Share’s code： 000550 Share’s Name： Jiangling Motors No.： 2022-038
200550 Jiangling B
Jiangling Motors Corporation, Ltd.
2022 Third Quarter Report
Jiangling Motors Co., Ltd. and its Board members undertake that the
information disclosed herein is truthful, accurate and complete and does
not 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 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.
2 Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department,
Ding Ni, confirm that the financial statements in this Quarter Report are truthful,
accurate and complete.
3. Whether the 2022 third report is audited?
□Yes □√No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
YoY Beginning of YoY
Reporting period
Change year to end of Change
(2022 Third quarter)
(%) reporting period (%)
Revenue 7,808,857,974.00 -0.08% 22,031,617,358.00 -13.57%
Profit Attributable to the Equity
264,803,793.00 266.58% 717,184,815.00 50.21%
Holders of the Company
Net Profit Attributable to
Shareholders of Listed Company
39,085,652.00 -48.27% -69,348,924.00 -136.62%
After Deducting Non-Recurring
Profit or Loss
Net Cash Generated From
—— —— -2,222,930,140.00 -389.83%
Operating Activities
Basic Earnings Per Share (RMB) 0.31 266.58% 0.83 50.21%
Diluted Earnings Per Share (RMB) 0.31 266.58% 0.83 50.21%
Weighted Average Return on Net 3.02% 1.90% 8.09% 3.57%
1
Asset Ratio (%)
At the end of the Change
At the end of the previous year
reporting period (%)
Total Assets 26,880,819,216.00 26,359,084,120.00 1.98%
Shareholder’s equity Attributable to
9,043,014,480.00 8,555,444,589.00 5.70%
the Equity Holders of the Company
2. Non-recurring profit and loss items and amounts
□√Applicable □Not Applicable
Unit: RMB
Reporting period Beginning of
(2022 Third year to end of
quarter) reporting period
Profit and loss of non-current assets disposal (including the
-2,096,625.00 393,215,637.00
charge-off part of the asset impairment provision)
Government subsidies included in the current profit and loss 263,814,531.00 524,873,765.00
Capital occupation fee charged for non-financial enterprises
3,541,434.00 10,570,506.00
included in the current profit and loss
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
1,866,883.00 -2,307,236.00
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
Return of the impairment provision for receivables with a
- 110,068.00
separate impairment test
Other non-operating income and expenses except the above -833,014.00 929,134.00
Less: Income tax impact amount 40,428,713.00 140,619,972.00
Influence of minority shareholders' equity (after-tax) 146,355.00 238,163.00
Total 225,718,141.00 786,533,739.00
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
2
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.
3. Causes and explanations on major changes of financial indicators of the
reporting period
□√Applicable □Not Applicable
In the first three quarters of 2022, JMC sold 207,671 vehicles in total, down
16.63% compared with the same period last year, including 50,538 trucks,
49,115 pickups, 53,796 SUVs, and 54,222 light buses. Revenue and profit
attributable to the equity holders of the Company during the first three quarters
of 2022 were RMB 22,032 million and RMB 717 million, decrease 13.57% and
increase 50.21% respectively compared with the same period last year.
As of the end of the third quarter of 2022, compared with the end of the
previous year, financial assets held for trading decreased by RMB 100 million,
down 100%, mainly reflecting the decrease of structured deposit investments.
As of the end of the third quarter of 2022, compared with the end of the
previous year, accounts receivable increased by RMB 1,537 million, up
51.33%, mainly reflecting the growth of vehicle export business.
As of the end of the third quarter of 2022, compared with the end of the
previous year, other receivables decreased by RMB 164 million, down 41%,
mainly due to the receipt of subsidiary equity transfer funds.
As of the end of the third quarter of 2022, compared with the end of the
previous year, development expenditures increased by RMB 187 million, up
168.18%, mainly due to the increase in the amount of R&D investment eligible
for capitalization in the current period.
As of the end of the third quarter of 2022, compared with the end of the
previous year, short-term borrowings increased by RMB 1,500 million, up
500%, mainly reflecting the increase in short-term bank borrowing.
As of the end of the third quarter of 2022, compared with the end of the
previous year, contract liabilities decreased by RMB 110 million, down 40.46%,
mainly reflecting 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 third quarter of 2022, compared with the end of the
previous year, taxes payable decreased by RMB 135 million, down 46.98%,
3
mainly reflecting the decrease of the taxes payable at the end of the period.
