Share’s code：
| Share’s code： | 000550 | Share’s Name： | Jiangling Motors | No.： | 2022-038 |
| 200550 | Jiangling B |
Jiangling Motors Corporation, Ltd.
2022 Third Quarter Report
Jiangling Motors Co., Ltd. and its Board members undertake that theinformation disclosed herein is truthful, accurate and complete and doesnot contain any false statement, misrepresentation or major omission.
Important Note
1. The Board of Directors and its members, the Supervisory Board and itsmembers, and the senior executives are jointly and severally liable for thetruthfulness, accuracy and completeness of the information disclosed in theReport, and confirm that the information disclosed herein does not contain anyfalse statement, misrepresentation or major omission.
2 Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department,Ding Ni, confirm that the financial statements in this Quarter Report are truthful,accurate and complete.
3. Whether the 2022 third report is audited?
□Yes □√No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
| Reporting period (2022 Third quarter) | YoY Change (%) | Beginning of year to end of reporting period | YoY Change (%) | |
| Revenue | 7,808,857,974.00 | -0.08% | 22,031,617,358.00 | -13.57% |
| Profit Attributable to the Equity Holders of the Company | 264,803,793.00 | 266.58% | 717,184,815.00 | 50.21% |
| Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Profit or Loss | 39,085,652.00 | -48.27% | -69,348,924.00 | -136.62% |
| Net Cash Generated From Operating Activities | —— | —— | -2,222,930,140.00 | -389.83% |
| Basic Earnings Per Share (RMB) | 0.31 | 266.58% | 0.83 | 50.21% |
| Diluted Earnings Per Share (RMB) | 0.31 | 266.58% | 0.83 | 50.21% |
| Weighted Average Return on Net | 3.02% | 1.90% | 8.09% | 3.57% |
Asset Ratio (%)
| Asset Ratio (%) | |||
| At the end of the reporting period | At the end of the previous year | Change (%) | |
| Total Assets | 26,880,819,216.00 | 26,359,084,120.00 | 1.98% |
| Shareholder’s equity Attributable to the Equity Holders of the Company | 9,043,014,480.00 | 8,555,444,589.00 | 5.70% |
2. Non-recurring profit and loss items and amounts
□√Applicable □Not Applicable
Unit: RMB
| Reporting period (2022 Third quarter) | Beginning of year to end of reporting period | |
| Profit and loss of non-current assets disposal (including the charge-off part of the asset impairment provision) | -2,096,625.00 | 393,215,637.00 |
| Government subsidies included in the current profit and loss | 263,814,531.00 | 524,873,765.00 |
| Capital occupation fee charged for non-financial enterprises included in the current profit and loss | 3,541,434.00 | 10,570,506.00 |
| In addition to the effective hedging business related to the normal operating business of the Company, holding the gains and losses of fair value changes arising from trading financial assets and trading financial liabilities, as well as the investment income obtained from the disposal of trading financial assets, trading financial liabilities and available for sale financial assets | 1,866,883.00 | -2,307,236.00 |
| Return of the impairment provision for receivables with a separate impairment test | - | 110,068.00 |
| Other non-operating income and expenses except the above | -833,014.00 | 929,134.00 |
| Less: Income tax impact amount | 40,428,713.00 | 140,619,972.00 |
| Influence of minority shareholders' equity (after-tax) | 146,355.00 | 238,163.00 |
| Total | 225,718,141.00 | 786,533,739.00 |
Details of other profit and loss items that meet the definition of non-recurringprofit and loss
□Applicable □√Not Applicable
There is no any other profit and loss items that meet the definition ofnon-recurring profit and loss in the Company.The description of that the non-recurring profit and loss items listed inCorporate Information Disclosure of Public Issuing Securities No.1 are definedas recurring profit and loss items
□Applicable □√Not Applicable
The Company does not have a situation in which the non-recurring profit andloss items listed in No.1 of Corporate Information Disclosure AnnouncementNo.1 are defined as recurring profit and loss.
3. Causes and explanations on major changes of financial indicators of thereporting period
□√Applicable □Not Applicable
In the first three quarters of 2022, JMC sold 207,671 vehicles in total, down
16.63% compared with the same period last year, including 50,538 trucks,49,115 pickups, 53,796 SUVs, and 54,222 light buses. Revenue and profitattributable to the equity holders of the Company during the first three quartersof 2022 were RMB 22,032 million and RMB 717 million, decrease 13.57% andincrease 50.21% respectively compared with the same period last year.
