Share’s name: Jiangling Motors Share’s code: 000550 No.: 2020-016
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2020 First Quarter Report
§1 Important Note
1.1 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.
1.2 All Directors were present at the Board meeting to review the 2020 First
Quarter Report
.
1.3 Chairman Qiu Tiangao, CFO Li Weihua and Chief of Finance Department,
Ding Ni, confirm that the financial statements in this Quarter Report are truthful,
accurate and complete.
1
§2 Brief Introduction
2.1 Main accounting data and financial indicators
Unit: RMB
Reporting period Same Period YoY Change
(2020 first quarter) Last Year (%)
Revenue 4,619,180,560.00 6,506,385,533.00 -29.01%
Profit Attributable to the
Equity Holders of the 69,462,263.00 25,158,175.00 176.10%
Company
Net Cash Generated From
-3,209,160,716.00 -191,280,537.00 -1,577.72%
Operating Activities
Basic Earnings Per Share
0.08 0.03 176.10%
(RMB)
Diluted Earnings Per Share
0.08 0.03 176.10%
(RMB)
Weighted Average Return on
0.66% 0.24% 0.42
Net Asset Ratio (%)
At the end of At the end of the
previous year Change (%)
the reporting period
Total Assets 22,331,500,602.00 24,298,528,593.00 -8.10%
Shareholder’s equity
Attributable to the Equity 10,566,026,044.00 10,496,563,781.00 0.66%
Holders of the Company
2.2 Total number of shareholders and top ten shareholders at the end of
reporting period
2.2.1 Total number of shareholders and top ten shareholders
JMC had 28,908 shareholders as of March 31, 2020, including 23,340 A-share
Total shareholders
holders and 5,568 B-share holders.
Top ten shareholders
Shares Shares
Shareholding
Shareholder Shares as of with due to
Shareholder Type Percentage
Name March 31, 2020 Trading mortgage
(%)
Restriction or frozen
Nanchang
Jiangling State-owned legal
41.03 354,176,000 0 0
Investment Co., person
Ltd.
Ford Motor Foreign legal
32.00 276,228,394 0 0
Company person
China Securities Domestic
Corporation non-State-owned 2.72 23,458,066 0 0
Limited legal persons
Shanghai
State-owned
Automotive Co., 1.51 13,019,610 0 0
Legal person
Ltd.
2
Hong Kong
Securities Foreign legal
0.96 8,277,549 0 0
Clearing Company person
Ltd. (HKSCC)
Central Huijin State-owned
0.83 7,186,600 0 0
Investment Ltd. Legal person
GAOLING FUND, Foreign legal
0.63 5,453,086 0 0
L.P. person
INVESCO FUNDS Foreign legal
0.56 4,841,889 0 0
SICAV person
Domestic natural
Yang Wenting 0.44 3,827,921 0 0
person
LSV EMERGING
MARKETS Foreign legal
0.35 2,996,400 0 0
EQUITY FUND, person
L.P.
Top ten shareholders holding unlimited tradable shares
Shareholder Name Shares without Trading Share Type
Restriction
Nanchang Jiangling Investment Co., Ltd. 354,176,000 A share
Ford Motor Company 276,228,394 B share
China Securities Corporation Limited 23,458,066 A share
Shanghai Automotive Co., Ltd. 13,019,610 A share
Hong Kong Securities Clearing Company
8,277,549 B share
Ltd. (HKSCC)
Central Huijin Investment Ltd. 7,186,600 A share
GAOLING FUND, L.P. 5,453,086 B share
INVESCO FUNDS SICAV 4,841,889 B share
Yang Wenting 3,827,921 A share
LSV EMERGING MARKETS EQUITY
2,996,400 B share
FUND, L.P.
Notes on association among
None.
above-mentioned shareholders
Stock buy-back of top ten shareholders or top ten shareholders holding
unlimited tradable shares in the reporting period
□Yes □√No
There was no Stock buy-back of top ten shareholders or top ten shareholders
holding unlimited tradable shares in the reporting period.
