Share’s code： 000550 Share’s Name： Jiangling Motors No.： 2024-041
200550 Jiangling B
Jiangling Motors Corporation, Ltd.
2024 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,
Hu Hanfeng, confirm that the financial statements in this Quarter Report are
truthful, accurate and complete.
3. Whether the 2024 third report is audited?
□Yes No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
Beginning of
Reporting period YoY YoY
Year to End of
(2024 Third Change Change
Reporting
Quarter) (%) (%)
Period
Revenue 9,810,550,680 21.44% 27,730,616,481 17.96%
Net Profit Attributable to the
270,610,898 -3.38% 1,166,091,015 15.52%
Equity Holders of the Company
Net Profit Attributable to
Shareholders of Listed
273,470,523 14.05% 1,084,643,011 64.96%
Company After Deducting
Non-Recurring Profit or Loss
Net Cash Generated From
—— —— 1,726,373,652 -28.53%
Operating Activities
Basic Earnings Per Share 0.31 -3.38% 1.35 15.52%
(RMB)
1
Diluted Earnings Per Share 0.31 -3.38% 1.35 15.52%
(RMB)
Weighted Average Return on
2.65% -0.33% 10.86% 0.37%
Net Asset Ratio (%)
At the End of the At the End of the Previous Change
Reporting Period Year (%)
Total Assets 29,792,675,620 29,141,187,886 2.24%
Shareholder’s equity
Attributable to the Equity 10,928,974,161 10,350,145,738 5.59%
Holders of the Company
2. Non-recurring profit and loss items and amounts
Applicable □Not Applicable
Unit: RMB
Reporting period Beginning of
(2024 Third Year to End of
Quarter) Reporting Period
Profit and loss of non-current assets disposal
(including the charge-off part of the asset impairment -6,260,791 4,331,107
provision)
Government subsidies included in the current profit
18,366,385 94,745,361
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 assets and trading
-14,928,061 -1,343,588
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
Capital occupation fee charged for non-financial
819,252 4,049,856
enterprises included in the current profit and loss
Other non-operating income and expenses except the
-1,020,662 -5,041,520
above
Other profit and loss items that meet the definition of
0 -523,093
non-recurring profit and loss
Less: Income tax impact amount -226,585 15,412,454
Influence of minority shareholders' equity (after-tax) 62,333 -642,335
Total -2,859,625 81,448,004
Details of other profit and loss items that meet the definition of non-recurring
profit and loss
2
□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.
3. Causes and explanations on major changes of financial indicators of the
reporting period
Applicable □Not Applicable
In the first three quarters of 2024, JMC sold 242,223 vehicles in total,
increased by 9.56% compared with the same period last year, including 60,356
light buses, 42,927 trucks, 53,981 pickups, 84,959 SUVs. Revenue and net
profit attributable to the equity holders of the Company during the reporting
period were RMB 27,731 million and RMB 1,166 million, increased by 17.96%
and by 15.52% respectively compared with the same period last year.
As of the end of the third quarter of 2024, compared with the end of the
previous year, advances to suppliers decreased by RMB 153 million, down
75.09%, mainly reflecting the decrease of the advance payment to suppliers.
As of the end of the third quarter of 2024, co mpared with the end of the
previous year, inventories increased by RMB 572 million, up 36.63%, mainly
reflecting the increase of output and the increase of raw material procurement.
As of the end of the third quarter of 2024, compared with the end of the
previous year, construction in progress increased by RMB 199 million, up
42.77%, mainly reflecting the construction of new projects and increased
procurement of assets.
As of the end of the third quarter of 2024, compared with the end of the
previous year, short-term borrowings decreased by RMB 800 million, down
61.54%, mainly reflecting the repayment of short-term bank borrowings
As of the end of the third quarter of 2024, compared with the end of the
previous year, contract liabilities increased by RMB 152 million, up 62.33%,
3
mainly reflecting the increase in vehicle advance and technical service
payment.
