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Public company info - China Yongda Automobiles Services Holdings Ltd. , 03669.HK
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China Yongda Automobiles Services Holdings Ltd., 03669.HK - Company Profile
Chairman CHEUNG Tak On
Share Issued (share) 1,967,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Automobile Retailing, Maintenance & Repair
Corporate Profile Business Summary: The Group is principally engaged in the sale of automobiles and provision of after-sales services, provision of automobile operating lease services, provision of proprietary finance business services, and distribution of automobile insurance products and automobile financial products in the PRC. Performance for the year: Comprehensive revenue including revenue from finance and insurance agency services was RMB69,633 million in 2020, a 9.1% increase from RMB63,801 million in 2019, of which, amount for the second half of 2020 was RMB41,208 million, a 20.6% increase over the same period last year. Comprehensive gross profit including revenue from finance and insurance agency services was RMB7,464 million in 2020, a 7.3% increase from RMB6,957 million in 2019, of which, amount for the second half of 2020 was RMB4,328 million, a 18.3% increase over the same period last year. Net profit was RMB1,733 million in 2020, a 10.5% increase from RMB1,569 million in 2019, of which, amount for the second half of 2020 was RMB1,161 million, a 47.6% increase over the same period last year. Net profit attributable to the owners of the Company was RMB1,625 million in 2020, a 10.3% increase from RMB1,473 million in 2019, of which, amount for the second half of 2020 was RMB1,095 million, a 48.2% increase over the same period last year. Basic earnings per share was RMB0.85 in 2020 (2019: RMB0.80). Business Review In 2020, the Group's comprehensive revenue and comprehensive gross profit taking into account the revenue from finance and insurance agency services amounted to RMB69,633 million and RMB7,464 million respectively, representing an increase of 9.1% and 7.3% respectively compared with that of 2019, and the Group's net profit and net profit attributable to owners of the Company amounted to RMB1,733 million and RMB1,625 million respectively, representing an increase of 10.5% and 10.3% respectively compared with that of 2019. The Group’s inventory turnover days for the year of 2020 have been significantly reduced to 30.8 days from 36.8 days in 2019. At the same time, the Group's inventory turnover days in 2020 gradually improved. Inventory turnover days have been reduced to 25.4 days in the second half of 2020. Set forth below is a summary of the Group's business development in 2020: Rapid Growth in New Vehicle Sales Business In 2020, the Group's sales volume of new vehicles was 204,596 units, increased by 3.7% year-on-year over 2019. In the second half of the year, with the improvement of the Pandemic, the Group's business operations gradually recovered, the Group's sales volume of new vehicles increased by 19.5% over the same period of 2019 to 122,622 units. The Group's sales volume of new vehicles of luxury brands increased by 14.6% over the same period last year to 77,545 units. Among them, the sales volume of the BMW and Porsche brands increased by 15.9% and 19.3% respectively over the same period last year, both have achieved a higher growth rate than that of the market. With the strong growth trend of the domestic luxury brand consumption market, the Group's sales scale will also be further expanded. In 2020, the Group's sales revenue from new vehicles reached RMB58,229 million, representing a year-onyear increase of 10.0% compared with 2019, of which sales revenue from new vehicles in the second half of year was RMB34,648 million, representing an increase of 21.8% over the same period of 2019. By continuing to leverage the advantages of the luxury brand structure, the Group achieved a steady increase in sales revenue from new vehicles. In the second half of the year, the sales revenue from luxury brand new vehicles increased by 21.3% to RMB28,634 million, of which, sales revenue from new vehicles of the BMW and Porsche brands increased by 18.4% and 29.9% respectively over the same period of 2019. In 2020, the gross profit margin of the Group's new vehicle sales was 2.67%, representing a year-on-year increase of approximately 0.32 percentage points compared with 2019. By further expanding retail scale, improving retail quality, and promoting communication and cooperation with manufacturers, the Group has maximized business policy supports. At the same time, the Group carried out benchmarking evaluation and tracking management with the comprehensive gross profit of sales as the core, which promoted the continuous improvement of the comprehensive profitability of each vehicle. In 2020, the turnover day of the Group's new vehicle was 30.4 days, a reduction of 6.1 days year-on-year compared to 2019, of which, the turnover day of the Group's new vehicle was 25.0 days in the second half of the year, a decrease of 5.5 days compared to the same period in 2019. By strengthening the forecast analysis of the sales supply and demand plan, the Group has improved order matching and order depth, ensured that the inventory structure is continuously optimized and in line with market demand. At the same time, through the management and assessment of the amount occupied by the inventory, and the strengthening of