2.2.2 Total number of shareholders holding preferred shares and top ten
shareholders holding preferred shares
□Applicable □√Not Applicable
3
§3 Major Events
3.1 Causes and explanations on major changes of financial indicators of the
reporting period
□√Applicable □Not Applicable
In the first quarter of 2020, JMC sold 44,965 vehicles in total, decreased by
30.93% compared with the same period last year, including 16,828 JMC-brand
light trucks, 7,841 JMC-brand pickups, 4,998 JMC-brand light buses, 4,530
SUVs, 10,464 Ford-brand commercial vehicles, and 304 heavy trucks.
Revenue and net profit during the reporting period were RMB 4,619 million and
RMB 69 million, decreased 29.01% and increased 176.10% respectively
compared with the same period last year.
As of the end of the first quarter of 2020, compared with the end of the
previous year, receivables financing decreased by RMB 91 million, down
31.49%, mainly reflecting the use of notes receivables to pay for goods and the
decrease of notes receivables.
As of the end of the first quarter of 2020, compared with the end of the
previous year, notes payable increased by RMB 62 million, up 196.23%,
mainly reflecting the increase of payment for goods by using notes payable.
As of the end of the first quarter of 2020, compared with the end of the
previous year, contract liabilities decreased by RMB 94 million, down 34.87%,
mainly reflecting that the Company pre-charges the payment for vehicles,
components and service, part of which has been categorized to operating
revenue of the period.
As of the end of the first quarter of 2020, compared with the end of the
previous year, tax payable decreased by RMB 181 million, down 91.27%,
mainly reflecting the decrease of tax payable at the end of the period.
In the first quarter of 2020, compared with the same period last year, operating
revenue decreased by RMB 1,887 million, down 29.01%; operating costs
decreased by RMB 1,686 million, down 30.09%; tax and surcharges
decreased by RMB 61 million, down 33.76%, mainly due to the decline of sales
volume affected by the COVID-19 epidemic.
In the first quarter of 2020, compared with the same period last year,, selling
expenses decreased by RMB 93 million, down 29.46%, mainly reflecting the
decrease of sales expenses caused by the decrease of sales volume.
In the first quarter of 2020, compared with the same period last year, net profit
increased by RMB 44 million, up 176.10%, mainly reflecting the continuous
4
promotion of cost reduction and efficiency improvement, and strict control of
expenditure.
In the first quarter of 2020, compared with the same period last year, income
tax expense increased by RMB 12 million, up 69%, mainly due to the profit
increase of this period.
In the first quarter of 2020, compared with the same period last year, net cash
flows from operating activities decreased by RMB 3,018 million, down
1577.72%, mainly due to the decrease in cash received from sales of goods
due to the decrease in sales volume affected by the COVID-19 epidemic.
In the first quarter of 2020, compared with the same period last year, net cash
flows from investing activities increased by RMB 374 million, up 38.16%,
mainly due to the decrease in cash paid for the purchase and construction of
fixed assets in the current period.
In the first quarter of 2020, compared with the same period last year, net cash
flows from financing activities increased by RMB 1,291 million, mainly due to
the new short-term borrowings.
In the first quarter of 2020, compared with the same period last year, the net
increase in cash and cash equivalents decreased by RMB 1,353 million, down
115.35%, mainly reflecting the decrease of net cash flows from operating
activities.
The Company plans to relocate the Plant located in Qingyunpu District,
Nanchang City in 2020 and 2021, in which the light truck vehicle capacity will
be relocated to the Company's Fushan factory, and the spare parts capacity
will be relocated to the Company's Xiaolan factory. The relocation of the
Qingyupu Plant will not have a substantial impact on the Company's
operations in the short term. In the long term, the relocation of the Qingyupu
Plant will enable the Company to achieve capacity optimization, efficiency
improvement and technological upgrading of process equipments.
3.2 Analysis of major events, their impacts and resolutions
□Applicable □√Not Applicable
3.3 Commitments of the Company actual controlling party, the shareholders,
the related parties, the acquirer, or the Company
□Applicable □√Not Applicable
3.4 Forecast on 2020 first half-year operating performance
Warning and explanations as to the situation that accumulated net profit during
5
the period from year beginning to the end of next reporting period may be
negative or, compared with the same period last year, may have a substantial
change
□Applicable □√Not Applicable
3.5 Securities investment
□Applicable □√Not Applicable
There was no securities investment during the reporting period.
