江铃B：2026年一季度报告(英文版)
Share’s code：
| Share’s code： | 000550 | Share’s Name： | Jiangling Motors | No.： | 2026-015 |
| 200550 | Jiangling B |
Jiangling Motors Corporation, Ltd.
2026 First 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, and the senior executives arejointly and severally liable for the truthfulness, accuracy and completenessof the information disclosed in the Report, and confirm that the informationdisclosed herein does not contain any false statement, misrepresentation ormajor omission.
2. Chairman Qiu Tiangao, CFO Li Weihua and Chief of Finance Department,Jiang Nan, confirm that the financial statements in this Quarter Report aretruthful, accurate and complete.
3. Whether the 2026 first quarter report is audited?
□Yes ?No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
| Reporting Period (2026 First Quarter) | Same Period Last Year | YoY Change (%) | |
| Revenue | 9,035,954,941 | 7,967,428,172 | 13.41% |
| Net Profit Attributable to the Equity Holders of the Company | 340,470,349 | 305,997,821 | 11.27% |
| Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Profit or Loss | 252,070,312 | 147,214,143 | 71.23% |
| Net cash flows used in operating activities | -1,988,190,685 | -2,297,115,303 | -13.45% |
| Basic Earnings Per Share (RMB) | 0.40 | 0.35 | 14.29% |
| Diluted Earnings Per Share (RMB) | 0.40 | 0.35 | 14.29% |
| Weighted Average Return on Net Asset Ratio (%) | 2.87% | 2.67% | 0.20% |
| At the end of the reporting period | At the end of the previous year | Change (%) | |
| Total Assets | 29,519,669,630 | 33,725,291,097 | -12.47% |
| Shareholder’s equity Attributable to the Equity Holders of the Company | 12,039,448,329 | 11,700,238,217 | 2.90% |
2. Non-recurring profit and loss items and amounts
?Applicable □Not Applicable
Unit: RMB
| Reporting Period (2026 First Quarter) | |
| Profit and loss of non-current assets disposal (including the charge-off part of the asset impairment provision) | 1,803,829.00 |
| Government subsidies included in the current profit and loss | 102,776,334.00 |
| 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 | 550,327.00 |
| Capital occupation fee charged for non-financial enterprises included in the current profit and loss | 757,468.00 |
| Other non-operating income and expenses except the above | 1,106,364.00 |
| Less: Income tax impact amount | 587,179.00 |
| Total | 88,400,037.00 |
Details of other profit and loss items that meet the definition of non-recurringprofit and loss
□Applicable ?Not Applicable
There is no other profit and loss items that meet the definition of non-recurringprofit and loss in the Company.The description of the non-recurring profit and loss items listed in CorporateInformation Disclosure of Public Issuing Securities No.1 are defined asrecurring 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 quarter of 2026, JMC sold 86,065 vehicles in total, increased by
13.23% compared with the same period last year, including 20,290 light buses,17,434 trucks, 16,017 pickups, 32,324 SUVs. Revenue and net profitattributable to the equity holders of the Company during the reporting periodwere RMB 9,036 million and RMB 340 million, increased by 13.41% and by
11.27% respectively compared with the same period last year.
As of the end of the first quarter of 2026, compared with the end of theprevious year, cash and cash equivalents decreased by RMB 4,282 million,down 31.52%, mainly due to the payment to suppliers for goods and therepayment of short-term borrowings.
As of the end of the first quarter of 2026, compared with the end of theprevious year, financing receivables decreased by RMB 129 million, down
62.45%, mainly due to use of bills of exchange to settle payments to suppliers.
As of the end of the first quarter of 2026, compared with the end of theprevious year, development expenditures decreased by RMB 57.59 million,down 100%, mainly due to the transfer of development expenditure intointangible assets.
As of the end of the first quarter of 2026, compared with the end of theprevious year, short-term borrowings decreased by RMB 1,950 million, down100%, mainly due to the repayment of borrowings due.
As of the end of the first quarter of 2026, compared with the end of theprevious year, notes payable decreased by RMB 231 million, down 53.96%,mainly due to the payment of matured notes payable.
As of the end of the first quarter of 2026, compared with the end of theprevious year, taxes payable increased by RMB 52.18 million, up 39.32%,mainly due to the increase in taxes payable at the end of the period.
In the first quarter of 2026, compared with the same period last year, net profitattributable to shareholders of listed company after deducting non-recurringprofit or loss increased by RMB 105 million, up 71.23%, mainly due to theincrease in net profit for the current period and the impact of the change ingovernment incentives recognized in the current profit or loss.
In the first quarter of 2026, compared with the same period last year, net cashflows used in financing activities increased by RMB 784 million, up 66.78%,
mainly due to the decrease in borrowings compared to the same period.
