FAWJIEFANGGROUPCO.,LTD
Semi-annualReport2025
August2025
SectionIImportantNotes,ContentsandDefinitions
TheBoardofDirectorsandBoardofSupervisors,aswellasdirectors,supervisorsandseniorexecutivesoftheCompanyguaranteethatthecontentsofthesemi-annualreportaretrue,accurateandcomplete,thereisnofalserecord,misleadingstatementormajoromission,andshallbearindividualandjointlegalresponsibilities.
LiSheng,thepersoninchargeoftheCompany,YuChangxin,thepersoninchargeoftheworkrelatedtoaccounting,andYangLi,thepersoninchargeoftheaccountingorganization(chiefaccountant)declarethattheyguaranteetheauthenticity,accuracyandcompletenessofthefinancialreportinthissemi-annualreport.
Exceptforthefollowingdirectors,othersattendedtheboardmeetingtoreviewthesemi-annualreportinperson.
| NamesofDirectorsNotPresentinPerson | PositionsofDirectorsNotPresentinPerson | ReasonsforNotPresentinPerson | NameoftheTrustee |
| YuChangxin | Director | Work | LiSheng |
Thissemi-annualreportinvolvesprospectivestatementssuchasfutureplans,anddoesnotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsandrelevantindividualsshouldmaintainsufficientriskawarenessandunderstandthedifferencesbetweenplans,forecasts,andcommitments.
TheCompanyhasdescribedindetailthepossiblerisksandcountermeasuresforitsfuturedevelopmentinthesectionofManagement
DiscussionandAnalysis.Investorsarekindlyrequestedtopayattentiontorelevantcontents.ChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn)arethedesignatedinformationdisclosuremediaselectedbytheCompany.AllinformationoftheCompanyissubjecttothatpublishedintheaboveselectedmedia.Investorsarekindlyrequestedtopayattentiontoinvestmentrisks.
TheCompanydoesnotplantopaycashdividendsorbonusshares,orconvertreservesintosharecapital.
TableofContents
SectionIImportantNotes,ContentsandDefinitions ...... 2
SectionIICompanyProfileandMainFinancialIndicators ...... 7
SectionIIIManagementDiscussionandAnalysis ...... 12SectionIVCorporateGovernance,Environment,andSocialResponsibility.....36SectionVImportantMatters ...... 40
SectionVIChangesinSharesandShareholders ...... 50
SectionVIIBonds ...... 60
SectionVIIIFinancialReport ...... 61
SectionIXOtherSubmittedData ...... 211
ListofDocumentsforFutureReference(I)FinancialstatementsweresignedandsealedbythepersoninchargeoftheCompany,thepersoninchargeofaccountingandthepersoninchargeoftheaccountingorganization(chiefaccountant).(II)Originalsofallcompanydocumentsandannouncementspubliclydisclosedduringthereportingperiod.
Interpretation
| Item | Refersto | Definition |
| Company,theCompany,FAWJiefang | Refersto | FAWJiefangGroupCo.,Ltd. |
| JiefangLimited | Refersto | FAWJiefangAutomotiveCo.,Ltd. |
| JiefangGroupInternational | Refersto | FAWJiefangGroupInternationalAutomobileCo.,Ltd. |
| FAWAfrica | Refersto | FAW(Africa)InvestmentCo.,Ltd. |
| TanzaniaLtd. | Refersto | JiefangMotorsTanzaniaLtd. |
| FAWGroup | Refersto | ChinaFAWGroupCo.,Ltd. |
| FAW | Refersto | ChinaFAWCo.,Ltd. |
| FAWCar | Refersto | FAWCarCo.,Ltd. |
| FAWBestune | Refersto | FAWBestuneAutoCo.,Ltd. |
| Financecompany | Refersto | FirstAutomobileFinanceCo.,Ltd. |
| BoardofDirectors | Refersto | BoardofDirectorsofFAWJiefangGroupCo.,Ltd. |
| Shareholders’meeting | Refersto | Shareholders’MeetingofFAWJiefangGroupCo.,Ltd. |
| BoardofSupervisors | Refersto | BoardofSupervisorsofFAWJiefangGroupCo.,Ltd. |
| MinistryofFinance | Refersto | MinistryofFinanceofthePeople’sRepublicofChina |
| ChinaSecuritiesRegulatoryCommission | Refersto | ChinaSecuritiesRegulatoryCommission(CSRC) |
| ChinaSecuritiesDepositoryandClearingCorporationLimited(CSDC) | Refersto | ShenzhenBranch,ChinaSecuritiesDepositoryandClearingCorporationLimited |
| CompanyLaw | Refersto | CompanyLawofthePeople’sRepublicofChina |
| SecuritiesLaw | Refersto | SecuritiesLawofthePeople’sRepublicofChina |
| ArticlesofAssociation | Refersto | ArticlesofAssociationofFAWJiefangGroupCo.,Ltd. |
| ReportingPeriod | Refersto | January1,2025-June30,2025 |
| CNY,CNY10,000,CNY100million | Refersto | CNY,CNY10,000,CNY100million |
SectionIICompanyProfileandMainFinancialIndicators
I.CompanyProfile
| Stockabbreviation | FAWJiefang | Stockcode | 000800 |
| Stockexchangesonwhichsharesarelisted | ShenzhenStockExchange | ||
| ChinesenameoftheCompany | FAWJiefangGroupCo.,Ltd. | ||
| ChineseabbreviationoftheCompany | FAWJiefang | ||
| EnglishnameoftheCompany | FAWJiefangGroupCo.,Ltd. | ||
| EnglishabbreviationoftheCompany | FAWJiefang | ||
| LegalrepresentativeoftheCompany | LiSheng | ||
II.ContactPersonandContactInformation
| SecretaryoftheBoardofDirectors | SecuritiesAffairsRepresentative | |
| Name | WangJianxun | YangYuxin |
| Address | No.2259,DongfengStreet,ChangchunAutomobileDevelopmentZone,JilinProvince | No.2259,DongfengStreet,ChangchunAutomobileDevelopmentZone,JilinProvince |
| Tel. | 0431-809188810431-80918882 | 0431-809188810431-80918882 |
| Fax | 0431-80918883 | 0431-80918883 |
| faw0800@fawjiefang.com.cn | faw0800@fawjiefang.com.cn |
III.OtherInformation
1.CompanyContactInformationWhethertheregisteredaddress,officeaddressandpostalcode,websiteande-mailaddressoftheCompanyhavechangedinthereportingperiod
□Applicable?Notapplicable
Theregisteredaddress,officeaddressandpostalcode,websiteande-mailaddressoftheCompanyhavenotchangedinthereportingperiod,pleaserefertotheAnnualReport2024fordetails.
2.InformationDisclosureandPreparationLocationWhethertheinformationdisclosureandpreparationlocationhaschangedinthereportingperiod
□Applicable?NotapplicableTherearenochangesinthenameandwebsiteofthestockexchangeandmediawheretheCompanydisclosesitssemi-annualreport,aswellasthepreparationlocationoftheCompany’ssemi-annualreportduringthereportingperiod.Fordetails,pleaserefertothe2024AnnualReport.
3.OtherRelevantDataWhetherotherrelevantdatahaschangedinthereportingperiod
□Applicable?NotapplicableIV.MainAccountingDataandFinancialIndicatorsWhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears?Yes□No
ReasonsfortheretroactiveadjustmentorrestatementBusinesscombinationundercommoncontrol
| Thisreportingperiod | SamePeriodofLastYear | Increase/DecreaseinThisReportingPeriodovertheSamePeriodofLastYear | ||
| Beforeadjustment | Afteradjustment | Afteradjustment | ||
| Operatingincome(CNY) | 28,078,705,058.07 | 35,602,292,639.46 | 36,465,688,621.29 | -23.00% |
| Netprofitattributableto | 19,655,810.39 | 478,251,870.50 | 506,807,530.06 | -96.12% |
| shareholdersofthelistedcompany(CNY) | ||||
| Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringprofitsandlosses(CNY) | -376,637,639.18 | 283,875,823.95 | 283,875,823.95 | -232.68% |
| Netcashflowsfromoperatingactivities(CNY) | 7,635,289,020.71 | 4,240,930,055.62 | 4,420,911,705.11 | 72.71% |
| BasicearningsperShare(CNY/share) | 0.0040 | 0.1034 | 0.1096 | -96.35% |
| DilutedearningsperShare(CNY/share) | 0.0040 | 0.1034 | 0.1096 | -96.35% |
| Weightedaveragereturnonequity | 0.08% | 1.93% | 2.06% | Reducedby1.89% |
| AttheEndofThisReportingPeriod | AttheEndofLastYear | Increase/DecreaseattheEndofThisReportingPeriodovertheEndofLastYear | ||
| Beforeadjustment | Afteradjustment | Afteradjustment | ||
| Totalassets(CNY) | 79,662,592,787.61 | 72,749,219,016.61 | 72,749,219,016.61 | 9.50% |
| Netassetsattributableto | 26,141,053,583.57 | 26,317,926,062.66 | 26,317,926,062.66 | -0.67% |
V.DifferencesinAccountingDataunderDomesticandForeignAccountingStandards
1.DifferencesinnetprofitsandnetassetsinthefinancialreportaredisclosedsimultaneouslyaccordingtotheinternationalaccountingstandardsandChinaaccountingstandards
□Applicable?NotapplicableInthereportingperiodoftheCompany,thereisnodifferenceinnetprofitsandnetassetsinthefinancialreportdisclosedaccordingtotheinternationalaccountingstandardsandChinaaccountingstandards.
2.DifferencesinnetprofitsandnetassetsinthefinancialreportdisclosedsimultaneouslyaccordingtoforeignaccountingstandardsandChinaaccountingstandards
□Applicable?NotapplicableInthereportingperiodoftheCompany,thereisnodifferenceinnetprofitsandnetassetsinthefinancialreportdisclosedaccordingtoforeignaccountingstandardsandChinaaccountingstandards.VI.ItemsandAmountsofNon-recurringProfitandLoss?Applicable□Notapplicable
Unit:CNY
shareholdersofthelistedcompany(CNY)
Item
| Item | Amount | Description |
| Profitsorlossesondisposalofnon-currentassets(includingthewrite-offpartoftheprovisionforimpairmentofassetsmade) | 154,614,688.74 | Itreferstothenetgainondisposalofnon-currentassets. |
| Governmentsubsidiesincludedinthecurrentprofitorloss(exceptthosecloselyrelatedtotheCompany’snormaloperations,conformingtotheStatepoliciesandregulationsand | 311,937,333.71 |
| enjoyedinlinewiththespecifiedstandards,andhavingacontinuousimpactontheprofitorlossoftheCompany) | ||
| Reversalofimpairmentprovisionforreceivablessubjecttoseparateimpairmenttest | 1,802,060.86 | Thereversalofimpairmentprovisionforreceivablessubjecttoseparateimpairmenttest. |
| Non-operatingincomeandexpensesotherthantheabove | 9,661,615.98 | Thenetnon-operatingincomeandexpenses. |
| Less:amountaffectedbyincometax | 81,725,953.01 | |
| Amountaffectedbyminorityshareholder’sequity(after-tax) | -3,703.29 | |
| Total | 396,293,449.57 |
Specificconditionsofotherprofitandlossitemsmeetingthedefinitionofnon-recurringprofitandloss:
□Applicable?NotapplicableTherearenospecificconditionsofprofitandlossitemsmeetingdefinitionofnon-recurringprofitandlossfortheCompany.Explanationondefiningthenon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosurebyCompaniesIssuingSecuritiesPublicly-Non-recurringProfitandLossasrecurringprofitandlossitems
□Applicable?NotapplicableTheCompanydoesnotdefinethenon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosurebyCompaniesIssuingSecuritiesPublicly-Non-recurringProfitandLossasrecurringprofitandlossitems.
SectionIIIManagementDiscussionandAnalysis
I.MainBusinessesoftheCompanyintheReportingPeriod(I)Mainbusiness
TheCompanyisacommercialvehiclemanufacturerthatproducesheavy,mediumandlighttrucks,andbuses,aswellascorecomponentssuchasengines,transmissionsandaxles,andhasacompletemanufacturingsystemcoveringrawmaterials,corecomponents,keylargeassembliesandcompletevehicles.TheproductsoftheCompanyaremainlyusedinmarketsegmentssuchastraction,cargocarrying,dumping,specialpurposes,highwaypassengertransport,buspassengertransport,etc.,andtheCompanyalsoprovidesstandardizedandcustomizedcommercialvehicleproducts.
TheCompanyiscommittedtobecoming“China’sfirstandworld-class”providerofgreenandintelligenttransportationsolutions,focusingonthemainproductionlines,insistingoninnovation-drivenandreform-drivenstrategies,andcreatingaleadingtrend.Mainbusiness,products,andbusinessmodeloftheCompanywerenotchangedsignificantlyinthereportingperiod.(II)IndustryOverviewoftheCompany
Inthefirsthalfof2025,themarketdemandformediumandheavytrucksinChinawasabout599,000units,withayear-on-yeargrowthrateof4.2%.Thedomestictraditionaldemandremainedbasicallyflat.Theaccessiblemarketdemandforlighttruckswasabout321,000units,registeringayear-on-yearincreaseof12.7%.Overseasdemandwitnesseditsfirstdeclineinrecentyears,droppingby8%.Thedemandfornewenergyvehiclesreachedabout160,000units,achievingasubstantialyear-on-yeargrowthof136%.Overall,industrydemandshowedastructuraldivergencecharacterizedbystabilityinthedomesticmarket,aslightdeclineoverseas,andrapidgrowthinnewenergy.Domestically,duetoweakdemand,pricecompetitionhasbecomeevenmoreintense.
Thecommercialvehicleindustryisexperiencingmoderategrowth,butfactorssuchasthecompetitioninthesaturateddomesticmarket,theraceforopportunitiesinfragmentedmarkets,thestrategiccompetitioninoverseasexports,thepositioninginthetransitiontonewenergy,and
thevaluecontestoftechnologiesandsolutionsareoverlappingandintertwining,indicatingthattheindustryisundergoingastageofdeepadjustmentandunprecedentedturbulence.TheCompany’sproductsaremainlymediumandheavytrucks,andlighttrucks.Energytypescoverdiesel,naturalgas,pureelectric,fuel-electric,andhybrid;salesregionscoverdomesticandoverseasmarkets.Productsaredevelopedonsharedplatformstomeetmarketandcustomerneeds.Mediumandheavytrucksinclude12mainproductseries,suchasJ7,J6V,andYingzhen.(III)OperationSincethebeginningofthisyear,competitioninthecommercialvehiclemarkethasintensified,withtheindustryoverallenteringastageofstock-basedcompetition.Meanwhile,theenergystructureistransitioningrapidly,andproductsareshowingstructuraldifferentiation,amongotheroverlappingfactors.Facingunprecedentedchallenges,theCompanypressedforwardunderpressureandovercamedifficulties,activelyplanningandoptimizingbusinessstrategies.Followingtheannualworkplanfirmly,itfullyimplementedthe“project-basedsystem”andvigorouslypromotedthe“SevenSpirits,”achievingpositiveresultsinbusinessoperationsandreformanddevelopment.Inthefirsthalfof2025,theCompanymaintainedtheleadingdomesticmarketshareformediumandheavytrucks,whileoverseasexportseffectivelyexpandedtowardamorebalancedmarketdistribution.AsofJune30,2025,theCompany’stotalassetsamountedtoCNY79.663billion,representingayear-on-yearincreaseof9.50%,andthenetassetsattributabletoshareholdersofthelistedcompanywereCNY26.141billion,representingayear-on-yeardecreaseof0.67%.Duringthereportingperiod,operatingrevenuereachedCNY28.079billion,ayear-on-yeardecreaseof23.00%;thenetprofitattributabletotheparentcompanywasCNY20million,ayear-on-yeardecreaseof96.12%.
Unit:CNY100million
Inthesecondhalfoftheyear,theCompanywillfirmlyimplementitsstrategyandannualworkplan,adheretoacustomer-centricapproach,pursueexcellencethroughinnovationandquality,balancebothvolumeandprofitability,andfocuson“quality-drivengrowth”inoperations.TheCompanywillreformworkstyles,maintaincomposure,boostmorale,mobilizeallemployeesforafull-scaleeffort,actwithdetermination,acceleratethereversalofalladversesituations,strivetoachievetheannualbusinesstargets,andsecureevengreaterresultsinthefinalbattleofthe14thFive-YearPlan.II.AnalysisofCoreCompetitiveness
TheCompanyadherestothecorporatevisionof“beingthemostproudcommercialvehicleenterpriseandthemosttrustworthycommercialvehiclebrand”,themissionof“becomingChina’sfirstandworld-classproviderofgreenandintelligenttransportationsolutionsandbuildingamoreprosperoussociety”;theCompanytakesproductsandservicesasthemaintask,customersandemployeesasthefoundation,innovationandreformasthedrivingforce;theCompanyfocusesonindustrytrendsandcustomerneeds,andrapidlyenhancesproductcompetitivenessandservicelevels.
1.ProductR&D:TheCompanypossessesChina’smostpowerfulindependentR&Dsystemforcommercialvehicles.Guidedby“leadingtechnology,pioneeringexperience,integratedinnovation,enhancedapplication,andcollaborativeefficiency,”theCompanyhasbuiltacomprehensiveindependentR&DsysteminChina,coveringforward-lookingtechnologies,engines,transmissions,axles,andcompletevehicles,andhasformedanefficientand
| Totalassets | NetAssets | Operatingincome |
Netprofitattributabletoshareholdersoftheparentcompany
Netprofitattributabletoshareholdersoftheparentcompany2024
| 2024 | June2025 | 2024 | June2025 | 2024Semi-annual | 2025Semi-annual | 2024Semi-annual | 2025Semi-annual | |||||||||
Note:AlldatainthechartareinCNY100million.
collaborativeR&Dteamofover3,000people.TheCompanyhastheXianhuNationalKeyLaboratory,anAcademicianWorkstation,andtheWuxiPostdoctoralWorkstation.Itpossessesfivecorecapabilities:technologicalinnovation,performancedevelopment,leandesign,pilottesting,andexperimentalcertification,andhasestablishedfivetechnicalplatforms:energy-savingandenvironmentalprotection,safetyandcomfort,reliabilityanddurability,electroniccontrolandintelligence,andmaterialsandprocesses.ItistheonlycommercialvehicleenterpriseinChinathatmastersthecoretechnologiesofworld-classcompletevehiclesandthethreemajorpowertrains,andhaspassedISO9001andIATF16949qualitysystemcertifications.Italsoservesasanational-levelindependentautomobileproductR&Dandtestcertificationbase.TheCompanyhasestablishedChangchunasitsglobalR&Dheadquarters,withR&Dcapabilitiesforlight,medium,andheavytrucksinQingdao;engineR&DbasesinWuxiandDalian;andadvancedtechnologyR&DdepartmentsinSteyr,AustriaandMunich,Germany,formingaglobalR&Dlayoutof“fourcountriesandninelocations.”Inrecentyears,byaccuratelyunderstandingthedemandinsegmentedmarkets,theCompanyhassuccessfullydevelopedtencoreproducttechnologyadvantages,includingfuelefficiency,extendedoilchangeintervals,lightweightdesign,independentmajorcomponents,autonomouselectroniccontrol,autonomousafter-treatment,newenergy,intelligentdriving,long-termdurability,andmaintenance-freefeatures.TheseachievementshaveenabledtheCompanytomaintainaleadingpositioninthehighlycompetitivemarket.
