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Company 公司 > Chairman's Statement 主席致辭

Dear Shareholders,

On behalf of the board of directors (the "Board"), I hereby present the annual results of Brilliance China Automotive Holdings Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31st December, 2023.

The Chinese economy gradually recovered in 2023 post COVID-19, and China's GDP grew 5.2%for the full year. According to the China Association of Automobile Manufacturers, total vehicle production and sales in China increased by 11.6% to 30.1 million units and 12.0% to 30.1 million units, respectively, in 2023, which ranked the largest in the world for 15 consecutive years and resulted in the 1st peak of sales since 2014. Sales of passenger cars increased by 10.6% to 26.1 million units. Sales of new energy vehicles ("NEVs") (including battery electric vehicles ("BEVs"), plug-in hybrid electric vehicles, and also fuel cell vehicles) increased significantly to 9.5 million units, up 37.9% from 2022. Premium passenger vehicle sales continued to grow at 15.4% to 4.5 million units, outperforming the overall market. The OEMs' promotion and the state government's support policies drove the strong performance of premium passenger vehicle sales.

In spite of various external uncertainties and fierce market competition in 2023, BMW Brilliance Automotive Ltd. ("BBA") continued to deliver remarkable results for the year and participated in the long-term growth story of China. With the strong dedication of the teams and working closely with other entities of the BMW Group, BBA continued its strong momentum in meeting customer demands. BBA is also continuously expanding its supplier network in China and consistently implementing its "local for local" approach. In addition, BBA's dealer network nationwide reached more than 740 outlets in mainland China. As of the end of 2023, the joint venture had 26,000 employees. It has been the highest taxpayer in Shenyang for the past 18 years and Liaoning Province for the past 8 years.

In 2023, BBA reached another major corporate milestone and celebrated its 20th anniversary with a total production volume of around 728,000 BMW cars last year. BBA also began production of the all-new BMW X1 and the first-ever BMW iX1 and launched the new generation BMW 5 Series and the first-ever i5 in China in early 2024.

BBA is committed to becoming the leader in premium e-automobile in China. As an integrated part of BMW Group, BBA is dedicated to exploring new technologies and accelerating digital transformation. Ling Yue Digital Information Technology Company Limited ("Ling Yue"), a wholly-owned subsidiary of BBA, provides services, including data solutions, digital solutions,customer relationship management, e-commerce, and IT development and operations for BBA and BMW entities in China. Its core competencies have enhanced customer interaction and satisfaction (around 10 million registered users of My BMW App as of February 2024), acted as a customer relationship management tool, identified sales leads, and drove e-commerce transactions.

In 2023, Ningbo Yumin Machinery Industrial Co., Ltd. ("Ningbo Yumin") accelerated the pace of product transformation and upgraded with increased investment in emerging businesses and product research and development, which affected its profitability. Ningbo Yumin has established relationships with three new customers and has undertaken 21 new projects. New businesses have increased by 5% annually, and multiple innovative products have been developed. Ningbo Yumin has been awarded the Zhejiang Province Postdoctoral Workstation Enterprise and Provincial Enterprise Technology Research Institute titles during the year.

Mianyang Brilliance Ruian Automotive Components Co., Ltd. ("Mianyang Ruian"), another wholly-owned subsidiary of the Company, continues to engage in the research and manufacturing of camshafts for gasoline and electric vehicle engines. In 2023, Mianyang Ruian continued to achieve growth in sales in the unfavorable business environment of declining traditional fuel vehicles and fierce competition for its camshafts production. In 2023, Mianyang Ruian achieved sales of 700,000 units of its combination camshaft to Li Auto. During the year, Mianyang Ruian officially became a supplier of BYD and actively participated in biddings to supply to BYD. The R&D project for the new product resin balance shaft has completed the technical solution for resin gears, and the relevant key technologies for resin gears are still being verified.

Renault Brilliance Jinbei Automotive Company Limited ("RBJAC") which carried out our minibus and light commercial vehicles ("LCVs") business has applied to the Intermediate People's Court of Shenyang City, Liaoning Province(遼寧省瀋陽市中級人民法院)(the "Shenyang Intermediate People's Court") on 30th December, 2021 for restructuring. On 23rd May, 2023, the Shenyang Intermediate People's Court ruled to approve the restructuring plan and complete the restructuring procedures with an execution period of 12 months. In 2024, RBJAC will start the debt repayment procedure according to the restructuring plan and prepare for resuming work and production. The Board is evaluating various strategic options for RBJAC from an operational perspective.

In 2023, Brilliance-BEA Auto Finance Co., Ltd. ("BBAFC"), our auto finance subsidiary in China successfully completed two batches of green and carbon neutral syndication loans which paved the way for more stable and diversified funding sources by contributing towards the social responsibilities. Further, the completion of the restructuring process of Huachen Automotive Group Holdings Co., Ltd. ("Huachen") will provide positive momentum for BBAFC, by improving the market reputation with bank partners, OEM co-operators as well as customers. However, the growing concerns around the global economic development and fierce competition between key OEM brands have led to increasing acquisition costs as well as the need for stricter risk controls. These challenging aspects will potentially affect the auto financing industry through reducing sales volumes, shrinking margins, and increasing credit risks. BBAFC is formulating measures to offset these market challenges, which include the selective expansion of co-operation partnerships with key brands as well as creative refinancing channels, whilst implementing solid and robust risk control measures.

During the year, the Board had resolved to declare two special dividends each for an amount of HK$0.96 per ordinary share of the Company out of the proceeds from the disposal of its 25% interest in BBA. With China's ambition to continue supporting the automobile industry, the Board is optimistic about the performance of our group companies. In addition, the Board will continue to identify suitable strategic investments, primarily within the automobile industry value chain, which could generate sustainable business growth for the Group.

Last but not least, I would like to sincerely thank our shareholders, business partners, management teams, and employees for their continued support and dedication to the Group.

  Wu Xiao An
(also known as Ng Siu On)
28th March, 2024





華晨寶馬致力成為中國豪華電動汽車領先供應商。作為寶馬集團一員,華晨寶馬致力於探索新技術及加快數碼化轉型。領悅數字信息技術有限公司(「領悅」)(華晨寶馬之全資附屬公司)於中國為華晨寶馬及寶馬實體提供數據解決方案、數碼解決方案、客戶關係管理、電子商貿及資訊科技開發及營運等服務。其核心能力有助於增強客戶互動及滿意度(截至二零二四年二月,My BMW App 擁有約10,000,000名註冊用戶),並充當客戶關係管理工具,識別銷售機會,同時推動電子商貿交易。







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