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ANNUAL REPORT 2020 3 Chairman’S Statement

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ANNUAL REPORT 2020 3 Chairman’S Statement 2020 REPORT ANNUAL 年 報 2020 CONTENT Corporate Information 2 Financial Highlights 3 Chairman’s Statement 4 Management Discussion & Analysis 8 Directors and Senior Management 32 Report of Directors 40 Corporate Governance Report 60 Independent Auditor’s Report 75 Consolidated Statement of Profit or Loss 79 Consolidated Statement of Profit or Loss and Other Comprehensive Income 80 Consolidated Statement of Financial Position 81 Consolidated Statement of Changes in Equity 83 Consolidated Statement of Cash Flows 85 Notes to the Consolidated Financial Statements 88 Financial Summary 208 Corporate Information BOARD OF DIRECTORS JOINT COMPANY SECRETARIES Executive Directors Ms. ZHANG Hong Mr. CHEUNG Tak On (Chairman) Ms. SO Ka Man (FCS(PE), FCG) Mr. CAI Yingjie (Vice-chairman and Chief Executive Officer) AUTHORIZED REPRESENTATIVES Mr. WANG Zhigao (Vice-chairman) Mr. WANG Zhigao Mr. XU Yue (Vice-chairman and President) Ms. SO Ka Man Ms. CHEN Yi (Vice-president) AUDIT AND COMPLIANCE Non-executive Director COMMITTEE Mr. WANG Liqun Ms. ZHU Anna Dezhen (Chairman) Mr. LYU Wei Independent Non-executive Directors Mr. MU Binrui Ms. ZHU Anna Dezhen Mr. LYU Wei REMUNERATION COMMITTEE Mr. MU Binrui Ms. ZHU Anna Dezhen (Chairman) Mr. WANG Zhigao CORPORATE HEADQUARTER Mr. LYU Wei 299 Ruijin Nan Road, Huangpu District Shanghai NOMINATION COMMITTEE PRC Mr. CHEUNG Tak On (Chairman) Mr. LYU Wei PRINCIPAL PLACE OF BUSINESS IN Mr. MU Binrui HONG KONG Unit 5708, 57/F, The Center HONG KONG SHARE REGISTRAR 99 Queen’s Road Central Computershare Hong Kong Investor Services Limited Central Shops 1712-1716 Hong Kong 17th Floor, Hopewell Centre 183 Queen’s Road East REGISTERED OFFICE Wanchai One Nexus Way Hong Kong Camana Bay Grand Cayman, KY1-9005 STOCK CODE Cayman Islands 03669 PRINCIPAL SHARE REGISTRAR AND AUDITOR TRANSFER OFFICE Deloitte Touche Tohmatsu Intertrust Corporate Services (Cayman) Limited Registered Public Interest Entity Auditors One Nexus Way 35/F One Pacific Place Camana Bay 88 Queensway Grand Cayman, KY1-9005 Hong Kong Cayman Islands COMPANY WEBSITE LEGAL ADVISERS TO HONG KONG www.ydauto.com.cn LAW Davis Polk & Wardwell 18th Floor, The Hong Kong Club Building 3A Chater Road, Hong Kong 2 CHINA YONGDA AUTOMOBILES SERVICES HOLDINGS LIMITED Financial Highlights Passenger vehicles 2020 204,596 sales volume 2019 197,382 Sales volume of passenger vehicles (units) 2018 176,919 50000 100000 150000 200000 250000 0 Revenue 2020 68,534 RMB million 2019 62,707 2018 55,318 10000 20000 30000 40000 50000 60000 70000 80000 0 0 3 6 9 12 15 18 Gross profit and gross 2020 9.3% 6,365 profit margin 2019 9.4% 5,864 RMB million 2018 9.4% 5,207 1000 2000 3000 4000 5000 6000 7000 8000 0 Profit attributable to 2020 1,625 owners of the Company 2019 1,473 RMB million 2018 1,253 500 1000 1500 2000 0 ANNUAL REPORT 2020 3 Chairman’s Statement Dear Shareholders, On behalf of the board of directors (the “Board”) and the management of China Yongda Automobiles Services Holdings Limited (the “Company”), I am pleased to present the 2020 Annual Report of the Company and its subsidiaries (collectively referred to as the “Group”, “we” or “us”). In 2020, affected by the COVID-19 pandemic, sales market of passenger vehicles in China as a whole showed a trend of first decline and then rise. According to the data from China Association of Automobile Manufacturers, the sales volume of new luxury vehicles reached 3.44 million units in the year, which was stronger than the overall passenger vehicles market, with a year-on-year increase of 9.8%. Affected by the favorable national automobile- related consumer policies and the strong demand from the upgrading of domestic automobile consumption, it is expected that the luxury vehicles market will continue to maintain a good growth trend in 2021. In 2020, the comprehensive revenue and comprehensive gross profit taking into account the revenue from finance and insurance agency services of the Group amounted to RMB69,633 million and RMB7,464 million respectively, representing an increase of 9.1% and 7.3% respectively compared to 2019. Our 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 to 2019. 