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
| Total shareholders (as at March 31, 2026) | JMC had 39,866 shareholders, including 34,118 A-share holders and 5,748 B-share holders. | ||||
| Top ten shareholders (excluding lending of shares through refinancing) | |||||
| 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 | 0.74% | 6,347,755 | 0 | 0 |
| Industrial and Commercial Bank of China Limited - Guolian Superior Industry Mixed Securities Investment Fund | Domestic non-State-owned legal persons | 0.64% | 5,538,101 | 0 | 0 |
| Jin Xin | Domestic natural person | 0.57% | 4,957,700 | 0 | 0 |
| China Merchants Securities (HK) Co., Ltd. | Foreign legal person | 0.53% | 4,573,475 | 0 | 0 |
| China Merchants Fund Management Co., Ltd. - Social Security Fund Portfolio 1903 | Domestic non-State-owned legal persons | 0.33% | 2,887,500 | 0 | 0 |
| Xingyin Wealth Management Co., Ltd. - Xingyin Wealth Management Fuli Xingcheng Alpha 3-Month Holding Period No. 3 Mixed Wealth Management Product | Domestic non-State-owned legal persons | 0.21% | 1,822,248 | 0 | 0 |
| Li Yifeng | Domestic natural person | 0.20% | 1,713,700 | 0 | 0 |
| Li Wei | Domestic natural person | 0.17% | 1,481,800 | 0 | 0 |
Top ten shareholders holding unlimited tradable shares (excluding lending of shares through refinancing andexecutive lock-up shares)
| Top ten shareholders holding unlimited tradable shares (excluding lending of shares through refinancing and executive lock-up 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) | 6,347,755 | A share | |
| Industrial and Commercial Bank of China Limited - Guolian Superior Industry Mixed Securities Investment Fund | 5,538,101 | A share | |
| Jin Xin | 4,957,700 | B share | |
| China Merchants Securities (HK) Co., Ltd. | 4,573,475 | B share | |
| China Merchants Fund Management Co., Ltd. - Social Security Fund Portfolio 1903 | 2,887,500 | A share | |
| Xingyin Wealth Management Co., Ltd. - Xingyin Wealth Management Fuli Xingcheng Alpha 3-Month Holding Period No. 3 Mixed Wealth Management Product | 1,822,248 | A share | |
| Li Yifeng | 1,713,700 | B share | |
| Li Wei | 1,481,800 | B share | |
| Notes on association among above-mentioned shareholders | None. | ||
| Description of shareholders participating in financing and securities financing business | None. | ||
Participation of Shareholders holding more than 5% of shares, top 10shareholders and top 10 shareholders with unlimited shares in the lending ofshares in the refinancing business
□Applicable ?Not Applicable
Change in the top 10 shareholders of the Company and the top 10shareholders with unlimited shares from the previous period due tolending/repatriation of refinancing business
□Applicable ?Not Applicable
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 BALANCE SHEETS AS AT 31 MARCH 2026(All amounts in RMB Yuan unless otherwise stated)
| ASSETS | 31 March 2026 Consolidated* | 31 December 2025 Consolidated |
| Current assets | ||
| Cash and cash equivalents | 9,300,679,338.00 | 13,582,540,346.00 |
| Financial assets held for trading | 801,698,630.00 | 801,902,466.00 |
| Notes receivable | - | - |
| Accounts receivable | 6,120,085,671.00 | 6,141,405,767.00 |
| Financing receivables | 77,287,283.00 | 205,851,591.00 |
| Advances to suppliers | 133,719,000.00 | 98,624,060.00 |
| Other receivables | 114,980,531.00 | 134,768,377.00 |
| Inventories | 2,326,908,694.00 | 2,011,925,708.00 |
| Current portion of non-current assets | 26,218,111.00 | 27,153,632.00 |
| Other current assets | 1,392,889,752.00 | 1,194,944,928.00 |
| Total current assets | 20,294,467,010.00 | 24,199,116,875.00 |
| Non-current assets | ||
| Long-term receivables | 70,953,789.00 | 71,519,964.00 |
| Long-term equity investments | 175,925,628.00 | 203,641,921.00 |
| Fixed assets | 5,637,934,604.00 | 5,789,423,822.00 |
| Construction in progress | 517,266,693.00 | 507,614,873.00 |
| Right-of-use assets | 100,985,969.00 | 120,243,307.00 |
| Intangible assets | 1,727,976,276.00 | 1,790,269,138.00 |
