江铃Ｂ：2022年半年度报告（英文版）.PDF

1 Jiangling Motors Corporation, Ltd. 2022Half-year Report 2022-08 2 Chapter I Important Notes, Contents and Abbreviations Important Note The Board of Directors and its members, the Supervisory Board and its members, and the senior executives are jointly and severally liable for the truthfulness, accuracy and completeness of the information disclosed in the Report and confirm that the information disclosed herein does not contain any false statement, misrepresentation or major omission. Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department, Ding Ni, confirm that the Financial Statements in this Half-year Report are truthful, accurate and complete. All the Directors were present at the Board meeting to review this Half-year Report. Future plans, development strategies and other forward-looking statements in this report do not constitute a substantial commitment of the Company to investors. Investors are advised to pay attention to investment risks. Neither cash dividend nor stock dividend was distributed. The Board decided not to convert capital reserve to share capital this time. The Half-year Report is prepared in Chinese and English. In case of discrepancy, the Chinese version will prevail. 3 Contents Chapter I Important Notes, Contents and Abbreviations . 2 Chapter II Brief Introduction . 5 Chapter III Management Discussion and Analysis . 8 Chapter IV Corporate governance Structure . 19 Chapter V Environment and Social responsibility . 20 Chapter VI Major Events . 23 Chapter VII Share Capital Changes & Shareholders . 27 Chapter VIII Preferred Shares. 31 Chapter IX Company Bond . 32 Chapter X Financial Statements . 33 Abbreviations: JMC, or the Company Jiangling Motors Corporation, Ltd. JIC Nanchang Jiangling Investment Co., Ltd. Ford Ford Motor Company CSRC China Securities Regulatory Commission JMCG Jiangling Motors Group Co., Ltd. JMCH JMC Heavy Duty Vehicle Co., Ltd. Jiangling Ford Technology Jiangling Ford Motor Technology (Shanghai) Co., Ltd. EVP Executive Vice President CFO Chief Financial Officer VP Vice President 4 Catalogue on Documents for Reference 1. Originals of 2022 Half-year financial statements signed by Chairman, Chief Financial Officer and Chief of Finance Department. 2. Originals of all the documents and public announcements disclosed in newspapers designated by CSRC in the first half of 2022. 3. Chinese version of the Half-year Report prepared per the China GAAP. 5 Chapter II Brief Introduction 1. Companys information Shares name Jiangling Motors, Jiangling B Shares Code 000550, 200550 Place of listing Shenzhen Stock Exchange Companys Chinese name 江铃汽车股份有限公司 English name Jiangling Motors Corporation, Ltd. Abbreviation JMC Company legal representative Qiu Tiangao 2. Contact person and method Board Secretary Securities Affairs Representative Name Xu Lanfeng Quan Shi Address No. 2111, Yingbin Middle Avenue, Nanchang City, Jiangxi Province, P.R.C No. 2111, Yingbin Middle Avenue, Nanchang City, Jiangxi Province, P.R.C Tel 86-791-85266178 86-791-85266178 Fax 86-791-85232839 86-791-85232839 E-mail 3. Other I. Contact methods Changes of registered address, headquarter address, postal code, website and e-mail in the reporting period Applicable Not Applicable The Companys registered address, headquarter address, postal code, website and e-mail remain unchanged during the reporting period. For details, please refer to the 2021 Annual report. II. Changes of newspapers for information disclosure, website for publication of JMCs half-year report and place for achieving half-year report in the reporting period Applicable Not Applicable There is no change of newspapers for information disclosure, website designated by CSRC for publication of JMCs Half-year Report and place for achieving Half-year Report. Please refer to 2021 Annual Report for details. III. Other Relevant Information Whether other relevant information has changed during the reporting period Applicable Not Applicable 6 4. Main accounting data and financial ratios Unit: RMB Reporting period (2022 first half) Same period last year Change (%) Revenue 14,222,759,384.00 17,675,621,088.00 -19.53% Profit Attributable to the Equity Holders of the Company 452,381,022.00 405,214,055.00 11.64% Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Profit or Loss -108,434,576.00 113,841,875.00 -195.25% Net Cash Generated From Operating Activities -3,331,546,475.00 69,917,849.00 -4,864.94% Basic Earnings Per Share (RMB) 0.52 0.47 11.64% Diluted Earnings Per Share (RMB) 0.52 0.47 11.64% Weighted Average Return on Equity Ratio 5.02% 3.62% up 1.4 percentage points At the end of the reporting period At the end of the previous year Change (%) Total Assets 25,869,296,314.00 26,359,084,120.00 -1.86% Shareholders Equity Attributable to the Equity Holders of the Company 8,778,210,687.00 8,555,444,589.00 2.60% 5. Accounting data difference between domestic and foreign accounting standards I. Differences in net profit and net assets disclosed respectively per IFRS and PRC GAAP. Applicable Not Applicable There is no difference between IFRS and PRC GAAP in net profit and net assets. II. Differences in net profit and net assets disclosed respectively per GAAP and PRC GAAP. Applicable Not Applicable There is no difference between GAAP and PRC GAAP in net profit and net assets. 