During the first three quarters of 2022, compared with the same period last
year, financial expenses increased by RMB 96 million, up 45.81%, mainly
reflecting the decrease of the interest income from bank deposits and the
increase of the financial interest expenses.
During the first three quarters of 2022, compared with the same period last
year, other income increased by RMB 181 million, up 52.72%, mainly reflecting
the increase of the received government incentives.
During the first three quarters of 2022, compared with the same period last
year, gains on disposal of assets increased by RMB 370 million, up 1,461.58%,
mainly reflecting the disposal of the land and above-ground buildings and
construction in the Qingyunpu site of the Company to bring income.
During the first three quarters of 2022, compared with the same period last
year, net profit attributable to the equity holders of the Company increased by
RMB 240 million, up 50.21%, 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.
During the first three quarters of 2022, compared with the same period last
year, net cash flows from operating activities decreased by RMB 1,769 million,
down 389.83%, mainly due to the decrease in cash received from the sale of
goods resulting from the decrease in sales revenue.
During the first three quarters of 2022, compared with the same period last
year, net cash flows from investing activities increased by RMB 161 million, up
101.71%, mainly reflecting the current received disposal payment of the land
and above-ground buildings and construction in the Qingyunpu site of the
Company.
During the first three quarters of 2022, compared with the same period last
year, net cash flows from financing activities increased by RMB 4,297 million,
up 142.04%, mainly due to the increase of short-term bank borrowings and the
decrease of dividend paid in the current period.
During the first three quarters of 2022, compared with the same period last
year, the net decrease of cash and cash equivalents decreased by RMB 2,689
million, down 80.99%, mainly due to the increase in net cash flow generated
from financing activities in the current period.
4
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
Total shareholders (as of JMC had 50,379 shareholders, including 44,705 A-shareholders, and 5,674
September 30, 2022) B-shareholders.
Top ten shareholders
Shareholding Shares with Shares due to
Shares at the
Shareholder Name Shareholder Type Percentage Trading Mortgage or
End of Year
(%) Restriction Frozen or Mark
Nanchang Jiangling State-owned legal
41.03% 354,176,000 0 0
Investment Co., Ltd. person
Ford Motor Company Foreign legal person 32.00% 276,228,394 0 0
Shanghai Automotive State-owned
1.51% 13,019,610 0 0
Co., Ltd. Legal person
Domestic natural
Jin Xing 0.71% 6,095,980 0 0
person
GAOLING FUND, L.P. Foreign legal person 0.63% 5,453,086 0 0
Social Security Fund - Domestic
One One Zero Three non-State-owned 0.45% 3,844,587 0 0
Combinations legal persons
Hong Kong Securities
Clearing Company Ltd. Foreign legal person 0.44% 3,822,801 0 0
(HKSCC)
INVESCO FUNDS
Foreign legal person 0.44% 3,818,089 0 0
SICAV
Wells Securities
Domestic
Dividend Index
non-State-owned 0.41% 3,575,094 0 0
Enhanced Securities
legal persons
Investment Fund
Domestic natural
Li Yifeng 0.34% 2,942,226 0 0
person
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
Shanghai Automotive Co., Ltd. 13,019,610 A share
Jin Xing 6,095,980 B share
GAOLING FUND, L.P. 5,453,086 B share
Social Security Fund - One One Zero Three
3,844,587 A share
Combinations
Hong Kong Securities Clearing Company Ltd.
3,822,801 A share
(HKSCC)
INVESCO FUNDS SICAV 3,818,089 B share
Wells Securities Dividend Index Enhanced
3,575,094 A share
Securities Investment Fund
Li Yifeng 2,942,226 B share
Notes on association among above-mentioned None.
shareholders
5
2.Total number of shareholders holding preferred shares and top ten
shareholders holding preferred shares
□Applicable □√Not Applicable
§3. Other Major Events
□Applicable □√Not Applicable
6
§4 Financial Statements
Jiangling Motors Corporation, Ltd.
