General Overview 整體概要

The Company is an investment holding company. The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are the manufacture and sale of BMW vehicles in the PRC through its major joint venture, BMW Brilliance Automotive Ltd., the manufacture and sale of minibuses, multi-purpose vehicles through its subsidiary, Renault Brilliance Jinbei Automotive Company Limited and automotive components through its subsidiaries, Ningbo Yumin Machinery Industrial Co., Ltd and Mianyang Brilliance Ruian Automotive Components Co., Ltd., and the provision of auto financing service through its subsidiary, Brilliance-BEA Auto Finance Co., Ltd.

In 2003, the Group established a joint venture with BMW, namely BMW Brilliance Automotive Ltd. ("BBA"), to produce BMW 3-series and 5-series sedans in China. BBA also commenced production and sale of BMW SUVs in the PRC in early 2012. In November 2013, BBA launched ZINORO 1E, its first new energy vehicle, in the PRC. At the end of year 2014, the BMW joint venture introduced the very first China-produced BMW new energy vehicle, the 5-series long-wheelbase plug-in hybrid model, in the PRC. The new generation X3 sport activity vehicle, which is the sixth BMW model that is locally produced by BBA, underwent market launch in June 2018. In addition to the X3, BBA also introduced in March 2018 the plugin hybrid version of the new 5-series. The new X3 facelift model was successfully launched in August 2021. BBA is also committed to be a leader in premium e-mobility in China, and is working with BMW Holding B.V. ("BMW") to explore new technologies and accelerate sustainability throughout the entire NEV value chain. By the end of 2021 the BMW public charging network already comprised of over 360,000 charging pillars across China. Sales of the iX3, which is the very first pure electric model of BBA debuted late last year produced by BBA for China and for the world, had ramped up steadily during the year. BBA has also completed the installation of the latest digital functions in its production plants in the second half of 2021 in preparation for the production of new BMW models in 2022 and beyond.

In January 2018, Renault SAS formerly became a shareholder and a joint venture partner of Renault Brilliance Jinbei Automotive Co., Ltd. ("RBJAC", formerly known as Shenyang Brilliance JinBei Automobile Co., Ltd.), the Group's operating subsidiary in the PRC. Currently, RBJAC is owned as to 51% by the Group and 49% by Renault, respectively. Our minibus and light commercial vehicle ("LCV") business carried out by RBJAC has been hard hit by the coronavirus pandemic resulting in a further decrease in sales volume during 2021. A new strategic plan "Transformation" was launched in 2020 to reduce fixed costs, improve organization efficiency and accelerate development of a new product line-up including electrification. In spite of the reduction of fixed costs and the launch of the first LCV product "Haise King", the business of RBJAC still faced a lot of challenges in a highly competitive market. RBJAC applied to Shenyang Intermediate People's Court on 30th December, 2021 for a restructuring. The restructuring is still ongoing.

In April 2015, Brilliance-BEA Auto Finance Co., Ltd. ("BBAFC"), the Company's auto finance joint venture in China together with Bank of East Asia and CaixaBank, S.A., received final approval to commence business in the PRC. BBAFC is a multi-brand service provider. It initially focuses on supporting the Group's sales of its minibus and MPVs and our major shareholder Huachen's sedan products. In addition to supporting Huachen Group and RBJAC's sales of their sport utility vehicles, sedans, minibuses and multi-purpose vehicles, the company has continued to grow its businesses with Jaguar Land Rover and Tesla while holding advanced discussions with other OEMs. The goal is to further expand its serviced portfolio by adding both premium and multi-brand customers in order to increase its business scale and improve profitability.

Currently, the Company indirectly holds 31.20% equity interest in Xinchen China Power Holdings Limited ("Power Xinchen"), a company listed on the main board of The Stock Exchange of Hong Kong Limited. Power Xinchen develops, manufactures and sells light-duty gasoline and diesel engines used by various domestic and international passenger vehicle and light commercial vehicle manufacturers.