6. Non-recurring profit and loss items and amounts Applicable Not Applicable 7 Unit: RMB Details of other profit and loss items that meet the definition of non-recurring profit and loss Applicable Not Applicable There is no any other profit and loss items that meet the definition of non-recurring profit and loss in the Company. The description of that the non-recurring profit and loss items listed in Corporate Information Disclosure of Public Issuing Securities No.1 are defined as recurring profit and loss items Applicable Not Applicable The Company does not have a situation in which the non-recurring profit and loss items listed in No.1 of Corporate Information Disclosure Announcement No.1 are defined as recurring profit and loss. Reporting period (2022 first half) Profit and loss of non-current assets disposal (including the charge-off part of the asset impairment provision) 395,312,262.00 Government subsidies included in the current profit and loss 261,059,234.00 Capital occupation fee charged for non-financial enterprises included in the current profit and loss 7,029,072.00 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 -4,174,119.00 Return of the impairment provision for receivables with a separate impairment test 110,068.00 Other non-operating income and expenses except the above 1,762,148.00 Less: Income tax impact amount 100,191,259.00 Influence of minority shareholders equity 91,808.00 Total 560,815,598.00 8 Chapter III Management Discussion and Analysis 1. Companys Core Business during the Reporting Period JMCs core business is production and sales of commercial vehicles, SUV and related components. JMCs major products include JMC series light truck, pickup and light bus; Yusheng SUV; Ford-brand light bus, MPV and Ford SUV. The Company also produces and sells engines, castings and other components for sales to domestic and overseas markets. In the first half of 2022, the Covid-19 epidemic broke out frequently in some regions, exerting significant impact on the economic and social development. Chinas automobile market was also greatly affected. The sales volume in the first half year was 12.057 million units, with YOY reduction of 6.6%. During the reporting period, JMC further strengthened its customer-centric philosophy and implemented marketing initiatives such as differentiation programs and channel empowerment to improve customer experience in response to risks such as intensified market competition, stricter regulatory requirements and the continued rise in raw material prices. The Company overcame the impact of the epidemic and chip shortage to ensure production and supply. At the same time, the Company continues to focus on improving product quality, promoting new product research and development, improving production efficiency and controlling operating costs. In the first half of 2022, JMC achieved sales volume of 135,957 units, with YOY decrease of 23.24%; the operation revenue reached RMB 14.223 billion, down 19.53% year on year; the net profit reached RMB 452 million, up 11.64% year on year; mainly reflecting the increase of profit driven by the disposal of the land and above-ground buildings and construction in the Qingyunpu site of the Company, which offset the decrease of profit resulted from the decreased sales volume and the higher cost of raw materials and chips. In 2022, JMC continued to expand the technical reservation and investment in new products, smart connectivity, new energy and light weight, etc. Based on vehicle, JMC developed autonomous driving and smart connectivity functions and achieved more function expansion through the third space with vehicle as the carrier. At the same time, JMC strengthens the construction of digitalization operation capability, thus entering such key value fields as network socialization and financial payment, etc., forming massive ecological circle and presenting excellent overall performance in the industry. 