Share’s name: Jiangling Motors Share’s code: 000550 No.: 2021-026
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2021 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 Except Director Thomas Hilditch authorized Vice Chairman Anning Chen to
exercise the voting rights on his behalf, all the other Directors were present at
the Board meeting to review the 2021 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
(2021 First Quarter) Last Year (%)
Revenue 8,041,295,685.00 4,619,180,560.00 74.08%
Profit Attributable to the Equity
277,530,327.00 69,462,263.00 299.54%
Holders of the Company
Net Profit Attributable to
Shareholders of Listed
150,125,194.00 -86,612,788.00 273.33%
Company After Deducting
Non-Recurring Profit or Loss
Net Cash Generated From
-2,012,581,942.00 -3,209,160,716.00 37.29%
Operating Activities
Basic Earnings Per Share
0.32 0.08 299.54%
(RMB)
Diluted Earnings Per Share
0.32 0.08 299.54%
(RMB)
Weighted Average Return on
2.49% 0.66% 1.83%
Net Asset Ratio (%)
At the end of the At the end of the
previous year Change (%)
reporting period
Total Assets 27,034,411,547.00 28,185,185,418.00 -4.08%
Shareholder’s equity
Attributable to the Equity 11,264,004,336.00 10,986,474,009.00 2.53%
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 36,712 shareholders as of March 31, 2021, including 31,122
Total shareholders
A-share holders and 5,590 B-share holders.
Top ten shareholders
Shares Shares
Shareholding Shares as of
Shareholder with due to
Shareholder Name Percentage March 31,
Type Trading mortgage
(%) 2021
Restriction or frozen
Nanchang Jiangling Investment State-owned
41.03 354,176,000 0 0
Co., Ltd. legal person
Foreign legal
Ford Motor Company 32.00 276,228,394 0 0
person
China Securities Finance State-owned
1.58 13,669,498 0 0
Corporation Limited legal person
State-owned
Shanghai Automotive Co., Ltd. 1.51 13,019,610 0 0
Legal person
Hong Kong Securities Clearing Foreign legal 1.37 11,864,523 0 0
2
Company Ltd. (HKSCC) person
Foreign legal
GAOLING FUND, L.P. 0.63 5,453,086 0 0
person
Foreign legal
INVESCO FUNDS SICAV 0.56 4,841,889 0 0
person
National Social Security Fund - State-owned
0.54 4,643,501 0 0
One One Eight Combinations legal person
RongTong Industry Prommon State-owned
0.46 4,004,011 0 0
Securities Investment Fund Legal person
Domestic
Jin Xing natural 0.42 3,649,000 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
China Securities Finance Corporation Limited 13,669,498 A share
Shanghai Automotive Co., Ltd. 13,019,610 A share
Hong Kong Securities Clearing Company Ltd.
11,864,523 A share
(HKSCC)
GAOLING FUND, L.P. 5,453,086 B share
INVESCO FUNDS SICAV 4,841,889 B share
National Social Security Fund - One One Eight
4,643,501 A share
Combinations
RongTong Industry Prommon Securities
4,004,011 A share
Investment Fund
Jin Xing 3,649,000 B share
Notes on association among above-mentioned
None.
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 2021, JMC sold 81,773 vehicles in total, increased by
81.86% compared with the same period last year, including 23,919 light buses,
29,967 trucks, 18,475 pickups, 9,412 SUVs. Revenue and net profit during the
reporting period were RMB 8,041 million and RMB 278 million, increased
74.08% and 299.54% respectively compared with the same period last year.
As of the end of the first quarter of 2021, compared with the end of the
previous year, financial assets held for trading decreased by RMB 251 million,
down 31.17%, mainly reflecting the decrease of structured deposit
investments.
As of the end of the first quarter of 2021, compared with the end of the
previous year, financing receivables decreased by RMB 247 million, down
30.23%, mainly reflecting the discount notes receivable and make payment for
goods.
As of the end of the first quarter of 2021, compared with the end of the
previous year, advances to suppliers increased by RMB 170 million, up
37.52%, mainly reflecting the increase in prepaid supplier payments due to
increased production.
As of the end of the first quarter of 2021, compared with the end of the
previous year, development expenditures decreased by RMB 104 million,
down 59.67%, mainly reflecting the development expenditures form intangible
assets.
