Share’s code： 000550 Share’s Name： Jiangling Motors No.： 2023-011
200550 Jiangling B
Jiangling Motors Corporation, Ltd.
2023 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,
Ding Ni, confirm that the financial statements in this Quarter Report are
truthful, accurate and complete.
3. Whether the 2023 first report is audited?
□Yes √No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
Reporting period Same Period YoY Change
(2023 First Quarter) Last Year (%)
Revenue 7,525,930,457 7,232,030,037 4.06%
Net Profit Attributable to the
182,746,938 193,977,828 -5.79%
Equity Holders of the Company
Net Profit Attributable to
Shareholders of Listed
9,499,494 -27,656,476 134.35%
Company After Deducting
Non-Recurring Profit or Loss
Net Cash Generated From
-721,527,544 -2,691,345,433 73.19%
Operating Activities
Basic Earnings Per Share
0.21 0.22 -5.79%
(RMB)
Diluted Earnings Per Share
0.21 0.22 -5.79%
(RMB)
Weighted Average Return on 1.96% 2.24% -0.28%
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Net Asset Ratio (%)
At the end of the At the end of the
Change (%)
reporting period previous year
Total Assets 26,732,249,574 27,468,321,835 -2.68%
Shareholder’s equity
Attributable to the Equity 9,426,564,271 9,243,817,333 1.98%
Holders of the Company
2. Non-recurring profit and loss items and amounts
□√Applicable □Not Applicable
Unit: RMB
Reporting period
(2023 First quarter)
Profit and loss of non-current assets disposal (including
-306,672
the charge-off part of the asset impairment provision)
Government subsidies included in the current profit and
201,495,364
loss
Capital occupation fee charged for non-financial
2,085,707
enterprises 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 assets and trading financial liabilities, 330,150
as well as the investment income obtained from the
disposal of trading financial assets, trading financial
liabilities and available for sale financial assets
Other non-operating income and expenses except the
569,881
above
Less: Income tax impact amount 30,895,517
Influence of minority shareholders' equity (after-tax) 31,469
Total 173,247,444
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
The Company does not have a situation in which the non-recurring profit and
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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 2023, JMC sold 71,860 vehicles in total, increased by
2.43% compared with the same period last year, including 17,507 light buses,
16,765 trucks, 12,467 pickups, 25,121 SUVs. Revenue and net profit
attributable to the equity holders of the Company during the reporting period
were RMB 7,526 million and RMB 183 million, increased by 4.06% and
decreased by 5.79% respectively compared with the same period last year.
As of the end of the first quarter of 2023, compared with the end of the
previous year, notes receivable decreased by RMB 593 million, down 79.82%,
mainly due to the notes acceptance at maturity.
As of the end of the first quarter of 2023, compared with the end of the
previous year, financing receivables increased by RMB 244 million, up 64.76%,
mainly reflecting the increase of bank acceptance notes received in the
reporting period.
As of the end of the first quarter of 2023, compared with the end of the
previous year, other receivables decreased by RMB 35.19 million, down
31.69%, mainly due to the received equity transfer payment of the subsidiary.
As of the end of the first quarter of 2023, compared with the end of the
previous year, short-term borrowings increased by RMB 600 million, up
54.55%, mainly reflecting the increase of short-term bank borrowings in the
reporting period.
As of the end of the first quarter of 2023, compared with the end of the
previous year, contract liabilities increased by RMB 61.04 million, up 40.14%,
mainly reflecting the increase of the payment for vehicles, components and
service, received in advance by the Company in the reporting period.
In the first quarter of 2023, compared with the same period last year, net cash
flows used in operating activities decreased by RMB 1,970 million, down
73.19%, mainly due to the increase of sales volume and payments received
from dealers and the decrease of payments for goods.
In the first quarter of 2023, compared with the same period last year, net cash
flows used in investing activities increased by RMB 196 million, up 124.15%,
mainly reflecting the increase of cash payments for the purchase and
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construction of fixed assets in the reporting period.
In the first quarter of 2023, compared with the same period last year, net cash
flows generated from financing activities decreased by RMB 1,206 million,
down 90.33%, mainly due to the repayment of maturing borrowings in the
reporting period.
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
Total shareholders JMC had 44,131 shareholders, including 38,504 A-share holders, and 5,627 B-share
(as at March 31, 2023) holders.