3.6 Entrusting financial management
□Applicable □√Not Applicable
There was no entrusting financial management during the reporting period.
3.7 Securities derivates investment
□Applicable □√Not Applicable
There was no securities derivates investment during the reporting period.
3.8 External research and media interviews with the Company during the
reporting period
□Applicable □√Not Applicable
There was no external research or media interview with the Company during
the reporting period.
3.9. Outside guarantee in breach of laws & regulations
□Applicable □√Not Applicable
There was no outside guarantee in breach of laws & regulations during the
reporting period.
3.10 Non-operating funding in the Company occupied by controlling
shareholder and its affiliates
□Applicable □√Not Applicable
6
§4 Financial Statements
Jiangling Motors Corporation, Ltd.
1. Consolidated Balance Sheet
March 31, 2020
(All amounts in RMB yuan unless otherwise stated)
31 March 2020 31 December 2019
Assets
Consolidated* Consolidated
Current assets：
Cash at bank and on hand 6,433,871,604.00 8,937,936,658.00
Transactional financial assets 500,263,889.00 0.00
Notes receivables 28,647,953.00 85,816,311.00
Accounts receivables 2,353,753,391.00 2,208,236,620.00
Receivables financing 198,031,412.00 289,044,373.00
Advances to suppliers 571,786,163.00 517,122,502.00
Other receivables 113,941,582.00 115,983,137.00
Inventories 1,950,239,266.00 1,946,869,092.00
Other current assets 1,113,395,586.00 973,426,066.00
Total current assets 13,263,930,846.00 15,074,434,759.00
Non-current assets：
Long-term equity investments 38,350,022.00 40,934,557.00
Fixed assets 5,488,267,958.00 5,714,489,577.00
Construction in progress 1,504,856,501.00 1,498,124,778.00
Right-of-use asset 32,426,977.00 36,039,891.00
Intangible assets 924,201,291.00 948,755,845.00
Development costs 213,608,493.00 125,142,080.00
Deferred tax assets 865,858,514.00 860,607,106.00
Total non-current assets 9,067,569,756.00 9,224,093,834.00
Total assets 22,331,500,602.00 24,298,528,593.00
Current liabilities：
Short-term borrowings 1,300,000,000.00 0.00
Derivative financial liabilities 1,143,139.00 545,632.00
Notes payables 93,017,506.00 31,400,000.00
Accounts payables 5,333,204,665.00 8,116,169,589.00
Contract liabilities 174,646,652.00 268,170,154.00
Employee benefits payable 372,805,571.00 385,547,290.00
Taxes payable 17,351,605.00 198,777,104.00
Other payables 3,826,280,059.00 4,145,266,838.00
Current portion of non-current
11,477,841.00 13,843,406.00
liabilities
Other current liabilities 254,484,337.00 264,558,923.00
Total current liabilities 11,384,411,375.00 13,424,278,936.00
Non-current liabilities：
Long-term borrowings 3,247,733.00 3,197,814.00
7
Lease liabilities 21,500,076.00 22,592,252.00
Long-term employee benefits
62,430,938.00 63,685,000.00
payable
Provisions 165,436,773.00 166,687,460.00
Deferred income 35,169,460.00 34,389,578.00
Deferred tax liabilities 25,174,747.00 25,339,981.00
Other non-current liabilities 68,103,456.00 61,793,791.00
Total non-current liabilities 381,063,183.00 377,685,876.00
Total liabilities 11,765,474,558.00 13,801,964,812.00
Owners' equity：
Share capital 863,214,000.00 863,214,000.00
Capital surplus 839,442,490.00 839,442,490.00
Other comprehensive income -11,395,500.00 -11,395,500.00
Surplus reserve 431,607,000.00 431,607,000.00
Undistributed profits 8,443,158,054.00 8,373,695,791.00
Total equity attributable to equity owners
10,566,026,044.00 10,496,563,781.00
of the Company
Minority interests 0.00 0.00
Total owners' equity 10,566,026,044.00 10,496,563,781.00
Total Liabilities and owners' equity 22,331,500,602.00 24,298,528,593.00
* Unaudited financial indexes
8
2. Balance Sheet
March 31, 2020
(All amounts in RMB yuan unless otherwise stated)
Assets 31 March 2020* 31 December 2019