2.Marketingandprocurement:Adheringtocustomervalueorientation,theCompanyhastakentheleadinestablishingacomprehensivemarketingservicesystem.Thethreesalescompanies-ChangchunMediumandHeavyTruck,QingdaoMediumandHeavyTruck,andLightTruck-aresupportedbyanationwidemarketingservicenetworkcomprisingnearly1,000dealers,over1,800serviceproviders,morethan230partssuppliers,andnearly100partscenters.Thisnetworkcoversover260prefecture-levelcities,witha99%coveragerateincitieswithmorethan1,000vehiclecapacity,andanaveragenationalserviceradiusof48.5kilometers,representinganindustry-leadinglevelandprovidingcustomerswith24-hourall-weatherefficientandhigh-qualityservices.TheCompanyiscommittedtointegratingglobalhigh-qualityresourcestoprovideastrongguaranteeforthehighreliabilityofJiefangtrucks.Inrecentyears,theCompanyhasbecomestrategicpartnerswithtopenterprisesathomeandabroad,including
Huawei,Knorr-Bremse,ZF,Shell,Bosch,CATL,VOSS,ChinaUnicom,CATARC,andXiamenC&D.
3.Productionandmanufacturing:TheCompanyhasthemostcompletemanufacturingsysteminChinafromrawmaterialstocorecomponents,fromkeyassembliestocompletevehicles,anditsprocessingandmanufacturingdepthranksthetopintheindustry.TheCompanyoperatesfivemajorvehiclemanufacturingbasesinChangchun,Qingdao,Guanghan,Liuzhou,andFoshan,withaproductioncapacityofabout418,000units.ItalsomaintainsthreemajorpowertraincomponentmanufacturingbasesinChangchun,Wuxi,andDalian,independentlycontrollingthecorecompetitivenessandproductioncapabilitiesofengines,transmissions,andaxleswithinthesmartpowertraindomain.Theproductcompetitivenessisatanadvancedlevel.Amongthesefacilities,theWuxiDieselEngineFactoryfeaturesthreemajorproductseries-Aowei,Bowei,andJinwei-achievingworld-classmanufacturingstandards.Besides,theCompanyhasbeendeeplyengagedinfourmajorfields:intelligentvehicles,newenergy,InternetofVehicles,andtheaftermarket,andhasestablishedsixnewbusinessbasesinSuzhou,Nanjing,Tianjin,Wuxi,Shijiazhuang,andFoshan.
4.Overseas:TheCompanyisimplementingitsinternationalizationstrategyandmakingeveryefforttoexpandoverseasmarkets.Atpresent,itsexportscover100countriesandregionsworldwide,formingamulti-levellayoutwithSoutheastAsia,Africa,LatinAmerica,theMiddleEast,EasternEuropeandCentralAsiaasthefoundation,whilegraduallypenetratingJapan,SouthKorea,andthehigh-endEuropeanmarkets.TheCompanyhascontinuedtoaccelerateitsglobalexpansion,establishingFAWJiefangInternationalin2024,completingtheacquisitionsofFAWSouthAfricaInvestmentandTanzaniaCompany,andinDecember2024,launchingthe“SPRINT2030”internationalizationstrategyattheGlobalPartnersConference.Thisstrategycomprehensivelysetsoutsixinternationalinitiatives:globalpresence,multi-brandoperations,technologyleadership,businessinnovation,win-wincooperation,andpeople-orienteddevelopment.Atpresent,theCompanyhasmorethan120primarydistributorsandnearly300serviceoutletsworldwide.TheCompanyhasestablishedoverseassubsidiariesincountriessuchasSouthAfricaandTanzania,andexportsmodelsincludingJ7,J6,JH6,andTigerV.Meanwhile,theCompanyiscontinuouslyacceleratinglocalizedoverseasoperations.In2025,itwillinitiatetheestablishmentofsubsidiariesineightcountries,includingUzbekistan,Indonesia,Vietnam,andSaudiArabia,tofullysupporttheimplementationofitsinternationalizationstrategy.
5.Newenergy:Itsproductportfoliocoversfivemajorlines:tractors,dumptrucks,cargotrucks,SPVsandbuses.Theseproductlinesencompassthreemajortechnologicalroutes:EVs,FCVsandhybridvehicles,achievingfullcoverageofkeysegmentmarketsfornewenergycommercialvehicles,suchassteelmills,coalandslag.Productdevelopmentadherestoauser-orientedapproach,aimingtomeetmarketdemandandaddressuserpainpoints.Itfocusesonthe“three-lowandone-high”corecompetitiveness-lowcost,lowself-weight,lowenergyconsumption,andhighreliability-aswellasdifferentiatedcompetitivenesscharacterizedbylongendurance,low-temperatureresistance,highintelligence,andhighcomfort,continuouslyiteratingandupgradingitsproductsandtechnologies.Intermsofcoretechnology,theCompanyhasachievedintegrationacrossthreecriticalareas:vehiclearchitecture,vehiclecontrolsoftware,andassemblyinterface.Thisintegrationsignificantlyimprovesdevelopmentefficiency.TheCompanyharnessestechnologiessuchasefficientenergyrecoveryandscenario-basedcalibrationtosignificantlyreduceenergyconsumption.Moreover,theapplicationofassemblytechnologyincorporatesadual-wheeldrivesystemthatcombinesindependentcoreassemblieswithexternalhigh-qualitysocialresources,enablingcomplementaryadvantages.Bycontinuouslyexploringandapplyingnewproducts,technologiesandprocesses,theCompanyaimstomaintainaleadingpositioninbothnewenergytechnologyandnewenergyproductsinthemarket.Bycontinuouslyexploringandapplyingnewproducts,technologies,andprocesses,theCompanycontinuouslymaintainsFAWJiefang’snewenergyproductsataleadingtechnicalandproductpositioninthemarket.III.AnalysisofMainBusinessGeneralSeerelevantcontentsof“I.MainBusinessesoftheCompanyintheReportingPeriod”.Year-on-YearChangesofMainFinancialData
Unit:CNY
| Thisreportingperiod | SamePeriodofLastYear | Year-on-yearincreaseanddecrease | ReasonforChange | |
| Operatingincome | 28,078,705,058.07 | 36,465,688,621.29 | -23.00% | |
| OperatingCosts | 26,840,562,485.53 | 34,355,216,264.53 | -21.87% |
| Salesexpenses | 472,042,436.11 | 520,770,818.03 | -9.36% | |
| Administrativeexpenses | 605,966,739.38 | 749,958,633.22 | -19.20% | |
| Financialexpenses | -252,849,223.59 | -410,085,699.92 | 38.34% | Mainlyduetothedecreaseininterestincomeandtheincreaseinforeignexchangelossesinthecurrentperiod. |
| Incometaxexpenses | -175,154,040.98 | -148,541,602.52 | -17.92% | |
| R&Dinvestment | 1,001,811,547.24 | 1,249,527,872.33 | -19.82% | |
| Netcashflowsfromoperatingactivities | 7,635,289,020.71 | 4,420,911,705.11 | 72.71% | Mainlyduetotheincreaseincashreceivedfromsalesofgoodsandrenderingofservicesinthecurrentperiod. |
| Netcashflowsfrominvestmentactivities | -162,885,381.88 | -779,697,145.28 | 79.11% | Mainlyduetoanincreaseincashreceivedfrominvestmentgainsandadecreaseincashpaidforinvestmentsduringtheperiod. |
| Netcashflowsfromfinancingactivities | -248,323,979.67 | -705,678,116.75 | 64.81% | Mainlyduetoadecreaseincashdividendsdistributedduringthecurrentperiod. |
| Netincreaseincashandcashequivalents | 7,231,688,786.55 | 2,942,820,578.09 | 145.74% | Mainlyduetotheincreaseincashreceivedfromsalesofgoodsandrenderingofservicesinthecurrentperiod. |
| Monetarycapital | 27,226,459,877.13 | 19,852,961,021.66 | 37.14% | Mainlyduetotheincreaseincashandcashequivalentsinthecurrentperiod. |
| Financialassetsheldfortrading | 5,102,739.73 | 0.00 | N/A | Mainlyduetointerestincome |
| accruedfromstructureddeposits. | ||||
| Notesreceivable | 300,000.00 | 2,641,582.80 | -88.64% | Mainlyduetothedecreaseinbankacceptancebillsheldattheendoftheperiod. |
| Accountsreceivablefinancing | 6,250,344,325.45 | 10,019,816,248.98 | -37.62% | Mainlyduetothedecreaseinbankacceptancebillsheldattheendoftheperiod. |
| Notespayable | 21,803,140,258.04 | 15,370,906,363.16 | 41.85% | Mainlyduetotheincreaseinnotespayableinthecurrentperiod. |
| Employeecompensationpayable | 421,898,208.98 | 1,043,554,896.06 | -59.57% | Mainlyduetothedecreaseinemployeecompensationpayableinthecurrentperiod. |
| Currentportionofnon-currentliabilities | 12,714,703.34 | 29,941,701.02 | -57.54% | Mainlyduetothedecreaseinthecurrentportionofnon-currentliabilities. |
| Leaseliabilities | 7,387,319.62 | 27,431,600.64 | -73.07% | Mainlyduetothedecreaseinleasepaymentsinthecurrentperiod. |
| Treasuryshares | 0.00 | 6,246,851.73 | -100.00% | Mainlyduetotherepurchaseandcancellationundertherestrictedstockincentiveplaninthecurrentperiod. |
| Othercomprehensiveincomes | -43,400,118.30 | -96,912,346.71 | 55.22% | Mainlyduetotheincreaseinothercomprehensiveincomeinthecurrentperiod. |
