江铃B：2023年第三季度报告(英文版)
Share’s code：
| Share’s code： | 000550 | Share’s Name： | Jiangling Motors | No.： | 2023-036 |
| 200550 | Jiangling B |
Jiangling Motors Corporation, Ltd.
2023 Third Quarter Report
Jiangling Motors Co., Ltd. and its Board members undertake that theinformation disclosed herein is truthful, accurate and complete and doesnot contain any false statement, misrepresentation or major omission.
Important Note
1. The Board of Directors and its members, the Supervisory Board and its
members, and the senior executives are jointly and severally liable for thetruthfulness, accuracy and completeness of the information disclosed in theReport, and confirm that the information disclosed herein does not containany false statement, misrepresentation or major omission.
2 Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department,
Ding Ni, confirm that the financial statements in this Quarter Report aretruthful, accurate and complete.
3. Whether the 2023 third report is audited?
□Yes √No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
| Reporting period (2023 Third Quarter) | YoY Change (%) | Beginning of Year to End of Reporting Period | YoY Change (%) | |
| Revenue | 8,078,772,861 | 3.46% | 23,508,145,170 | 6.70% |
| Profit Attributable to the Equity Holders of the Company | 280,065,212 | 5.76% | 1,009,452,769 | 40.75% |
| Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Profit or Loss | 239,772,243 | 513.45% | 657,501,454 | 1,048.11% |
| Net Cash Generated From Operating Activities | —— | —— | 2,415,587,984 | 208.67% |
| Basic Earnings Per Share (RMB) | 0.32 | 5.76% | 1.17 | 40.75% |
Diluted Earnings Per Share(RMB)
| Diluted Earnings Per Share (RMB) | 0.32 | 5.76% | 1.17 | 40.75% |
| Weighted Average Return on Net Asset Ratio (%) | 2.98% | -0.04% | 10.49% | 2.40% |
| At the End of the Reporting Period | At the End of the Previous Year | Change (%) | ||
| Total Assets | 27,997,951,346 | 27,468,321,835 | 1.93% | |
| Shareholder’s Equity Attributable to the Equity Holders of the Company | 9,896,617,917 | 9,243,817,333 | 7.06% | |
2. Non-recurring profit and loss items and amounts
√Applicable □Not Applicable
Unit: RMB
| Reporting period (2023 Third Quarter) | Beginning of Year to End of Reporting Period | |
| Profit and loss of non-current assets disposal (including the charge-off part of the asset impairment provision) | -2,340,864.00 | -3,096,758.00 |
| Government subsidies included in the current profit and loss | 50,839,349.00 | 409,483,303.00 |
| Capital occupation fee charged for non-financial enterprises included in the current profit and loss | 2,034,471.00 | 8,924,764.00 |
| In addition to the effective hedging business related to the normal operating business of the Company, holding the gains and losses of fair value changes arising from trading financial assets and trading financial liabilities, as well as the investment income obtained from the disposal of trading financial assets, trading financial liabilities and available for sale financial assets | 1,035,581.00 | 7,810,540.00 |
| Return of the impairment provision for receivables with a separate impairment test | -1,798,850.00 | 5,120,492.00 |
| Other non-operating income and expenses except the above | -1,659,158.00 | -10,721,581.00 |
| Less: Income tax impact amount | 7,817,560.00 | 65,537,976.00 |
| Influence of minority shareholders' equity (after-tax) | 0.00 | 31,469.00 |
| Total | 40,292,969.00 | 351,951,315.00 |
Details of other profit and loss items that meet the definition of non-recurringprofit and loss
□Applicable √Not Applicable
There is no any other profit and loss items that meet the definition ofnon-recurring profit and loss in the Company.The description of that the non-recurring profit and loss items listed inCorporate Information Disclosure of Public Issuing Securities No.1 are definedas recurring profit and loss items
□Applicable √Not Applicable
The Company does not have a situation in which the non-recurring profit andloss items listed in No.1 of Corporate Information Disclosure AnnouncementNo.1 are defined as recurring profit and loss.
3. Causes and explanations on major changes of financial indicators of thereporting period
√Applicable □Not Applicable
In the first three quarters of 2023, JMC sold 221,096 vehicles in total, up 6.46%compared with the same period last year, including 46,139 trucks, 39,530pickups, 80,333 SUVs, and 55,094 light buses. Revenue and profit attributableto the equity holders of the Company during the first three quarters of 2023were RMB 23,508 million and RMB 1,009 million, increase 6.70% and 40.75%respectively compared with the same period last year.
