AutoBeta(AutoBeta.net)09/02 Report--

When Harmony Automobile released its mid-term results in 2019, the group's revenue during the period was 5.892 billion yuan, up 25.7% from a year earlier. The gross profit was 578 million yuan, an increase of 21% over the same period last year. The profit of the Group vested in the owner of the parent company is about $286 million.

According to the announcement, the group sold 15461 new cars during the period, up 37.1 per cent from 11274 in the same period in 2018. Revenue from new car sales during the period increased by 26.2% to 5.049 billion yuan over the same period in 2018, while revenue from after-sales and boutique business increased by 20.7% to 831 million yuan compared with the same period in 2018.

It is worth noting that the sharp increase in new car sales of Harmony Automobile is behind the overall decline in China's automobile production and sales in the first half of the year, thanks to the fact that the company's auto business is mainly concentrated in the luxury car category.

As the largest brand in the group, BMW sold 11606 units, up 33.1% from a year earlier. Lexus, the second-largest brand, sold 1723 units, up 30.7% from a year earlier. As a dealer specializing in luxury and ultra-luxury brands, the company has also made great achievements in operating ultra-luxury brands. During the reporting period, Ferrari sales increased by 172.7 per cent year-on-year, while Rolls-Royce sales increased by 90 per cent.

Harmonious Automobile said that the company will concentrate resources and focus more on the main business of luxury and ultra-luxury car sales, focusing on performance improvement, strengthening assessment indicators, scientific inventory management, and improving the profitability of individual stores. Grasp the expansion of the network on the one hand, continue to optimize the brand structure, and focus on developing BMW, Lexus, Ferrari, Rolls-Royce and other brands in the future, so as to consolidate the company's leading position in luxury and ultra-luxury car dealers in the central and western regions.

The semi-annual report pointed out that with the polarization trend of the passenger car market, luxury cars still maintain a strong growth trend, coupled with the upgrading of consumption, the continuous decline of the luxury car product line, and the gradual increase in the proportion of young users and replacement users. the company is optimistic about the sustainable growth potential of luxury cars and ultra-luxury cars in the future.

Based on the judgment of the luxury car market, Harmony Automobile plans the "double Tenth five-year Plan" development goal for the next five years: the annual luxury car sales network will expand by more than 15%, and profits will increase by more than 15%.

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