the refined management of the purchase end and the sales end, the delivery cycle of vehicles has been effectively shortened, and the efficiency of inventory turnover has been greatly improved. Steady Growth in After-sales Services In 2020, the Group's after-sales service business, including repair and maintenance services and extended automotive products and services, overcame the impact of the Pandemic and achieved steady growth, reaching a revenue of RMB9.576 billion, an increase of 7.6% over the same period in 2019, of which revenue in the second half of the year was RMB5.615 billion, an increase of 20.7% over the same period last year. In the second half of the year, the Group's shop absorption rate also reached 90.43%, an increase of 9.42 percentage points over the same period last year. In 2020, the gross profit margin of the Group's after-sales service was 46.01%, which was basically the same as that in 2019. In 2020, the Group adjusted the Group's business strategies in a timely manner in accordance with changes in the market environment, effectively reduced the impact of the Pandemic on the Group's after-sales business, and ensured the rapid recovery and improvement of the after-sales maintenance business. At the same time, the Group has further improved the customer recruitment system, increased efforts in internal customer retention and the development of external after-sales customers, and actively carried out various product sales work that helped increase customer stickiness, thus ensured that the scale of the Group's electromechanical business and the number of customers under management continued to increase. In the second half of the year, revenue of the Group's electromechanical business increased by 19.2% compared with the same period of 2019. As of the end of 2020, the number of customers under management reached 936 thousand, an increase of 9.2% over the same period in 2019. In terms of business enhancement in accident car business, the Group has strengthened the links between the insurance business and the accident car business, and ensured that the scale of insurance premiums and the scale of accident vehicle business increased simultaneously. On this basis, the Group has proactively communicated with insurance companies to seek more accident car information resources and more favorable compensation policies. Meanwhile, the Group has continued to strengthen the development of external resources for accident vehicles. This series of measures have enabled the Group's accident vehicle business revenue to maintain a continuous increase. In the second half of 2020, it increased by 23.1% over the same period in 2019. In terms of cost control, on the premise of ensuring the punctuality of supply delivery, the Group has continued to optimize the inventory structure of spare parts and decorating supplies. In 2020, the inventory turnover day of the Group's spare parts was 37.1 days, representing a decrease of 6.1 days compared with 2019. At the same time, capitalizing on the Group's economies of scale, the Group has increased the intensity of centralized invitation for bid and actively sought business policy supports from upstream enterprises, and further reduced the Group's procurement costs. In terms of skills improvement in the after-sales business, while carrying out regular maintenance skills training courses, the Group has focused on strengthening the technical training on new energy, effectively improved the skill level of service consultants and maintenance technicians in new energy, and increased the reserve of new energy talent team, which can ensure that the Group's after-sales service capabilities maintain a leading position in the industry. On the other hand, the Group actively cooperate with Porsche and other major luxury brand manufacturers and colleges and universities to cultivate talents required for after-sales business and establish an echelon training system for after-sales personnel. Further Improvement of Extended Businesses In 2020, the revenue of the Group's financial insurance agency service was RMB1.108 billion, which was basically the same as 2019. Among them, the revenue of financial insurance agency service in the second half of the year was RMB629 million, representing an increase of 9.5% compared with the same period of 2019. The improvement in automobile finance agency is mainly due to the strengthening of the selection of financial products and the management of commission rates with financial institutions. Meanwhile, the Group continued to promote the strategic adjustment of financial business, integrate resources, actively innovate, empower business through financial products, promote the replacement and repurchase of existing financial customers, and vigorously improve the Company’s agency financial business level. In terms of insurance business, the Group strengthened research on various types of insurance, formulated corresponding marketing strategies to increase the insurance limits for third party insurance and scratch insurance of customers, and increased the penetration rate of commercial insurance and non-auto insurance business. At the same time, the Group carried out refined management for the renewal business to ensure simultaneous improvement of renewal penetration rate and quality. In addition, in terms of comprehensive insurance reforms, the Group took different response measures in a timely manner in accordance with the implementation rules of various