Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chongqing Changan Automobile
Company Limited
2024 Semi-Annual Report
August 2024
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 1 Important Notice, Contents, and Definitions
1. The Board of Directors (or the “Board”), the Supervisory Board as well as the directors,
supervisors and senior managers of Chongqing Changan Automobile Co., Ltd. hereby guarantee the
factuality, accuracy and completeness of the contents of this Report and its summary, and shall be
jointly and severally liable for any misrepresentations, misleading statements or material omissions
therein.
2. Zhu Huarong, the Company’s legal representative, Zhang Deyong, the Company’s Chief
Financial Officer and Shi Haifeng, the person-in-charge of the accounting organ hereby guarantee
that the financial statements carried in this Report are factual, accurate and complete.
3. Except the following directors, all the directors have attended the board meeting for reviewing
this Report.
Name of the directors absent Positions Reasons for the absence Name of the Trustees
Wang Jun Director Work reasons Zhu Huarong
4. Any prospective description such as future business plans and development strategies in this
Report shall not be considered as the Company’s commitment to investors. Investors and relevant
persons shall be sufficiently mindful of risks, and undertake the difference in plans, predictions and
commitment.
5. Chapter III “Management Discussion and Analysis” of this Report describes the possible risks
and countermeasures of the Company, and investors shall pay attention to the relevant content.
6. For the first half of 2024, the Company has no plans of cash dividend, no bonus shares and no
share converted from capital reserve.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
CONTENTS
Chapter 1 Important Notice, Contents, and Definitions ............................................. 1
Chapter 2 Company Profile and Main Financial Indexes ...........................................4
Chapter 3 Management Discussion and Analysis .......................................................7
Chapter 4 Corporate Governance ..............................................................................20
Chapter 5 Environment and Social Responsibility ................................................... 23
Chapter 6 Important Matters ..................................................................................... 32
Chapter 7 Changes in the Shareholding of the Company and Shareholders ............36
Chapter 8 Preferred Shares ........................................................................................40
Chapter 9 Bonds ........................................................................................................ 41
Chapter 10 The Financial Statements ....................................................................... 43
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Documents Available for Reference
I. Financial statements carrying the signatures and seals of the Company’s legal representative, the Chief Financial
Officer, and the person-in-charge of the accounting organ.
Ⅱ. During the reporting period, the original copies of all company documents and announcements publicly
disclosed by the Company in China Securities Journal, Securities Times, Securities Daily, Shanghai Securities
News, and Hong Kong Commercial Daily.
Definitions
Items Definitions
Changan Auto, Changan
Refers to Chongqing Changan Automobile Co., Ltd.
Automobile, the Company
Changan Ford Refers to Changan Ford Automobile Co., Ltd., a JV of the Company
Changan Mazda Refers to Changan Mazda Automobile Co., Ltd., a JV of the Company
Deepal Auto Refers to Deepal Automobile Technology Co., Ltd., a subsidiary company of the Company
Avatr Refers to Avatr Technology (Chongqing) Co., Ltd., an associate of the Company
Chongqing Changan Automobile Customer Service Co., Ltd., a subsidiary company
Customer Service Company Refers to
of the Company
Chongqing Changan Automobile International Sale Service Co., Ltd., a subsidiary
CIC Refers to
company of the Company
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 2 Company Profile and Main Financial Indexes
I. Basic Information
Stock abbreviation Changan Automobile, Changan B Stock Code 000625、200625
Listed on Shenzhen Stock Exchange
Company in Chinese name 重庆长安汽车股份有限公司
Company abbreviation in
长安汽车
Chinese name
Company name in English Chongqing Changan Automobile Company Limited
Legal representative Zhu Huarong
II. Contact Information
Secretary of the Board of Directors Securities Affairs Representative
Name Zhang Deyong Jie Zhonghua
Building T2, No. 2, Financial City, No. 61 Building T2, No. 2, Financial City, No. 61
Contact address Dongshengmen Road, Jiangbei District, Dongshengmen Road, Jiangbei District,
Chongqing Chongqing
TEL 023-67594008 023-67594008
FAX 023-67870261 023-67870261
E-mail address cazqc@changan.com.cn jiezh@changan.com.cn
III. Others
1. Contact information
Whether registration address, office address and its post code as well as website and email of the Company changed in the reporting
period or not
□ Applicable √ Not applicable
The registration address, office address and post code as well as website and email of the Company did not change in the
reporting period. See more details in Annual Report 2023.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
There are no changes in the website of the stock exchange, media and other websites where the Company discloses its
semi-annual report, as well as the preparation location of the Company's semi-annual report during the reporting period. For details,
please refer to the 2023 Annual Report.
3. Other relevant information
Whether other relevant information changed in the reporting period or not
□ Applicable √ Not applicable
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
IV. Key Accounting Data and Financial Indexes
Does the Company need to retrospectively adjust or restate the accounting data of previous years?
√ Yes □ No
Reason: Changes in accounting policies, Others
The reporting The same period of last year YoY change (%)
period Original Restated Restated
Operating revenue (RMB) 76,722,649,723.79 65,492,098,869.01 65,492,098,869.01 17.15%
Net profit attributable to
shareholders of the Company 2,831,743,111.82 7,652,979,346.80 7,652,979,346.80 -63.00%
(RMB)
Net profit after deduction of
non-recurring gains or losses
1,168,680,056.87 1,509,058,024.00 1,241,854,200.49 -5.89%
attributable to shareholders of
the Company(RMB)
Net cash flow from operating
3,435,100,740.53 6,955,456,713.59 6,955,456,713.59 -50.61%
activities (RMB)
Basic earnings per share
0.29 0.78 0.78 -62.82%
(RMB/share)
Diluted earnings per share
0.28 0.76 0.76 -63.16%
(RMB/share)
Weighted average ROE (%) 3.94% 11.70% 11.70% -7.76%
31 December 2023 YoY change (%)
30 June 2024
Original Restated Restated
Total assets (RMB) 187,321,694,926.71 190,171,127,138.27 190,171,127,138.27 -1.50%
Net assets attributable to
shareholders of the Company 71,740,279,992.28 71,853,119,985.49 71,853,119,985.49 -0.16%
(RMB)
Explanation of Reasons for Accounting Policy Changes and Others:
(1) The Ministry of Finance released the "Compilation of Application Guidelines for Enterprise Accounting Standards 2024" in
March 2024, which stipulates that warranty fees should be included in operating costs. The company will implement this regulation
from January 1st, 2024, as detailed in the announcement on changes in accounting policies (Announcement No. 2024-52).
(2) Due to the implementation of Interpretation Announcement No. 1 on Information Disclosure of Companies that Offer
Securities to the Public - Non recurring Gains and Losses, adjustments have been made to the non recurring gains and losses of the
investee enjoyed by shares in the investment income accounted for using the equity method during comparable periods.
V. The Differences between Chinese Accounting Standards and International Financial
Reporting Standards
1. Differences in net profit and net asset attributable to shareholders in financial report disclosed in
accordance with International Financial Reporting Standards and Chinese Accounting Standards.
□ Applicable √ Not applicable
No difference during the reporting period.
2. Differences of net profit and net assets disclosed in financial reports prepared under Overseas Financial
Reporting Standards and Chinese Accounting Standards.
□ Applicable √ Not applicable
No difference during the reporting period.
3. Reasons for differences in accounting data under Chinese Accounting Standards and International
Financial Reporting Standards.
□ Applicable √ Not applicable
VI. Items and Amounts of Non-Recurring Gains and Losses
√ Applicable □ Not applicable
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Unit: RMB
Item Amount Illustration
Non-recurring items and amounts (including accrued
4,959,452.69
reversal assets impairment part)
Government subsidies included in the profit and loss
of the current period (Except closely related to
business operations, in accordance with the national 1,470,786,451.16
unified standard quota or quantitative enjoyment of
government subsidies)
In addition to the effective hedging business related to
the normal business of the company, the gains and
losses from changes in fair value arising from the
holding of trading financial assets, derivative financial
assets, trading financial liabilities, derivative financial -27,836,943.34
liabilities, and disposal of transactional financial
assets, derivative finance Investment income from
assets, trading financial liabilities, derivative financial
liabilities and other debt investments
Capital occupation fees charged to non-financial
35,416,356.91
enterprises included in the current profit and loss
Reversal of impairment provision for accounts
8,614,937.00
receivable separately tested for impairment
Other non-operating income and expenses other than
27,056,373.59
the above items
Other profit and loss items that meet the definition of
215,878,122.13
non recurring gains and losses
Subtract: Influenced amount of income tax 37,405,904.07
Influenced amount of minority shareholders’
34,405,791.12
equity (after tax)
Total 1,663,063,054.95 --
The specific situation of other profit and loss items that meet the definition of non recurring gains and losses：
√ Applicable □ Not applicable
Due to the implementation of Interpretation Announcement No. 1 on Information Disclosure of Companies that Offer Securities
to the Public - Non recurring Gains and Losses, the non recurring gains and losses of the invested entity enjoyed by shares in the
investment income accounted for by the equity method are recognized.
Explanation of why the Company reclassifies non-recurrent gain/loss as a recurrent gain/loss item listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gain/Loss
Items
□ Applicable √ Not applicable
No such cases for the reporting period.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 3 Management Discussion and Analysis
I. The main business of the Company in the reporting period
1. Business overview
The Company is an automobile manufacturing company, and its main businesses include vehicle R&D, manufacturing and
sales, as well as engine R&D and production. At the same time, the Company actively develops three-electric technologies
represented by batteries, motors and electronic controls, intelligent technologies such as smart cockpits and smart driving, as well as
new businesses such as automotive life services, new marketing, and battery swap services, and accelerates the exploration of
industrial finance, used cars and other fields to build a complete industrial complex.
The Company has always adhered to the mission of "Leading Auto Culture for a Better Life", firmly promoted Changan
Automobile's "Third Entrepreneurship - Innovation and Entrepreneurship Plan", accelerated the transformation to an intelligent
low-carbon mobility technology company, and moved towards a world-class automobile brand. The Company actively develops
intelligent connected new energy vehicles, and has built three major brands: the Changan Brand, Deepal Automobile, and Avatr.
Among them, the Changan Brand has built three major brand sequences: Changan Uni, NEVO, and Changan Kaicheng, forming a
matrix of differentiated and independent brands; at the same time, it produces and sells joint venture brand models through joint
ventures Changan Ford and Changan Mazda. In the field of internal combustion engine vehicles, the company has launched a series
of classic self-branded models including the CS series, Eado series, and UNI series; its joint ventures have a number of well-known
products such as the new generation Mondeo, the new generation Navigator, CX-5, and Axela. In the field of new energy, it has
created new energy models such as NEVO Q05, A05 and A07, Deepal SL03, G318 and S07, Avatr 11 and 12, Lumin, and Changan
Hunter, and is committed to providing consumers with better products and service experience.
The company firmly adheres to the coordinated development of independent research and development, and joint venture
cooperation, operates its own automobile businesses such as Changan Uni, NEVO, Deepal Automobile, and Changan Kaicheng, and
firmly builds independent classic brands; it conducts investment control over joint ventures such as Changan Ford and Changan
Mazda, and continues to deepen mutual trust and cooperation with partners.
2. Industry situation
In the first half of 2024, facing the severe and complex international and domestic situation, China fully and accurately
implemented the new development concept, adhered to the requirement of seeking progress while maintaining stability, accelerated
the construction of a new development pattern, focused on promoting high-quality development, and continuously strengthened
economic resilience. Through counter-cyclical adjustments of macroeconomic policies, the domestic economy continued to recover
and improve in the first half of 2024, new quality productivity was cultivated and strengthened, growth of new momentum
accelerated, and positive market factors increased.
In the first half of the year, driven by the growth of new energy vehicles and overall automobile exports, the automobile market
maintained a trend of year-on-year growth . At the same time, the state introduced a series of macroeconomic policies such as
consumer goods trade-in and automobile for rural areas to further tap the potential of automobile spending by consumers. The
specific situation of the industry during the reporting period is as follows:
In the first half of 2024, the automobile industry grew in a stable manner, with a total of 14.047 million vehicles sold, marking a
year-on-year increase of 6.1%. In terms of market segments, 11.979 million passenger cars were sold in the first half of the year, a
year-on-year increase of 6.3%; 2.068 million commercial vehicles were sold, a year-on-year increase of 4.9%. The new energy
vehicle market continues to maintain its growth momentum, with 4.944 million units sold in the first half of 2024, a year-on-year
increase of 32.0%. New energy passenger cars achieved sales of 4.702 million units, a year-on-year increase of 31.5% and
accounting for 39.2% of the passenger car market, of which plug-in hybrid models grew faster than battery electric models.
Automobile exports continued to grow, with 2.793 million vehicles exported in the first half of the year, a year-on-year increase of
30.5%. Internal combustion engine models accounted for 78.3% of the total exports, and that of plug-in hybrid models increased by
179.3% year-on-year. The international influence of new energy vehicles has gradually expanded. Chinese automakers have seized
the development opportunities of new energy vehicles and automobile exports, promoted electrification and overseas market
development, and further improved market concentration.
(The above data/information comes from the "China Automobile Industry Production and Sales Express" published by the China
Association of Automobile Manufacturers and its industry information release)
3. Enterprise market performance
In the first half of 2024, facing the severe and complex international environment and arduous reform and development tasks,
Changan adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and unswervingly
promoted the "Third Entrepreneurship - Innovation and Entrepreneurship Plan". In the fierce competition, Changan made steady
progress and maintained the overall stability of production and operation. In the first half of 2024, the Company achieved sales of
1.334 million vehicles, an increase of 9.7% year-on-year, and its market share was stable and rising; sales of new energy vehicles and
overall exports performed well. 299,065 new energy vehicles of our own brands were sold, increasing by 69.9% year-on-year, and
our brands sold 203,207 vehicles overseas, an increase of 74.9%.
During the period, the Company established the strategic direction, accelerated the implementation of "The Third Business
Venture — Innovation & Entrepreneurship Program", and focused on the "Three Major Plans" to start new business and build new
achievements.In terms of new energy, the Company promoted the "Mission of Shangri-La", has secured core technologies. It
launched the "New Blue Core Power 2.0" to improve the integration of engine, motor, electronic control, range extender and other
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
innovations to create a power solution for all scenes across the globe; and the Deepal super range extension technology to further
increase the level of the range extension technologies; participated in the establishment of a joint venture company for battery
recycling, realizing the industrial layout of retired battery recycling. In terms of intelligence, the Company promoted the "Dubhe
Plan", will fully promote the research, development and application of intelligent technology. With the Level-3 traffic Jam Pilot (TJP)
equipped with SL03i, it is among the first of L3-level intelligent connected vehicle to go on pilot in the country; SDA-S advanced
intelligent driving is progressing according to plan and will soon be mass-produced with Changan NEVO E07. In terms of
globalization, the Company focused on the "Vast Ocean Plan" for globalization, and accelerated the localization efforts overseas.. In
Thailand, Changan showrooms and service stations have covered key provinces such as Bangkok. The Company also built regional
warehouses of spare parts to effectively enhance overseas service capabilities.
In the face of fierce market competition, the Company responded quickly and started to fully reform the marketing system. In
terms of networks, NEVO and UNI keep expanding, with the Deepal order center covering over 90% of major business districts, and
the transformation of AVATR networks has been advanced. For promotion, all employees have participated in a three-dimensional
communication matrix to spread the Company’s brands on multiple platforms. Retail data shows that sales of the third-generation
CS75 PLUS ranked first among compact SUVs (ICE) from Chinese brands in the first half of 2024, and sales of EADO series
maintained the forefront compact car (ICE) market among Chinese brands. In the first half of the year, the Company launched a
number of new energy models, such as Deepal G318, an intelligent off-road SUV, sales continue to rise since its launch; orders of
UNI-Z, the first model with the new Blue Core power system, quickly exceeded 10,000 after launch; Hunter, super extended range
pickup truck, continued to lead the market for new energy pickup truck. In the next half year, the Company will accelerate products
launch by releasing NEVO E07, Deepal S05, Deepal L07, AVATR 07, the fourth generation CS75 PLUS and other new or
redesigned.
II. Core Competence Analysis
(1) Strategic management capability. The Company has built a strategy management system to implement the company's
strategy through an integrated system of processes, tools and methodologies. First, the Company has strengthened strategic research
and judgement, gained a keen insight into trends, routinized daily, weekly, monthly and annual reports, as well as regular research
and judgement reports to advise the Company's decision-making. Second, dynamic iteration of strategic planning is ensured by a
number of strategic seminars organized each year, as well as consensus formed on industry trends, strategic directionto update the
Company's "The Third Business Venture — Innovation & Entrepreneurship Program." Third, the Company strengthened the
breakdown and implementation of strategy through a closed-loop management by focusing on the key business segments of the three
major plans," breaking down the business strategy, forming strategic tasks, and regularly monitoring, correcting and evaluating the
strategy.
(2) Cultural leadership capability. The Company has deepened its prevailing culture, actively fulfilled its social
responsibilities, and displayed a new corporate image. The Company has been selected as one of the "China ESG Listed Companies
Pioneer 100 (2024)" by virtue of its outstanding performance in ESG. The Company vigorously boosted confidence in innovation
and entrepreneurship, held a conference on the honour system and organized a series of activities such as "40 Years of Car
Manufacturing" to further stimulate the enthusiasm and creativity of all employees. The Company implemented double care, carried
out the "Employee Health Care Programme" to create a warm, caring and positive cultural atmosphere. The Company will fully assist
in rural revitalisation, fulfil its social responsibility, continue to promote its model of assistance as it helped Youyang Tea Oil to
improve its business operations and increase sales, disbursed CNY 10.6 million in targeted assistance funds to Luxi and Yanshan in
the first half of the year, and improved the quality and effectiveness of its assistance.
(3) Scientific and technological R&D capability. The Company insists on independent innovation, securing key core
technologies, and cultivating new productivity. In the field of new energy, the Company has been ploughing into the core technology
of "three electrics" and released the "New Blue Core Power 2.0", combining plug-in hybrid and range extension, earning itself four
technological labels: high efficiency, low carbon, strong power and quiet ride, as each liter of petroleum generates 3.63 kilowatts of
electricity. In the field of intelligence, the Company focuses on autonomous driving, invests in scientific and technological research
as well as breakthroughs in many key technologies such as intelligent driving lightweight NOA and large interaction models. It
joined hands with Huawei's Qian Kun Intelligent Driving System, lending strength to the new model's intelligent driving. The
Company was one of the first to test L3 intelligent connected vehicles in China and actively explored the system design architecture
of "vehicle, road and cloud integration" as well as its application in various scenarios, while accelerating the research and
development of autonomous driving technology. The new generation of intelligent driving technology has won the Technology
Innovation Award at the 2024 Autonomous Driving International Challenge. The Company will adhere to scientific and technological
innovation to lead development in the auto industry, and widely apply digital technology and green technology to continuously
improve product, service and innovation.
(4) Talent organization capability. The Company insists on strengthening itself with talents and improving the organisational
structure to preserve talent and increase efficiency. The talent structure is constantly transformed. The Company unswervingly
promoted the human resource reform that is market-based, professional and career-oriented; it accelerated the cultivation of
composite talents, and brought senior talents to the fields of modelling, smart driving, battery, etc., so as to support the Company's
strategic transformation. Organisational vitality is constantly stimulated. The management team is constantly reviewed to make sure
the cadres and talents were more market-oriented, and the reform system of merit-based appointment; it adjusted and improved the
five overseas regional business units and other organizations to create organizations and talent teams that match the strategy. The
incentive mechanism has been constantly innovated. The Company has improved incentive mechanisms such as "Project Follow-up"
and task-based appointment, improved medium- and long-term incentives and market delivery, and set goals to boost performance.
(5) Brand upward capability. The Company has built a value system around its brand and innovated brand promotion and
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
communication to help the brand move upward.The Company improved the value system of each brand under the brand structure of
Changan Automobile, focused on NEVO, sharpened the brand positioning, clarified the brand value, and helped to form the brand
image of "Digital and Intelligent Evolutionary New Automobile"; and released the "New Blue Core Power," a new energy power
system for the subsequent launch of new products. The new energy power system "New Blue Core Power" was released to provide
technical empowerment for the subsequent launch of new products. In terms of brand promotion and communication, NEVO E07, a
transformable new car, won the Gold Award in the Advertising Work Category of the 24th IAI AWARDS with its creative
advertisement; NEVO started a collaboration campaign, and NEVO adopted the giant panda Mangchanchan, gaining more than 10
million comments and interactions in 72 hours; it changed its communication mode and launched a company-wide campaign called
"Everyone is a Brand Officer",and took all employees on board in a communication matrix to increase impressions of the brand.
Globally, Changan Automobile was listed on the "BrandZ 2024 Top 50 Chinese Globalised Brands" for the first time, and the
international recognition of the company's brand is rapidly rising.
(6) Global deployment capability. The Company has been firmly committed to global development, grasped the opportunities
in the overseas market, and comprehensively pushed forward the "Vast Ocean plan". The Company has made progress on its global
operation system, and have pushed forward the construction of our production facility in Thailand and its marketing team in Mexico
in an orderly manner. Through a series of initiatives such as setting up overseas subsidiaries, launching new energy brands and
introducing new energy models, the Company continued to expand and deepen the layout of the global market. The Company signed
a memorandum of understanding with the Department of Value Added Tax of Thailand and successfully obtained approval for the
"EV3.5" policy; the Company presented two key models, the DEEPAL S7 and the NEVO A05, at the United Arab Emirates
Exhibition, completing the debut of the new energy brand in the Middle East region; the DEEPAL S7 topped the sales list of BEVs
among all brands available in Thailand in April. The Company focused on building the overseas system, increased the allocation of
overseas resources, improved the global logistics system, built a global supply chain with its partners, and accelerated the
implementation of the "Vast Ocean plan".
III. Analysis of Main Business
Overview
Whether it is the same as the company’s main business disclosure during the reporting period
√ Yes □ No
Please refer to the relevant content of "I. The main business of the Company in the reporting period" in chapter 3 of this report.
Y-o-Y changes in key financial data
Unit: RMB
The reporting period The same period of last year YoY change (%) Reasons for changes
Operating revenue 76,722,649,723.79 65,492,098,869.01 17.15%
Operating cost 66,134,307,155.12 54,790,036,298.76 20.70%
Mainly due to the increase in
sales volume, the impact of
Sales expense 3,077,988,414.27 2,280,397,591.19 34.98% increased expenses for sales
services, transportation,
warehousing, etc
General and administrative
2,426,863,860.79 2,271,960,408.55 6.82%
expenses
R&D expenses 2,912,092,313.40 2,964,604,104.48 -1.77%
Financial expenses -549,385,364.01 -453,268,104.89 -21.21%
Mainly due to the provision
for impairment of fixed assets
and intangible assets in the
Impairment loss -146,269,535.60 -397,274,160.99 63.18%
same period last year, while
there was no provision for
impairment in this period
Mainly due to the
confirmation of investment
Investment income 350,711,425.33 5,023,108,819.32 -93.02% returns from the acquisition
of Deep Blue Automotive in
the same period last year
Mainly due to the advanced
manufacturing value-added
Other income 1,442,510,651.32 657,988,649.18 119.23%
tax deduction policy enjoyed
in this period and the impact
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
of government subsidies
received
Income tax expense 65,628,900.78 176,620,825.19 -62.84%
Mainly affected by an
Subtotal of cash inflow from
3,435,100,740.53 6,955,456,713.59 -50.61% increase in payments to
operating activities
suppliers
Subtotal of cash inflow from
5,675,407,284.92 5,259,673,991.67 7.90%
investment activities
Mainly due to the fact that the
equity distribution for 2023
Net cash flow from financing has been paid in this period,
-3,308,164,902.30 -566,158,268.81 -484.32%
activities and the impact of unpaid
equity distribution for the
same period last year
Mainly due to increased
Net increase in cash and cash payments to suppliers and the
5,623,797,868.72 11,662,231,001.80 -51.78%
equivalents impact of equity distribution
in 2023
Major changes on profit composition or profit resources in reporting period
√ Applicable □ Not applicable
The company's profit during the reporting period is greatly affected by non recurring gains and losses. For details, please refer to
“VI. Non recurring Gains and Losses Items and Amounts” in Chapter 2 of this report.
Composition of the operating revenue
The reporting period The same period of last year
Proportion of Proportion of YoY change
Amount (RMB) operating revenue Amount (RMB) operating revenue (%)
（%） (%)
Operating revenue 76,722,649,723.79 100% 65,492,098,869.01 100% 17.15%
By industry
Automotive business 76,722,649,723.79 100% 65,492,098,869.01 100% 17.15%
By product
Vehicles 72,857,083,609.60 94.96% 61,803,014,700.65 94.37% 17.89%
Services and others 3,865,566,114.19 5.04% 3,689,084,168.36 5.63% 4.78%
By region
China 59,820,525,384.76 77.97% 57,602,185,093.44 87.95% 3.85%
Overseas 16,902,124,339.03 22.03% 7,889,913,775.57 12.05% 114.22%
The business, products and regions accounting for over 10% of the Company’s operating revenue or
operating profit
√ Applicable □ Not applicable
YoY YoY YoY
Operating Operating Cost Gross margin increase/decrease increase/decrease increase/decrease
Revenue (RMB) (RMB) (%) of operating of operating cost of gross margin
income (%) (%) (%)
By business
Automotive
76,722,649,723.79 66,134,307,155.12 13.80% 17.15% 20.70% -2.54%
business
By product
Vehicles 72,857,083,609.60 63,046,214,800.88 13.47% 17.89% 21.98% -2.90%
By region
China 59,820,525,384.76 53,779,905,917.25 10.10% 3.85% 9.70% -4.79%
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Overseas 16,902,124,339.03 12,354,401,237.87 26.91% 114.22% 114.24% 0.00%
Where the statistical caliber of the main business data of the Company is adjusted, the data is subject to the main business
data after adjustment according to the caliber of the end of the report period in the latest year.
□ Applicable √ Not applicable
IV. Analysis of Non-Main Business
√ Applicable □ Not applicable
Amount (RMB) Proportion of profits (%) Explanation Whether it is sustainable or not
Please refer to the Item 56,
Note 7 “Investment
Investment income 350,711,425.33 15.17% Yes
income ” in the In Chapter
10 of this report.
Profits or losses of fair
-35,024,179.42 -1.51% No
value change
Please refer to the Item 58,
Impairment losses on Note 7 “Impairment losses
-146,269,535.60 -6.33% No
assets on assets” in the In Chapter
10 of this report.
Non-operating income 46,291,779.69 2.00% No
Non-operating expenses 19,101,827.75 0.83% No
V. Analysis of Assets and Liabilities
1. Major Changes in Asset Composition
30 June 2024 31 December 2023 Increase/D
Proportio Proportion ecrease in Description of significant changes
Amount (RMB) n of total Amount (RMB) of total Proportion
assets (%) assets (%) (%)
Monetary fund 70,939,136,071.24 37.87% 64,871,042,747.88 34.11% 3.76%
Receivables 2,989,231,105.41 1.60% 2,411,796,419.07 1.27% 0.33%
Contract assets 822,694,699.90 0.44% 1,442,876,966.30 0.76% -0.32%
Inventories 13,792,862,498.94 7.36% 13,465,847,696.93 7.08% 0.28%
Investment 0.00% 0.00%
6,082,647.70 6,196,003.48 0.00%
property
Long-term equity 7.53% 0.28%
14,109,162,499.18 13,787,391,985.47 7.25%
investment
Fixed assets 19,515,251,831.25 10.42% 19,994,084,908.14 10.51% -0.09%
Construction in 1.22% 0.21%
2,294,576,852.63 1,914,345,359.83 1.01%
progress
Right-of-use 0.12% 0.01%
217,698,854.98 209,480,676.04 0.11%
assets
Short-term loans 54,056,333.40 0.03% 30,039,416.74 0.02% 0.01%
Contract liabilities 5,996,592,698.42 3.20% 7,923,792,852.77 4.17% -0.97%
Long-term loans 36,000,000.00 0.02% 72,000,000.00 0.04% -0.02%
Lease liabilities 124,713,350.60 0.07% 134,254,398.07 0.07% 0.00%
2. Major overseas assets
□ Applicable √ Not applicable
11
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
3. Assets and liabilities measured at fair value
√ Applicable □ Not applicable
Unit: RMB
Amount
Accumulated Provision
Changes in Fair of Amount of
Fair Value for
Opening Value Gains and Purchase Sales in
Item Changes Impairment Other Changes Closing Balance
Balance Losses in in Current
Included in in Current
Current Period Current Period
Equity Period
Period
Financial assets
1.Financial assets held
for trading (excluding
167,519,347.29 -13,487,271.96 1,363,657.67 152,668,417.66
derivative financial
assets)
2.Investments in other
504,190,082.71 504,190,082.71
equity instruments
Subtotal financial
671,709,430.00 -13,487,271.96 1,363,657.67 656,858,500.37
assets
Total 671,709,430.00 -13,487,271.96 1,363,657.67 656,858,500.37
Financial liabilities -21,536,907.46 8,595,393.75 12,941,513.71
Note: The trading financial assets and investments in other equity instruments in the table above are detailed in “2. Trading Financial
Assets” and “10. Investments in Other Equity Instruments” in Note 7 of the Financial Statements.
Whether there are major changes on measurement attributes for main assets of the Company in reporting period
□ Yes √ No
4. Property rights limits by the end of report period
Unit: RMB
Item Book Value at the End of This Year Limited Reason
Monetary fund 1,389,380,301.41 Acceptance Bill Deposit
Notes receivable 5,897,473,036.76 Pledge is used to issue payable bills
Total 7,286,853,338.17
VI. Analysis of Investment
1. Overall situation
√ Applicable □ Not applicable
Investment in the reporting period Investment amount in the same period of last year
YoY Change (%)
(RMB) (RMB)
2,143,011,243.97 3,065,537,536.52 -30.09%
2. The major equity investment obtained in reporting period
□ Applicable √ Not applicable
3. The ongoing major non-equity investment in reporting period
□ Applicable √ Not applicable
12
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
4. Investment of Financial Assets
(1) Security investments
√ Applicable □ Not applicable
Accumulate Purchase
Accounting Book value at the Gains and losses d fair value amount Sales amount Gains and Book value at
Initial measurement beginning of the from changes in
Security Stock changes during the during the losses of the the end of the Accounting Source of
Abbreviation investment cost model fair value during
type code reporting period included in reporting reporting reporting reporting period subject funds
（RMB） the period
（RMB） equity period period（RMB）period（RMB） （RMB）
（RMB）
（RMB） （RMB）
Trading
CPG Fair value Self-owned
Stock 301215 98,999,997.80 160,744,733.27 -8,076,315.61 0.00 0.00 0.00 -6,096,315.66 152,668,417.66 financial
Securities measurement funds
assets
Total 98,999,997.80 -- 160,744,733.27 -8,076,315.61 0.00 0.00 0.00 -6,096,315.66 152,668,417.66 -- --
(2) Derivative investments
√ Applicable □ Not applicable
（1） Derivative investments for hedging purposes during the reporting period
√ Applicable □ Not applicable
Unit: 10,000 RMB
Proportion of
Investment
Profit and loss Amount investment
Initial Accumulated Amount of amount at
Initial from changes of sales in amount at the end
derivatives changes in fair purchase in the end of
Investment type of derivatives investment in fair value in the of the reporting
investment value included the reporting the
amount the current reporting period to net
amount in equity period reporting
period period assets of the
period
Company
Forward foreign exchange-USD 91,973 91,973 -2,622 -1,903 35,586 63,921 63,638 0.89%
Forward foreign exchange-JPY - - -73 -73 2,176 - 2,176 0.03%
Total 91,973 91,973 -2,695 -1,976 37,762 63,921 65,814 0.92%
Explanation of the accounting
policies and specific principles of
accounting for hedging
operations during the reporting
Not applicable
period, as well as whether there
have been significant changes
compared with the previous
reporting period
Description of actual gains/losses During the reporting period, RMB 639.21 million was sold, and the actual transaction profit was RMB 7.19
during the reporting period million.
Changan Automobile adheres to the principle of risk neutrality in carrying out forward foreign exchange
settlement and sales business, based on normal production and operation, locks in income and cost through
Description of hedging effect
forward foreign exchange transactions, avoids the risk of exchange rate fluctuations, reduces the uncertainty of
operating profits, and ensures the realization of annual operating objectives.
Source of funds Self-owned funds
Risk analysis
1. Market risk: In the case of large changes in the exchange rate, the difference between the exchange rate of the
forward exchange contract and the actual exchange rate on the expiration date may cause the company's exchange
loss.
2. Liquidity risk: Due to inaccurate predictions, the delivery date signed for foreign exchange hedging business is
inconsistent with the actual delivery date, resulting in insufficient funds available for delivery, leading to liquidity
risks and inability to deliver on schedule.
Risk analysis and control 3. Default risk: Due to inaccurate forecasts, the delivery date signed by the forward exchange transaction is
measures for derivatives inconsistent with the actual delivery period, resulting in the delayed delivery risk caused by the failure of the
investment during the reporting forward exchange transaction to be delivered at the agreed time.
period (including but not limited 4. Operational risk: Risks may arise due to inadequate internal control mechanisms and unprofessional operators.
to market risk, liquidity risk, 5. Legal risks: If the terms of the transaction contract are not clear, the Company may face legal risks.
credit risk, operational risk, legal
Risk control measures
risk, etc.)
1. The Company and its subsidiaries will pay attention to the changes in the exchange rate market, strengthen the
study of exchange rates, study the future exchange rate trends, improve the forecasting ability of exchange rates,
and reduce the impact of exchange rate fluctuations on the Company.
2. In order to prevent delayed transaction settlement of forward exchange, the business management departments
of the Company and its subsidiaries will track the progress of payment and collection, avoid overdue payments,
and try to reduce the risk to the minimum.
3. The company and its subsidiaries have set up a foreign exchange research team and a foreign exchange
transaction risk control team, and established a forward foreign exchange trading working mechanism for foreign
13
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
exchange research, transaction risk control and plan approval. The setting of foreign exchange trading positions is
to separate the front, middle and back office positions and personnel, and rotate them regularly.
4. The Company has formulated the “Measures for the Administration of Forward Exchange Trading Business
(Trial)”, which clearly stipulates the business operation principles, approval authority, internal operation processes
and requirements, risk handling procedures, etc., and the operation must be handled in strict accordance with the
requirements of the measurements.
5. The counter parties of the company and its subsidiaries to carry out forward foreign exchange trading business
are financial institutions with legal qualifications, good credit and long-term business dealings with the company,
and the risk of default is low.
Changes in market price or fair
value of invested derivatives
The Company’s measurement of Financial Instruments follows the “Accounting Standard for Business Enterprises
during the reporting period (the
Article 22 - Recognition and Measurement of Financial Instruments”, and the fair value is basically measured and
specific methods, relevant
recognized with reference to bank pricing. During the reporting period, the gain on the change in fair value of
assumptions and parameters used
forward exchange contracts was RMB -26.95 million.
in the analysis of the fair value
should be disclosed)
Whether it is involved in a
Not applicable
lawsuit
Disclosure date of derivatives
investment approval board February 23rd, 2024
announcement
Disclosure date of derivatives
investment approval shareholders May 11th, 2024
meeting announcement
（2）Derivative investment for the purpose of speculation during the reporting period
□ Applicable √ Not applicable
During the reporting period, there was no derivative investment for the purpose of speculation.
5. Use of raised funds
√ Applicable □ Not applicable
(1) Overall use of raised funds
√ Applicable □ Not applicable
Unit: 10,000 RMB
The total
amount
Proportio
of raised Cumulative Amount of
The used n of total
Total funds total amount The total The purpose funds
Net amount amount of raised
Types of Total funds accumulate with of raised amount of and placement raised idle
Year of raised total funds funds
raise raised d use of purpose funds with unused of the unused for more
funds raised in the with
funds raised changed purpose funds funds than two
current period purpose
in changed years
changed
reporting
period
Deposited in a
Non-public
dedicated
2020 offering of 600,000.00 598,608.41 1,270.40 598,397.09 0 160,545.86 26.82% 9,738.75 0
account for
shares
raised funds
Total -- 600,000.00 598,608.41 1,270.40 598,397.09 0 160,545.86 26.82% 9,738.75 - 0
Description of the overall use of raised funds
1. The board of directors of the Company believes that the Company has disclosed the storage and actual use of the Company’s raised funds in a timely, true,
accurate and complete manner in accordance with the “Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 1 -
Standardized Operation of Listed Companies on the Main Board” and relevant format guidelines. There are no violations in the management of raised funds.
The Company has faithfully fulfilled its obligation to disclose the investment direction and progress of the raised funds.
2. The net amount of raised funds after deducting other issuance expenses is RMB 5,986.08 million, the actual net amount of raised funds after adjustment is
RMB 6,039.30 million. The Company used the raised funds of RMB 3,252.08 million, RMB 747.22 million, RMB 693.30 million, RMB 1,278.67 million and
RMB 12.70 million respectively in 2020, 2021, 2022, 2023 and the first half of 2024. As of June 30th, 2024, the Company has used a total of RMB 5,983.97
million of the raised funds.
(2) Use of the raised funds in committed projects
√ Applicable □ Not applicable
Unit: 10,000 RMB
14
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Cumulative
Investment Whether the Whether the
Whether Total Adjusted investment Whether it
Committed projects and Amount progress as of project has Benefits feasibility of
the project committed total amount as meets the
placement of extra funds invested the end of the reached the realized this the project has
has been investment of investment of the end expected
raised this year period% (3) = intended year changed
changed raised funds (1) of the return
(2)/(1) usable state significantly
period (2)
Committed projects
H series fifth phase, NE1
series first phase engine Not
Yes 141,568.38 103,313.68 1191.62 103,698.13 100.37% Yes 172,048.56 No
production capacity applicable
construction project
Crash Laboratory Capacity Not Not
Yes 11,505.75 8,251.85 - 8,342.63 101.10% Yes No
Upgrade Project applicable applicable
CD569 production line Not
Yes 15,576.22 9,418.59 - 9,616.70 102.10% Yes 18,954.51 No
construction project applicable
Hefei Changan Automobile
Not
Co., Ltd. adjustment and Yes 249,958.06 142,399.78 78.78 133,980.50 94.09% Yes 21,328.40 No
applicable
upgrade project
Supplementary working
capital
No 180,000.00 180,000.00 - 180,000.00 100.00% No - - No
New generation
energy-saving product Not Not
No - 160,545.86 - 162,759.13 101.38% No No
transformation and applicable applicable
upgrading project
Total 598,608.41 603,929.76 1,270.40 598,397.09 99.08% - - - -
Explain the situation and
reasons for not reaching the
planned schedule and The calculation period of the economic benefits realized in the reporting period is from January to June 2024, and the
expected benefits calculation period is less than one full year; Considering the obvious seasonal fluctuation characteristics of automobile
(including the reasons for sales. Therefore, the "whether the expected benefits have been achieved" of the project in the reporting period is not
"whether the expected applicable.
benefits have been
achieved" and for
selecting "not applicable" )
Description of major
changes in the feasibility of N/A
the project
The amount, use and
progress of extra raised Not applicable
funds
Change in implementation
location of the committed N/A
projects
Adjustment to
implementation method of N/A
committed project
On November 18th, 2020, the Ninth Meeting of the Eighth Session of the Board of Directors of the Company reviewed and approved
Upfront investment and the “Proposal on the Use of Raised Funds to Replace Early Investment in Self-Own Funds”, and agreed to use raised funds of RMB
replacement of committed 1,378,818,553.05 to replace pre-invested sell-raised funds for the project. The replacement of the raised funds has been verified by the
projects Ernst & Young Hua Ming (2020) Special Zi No. 60662431_D05 special report issued by Ernst & Young Hua Ming Certified Public
Accountants (special general partnership).
Use of idle raised funds for
temporary supplement of N/A
working capital
The company's original plan for four fundraising projects, including the H-series Phase V and NE1 series Phase I engine production
capacity construction project, collision testing laboratory capacity upgrading construction project, CD569 production line construction
project, and Hefei Changan Automobile Co., Ltd. adjustment and upgrading project, resulted in some savings compared to the previous
plan. The main reason is that the company reduced the actual investment amount through the localization of imported equipment during
Amount and cause of
the project implementation process; At the same time, in order to continuously improve the quality of operation, the company has
surplus of funds raised for
continuously optimized the plan during the project construction process and implemented lean investment process management,
project implementation
achieving control over investment scale and pace. Based on the company's long-term strategic planning and current development needs,
and after comprehensive analysis, in order to further improve the efficiency of the use of raised funds, the company has adjusted the
investment scale of the original raised funds investment project and allocated the remaining funds of RMB 1,605.46 million to the
company's new generation energy-saving product transformation and upgrading project.
15
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
The purpose and placement
Deposited in a dedicated account by the Company for unused raised funds.
of the unused raised funds
Defects and other problems
in utilization and disclosure N/A
of the raised funds
(3) Changes of projects supported by raised funds
√ Applicable □ Not applicable
Unit: 10,000 RMB
Total Significant
The amount Actual Investment The date when
amount of Benefits changes in
actually cumulative progress as the project Whether the
funds to be achieved the
The commitment of the invested investment of the end reached the expected
Changed project invested in during the feasibility
original project during the amount as of of the intended benefits have
the project reporting of the
reporting the end of the period (%) availability been achieved
after the period project after
period period (2) (3)=(2)/(1) status
change (1) the change
1. H series fifth phase, NE1
series first phase engine
production capacity
A new construction project
generation of 2. Crash Laboratory
energy-saving Capacity Upgrade
Construction Project In the year of Not Not
products 160,545.86 - 162,759.13 101.38% No
2024 applicable applicable
transformation 3. CD569 production line
and upgrading construction project
projects 4. Hefei Changan
Automobile Co., Ltd.
adjustment and upgrade
project
Total -- 160,545.86 - 162,759.13 101.38% -- -- -- --
1. The company's original plan for four fundraising projects, including the H-series Phase V and NE1
series Phase I engine production capacity construction project, collision testing laboratory capacity
upgrading construction project, CD569 production line construction project, and Hefei Changan
Automobile Co., Ltd. adjustment and upgrading project, resulted in some savings compared to the
previous plan. The main reason is that the company reduced the actual investment amount through the
localization of imported equipment during the project implementation process; At the same time, in
order to continuously improve the quality of operation, the company has continuously optimized the
plan during the project construction process and implemented lean investment process management,
achieving control over investment scale and pace. Based on the company's long-term strategic
Reasons for change, decision-making procedures and planning and current development needs, and after comprehensive analysis, in order to further improve
information disclosure (by specific project) the efficiency of the use of raised funds, the company has adjusted the investment scale of the original
raised funds investment project and allocated the remaining funds of RMB 1,605.46 million to the
company's new generation energy-saving product transformation and upgrading project.
2. Decision-making procedure: The Company held the 38th meeting of the 8th Board of Directors on
April 26th, 2022, and approved the proposal of “Adjusting and Changing the Use of Part of the
Raised Funds”. The proposal has yet to be submitted to the Company’s General Meeting of
Shareholders for consideration.
3. Information disclosure: Please refer to the announcement of “Adjusting and Changing the Use of
Part of the Raised Funds” on http://www.cninfo.com.cn (Announcement Number: 2022-23).
Reasons for failure to meet the planned schedule or
Not applicable
projected benefits (by project)
Description of significant changes in the feasibility of the
Not applicable
project after the change
VII. Sale of significant Assets and Equity
1. Sale of significant assets
□ Applicable √ Not applicable
2. Sale of significant equity
□ Applicable √ Not applicable
16
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
VIII. Analysis of Major Shareholding and Joint Stock Companies
√ Applicable □ Not applicable
Major subsidiaries and shareholding companies that have an impact of more than 10% on the company's net profit
Unit: 10,000 RMB
Main Registered Total Operating Operating Net
Name Type capital Net assets
businesses assets revenue profit profit
Chongqing Changan
Automotive
Automobile Customer Service Subsidiary
spare parts
3,000 201,583 77,915 241,446 55,366 47,208
Co., Ltd.
Deepal Automobile Technology Produce and sell
Subsidiary 32,811 2,336,640 -267,540 1,398,138 -74,209 -73,861
Co., Ltd. auto and parts
Joint Stock Produce and sell
Changan Ford Automobile Co., Ltd. 24,100USD 2,695,950 139,871 2,270,745 181,351 182,115
Company auto and parts
Avatr Technology (Chongqing) Joint Stock Produce and sell
199,497 1,274,627 70,598 615,167 -139,551 -139,547
Co. Ltd. Company auto and parts
Exports and
Chongqing Changan services of
Automobile International Sales Subsidiary automobiles, 118,276 1,338,973 300,003 1,541,340 105,413 99,779
Service Co., Ltd. components,
and technology
Subsidiaries acquired and sold in the reporting period
□ Applicable √ Not applicable
Description of major holding and participating companies
During the reporting period, Customer Service Company saw a gradual increase in car sales in recent years, an increase in
terminal ownership, and a synchronous increase in car repair, maintenance, and related aftermarket businesses, which led to an
overall increase in spare parts sales and further improved the company's profitability. Due to the improvement of product structure
and the promotion of cost reduction and efficiency improvement, Deepal Automobile's profit loss decreased year-on-year. Changan
Ford's sales increased year-on-year due to export growth driven by the Lincoln brand, while sales expenses were saved and net profit
increased year-on-year. Avatr benefited from the gradual enrichment of its product line and improved product efficiency, resulting in
a year-on-year decrease in profit losses. CIC have seen a year-on-year increase in profits due to the growth of their export business.
IX. Structural main business under the company control
□ Applicable √ Not applicable
X. Possible risks and corresponding measures
1. Risks of Market competition
The competition in the auto industry is becoming increasingly fierce, and the competitive factors are constantly being
restructured. In terms of product demand, the increasingly diverse consumer demands have led to the emergence of more segmented
product markets, and numerous competing products have intensified market competition. In terms of technological research and
development, with the development of intelligent connected new energy vehicles, the automotive industry is facing unprecedented
technological changes and challenges. In terms of industrial development, the industrial pattern is accelerating its transformation
under the influence of new entrants, with changes in products and business models. The automotive industry is forming new forms of
competition through integration with other industries. In addition, there are still risks such as restrictions in the industrial supply
chain.
