Share’s 000550 Share’s Jiangling No.： 2021-063
code： Name： Motors
200550 Jiangling B
Jiangling Motors Corporation, Ltd.
2021 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 2021 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
(2021 Third quarter)
(%) reporting period (%)
Revenue 7,815,433,165 -2.37% 25,491,054,253 15.45%
Profit Attributable to the Equity
72,235,853 -52.10% 477,449,908 33.15%
Holders of the Company
Net Profit Attributable to
Shareholders of Listed Company
75,550,360 -40.00% 189,392,235 7.55%
After Deducting Non-Recurring
Profit or Loss
Net Cash Generated From
—— —— -453,821,122 -152.82%
Operating Activities
Basic Earnings Per Share (RMB) 0.08 -52.10% 0.55 33.15%
Diluted Earnings Per Share (RMB) 0.08 -52.10% 0.55 33.15%
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Weighted Average Return on Net
1.12% -0.29% 4.52% 1.16%
Asset Ratio (%)
At the end of the Change
At the end of the previous year
reporting period (%)
Total Assets 25,078,894,114 28,185,185,418 -11.02%
Shareholder’s equity Attributable to
8,463,392,053 10,986,474,009 -22.97%
the Equity Holders of the Company
2. Non-recurring profit and loss items and amounts
□√Applicable □Not Applicable
Unit: RMB
Reporting period Beginning of
(2021 Third year to end of
quarter) reporting period
Profit and loss of non-current assets disposal (including the
-13,248,557 -2,239,949
charge-off part of the asset impairment provision)
Government subsidies included in the current profit and loss 10,387,465 345,440,426
Capital occupation fee charged for non-financial enterprises
3,184,707 10,327,566
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
-4,095,114 -6,771,398
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
0 2,000,000
separate impairment test
Other non-operating income and expenses except the above 430,717 499,586
Other profit and loss items that meet the definition of
0 -5,423,293
non-recurring profit and loss
Less: Income tax impact amount -26,275 55,775,265
Total -3,314,507 288,057,673
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
2
□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 2021, JMC sold 249,084 vehicles in total, up 12.80%
compared with the same period last year; including 88,098 trucks, 47,784
pickups, 37,391 SUVs, 75,811 light buses. Revenue and net profit during the
first three quarters of 2021 were RMB 25,491 million and RMB 477 million,
increase 15.45% and increase 33.15% respectively compared with the same
period last year.
As of the end of the first three quarters of 2021, compared with the end of the
previous year, financial assets held for trading decreased by RMB 704 million,
down 87.53%, mainly reflecting the decrease of structured deposit
investments.
As of the end of the first three quarters of 2021, compared with the end of the
previous year, financing receivables decreased by RMB 533 million, down
65.38%, mainly reflecting the discount notes receivable and make payment for
goods.
As of the end of the first three quarters of 2021, compared with the end of the
previous year, advances to suppliers increased by RMB 177 million, up
39.14%, mainly reflecting the increase in prepaid supplier payments due to
increased production.
As of the end of the first three quarters of 2021, compared with the end of the
previous year, development expenditures decreased by RMB 70 million, down
40.06%, mainly reflecting the development expenditures form intangible
assets.
As of the end of the first three quarters of 2021, compared with the end of the
previous year, contract liabilities decreased by RMB 412 million, down 73.70%,
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 three quarters of 2021, compared with the end of the
previous year, tax payable increased by RMB 109 million, up 49.97%, mainly
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reflecting the increase of tax payable at the end of the period.
Selling and distribution expenses in the first three quarters of 2021 increased
by RMB 379 million, up 38.79% compared with the same period last year,
mainly due to the sales growth and the cost of bringing new models to market.
Financial gains in the first three quarters of 2021 increased by RMB 82 million,
up 64.16% compared with the same period last year, mainly due to the interest
income from bank deposits increased.
Net profit in the first three quarters of 2021 increased by RMB 119 million, up
33.15% compared with the same period last year, mainly due to the sales
growth and continued to promote cost reduction and efficiency.
Net cash flows from operating activities in the first three quarters of 2021
decreased by RMB 1,313 million, down 152.82% compared with the same
period last year, mainly due to the increase in payment for goods purchased.
Net cash flows from investing activities in the first three quarters of 2021
increased by RMB 2,017 million, up 108.54% compared with the same period
last year, mainly due to the reduced cash payments on current investments.
Net cash flows from financing activities in the first three quarters of 2021
decreased by RMB 4,241 million, down 348.91% compared with the same
period last year, mainly due to the reduction in current borrowings and the
payment of 2020 annual dividends
Cash and cash equivalents in the first three quarters of 2021 decreased by
RMB 3,536 million, down 1,636.92% compared with the same period last year,
mainly due to the payment of 2020 annual dividends.
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§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
Total shareholders (as of JMC had 49,684 shareholders, including 43,828 A-share holders, and 5,856 B-share
September 30, 2021) holders.