regions, and actively communicated with insurance companies to strive for more policy support to ensure that the Group's premium scale keeps growth. In terms of decoration supplies business, the Group carried out differentiated decoration supplies marketing to customers in different periods according to the needs of customers to purchase and use vehicles in different periods and based on the characteristics of different decoration supplies, so as to extend the customer’s purchase cycle of decoration supplies, effectively enhanced the business scale and profitability. Besides, the Group actively introduced new products and services to further promote business improvement while meeting the individual needs of customers. Continuous Improvement of Profitability of Pre-owned Vehicle Business In 2020, the sales volume of pre-owned vehicles for which the Group acted as an agent was 52,280 units, representing a year-on-year increase of 26.6%. The gross profit of pre-owned vehicles was RMB174.96 million, representing a year-on-year increase of 27.3%. After the Pandemic stabilized, the Group achieved sustained growth in business scale and profitability by improving the upgrading in showrooms, brand certification retail, pipeline expansion and management empowerment. In terms of sales volume of pre-owned vehicles, the Group focused on the updating in pre-owned vehicles showrooms of 4S dealership channels and the upgrading and updating of retained customers, and the work coordination of sales, pre-owned vehicles, after-sales and CRM department. The Group took advantage of the user-end entrance of 4S dealership, strengthened the evaluation and testing of new vehicles, and acquired first-hand car sources that meet retail standards. In terms of after-sales service, the Group continued to strengthen customer retention while obtaining a stable source of high-quality preowned vehicles. On the basis of continuing to expand the scale of pre-owned vehicles transactions, the Group provided high-quality vehicle source for the brand’s retail business. The Group believe that there will be strong demand of consumption upgrade in the stock car market in the future, and pre-owned vehicles will face a rapidly growing incremental market. In terms of brand retail channel construction, the Group strived to build two major channel systems, namely 4S brand certification retail and Yongda pre-owned vehicle malls retail. On the one hand, the Group made full use of the Company’s advantages in covering major luxury brands and continued to improve the official brand certification. In 2020, many 4S dealerships under the brands of the Group such as Porsche, BMW, Jaguar Land Rover, Audi, Volvo and Cadillac ranked among the best in the PRC in the annual evaluation of official certified pre-owned vehicles by the manufacturers. At present, the Group has established more than 100 pre-owned vehicle retail outlets through dual channels of 4S dealership and the Yongda pre-owned vehicle malls. The dual-channel strategy has played a complementary and synergistic effect. By proactively establishing the “new retail” business model for pre-owned vehicles, the Group preliminarily realized full pipeline digital structure by combining online and offline channels, and continued to improve the core capabilities of pre-owned vehicle business empowerment. Through the Group’s ERP system, the Group used the Group's own transaction data and third-party cooperation data to carry out digital centralized pricing and vehicle source distribution, and entered the corresponding brand 4S dealership channel or Yongda pre-owned vehicle malls for renovation and retail. The Group used Yongda’s e-commerce platform of pre-owned vehicles to operate private domain traffic and strengthen cooperation with third-party platforms to attract traffic. Through further in-depth research on the residual value pricing capabilities of pre-owned vehicles, the Group has established good cooperative relationships with B-end institutions such as original equipment manufacturers (OEMs) and leasing companies to lock in the source of bulk pre-owned vehicles in advance. The Group paid close attention to and actively make use of the state’s policies on pre-owned vehicles, made full use of the window period of future market growth, made efforts to develop pre-owned vehicle dealership business, continued to expand business scale, profitability and customer growth, and promoted the gradually upgrading of pre-owned vehicle business from traditional brokerage model to distribution model. Rapid Development of New Energy Vehicle Business In 2020, the Group paid high attention to the development trend of new energy vehicles industry, and accelerated the expansion of sales and after-sales service business of new energy vehicle brands. Throughout the year, the Group's sales of new energy vehicles reached 10,271 units, representing a yearon-year increase of 13.8%, the proportion in overall sales of new vehicles further increased to 5.0% from 4.6% in 2019. In 2020, the Group actively carried out the sales and service business of new energy models of traditional car brands such as BMW, Porsche, Audi, Mercedes-Benz, Volvo, Volkswagen, and GM, and completed the facility and equipment deployment plan of new energy business for all Porsche brand stores. At the same time, the Group carried out special training reserves for sales and service talents of new energy vehicles. In 2020, the Group accelerated business cooperation with domestic