Countermeasures: The company firmly adheres to the strategic goals of the "Three Major Plans", accelerates product innovation
and technological upgrading, and promotes sustainable and high-quality development. Continuously improving the product spectrum,
covering multiple power types, providing consumers with diversified and all scenario travel choices. Accelerate the iteration and
breakthroughs of core technologies such as new energy and intelligence through self research and joint development of technology.
At the same time, actively integrating into industrial innovation, building a complete, smooth, and sustainable new supply ecosystem,
achieving the integration of the entire industry chain, and reducing supply chain risks.
2. Risks of Overseas Business
Global trade relations are becoming strained by increasing challenges for Chinese auto exports, with some countries adopting
stricter trade policies, higher tariffs and imposing non-tariff barriers.
Countermeasures: Changan has formed a comprehensive daily, weekly and monthly tracking and research mechanism for the
politics, economy, society, environment, regulations, etc. of the target markets, and remained "steady and brave" as it maximized
control of overseas business risks. At the same time, the Company accelerated transformation, seized strategic opportunities,
comprehensively promote the "Vast Ocean Plan" for globalization, accelerate the construction of overseas production facilities,
17
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
helping the industrial chain to go overseas to enhance the overall competitiveness in overseas markets.
XI. Implementation of the “Parallel Improvement of Quality and Return” Initiative
Whether the company has disclosed the announcement of the action plan of “Parallel Improvement of Quality and Return” .
√ Yes □ No
In order to implement the guiding ideology of “revitalizing the capital market and boosting investor confidence” proposed by
the Politburo meeting of the Communist Party of China Central Committee, better play the "three roles" of central enterprises in
scientific and technological innovation, industrial control, and security support, safeguard the interests of all shareholders, enhance
investor confidence, and promote the long-term healthy and sustainable development of the company, the company has formulated
the "Parallel improvement of quality and return" action plan. The specific measures include firmly guiding the strategy to accelerate
the transformation into an intelligent low-carbon travel technology company, improving the standard operation level of corporate
governance, strengthening information disclosure to enhance transparency, and valuing shareholder returns to improve investor
satisfaction. For details, please refer to the Announcement on “the Action Plan for Parallel Improvement of Quality and Return”
(Announcement No. 2024-13) disclosed by the company on Juchao Information Network (www.cninfo.com.cn) on March 7, 2024. In
addition, on April 18, 2024, the Company disclosed the Announcement on "the Progress of the Action Plan for Parallel Improvement
of Quality and Return" (Announcement No. 2024-26).
During the reporting period, the company actively took practical and effective measures to continuously improve the quality of
operations and promote high-quality development of the company in all aspects. Firstly, we will steadfastly promote the
improvement of business quality, focusing on multiple aspects such as increasing income, reducing costs, improving efficiency, and
enhancing operational cash flow, continuous improvement in business quality. Secondly, we vigorously implement the "Nirvana"
action to improve the cost of new energy products, continuously create classic new energy products, improve the profitability of new
energy products, and enhance market competitiveness. Thirdly, we promote strict thrift and eliminate waste, create the awareness that
everyone is a business operator, promote the excellent style of hard work, diligence and thrift, continuously improve the quality of
the company's operation and management level, and assist in the improvement of the company's operation quality.
The company respects shareholders and respects investors, and actively maintains a positive relationship between the company
and investors by establishing a multi-level positive interaction mechanism.Firstly, we enhance investors' understanding and
recognition of the company's important strategic areas such as overseas and new energy through various interactive exchanges such
as institutional strategy meetings, on-site receptions, visits and research, and conference calls. Secondly, through our company's
major brand events, we organize investors to conduct special exchanges, test drives, and experience activities, which helps investors
understand the long-term investment value of the company. Thirdly, we hold performance briefing meetings regularly, the 2023
annual performance briefing has fully broadcasted using digital technology, showcased the steady progress of the company's
transformation and development, as well as the improvement of business quality and other operational highlights, effectively
conveying the company's value.The company will hold a 2024 semi annual performance briefing on September 2nd from 3:00 pm to
4:00 pm through the "Panoramic Roadshow". Welcome investors to actively participate.
XII. Reception Research, Communication, Interviews and Other Activities during the
Reporting Period
Type of
Reception
Date Research Type Research Index
place
Object
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on February 2nd, 2024" published on
February 2nd, 2024 Chongqing Field research Institution
the Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on February 2nd, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on February 22nd, 2024" published
February 22nd, 2024 Chongqing Field research Institution
on the Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on February 22nd, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on March 14th, 2024" published on
March 14th, 2024 Chongqing Field research Institution
the Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on March 14th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on March 15th, 2024" published on
March 15th, 2024 Chongqing Field research Institution
the Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on March 15th, 2024
Field research For details, please refer to the "Changan Automobile: Record of
Chongqing and and Online Investor Relations Activities on April 19th, 2024" published on
April 19th, 2024 All investors
Online communication the Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on April 19th, 2024
18
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on May 9th, 2024" published on the
May 9th, 2024 Chongqing Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on May 9th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on May 16th, 2024" published on the
May 16th, 2024 Chongqing Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on May 16th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on May 30th, 2024" published on the
May 30th, 2024 Chongqing Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on May 30th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on June 5th, 2024" published on the
June 5th, 2024 Chongqing Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on June 5th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on June 7th, 2024" published on the
June 7th, 2024 Thailand Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on June 7th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on June 19th, 2024" published on the
June 19th, 2024 Chongqing Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on June 19th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on June 20th, 2024" published on the
June 20th, 2024 Chongqing Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on June 20th, 2024
For details, please refer to the "Changan Automobile: Record of
Investor Relations Activities on June 27th, 2024" published on the
June 27th, 2024 Chongqing Field research Institution
Shenzhen Stock Exchange Interactive Easy Platform
(http://irm.cninfo.com.cn) on June 27th, 2024
19
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 4 Corporate Governance
I. Annual Shareholders Meeting and Extraordinary General Meeting during the Reporting
Period
1. Shareholders meeting during the reporting period
Investors’
Meeting Session Type participation Opening Time Disclosure Time Meeting Decision
Ratio
http//www.cninfo.com.cn
2024 The First
Extraordinary EGM 41.201% January 5th, 2024 January 6th, 2024 2024 The First Extraordinary General Meeting
General Meeting Resolution Announcement (Announcement Number:
2024-01)
http//www.cninfo.com.cn
2024 The Second
Extraordinary EGM 41.254% January 30th, 2024 January 31st, 2024 2024 The Second Extraordinary General Meeting
General Meeting Resolution Announcement (Announcement Number:
2024-05)
2023 Annual http//www.cninfo.com.cn
Shareholders Annual 48.395% May 10th, 2024 May 11th, 2024 2023 Annual Shareholders Meeting Resolution
Meeting Announcement (Announcement Number: 2024-32)
2. The shareholders of preferred shares with voting right restored request to convene an extraordinary
general meeting
□ Applicable √ Not applicable
II. Departure and Hiring information of the directors, supervisors and senior manager
√ Available □ Not available
Name Position Type Date Reason
Shi Yaoxiang Director Elected January 30th, 2024 Appointment
Secretary of the Board Dismissal from
Li Jun July 12th, 2024 Retirement
of Directors Employment
Executive Vice
Dismissal from
Chen Wei President, General August 15th, 2024 Job change
Employment
Counsel
III. Preplan for Company common stock profit distribution and capital reserves converting
into share capital in the reporting period
□ Applicable √ Not applicable
The company plans not to distribute cash dividends, not to send bonus shares, not to increase equity by provident fund in the
first half of the year.
IV. Implementation of company equity incentive plans, employee stock incentive plans or
other incentive measures
√ Applicable □ Not applicable
20
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
1. Equity incentive
On July 13th, 2020, the 2nd meeting of the 8th Session of Board of Directors and the 2nd meeting of the 8th Session of Board of
Supervisors reviewed and approved proposals such as “Proposal on and its Summary” and “Proposal on ”. The independent directors expressed their independent agreement on the incentive plan.
On February 1st, 2021, the 11th meeting of the 8th Session of Board of Directors and the 7th meeting of the 8th Session of
Board of Supervisors reviewed and approved proposals such as “Proposal on and its Summary” and “Proposal on (Revision)”. The independent directors expressed their independent agreement
on the incentive plan revision.
On February 18th, 2021, the company held the first extraordinary general meeting in 2021, and reviewed and approved
proposals such as “Proposal on and its Summary”,
“Proposal on ” and “Proposal on General Meeting Granting Full Authority to the Board of Directors to Handle Matters Related to
Equity Incentives”.
On February 22nd, 2021, the company held the twelfth meeting of the Session of Board of Directors and the 8th meeting of the
Session of Board of Supervisors, which reviewed and approved proposals such as “Proposal on Adjusting the List of Incentive
Objects and Incentive Quantity of the A-Share Restricted Stock Incentive Plan under Initial Granting” and "”Proposal on Granting
Restricted Stocks for the First Time to Incentive Objects of A-Share Restricted Stock Incentive Plan”. The independent directors
expressed their independent agreement.
On March 3rd, 2021, the company completed the registration of restricted stocks and disclosed the “Announcement on the
Completion of the Registration of the Initial Granting of the A-Share Restricted Stock Incentive Plan”. 1,247 people were actually
granted with 76,195,400 restricted shares. The listing date of restricted shares was March 5, 2021.
On August 30th, 2021, the company held the 25th meeting of the 8th Session of Board of Directors and the 12th meeting of the
8th Session of Board of Supervisors, which reviewed and approved the “Proposal on Adjusting the Repurchase Price of A-Share
Restricted Stock Incentive Plan” and “Proposal on Repurchase and Cancellation of Certain Restricted Shares Granted to Incentive
Objects but still with Sales Restriction”. The independent directors expressed independent agreement.
On September 17th, 2021, the company held the second extraordinary general meeting in 2021, and reviewed and approved the
“Proposal on Repurchase and Cancellation of Certain Restricted Shares Granted to Incentive Objects but still with Sales Restriction”.
On November 19th, 2021, the company held the 29th meeting of the 8th Session of Board of Directors and the 15th meeting of
the 8th Session of Board of Supervisors, and reviewed and approved the “Proposal on Adjusting the Amount of Reserved A-Share
Restricted Stock Incentive Plan” and “Proposal on Granting Reserved Restricted Stocks to the Incentive Objects of the A-Share
Restricted Stock Incentive Plan”. The independent expressed independent agreement.
On December 21th, 2021, the company has completed the repurchase and cancellation of a total of 1.036 million restricted
shares that had been granted to some of the original incentive recipients but have not yet been released.
On December 30th, 2021, the company completed the registration of the reserved restricted stock and disclosed the
“Announcement on the Completion of the Grant of the Reserved A-Share Restricted Stock of the Incentive Plan”; 356 people were
granted with 17,761,200 reserved restricted stocks. The listing date of reserved restricted stocks was December 31th, 2021.
On August 2nd, 2022, the company held the 43rd meeting of the 8th Board of Directors and the 18th meeting of the 8th Board
of Supervisors, and reviewed and approved the Proposal on Adjusting the Repurchase Price of A-share Restricted Stock Incentive
Plan and Repurchasing and Cancelling Some Restricted Stocks. The independent directors of the company have expressed
independent opinions that they agree with.
On August 18th, 2022, the company held the third extraordinary general meeting of shareholders in 2022, and reviewed and
approved the Proposal on Adjusting the Repurchase Price of the A-share Restricted Stock Incentive Plan and Repurchase and
Cancellation of Some Restricted Stocks.
On February 17th, 2023, the company held the 52nd meeting of the 8th Board of Directors and the 21st meeting of the 8th
Board of Supervisors, and reviewed and approved the Proposal on the Achievements of the First Release of Restriction Conditions
during the First Grant Period of the A-share Restricted Stock Incentive Plan. The independent directors of the company have
expressed independent opinions that they agree with.
On March 3rd, 2023, the company disclosed the "Indicative Announcement on the Release of Restricted Shares from Listing
and Circulation during the First Release Period of the First Grant Part of the A-share Restricted Stock Incentive Plan", and the date of
release of restricted shares from listing and circulation was March 6th, 2023.
On June 20th, 2023, the company has completed the repurchase and cancellation of a total of 2.476 million restricted shares that
had been granted to some of the original incentive recipients but have not yet been released.
On July 27th, 2023, the company held the 1st meeting of the 9th Board of Directors and the 1st meeting of the 9th Board of
Supervisors, and reviewed and approved the Proposal on Amending the Company's A-share Restricted Stock Incentive Plan. The
independent directors of the company issued a concurring independent opinion.
On August 30th, 2023, the company held the 3rd meeting of the 9th Board of Directors and the 2nd meeting of the 9th Board
of Supervisors, and reviewed and approved the "Proposal on Adjusting the Repurchase Price of the A-share Restricted Stock
Incentive Plan and Repurchasing and Canceling Part of the Restricted Shares". The independent directors of the company issued a
concurring independent opinion.
On September 15th, 2023, the company held the second extraordinary general meeting of shareholders in 2023, and reviewed
21
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
and approved the "Proposal on Amending the Company's A-share Restricted Stock Incentive Plan" and "Proposal on Adjusting the
Repurchase Price of the A-share Restricted Stock Incentive Plan and Repurchasing and Canceling Part of the Restricted Shares".
On December 5th, 2023, the company has completed the repurchase and cancellation of a total of 2.034 million restricted shares
that had been granted to some of the original incentive recipients but have not yet been released.
On December 8th, 2023, the company held the 12th meeting of the 9th Board of Directors and the 4th meeting of the 9th Board
of Supervisors, and reviewed and approved the "Proposal on the Achievement of the Lifting of the Restricted Stock Restriction
Conditions of the A-share Restricted Stock Incentive Plan". The company's Nomination and Remuneration Committee issued a
concurring opinion.
On December 27th, 2023, the company disclosed the "Indicative Announcement on the Lifting of the Listing and Circulation of
Restricted Shares under the A-share Restricted Stock Incentive Plan", and the date of release of restricted shares from listing and
circulation was January 2th, 2024.
On February 22nd, 2024, the company held the 17th meeting of the 9th Board of Directors and the 5th meeting of the 9th Board
of Supervisors, and reviewed and approved the "Proposal on the Achievement of the Lifting of the Restriction Conditions during the
Second Lifting Period of the A-share Restricted Stock Incentive Plan". The company's Nomination and Remuneration Committee
issued a concurring opinion.
On March 2nd, 2024, the company disclosed the "Indicative Announcement on the Release of Restricted Shares from Listing
and Circulation during the First Release Period of the Second Grant Part of the A-share Restricted Stock Incentive Plan", and the date
of release of restricted shares from listing and circulation was March 5th, 2024.
On August 30th, 2024, the Company held the 26th meeting of the 9th Board of Directors and the 8th meeting of the 9th Board of
Supervisors, and reviewed and approved the "Proposal on Adjusting the Repurchase Price of the A-share Restricted Stock Incentive
Plan and Repurchasing and Canceling Part of the Restricted Shares". The company's Nomination and Remuneration Committee
issued a concurring opinion.
2. Implementation of employee stock ownership plans
□ Applicable √ Not applicable
3. Other employee incentives
□ Applicable √ Not applicable
22
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 5 Environment and Social Responsibility
Ⅰ. Major Environment Concerns
Whether the listed company and its subsidiaries are reckoned as major pollutant discharging units by environment protection
department or not
√ Yes □ No
Environmental protection-related policies and industry standards
The company strictly implements the laws, regulations, standards and requirements for environmental protection in its prThe
company strictly abides by the laws, regulations, standards and requirements for environmental protection in its production and
operation. The laws include Environmental Protection Law of the People’s Republic of China, Law on Air Pollution Prevention and
Control, Law of the People’s Republic of China on Prevention and Control of Water Pollution, Law of the People’s Republic of
China on Prevention and Control of Environmental Pollution by Solid Waste, Law of People’s Republic of China on Environmental
Impact Assessment, etc.
Administrative regulations or rules include Measures for the Administration of Environmental Monitoring, Measures for the
Administration of the List of Key Units of Environmental Supervision, Administrative Measures for the Legal Disclosure of
Enterprise Environmental Information, Contingency Plan for Environmental Emergencies, etc.
National standards include Integrated Wastewater Discharge Standard, Integrated Emission Standard of Air Pollutants, Standard
for Fugitive Emission of Volatile Organic Compounds, Technical Requirement for Low-Volatile-Organic-Compound-Content
Coatings Product, etc, Technical specification for operation of wastewater online monitoring system (CODCr, NH3-N etc.),
Technical Specification for Continuous Monitoring of Non Methane Total Hydrocarbons in Waste Gas from Fixed Pollution Sources,
Technical guide for leak detection and repair of volatile organic compounds in industries, Technical specifications for setting
hazardous waste identification signs, Industry standards include Technical Specification for Application and Issuance of Pollutant
Permit Automotive Industry, Emission Standard of Air Pollutants for Foundry Industry, Self-Monitoring Technology Guidelines for
Pollution Sources, etc.
Local standards include Emission standard of Air Pollutants for Surface Coating of Automobile Manufacturing Industry,
Emission Standard of Air Pollutants for Catering Industry, Emission Standard of Air Pollutants for Boilers, etc. The Company
collects and interprets the all new regulations and standards on a quarterly basis and conducts compliance evaluations to ensure that
the Company’s production and operation are always legally compliant.
Environmental Protection Administrative License
——Administrative License Information for Construction Projects
In the first half of 2024, there will be a total of 3 EIA approval documents for construction projects, as follows:
Name and document number of
Approval
Name of construction project environmental impact assessment approval Approval Authority
acquisition time
document
Chongqing Construction Project
Chongqing Lingyao Production Environmental Impact Assessment Chongqing Ecology
Line Leveling and Completing Document Approval Letter and Environment January 5th, 2024
Technical Renovation Project Bureau
(YSHZ [2024] No. 003)
Chongqing Construction Project Chongqing Ecology
Jiangbei Engine Factory Capacity Environmental Impact Assessment and Environment
Adjustment Efficiency Document Approval Letter Bureau (Liangjiang January 25th, 2024
Improvement Project New Area Branch)
(YLJHZ [2024] No. 013)
Chongqing Construction Project Chongqing Ecology
Changan Automobile HE Series Environmental Impact Assessment and Environment
Engine Production Line Technical Document Approval Letter Bureau (Liangjiang May 10th, 2024
Renovation Project (Phase II) New Area Branch)
(YLJHZ [2024] No. 057)
——Information on administrative permission for pollutant discharge
In the first half of 2024, each base involved a total of 10 pollution discharge license documents, including 1 application, 7
reapplications, 2 changes, and no extensions. For details, see the National Pollution Discharge License Management Information
Platform at http://permit.mee.gov.cn.
23
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
——Other administrative licensing information
None.
Industry emission standards and specific conditions of pollutant emissions involved in production and
business activities
Name of Total
Distributio Total
the Number of Discharge approved
Main pollutants and Discharge n of discharge Excessive
company discharge concentration Pollutant discharge standards discharge
specific pollutants means discharge emissions
or outlets (mg/L) (Tons/year)
outlets (Tons/year)
subsidiary
COD 56.38 14.61 111.21 —
Two outlets
Ammonia for Integrated Wastewater
1.84 0.48 2.32 —
nitrogen workshop Discharge Standard
Total Intermittent facilities, （GB8978-1996); The Influent
Wastewater 3 0.07 0.002 -
emissions and one Water Quality Requirements set —
nickel
main outlet by the Yubei District Sewage
Total zinc for the 0.03 Treatment Plant in Chongqing 0.01 - —
Plant
Phosphate 0.28 0.07 1.13 —
Sulfur Emission Standard of Air
0.08 1.50 5.15 —
dioxide Pollutants for Surface Coating
Chongqing of
Nitrogen
Changan 0.34 Automobile Manufacturing 6.30 45.63 —
oxides
Automobil Industry（DB 50/577-2015);
e Co., Ltd. Particulate Emission Standards of Air
Outlets 0.00005 0.001 - —
Yubei matter Organized Pollutants for Industrial Kiln
Plant Exhaust gas 34 around the
Volatile emissions and Furnace（DB 50/659-2016);
Plant
organic 0.90 Integrated Emission Standards 20.72 111.30 —
compounds of Air Pollutants（DB
50/418-2016);
Toluene + Emission Standards of Air
0.15 Pollutants for Boiler（DB 2.80 — —
Xylene
50/658-2016)
During the reporting period, Chongqing Changan Automobile Co., Ltd. Yubei Plant was included in the list of key
environmental supervision units (atmospheric environment, environmental risk monitoring) in Yubei District, Chongqing for
Soil 2024, with a total of 1,370.76 tons of hazardous waste generated in this period. The 1,370.76 tons have been legally utilized —
and disposed of by manufacturers with hazardous waste operation permits, produced 9,397.832 tons of general industrial solid
waste and 9,208.322 tons of utilization and disposal.
COD 32.95 Integrated Wastewater 0.85 29.58 —
Discharge Standard
One main
Intermittent (GB8978-1996); Requirements
Wastewater Ammonia 1 outlet for
emissions 1.35 for Inlet Water Quality of 0.04 0.62 —
nitrogen the Plant
Shiping Sewage Treatment
Plant
Sulfur Emission Standard of Air
0.65 0.47 1.38 —
dioxide Pollutants for Surface Coating
of
Chongqing Nitrogen
2.18 Automobile Manufacturing 1.60 12.17 —
Changan oxides
Industry（DB 50/577-2015);
Automobil
Emission Standards of Air
e Co., Ltd. Outlets
Organized Pollutants for Industrial Kiln
Yubei Exhaust gas 40 around the
emissions and Furnace（DB 50/659-2016);
Plant New Plant
Plant Area Integrated Emission Standards
VOCs 0.23 of Air Pollutants （ DB 0.17 29.67 —
50/418-2016);
Emission Standards of Air
Pollutants for Boiler （ DB
50/658-2016)
During the reporting period, the new plant area of Chongqing Changan Automobile Co., Ltd. Yubei Plant obtained its pollutant discharge
permit for the first time on February 24th, 2024, and has not yet been included in the list of key environmental supervision units.With a total of
Soil
371.7 tons of hazardous waste generated in this period. The 371.7 tons have been legally utilized and disposed of by manufacturers with
hazardous waste operation permits, produced 456.8 tons of general industrial solid waste and 456.8 tons of utilization and disposal.
COD An outlet 107 4.43 14.02 —
Chongqing for Integrated Wastewater
Changan Ammonia workshop Discharge Standard
4.35 0.44 1.4 —
Automobil nitrogen Intermittent facilities, （GB8978-1996); The Influent
Wastewater 2
e Co., Ltd. Total emissions and one Water Quality Requirements set
(Liangjiang main outlet 0.08 by Guoyuangang Sewage 0.004 0.04 —
nickel
Plant, cc) for the Treatment Plant in Chongqing
Total zinc Plant 0.12 0.01 0.28 —
24
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Sulfur Emission standard of Air
0 0 1.23 —
dioxide Pollutants for Surface Coating
of
Nitrogen
46.95 Automobile Manufacturing 11.00 18.23 —
oxides
Industry（DB 50/577-2015);
Particulate Emission Standards of Air
Outlets 0 0 36.14 —
matter Organized Pollutants for Industrial Kiln
Exhaust gas 31 around the
Volatile emissions and Furnace（DB 50/659-2016);
Plant
organic 5.87 Integrated Emission Standards 2.49 63.06 —
compounds of Air Pollutants（DB
50/418-2016);
Toluene + Emission Standards of Air
0.42 Pollutants for Boiler（DB 0.14 2.68 —
xylene
50/658-2016)
During the reporting period, Chongqing Changan Automobile Co., Ltd. (Liangjiang Plant Campus No. 1) was included in the
list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in
Soil Liangjiang New Area, Chongqing for 2024, with a total of 1,040.91 tons of hazardous waste in this period. A total of 1,032.412 —
tons were legally utilized and disposed of by manufacturers with hazardous waste operation permits, produced 8,985.1 tons of
general industrial solid waste and 8,985.1 tons of utilization and disposal.
COD An outlet 61.33 19.24 46.00 —
for Integrated Wastewater
Ammonia workshop Discharge Standard
3.76 1.20 4.60 —
nitrogen Intermittent facilities, （GB8978-1996); The Influent
Wastewater 2
Total emissions and one Water Quality Requirements set
main outlet 0.03 by the Guoyuangang Sewage 0.0002 0.14 —
nickel
for the Treatment Plant in Chongqing
Total zinc Plant 0.05 0.02 1.38 —
Sulfur Emission standard of Air
1.26 0.06 4.12 —
dioxide Pollutants for Surface Coating
Chongqing of
Changan Nitrogen
57.59 Automobile Manufacturing 17.84 34.72 —
Automobil oxides
Industry（DB 50/577-2015);
e Co., Ltd. Particulate
2.76 Emission Standards of Air 1.10 50.61 —
(Liangjiang matter Outlets
Organized Pollutants for Industrial Kiln
Plant, Exhaust gas 47 around the
Volatile emissions and Furnace（DB 50/659-2016);
Campus Plant
No. 2) organic 1.19 Integrated Emission Standards 1.04 543.23 —
compounds of Air Pollutants（DB
50/418-2016);
Toluene + Emission Standards of Air
0.15 Pollutants for Boiler（DB 0.26 5.49 —
xylene
50/658-2016)
During the reporting period, Chongqing Changan Automobile Co., Ltd. (Liangjiang Plant Campus No. 2) was included in the
list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in
Soil Liangjiang New Area, Chongqing for 2024, with a total of 1,490.5 tons of hazardous waste in this period. A total of 1,462.62 —
tons were legally utilized and disposed of by manufacturers with hazardous waste operation permits, produced 16,669.61 tons
of general industrial solid waste and 16,669.61 tons of utilization and disposal.
COD 61.29 6.04 148.68 —
An outlet
Total for Integrated Wastewater
0.06 0.001 0.16 —
nickel workshop Discharge Standard
Intermittent facilities, （GB8978-1996); The Influent
Wastewater Ammonia 2
emissions and one 4.17 Water Quality Requirements set 0.42 6.68 —
nitrogen
main outlet by the Guoyuangang Sewage
Phosphate for the 0.4 Treatment Plant in Chongqing 0.04 1.87 —
Plant
Total zinc 0.11 0.01 0.8 —
Particulate Emission standard of Air
Chongqing 0 0 26.68 —
matter Pollutants for Surface Coating
Changan
of
Automobil VOCs 0.69 0.52 169.27 —
e Co., Ltd. Automobile Manufacturing
(Liangjiang SO2 0 Industry（DB 50/577-2015); 0 1.85 —
Plant, Emission Standards of Air
Toluene + Outlets
Campus Organized 0.05 Pollutants for Industrial Kiln 0.0001 0.32 —
Exhaust gas xylene 38 around the
No. 3) emissions and Furnace（DB 50/659-2016);
Plant
Integrated Emission Standards
of Air Pollutants（DB
NOx 58.6 50/418-2016); 4.79 23.92 —
Emission Standards of Air
Pollutants for Boiler（DB
50/658-2016)
During the reporting period, Chongqing Changan Automobile Co., Ltd. ((Liangjiang Plant Campus No. 3) was included in the
Soil list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in —
Liangjiang New Area, Chongqing for 2024, with a total of 618.807 tons of hazardous waste in this period. A total of 611.564
tons were legally utilized and disposed of by manufacturers with hazardous waste operation permits, produced 7,931.49 tons of
25
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
general industrial solid waste and 7,931.49 tons of utilization and disposal.
COD 50 Integrated Wastewater 5.38 22.50 —
Discharge Standard
Main outlet
Ammonia Intermittent （GB8978-1996); The Influent
Wastewater 2 for the
nitrogen emissions 5 Water Quality Requirements set 0.54 2.25 —
Plant
（NH3-N） by the Guoyuangang Sewage
Treatment Plant in Chongqing
Particulate
Chongqing 13.59 4.94 — —
matter
Changan
Automobil SO2 5.44 Emission Standards of Air 1.98 — —
e Co., Ltd. Pollutants for Industrial Kiln
(Jiangbei Non- Outlets and Furnace（DB 50/659-2016);
Organized
Engine Exhaust gas methane 93 around the
emissions Integrated Emission Standards
Plant, total Plant 4.99 1.82 — —
of Air Pollutants（DB
Campus hydrocarbo 50/418-2016)
No.1） ns
NOx 6.98 2.54 — —
During the reporting period, Chongqing Changan Automobile Co., Ltd. (Jiangbei Engine Plant, Campus No.1） was included
in the list of key environmental supervision units (environmental risk monitoring) in Liangjiang New Area, Chongqing for
Soil 2024, with a total of 2,525.52 tons of hazardous waste was generated in this period. 2,525.52 tons were legally utilized and —
disposed of by manufacturers with hazardous waste operation permits or exemption certificates, produced 1,254.06 tons of
general industrial solid waste and 1,254.06 tons of utilization and disposal.
COD 50 Integrated Wastewater 3.67 11.08 —
Discharge Standard
Main outlet
Ammonia Intermittent （GB8978-1996); The Influent
Wastewater 1 for the
nitrogen emissions 5 Water Quality Requirements set 0.37 1.11 —
Plant
（NH3-N） by Guoyuangang Sewage
Treatment Plant in Chongqing
Non-
Chongqing methane
Changan total 13.89 1.88 — —
Automobil hydrocarbo Emission Standards of Air
e Co., Ltd. ns Pollutants for Industrial Kiln
(Jiangbei Outlets and Furnace（DB 50/659-2016);
Nitrogen Organized
Exhaust gas 37 around the 11.3 1.53
Engine oxides emissions Integrated Emission Standards — —
Plant, factory
of Air Pollutants（DB
Campus Particulate 50/418-2016)
57.98 7.85 — —
No. 2） matter
Sulfur
6.36 0.86 — —
dioxide
During the reporting period, Chongqing Changan Automobile Co., Ltd. (Jiangbei Engine Plant, Campus No. 2） was included
in the list of key environmental supervision units (environmental risk monitoring) in Liangjiang New Area, Chongqing for
Soil 2024, with a total of 3,444.56 tons of hazardous waste was generated in this period. 3,444.56 tons were legally utilized and —
disposed of by manufacturers with hazardous waste operation permits or exemption certificates, produced 261.41 tons of
general industrial solid waste and 261.41 tons of utilization and disposal.
COD 31.09 2.83 25.76 —
An outlet
Ammonia for Integrated Wastewater
3.56 0.32 3.48 —
nitrogen workshop Discharge Standard
Intermittent facilities, （GB8978-1996); The Inlet
Wastewater Total 3
emissions and two 0 Water Quality Requirements set 0 0.03 —
nickel
main by Guoyuangang Sewage
Total zinc outlets for 0.03 Treatment Plant in Chongqing 0.003 — —
the Plant
Phosphate 0.11 0.01 0.13 —
Particulate
0.58 Emission standard of Air 4.91 38.03 —
matter
Pollutants for Surface Coating
Chongqing Volatile of
Lingyao organic 0.23 2.04 111.40 —
Automobil Automobile Manufacturing
compounds
e Co., Ltd. Outlets Industry（DB 50/577-2015);
Organized
Exhaust gas Toluene + 40 around the Integrated Emission Standards
emissions 0.03 0.19 6.46 —
xylene Plant of Air Pollutants（DB
Sulfur 50/418-2016);
0 Emission Standards of Air 0 7.12 —
dioxide
Pollutants for Boiler（DB
Nitrogen 50/658-2016)
17.5 0.37 16.26 —
oxides
During the reporting period, Chongqing Lingyao Automobile Co., Ltd. was included in the list of key environmental
supervision units (atmospheric environment, environmental risk monitoring) in Banan Area, Chongqing for 2024, with a total
Soil of 1,163.45 tons of hazardous waste was generated in this period, 1,163.45 tons were legally utilized and disposed of by —
manufacturers with hazardous waste operation permits or exemption certificates, produced 7,887.43 tons of general industrial
solid waste and 7,887.43 tons of utilization and disposal.
26
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
COD An outlet 55.57 5.12 63.68 —
Ammonia for
workshop 6.96 Integrated Discharge Standard 0.53 3.81 —
nitrogen Intermittent
Wastewater 2 facilities, of Water Pollutants
Total emissions
and a main 0.06 (DB11/307-2013) 0.001 0.01 —
nickel outlet for
Phosphate the Plant 1.72 0.18 — —
Chongqing Nitrogen
Changan 9.67 0.18 3.18 —
oxides Emission standard of Air
Automobil Pollutants for Surface Coating
e Co., Ltd. Volatile
organic 2.66 of 2.10 458.76 —
Beijing Outlets
compounds Automobile Manufacturing
Changan Exhaust gas Organized 52 around the
Industry (DB11/1227-2015);
Automobil Sulfur emissions Plant
3 Integrated Emission Standards 0.55 — —
e Company dioxide of Air Pollutants
Particulate （DB11/501-2017）
1.76 1.95 — —
matter
During the reporting period, Chongqing Changan Automobile Co., Ltd. Beijing Changan Automobile Company was included
in the list of key environmental supervision units (water environment, atmospheric environment, environmental risk
Soil monitoring) in Beijing for 2024, with a total of 243.036 tons of hazardous waste was generated in this period, 243.036 tons —
were legally utilized and disposed of by manufacturers with hazardous waste operation permits or exemption certificates,
produced 3,788.25 tons of general industrial solid waste and 3,788.25 tons of utilization and disposal.
COD 50.00 13.27 169.55 —
Total
Two outlets 10.26 Integrated Wastewater 4.06 43.98 —
nitrogen
for Discharge Standard
Total workshop
Intermittent 0.02 （GB8978-1996); 0.00 0.09 —
Wastewater nickel 3 facilities,
emissions The Pipe Standards set by Hefei
and a main
Total outlet for West Group Sewage Treatment
0.20 0.08 — —
phosphorus the Plant Plant
Ammonia
5.00 0.37 16.96 —
nitrogen
Non-
Hefei methane
Changan total 0.002 3.67 65.03 —
Automobil hydrocarbo
e Co., Ltd. ns Emission Control Standard for
Outlets Industrial Enterprises Volatile
Sulfur Organized
76 around the 0.02 Organic Compounds of Tianjin 2.55
Exhaust gas dioxide emissions — —
Plant
（DB12/524-2020）
Particulate
0.03 15.48 — —
matter
Nitrogen
0.02 14.34 — —
oxides
During the reporting period, Hefei Changan Automobile Co., Ltd was included in the list of key environmental supervision
units (water environment, atmospheric environment, environmental risk monitoring) in Hefei for 2024, with a total of 910.39
Soil tons of hazardous waste was generated in this period, 911.8 tons were legally utilized and disposed of by manufacturers with —
hazardous waste operation permits or exemption certificates, produced 13,062.06 tons of general industrial solid waste and
13,062.06 tons of utilization and disposal.
COD 33.57 2.21 43.08 —
Total Integrated Wastewater
4.38 0.28 1.20 —
nitrogen Discharge Standard
A main
Total Intermittent （GB8978-1996);
Wastewater 1 outlet for 0.58 0.03 0.39 —
phosphorus emissions The Pipe Standards set by
the Plant
Nanjing Lishui Qinyuan
Ammonia Sewage Treatment Co., Ltd.
nitrogen 0.83 0.16 0.86 —
（NH3-N）
Nanjing Emission standard of Air
NOx 8 0.08 — —
Changan Pollutants for Surface Coating
Automobil Particulate of
e Co., Ltd. 2.2 1.10 — —
matter
Automobile Manufacturing
VOCs Organized 8.74 Industry (DB32/2862 – 2016); 9.84 31.57 —
6 Outlets
emissions Integrated Emission Standards
Exhaust gas around the
of Air Pollutants (GB 16297 -
Plant
Sulfur 1996);
0 Emission Standards of Air 0.00 — —
dioxide
Pollutants for Boiler
(GB13271-2014)
Soil During the reporting period, Nanjing Changan Automobile Co., Ltd. was included in the list of key environmental supervision —
units (water environment, atmospheric environment, environmental risk monitoring) in Jiangsu Province for 2024, with a total
27
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
of 436 tons of hazardous waste was generated in this period, 436 tons were legally utilized and disposed of by manufacturers
with hazardous waste operation permits or exemption certificates, produced 3,160 tons of general industrial solid waste and
3,160 tons of utilization and disposal.
Ammonia
nitrogen Both 2.54 0.27 8.94 —
（NH3-N） campus
NO.1 and
COD NO.2 have 84.98 Integrated wastewater discharge 8.90 136.42 —
one outlet standard（GB8978-1996);
Total Intermittent
Wastewater 4 for 10.89 The Influent Water Quality 1.14 12.83 —
nitrogen emissions
workshop Requirements Set by Gezhouba
Total facility, Water Dingzhou Branch
and a main 1.85 0.19 1.92
phosphorus
outlet for
Total the Plant 0.02 0.002 0.09 —
nickel
Sulfur Integrated Emission Standards
Hebei 0.002 0.01 118.24 —
dioxide of Air Pollutants
Changan GB16297-1996;
Automobil Non-metha
Emission Standards of Air
e Co., Ltd. ne total
5.60 Pollutants for Industrial Kiln 51.15 1450.96 —
hydrocarbo
Outlets and Furnace DB1640-2012;
ns Organized
Exhaust gas 142 around the Emission Control Standards for
emissions Volatile Organic Compounds
Particulate plant
0.73 6.41 904.2 —
matter by Industrial Enterprises
DB13/2322-2016;
Nitrogen Emission Standards of Air
0.19 Pollutants for Boiler 1.20 65.22 —
oxides
（DB13/5161-2020)
During the reporting period, Hebei Changan Automobile Co., Ltd. was included in the list of key environmental supervision
units (water environment, atmospheric environment, environmental risk monitoring) in Dingzhou for 2024, with a total of
Soil 724.221 tons of hazardous waste generated in this period, of which 750.38 tons have been legally utilized and disposed of by —
suppliers with hazardous waste operation permits, produced 13,197.185 tons of general industrial solid waste and 13,197.185
tons of utilization and disposal.
During the reporting period, the environmental information of each unit of the company was disclosed on the "Environmental
Information Disclosure System" in various provinces and cities. The public website is detailed in the table below.
Enterprise environmental information
The name of the organization Public website
disclosure system in accordance with the law
Yubei Plant, Liangjiang Plant, Enterprise environmental information
Jiangbei Engine Plant, Chongqing disclosure system in accordance with the law http://183.66.66.47:10001/eps/index/enterprise-search
Lingyao （Chongqing）
Enterprise environmental information
Beijing Changan Automobile disclosure system in accordance with the law https://hjxxpl.bevoice.com.cn:8002/home
Company
（Beijing）
Enterprise environmental information
Hefei Changan Automobile Co., disclosure system in accordance with the law http://112.27.211.30:18900/st_yfpl_html/dist/#/home
Ltd
（Anhui）
Enterprise environmental information http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/view
Nanjing Changan Automobile Co., disclosure system in accordance with the law
Runner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarch
Ltd
（Jiangsu） ive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js
Enterprise environmental information
Hebei Changan Automobile Co., disclosure system in accordance with the law http://121.29.48.71:8080/#/guide
Ltd
（Hebei）
Treatment of pollutants
Pollutant type Main processing technology Processing method
Venturi wet paint mist treatment+zeolite rotary adsorption
Spraying VOCs exhaust Deal with by oneself or
concentration+TNV incineration; Activated carbon adsorption;
gas themselves
Low temperature plasma
Deal with by oneself or
Exhaust gas Drying VOCs exhaust gas TNV or RTO incineration
themselves
Deal with by oneself or
Other VOCs exhaust gas Activated carbon adsorption
themselves
Test exhaust gas (nitrogen Automotive three-way catalytic converter Deal with by oneself or
28
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
oxide) themselves
Deal with by oneself or
Foundry dust Bag type dust removal
themselves
Deal with by oneself or
Foundry stench Alkali adsorption or biosorption
themselves
Deal with by oneself or
Refueling mist Mechanical filtration
themselves
Self processing or
Phosphating waste gas Coagulation sedimentation
outsourcing operations
Self processing or
Wastewater Oily wastewater Oil separation+air flotation
outsourcing operations
Comprehensive Self processing or
Coagulation sedimentation+aerobic biochemistry
wastewater outsourcing operations
Outsourcing utilization
Waste solvent Utilization or incineration
and disposal
Outsourcing utilization
Wet metal chips Utilize
and disposal
Aluminum ash, packaging Outsourcing utilization
Utilize
drum and disposal
Solid waste
Wastewater treatment Outsourcing utilization
Landfill
sludge and disposal
Recyclable general Outsourcing utilization
Utilize
industrial solid waste and disposal
Outsourcing utilization
Others Incineration or landfill
and disposal
Deal with by oneself or
Noise Mechanical noise Damping and sound insulation
themselves
In the first half of 2024, two sets of activated carbon adsorption waste gas treatment facilities have been added to the hazardous
waste room of Liangjiang Plant. Pollution control facilities are included in the preventive maintenance management of equipment
like production equipment, and there are ledgers, operating procedures or work instructions, preventive maintenance procedures,
preventive maintenance plans and implementation records, equipment spot checks, dosing, slag removal, consumables replacement
and other operation records, and the facilities are operating normally. The key units of environmental supervision (water environment
and atmospheric environment) are installed with automatic monitoring facilities for waste water and waste gas in accordance with the
requirements of the local ecological and environmental authorities, and entrust the operation and maintenance of the third-party
professional companies, and the facilities are operating normally. During the reporting period, there was no abnormal operation of
pollution control facilities and automatic monitoring facilities.
Contingency Plan for environmental emergencies
The manufacturing sites, as required, carries out risk assessment of environmental emergencies, emergency resource surveys,
formulated or revised contingency plans for environmental emergencies, prepared on-site response plans for units with environmental
risk, and continuously carried out hidden danger investigation and treatment. In the first half of 2024, no new or revised emergency
response plans for environmental emergencies have been added.
All bases formulate emergency drill plans in accordance with the requirements of laws and regulations, and carry out emergency
drills as planned, so as to continuously improve the practicality of emergency plans and the emergency handling ability of employees.
No environmental emergencies occurred in the first half of 2024.
Investment in environmental treatment and protection and payment of environmental protection tax
The company’s environmental protection investment mainly includes: the construction of environmental protection facilities,
operation and maintenance of environmental protection facilities, solid waste transportation and disposal (hazardous waste included),
sewage treatment, monitoring, revision of contingency plans, purchase of emergency materials, environmental protection tax, etc.
The company paid environmental protection tax of RMB 564,200 in the first half of 2024.
Environmental self-monitoring plan
In the first half of 2024, key units responsible for pollution discharge of the company prepared self-monitoring plans and carried
out self-monitoring in accordance with the requirements of laws and regulations, and disclosed monitoring information on
self-monitoring data release platforms of various provinces as required by local ecological environment authorities. See the following
table for the public websites.
29
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Environmental Self-Monitoring Plan Disclosure
Units Website
Platform
Yubei Plant, Liangjiang Plant, Jiangbei Key Pollution Source Monitoring Data Release http://119.84.149.34:20003/publish2/dataSear
Engine Plant, Chongqing Lingyao Platform chPub/entList.aspx
Beijing Environmental Information Disclosure
https://xxgk.bevoice.com.cn/index.do
Platform for Enterprises and Institutions
Beijing Changan Automobile Company
National Pollutant Discharge Permit Management https://permit.mee.gov.cn/perxxgkinfo/syssb/x
Information Platform kgg/xkgg!licenseInformation.action
Anhui Province Discharge Units Self-Monitoring
Hefei Changan Automobile Co., Ltd https://wryjc.cnemc.cn/gkpt/mainZxjc/340000
Information Disclosure Platform
http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchi
Jiangsu Province Discharge Units Self-Monitoring ve-webapp/web/viewRunner.html?viewId=htt
Nanjing Changan Automobile Co., Ltd.
Information Disclosure Platform p://218.94.78.91:18181/spsarchive-webapp/w
eb/sps/views/yfpl/views/home/index.js
National Pollution Source Monitoring Information
Hebei Changan Automobile Co., Ltd. https://wryjc.cnemc.cn/gkpt/mainZxjc/130000
Management and Sharing Platform
Administrative penalties imposed for environmental reasons during the reporting period are shown below
None.
Measures taken to reduce carbon emissions during the reporting period and effects
√ Applicable □Not applicable
In the first half of 2024, Changan Automobile continued to advance towards the Company's goals of "carbon peaking by 2027
and carbon neutrality by 2045".
To fulfill the dual carbon commitments and reduce carbon emissions, Changan's manufacturing system actively promoted
energy conservation and carbon reduction in the first half of 2024, achieving remarkable results. The carbon emission intensity in the
vehicle manufacturing process decreased by 7% compared to the previous year. Changan has reached a milestone in the green
transition and energy structure upgrades. 140 MW photovoltaic power stations have been put into operation in facilities in Chongqing,
Hefei, Hebei, Nanjing, and other regions, generating green electricity for its own use. In the first half of the year, a total of
approximately 41 million kWh of green electricity was consumed, reducing carbon by 37,000 tons. At the same time, various
manufacturing facilities continued to tap carbon reduction potential and make improvement in energy-saving as well as carbon
reduction through "energy efficiency improvement, process improvement, efficient start-stop, and production scheduling
optimization." In the first half of the year, 29 measures were implemented, reducing carbon by 5,000 tons in all processes.
Changan explored carbon reduction pathways in product development in-depth and continuously promoted low-carbon
technology research. In the field of new power, the New Blue Core power system was released. The production thermal efficiency
and reserve thermal efficiency of the New Blue Core hybrid engine reached 44.28% and 47.03% respectively. The petro-to-electricity
conversion rate of the New Blue Core extended-range/electric platform is 3.63kWh/L, and the maximum efficiency of the digital
intelligent electric motor is 97.80%. In the field of new energy, the Company’s CTV battery completed its first trial production
onboard a vehicle, and the 4C fast-charging battery completed experimental simulation. In the field of vehicle energy conservation,
key technologies such as ultra-low wind resistance, low-drag calipers, and low rolling resistance tires were developed, and a
high-precision full-field energy flow simulation and test decomposition capability system has been created. In the field of new
materials, industrial applications of bio-based PU and 30% recycled PP materials were achieved, and the impact of recycling on
material properties and control methods were grasped and acquired. Additionally, 15 types of low-carbon and lightweight
technologies, such as 30% recycled aluminum alloy wheels, were developed. As of June 30, the average carbon footprint per vehicle
of Changan's new models launched in 2024 decreased by 2.22% compared to 2023.
Other environmental protection-related information
In the first half of 2024, Liangjiang Plant, Jiangbei Engine Plant, Yubei Plant, Chongqing Lingyao and other production bases
will carry out the 2023 environmental credit evaluation work in accordance with the requirements of the local ecological and
environmental authorities.