4 CHINA YONGDA AUTOMOBILES SERVICES HOLDINGS LIMITED Chairman’s Statement In 2020, our basic earnings per share was RMB0.85, representing an increase of 6.3%. The Company proposed to distribute a dividend of RMB0.288 per share (subject to the shareholders’ approval at the forthcoming annual general meeting), and the dividend payout ratio increased to 35%, representing an increase of two percentage points compared to 2019. KEY OPERATING RESULTS AND MANAGEMENT PERFORMANCE DURING THE REPORTING PERIOD 1. In 2020, our sales volume of new vehicles was 204,596 units, representing an increase of 3.7% over the same period in 2019; our sales revenue from new vehicles reached RMB58,229 million, representing an increase of 10.0% compared with the same period of 2019. In the second half of 2020, our sales volume of new vehicles was 122,622 units, representing an increase of 19.5% over the same period in 2019; our sales revenue from new vehicles reached RMB34,648 million, representing an increase of 21.8% compared with the same period of 2019. ANNUAL REPORT 2020 5 Chairman’s Statement In 2020, the gross profit margin of our new vehicle sales was 2.67%, representing an increase of 0.32 percentage points compared with the same period of 2019. The turnover day of our new vehicle was 30.4 days, representing a decrease of 6.1 days compared to the same period in 2019. 2. In 2020, our after-sales service business, including maintenance services and automobile extended products and services, reached a revenue of RMB9,576 million, representing an increase of 7.6% over the same period in 2019. The gross profit margin of our after-sales service remained stable. 3. In 2020, the sales volume of pre-owned vehicles for which we 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%. 4. In 2020, we newly opened 9 passenger vehicles sales and service outlets of luxury and ultra-luxury brands, including 1 Porsche 4S dealership, 4 BMW 4S dealerships, 1 Lexus 4S dealership, 1 Aston Martin 4S dealership, 1 Volvo showroom and 1 Infiniti 4S dealership. At the same time, we successfully completed the acquisition of 7 BMW 4S dealerships in Yunnan, Sichuan and Guangxi; completed the acquisition of a minority interest in 2 Porsche 4S dealerships in Jiangsu. We continue to pay attention to the development of authorized agents of new energy brands. In 2020, we newly opened 4 sales and service outlets, including 2 WM Motor 4S dealerships, 1 Xiaopeng 4S dealership and 1 Tesla metal painting center. 5. The Group always keeps pace with the times in improving its operation and management. The Group continues to innovate marketing channels and actively promotes the construction of new media marketing channel; the Group rapidly advances digitalization construction and achieves continuous improvement of internal management and operational efficiency; the Group continues to strengthen the training of young talents, especially the ones after the 90s and continuously improves the Group’s sustainable competitiveness. FUTURE PROSPECTS The Group believes that, the domestic passenger vehicle market has huge potential, the demand for consumption upgrade of luxury brand automobiles will be long-term and rigid, and the industry policy to promote vehicle consumption upgrade in China is favorable in the long-run; with the rapid growth of overall ownership, especially the luxury vehicles ownership, the aftermarket service business will maintain a good long-term growth trend; based on policy guidance, the new energy and pre-owned vehicle business will be the new growth point in the future, and the overall market has a lot of room for growth. We plan to focus on the following aspects in our future development: 1. We insist on focusing on the development direction of the main business of vehicles sales and service, especially continuous improvement in the field of luxury vehicles brands, and regard sustainable high growth as the strategic goal of long-term business management of the Company; 2. We will adhere to the measures of combining self-built outlets and acquisitions and mergers to steadily promote the nationwide network layout. We will focus on promoting the strategic expansion of luxury brands outlets including Porsche, BMW, Mercedes-Benz and Lexus; meanwhile, we will focus on improving the quality of existing network assets; 6 CHINA YONGDA AUTOMOBILES SERVICES HOLDINGS LIMITED Chairman’s Statement 3. We will enhance the layout in the new energy automobile industry. We will enhance strategic cooperation with emerging and independent new energy brand automobile factories, focusing on the development of innovative business cooperation models; actively study future business opportunities in the new energy service industry chain, and conduct business layout in advance; and proactively implement relevant talent training and reserve work based on the development trend of the new energy industry. We will actively promote the expansion and development of new energy as an independent business sector; 4. Facing favorable policies and market opportunities for pre-owned vehicles, we will actively promote the transformation of the pre-owned vehicles economy into dealership business model, strengthen the scale of retail business and profitability improvement, and create and enhance the market influence of the Yongda brand of pre-owned vehicles; 5. We will focus on strengthening the empowerment of the agency financial business in the full life cycle business scenarios of customers such as new vehicles, services and pre-owned vehicles, and continuously improve the profitability of extended business.
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