Share’s code： 000550 Share’s Name： Jiangling Motors No.： 2024-019
200550 Jiangling B
Jiangling Motors Corporation, Ltd.
2024 First 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,
Hu Hanfeng, confirm that the financial statements in this Quarter Report are
truthful, accurate and complete.
3. Whether the 2024 first report is audited?
□Yes No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
Reporting period Same Period YoY Change
(2024 First Quarter) Last Year (%)
Revenue 7,974,792,045 7,525,930,457 5.96%
Net Profit Attributable to the
482,364,920 182,746,938 163.95%
Equity Holders of the Company
Net Profit Attributable to
Shareholders of Listed
420,804,103 9,499,494 4,329.75%
Company After Deducting
Non-Recurring Profit or Loss
Net Cash Generated From
-614,291,227 -721,527,544 14.86%
Operating Activities
Basic Earnings Per Share
0.56 0.21 163.95%
(RMB)
Diluted Earnings Per Share
0.56 0.21 163.95%
(RMB)
Weighted Average Return on 4.55% 1.96% 2.59%
1
Net Asset Ratio (%)
At the end of the At the end of the
Change (%)
reporting period previous year
Total Assets 27,766,056,883 29,141,187,886 -4.72%
Shareholder’s equity
Attributable to the Equity 10,833,366,089 10,350,145,738 4.67%
Holders of the Company
2. Non-recurring profit and loss items and amounts
Applicable □Not Applicable
Unit: RMB
Reporting period
(2024 First quarter)
Profit and loss of non-current assets disposal (including
-494,104
the charge-off part of the asset impairment provision)
Government subsidies included in the current profit and
64,951,003
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 assets and trading financial liabilities, 7,481,684
as well as the investment income obtained from the
disposal of trading financial assets, trading financial
liabilities and available for sale financial assets
Capital occupation fee charged for non-financial
2,169,852
enterprises included in the current profit and loss
Other non-operating income and expenses except the
-389,057
above
Other profit and loss items that meet the definition of
-523,093
non-recurring profit and loss
Less: Income tax impact amount 11,635,468
Total 61,560,817
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 quarter of 2024, JMC sold 74,322 vehicles in total, increased by
3.43% compared with the same period last year, including 17,179 light buses,
13,725 trucks, 18,715 pickups, 24,703 SUVs. Revenue and net profit
attributable to the equity holders of the Company during the reporting period
were RMB 7,975 million and RMB 482 million, increased by 5.96% and by
163.95% respectively compared with the same period last year.
As of the end of the first quarter of 2024, compared with the end of the
previous year, financing receivables increased by RMB 183 million, up 148.7%,
mainly reflecting the increase in notes receivable received from the sales.
As of the end of the first quarter of 2024, compared with the end of the
previous year, advances to suppliers decreased by RMB 102 million, down
49.82%, mainly reflecting the decrease of the advance payment to suppliers.
As of the end of the first quarter of 2024, compared with the end of the
previous year, inventories increased by RMB 509 million, up 32.59%, mainly
reflecting the increase of output and the increase of raw material procurement.
As of the end of the first quarter of 2024, compared with the end of the
previous year, development expenditures decreased by RMB 169 million,
down 59.64%, mainly due to the formation of intangible assets by development
expenditures.
As of the end of the first quarter of 2024, compared with the end of the
previous year, short-term borrowings decreased by RMB 900 million, down
69.23%, mainly reflecting the repayment of short-term bank borrowings.
As of the end of the first quarter of 2024, compared with the end of the
previous year, contract liabilities increased by RMB 98.65 million, up 40.47%,
mainly reflecting the increase in vehicle advance and technical service
payment.
In the first quarter of 2024, compared with the same period last year, other
income increased by RMB 90.91 million, up 45.12%, mainly reflecting the
impact of the additional deduction VAT input in the current period.
3
In the first quarter of 2024, compared with the same period last year, income
tax expenses decreased by RMB 69.92 million, up 652.58%, mainly due to the
losses of the subsidiaries.
In the first quarter of 2024, compared with the same period last year, net profit
attributable to shareholders of the Company increased by RMB 300 million, up
163.95%, mainly reflecting the increase of net profit attributable to
shareholders of the Company caused by the change of minority interests.