II. Social Responsibility
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics in the New Era, Changan has thoroughly implemented
the important expositions of General Secretary Xi Jinping on agriculture, rural areas, and farmers, conscientiously implemented the
decisions of the Party Central Committee and the State Council as well as government arrangements, strictly met the requirements
that poverty relief responsibilities, policies, assistance, and monitoring continue even after a county is removed from the poverty list,
30
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
learned and adopted the experience of the "Thousand Villages Demonstration Project", continuously tapped the development
potential of targeted assistance areas and the motivation of people who had been lifted out of poverty, focused on enhancing the
effectiveness of assistance, made assistance work higher in quality, more efficient, and more sustainable, and contributed wisdom and
strength to all-round rural revitalization.
1. Strengthen Organizational Leadership
Convened one meeting of the leadership group on targeted support work to identify key support projects, study programmes,
formulate measures and make progress.
2. Ensure Assistance Funds
A total of 10.6 million yuan in assistance funds was allocated, including 2.5 million yuan for Luxi County, Yunnan Province,
and 8.1 million yuan for Yanshan County, Yunnan Province, to support the overall revitalization of rural industries, workforce,
culture, ecology, and organizations in the two counties, helping to achieve booming rural industries, a beautiful ecological
environment, civilized rural customs, effective governance, and adequate living standards.
3. Innovate Industrial Assistance
Implemented the government's overall plan for rural revitalization and continuously made progress on the targeted assistance
project for Youyang Camellia Oil. First, the Company assisted in marketing and networks, leveraging its sales network to help
Chongqing Youzhou Camellia Oil Technology Company achieve sales of 15.19 million yuan. Second, the Company enhanced the
brand and corporate image by bringing Youyang Camellia Oil to the Changan Partner Conference, Chongqing Marathon, and
Chongqing Auto Show, expanding the influence of cross-sector new public welfare initiatives and creating an example of corporate
social responsibility. Third, the Company established a management system and a long-term mechanism for good governance
centered around the goals and objectives of Chongqing Youzhou Camellia Oil Technology Company for 2024, and has been
comprehensively pushing for the implementation of Management System 2.0. Fourth, the Company researched carbon sink
technologies in collaboration with Beijing Forestry University to complete the design document for camellia oil carbon sink
technologies and established an evaluation system.
4. Strengthen Consumer Assistance
In response to the government's call, the Company encouraged all employees to directly purchase specialty agricultural products
from assisted areas and actively participate in the "Central Enterprise Consumer Assistance for Agricultural Revitalization Week"
event. In the first half of the year, the Company disbursed consumer assistance totaling 1.568 million yuan, promoting industrial
development in poverty-stricken areas and stable income growth for the local population through concrete actions.
31
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 6 Important Matters
I. The actual controller, shareholders, related parties, acquirers and other relevant parties of
the Company have fulfilled the commitments during the reporting period and have not been
fulfilled by the end of the reporting period
√ Applicable □Not applicable
Type of
Undertakings Undertaking party Description Date Duration Performance
undertaking
China South Industries Group From November 7th, 2023, within
Co., Ltd.; China Changan Sales 6 months, the company will not
Other November Fulfillment
Automobile Group Co., Ltd.; restrictions reduce its holdings through 6 Months
commitments 2023 completed
Southern Industry Asset for shares centralized bidding or bulk
Management Co., Ltd. trading in the secondary market.
Whether the
promise is
Yes
fulfilled as
scheduled
II. Non-operating funds the listed company occupied by controlling shareholders and their
related parties
□ Applicable √ Not applicable
During the reporting period, there was no non-operating funds of the listed company occupied by the controlling shareholder
and related parties.
III. Irregular external guarantee
□ Applicable √ Not applicable
The Company has no irregular external guarantee during the reporting period.
IV. Appointment and dismissal of the accounting firm
Is the semi-annual financial report audited?
□ Yes √ No
The company's semi-annual report has not been audited.
V. The board of directors, and supervisors explaining the "nonstandard audit report" from
the accounting firm during the reporting period
□ Applicable √ Not-applicable
VI. The board of directors explaining the "nonstandard audit report" of last year
□ Applicable √ Not-applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
During the report period, there is no bankruptcy or restructuring.
32
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
VIII. Crucial litigation events
Crucial litigation and arbitration events
□ Applicable √ Not-applicable
During the report period, the company has no crucial litigation or arbitration events.
Other litigation events
□ Applicable √ Not-applicable
IX. Punishment and rectification
□ Applicable √ Not applicable
During the report period, there were no penalties and rectifications.
X. The integrity of company, its controlling shareholder and actual controller
□ Applicable √ Not applicable
XI. Significant related-party transactions
1. Related-party transactions related to daily operation
√ Applicable □ Not-applicable
For details, please refer to Note 14 “Related Party Relationships and Transactions” under Chapter 10.
2. Related-party transaction of acquisition or sales of assets or equity
□ Applicable √ Not applicable
During the report period, the company did not have any related party transactions for the acquisition or sale of assets or equity.
3. Related-party transactions of common foreign investment
□ Applicable √ Not applicable
4. Related rights and debt relations
√ Applicable □ Not-applicable
For details, please refer to Note 14 “Related Party Relationships and Transactions” under Chapter 10.
Whether there is any non-business-related credits and debts
□ Yes √ No
There is no non-operating associated credits and debts during the reporting period.
5. Transactions with associated financial companies
√ Applicable □ Not applicable
Deposit
Amount incurred in the current
Maximum period
Beginning
daily deposit Total Ending balance
Related party Relationship Interest rate balance (RMB: Total deposit
limit (RMB: withdrawal (RMB: 10,000)
10,000) amount (RMB:
10,000) amount (RMB:
10,000)
10,000)
China South A company 2,000,000 0.2%-3.5% 1,992,602 6,399,718 6,397,330 1,994,990
Industries controlled by
33
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Group Finance the actual
Co., Ltd. controller of
Changan
Automobile
A company
Changan controlled by
Automobile the actual
2,000,000 1.85%-2.25% 1,499,000 855,000 855,000 1,499,000
Finance Co., controller of
LTD Changan
Automobile
Loan
Amount incurred in the current
period
Beginning
Loan amount Total Ending balance
Related party Relationship Interest rate balance (RMB: Total amount
(RMB: 10,000) repayment (RMB: 10,000)
10,000) of loan (RMB:
amount (RMB:
10,000)
10,000)
A company
China South controlled by
Industries the actual
50,000 1.00% 7,600 0 0 7,600
Group Finance controller of
Co., Ltd. Changan
Automobile
Credit granting or other financial business
Total amount (RMB: Actual amount incurred
Related party Relationship Business
10,000) (RMB: 10,000)
A company controlled by
China South Industries
the actual controller of Credit granting 1,150,000 280,853
Group Finance Co., Ltd.
Changan Automobile
6. Transactions between the financial company controlled by the company and related parties
□ Applicable √ Not applicable
7. Other significant related-party transactions
√ Applicable □Not-applicable
Interim announcement of major related-party transactions on the website
Interim
Interim announcement Website
announcement date
Announcement on Related-party Transactions of China South Industries Group
April 18th, 2024
Finance Co., Ltd. Providing Financial Services for Changan Automobile
http://www.cninfo.com.cn
Announcement on Related-party Transactions of Changan Automobile Finance
April 18th, 2024
Co., Ltd. Providing Financial Services for Changan Automobile
XII. Major contracts and their performance
1. Custody, contracting and leasing
（1）Custody
□ Applicable √ Not-applicable
There is no custody during the reporting period.
（2）Contracting
□ Applicable √ Not-applicable
There is no contracting during the reporting period.
34
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
（3）Leasing
√ Applicable □ Not-applicable
Leasing of related parties can be found in Item 5 (2) of Note 14 of Financial Statements “ Related Party and Related
Transactions”.
Projects whose profit and loss to the company account for more than 10% of total profits during the reporting period.
□ Applicable √ Not-applicable
There was no project whose profit and loss to the company accounted for more than 10% of total profits during the reporting
period.
2. Guarantee
□ Applicable √ Not-applicable
There’s no guarantee during the report period.
3. Entrust wealth management
□ Applicable √ Not-applicable
There’s no entrusting wealth management during the reporting period.
4. Other major contracts
□ Applicable √ Not applicable
There are no other major contracts of the Company during the reporting period.
XIII. Other important events
□ Applicable √ Not applicable
XIV. Important matters of the Company's subsidiary
□ Applicable √ Not applicable
35
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 7 Changes in the Shareholding of the Company and
Shareholders
I. Change in shareholdings
1. Change in shareholdings
Unit: One share
Before change Changes（+，-） After change
Additional Stock Provident
Quantity Ratio Other Subtotal Quantity Ratio
issued dividend fund transfer
Shares with sales restrictions 104,805,899 1.06% -41,715,574 -41,715,574 63,090,325 0.64%
1. State-owned legal person
shares
2. Other domestic shares 104,192,889 1.05% -41,715,574 -41,715,574 62,477,315 0.63%
Including: domestic legal
person shares
domestic natural person
104,192,889 1.05% -41,715,574 -41,715,574 62,477,315 0.63%
shares
3. Foreign shares 613,010 0.01% 613,010 0.01%
Including: foreign legal
persons shares
foreign natural person
613,010 0.01% 613,010 0.01%
shares
Shares without sales
9,812,483,134 98.94% 41,715,574 41,715,574 9,854,198,708 99.36%
restrictions
1.Ordinary shares
8,170,868,357 82.39% 41,715,574 41,715,574 8,212,583,931 82.81%
denominated in RMB
2. Domestic listed foreign
1,641,614,777 16.55% 1,641,614,777 16.55%
shares
Total shares 9,917,289,033 100.00% 0 0 9,917,289,033 100.00%
Reasons for share change
√ Applicable □ Not applicable
(1) The A-share restricted stock incentive plan is released from the listing and circulation of restricted shares
On March 5th, 2024, the company lifted the listing and circulation of restricted shares, with a number of 43,135,948 shares, as
detailed in the "Reminder Announcement on the Listing and Circulation of Restricted Shares Released in the Second Lifting Period
of the First Grant of the A-share Restricted Stock Incentive Plan". Some of the company's directors and senior managers are included
in the incentive objects of the lifting of the restriction this time, and the shares obtained will be locked in accordance with relevant
laws and regulations.
(2) Other reasons for change
Other changes in the company's restricted shares are caused by changes in the locked-in shares of senior executives.
Approval of share change
√ Applicable □ Not applicable
On February 22nd, 2024, The A-share restricted stock incentive plan lifts the listing and circulation of restricted shares was
approved by the 17th meeting of the 9th board of directors and the 5th meeting of the 9th board of supervisors.
Transfer of shares
√ Applicable □ Not applicable
See Chapter 7, I, 1, "Reasons for share change" for details.
Implementation progress of share repurchase
□ Applicable √ Not applicable
Implementation progress of reducing and repurchasing shares by means of centralized bidding
□ Applicable √ Not applicable
Impact of share changes on financial indicators such as basic earnings per share and diluted earnings per share in the latest
year and the latest period, and net assets per share attributable to ordinary shareholders of the company
36
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
√ Applicable □ Not applicable
Changes in shares have no material impact on financial indicators such as basic earnings per share and diluted earnings per share
in the most recent year and the latest period, and net assets per share attributable to ordinary shareholders of the Company.
Other information deemed necessary by the company or required by securities regulators to disclose
□ Applicable √ Not applicable
2. Changes in restricted shares
√ Applicable □ Not applicable
Unit: share(s)
Number of
shares with
Number of sales Number of
Increase during
restricted shares at restriction restricted shares at Reasons for
Name of shareholders the reporting Date of removal of sales restriction
the beginning of removed the end of the restrictions
period
the period during the period
reporting
period
From 2024 , the restricted shares
granted for the first time and reserved
to the incentive recipients will be
lifted in two batches, and the
restriction period of each batch will
be 36 months and 48 months
respectively from the date of
A-share restricted stock 104,266,260 43,135,948 61,130,312 Equity incentive completion of the corresponding
grant registration, and the release
restriction ratio will be 33% and 34%
of the total number of shares granted
to the incentive recipients
respectively. Among them, a total of
43,135,948 shares have been listed
and circulated on March 5th, 2024.
Executive lock-in Lift the sale restriction according to
Other shareholders 539,639 375 1,420,749 1,960,013
shares the relevant rules
Total 104,805,899 43,136,323 1,420,749 63,090,325 -- --
II. Issuing and listing of securities
□ Applicable √ Not-applicable
III. Shareholding and shareholders of the company
Unit: share(s)
At the end of the report period, the Number of shareholders holding preference shares with
total number of shareholders
655,768 restored voting rights at the end of the reporting period
0
Shareholdings of ordinary shareholders holding more than 5% of the shares or top 10 ordinary shareholders (excluding shares lent through refinancing)
Increase/ Condition of
Number of Number of Number of
decrease shares (pledged,
shares held as of shares held shares held labeled or frozen)
Name Nature Percentage during the
the end of the with sales without sales
reporting period Reporting
restrictions restrictions Status Amount
Period
China Changan Automobile Group State-owned
17.98% 1,783,090,143 1,783,090,143
Co., Ltd. legal person
China South Industries Group Co., State-owned
14.23% 1,410,747,155 1,410,747,155
Ltd. legal person
Not
Southern Industry Asset State-owned pledged,
4.60% 456,253,257 456,253,257
Management Co., Ltd. legal person labeled or
frozen
Domestic
China Securities Finance Co., Ltd. general legal 4.30% 426,362,905 426,362,905
person
United Prosperity Investment Co., Foreign legal 2.83% 280,498,832 280,498,832
37
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Ltd. person
Hong Kong Securities Clearing Co., Foreign legal
1.50% 148,626,405 -86,760,549 148,626,405
Ltd. person
Industrial and Commercial Bank of Funds,
China Co., Ltd. - Huatai Pinebridge wealth
0.59% 58,745,244 24,458,700 58,745,244
CSI 300 ETF Securities Investment management
Fund products, etc
Domestic
Fang Wenyan natural 0.57% 56,989,500 43,061,920 56,989,500
persons
China Merchants Securities (Hong Foreign legal
0.49% 48,788,559 -4,838,763 48,788,559
Kong) Limited person
China Construction Bank Funds,
Corporation-E Fund CSI 300 ETF wealth
0.39% 38,820,336 26,132,500 38,820,336
Originated Securities Investment management
Fund products, etc
Among the top 10 shareholders, the actual controller China South Industries Group Co., Ltd. and its
Description of the related party relationship or wholly-owned subsidiary Southern Industry Asset Management Co., Ltd., the controlling shareholder China
acting in concert among the above shareholders Changan Automobile Group Co., Ltd. and its wholly-owned subsidiary United Prosperity Investment Co.,
Ltd. are parties acting in concert by “Measures for the Administration of Takeover of Listed Companies”.
Description of the above-mentioned shareholders
entrusting/being entrusted with voting rights and None
waiver of voting rights
Shareholdings of the top 10 ordinary shareholders of unrestricted shares
Number of shares without sales Shares type
Shareholders restrictions at the end of the
reporting period Type Number
China Changan Automobile Group Co., Ltd. 1,783,090,143 RMB ordinary shares 1,783,090,143
China South Industries Group Co., Ltd. 1,410,747,155 RMB ordinary shares 1,410,747,155
Southern Industry Asset Management Co., Ltd. 456,253,257 RMB ordinary shares 456,253,257
China Securities Finance Co., Ltd. 426,362,905 RMB ordinary shares 426,362,905
United Prosperity Investment Co., Ltd. 280,498,832 Domestic listed foreign shares 280,498,832
Hong Kong Securities Clearing Co., Ltd. 148,626,405 RMB ordinary shares 148,626,405
Industrial and Commercial Bank of China Co., Ltd.
- Huatai Pinebridge CSI 300 ETF Securities 58,745,244 RMB ordinary shares 58,745,244
Investment Fund
Fang Wenyan 56,989,500 RMB ordinary shares 56,989,500
China Merchants Securities (Hong Kong) Limited 48,788,559 Domestic listed foreign shares 48,788,559
China Construction Bank Corporation-E Fund CSI
38,820,336 RMB ordinary shares 38,820,336
300 ETF Originated Securities Investment Fund
Description of the related relationship or acting in Among the top 10 shareholders, the actual controller China South Industries Group Co., Ltd. and its
concert among the top 10 shareholders of wholly-owned subsidiary Southern Industry Asset Management Co., Ltd., the controlling shareholder China
unrestricted circulating shares, and between the top Changan Automobile Group Co., Ltd. and its wholly-owned subsidiary United Prosperity Investment Co.,
10 shareholders of unrestricted tradable shares and Ltd. are parties acting in concert as stipulated in the “Measures for the Administration of Takeover of Listed
the top 10 shareholders Companies”.
Description of the top 10 ordinary shareholders In addition to holding 0 shares through the ordinary securities account, Fang Wenyan, a shareholder, also
participating in the margin trading and securities holds 56,989,500 shares through the customer credit transaction guarantee securities account of Guotai Junan
lending business Securities Co., Ltd., and actually holds a total of 56,989,500 shares.
Participation of shareholders holding more than 5% of the shares, top 10 shareholders, and top 10 shareholders with
unlimited tradable shares in the lending of shares through the refinancing business
√ Applicable □ Not applicable
Unit: share(s)
Participation of shareholders holding more than 5% of the shares, top 10 shareholders, and top 10 shareholders with unlimited tradable shares in
the lending of shares through the refinancing business
The shares lent at the At the end of the period,
Initial ordinary account Ordinary account and
beginning of the period the shares were loaned
and credit account credit account holdings at
Shareholder Name were refinanced and have and have not been
holdings the end of the period
not been returned returned
Total Proportion Total Proportion Total Proportion Total Proportion
38
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
quantity of total quantity of total quantity of total quantity of total
share share share share
capital capital capital capital
Industrial and Commercial
Bank of China Co., Ltd. -
Huatai Pinebridge CSI 300 34,286,544 0.35% 2,795,700 0.03% 58,745,244 0.59% 0 0.00%
ETF Securities Investment
Fund
China Construction Bank
Corporation-E Fund CSI
12,687,836 0.13% 1,251,500 0.01% 38,820,336 0.39% 263,800 0.00%
300 ETF Originated
Securities Investment Fund
The top 10 shareholders changed from the previous period
□ Applicable √ Not applicable
Whether the top 10 shareholders of ordinary shares, and the top 10 shareholders of ordinary shares without sales restrictions
agreed on the repurchase transactions during the report period
□ Yes √ No
The top 10 shareholders of ordinary shares, and the top 10 shareholders of ordinary shares without sales restrictions did not
agree on the repurchase transactions during the reporting period.
IV. Changes in the shareholding of directors, supervisors and senior management
□ Applicable √ Not-applicable
V. The change of the controlling shareholders and the actual controllers
During the reporting period the change of controlling shareholders
□ Applicable √ Not-applicable
No changes in controlling shareholders during the reporting period.
The change of the actual controllers during the reporting period
□ Applicable √ Not-applicable
No changes in the actual controllers during the reporting period.
39
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 8 Preferred Shares
□ Applicable √ Not-applicable
During the reporting period, there were no preferred shares in the company.
40
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 9 Bonds
√ Applicable □ Not applicable
I. Enterprise Bonds
□ Applicable √ Not applicable
No enterprise bonds in the Reporting Period
II. Corporate Bonds
√ Applicable □ Not applicable
1. Basic Information of the Corporate Bonds
Unit: 10,000 RMB
Abbreviati Bond Date of Value Maturi Interes Trading
Bond Name Bonds balance Way of redemption
on Code issue date ty t rate place
Chongqing
Changan Single interest is
Automobile calculated on an annual
Co., Ltd. basis, excluding
publicly issued Dece Dece Dece compound interest. The
22 Shenzhen
science and 148147. mber mber mber interest is paid once a
Changan 100,000 3.00% Stock
technology SZ 19th, 20th, 20th, year, and the principal is
K1 Exchange
innovation 2022 2022 2027 repaid once due. The
corporate bonds last interest is paid with
to professional the payment of the
investors in principal.
2022 ( Phase I )
This bond is issued to professional institutional investors who open A-share securities accounts
Appropriate arrangement of the investors
in Shenzhen Branch of China Securities Depository and Clearing Co., Ltd. (excluding
(if any)
purchasers prohibited by laws and regulations).
Applicable trading mechanism Centralized bidding trade and block trading
Risk of termination of listing transactions
None
(if any) and countermeasures
Overdue bonds
□ Applicable √ Not applicable
2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the Investor Protection
Clause
□Applicable √ Not applicable
3. Adjustment of Credit Rating Results during the Reporting Period
□ Applicable √ Not applicable
41
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
4. Execution and Changes of Guarantee, Repayment Plan and Other Repayment Guarantee Measures as
well as Influence on Equity of Bond Investors during the Reporting Period
□ Applicable √ Not applicable
III. Debt Financing Instruments of Non-financial Enterprises
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV. Convertible Corporate Bonds
□ Applicable √ Not applicable
No such cases in the Reporting Period.
V. Losses of Scope of Consolidated Financial Statements during the Reporting Period
Exceeding 10% of Net Assets up the Period-end of Last Year
□ Applicable √ Not applicable
VI. The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the
Company up the Period-end
Unit: 10,000 RMB
Items 30 June 2024 31 December 2023 Increase/decrease
Current ratio 1.26 1.27 -0.79%
Debt/asset ratio 60.49% 60.73% -0.24%
Quick ratio 1.12 1.14 -1.75%
The reporting period Same period last year Increase/decrease
Net profit after deducting
116,868.01 124,185.42 -5.89%
non-recurring profit or loss
Debt/EBITDA ratio 4.46% 9.04% -4.58%
Interest cover (times) 44.61 181.73 -75.45%
Cash-to-interest cover (times) 86.92 188.93 -53.99%
EBITDA-to-interest cover
127.78 252.97 -49.49%
(times)
Loan repayment rate 100% 100% 0
Interest coverage 100% 100% 0
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Chapter 10 The Financial Statements
I. Auditing Report
No audit on the semi-annual financial report.
II. Financial statements
Financial in notes to the statements of the unit is: RMB yuan
1. Consolidated Balance Sheet
In RMB Yuan
Account 30 June 2024 1 January 2024
Current assets:
Cash 70,939,136,071.24 64,871,042,747.88
Trading financial assets 152,668,417.66 167,519,347.29
Notes receivable 33,995,528,463.15 37,658,391,214.01
Accounts receivable 2,989,231,105.41 2,411,796,419.07
Prepayments 582,581,159.41 287,711,010.62
Other receivables 455,008,697.40 894,268,431.82
Including: dividends receivable 22,469,320.00
Inventories 13,792,862,498.94 13,465,847,696.93
Contract assets 822,694,699.90 1,442,876,966.30
Other current assets 2,234,734,568.60 9,735,453,361.32
Total current assets 125,964,445,681.71 130,934,907,195.24
Non-current assets:
Long-term equity investments 14,109,162,499.18 13,787,391,985.47
Investment in other equity instruments 504,190,082.71 504,190,082.71
Investment properties 6,082,647.70 6,196,003.48
Fixed assets 19,515,251,831.25 19,994,084,908.14
Construction in progress 2,294,576,852.63 1,914,345,359.83
Right-of-use asset 217,698,854.98 209,480,676.04
Intangible assets 14,317,477,866.82 15,045,563,649.79
Development expenditure 3,295,839,663.04 2,241,820,556.70
Goodwill 1,810,730,443.16 1,810,730,443.16
Long-term deferred expenses 21,185,944.41 24,162,220.06
Deferred tax assets 3,410,080,327.14 3,248,254,057.65
Other non-current assets 1,854,972,231.98 450,000,000.00
Total non-current assets 61,357,249,245.00 59,236,219,943.03
TOTAL ASSETS 187,321,694,926.71 190,171,127,138.27
Current liabilities:
Short-term loans 54,056,333.40 30,039,416.74
Trading financial liabilities 12,941,513.71 -
Notes payable 40,811,542,603.74 37,456,669,928.07
Accounts payable 34,274,539,923.58 38,289,947,321.45
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Advance receipts 686,755.00
Contract liability 5,996,592,698.42 7,923,792,852.77
Payroll payable 3,570,705,685.96 2,750,661,337.26
Taxes payable 865,791,188.25 1,928,723,907.38
Other payables 5,307,800,744.02 5,880,882,512.97
Non-current liabilities within one year 123,760,356.87 80,077,042.88
Other current liabilities 9,158,544,800.54 8,897,936,399.92
Total current liabilities 100,176,275,848.49 103,239,417,474.44
Non-current liabilities:
Long-term loans 36,000,000.00 72,000,000.00
Bonds payable 999,656,603.76 999,607,547.16
Lease liability 124,713,350.60 134,254,398.07
Long-term payables 957,892,237.43 952,446,118.57
Long-term payroll payable 27,195,616.49 30,414,000.00
Estimated liabilities 7,004,273,980.79 6,277,041,416.79
Deferred Revenue 676,551,823.49 718,840,543.52
Deferred tax liabilities 1,585,558,534.51 1,566,074,982.00
Other non-current liabilities 1,719,954,719.90 1,497,773,818.69
Total non-current liabilities 13,131,796,866.97 12,248,452,824.80
Total liabilities 113,308,072,715.46 115,487,870,299.24
Owners’ equity (or Shareholders’ equity):
Share capital 9,917,289,033.00 9,917,289,033.00
Capital reserves 8,443,323,719.70 8,251,287,637.70
Less: treasury shares 228,624,172.79 382,277,095.96
Other comprehensive income 200,717,168.37 118,318,784.04
Special reserves 94,130,498.99 54,323,330.34
Surplus reserves 4,276,245,864.64 4,276,245,864.64
Retained earnings 49,037,197,880.37 49,617,932,431.73
Equity attributable to owners 71,740,279,992.28 71,853,119,985.49
Minority interests 2,273,342,218.97 2,830,136,853.54
Total Owners’ equity (or Shareholders’ equity) 74,013,622,211.25 74,683,256,839.03
Liabilities and owners' equity (or shareholders'
187,321,694,926.71 190,171,127,138.27
equity) in total
Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Shi Haifeng
2. Balance sheet
In RMB Yuan
Account 30 June 2024 1 January 2024
Current assets:
Cash 43,872,608,287.07 44,029,520,088.62
Trading financial assets 152,668,417.66 160,744,733.27
Notes receivable 29,239,357,023.79 33,788,748,503.90
Accounts receivable 13,256,145,398.51 8,579,504,025.23
Prepayments 248,679,818.62 112,547,088.73
Other receivables 461,694,766.87 237,247,787.26
Including: dividends receivable 22,469,320.00 -
44
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Inventories 4,642,954,960.30 5,615,873,258.35
Contract assets 85,341,261.61 128,498,871.61
Other current assets 224,524,115.71 5,522,797,370.57
Total current assets 92,183,974,050.14 98,175,481,727.54
Non-current assets:
Long-term equity investments 19,784,344,631.78 19,435,450,021.37
Investment in other equity instruments 504,190,082.71 504,190,082.71
Fixed assets 13,319,877,774.18 13,453,515,476.81
Construction in progress 1,544,281,630.52 1,407,521,918.44
Right-of-use asset 127,846,115.74 168,093,468.85
Intangible assets 3,274,175,149.92 3,312,017,680.07
Development expenditure 2,531,535,772.05 2,017,011,508.06
Long-term deferred expenses 18,777,059.34 21,709,036.17
Deferred tax assets 2,825,475,532.51 2,774,652,958.37
Other non-current assets 1,850,000,000.00 450,000,000.00
Total non-current assets 45,780,503,748.75 43,544,162,150.85
TOTAL ASSETS 137,964,477,798.89 141,719,643,878.39
Current liabilities:
Notes payable 27,067,980,763.07 25,950,782,831.24
Accounts payable 22,070,303,341.95 23,842,258,668.42
Contract liability 2,949,612,898.96 4,606,921,633.17
Payroll payable 2,560,749,341.58 1,919,102,689.66
Taxes payable 224,754,037.01 1,300,178,990.13
Other payables 2,871,795,581.74 3,236,371,408.79
Non-current liabilities within one year 85,324,798.98 56,170,742.39
Other current liabilities 6,241,141,829.11 6,286,218,965.50
Total current liabilities 64,071,662,592.40 67,198,005,929.30
Non-current liabilities:
Long-term loans 36,000,000.00 72,000,000.00
Bonds payable 999,656,603.76 999,607,547.16
Lease liability 79,310,093.24 117,490,288.82
Long-term payables 115,900,337.55 120,081,551.85
Long-term payroll payable 14,676,656.79 17,659,000.00
Estimated liabilities 4,623,843,903.17 4,402,025,046.54
Deferred Revenue 563,864,707.05 603,864,707.08
Deferred tax liabilities 195,239,883.03 197,625,245.62
Other non-current liabilities 1,503,921,144.12 1,287,646,146.69
Total non-current liabilities 8,132,413,328.71 7,817,999,533.76
Total liabilities 72,204,075,921.11 75,016,005,463.06
Owners’ equity (or Shareholders’ equity):
Share capital 9,917,289,033.00 9,917,289,033.00
Capital reserves 8,590,735,699.46 8,406,226,198.82
Less: treasury shares 228,624,172.79 382,277,095.96
Other comprehensive income 168,865,473.51 169,049,829.02
Special reserves 42,073,086.49 19,514,786.95
Surplus reserves 4,276,245,864.64 4,276,245,864.64
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Retained earnings 42,993,816,893.47 44,297,589,798.86
Total Owners’ equity (or Shareholders’ equity) 65,760,401,877.78 66,703,638,415.33
Liabilities and owners' equity (or shareholders'
137,964,477,798.89 141,719,643,878.39
equity) in total
3. Consolidated Income Statement
In RMB Yuan
Account Current Period Prior Period
1.Operating revenue 76,722,649,723.79 65,492,098,869.01
Less: Operating cost 66,134,307,155.12 54,790,036,298.76
Tax and surcharges 2,053,229,071.41 2,186,174,248.99
Operating expenses 3,077,988,414.27 2,280,397,591.19
General and administrative expenses 2,426,863,860.79 2,271,960,408.55
Research and development expenses 2,912,092,313.40 2,964,604,104.48
Financial expenses (549,385,364.01) (453,268,104.89)
Interest expense 39,521,477.44 36,814,471.44
Interest income 520,495,393.22 532,594,819.89
Add: Other income 1,442,510,651.32 657,988,649.18
Investment income 350,711,425.33 5,023,108,819.32
Including: Investment income from associates and joint
252,582,688.73 (180,436,966.53)
venture
Gains from changes in fair value (35,024,179.42) (23,334,661.15)
Credit impairment loss 759,129.40 (15,513,488.10)
Asset impairment loss (146,269,535.60) (397,274,160.99)
Gain on disposal of assets 4,959,452.69 366,667,730.28
2.Operating profit 2,285,201,216.53 7,063,837,210.47
Add: Non-operating income 46,291,779.69 93,295,575.81
Less: Non-operating expenses 19,101,827.75 13,498,961.02
3.Total profit 2,312,391,168.47 7,143,633,825.26
Less: Income tax expense 65,628,900.78 176,620,825.19
4.Net profit 2,246,762,267.69 6,967,013,000.07
Classification by going concern
Net profit from continuing operations 2,246,762,267.69 6,967,013,000.07
Net profit from discontinued operations
Classification by ownership attribution
Net profit attributable to owners 2,831,743,111.82 7,652,979,346.80
Minority interests (584,980,844.13) (685,966,346.73)
5.Other comprehensive income, net of tax 82,398,384.33 47,734,187.34
Net after-tax net of other comprehensive income
82,398,384.33 47,734,187.34
attributable to the parent company owner
(1) Other comprehensive income that cannot be reclassified
2.89
into profit or loss
Other comprehensive income that cannot be
2.89
converted to profit or loss under the equity method
(2) Other comprehensive income that will be reclassified 82,398,381.44 47,734,187.34
46
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
into profit or loss
Other comprehensive income that can be
(184,358.40)
transferred to profit or loss under the equity method
Foreign currency financial statement translation
82,582,739.84 47,734,187.34
difference
6.Total comprehensive income 2,329,160,652.02 7,014,747,187.41
Total comprehensive income attributable to owners 2,914,141,496.15 7,700,713,534.14
Total comprehensive income attributable to minority
(584,980,844.13) (685,966,346.73)
interest
7.Earnings per share
Basic earnings per share 0.29 0.78
Diluted earnings per share 0.28 0.76
Legal person: Zhu Huarong Chief financial officer: Zhang Deyong The head of accounting department: Shi Haifeng
4. Income Statement
In RMB Yuan
Account Current Period Prior Period
1.Operating revenue 54,820,842,795.87 54,376,375,197.21
Less: Operating cost 49,023,998,757.68 46,041,110,508.89
Tax and surcharges 1,250,733,898.43 1,453,554,280.40
Operating expenses 929,133,285.59 869,903,070.69
General and administrative expenses 1,732,583,485.14 1,686,722,665.70
Research and development expenses 1,968,586,574.98 2,538,873,301.65
Financial expenses -333,400,647.01 -368,021,413.76
Interest expense 19,451,693.91 22,584,078.19
Interest income 362,660,793.06 399,510,519.70
Add: Other income 1,224,353,991.64 657,920,000.00
Investment income 650,013,874.65 585,161,578.54
Including: Investment income from associates and
279,687,665.28 -141,552,078.57
joint venture
Gains from changes in fair value -8,076,315.61 32,897,781.54
Credit impairment loss 1,991,215.03 949,935.35
Asset impairment loss -61,110,316.71 -288,325,731.15
Gain on disposal of assets 2,326,113.93 365,125,023.58
2.Operating profit 2,058,706,003.99 3,507,961,371.50
Add: Non-operating income 27,829,161.89 81,107,919.29
Less: Non-operating expenses 11,262,143.58 11,520,621.79
3.Total profit 2,075,273,022.30 3,577,548,669.00
Less: Income tax expense -33,431,735.49 173,767,038.35
4.Net profit 2,108,704,757.79 3,403,781,630.65
Net profit from continuing operations 2,108,704,757.79 3,403,781,630.65
Net profit from discontinued operations
5.Other comprehensive income, net of tax -184,355.51
6.Total comprehensive income 2,108,520,402.28 3,403,781,630.65
47
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
5. Consolidated cash flow statement
In RMB Yuan
Account Current Period Prior Period
1.Cash flows from operating activities:
Cash received from sale of goods or rendering of services 87,402,094,857.95 73,931,703,144.09
Refunds of taxes 2,283,448,047.92 1,199,246,444.10
Cash received relating to other operating activities 2,197,893,615.37 1,753,218,395.89
Subtotal of cash inflows 91,883,436,521.24 76,884,167,984.08
Cash paid for goods and services 72,075,595,167.36 55,650,532,027.02
Cash paid to and on behalf of employees 5,227,942,331.33 4,415,366,034.62
Cash paid for all types of taxes 6,484,391,928.94 5,442,991,004.83
Cash paid relating to other operating activities 4,660,406,353.08 4,419,822,204.02
Subtotal of cash outflows 88,448,335,780.71 69,928,711,270.49
Net cash flows from operating activities 3,435,100,740.53 6,955,456,713.59
2.Cashflows from investing activities:
Cash received from investment income 1,431,899.95 1,406,842.07
Net cash received from disposal of fixed assets, intangible
270,398,351.71 35,915,330.45
assets and other long-term assets
Cash received relating to other investing activities 8,070,357,180.56 6,216,944,276.29
Subtotal of cash inflows 8,342,187,432.22 6,254,266,448.81
Cash paid for acquisition of fixed assets, intangible assets and
1,198,526,301.30 857,592,457.14
other long-term assets
Cash paid for acquisition of investments 68,253,846.00 137,000,000.00
Cash paid relating to other investing activities 1,400,000,000.00
Subtotal of cash outflows 2,666,780,147.30 994,592,457.14
Net cash flows from investing activities 5,675,407,284.92 5,259,673,991.67
3.Cash flows from financing activities:
Absorb cash received from investment 30,957,178.38 35,190,000.00
Cash received from borrowing 34,000,000.00 90,000,000.00
Cash received relating to other financing activities 234,346,997.19 362,339,945.61
Subtotal of cash inflows 299,304,175.57 487,529,945.61
Cash repayments of borrowings 10,000,000.00 629,000,000.00
Cash paid for distribution of dividends or profits and interest
3,416,455,425.29 6,163,524.40
expenses
Cash paid relating to other financing activities 181,013,652.58 418,524,690.02
Subtotal of cash outflows 3,607,469,077.87 1,053,688,214.42
Net cash flows from financing activities (3,308,164,902.30) (566,158,268.81)
4.Effect of changes in exchange rate on cash (178,545,254.43) 13,258,565.35
5.Net increase in cash and cash equivalents 5,623,797,868.72 11,662,231,001.80
Add: Opening balance of cash and cash equivalents 63,925,957,901.11 52,491,435,047.74
6.Closing balance of cash and cash equivalents 69,549,755,769.83 64,153,666,049.54
6. Cash flow statement
In RMB Yuan
Account Current Period Prior Period
1.Cash flows from operating activities:
48
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Cash received from sale of goods or rendering of services 57,231,280,855.81 57,757,311,678.85
Cash received relating to other operating activities 727,850.00 30,303,650.49
Cash received relating to other operating activities 1,380,231,417.17 1,828,991,752.50
Subtotal of cash inflows 58,612,240,122.98 59,616,607,081.84
Cash paid for goods and services 49,289,218,463.82 43,276,597,110.68
Cash paid to and on behalf of employees 3,276,956,936.68 2,826,100,179.04
Cash paid for all types of taxes 2,785,805,002.92 3,421,770,360.23
Cash paid relating to other operating activities 3,011,019,964.46 2,844,007,616.91
Subtotal of cash outflows 58,363,000,367.88 52,368,475,266.86
Net cash flows from operating activities 249,239,755.10 7,248,131,814.98
2.Cashflows from investing activities:
Cash received from investment recovery 298,979,999.95 1,556,842.07
Cash received from return on investments 12,748,015.59 8,857,134.39
Net cash received from disposal of fixed assets, intangible
5,550,500,000.00
assets and other long-term assets
Subtotal of cash inflows 5,862,228,015.54 10,413,976.46
Cash paid for acquisition of fixed assets, intangible assets and
1,020,364,923.37 723,218,813.52
other long-term assets
Cash paid for acquisition of investments 308,253,846.00 1,069,135,009.18
Subtotal of cash outflows 1,490,000,000.00
Net cash flows from investing activities 2,818,618,769.37 1,792,353,822.70
3.Cash flows from financing activities:
Cash received from borrowings 40,000,000.00
Subtotal of cash inflows 40,000,000.00
Cash paid for debt repayment 600,000,000.00
Cash paid for distribution of dividends or profits and interest
3,412,863,996.51 3,470,000.00
expenses
Cash paid relating to other financing activities 40,217,966.73 32,666,733.27
Subtotal of cash outflows 3,453,081,963.24 636,136,733.27
Net cash flows from financing activities (3,453,081,963.24) (596,136,733.27)
4.Effect of changes in exchange rate on cash
5.Net increase in cash and cash equivalents (160,232,961.97) 4,870,055,235.47
Add: Opening balance of cash and cash equivalents 44,023,772,482.14 44,732,418,327.28
6.Closing balance of cash and cash equivalents 43,863,539,520.17 49,602,473,562.75
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
7. Consolidated statement of changes in shareholders’ equity
Current Period
In RMB Yuan
Current period
Equity attributable to owners
Items Other Minority
Capital Less: Treasury Special Surplus Retained Total equity
Share capital comprehensiv interest
reserves shares reserve reserve earnings
e income
I. At end of last year 9,917,289,033.00 8,251,287,637.70 382,277,095.96 118,318,784.04 54,323,330.34 4,276,245,864.64 49,617,932,431.73 2,830,136,853.54 74,683,256,839.03
II. At beginning of year 9,917,289,033.00 8,251,287,637.70 382,277,095.96 118,318,784.04 54,323,330.34 4,276,245,864.64 49,617,932,431.73 2,830,136,853.54 74,683,256,839.03
III. Changes during the year 192,036,082.00 (153,652,923.17) 82,398,384.33 39,807,168.65 (580,734,551.36) (556,794,634.57) (669,634,627.78)
1.Total comprehensive
82,398,384.33 2,831,743,111.82 (584,980,844.13) 2,329,160,652.02
income
2. Capital contributed by
192,036,082.00 (132,685,226.16) 23,433,418.96 348,154,727.12
owners and capital decreases
(1) Ordinary shares
30,960,000.00 30,960,000.00
invested by owners
(2) The amount of
share-based payment 181,288,200.00 181,288,200.00
included in owner's equity
(3) Others 10,747,882.00 (132,685,226.16) (7,526,581.04) 135,906,527.12
3. Distribution of profit (20,967,697.01) (3,412,477,663.18) (3,391,509,966.17)
(1) Distribution to owners (20,967,697.01) (3,412,477,663.18) (3,391,509,966.17)
4.Internal carry forward of
owner's equity
5. Special reserves 39,807,168.65 4,752,790.60 44,559,959.25
(1) Pick-up in current
63,437,107.75 5,888,705.99 69,325,813.74
period
(2) Used in current period (23,629,939.10) (1,135,915.39) (24,765,854.49)
6.Others
IV. At end of current period 9,917,289,033.00 8,443,323,719.70 228,624,172.79 200,717,168.37 94,130,498.99 4,276,245,864.64 49,037,197,880.37 2,273,342,218.97 74,013,622,211.25
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Prior period
In RMB Yuan
Prior period
Equity attributable to owners
Items Other Minority
Capital Less: Treasury Special Surplus Retained Total equity
Share capital comprehensive interest
reserves shares reserve reserve earnings
income
I. At end of last year 9,921,799,422.00 8,532,806,685.77 627,060,416.52 98,841,615.42 24,090,898.05 3,528,137,635.53 41,379,489,865.45 90,698,855.79 62,948,804,561.49
II. At beginning of year 9,921,799,422.00 8,532,806,685.77 627,060,416.52 98,841,615.42 24,090,898.05 3,528,137,635.53 41,379,489,865.45 90,698,855.79 62,948,804,561.49
III. Changes during the year (2,476,422.00) (477,465,238.31) (184,193,941.80) 47,734,187.34 29,475,687.52 5,311,564,478.68 3,888,515,629.87 8,981,542,264.90
1.Total comprehensive
47,734,187.34 7,652,979,346.80 (685,966,346.73) 7,014,747,187.41
income
2. Capital contributed by
(2,476,422.00) (477,465,238.31) (157,449,592.97) (322,492,067.34)
owners and capital decreases
(1) The amount of
share-based payment
included in owner's equity
(2) Amount of share
based payment recognized in 187,899,000.00 187,899,000.00
owner's equity
(3) Others (2,476,422.00) (665,364,238.31) (157,449,592.97) (510,391,067.34)
3. Distribution of profit (26,744,348.83) (2,341,414,868.12) (150,000.00) (2,314,820,519.29)
(1) Distribution to owners (26,744,348.83) (2,341,414,868.12) (150,000.00) (2,314,820,519.29)
(2) Others
4.Internal carry forward of
owner's equity
5. Special reserves 29,475,687.52 29,475,687.52
(1) Pick-up in current
64,708,453.30 64,708,453.30
period
(2) Used in current period (35,232,765.78) (35,232,765.78)
6.Others 4,574,631,976.60 4,574,631,976.60
IV. At end of current period 9,919,323,000.00 8,055,341,447.46 442,866,474.72 146,575,802.76 53,566,585.57 3,528,137,635.53 46,691,054,344.13 3,979,214,485.66 71,930,346,826.39
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
8. Statement of changes in shareholders’ equity
Current Period
In RMB Yuan
Current period
Items Other
Less: Treasury
Share capital Capital reserves comprehensive Special reserve Surplus reserve Retained earnings Total equity
shares
income
I. At end of last year 9,917,289,033.00 8,406,226,198.82 382,277,095.96 169,049,829.02 19,514,786.95 4,276,245,864.64 44,297,589,798.86 66,703,638,415.33
II. At beginning of year 9,917,289,033.00 8,406,226,198.82 382,277,095.96 169,049,829.02 19,514,786.95 4,276,245,864.64 44,297,589,798.86 66,703,638,415.33
III. Changes during the
184,509,500.64 (153,652,923.17) (184,355.51) 22,558,299.54 (1,303,772,905.39) (943,236,537.55)
year
1.Total comprehensive
(184,355.51) 2,108,704,757.79 2,108,520,402.28
income
2. Capital contributed by
owners and capital 184,509,500.64 (132,685,226.16) 317,194,726.80
decreases
(1) The amount of
share-based payment 181,288,200.00 181,288,200.00
included in owner's equity
(2) Others 3,221,300.64 (132,685,226.16) 135,906,526.80
3. Distribution of profit (20,967,697.01) (3,412,477,663.18) (3,391,509,966.17)
(1) Distribution to
(20,967,697.01) (3,412,477,663.18) (3,391,509,966.17)
owners
4.Internal carry forward of
owner's equity
5. Special reserves 22,558,299.54 22,558,299.54
(1) Pick-up in current
36,217,694.10 36,217,694.10
period
(2) Used in current
(13,659,394.56) (13,659,394.56)
period
6.Disposal of subsidiaries
IV. At end of current
9,917,289,033.00 8,590,735,699.46 228,624,172.79 168,865,473.51 42,073,086.49 4,276,245,864.64 42,993,816,893.47 65,760,401,877.78
period
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Prior period
In RMB Yuan
Prior period
Items Other
Less: Treasury
Share capital Capital reserves comprehensiv Special reserve Surplus reserve Retained earnings Total equity
shares
e income
I. At end of last year 9,921,799,422.00 8,047,195,325.61 627,060,416.52 157,416,810.63 10,285,640.79 3,528,137,635.53 39,906,030,604.91 60,943,805,022.95
II. At beginning of year 9,921,799,422.00 8,047,195,325.61 627,060,416.52 157,416,810.63 10,285,640.79 3,528,137,635.53 39,906,030,604.91 60,943,805,022.95
III. Changes during the
(2,476,422.00) 180,705,090.69 (184,193,941.80) 13,850,533.06 1,062,366,762.53 1,438,639,906.08
year
1.Total comprehensive
3,403,781,630.65 3,403,781,630.65
income
2. Capital contributed
by owners and capital (2,476,422.00) 180,705,090.69 (157,449,592.97) 335,678,261.66
decreases
(1) The amount of
share-based payment
187,899,000.00 187,899,000.00
included in owner's
equity
(2) Others (2,476,422.00) (7,193,909.31) (157,449,592.97) 147,779,261.66
3. Distribution of profit (26,744,348.83) (2,341,414,868.12) (2,314,670,519.29)
Distribution to
(26,744,348.83) (2,341,414,868.12) (2,314,670,519.29)
owners
4.Internal carry forward
of owner's equity
5. Special reserves 13,850,533.06 13,850,533.06
(1) Pick-up in
32,871,513.66 32,871,513.66
current period
(2) Used in current
(19,020,980.60) (19,020,980.60)
period
6.Disposal of
subsidiaries
IV. At end of current
9,919,323,000.00 8,227,900,416.30 442,866,474.72 157,416,810.63 24,136,173.85 3,528,137,635.53 40,968,397,367.44 62,382,444,929.03
period
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
III. CORPORATE INFORMATION
Chongqing Changan Automobile Co., Ltd. (hereinafter referred to as "the Company" or "the Company") is a limited liability
company registered in Chongqing in October 1996. Listed on the Shenzhen Stock Exchange in June 1997. As of June 30th, 2024, the
total issued share capital of the Company is 9917289033 shares, registered at 260 Jianxin East Road, Jiangbei District, Chongqing,
China, with an office address at Building T2, Financial City 2, No. 61 Dongshengmen Road, Jiangbei District, Chongqing, China.