| Taxesandsurcharges | 138,903,052.31 | 105,812,766.58 | 31.27% | Mainlyduetotheincreaseintaxesand |
| surchargesinthecurrentperiod. | ||||
| Otherincome | 524,635,067.40 | 353,779,659.32 | 48.29% | MainlyduetotheincreaseingovernmentgrantsandadditionalVATdeductionsrecognizedinthecurrentperiod. |
| Investmentincome | -30,115,859.77 | 101,886,844.66 | -129.56% | Mainlyduetothedecreaseininvestmentincomeinthecurrentperiod. |
| Creditimpairmentloss | -30,655,705.99 | -8,593,082.48 | 256.75% | Mainlyduetotheincreaseinimpairmentprovisionofreceivablesinthecurrentperiod. |
| Impairmentlossonassets | -151,608,226.07 | -108,034,774.17 | 40.33% | Mainlyduetotheincreaseinimpairmentprovisionforinventoriesinthecurrentperiod. |
| Incomefromassetsdisposal | 154,614,688.74 | 746,088.82 | 20,623.36% | Mainlyduetotheincreaseingainsfromassetsdisposalinthecurrentperiod. |
| Non-operatingincome | 11,324,153.35 | 28,106,223.95 | -59.71% | Mainlyduetothedecreaseinnon-operatingincomeinthecurrentperiod. |
| Non-operatingexpenses | 1,662,537.37 | 3,783,791.81 | -56.06% | Mainlyduetothedecreaseinnon-operatingexpensesinthecurrentperiod. |
| Netafter-taxamountofothercomprehensiveincome | 61,192,422.39 | 134,961.61 | 45,240.61% | Mainlyduetotheincreaseinfairvalueofinvestmentsinotherequityinstrumentsinthecurrentperiod. |
SignificantchangesintheCompany’sprofitcompositionorsourceduringthereportingperiod
□Applicable?NotapplicableNosignificantchangesintheCompany’sprofitcompositionorsourceduringthereportingperiod.Compositionofoperatingincome
Unit:CNY
| Thisreportingperiod | SamePeriodofLastYear | Year-on-yearincreaseanddecrease | |||
| Amount | ProportioninOperatingIncome | Amount | ProportioninOperatingIncome | ||
| Totaloperatingincome | 28,078,705,058.07 | 100% | 36,465,688,621.29 | 100% | -23.00% |
| Byindustries | |||||
| Automobileindustry | 28,078,705,058.07 | 100.00% | 36,465,688,621.29 | 100.00% | -23.00% |
| Byproducts | |||||
| Commercialvehicles | 26,082,500,525.92 | 92.89% | 34,560,180,525.91 | 94.77% | -24.53% |
| Sparepartsandothers | 1,996,204,532.15 | 7.11% | 1,905,508,095.38 | 5.23% | 4.76% |
Informationonindustries,productsorregionsaccountingformorethan10%oftheCompany’soperatingincomeoroperatingprofit?Applicable□Notapplicable
Unit:CNY
| Operatingincome | OperatingCosts | GrossProfitRate | Increase/DecreaseofOperatingIncomeovertheSamePeriodofLastYear | Increase/DecreaseofOperatingCostovertheSamePeriodofLastYear | Increase/DecreaseofGrossProfitRateovertheSamePeriodofLastYear | |
| Byindustries | ||||||
| Autom | 27,347,477,621.24 | 26,277,912,207.22 | 3.91% | -23.28% | -22.04% | -1.53% |
| obileindustry | ||||||
| Byproducts | ||||||
| Commercialvehicles | 26,082,500,525.92 | 25,172,475,133.81 | 3.49% | -22.27% | -20.00% | -2.74% |
| Sparepartsandothers | 1,264,977,095.32 | 1,105,437,073.41 | 12.61% | -39.44% | -50.59% | 19.73% |
ThemainbusinessdataoftheCompanyisadjustedattheendofthelatestreportingperiodifthestatisticalcaliberoftheCompany’smainbusinessdataisadjustedinthereportingperiod
□Applicable?NotapplicableIV.AnalysisofNon-mainBusiness
□Applicable?NotapplicableV.AnalysisofAssetsandLiabilities
1.Majorchangesinassetcomposition
Unit:CNY
| AttheEndofThisReportingPeriod | EndofLastYear | Increase/DecreaseinProportion | DescriptionofMajorChanges | |||
| Amount | ProportioninTotalAssets | Amount | ProportioninTotalAssets | |||
| Monetarycapital | 27,226,459,877.13 | 34.18% | 19,852,961,021.66 | 27.29% | 6.89% | |
| Accountsreceivable | 8,413,701,687.51 | 10.56% | 7,067,296,142.54 | 9.71% | 0.85% | |
| Contractassets | 14,535,632.85 | 0.02% | 14,455,542.05 | 0.02% | 0.00% | |
| Inventories | 12,268,923,565.48 | 15.40% | 10,117,213,109.97 | 13.91% | 1.49% | |
| Investmentproperties | 47,178,054.55 | 0.06% | 52,835,976.31 | 0.07% | -0.01% | |
| Long-termequityinvestments | 1,161,550,784.02 | 1.46% | 1,176,288,461.09 | 1.62% | -0.16% |
| Fixedassets | 10,608,424,359.95 | 13.32% | 11,198,300,572.20 | 15.39% | -2.07% |
| Projectunderconstruction | 762,817,790.85 | 0.96% | 688,181,815.22 | 0.95% | 0.01% |
| Right-of-useassets | 86,146,431.81 | 0.11% | 104,360,320.57 | 0.14% | -0.03% |
| Contractliabilities | 2,489,872,513.67 | 3.13% | 2,430,554,164.50 | 3.34% | -0.21% |
| Leaseliabilities | 7,387,319.62 | 0.01% | 27,431,600.64 | 0.04% | -0.03% |
2.Mainoverseasassets
□Applicable?Notapplicable
3.Assetsandliabilitiesmeasuredatfairvalue?Applicable□Notapplicable
Unit:CNY
| Item | Beginningbalance | Profitsandlossesfromchangesinfairvalueforthecurrentperiod | Accumulatedchangesinfairvaluethroughequity | Provisionforimpairmentinthecurrentperiod | Purchaseamountinthecurrentperiod | Salesamountinthecurrentperiod | Otherchanges | Closingbalance |
| Financialassets | ||||||||
| 1.Investmentinotherequityinstruments | 540,066,528.00 | 49,563,864.00 | 589,630,392.00 | |||||
| Total | 540,066,528.00 | 49,563,864.00 | 589,630,392.00 | |||||
| Financialliabilities | 0.00 | 0.00 |
ContentofotherchangesWhetherthemeasurementattributionoftheCompany’smainassetswithintheReportingPeriodwassignificantlychangedornot
□Yes?No
4.RestrictionsonassetrightsasoftheendofthereportingperiodFordetails,pleaserefertoNote24“Assetswithrestrictedownershiporuseright”inPartVII“NotestoItemsinConsolidatedFinancialStatements”ofSectionVIII-FinancialReport.VI.InvestmentAnalysis
1.Overallsituation?Applicable□Notapplicable
| InvestmentAmountintheReportingPeriod(CNY) | InvestmentAmountintheSamePeriodofPreviousYear(CNY) | Variationrange |
| 0.00 | 4,900,000.00 | -100.00% |
2.Majorequityinvestmentsacquiredinthereportingperiod
□Applicable?Notapplicable
3.Majornon-equityinvestmentsinprogressinthereportingperiod
□Applicable?Notapplicable
4.Financialassetsinvestment
(1)Securitiesinvestment
□Applicable?NotapplicableTheCompanyhasnosecuritiesinvestmentinthereportingperiod.
(2)Derivativesinvestment
□Applicable?NotapplicableTheCompanyhasnoderivativeinvestmentinthereportingperiod.
5.Useofproceeds?Applicable□Notapplicable
(1)Useofproceeds?Applicable□Notapplicable
Unit:CNY10,000
| Fundraisingyear | Fundraisingmethod | Securitieslistingdate | Grossofproceeds | Netofproceeds(1) | Grossofproceedsutilizedduringcurrentreportingperiod | Cumulativeutilizedproceeds(2) | Utilizationrateasoftheendofreportingperiod(3)=(2)/(1) | Grossofproceedsrepurposedduringreportingperiod | Cumulativegrossofproceedsrepurpose | Percentageofcumulativegrossofproceedsrepurposed | Totalunusedgrossofproceeds | Allocationandintendeduseofunusedproceeds | Amountofproceedsunutilizedforovertwoyears |
| d | |||||||||||||
| 2024 | Privateplacementofshares | October21,2024 | 200,000 | 199,781.34 | 11,762.14 | 197,323.69 | 98.77% | 0 | 0 | 0.00% | 2,648.92 | Thefundsareheldinadedicatedfundraisingaccount,withasegmentcurrentlyallocatedforcashmanagement. | 0 |
| Total | -- | -- | 200,000 | 199,781.34 | 11,762.14 | 197,323.69 | 98.77% | 0 | 0 | 0.00% | 2,648.92 | -- | 0 |
| Descriptiononuseofproceeds | |||||||||||||
| AsapprovedbytheChinaSecuritiesRegulatoryCommissioninits“ReplyonApprovingFAWJiefangGroupCo.,Ltd.’sPrivatePlacementofSharesRegistration”(CSRCPermit[2024]No.972)andwithconsentfromtheShenzhenStockExchange,theCompanyissued298,507,462ordinaryshares(Ashares)tospecificinvestorsthroughtheShenzhenStockExchangesystemviatheleadunderwriterChinaInternationalCapitalCorporationLimited(hereinafter“CICC”),atanissuepriceofCNY6.7pershare.ThegrossproceedstotaledCNY1,999,999,995.40, | |||||||||||||
(2)Proceedsallocationtocommittedprojects
□Applicable?Notapplicable
(3)Changestoproceeds-fundedprojects
□Applicable?NotapplicableTheCompanyhadnochangestoproceeds-fundedprojectsduringthereportingperiod.