As of the end of the third quarter of 2022, compared with the end of theprevious year, financial assets held for trading decreased by RMB 100 million,down 100%, mainly reflecting the decrease of structured deposit investments.
As of the end of the third quarter of 2022, compared with the end of theprevious year, accounts receivable increased by RMB 1,537 million, up
51.33%, mainly reflecting the growth of vehicle export business.
As of the end of the third quarter of 2022, compared with the end of theprevious year, other receivables decreased by RMB 164 million, down 41%,mainly due to the receipt of subsidiary equity transfer funds.
As of the end of the third quarter of 2022, compared with the end of theprevious year, development expenditures increased by RMB 187 million, up
168.18%, mainly due to the increase in the amount of R&D investment eligiblefor capitalization in the current period.
As of the end of the third quarter of 2022, compared with the end of theprevious year, short-term borrowings increased by RMB 1,500 million, up500%, mainly reflecting the increase in short-term bank borrowing.
As of the end of the third quarter of 2022, compared with the end of theprevious year, contract liabilities decreased by RMB 110 million, down 40.46%,mainly reflecting the Company pre-charges the payment for vehicles,components and service, part of which has been categorized to operatingrevenue of the period.
As of the end of the third quarter of 2022, compared with the end of theprevious year, taxes payable decreased by RMB 135 million, down 46.98%,
mainly reflecting the decrease of the taxes payable at the end of the period.
During the first three quarters of 2022, compared with the same period lastyear, financial expenses increased by RMB 96 million, up 45.81%, mainlyreflecting the decrease of the interest income from bank deposits and theincrease of the financial interest expenses.
During the first three quarters of 2022, compared with the same period lastyear, other income increased by RMB 181 million, up 52.72%, mainly reflectingthe increase of the received government incentives.
During the first three quarters of 2022, compared with the same period lastyear, gains on disposal of assets increased by RMB 370 million, up 1,461.58%,mainly reflecting the disposal of the land and above-ground buildings andconstruction in the Qingyunpu site of the Company to bring income.
During the first three quarters of 2022, compared with the same period lastyear, net profit attributable to the equity holders of the Company increased byRMB 240 million, up 50.21%, mainly reflecting the increase of profit driven bythe disposal of the land and above-ground buildings and construction in theQingyunpu site of the Company.
During the first three quarters of 2022, compared with the same period lastyear, net cash flows from operating activities decreased by RMB 1,769 million,down 389.83%, mainly due to the decrease in cash received from the sale ofgoods resulting from the decrease in sales revenue.
During the first three quarters of 2022, compared with the same period lastyear, net cash flows from investing activities increased by RMB 161 million, up
101.71%, mainly reflecting the current received disposal payment of the landand above-ground buildings and construction in the Qingyunpu site of theCompany.
During the first three quarters of 2022, compared with the same period lastyear, net cash flows from financing activities increased by RMB 4,297 million,up 142.04%, mainly due to the increase of short-term bank borrowings and thedecrease of dividend paid in the current period.During the first three quarters of 2022, compared with the same period lastyear, the net decrease of cash and cash equivalents decreased by RMB 2,689million, down 80.99%, mainly due to the increase in net cash flow generatedfrom financing activities in the current period.
