Haima Motor's revenue in the first half of the year was cut in half, and losses

2024-08-12

On August 27th, Haim Automobile Co., Ltd. (000572.SZ, hereinafter referred to as "Haima Automobile") released its semi-annual report for 2024. The report indicates that the company's operating income was approximately 596 million yuan, a year-on-year decrease of 64.55%. The loss was about 152 million yuan, which further expanded from the 63.64 million yuan loss in the same period of 2023. The net cash flow generated from operating activities was 19 million yuan, a year-on-year decrease of 83.83%. From January to June of this year, Haima Automobile's cumulative sales volume was 4,589 units, a year-on-year decrease of 73.27%.

Haima Automobile stated in the financial report that the decline in operating income and net cash flow from operating activities was due to a phased reduction in export sales during the reporting period. Currently, overseas sales remain the main source of revenue for Haima Automobile. In the first half of 2023, Haima Automobile's overseas revenue was approximately 1.452 billion yuan, accounting for 86.33% of total revenue; in the first half of 2024, Haima Automobile's overseas revenue was approximately 460 million yuan, accounting for 77.14% of total revenue. In the first half of this year, the gross margin of Haima Automobile's overseas sales was 12.55%, a year-on-year increase of 3.04%. However, the overall decrease in export sales led to a year-on-year decrease of 68.33% in overseas sales revenue.

Advertisement

In the first half of 2024, Haima Automobile Company focused on "reducing costs, stabilizing operations, and improving personnel efficiency," with a particular emphasis on the demonstration operation of hydrogen fuel cell vehicles, the development of B-end dedicated pure electric vehicle products, the taxi business of its subsidiary, Mabang Travel, and overseas business.

At present, Haima Automobile's first hydrogen fuel cell vehicle, the Haima 7X-H, has completed product testing and verification, and the production of the first batch of 25 demonstration operation vehicles has been completed. At the same time, the demonstration operation project of Haima Automobile's hydrogen fuel cell vehicles has officially started. At the current stage, the cost of hydrogen fuel cell vehicles is still relatively high, and the proportion of hydrogen energy vehicle production in new energy vehicles is still small. Data from the China Association of Automobile Manufacturers shows that in the first five months of this year, the cumulative production and sales of fuel cell vehicles were both 2,000 units, with production down 14% year-on-year and sales up 4.3% year-on-year.

In addition to hydrogen fuel cell vehicles, Haima Automobile has been very active in the field of new energy vehicles in the first half of this year, in an effort to revitalize assets. In March, Haima Automobile announced that it intends to entrust its wholly-owned subsidiary, Haima New Energy Automobile Co., Ltd., and all its assets to Zhengzhou Airport Economic Comprehensive Experiment Zone New Energy Vehicle Operation Management Co., Ltd. for management for five years, with a trust deposit of 199 million yuan. In June, Haima Automobile Co., Ltd. planned to sign a "Share Transfer Agreement" with Henan Haima Property, transferring its 95% stake in Zhengzhou Haima New Energy Technology Co., Ltd. to Henan Haima Property. At the end of July, the 50% stake in Hainan Haima New Energy Automobile Sales Co., Ltd. held by Hainan Development Holdings Co., Ltd. was planned to be transferred to the Hainan Provincial State-owned Assets Supervision and Administration Commission free of charge.

In addition to transferring businesses in exchange for funds, Haima Automobile is still promoting the progress of pure electric vehicle projects. In August, in order to integrate relevant resources and accelerate the launch of the company's B-end dedicated pure electric vehicle products, Haima Automobile Co., Ltd. signed an "Asset Purchase Contract" with Zhixing Box in Zhengzhou City, intending to purchase the intelligent connected pure electric vehicle BM400 project results owned by Zhixing Box for a price of 167 million yuan. After Haima Automobile Limited purchases the target assets, it will complete the subsequent vehicle development, testing, and certification work. Based on its unique market positioning, this model will focus on the B-end market, including the sub-application markets of ride-hailing, taxis, government and enterprise vehicles, welfare vehicles, and cultural tourism vehicles.

It is worth mentioning that the government subsidies recorded in the current period's profit and loss of Haima Automobile in the first half of the year amounted to 22 million yuan. On July 2nd, Haima Automobile announced that its subsidiary had recently received a total of about 22 million yuan in various government subsidies, accounting for 11.01% of the absolute value of the net profit attributable to shareholders of the listed company in 2023, as audited, and the form of subsidy was cash. The aforementioned government subsidies obtained by the company are expected to increase the company's total profit for the year 2024 by 22 million yuan (unaudited).

Comments