and international new power new energy vehicle brands. The Group actively maintain close cooperation with Tesla. The Tesla authorized sheet metal painting center in Nanchang City, Jiangxi Province, which is invested and managed by us, was in good operation, and the first Tesla authorized sheet metal painting center in Anhui Province was established and opened in Hefei. WM Motor authorized 4S dealerships and supermarket experience stores in Shanghai Pudong, Puxi, Wuxi, Guangzhou, Wuhan and other places performed well. The comprehensive authorized stores, supermarket experience stores, delivery centers and after-sales centers of Xiaopeng Motors in Shanghai Pudong, Puxi, Hangzhou and other places performed well which has successively won the honors of Xiaopeng Motors National Distributor of the Year, the Strongest New Store and Gold Medal Store Manager. In 2020, the Group continued to maintain active communication with new energy vehicle brands such as NIO, SAIC Zhiji, Volkswagen ID, Ford Mustang and Geely SMART, and followed up service business cooperation plans. Continuous Optimization and Improvement of Network In 2020, in terms of network, the Group continued to work on the network expansion of major luxury brands, strengthening the advantages of brand portfolio in key areas while continuously optimizing and improving network structure. Through self-built outlets and acquisitions and mergers, the Group consolidated the market share of existing major luxury brands and continued to expand the network layout of other major luxury brands. At present, the Group has achieved full coverage of mainstream luxury brands in Shanghai. In addition, the Group actively planned to cooperate with the outlets of mainstream new energy brands, and paid special attention to the exploration and attempt of new energy aftersales service business. In 2020, the Group has self-built and opened 13 passenger vehicles sales and service outlets focusing on luxury and ultra-luxury brands, including 1 Porsche 4S dealership, 4 BMW 4S dealerships, 1 Lexus 4S dealership, 1 Aston Martin 4S dealership, 2 WM Motor 4S dealerships, 1 Xiaopeng 4S dealership, 1 Volvo showroom, 1 Infiniti 4S dealership and 1 Tesla sheet metal painting center. The Group has always adhered to merger and acquisition strategy. The Group considered the brand value, regional advantage and existing and future profitability and meanwhile took into account that the acquisition price is kept within a reasonable range. In 2020, the Group successfully completed several acquisition projects, including 7 BMW 4S dealerships in Yunnan, Sichuan and Guangxi. Upon the completion of acquisition, the gaps in the Group's outlets in the southwest region have been effectively supplemented and the Group's BMW’s market share has been further increased. In 2020, the Group also increased the contribution of Porsche brand to the Group's earnings by acquiring minority equity interest in two Porsche 4S dealerships in Jiangsu. In 2020, the Group also actively promoted the evaluation and disposal of existing assets. Based on the evaluation results of comprehensive asset evaluation system, the Group took the initiative to close some outlets with weaker profitability. The Company intended to continue to carry out comprehensive evaluation of existing outlets, further focusing on major luxury brands and key regional markets; continuously enhanced the functional expansion of existing properties, and reserved space requirements for new energy after-sales business; and continuously improved the return on assets of the Company in combination with corporate operation improvements. In 2020, the Group continued to operate the Group's extensive network with the Yangtze River Delta as the center and expanded the Group's network to other regions in China, such as Northern China, Central China, Southwestern China and Southern China. As of December 31, 2020, the Group's total number of outlets that were opened amounted to 238. Such outlets spread across 4 municipalities and 19 provinces in China, including 213 opened manufacturer authorized outlets, 25 opened non-manufacturer authorized outlets. Continuous Improvement in Management In 2020, the Group actively responded to the Pandemic, adjusted the Group's business management strategies in a timely manner, strengthened the improvement of operational efficiency and capacity building of the core team of the Company while maintaining growth, and all staff worked together to restore business and achieved satisfying results. In 2020, in terms of improvement of operational efficiency, the Group focused on the continuous improvement of inventory turnover efficiency. Specifically, in terms of new automobiles, the Group further strengthened the comprehensive management improvement of the sales forecast system, order management system, input and output management system and operational fund limit system. On the one hand, the Group focused on the origination, and promoted the new automobile supply by continuously improving sales capability, achieving good supply and demand match for the long, medium and short run; on the other hand, the Group focused on the procedures, and shortened the timeliness of the whole procedures from payment, transportation, storage and delivery by way of enhancing the systematical comprehensive management mechanism. At the beginning of 2020 and after the Pandemic, the Company achieved constant enhancement in the timeliness of new automobile inventory