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
Total shareholders (as ofSeptember 30, 2022)
| Total shareholders (as of September 30, 2022) | JMC had 50,379 shareholders, including 44,705 A-shareholders, and 5,674 B-shareholders. | ||||
| Top ten shareholders | |||||
| Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Shares at the End of Year | Shares with Trading Restriction | Shares due to Mortgage or Frozen or Mark |
| Nanchang Jiangling Investment Co., Ltd. | State-owned legal person | 41.03% | 354,176,000 | 0 | 0 |
| Ford Motor Company | Foreign legal person | 32.00% | 276,228,394 | 0 | 0 |
| Shanghai Automotive Co., Ltd. | State-owned Legal person | 1.51% | 13,019,610 | 0 | 0 |
| Jin Xing | Domestic natural person | 0.71% | 6,095,980 | 0 | 0 |
| GAOLING FUND, L.P. | Foreign legal person | 0.63% | 5,453,086 | 0 | 0 |
| Social Security Fund - One One Zero Three Combinations | Domestic non-State-owned legal persons | 0.45% | 3,844,587 | 0 | 0 |
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | Foreign legal person | 0.44% | 3,822,801 | 0 | 0 |
| INVESCO FUNDS SICAV | Foreign legal person | 0.44% | 3,818,089 | 0 | 0 |
| Wells Securities Dividend Index Enhanced Securities Investment Fund | Domestic non-State-owned legal persons | 0.41% | 3,575,094 | 0 | 0 |
| Li Yifeng | Domestic natural person | 0.34% | 2,942,226 | 0 | 0 |
| Top ten shareholders holding unlimited tradable shares | |||||
| Shareholder Name | Shares without Trading Restriction | Share Type | |||
| Nanchang Jiangling Investment Co., Ltd. | 354,176,000 | A share | |||
| Ford Motor Company | 276,228,394 | B share | |||
| Shanghai Automotive Co., Ltd. | 13,019,610 | A share | |||
| Jin Xing | 6,095,980 | B share | |||
| GAOLING FUND, L.P. | 5,453,086 | B share | |||
| Social Security Fund - One One Zero Three Combinations | 3,844,587 | A share | |||
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | 3,822,801 | A share | |||
| INVESCO FUNDS SICAV | 3,818,089 | B share | |||
| Wells Securities Dividend Index Enhanced Securities Investment Fund | 3,575,094 | A share | |||
| Li Yifeng | 2,942,226 | B share | |||
| Notes on association among above-mentioned shareholders | None. | ||||
2.Total number of shareholders holding preferred shares and top tenshareholders holding preferred shares
□Applicable □√Not Applicable
§3. Other Major Events
□Applicable □√Not Applicable
§4 Financial StatementsJiangling Motors Corporation, Ltd.
1. CONSOLIDATED BALANCE SHEET AS AT 30 September 2022
(All amounts in RMB Yuan unless otherwise stated)
ASSETS
| ASSETS | 30 September 2022 Consolidated* | 31 December 2021 Consolidated |
| Current assets | ||
| Cash and cash equivalents | 8,937,933,216.00 | 9,569,051,314.00 |
| Financial assets held for trading | - | 100,242,329.00 |
| Notes receivable | 69,801,200.00 | 119,783,900.00 |
| Accounts receivable | 4,532,108,125.00 | 2,994,798,227.00 |
| Financing receivables | 237,155,047.00 | 201,511,670.00 |
| Advances to suppliers | 440,536,396.00 | 497,302,198.00 |
| Other receivables | 236,001,250.00 | 399,983,736.00 |
| Inventories | 1,924,945,481.00 | 1,974,728,632.00 |
| Current portion of non-current assets | 13,695,132.00 | 13,236,153.00 |
| Other current assets | 1,180,594,070.00 | 984,174,056.00 |
| Total current assets | 17,572,769,917.00 | 16,854,812,215.00 |
| Non-current assets | ||
| Long-term receivables | 34,658,436.00 | 44,952,638.00 |
| Long-term equity investments | 249,987,521.00 | 257,251,255.00 |
| Fixed assets | 5,528,410,452.00 | 6,029,302,031.00 |
| Construction in progress | 522,420,930.00 | 448,338,672.00 |
| Right-of-use assets | 249,120,719.00 | 306,225,810.00 |
| Intangible assets | 1,068,467,524.00 | 1,073,881,961.00 |
| Development expenditures | 297,693,532.00 | 111,004,350.00 |
| Deferred tax assets | 1,232,876,984.00 | 1,233,315,188.00 |
| Other non-current assets | 124,413,201.00 | - |
| Total non-current assets | 9,308,049,299.00 | 9,504,271,905.00 |
| TOTAL ASSETS | 26,880,819,216.00 | 26,359,084,120.00 |