As of the end of the first quarter of 2021, compared with the end of the
previous year, contract liabilities decreased by RMB 317 million, down
56.72%, 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 first quarter of 2021, compared with the end of the
previous year, tax payable decreased by RMB 99 million, down 45.17%,
mainly reflecting the decrease of tax payable at the end of the period.
In the first quarter of 2021, compared with the same period last year, operating
revenue increased by RMB 3,422 million, up 74.08%; operating costs
increased by RMB 2,842 million, up 72.56%; tax and surcharges increased by
4
RMB 93 million, up 77.82%, mainly due to the increase of sales.
In the first quarter of 2021, compared with the same period last year, selling
and distribution expenses increased by RMB 193 million, up 86.84%, mainly
due to the sales growth and the cost of bringing new models to market.
In the first quarter of 2021, compared with the same period last year, financial
gains increased by RMB 43 million, up 133.16%, mainly due to the interest
income from bank deposits increased.
In the first quarter of 2021, compared with the same period last year, income
tax expense increased by RMB 21 million, up 378.56%, mainly due to the profit
increase of this period.
In the first quarter of 2021, compared with the same period last year, net profit
increased by RMB 208 million, up 299.54%, mainly due to the sales growth
and continued to promote cost reduction and efficiency.
In the first quarter of 2021, compared with the same period last year, net cash
flows from operating activities increased by RMB 1,197 million, up 37.29%,
mainly due to the increase in cash received from the sale of goods resulting
from the increase in sales revenue.
In the first quarter of 2021, compared with the same period last year, net cash
flows from investing activities increased by RMB 568 million, up 93.60%,
mainly due to the reduced cash payments on current investments.
In the first quarter of 2021, compared with the same period last year, net cash
flows from financing activities decreased by RMB 1,298 million, down
100.57%, mainly due to the reduction in current borrowings.
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 Investment in financial assets
3.4.1 Securities investment
□Applicable □√Not Applicable
There was no securities investment during the reporting period.
5
3.4.2 Securities derivates investment
□Applicable □√Not Applicable
There was no securities derivates investment during the reporting period.
3.5 Progress of investment projects raised funds
□Applicable □√Not Applicable
3.6 Forecast on 2021 first half-year operating performance
Warning and explanations as to the situation that accumulated net profit during
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
Preliminary results: raised trend in the same direction
Data type of performance forecast: interval number.
Beginning of year to Same period
Change
end of next reporting period last year
Profit Attributable to the
Equity Holders of the 312 -- 416 207.77 up 50% -- 100%
Company (RMB million)
Basic earnings per
0.36 -- 0.48 0.24 up 50% -- 100%
share (RMB)
The main reasons are: 1. the Company's operating conditions in the first
quarter of 2021 were good, and the net profit in the first quarter of 2021 was
Explanation on 278 million, increased 299.54% compared with the same period last year; 2.
changes in the second quarter of 2021 is expected to continue the current operating
performance conditions and steadily increase the Company's profits; and, 3. It is
expected that the increase in profits will be partially offset by higher prices
for raw materials such as steel and precious metals.
3.7 Major contracts for daily operation
□Applicable □√Not Applicable
3.8 Entrusting financial management
□Applicable □√Not Applicable
There was no entrusting financial management 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.
6
3.10 Non-operating funding in the Company occupied by controlling
shareholder and its affiliates
□Applicable □√Not Applicable
3.11 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.
7
§4 Financial Statements
Jiangling Motors Corporation, Ltd.