The main business activities engaged in by our company include the manufacturing and sales of automobiles (including sedans),
automobile engine series products, and supporting components.
The parent company of our company is China Changan Automobile Group Co., Ltd., and the ultimate controlling party of our
company is China Ordnance Equipment Group Co., Ltd.
IV. BASIS OF PREPARATION
1. Basis of compilation
This financial statement has been prepared in accordance with the "Enterprise Accounting Standards - Basic Standards" issued by the
Ministry of Finance, various specific accounting standards, application guidelines for enterprise accounting standards, interpretations
of enterprise accounting standards, and other relevant regulations (hereinafter referred to as "Enterprise Accounting Standards"), as
well as the relevant provisions of the "Information Disclosure and Reporting Rules for Companies that Publicly Issue Securities No.
15- General Provisions on Financial Reports" issued by the China Securities Regulatory Commission.
2. Going-concern
The financial statements are presented on a going concern basis.
V. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Statement of compliance with Accounting Standards for Business Enterprises
The financial statements present fairly and fully, the financial position of the company on 30th June 2024 and the financial results
and the cash flows in the half year of 2024 then ended in accordance with Accounting Standards for Business Enterprises.
2. Accounting year
The accounting year of the Group is from 1 January to 31 December of each calendar year.
3. Functional currency
The Group’s functional and reporting currency is the Renminbi (“RMB”). Unless otherwise stated, the unit of the currency is Yuan.
Each entity in the Group determines its own functional currency in accordance with the operating circumstances. At the end of the
reporting period, the foreign currency financial statements are translated into the reporting currency of the Company of RMB.
4. Accounting treatment methods for mergers of enterprises under the same control and those not under the same control
Business combination involving entities under common control
The assets and liabilities acquired by the merging party in a business merger (including goodwill formed by the ultimate controlling
party's acquisition of the merged party) shall be measured based on the carrying amount of the merged party's assets and liabilities in
the consolidated financial statements of the ultimate controlling party on the merger date. The difference between the book value of
net assets obtained in the merger and the book value of the merger consideration paid (or the total face value of the issued shares)
shall be adjusted to the share premium in the capital reserve. If the share premium in the capital reserve is insufficient to offset, the
retained earnings shall be adjusted.
Business combination involving entities not under common control
The merger cost is the fair value of the assets, liabilities, and equity securities issued by the acquirer on the acquisition date to obtain
control of the acquired party. The difference between the merger cost and the fair value of the identifiable net assets acquired from
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
the acquired party in the merger is recognized as goodwill; The difference between the merger cost and the fair value of the
identifiable net assets acquired from the acquired party in the merger shall be recognized in the current period's profit and loss. The
identifiable assets, liabilities, and contingent liabilities acquired from the acquired party in the merger that meet the recognition
criteria shall be measured at fair value on the acquisition date.
The directly related expenses incurred for the merger of enterprises shall be included in the current period's profit and loss at the time
of occurrence; The transaction costs of issuing equity securities or debt securities for corporate mergers shall be included in the initial
recognition amount of equity securities or debt securities.
5. Judgment criteria for control and preparation methods for consolidated financial statements
Judgment criteria for control
The consolidation scope of the consolidated financial statements is determined based on control, which includes the company and all
its subsidiaries. Control refers to the company having the power over the investee, enjoying variable returns through participation in
related activities of the investee, and having the ability to use its power over the investee to influence its return amount.
Merge Program
Our company regards the entire enterprise group as an accounting entity and prepares consolidated financial statements in accordance
with unified accounting policies, reflecting the overall financial condition, operating results, and cash flows of our enterprise group.
The impact of internal transactions between our company and its subsidiaries, as well as between subsidiaries themselves, shall be
offset. If internal transactions indicate impairment losses on related assets, the full amount of such losses shall be recognized. If the
accounting policies and accounting periods adopted by the subsidiary are inconsistent with those of the company, necessary
adjustments shall be made in accordance with the accounting policies and accounting periods of the company when preparing the
consolidated financial statements.
The equity of subsidiary owners, current net profit and loss, and current comprehensive income belonging to minority shareholders
are separately listed under the equity item, net profit item, and total comprehensive income item in the consolidated balance sheet. If
the current losses shared by minority shareholders of a subsidiary exceed the balance formed by the minority shareholders' share of
the subsidiary's initial owner's equity, the minority shareholders' equity shall be offset.
(1) Add subsidiaries or businesses
During the reporting period, if a subsidiary or business is added due to a merger of enterprises under the same control, the operating
results and cash flows of the subsidiary or business from the beginning of the current period to the end of the reporting period shall
be included in the consolidated financial statements. At the same time, adjustments shall be made to the opening balance of the
consolidated financial statements and relevant items in the comparative statements, as if the merged reporting entity had existed since
the time when the ultimate controlling party began to control it.
For equity investments held before obtaining control of the investee under the same control due to additional investments or other
reasons, the relevant gains and losses, other comprehensive income, and other changes in net assets recognized between the date of
acquisition of the original equity and the date when both the acquirer and the investee are under the same control until the merger
date shall be offset against the beginning retained earnings or current period gains and losses during the comparative reporting
period.
During the reporting period, if a subsidiary or business is added due to a merger of enterprises not under the same control, the fair
value of identifiable assets, liabilities, and contingent liabilities determined on the acquisition date shall be included in the
consolidated financial statements from the acquisition date onwards.
If it is possible to exercise control over an investee that is not under the same control due to additional investment or other reasons,
the equity held in the investee before the purchase date shall be remeasured at its fair value on the purchase date, and the difference
between the fair value and its book value shall be included in the current investment income. The equity of the purchased party held
before the purchase date, which can be reclassified into profit or loss in the future, and other changes in owner's equity accounted for
under the equity method, shall be converted into investment income for the current period to which the purchase date belongs.
(2) Disposal of subsidiaries
① General handling method
When control over the investee is lost due to the disposal of some equity investments or other reasons, the remaining equity
investments after disposal shall be remeasured at their fair value on the date of loss of control. The difference between the
consideration obtained from the disposal of equity and the fair value of the remaining equity, minus the share of net assets of the
original subsidiary that should be enjoyed continuously from the purchase date or merger date and the sum of goodwill calculated
based on the original shareholding ratio, shall be included in the investment income of the current period when control is lost. Other
comprehensive income related to equity investments in existing subsidiaries that can be reclassified into profit or loss in the future, as
well as changes in other owner's equity accounted for under the equity method, are converted into current investment income upon
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
loss of control.
② Step by step disposal of subsidiaries
If the equity investment in a subsidiary is disposed of through multiple transactions until control is lost, and the terms, conditions,
and economic impact of each transaction for disposing of the equity investment in the subsidiary meet one or more of the following
situations, it usually indicates that the multiple transactions are a package deal:
I. These transactions were entered into simultaneously or taking into account their mutual influence;
II. These transactions as a whole are necessary to achieve a complete business outcome;
III. The occurrence of a transaction depends on the occurrence of at least one other transaction;
IV.When viewed alone, a transaction may not be economical, but when considered together with other transactions, it is economical.
If each transaction belongs to a package deal, it shall be accounted for as a transaction for disposing of a subsidiary and losing control;
Before losing control, the difference between the disposal price and the share of net assets of the subsidiary corresponding to the
disposal investment is recognized as other comprehensive income in the consolidated financial statements, and is transferred to the
current period's profit or loss upon loss of control.
If the various transactions do not belong to a package deal, accounting treatment shall be carried out for the partial disposal of equity
investments in subsidiaries without losing control before losing control; When losing control, accounting treatment should be carried
out according to the general treatment method for disposing of subsidiaries.
(3) Purchase minority equity of subsidiary
The difference between the long-term equity investment acquired through the purchase of minority equity and the net asset share of
the subsidiary that should be continuously calculated from the date of purchase or merger based on the newly added shareholding
ratio shall be adjusted by adjusting the share premium in the capital reserve in the consolidated balance sheet. If the share premium in
the capital reserve is insufficient to offset, the retained earnings shall be adjusted.
(4) Partial disposal of equity investments in subsidiaries without losing control
The difference between the disposal price and the share of net assets of the subsidiary that corresponds to the disposal of long-term
equity investments, calculated continuously from the date of purchase or merger, shall be adjusted by adjusting the share premium in
the capital reserve in the consolidated balance sheet. If the share premium in the capital reserve is insufficient to offset, the retained
earnings shall be adjusted.
6. Cash and cash equivalents
Cash comprises cash on hand and bank deposits which can be used for payment at any time; Cash equivalents are short-term, highly
liquid investments held by the Group, that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value.
7. Foreign currency translation
Foreign currency transactions
Foreign currency transactions use the spot exchange rate on the transaction date as the conversion rate to convert foreign currency
amounts into RMB for accounting purposes.
The balance of foreign currency monetary items on the balance sheet date is translated at the spot exchange rate on the balance sheet
date. Any exchange differences arising from this are recognized in the current period's profit or loss, except for those related to
foreign currency borrowings for the acquisition and construction of assets that meet capitalization criteria, which are treated in
accordance with the principle of capitalizing borrowing costs.
Translation of foreign currency financial statements
The asset and liability items in the balance sheet are translated using the spot exchange rate on the balance sheet date; Except for the
"undistributed profits" item, all other owner's equity items are converted at the spot exchange rate at the time of occurrence. The
income and expense items in the income statement are converted using the spot exchange rate on the transaction date.
When disposing of overseas operations, the foreign currency financial statement translation differences related to the overseas
operations shall be transferred from the owner's equity item to the current profit and loss for disposal.
8. Financial instruments
When the company becomes a party to a financial instrument contract, it recognizes a financial asset, financial liability, or equity
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
instrument. The owner's equity items are transferred to the current period's profit and loss for disposal.
Classification of financial instruments
Based on the business model of managing financial assets and the contractual cash flow characteristics of financial assets, financial
assets are classified at initial recognition as follows: financial assets measured at amortized cost, financial assets measured at fair
value with changes in fair value recognized in other comprehensive income, and financial assets measured at fair value with changes
in fair value recognized in current profit or loss.
Our company classifies financial assets that meet the following conditions and have not been designated as measured at fair value
with changes recognized in current profit or loss as financial assets measured at amortized cost:
- The business model aims to collect contractual cash flows;
- The cash flow of the contract is only for the payment of principal and interest based on the unpaid principal amount.
The Company will classify financial assets (debt instruments) that meet the following conditions and have not been designated as
measured at fair value with changes in fair value recognized in current profit or loss as financial assets measured at fair value with
changes in fair value recognized in other comprehensive income:
- The business model aims to both collect contractual cash flows and sell the financial asset;
- The cash flow of the contract is only for the payment of principal and interest based on the unpaid principal amount.
For non trading equity instrument investments, the Company may irrevocably designate them as financial assets (equity instruments)
measured at fair value with changes recognized in other comprehensive income upon initial recognition. This designation is made on
the basis of a single investment, and the related investment meets the definition of an equity instrument from the issuer's perspective.
Except for the financial assets measured at amortized cost and measured at fair value with changes in fair value recognized in other
comprehensive income mentioned above, the Company classifies all other financial assets as financial assets measured at fair value
with changes in fair value recognized in current profit or loss.
Financial liabilities are classified at initial recognition as follows: financial liabilities measured at fair value with changes recognized
in profit or loss and financial liabilities measured at amortized cost.
Recognition criteria and measurement methods for financial instruments
(1) Financial assets measured at amortized cost
Financial assets measured at amortized cost include notes receivable, accounts receivable, other receivables, long-term receivables,
debt investments, etc. They are initially measured at fair value, and related transaction costs are included in the initial recognition
amount; Accounts receivable that do not include significant financing components and accounts receivable for which the company
has decided not to consider financing components that do not exceed one year shall be initially measured at the contract transaction
price.
The interest calculated using the effective interest rate method during the holding period is included in the current period's profit and
loss.
When recovering or disposing of, the difference between the proceeds obtained and the book value of the financial asset shall be
recognized in the current period's profit and loss.
(2) Financial assets (debt instruments) measured at fair value with changes recognized in other comprehensive income
Financial assets (debt instruments) measured at fair value with changes in fair value recognized in other comprehensive income,
including accounts receivable financing, other debt investments, etc., are initially measured at fair value and related transaction costs
are included in the initial recognition amount. The financial asset is subsequently measured at fair value, and changes in fair value are
recognized in other comprehensive income, except for interest, impairment losses or gains, and exchange gains or losses calculated
using the effective interest rate method.
When terminating recognition, the cumulative gains or losses previously recognized in other comprehensive income are transferred
from other comprehensive income and recognized in the current period's profit or loss.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(3) Financial assets (equity instruments) measured at fair value with changes recognized in other comprehensive income
Financial assets (equity instruments) measured at fair value with changes in fair value recognized in other comprehensive income,
including other equity instrument investments, are initially measured at fair value and related transaction costs are included in the
initial recognition amount. The financial asset is subsequently measured at fair value, and changes in fair value are recognized in
other comprehensive income. The dividends obtained are recognized in the current period's profit and loss.
When terminating recognition, the cumulative gains or losses previously recognized in other comprehensive income are transferred
from other comprehensive income and recorded in retained earnings.
(4) Financial assets measured at fair value with changes recognized in current profit or loss
Financial assets measured at fair value with changes recognized in current profit or loss include trading financial assets, derivative
financial assets, other non current financial assets, etc. They are initially measured at fair value, and related transaction costs are
recognized in current profit or loss. The financial asset is subsequently measured at fair value, and changes in fair value are
recognized in the current period's profit or loss.
(5) Financial liabilities measured at fair value with changes recognized in current profit or loss
Financial liabilities measured at fair value with changes recognized in current profit or loss, including trading financial liabilities,
derivative financial liabilities, etc., are initially measured at fair value and related transaction costs are recognized in current profit or
loss. The financial liability is subsequently measured at fair value, and changes in fair value are recognized in the current period's
profit or loss.
When terminating recognition, the difference between its book value and the consideration paid is recognized in the current period's
profit or loss.
(6) Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost include short-term borrowings, notes payable, accounts payable, other payables,
long-term borrowings, bonds payable, and long-term payables, which are initially measured at fair value and related transaction costs
are included in the initial recognition amount.
The interest calculated using the effective interest rate method during the holding period is included in the current period's profit and
loss.
When terminating recognition, the difference between the consideration paid and the carrying amount of the financial liability shall
be recognized in the current period's profit or loss.
Recognition criteria and measurement methods for derecognition of financial assets and transfer of financial assets
When one of the following conditions is met, the company will terminate the recognition of financial assets:
- Termination of contractual rights to receive cash flows from financial assets;
- The financial assets have been transferred and almost all risks and rewards of ownership of the financial assets have been
transferred to the transferee;
- The financial assets have been transferred, although the company has neither transferred nor retained almost all the risks and
rewards of ownership of the financial assets, it has not retained control over the financial assets.
If the Company modifies or renegotiates a contract with a counterparty that constitutes a substantial modification, the recognition of
the original financial asset shall be terminated, and a new financial asset shall be recognized in accordance with the modified terms.
When a financial asset transfer occurs, if almost all the risks and rewards of ownership of the financial asset are retained, the
recognition of the financial asset shall not be terminated.
When determining whether the transfer of financial assets meets the above conditions for termination of recognition of financial
assets, the principle of substance over form is adopted.
The company divides the transfer of financial assets into overall transfer and partial transfer. If the overall transfer of financial assets
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
meets the conditions for termination of recognition, the difference between the following two amounts shall be recognized in the
current period's profit and loss:
(1) The book value of the transferred financial assets;
(2) The sum of the consideration received as a result of the transfer and the cumulative amount of fair value changes originally
recognized directly in owner's equity (in the case of financial assets (debt instruments) measured at fair value with changes
recognized in other comprehensive income).
If the partial transfer of financial assets meets the termination recognition conditions, the overall book value of the transferred
financial assets shall be amortized between the terminated recognition portion and the non terminated recognition portion based on
their respective relative fair values, and the difference between the following two amounts shall be recognized in the current period's
profit and loss:
(1) Terminate the book value of the confirmed portion;
(2) The consideration for the derecognized portion is the sum of the amount corresponding to the derecognized portion of the
cumulative fair value changes that were originally directly recognized in owner's equity (in the case of financial assets (debt
instruments) that are measured at fair value and whose changes are recognized in other comprehensive income).
If the transfer of financial assets does not meet the termination recognition criteria, the financial assets shall continue to be
recognized, and the consideration received shall be recognized as a financial liability.
Termination of recognition of financial liabilities
If the current obligations of a financial liability have been fully or partially released, the recognition of that financial liability or a
portion thereof shall be terminated; If our company signs an agreement with creditors to replace existing financial liabilities by
assuming new financial liabilities, and the contract terms of the new financial liabilities are substantially different from those of the
existing financial liabilities, we will terminate the recognition of the existing financial liabilities and recognize the new financial
liabilities at the same time.
If substantial modifications are made to all or part of the contractual terms of an existing financial liability, the recognition of the
existing financial liability or a portion thereof shall be terminated, and the modified financial liability shall be recognized as a new
financial liability.
When all or part of a financial liability is derecognized, the difference between the carrying amount of the derecognized financial
liability and the consideration paid (including non cash assets transferred out or new financial liabilities assumed) is recognized in the
current period's profit or loss.
If the company repurchases a portion of its financial liabilities, the overall book value of the financial liabilities shall be allocated on
the repurchase date based on the relative fair value of the continuing recognition portion and the derecognized portion. The difference
between the book value allocated to the derecognized portion and the consideration paid (including non cash assets transferred out or
new financial liabilities assumed) is recognized in the current period's profit or loss.
Method for determining the fair value of financial assets and financial liabilities
Financial instruments with an active market are determined at fair value based on their quoted prices in the active market. Financial
instruments without an active market are valued using valuation techniques to determine their fair value. In valuation, our company
adopts valuation techniques that are applicable in the current situation and supported by sufficient available data and other
information, selects input values that are consistent with the asset or liability characteristics considered by market participants in
transactions related to the asset or liability, and prioritizes the use of relevant observable input values. Only when the relevant
observable input values cannot be obtained or are not feasible to obtain, should unobservable input values be used.
Testing and accounting treatment methods for impairment of financial instruments
Our company performs impairment accounting treatment on financial assets measured at amortized cost, financial assets measured at
fair value with changes in fair value recognized in other comprehensive income (debt instruments), and financial guarantee contracts
based on expected credit losses.
Our company considers reasonable and evidence-based information regarding past events, current conditions, and predictions of
future economic conditions, and uses the risk of default as a weight to calculate the probability weighted amount of the present value
of the difference between the cash flows receivable under the contract and the expected cash flows to be received, in order to
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
recognize expected credit losses.
For accounts receivable and contract assets formed by transactions regulated by the Accounting Standards for Business Enterprises
No. 14- Revenue, regardless of whether they contain significant financing components, the Company always measures its loss
provision at an amount equivalent to the expected credit loss throughout the entire existence period.
For lease receivables arising from transactions regulated by Accounting Standards for Business Enterprises No. 21- Leases, the
Company chooses to always measure its loss provision at an amount equivalent to the expected credit loss over the entire duration.
For other financial instruments, the Company evaluates the changes in credit risk of the relevant financial instruments since initial
recognition on each balance sheet date.
Our company compares the risk of default of financial instruments on the balance sheet date with the risk of default on the initial
recognition date to determine the relative change in default risk during the expected lifespan of financial instruments, in order to
assess whether the credit risk of financial instruments has significantly increased since initial recognition. Usually, if the overdue
period exceeds 30 days, our company considers that the credit risk of the financial instrument has significantly increased, unless there
is conclusive evidence to prove that the credit risk of the financial instrument has not significantly increased since initial recognition.
If the credit risk of a financial instrument on the balance sheet date is low, the Company considers that the credit risk of the financial
instrument has not significantly increased since initial recognition.
If the credit risk of the financial instrument has significantly increased since its initial recognition, the Company shall measure its
loss provision based on an amount equivalent to the expected credit loss of the financial instrument throughout its entire life cycle; If
the credit risk of the financial instrument has not significantly increased since initial recognition, the Company measures its loss
provision based on an amount equivalent to the expected credit loss of the financial instrument in the next 12 months. The increase or
reversal amount of loss provision resulting from this shall be recognized as impairment loss or gain in the current period's income
statement. For financial assets (debt instruments) measured at fair value with changes recognized in other comprehensive income, a
provision for losses is recognized in other comprehensive income and impairment losses or gains are recognized in the current
period's profit or loss, without reducing the carrying value of the financial asset as shown in the balance sheet.
9. Contract assets
Confirmation methods and standards for contract assets
Our company lists contract assets or contract liabilities in the balance sheet based on the relationship between fulfilling performance
obligations and customer payments. The right of our company to receive consideration for the transfer of goods or provision of
services to customers (subject to factors other than the passage of time) is listed as a contractual asset. The contract assets and
contract liabilities under the same contract are presented on a net basis. The unconditional (subject only to the passage of time) right
of our company to collect consideration from customers is separately listed as accounts receivable.
Determination method and accounting treatment method for expected credit losses of contract assets
The determination method and accounting treatment method for expected credit losses of contract assets are detailed in Note 8,
Financial Instruments.
10. Inventories
Classification and cost of inventory
Inventory classification includes: in transit materials, raw materials, turnover materials, inventory goods, work in progress, shipped
goods, commissioned processing materials, etc.
Inventory is initially measured at cost, which includes procurement costs, processing costs, and other expenses incurred to bring
inventory to its current location and condition.
Valuation method for issuing inventory
Adopt the weighted average method.
Inventory system for inventory
Adopting perpetual inventory system.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Amortization method for low value consumables and packaging materials
(1) Low value consumables are sold using a one-time turnover method;
(2) The packaging adopts a one-time resale method.
Recognition criteria and provision method for inventory depreciation reserves
On the balance sheet date, inventory should be measured at the lower of cost and net realizable value. When the cost of inventory is
higher than its net realizable value, a provision for inventory impairment should be made. Net realizable value refers to the estimated
selling price of inventory in daily activities, minus the estimated costs to be incurred until completion, estimated sales expenses, and
related taxes and fees.
The net realizable value of goods inventory directly used for sale, such as finished products, inventory goods, and materials for sale,
is determined by subtracting estimated sales expenses and related taxes from the estimated selling price of the inventory in the
normal process of production and operation; The net realizable value of inventory of materials that require processing is determined
by subtracting the estimated costs to be incurred until completion, estimated sales expenses, and related taxes from the estimated
selling price of the finished products produced during normal production and operation processes; The net realizable value of
inventory held for the purpose of executing sales or service contracts is calculated based on the contract price. If the quantity of
inventory held exceeds the quantity ordered in the sales contract, the net realizable value of the excess inventory is calculated based
on the general sales price.
After the provision for inventory impairment has been made, if the influencing factors that previously reduced the value of inventory
have disappeared, resulting in the net realizable value of inventory being higher than its book value, it shall be reversed within the
original provision for inventory impairment, and the reversed amount shall be included in the current period's profit and loss.
11.Assets held for sale
If the book value of a non current asset is mainly recovered through sale (including exchange of non monetary assets with
commercial substance) rather than continuous use or disposal of the asset, it is classified as held for sale.
Our company categorizes non current assets or disposal groups that meet the following conditions as held for sale:
(1) According to the convention of selling such assets or disposing of groups in similar transactions, they can be sold immediately in
the current situation;
(2) The sale is highly likely to occur, as our company has already made a resolution on a sale plan and obtained a definite purchase
commitment. It is expected that the sale will be completed within one year. If the relevant regulations require approval from the
relevant authorities or regulatory departments of our company before it can be sold, approval has already been obtained.
If non current assets (excluding financial assets, deferred tax assets, and assets formed by employee compensation) or disposal
groups are classified as held for sale, and their book value is higher than the net amount of fair value minus selling expenses, the
book value shall be reduced to the net amount of fair value minus selling expenses, and the reduced amount shall be recognized as
asset impairment loss and included in the current period's profit and loss. At the same time, provision for impairment of held for sale
assets shall be made.
12. Long-term equity investments
Judgment criteria for joint control and significant influence
Joint control refers to the shared control over a certain arrangement in accordance with relevant agreements, and the related activities
of the arrangement must be unanimously agreed upon by the parties sharing control rights before making decisions. If our company
and other joint venture partners jointly control the invested entity and have rights to the net assets of the invested entity, the invested
entity is our company's joint venture.
Significant impact refers to having the power to participate in the financial and operational decisions of the invested entity, but not
being able to control or jointly control the formulation of these policies with other parties. If our company is able to exert significant
influence on the invested entity, the invested entity is our joint venture.
Determination of initial investment cost
(1) Long term equity investments formed by corporate mergers
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
For long-term equity investments in subsidiaries formed by the merger of enterprises under the same control, the initial investment
cost of the long-term equity investment shall be determined on the merger date based on the share of the book value of the acquired
owner's equity in the final controlling party's consolidated financial statements. The difference between the initial investment cost of
long-term equity investment and the book value of the consideration paid shall be adjusted for the equity premium in the capital
reserve; When the share premium in the capital reserve is insufficient to offset, adjust the retained earnings. If it is possible to
exercise control over the invested entity under the same control due to additional investment or other reasons, the difference between
the initial investment cost of the long-term equity investment recognized according to the above principles and the book value of the
long-term equity investment before the merger plus the book value of the newly paid consideration for the shares acquired on the
merger date shall be adjusted for the share premium. If the share premium is insufficient to offset, it shall be offset against retained
earnings.
For long-term equity investments in subsidiaries formed by mergers of enterprises not under the same control, the initial investment
cost of the long-term equity investment shall be determined based on the merger cost determined on the purchase date. If it is
possible to exercise control over an investee that is not under the same control due to additional investment or other reasons, the
initial investment cost shall be the sum of the book value of the equity investment originally held and the cost of the additional
investment.
(2) Long term equity investments acquired through means other than corporate mergers
Long term equity investments acquired through cash payment shall have the actual purchase price paid as the initial investment cost.
Long term equity investments obtained through the issuance of equity securities shall have the fair value of the issued equity
securities as the initial investment cost.
Subsequent measurement and profit and loss recognition methods
(1) Long term equity investments accounted for using the cost method
The long-term equity investment of a company in a subsidiary is accounted for using the cost method, unless the investment meets
the condition of being held for sale. The company recognizes current investment income based on the cash dividends or profits
declared but not yet distributed by the investee, except for the actual payment of the investment price or consideration at the time of
acquisition.
(2) Long term equity investments accounted for using the equity method
Long term equity investments in joint ventures and associates are accounted for using the equity method. If the initial investment cost
is greater than the difference in the fair value share of the identifiable net assets of the investee that should be enjoyed at the time of
investment, the initial investment cost of the long-term equity investment shall not be adjusted; The difference between the initial
investment cost and the fair value share of the identifiable net assets of the investee that should be enjoyed at the time of investment
shall be recognized in the current period's profit and loss, and the cost of long-term equity investment shall be adjusted accordingly.
The company recognizes investment income and other comprehensive income separately based on the share of net profit or loss and
other comprehensive income realized by the invested entity that should be enjoyed or shared, and adjusts the book value of long-term
equity investments; Calculate the portion that should be enjoyed based on the profits or cash dividends declared by the invested entity,
and correspondingly reduce the book value of long-term equity investments; For other changes in owner's equity of the invested
entity other than net profit or loss, other comprehensive income, and profit distribution (referred to as "other changes in owner's
equity"), adjust the book value of long-term equity investments and include them in owner's equity.
When recognizing the share of net profit or loss, other comprehensive income, and other changes in owner's equity that should be
enjoyed by the investee, the fair value of the investee's identifiable net assets at the time of acquisition of the investment shall be used
as the basis, and the net profit and other comprehensive income of the investee shall be adjusted in accordance with the company's
accounting policies and accounting periods before recognition.
Unrealized internal transaction gains and losses between the company and its affiliated or joint ventures shall be calculated based on
the proportion attributable to the company, offset, and recognized as investment income on this basis, except for assets invested or
sold that constitute business. Unrealized internal transaction losses incurred with the invested entity, which belong to asset
impairment losses, shall be fully recognized.
The net losses incurred by the company in joint ventures or associated enterprises, except for the obligation to bear additional losses,
shall be limited to the reduction of the book value of long-term equity investments and other long-term equity that essentially
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
constitute net investments in joint ventures or associated enterprises to zero. If a joint venture or associated enterprise realizes net
profits in the future, the company shall restore the recognition of the profit sharing amount after offsetting the unrecognized loss
sharing amount with the profit sharing amount.
(3) Disposal of long-term equity investments
The difference between the book value and the actual acquisition price of long-term equity investments shall be recognized in the
current period's profit and loss.
For long-term equity investments that are partially disposed of and accounted for using the equity method, if the remaining equity is
still accounted for using the equity method, other comprehensive income recognized using the original equity method shall be carried
forward on the same basis as the direct disposal of related assets or liabilities by the investee in proportion, and changes in other
owner's equity shall be carried forward to the current period's profit and loss in proportion.
If the joint control or significant influence over the investee is lost due to the disposal of equity investments or other reasons, other
comprehensive income recognized by the equity method for the original equity investment shall be accounted for on the same basis
as the direct disposal of related assets or liabilities by the investee when the equity method is terminated, and all other changes in
owner's equity shall be transferred to the current period's profit and loss when the equity method is terminated.
If the control over the investee is lost due to the disposal of some equity investments or other reasons, and the remaining equity can
exercise joint control or significant influence over the investee when preparing individual financial statements, it shall be accounted
for using the equity method, and the remaining equity shall be adjusted as if it were accounted for using the equity method from the
time of acquisition. Other comprehensive income recognized before obtaining control of the investee shall be carried forward
proportionally on the same basis as the direct disposal of relevant assets or liabilities by the investee, and other changes in owner's
equity recognized by using the equity method shall be carried forward to the current period's profit and loss in proportion; If the
remaining equity cannot exercise joint control or significant influence over the investee, it shall be recognized as a financial asset,
and the difference between its fair value and book value on the date of loss of control shall be recognized in the current period's profit
and loss. All other comprehensive income and other changes in owner's equity recognized before obtaining control of the investee
shall be carried forward.
If the disposal of equity investment in a subsidiary through multiple transactions until the loss of control is considered a package deal,
each transaction shall be accounted for as a disposal of equity investment in the subsidiary and the loss of control; The difference
between the disposal price and the book value of the long-term equity investment corresponding to the disposed equity before losing
control is recognized as other comprehensive income in individual financial statements, and then transferred to the current period's
profit and loss upon losing control. For transactions that are not part of a package deal, accounting treatment shall be applied
separately for each transaction.
13. Investment property
Investment real estate refers to real estate held for the purpose of earning rent or capital appreciation, or both, including leased land
use rights, land use rights held and prepared for transfer after appreciation, and leased buildings (including buildings built or
developed for leasing after completion of self construction or development activities, as well as buildings under construction or
development that will be rented out in the future).
Subsequent expenses related to investment real estate are included in the cost of investment real estate when the related economic
benefits are likely to flow in and their costs can be reliably measured; Otherwise, it will be recorded in the current period's profit and
loss when it occurs.
Our company adopts the cost model for measuring existing investment properties. For investment properties measured under the cost
model - rental buildings, the same depreciation policy as the company's fixed assets is adopted, and the amortization policy for rental
land use rights is implemented in the same manner as intangible assets.
14. Fixed assets
Recognition and initial measurement of fixed assets
Fixed assets refer to tangible assets held for the production of goods, provision of services, rental or business management, with a
useful life exceeding one accounting year. Fixed assets are recognized when they meet the following conditions simultaneously:
(1) The economic benefits related to the fixed asset are likely to flow into the enterprise;
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(2) The cost of the fixed asset can be reliably measured.
Fixed assets are initially measured at cost (taking into account the impact of expected disposal costs).
Subsequent expenses related to fixed assets are included in the cost of fixed assets when the economic benefits associated with them
are likely to flow in and their costs can be reliably measured; Terminate the recognition of the book value of the replaced parts; All
other subsequent expenses are recognized in the current period's profit or loss at the time of occurrence.
Depreciation method
Depreciation of fixed assets is calculated using the straight-line method, and the depreciation rate is determined based on the fixed
asset category, expected useful life, and expected net residual value rate. For fixed assets for which impairment provisions have been
made, the depreciation amount shall be determined in future periods based on the book value after deducting the impairment
provisions and the remaining useful life. If the service life of each component of fixed assets is different or they provide economic
benefits to the enterprise in different ways, different depreciation rates or depreciation methods should be selected and depreciation
should be accrued separately.
The depreciation methods, depreciation periods, residual value rates, and annual depreciation rates for various types of fixed assets
are as follows:
Category Deprecation period Residual rate (%) Yearly deprecation rate (%)
Buildings 20 to 35 years 3% 2.77-4.85%
Machinery (Note) 5 to 20 years 3% 4.85-19.40%
Vehicles 4 to 10 years 3% 9.70-24.25%
Others 3 to 21 years 3% 4.62-32.33%
Note: the molds in machinery should be depreciated in units-of-production method.
Disposal of fixed assets
When fixed assets are disposed of or expected to generate no economic benefits through use or disposal, the recognition of such fixed
assets shall be terminated. The disposal income from the sale, transfer, scrapping or damage of fixed assets, after deducting their
book value and related taxes, shall be included in the current period's profit and loss.
15. Construction in progress
Construction in progress is measured based on the actual cost incurred. The actual costs include construction costs, installation costs,
borrowing costs that meet capitalization criteria, and other necessary expenses incurred to bring the construction in progress to its
intended usable state. When the construction in progress reaches the predetermined usable state, it is transferred to fixed assets and
depreciation is accrued from the following month.
16. Borrowing costs
Recognition principle for capitalization of borrowing costs
The borrowing costs incurred by the company, which can be directly attributed to the acquisition, construction or production of assets
that meet the capitalization criteria, shall be capitalized and included in the relevant asset costs; Other borrowing costs are recognized
as expenses based on their amount incurred and recorded in the current period's profit and loss.
Assets eligible for capitalization refer to fixed assets, investment real estate, inventories and other assets that require a considerable
period of time for acquisition and construction or production activities to reach their intended serviceable or marketable status.
During the capitalization period of borrowing costs
The capitalization period refers to the period from the start of capitalization of borrowing costs to the end of capitalization, excluding
the period when capitalization of borrowing costs is suspended.
The capitalization of borrowing costs begins when the following conditions are met simultaneously:
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(1) Asset expenditures have already occurred, including expenses incurred in the form of cash payments, transfer of non cash assets,
or assumption of interest bearing debts for the purchase, construction, or production of assets that meet capitalization criteria;
(2) The borrowing cost has already been incurred;
(3) The necessary purchasing, construction, or production activities to bring the assets to their intended usable or saleable state have
already begun.
When the assets that meet the capitalization criteria for purchase, construction, or production reach the predetermined usable or
saleable state, the capitalization of borrowing costs shall cease.
During the suspension of capitalization period
If assets that meet the capitalization criteria experience abnormal interruptions during the acquisition, construction, or production
process, and the interruption lasts for more than 3 consecutive months, the capitalization of borrowing costs shall be suspended; If
the interruption is necessary for the acquisition, construction or production of assets that meet the capitalization conditions to reach
the predetermined usable or saleable state, the borrowing costs will continue to be capitalized. The borrowing costs incurred during
the interruption period are recognized as current profit or loss, and continue to be capitalized until the acquisition or production
activities of the asset resume.
Calculation method for capitalization rate and capitalization amount of borrowing costs
For specialized loans borrowed for the purchase, construction, or production of assets that meet the capitalization criteria, the
capitalization amount of the borrowing costs shall be determined by subtracting the interest income obtained from the unused
borrowing funds deposited in the bank or the investment income obtained from temporary investments from the actual borrowing
costs incurred in the current period.
For general borrowings used for the purchase, construction, or production of assets that meet the capitalization criteria, the amount of
borrowing costs that should be capitalized for general borrowings is calculated by multiplying the weighted average of asset
expenditures exceeding the special borrowing portion by the capitalization rate of the general borrowings used. The capitalization
rate is determined based on the weighted average actual interest rate of general borrowings.
During the capitalization period, the exchange difference between the principal and interest of foreign currency borrowings shall be
capitalized and included in the cost of assets eligible for capitalization. The exchange differences arising from the principal and
interest of foreign currency borrowings other than those specifically borrowed in foreign currencies are recognized in the current
period's profit and loss.
17. Intangible assets
Valuation method of intangible assets
(1) When the company acquires intangible assets, they are initially measured at cost;
The cost of purchasing intangible assets includes the purchase price, related taxes and fees, and other expenses directly attributable to
achieving the intended use of the asset.
(2) Subsequent measurement
Analyze and determine the useful life of intangible assets when acquiring them.
For intangible assets with limited useful life, they should be amortized within the period that brings economic benefits to the
enterprise; If it is impossible to foresee the period in which intangible assets will bring economic benefits to the enterprise, they shall
be regarded as intangible assets with an uncertain useful life and shall not be amortized.
Estimation of the useful life of intangible assets with limited useful life
Item Expected service life Amortization method
Land use rights 43 to 50 years Straight-line method
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Software usage rights 2 years Straight-line method
Trademark usage rights 10 years Straight-line method
Non patented technology 5 to 11 years Straight-line method
Patent technology 10 years Straight-line method
Specific criteria for dividing research and development stages
The expenses for internal research and development projects within the company are divided into research stage expenses and
development stage expenses.
Research stage: The stage of original planned investigations and research activities aimed at acquiring and understanding new
scientific or technological knowledge.
Development stage: The stage in which research results or other knowledge are applied to a plan or design to produce new or
substantially improved materials, devices, products, and other activities before commercial production or use.
Specific conditions for capitalizing expenditures during the development phase
The expenses incurred during the research phase are recognized in the current period's profit and loss. Expenditures during the
development phase that meet the following conditions are recognized as intangible assets. Expenditures during the development
phase that do not meet the following conditions are recognized in the current period's profit and loss:
(1) Complete the intangible asset to make it technically feasible for use or sale;
(2) Having the intention to complete the intangible asset and use or sell it;
(3) The ways in which intangible assets generate economic benefits include being able to prove the existence of a market for the
products produced using the intangible assets or the existence of a market for the intangible assets themselves. If the intangible assets
will be used internally, their usefulness can be proven;
(4) Having sufficient technical, financial, and other resources to support the development of the intangible asset, and having the
ability to use or sell the intangible asset;
(5) The expenses attributable to the development stage of the intangible asset can be reliably measured.
If it is impossible to distinguish between research stage expenses and development stage expenses, all R&D expenses incurred will
be included in the current period's profit and loss.
18. Long-term assets impairment
Long term equity investments, investment properties measured using the cost model, fixed assets, construction in progress, right of
use assets, intangible assets with limited useful lives, and other long-term assets that show signs of impairment on the balance sheet
date shall be subject to impairment testing. If the impairment test results indicate that the recoverable amount of an asset is lower
than its book value, an impairment provision shall be made based on the difference and included in the impairment loss. The
recoverable amount is the higher of the net amount of the fair value of the asset minus disposal expenses and the present value of the
expected future cash flows of the asset. The provision for impairment of assets is calculated and recognized based on individual
assets. If it is difficult to estimate the recoverable amount of an individual asset, the recoverable amount of the asset group to which
the asset belongs shall be determined. An asset group is the smallest combination of assets that can independently generate cash
inflows.
For goodwill formed by business mergers, intangible assets with uncertain useful lives, and intangible assets that have not yet
reached a usable state, regardless of whether there are signs of impairment, impairment tests should be conducted at least at the end
of each fiscal year.
Our company conducts impairment tests on goodwill, and the book value of goodwill formed by business combinations is allocated
to relevant asset groups in a reasonable manner from the date of purchase; If it is difficult to allocate to the relevant asset group,
allocate it to the relevant asset group combination. The relevant asset group or combination of asset groups refers to the asset group
or combination of asset groups that can benefit from the synergistic effects of corporate mergers.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
When conducting impairment tests on relevant asset groups or combinations of asset groups that include goodwill, if there are signs
of impairment in the asset groups or combinations of asset groups related to goodwill, impairment tests should be conducted on the
asset groups or combinations of asset groups that do not include goodwill first, the recoverable amount should be calculated, and
compared with the relevant book value to confirm the corresponding impairment loss. Then, impairment tests are conducted on asset
groups or combinations of asset groups that contain goodwill, comparing their book value with their recoverable amount. If the
recoverable amount is lower than the book value, the impairment loss amount is first offset against the book value of goodwill
allocated to the asset group or combination of asset groups. Then, based on the proportion of the book value of assets other than
goodwill in the asset group or combination of asset groups, the book value of other assets is offset proportionally.
Once the impairment loss of the above-mentioned assets is recognized, it shall not be reversed in future accounting periods..
19. Long-term deferred expenses
Long term deferred expenses refer to various expenses that have already occurred but should be borne by the current and future
periods with an amortization period of more than one year.
20. Contract liabilities
Our company lists contract assets or contract liabilities in the balance sheet based on the relationship between fulfilling performance
obligations and customer payments. The obligation of our company to transfer goods or provide services to customers for
consideration received or receivable is listed as a contractual liability. The contract assets and contract liabilities under the same
contract are presented on a net basis.
21. Employee benefits
Accounting treatment methods for short-term compensation
During the accounting period when employees provide services to the company, the actual short-term compensation incurred is
recognized as a liability and included in the current period's profit or loss or related asset costs.
The social insurance premiums and housing provident fund paid by our company for employees, as well as the union funds and
employee education funds extracted according to regulations, shall be calculated and determined based on the prescribed provision
basis and provision ratio during the accounting period when employees provide services to our company.
The employee welfare expenses incurred by our company are recognized in the current period's profit or loss or related asset costs
based on the actual amount incurred. Non monetary benefits are measured at fair value.
Accounting treatment method for post employment benefits
(1) Establish a withdrawal plan
Our company pays basic pension insurance and unemployment insurance for employees in accordance with relevant regulations of
the local government. During the accounting period when employees provide services to our company, the payable amount is
calculated based on the local prescribed payment base and proportion, recognized as a liability, and included in the current profit and
loss or related asset costs. In addition, our company also participates in enterprise annuity plans approved by relevant national
departments. Our company contributes a certain proportion of the total employee salary to the pension plan, and the corresponding
expenses are recorded in the current period's profit and loss or related asset costs.
(2) Establish a benefit plan
According to the formula determined by the expected cumulative welfare unit method, the welfare obligations arising from the
defined benefit plan are attributed to the period during which the employees provide services, and are recorded in the current period's
profit and loss or related asset costs.
The deficit or surplus formed by subtracting the fair value of the defined benefit plan assets from the present value of the defined
benefit plan obligations is recognized as a net liability or net asset of the defined benefit plan. If there is a surplus in the defined
benefit plan, the company measures the net assets of the defined benefit plan based on the lower of the surplus and asset limit of the
defined benefit plan.
All defined benefit plan obligations, including those expected to be paid within 12 months after the end of the annual report period
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
when employees provide services, are discounted according to the market yield of treasury bond or high-quality corporate bonds in
the active market that match the defined benefit plan obligation period and currency on the balance sheet date.
The service costs generated by the defined benefit plan and the net interest on the net liabilities or assets of the defined benefit plan
are recognized in the current period's profit or loss or related asset costs; The changes arising from the remeasurement of net
liabilities or net assets of the defined benefit plan shall be recognized in other comprehensive income and shall not be reversed to
profit or loss in subsequent accounting periods. Upon termination of the original defined benefit plan, the portion originally
recognized in other comprehensive income shall be fully carried forward to undistributed profit within the scope of equity.
When settling a defined benefit plan, the difference between the present value of the defined benefit plan obligation and the
settlement price determined on the settlement date shall be used to recognize settlement gains or losses.
Accounting treatment methods for termination benefits
If the company provides termination benefits to employees, the employee compensation liability arising from termination benefits
shall be recognized and included in the current period's profit and loss at the earlier of the following two dates: when the company
cannot unilaterally withdraw the termination benefits provided due to the termination of labor relations plan or layoff proposal; When
the company confirms the costs or expenses related to the restructuring involving the payment of termination benefits.
22. Estimated liabilities
When obligations related to contingencies meet the following conditions simultaneously, the Company recognizes them as estimated
liabilities:
(1) This obligation is a current obligation undertaken by our company;
(2) Fulfilling this obligation is likely to result in the outflow of economic benefits from the company;
(3) The amount of this obligation can be reliably measured.
The estimated liabilities are initially measured based on the best estimate of the expenses required to fulfill the relevant current
obligations.
When determining the best estimate, comprehensive consideration should be given to factors such as risks, uncertainties, and time
value of money related to contingencies. For those that have a significant impact on the time value of money, the best estimate is
determined by discounting the relevant future cash outflows.
If all or part of the expenses required to settle the estimated liabilities are expected to be compensated by a third party, the
compensation amount shall be separately recognized as an asset when it is basically certain that it can be received, and the recognized
compensation amount shall not exceed the book value of the estimated liabilities.
Our company reviews the book value of estimated liabilities on the balance sheet date. If there is conclusive evidence that the book
value does not reflect the current best estimate, the book value shall be adjusted according to the current best estimate.