In the first quarter of 2024, compared with the same period last year, net cash
flows used in investing activities decreased by RMB 137 million, down 38.69%,
mainly reflecting the decrease in cash paid for the purchase and construction
of fixed assets in the current period.
In the first quarter of 2024, compared with the same period last year, net cash
flows generated from financing activities decreased by RMB 1,038 million,
down 803.71%, mainly reflecting the decrease in borrowings in the current
period.
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
Total shareholders JMC had 26,676 shareholders, including 21,184 A-share holders and 5,492
(as at March 31, 2024) B-share holders.
Top ten shareholders (Excluding lending of shares through refinancing)
Shareholding Shares with Shares due to
Shareholder Shares at the
Shareholder Name Percentage Trading Mortgage or
Type End of Year
(%) Restriction Frozen or Mark
Nanchang Jiangling State-owned
41.03% 354,176,000 0 0
Investment Co., Ltd. legal person
Foreign legal
Ford Motor Company 32.00% 276,228,394 0 0
person
Hong Kong Securities
Foreign legal
Clearing Company Ltd. 2.71% 23,421,136 0 0
person
(HKSCC)
Shanghai Automotive Co., State-owned
1.51% 13,019,610 0 0
Ltd. legal person
Domestic natural
Jin Xing 0.65% 5,590,700 0 0
person
Xingquan Hexing Hybrid Domestic
Securities Investment Fund non-State-owned 0.54% 4,642,296 0 0
（LOF） legal persons
Guangfa Wen Xin Capital Domestic
0.53% 4,568,516 0 0
Preservation Hybrid non-State-owned
4
Securities Investment Fund legal persons
China Merchants Foreign legal
0.47% 4,020,043 0 0
Securities (HK) Co., Ltd. person
Domestic natural
Li Yifeng 0.33% 2,873,800 0 0
person
Domestic natural
Jin Shiya 0.27% 2,343,512 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
Hong Kong Securities Clearing Company Ltd.
23,421,136 A share
(HKSCC)
Shanghai Automotive Co., Ltd. 13,019,610 A share
Jin Xing 5,590,700 B share
Xingquan Hexing Hybrid Securities Investment
4,642,296 A share
Fund（LOF）
Guangfa Wen Xin Capital Preservation Hybrid
4,568,516 A share
Securities Investment Fund
China Merchants Securities (HK) Co., Ltd. 4,020,043 B share
Li Yifeng 2,873,800 B share
Jin Shiya 2,343,512 B share
Notes on association among above-mentioned Shareholders holding more than 5% are not related.
shareholders
Description of shareholders participating in None.
financing and securities financing business
Participation of Shareholders holding more than 5% of shares, top 10
shareholders and top 10 shareholders with unlimited shares in the lending of
shares in the refinancing business
□Applicable Not Applicable
Change in the top 10 shareholders of the Company and the top 10
shareholders with unlimited shares from the previous period due to
lending/repatriation of refinancing business
□Applicable Not Applicable
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
5
§4 Financial Statements
Jiangling Motors Corporation, Ltd.
1. CONSOLIDATED BALANCE SHEETS AS AT 31 MARCH 2024
(All amounts in RMB Yuan unless otherwise stated)
31 March 2024 31 December 2023
ASSETS
Consolidated* Consolidated
Current assets
Cash and cash equivalents 10,098,337,815.00 11,830,560,675.00
Financial assets held for trading 200,604,877.00 200,604,877.00
Derivative financial assets 3,334,732.00 -
Notes receivable - 14,621,337.00
Accounts receivable 3,754,430,715.00 4,401,826,022.00
Financing receivables 306,328,811.00 123,170,062.00
Advances to suppliers 102,548,460.00 204,358,759.00
Other receivables 91,972,594.00 75,319,848.00
Inventories 2,068,770,281.00 1,560,259,511.00
Current portion of non-current
16,756,382.00 15,749,806.00
assets
Other current assets 1,196,350,962.00 951,659,556.00
Total current assets 17,839,435,629.00 19,378,130,453.00
Non-current assets
Long-term receivables 21,373,656.00 22,775,696.00
Long-term equity investments 232,647,414.00 233,798,348.00
Fixed assets 5,465,061,878.00 5,389,645,152.00