VII.SalesofMajorAssetsandEquity
1.Saleofmajorassets?Applicable□Notapplicable
| Counterparty | AssetsSold | DateofSale | TransactionPrice(CNY10,000) | NetProfitContributedbytheAssettotheListedCompanyfromtheBeginningoftheCurrentPeriodtotheDateofSale(CNY10,000) | EffectofSaleontheCompany | ProportionofNetProfitContributedbyAssetSalestotheListedCompanyintheTotalNetProfit | PricingPrincipleofAssetSale | RelatedPartyTransactionorNot | RelationshipwiththeCounterparty(ApplicabletoRelatedPartyTransaction) | WhetherAllPropertyRightsoftheAssetsInvolvedHavebeenTransferred | WhetherAllCreditsandDebtsInvolvedHavebeenTransferred | WhetherImplementedasScheduled.IfNot,ProvidetheReasonsandtheMeasuresTakenbytheCompany | DateofDisclosure | DisclosureIndex |
| SanheSub-districtOffice,XinduDistrictPeople'sGovernment,Chengdu | Relevantbuildings,land,andancillaryfacilitiesofFAWJiefangAutomotive | March31,2025 | 21,506.21 | 15,646.77 | Thisexpropriationispartofgovernmentplanning.ThelandandbuildingswereexpropriatedtomeettheconstructionneedsoftheChengduRingEcologicalZone.Asapassive | 382.87% | Assetappraisalpricing | No | N/A | Yes | Yes | Yes | March08,2025 | https://www.cninfo.com.cn/new/disclosure/detail?plate=szse&orgId=gssz0000800&stockCode=000800&announcementId=1222743269&announcementTime=2025-03- |
2.Saleofmajorequity
□Applicable?NotapplicableVIII.AnalysisonPrincipalHoldingandJoint-stockCompanies?Applicable□NotapplicableMajorsubsidiariesandjoint-stockcompaniesaffectingover10%netprofitoftheCompany
Unit:CNY100million
| CompanyName | CompanyType | Mainbusiness | RegisteredCapital | TotalAssets | NetAssets | Operatingincome | OperatingProfit | NetProfit |
| FAWJiefang | Subsidiaries | Development, | 108.03 | 594.48 | 183.63 | 179.12 | 1.30 | 3.60 |
Co.,Ltd.,locatedinXinduDistrict,Chengdu
| Co.,Ltd.,locatedinXinduDistrict,Chengdu | transaction,theCompanyhasactivelyrespondedtothegovernment’secologicalprotectionplanningandcooperatedwiththeimplementationofthiswork.ItisexpectedthatthiswillnotaffectthenormalproductionandoperationsoftheCompanyandFAWJiefangCo.,Ltd. | 08 |
| AutomotiveCo.,Ltd. | manufacturingandsalesofvehiclesandparts |
Acquisitionanddisposalofsubsidiariesinthereportingperiod
□Applicable?NotapplicableDescriptionofmainholdingandjoint-stockcompanies:none
IX.StructuredEntitiesControlledbytheCompany
□Applicable?NotapplicableX.RisksFacedbytheCompanyandCountermeasures
(1)MarketcompetitionriskThedomesticcommercialvehiclemarket,particularlyintheheavy-dutytrucksegment,ishighlycompetitive.Leadingenterprisesleveragestrongbrandequity,robustR&Dcapabilities,andextensivesaleschannelstocontinuouslyconsolidatetheiradvantages.Theynotonlyoptimizeproductperformancebutalsomeetdiversifiedmarketdemandsbylaunchingnewenergyvehiclesandintelligentconnectedproducts.Meanwhile,numerouscapablecompaniesandcross-industrycompetitorsareactivelycompetinginnichemarketstocapturemarketshare.Inthiscontext,theCompanyfaceschallengesofproducthomogeneityandintensepricecompetition.Ifdifferentiatedproductsarenotlaunchedinatimelymanner,theCompanymaybeatadisadvantageinmarketcompetition.Thelikelihoodofengaginginpricewarsincreases,marketsharemaybeeroded,andthecurrentadvantagesinthemarketarechallenged.?
(2)NewEnergyMarketRiskThenewenergycommercialvehiclemarketisrapidlydeveloping,withpenetrationcontinuouslyincreasing.TheR&Dofnewenergycommercialvehiclesrequiressignificantinvestmentofcapitalandhumanresources,andtechnologiesarerapidlyevolving.IftheCompanycannotkeeppacewithindustrytechnologicaldevelopments,itmayfacedeficienciesinareassuchasbatteryrange,charginginfrastructure,andintelligentapplications,makingitdifficulttomeetconsumers’performanceexpectationsfornewenergycommercialvehicles.Additionally,marketpromotionandafter-salesservicesfornewenergycommercialvehiclesalsopresentchallenges.InsufficientpreparationintheseareasmayresultinlowconsumerrecognitionoftheCompany’snewenergyproducts,adverselyaffectingproductsalesandmarketshare,andcausingtheCompanytomissopportunitiesinthenewenergymarket.
(3)Policychangerisk?Policiesatboththenationalandlocallevelsforthecommercialvehicleindustryarefrequentlyadjusted.Intermsofenvironmentalregulations,thegradualimplementationoftheNationalVIIemissionstandardsimposeshigherrequirementsonvehicleexhaustemissions,
necessitatingsignificantinvestmentintechnologicalupgradestomeetthenewstandards.Regardingtrafficrights,somecitiesprovidegreateraccessprivilegestonewenergycommercialvehicleswhilerestrictingtheoperatingareasandtimesfortraditionalfuelcommercialvehicles.Failuretorespondeffectivelytopolicychangesmayresultinproductcompliancerisks,makingitimpossibletoselloroperateproductsincertainregions.Meanwhile,changesinpolicysubsidiescanaffectthemarketpriceofnewenergycommercialvehiclesandconsumers’purchasingintentions,posingchallengestotheCompany’ssalesstrategiesandfundingcosts.
(4)OverseasMarketRiskTheoverseasmarketisbecomingincreasinglyimportantforcommercialvehicleenterprises,andtheCompanymayfacevariousobstaclesinexpandingabroad.First,sluggishglobaleconomicgrowthanddecliningmarketdemandincertaincountriesandregionsmakecommercialvehicleexportsmoredifficult.Second,theriseoftradeprotectionism,withsomecountriesimposingtradebarriersorraisingtariffs,restrictstheimportofforeigncommercialvehicles,impactingtheCompany’soverseasmarketdeployment.Third,differencesinregulatorystandards,culturalhabits,andmarketdemandsacrosscountriesandregionsposechallenges.IftheCompanyfailstounderstandandadapttothesedifferences,itmaystruggletomeetlocalmarketrequirementsinproductdevelopment,marketing,andafter-salesservice,therebyaffectingitscompetitivenessinoverseasmarkets.Toaddresstheaboverisks,theCompanyhasformulatedthefollowingmeasures:
1.StrengthenR&Dinnovationanddifferentiationstrategy.IncreaseR&DinvestmentandreinforcespecializedR&Dteams,focusingoncutting-edgetechnologiessuchasnewenergyandintelligentsystemstodevelopproductswithuniqueadvantages.Conductin-depthmarketresearchand,targetingdifferentmarketsegments,launchdifferentiatedproductstomeetcustomers’personalizedneeds,enhanceproductaddedvalue,andimprovemarketcompetitiveness.
2.Acceleratethenewenergytransformationanddeployment.Continuouslyimprovenewenergybusiness,clarifyingtechnologicalroutesanddevelopmentgoals.Establishstrategicpartnershipswithkeycollaborators,optimizethesupplychainsystem,andreducethecostofnewenergyproducts.Strengthenmarketpromotionandafter-salesservicesfornewenergyproducts,establishacomprehensiveafter-salesnetwork,promptlyaddressissuesencounteredbycustomers,andenhancecustomersatisfactionandbrandreputation.
3.Strengthenpolicymonitoringandresponseresearch.Continuouslytracknationalandlocalpolicydevelopments,thoroughlyinterpretregulations,andproactivelyanticipatetheirimpactontheCompany’sbusiness.Adjustcompanystrategiesandproductplanninginatimelymanneraccordingtopolicychangestoensureproductscomplywithregulationsandtoactivelyseekpolicysupport.
4.Optimizeoverseasmarketexpansionstrategies.Conductoverseasmarketresearchtogainathoroughunderstandingofthetargetmarkets’economicconditions,regulatorystandards,culturalhabits,andmarketdemands,andformulatetargetedstrategies.Strengthencooperationwithlocaldealersandpartners,fullyutilizelocalresources,andestablishlocalizedproduction,sales,andafter-salesservicesystemstoimproveproductadaptabilityandmarketresponsiveness.ActivelyaddresstradebarriersandenhancecommunicationandcoordinationwithindustryassociationsandgovernmentauthoritiestosafeguardtheCompany’slegitimaterightsandinterestsinoverseasmarkets.
5.Enhanceinternalmanagementefficiency.StrengtheninternalcollaborationwithintheCompanytoimproveworkefficiency,establishascientificmanagementandcontrolsystem,andmotivateemployees’initiativeandinnovation.Strengthencostmanagement,optimizeproductionprocesses,reduceproductionandoperatingcosts,andimprovetheCompany’sprofitabilityandriskresistance.XI.ImplementationStatusofMarketCapitalizationManagementSystemandValuationEnhancementPlanWhethertheCompanyestablishedamarketcapitalizationmanagementsystem.?Yes□NoWhethertheCompanydisclosedavaluationenhancementplan.