23. Share-based payments
Our company's share based payments are transactions in which equity instruments are granted or liabilities determined based on
equity instruments are assumed in order to obtain services from employees or other parties. Our company's share based payments are
divided into equity settled share based payments and cash settled share based payments.
Equity settled share based payments and equity instruments
For equity settled share based payments exchanged for services provided by employees, the fair value of equity instruments granted
to employees shall be measured. For share based payment transactions that are immediately exercisable upon grant, the fair value of
the equity instrument shall be recognized as relevant costs or expenses on the grant date, and the corresponding capital reserve shall
be increased. For share based payment transactions that require completion of services during the waiting period or meeting specified
performance conditions before exercise, on each balance sheet date during the waiting period, the Company will recognize the
services obtained in the current period as relevant costs or expenses based on the best estimate of the number of feasible equity
instruments and the fair value on the grant date, and increase the capital reserve accordingly.
If the terms of equity settled share based payments are modified, at least the services obtained shall be confirmed as if the terms were
not modified. In addition, any modification that increases the fair value of the equity instruments granted, or any change that benefits
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
employees on the modification date, shall be recognized as an increase in the acquisition of services.
During the waiting period, if the granted equity instruments are cancelled, the Company will treat the cancellation of the granted
equity instruments as accelerated exercise and immediately recognize the remaining amount that should be recognized during the
waiting period in the current period's profit and loss, while recognizing capital reserves. However, if a new equity instrument is
granted and it is determined on the date of grant that the new equity instrument is intended to replace the cancelled equity instrument,
the replacement equity instrument granted shall be treated in the same manner as the modification of the terms and conditions of the
original equity instrument.
Cash settled share based payments and equity instruments
Cash settled share based payments shall be measured at the fair value of the liabilities assumed by the Company based on shares or
other equity instruments. For share based payment transactions with immediate exercise of rights upon grant, the Company shall
recognize the relevant costs or expenses at the fair value of the liability assumed on the grant date, and correspondingly increase the
liability. For share based payment transactions that require completion of services during the waiting period or fulfillment of
specified performance conditions before exercise, on each balance sheet date during the waiting period, the Company will recognize
the services obtained in the current period as relevant costs or expenses based on the best estimate of the feasible option situation and
the fair value of the liability assumed by the Company, and correspondingly recognize them as liabilities. On each balance sheet date
and settlement date prior to the settlement of the relevant liabilities, the fair value of the liabilities shall be remeasured and any
changes shall be recognized in the current period's profit or loss.
Our company has modified the terms and conditions of the cash settled share based payment agreement to become an equity settled
share based payment. On the date of modification (whether occurring during or after the waiting period), our company will measure
the equity settled share based payment at the fair value of the equity instrument granted on the day of modification, and recognize the
services obtained as capital reserve. At the same time, the recognized liabilities of the cash settled share based payment on the
modification date will be terminated, and the difference between the two will be recognized in the current period's profit and loss. If
the waiting period is extended or shortened due to modifications, our company will account for it based on the modified waiting
period.
24. Revenue
Accounting policies adopted for revenue recognition and measurement
Our company has fulfilled its contractual obligations by recognizing revenue when the customer obtains control of the relevant goods
or services. Acquiring control over relevant goods or services refers to being able to dominate the use of such goods or services and
obtain almost all economic benefits from them.
If the contract contains two or more performance obligations, the company shall allocate the transaction price to each individual
performance obligation on the commencement date of the contract based on the relative proportion of the individual selling prices of
the promised goods or services for each individual performance obligation. Our company measures revenue based on the transaction
price allocated to each individual performance obligation.
The transaction price refers to the expected amount of consideration that the company is entitled to receive for transferring goods or
services to customers, excluding payments collected on behalf of third parties and expected refunds to customers. Our company
determines the transaction price based on the terms of the contract and its past practices, taking into account factors such as variable
consideration, significant financing elements in the contract, non cash consideration, and payable customer consideration when
determining the transaction price. The Company determines the transaction price including variable consideration based on an
amount that does not exceed the cumulative recognized income that is highly unlikely to experience a significant reversal at the time
of the relevant uncertainty being eliminated. If there is a significant financing component in the contract, the company determines the
transaction price based on the assumed payable amount paid in cash by the customer upon obtaining control of the goods or services,
and amortizes the difference between the transaction price and the contract consideration using the effective interest rate method
during the contract period.
If one of the following conditions is met, it is considered to have fulfilled the performance obligation within a certain period of time;
otherwise, it is considered to have fulfilled the performance obligation at a certain point in time:
The customer obtains and consumes the economic benefits brought by the company's performance at the same time as fulfilling the
contract.
Customers are able to control the goods under construction during the performance process of our company.
The goods produced by our company during the performance process have irreplaceable uses, and our company has the right to
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
collect payments for the completed performance portion throughout the entire contract period.
For performance obligations fulfilled during a certain period of time, our company recognizes revenue based on the progress of
performance during that period, except for situations where the progress of performance cannot be reasonably determined. Our
company considers the nature of goods or services and uses output or input methods to determine the progress of performance. When
the progress of performance cannot be reasonably determined and the costs already incurred are expected to be compensated, our
company recognizes revenue based on the amount of costs already incurred until the progress of performance can be reasonably
determined.
For performance obligations fulfilled at a certain point in time, the company recognizes revenue at the point when the customer
obtains control of the relevant goods or services. When determining whether the customer has obtained control of the goods or
services, the company considers the following signs:
Our company has the right to receive payment for the goods or services at present, which means that the customer has a current
payment obligation for the goods or services.
Our company has transferred the legal ownership of the product to the customer, meaning that the customer already owns the legal
ownership of the product.
Our company has transferred the physical item to the customer, meaning that the customer has taken possession of the item.
The company has transferred the main risks and rewards of ownership of the product to the customer, meaning that the customer has
acquired the main risks and rewards of ownership of the product.
The customer has accepted the product or service, etc.
Our company determines whether we are the primary responsible party or agent when engaging in transactions based on whether we
have control over the goods or services before transferring them to customers. If our company is able to control the goods or services
before transferring them to customers, we are the main responsible party and recognize revenue based on the total amount of
consideration received or receivable; Otherwise, our company acts as an agent and recognizes revenue based on the expected
commission or handling fee amount that we are entitled to receive.
Disclose specific revenue recognition and measurement methods by business type
Our company has fulfilled its contractual obligations by recognizing revenue when the customer obtains control of the relevant goods
or services. Acquiring control over related goods or services refers to being able to dominate the use of the goods or the provision of
the services and obtain almost all economic benefits from them.
(1) Sales Contract for Goods
The sales contract between our company and customers usually includes performance obligations such as transferring goods. Our
company usually recognizes revenue at the time of fulfilling each individual performance obligation, taking into account the
following factors: the current right to receive payment for the goods, the transfer of major risks and rewards of ownership of the
goods, the transfer of legal ownership of the goods, the transfer of physical assets of the goods, and the customer's acceptance of the
goods.
(2) Provide service contract
The performance obligations that should be fulfilled in the service contract between our company and the customer, as the customer
obtains and consumes the economic benefits brought by our company's performance at the same time as our company's performance,
and our company has the right to collect payment for the accumulated performance portion completed so far during the entire
contract period, our company will recognize it as a performance obligation fulfilled during a certain period of time and recognize the
income according to the performance progress, except for situations where the performance progress cannot be reasonably
determined. Our company determines the performance schedule of providing services based on the completed or delivered products
using the output method. When the progress of performance cannot be reasonably determined and the costs already incurred by our
company are expected to be compensated, revenue shall be recognized based on the amount of costs already incurred until the
progress of performance can be reasonably determined.
(3) Variable consideration
Some of our company's contracts with customers involve sales rebate arrangements, resulting in variable consideration. Our company
determines the best estimate of variable consideration based on expected values or the most likely amount to occur, but the
transaction price that includes variable consideration does not exceed the amount that is highly unlikely to result in a significant
reversal of cumulative recognized revenue when the relevant uncertainty is eliminated.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(4) Warranty obligations
According to the contract agreement, legal provisions, etc., our company provides quality assurance for the products sold. For service
quality assurance that provides a separate service beyond the established standards to ensure the sale of goods to customers, our
company regards it as a single performance obligation, and allocates a portion of the transaction price to the service quality assurance
based on the relative proportion of the separate selling price of the goods and services provided, and recognizes revenue when the
customer obtains control of the service. When evaluating whether quality assurance provides a separate service beyond ensuring that
the products sold meet established standards to customers, the company considers factors such as whether the quality assurance is a
legal requirement, the quality assurance period, and the nature of the tasks that the company promises to fulfill.
(5) Reward Points Program
Our company awards reward points to customers while selling goods or providing services, and customers can use these reward
points to exchange for free or discounted goods or services. This reward points program provides customers with a significant right,
which the company considers as a single performance obligation. Based on the relative proportion of the separate selling price of the
goods or services provided and the reward points, a portion of the transaction price is allocated to the reward points, and revenue is
recognized when customers gain control of the points redeemed goods or services or when the points become invalid.
(6) Main responsible person/agent
For our company's ability to lead third-party representatives to provide services to customers, we have the right to independently
determine the price of the traded goods or services. This means that our company can control the relevant goods before transferring
them to customers. Therefore, our company is the main responsible person and recognizes revenue based on the total amount of
consideration received or receivable. Otherwise, as an agent, our company shall recognize revenue based on the expected amount of
commission or handling fees that we are entitled to receive. This amount shall be determined by deducting the total amount of
consideration received or receivable from the amount payable to other relevant parties, or by the established commission amount or
proportion. Disclose accounting policies used for revenue recognition and measurement based on business type.
25. Contract Cost
Contract costs include contract performance costs and contract acquisition costs.
The costs incurred by our company in fulfilling contracts that do not fall within the scope of relevant standards and regulations such
as inventory, fixed assets, or intangible assets shall be recognized as contract performance costs when the following conditions are
met:
The cost is directly related to a current or expected contract to be obtained.
This cost increases the resources that our company will have to fulfill its contractual obligations in the future.
The cost is expected to be recovered.
The incremental costs incurred by our company to obtain contracts that are expected to be recovered are recognized as contract
acquisition costs as an asset.
Assets related to contract costs are amortized on the same basis as the recognition of revenue from goods or services associated with
the asset; However, for contracts with an amortization period of less than one year, the company will include it in the current period's
profit and loss when it occurs.
If the book value of assets related to contract costs is higher than the difference between the following two items, the Company shall
make an impairment provision for the excess and recognize it as an asset impairment loss:
(1) The remaining consideration expected to be obtained from the transfer of goods or services related to the asset;
(2) Estimate the cost that will be incurred for the transfer of the relevant goods or services.
If the factors that caused impairment in previous periods have changed, resulting in the difference being higher than the carrying
amount of the asset, the Company shall reverse the impairment provision that has already been made and include it in the current
period's profit and loss. However, the reversed carrying amount of the asset shall not exceed the carrying amount of the asset on the
date of reversal assuming no impairment provision is made.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
26. Government grants
Type
Government subsidies refer to monetary or non monetary assets obtained by our company from the government free of charge, which
are divided into asset related government subsidies and income related government subsidies.
Government subsidies related to assets refer to the government subsidies obtained by the company for the purpose of purchasing,
constructing, or otherwise forming long-term assets. Government subsidies related to income refer to government subsidies other
than those related to assets.
Confirm time point
Government subsidies are recognized when the company is able to meet the conditions attached and receive them.
accounting treatment
Our company adopts the net method to account for government subsidies.
Government subsidies related to assets are offset against the book value of related assets or recognized as deferred income. If
recognized as deferred income, it shall be recorded in the current period's profit and loss in a reasonable and systematic manner over
the useful life of the relevant assets.
Government subsidies related to revenue, used to compensate for future costs, expenses, or losses of the company, shall be
recognized as deferred income and included in the current period's profit or loss or offset against related costs, expenses, or losses
during the period in which the related costs, expenses, or losses are recognized; For compensation of related costs, expenses or losses
incurred by the company, they shall be directly recorded in the current period's profit and loss or offset against related costs, expenses
or losses.
The policy based preferential loan interest subsidies obtained by our company are classified into the following two situations and
accounted for separately:
(1) The finance department will allocate the interest subsidy funds to the lending bank. If the lending bank provides a loan to our
company at a policy preferential interest rate, our company will use the actual loan amount received as the entry value of the loan,
and calculate the relevant loan costs based on the loan principal and the policy preferential interest rate.
(2) If the finance department directly disburses the interest subsidy funds to our company, we will offset the corresponding interest
subsidy against the relevant borrowing costs.
27. Deferred tax assets/deferred tax liabilities
Income tax includes current income tax and deferred income tax. Except for income tax arising from business mergers and
transactions or events directly recognized in owner's equity (including other comprehensive income), the Company recognizes
current income tax and deferred income tax in the current period's profit and loss.
Deferred income tax assets and deferred income tax liabilities are recognized based on the difference (temporary difference) between
the tax base of the assets and liabilities and their carrying amounts.
For the recognition of deferred tax assets for deductible temporary differences, the amount of taxable income that is likely to be
obtained in future periods to offset the deductible temporary differences shall be limited. For deductible losses and tax deductions
that can be carried forward to future years, corresponding deferred income tax assets shall be recognized up to the future taxable
income that is likely to be obtained to offset the deductible losses and tax deductions.
For temporary differences in taxable income, except in special circumstances, deferred income tax liabilities are recognized.
Special circumstances where deferred tax assets or deferred tax liabilities are not recognized include:
Initial recognition of goodwill;
Transactions or events that are neither a business merger nor affect accounting profits and taxable income (or deductible losses) at the
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
time of occurrence, and where the initially recognized assets and liabilities do not result in equal taxable temporary differences or
deductible temporary differences.
Deferred income tax liabilities shall be recognized for taxable temporary differences related to investments in subsidiaries, associates,
and joint ventures, unless the Company is able to control the timing of the reversal of such temporary differences and it is probable
that they will not reverse in the foreseeable future. Deferred income tax assets are recognized for deductible temporary differences
related to investments in subsidiaries, associates, and joint ventures when the temporary differences are likely to reverse in the
foreseeable future and taxable income is likely to be obtained in the future to offset the deductible temporary differences.
On the balance sheet date, deferred income tax assets and deferred income tax liabilities shall be measured at the applicable tax rate
during the expected period of recovery of related assets or settlement of related liabilities in accordance with tax laws.
On the balance sheet date, the Company reviews the carrying amount of deferred tax assets. If it is likely that sufficient taxable
income will not be available in the future to offset the benefits of deferred tax assets, the carrying amount of deferred tax assets shall
be reduced. When it is likely to obtain sufficient taxable income, the reduced amount shall be reversed.
When having the legal right to settle on a net basis and intending to settle on a net basis or acquire assets and settle liabilities
simultaneously, the current income tax assets and current income tax liabilities are reported at the net amount after offsetting.
On the balance sheet date, deferred income tax assets and deferred income tax liabilities are presented at the net amount after
offsetting when both of the following conditions are met:
The taxpayer has the legal right to settle current income tax assets and current income tax liabilities on a net basis;
Deferred income tax assets and deferred income tax liabilities are related to income tax levied by the same tax collection and
management department on the same taxpayer or on different taxpayers, but in the future, during each significant period of reversal
of deferred income tax assets and liabilities, the taxpayers involved intend to settle the current income tax assets and liabilities on a
net basis or acquire assets and settle liabilities simultaneously.
28. Leases
Leasing refers to a contract in which the lessor transfers the right to use an asset to the lessee for consideration during a certain period
of time. On the commencement date of the contract, our company evaluates whether the contract is a lease or includes a lease. If one
party in a contract relinquishes the right to control the use of one or more identified assets for a certain period of time in exchange for
consideration, then the contract is a lease or includes a lease.
If the contract includes multiple separate leases, the company will split the contract and account for each separate lease separately. If
the contract includes both lease and non lease parts, the lessee and lessor shall separate the lease and non lease parts.
As the lessee
(1) Right of Use Assets
On the commencement date of the lease term, the Company recognizes the right of use assets for leases other than short-term leases
and leases of low value assets. The right of use assets are initially measured at cost. The cost includes:
The initial measurement amount of lease liabilities;
If there is a lease incentive for the lease payment made on or before the start date of the lease term, the relevant amount of the lease
incentive already enjoyed shall be deducted;
The initial direct expenses incurred by our company;
The cost expected to be incurred by our company for dismantling and removing leased assets, restoring the location of leased assets,
or restoring leased assets to the state agreed upon in the lease terms, but does not include costs incurred for producing inventory.
Our company will use the straight-line method to depreciate the right of use assets in the future. For leased assets that can be
reasonably determined to acquire ownership upon expiration of the lease term, the Company shall depreciate the leased assets over
their remaining useful life; Otherwise, the leased asset shall be depreciated during the shorter of the lease term or the remaining
useful life of the leased asset.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(2) Lease liabilities
On the commencement date of the lease term, the Company recognizes lease liabilities for leases other than short-term leases and
leases of low value assets. Lease liabilities are initially measured at the present value of unpaid lease payments. The lease payment
amount includes:
Fixed payment amount (including substantial fixed payment amount), if there are lease incentives, deduct the relevant amount of
lease incentives;
Variable lease payments based on indices or ratios;
The estimated amount to be paid based on the residual value of the guarantee provided by the company;
The exercise price for purchasing the option, provided that the company reasonably determines that the option will be exercised;
The payment required to exercise the option to terminate the lease, provided that the lease term reflects that the company will
exercise the option to terminate the lease.
Our company uses the lease implicit interest rate as the discount rate, but if the lease implicit interest rate cannot be reasonably
determined, we use our incremental borrowing rate as the discount rate.
Our company calculates the interest expenses of lease liabilities during each period of the lease term based on a fixed periodic
interest rate, and includes them in the current period's profit and loss or related asset costs.
Variable lease payments that are not included in the measurement of lease liabilities are recognized in the current period's profit or
loss or related asset costs when they actually occur.
After the commencement date of the lease term, if any of the following situations occur, the Company shall remeasure the lease
liability and adjust the corresponding right of use asset. If the book value of the right of use asset has been reduced to zero, but the
lease liability still needs to be further reduced, the difference shall be recognized in the current period's profit and loss:
When the evaluation results of the purchase option, renewal option, or termination option change, or the actual exercise of the
aforementioned options is inconsistent with the original evaluation results, the Company shall remeasure the lease liability based on
the present value calculated by the modified lease payment amount and the revised discount rate;
When there is a change in the actual fixed payment amount, a change in the expected payable amount of the guaranteed residual
value, or a change in the index or ratio used to determine the lease payment amount, the Company remeasures the lease liability
based on the present value calculated using the changed lease payment amount and the original discount rate. However, if the change
in lease payments is due to fluctuations in floating interest rates, the revised discount rate should be used to calculate the present
value.
(3) Short term leasing and low value asset leasing
If the company chooses not to recognize right of use assets and lease liabilities for short-term leases and low value asset leases, the
relevant lease payments will be recognized in the current period's profit or loss or related asset costs using the straight-line method
for each period during the lease term. Short term lease refers to a lease that starts on the lease term, has a lease term of no more than
12 months, and does not include purchase options. Low value asset leasing refers to the leasing of a single leased asset with a lower
value when it is a brand new asset. If a company subleases or anticipates subleasing leased assets, the original lease does not belong
to a low value asset lease.
(4) Lease change
If there is a change in the lease and the following conditions are met simultaneously, the company will treat the lease change as a
separate lease for accounting purposes:
The lease change expands the lease scope by adding the right to use one or more leased assets;
The increased consideration is equivalent to the individual price of the expanded lease scope adjusted according to the contract
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
situation.
If the lease change is not accounted for as a separate lease, on the effective date of the lease change, the company shall re allocate the
consideration of the contract after the change, re determine the lease term, and re measure the lease liability based on the present
value calculated by the modified lease payment amount and the revised discount rate.
If the lease change leads to a reduction in the scope of the lease or a shortened lease term, the Company shall correspondingly adjust
the book value of the right of use assets and include the related gains or losses from partial or complete termination of the lease in the
current period's profit and loss. If other lease changes result in the remeasurement of lease liabilities, the Company shall adjust the
carrying amount of the right of use assets accordingly.
As the lessor
On the commencement date of the lease, our company divides the lease into financing lease and operating lease. Financial leasing
refers to a lease that, regardless of whether ownership is ultimately transferred or not, essentially transfers almost all risks and
rewards related to the ownership of the leased asset. Operating lease refers to leases other than financing leases. When our company
acts as a sublessor, we classify sublease based on the right of use assets generated from the original lease.
(1) Accounting treatment for operating leases
The lease receipts from operating leases are recognized as rental income using the straight-line method during each period of the
lease term. The company will capitalize the initial direct expenses related to operating leases and allocate them to the current period's
profit and loss on the same basis as rental income recognition during the lease term. Variable lease payments that are not included in
lease receipts are recognized in the current period's profit or loss when they actually occur. If there is a change in the operating lease,
the company shall treat it as a new lease for accounting purposes from the effective date of the change, and the prepaid or receivable
lease receipts related to the lease before the change shall be regarded as the receipts of the new lease.
(2) Accounting treatment for financial leasing
On the commencement date of the lease, the Company recognizes the receivable financing lease payments and terminates the
recognition of financing lease assets. When the company initially measures the receivable financing lease payments, the net lease
investment is recognized as the entry value of the receivable financing lease payments. The net amount of lease investment is the sum
of the unguaranteed residual value and the present value of lease receipts not yet received at the lease commencement date,
discounted at the lease implicit interest rate.
Our company calculates and recognizes interest income for each period of the lease term based on a fixed periodic interest rate. The
termination recognition and impairment of financing lease receivables shall be accounted for in accordance with Note 8, Financial
Instruments.
Variable lease payments that are not included in the measurement of net lease investments are recognized in the current period's
profit or loss when they actually occur.
If there is a change in the financing lease and the following conditions are met simultaneously, the company will treat the change as a
separate lease for accounting purposes:
The change expands the lease scope by adding the right to use one or more leased assets;
The increased consideration is equivalent to the individual price of the expanded lease scope adjusted according to the contract
situation.
If the change of financing lease is not accounted for as a separate lease, the company will handle the changed lease in the following
situations:
If the change takes effect on the lease commencement date, the lease will be classified as an operating lease. The company will treat
it as a new lease from the effective date of the lease change and use the net lease investment before the effective date of the lease
change as the book value of the leased asset;
If the change takes effect on the lease commencement date, the lease will be classified as a finance lease, and our company will
account for it in accordance with the policy of "8. Financial Instruments" regarding the modification or renegotiation of contracts.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Sale and leaseback transaction
The company evaluates and determines whether the asset transfer in the sale leaseback transaction constitutes a sale based on the
principles described in Note 24, Revenue.
(1) As a tenant
The transfer of assets in a sale leaseback transaction is considered a sale, and the company, as the lessee, measures the right of use
assets formed by the sale leaseback based on the portion of the original asset book value related to the right of use obtained from the
leaseback, and only recognizes gains or losses related to the rights transferred to the lessor.
If the transfer of assets in a sale leaseback transaction is not considered a sale, the company, as the lessee, continues to recognize the
transferred assets and also recognizes a financial liability equal to the transfer income. The accounting treatment of financial
liabilities is detailed in Note 8, Financial Instruments.
(2) As a lessor
The asset transfer in the sale leaseback transaction belongs to sales, and the company acts as the lessor to account for the asset
purchase, and according to the aforementioned policy of "the company acts as the lessor" to account for the asset leasing; The
transfer of assets in a sale leaseback transaction is not considered a sale, and the company, as the lessor, does not recognize the
transferred assets, but recognizes a financial asset equal to the transfer income. The accounting treatment of financial assets is
detailed in Note 8, Financial Instruments.
29. Methods for determining importance criteria and selection criteria
Item Importance criteria
Subsidiary's net assets account for more than 5% of the company's consolidated net
Important non wholly owned subsidiaries assets or net profit accounts for more than 10% of the company's consolidated net
profit.
Investment gains and losses under the equity method of long-term equity
Important joint venture enterprises
investments account for more than 10% of the company's consolidated net profit.
Write off of important accounts The single write off amount accounts for more than 5% of the total bad debt
receivable provision for various receivables or the amount is greater than 15 million yuan.
Significant reversal or recovery of bad The amount of single recovery or reversal accounts for more than 5% of the total bad
debt provisions for accounts receivable debt provision for various receivables or the amount is greater than 15 million yuan.
Important prepayments with an aging of The individual amount accounts for more than 5% of the total prepaid accounts or
over 1 year the amount is greater than 15 million yuan.
Important accounts payable with an aging The individual amount accounts for more than 5% of the total accounts payable or
of over 1 year or overdue exceeds 15 million yuan.
Important ongoing construction projects The final balance of the project is over 50 million yuan.
30. Significant accounting judgments and estimates
(1) Significant accounting policy changes
√ Applicable □ Not applicable
The Ministry of Finance released the "Compilation of Application Guidelines for Enterprise Accounting Standards 2024" in March
2024, which stipulates that warranty fees should be included in operating costs. The main impacts of our company's implementation
of this regulation are as follows:
The content and Merge Parent company
Affected
reasons for changes
report
in accounting Current Period Prior Period Current Period Prior Period
items
policies
According to the Operating
1,198,507,902.94 788,037,030.18 607,136,813.52 724,716,121.58
"Compilation of costs
76
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
The content and Merge Parent company
Affected
reasons for changes
report
in accounting Current Period Prior Period Current Period Prior Period
items
policies
Application
Guidelines for
Enterprise
Accounting
Standards 2024", the Selling
-1,198,507,902.94 -788,037,030.18 -607,136,813.52 -724,716,121.58
company will expenses
classify quality
assurance as
operating costs.
(2) Changes in significant accounting estimates
□ Applicable √ Not applicable
(3) Starting from 2024, the first implementation of the new accounting standards will adjust the financial statements related to the
items at the beginning of the year
□ Applicable √ Not applicable
VI. TAXES
1. Main taxes and tax rates
Categories of taxes tax basis tax rate (%)
The output tax is calculated based on the sales of goods and taxable service
income calculated according to tax laws. After deducting the input tax that
Value added tax (“VAT”) 6、7、9、13
can be deducted in the current period, the difference is the payable
value-added tax.
Consumption tax Calculated and paid based on taxable sales revenue. 1、3、5
City maintenance and Calculated and paid based on the actual value-added tax and consumption
5、7
construction tax tax paid.
Corporate income tax Calculated and paid based on taxable income. 15-41
Calculated and paid based on the actual value-added tax and consumption
Educational surcharge 3
tax paid.
Local educational Calculated and paid based on the actual value-added tax and consumption
2
surcharge tax paid.
2. Tax benefits
1. According to the relevant regulations of national high-tech recognition and relevant tax preferential policies, the following
subsidiaries of our company have been recognized as high-tech enterprises and enjoy a preferential corporate income tax rate of 15%
during the prescribed period: our company (November 2021 to November 2024), Hebei Changan Automobile Co., Ltd. (2023 to
2025), and Deep Blue Automotive Technology Co., Ltd. (2023 to 2025).
2. According to the Announcement on Continuing the Enterprise Income Tax Policy for Western Development jointly issued by the
Ministry of Finance, the State Administration of Taxation, and the National Development and Reform Commission (Announcement
No. 23 of 2020 of the Ministry of Finance, the State Administration of Taxation, and the National Development and Reform
Commission), from January 1, 2021 to December 31, 2030, encouraged industrial enterprises located in the western region will be
subject to a reduced corporate income tax rate of 15%. Our subsidiaries, Chongqing Changan Automobile International Sales Service
Co., Ltd., Chongqing Changan Special Purpose Vehicle Co., Ltd., Chongqing Changan Automobile Customer Service Co., Ltd.,
Chongqing Lingyao Automobile Co., Ltd., Chongqing Chemeimei Technology Co., Ltd., Chongqing Changan Automobile Software
Technology Co., Ltd., and Chongqing Changan Technology Co., Ltd., meet the above requirements and are subject to corporate
income tax at a rate of 15%.
3. According to the Announcement of the Ministry of Finance and the State Administration of Taxation on Further Supporting the
Development of Small and Micro Enterprises and Individual Industrial and Commercial Households and Related Tax Policies
77
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(Announcement No. 12 of 2023 of the Ministry of Finance and the State Administration of Taxation), the taxable income of small and
micro profit enterprises shall be reduced by 25%, and the enterprise income tax shall be paid at a rate of 20%. Our subsidiaries,
Chongqing Xingzhi Technology Co., Ltd., Guangzhou Chang'an New Energy Vehicle Sales and Service Co., Ltd., Nanjing Chang'an
New Energy Vehicle Sales and Service Co., Ltd., Xiamen Chang'an New Energy Vehicle Sales and Service Co., Ltd., Shenlan
Automobile Nanjing Research Institute Co., Ltd., and Shenlan Automobile Marketing Service (Shenzhen) Co., Ltd., meet the
prescribed conditions and enjoy tax preferential policies for small and micro profit enterprises.
4. According to the Announcement of the Ministry of Finance and the State Administration of Taxation on the Policy of Value added
Tax Deduction for Advanced Manufacturing Enterprises (Announcement No. 43 of 2023 of the Ministry of Finance and the State
Administration of Taxation), from January 1, 2023 to December 31, 2027, advanced manufacturing enterprises are allowed to deduct
an additional 5% of the deductible input tax for the current period to offset the payable value-added tax. Our company and its
subsidiary Hebei Changan Automobile Co., Ltd. meet the prescribed conditions in 2024 and are eligible for the additional deduction
policy.
VII. Notes to the consolidated financial statements
1. Cash
In RMB Yuan
Item Ending balance Beginning balance
Cash 4,998.00 35,257.05
Cash at bank 34,854,105,125.40 29,493,854,273.50
Other cash 1,145,129,617.91 461,131,970.31
Cash at financial company 34,939,896,329.93 34,916,021,247.02
Total 70,939,136,071.24 64,871,042,747.88
Among them: total amount of funds
3,482,035,375.40 1,797,894,384.53
stored overseas
Note: The monetary funds deposited by our company with affiliated financial companies are detailed in Note 14, Section 5
2. Transactional financial assets
In RMB Yuan
Item Ending balance Beginning balance
Financial assets measured at fair value
with changes recognized in current profit
or loss
Among them: Equity instrument
152,668,417.66 160,744,733.27
investment
Others 6,774,614.02
Total 152,668,417.66 167,519,347.29
3. Notes receivable
(1) Classification of notes receivable
In RMB Yuan
Item Ending balance Beginning balance
Bank acceptance bill 24,414,869,176.41 28,588,687,367.75
Commercial acceptance bill 9,580,659,286.74 9,069,703,846.26
Total 33,995,528,463.15 37,658,391,214.01
(2) Disclosure of accounts receivable classified by bad debt provision method
In RMB Yuan
Item Ending balance
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Provision for bad debts
based on the
33,995,528,463.15 100.00 33,995,528,463.15
combination of credit
risk characteristics
Total 33,995,528,463.15 100.00 33,995,528,463.15
Beginning balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Provision for bad debts
based on the
37,658,391,214.01 100.00 37,658,391,214.01
combination of credit
risk characteristics
Total 37,658,391,214.01 100.00 37,658,391,214.01
Provision for bad debts based on the combination of credit risk characteristics：
In RMB Yuan
Ending balance
Item
Book balance Bad debt reserves Provision ratio (%)
Bank acceptance bill 24,414,869,176.41
Commercial acceptance bill 9,580,659,286.74
Total 33,995,528,463.15
(3)Notes receivable pledged
In RMB Yuan
Item Pledged amount
Bank acceptance bill 5,897,473,036.76
Commercial acceptance bill
Total 5,897,473,036.76
(4)Endorsed or discounted but unexpired notes receivable as at the end of reporting period
In RMB Yuan
Amount derecognized at the end of the Amount not derecognized at the end of
Item
period the period
Bank acceptance bill 1,904,671,080.90
Commercial acceptance bill
Total 1,904,671,080.90
4. Accounts receivable
(1)Aging analysis of the accounts receivable
In RMB Yuan
Aging Ending balance Beginning balance
Within 1 year 3,003,576,409.95 2,455,130,606.98
1 to 2 years 43,807,168.03 9,231,834.37
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
2 to 3 years 179,086.17 436,370.13
Over 3 years 190,347,427.76 196,256,136.33
Total 3,237,910,091.91 2,661,054,947.81
Less: Provision 248,678,986.50 249,258,528.74
Total 2,989,231,105.41 2,411,796,419.07
(2) Accounts receivable are classified and disclosed according to the bad debt provision method
In RMB Yuan
Ending balance
Balance Provision
Category
Ratio Ratio Book value
Amount Amount
(%) (%)
Individually analyzed for provision 1,717,957,980.28 53.06 139,066,311.49 8.09 1,578,891,668.79
Accounts receivable analyzed as
1,519,952,111.63 46.94 109,612,675.01 7.21 1,410,339,436.62
groups for provision
Total 3,237,910,091.91 100.00 248,678,986.50 2,989,231,105.41
Beginning balance
Balance Provision
Category
Ratio Ratio Book value
Amount Amount
(%) (%)
Individually analyzed for provision 1,155,752,310.55 43.43 139,066,311.49 12.03 1,016,685,999.06
Accounts receivable analyzed as
1,505,302,637.26 56.57 110,192,217.25 7.32 1,395,110,420.01
groups for provision
Total 2,661,054,947.81 100.00 249,258,528.74 2,411,796,419.07
Provision for bad debts based on credit risk characteristics:
In RMB Yuan
Ending balance
Aging Expected credit loss rate Expected credit loss for the
Estimated face value for default
(%) entire duration
Within 1 year 1,380,421,113.86 0.07 954,519.49
1 to 2 years 11,080,482.89 1.67 185,470.95
2 to 3 years
Over 3 years 128,450,514.88 84.45 108,472,684.57
Total 1,519,952,111.63 109,612,675.01
(3) Provision for bad debts accrued, recovered or reversed in this period
In RMB Yuan
Current period change amount
Category Beginning balance Withdrawal or Ending balance
Provision
reversal
Individually analyzed for provision 139,066,311.49 139,066,311.49
Accounts receivable analyzed as
110,192,217.25 10,487,313.94 11,066,856.18 109,612,675.01
groups for provision
Total 249,258,528.74 10,487,313.94 11,066,856.18 248,678,986.50
(4) Accounts receivable and contract assets of the top five ending balances collected by debtor
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
As of June 30, 2024, the top five accounts receivable had a total balance of 1438032537.33 yuan, accounting for 44.41% of the total
ending balance of accounts receivable.
5. Contract assets
(1) Contract asset situation
In RMB Yuan
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Contract
1,492,931,270.28 670,236,570.38 822,694,699.90 2,104,221,673.68 661,344,707.38 1,442,876,966.30
assets
Total 1,492,931,270.28 670,236,570.38 822,694,699.90 2,104,221,673.68 661,344,707.38 1,442,876,966.30
(2) Disclosure of Contract Assets Classified by Bad Debt Provision Method
In RMB Yuan
Ending balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
1,492,931,270.28 100.00 670,236,570.38 44.89 822,694,699.90
for provision
Total 1,492,931,270.28 100.00 670,236,570.38 822,694,699.90
Beginning balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
2,104,221,673.68 100.00 661,344,707.38 31.43 1,442,876,966.30
for provision
Total 2,104,221,673.68 100.00 661,344,707.38 1,442,876,966.30
Provision for bad debts based on individual items：
In RMB Yuan
Ending balance
Item
Book balance Bad debt reserves Provision ratio (%)
Contract assets 1,492,931,270.28 670,236,570.38 44.89
Total 1,492,931,270.28 670,236,570.38
(3) Provision for impairment of contract assets in this period
In RMB Yuan
Provision for this Withdrawal or reversal
Item Beginning balance Ending balance
period in this period
Contract assets 661,344,707.38 17,506,800.00 8,614,937.00 670,236,570.38
Total 661,344,707.38 17,506,800.00 8,614,937.00 670,236,570.38
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
6. Other receivables
In RMB Yuan
Item Ending balance Beginning balance
Dividend receivable 22,469,320.00
Other receivables 432,539,377.40 894,268,431.82
Total 455,008,697.40 894,268,431.82
(1)Dividend receivable
In RMB Yuan
Project (or investee) Ending balance Beginning balance
Chongqing Chang'an Kuayue Vehicle Co., Ltd 3,430,000.00
Zhongfa Lian Investment Co., Ltd 19,039,320.00
Total 22,469,320.00
(2)Other receivables
1) Aging analysis of other receivables
In RMB Yuan
Aging Ending balance Beginning balance
Within 1 year 366,712,847.70 832,441,463.15
1 to 2 years 11,024,391.63 7,857,497.78
2 to 3 years 3,555,131.73 50,952,225.85
Over 3 years 58,836,843.69 10,686,669.55
Total 440,129,214.75 901,937,856.33
Less: Provision 7,589,837.35 7,669,424.51
Total 432,539,377.40 894,268,431.82
2) Classified disclosure based on bad debt provision method
In RMB Yuan
Beginning balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
233,971,501.63 53.16 7,256,494.25 3.10 226,715,007.38
for provision
Accounts receivable
analyzed as groups for 206,157,713.12 46.84 333,343.10 0.16 205,824,370.02
provision
Total 440,129,214.75 100.00 7,589,837.35 432,539,377.40
Beginning balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
720,811,020.18 79.92 7,256,494.25 1.01 713,554,525.93
for provision
Accounts receivable
analyzed as groups for 181,126,836.15 20.08 412,930.26 0.23 180,713,905.89
provision
Total 901,937,856.33 100.00 7,669,424.51 894,268,431.82
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
3) Provision for bad debts
In RMB Yuan
Phase 1 Phase 2 Phase 3
Expected credit loss for Expected credit loss for
Bad debt reserves Expected credit loss Total
the entire duration (no the entire duration (credit
for the next 12
credit impairment has impairment already
months
occurred) occurred)
Year end balance of the
412,930.26 7,256,494.25 7,669,424.51
previous year
Last year's year-end
balance in the current
period
— — Entering the
second stage
— — Entering the third
stage
— — Return to the
second stage
——Return to the first
stage
Provision for this
15,545.96 15,545.96
period
Current period reversal 195,133.12 195,133.12
This period's resale
Verification in this
period
Other changes -100,000.00 -100,000.00
Total 333,343.10 - 7,256,494.25 7,589,837.35
The changes in the book balance of other receivables are as follows:
In RMB Yuan
Phase 1 Phase 2 Phase 3
Expected credit loss for Expected credit loss for
Bad debt reserves Expected credit loss Total
the entire duration (no the entire duration (credit
for the next 12
credit impairment has impairment already
months
occurred) occurred)
Year end balance of the
894,681,362.08 7,256,494.25 901,937,856.33
previous year
Last year's year-end
balance in the current
period
— — Entering the
second stage
— — Entering the third
stage
— — Return to the
second stage
——Return to the first
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
stage
Newly added in this
3,020,554,950.02 3,020,554,950.02
period
Termination
confirmation for this 3,482,363,591.60 3,482,363,591.60
period
Other changes
Total 432,872,720.50 7,256,494.25 440,129,214.75
4) Provision for bad debts accrued, recovered or reversed in this period
In RMB Yuan
Change amount in the current period
Category Beginning balance Ending balance
Provision Other additions Write-off
Individually analyzed for
7,256,494.25 7,256,494.25
provision
Accounts receivable analyzed
412,930.26 15,545.96 100,000.00 195,133.12 333,343.10
as groups for provision
Total 7,669,424.51 15,545.96 100,000.00 195,133.12 7,589,837.35
5) Other receivables are classified by nature
In RMB Yuan
Nature Ending balance Beginning balance
Subsidies receivable 103,070,000.00 586,119,720.60
Prepaid equity investment funds 93,753,846.00 95,100,000.00
Reserve fund 14,290,880.49 74,416,322.72
Deposit and earnest money 13,955,872.42 15,176,743.46
Others 215,058,615.84 131,125,069.55
Total 440,129,214.75 901,937,856.33
6) Other receivables with the top five ending balances collected by debtor
As of June 30, 2024, the top five ending balances of other receivables amounted to RMB 268,755,223.16, accounting for 61.06%
of the total ending balance of other receivables.
7. Prepayments
(1) Prepayments listed by aging
In RMB Yuan
Ending balance Beginning balance
Aging
Amount Ratio (%) Amount Ratio (%)
Within 1 year 580,422,457.73 99.63 281,522,043.69 97.86
1 to 2 years 1,698,426.16 0.29 1,248,976.74 0.43
2 to 3 years 161,358.87 0.03 128,513.87 0.04
Over 3 years 298,916.65 0.05 4,811,476.32 1.67
Total 582,581,159.41 100.00 287,711,010.62 100.00
(2) Prepayments of the top five ending balances collected by prepayment object
On June 30, 2024, the top five prepaid accounts amounted to 351,100,301.86 yuan, accounting for 60.27% of the total prepaid
accounts
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
8. Inventory
(1) Classification of inventory
In RMB Yuan
Ending balance Beginning balance
Provision for Provision for
inventory inventory
depreciation/prov depreciation/prov
Item ision for ision for
Balance Net value Balance Net value
impairment of impairment of
contract contract
performance performance
costs costs
Commodit
12,382,359,309.93 167,078,148.59 12,215,281,161.34 11,890,690,577.52 202,418,376.89 11,688,272,200.63
y stock
Work in
1,198,938,919.87 68,095,900.34 1,130,843,019.53 1,291,990,811.53 63,870,083.00 1,228,120,728.53
progress
Raw
678,385,842.33 320,486,654.84 357,899,187.49 748,776,600.96 378,040,520.19 370,736,080.77
materials
Work in
60,000,715.74 60,000,715.74 81,586,613.21 81,586,613.21
transit
Consigned
processing 5,067,865.00 5,067,865.00 27,617,777.37 27,617,777.37
material
Ohers 23,770,549.84 23,770,549.84 69,514,296.42 69,514,296.42
Total 14,348,523,202.71 555,660,703.77 13,792,862,498.94 14,110,176,677.01 644,328,980.08 13,465,847,696.93
(2) Provision for inventory depreciation/provision for impairment of contract performance costs
In RMB Yuan
Beginning Current reversal or
Item Current provision amount Ending balance
balance cancellation amount
Raw materials 378,040,520.19 19,020,475.09 76,574,340.44 320,486,654.84
Work in progress 63,870,083.00 23,917,940.57 19,692,123.23 68,095,900.34
Commodity stock 202,418,376.89 94,627,939.52 129,968,167.82 167,078,148.59
Total 644,328,980.08 137,566,355.18 226,234,631.49 555,660,703.77
Our company makes provisions for inventory impairment based on whether the cost exceeds the net realizable value. Net realizable
value refers to the estimated selling price of inventory in daily activities, minus the estimated costs to be incurred until completion,
estimated sales expenses, and related taxes and fees. The reason for the reversal or cancellation of inventory impairment provisions in
this year is that the net realizable value of inventory for which inventory impairment provisions were made in previous years has
increased or sales have been realized in the current year.
9. Other current assets
In RMB Yuan
Item Ending balance Beginning balance
Accrual input tax 1,410,064,211.95 1,393,763,691.38
Prepaid taxes 820,109,176.93 336,795,620.72
Fixed deposits and others 4,561,179.72 8,004,894,049.22
Total 2,234,734,568.60 9,735,453,361.32
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
10. Investment in other equity instruments
In RMB Yuan
Gains
Losses Reason for being
recognized Accumulated Accumulated
included in designated
in other gains recognized losses recognized
other Dividend income as fair value
Beginning comprehensi in other in other
Item Ending balance comprehensi recognized in this
balance ve income comprehensive comprehensive through other
ve income period
for the income at the end income at the end comprehensive
for this
current of this period of this period income
period
period
Zhong Fa Lian Unlisted equity
14,801,858.72 14,801,858.72 6,198,141.28 19,039,320.00
Investment Co., Ltd. instruments
China South Industry Unlisted equity
335,540,000.00 335,540,000.00 178,519,200.00
Group Finance Co., Ltd. instruments
Guoqi (Beijing)
Intelligent Network
Unlisted equity
Association Automotive 2,958,223.99 2,958,223.99 41,776.01
Research Institute Co., instruments
Ltd.
Guoqi Automobile Power Unlisted equity
39,590,000.00 39,590,000.00 410,000.00
Cell Research Co., Ltd. instruments
China South Industry
Unlisted equity
Group Financial Leasing 28,300,000.00 28,300,000.00 2,252,000.00
instruments
Co., Ltd.
Guoqi (Beijing)
Intelligent Connected Unlisted equity
83,000,000.00 83,000,000.00 33,000,000.00
Vehicle Research Institute instruments
Co., Ltd
Total 504,190,082.71 504,190,082.71 211,519,200.00 8,901,917.29 19,039,320.00
11. Long-term equity investments
In RMB Yuan
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Changes in this period
Other Declare the Provision
Investee Beginning balance Investment Ending balance ending
comprehensive Other equity distribution of
Addition income under balance
income changes cash dividends
equity method
adjustments or profits
I. Joint Venture
Nanchang Jiangling Holding Co.,
2,106,206,520.20 181,840,492.72 2.89 2,288,047,015.81
Ltd.
Changan Mazda Automobile Co.,
878,239,492.13 (102,147,632.24) 776,091,859.89
Ltd.
Changan Mazda Engine Co., Ltd. 805,005,706.40 1,138,226.54 806,143,932.94
Changan Ford Automobile Co.,
618,761,192.06 618,761,192.06
Ltd.
Subtotal 3,789,451,718.73 699,592,279.08 2.89 4,489,044,000.70
II. Associates
Changan Automobile Financing
3,041,392,973.86 201,365,024.22 3,242,757,998.08
Co.,Ltd
Nanjing Leading Equity Investment
Management Co., Ltd. (Limited 2,645,793,326.69 (7,834,395.32) 2,637,958,931.37
Partnership)
Zhongqi Chuangzhi Technology
448,515,220.54 (8,958,355.14) 439,556,865.40
Co., Ltd.
Chongqing Changan Kuayue
228,765,251.64 2,148,873.70 (3,430,000.00) 227,484,125.34
Automobile Co., Ltd.
