- Revenue of the Company amounted to RMB36,522.3 million, representing an increase of RMB25,126.9 million or 45.3% compared with the same period of 2014;
- Gross profit of the Company amounted to RMB6,185.4 million, representing an increase of RMB3,415.1 million or 81.1% compared with the same period of 2014;
- Net profit of the Company amounted to RMB3,490.8 million, representing an increase of 51.1% as compared to the first half of 2014;
- Earnings per share amounted to RMB0.29, representing an increase of 3.6% as compared to same period of 2014.

In the first half of 2015, affected by numerous external economic factors such as slow economic growth and fluctuation in the stock market, the overall growth pace of the PRC's passenger vehicle market significantly slowed down. In comparison with the same period of 2014, the passenger vehicle production growth rate in the PRC decreased by 5.7% and the sales volume of passenger vehicles declined by 6.4%. Under this environment, the Company adjusted its sales strategy based on the actual condition of the passenger vehicle market to make its business continue to achieve a stable growth. In the first half year of 2015, the Company achieved revenue of RMB36, 522.3 million, representing an increase of 45.3% as compared with the same period last year; achieved gross profit of RMB6, 185.4 million, representing an increase of 81.1% as compared with the same period last year; achieved net profit of RMB3, 490.8 million, representing an increase of 51.1% as compared to the first half of 2014. Net profit attributable to equity shareholders of the Company amounted to RMB2, 170.8 million, representing a year-on-year increase of 21.9%.

The total sales volume of Beijing Motor and Beijing Benz under the Company grew despite of economic downturn, which amounted to 251.5 thousand units. Specifically, revenue generated from Beijing Motor increased by 22.1% to RMB7, 290.9 million in the first half of 2015 from RMB5, 970.2 million in the corresponding period in 2014. The increase was mainly attributable to the launch of Senova X65 with higher selling price and increase in sales proportion of Senova D50. Revenue generated from Beijing Benz significantly increased by 52.6% to RMB29, 231.4 million in the first half of 2015 from RMB19, 156.7 million in the corresponding period in 2014, the growth mainly results from the significant year-on-year increase of 59.8% in sales volume of Beijing Benz, which was much higher than the growth of premium vehicles.

In order to facilitate the business development of Beijing Hyundai, in April and June of 2015, the Company held a Stone Laying Ceremony for Beijing Hyundai factories in Cangzhou and Chongqing respectively. This can expand the brand's production capacity in both northern and southern China. Through the penetration into third-tier and forth-tier cities, Beijing Hyundai will strengthen its dealership in the economically developed cities in the central and thus step forward into the southern central new markets in China, which will boost the brand's performance in the market in the future.

Meanwhile, under the strong trend of new energy vehicles development, the Company is participating in the "energy saving and emission reduction" campaign of the PRC government. The Company has become a fashionable pioneer in adopting low-carbon and environmentally friendly policies within the industry. In the first half of 2015, new energy vehicles under the Company achieved sales of 6.2 thousand units, representing a year-on-year increase of 1,493.9%, outperforming other competitors in the domestic pure electric vehicle market.

Looking to future, the Chairman of the Company, Mr. Xu Heyi said that the compact SUV Senova X55 and small-sized SUV C33 vehicles would be launched for sale in the second half of this year, which will further boost the sales of Beijing Motor. Beijing Benz will also launch a brand new generation product GLC-Class SUV for GLK-Class SUV in the second half of 2015 in order to maintain its existing market share. The Company believes that the rigid demand for vehicles still exists although the overall growth of the PRC automotive market slowed down. With the implementation of macroeconomic control measures of the PRC government and adoption of an active and pragmatic development strategy on its 3 major brands, the Company will have a good results performance in the second half year.

Topic: Press release summary Sectors: Daily Finance, Automotive
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