Top ten shareholders
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
Shanghai Automotive Co., State-owned
1.51% 13,019,610 0 0
Ltd. legal person
Hong Kong Central Clearing Foreign legal
0.88% 7,561,228 0 0
Limited person
Domestic natural
Jin Xin 0.75% 6,514,935 0 0
person
Foreign legal
GAOLING FUND, L.P. 0.63% 5,453,086 0 0
person
Foreign legal
INVESCO FUNDS SICAV 0.44% 3,818,089 0 0
person
Wanjia Zhongzheng 1000
Domestic
Index Enhanced Type
non-State-owned 0.33% 2,820,646 0 0
Launched Securities
legal persons
Investment Fund
Domestic natural
Li Yifeng 0.28% 2,374,900 0 0
person
Domestic
ICBC-AXA Life Insurance
non-State-owned 0.24% 2,100,000 0 0
Co., Ltd.－Bonus Insurance
legal persons
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
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FORD MOTOR COMPANY 276,228,394 B share
Shanghai Automotive Co., Ltd. 13,019,610 A share
Hong Kong Central Clearing Limited 7,561,228 A share
Jin Xin 6,514,935 B share
GAOLING FUND, L.P. 5,453,086 B share
INVESCO FUNDS SICAV 3,818,089 B share
Wanjia Zhongzheng 1000 Index Enhanced Type
2,820,646 A share
Launched Securities Investment Fund
Li Yifeng 2,374,900 B share
ICBC-AXA Life Insurance Co., Ltd. － Bonus
2,100,000 A share
Insurance
Notes on association among above-mentioned None.
shareholders
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 SHEETS AS AT 31 March 2023
(All amounts in RMB Yuan unless otherwise stated)
31 March 2023 31 December 2022
ASSETS
Consolidated* Consolidated
Current assets
Cash and cash equivalents 8,162,667,628.00 8,604,977,725.00
Derivative financial assets 2,471,116.00 2,972,698.00
Notes receivable 149,903,586.00 742,752,730.00
Accounts receivable 4,792,252,291.00 4,245,541,752.00
Financing receivables 620,574,028.00 376,662,817.00
Advances to suppliers 314,327,137.00 277,743,526.00
Other receivables 75,868,376.00 111,063,372.00
Inventories 1,669,690,446.00 2,129,040,820.00
Current portion of non-current assets 14,009,926.00 13,851,634.00
Other current assets 1,316,930,312.00 1,362,502,624.00
Total current assets 17,118,694,846.00 17,867,109,698.00
Non-current assets
Long-term receivables 27,597,401.00 31,148,044.00
Long-term equity investments 245,428,597.00 248,482,822.00
Fixed assets 5,265,661,469.00 5,446,384,369.00
Construction in progress 812,217,437.00 718,612,190.00
Right-of-use assets 232,154,107.00 233,622,890.00
Intangible assets 1,261,977,795.00 1,195,005,752.00
Development expenditures 525,217,836.00 477,233,877.00
Deferred tax assets 1,243,300,086.00 1,250,722,193.00
Total non-current assets 9,613,554,728.00 9,601,212,137.00
TOTAL ASSETS 26,732,249,574.00 27,468,321,835.00
Current liabilities
Short-term borrowings 1,700,000,000 1,100,000,000
Accounts payable 7,741,305,216 9,015,978,354
Contract liabilities 213,103,827 152,065,025
Employee benefits payable 893,394,711 915,703,680
Taxes payable 149,278,553 193,249,604
Other payables 5,479,111,269 5,672,708,511
Current portion of non-current
liabilities 77,684,530 72,680,756
Other current liabilities 389,504,202 386,889,542
Total current liabilities 16,643,382,308 17,509,275,472
Non-current liabilities
Long-term borrowings 14,649,895.00 20,858,057.00
Lease liabilities 135,942,711.00 193,090,351.00
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Long-term employee benefits payable 50,245,898.00 51,293,000.00
Provisions 245,277,876.00 250,762,589.00
Deferred income 60,702,859.00 60,849,643.00
Deferred tax liabilities 23,131,544.00 23,305,359.00
Other non-current liabilities 113,431,557.00 118,240,580.00
Total non-current liabilities 643,382,340.00 718,399,579.00
Total liabilities 17,286,764,648.00 18,227,675,051.00
Equity
Share capital 863,214,000.00 863,214,000.00
Capital surplus 839,442,490.00 839,442,490.00
Other comprehensive income -13,484,250.00 -13,484,250.00
Surplus reserve 431,607,000.00 431,607,000.00
Retained earnings 7,305,785,031.00 7,123,038,093.00
Total equity attributable to
9,426,564,271.00 9,243,817,333.00
shareholders of the Company
Minority interests 18,920,655.00 -3,170,549.00
Total equity 9,445,484,926.00 9,240,646,784.00
TOTAL LIABILITIES AND EQUITY 26,732,249,574.00 27,468,321,835.00
* Unaudited financial indexes
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2. CONSOLIDATED INCOME STATEMENTS FOR 2023 First Quarter
(All amounts in RMB Yuan unless otherwise stated)
2023 First 2022 First
Item Quarter Quarter
Consolidated* Consolidated*
Total Revenue 7,525,930,457.00 7,232,030,037.00
Revenue 7,525,930,457.00 7,232,030,037.00
Total Cost of sales 7,571,674,682.00 7,308,469,500.00
including: Cost of sales 6,518,853,008.00 6,328,449,546.00
Taxes and surcharges 211,119,175.00 175,327,647.00
Selling and distribution expenses 304,434,447.00 343,099,020.00
General and administrative expenses 229,564,785.00 216,408,689.00