Chongqing Changxin Zhiqi Private
Equity Investment Fund 204,518,396.38 8,011,212.22 212,529,608.60
Partnership (Limited Partnership)
Shidai Changan Power Battery Co.,
342,065,472.72 (95,914,775.21) 246,150,697.51
Ltd
Chongqing Changxian Intelligent
105,033,367.07 649,948.26 105,683,315.33
Technology Co., Ltd
Chongqing Changan Innovation
Private Equity Investment Fund
70,104,473.99 308.14 70,104,782.13
Partnership Enterprise (Limited
Partnership)
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Changes in this period
Other Declare the Provision
Investee Beginning balance Investment Ending balance ending
comprehensive Other equity distribution of
Addition income under balance
income changes cash dividends
equity method
adjustments or profits
Changan Ford New Energy Vehicle
67,713,664.93 (17,113,068.64) 50,600,596.29
Technology Co., Ltd
Anhe Chongqing Dingfeng
Automobile Contract Private 61,692,352.41 370,450.00 62,062,802.41
Equity Investment Fund
Hunan Guoxin Semiconductor
28,502,232.09 161,981.13 28,664,213.22
Technology Co., Ltd.
Nanjing Leading Equity Investment
1,107,400.12 (6,888.58) 1,100,511.54
Partnership
Nanjing Chelai Travel Technology
584,824.65 (251,725.81) 333,098.84
Co., Ltd.
Avatr Technology (Chongqing)
2,295,710,259.79 (590,923,775.44) (184,358.40) 3,221,300.64 1,707,823,426.59
Co., Ltd
Chongqing Changan Kuayue
69,600,000.00 (578,713.15) 69,021,286.85
Automobile Sales Co., Ltd.
Chongqing Changan Kuayue
1,018,842.33 1,018,842.33
Vehicle Marketing Co., Ltd
Hangzhou Chelizi Intelligent
1,111,663.20 (22,553.03) 1,089,110.17
Technology Co., Ltd.
Anhe (Chongqing) Equity
Investment Fund Management Co., 5,970,815.86 (260,289.22) 5,710,526.64
Ltd.
Master Changan Automobile Co.,
43,377,199.66 13,827,379.83 (5,967,137.61) 51,237,441.88
Ltd.
Time FAW Power Battery Co.,
276,006,999.87 51,497,228.69 327,504,228.56
Ltd.
Chongqing Wutong Chelian
79,781,303.57 1,774,491.91 81,555,795.48
Technology Co., Ltd.
Western Car Network (Chongqing)
5,183,910.52 (112,511.72) 5,071,398.80
Co., Ltd.
Chongqing Anda Semiconductor 45,009,157.18 89,737.94 45,098,895.12
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Changes in this period
Other Declare the Provision
Investee Beginning balance Investment Ending balance ending
comprehensive Other equity distribution of
Addition income under balance
income changes cash dividends
equity method
adjustments or profits
Co., Ltd
Subtotal 9,997,940,266.74 69,600,000.00 (441,061,572.89) (6,151,496.01) 3,221,300.64 (3,430,000.00) 9,620,118,498.48
Total 13,787,391,985.47 69,600,000.00 258,530,706.19 (6,151,493.12) 3,221,300.64 (3,430,000.00) 14,109,162,499.18
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
12. Investment property
(1) Investment real estate using cost measurement model
Cost Model
In RMB Yuan
Item Buildings Total
I. Original cost
1. Opening balance 10,050,100.00 10,050,100.00
2. Increase in current period
3. Decrease in current period
4. Ending balance 10,050,100.00 10,050,100.00
II. Accumulated depreciation and amortization
1. Opening balance 3,854,096.52 3,854,096.52
2. Increase in current period 113,355.78 113,355.78
(1) Provision or amortization 113,355.78 113,355.78
3. Decrease in current period
4. Ending balance 3,967,452.30 3,967,452.30
III. Impairment provision
1. Opening balance
2. Increase in current period
3. Decrease in current period
4. Ending balance
IV. Net Value
1. Ending 6,082,647.70 6,082,647.70
2. Beginning 6,196,003.48 6,196,003.48
13. Fixed assets
In RMB Yuan
Item Ending balance Beginning balance
Fixed assets 19,515,251,831.25 19,994,084,908.14
Total 19,515,251,831.25 19,994,084,908.14
(1) Details of fixed assets
In RMB Yuan
Item Buildings Machinery Vehicles Other Equipment Total
1. Original book
value:
Opening balance 10,402,849,881.70 28,090,256,805.16 1,669,155,485.79 10,398,235,511.86 50,560,497,684.51
purchase 6,947,419.08 30,268,855.34 342,511.77 9,559,380.24 47,118,166.43
Transfer of ongoing
59,811,701.10 797,829,206.62 4,125,707.20 283,210,721.10 1,144,977,336.02
construction projects
Disposal or scrapping 1,102,004.53 587,091,101.53 461,381,244.23 61,225,592.30 1,110,799,942.59
Decrease in exchange 848,949.59 11,264,599.66 12,113,549.25
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
rate fluctuations
Closing balance 10,468,506,997.35 28,330,414,816.00 1,212,242,460.53 10,618,515,421.24 50,629,679,695.12
2. Accumulated
depreciation
Opening balance 3,252,045,432.73 17,904,036,679.47 770,934,918.45 5,827,737,532.10 27,754,754,562.75
Provision 173,016,577.99 876,874,872.98 124,174,688.28 291,953,340.10 1,466,019,479.35
Disposal or scrapping 340,561.98 543,273,493.12 237,736,912.80 55,900,526.51 837,251,494.41
Decrease in exchange
1,120,727.04 724,512.21 1,845,239.25
rate fluctuations
Closing balance 3,423,600,721.70 18,236,913,547.12 657,372,693.93 6,063,790,345.69 28,381,677,308.44
3. Provision for
impairment
Opening balance 63,168,825.18 2,319,193,144.50 33,357,247.40 395,938,996.54 2,811,658,213.62
Increased amount in
this period
Disposal or scrapping 514,180.92 42,797,195.17 30,456,280.26 5,140,001.84 78,907,658.19
Closing balance 62,654,644.26 2,276,395,949.33 2,900,967.14 390,798,994.70 2,732,750,555.43
4. Book value
Closing book value 6,982,251,631.39 7,817,105,319.55 551,968,799.46 4,163,926,080.85 19,515,251,831.25
Initial book value 7,087,635,623.79 7,867,026,981.19 864,863,319.94 4,174,558,983.22 19,994,084,908.14
(2) Fixed assets that are temporarily unused
On June 30, 2024, fixed assets with a book value of RMB 148,776,035.09 (December 31, 2023: RMB 187074047.38) were
temporarily idle due to product upgrades and other reasons.
(3) The fixed assets which are rented out under operating leases
In RMB Yuan
Item Ending
Buildings 113,748,399.06
Machinery
Vehicles 415,340,505.59
Other Equipment
Total 529,088,904.65
(4) Fixed assets with incomplete property rights certificates
As of June 30, 2024, our company does not have any fixed assets without property ownership certificates.
14. Construction in progress
(1) Details of construction in progress
In RMB Yuan
Ending balance Beginning balance
Item
Balance Provision Carrying amount Balance Provision Carrying amount
Engineering 1,097,713,624.86 1,097,713,624.86 750,986,351.54 750,986,351.54
construction
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
project
Production line
construction and
technological 678,432,023.02 678,432,023.02 626,139,410.60 626,139,410.60
renovation
projects
Engine
Technical
104,880,824.53 83,959,140.47 204,550,269.22 183,628,585.16
Renovation 20,921,684.06 20,921,684.06
Project
Environmental
relocation 17,147,783.12 17,147,783.12 59,586,596.48 59,586,596.48
project
Other projects 426,165,420.83 8,841,139.67 417,324,281.16 302,845,555.72 8,841,139.67 294,004,416.05
Total 2,324,339,676.36 29,762,823.73 2,294,576,852.63 1,944,108,183.56 29,762,823.73 1,914,345,359.83
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(2) Movements of significant construction in progress
In RMB Yuan
The project
Budget investments’ Progress of
Transferred to
Item Beginning balance Addition Ending balance proportion construction Source of funds
(In 1,000 RMB) fixed assets
of budget (%)
(%)
Engineering construction
831,204.00 750,986,351.54 352,473,744.75 5,746,471.43 1,097,713,624.86 53.47 53.47 Self raised
project
Production line construction Self raised and
and technological renovation 683,360.77 626,139,410.60 632,925,898.19 580,633,285.77 678,432,023.02 55.78 55.78 additional
projects issuance
Engine Technical Renovation
44,276.00 204,550,269.22 80,167,707.44 179,837,152.13 104,880,824.53 69.81 69.81 Self raised
Project
Environmental relocation
182,476.00 59,586,596.48 39,251,976.96 81,690,790.32 17,147,783.12 78.08 78.08 Self raised
project
Self raised and
Other projects 302,845,555.72 420,389,501.48 297,069,636.37 426,165,420.83 additional
issuance
Total 1,944,108,183.56 1,525,208,828.82 1,144,977,336.02 2,324,339,676.36
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(3) The movement of impairment for construction in progress is as follows:
In RMB Yuan
Beginning
Item Addition Deduction Ending balance Reason
balance
Engine Technical
20,921,684.06 20,921,684.06
Renovation Project
Other projects 8,841,139.67 8,841,139.67
Total 29,762,823.73 29,762,823.73 --
15. Right-of-use assets
In RMB Yuan
Item Buildings Total
1. Original book value
Opening balance 338,339,110.19 338,339,110.19
Increased amount in this period 68,030,394.59 68,030,394.59
Decreased amount in this period 36,048,483.65 36,048,483.65
Closing balance 370,321,021.13 370,321,021.13
2. Accumulated depreciation
Opening balance 128,858,434.15 128,858,434.15
Increased amount in this period 46,388,885.07 46,388,885.07
Decreased amount in this period 22,625,153.07 22,625,153.07
Closing balance 152,622,166.15 152,622,166.15
3. Provision for impairment
Opening balance
Increased amount in this period
Decreased amount in this period
Closing balance
4. Book value
Closing book value 217,698,854.98 217,698,854.98
Initial book value 209,480,676.04 209,480,676.04
16. Intangible assets
In RMB Yuan
Non-patent Software use Trademark use
Item Land use rights Patent Total
technology rights rights
1. Original book
value
Opening balance 2,337,635,635.46 85,581,514.70 18,444,521,672.27 882,238,600.76 2,624,669,183.78 24,374,646,606.97
Purchase 1,537,434.26 13,452,389.23 14,989,823.49
Internal research
486,094,425.23 486,094,425.23
and development
Exchange rate
fluctuations 2,489.73 2,489.73
increase
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Management 103,488.02 103,488.02
Closing balance 2,337,635,635.46 85,581,514.70 18,932,153,531.76 895,587,501.97 2,624,671,673.51 24,875,629,857.40
2. Accumulated
amortization
513,880,306.26 7,107,014,737.05 762,030,686.88 432,976,863.44 8,831,588,588.61
Opening balance 15,685,994.98
Provision 21,736,268.40 4,282,675.74 1,062,805,960.74 20,805,182.88 119,544,243.72 1,229,174,331.48
Decrease in
exchange rate 1,810.06 1,810.06
fluctuations
Management 103,488.02 103,488.02
Closing balance 535,616,574.66 19,968,670.72 8,169,820,697.79 782,730,571.68 552,521,107.16 10,060,657,622.01
3. Provision for
impairment
Opening balance 453,960,028.77 23,617,923.17 19,916,416.63 497,494,368.57
Increased amount in
this period
Decreased amount
in this period
Closing balance 453,960,028.77 23,617,923.17 19,916,416.63 497,494,368.57
4. Book value
Closing book value 1,802,019,060.80 65,612,843.98 10,308,372,805.20 89,239,007.12 2,052,234,149.72 14,317,477,866.82
Initial book value 1,823,755,329.20 69,895,519.72 10,883,546,906.45 96,589,990.71 2,171,775,903.71 15,045,563,649.79
On June 30, 2024, the proportion of intangible assets formed through internal research and development to the year-end book value
of intangible assets was 72.00% (December 31, 2023: 72.34%)
As of June 30, 2024, there were no outstanding land use rights certificates (as of December 31, 2023: none)
17. Goodwill
(1) Original book value of goodwill
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Hebei Changan Automobile Co., Ltd 9,804,394.00 9,804,394.00
Nanjing Changan Automobile Co., Ltd 73,465,335.00 73,465,335.00
Deepal Automobile Technology Co., Ltd 1,800,926,049.16 1,800,926,049.16
Total 1,884,195,778.16 1,884,195,778.16
(2) Provision for goodwill
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Nanjing Changan Automobile Co., Ltd. 73,465,335.00 73,465,335.00
Total 73,465,335.00 73,465,335.00
18. Long-term deferred expenses
In RMB Yuan
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Item Beginning balance Addition Deduction Ending balance
Extended insurance
21,709,036.17 1,579,704.48 20,129,331.69
premium
other 2,453,183.89 1,396,571.17 1,056,612.72
Total 24,162,220.06 2,976,275.65 21,185,944.41
19. Deferred tax assets and liabilities
(1) Deferred income tax assets that are not offset:
In RMB Yuan
Ending balance Beginning balance
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Assets provision 3,275,891,936.80 498,479,912.80 3,326,010,289.07 505,667,423.10
Accrued expenses and
9,883,630,392.44 1,498,837,537.38 9,745,432,595.40 1,478,634,793.00
contingent liabilities
Unpaid tech development
expense and advertisement 151,580,931.46 22,737,139.72 108,882,829.52 16,332,424.43
expense
Deferred income 3,017,975,989.26 495,126,557.40 3,143,730,047.41 516,280,314.00
Unpaid salary and bonus and
6,132,578,466.67 919,886,770.00 5,069,078,308.78 762,158,961.20
others
Total 22,461,657,716.63 3,435,067,917.30 21,393,134,070.18 3,279,073,915.73
(2) Deferred income tax liabilities that are not offset:
In RMB Yuan
Ending balance Beginning balance
Item Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Changes in fair value of trading financial
256,285,702.59 38,442,855.38 271,136,632.22 40,670,494.83
assets
Fair value adjustment of business
8,615,125,913.67 1,292,268,887.05 9,077,843,422.40 1,361,676,513.36
combination not under common control
Long-term equity investment 1,045,313,517.71 156,797,027.65 1,053,139,619.28 157,970,942.89
Other 820,249,030.60 123,037,354.59 234,662,947.29 36,576,889.00
Total 10,736,974,164.57 1,610,546,124.67 10,636,782,621.19 1,596,894,840.08
(3) Deferred tax assets or liabilities presented as net amount after offsetting
In RMB Yuan
Closing balance of Deferred tax assets and Opening balance of
Deferred tax assets and
deferred income tax liabilities offset amount deferred income tax
Item liabilities offset at the
assets or liabilities after at the beginning of the assets or liabilities after
end of the period
offsetting period offsetting
Deferred tax assets 24,987,590.16 3,410,080,327.14 30,819,858.08 3,248,254,057.65
Deferred tax liabilities 24,987,590.16 1,585,558,534.51 30,819,858.08 1,566,074,982.00
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(4) Details of unrecognized deferred tax assets
In RMB Yuan
Item Ending balance Beginning balance
The deductible temporary difference 840,705,561.08 1,764,330,466.02
The deductible tax loss 9,649,464,641.06 10,207,352,860.58
Total 10,490,170,202.14 11,971,683,326.60
(5) Maturity period for unrecognized deductible tax losses:
In RMB Yuan
Year Ending balance Beginning balance Notes
2024 943,008,433.37 1,026,714,782.44
2025 1,414,119,466.19 1,484,227,541.07
2026 2,597,065,395.18 2,622,637,735.99
2027 2,195,399,362.36 2,162,063,388.55
2028 and beyond 2,499,871,983.96 2,911,709,412.53
Total 9,649,464,641.06 10,207,352,860.58
20. Other non-current assets
In RMB Yuan
Ending balance Beginning balance
Provi
Provisi sion
Item on for for
Book balance Book value Book balance Book value
impair impa
ment irme
nt
Prepaid project
454,756,000.00 454,756,000.00 450,000,000.00 450,000,000.00
funds
Fixed deposits
1,400,216,231.98 1,400,216,231.98
and others
Total 1,854,972,231.98 1,854,972,231.98 450,000,000.00 450,000,000.00
21 Assets with restricted ownership or use rights
In RMB Yuan
Ending balance
Item
Book balance Book value limited type Restricted situation
Monetary
1,389,380,301.41 1,389,380,301.41 Margin and other Margin and other
funds
Accounts
5,897,473,036.76 5,897,473,036.76 Bill Pledge Bill Pledge
receivable
Total 7,286,853,338.17 7,286,853,338.17
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Beginning balance
Item
Book balance Book value limited type Restricted situation
Monetary
945,084,846.77 945,084,846.77 Margin and other Margin and other
funds
Accounts
7,309,419,058.87 7,309,419,058.87 Bill Pledge Bill Pledge
receivable
Total 8,254,503,905.64 8,254,503,905.64
22. Short-term loans
In RMB Yuan
Item Ending balance Beginning balance
Guaranteed loan 54,056,333.40 30,039,416.74
Total 54,056,333.40 30,039,416.74
Note: As of June 30, 2024, the annual interest rate for the aforementioned loan is 3.30% -4.50% (December 31, 2023: 3.90%
-4.50%).
On June 30, 2024, there were no overdue short-term loans (December 31, 2023: none).
23. Trading financial liabilities
In RMB Yuan
Item Ending balance Beginning balance
Trading financial liabilities 12,941,513.71
Total 12,941,513.71
24. Notes payable
In RMB Yuan
Item Ending balance Beginning balance
Commercial acceptance bill 2,500,012,398.15 2,943,672,886.95
Bank acceptance bill 38,311,530,205.59 34,512,997,041.12
Total 40,811,542,603.74 37,456,669,928.07
25. Accounts payable
In RMB Yuan
Item Ending balance Beginning balance
Accounts payable 34,274,539,923.58 38,289,947,321.45
Total 34,274,539,923.58 38,289,947,321.45
As of June 30, 2024, there are no significant accounts payable with an aging of over one year.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
26. Other payables
In RMB Yuan
Item Ending balance Beginning balance
Other payables 5,307,800,744.02 5,880,882,512.97
Total 5,307,800,744.02 5,880,882,512.97
(1) Other payables
1） Listed by nature of payment
In RMB Yuan
Item Ending balance Beginning balance
Purchase and construction of fixed assets, intangible
1,329,509,916.07 1,550,681,604.04
assets, and project guarantee deposits
Customer and supplier guarantee deposits 816,298,813.46 874,043,416.71
Advertising expenses 688,245,554.39 648,229,494.43
Storage and shipping fees 491,482,593.10 488,072,948.00
Repair and processing fees 302,513,491.29 295,480,247.86
Treasury stock repurchase obligation 228,624,172.79 382,277,095.96
National subsidy pre allocation 183,954,150.00 138,398,550.00
Advance payment for land and factory disposal 150,000,000.00 150,000,000.00
Others 1,117,172,052.92 1,353,699,155.97
Total 5,307,800,744.02 5,880,882,512.97
27. Advance receipts
(1) List of advance receipts
In RMB Yuan
Item Ending balance Beginning balance
Unearned rent 686,755.00
Total 686,755.00
28. Contract liabilities
In RMB Yuan
Item Ending balance Beginning balance
Advance payment 4,827,700,376.12 6,780,177,101.71
Advance service payment 1,168,892,322.30 1,143,615,751.06
Total 5,996,592,698.42 7,923,792,852.77
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
29. Payroll payable
(1) Payroll payable
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Short term salary
2,645,581,324.21 5,731,387,936.46 4,925,702,505.45 3,451,266,755.22
benefits
Defined contribution
87,255,844.66 521,203,732.21 508,061,843.24 100,397,733.63
plans
Early retirement
17,824,168.39 35,467,165.49 34,250,136.77 19,041,197.11
benefits
Total 2,750,661,337.26 6,288,058,834.16 5,468,014,485.46 3,570,705,685.96
(2) Short term salary benefits：
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
1. Salary, bonus, allowance
2,170,965,985.99 4,701,463,267.89 3,881,089,785.77 2,991,339,468.11
and subsidy
2. Employee benefit 20,125,393.92 132,886,506.91 150,210,174.88 2,801,725.95
3. Social insurance 32,862,900.03 388,916,286.58 374,207,840.72 47,571,345.89
Medical insurance 20,183,997.44 357,138,155.14 341,031,841.88 36,290,310.70
Industrial injury
10,754,834.26 31,778,131.44 31,268,084.82 11,264,880.88
insurance
Maternity insurance 1,924,068.33 1,907,914.02 16,154.31
Supplementary
22,920,911.36 302,942,993.87 306,402,301.58 19,461,603.65
medical insurance
4. Housing accumulation
398,706,132.91 205,178,881.21 213,792,402.50 390,092,611.62
fund
5. Labor fund and employee
2,645,581,324.21 5,731,387,936.46 4,925,702,505.45 3,451,266,755.22
education fund
Total 2,170,965,985.99 4,701,463,267.89 3,881,089,785.77 2,991,339,468.11
(3) Defined contribution plans：
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
1. Basic retirement
77,888,132.00 505,111,458.01 492,453,461.57 90,546,128.44
security
2. Unemployment
9,367,712.66 16,092,274.20 15,608,381.67 9,851,605.19
insurance
Total 87,255,844.66 521,203,732.21 508,061,843.24 100,397,733.63
30. Taxes payable
In RMB Yuan
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Item Ending balance Beginning balance
Value-added tax 390,107,324.07 366,815,941.84
Consumption tax 314,588,062.10 307,949,880.80
Corporate income tax 77,516,433.13 1,136,075,075.53
City maintenance and construction tax 37,916,535.31 51,726,243.42
Others 45,662,833.64 66,156,765.79
Total 865,791,188.25 1,928,723,907.38
31. Non-current liability within 1 year
In RMB Yuan
Item Ending balance Beginning balance
Lease liabilities due within one year 83,760,356.87 74,887,042.88
Long term loans due within one year 40,000,000.00 4,000,000.00
Defined benefit plans that expire within
1,190,000.00
one year
Total 123,760,356.87 80,077,042.88
32. Other current liabilities
In RMB Yuan
Item Ending balance Beginning balance
Accrued commercial discount payable 5,714,368,347.23 5,277,859,952.56
Accrued transportation fee 830,318,163.53 428,540,512.92
Accrued market development expense 701,497,074.01 1,229,871,896.85
Accrued technology royalty 503,093,753.27 712,779,170.48
Accrued labor service fee 88,008,794.01 52,021,714.94
Accrued negative points for fuel
47,548,100.11 76,611,049.98
consumption
Others 1,273,710,568.38 1,120,252,102.19
Total 9,158,544,800.54 8,897,936,399.92
33. Long-term Loan
In RMB Yuan
Item Ending balance Beginning balance
Credit loan 36,000,000.00 72,000,000.00
Total 36,000,000.00 72,000,000.00
Note: As of June 30, 2024, the interest rate for the aforementioned loan is 1.00% (December 31, 2023: 1.00%).
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
34. Bonds payable
(1) Bonds payable
In RMB Yuan
Item Ending balance Beginning balance
Corporate bonds 999,656,603.76 999,607,547.16
Total 999,656,603.76 999,607,547.16
(2) Changes in payable bonds
In RMB Yuan
Defa
Interest Excess
Bond Coupon Release Issuance Opening Beginning ult
Par value Term accrued at discount
Name rate (%) date amount balance balance situa
face value amortization
tion
Technology
Innovation 1,000,000,000.00 3.00 2022.12 5 years 1,000,000,000.00 999,607,547.16 15,166,666.66 49,056.60 999,656,603.76 No
Bond
Total 1,000,000,000.00 999,607,547.16 15,166,666.66 49,056.60 999,656,603.76
35. Lease liabilities
In RMB Yuan
Item Ending balance Beginning balance
Lease liabilities 208,473,707.47 209,141,440.95
Less：Reclassify non current liabilities due
83,760,356.87 74,887,042.88
within one year
Total 124,713,350.60 134,254,398.07
36. Long-term payables
In RMB Yuan
Item Ending balance Beginning balance
Long-term payables 816,282,263.75 804,264,787.97
Special payables 141,609,973.68 148,181,330.60
Total 957,892,237.43 952,446,118.57
(1) Long-term payables
In RMB Yuan
Item Ending balance Beginning balance
Accounts payable for construction projects 816,282,263.75 804,264,787.97
Total 816,282,263.75 804,264,787.97
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(2) Special payables
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Intelligent manufacturing
79,118,517.26 5,958,812.00 10,220,100.85 74,857,228.41
project
Lightweight design of
6,769,952.63 2,513,619.83 4,256,332.80
automobile structure
Others 62,292,860.71 24,037,064.59 23,833,512.83 62,496,412.47
Total 148,181,330.60 29,995,876.59 36,567,233.51 141,609,973.68
37. Long-term payroll payable
In RMB Yuan
Item Ending balance Beginning balance
1. Post employment benefits - net
23,661,616.49 26,880,000.00
liabilities for defined benefit plans
2. Dismissal benefits 3,534,000.00 3,534,000.00
Total 27,195,616.49 30,414,000.00
38. Contingent liabilities
In RMB Yuan
Item Ending balance Beginning balance
Warranty 6,707,961,419.04 5,976,561,810.09
Contingent liabilities of contract
296,312,561.75 300,479,606.70
performance
Total 7,004,273,980.79 6,277,041,416.79
39. Deferred income
In RMB Yuan
Liability Beginning balance Addition Deduction Ending balance
Related to assets: 610,407,171.08 104,408,720.03 505,998,451.05
Production and
610,407,171.08 104,408,720.03 505,998,451.05
construction subsidies
Related to gains: 108,433,372.44 115,308,720.03 53,188,720.03 170,553,372.44
R&D technology
77,651,164.12 77,651,164.12
subsidies
Other government
30,782,208.32 115,308,720.03 53,188,720.03 92,902,208.32
subsidies
Total 718,840,543.52 115,308,720.03 157,597,440.06 676,551,823.49
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40. Other non-current liabilities
In RMB Yuan
Item Ending balance Beginning balance
Advance service payment 1,719,954,719.90 1,497,773,818.69
Net other non-current liabilities 1,719,954,719.90 1,497,773,818.69
41. Share capital
In RMB Yuan
Changes（+，-）
Beginning Provident
Additional Stock Ending balance
balance fund Others Subtotal
issued dividend
transfer
Total shares 9,919,323,000.00
9,919,323,000.00
42. Capital reserves
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Share premium 6,804,368,521.99 6,804,368,521.99
Capital reserve
transferred arising from 44,496,899.00 44,496,899.00
the old standards
reserve of equity
17,015,985.20 17,015,985.20
investments
Share-based payments 678,067,785.52 181,288,200.00 859,355,985.52
Other capital reserves
707,338,445.99 10,747,882.00 718,086,327.99
(Note)
Total 8,251,287,637.70 192,036,082.00 8,443,323,719.70
43. Treasury stock
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Treasury stock 382,277,095.96 153,652,923.17 228,624,172.79
Total 382,277,095.96 153,652,923.17 228,624,172.79
Note: The annual change in stock capital is due to the unlocking of incentive equity and the distribution of dividends to incentive
recipients by our company.
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44. Other comprehensive income
In RMB Yuan
Amount for this reporting period
Deduct: other Amount
Deduct: amounts
comprehensiv attributa
transferred to
e income in ble to
income statement
Beginning the previous minority
Item which were Deduct: Ending balance
balance Amount period and Amount attributable interests
recognized in Income
before tax transferred to to owners
other tax
retained
comprehensive
earnings in
income in prior
the current
period
period
I. Other comprehensive income that cannot be
transferred to profit or loss under the equity 168,360,416.57 2.89 2.89 168,360,419.46
method
Change in net liability or assets from
355,000.00 355,000.00
defined benefit plan
Other comprehensive income that
cannot be transferred to profit or loss under (4,219,273.73) 2.89 2.89 (4,219,270.84)
the equity method
Changes in the fair value of other
172,224,690.30 172,224,690.30
equity instrument investments
II. Other comprehensive income will be
reclassified to profit or loss in subsequent (50,041,632.53) 82,398,381.44 82,398,381.44 32,356,748.91
period
Other comprehensive income that can
be transferred to profit or loss under the (75,815.98) (184,358.40) (184,358.40) (260,174.38)
equity method
Foreign currency translation difference (49,965,816.55) 82,582,739.84 82,582,739.84 32,616,923.29
Total 118,318,784.04 82,398,384.33 82,398,384.33 200,717,168.37
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45. Special reserves
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Safety fund 54,323,330.34 63,437,107.75 23,629,939.10 94,130,498.99
Total 54,323,330.34 63,437,107.75 23,629,939.10 94,130,498.99
46. Surplus reserves
In RMB Yuan
Item Beginning balance Addition Deduction Ending balance
Statutory surplus 4,276,245,864.64 4,276,245,864.64
Total 4,276,245,864.64 4,276,245,864.64
47. Retained earnings
In RMB Yuan
Item Current period Prior period
Retained earnings at beginning of the year 49,617,932,431.73 41,379,489,865.45
Add: Profits attributable to parent company for the
2,831,743,111.82 7,652,979,346.80
current year
Less: Ordinary share dividend of cash 3,412,477,663.18 2,341,414,868.12
Retained earnings at the end of year 49,037,197,880.37 46,691,054,344.13
48. Operating revenue and cost
In RMB Yuan
Amount for this period Amount for prior period
Item
Revenue Cost Revenue Cost
Main business 75,031,549,290.98 65,087,923,270.42 64,198,056,038.61 54,041,063,818.77
Other business 1,691,100,432.81 1,046,383,884.70 1,294,042,830.40 748,972,479.99
Total 76,722,649,723.79 66,134,307,155.12 65,492,098,869.01 54,790,036,298.76
49. Tax and surcharges
In RMB Yuan
Item Amount for this period Amount for prior period
Consumption tax 1,592,006,613.71 1,666,317,085.12
City maintenance and construction tax 171,545,523.51 208,432,679.24
Educational surcharge 118,956,790.32 140,534,177.17
Others 170,720,143.87 170,890,307.46
Total 2,053,229,071.41 2,186,174,248.99
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50. General and administrative expenses
In RMB Yuan
Item Amount for this period Amount for prior period
Payroll and welfare 1,892,090,590.24 1,787,629,699.79
Depreciation and amortization 281,069,352.60 231,626,256.31
Traffic expenses and travelling expenses 30,730,486.17 34,511,835.46
Share-based Payment 181,288,200.00 187,899,000.00
Others 41,685,231.78 30,293,616.99
Total 2,426,863,860.79 2,271,960,408.55
51. Operating expenses
In RMB Yuan
Item Amount for this period Amount for prior period
Promotion, advertising fee 1,074,267,528.42 1,084,798,251.79
Sales service fee 1,010,007,195.86 460,817,474.16
Payroll and welfare 489,933,234.61 430,787,399.64
Transportation and storage fees 343,523,615.84 220,838,227.15
Travelling expenses 74,258,106.92 47,325,735.92
Package expenses 28,828,727.45 11,749,644.92
Others 57,170,005.17 24,080,857.61
Total 3,077,988,414.27 2,280,397,591.19
52. Research and development expenses
In RMB Yuan
Item Amount for this period Amount for prior period
Payroll and welfare 1,392,005,346.65 1,349,892,332.55
Depreciation and amortization 1,214,228,193.17 1,015,646,669.62
Subcontract fee 129,875,960.49 287,631,512.09
Material fee 100,893,665.34 173,948,774.18
Test fee 36,371,652.96 64,510,633.02
Others 38,717,494.79 72,974,183.02
Total 2,912,092,313.40 2,964,604,104.48
53. Financial expenses
In RMB Yuan
Item Amount for this period Amount for prior period
Interest expenses 39,521,477.44 36,814,471.44
Less: Interest income 520,495,393.22 532,594,819.89
Net exchange loss (net income indicated
(93,277,656.33) 24,815,219.82
by a "-" sign)
Others 24,866,208.10 17,697,023.74
Total (549,385,364.01) (453,268,104.89)
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54. Other income
Government subsidies related to daily activities
In RMB Yuan
Item Amount for this period Amount for prior period
Government subsidies related to daily
activities
Among them: Industry support subsidies 1,185,343,468.12 657,988,649.18
Other government subsidies 257,167,183.20
Total 1,442,510,651.32 657,988,649.18
55. Fair value change
In RMB Yuan
Source of income from changes in fair value Amount for this period Amount for prior period
Financial assets held for trading (13,487,271.96) 14,575,284.30
Financial liabilities held for trading (21,536,907.46) (37,909,945.45)
Total (35,024,179.42) (23,334,661.15)
56. Investment income
In RMB Yuan
Item Amount for this period Amount for prior period
Long-term equity investment losses accounted for by the equity
252,582,688.73 (180,436,966.53)
method
Investment income from disposal of long-term equity investments 1.00
The investment income of financial asset held for trading during its
1,979,999.95 1,406,842.07
holding period
Dividend income from remaining investments in other equity
19,039,320.00 180,656,814.04
instruments
Investment income obtained from disposing of trading financial
7,187,236.08
assets
Investment income generated from mergers of enterprises not
5,021,482,128.74
under the same control
Others 69,922,180.57
Total 350,711,425.33 5,023,108,819.32
57. Impairment loss of credit
In RMB Yuan
Item Amount for this period Amount for prior period
Bad debt for account receivable (579,542.24) 15,463,066.50
Bad debt for other receivables (179,587.16) 50,421.60
Total (759,129.40) 15,513,488.10
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58. Impairment loss on assets
In RMB Yuan
Item Amount for this period Amount for prior period
Inventory impairment losses and contract
137,377,672.60 110,345,479.11
performance cost impairment losses
Impairment of fixed assets 184,845,379.29
Impairment of intangible assets 41,460,645.81
Impairment of contract assets 8,891,863.00 60,622,656.78
Total 146,269,535.60 397,274,160.99
59. Gain on disposal of assets
In RMB Yuan
Item Amount for this period Amount for prior period
Gain on disposal of fixed-assets 4,819,641.19 366,667,730.28
Gain on disposal of other assets 139,811.50
Total 4,959,452.69 366,667,730.28
60. Non-operating income
In RMB Yuan
Amount recognized in current
Item Amount for this period Amount for prior period period as non-recurring profit
and loss
Penalty income and others 46,291,779.69 93,295,575.81 46,291,779.69
Total 46,291,779.69 93,295,575.81 46,291,779.69
61. Non-operating expenses
In RMB Yuan
Amount recognized in current
Item Amount for this period Amount for prior period period as non-recurring profit
and loss
External donation 10,600,000.00 10,600,000.00 10,600,000.00
Fines and late fees 5,489,501.82 52,548.37 5,489,501.82
Others 3,012,325.93 2,846,412.65 3,145,904.28
Total 19,101,827.75 13,498,961.02 19,235,406.10
62. Income tax expense
(1) Table of income tax expense
In RMB Yuan
Item Amount for this period Amount for prior period
Current income tax expense 207,971,617.76 429,737,792.88
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Deferred income tax expense (142,342,716.98) (253,116,967.69)
Total 65,628,900.78 176,620,825.19
(2) The relationship between profit before tax and income tax expense
In RMB Yuan
Item Amount for this period
Total profit 2,312,391,168.47
Tax at the applicable tax rate 346,858,675.27
Impact of different tax rates of subsidiaries 53,083,760.33
Adjustments to current income tax of previous period 15,871,174.52
Non-taxable income (97,502,081.20)
Usage previous deductible losses (3,849,024.07)
The impact of deductible temporary differences or deductible losses on unrecognized
(26,697,076.08)
deferred tax assets in this period
Utilize previous deductible losses (30,776,334.43)
Additional deduction (191,360,193.56)
Income tax expense 65,628,900.78
63. Other comprehensive income
Please refer to notes VII, 44.
64. Notes to cash flow statement
(1) Cash related to operating activities
Items of cash received relating to other operating activities
In RMB Yuan
Item Amount for this period Amount for prior period
Interest income 520,495,393.22 527,001,902.34
Government grants 1,288,500,364.75 863,412,085.63
Others 388,897,857.40 362,804,407.92
Total 2,197,893,615.37 1,753,218,395.89
Items of cash paid relating to other operating activities
In RMB Yuan
Item Amount for this period Amount for prior period
Selling expense 1,636,259,495.32 1,490,941,650.90
Administrative expense 710,380,390.84 617,746,243.11
Research and development expenses 1,260,318,906.77 1,384,809,950.23
Others 1,053,447,560.15 926,324,359.78
Total 4,660,406,353.08 4,419,822,204.02
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(2) Cash related to investment activities
Items of cash received relating to other investing activities
In RMB Yuan
Item Amount for this period Amount for prior period
Merge Deepal Motors under different
6,216,944,276.29
control
Fixed deposits and interest 8,070,357,180.56
Total 8,070,357,180.56 6,216,944,276.29
Items of cash paid relating to other investing activities
In RMB Yuan
Item Amount for this period Amount for prior period
Deposit 1,400,000,000.00
Total 1,400,000,000.00
(3) Cash related to fundraising activities
Items of cash received relating to other financing activities
In RMB Yuan
Item Amount for this period Amount for prior period
Withdraw for deposit of bill 204,348,367.20 362,339,945.61
Others 29,998,629.99
Total 234,346,997.19 362,339,945.61
Items of cash paid relating to other financing activities
In RMB Yuan
Item Amount for this period Amount for prior period
Payment for deposit of bill 127,516,036.02 377,810,786.49
Others 53,497,616.56 40,713,903.53
Total 181,013,652.58 418,524,690.02
65. Supplementary information of cash flow statement
(1) Supplementary information of cash flow statement
In RMB Yuan
Supplementary information Amount for this period Amount for prior period
1. Cash flows from operating activities calculated by adjusting the
net profit
Net profit 2,246,762,267.69 6,967,013,000.07
Add: Credit impairment loss (759,129.40) 15,513,488.10
Impairment provision for assets 146,269,535.60 397,274,160.99
Depreciation of fixed assets 1,466,019,479.35 1,492,472,007.62
Right-of-use assets depreciation 46,388,885.07 32,246,838.71
Depreciation and amortization of investment real estate 113,355.78 113,355.78
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Amortization of intangible assets 1,229,174,331.48 638,535,490.78
Amortization of long-term deferred expense 2,976,275.65 1,468,484.08
Disposal income on fixed assets, intangible assets and others (4,959,452.69) (366,667,730.28)
Income of fair value movement 35,024,179.42 23,334,661.15
Financial expense 39,521,477.44 36,814,471.44
Investment income (350,711,425.33) (5,023,108,819.32)
Increase in deferred tax assets (161,826,269.49) (182,617,869.82)
Decrease in deferred tax liabilities 19,483,552.51 1,404,707,710.78
Decrease in inventory (238,346,525.70) (4,429,633,070.54)
Decrease in operating payables 3,849,999,916.55 1,025,339,747.77
Increase in operating payables (4,890,306,327.68) 4,918,863,583.73
Others 276,614.28 3,787,202.55
Net cash flows from operating activities 3,435,100,740.53 6,955,456,713.59
2．Movement of cash and cash equivalents:
Ending balance of cash 69,549,755,769.83 64,153,666,049.54
Less: beginning balance of cash 63,925,957,901.11 52,491,435,047.74
Increase in cash and cash equivalents 5,623,797,868.72 11,662,231,001.80
(2) Cash and cash equivalents
In RMB Yuan
Item Ending balance Beginning balance
I. Cash 69,549,755,769.83 63,925,957,901.11
Including: Cash 4,998.00 35,257.05
Bank deposits that can be
69,524,354,728.43 63,902,699,987.48
readily used
Other monetary funds that can
25,396,043.40 23,222,656.58
be used for payment at any time
II. Ending balance of cash and cash
69,549,755,769.83 63,925,957,901.11
equivalents
66. Foreign Monetary Item
In RMB Yuan
Item Original Currency Exchange Rate Translated to RMB
Cash
Including: USD 36,127,533.31 7.1268 257,473,704.39
EUR 1,398,640.50 7.6500 10,699,599.83
GBP 3,320,521.04 9.0706 30,119,118.15
JPY 184,517,456.00 0.0450 8,303,285.52
RUB 15,595,802,372.85 0.0838 1,306,928,238.84
MXN 59,832,149.70 2.3600 141,203,873.29
THB 2,029,117,935.15 0.1952 396,083,820.94
Accounts receivable
Including: USD 62,659,531.87 7.1268 446,561,951.73
Other receivables
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Including: JPY 17,408,320.00 0.0450 783,374.40
THB 18,129,869.90 0.1952 3,538,950.60
Accounts Payable
Including: USD 78,577.88 7.1268 560,008.84
EUR 3,320,521.04 9.0706 30,119,118.15
JPY 184,517,456.00 0.0450 8,303,285.52
RUB 4,477,199,215.15 0.0838 375,189,294.23
67. Lease
(1) As the lessee
In RMB Yuan
Item Current amount
Interest expenses on lease liabilities 8,326,218.00
Simplified treatment of short-term lease expenses included in relevant
15,949,559.83
asset costs or current profit and loss
Simplified treatment of low value asset leasing expenses included in
relevant asset costs or current profit and loss (excluding short-term 292,613.20
leasing expenses for low value assets)
Total cash outflow related to leasing 56,008,720.71
(2) As the lessor
Operating lease as a lessor
√ Applicable □ Not applicable
In RMB Yuan
Item Current amount
Rental Income 175,898,356.02
Total 175,898,356.02
The undiscounted lease receipts received after the balance sheet date are as follows:
In RMB Yuan
Item Ending balance Beginning balance
Within 1 year 271,710,550.60 388,255,072.48
1 to 2 years 262,506,229.88 260,689,384.89
2 to 3 years 131,816,053.61 130,967,274.89
3 to 4 years 35,129,298.25 34,577,303.73
4 to 5 years 32,867,502.54 26,810,816.32
More than 5 years 237,874.86 1,506,050.47
Total 734,267,509.74 842,805,902.78
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VIII. R&D expenditure
1. R&D expenditure
In RMB Yuan
Amount incurred in the previous
Item Current amount incurred
period
Payroll and welfare 1,847,480,590.73 1,831,037,974.12
Depreciation and amortization 1,215,792,215.05 1,015,663,481.63
Subcontract fee 869,620,089.13 563,448,725.54
Material fee 280,411,158.30 280,999,970.17
Test fee 126,874,613.69 186,684,209.51
Others 269,541,531.16 149,978,855.77
Total 4,609,720,198.06 4,027,813,216.74
Among them: Expensed R&D expenses 2,912,092,313.40 2,964,604,104.48
Capitalized R&D expenses 1,697,627,884.66 1,063,209,112.26
2. Development expenditure
In RMB Yuan
Increased Decreased
Item Beginning balance Internal Ending balance
Confirmed as
development Others
intangible assets
expenses
Automotive
2,241,820,556.70 1,697,627,884.66 486,094,425.23 157,514,353.09 3,295,839,663.04
development
Total 2,241,820,556.70 1,697,627,884.66 486,094,425.23 157,514,353.09 3,295,839,663.04
IX. The change of consolidation scope
None.
X. Stake in other entities
1. Rights in subsidiaries
(1) Composition of Enterprise Groups
Registered Total proportion of
capital Main operating Registered Nature of shareholders (%) Acquisition
Company name
place place business method
(ten thousand) Direct Indirect
Chongqing Changan International
Automobile Sales Co., Ltd.
118,275.64 Chongqing Chongqing Sale 100.00 Establish
Chongqing Changan Vehicle
Networking Technology Co., Ltd.
8,850.00 Chongqing Chongqing Lease 100.00 Establish
Chongqing Changan Special
Automobile Sales Co., Ltd (Note 2,000.00 Chongqing Chongqing Sale 50.00 Establish
1)
Chongqing Changan Automobile
Supporting Service Co., Ltd.
3,000.00 Chongqing Chongqing Sale 99.00 1.00 Establish
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Chongqing Zhilaidadao New Research and
2,900.00 Chongqing Chongqing 100.00 Establish
Energy Vehicle Co., Ltd development
Chongqing Changan Europe Research and
EUR 1,738 Turin, Italy Turin, Italy 100.00 Establish
Design Center Co., Ltd. development
Changan United Kingdom R&D Nottingham, Nottingham Research and
GBP 2,639 100.00 Establish
Center Co., Ltd. UK , UK development
Beijing Changan R&D Center Research and
100.00 Beijing Beijing 100.00 Establish
Co., Ltd. development
Changan Japan Designing Center Yokohama, Yokohama, Research and
JYP1,000 100.00 Establish
Co.,Ltd Japan Japan development
Changan United States R&D Research and
USD154 Novi, USA Novi, USA 100.00 Establish
Center Co., Ltd. development
Changan Automobile Russia Co., Moscow, Moscow,
RUB 220,382 Sale 100.00 Establish
Ltd. Russia Russia
Changan Automobile Investment
(Shenzhen) Co., Ltd.
23,789.00 Shenzhen Shenzhen Sale 100.00 Establish
Nanjing Changan New Energy
Automobile Sales & Service Co., 5,000.00 Nanjing Nanjing Sale 100.00 Establish
Ltd.
Chongqing Anyi Automotive
Technology Service Co., Ltd.
200.00 Chongqing Chongqing Sale 100.00 Establish
Xiamen Changan New Energy
Automobile Sales & Service Co., 200.00 Xiamen Xiamen Sale 100.00 Establish
Ltd.
Guangzhou Changan New
Energy Automobile Sales & 400.00 Guangzhou Guangzhou Sale 100.00 Establish
Service Co., Ltd.
Chongqing Chehemei
Technology Co., Ltd.
1,000.00 Chongqing Chongqing Sale 100.00 Establish
Chongqing Changan Kaicheng
Automobile Technology Co., Ltd.
100,000.00 Chongqing Chongqing Sale 83.64 Establish
Chongqing Changan Automobile Research and
9,900.00 Chongqing Chongqing 100.00 Establish
Software Technology Co., Ltd. development
Chongqing Chehemei
Technology Co., Ltd.
4,900.00 Chongqing Chongqing Sale 100.00 Establish
Chongqing Changan Technology Research and
9,000.00 Chongqing Chongqing 100.00 Establish
Co., Ltd development
Chongqing Changan Xing
Automobile Co., Ltd
2,000.00 Chongqing Chongqing Lease 100.00 Establish
Merger of
Nanjing Changan Automobile enterprises not
60,181.00 Nanjing Nanjing Manufacturing 84.73
Co., Ltd.(Note 2) under the same
control
Merger of
Chongqing Lingyao Automobile enterprises not
133,764.00 Chongqing Chongqing Manufacturing 100.00
Co., Ltd. under the same
control
Merger of
Deepal Automobile Technology enterprises not
32,810.83 Chongqing Chongqing Manufacturing 51.00
Co., Ltd under the same
control
Merger of
Hefei Changan Automobile enterprises
227,500.00 Hefei Hefei Manufacturing 100.00
Co.,Ltd. under the same
control
Note 1: The remaining shareholders of Chongqing Changan Special Purpose Vehicle Co., Ltd. have signed concerted action
agreements with the company, agreeing to vote according to the company's voting intentions. Therefore, the company can exercise
control over them and include them in the scope of the consolidated financial statements.