1. Consolidated Balance Sheet
March 31, 2021
(All amounts in RMB yuan unless otherwise stated)
31 March 2021 31 December 2020
ASSETS Consolidated* Consolidated
Current assets
Cash and cash equivalents 9,063,230,194 11,121,955,129
Financial assets held for trading 553,285,342 803,892,985
Accounts receivable 3,391,397,600 2,999,883,212
Financing receivables 569,027,780 815,583,669
Advances to suppliers 622,569,394 452,714,683
Other receivables 187,173,723 128,989,573
Inventories 2,657,856,516 2,086,605,692
Other current assets 845,605,840 737,369,737
Total current assets 17,890,146,389 19,146,994,680
Non-current assets
Long-term equity investments 39,172,032 39,496,548
Fixed assets 4,925,145,280 5,165,956,410
Construction in progress 1,859,750,930 1,535,497,770
Right-of-use asset 25,762,370 28,405,890
Intangible assets 1,026,201,689 931,391,553
Development expenditures 69,970,009 173,473,242
Deferred tax assets 1,198,262,848 1,163,969,325
Total non-current assets 9,144,265,158 9,038,190,738
TOTAL ASSETS 27,034,411,547 28,185,185,418
Current liabilities
Short-term borrowings 500,000,000 500,000,000
Derivative financial liabilities 9,434,340 3,716,727
Accounts payables 8,972,392,406 10,026,215,877
Contract liabilities 241,739,977 558,526,846
Employee benefits payable 602,554,874 759,368,606
Taxes payable 119,779,346 218,445,227
Other payables 4,355,163,698 4,153,849,625
Current portion of non-current liabilities 11,048,195 10,909,163
Other current liabilities 380,022,654 410,899,328
Total current liabilities 15,192,135,490 16,641,931,399
Non-current liabilities
Long-term borrowings 2,581,896 2,563,666
Lease liabilities 16,911,966 18,998,952
Long-term employee benefits payable 61,975,473 62,855,000
Provisions 203,112,319 195,896,139
8
Deferred income 47,989,887 49,944,625
Deferred tax liabilities 142,413,311 126,995,164
Other non-current liabilities 103,286,869 99,526,464
Total non-current liabilities 578,271,721 556,780,010
Total liabilities 15,770,407,211 17,198,711,409
Equity
Share capital 863,214,000 863,214,000
Capital surplus 839,442,490 839,442,490
Other comprehensive income -11,759,250 -11,759,250
Surplus reserve 431,607,000 431,607,000
Retained earnings 9,141,500,096 8,863,969,769
Total equity attributable to
shareholders of the Company 11,264,004,336 10,986,474,009
Minority interests - -
Total equity 11,264,004,336 10,986,474,009
TOTAL LIABILITIES AND EQUITY 27,034,411,547 28,185,185,418
* Unaudited financial indexes
9
2. Company Balance Sheet
March 31, 2021
(All amounts in RMB yuan unless otherwise stated)
Assets 31 March 2021* 31 December 2020
Current assets
Cash and cash equivalents 7,147,823,778 8,473,562,045
Financial assets held for trading - 502,797,917
Accounts receivable 3,032,725,748 3,330,880,651
Financing receivables 543,382,091 29,412,448
Advances to suppliers 622,503,468 451,832,917
Other receivables 217,837,605 1,359,907,223
Inventories 2,589,839,044 2,020,079,494
Other current assets 717,066,487 678,079,950
Total current assets 14,871,178,221 16,846,552,645
Non-current assets
Long-term equity investments 2,807,115,525 1,561,496,548
Fixed assets 4,104,187,372 4,331,796,677
Construction in progress 1,761,747,953 1,429,348,858
Right-of-use asset 25,762,370 28,405,890
Intangible assets 734,402,301 637,918,837
Development expenditures 69,970,009 173,473,242
Deferred tax assets 356,580,162 370,120,915
Total non-current assets 9,859,765,692 8,532,560,967
TOTAL ASSETS 24,730,943,913 25,379,113,612
Current liabilities
Short-term borrowings 500,000,000 500,000,000
Derivative financial liabilities 9,434,340 3,716,727
Accounts payables 8,969,291,442 10,022,399,964
Contract liabilities 38,017,667 42,397,868
Employee benefits payable 548,989,314 687,984,808
Taxes payable 117,629,993 95,599,544
Other payables 1,539,562,203 1,495,307,482
Current portion of non-current liabilities 11,048,195 10,909,163
Other current liabilities 34,149,357 39,220,370
Total current liabilities 11,768,122,511 12,897,535,926
Non-current liabilities
Long-term borrowings 2,581,896 2,563,666
Lease liabilities 16,911,966 18,998,952
Long-term employee benefits payable 61,681,473 62,561,000
Provisions - -
Deferred income 47,989,887 49,944,625
Deferred tax liabilities 117,891,524 102,300,000
10
Other non-current liabilities 95,698,862 90,866,994
Total non-current liabilities 342,755,608 327,235,237