| Development expenditures | - | 57,594,483.00 |
| Goodwill | - | - |
| Deferred tax assets | 989,983,856.00 | 980,954,002.00 |
| Other non-current assets | 4,175,805.00 | 4,912,712.00 |
| Total non-current assets | 9,225,202,620.00 | 9,526,174,222.00 |
| TOTAL ASSETS | 29,519,669,630.00 | 33,725,291,097.00 |
| Current liabilities | ||
| Short-term borrowings | - | 1,950,000,000.00 |
| Derivative financial liabilities | 2,966,533.00 | 695,349.00 |
| Notes payable | 196,717,903.00 | 427,292,904.00 |
| Accounts payable | 9,649,126,263.00 | 11,397,760,484.00 |
| Contract liabilities | 521,700,336.00 | 545,864,754.00 |
| Employee benefits payable | 559,538,189.00 | 729,156,434.00 |
| Taxes payable | 184,878,089.00 | 132,698,441.00 |
| Other payables | 5,324,552,771.00 | 5,803,694,871.00 |
| Current portion of non-current liabilities | 26,675,952.00 | 91,863,024.00 |
| Other current liabilities | 305,020,662.00 | 304,431,406.00 |
Total current liabilities
| Total current liabilities | 16,771,176,698.00 | 21,383,457,667.00 |
| Non-current liabilities | ||
| Long-term borrowings | 453,112.00 | 460,276.00 |
| Lease liabilities | 38,977,681.00 | 44,860,116.00 |
| Long-term employee benefits payable | 49,064,694.00 | 49,853,000.00 |
| Provisions | 253,465,612.00 | 255,436,677.00 |
| Deferred income | 22,635,501.00 | 13,406,177.00 |
| Deferred tax liabilities | 172,451,207.00 | 123,918,738.00 |
| Other non-current liabilities | 482,496,414.00 | 461,860,038.00 |
| Total non-current liabilities | 1,019,544,221.00 | 949,795,022.00 |
| Non-current liabilities | 17,790,720,919.00 | 22,333,252,689.00 |
| Equity | ||
| Share capital | 863,214,000.00 | 863,214,000.00 |
| Capital surplus | 839,442,490.00 | 839,442,490.00 |
| Less: treasury shares | 170,214,887.00 | 170,214,887.00 |
| Other comprehensive income | -23,862,000.00 | -23,862,000.00 |
| Special reserve | 6,600,729.00 | 7,860,966.00 |
| Surplus reserve | 431,607,000.00 | 431,607,000.00 |
| Retained earnings | 10,092,660,997.00 | 9,752,190,648.00 |
| Total equity attributable to shareholders of the Company | 12,039,448,329.00 | 11,700,238,217.00 |
| Minority interests | -310,499,618.00 | -308,199,809.00 |
| Total equity | 11,728,948,711.00 | 11,392,038,408.00 |
| TOTAL LIABILITIES AND EQUITY | 29,519,669,630.00 | 33,725,291,097.00 |
*: Unaudited financial indexes
2. CONSOLIDATED INCOME STATEMENTS FOR 2026 First Quarter(All amounts in RMB Yuan unless otherwise stated)
| Item | 2026 First Quarter Consolidated* | 2025 First Quarter Consolidated* |
| Total Revenue | 9,035,954,941.00 | 7,967,428,172.00 |
| Revenue | 9,035,954,941.00 | 7,967,428,172.00 |
| Total Cost of sales | 8,943,196,077.00 | 7,938,917,337.00 |
| including: Cost of sales | 7,973,087,616.00 | 7,026,678,337.00 |
| Taxes and surcharges | 244,526,230.00 | 220,477,781.00 |
| Selling and distribution expenses | 215,668,207.00 | 206,935,409.00 |
| General and administrative expenses | 195,679,165.00 | 233,118,499.00 |
| Research and development expenses | 338,131,010.00 | 286,230,316.00 |
| Financial expenses | -23,896,151.00 | -34,523,005.00 |
| Including: Interest expenses | 1,919,478.00 | 4,581,629.00 |
| Interest income | -21,535,404.00 | -45,901,253.00 |
| Add: Other income | 291,393,905.00 | 303,719,670.00 |
| Investment income | 1,558,988.00 | -4,990,750.00 |
| Including: Share of profit of associates and joint ventures | -1,090,894.00 | -10,142,171.00 |
| Gains on changes in fair value | 285,346.00 | -3,911,506.00 |
| Credit impairment losses | -2,071,545.00 | -357,720.00 |
| Asset impairment losses | -6,068,284.00 | - |
| Gains on disposal of assets | -641,409.00 | -1,481,340.00 |
| Operating profit | 377,215,865.00 | 321,489,189.00 |
| Add: Non-operating income | 647,664.00 | 820,017.00 |
| Less: Non-operating expenses | 148.00 | 37,763.00 |
| Total profit | 377,863,381.00 | 322,271,443.00 |
| Less: Income tax expenses | 39,692,841.00 | 12,889,815.00 |
| Net profit | 338,170,540.00 | 309,381,628.00 |
| Classified by continuity of operations | ||
