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Annual Report 2019 年報

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China ZhengTong Auto Services Holdings Limited Auto China ZhengTong (Incorporated under the laws of the Cayman Islands with limited liability) （根據開曼群島法律註冊成立的有限公司） 中國正通汽車服務控股有限公司 ANNUAL REPORT 2019 ANNUAL REPORT www.zhengtongauto.com 年報 ANNUAL REPORT 2019 年報 CONTENTS 2 Company Profile 73 Independent Auditor’s Report 3 Five Years’ Financial Summary 81 Consolidated Statement of Profit or Loss 6 Chairman’s Statement 82 Consolidated Statement of Profit or Loss and Other Comprehensive Income 10 Management Discussion and Analysis 83 Consolidated Statement of Financial Position 26 Corporate Governance Report 85 Consolidated Statement of Changes in 35 Environmental, Social and Governance Equity (ESG) Report 86 Consolidated Cash Flow Statement 55 Directors’ and Senior Management’s Profiles 87 Notes to the Consolidated Financial Statements 58 Directors’ Report 184 Corporate Information COMPANY PROFILE China ZhengTong Auto Services Holdings Limited China ZhengTong Auto Services Holdings Limited (the “Company” or “ZhengTong” or “ZhengTong Auto”, and together with its subsidiaries, the “Group”) is the leading 4S dealership group in China focusing on dealership of luxury and ultra-luxury branded automobiles such as Porsche, Mercedes-Benz, BMW, Audi, Jaguar and Land Rover, Volvo, Infiniti and Cadillac. The Group also operates dealership stores of middle market brands, such as FAW Volkswagen, Buick, Nissan, Toyota, Honda and Hyundai. The Group has developed a forward-looking strategic network covering developed regions and fast growing provinces in China so as to lay down a solid foundation for rapid growth of the Group in the future. As at 31 December 2019, we operated 135 dealership outlets in 41 cities across 17 provinces and municipalities nationwide not only covering the developed automobile market of some of the affluent first-tier and capital cities, but also effectively expanding to second and third-tier cities and regions with rapid growth and low automobile penetration. The Group has endeavored to provide our customers with the most superior automobile sales and after-sale services. The provision of comprehensive automobile solutions and the adoption of customer-oriented business model allow the Group to facilitate its long-term relationship with customers. To address growing demand in automobile market, the Group has also strengthened its after-sale services with an aim to deliver its customers high quality services in a rapid manner. The Group’s supply chain business has been complementary to its automobile dealership and after-sale services business. Meanwhile, the Group has been exerting efforts in the development of its automobile financial services, financial leasing, insurance brokerage and other financial business, in order to complete the strategic transformation of the Group’s business operation for achieving its goal of sustainable healthy growth. 2 China ZhengTong Auto Services Holdings Limited Annual Report 2019 FIVE YEARS’ FINANCIAL SUMMARY RESULTS 2015 2016 2017 2018 2019 (RMB’000) Revenue 29,361,499 31,519,255 35,474,325 37,455,510 35,137,794 Profit before taxation 921,779 790,798 1,753,791 1,889,488 1,163,064 Income tax (293,117) (282,439) (542,329) (634,706) (396,359) Profit for the year 628,662 508,359 1,211,462 1,254,782 766,705 Attributable to: Equity shareholders of the Company 618,530 493,282 1,190,795 1,224,065 663,862 Non-controlling interests 10,132 15,077 20,667 30,717 102,843 628,662 508,359 1,211,462 1,254,782 766,705 ASSETS AND LIABILITIES 2015 2016 2017 2018 2019 (RMB’000) Total assets 23,679,650 27,728,910 36,939,130 44,199,218 44,857,974 Total liabilities (14,990,312) (18,786,749) (26,585,498) (31,873,772) (31,217,677) 8,689,338 8,942,161 10,353,632 12,325,446 13,640,297 Equity attributable to equity shareholders of the Company 8,588,632 8,858,331 10,200,811 12,143,276 12,418,268 Non-controlling interests 100,706 83,830 152,821 182,170 1,222,029 8,689,338 8,942,161 10,353,632 12,325,446 13,640,297 China ZhengTong Auto Services Holdings Limited Annual Report 2019 3 PERSEVERANCE AND DETERMINATION SPARE PARTS SALES PERSEVERANCE Being determined to become the world’s top automobile integrated AND DETERMINATION services supplier SURVEY SERVICE CHAIRMAN’S STATEMENT DEAR SHAREHOLDERS, In 2019, the complicated market conditions witnessed a significant increase in domestic and international risks and challenges. In face of such conditions, China’s overall economic performance remained stable with the preliminary audited gross domestic product at a year-to-year growth rate of 6.1%. In line with the steady improvement in development quality, the development level embraced a new height, evidenced by actual increases of 5.8% and 5.5% in per capita household disposable income and per capita consumer spending, respectively. Furthermore, the total retail sales of consumer goods in 2019 saw an improvement of 8.0% as compared to the previous year. According to the China Association of Automobile Manufacturers, the sales of