□Yes?No
InaccordancewithArticle8ofthe“RegulatoryGuidelinesforListedCompaniesNo.10-MarketCapitalizationManagement”issuedbytheChinaSecuritiesRegulatoryCommission,whichstipulatesthat“Companiesincludedinmajorindicesshallestablishamarketcapitalizationmanagementsystem...”AsaconstituentoftheCSI300Index,theCompanyhasformulateda“MarketCapitalizationManagementSystem”inaccordancewithrelevantregulations.Themaincontentsinclude:GeneralProvisions,MarketCapitalizationManagementOrganizationsandPersonnel,PrincipalMethodsofMarketCapitalizationManagement,MonitoringandEarly
WarningMechanismsandEmergencyMeasures,andSupplementaryProvisions.OnDecember26,2024,thecompany’s21stmeetingofthe10thBoardofDirectorsreviewedandapprovedthe“ProposalonEstablishingthe‘MarketCapitalizationManagementSystem’”.XII.Implementationofthe“ImprovementofBothQualityandReturn”ActionPlanWhethertheCompanydisclosedthe“ImprovementofBothQualityandReturn”actionplan.?Yes□No
The“ImprovementofBothQualityandReturn”actionplanispreparedinordertoimplementtheguidingideologiesof“activatingthecapitalmarketandboostinginvestors’confidence”asproposedatthemeetingofthePoliticalBureauoftheCentralCommitteeoftheCPCandof“vigorouslyimprovingthequalityandinvestmentvalueoflistedcompanies,takingmorepowerfulandeffectivemeasures,andfocusingonmarketstabilityandconfidencestability”asproposedintheexecutivemeetingoftheStateCouncil,safeguardtheinterestsofallshareholders,enhancetheinvestors’confidenceandpromotethelong-termsoundandsustainabledevelopmentoftheCompany.Fordetails,pleaserefertotheAnnouncementonthe“ImprovementofBothQualityandReturn”ActionPlanpublishedbytheCompanyintheSecuritiesTimes,ChinaSecuritiesJournalandCNINFO(http://www.cninfo.com.cn)onMarch2,2024.TheCompanyconsistentlyprioritizeshigh-qualitydevelopmentasitscoretheme.Itiscommittedtoadvancingitsmainbusinessandaspirestoestablishitselfasaleadingbrand.TheCompanyplacesastrongemphasisonproductleadership,continuouslyinnovatinganddrivingreforms.Itactivelypursuesthemasteryofkeycoretechnologies,constantlystrivingtoconquernewfrontiers.Itisacceleratingtowardsitsgoalofbecoming“China’sfirstandworld-class”greenandintelligenttransportationsolutionprovider,aswellasacentury-oldnationalautomobilebrand.TheCompanyconstantlyconsolidatesitscorporategovernancestructure,improvesitsinternalcontrolsystem,promotesthestandardizedandefficientoperationofthe“shareholders’meeting,BoardofDirectorsandBoardofSupervisors”,andgivesfullplaytotheroleofvariousgovernancesubjects,thusensuringscientificandeffectivedecision-making.TheCompanystrictlyabidesbylaws,regulationsandregulatoryagencyprovisions,continuouslyimprovestheinformationdisclosurequality,highlightstheimportanceandpertinenceofinformationdisclosure,
fullydemonstratestheintrinsicvalueoftheCompany,andprovidesinvestorswithanobjectivedecision-makingbasis.TheCompanyactivelyrespondstonationalpoliciestostrengthencapitalmarketdevelopmentandenhanceinvestorreturns.TakingintoaccounttheCompany’sactualsituation,the2024annualprofitdistributionplanisformulatedasfollows:Basedon4,921,280,975sharesoftheCompany,acashdividendofCNY0.50(taxinclusive)willbedistributedtoallshareholdersforevery10sharesheld,totalingCNY246,064,048.75(taxinclusive).Theremainingundistributedprofitswillbecarriedforwardtothenextaccountingyear.TheCompanydoesnotconvertitscapitalreservesintosharecapital.Theex-dividenddateforthisdistributionissetforJune17,2025.Besides,theCompanyattachesgreatimportancetoinvestorrelationsmanagement.Throughmultiplechannelssuchaspublicannouncements,brokerstrategymeetings,investorcommunications,interactiveplatforms,telephone,andemail,theCompanyensureseffectivecommunicationwithinvestorsandestablishesatransparentandefficientcommunicationplatform.OnMarch31,2025,theCompanyheldthe2024annualperformancecommunicationmeetinginBeijing;onApril14,itheldthe2024annualperformancebriefing;andonMay27,itparticipatedinthe“2025JilinRegionListedCompaniesOnlineInvestorReceptionDay”event.TheCompany’smanagementaddressedinvestors’concernscomprehensivelyandshowcasedtheCompany’simageandpotentialfrommultipledimensions.
SectionIVCorporateGovernance,Environment,andSocial
Responsibility
I.ChangesinDirectors,SupervisorsandSeniorManagementoftheCompany?Applicable□Notapplicable
| Name | Position | Type | Date | Reason |
| YuChangxin | Director | Elected | March06,2025 | |
| XuHaigen | EmployeeSupervisor | Departurefromoffice | March17,2025 | Statutoryretirement |
| LiRisheng | EmployeeSupervisor | Elected | March26,2025 | |
| QiaoXiaobing | EmployeeSupervisor | Elected | March26,2025 | |
| WangZhiyu | DeputyGeneralManager | Appointed | May26,2025 |
Note:
1.OnFebruary19,2025,theCompanydisclosedthe“AnnouncementontheElectionofNon-independentDirectors,”nominatingMr.ChangXinasacandidatefornon-independentdirectoroftheCompany.Thismatterwasapprovedatthefirstextraordinaryshareholders’meetingof2025heldonMarch6,2025.
2.OnMarch18,2025,theCompanydisclosedthe“AnnouncementonResignationofSupervisors,”statingthatMr.XuHaigenresignedfromhispositionasCompanySupervisoruponreachingthestatutoryretirementage.
3.OnMarch27,2025,theCompanydisclosedthe“AnnouncementontheBy-electionofEmployeeSupervisorsoftheBoardofSupervisors,”electingMr.LiRishengandMr.QiaoXiaobingasEmployeeSupervisorsoftheCompany’sBoardofSupervisors.
4.Atthe26thmeetingofthe10thBoardofDirectorsheldonMay26,2025,theproposalontheappointmentoftheCompany’sDeputyGeneralManagerwasreviewedandapproved,appointingMr.WangZhiyuasDeputyGeneralManageroftheCompany.
Fordetails,pleaserefertotheannouncementsbytheCompanyintheSecuritiesTimes,ChinaSecuritiesJournalandCNINFO(http://www.cninfo.com.cn).
II.ProfitDistributionandTransferfromCapitalReservetoShareCapitalintheReportingPeriod
□Applicable?NotapplicableTheCompanydoesnotplantopaycashdividendsorbonusshares,orconvertreservesintosharecapitalinthefirsthalfoftheyear.III.ImplementationoftheCompany’sEquityIncentivePlan,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures?Applicable□Notapplicable
1.Equityincentive
OnMarch28,2025,theCompanyheldthe24thMeetingofthe10thBoardofDirectorsandthe20thMeetingofthe10thBoardofSupervisorsrespectively,whichreviewedandapprovedthe“ProposalonUnfulfillingConditionsforReleasingRestrictedSharefortheThirdReleasePeriodofRestrictedSharesReservedforGrantinginPhaseIRestrictedShareIncentivePlanandRepurchaseandCancellationofSomeRestrictedSharesandAdjustmentofRepurchasePrice,”agreeingtorepurchaseandcanceltherestrictedstocksof30incentiveparticipantswhodidnotsatisfythereleaseconditions,totaling1,090,201shares.OnApril18,2025,theproposalwasreviewedandapprovedattheCompany’s2024AnnualShareholders’Meeting.TheCompanyhascompletedtheabove-mentionedrepurchaseandcancellationofshares,anddisclosedthe“AnnouncementontheCompletionofRepurchaseandCancellationofSomeRestrictedShares”onJune10,2025.
Fordetailsoftheaboveproposals,pleaserefertotherelevantannouncementspublishedbytheCompanyinSecuritiesTimes,ChinaSecuritiesJournalandCNINFO(http://www.cninfo.com.cn).
2.Implementationofemployeestockownershipplan
□Applicable?Notapplicable
3.Otheremployeeincentives
□Applicable?Notapplicable
IV.EnvironmentalInformationDisclosureWhetherthelistedcompanyanditsmajorsubsidiariesareincludedinthelistofenterprisesrequiredbylawtodiscloseenvironmentalinformation?Yes□No
| Numberofenterprisesincludedinthelistofcompaniesrequiredbylawtodiscloseenvironmentalinformation | 11 | |
| S/N | NameoftheEnterprise | IndexforQueryingEnvironmentalInformationDisclosureReports |
| 1 | FAWJiefangAutomotiveCo.,Ltd.(TruckFactory) | http://36.135.7.198:9015/index |
| 2 | FAWJiefangAutomotiveCo.,Ltd.TransmissionBranch | http://36.135.7.198:9015/index |
| 3 | FAWJiefangAutomotiveCo.,Ltd.TransmissionBranch(OldAxleWorkshopArea) | http://36.135.7.198:9015/index |
| 4 | FAWJiefangAutomotiveCo.,Ltd.EngineBranch | http://36.135.7.198:9015/index |
| 5 | FAWJiefangAutomotiveCo.,Ltd.ChangchunIntelligentBusBranch | http://36.135.7.198:9015/index |
| 6 | FAWJiefang(Qingdao)AutomotiveCo.,Ltd. | http://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpriseDetails?comDetailFrom=0&id=91370200163567343M |
| 7 | WuxiDieselEngineWorksofFAWJiefangAutomotiveCo.,Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http%3A%2F%2Fywxt.sthjt.jiangsu.gov.cn%3A18181%2Fspsarchive-webapp%2Fweb%2Fsps%2Fviews%2Fyfpl%2Fviews%2FyfplEntInfo%2Findex.js&year=2024&ticket=afb38e3df4574504854e00c9791d4ce4&versionId=DF7D0088C75C4C6C904C47CAA1415FD1&spCode=3202000200003045 |
| 8 | WuxiDieselEngineHuishanFactoryofFAWJiefangAutomotiveCo.,Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http%3A%2F%2Fywxt.sthjt.jiangsu.gov.cn%3A18181%2Fspsarchive-webapp%2Fweb%2Fsps%2Fviews%2Fyfpl%2Fviews%2FyfplEntInfo%2Findex.js&year=2024&ticket=5eceda49250740bdb947c7917c006a64&versionId=E4F8C5FCD30846819DFE |
| 434B9F89B016&spCode=3202060200040894 | ||
| 9 | FAWJiefangAutomotiveCo.,Ltd.SichuanBranch | https://103.203.219.138:8082/eps/index/enterprise-more?code=91510681MABQ7AKG4Y&uniqueCode=ef29d76e7549427c&date=2024&type=true&isSearch=true |
| 10 | FAWJiefangAutomotiveCo.,Ltd.ChengduBranch | https://103.203.219.138:8082/eps/index/enterprise-more?code=91510114746407720B&uniqueCode=d17812444b6e628b&date=2024&type=true&isSearch=true |
| 11 | FAWJiefangDalianDieselEngineCo.,Ltd. | https://sthj.deing.cn:8180/Public/Enter/682078508085253 |
V.SocialResponsibility
Inthefirsthalfof2025,FAWJiefangactivelyrespondedtothenationalRuralRevitalizationStrategy,thoroughlyimplementeddesignatedassistancework,leverageditsresourceadvantages,andfocusedonsupportingthecounterpartcounty-ZhenlaiCountyinJilinProvince.Throughdispatchingpersonnel,consumption-basedassistance,talentempowerment,andotherforms,theCompanypromotedeconomicdevelopmentintheassistedareasaccordingtolocalconditionsandcircumstances,advancingruralrevitalizationandcreatinganewrhythmofruralprosperity.