During the first three quarters of 2024, compared with the same period last
year, taxes and surcharges increased by RMB 382 million, up 53.42%, mainly
due to a higher consumption tax resulting from rising passenger vehicle sales.
During the first three quarters of 2024, compared with the same period last
year, income tax expenses increased by RMB 66.84 million, up 51.95%,
mainly due to the increase of profit in the current period.
During the first three quarters of 2024, compared with the same period last
year, net cash flows generated from financing activities decreased by RMB
1,062 million, down 290.5%, 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 44,151 shareholders, including 38,463 A-share holders and 5,688
(as at September 31, 2024) B-share holders.
Top ten shareholders (excluding lending of shares through refinancing)
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
Hong Kong Securities
Clearing Company Ltd. Foreign legal person 2.46% 21,266,038 0 0
(HKSCC)
Domestic natural
Jin Xing 0.66% 5,730,700 0 0
person
China Merchants
Foreign legal person 0.57% 4,895,875 0 0
Securities (HK) Co., Ltd.
Nanfang CSI 1000 Domestic
Traded Open-ended non-State-owned 0.29% 2,494,930 0 0
Index Fund legal persons
Yunran Emerging Domestic
Growth XI Private Equity non-State-owned 0.23% 2,000,001 0 0
Fund legal persons
Domestic natural
Li Yifeng 0.21% 1,771,236 0 0
person
Jin Shiya Domestic natural 0.20% 1,758,500 0 0
4
person
Xingquan Hexing Hybrid Domestic
Securities Investment non-State-owned 0.17% 1,430,800 0 0
Fund (LOF) legal persons
Top ten shareholders holding unlimited tradable shares (excluding lending of shares through refinancing and
executive lock-up 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.
21,266,038 A share
(HKSCC)
Jin Xing 5,730,700 B share
China Merchants Securities (HK) Co., Ltd. 4,895,875 B share
Nanfang CSI 1000 Traded Open-ended Index
2,494,930 A share
Fund
Yunran Emerging Growth XI Private Equity
2,000,001 A share
Fund
Li Yifeng 1,771,236 B share
Jin Shiya 1,758,500 B share
Xingquan Hexing Hybrid Securities Investment
1,430,800 A share
Fund(LOF)
Notes on association among above-mentioned shareholders Shareholders holding more than 5% are not related.
Description of shareholders participating in financing and None.
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 AND COMPANY BALANCE SHEETS AS AT 30 SEPTEMBER
2024
(All amounts in RMB Yuan unless otherwise stated)
30 September 2024 31 December 2023
Item
Consolidated* Consolidated
Current assets
Cash and cash equivalents 11,112,576,683.00 11,830,560,675.00
Financial assets held for trading 200,486,576.00 200,604,877.00
Notes receivable 226,688.00 14,621,337.00
Accounts receivable 4,484,109,188.00 4,401,826,022.00
Financing receivables 138,726,500.00 123,170,062.00
Advances to suppliers 50,904,181.00 204,358,759.00
Other receivables 75,708,823.00 75,319,848.00
Inventories 2,131,774,223.00 1,560,259,511.00
Current portion of non-current assets 16,873,693.00 15,749,806.00
Other current assets 1,402,673,846.00 951,659,556.00
Total current assets 19,614,060,401.00 19,378,130,453.00
Non-current assets
Long-term receivables 12,960,260.00 22,775,696.00
Long-term equity investments 225,789,096.00 233,798,348.00
Fixed assets 5,584,256,801.00 5,389,645,152.00
Construction in progress 663,049,358.00 464,431,412.00
Right-of-use assets 176,453,236.00 194,836,028.00
Intangible assets 1,663,205,867.00 1,691,021,121.00
Development expenditures 292,653,742.00 283,738,155.00
Goodwill - -
Deferred tax assets 1,551,649,613.00 1,472,003,554.00