Construction in progress 518,840,266.00 464,431,412.00
Right-of-use assets 175,670,073.00 194,836,028.00
Intangible assets 1,835,932,819.00 1,691,021,121.00
Development expenditures 114,525,277.00 283,738,155.00
Goodwill - -
Deferred tax assets 1,552,498,811.00 1,472,003,554.00
Other non-current assets 10,071,060.00 10,807,967.00
Total non-current assets 9,926,621,254.00 9,763,057,433.00
TOTAL ASSETS 27,766,056,883.00 29,141,187,886.00
Current liabilities
Short-term borrowings 400,000,000.00 1,300,000,000.00
Derivative financial liabilities - 459,306.00
Accounts payable 8,626,384,262.00 9,476,215,223.00
Contract liabilities 342,393,601.00 243,740,992.00
Employee benefits payable 717,747,356.00 890,051,287.00
Taxes payable 158,248,300.00 118,399,765.00
Other payables 6,117,884,066.00 5,944,976,093.00
Current portion of non-current
92,585,233.00 93,383,898.00
liabilities
Other current liabilities 383,697,646.00 373,948,630.00
6
Total current liabilities 16,838,940,464.00 18,441,175,194.00
Non-current liabilities
Long-term borrowings 1,393,831.00 1,391,414.00
Lease liabilities 69,155,603.00 138,005,943.00
Long-term employee benefits
51,986,229.00 52,891,000.00
payable
Provisions 324,493,304.00 315,700,263.00
Deferred income 66,269,618.00 67,601,361.00
Deferred tax liabilities 19,114,078.00 19,256,890.00
Other non-current liabilities 169,906,115.00 120,293,201.00
Total non-current liabilities 702,318,778.00 715,140,072.00
Total liabilities 17,541,259,242.00 19,156,315,266.00
Equity
Share capital 863,214,000.00 863,214,000.00
Capital surplus 839,442,490.00 839,442,490.00
Other comprehensive income -20,572,000.00 -20,572,000.00
Special reserve 4,677,056.00 3,821,625.00
Surplus reserve 431,607,000.00 431,607,000.00
Retained earnings 8,714,997,543.00 8,232,632,623.00
Total equity attributable to
10,833,366,089.00 10,350,145,738.00
shareholders of the Company
Minority interests -608,568,448.00 -365,273,118.00
Total equity 10,224,797,641.00 9,984,872,620.00
TOTAL LIABILITIES AND
27,766,056,883.00 29,141,187,886.00
EQUITY
*: Unaudited financial indexes
7
2. CONSOLIDATED AND INCOME STATEMENTS FOR 2024 First Quarter
(All amounts in RMB Yuan unless otherwise stated)
2024 First 2023 First
Item Quarter Quarter
Consolidated* Consolidated*
Total Revenue 7,974,792,045.00 7,525,930,457.00
Revenue 7,974,792,045.00 7,525,930,457.00
Total Cost of sales 8,118,408,806.00 7,571,674,682.00
including: Cost of sales 6,994,942,049.00 6,518,853,008.00
Taxes and surcharges 296,137,616.00 211,119,175.00
Selling and distribution expenses 356,648,595.00 304,434,447.00
General and administrative
207,787,589.00 229,564,785.00
expenses
Research and development
319,007,229.00 356,440,851.00
expenses
Financial expenses -56,114,272.00 -48,737,584.00
Including: Interest expenses 6,798,858.00 9,962,599.00
Interest income -67,248,417.00 -53,058,732.00
Add: Other income 292,403,020.00 201,495,364.00
Investment income 2,536,711.00 -8,194,854.00
Including: Share of profit of
-1,150,934.00 -3,054,225.00
associates and joint ventures
Gains on changes in fair value 3,794,038.00 -501,582.00
Credit impairment losses 2,142,893.00 -2,194,614.00
Asset impairment losses 2,055,096.00 -
Gains on disposal of assets -494,104.00 -260,609.00
Operating profit 158,820,893.00 144,599,480.00
Add: Non-operating income 640,409.00 577,937.00
Less: Non-operating expenses 1,029,466.00 54,119.00
Total profit 158,431,836.00 145,123,298.00
Less: Income tax expenses -80,637,754.00 -10,714,844.00
Net profit 239,069,590.00 155,838,142.00
Classified by continuity of operations
Net profit from continuing operations 239,069,590.00 155,838,142.00
Net profit from discontinued
- -
operations
Classified by ownership of the equity
Attributable to shareholders of the
482,364,920.00 182,746,938.00
Company
Minority interests -243,295,330.00 -26,908,796.00
Other comprehensive income, net
- -
of tax