Current assets：
Cash at bank and on hand 6,022,967,158.00 8,677,928,946.00
Transactional financial assets 500,263,889.00 0.00
Notes receivables 439,553.00 20,792,000.00
Accounts receivables 744,624,899.00 865,928,297.00
Receivables financing 502,005,048.00 52,811,157.00
Advances to suppliers 559,018,837.00 504,562,617.00
Other receivables 3,261,772,220.00 3,118,317,705.00
Inventories 1,512,294,906.00 1,471,931,881.00
Other current assets 913,899,805.00 821,783,113.00
Total current assets 14,017,286,315.00 15,534,055,716.00
Non-current assets：
Long-term equity investments 378,350,022.00 380,934,557.00
Fixed assets 4,267,303,111.00 4,462,909,152.00
Construction in progress 1,262,734,584.00 1,244,963,653.00
Right-of-use asset 30,250,876.00 33,138,423.00
Intangible assets 491,688,554.00 513,529,416.00
Development costs 188,085,970.00 100,271,663.00
Deferred tax assets 168,963,261.00 182,248,610.00
Total non-current assets 6,787,376,378.00 6,917,995,474.00
Total assets 20,804,662,693.00 22,452,051,190.00
Current liabilities：
Short-term borrowings 1,300,000,000.00 0.00
Derivative financial liabilities 1,143,139.00 545,632.00
Notes payables 0.00 0.00
Accounts payables 5,214,005,826.00 7,908,815,398.00
Contract liabilities 639,942,602.00 77,585,490.00
Employee benefits payable 314,282,880.00 312,170,895.00
Taxes payable 14,865,281.00 119,431,418.00
Other payables 1,231,483,561.00 2,227,351,456.00
Current portion of non-current
10,304,104.00 11,500,358.00
liabilities
Other current liabilities 88,451,094.00 13,333,551.00
Total current liabilities 8,814,478,487.00 10,670,734,198.00
Non-current liabilities：
Long-term borrowings 3,247,733.00 3,197,814.00
Lease liabilities 21,500,076.00 22,592,252.00
9
Long-term employee benefits
62,130,938.00 63,385,000.00
payable
Provisions 0.00 0.00
Deferred income 35,169,460.00 34,389,578.00
Deferred tax liabilities 0.00 0.00
Other non-current liabilities 57,254,542.00 50,930,075.00
Total non-current liabilities 179,302,749.00 174,494,719.00
Total liabilities 8,993,781,236.00 10,845,228,917.00
Owners' equity：
Share capital 863,214,000.00 863,214,000.00
Capital surplus 839,442,490.00 839,442,490.00
Other comprehensive income -11,616,750.00 -11,616,750.00
Surplus reserve 431,607,000.00 431,607,000.00
Undistributed profits 9,688,234,717.00 9,484,175,533.00
Total owners' equity 11,810,881,457.00 11,606,822,273.00
Total Liabilities and owners' equity 20,804,662,693.00 22,452,051,190.00
* Unaudited financial indexes
10
3. Consolidated Income Statement
2020 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2020 First Quarter* 2019 First Quarter*
Gross revenue 4,619,180,560.00 6,506,385,533.00
Revenue 4,619,180,560.00 6,506,385,533.00
Total operating costs 4,733,559,021.00 6,613,067,438.00
Less：Cost of sales 3,916,066,861.00 5,601,573,530.00
Taxes and surcharges 119,070,398.00 179,764,943.00
Selling expenses 222,716,861.00 315,747,801.00
General and administrative expenses 206,161,298.00 195,174,150.00
Research and development expenses 302,062,331.00 359,954,694.00
Financial expenses -32,518,728.00 -39,147,680.00
Including: Interest expenses 7,794,430.00 53,320.00
Interest income 44,097,975.00 30,792,516.00
Add：Other income 164,739,694.00 12,152,205.00
Investment income 14,432,960.00 1,685,201.00
Including: Share of profit of associates and joint
-2,584,535.00 -59,981.00
ventures
Profit arising from changes in fair value -333,618.00 -4,118,513.00
Credit impairment losses 1,170,214.00 696,662.00
Gains on disposals of assets 0.00 -168,326.00
Operating profit 65,630,789.00 -96,434,676.00
Add：Non-operating income 1,293,229.00 106,321,760.00
Less：Non-operating expenses 2,951,304.00 2,434,977.00
Total profit 63,972,714.00 7,452,107.00
Less：Income tax expenses -5,489,549.00 -17,706,068.00