| Current liabilities | ||
| Short-term borrowings | 1,800,000,000.00 | 300,000,000.00 |
| Derivative financial liabilities | 223,750.00 | 10,704,619.00 |
| Accounts payable | 8,283,731,852.00 | 9,702,584,830.00 |
| Contract liabilities | 162,116,609.00 | 272,274,177.00 |
| Employee benefits payable | 782,627,863.00 | 766,986,525.00 |
| Taxes payable | 152,269,683.00 | 287,171,720.00 |
| Other payables | 5,480,903,131.00 | 5,253,800,805.00 |
| Current portion of non-current liabilities | 72,326,611.00 | 78,039,188.00 |
| Other current liabilities | 423,670,076.00 | 420,456,813.00 |
| Total current liabilities | 17,157,869,575.00 | 17,092,018,677.00 |
| Non-current liabilities |
Long-term borrowings
| Long-term borrowings | 2,092,160.00 | 2,087,537.00 |
| Lease liabilities | 193,273,730.00 | 263,409,414.00 |
| Long-term employee benefits payable | 52,919,778.00 | 55,684,000.00 |
| Provisions | 216,310,512.00 | 197,587,164.00 |
| Deferred income | 61,819,437.00 | 49,074,545.00 |
| Deferred tax liabilities | 23,479,174.00 | 24,000,545.00 |
| Other non-current liabilities | 119,081,623.00 | 119,777,649.00 |
| Total non-current liabilities | 668,976,414.00 | 711,620,854.00 |
| Total liabilities | 17,826,845,989.00 | 17,803,639,531.00 |
| Equity | ||
| Share capital | 863,214,000.00 | 863,214,000.00 |
| Capital surplus | 839,442,490.00 | 839,442,490.00 |
| Other comprehensive income | -16,422,750.00 | -16,422,750.00 |
| Surplus reserve | 431,607,000.00 | 431,607,000.00 |
| Retained earnings | 6,925,173,740.00 | 6,437,603,849.00 |
| Total equity attributable to shareholders of the Company | 9,043,014,480.00 | 8,555,444,589.00 |
| Minority interests | 10,958,747.00 | - |
| Total equity | 9,053,973,227.00 | 8,555,444,589.00 |
| TOTAL LIABILITIES AND EQUITY | 26,880,819,216.00 | 26,359,084,120.00 |
| * Unaudited financial indexes |
2. CONSOLIDATED INCOME STATEMENTS FROM 1
ST
JANUARY 2022 TO
THSEPTEMBER 2022
(All amounts in RMB Yuan unless otherwise stated)
Item
| Item | 2022.1.1-2022.9.30 Consolidated* | 2021.1.1-2021.9.30 Consolidated* |
| Total Revenue | 22,031,617,358.00 | 25,491,054,253.00 |
| Including: Revenue | 22,031,617,358.00 | 25,491,054,253.00 |
| Total Cost of sales | 22,210,150,244.00 | 25,332,786,549.00 |
| Including: Cost of sales | 18,870,567,493.00 | 21,552,830,774.00 |
| Taxes and surcharges | 649,198,393.00 | 699,123,834.00 |
| Selling and distribution expenses | 1,084,934,871.00 | 1,357,136,025.00 |
| General and administrative expenses | 684,921,452.00 | 805,117,434.00 |
| Research and development expenses | 1,033,734,057.00 | 1,127,465,570.00 |
| Financial expenses | -113,206,022.00 | -208,887,088.00 |
| Including: Interest expenses | 41,152,045.00 | 12,735,235.00 |
| Interest income | -175,474,827.00 | -211,784,418.00 |
| Add: Other income | 524,873,765.00 | 343,680,301.00 |
| Investment income | -32,212,952.00 | -20,043,348.00 |
| Including: Share of profit of associates and joint ventures | -7,263,734.00 | -1,496,509.00 |
| Gains on changes in fair value | 10,238,540.00 | -7,577,109.00 |
| Credit impairment losses | 12,474,916.00 | 18,196,099.00 |
| Gains on disposal of assets | 395,120,147.00 | 25,302,606.00 |
| Operating profit | 731,961,530.00 | 517,826,253.00 |
| Add: Non-operating income | 3,293,204.00 | 2,988,740.00 |
| Less: Non-operating expenses | 4,268,579.00 | 30,031,709.00 |
| Total profit | 730,986,155.00 | 490,783,284.00 |
| Less: Income tax expenses | 51,842,593.00 | 13,333,376.00 |
| Net profit | 679,143,562.00 | 477,449,908.00 |
| Classified by continuity of operations | ||
| Net profit from continuing operations | 679,143,562.00 | 477,449,908.00 |
| Net profit from discontinued operations | - | - |
| Classified by ownership of the equity | ||
| Attributable to shareholders of the Company | 717,184,815.00 | 477,449,908.00 |
| Minority interests | -38,041,253.00 | - |
| Other comprehensive income, net of tax | ||
| Attributable to shareholders of the Company | ||
| Other comprehensive income items which will not be reclassified to profit or loss | ||