Attributable to shareholders of the
Company
Other comprehensive income items
8
which will not be reclassified to profit
or loss
Changes arising from
remeasurement of defined benefit - -
plan
Attributable to minority interests - -
Total comprehensive income 239,069,590.00 155,838,142.00
Attributable to shareholders of the
482,364,920.00 182,746,938.00
Company
Attributable to minority interests -243,295,330.00 -26,908,796.00
Earnings per share
Basic earnings per share (RMB
0.56 0.21
Yuan)
Diluted earnings per share (RMB
0.56 0.21
Yuan)
*: Unaudited financial indexes
9
3. CONSOLIDATED AND CASH FLOW STATEMENTS FOR 2024 First
Quarter
(All amounts in RMB Yuan unless otherwise stated)
2024 First Quarter 2023 First Quarter
Item
Consolidated* Consolidated*
Cash flows (used in)/generated from
operating activities
Cash received from sales of goods or
9,429,271,287.00 7,962,242,252.00
rendering of services
Refunds of taxes - 304,302,316.00
Cash received relating to other
79,100,802.00 215,668,059.00
operating activities
Sub-total of cash inflows 9,508,372,089.00 8,482,212,627.00
Cash paid for goods and services 8,077,222,540.00 7,185,848,031.00
Cash paid to and on behalf of
826,937,839.00 632,776,899.00
employees
Payments of taxes and surcharges 560,994,519.00 804,476,706.00
Cash paid relating to other operating
657,508,418.00 580,638,535.00
activities
Sub-total of cash outflows 10,122,663,316.00 9,203,740,171.00
Net cash flows (used in)/generated
-614,291,227.00 -721,527,544.00
from operating activities
Cash flows used in investing
activities
Cash received from disposal of
200,000,000.00 -
investments
Cash received from returns on
1,326,356.00 -
investments
Net cash received from disposal of
fixed assets, intangible assets and 5,962,459.00 479,286.00
other long-term assets
Cash received from disposal of
- 36,000,000.00
subsidiaries and other business units
Cash received relating to other
61,769,345.00 50,333,031.00
investing activities
Sub-total of cash inflows 269,058,160.00 86,812,317.00
Cash paid to acquire fixed assets,
intangible assets and other long-term 285,684,769.00 440,170,906.00
assets
Cash paid to acquire investments 200,000,000.00 -
Cash paid relating to other investing
83,305.00 88,707.00
activities
Sub-total of cash outflows 485,768,074.00 440,259,613.00
Net cash flows used in investing -216,709,914.00 -353,447,296.00
10
activities
Cash flows (used in)/generated from
financing activities
Cash received from absorbing
- 49,000,000.00
investments
Including: cash received by the
subsidiary from absorbing minority - 49,000,000.00
shareholders' investment
Cash received from borrowings 498,714,444.00 1,689,372,500.00
Cash received from other financing
171,814.00 -
activities
Sub-total of cash inflows 498,886,258.00 1,738,372,500.00
Cash repayments of borrowings 1,400,000,000.00 1,106,183,828.00
Cash payments for distribution of
3,088,694.00 539,869.00
dividends, profits or interest expenses
Cash paid relating to other financing
4,312,407.00 502,544,489.00
activities
Sub-total of cash outflows 1,407,401,101.00 1,609,268,186.00
Net cash flows (used in)/generated
-908,514,843.00 129,104,314.00
from financing activities
Effect of foreign exchange rate
changes on cash and cash - -
equivalents
Net decrease in cash and cash
-1,739,515,984.00 -945,870,526.00
equivalents
Add: Cash and cash equivalents at
11,746,518,615.00 8,543,193,654.00
beginning of year
Cash and cash equivalents at end of
10,007,002,631.00 7,597,323,128.00
period
*: Unaudited financial indexes
2. In 2024, the first implementation of the new accounting standards
adjustment and the situation of first implementation of the financial statements
at the beginning of the year related items
□Applicable Not Applicable
3. Whether the 2024 first quarter report is audited?
□Yes No
JMC 2024 First Quarter Report is not audited.
Board of Directors
Jiangling Motors Corporation, Ltd.
April 24, 2024
11