Research and development expenses 356,440,851.00 291,716,684.00
Financial expenses -48,737,584.00 -46,532,086.00
Including: Interest expenses 9,962,599.00 14,966,165.00
Interest income -53,058,732.00 -59,597,436.00
Add: Other income 201,495,364.00 260,513,928.00
Investment income -8,194,854.00 -12,707,827.00
Including: Share of profit of associates
-3,054,225.00 -3,344,212.00
and joint ventures
Gains on changes in fair value -501,582.00 2,407,009.00
Credit impairment losses -2,194,614.00 -186,485.00
Gains on disposal of assets -260,609.00 144,457.00
Operating profit 144,599,480.00 173,731,619.00
Add: Non-operating income 577,937.00 540,623.00
Less: Non-operating expenses 54,119.00 -170,222.00
Total profit 145,123,298.00 174,442,464.00
Less: Income tax expenses -10,714,844.00 -1,497,690.00
Net profit 155,838,142.00 175,940,154.00
Classified by continuity of operations
Net profit from continuing operations 155,838,142.00 175,940,154.00
Net profit from discontinued operations - -
Classified by ownership of the equity
Attributable to shareholders of the
182,746,938.00 193,977,828.00
Company
Minority interests -26,908,796.00 -18,037,674.00
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 - -
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defined benefit plan
Attributable to minority interests - -
Total comprehensive income 155,838,142.00 175,940,154.00
Attributable to shareholders of the
182,746,938.00 193,977,828.00
Company
Attributable to minority interests -26,908,796.00 -18,037,674.00
Earnings per share
Basic earnings per share (RMB Yuan) 0.21 0.22
Diluted earnings per share (RMB Yuan) 0.21 0.22
*: Unaudited financial indexes
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3. CONSOLIDATED AND CASH FLOW STATEMENTS FOR 2023 First
Quarter
(All amounts in RMB Yuan unless otherwise stated)
2023 First Quarter 2022 First Quarter
Item Consolidated* Consolidated*
Cash flows used in operating
activities
Cash received from sales of goods or
7,962,242,252.00 7,084,413,625.00
rendering of services
Refunds of taxes 304,302,316.00 -
Cash received relating to other
215,668,059.00 295,984,868.00
operating activities
Sub-total of cash inflows 8,482,212,627.00 7,380,398,493.00
Cash paid for goods and services 7,185,848,031.00 7,696,355,942.00
Cash paid to and on behalf of
632,776,899.00 768,884,832.00
employees
Payments of taxes and surcharges 804,476,706.00 779,035,171.00
Cash paid relating to other operating
580,638,535.00 827,467,981.00
activities
Sub-total of cash outflows 9,203,740,171.00 10,071,743,926.00
Net cash flows used in operating
-721,527,544.00 -2,691,345,433.00
activities
Cash flows used in investing
activities
Cash received from disposal of
- 100,000,000.00
investments
Cash received from returns on
- 758,219.00
investments
Net cash received from disposal of fixed
assets, intangible assets and other
479,286.00 21,017,677.00
long-
term assets
Cash received from disposal of
36,000,000.00 63,700,000.00
subsidiaries and other business units
Cash received relating to other
50,333,031.00 62,581,101.00
investing activities
Sub-total of cash inflows 86,812,317.00 248,056,997.00
Cash paid to acquire fixed assets,
intangible assets and other long-term 440,170,906.00 298,559,322.00
assets
Cash paid to acquire investments - 100,000,000.00
Cash paid relating to other investing
88,707.00 7,182,060.00
activities
Sub-total of cash outflows 440,259,613.00 405,741,382.00
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Net cash flows used in investing
-353,447,296.00 -157,684,385.00
activities
Cash flows generated from financing
activities
Cash received from absorbing
49,000,000.00 49,000,000.00
investments
Including: cash received by the
subsidiary from absorbing minority 49,000,000.00 49,000,000.00
shareholders' investment
Cash received from borrowings 1,689,372,500.00 1,288,852,500.00
Sub-total of cash inflows 1,738,372,500.00 1,337,852,500.00
Cash repayments of borrowings 1,106,183,828.00 -
Cash payments for distribution of
539,869.00 -
dividends, profits or interest expenses
Cash paid relating to other financing
502,544,489.00 2,915,194.00
activities
Sub-total of cash outflows 1,609,268,186.00 2,915,194.00
Net cash flows generated from
129,104,314.00 1,334,937,306.00
financing activities
Effect of foreign exchange rate
changes on cash and cash - -
equivalents
Net decrease in cash and cash
-945,870,526.00 -1,514,092,512.00
equivalents
Add: Cash and cash equivalents at
8,543,193,654.00 9,569,051,314.00
beginning of year
Cash and cash equivalents at end of
7,597,323,128.00 8,054,958,802.00
period
* Unaudited financial indexes
2. Whether the 2023 first quarter report is audited?
□Yes √No
JMC 2023 First Quarter Report is not audited.
Board of Directors
Jiangling Motors Corporation, Ltd.
April 27, 2023
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