本公司為一間投資控股公司。本公司及其附屬公司（統稱「本集團」）之主要業務為透過主要合資企業華晨寶馬汽車有限公司於中國製造及銷售寶馬汽車，透過附屬公司華晨雷諾金杯汽車有限公司製造及銷售輕型客車及多用途汽車，透過附屬公司寧波裕民機械工業有限公司及綿陽華晨瑞安汽車零部件有限公司製造及銷售汽車零部件，以及透過附屬公司華晨東亞汽車金融有限公司提供汽車金融服務。

於二零零三年，本集團與寶馬成立一合資企業華晨寶馬汽車有限公司(「華晨寶馬汽車」)，在中國生產寶馬3系及5系轎車。華晨寶馬汽車亦於二零一二年初開始在中國生產及銷售寶馬運動型多用途車，及於二零一三年十一月在中國推出首款新能源汽車之諾1E。於二零一四年底，寶馬合資企業在中國推出首款本土寶馬新能源車5系插電式混合動力長轎車。全新X3運動型多功能車為華晨寶馬汽車於國內生產之第六款寶馬型號，於二零一八年六月推出市面。除X3產品外，華晨寶馬汽車亦於二零一八年三月推出全新5系產品之插電式混合動力款式。二零二一年八月，全新X3小改款成功推出市場。華晨寶馬亦致力成為中國豪華電動汽車領先供應商，現時正與BMW Holding B.V.（「寶馬」）共同探索新技術，加快整條新能源汽車價值鏈之可持續發展。至二零二一年年底，寶馬公共充電網絡於全中國提供超過360,000個充電站。華晨寶馬為中國以至全世界生產之首個純電動汽車型號iX3於去年首度登場，於年內的銷量穩步上揚。華晨寶馬亦已於二零二一年下半年為其生產廠房配備最新數碼功能，從而預備於二零二二年及其後生產寶馬新型號。

於二零一八年一月，雷諾(Renault SAS )正式成為本公司內地主要營運附屬公司華晨雷諾金杯汽車有限公司(「華晨雷諾」，前稱瀋陽華晨金杯汽車有限公司)的股東及合資企業夥伴。現時，華晨雷諾由本集團及雷諾分別持有51%及49%。我們的輕型客車及輕型商用車（「LCV 」）業務由華晨雷諾負責營運，此業務於二零二一年因冠狀病毒大流行而受到重挫，銷量進一步下跌。新策略計劃「轉型」於二零二零年推行，旨在降低固定成本，提升組織效率，加速開發新產品（ 包括電氣化）。儘管華晨雷諾已減省固定成本，並推出首款LCV車型「海獅王」，惟業務在競爭激烈之市場中仍然面對眾多挑戰。華晨雷諾於二零二一年十二月三十日向瀋陽市中級人民法院申請重整。重整仍在進行。

於二零一五年四月，本公司與東亞銀行及CaixaBank, S.A.於中國成立的汽車金融合資企業華晨東亞汽車金融有限公司（「華晨東亞汽車金融」）已獲最終審批於中國開展業務。華晨東亞汽車金融為多品牌服務供應商。華晨東亞汽車金融初步著重支持本集團輕型客車、MPV及主要股東華晨的轎車產品銷售。除支持華晨集團及華晨雷諾銷售其運動型多用途車、轎車、輕型客車及多用途汽車外，公司持續發展與捷豹路虎及Tesla之業務，同時與其他原設備製造商進行進階討論，旨在通過增加豪華及多品牌客戶以進一步開拓其服務組合，從而增加業務規模及提升盈利能力。

現時，本公司間接持有新晨中國動力控股有限公司(「新晨動力」，一間於香港聯合交易所有限公司主板上市的公司)31.20%股本權益。新晨動力開發、生產及銷售輕型汽油及柴油機，產品獲得不少國內外乘用車及輕型商用車生產商採用。