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
Hong Kong Securities
Clearing Company Ltd. Foreign legal person 0.67% 5,806,348 0 0
(HKSCC)
GAOLING FUND, L.P. Foreign legal person 0.63% 5,453,086 0 0
INVESCO FUNDS
Foreign legal person 0.56% 4,841,889 0 0
SICAV
National Social Security
State-owned legal
Fund - One One Eight 0.54% 4,643,501 0 0
person
Combinations
Domestic natural
Jin Xing 0.50% 4,324,900 0 0
person
National Social Security
State-owned legal
Fund - Four One Two 0.29% 2,462,400 0 0
person
Combinations
Domestic natural
Li Yifeng 0.28% 2,426,236 0 0
person
Notes on association among above-mentioned shareholders None.
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
Hong Kong Securities Clearing Company Ltd.
5,806,348 B 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
Jin Xing 4,324,900 B share
National Social Security Fund - Four One Two
2,462,400 A share
Combinations
Li Yifeng 2,426,236 B share
Notes on association among above-mentioned None.
shareholders
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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
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§4 Financial Statements
Jiangling Motors Corporation, Ltd.
1. Consolidated Balance Sheet
September 30, 2021
(All amounts in RMB Yuan unless otherwise stated)
30 September 2021 31 December 2020
ASSETS Consolidated* Consolidated
Current assets
Cash and cash equivalents 7,811,939,441.00 11,121,955,129.00
Financial assets held for trading 100,242,329.00 803,892,985.00
Accounts receivable 3,233,366,232.00 2,999,883,212.00
Financing receivables 282,395,187.00 815,583,669.00
Advances to suppliers 629,884,878.00 452,714,683.00
Other receivables 238,895,663.00 128,989,573.00
Inventories 2,254,800,151.00 2,086,605,692.00
Other current assets 1,015,191,562.00 737,369,737.00
Total current assets 15,566,715,443.00 19,146,994,680.00
Non-current assets
Long-term equity investments 38,000,039.00 39,496,548.00
Fixed assets 6,218,461,866.00 5,165,956,410.00
Construction in progress 615,982,267.00 1,535,497,770.00
Right-of-use assets 39,349,622.00 28,405,890.00
Intangible assets 1,116,889,956.00 931,391,553.00
Development expenditures 103,987,370.00 173,473,242.00
Deferred tax assets 1,379,507,551.00 1,163,969,325.00
Total non-current assets 9,512,178,671.00 9,038,190,738.00
TOTAL ASSETS 25,078,894,114.00 28,185,185,418.00
Current liabilities
Short-term borrowings 500,000,000.00 500,000,000.00
Derivative financial liabilities 7,643,180.00 3,716,727.00
Notes payable 10,448,072.00 -
Accounts payable 8,406,959,026.00 10,026,215,877.00
Contract liabilities 146,870,098.00 558,526,846.00
Employee benefits payable 650,873,612.00 759,368,606.00
Taxes payable 327,609,327.00 218,445,227.00
Other payables 5,555,330,309.00 4,153,849,625.00
Current portion of non-current liabilities 21,451,076.00 10,909,163.00
Other current liabilities 381,582,331.00 410,899,328.00
Total current liabilities 16,008,767,031.00 16,641,931,399.00
Non-current liabilities
Long-term borrowings 2,335,800.00 2,563,666.00
Lease liabilities 23,255,329.00 18,998,952.00
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Long-term employee benefits payable 59,924,563.00 62,855,000.00
Provisions 206,261,016.00 195,896,139.00
Deferred income 49,154,687.00 49,944,625.00
Deferred tax liabilities 151,515,810.00 126,995,164.00
Other non-current liabilities 114,287,825.00 99,526,464.00
Total non-current liabilities 606,735,030.00 556,780,010.00
Total liabilities 16,615,502,061.00 17,198,711,409.00
Equity
Share capital 863,214,000.00 863,214,000.00
Capital surplus 839,442,490.00 839,442,490.00
Other comprehensive income -11,759,250.00 -11,759,250.00
Surplus reserve 431,607,000.00 431,607,000.00
Retained earnings 6,340,887,813.00 8,863,969,769.00
Total equity attributable to shareholders of the Company 8,463,392,053.00 10,986,474,009.00
Minority interests - -
Total equity 8,463,392,053.00 10,986,474,009.00
TOTAL LIABILITIES AND EQUITY 25,078,894,114.00 28,185,185,418.00
* Unaudited financial indexes
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2. Consolidated Income Statement
Beginning of year to end of reporting period
(All amounts in RMB Yuan unless otherwise stated)
2021.1.1-2021.9.30 2020.1.1-2020.9.30
Item
Consolidated* Consolidated*
Total Revenue 25,491,054,253.00 22,078,865,851.00
Including: Revenue 25,491,054,253.00 22,078,865,851.00
Total Cost of sales 25,332,786,549.00 21,792,781,697.00
Including: Cost of sales 21,552,830,774.00 18,603,687,100.00
Taxes and surcharges 699,123,834.00 551,663,221.00
Selling and distribution expenses 1,357,136,025.00 977,855,385.00
General and administrative expenses 805,117,434.00 692,348,451.00
Research and development expenses 1,127,465,570.00 1,094,477,252.00
Financial expenses -208,887,088.00 -127,249,712.00
Including: Interest expenses 12,735,235.00 20,699,302.00