Net profit 69,462,263.00 25,158,175.00
Classified by continuity of operations
Net profit from continuing operations 69,462,263.00 25,158,175.00
Net profit from discontinued operations 0.00 0.00
Classified by ownership of the equity
Minority interests 0.00 0.00
Attributable to equity owners of the Company 69,462,263.00 25,158,175.00
Other comprehensive income, net of tax
Attributable to equity owners of the Company
Other comprehensive income that will not be reclassified
to profit or loss
Changes arising from remesurement of net liability or net
0.00 0.00
asset of defined benefit plan
Attributable to minority interests
Total comprehensive income 69,462,263.00 25,158,175.00
Attributable to equity owners of the Company 69,462,263.00 25,158,175.00
11
Attributable to minority interests 0.00 0.00
Earnings per share：
Basic earnings per share(RMB Yuan) 0.08 0.03
Diluted earnings per share(RMB Yuan) 0.08 0.03
*: Unaudited financial indexes
12
4. Income Statement
2020 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2020 First Quarter* 2019 First Quarter*
Revenue 4,333,342,232.00 6,118,634,036.00
Less：Cost of sales 3,704,459,354.00 5,392,813,061.00
Taxes and surcharges 115,847,718.00 170,418,716.00
Selling expenses 50,117,476.00 51,967,675.00
General and administrative expenses 157,935,401.00 172,130,185.00
Research and development
285,055,315.00 326,489,952.00
expenses
Financial expenses -40,519,132.00 -49,720,573.00
Including：Interest expenses 6,283,846.00 53,320.00
Interest income 49,953,979.00 40,459,850.00
Add：Other income 144,689,694.00 12,152,205.00
Investment income 14,432,960.00 1,685,201.00
Including：Share of profit of
-2,584,535.00 -59,981.00
associates and joint ventures
Profit arising from changes in fair
-333,618.00 -4,118,513.00
value
Credit impairment losses -44,746.00 766,306.00
Gains on disposals of assets 0.00 -168,326.00
Operating profit 219,190,390.00 64,851,893.00
Add：Non-operating income 1,050,062.00 106,288,499.00
Less：Non-operating expenses 2,951,304.00 2,077,131.00
Total profit 217,289,148.00 169,063,261.00
Less：Income tax expenses 13,229,964.00 1,378,988.00
Net profit 204,059,184.00 167,684,273.00
Net profit from continuing operations 204,059,184.00 167,684,273.00
Net profit from discontinued operations 0.00 0.00
Other comprehensive income, net of tax
Other comprehensive income that will not
be reclassified to profit or loss
Changes arising from remesurement of
net liability or net asset of defined benefit plan
Total comprehensive income 204,059,184.00 167,684,273.00
Earnings per share
Basic earnings per share(RMB Yuan) - -
Diluted earnings per share(RMB Yuan) - -
*: Unaudited financial indexes
13
5. Consolidated Cash Flow Statement
2020 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2020 First Quarter* 2019 First Quarter*
Cash flows from operating activities
Cash received from sales of goods or
4,817,652,267.00 7,191,549,667.00
rendering of services
Cash received relating to other
184,047,095.00 141,826,664.00
operating activities
Sub-total of cash inflows 5,001,699,362.00 7,333,376,331.00
Cash paid for goods and services 6,499,939,751.00 5,817,453,366.00
Cash paid to and on behalf of
562,630,851.00 632,414,595.00
employees
Payments of taxes and surcharges 499,921,086.00 417,049,821.00
Cash paid relating to other operating
648,368,390.00 657,739,086.00
activities
Sub-total of cash outflows 8,210,860,078.00 7,524,656,868.00
Net cash flows from operating activities -3,209,160,716.00 -191,280,537.00
Cash flows from investing activities：
Cash received from disposal of
2,495,000,000.00 3,300,000,000.00
investments
Cash received from returns on
17,810,966.00 5,739,140.00
investments
Net cash received from disposal of
fixed assets, intangible assets and other 29,348.00 232,000.00
long-term assets