As of the end of the third quarter of 2023, compared with the end of theprevious year, notes receivable decreased by RMB 720 million, down 96.93%,mainly due to the notes acceptance at maturity.
As of the end of the third quarter of 2023, compared with the end of theprevious year, other receivables decreased by RMB 54 million, down 49.16%,mainly due to the received equity transfer payment of the subsidiary.
As of the end of the third quarter of 2023, compared with the end of theprevious year, contract liabilities increased by RMB 52 million, up 34.13%,mainly reflecting the increase of the payment for vehicles, components andservice, received in advance by the Company in the reporting period.
As of the end of the third quarter of 2023, compared with the end of theprevious year, taxes payable decreased by RMB 75 million, down 38.75%,mainly reflecting the decrease of the taxes payable at the end of the period
During the first three quarters of 2023, compared with the same period lastyear, financial expenses decreased by RMB 39 million, down 34.41%, mainlyreflecting the increase of the interest income from bank deposits and netforeign exchange gains and losses, and the decrease of the financial interest
expenses.
During the first three quarters of 2023, compared with the same period lastyear, gains on disposal of assets decreased by RMB 398 million, down
100.61%, mainly reflecting the income resulted from disposal of the land andabove-ground buildings and construction in the Qingyunpu site of theCompany during the same period last year.
During the first three quarters of 2023, compared with the same period lastyear, income tax expenses decreased by RMB 180 million, down 348.17%,mainly due to losses of subsidiaries.
During the first three quarters of 2023, compared with the same period lastyear, net profit attributable to the equity holders of the Company increased byRMB 292 million, up 40.75%, mainly reflecting the increase in sales volumeand the decrease in raw material costs, as well as the increase in profit due tothe change in profit and loss of minority shareholders.
During the first three quarters of 2023, compared with the same period lastyear, net cash flows from operating activities increased by RMB 4,639 million,up 208.67%, mainly due to the increase of sales volume and paymentsreceived from dealers and the decrease of payments for goods.
During the first three quarters of 2023, compared with the same period lastyear, net cash flows from investing activities decreased by RMB 1,215 million,down 379.63%, mainly due to the received disposal payment of the land andabove-ground buildings and construction in the Qingyunpu site of theCompany in the same period last year.
During the first three quarters of 2023, compared with the same period lastyear, net cash flows from financing activities decreased by RMB 1,637 million,down 128.74%, mainly due to the lower new borrowings compared to thesame period last year.
During the first three quarters of 2023, compared with the same period lastyear, the net decrease of cash and cash equivalents increased by RMB 1,786million, up 283.04%, mainly due to the increase in net cash generated fromoperating activities.
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
| Total shareholders (as of September 30, 2022) | JMC had 36,771 shareholders, including 31,100 A-shareholders, and 5,671 B-shareholders. | ||||
| Top ten shareholders | |||||
| Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Shares at the End of Year | Shares with Trading Restriction | Shares due to Mortgage or Frozen or Mark |
| Nanchang Jiangling Investment Co., Ltd. | State-owned legal person | 41.03% | 354,176,000 | 0 | 0 |
| Ford Motor Company | Foreign legal person | 32.00% | 276,228,394 | 0 | 0 |
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | Foreign legal person | 3.27% | 28,266,776 | 0 | 0 |
| Shanghai Automotive Co., Ltd. | State-owned legal person | 1.51% | 13,019,610 | 0 | 0 |