passenger vehicles reached 21,440,000 units in 2019, representing a decrease of 9.6% as compared to the previous year. Overall sales of new automobiles remained at a low level. Driven by the ongoing upgrade trend due to vehicle consumption upgrade in the domestic market, the luxury-branded automobile market maintained a rapid growth trajectory. In 2019, the accumulated sales of major luxury-branded automobiles grew by 6.5% on a year-to-year basis to 2.98 million units, with an increase in the market share to 14.1% from 12.5% in 2018. With the intensifying competition of the market of the luxury-branded automobiles, however, performance of brands started to differentiate. In respect of the major brands under the Group’s dealership, the sales volume of BMW brand (including MINI) in China was 724,000 units in 2019, representing an increase of 13.1% as compared to the previous year; the sales volume of Volvo brand in China was 155,000 units in 2019, representing an increase of 18.7% as compared to the previous year; the sales volume of Audi brand in China was 689,000 units in 2019, representing an increase of 4.2% as compared to the previous year; the sales volume of Benz brand (including Smart) in China was 702,000 units in 2019, representing an increase of 4.0% as compared to the previous year; the sales volume of Porsche brand in China was 87,000 units in 2019, representing an increase of 8.0% as compared to the previous year; the sales volume of Jaguar and Land Rover brand in China was 112,000 units in 2019, representing a decrease of 2.4% as compared to the previous year. The Group acts as a core dealer of various luxury automobile brands in China. Through close cooperation with major luxury automobile manufacturers, the Group has promptly grasped the opportunities to create customer values arising from the latest industry trend and changes in consumer preference to constantly improve its existing services and explore innovative services. In the meantime, the Group invested in network technologies and cloud-based platforms by fully identifying and tapping into customer data resources to engage in active exploration of innovative service models. 6 China ZhengTong Auto Services Holdings Limited Annual Report 2019 CHAIRMAN’S STATEMENT While improving traditional services such as automobile sales, repair, maintenance, sales of accessories, and insurance services, the Group made full use of its resource advantages and business development capability to develop new businesses. In particular, the introduction of financial services business had made a significant progress that financial cooperation with manufacturers was strengthened to offer customers with more personalized and competitive financial service products, which rendered strong support for the growth of the sales of new and pre-owned automobiles, financial leasing, and other areas. In the meantime, the Group remained committed to improving a comprehensive auto finance technology platform to further optimize the financial technology (“Fintech”) aspect of online automobile finance, as well as to achieve service convenience for online and offline integrated businesses. This further consolidated the Group’s differentiated strengths in automobile finance, enhancing the customer service experience. According to the National Economic and Social Development Statistics Bulletin in 2019, as at the end of the year, the number of registered civilian vehicles in China was 261,500,000 units, among which, the number of registered private vehicles increased by 19,050,000 units to 226,350,000 units, representing an increase of 9.2% as compared to the previous year. The rapid growing number of private vehicles provided an enormous room of development for the automobile service market, including maintenance and repair, insurance services and automobile replacement. In the meantime, the automobile consumer market has become increasingly mature, with the consumer demands to be customized and diversified. In the future, the automobile service industry is expected to provide comprehensive services focusing more on one-stop solution, high quality experience and customization. For the purposes of business transformation and service quality improvement, the Group established Zhengtong Academy in 2019, which will provide online and offline training programs focused on expertise improvement, organizational management, and leadership training. Under these programs, our employees will enhance their expertise, service quality and dealership managerial capability, which aimed at providing our customers with more professional, committed and attentive services. In the future, the Group will continue to persevere with fortitude and faith, incessantly striving to become a world- class provider of comprehensive automobile services. In addition to our ongoing commitments to optimize the brand structure and strategic network, the Group will further upgrade our existing dealership stores and performance capacity, explore new energy vehicle services, and vigorously uncover customer demands.
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