Total liabilities 12,110,878,119 13,224,771,163
Equity
Share capital 863,214,000 863,214,000
Capital surplus 839,442,490 839,442,490
Other comprehensive income -12,021,750 -12,021,750
Surplus reserve 431,607,000 431,607,000
Retained earnings 10,497,824,054 10,032,100,709
Total equity 12,620,065,794 12,154,342,449
TOTAL LIABILITIES AND EQUITY 24,730,943,913 25,379,113,612
* Unaudited financial indexes
11
3. Consolidated Income Statement
2021 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2021 First Quarter* 2020 First Quarter*
Gross revenue 8,041,295,685 4,619,180,560
Revenue 8,041,295,685 4,619,180,560
Total operating costs 7,894,002,695 4,733,559,021
Including: Cost of sales 6,757,671,284 3,916,066,861
Taxes and surcharges 211,727,033 119,070,398
Selling and distribution expenses 416,115,397 222,716,861
General and administrative expenses 254,322,582 206,161,298
Research and development expenses 329,987,380 302,062,331
Financial expenses -75,820,981 -32,518,728
Including: Interest expenses 4,265,054 7,794,430
Interest income -73,350,450 -44,097,975
Add: Other income 151,732,079 164,739,694
Investment income -4,199,646 14,432,960
Including: Share of profit of associates and joint ventures -324,516 -2,584,535
Gains on changes in fair value -6,325,256 -333,618
Credit impairment losses 2,535,834 1,170,214
Gains on disposals of assets 99,786 -
Operating profit 291,135,787 65,630,789
Add: Non-operating income 1,827,088 1,293,229
Less: Non-operating expenses 140,661 2,951,304
Total profit 292,822,214 63,972,714
Less: Income tax expenses 15,291,887 -5,489,549
Net profit 277,530,327 69,462,263
Classified by continuity of operations
Net profit from continuing operations 277,530,327 69,462,263
Net profit from discontinued operations - -
Classified by ownership of the equity
Minority interests - -
Attributable to shareholders of the Company 277,530,327 69,462,263
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 277,530,327 69,462,263
Attributable to equity owners of the Company 277,530,327 69,462,263
Attributable to minority interests - -
Earnings per share
12
Basic earnings per share(RMB Yuan) 0.32 0.08
Diluted earnings per share(RMB Yuan) 0.32 0.08
*: Unaudited financial indexes
13
4. Company Income Statement
2021 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2021 First Quarter* 2020 First Quarter*
Revenue 7,652,421,880 4,333,342,232
Less: Cost of sales 6,524,564,073 3,704,459,354
Taxes and surcharges 205,726,014 115,847,718
Selling and distribution expenses 72,832,378 50,117,476
General and administrative expenses 208,329,447 157,935,401
Research and development expenses 326,465,048 285,055,315
Financial expenses -61,149,506 -40,519,132
Including: Interest expenses 4,265,054 6,283,846
Interest income -58,642,667 -49,953,979
Add: Other income 151,648,183 144,689,694
Investment income -140,474 14,432,960
Including: Share of profit of associates and joint ventures -324,516 -2,584,535
Gains on changes in fair value -8,515,530 -333,618
Credit impairment losses 783,372 -44,746
Gains on disposals of assets 8,678,279 -
Operating profit 528,108,256 219,190,390
Add: Non-operating income 909,929 1,050,062
Less: Non-operating expenses -4,700 2,951,304
Total profit 529,022,885 217,289,148
Less: Income tax expenses 63,299,540 13,229,964
Net profit 465,723,345 204,059,184
Classified by continuity of operations
Net profit from continuing operations 465,723,345 204,059,184
Net profit from discontinued operations - -
Classified by ownership of the equity
Minority interests - -
Attributable to shareholders of the Company 465,723,345 204,059,184
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 465,723,345 204,059,184
Attributable to equity owners of the Company 465,723,345 204,059,184
Attributable to minority interests - -
Earnings per share
Basic earnings per share(RMB Yuan) —— ——
Diluted earnings per share(RMB Yuan) —— ——
*: Unaudited financial indexes
14
5. Consolidated Cash Flow Statement
2021 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2021 First Quarter* 2020 First Quarter*
Cash flows from operating activities
Cash received from sales of goods or rendering of services 8,392,373,337 4,817,652,267
Cash received relating to other operating activities 223,564,485 184,047,095
Sub-total of cash inflows 8,615,937,822 5,001,699,362
Cash paid for goods and services 8,510,907,261 6,499,939,751