| Jin Xing | Domestic natural person | 0.88% | 7,580,800 | 0 | 0 |
| Xingquan Social Responsibility Mixed Securities Investment Fund | Domestic non-State-owned legal persons | 0.46% | 4,000,000 | 0 | 0 |
| Xingquan Hexing Mixed Securities Investment Fund（LOF） | Domestic non-State-owned legal persons | 0.46% | 3,940,000 | 0 | 0 |
| GAOLING FUND, L.P. | Foreign legal person | 0.43% | 3,714,117 | 0 | 0 |
| Li Yifeng | Domestic natural person | 0.35% | 3,044,800 | 0 | 0 |
| Xingquan Selected Mixed Securities Investment Fund | Domestic non-State-owned legal persons | 0.29% | 2,541,200 | 0 | 0 |
| Top ten shareholders holding unlimited tradable shares | |||||
| Shareholder Name | Shares without Trading Restriction | Share Type | |||
| Nanchang Jiangling Investment Co., Ltd. | 354,176,000 | A share | |||
| Ford Motor Company | 276,228,394 | B share | |||
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | 28,266,776 | A share | |||
| Shanghai Automotive Co., Ltd. | 13,019,610 | A share | |||
| Jin Xing | 7,580,800 | B share | |||
| Xingquan Social Responsibility Mixed Securities Investment Fund | 4,000,000 | A share | |||
| Xingquan Hexing Mixed Securities Investment | 3,940,000 | A share | |||
Fund（LOF）
| Fund（LOF） | ||
| GAOLING FUND, L.P. | 3,714,117 | B share |
| Li Yifeng | 3,044,800 | B share |
| Xingquan Selected Mixed Securities Investment Fund | 2,541,200 | A share |
| Description of association among the above-mentioned shareholders or concerted action | Xingquan Social Responsibility Mixed Securities Investment Fund, Xingquan Hexing Mixed Securities Investment Fund（LOF） and Xingquan Selected Mixed Securities Investment Fund are in custody of AEGON-INDUSTRIAL Fund Management Co., Ltd. | |
| Description of the top 10 shareholders participating in margin trading business | None | |
2.Total number of shareholders holding preferred shares and top tenshareholders holding preferred shares
□Applicable √Not Applicable
3. Other Major Events
□Applicable √Not Applicable
4 Financial StatementsJiangling Motors Corporation, Ltd.
1. CONSOLIDATED AND COMPANY BALANCE SHEETS AS AT 30 SEPTEMBER2023(All amounts in RMB Yuan unless otherwise stated)
| Item | 30 September 2023 Consolidated* | 31 December 2022 Consolidated |
| Current assets | ||
| Cash and cash equivalents | 10,016,191,368 | 8,604,977,725 |
| Financial assets held for trading | 200,633,041 | - |
| Derivative financial assets | 4,162,436 | 2,972,698 |
| Notes receivable | 22,788,151 | 742,752,730 |
| Accounts receivable | 4,607,424,097 | 4,245,541,752 |
| Financing receivables | 329,476,150 | 376,662,817 |
| Advances to suppliers | 236,860,218 | 277,743,526 |
| Other receivables | 56,460,101 | 111,063,372 |
| Inventories | 1,624,047,748 | 2,129,040,820 |
| Current portion of non-current assets | 14,331,955 | 13,851,634 |
| Other current assets | 1,106,482,176 | 1,362,502,624 |
| Total current assets | 18,218,857,441 | 17,867,109,698 |
| Non-current assets | ||
| Long-term receivables | 20,373,521 | 31,148,044 |
| Long-term equity investments | 236,965,433 | 248,482,822 |
| Fixed assets | 5,341,364,100 | 5,446,384,369 |
| Construction in progress | 695,417,139 | 718,612,190 |
| Right-of-use assets | 195,549,387 | 233,622,890 |
| Intangible assets | 1,496,269,738 | 1,195,005,752 |
| Development expenditures | 456,424,997 | 477,233,877 |
| Deferred tax assets | 1,336,729,590 | 1,250,722,193 |
| Total non-current assets | 9,779,093,905 | 9,601,212,137 |
| TOTAL ASSETS | 27,997,951,346 | 27,468,321,835 |
| Current liabilities | ||
| Short-term borrowings | 1,300,000,000 | 1,100,000,000 |
| Accounts payable | 8,862,560,479 | 9,015,978,354 |
| Contract liabilities | 203,961,905 | 152,065,025 |
| Employee benefits payable | 973,526,111 | 915,703,680 |
| Taxes payable | 118,365,117 | 193,249,604 |
| Other payables | 5,812,548,990 | 5,672,708,511 |
| Current portion of non-current liabilities | 76,029,221 | 72,680,756 |
| Other current liabilities | 391,534,448 | 386,889,542 |