| Net profit from continuing operations | 338,170,540.00 | 309,381,628.00 |
| Net profit from discontinued operations | - | - |
| Classified by ownership of the equity | ||
| Attributable to shareholders of the Company | 340,470,349.00 | 305,997,821.00 |
| Minority interests | -2,299,809.00 | 3,383,807.00 |
| 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 remeasurementof defined benefit plan
| Changes arising from remeasurement of defined benefit plan | - | - |
| Attributable to minority interests | - | - |
| Total comprehensive income | 338,170,540.00 | 309,381,628.00 |
| Attributable to shareholders of the Company | 340,470,349.00 | 305,997,821.00 |
| Attributable to minority interests | -2,299,809.00 | 3,383,807.00 |
| Earnings per share | ||
| Basic earnings per share (RMB Yuan) | 0.40 | 0.35 |
| Diluted earnings per share (RMB Yuan) | 0.40 | 0.35 |
*: Unaudited financial indexes
3. CONSOLIDATED CASH FLOW STATEMENTS FOR 2026 First Quarter(All amounts in RMB Yuan unless otherwise stated)
| Item | 2026 First Quarter Consolidated* | 2025 First Quarter Consolidated* |
| Cash flows used in operating activities | ||
| Cash received from sales of goods or rendering of services | 9,974,794,616.00 | 8,486,465,921.00 |
| Cash received relating to other operating activities | 126,225,322.00 | 233,583,856.00 |
| Sub-total of cash inflows | 10,101,019,938.00 | 8,720,049,777.00 |
| Cash paid for goods and services | 10,106,659,288.00 | 8,798,857,074.00 |
| Cash paid to and on behalf of employees | 867,022,391.00 | 827,598,134.00 |
| Payments of taxes and surcharges | 498,068,438.00 | 613,654,707.00 |
| Cash paid relating to other operating activities | 617,460,506.00 | 777,055,165.00 |
| Sub-total of cash outflows | 12,089,210,623.00 | 11,017,165,080.00 |
| Net cash flows used in operating activities | -1,988,190,685.00 | -2,297,115,303.00 |
| Cash flows used in investing activities | ||
| Cash received from returns of investments | 829,010,300.00 | - |
| Cash received from disposal on investments | 3,327,123.00 | - |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 4,700,976.00 | 2,487,411.00 |
| Cash received relating to other investing activities | 22,967,087.00 | 44,139,550.00 |
| Sub-total of cash inflows | 860,005,486.00 | 46,626,961.00 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 396,692,801.00 | 330,053,827.00 |
| Cash paid to acquire investments | 800,000,000.00 | 55,000,000.00 |
| Cash paid relating to other investing activities | 155,437.00 | 27,661.00 |
| Sub-total of cash outflows | 1,196,848,238.00 | 385,081,488.00 |
| Net cash flows used in investing activities | -336,842,752.00 | -338,454,527.00 |
| Cash flows used in financing activities | ||
| Cash received from borrowings | 499,584,445.00 | 1,784,325,555.00 |
Cash received from other financingactivities
| Cash received from other financing activities | - | - |
| Sub-total of cash inflows | 499,584,445.00 | 1,784,325,555.00 |
| Cash repayments of borrowings | 2,450,000,000.00 | 2,950,000,000.00 |
| Cash payments for distribution of dividends, profits or interest expenses | 150,000.00 | - |
| Cash paid relating to other financing activities | 6,282,021.00 | 7,629,534.00 |
| Sub-total of cash outflows | 2,456,432,021.00 | 2,957,629,534.00 |
| Net cash flows used in financing activities | -1,956,847,576.00 | -1,173,303,979.00 |
| Effect of foreign exchange rate changes on cash and cash equivalents | - | - |
| Net decrease in cash and cash equivalents | -4,281,881,013.00 | -3,808,873,809.00 |
| Add: Cash and cash equivalents at beginning of year | 13,491,154,200.00 | 12,475,176,009.00 |
| Cash and cash equivalents at end of period | 9,209,273,187.00 | 8,666,302,200.00 |
*: Unaudited financial indexes
2. In 2026, 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
□Applicable ?Not Applicable
3. Whether the 2026 first quarter report is audited?
□Yes ?No
JMC 2026 First Quarter Report is not audited.
Board of DirectorsJiangling Motors Corporation, Ltd.April 25, 2026