2. Core Competitiveness Analysis 9 JMC is a Sino-foreign joint venture auto company with R&D, manufacturing and sales operations. With leading position and advanced technology of commercial vehicles, JMC is a China auto industry pioneer providing excellent products and solutions to smart logistics, and a provider of Ford value products.JMC also is certificated as a national high-tech enterprise, national innovative pilot enterprise, national enterprise technology center, national industrial design center, national intellectual property demonstration enterprises and national automobile export base. JMC has been ranking among the top 100 most valuable global brands for consecutive years. JMC light bus insists on taking customers as the center, observes customer demand and light bus operation scenarios. JMC launched European light bus product portfolio with high quality, excellent performance and great cost performance, covering all scenarios of freight, passenger transport and refitting. JMC is the pioneer in industry providing Uptime 100% solution, continuing to help customers create value, thus achieving rapid growth of sales volume. JMCs light bus market share has been ranking No.1 in the segment for consecutive seven years, and awarded the title of “Vehicle No.1 for Epidemic Fighting”. JMC light truck has always been customer-oriented, with in-depth insight into light truck operation scenarios, and constantly enriching product lines. In response to the new blue license plate laws and regulations, lightweight iron and aluminium containers were launched. Lightweight chassis and a series of weight reduction measures were utilized on the new-generation light truck to enhance product competitiveness. JMC Pickup insists on unremitting customer-centric concept, JMC launched new Yuhu7 and Baodian products, creating Pickup life mode with immersive experience. Yuhu7 possesses the highlights of strong power, extraordinary quality, leading technology and fashionable life. In order to expand the multiple application attributes of Pickup, to meet customers higher pursuit of fun in life, JMC launched the JFX Yuhu Life Family series activities. Various activities interpreted Yuhu Life Family and enabled Pickup infinite possibilities. Based on the customers use habits in various scenarios, Baodian provides low dock model and flat container structure, which enables design more practical, goods moving more energy saving and overall style more fashionable. JMC continues to enrich the SUV product type spectrum, and promote the construction of brand-new PV channels. In the first half of 2022, there have been 183 Family Space Ford experience stores, covering over 154 cities in China. Jiangling Ford Technology shall insist on the belief of challenger, adheres to Ford brand spirit of pioneering and innovation, challenges tradition and disrupts itself, strengthens technical innovative capability, and creates 10 outstanding customer experience with differentiation, rejuvenation, personalization and profession. JMC Ford Equator Sport, a wide-body high-energy pioneer SUV officially launched in March 2022, not only carries the wet 7DCT dual-clutch transmission matched with the latest model of EcoBoost series, but also brings a wide space with the width of 1930mm and a leading intelligent ecosystem with the Tencent TAI4.0 intelligent car machine. In addition to ACC adaptive cruising + LKA lane keeping, it also has the function of tracking reverse and DCLC intelligent lane change assistance (lane change with light). JMC Ford PV has won high recognition from consumers in overseas market. The export volume was 16,260 units from January to July 2022, with YOY rise of 55%, realizing the brand-new pattern of “in China, for China and the World”. JMC adheres to the road of scientific and technological innovation, business model innovation and management innovation. The Company was driven to develop upward through new momentum transformation in an innovative way. First, JMC continues to implement the technology and product innovation-driven development strategy, continues to increase R&D investment, strengthens the close combination of R&D and scenarios, so as to ensure the success rate of product market launch, and to improve the efficiency of R&D input-output. JMC also pushes forward the input of core technologies for key resources such as new lightweight materials, power batteries, fuel cells, intelligent networking, and next-generation power transmission, and firmly advances the power system strategy. The combination of independent research and development and cooperation makes the research and development capability the core competitiveness of the Company. Second, JMC innovates business mode, deepens transformation and adjustment, adheres to business mode innovation, expands after-market business, opens up the whole value chain, and helps the development of new business. With scenario application as the starting point, JMC explores the economic value of new energy business, drives the benign development of new energy business, and increases the software development and Pack integration of power batteries, gradually forming a complete layout of new energy industry chain. Third, JMC adopts management innovation, optimizes the management structure, and enhances the efficiency of the