| Changes arising from remeasurement of defined benefit plan | - | - |
| Attributable to minority interests | ||
| Total comprehensive income | 679,143,562.00 | 477,449,908.00 |
| Attributable to shareholders of the Company | 717,184,815.00 | 477,449,908.00 |
Attributable to minority interests
| Attributable to minority interests | -38,041,253.00 | - |
| Earnings per share | ||
| Basic earnings per share(RMB Yuan) | 0.83 | 0.55 |
| Diluted earnings per share(RMB Yuan) | 0.83 | 0.55 |
*: Unaudited financial indexes
3. CONSOLIDATED CASH FLOW STATEMENTS FROM 1
STJANUARY 2022TO 30
THSEPTEMBER 2022(All amounts in RMB Yuan unless otherwise stated)
Item
| Item | 2022.1.1-2022.9.30 Consolidated* | 2021.1.1-2021.9.30 Consolidated* |
| Cash flows (used in)/generated from operating activities | ||
| Cash received from sales of goods or rendering of services | 22,536,336,405.00 | 28,328,168,356.00 |
| Refunds of taxes | 186,207,463.00 | - |
| Cash received relating to other operating activities | 629,736,941.00 | 489,683,564.00 |
| Sub-total of cash inflows | 23,352,280,809.00 | 28,817,851,920.00 |
| Cash paid for goods and services | 19,978,330,477.00 | 23,278,603,650.00 |
| Cash paid to and on behalf of employees | 1,780,938,148.00 | 2,110,011,010.00 |
| Payments of taxes and surcharges | 1,746,532,718.00 | 1,794,875,837.00 |
| Cash paid relating to other operating activities | 2,069,409,606.00 | 2,088,182,545.00 |
| Sub-total of cash outflows | 25,575,210,949.00 | 29,271,673,042.00 |
| Net cash flows (used in)/generated from operating activities | -2,222,930,140.00 | -453,821,122.00 |
| Cash flows generated from/(used in) investing activities | ||
| Cash received from disposal of investments | 200,000,000.00 | 2,400,000,000.00 |
| Cash received from returns on investments | 1,523,836.00 | 14,414,182.00 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 782,848,039.00 | 48,169,713.00 |
| Net cash received from disposal of subsidiaries and other business units | 139,040,000.00 | 108,000,000.00 |
| Cash received relating to other investing activities | 163,104,941.00 | 216,774,537.00 |
| Sub-total of cash inflows | 1,286,516,816.00 | 2,787,358,432.00 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 851,368,308.00 | 915,027,787.00 |
| Cash paid to acquire investments | 100,000,000.00 | 1,700,000,000.00 |
| Cash paid relating to other investing activities | 15,148,588.00 | 13,687,496.00 |
| Sub-total of cash outflows | 966,516,896.00 | 2,628,715,283.00 |
| Net cash flows generated from/(used in) investing activities | 319,999,920.00 | 158,643,149.00 |
| Cash flows generated from/(used in) financing activities | ||
| Cash received from absorbing investments | 49,000,000.00 | - |
| Including: cash received by the subsidiary from absorbing minority shareholders' investment | 49,000,000.00 | - |
| Cash received from borrowings | 3,868,751,389.00 | 989,255,556.00 |
| Sub-total of cash inflows | 3,917,751,389.00 | 989,255,556.00 |
| Cash repayments of borrowings | 2,400,208,436.00 | 1,000,214,487.00 |
| Cash payments for distribution of dividends, profits or interest expenses | 230,353,307.00 | 3,002,446,863.00 |
| Cash paid relating to other financing activities | 15,377,524.00 | 11,879,993.00 |
Sub-total of cash outflows
| Sub-total of cash outflows | 2,645,939,267.00 | 4,014,541,343.00 |
| Net cash flows generated from/(used in) financing activities | 1,271,812,122.00 | -3,025,285,787.00 |
| Effect of foreign exchange rate changes on cash and cash equivalents | - | - |
| Net decrease in cash and cash equivalents | -631,118,098.00 | -3,320,463,760.00 |
| Add: Cash and cash equivalents at beginning of year | 9,569,051,314.00 | 11,121,955,129.00 |
| Cash and cash equivalents at end of period | 8,937,933,216.00 | 7,801,491,369.00 |
* Unaudited financial indexes
2. Whether the 2022 third quarter report is audited?
□Yes √No
JMC 2022 Third Quarter Report is not audited.
Board of DirectorsJiangling Motors Corporation, Ltd.October 26, 2022