turnover on quarter-to-quarter basis, and the operating cash flows of the Company have been notably improved. In terms of 4S corporate operating rate of return, the Group attached great importance on the efficiency indicators regarding team and assets, conducted systematic assessment on a regular basis by improving benchmarking system. On the one hand, the Group supported and upgraded the operation and management teams of stores which were behind those of comparable entities, accelerated the adjustment for those teams with insignificant improvement; on the other hand, the Group voluntarily shut down, merged or transferred part of outlets which had low operation efficiency for a long term, did not generate any profit and did not comply with the long-term operation strategies of the Company. The Group achieved substantial results to a certain extent for the tasks above in 2020, which will effectively improve the return on investment of the Company’s overall assets. In terms of customer asset management, the Company always considers that customers are the origin and valuable assets to the sustainable development of the Company. The Group has been devoting ourselves in management reform of customer demand-driven business, realizing value preservation and appreciation of customer’s assets. In 2020, the Group managed to sustain rapid improvement in the Group's retained customer base. Through establishment of the CDP (Customer Data Platform), an intelligent customer data platform, the Group enhanced the exploration and application of customer data in an all-round way, and further improved the core system of customer assets. In addition, the Company maintained liaison and communication with customers through flexible and diversified digital contact points, comprehensively promoted Enterprise WeChat as the platform for online customer liaison and communication, ensuring security of customer information and maintenance of customer assets. The number of membership of “Darenhui (達人匯)”, a digital membership platform, exceeded 1 million, and the retention rate of membership was 96.5%. The Group kept interaction with customers in multi-channel and multi-direction, realizing significant growth of customer retention rate. In 2020, in terms of cost reduction and efficiency enhancement work, the Group achieved optimization of cost and expense structure focusing on efficiency improvement and through active implementation of policies externally and enhancement of operating efficiency internally. On the one hand, the Group took advantages of various supporting policies subsequent to the Pandemic including policies of human resources, taxation, property and business policies of manufacturers, mitigated the pressure from operating cost and expenses during the Pandemic; on the other hand, the Group achieved the continuous perfection in sales and management expenses through management improvement of variable expenditures such as human resources efficiency, marketing expense and finance cost. Through more scientific enterprise classification management standards, the Company conducted resources allocation by location, including staffing and cost budget. Combining with operation improvement measures and monthly and quarterly cost efficiency assessment, the Company carried dynamic control of entities, which recorded good results for the whole year. The Group continued to advance the Group's path of digital transformation and innovation, gradually improved the core business financial system, smart retail system, customer service applet, effectively applied the diversified functions of digital marketing, operation, collaboration, customer connection and intelligent data analysis, and enhanced user interaction experience through informatization tools to more comprehensively meet the car purchase demand of users and continuously improve the efficiency of business development. Through the linkage of digital tools and business, the Group empowered the business and built an interconnected, professional and efficient leading digital automotive service ecosystem in China. As the continuous implementation of digital applications of the Company, particularly subsequent to the Pandemic in 2020, the Company actively reformed and innovated via digital tools, and effectively carried out omni-channel marketing activities oriented by “new customers as the lead, customer retention as the support, and activation of lost customers loss” to achieve the growth of the Company’s overall operating income. Team and staff building is one of the important guarantees for the realization of the Group's business planning and business strategy. The Company attaches great importance to personnel training. In addition to improving the Group's business operations, the Group also focus on improving the capabilities of the Group's management team and employees. On the one hand, by focusing on the training of young talents and establishing an internal talent flow mechanism, the Group can continuously optimize the career development system; on the other hand, by continuously optimizing the salary performance system, the Group can better realize incentive mechanism oriented by growth and win-win. Meanwhile, the Company keeps advancing with the times in corporate culture. By combining culture and operation, the Group can further improve the quality of employees to ensure the Company’s long-term stable operation and sustainable development in the future. Prospects: It is expected that in the