SectionVImportantMatters
I.CommitmentsMadebytheCompany’sActualControllers,Shareholders,RelatedParties,PurchasersandtheCompanytoInterestedPartiesthatwillbeFulfilledintheReportingPeriod,andCommitmentsnotFulfilledbytheEndoftheReportingPeriod?Applicable□Notapplicable
| ReasonsforCommitment | Committedby | CommitmentType | Commitments | Date | CommitmentPeriod | Performance |
| Commitmentsmadeduringassetrestructuring | Relevantdirectors,supervisorsandseniorofficersoflistedcompanies(WuBilei,LiSheng,WangHao,LiuYanchang,DengWeigong,ChenHua,HanFangming,MaoZhihong,DongZhonglang,LiYing,XuHaigen,WangLijun,DuanYinghui,YuChangxin,JiYizhi,WangJianyu,WangJianxun) | Othercommitments | IfIholdsharesinFAWJiefangpriortothisrestructuring,IwillnotreducemyFAWJiefangshareholdingsthroughdirectorindirectmeansfromthedateofthefirstdisclosureofthistransactionbyFAWJiefanguntilitscompletion,nordoIhaveanyplanstoreduceFAWJiefangshares.Duringthisperiod,ifIreceiveadditionalsharesduetoFAWJiefang’sissuanceofbonusshares,conversionofcapitalreservesintosharecapital,orothersuchevents,Iwillalsoabidebytheaforementionedarrangements.IftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchangeimplementnewregulationsregardingsharereduction,Iwillalsostrictlycomplywithsuchrelevantregulations. | October22,2024 | Tothecompletionofimplementation | Thetransferproceduresforthetargetassetsinvolvedinthistransactionhavebeenfullycompleted.OnApril28,2025,theCompanydisclosedthe“AnnouncementontheCompletionofTransferofTargetAssetsinMajorAssetDisposalandRelatedPartyTransaction.”TheCompanynolongerholdsequityinFAWFinanceCo.,Ltd. |
| Commitment | ChinaFAWCo., | Other | Fromthedateofthefirst | Octobe | Tothe |
| smadeduringassetrestructuring | Ltd. | commitments | disclosureofFAWJiefang’srestructuringuntilitscompletion,theCompanywillnotreduceitsFAWJiefangshareholdings,nordoesithaveanyplanstoreduceFAWJiefangshares.Duringthisperiod,iftheCompanyreceiveadditionalsharesduetoFAWJiefang’sissuanceofbonusshares,conversionofcapitalreservesintosharecapital,orothersuchevents,Iwillalsoabidebytheaforementionedarrangements.IftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchangeimplementnewregulationsregardingsharereduction,theCompanywillalsostrictlycomplywithsuchrelevantregulations. | r22,2024 | completionofimplementation |
| Commitmentsmadeduringassetrestructuring | ChinaFAWCo.,Ltd. | Othercommitments | 1.TheCompanyshallexerciseshareholderrightsinaccordancewithrelevantlaws,regulations,andtheArticlesofAssociationofthelistedcompany,withoutexceedingitsauthoritytointerfereintheoperationandmanagementofthelistedcompany,andwithoutinfringingupontheinterestsofthelistedcompany;2.Fromthedateofthiscommitmentuntilthecompletionofthelisted | October29,2024 | Tothecompletionofimplementation |
| company’scurrentrestructuring,iftheShenzhenStockExchangeissuesnewregulatoryprovisionsregardingsupplementaryreturnmeasuresandtheircommitments,andtheabovecommitmentscannotsatisfysuchprovisions,theCompanyundertakestoissuesupplementarycommitmentsinaccordancewiththelatestprovisionsoftheExchange;3.IftheCompanyviolatesorrefusestofulfilltheabovecommitmentsresultinginlossestothelistedcompany,theCompanywillbearlegalresponsibilityforcompensation,andagreestoacceptrelevantpenaltiesormanagementmeasuresinaccordancewithregulationsandrulesestablishedorissuedbytheChinaSecuritiesRegulatoryCommission,theShenzhenStockExchange,andothersecuritiesregulatoryauthorities. | |||||
| Commitmentsmadeduringassetrestructuring | FAWBestuneAutoCo.,Ltd. | Othercommitments | FromthedateofthefirstdisclosureofFAWJiefang’srestructuringuntilitscompletion,theCompanywillnotreduceitsFAWJiefangshareholdings,nordoesithaveanyplanstoreduceFAWJiefangshares. | October22,2024 | Tothecompletionofimplementation |
| Duringthisperiod,iftheCompanyreceiveadditionalsharesduetoFAWJiefang’sissuanceofbonusshares,conversionofcapitalreservesintosharecapital,orothersuchevents,Iwillalsoabidebytheaforementionedarrangements.IftheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchangeimplementnewregulationsregardingsharereduction,theCompanywillalsostrictlycomplywithsuchrelevantregulations. | |||
| Whetherthecommitmentisfulfilledontime | Yes | ||
| Ifthecommitmentisnotfulfilledwithinthetimelimit,thespecificreasonsforthefailureandthenextworkplanshallbeexplainedindetail | N/A | ||
II.Non-operatingOccupationofFundsbyControllingShareholdersandOtherRelatedPartiestotheListedCompany
□Applicable?NotapplicableDuringthereportingperiod,therewasnonon-operatingoccupationoffundsbycontrollingshareholdersandotherrelatedparties.
III.IllegalExternalGuarantee
□Applicable?NotapplicableTheCompanyhasnoillegalexternalguaranteeinthereportingperiod.IV.AppointmentandDismissalofAccountingFirmHasthesemi-annualfinancialreportbeenaudited
□Yes?NoThesemi-annualreportoftheCompanyisnotaudited.V.DescriptionoftheBoardofDirectorsandtheBoardofSupervisorsonthe“Non-standardAuditReport”oftheAccountingFirmintheReportingPeriod
□Applicable?NotapplicableVI.DescriptionoftheBoardofDirectorsonthe“Non-standardAuditReport”oftheLastYear
□Applicable?NotapplicableVII.MattersRelatedtoBankruptcyReorganization
□Applicable?NotapplicableTheCompanyhasnomattersrelatedtobankruptcyreorganizationinthereportingperiod.VIII.LitigationMattersMajorlitigationandarbitrationmatters
□Applicable?NotapplicableTheCompanyhasnomajorlitigationorarbitrationmatterinthereportingperiod.Otherlitigationmatters?Applicable□Notapplicable
| BasicInformationaboutLitigation(Arbitration) | AmountInvolved(CNY10,000) | Estimatedliabilitiesformedornot | ProgressofLitigation(Arbitration) | Litigation(Arbitration)ResultsandImpact | ImplementationofLitigation(Arbitration)Judgment | DateofDisclosure | DisclosureIndex |
| Summaryofother | 7,944.71 | Includingestimated | Casenotclosed | Nosignifican | Thecasewasnot |
| litigationnotreachingthemajordisclosurestandard | liabilitiesofCNY35,026,900 | timpact | closedbytheendofthereportingperiod | ||
| 501.46 | No | Caseclosed | Nosignificantimpact | Judgmenthasbeenmadeortheexecutionhasbeencompleted |
IX.PunishmentandRectification
□Applicable?NotapplicableTheCompanyhasnopunishmentorrectificationinthereportingperiod.X.IntegrityoftheCompanyandItsControllingShareholdersandActualControllers
□Applicable?NotapplicableXI.MajorRelatedTransactions
1.Relatedtransactionsrelatedtodailyoperations
□Applicable?NotapplicableNorelated-partytransactionsrelatedtodailyoperationsoccurredduringthereportingperiod.
2.Relatedtransactionsarisingfromtheacquisitionandsaleofassetsorequity
□Applicable?NotapplicableTheCompanyhasnorelatedtransactionsarisingfromtheacquisitionandsaleofassetsorequityinthereportingperiod.
3.Relatedtransactionsofjointforeigninvestment
□Applicable?NotapplicableTheCompanyhasnorelatedtransactionsofjointforeigninvestmentinthereportingperiod.
4.Relatedcreditanddebttransactions?Applicable□NotapplicableWhethertherearenon-operatingrelatedcreditanddebttransactions
□Yes?NoTheCompanyhasnonon-operatingrelatedcreditanddebttransactionsinthereportingperiod.
5.Transactionwithrelatedfinancecompanies?Applicable□NotapplicableDepositBusiness
| RelatedParties | Correlation | MaximumDailyDepositLimit(CNY10,000) | DepositInterestRateRange | OpeningBalance(CNY10,000) | AmountIncurredinCurrentPeriod | EndingBalance(CNY10,000) | |
| TotalDepositAmountintheCurrentPeriod(CNY10,000) | TotalWithdrawalAmountintheCurrentPeriod(CNY10,000) | ||||||
| FirstAutomobileFinanceCo.,Ltd. | Thesameultimatecontrollingparty | 3,000,000 | 0.03%-2% | 887,137.51 | 21,083,150.88 | 21,093,050.85 | 877,237.54 |
CreditGrantingorOtherFinancialBusinesses
| RelatedParties | Correlation | BusinessType | TotalAmount(CNY10,000) | ActualAmountIncurred(CNY10,000) |
| FirstAutomobileFinanceCo.,Ltd. | Thesameultimatecontrollingparty | Otherfinancialbusinesses | 1,530,000 | 85,761.16 |
6.TransactionsbetweenfinancecompaniescontrolledbytheCompanyandrelatedparties
□Applicable?NotapplicableThereisnodeposit,loan,creditgrantingorotherfinancialbusinessesbetweenthefinancecompaniescontrolledbytheCompanyandrelatedparties.