1. CONSOLIDATED BALANCE SHEET AS AT 30 September 2022
(All amounts in RMB Yuan unless otherwise stated)
30 September 2022 31 December 2021
ASSETS Consolidated* Consolidated
Current assets
Cash and cash equivalents 8,937,933,216.00 9,569,051,314.00
Financial assets held for trading - 100,242,329.00
Notes receivable 69,801,200.00 119,783,900.00
Accounts receivable 4,532,108,125.00 2,994,798,227.00
Financing receivables 237,155,047.00 201,511,670.00
Advances to suppliers 440,536,396.00 497,302,198.00
Other receivables 236,001,250.00 399,983,736.00
Inventories 1,924,945,481.00 1,974,728,632.00
Current portion of non-current assets 13,695,132.00 13,236,153.00
Other current assets 1,180,594,070.00 984,174,056.00
Total current assets 17,572,769,917.00 16,854,812,215.00
Non-current assets
Long-term receivables 34,658,436.00 44,952,638.00
Long-term equity investments 249,987,521.00 257,251,255.00
Fixed assets 5,528,410,452.00 6,029,302,031.00
Construction in progress 522,420,930.00 448,338,672.00
Right-of-use assets 249,120,719.00 306,225,810.00
Intangible assets 1,068,467,524.00 1,073,881,961.00
Development expenditures 297,693,532.00 111,004,350.00
Deferred tax assets 1,232,876,984.00 1,233,315,188.00
Other non-current assets 124,413,201.00 -
Total non-current assets 9,308,049,299.00 9,504,271,905.00
TOTAL ASSETS 26,880,819,216.00 26,359,084,120.00
Current liabilities
Short-term borrowings 1,800,000,000.00 300,000,000.00
Derivative financial liabilities 223,750.00 10,704,619.00
Accounts payable 8,283,731,852.00 9,702,584,830.00
Contract liabilities 162,116,609.00 272,274,177.00
Employee benefits payable 782,627,863.00 766,986,525.00
Taxes payable 152,269,683.00 287,171,720.00
Other payables 5,480,903,131.00 5,253,800,805.00
Current portion of non-current liabilities 72,326,611.00 78,039,188.00
Other current liabilities 423,670,076.00 420,456,813.00
Total current liabilities 17,157,869,575.00 17,092,018,677.00
Non-current liabilities
7
Long-term borrowings 2,092,160.00 2,087,537.00
Lease liabilities 193,273,730.00 263,409,414.00
Long-term employee benefits payable 52,919,778.00 55,684,000.00
Provisions 216,310,512.00 197,587,164.00
Deferred income 61,819,437.00 49,074,545.00
Deferred tax liabilities 23,479,174.00 24,000,545.00
Other non-current liabilities 119,081,623.00 119,777,649.00
Total non-current liabilities 668,976,414.00 711,620,854.00
Total liabilities 17,826,845,989.00 17,803,639,531.00
Equity
Share capital 863,214,000.00 863,214,000.00
Capital surplus 839,442,490.00 839,442,490.00
Other comprehensive income -16,422,750.00 -16,422,750.00
Surplus reserve 431,607,000.00 431,607,000.00
Retained earnings 6,925,173,740.00 6,437,603,849.00
Total equity attributable to shareholders of the Company 9,043,014,480.00 8,555,444,589.00
Minority interests 10,958,747.00 -
Total equity 9,053,973,227.00 8,555,444,589.00
TOTAL LIABILITIES AND EQUITY 26,880,819,216.00 26,359,084,120.00
* Unaudited financial indexes
8
2. CONSOLIDATED INCOME STATEMENTS FROM 1ST JANUARY 2022 TO
30TH SEPTEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
2022.1.1-2022.9.30 2021.1.1-2021.9.30
Item
Consolidated* Consolidated*
Total Revenue 22,031,617,358.00 25,491,054,253.00
Including: Revenue 22,031,617,358.00 25,491,054,253.00
Total Cost of sales 22,210,150,244.00 25,332,786,549.00
Including: Cost of sales 18,870,567,493.00 21,552,830,774.00
Taxes and surcharges 649,198,393.00 699,123,834.00
Selling and distribution expenses 1,084,934,871.00 1,357,136,025.00
General and administrative expenses 684,921,452.00 805,117,434.00
Research and development expenses 1,033,734,057.00 1,127,465,570.00
Financial expenses -113,206,022.00 -208,887,088.00
Including: Interest expenses 41,152,045.00 12,735,235.00
Interest income -175,474,827.00 -211,784,418.00
Add: Other income 524,873,765.00 343,680,301.00
Investment income -32,212,952.00 -20,043,348.00
Including: Share of profit of associates and joint ventures -7,263,734.00 -1,496,509.00
Gains on changes in fair value 10,238,540.00 -7,577,109.00
Credit impairment losses 12,474,916.00 18,196,099.00
Gains on disposal of assets 395,120,147.00 25,302,606.00