| Total current liabilities | 17,738,526,271 | 17,509,275,472 |
| Non-current liabilities |
Long-term borrowings
| Long-term borrowings | 11,495,516.00 | 20,858,057.00 |
| Lease liabilities | 133,901,056.00 | 193,090,351.00 |
| Long-term employee benefits payable | 48,442,761.00 | 51,293,000.00 |
| Provisions | 250,608,013.00 | 250,762,589.00 |
| Deferred income | 67,059,040.00 | 60,849,643.00 |
| Deferred tax liabilities | 22,789,674.00 | 23,305,359.00 |
| Other non-current liabilities | 119,792,890.00 | 118,240,580.00 |
| Total non-current liabilities | 654,088,950.00 | 718,399,579.00 |
| Total liabilities | 18,392,615,221.00 | 18,227,675,051.00 |
| Equity | ||
| Share capital | 863,214,000.00 | 863,214,000.00 |
| Capital surplus | 839,442,490.00 | 839,442,490.00 |
| Other comprehensive income | -13,484,250.00 | -13,484,250.00 |
| Special reserve | 9,350,551.00 | - |
| Surplus reserve | 431,607,000.00 | 431,607,000.00 |
| Retained earnings | 7,766,488,126.00 | 7,123,038,093.00 |
| Total equity attributable to shareholders of the Company | 9,896,617,917.00 | 9,243,817,333.00 |
| Minority interests | -291,281,792.00 | -3,170,549.00 |
| Total equity | 9,605,336,125.00 | 9,240,646,784.00 |
| TOTAL LIABILITIES AND EQUITY | 27,997,951,346.00 | 27,468,321,835.00 |
| * Unaudited financial indexes |
2. CONSOLIDATED AND COMPANY INCOME STATEMENTS FROM 1stJANUARY 2023 TO 30th SEPTEMBER 2023(All amounts in RMB Yuan unless otherwise stated)
| Item | 2023.1.1-2023.9.30 Consolidated* | 2022.1.1-2022.9.30 Consolidated* |
| Total Revenue | 23,508,145,170.00 | 22,031,617,358.00 |
| Including: Revenue | 23,508,145,170.00 | 22,031,617,358.00 |
| Total Cost of sales | 23,364,291,590.00 | 22,210,150,244.00 |
| Including: Cost of sales | 19,895,543,278.00 | 18,870,567,493.00 |
| Taxes and surcharges | 715,319,089.00 | 649,198,393.00 |
| Selling and distribution expenses | 1,018,644,003.00 | 1,084,934,871.00 |
| General and administrative expenses | 735,786,298.00 | 684,921,452.00 |
| Research and development expenses | 1,151,041,247.00 | 1,033,734,057.00 |
| Financial expenses | -152,042,325.00 | -113,206,022.00 |
| Including: Interest expenses | 27,647,061.00 | 41,152,045.00 |
| Interest income | -183,180,009.00 | -175,474,827.00 |
| Add: Other income | 409,483,303.00 | 524,873,765.00 |
| Investment income | -14,076,781.00 | -32,212,952.00 |
| Including: Share of profit of associates and joint ventures | -6,424,033.00 | -7,263,734.00 |
| Gains on changes in fair value | 1,822,779.00 | 10,238,540.00 |
| Credit impairment losses | 579,043.00 | 12,474,916.00 |
| Gains on disposal of assets | -2,399,417.00 | 395,120,147.00 |
| Operating profit | 539,262,507.00 | 731,961,530.00 |
| Add: Non-operating income | 7,415,818.00 | 3,293,204.00 |
| Less: Non-operating expenses | 2,992,667.00 | 4,268,579.00 |
| Total profit | 543,685,658.00 | 730,986,155.00 |
| Less: Income tax expenses | -128,655,867.00 | 51,842,593.00 |
| Net profit | 672,341,525.00 | 679,143,562.00 |
| Classified by continuity of operations | ||
| Net profit from continuing operations | 672,341,525.00 | 679,143,562.00 |
| Net profit from discontinued operations | - | - |
| Classified by ownership of the equity | ||
| Attributable to shareholders of the Company | 1,009,452,769.00 | 717,184,815.00 |
| Minority interests | -337,111,244.00 | -38,041,253.00 |
| Other comprehensive income, net of tax | - | - |
| Attributable to shareholders of the Company | ||
| Other comprehensive income items which will not be reclassified to profit or loss | ||
| Changes arising from remeasurement of defined benefit plan | - | - |
| Attributable to minority interests | - | - |
| Total comprehensive income | 672,341,525.00 | 679,143,562.00 |
| Attributable to shareholders of the Company | 1,009,452,769.00 | 717,184,815.00 |
Attributable to minority interests
| Attributable to minority interests | -337,111,244.00 | -38,041,253.00 |
| Earnings per share | ||