Note 2: Our company holds 91.53% of the voting rights in Nanjing Changan Automobile Co., Ltd. The reason for the inconsistency
between our shareholding and voting rights is that some minority shareholders have entrusted our company to exercise their voting
rights.
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(2) Important non wholly owned subsidiaries
In RMB Yuan
Minority Dividends declared for
Profit and loss attributable Closing balance of
shareholder distribution to minority
Name to minority shareholders in minority shareholders'
shareholdin shareholders in this
this period equity
g ratio period
Deepal Automotive
49% (361,949,218.62) (1,311,051,621.86)
Technology Co., Ltd
(3) Main financial information of important non wholly owned subsidiaries
In RMB Yuan
Ending balance
Name Non current Non current
Current assets Total assets Current liabilities Total liabilities
assets liabilities
Deepal
19,587,530,651.25 3,778,868,303.07 23,366,398,954.32 24,213,841,701.44 1,827,954,407.92 26,041,796,109.36
Automotive
In RMB Yuan
Beginning balance
Name Non current Non current
Current assets Total assets Current liabilities Total liabilities
assets liabilities
Deepal
19,532,107,979.29 3,335,776,374.16 22,867,884,353.45 23,372,178,834.61 1,464,812,108.74 24,836,990,943.35
Automotive
In RMB Yuan
Current amount incurred
Name Total comprehensive Cash flow from operating
Operating income Net profit
income activities
Deepal Automotive 13,981,380,535.82 (738,611,579.92) (738,611,579.92) 188,860,877.54
In RMB Yuan
Amount incurred in the previous period
Name Total comprehensive Cash flow from operating
Operating income Net profit
income activities
Deepal Automotive 8,828,401,817.81 (1,058,521,570.86) (1,058,521,570.86) (2,577,925,021.38)
2. Stakes in joint ventures and associates
(1) Significant joint ventures or associates
Main Total proportion of
Name of joint venture or associated Registered shareholders (%) Accounting
operating Nature of business
enterprise place treatment
place Direct Indirect
Manufacture and sale of
Changan Ford Automobile Co., Ltd. Chongqing Chongqing automobiles, and 50.00 Equity
components
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
New energy vehicle 40.994
Avatr. Co., Ltd Chongqing Chongqing Equity
manufacturing 0
(2) Key financial information of significant joint ventures
In RMB Yuan
Beginning balance/Amount for prior
Ending balance/Amount for this period
period
Changan Ford Changan Ford
Current assets 14,419,604,004.16 12,331,898,432.45
Non-current assets 12,539,894,934.86 13,881,353,746.59
Total assets 26,959,498,939.02 26,213,252,179.04
Current liabilities 16,426,704,017.90 21,314,464,718.72
Non-current liabilities 9,134,085,691.47 5,328,845,420.37
Total liabilities 25,560,789,709.37 26,643,310,139.09
Minority interests 50,600,596.35 67,713,664.93
Equity attributable to owners 1,348,108,633.30 (497,771,624.98)
Net asset owned according to share
674,054,316.65 (248,885,812.49)
proportion
Adjustment (55,293,124.59) 248,885,812.49
Book value of investment 618,761,192.06 -
Fair value of equity investments in joint
ventures with publicly quoted prices
Net profit 1,821,149,735.52 799,233,915.94
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 1,821,149,735.52 799,233,915.94
Dividends received from joint ventures
this year
(3) Key financial information of significant associated ventures
In RMB Yuan
Beginning balance/Amount for prior
Ending balance/Amount for this period
period
Avatr Avatr
Current assets 9,669,463,056.62 10,513,768,163.43
Non-current assets 3,076,806,130.71 2,130,278,114.28
Total assets 12,746,269,187.33 12,644,046,277.71
Current liabilities 11,020,047,720.58 9,864,279,866.61
Non-current liabilities 1,020,245,511.52 685,987,794.52
Total liabilities 12,040,293,232.10 10,550,267,661.13
Minority interests
Equity attributable to owners 705,975,955.23 2,093,778,616.58
Net asset owned according to share
289,407,783.09 858,321,512.30
proportion
Adjustment 1,418,415,643.50 1,437,388,747.49
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Book value of investment 1,707,823,426.59 2,295,710,259.79
Fair value of equity investments in joint
ventures with publicly quoted prices
Net profit (1,395,466,105.15) (1,756,458,646.69)
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income (1,395,466,105.15) (1,756,458,646.69)
Dividends received from joint ventures
this year
(4) The financial status of the less important joint ventures and associates
In RMB Yuan
Ending balance Beginning balance
Joint venture:
Total book value of the investment 3,870,282,808.64 3,789,451,718.73
Total amount calculated by shareholding
proportion
--Net profit 80,831,087.02 50,249,613.41
--Other comprehensive income 2.89
--Total comprehensive income 80,831,089.91 50,249,613.41
Associates:
Total book value of the investment 7,912,295,071.89 7,702,230,006.95
Total amount calculated by shareholding
proportion
--Net profit 149,862,202.55 119,453,284.98
--Other comprehensive income (5,967,137.61)
--Total comprehensive income 143,895,064.94 119,453,284.98
(5) Excessive losses incurred by joint ventures or associates
Our company has no obligation to bear additional losses to Jiangling Holdings Limited. Therefore, when it incurs excess losses, we
only write down long-term equity investments to zero and do not recognize excess losses related to investments in the
aforementioned companies.
XI. Government subsidies
1. Debt projects involving government subsidies
In RMB Yuan
Newly added Transfer of Cost
Other
Beginning subsidy other income deduction Ending Related to
Ledger Account decreases in
balance amount during amount in amount for balance assets/earnings
this period
the period this period this period
Deferred income 610,407,171.08 104,408,720.03 505,998,451.05 Asset related
Deferred income 108,433,372.44 115,308,720.03 50,000,000.00 3,188,720.03 170,553,372.44 Income related
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
2. Government subsidies included in current profit and loss
Grants related to income
In RMB Yuan
Projects that offset related cost and The amount of offsetting related cost and expense losses
expense losses Current amount incurred Amount incurred in the previous period
Operating costs 133,204,096.39 23,614,843.48
selling expenses 1,746,029.54 6,763,467.92
Management expenses 7,743,252.52 8,254,895.38
R&D expenses 5,000,000.00 12,334,313.00
Total 147,693,378.45 50,967,519.78
XII. Risks associated with financial instruments
1. Various risks arising from financial instruments
Our company faces various financial risks in the process of operation, including credit risk, liquidity risk, and market risk (including
exchange rate risk, interest rate risk, and other price risks). The above financial risks and the risk management policies adopted by
our company to reduce these risks are as follows:
The overall goal of our company's risk management is to develop risk management policies that minimize risks as much as possible
without excessively affecting the company's competitiveness and adaptability.
Credit risks
Credit risk refers to the risk of financial losses incurred by the company due to the counterparty's failure to fulfill contractual
obligations.
The credit risk of our company mainly arises from monetary funds, accounts receivable, accounts receivable financing, other
receivables, as well as debt instrument investments measured at fair value with changes recognized in current profit or loss that are
not included in the scope of impairment assessment.
Our company's monetary funds are mainly deposited in state-owned banks with good reputation and high credit ratings, affiliated
finance companies and automotive finance companies, as well as other large and medium-sized listed banks. We believe that there is
no significant credit risk and there will be almost no significant losses caused by bank defaults.
In addition, the company has established relevant policies to control credit risk exposure for accounts receivable, accounts receivable,
accounts receivable financing, contract assets, and other receivables. Our company evaluates customers' credit qualifications and sets
corresponding credit periods based on their financial status, the possibility of obtaining guarantees from third parties, credit records,
and other factors such as current market conditions. Our company will regularly monitor customer credit records. For customers with
poor credit records, we will use written reminders, shorten credit periods, or cancel credit periods to ensure that our overall credit risk
is within a controllable range.
Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligation to settle by delivering cash or other
financial assets.
Our company's policy is to ensure sufficient cash to repay maturing debts. Liquidity risk is centrally controlled by the finance
department of our company. The finance department ensures that the company has sufficient funds to repay its debts under all
reasonable forecasts by monitoring cash balances, convertible securities, and rolling forecasts of cash flows for the next 12 months.
At the same time, continuously monitor whether the company complies with the provisions of the loan agreement and obtain
commitments from major financial institutions to provide sufficient reserve funds to meet short-term and long-term funding needs.
Market risk
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
The market risk of financial instruments refers to the risk of fluctuations in the fair value or future cash flows of financial instruments
due to changes in market prices, including exchange rate risk, interest rate risk, and other price risks.
(1) Interest rate risk
Interest rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments due to changes in
market interest rates.
Fixed rate and floating rate interest bearing financial instruments expose our company to fair value interest rate risk and cash flow
interest rate risk, respectively. Our company determines the ratio of fixed rate and floating rate instruments based on market
conditions, and maintains an appropriate combination of fixed and floating rate instruments through regular review and supervision.
When necessary, our company will use interest rate swap tools to hedge interest rate risk.
Our company's revenue and operating cash flow are basically unaffected by fluctuations in market interest rates. On June 30, 2024,
all bank loans and payable bonds of our company will accrue interest at a fixed rate. Our company currently does not hedge against
interest rate risk.
(2) Exchange rate risk
Exchange rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments due to changes in
foreign exchange rates.
Our company continuously monitors foreign currency transactions and the scale of foreign currency assets and liabilities to minimize
the foreign exchange risks we face. In addition, the company may also sign forward foreign exchange contracts or currency swap
contracts to avoid exchange rate risks.
(3) Other price risks
Other price risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments due to market price
changes other than exchange rate risk and interest rate risk.
Our company's other price risks mainly arise from various equity instrument investments, and there is a risk of changes in equity
instrument prices.
On June 30, 2024, assuming all other variables remain constant, if the value of equity instruments increases or decreases by 5%, the
Company will increase or decrease its net profit by 6488407.75 yuan. The management believes that 5% reasonably reflects the
reasonable range within which the value of equity instruments may change in the next year.
XIII. Disclosure of fair value
1. Closing fair value of assets and liabilities measured at fair value
In RMB Yuan
Fair value at the end of the period
Items First level fair value Second level fair value Third level fair value
Total
measuremen measuremen measuremen
Trading financial assets 152,668,417.66 152,668,417.66
Other equity instrument
504,190,082.71 504,190,082.71
investments
Trading financial liabilities 12,941,513.71 12,941,513.71
XIV. Related party relationships and transactions
1. Parent company of the Company
Proportion of Proportion of
Place of
Parent company Nature of the business Registered capital shares in the voting rights in the
registration
Company (%) company (%)
China Changan Manufacture and sale of
Automobile Group Beijing automobiles, engine, and 6,092,273,400.00 20.81% 20.81%
Co ,Ltd. components
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
The Final controlling party is China South Industries Group corporation
2. Subsidiaries
See subsidiaries in X（1）. Stake in other entities.
3. Joint ventures and associates
See Joint ventures and associates in X（2） Stake in other entities.
4. Other related parties
Related parties Relationship
Anhui Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Chengdu Huachuan Electric Equipment Co., Ltd Controlled by the same ultimate holding company
Chenzhi (Chengdu) Intelligent Suspension Co., Ltd Controlled by the same ultimate holding company
Chengdu Wanyou Trading Co., Ltd Controlled by the same ultimate holding company
Chengdu Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Chengdu Wanyou Automobile Trading Service Co., Ltd Controlled by the same ultimate holding company
Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Guizhou Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Harbin Dongan Automotive Power Co., Ltd Controlled by the same ultimate holding company
Harbin Dongan Automotive Engine Manufacturing Co., Ltd Controlled by the same ultimate holding company
Hunan Tianyan Machinery Co., Ltd Controlled by the same ultimate holding company
Jiangsu Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Luzhou Wanyou Automobile Service Co., Ltd Controlled by the same ultimate holding company
CSM Faurecia Automotive Parts Co., Ltd. Controlled by the same ultimate holding company
Chenzhi (Chongqing) Brake System Co., Ltd Controlled by the same ultimate holding company
South Inter Air-conditioner Co.,Ltd. Controlled by the same ultimate holding company
Panzhihua Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Sichuan Jianan Industrial Co., Ltd Controlled by the same ultimate holding company
Sichuan Ningjiang Shanchuan Machinery Co., Ltd Controlled by the same ultimate holding company
Yaan Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Yunnan Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
China Changan Automobile Group Tianjin Sales Co., Ltd Controlled by the same ultimate holding company
Chongqing Qingshan Industrial Co., Ltd Controlled by the same ultimate holding company
Chongqing Wanyou Ducheng Auto Sales Service Co., Ltd. Controlled by the same ultimate holding company
Chongqing Wanyou Xingjian Auto Sales & Service Co., Ltd. Controlled by the same ultimate holding company
Chongqing Wanyou Economic Development Co., Ltd. Controlled by the same ultimate holding company
Chongqing Wanyou Zunda Automobile Sales & Service Co., Ltd. Controlled by the same ultimate holding company
Chongqing Changan Minsheng Logistics Co. Ltd. Controlled by the same ultimate holding company
Beijing Beiji Electromechanical Industry Co., Ltd Controlled by the same ultimate holding company
Chengdu Zhongzi Guangming Catalytic Technology Co., Ltd Controlled by the same ultimate holding company
Chengdu Jialing Huaxi Optical Precision Machinery Co., Ltd Controlled by the same ultimate holding company
Chengdu Lingchuan Automotive Fuel Tank Co., Ltd Controlled by the same ultimate holding company
Chengdu Wanyou Filter Co., Ltd Controlled by the same ultimate holding company
Hubei Huazhong Marelli Automotive Lighting Co., Ltd Controlled by the same ultimate holding company
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Relationship
Hubei Xiaogan Huazhong Car Lamp Co., Ltd Controlled by the same ultimate holding company
Construction Industry Group (Yunnan) Co., Ltd Controlled by the same ultimate holding company
China Ordnance Equipment Group Human Resources Development Center Controlled by the same ultimate holding company
China Ordnance Equipment Group Commercial Factoring Co., Ltd Controlled by the same ultimate holding company
Chongqing Dajiang Jiexin Forging Co., Ltd. Controlled by the same ultimate holding company
Chongqing Jianshe Automobile Air-conditioner Co., Ltd. Controlled by the same ultimate holding company
Chongqing Construction Tongda Industrial Co., Ltd. Controlled by the same ultimate holding company
Chongqing Shangfang Automobile Fittings Co., Ltd. Controlled by the same ultimate holding company
Chongqing Qingshan Transmission Sales Co., Ltd. Controlled by the same ultimate holding company
Chongqing Yihong Engineering Plastic Products Co., Ltd. Controlled by the same ultimate holding company
Chongqing Changan industry (Group) Co., Ltd Controlled by the same ultimate holding company
Chongqing Changan Property Management Co., Ltd. Controlled by the same ultimate holding company
Beijing Zhongbing Insurance Brokerage Co., Ltd. Controlled by the same ultimate holding company
Chongqing Changan Intelligent Industrial Technology Service Co., Ltd. Controlled by the same ultimate holding company
Longchang Shanchuan Precision Welded Tube Co., Ltd. Controlled by the same ultimate holding company
Nanyang Lida Optoelectronics Co., Ltd Controlled by the same ultimate holding company
Chongqing Changrong Machinery Co., Ltd. Controlled by the same ultimate holding company
Southwest Ordnance Industry Chongqing Environmental Protection
Controlled by the same ultimate holding company
Research Institute Co., Ltd.
China Ordnance News Controlled by the same ultimate holding company
Chongqing Wanyou Zhicheng Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Chongqing Wanyou Chengxing Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Chongqing Changxiang Supply Chain Technology Co., Ltd Controlled by the same ultimate holding company
China Ordnance Equipment Group Automation Research Institute Co., Ltd Controlled by the same ultimate holding company
Chongqing Southwest Inspection and Testing Co., Ltd Controlled by the same ultimate holding company
China South Industries Group Commercial Factoring Co., Ltd. Controlled by the same ultimate holding company
Wanyou Automobile Investment Co., Ltd Controlled by the same ultimate holding company
China Ordnance Equipment Group Finance Leasing Co., Ltd Controlled by the same ultimate holding company
Chongqing Anfu Automobile Co., Ltd. Controlled by the same ultimate holding company
Chongqing Fuji Supply Chain Management Co., Ltd Controlled by the same ultimate holding company
Ordnance Equipment Group Finance Co., Ltd Controlled by the same ultimate holding company
Dali Wanfu Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Hubei Huazhong Changjiang Optoelectronics Technology Co., Ltd Controlled by the same ultimate holding company
Chenzhi Technology Co., Ltd Controlled by the same ultimate holding company
Beijing North Changfu Automobile Sales Co., Ltd Controlled by the same ultimate holding company
China Changan Automobile Group Hefei Investment Co., Ltd Controlled by the same ultimate holding company
Chongqing Construction Industry (Group) Co., Ltd Controlled by the same ultimate holding company
Chongqing Jialing Yimin Special Equipment Co., Ltd. Controlled by the same ultimate holding company
Chongqing Jianshe Mechanical & Electrical Equipment Co., Ltd. Controlled by the same ultimate holding company
Chongqing Xiyi Automobile Connecting Rod Co., Ltd. Controlled by the same ultimate holding company
Ordnance Equipment Research Institute of China Ordnance Equipment
Controlled by the same ultimate holding company
Group
Bazhong Wanyou Automobile Sales and Service Co., Ltd Controlled by the same ultimate holding company
Chongqing Changan Construction Co., Ltd. Controlled by the same ultimate holding company
Hunan Tianyan Machinery Co., Ltd Controlled by the same ultimate holding company
Chengdu Lingchuan Special Industry Co., Ltd Controlled by the same ultimate holding company
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Related parties Relationship
Yunnan Wanxing Auto Sales Service Co., Ltd. Controlled by the same ultimate holding company
Hubei Xiaogan Huazhong Car Lamp Co., Ltd Controlled by the same ultimate holding company
Chongqing Dajiang Xinda Vehicle Co., Ltd Controlled by the same ultimate holding company
Hafei Automobile Co., Ltd Companies in which the company participates
Chongqing Dajiang Yuqiang Plastic Co., Ltd. Companies in which the company participates
Chongqing Nexteer Steering System Co.,Ltd. Companies in which the company participates
Lear Changan (Chongqing) Automotive System Co., Ltd Companies in which the company participates
United Automotive Electronics (Chongqing) Co., Ltd Companies in which the company participates
GKN HUAYU Driveline Systems (Chongqing) Co., Ltd Companies in which the company participates
Tiannak Lingchuan (Chongqing) exhaust system Co., Ltd Companies in which the company participates
Chongqing Dajiang Tongyang Plastics Co., Ltd. Companies in which the company participates
Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. Companies in which the company participates
Dajiang Yapp Automotive Systems Co., Ltd. Companies in which the company participates
Chongqing Hanon Jianshe Automotive Thermal Systems Co., Ltd. Companies in which the company participates
Chongqing Lingchuan Auto Parts Manufacturing Technology Co., Ltd. Companies in which the company participates
Chongqing Wanyou Talent Service Co., Ltd Companies in which the company participates
Changan Laisi (Chongqing) robot intelligent equipment Co., Ltd Companies in which the company participates
5. Related-party transaction
(1) Transactions of goods and services
Goods purchased and services received
In RMB Yuan
Related parties Nature of the Current amount Approved Whether it Prior-period
transaction transaction amount exceeds the amount
transaction
amount
Purchasing
Chongqing Qingshan Industrial parts and
4,493,367,383.45 11,425,588,256.20 No 4,247,550,166.24
Co., Ltd accepting labor
services
Purchasing
parts and
Jiangling Holdings Co., Ltd. 2,169,860,345.56 12,995,016,030.33 No 514,070,488.27
accepting labor
services
Purchasing
Chongqing Changan Minsheng parts and
2,098,821,621.39 7,997,202,114.58 No 2,685,849,489.33
Logistics Co. Ltd. accepting labor
services
Times Changan Power Battery Procurement of
821,368,168.15 7,704,110,383.18 No -
Co.,Ltd. parts
Chenzhi (Chongqing) Brake Procurement of
624,315,030.21 748,646,684.89 No 547,250,941.45
System Co., Ltd parts
Purchasing
parts and
Sichuan Jian'an Industrial Co., Ltd 548,125,486.31 1,951,122,305.64 No 569,748,423.73
accepting labor
services
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Nature of the Current amount Approved Whether it Prior-period
transaction transaction amount exceeds the amount
transaction
amount
Purchasing
United Automotive Electronics parts and
511,597,954.64 1,478,445,956.29 No 489,858,832.36
(Chongqing) Co., Ltd accepting labor
services
Harbin Dongan Automotive Procurement of
500,527,166.71 761,922,037.96 No 286,555,317.12
Engine Manufacturing Co., Ltd. parts
Chongqing Nexteer Steering Procurement of
477,982,649.73 1,551,409,889.43 No 482,284,076.02
System Co.,Ltd. parts
Purchasing
Hubei Huazhong Marelli parts and
461,129,146.14 1,633,883,190.34 No 425,498,458.56
Automobile Lighting Co., Ltd. accepting labor
services
Sichuan Ningjiang Shanchuan Procurement of
433,060,404.47 961,859,835.88 No 250,225,299.36
Machinery Co, Ltd. parts
Chengdu Huachuan Electric Procurement of
392,829,660.89 821,874,569.68 No 265,398,399.77
Equipment Co., Ltd. parts
South Inter Air-conditioner Procurement of
359,507,403.70 1,917,170,046.97 No 324,599,906.01
Co.,Ltd. parts
Chongqing Dajiang Tongyang Procurement of
343,273,903.25 795,342,283.36 No 251,637,351.95
Plastics Co., Ltd. parts
CSM Faurecia Automotive Parts Procurement of
278,100,304.72 996,492,651.38 No 293,507,822.63
Co., Ltd. parts
Chongqing Dajiang Guoli
Procurement of
Precision Machinery 200,516,763.71 922,918,313.76 No 243,266,094.33
parts
Manufacturing Co., Ltd.
Dajiang Yapp Automotive Procurement of
189,047,680.99 568,179,277.18 No 218,898,950.45
Systems Co., Ltd. parts
Purchasing
Chongqing Wutong Chelian parts and
171,231,816.16 682,869,759.95 No 157,766,418.74
Technology Co., Ltd. accepting labor
services
GKN HUAYU Driveline Systems Procurement of
168,940,531.23 517,379,244.64 No 175,750,765.78
(Chongqing) Co., Ltd. parts
Lear Changan (Chongqing) Procurement of
157,811,927.34 408,322,221.59 No 186,552,716.15
Automotive System Co., Ltd parts
Harbin Dongan Auto Engine Co., Procurement of
151,227,473.28 490,421,895.83 No 201,477,650.66
Ltd. parts
Chengdu Zhongzi Guangming Procurement of
135,729,566.81 1,001,172,941.16 No 277,552,589.96
Catalytic Technology Co., Ltd parts
Chongqing Changrong Machinery Procurement of
111,907,956.90 424,994,542.10 No 136,845,945.08
Co., Ltd. parts
Chongqing Changxian Intelligent
Accept labor 99,626,120.31 1,106,539,793.14 No -
Technology Co., Ltd
Changan Auto Finance Co., Ltd. Accept labor 96,613,789.13 71,878,099.63 Yes 40,003,766.38
Chongqing Lingchuan Auto Parts
Procurement of
Manufacturing Technology Co., 95,858,621.77 252,436,715.62 No 101,723,761.38
parts
Ltd.
Purchasing
Hubei Xiaogan Huazhong Car parts and
89,196,328.09 192,786,397.56 No 62,177,934.16
Lamp Co., Ltd accepting labor
services
Construction Industry Group Procurement of 84,007,141.90 18,958,146.72 Yes 65,386,027.01
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Nature of the Current amount Approved Whether it Prior-period
transaction transaction amount exceeds the amount
transaction
amount
(Yunnan) Co., Ltd parts
Chongqing Shangfang Automobile Procurement of
66,085,066.45 195,574,217.92 No 56,847,951.59
Fittings Co., Ltd. parts
Chongqing Jianshe Automobile Procurement of
63,029,494.51 66,707,582.27 No 30,929,139.50
Air-conditioner Co., Ltd. parts
Procurement of
Chengdu Wanyou Filter Co., Ltd. 62,558,707.43 170,247,389.42 No 60,828,232.32
parts
Hunan Tianyan Machinery Co., Procurement of
57,921,928.22 183,259,652.11 No 59,035,655.33
Ltd parts
Chongqing Hanon Jianshe
Procurement of
Automotive Thermal Systems Co., 53,751,899.29 221,965,490.53 No 75,943,637.67
parts
Ltd.
Tiannak Lingchuan (Chongqing) Procurement of
52,478,337.69 95,197,423.91 No 23,033,580.78
exhaust system Co., Ltd parts
Beijing Wutong Chelian Procurement of
29,697,349.74 80,644,096.51 No 32,740,169.65
Technology Co., Ltd. parts
Chongqing Yihong Engineering Procurement of
28,672,849.28 89,793,888.52 No 35,614,480.95
Plastic Products Co., Ltd. parts
Chongqing Qingshan Procurement of
26,758,385.18 84,535,268.03 No 29,495,148.15
Transmission Sales Co., Ltd. parts
Chengdu Lingchuan Vehicle Oil Procurement of
25,621,052.62 59,766,079.02 No 22,896,846.34
Tank Co., Ltd. parts
Chongqing Changan Intelligent
Industrial Technology Service Co., Accept labor 21,919,338.63 44,322,749.40 No 11,279,433.62
Ltd
Chongqing Construction Tongda Procurement of
20,559,686.91 75,862,450.69 No 27,756,255.26
Industrial Co., Ltd. parts
Purchasing
Chongqing Wanyou Economic parts and
16,725,120.28 48,860,186.86 No 14,785,490.80
Development Co., Ltd. accepting labor
services
Yunnan Wanyou Auto Sales and
Accept labor 14,694,568.91 40,301,439.80 No 10,507,634.88
Service Co., Ltd.
Chongqing Wanyou Talent
Accept labor 10,534,775.09 15,055,678.38 No -
Service Co., Ltd
Chengdu Wanyou Xiangyu Auto
Accept labor 10,504,081.34 21,072,352.03 No 8,781,051.72
Sales and Service Co., Ltd.
Longchang Shanchuan Precision Procurement of
10,384,036.29 31,679,559.84 No 12,373,330.60
Welded Tube Co., Ltd. parts
Guizhou Wanyou Auto Sales and
Accept labor 9,659,028.54 22,139,865.33 No 6,496,124.73
Service Co., Ltd.
Southwest Ordnance Industry
Chongqing Environmental
Accept labor 9,504,544.41 14,958,443.14 No 445,897.62
Protection Research Institute Co.,
Ltd.
China Changan Automobile Group Procurement of
8,977,833.80 15,896,254.80 No -
Co., Ltd parts
Chongqing Dajiang Jiexin Forging Procurement of
6,826,450.87 1,661,216.45 Yes 916,320.42
Co., Ltd parts
Chongqing Changan industry
Accept labor 6,673,053.09 128,952,000.00 No 6,981,144.30
(Group) Co., Ltd
Jiangsu Wanyou Automobile Sales Accept labor 6,374,830.46 10,836,359.06 No 3,530,670.99
125
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Nature of the Current amount Approved Whether it Prior-period
transaction transaction amount exceeds the amount
transaction
amount
Service Co., Ltd.
Chengdu Wanyou Auto Trade
Accept labor 4,990,765.15 13,194,208.49 No 3,136,714.77
Service Co., Ltd.
Chongqing Changan Property
Accept labor 4,582,907.88 25,788,000.00 No 5,556,152.45
Management Co., Ltd.
Anhui Wanyou Automobile Sales
Accept labor 3,213,766.01 7,610,801.88 No 2,622,805.44
Service Co., Ltd.
Changan Mazda Engine Co., Ltd. Accept labor 3,041,536.34 3,000,000.00 Yes -
China Changan Automobile Group
Accept labor 2,677,994.00 7,360,976.57 No 2,515,157.69
Tianjin Sales Co., Ltd.
Avatr Technology (Chongqing)
Accept labor 2,204,245.81 5,503,506.90 No 928,938.06
Co., Ltd
Chongqing Wanyou Ducheng
Accept labor 1,910,254.33 6,306,041.23 No 973,308.83
Auto Sales Service Co., Ltd.
AVATR (Chongqing) Automobile Procurement of
1,269,407.08 2,548,184.93 No 61,949,625.77
Sales & Service Co., Ltd parts
Changan Ford Automobile Co.,
Accept labor 1,247,217.12 2,778,558.26 No -
Ltd.
Ya'an Wanyou Auto Sales and
Accept labor 1,075,093.34 3,246,310.23 No 1,014,389.55
Service Co., Ltd.
Chongqing Wanyou Xingjian
Accept labor 1,034,919.72 2,601,495.41 No 810,225.03
Auto Sales & Service Co., Ltd.
Chengdu Wanyou Automobile
Accept labor 937,608.29 2,558,212.92 No 826,173.26
Sales and Service Co., Ltd
Chenzhi (Chengdu) Intelligent Procurement of
579,769.55 1,644,152.77 No 303,637.08
Suspension Co., Ltd parts
Chongqing Wanyou Chengxing
Automobile Sales and Service Co., Accept labor 559,717.94 1,320,000.00 No -
Ltd
Nanyang Lida Optoelectronics Procurement of
482,340.66 652,566.85 No -
Co., Ltd parts
Panzhihua Wanyou Auto Sales &
Accept labor 375,355.46 829,087.31 No 148,176.37
Service Co., Ltd.
Chongqing Changxiang Supply
Accept labor 268,899.07 678,505.91 No -
Chain Technology Co., Ltd
Changan Mazda Automobile Co.,
Accept labor 212,576.11 36,000.00 Yes 1,270,637.36
Ltd
Chengdu Jialing Huaxi Optical & Procurement of
126,726.31 1,193,438.96 No 501,828.63
Precision Machinery Co., Ltd. parts
Luzhou Wanyou Automobile
Accept labor 122,798.52 773,578.75 No 208,109.30
Service Co., Ltd.
Chongqing Wanyou Advertising
Accept labor 88,650.00 180,000.00 No -
Co.,Ltd.
Chongqing Dajiang Yuqiang Procurement of
87,580.04 321,227.54 No 196,038.83
Plastic Co., Ltd. parts
China Ordnance Equipment Group
Accept labor 66,037.74 96,000.00 No -
Commercial Factoring Co., Ltd
Chongqing Southwest Inspection
Accept labor 56,112.31 90,000.00 No -
and Testing Co., Ltd
Nanjing LingHang Technology
Accept labor 51,413.41 43,200.00 Yes 33,388.14
Co., Ltd.
126
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Nature of the Current amount Approved Whether it Prior-period
transaction transaction amount exceeds the amount
transaction
amount
Beijing Beiji Mechanical and Procurement of
24,494.80 232,339.15 No 55,471.89
Electrical Industry Co., Ltd. parts
China Ordnance Equipment Group
Human Resources Development Accept labor 20,783.02 26,366.04 No 5,377.35
Center
Beijing Zhongbing Insurance
Accept labor 20,505.30 54,000.00 No 179,456.11
Brokerage Co., Ltd.
Chengdu Wanyou Trading Co.,
Accept labor 19,700.27 142,442.82 No 44,034.79
Ltd
China Ordnance News Agency Accept labor 12,311.32 28,718.48 No 18,555.76
Ald Fortune Auto Leasing &
Accept labor 11,151.69 25,387.34 No -
Renting (Shanghai) Co., Ltd.
Chongqing Wanyou Zunda
Procurement of
Automobile Sales & Service Co., 5,879.99 13,482.54 No 38,252.00
parts
Ltd.
China Ordnance Equipment Group
Automation Research Institute Accept labor 1,698.11 3,854.53 No -
Co., Ltd
Changan Laisi (Chongqing) robot Procurement of
- - No 1,756,066.31
intelligent equipment Co., Ltd parts
Purchasing
Zhongqi Chuangzhi Technology parts and
- - No 480,000.94
Co., Ltd accepting labor
services
China Ordnance Equipment Group
Accept labor - - No 76,040.43
Commercial Factoring Co., Ltd
Nanjing Chelai Travel Technology
Accept labor - - No 15,222.66
Co., Ltd
Total: 16,916,874,982.66 62,209,113,874.82 14,118,319,574.90
Goods sold and services offered
In RMB Yuan
Related parties Nature of the transaction Current amount Prior-period Amount
Selling parts and providing labor
Avatr Technology (Chongqing) Co., Ltd.
services 1,885,583,221.76 966,811,840.03
Chongqing Wanyou Zunda Automobile
Selling parts
Sales & Service Co., Ltd. 1,570,508,038.16 1,211,267,157.57
Chengdu Wanyou Xiangyu Auto Sales and Selling vehicle parts and
Service Co., Ltd. providing labor services 1,288,701,497.02 697,109,803.93
Chongqing Wanyou Economic Selling vehicle parts and
Development Co., Ltd. providing labor services 965,905,313.45 895,356,870.07
Yunnan Wanyou Auto Sales and Service Selling vehicle parts and
Co., Ltd. providing labor services 869,877,002.41 555,923,788.70
Guizhou Wanyou Auto Sales and Service Selling vehicle parts and
Co., Ltd. providing labor services 860,548,335.60 565,501,997.62
Chongqing Wanyou Zhicheng Automobile
Selling complete vehicles
Sales and Service Co., Ltd 557,004,163.49 -
Jiangsu Wanyou Automobile Sales Selling vehicle parts and
Service Co., Ltd. providing labor services 534,796,227.54 314,630,817.93
127
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Nature of the transaction Current amount Prior-period Amount
Selling complete vehicles and
Pakistan Master Automobile Co., Ltd.
components 218,606,093.69 109,372,901.50
Anhui Wanyou Automobile Sales Service Selling vehicle parts and
Co., Ltd. providing labor services 186,786,950.91 140,376,222.36
Selling parts and providing labor
Changan Mazda Automobile Co., Ltd
services 166,764,218.31 7,133,803.72
Chongqing Fuji Supply Chain
Selling complete vehicles
Management Co., Ltd 99,552,970.82 69,216,929.01
China Changan Automobile Group Tianjin Selling vehicle parts and
Sales Co., Ltd. providing labor services 93,391,397.85 131,130,406.12
Changan Automobile Financing Co., Ltd. Providing labor services 42,002,363.94 174,835,059.92
Chengdu Wanyou Auto Trade Service Co., Selling vehicle parts and
Ltd. providing labor services 36,309,737.11 329,514,962.73
Chongqing Changan Kuayue Automobile Selling parts and providing labor
Co., Ltd. services 31,208,393.21 105,713,055.00
Selling complete vehicles and
Wanyou Automobile Investment Co., Ltd.
providing labor services 27,888,149.01 291,309,672.29
Selling complete vehicles and
Chongqing Anfu Automobile Co., Ltd.
components 19,682,566.45 29,676,902.67
Jiangling Holdings Co., Ltd. Providing labor services 17,825,828.22 207,500.00
China South Industries Group Financial
Providing labor services
Leasing Co., Ltd. 9,463,220.25 16,343,690.21
Selling parts and providing labor
Changan Ford Automobile Co., Ltd.
services 3,987,960.57 2,017,778.68
Chongqing Wanyou Ducheng Auto Sales Selling vehicle parts and
Service Co., Ltd. providing labor services 3,013,592.37 2,029,066.92
Chengdu Wanyou Auto Sales and Service Selling vehicle parts and
Co.,Ltd. providing labor services 1,475,407.45 832,930.32
Chongqing Chang'an Intelligent Industrial
Providing labor services
Technology Service Co., Ltd 1,105,193.12 -
Chongqing Wanyou Chengxing Selling parts and providing labor
Automobile Sales and Service Co., Ltd services 949,738.94 -
Ya'an Wanyou Auto Sales and Service Selling vehicle parts and
Co., Ltd. providing labor services 924,928.43 1,523,835.89
Chongqing Wanyou Xingjian Auto Sales Selling vehicle parts and
& Service Co., Ltd. providing labor services 919,302.67 914,070.23
Beijing North Changfu Automobile Sales Selling complete vehicles and
Co., Ltd providing labor services 895,852.60 -
China South Industry Group Finance Co.,
Providing labor services
Ltd. 747,706.78 667,592.00
Harbin Dongan Auto Engine Co., Ltd. Selling goods 745,500.00 -
Panzhihua Wanyou Auto Sales & Service Selling complete vehicles and
Co., Ltd. components 565,261.39 329,795.23
Chongqing Changan Minsheng Logistics Selling parts and providing labor
Co., Ltd. services 439,453.69 1,389,240.00
Chongqing Tsingshan Industrial Co., Ltd. Providing labor services 264,150.94 470,541.17
Beijing Zhongbing Insurance Brokerage
Providing labor services
Co., Ltd 228,379.97 -
Chongqing Changan Kuayue Automobile
Selling parts
Sales Co., Ltd. 172,047.23 129,155.26
China Ordnance Equipment Group
Providing labor services
Commercial Factoring Co., Ltd 141,509.43 -
128
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Nature of the transaction Current amount Prior-period Amount
Selling complete vehicles and
Chengdu Wanyou Trading Co., Ltd.
components 136,003.77 95,348.42
Nanjing LingHang Technology Co., Ltd. Providing labor services 129,618.84 850,308.10
Times Changan Power Battery Co.,Ltd. Providing labor services 112,400.00 -
Dali Wanfu Automobile Sales and Service
Selling parts
Co., Ltd 108,186.19 11,752.21
Chenzhi Technology Co., Ltd Providing labor services 108,018.87 -
Hubei Huazhong Changjiang
Providing labor services
Optoelectronics Technology Co., Ltd 84,905.66 -
Sichuan Jian'an Industry Co., Ltd Providing labor services 73,962.26 -
Chongqing Dajiang Guoli Precision
Providing labor services
Machinery Manufacturing Co., Ltd. 62,135.77 5,757,279.81
Luzhou Wanyou Automobile Service Co., Selling complete vehicles and
Ltd. components 54,476.22 592,242.82
Chongqing Shangfang Automotive Parts
Selling goods
Co., Ltd 22,373.31 -
China Ordnance Equipment Group Human
Providing labor services
Resources Development Center 12,452.83 -
Chenzhi (Chongqing) Brake System Co.,
Providing labor services
Ltd 9,433.96 -
Hubei Xiaogan Huazhong Car Lamp Co.,
Providing labor services
Ltd 9,433.96 -
Avatr (Chongqing) Automobile Sales &
Providing labor services
Service Co., Ltd 3,886.80 660.38
Chongqing Lingchuan Auto Parts
Providing labor services
Manufacturing Technology Co., Ltd. 2,588.62 765,342.53
Chongqing Nexteer Steering System
Selling parts
Co.,Ltd. - 5,921,500.00
United Automotive Electronics
Selling parts
(Chongqing) Co., Ltd - 4,577,309.74
Harbin Dongan Automotive Engine
Selling parts
Manufacturing Co., Ltd. - 1,993,518.61
Tiannak Lingchuan (Chongqing) exhaust
Selling parts
system Co., Ltd - 937,224.65
China Changan Automobile Group Hefei
Selling complete vehicles
Investment Co., Ltd. - 201,106.20
Hunan Tianyan Machinery Co., Ltd Providing labor services - 169,811.32
Chengdu Huachuan Electric Equipment Selling complete vehicles and
Co., Ltd. providing labor services - 99,293.70
Ald Fortune Auto Leasing & Renting
Providing labor services
(Shanghai) Co., Ltd. - 91,754.87
China Changan Automobile Group Co.,
Providing labor services
Ltd - 23,760.00
Chongqing Jianshe Automobile
Selling parts
Air-conditioner Co., Ltd. - 7,964.60
China South Industries Group Commercial
Provide services
Factoring Co., Ltd. - 5,913.36
Hubei Huazhong Marelli Automotive
Selling goods
Lighting Co., Ltd - 1,313.00
Chongqing Wutong Chelian Technology
Selling goods
Co., Ltd - 271.68
Zhongqi Chuangzhi Technology Co., Ltd Selling goods - 0.94
129
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Related parties Nature of the transaction Current amount Prior-period Amount
Total: 9,499,911,551.84 6,643,841,064.02
(2) Related-party leasing
Rent assets to related parties
In RMB Yuan
Lessee Type of leased assets Report period Amount Same period of last
period Amount
Ald Fortune Auto Leasing & Renting
Vehicle 8,597,721.53 22,935,079.52
(Shanghai) Co., Ltd.
Chongqing Changan Minsheng
Building and land 575,019.02 348,266.98
Logistics Co. Ltd.
Chongqing Wanyou Economic
Building and land 337,155.96 321,100.92
Development Co., Ltd.
Avatr Technology (Chongqing) Co.,
Vehicle 145,119.12 -
Ltd.
Chongqing Changan industry (Group)
Building - 3,283,373.71
Co., Ltd
Nanjing LingHang Technology Co.,
Vehicle - 2,624,149.56
Ltd.
Southern Inter Air Conditioning Co.,
Vehicle - 48,849.56
Ltd
Chongqing Changan Real Estate
Vehicle - 24,424.78
Development Co., Ltd
Total 9,655,015.63 29,585,245.03
130
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Rent assets from related parties
In RMB Yuan
Simplified rental fees for Variable lease payments not
Interest expenses on lease
short-term leases and low value included in the measurement of Rent paid Increased usage rights assets
Type of liabilities assumed
asset leases lease liabilities
Lessor leased
assets Same period Same period Same period of Same period of Same period
Report period Report period Report period Report period Report period
of last period of last period last period last period of last period
Amount Amount Amount Amount Amount
Amount Amount Amount Amount Amount
Chongqing
Changan
Warehouse 13,594,921.94 8,133,557.01 9,212,947.56 8,133,557.01
Minsheng
Logistics Co. Ltd.
Chongqing
Wanyou Zhicheng
Automobile Sales Vehicle 88,650.00 - - -
and Service Co.,
Ltd
Chongqing
Changan Property
Land - 2,977,660.00 - 2,977,660.00
Management Co.,
Ltd
Total 13,683,571.94 11,111,217.01 9,212,947.56 11,111,217.01
131
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(3) Other related transactions
Integrated service charges
In RMB Yuan
Related parties Nature of the transaction Report period Amount Same period of last
period Amount
Chongqing Chang'an Industrial
Pay Electricity fee 36,939,118.17 37,806,926.34
(Group) Co., Ltd
Total 36,939,118.17 37,806,926.34
Purchase of project materials
In RMB Yuan
Same period of last period
Related parties Report period Amount
Amount
Chongqing Changan Intelligent Industrial Technology Service
- 2,743,362.86
Co., Ltd
Total - 2,743,362.86
Staff expenses for technical supporting
In RMB Yuan
Same period of last period
Related parties Report period Amount
Amount
Changan Mazda Automobile Co., Ltd 14,208,018.59 9,131,656.92
Changan Ford Automobile Co., Ltd 6,985,634.92 5,605,674.97
Changan Mazda Engine Co., Ltd. 6,670,928.95 6,703,950.04
Changan Ford New Energy Vehicle Co., Ltd. 3,808,404.04 -
Chongqing Changan Crossing Vehicle Co., Ltd 1,561,751.27 1,212,194.63
Jiangling Automobile Co., Ltd 1,029,577.45 826,370.83
Chongqing Chang'an Minsheng Logistics Co., Ltd 557,728.26 -
Chongqing WutongChelian Technology Co., Ltd 550,738.60 208,063.02
Time FAW Power Battery Co., Ltd 450,000.00 -
Chongqing Anda Semiconductor Co., Ltd 291,666.67 -
Jiangling Holdings Limited 81,058.58 7,343,774.35
Avatr Technology (Chongqing) Co., Ltd - 682,780.43
China Changan Automobile Group Co., Ltd - 169,811.32
Chongqing Shangshang Automotive Parts Co., Ltd - 37,002.00
Chongqing Construction Transmission Technology Co., Ltd - 27,872.04
Chongqing Naishite Steering System Co., Ltd - 18,026.66
Chongqing Dajiang National Precision Machinery
- 2,520.00
Manufacturing Co., Ltd
Total 36,195,507.33 31,969,697.21
Techonology development service charges
In RMB Yuan
132
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Same period of last period
Related parties Report period Amount
Amount
Jiangling Automobile Co., Ltd 54,439,370.43 -
Changan Mazda Automobile Co., Ltd 9,055,248.00 397,572.54
Chongqing Tsingshan Industrial Co., Ltd. 4,277,407.02 10,144,721.22
Changan Ford Automobile Co., Ltd 2,153,000.00 -
Chongqing Changxian Intelligent Technology Co., Ltd 571,900.50 -
Western Car Network (Chongqing) Co., Ltd 297,054.72 -
Chongqing wutong Chelian Technology Co., Ltd 126,450.47 -
Sichuan Ningjiang Shanchuan Machinery Co., Ltd 122,641.51 -
Total 71,043,072.65 10,542,293.76
Collection of trademark use rights fees
In RMB Yuan
Same period of last period
Related parties Report period Amount
Amount
Chongqing Changan Kuayue Automobile Co., Ltd. 4,477,600.00 6,009,433.96
Related party monetary funds
In RMB Yuan
Related parties Ending Amount Beginning Amount
China South Industries Group Finance Co., Ltd 19,949,896,329.93 19,926,021,247.02
Changan Automobile Finance Co., Ltd 14,990,000,000.00 14,990,000,000.00
Total 34,939,896,329.93 34,916,021,247.02
First half of 2024, the annual interest rate of deposits deposited with related parties is 0.2% - 3.5%, and the term is 0-36 months.