Operating profit 731,961,530.00 517,826,253.00
Add: Non-operating income 3,293,204.00 2,988,740.00
Less: Non-operating expenses 4,268,579.00 30,031,709.00
Total profit 730,986,155.00 490,783,284.00
Less: Income tax expenses 51,842,593.00 13,333,376.00
Net profit 679,143,562.00 477,449,908.00
Classified by continuity of operations
Net profit from continuing operations 679,143,562.00 477,449,908.00
Net profit from discontinued operations - -
Classified by ownership of the equity
Attributable to shareholders of the Company 717,184,815.00 477,449,908.00
Minority interests -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 679,143,562.00 477,449,908.00
Attributable to shareholders of the Company 717,184,815.00 477,449,908.00
9
Attributable to minority interests -38,041,253.00 -
Earnings per share
Basic earnings per share(RMB Yuan) 0.83 0.55
Diluted earnings per share(RMB Yuan) 0.83 0.55
*: Unaudited financial indexes
10
3. CONSOLIDATED CASH FLOW STATEMENTS FROM 1ST JANUARY 2022
TO 30TH SEPTEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
2022.1.1-2022.9.30 2021.1.1-2021.9.30
Item
Consolidated* Consolidated*
Cash flows (used in)/generated from operating activities
Cash received from sales of goods or rendering of services 22,536,336,405.00 28,328,168,356.00
Refunds of taxes 186,207,463.00 -
Cash received relating to other operating activities 629,736,941.00 489,683,564.00
Sub-total of cash inflows 23,352,280,809.00 28,817,851,920.00
Cash paid for goods and services 19,978,330,477.00 23,278,603,650.00
Cash paid to and on behalf of employees 1,780,938,148.00 2,110,011,010.00
Payments of taxes and surcharges 1,746,532,718.00 1,794,875,837.00
Cash paid relating to other operating activities 2,069,409,606.00 2,088,182,545.00
Sub-total of cash outflows 25,575,210,949.00 29,271,673,042.00
Net cash flows (used in)/generated from operating
-2,222,930,140.00 -453,821,122.00
activities
Cash flows generated from/(used in) investing activities
Cash received from disposal of investments 200,000,000.00 2,400,000,000.00
Cash received from returns on investments 1,523,836.00 14,414,182.00
Net cash received from disposal of fixed assets, intangible
782,848,039.00 48,169,713.00
assets and other long-term assets
Net cash received from disposal of subsidiaries and other
139,040,000.00 108,000,000.00
business units
Cash received relating to other investing activities 163,104,941.00 216,774,537.00
Sub-total of cash inflows 1,286,516,816.00 2,787,358,432.00
Cash paid to acquire fixed assets, intangible assets and other
851,368,308.00 915,027,787.00
long-term assets
Cash paid to acquire investments 100,000,000.00 1,700,000,000.00
Cash paid relating to other investing activities 15,148,588.00 13,687,496.00
Sub-total of cash outflows 966,516,896.00 2,628,715,283.00
Net cash flows generated from/(used in) investing
319,999,920.00 158,643,149.00
activities
Cash flows generated from/(used in) financing activities
Cash received from absorbing investments 49,000,000.00 -
Including: cash received by the subsidiary from absorbing
49,000,000.00 -
minority shareholders' investment
Cash received from borrowings 3,868,751,389.00 989,255,556.00
Sub-total of cash inflows 3,917,751,389.00 989,255,556.00
Cash repayments of borrowings 2,400,208,436.00 1,000,214,487.00
Cash payments for distribution of dividends, profits or interest
230,353,307.00 3,002,446,863.00
expenses
Cash paid relating to other financing activities 15,377,524.00 11,879,993.00
11
Sub-total of cash outflows 2,645,939,267.00 4,014,541,343.00
Net cash flows generated from/(used in) financing
1,271,812,122.00 -3,025,285,787.00
activities
Effect of foreign exchange rate changes on cash and cash
- -
equivalents
Net decrease in cash and cash equivalents -631,118,098.00 -3,320,463,760.00
Add: Cash and cash equivalents at beginning of year 9,569,051,314.00 11,121,955,129.00
Cash and cash equivalents at end of period 8,937,933,216.00 7,801,491,369.00
* Unaudited financial indexes
2. Whether the 2022 third quarter report is audited?
□Yes √No
JMC 2022 Third Quarter Report is not audited.
Board of Directors
Jiangling Motors Corporation, Ltd.
October 26, 2022
12