Cash paid to and on behalf of employees 842,235,887 562,630,851
Payments of taxes and surcharges 693,474,450 499,921,086
Cash paid relating to other operating activities 581,902,166 648,368,390
Sub-total of cash outflows 10,628,519,764 8,210,860,078
Net cash flows from operating activities -2,012,581,942 -3,209,160,716
Cash flows from investing activities
Cash received from disposal of investments 1,300,000,000 2,495,000,000
Cash received from returns on investments 6,050,621 17,810,966
Net cash received from disposal of fixed assets, intangible
assets and other long-term assets 3,192,445 29,348
Net cash received from disposal of subsidiaries and other
business units 108,000,000 -
Cash received relating to other investing activities 75,811,147 57,061,634
Sub-total of cash inflows 1,493,054,213 2,569,901,948
Cash paid to acquire fixed assets, intangible assets and
other long-term assets 478,294,941 180,512,371
Cash paid to acquire investments 1,050,000,000 2,995,000,000
Cash paid relating to other investing activities 3,571,370 1,194,271
Sub-total of cash outflows 1,531,866,311 3,176,706,642
Net cash flows from investing activities -38,812,098 -606,804,694
Cash flows from financing activities
Cash received from borrowings 496,538,889 1,300,000,000
Sub-total of cash inflows 496,538,889 1,300,000,000
Cash repayments of borrowings 500,000,000 -
Cash payments for distribution of dividends, profits or
interest expenses 2,173,333 7,228,323
Cash payments relating to other financing activities 1,696,451 1,987,321
Sub-total of cash outflows 503,869,784 9,215,644
Net cash flows from financing activities -7,330,895 1,290,784,356
Effect of foreign exchange rate changes on cash and
cash equivalents - -
Net increase in cash and cash equivalents -2,058,724,935 -2,525,181,054
Add: Cash and cash equivalents at beginning of year 11,121,955,129 8,937,936,658
Cash and cash equivalents at end of period 9,063,230,194 6,412,755,604
* Unaudited financial indexes
15
6. Company Cash Flow Statement
2021 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item 2021 First Quarter* 2020 First Quarter*
Cash flows from operating activities
Cash received from sales of goods or rendering of services 8,254,569,351 4,179,929,582
Cash received relating to other operating activities 157,772,523 154,864,705
Sub-total of cash inflows 8,412,341,874 4,334,794,287
Cash paid for goods and services 8,322,341,054 6,315,563,976
Cash paid to and on behalf of employees 773,586,478 492,904,237
Payments of taxes and surcharges 468,574,873 370,835,212
Cash paid relating to other operating activities 323,026,060 443,825,017
Sub-total of cash outflows 9,887,528,465 7,623,128,442
Net cash flows from operating activities -1,475,186,591 -3,288,334,155
Cash flows from investing activities
Cash received from disposal of investments 2,142,000,000 5,262,976,131
Cash received from returns on investments 3,894,456 17,810,966
Net cash received from disposal of fixed assets, intangible
assets and other long-term assets 3,189,956 29,348
Net cash received from disposal of subsidiaries and other
business units 108,000,000 -
Cash received relating to other investing activities 64,689,259 131,041,185
Sub-total of cash inflows 2,321,773,671 5,411,857,630
Cash paid to acquire fixed assets, intangible assets and other
long-term assets 472,962,014 175,210,700
Cash paid to acquire investments 1,688,461,068 5,894,976,131
Cash paid relating to other investing activities 3,571,370 1,194,272
Sub-total of cash outflows 2,164,994,452 6,071,381,103
Net cash flows from investing activities 156,779,219 -659,523,473
Cash flows from financing activities
Cash received from borrowings 496,538,889 1,300,000,000
Sub-total of cash inflows 496,538,889 1,300,000,000
Cash repayments of borrowings 500,000,000 -
Cash payments for distribution of dividends, profits or interest
expenses 2,173,333 5,745,081
Cash payments relating to other financing activities 1,696,451 1,359,079
Sub-total of cash outflows 503,869,784 7,104,160
Net cash flows from financing activities -7,330,895 1,292,895,840
Effect of foreign exchange rate changes on cash and cash
equivalents - -
Net increase in cash and cash equivalents -1,325,738,267 -2,654,961,788
Add: Cash and cash equivalents at beginning of year 8,473,562,045 8,677,928,946
Cash and cash equivalents at end of period 7,147,823,778 6,022,967,158
*: Unaudited financial indexes
16
