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