Borrowing
Long-term borrowing
In RMB Yuan
Related parties Ending Amount Beginning Amount
China South Industries Group Finance Co., Ltd 76,000,000.00 76,000,000.00
Total 76,000,000.00 76,000,000.00
Interest income of deferred payment
In RMB Yuan
Related parties Report period Amount Same period of last period Amount
Jiangsu Wanyou Automobile Sales Service Co., Ltd 88,348.67 1,380.53
Chongqing Wanyou Economic Development Co.,
72,585.96 -
Ltd
Guizhou Wanyou Automobile Sales and Service
53,243.80 -
Co., Ltd
Chengdu Wanyou Xiangyu Automobile Sales and 41,558.41 -
133
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Service Co., Ltd
Anhui Wanyou Automobile Sales and Service Co.,
29,850.44 -
Ltd
Chengdu Wanyou Auto Trade Service Co., Ltd 21,363.77 -
Chengdu Lingchuan Automotive Fuel Tank Co., Ltd 17,969.51 -
Yunnan Wanyou Automobile Sales and Service Co.,
10,661.28 -
Ltd
Wanyou Automobile Investment Co., Ltd 4,141.59 -
Total 339,723.43 1,380.53
6. Payment and receivables of related parties
(1) Payment receivables of related listed companies
In RMB Yuan
Items Related parties Ending balance Beginning balance
Notes
Wanyou Automobile Investment Co., Ltd. 2,547,150,000.00 2,618,900,000.00
receivable
Notes
Avatr Technology (Chongqing) Co., Ltd. 1,502,804,705.57 1,162,667,212.07
receivable
Notes Chongqing Changan Kuayue Automobile
18,770,000.00 -
receivable Sales Co., Ltd.
Notes Yunnan Wanyou Auto Sales and Service
15,000,000.00 46,000,000.00
receivable Co., Ltd.
Notes Chongqing Wanyou Economic
13,000,000.00 31,000,000.00
receivable Development Co., Ltd.
Notes Chengdu Wanyou Auto Trade Service
11,200,000.00 22,500,000.00
receivable Co., Ltd.
Notes
Chongqing Tsingshan Industrial Co., Ltd. 7,545,451.11 48,163,692.11
receivable
Notes Guizhou Wanyou Auto Sales and Service
3,280,000.00 14,200,000.00
receivable Co., Ltd.
Notes Chongqing Fuji Supply Chain
- 70,015,971.00
receivable Management Co., Ltd
Notes Chongqing Changan Kuayue Vehicle Co.,
- 37,033,400.00
receivable Ltd
Notes Harbin Dongan Automotive Engine
- 272,292.05
receivable Manufacturing Co., Ltd.
Subtotal 4,118,750,156.68 4,050,752,567.23
Account
Avatr Technology (Chongqing) Co., Ltd. 548,405,543.30 674,602,846.19
receivable
Account
Changan Mazda Automobile Co., Ltd 263,911,957.50 177,061,948.01
receivable
Account
Pakistan Master Automobile Co., Ltd. 36,464,365.66 16,553,872.36
receivable
Account Chongqing Changan Kuayue Vehicle Co.,
16,298,457.21 23,099,903.46
receivable Ltd
Account
Changan Mazda Engine Co., Ltd. 7,032,000.00 15,886,858.18
receivable
Account
Changan Ford Automobile Co., Ltd. 4,435,896.87 9,976,923.10
receivable
134
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Account
Jiangling Holdings Co., Ltd. 2,947,212.54 9,791,503.74
receivable
Account
Changan Auto Finance Co., Ltd. 2,599,736.68 21,019,909.48
receivable
Account Changan Ford New Energy Vehicle Co.,
1,607,364.58 -
receivable Ltd.
Account Ald Fortune Auto Leasing & Renting
853,200.00 4,300,560.00
receivable (Shanghai) Co., Ltd.
Account Chongqing Changan Minsheng Logistics
615,597.74 3,269,852.16
receivable Co. Ltd.
Account Chongqing Changxian Intelligent
606,214.53 -
receivable Technology Co., Ltd
Account
Nanjing LingHang Technology Co., Ltd. 458,959.44 321,563.47
receivable
Account China South Industries Group Financial
411,813.47 5,186,975.56
receivable Leasing Co., Ltd.
Account Western Car Network (Chongqing) Co.,
314,878.00 -
receivable Ltd
Account
Chongqing Anda Semiconductor Co., Ltd 309,166.67 -
receivable
Account Chongqing Changan industry (Group)
192,632.17 7,139,838.45
receivable Co., Ltd
Account Chengdu Wanyou Xiangyu Automobile
159,900.00 368
receivable Sales and Service Co., Ltd
Account Chengdu Wanyou Auto Trade Service
135,900.00 -
receivable Co., Ltd.
Account Chongqing wutong Chelian Technology
134,037.50 1,210,700.00
receivable Co., Ltd
Account
Times Changan Power Battery Co.,Ltd. 119,144.00 -
receivable
Account
Chenzhi Technology Co., Ltd 114,500.00 -
receivable
Account Chongqing Changan Kuayue Automobile
51,407.64 26,019.30
receivable Sales Co., Ltd.
Account
Chongqing Tsingshan Industrial Co., Ltd. 40,000.00 -
receivable
Account Anhui Wanyou Automobile Sales and
39,265.70 -
receivable Service Co., Ltd
Account China Changan Automobile Group
31,380.00 -
receivable Tianjin Sales Co., Ltd.
Account Chengdu Lingchuan Automotive Fuel
2,743.94 -
receivable Tank Co., Ltd
Account Chongqing Fuji Supply Chain
- 13,934,855.12
receivable Management Co., Ltd
Account Jiangsu Wanyou Automobile Sales
- 6,117,845.18
receivable Service Co., Ltd
Account Chenzhi (Chengdu) Intelligent Suspension
497,845.97
receivable Co., Ltd
Account Chongqing Anfu Automobile Marketing
- 278,200.00
receivable Co., Ltd
Account Yunnan Wanyou Auto Sales and Service
121,200.00
receivable Co., Ltd.
Subtotal 888,293,275.14 990,399,587.73
Other Chongqing Changan Innovation Private 68,253,846.00 -
135
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
receivable Equity Investment Fund Partnership
Enterprise (Limited Partnership)
Chongqing Changxin Zhiqi Private Equity
Other
Investment Fund Partnership (Limited 25,500,000.00 25,500,000.00
receivable
Partnership)
Other Chongqing Changan Kuayue Vehicle Co.,
3,430,000.00 -
receivable Ltd
Other China South Industry Group Finance Co.,
200,118.29 -
receivable Ltd.
Other Chongqing Changan Minsheng Logistics
84.97 -
receivable Co. Ltd.
Chongqing Changyu Private Equity
Other
Investment Fund Partnership Enterprise - 69,600,000.00
receivable
(Limited Partnership)
Other
Jiangling Holdings Co., Ltd. - 70
receivable
Subtotal 97,384,049.26 95,100,070.00
Advanced
Harbin Dongan Auto Engine Co., Ltd. 842,415.00 -
payment
Advanced Beijing Zhongbing Insurance Brokerage
242,082.77 -
payment Co., Ltd
Advanced Chongqing Wanyou Economic
192,590.00 -
payment Development Co., Ltd.
Advanced Chongqing Shangfang Automotive Parts
25,281.84 -
payment Co., Ltd
Advanced China Ordnance Equipment Group
13,200.00 -
payment Human Resources Development Center
Advanced Chongqing Wanyou Zunda Automobile
5,862.00 -
payment Sales and Service Co., Ltd
Subtotal 1,321,431.61 -
(2) Accounts payable to related parties of listed companies
In RMB Yuan
Items Related parties Ending balance Beginning balance
Notes
Jiangling Holdings Co., Ltd. 2,136,874,765.21 1,047,608,994.41
payable
Notes
Chongqing Tsingshan Industrial Co., Ltd. 1,690,409,282.84 1,723,679,349.53
payable
Notes
Chongqing Changan Minsheng Logistics Co. Ltd. 404,421,728.79 443,503,065.10
payable
Notes
Chongqing Nexteer Steering System Co.,Ltd. 344,128,811.22 403,879,297.14
payable
Notes
Chongqing Dajiang Tongyang Plastics Co., Ltd. 308,929,970.11 241,360,000.00
payable
Notes
Times Changan Power Battery Co.,Ltd. 267,263,260.05 -
payable
Notes Harbin Dongan Automotive Engine Manufacturing
261,190,000.00 234,620,000.00
payable Co., Ltd.
Notes
South Inter Air-conditioner Co.,Ltd. 218,167,370.68 243,848,518.33
payable
Notes
Dajiang Yapp Automotive Systems Co., Ltd. 186,280,711.23 215,540,000.00
payable
Notes Sichuan Ningjiang Shanchuan Machinery Co, Ltd. 173,433,371.73 80,902,422.85
136
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
payable
Notes
Harbin Dongan Auto Engine Co., Ltd. 170,000,000.00 11,090,000.00
payable
Notes Hubei Huazhong Marelli Automobile Lighting Co.,
140,210,000.00 122,400,000.00
payable Ltd.
Notes
CDGM Tanaka Environmental Catalyst Co.,Ltd. 127,320,711.30 102,880,000.00
payable
Notes GKN HUAYU Driveline Systems (Chongqing) Co.,
120,250,754.61 122,855,842.38
payable Ltd
Notes
CSM Faurecia Automotive Parts Co., Ltd. 116,296,520.81 107,251,528.51
payable
Notes Chongqing Lingchuan Auto Parts Manufacturing
79,480,000.00 113,510,000.00
payable Technology Co., Ltd.
Notes
Hunan Tianyan Machinery Co., Ltd 73,850,000.00 -
payable
Notes
Chenzhi (Chongqing) Brake System Co., Ltd 67,903,664.67 73,980,457.72
payable
Notes Tiannak Lingchuan (Chongqing) exhaust system Co.,
61,790,000.00 44,930,000.00
payable Ltd
Notes Hubei Xiaogan Huazhong Automobile Light Co.,
52,210,327.25 35,788,907.01
payable Ltd.
Notes
Chongqing Shangfang Automobile Fittings Co., Ltd. 46,353,548.24 41,023,156.32
payable
Notes Chongqing Jianshe Automobile Air-conditioner Co.,
41,810,000.00 14,260,000.00
payable Ltd.
Notes Chongqing Hanon Jianshe Automotive Thermal
40,310,000.00 77,160,000.00
payable Systems Co., Ltd.
Notes Chongqing Yihong Engineering Plastic Products Co.,
29,944,335.73 26,870,000.00
payable Ltd.
Notes
Chengdu Wanyou Filter Co., Ltd. 21,370,000.00 51,120,000.00
payable
Notes
Sichuan Jian'an Industrial Co.,Ltd. 15,820,000.00 4,757,300.00
payable
Notes
Chongqing Construction Tongda Industrial Co., Ltd. 15,796,711.86 15,579,467.79
payable
Notes
China South Industry Group Finance Co., Ltd. 12,450,000.00 -
payable
Notes
Chongqing Changrong Machinery Co., Ltd. 9,640,073.64 5,667,059.25
payable
Notes
Chengdu Lingchuan Vehicle Oil Tank Co., Ltd. 9,520,000.00 2,640,000.00
payable
Southwest Ordnance Industry Chongqing
Notes
Environmental Protection Research Institute Co., 9,074,966.47 10,355,405.72
payable
Ltd.
Notes
Chengdu Huachuan Electric Equipment Co., Ltd. 8,520,000.00 -
payable
Notes Longchang Shanchuan Precision Welded Tube Co.,
6,960,000.00 6,670,000.00
payable Ltd.
Notes
Chongqing Dajiang Jiexin Forging Co., Ltd. 2,990,000.00 340,000.00
payable
Notes Chongqing Changan Intelligent Industrial
1,427,604.24 -
payable Technology Service Co., Ltd
Notes
Chongqing Qingshan Transmission Sales Co., Ltd. 30,000.00 -
payable
137
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Notes
Hunan Tianyan Machinery Co., Ltd. - 97,750,000.00
payable
Subtotal 7,272,428,490.68 5,723,820,772.06
Account
Jiangling Holdings Co., Ltd. 1,797,280,504.24 1,354,996,530.62
payable
Account
Chongqing Tsingshan Industrial Co., Ltd. 882,955,222.20 1,161,486,369.43
payable
Account
Chongqing Nexteer Steering System Co.,Ltd. 369,590,620.19 460,868,914.97
payable
Account
Chenzhi (Chongqing) Brake System Co., Ltd 179,516,185.64 146,361,112.11
payable
Account Hubei Huazhong Marelli Automobile Lighting Co.,
158,141,385.62 304,497,612.19
payable Ltd.
Account
Dajiang Yapp Automotive Systems Co., Ltd. 145,416,430.04 188,849,804.56
payable
Account
South Inter Air-conditioner Co.,Ltd. 140,937,227.43 218,167,579.17
payable
Account
Chongqing Dajiang Tongyang Plastics Co., Ltd. 129,292,020.43 160,704,720.85
payable
Account
Sichuan Jian'an Industrial Co.,Ltd. 124,200,216.89 209,471,637.23
payable
Account Harbin Dongan Automotive Engine Manufacturing
120,799,931.15 112,601,705.64
payable Co., Ltd.
Account Chongqing Dajiang Guoli Precision Machinery
115,836,205.55 80,230,007.07
payable Manufacturing Co., Ltd.
Account
CDGM Tanaka Environmental Catalyst Co.,Ltd. 97,688,910.97 288,969,832.65
payable
Account Lear Changan (Chongqing) Automotive System Co.,
93,683,471.39 41,271.92
payable Ltd
Account
CSM Faurecia Automotive Parts Co., Ltd. 92,039,586.13 133,412,554.27
payable
Account
Harbin Dongan Auto Engine Co., Ltd. 82,578,904.46 82,269,854.10
payable
Account
United Automotive Electronics (Chongqing) Co., Ltd 63,495,236.60 175,204,866.08
payable
Account GKN HUAYU Driveline Systems (Chongqing) Co.,
62,988,650.63 131,979,852.57
payable Ltd
Account
Chengdu Huachuan Electric Equipment Co., Ltd. 56,306,690.89 133,533,197.37
payable
Account
Hunan Tianyan Machinery Co., Ltd 52,385,063.07 62,751,647.18
payable
Account
Chongqing Changrong Machinery Co., Ltd. 46,306,272.20 53,190,098.24
payable
Account
Sichuan Ningjiang Shanchuan Machinery Co, Ltd. 39,620,939.17 217,032,427.38
payable
Account Chongqing Jianshe Automobile Air-conditioner Co.,
37,332,675.88 15,466,830.30
payable Ltd.
Account Hubei Xiaogan Huazhong Automobile Light Co.,
36,104,638.63 30,315,072.22
payable Ltd.
Account Chongqing Lingchuan Auto Parts Manufacturing
34,870,845.88 44,644,512.83
payable Technology Co., Ltd.
Account
Chongqing Changan Minsheng Logistics Co. Ltd. 27,430,966.56 12,682,710.95
payable
Account Chongqing Shangfang Automobile Fittings Co., Ltd. 27,039,767.01 32,922,573.42
138
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
payable
Account
Chengdu Wanyou Filter Co., Ltd. 21,626,491.55 23,915,398.04
payable
Account
Construction Industry Group (Yunnan) Co., Ltd 20,984,974.87 327,412.94
payable
Account Chongqing Hanon Jianshe Automotive Thermal
20,123,010.47 5,633,908.16
payable Systems Co., Ltd.
Account
Chengdu Lingchuan Vehicle Oil Tank Co., Ltd. 16,119,198.40 18,306,736.20
payable
Account
Chongqing Construction Tongda Industrial Co., Ltd. 16,079,337.46 21,293,902.87
payable
Account Tiannak Lingchuan (Chongqing) exhaust system Co.,
11,730,407.33 93,157.04
payable Ltd
Account Chongqing Wanyou Economic Development Co.,
5,049,141.72 7,393,900.62
payable Ltd.
Account
Chongqing Qingshan Transmission Sales Co., Ltd. 4,933,395.59 11,834,165.78
payable
Account Chongqing Yihong Engineering Plastic Products Co.,
4,823,040.79 22,446,756.72
payable Ltd.
Account
Chongqing Dajiang Jiexin Forging Co., Ltd. 4,650,255.00 421,518.30
payable
Account
Beijing Wutong Chelian Technology Co., Ltd. 4,582,954.79 1,781,815.70
payable
Account Longchang Shanchuan Precision Welded Tube Co.,
3,062,086.17 4,292,608.83
payable Ltd.
Account
China Changan Automobile Group Co., Ltd. 1,954,952.24 1,040,003.18
payable
Account Chongqing Changan Intelligent Industrial
1,443,978.00 1,443,978.00
payable Technology Service Co., Ltd
Account AVATR (Chongqing) Automobile Sales & Service
1,100,769.80 587,070.80
payable Co., Ltd
Account
Chenzhi (Chengdu) Intelligent Suspension Co., Ltd 779,332.12 1,220,521.72
payable
Account
Avatr Technology (Chongqing) Co., Ltd 643,755.00 914,385.00
payable
Account Chongqing Changxian Intelligent Technology Co.,
558,742.05 -
payable Ltd
Account
Nanyang Lida Optoelectronics Co., Ltd 545,044.95 -
payable
Account
Chongqing Wutong Chelian Technology Co., Ltd 311,014.83 3,636,473.60
payable
Account
Chongqing Changan industry (Group) Co., Ltd 154,239.51 601,675.65
payable
Account Chengdu Jialing Huaxi Optical & Precision
139,598.40 242,083.74
payable Machinery Co., Ltd.
Account Chongqing Jialing Yimin Special Equipment Co.,
104,496.50 104,496.50
payable Ltd.
Account
Times Changan Power Battery Co.,Ltd. 99,460.00 95,181,872.65
payable
Account Chongqing Jianshe Mechanical & Electrical
94,531.82 47,265.91
payable Equipment Co., Ltd.
Account
Chongqing Construction Industry (Group) Co., Ltd 90,189.67 575,587.79
payable
Account Chongqing Xiyi automobile connecting rod Co., Ltd 38,422.14 38,422.14
139
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
payable
Account
Chongqing Changan Property Management Co., Ltd. 12,402.00 -
payable
Account
Hangzhou Chelizi Intelligent Technology Co., Ltd. 12,350.00 12,350.00
payable
Account Ald Fortune Auto Leasing & Renting (Shanghai)
11,820.79 32,771.36
payable Co., Ltd.
Account
Chongqing Dajiang Yuqiang Plastic Co., Ltd. 7,068.48 3,588,068.59
payable
Account
Hafei Automobile Co., Ltd 344.04 344.04
payable
Account Beijing Beiji Mechanical and Electrical Industry Co.,
- 141,911.64
payable Ltd.
Account
Chengdu Lingchuan Special Industry Co., Ltd. - 101,585.16
payable
Account Chongqing Wanyou Xingjian Auto Sales & Service
- 20,842.80
payable Co., Ltd.
Subtotal 5,155,705,375.33 6,039,926,286.79
Contract Chengdu Wanyou Xiangyu Auto Sales and Service
124,978,443.85 110,584,225.04
liabilities Co., Ltd.
Contract
Jiangsu Wanyou Automobile Sales Service Co., Ltd. 69,459,070.92 26,589,072.67
liabilities
Contract Chongqing Wanyou Economic Development Co.,
54,366,075.62 62,975,674.47
liabilities Ltd.
Contract
Guizhou Wanyou Auto Sales and Service Co., Ltd. 35,493,993.56 68,070,242.12
liabilities
Contract
Anhui Wanyou Automobile Sales Service Co., Ltd. 26,674,923.57 9,994,433.27
liabilities
Contract
Yunnan Wanyou Auto Sales and Service Co., Ltd. 22,211,744.68 55,836,423.36
liabilities
Contract
Wanyou Automobile Investment Co., Ltd. 17,659,822.55 23,183,182.96
liabilities
Contract China Changan Automobile Group Tianjin Sales Co.,
7,981,217.13 8,118,237.92
liabilities Ltd.
Contract
Pakistan Master Automobile Co., Ltd. 7,326,740.89 6,452,463.66
liabilities
Contract Nanchang Jiangling Group Tianren Auto Parts Co.,
6,854,200.00 -
liabilities Ltd
Contract
Chongqing Fuji Supply Chain Management Co., Ltd 6,467,467.30 -
liabilities
Contract
Chengdu Wanyou Auto Trade Service Co., Ltd. 5,853,128.95 16,498,448.61
liabilities
Contract
Changan Mazda Engine Co., Ltd. 3,256,185.92 -
liabilities
Contract Ordnance Equipment Research Institute of China
759,366.75 -
liabilities Ordnance Equipment Group
Contract
Changan Automobile Finance Co., Ltd 685,200.00 606,371.68
liabilities
Contract
Hafei Automobile Co., Ltd 471,942.49 417,648.22
liabilities
Contract
Chengdu Wanyou Auto Sales and Service Co.,Ltd. 275,094.97 345,372.38
liabilities
Contract
Chongqing Changan Minsheng Logistics Co. Ltd. 202,904.23 271,047.12
liabilities
140
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Contract
Chongqing Anfu Automobile Co., Ltd. 178,600.00 -
liabilities
Contract Chongqing Wanyou Ducheng Auto Sales Service
91,336.65 207,654.20
liabilities Co., Ltd.
Contract
Dali Wanfu Automobile Sales and Service Co., Ltd 45,130.22 46,416.87
liabilities
Contract
Beijing North Changfu Automobile Sales Co., Ltd 10,000.00 -
liabilities
Contract
Chongqing Shangfang Automobile Fittings Co., Ltd. 3,980.00 3,522.12
liabilities
Contract
Luzhou Wanyou Automobile Service Co., Ltd. 121 54,775.96
liabilities
Contract Chongqing Wanyou Zunda Automobile Sales &
- 89,057,725.73
liabilities Service Co., Ltd.
Contract Chongqing Wanyou Zhicheng Automobile Sales and
- 9,803,782.94
liabilities Service Co., Ltd
Contract
Avatr Technology (Chongqing) Co., Ltd - 970,882.61
liabilities
Contract
Ya'an Wanyou Auto Sales and Service Co., Ltd. - 112,302.96
liabilities
Contract Chongqing Wanyou Xingjian Auto Sales & Service
- 66,275.60
liabilities Co., Ltd.
Contract
Bazhong Wanyou Auto Sales & Service Co., Ltd. - 44,625.20
liabilities
Contract
Panzhihua Wanyou Auto Sales & Service Co., Ltd. - 32,689.44
liabilities
Contract
Chengdu Wanyou Trading Co., Ltd. - 15,049.38
liabilities
Contract China Changan Automobile Group Hefei Investment
- 9,091.15
liabilities Co., Ltd.
Contract
Yunnan Wanxing Auto Sales Service Co., Ltd. - 87.61
liabilities
Contract
Changan Ford Automobile Co., Ltd. - 0.32
liabilities
Subtotal 391,306,691.25 490,367,725.57
Other
Chongqing Changan Minsheng Logistics Co. Ltd. 647,744,953.55 500,998,344.99
payables
Other
Hafei Automobile Co., Ltd 66,824,300.00 -
payables
Other
China Changan Automobile Group Co., Ltd. 9,825,445.99 -
payables
Other
Chongqing Tsingshan Industrial Co., Ltd. 9,240,873.90 18,225,258.51
payables
Other
Chongqing Changan Construction Co., Ltd. 7,762,873.49 7,120,158.39
payables
Other Changan Reis (Chongqing) Robotic Intelligent
7,439,420.93 7,439,420.93
payables Equipment Co., Ltd.
Other Ald Fortune Auto Leasing & Renting (Shanghai)
7,088,464.83 10,098,882.10
payables Co., Ltd.
Other Chongqing Dajiang Guoli Precision Machinery
6,015,690.35 99,087.65
payables Manufacturing Co., Ltd.
Southwest Ordnance Industry Chongqing
Other
Environmental Protection Research Institute Co., 5,544,649.34 6,567,229.16
payables
Ltd.
141
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Other
Chongqing Wanyou Talent Service Co., Ltd 5,428,594.36 -
payables
Other
Chongqing Changan Property Management Co., Ltd. 4,167,170.61 4,291,910.22
payables
Other Chongqing Wanyou Economic Development Co.,
4,097,100.00 9,733,185.00
payables Ltd.
Other China Changan Automobile Group Tianjin Sales Co.,
3,861,800.00 4,967,547.10
payables Ltd.
Other
Jiangsu Wanyou Automobile Sales Service Co., Ltd. 3,632,500.00 12,433,698.10
payables
Other Hubei Huazhong Marelli Automobile Lighting Co.,
3,085,295.00 411,875.16
payables Ltd.
Other Chongqing Changan Intelligent Industrial
2,789,214.26 4,000,701.62
payables Technology Service Co., Ltd
Other
Yunnan Wanyou Auto Sales and Service Co., Ltd. 2,723,100.00 7,847,297.00
payables
Other
Times Changan Power Battery Co.,Ltd. 2,181,917.60 -
payables
Other
Sichuan Jian'an Industrial Co.,Ltd. 2,124,179.80 1,670,420.64
payables
Other
South Inter Air-conditioner Co.,Ltd. 1,703,953.02 3,885,605.94
payables
Other
CSM Faurecia Automotive Parts Co., Ltd. 1,408,964.50 2,292,829.98
payables
Other
Chenzhi (Chongqing) Brake System Co., Ltd 1,192,027.46 81,873.02
payables
Other
Chengdu Wanyou Auto Trade Service Co., Ltd. 983,340.00 2,041,261.84
payables
Other
Guizhou Wanyou Auto Sales and Service Co., Ltd. 803,436.32 4,854,300.00
payables
Other
Chongqing Changan industry (Group) Co., Ltd 791,056.30 875,856.10
payables
Other Chengdu Wanyou Xiangyu Auto Sales and Service
634,500.00 9,558,725.84
payables Co., Ltd.
Other
Anhui Wanyou Automobile Sales Service Co., Ltd. 627,800.00 938,180.00
payables
Other
Jiangling Holdings Co., Ltd. 487,269.56 -
payables
Other Chongqing Southwest Inspection and Testing Co.,
348,157.54 -
payables Ltd
Other
Changan Ford Automobile Co., Ltd. 315,404.16 752,549.61
payables
Other
Avatr Technology (Chongqing) Co., Ltd 232,238.36 -
payables
Other Chongqing Wanyou Xingjian Auto Sales & Service
200,000.00 441,740.00
payables Co., Ltd.
Other
Ya'an Wanyou Auto Sales and Service Co., Ltd. 163,900.00 2,100,513.14
payables
Other
Dajiang Yapp Automotive Systems Co., Ltd. 156,286.40 17,514.74
payables
Other Chongqing Wanyou Ducheng Auto Sales Service
136,100.00 737,780.00
payables Co., Ltd.
Other
Chengdu Wanyou Filter Co., Ltd. 120,000.00 939,532.50
payables
142
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Other
Chengdu Wanyou Auto Sales and Service Co.,Ltd. 120,000.00 3,200,000.00
payables
Other
Chenzhi Technology Co., Ltd 107,350.00 -
payables
Other
Sichuan Ningjiang Shanchuan Machinery Co, Ltd. 104,511.20 84,283.54
payables
Other Chongqing Wanyou Zhicheng Automobile Sales and
100,174.50 -
payables Service Co., Ltd
Other GKN HUAYU Driveline Systems (Chongqing) Co.,
68,873.50 89,598.75
payables Ltd
Other
Chengdu Huachuan Electric Equipment Co., Ltd. 65,356.32 237,375.50
payables
Other Harbin Dongan Automotive Engine Manufacturing
45,263.28 12,665.04
payables Co., Ltd.
Other Hubei Xiaogan Huazhong Automobile Light Co.,
44,971.36 -
payables Ltd.
Other
Chongqing Nexteer Steering System Co.,Ltd. 6,518.69 1,238,092.98
payables
Other
United Automotive Electronics (Chongqing) Co., Ltd 4,746.00 159,089.20
payables
Other
Chongqing Shangfang Automobile Fittings Co., Ltd. 2,457.06 215,604.00
payables
Other
Chongqing Changrong Machinery Co., Ltd. 250.59 88,358.88
payables
Other Chongqing Lingchuan Auto Parts Manufacturing
- 681,921.10
payables Technology Co., Ltd.
Other
CDGM Tanaka Environmental Catalyst Co.,Ltd. - 229,627.31
payables
Other
Luzhou Wanyou Automobile Service Co., Ltd. - 221,800.00
payables
Other Chongqing Wanyou Zunda Automobile Sales &
- 213,235.41
payables Service Co., Ltd.
Other
Beijing North Changfu Automobile Sales Co., Ltd - 200,000.00
payables
Other Chongqing Wanyou Chengxing Automobile Sales
- 120,000.00
payables and Service Co., Ltd
Other
Chongqing Dajiang Xinda Vehicles Shares Co., Ltd. - 100,000.00
payables
Other
China Ordnance News - 44,850.00
payables
Other
Hunan Tianyan Machinery Co., Ltd. - 21,696.00
payables
Other
Dali Wanfu Automobile Sales and Service Co., Ltd - 1,691.00
payables
Other
Chongqing Construction Tongda Industrial Co., Ltd. - 1,343.94
payables
Other Chongqing Yihong Engineering Plastic Products Co.,
- 159.91
payables Ltd.
Subtotal 812,552,450.13 632,584,671.84
143
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
XV. Share-based payments
1. General information
In RMB Yuan
Grant in current Exercise rights in Lose efficacy in
Grant object Unlock in current period
period current period current period
category
Number Amount Number Amount Number Amount Number Amount
Staff 43,135,948.00 132,685,226.16
Total 43,135,948.00 132,685,226.16
2. Equity settled share based payment
In RMB Yuan
Determination method of fair value of equity
Market price method model calculation
instruments on the grant date
Basis for determining the number of exercisable Based on the best estimate of the number of exercisable equity instruments, the
equity instruments relevant expenses and costs are calculated according to the fair value of the
equity instruments on the grant date
Cumulative amount of equity settled share based
1,192,614,367.92
payment included in capital reserve
3. Share based payment expenses for current period
Grant object category Equity settled share based payment fees Share based payment fees settled in cash
Staff 181,288,200.00
Total 181,288,200.00
XVI. Commitments and Contingencies
1. Important commitments existing on the balance sheet date
Contracted, but not provided for
In RMB Yuan
ending balance Beginning balance
Capital commitments 10,101,161,476.92 11,619,677,925.31
Investment commitments 894,050,000.00 1,132,500,000.00
Total 10,995,211,476.92 12,752,177,925.31
XVII. Events after the balance sheet date
None
XVIII. Other important events
None
144
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
XIX. Notes to the main items of the parent company’s financial statements
1. Account Receivables
(1) Accounts receivable disclosed by aging
In RMB Yuan
Account receivable age Ending balance Beginning balance
Less than 1 year (including 1 year) 12,185,535,712.57 7,757,039,345.74
1 to 2 years (including 2 years) 247,784,277.93 4,629,777.82
2 to 3 years (including 3 years) 222,236,659.88 713,934,590.78
Over 3 years 667,087,783.22 172,295,427.89
Subtotal 13,322,644,433.60 8,647,899,142.23
Minus：Provision 66,499,035.09 68,395,117.00
Total 13,256,145,398.51 8,579,504,025.23
(2) Accounts receivable are classified and disclosed according to the bad debt provision method
In RMB Yuan
Ending balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
12,892,811,222.50 96.77 37,652,846.20 0.29 12,855,158,376.30
for provision
Accounts receivable
analyzed as groups for 429,833,211.10 3.23 28,846,188.89 6.71 400,987,022.21
provision
Total 13,322,644,433.60 100.00 66,499,035.09 13,256,145,398.51
In RMB Yuan
Beginning balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
8,521,036,971.35 98.53 37,652,846.20 0.44 8,483,384,125.15
for provision
Accounts receivable
analyzed as groups for 126,862,170.88 1.47 30,742,270.80 24.23 96,119,900.08
provision
Total 8,647,899,142.23 100.00 68,395,117.00 8,579,504,025.23
Provision for bad debts based on credit risk characteristics:
In RMB Yuan
Ending balance
Item Estimated book balance of Expected credit loss rate Expected credit loss for the
default (%) entire duration
145
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Within 1 year (including 1
389,060,540.22 0.01 30,910.34
year)
1 to 2 years 9,189,589.19 0.16 14,272.48
2 to 3 years
More than 3 years 31,583,081.69 91.19 28,801,006.07
Total 429,833,211.10 28,846,188.89
(3) Provision for bad debts accrued, recovered or reversed in this period
In RMB Yuan
Report period Amount
Items Beginning balance Ending balance
Accrual Withdrawal or reversal
Individually analyzed for provision 37,652,846.20 37,652,846.20
Accounts receivable analyzed as groups
30,742,270.80 1,896,081.91 28,846,188.89
for provision
Total 68,395,117.00 1,896,081.91 66,499,035.09
(4) Accounts receivable of the top five ending balances collected by the debtor
As of June 30, 2024, the top five accounts receivable had a total balance of 9852015270.32 yuan, accounting for 73.95% of the total
ending balance of accounts receivable.
2. Other receivables
In RMB Yuan
Items Ending balance Beginning balance
Dividends receivable 22,469,320.00
Other receivables 439,225,446.87 237,247,787.26
Total 461,694,766.87 237,247,787.26
(1) Dividends receivable
1) Classification of dividends receivable
In RMB Yuan
Items ( or invested units ) Ending balance Beginning balance
Chongqing Changan Kuayue Vehicle Co., Ltd 3,430,000.00
Zhongfa Lian Investment Co., Ltd 19,039,320.00
Total 22,469,320.00
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(2) Other receivables
1) Disclosure by aging
In RMB Yuan
Aging Ending balance Beginning balance
Less than 1 year (including 1 year) 429,857,858.95 231,794,668.72
1 to 2 years (including 2 years) 7,545,438.39 3,543,202.13
2 to 3 years (including 3 years) 1,804,946.67 1,987,846.67
Over 3 years 6,930,932.77 6,930,932.77
Subtotal 446,139,176.78 244,256,650.29
Minus：Provision 6,913,729.91 7,008,863.03
Total 439,225,446.87 237,247,787.26
2) Classified disclosure based on bad debt provision method
In RMB Yuan
Ending balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
361,296,709.51 80.98 6,842,932.77 1.89 354,453,776.74
for provision
Accounts receivable
analyzed as groups for 84,842,467.27 19.02 70,797.14 0.08 84,771,670.13
provision
Total 446,139,176.78 100.00 6,913,729.91 439,225,446.87
In RMB Yuan
Beginning balance
Item Book balance Bad debt reserves
Book value
Amount Ratio (%) Amount Ratio (%)
Individually analyzed
173,323,245.26 70.96 6,842,932.77 3.95 166,480,312.49
for provision
Accounts receivable
analyzed as groups for 70,933,405.03 29.04 165,930.26 0.23 70,767,474.77
provision
Total 244,256,650.29 100.00 7,008,863.03 237,247,787.26
3) Provision for bad debts
In RMB Yuan
Phase 1 Phase 2 Phase 3
Expected credit loss Expected credit loss
Bad debts Expected credit loss for for the entire duration for the entire duration Total
the next 12 months (no credit impairment (credit impairment
has occurred) already occurred)
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Ending balance of the
165,930.26 6,842,932.77 7,008,863.03
previous year
Last year's ending balance
in the current period
——Entering the Phase 2
——Entering the Phase 3
——Return to the Phase 2
——Return to the Phase 1
Provision for this period
Current period reversal 95,133.12 95,133.12
This period's resale
Verification in this period
Other changes
Ending balance 70,797.14 6,842,932.77 6,913,729.91
The changes in the book balance of other receivables are as follows:
In RMB Yuan
Phase 1 Phase 2 Phase 3
Expected credit loss Expected credit loss
Bad debts Expected credit loss for the entire duration for the entire duration Total
for the next 12 months (no credit impairment (credit impairment
has occurred) already occurred)
Ending balance of the
237,413,717.52 6,842,932.77 244,256,650.29
previous year
Last year's ending balance
in the current period
——Entering the Phase 2
——Entering the Phase 3
——Return to the Phase 2
——Return to the Phase 1
Newly added in this period 645,616,722.76 645,616,722.76
Termination confirmation
443,734,196.27 443,734,196.27
for this period
Other changes
Ending balance 439,296,244.01 6,842,932.77 446,139,176.78
4) Provision for bad debts accrued, recovered or reversed in this period
In RMB Yuan
Current period change amount
Item Beginning balance Withdrawal or Ending balance
Provision
reversal
Individually analyzed for provision 6,842,932.77 6,842,932.77
Accounts receivable analyzed as 165,930.26 95,133.12 70,797.14
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
groups for provision
Total 7,008,863.03 95,133.12 6,913,729.91
5) Classification of other receivables by nature of payment
In RMB Yuan
Nature of Payment Ending book balance Beginning book balance
Prepaid equity investment funds 347,940,427.45 109,286,581.45
Reserve fund 13,796,543.91 69,048,305.62
Internal communication 6,513,349.29 25,410,795.04
Subsidies receivable 31,782,936.00
Others 77,888,856.13 8,728,032.18
Total 446,139,176.78 244,256,650.29
6) Other receivables with the top five ending balances collected by debtor
As of June 30, 2024, the top five ending balances of other receivables amounted to RMB 381,521,764.61, accounting for 85.52% of
the total ending balance of other receivables.
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
3. Long-term equity investment
In RMB Yuan
Ending balance Beginning balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in subsidiaries 7,722,549,139.12 49,194,195.00 7,673,354,944.12 7,722,549,139.12 49,194,195.00 7,673,354,944.12
Investment in joint ventures
12,110,989,687.66 12,110,989,687.66 11,762,095,077.25 11,762,095,077.25
and associates
Total 19,833,538,826.78 49,194,195.00 19,784,344,631.78 19,484,644,216.37 49,194,195.00 19,435,450,021.37
(1) Investment in subsidiaries
In RMB Yuan
Changes during report period
Ending Balance of
Investee Opening Balance reduce Provision for Ending Balance
Addition Others provision
investment impairment
Hefei Changan Automobile Co.,Ltd. 1,535,367,765.23 1,535,367,765.23
Chongqing Changan International Automobile
1,182,068,581.00 1,182,068,581.00
Sales Co., Ltd.
Chongqing Changan Kaicheng Automobile
977,793,971.55 977,793,971.55
Technology Co., Ltd.
Chongqing Changan Lingyao Automobile Co.,
594,949,059.30 594,949,059.30
Ltd.
Nanjing Changan Automobile Co., Ltd. 422,533,259.00 422,533,259.00
Changan Automobile Russia Co., Ltd. 251,242,589.15 251,242,589.15
Changan United Kingdom R&D Center Co.,
250,093,850.95 250,093,850.95
Ltd.
Changan Automobile Investment (Shenzhen)
237,889,511.00 237,889,511.00
Co., Ltd
Chongqing Changan Europe Design Center 155,469,913.50 155,469,913.50
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Co., Ltd.
Chongqing Changan Automobile Software
99,000,000.00 99,000,000.00
Technology Co., Ltd.
Chongqing Changan Technology Co., Ltd 90,000,000.00 90,000,000.00
Chongqing Changan Connected Car
88,500,000.00 88,500,000.00
Technology Co., Ltd.
Nanjing Changan New Energy Automobile
50,000,000.00 50,000,000.00
Sales & Service Co., Ltd.
Chongqing Zhilaidadao New Energy Co., Ltd 49,194,195.00 49,194,195.00 49,194,195.00
Chongqing Changan Automobile Supporting
29,700,000.00 29,700,000.00
Service Co., Ltd.
Chongqing Changan Xing Automobile Co., Ltd 20,000,000.00 20,000,000.00
Deepal Automobile Technology Co., Ltd 1,655,606,604.29 1,655,606,604.29
Changan United States R&D Center Co., Ltd. 10,243,460.00 10,243,460.00
Chongqing Chehemei Technology Co., Ltd. 10,000,000.00 10,000,000.00
Guangzhou Changan New Energy Automobile
4,000,000.00 4,000,000.00
Co. Ltd.
Chongqing Changan Special Automobile Co.,
2,500,000.00 2,500,000.00
Ltd.
Xiamen Changan New Energy Automobile Co.
2,000,000.00 2,000,000.00
Ltd.
Chongqing Anyi Automobile Technical Service
2,000,000.00 2,000,000.00
Co., Ltd.
Changan Japan Designing Center Co.,Ltd. 1,396,370.15 1,396,370.15
Beijing Changan R&D Center Co., Ltd. 1,000,000.00 1,000,000.00
Changan Automobile Southeast Asia Co., Ltd 3.00 3.00
Changan Automotive Parts (Thailand) Co., Ltd 3.00 3.00
Changan Automobile Sales (Thailand) Co., Ltd 3.00 3.00
Total 7,722,549,139.12 7,722,549,139.12 49,194,195.00
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
(2) Investment in associates and joint ventures
In RMB Yuan
Changes during report period
Closing
Other Declare the balance of
Investee Opening Balance Investment Ending Balance
comprehensive Other equity distribution of impairment
Addition income/loss under
income changes cash dividends or provision
equity method
adjustments profits
1. Joint ventures
Nanchang Jiangling Investment 2,288,047,015.8
2,106,206,520.20 181,840,492.72 2.89
Co., Ltd. 1
Changan Mazda Automobile
878,239,492.13 (102,147,632.24) 776,091,859.89
Co., Ltd.
Changan Mazda Engine Co.,
805,005,706.40 1,138,226.54 806,143,932.94
Ltd.
Changan Ford Automobile Co.,
618,761,192.06 618,761,192.06
Ltd.
4,489,044,000.7
Subtotal 3,789,451,718.73 699,592,279.08 2.89
0
2. Associates
Changan Automobile Financing 3,242,757,998.0
3,041,392,973.86 201,365,024.22
Co., Ltd. 8
Nanjing Leading Equity
2,637,958,931.3
Investment Partnership 2,645,793,326.69 (7,834,395.32)
7
(Limited Partnership)
Zhongqi Chuangzhi
448,515,220.54 (8,958,355.14) 439,556,865.40
Technology Co., Ltd.
Chongqing Changan Kuayue
228,765,251.64 2,148,873.70 (3,430,000.00) 227,484,125.34
Automobile Co., Ltd.
Chongqing Changxin Zhiqi
Private Equity Investment Fund
204,518,396.38 8,011,212.22 212,529,608.60
Partnership (Limited
Partnership)
Era Chang'an Power Battery
132,637,632.28 (37,137,975.00) 95,499,657.28
Co., Ltd
Chongqing Changxian 103,217,635.38 524,784.92 103,742,420.30
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Intelligent Technology Co., Ltd
Chongqing Changan Innovation
Private Equity Investment Fund
70,104,473.99 308.14 70,104,782.13
Partnership Enterprise (Limited
Partnership)
Changan Ford New Energy
67,713,664.93 (17,113,068.64) 50,600,596.29
Vehicle Technology Co., Ltd
Anhe Chongqing Dingfeng
Automobile Contract Private 61,692,352.41 370,450.00 62,062,802.41
Equity Investment Fund
Coresing Semiconductor
28,502,232.09 161,981.13 28,664,213.22
Technology Co., Ltd.
Nanjing Leading Equity
Investment Management Co., 1,107,400.12 (6,888.58) 1,100,511.54
Ltd.
Nanjing Chelai Travel
584,824.65 (251,725.81) 333,098.84
Technology Co., Ltd.
Avatr Technology (Chongqing)
938,097,973.56 (561,624,968.82) (184,358.40) 3,221,300.64 379,509,946.98
Co., Ltd.
Chongqing Changyu Private
Equity Investment Fund
69,600,000.00 (578,713.15) 69,021,286.85
Partnership Enterprise (Limited
Partnership)
Chongqing Changan Kuayue
1,018,842.33 1,018,842.33
Vehicle Marketing Co., Ltd
7,621,945,686.9
Subtotal 7,972,643,358.52 69,600,000.00 (419,904,613.80) (184,358.40) 3,221,300.64 (3,430,000.00)
6
12,110,989,687.
Total 11,762,095,077.25 69,600,000.00 279,687,665.28 (184,355.51) 3,221,300.64 (3,430,000.00)
66
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Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
4. Operating revenue and cost
In RMB Yuan
Report period Same period of last year
Items
Revenue Cost Revenue Cost
Main business 51,569,910,876.74 47,417,805,945.42 51,607,236,773.22 44,981,068,323.56
Other business 3,250,931,919.13 1,606,192,812.26 2,769,138,423.99 1,060,042,185.33
Total 54,820,842,795.87 49,023,998,757.68 54,376,375,197.21 46,041,110,508.89
5. Investment income
In RMB Yuan
Items Current amount Prior-period amount
Long-term equity investment losses
297,000,000.00 544,650,000.00
accounted for by the cost method
Long-term equity investment losses
279,687,665.28 (141,552,078.57)
accounted for by the equity method
Investment income from disposal of long-term equity investments 1.00
The investment income of financial asset held for trading during its
1,979,999.95 1,406,842.07
holding period
Dividend income from remaining investments in
19,039,320.00 180,656,814.04
other equity instruments
Others 52,306,889.42
Total 650,013,874.65 585,161,578.54
XX. Additional information
1. Non-recurring profit and loss statement of current period
In RMB Yuan
Item Amount Illustration
Non-recurring items and amounts 4,959,452.69
Government subsidies included in the profit and loss of the current period
(Except closely related to business operations, in accordance with the
1,470,786,451.16
national unified standard quota or quantitative enjoyment of government
subsidies)
In addition to the effective hedging business related to the normal business
of the company, the gains and losses from changes in fair value arising
from the holding of trading financial assets, derivative financial assets,
trading financial liabilities, derivative financial liabilities, and disposal of (27,836,943.34)
transactional financial assets, derivative finance Investment income from
assets, trading financial liabilities, derivative financial liabilities and other
debt investments
Capital occupation fees charged to non-financial enterprises included in the
35,416,356.91
current profit and loss
Reversal of impairment provision for accounts receivable separately tested
8,614,937.00
for impairment
Other non-operating income and expenses other than the above items 27,056,373.59
Other profit and loss items that meet the definition of non recurring gains
215,878,122.13
and losses
Subtotal 1,734,874,750.14
154
Chongqing Changan Automobile Company Limited 2024 Semi-Annual Report
Subtract: Influenced amount of income tax 37,405,904.07
Influenced amount of minority shareholders’ equity (after tax) 34,405,791.12
Total 1,663,063,054.95 --
2. Return on equity and earnings per share
Weighted average Earnings per share (yuan/share)
Profit in report period return on equity
（%） Basic EPS Diluted EPS
Net profit belonging to the Company’s common
3.94 0.29 0.28
stockholders
Net profit belonging to the Company’s common
stockholders after deducting non-recurring profit 1.63 0.12 0.12
and loss
155