Cash received relating to other
57,061,634.00 24,258,591.00
investing activities
Sub-total of cash inflows 2,569,901,948.00 3,330,229,731.00
Cash paid to acquire fixed assets,
intangible assets and other long-term 180,512,371.00 406,146,314.00
assets
Cash paid to acquire investments 2,995,000,000.00 3,900,000,000.00
Cash paid relating to other investing
1,194,271.00 5,298,068.00
activities
Sub-total of cash outflows 3,176,706,642.00 4,311,444,382.00
Net cash flows from investing activities -606,804,694.00 -981,214,651.00
Cash flows from financing activities：
Cash received from borrowings 1,300,000,000.00 0.00
Sub-total of cash inflows 1,300,000,000.00 0.00
Cash payments for distribution of
7,228,323.00 120,000.00
dividends, profits or interest expenses
14
Cash payments relating to other
1,987,321.00 0.00
financing activities
Sub-total of cash outflows 9,215,644.00 120,000.00
Net cash flows from financing activities 1,290,784,356.00 -120,000.00
Effect of foreign exchange rate changes
0.00 0.00
on cash and cash equivalents
Net increase in cash and cash
-2,525,181,054.00 -1,172,615,188.00
equivalents
Add：Cash and cash equivalents at
8,937,936,658.00 7,616,879,976.00
beginning of year
Cash and cash equivalents at end of
6,412,755,604.00 6,444,264,788.00
period
* Unaudited financial indexes
15
6. Cash Flow Statement
2020 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2020 First Quarter* 2019 First Quarter*
Cash flows from operating activities：
Cash received from sales of goods or rendering
4,179,929,582.00 7,110,414,995.00
of services
Cash received relating to other operating 154,864,705.00 134,836,625.00
activities of cash inflows
Sub-total 4,334,794,287.00 7,245,251,620.00
Cash paid for goods and services 6,315,563,976.00 5,609,177,481.00
Cash paid to and on behalf of employees 492,904,237.00 550,535,294.00
Payments of taxes and surcharges 370,835,212.00 331,586,876.00
Cash paid relating to other operating activities 443,825,017.00 376,500,710.00
Sub-total of cash outflows 7,623,128,442.00 6,867,800,361.00
Net cash flows from operating activities -3,288,334,155.00 377,451,259.00
Cash flows from investing activities：
Cash received from disposal of investments 5,262,976,131.00 5,164,000,000.00
Cash received from returns on investments 17,810,966.00 5,739,140.00
Net cash received from disposal of fixed assets, 29,348.00 232,000.00
Cash received other to other assets
intangible assets andrelating long-terminvesting 131,041,185.00 77,394,341.00
activities of cash inflows
Sub-total 5,411,857,630.00 5,247,365,481.00
Cash paid to acquire fixed assets, intangible
175,210,700.00 385,263,733.00
assets and other long-term assets
Cash paid to acquire investments 5,894,976,131.00 5,909,000,000.00
Cash paid relating to other investing activities 1,194,272.00 5,298,068.00
Sub-total of cash outflows 6,071,381,103.00 6,299,561,801.00
Net cash flows from investing activities -659,523,473.00 -1,052,196,320.00
Cash flows from financing activities：
Cash received from borrowings 1,300,000,000.00 0.00
Sub-total of cash inflows 1,300,000,000.00 0.00
Cash payments for distribution of dividends,
5,745,081.00 120,000.00
profits or interest expenses
Cash payments relating to other financing 1,359,079.00 0.00
activities
Sub-total of cash outflows 7,104,160.00 120,000.00
Net cash flows from financing activities 1,292,895,840.00 -120,000.00
Effect of foreign exchange rate changes on cash
0.00 0.00
and cash equivalents
16
Net increase in cash and cash equivalents -2,654,961,788.00 -674,865,061.00
Add：Cash and cash equivalents at beginning of 8,677,928,946.00 6,244,682,576.00
year and cash equivalents at end of period
Cash 6,022,967,158.00 5,569,817,515.00
*: Unaudited financial indexes
Board of Directors
Jiangling Motors Corporation, Ltd.
April 27, 2020
17