Interest income -211,784,418.00 -151,934,124.00
Add: Other income 343,680,301.00 170,285,467.00
Investment income -20,043,348.00 58,911,471.00
Including: Share of profit of associates and joint ventures -1,496,509.00 -2,620,620.00
Gains on changes in fair value -7,577,109.00 1,060,248.00
Credit impairment losses 18,196,099.00 -59,837,249.00
Asset impairment losses - -34,107,710.00
Gains on disposal of assets 25,302,606.00 -210,485.00
Operating profit 517,826,253.00 422,185,896.00
Add: Non-operating income 2,988,740.00 4,617,679.00
Less: Non-operating expenses 30,031,709.00 30,453,310.00
Total profit 490,783,284.00 396,350,265.00
Less: Income tax expenses 13,333,376.00 37,767,219.00
Net profit 477,449,908.00 358,583,046.00
Classified by continuity of operations
Net profit from continuing operations 477,449,908.00 358,583,046.00
Net profit from discontinued operations - -
Classified by ownership of the equity
Attributable to shareholders of the Company 477,449,908.00 358,583,046.00
Minority interests - -
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 477,449,908.00 358,583,046.00
Attributable to shareholders of the Company 477,449,908.00 358,583,046.00
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Attributable to minority interests - -
Earnings per share
Basic earnings per share(RMB Yuan) 0.55 0.42
Diluted earnings per share(RMB Yuan) 0.55 0.42
*: Unaudited financial indexes
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3. Consolidated Cash Flow Statement
Beginning of year to end of reporting period
(All amounts in RMB Yuan unless otherwise stated)
2021.1.1-2021.9.30 2020.1.1-2020.9.30
Item
Consolidated* Consolidated*
Cash flows from operating activities
Cash received from sales of goods or rendering of
28,328,168,356.00 23,182,317,549.00
services
Cash received relating to other operating activities 489,683,564.00 276,518,362.00
Sub-total of cash inflows 28,817,851,920.00 23,458,835,911.00
Cash paid for goods and services 23,278,603,650.00 17,624,001,228.00
Cash paid to and on behalf of employees 2,110,011,010.00 1,637,690,537.00
Payments of taxes and surcharges 1,794,875,837.00 1,318,344,666.00
Cash paid relating to other operating activities 2,088,182,545.00 2,019,537,024.00
Sub-total of cash outflows 29,271,673,042.00 22,599,573,455.00
Net cash flows from operating activities -453,821,122.00 859,262,456.00
Cash flows from investing activities
Cash received from disposal of investments 2,400,000,000.00 12,457,000,000.00
Cash received from returns on investments 14,414,182.00 61,692,956.00
Net cash received from disposal of fixed assets,
48,169,713.00 9,215,209.00
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries and
108,000,000.00 -
other business units
Cash received relating to other investing activities 216,774,537.00 156,835,539.00
Sub-total of cash inflows 2,787,358,432.00 12,684,743,704.00
Cash paid to acquire fixed assets, intangible assets
915,027,787.00 884,027,270.00
and other long-term assets
Cash paid to acquire investments 1,700,000,000.00 13,657,000,000.00
Cash paid relating to other investing activities 13,687,496.00 2,324,966.00
Sub-total of cash outflows 2,628,715,283.00 14,543,352,236.00
Net cash flows from investing activities 158,643,149.00 -1,858,608,532.00
Cash flows from financing activities
Cash received from borrowings 989,255,556.00 2,300,000,000.00
Sub-total of cash inflows 989,255,556.00 2,300,000,000.00
Cash repayments of borrowings 1,000,214,487.00 1,000,231,444.00
Cash payments for distribution of dividends, profits
3,002,446,863.00 75,271,714.00
or interest expenses
Cash paid relating to other financing activities 11,879,993.00 9,104,045.00
Sub-total of cash outflows 4,014,541,343.00 1,084,607,203.00
Net cash flows from financing activities -3,025,285,787.00 1,215,392,797.00
Effect of foreign exchange rate changes on cash and
- -
cash equivalents
Net increase in cash and cash equivalents -3,320,463,760.00 216,046,721.00
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Add: Cash and cash equivalents at beginning of year 11,121,955,129.00 8,937,936,658.00
Cash and cash equivalents at end of period 7,801,491,369.00 9,153,983,379.00
* Unaudited financial indexes
2. Statement of the adjustment of the financial statements
(1), The adjustment of the financial statements at the beginning of the year
when the new lease standards were firstly implemented since 2021.
□Applicable □√Not Applicable
(2) Description of the traceability adjustment of the preliminary comparison
data due to first implementation of the new lease standards since 2021
□Applicable □√Not Applicable
3. Whether the 2021 third quarter report is audited?
□Yes √No
JMC 2021 Third Quarter Report is not audited.
Board of Directors
Jiangling Motors Corporation, Ltd.
October 27, 2021
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