Other non-current assets 8,597,246.00 10,807,967.00
Total non-current assets 10,178,615,219.00 9,763,057,433.00
TOTAL ASSETS 29,792,675,620.00 29,141,187,886.00
Current liabilities
Short-term borrowings 500,000,000.00 1,300,000,000.00
Derivative financial liabilities 10,320,489.00 459,306.00
Accounts payable 10,569,241,997.00 9,476,215,223.00
Contract liabilities 395,670,160.00 243,740,992.00
Employee benefits payable 646,920,144.00 890,051,287.00
Taxes payable 128,666,932.00 118,399,765.00
Other payables 5,949,320,778.00 5,944,976,093.00
Current portion of non-current liabilities 98,463,884.00 93,383,898.00
Other current liabilities 402,774,089.00 373,948,630.00
6
Total current liabilities 18,701,378,473.00 18,441,175,194.00
Non-current liabilities
Long-term borrowings 1,147,185.00 1,391,414.00
Lease liabilities 95,884,482.00 138,005,943.00
Long-term employee benefits payable 50,172,772.00 52,891,000.00
Provisions 332,490,192.00 315,700,263.00
Deferred income 64,125,395.00 67,601,361.00
Deferred tax liabilities 37,077,982.00 19,256,890.00
Other non-current liabilities 207,496,920.00 120,293,201.00
Total non-current liabilities 788,394,928.00 715,140,072.00
Non-current liabilities 19,489,773,401.00 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 6,997,409.00 3,821,625.00
Surplus reserve 431,607,000.00 431,607,000.00
Retained earnings 8,808,285,262.00 8,232,632,623.00
Total equity attributable to
10,928,974,161.00 10,350,145,738.00
shareholders of the Company
Minority interests -626,071,942.00 -365,273,118.00
Total equity 10,302,902,219.00 9,984,872,620.00
TOTAL LIABILITIES AND EQUITY 29,792,675,620.00 29,141,187,886.00
* Unaudited financial indexes
7
2. CONSOLIDATED AND COMPANY INCOME STATEMENTS FOR 1st
JANUARY 2024 TO 30th SEPTEMBER 2024
(All amounts in RMB Yuan unless otherwise stated)
2024.1.1-2024.9.30 2023.1.1-2023.9.30
Item
Consolidated* Consolidated*
Total Revenue 27,730,616,481.00 23,508,145,170.00
Including: Revenue 27,730,616,481.00 23,508,145,170.00
Total Cost of sales 27,317,394,616.00 23,364,291,590.00
Including: Cost of sales 23,887,027,088.00 20,102,225,640.00
Taxes and surcharges 1,097,433,569.00 715,319,089.00
Selling and distribution expenses 969,535,546.00 811,961,641.00
General and administrative expenses 647,793,534.00 735,786,298.00
Research and development expenses 855,560,334.00 1,151,041,247.00
Financial expenses -139,955,455.00 -152,042,325.00
Including: Interest expenses 17,036,093.00 27,647,061.00
Interest income -163,857,921.00 -183,180,009.00
Add: Other income 423,291,899.00 409,483,303.00
Investment income 4,763,043.00 -14,076,781.00
Including: Share of profit of associates and joint
-3,872,852.00 -6,424,033.00
ventures
Gains on changes in fair value -9,979,484.00 1,822,779.00
Credit impairment losses 8,320,548.00 579,043.00
Asset impairment losses 4,564,039.00 -
Gains on disposal of assets 4,941,898.00 -2,399,417.00
Operating profit 849,123,808.00 539,262,507.00
Add: Non-operating income 2,060,583.00 7,415,818.00
Less: Non-operating expenses 7,712,894.00 2,992,667.00
Total profit 843,471,497.00 543,685,658.00
Less: Income tax expenses -61,820,694.00 -128,655,867.00
Net profit 905,292,191.00 672,341,525.00
Classified by continuity of operations
Net profit from continuing operations 905,292,191.00 672,341,525.00
Net profit from discontinued operations - -
Classified by ownership of the equity
Attributable to shareholders of the Company 1,166,091,015.00 1,009,452,769.00
Minority interests -260,798,824.00 -337,111,244.00
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 - -
8