future, driven by the dual factors of the rigid demand of consumption upgrading and boosting consumption policy orientation, the consumption market of luxury passenger vehicles in China will maintain steady growth and the proportion of market share of luxury automobiles will further increase. The implementation of new taxation policy for pre-owned vehicles and the rising passenger vehicle ownership will also bring more development opportunities to the automotive aftermarket businesses, such as pre-owned vehicles and vehicle maintenance; meanwhile, as the vehicle electrical and intelligent development is speeding up, the customers’ attention and acceptance to the new energy automobiles will be increasing, and the production and sales of new energy automobiles will step into the period of relatively rapid growth, which will bring new development opportunities to the industry. The Company will focus on the main business of automobile sales and services, aiming to maintain a high and constant growth, particularly in concentrating on the development of luxury brand agency business. The Company will take advantage of the merger and acquisition opportunities during the industry integration period to improve the luxury brand agency network, continue to consolidate and develop the Porsche and BMW brands and focus on the development of the Mercedes-Benz and Lexus brands. For the existing network, the Company will advance the facility renovation and capacity expansion plan, and continuously close down or merge and transfer outlets with poor profitability in order to revitalize existing assets and optimize the brand structure and regional distribution. The Company will continue to deepen and expand cooperation with leading enterprises of new energy automobiles. On the one hand, the Company will actively perform the marketing and service of new energy models of traditional automobile brands. On the other hand, the Company will establish a service company for new energy business with an independent management structure, and set up a full-time team, and relying on the preliminary cooperation foundation and resource advantages including human resources and facilities, the Company will rapidly broaden outlet layout of emerging independent new energy brands, actively participate in the supermarket model and the vehicle delivery commission model, and focus on the development of the aftermarket service model of authorized maintenance and centralized sheet metal painting centers. While rapidly increasing the business scale, the Company will deploy business opportunities in the new energy service industry chain and form a business model that conforms to the future development trend of electrification and intelligence. In terms of the pre-owned vehicle business, the Company will take initiative to transform from the agent model to the distribution model, fully rely on the dual-channel resource advantages of existing 4S dealership outlets and pre-owned vehicle chain malls, to increase the scale and profitability of the certified pre-owned vehicle retail business. The Company will strengthen the customer collection and referral capabilities through building a pre-owned vehicle online mall portal, and form an omni-channel “new retail” model by combining online and offline channels. Additionally, the Company will actively implement the vehicle resource coordination strategy with OEMs and third parties to enhance the market influence of Yongda pre-owned vehicle brand. The Company will focus on accelerating digital construction and transform traditional industries with the help of Internet technology and digital technology. The Company will focus on the construction of online customer platforms to enhance the digital capabilities of customer operations, and in combination with offline services, to achieve efficient links and service responses, and build a new internal and external digital retail and new service system centered on customer experience and intelligent applications of big data. Looking forward, targeting the rapid growth in the principal business of the automotive services, the Company will benchmark from the three dimensions of industry, region and brand, determine and improve data-based management, increase business scale and asset operation efficiency, and reinforce the Company’s leading position. The Company will focus on improving operational management, strengthen the local retail and inventory turnover management of new vehicles, promote the growth of production capacity of the after-sales services and continuous enhancement of the service absorption rate, continue to expand new media marketing channels such as live broadcast platforms and maintain the solid retention customers and services as well as value management. The Company will optimize the Company’s appraisal management and incentive mechanism, strengthen the structure construction of the young management and future professional talent reserves of the Company in the Internet, new energy and pre-owned vehicle fields, maintain a healthy and stable cash flows and gearing ratio of the Company. The Company will also strengthen the construction of corporate risk control, actively practice corporate social responsibility and enhance the Company’s brand image, so as to achieve a higher-quality operation and management, sound returns for the Company’s shareholders as well as sustainable development goals of the Company.

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