| Basic earnings per share(RMB Yuan) | 1.17 | 0.83 |
| Diluted earnings per share(RMB Yuan) | 1.17 | 0.83 |
*: Unaudited financial indexes
3. CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS FROM1st JANUARY 2023 TO 30th SEPTEMBER 2023(All amounts in RMB Yuan unless otherwise stated)
| Item | 2023.1.1-2023.9.30 Consolidated* | 2022.1.1-2022.9.30 Consolidated* |
| Cash flows generated from/(uesd in) operating activities | ||
| Cash received from sales of goods or rendering of services | 26,114,405,023.00 | 22,536,336,405.00 |
| Refunds of taxes | 534,837,907.00 | 186,207,463.00 |
| Cash received relating to other operating activities | 483,440,267.00 | 629,736,941.00 |
| Sub-total of cash inflows | 27,132,683,197.00 | 23,352,280,809.00 |
| Cash paid for goods and services | 19,199,778,002.00 | 19,978,330,477.00 |
| Cash paid to and on behalf of employees | 1,824,701,222.00 | 1,780,938,148.00 |
| Payments of taxes and surcharges | 1,818,749,033.00 | 1,746,532,718.00 |
| Cash paid relating to other operating activities | 1,873,866,956.00 | 2,069,409,606.00 |
| Sub-total of cash outflows | 24,717,095,213.00 | 25,575,210,949.00 |
| Net cash flows generated from/(uesd in) operating activities | 2,415,587,984.00 | -2,222,930,140.00 |
| Cash flows (uesd in)/generated from investing activities | ||
| Cash received from disposal of investments | 100,000,000.00 | 200,000,000.00 |
| Cash received from returns on investments | 5,829,356.00 | 1,523,836.00 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 1,355,619.00 | 782,848,039.00 |
| Cash received from disposal of subsidiaries and other business units | 60,900,000.00 | 139,040,000.00 |
| Cash received relating to other investing activities | 172,004,288.00 | 163,104,941.00 |
| Sub-total of cash inflows | 340,089,263.00 | 1,286,516,816.00 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 934,830,797.00 | 851,368,308.00 |
| Cash paid to acquire investments | 300,000,000.00 | 100,000,000.00 |
| Cash paid relating to other investing activities | 88,707.00 | 15,148,588.00 |
| Sub-total of cash outflows | 1,234,919,504.00 | 966,516,896.00 |
| Net cash flows (uesd in)/generated from investing activities | -894,830,241.00 | 319,999,920.00 |
| Cash flows (uesd in)/generated from financing activities | ||
| Cash received from absorbing investments | 49,000,000.00 | 49,000,000.00 |
| Including: cash received by the subsidiary from absorbing minority shareholders' investment | 49,000,000.00 | 49,000,000.00 |
| Cash received from borrowings | 3,581,942,944.00 | 3,868,751,389.00 |
| Cash received relating to other financing activities | 500,000,000.00 | - |
| Sub-total of cash inflows | 4,130,942,944.00 | 3,917,751,389.00 |
| Cash repayments of borrowings | 3,406,409,044.00 | 2,400,208,436.00 |
| Cash payments for distribution of dividends, profits or interest expenses | 374,067,646.00 | 230,353,307.00 |
| Cash paid relating to other financing activities | 716,026,111.00 | 15,377,524.00 |
| Sub-total of cash outflows | 4,496,502,801.00 | 2,645,939,267.00 |
Net cash flows (uesd in)/generated from financing activities
| Net cash flows (uesd in)/generated from financing activities | -365,559,857.00 | 1,271,812,122.00 |
| Effect of foreign exchange rate changes on cash and cash equivalents | - | - |
| Net increase/(decrease) in cash and cash equivalents | 1,155,197,886.00 | -631,118,098.00 |
| Add: Cash and cash equivalents at beginning of year | 8,543,193,654.00 | 9,569,051,314.00 |
| Cash and cash equivalents at end of period | 9,698,391,540.00 | 8,937,933,216.00 |
* Unaudited financial indexes
2. In 2023, the first implementation of the new accounting standardsadjustment and the situation of first implementation of the financial statementsat the beginning of the year related items
□Yes √No
3. Whether the 2023 third quarter report is audited?
□Yes √No
JMC 2023 Third Quarter Report is not audited.
Board of DirectorsJiangling Motors Corporation, Ltd.October 25, 2023