Total comprehensive income 905,292,191.00 672,341,525.00
Attributable to shareholders of the Company 1,166,091,015.00 1,009,452,769.00
Attributable to minority interests -260,798,824.00 -337,111,244.00
Earnings per share
Basic earnings per share(RMB Yuan) 1.35 1.17
Diluted earnings per share(RMB Yuan) 1.35 1.17
*: Unaudited financial indexes
9
3. CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS FOR 1st
JANUARY 2024 TO 30th SEPTEMBER 2024
(All amounts in RMB Yuan unless otherwise stated)
2024.1.1-2024.9.30 2023.1.1-2023.9.30
Item
Consolidated* Consolidated*
Cash flows generated from operating activities
Cash received from sales of goods or rendering of
29,880,646,804.00 26,114,405,023.00
services
Refunds of taxes 164,581,363.00 534,837,907.00
Cash received relating to other operating activities 160,129,899.00 483,440,267.00
Sub-total of cash inflows 30,205,358,066.00 27,132,683,197.00
Cash paid for goods and services 22,533,597,108.00 19,467,297,699.00
Cash paid to and on behalf of employees 2,115,699,297.00 1,824,701,222.00
Payments of taxes and surcharges 2,256,297,011.00 1,818,749,033.00
Cash paid relating to other operating activities 1,573,390,998.00 1,606,347,259.00
Sub-total of cash outflows 28,478,984,414.00 24,717,095,213.00
Net cash flows generated from operating activities 1,726,373,652.00 2,415,587,984.00
Cash flows used in investing activities
Cash received from disposal of investments 600,000,000.00 100,000,000.00
Cash received from returns on investments 8,000,784.00 5,829,356.00
Net cash received from disposal of fixed assets,
26,414,906.00 1,355,619.00
intangible assets and other long-term assets
Cash received from disposal of subsidiaries and other
- 60,900,000.00
business units
Cash received relating to other investing activities 170,025,631.00 172,004,288.00
Sub-total of cash inflows 804,441,321.00 340,089,263.00
Cash paid to acquire fixed assets, intangible assets and
1,217,399,820.00 934,830,797.00
other long-term assets
Cash paid to acquire investments 600,000,000.00 300,000,000.00
Cash paid relating to other investing activities 2,805,783.00 88,707.00
Sub-total of cash outflows 1,820,205,603.00 1,234,919,504.00
Net cash flows used in investing activities -1,015,764,282.00 -894,830,241.00
Cash flows used in financing activities
Cash received from absorbing investments - 49,000,000.00
Including: cash received by the subsidiary from
- 49,000,000.00
absorbing minority shareholders' investment
Cash received from borrowings 1,993,735,139.00 3,581,942,944.00
Cash received from other financing activities 1,332,309.00 500,000,000.00
Sub-total of cash inflows 1,995,067,448.00 4,130,942,944.00
Cash repayments of borrowings 2,802,237,020.00 3,406,409,044.00
Cash payments for distribution of dividends, profits or
599,149,627.00 374,067,646.00
interest expenses
Cash paid relating to other financing activities 21,178,345.00 716,026,111.00
10
Sub-total of cash outflows 3,422,564,992.00 4,496,502,801.00
Net cash flows used in financing activities -1,427,497,544.00 -365,559,857.00
Effect of foreign exchange rate changes on cash
and cash equivalents - -
Net (decrease)/increase in cash and cash
-716,888,174.00 1,155,197,886.00
equivalents
Add: Cash and cash equivalents at beginning of year 11,746,518,615.00 8,543,193,654.00
Cash and cash equivalents at end of period 11,029,630,441.00 9,698,391,540.00
* 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 Third quarter report is audited?
□Yes No
JMC 2024 Third Quarter Report is not audited.
Board of Directors
Jiangling Motors Corporation, Ltd.
October 24, 2024
11