7.Othermajorrelatedtransactions?Applicable□Notapplicable
OnFebruary18,2025,the22ndmeetingofthe10thBoardofDirectorsoftheCompanyreviewedandapprovedthe“ProposalontheEstimatedAmountofDailyRelatedTransactionsfor2025,”the“ProposalontheEstimatedAmountofFinancialBusinesswithFAWFinanceCo.,Ltd.for2025,”andthe“ProposalonSigningtheFinancialServicesFrameworkAgreementwithFAWFinanceCo.,Ltd.,”whichweresubsequentlyreviewedandapprovedbythefirstextraordinaryshareholders’meetingoftheCompanyin2025.
RelevantInquiriesonDisclosureWebsiteofInterimReportofMajorRelatedTransactions
| NameofTemporaryAnnouncement | DisclosureDateofTemporaryAnnouncement | NameofTemporaryAnnouncementDisclosureWebsite |
| Announcementonestimatedamountofdailyrelatedtransactionsin2025 | February19,2025 | CNINFO(http://www.cninfo.com.cn) |
| AnnouncementonestimatedamountoffinancialbusinesswithFirstAutomobileFinanceCo.,Ltd.in2025 | February19,2025 | CNINFO(http://www.cninfo.com.cn) |
| AnnouncementonSigningFinancialServiceFrameworkAgreementandRelatedPartyTransactionswithFirstAutomobileFinanceCo.,Ltd. | February19,2025 | CNINFO(http://www.cninfo.com.cn) |
XII.MajorContractsandTheirPerformance
1.Trusteeship,contractingandlease
(1)Trusteeship
□Applicable?NotapplicableThereisnotrusteeshipmadebytheCompanyinthereportingperiod.
(2)Contracting
□Applicable?NotapplicableThereisnocontractingmadebytheCompanyinthereportingperiod.
(3)Lease?Applicable□Notapplicable
DescriptionofleaseFordetailsoftheCompany’soperatingleases,pleaserefertoNotes15“InvestmentProperty,”16“FixedAssets,”and20“Right-of-UseAssets”inPartVII“NotestoItemsinConsolidatedFinancialStatements”ofSectionVIII“FinancialReport,”andNote5“RelatedPartyTransactions”inPartXIII“RelatedPartiesandRelatedTransactions.”Projectsthatbringaboutprofitsandlossesexceeding10%ofthetotalprofitoftheCompanyinthereportingperiod
□Applicable?NotapplicableTheCompanyhasnoleasingprojectthatbringsaboutprofitsandlossesexceeding10%ofthetotalprofitoftheCompanyinthereportingperiod.
2.Majorguarantees
□Applicable?NotapplicableTheCompanyhasnomajorguaranteesinthereportingperiod.
3.Entrustedfinancialmanagement?Applicable□Notapplicable
Unit:CNY10,000
| Type | SourceofFundsforEntrustedWealthManagement | AmountofEntrustedWealthManagementTransactions | OutstandingBalance | AmountofOverdueReceivables | ImpairmentProvisionforOverdueEntrustedWealthManagement |
| BankWealthManagementProducts | OwnFunds | 2,220,000 | 0 | 0 | 0 |
| Total | 2,220,000 | 0 | 0 | 0 | |
DetailsofHigh-RiskEntrustedWealthManagementProductswithLargeExposure,LowSecurity,orLimitedLiquidity
□Applicable?NotapplicableSituationsWhereEntrustedWealthManagementIsExpectedtoIncurPrincipalLossesorOtherEventsMayTriggerImpairment
□Applicable?Notapplicable
4.Othermajorcontracts
□Applicable?NotapplicableTheCompanyhasnoothermajorcontractsinthereportingperiod.XIII.OtherMajorMatterstobeExplained
□Applicable?NotapplicableTherearenoothermajormatterstobeexplainedbytheCompanyinthereportingperiod.XIV.MajorEventsofSubsidiaries
□Applicable?Notapplicable
SectionVIChangesinSharesandShareholdersI.ChangesinShares
1.Changesinshares
Unit:share
| BeforetheChange | Increase/DecreaseMadebytheChange(+,-) | AftertheChange | |||||||
| Qty. | Scale | IssueofNewShares | Bonusshares | ShareTransferredfromAccumulationFund | Others | Subtotal | Qty. | Scale | |
| I.Restrictedshares | 300,017,695 | 6.09% | -299,597,403 | -299,597,403 | 420,292 | 0.01% | |||
| 1.Sharesheldbythestate | |||||||||
| 2.Sharesheldbythestate-ownedlegalperson | 135,820,894 | 2.76% | -135,820,894 | -135,820,894 | |||||
| 3.Sharesheldbyotherdomesticenterprises | 147,480,384 | 3.00% | -147,060,092 | -147,060,092 | 420,292 | 0.01% | |||
| Including:sharesheldbydomesticlegalperson | 145,970,151 | 2.97% | -145,970,151 | -145,970,151 | |||||
| Sharesheldbydomesticnaturalperson | 1,510,233 | 0.03% | -1,089,941 | -1,089,941 | 420,292 | 0.01% | |||
| 4.Sharesheldbyforeignenterprises | 16,716,417 | 0.34% | -16,716,417 | -16,716,417 | |||||
| Including:sharesheldbyoverseaslegalperson | 16,716,417 | 0.34% | -16,716,417 | -16,716,417 | |||||
| Sharesheldbyoverseasnaturalperson | |||||||||
| II.Unrestrictedshares | 4,622,353,481 | 93.91% | 298,507,202 | 298,507,202 | 4,920,860,683 | 99.99% | |
| 1.CNYordinaryshares | 4,622,353,481 | 93.91% | 298,507,202 | 298,507,202 | 4,920,860,683 | 99.99% | |
| 2.ForeignshareslistedinChina | |||||||
| 3.Foreignshareslistedoverseas | |||||||
| 4.Others | |||||||
| III.Totalnumberofshares | 4,922,371,176 | 100.00% | -1,090,201 | -1,090,201 | 4,921,280,975 | 100.00% |
Reasonsforchangesinshares?Applicable□NotapplicableDuringthereportingperiod,theCompanyfailedtoachievetheperformanceassessmentobjectivessetforthethirdreleaseperiodofthereservedsharesunderthePhaseIrestrictedshareincentiveplan,andatotalof1,090,201shareswererepurchasedandcanceledduetosomeincentiverecipientsservingasemployeesupervisorsorotherreasons.Approvalofsharechanges?Applicable□NotapplicableOnMarch28,2025,the24thmeetingofthe10thBoardofDirectorsandthe20thmeetingofthe10thBoardofSupervisorsoftheCompanyreviewedandapprovedthe“ProposalontheFailuretoAchievetheConditionsfortheThirdReleasePeriodoftheReservedSharesunderthePhaseIRestrictedShareIncentivePlan,andontheRepurchaseandCancellationofCertainRestrictedSharesandAdjustmentofRepurchasePrice,”withatotalof1,090,201restrictedsharesrepurchasedandcanceled.OnApril18,2025,theproposalwasreviewedandapprovedattheCompany’s2024AnnualShareholders’Meeting.Transferofshareschanges?Applicable□NotapplicableOnJune03,2025,theCompanysubmittedrelevantregistrationmaterialstoCDSCfor1,090,201sharesinvolvedinequityincentiverepurchaseandcancellation.OnJune06,2025,CSDCissuedtheConfirmationofSecuritiesTransferRegistrationtotheCompany,andthetotalsharecapitaloftheCompanywasreducedto4,921,280,975shares.Implementationprogressofsharerepurchase?Applicable□NotapplicableTheCompanyhascompletedtheabove-mentionedrepurchaseandcancellationofshares,anddisclosedthe“AnnouncementontheCompletionofRepurchaseandCancellationofSomeRestrictedShares”onJune10,2025.Implementationprogressofreducingrepurchasedsharesbycentralizedbidding
□Applicable?NotapplicableImpactofchangesinsharesonfinancialindicatorssuchasbasicearningspershareanddilutedearningspershareinthelatestyearandthelatestperiod,andnetassetspershareattributabletoshareholderswithordinarysharesoftheCompany
?Applicable□Notapplicable
Inthereportingperiod,thesharecapitaloftheCompanydecreasedby1,090,201shares,whichhadlittleimpactontheCompany’sfinancialindicatorssuchasbasicearningspershare,dilutedearningspershare,andnetassetspershareattributabletoshareholderswithordinarysharesoftheCompany.OtherinformationdisclosedasdeemednecessarybytheCompanyorrequiredbythesecuritiesregulatoryauthority
□Applicable?Notapplicable
2.Changesinrestrictedshares?Applicable□Notapplicable
Unit:share
| NameofShareholder | NumberofRestrictedSharesattheBeginningofthePeriod | NumberofRestrictedSharesReleasedintheCurrentPeriod | NumberofRestrictedSharesIncreasedintheCurrentPeriod | NumberofRestrictedSharesattheEndofthePeriod | ReasonforRestriction | ReleaseDate |
| NationalManufacturingTransformationandUpgradingFundCo.,Ltd. | 67,164,179 | 67,164,179 | Non-publicoffering | April21,2025 | ||
| LordAbbettChinaAssetManagementCo.,Ltd. | 57,611,940 | 57,611,940 | Non-publicoffering | April21,2025 | ||
| JilinProvincePrivateEquityCo.,Ltd. | 46,268,656 | 46,268,656 | Non-publicoffering | April21,2025 | ||
| CaitongFundManagementCo.,Ltd. | 30,447,765 | 30,447,765 | Non-publicoffering | April21,2025 | ||
| AEGON-INDUSTRIALFundManagementCo.,Ltd. | 25,074,626 | 25,074,626 | Non-publicoffering | April21,2025 |
| JilinProvinceYandongState-OwnedCapitalInvestmentCo.,Ltd. | 22,388,059 | 22,388,059 | Non-publicoffering | April21,2025 | ||
| UBSAG | 16,716,417 | 16,716,417 | Non-publicoffering | April21,2025 | ||
| JilinChangbaiMountainPrivateFundManagementCo.,Ltd.-JilinProvinceQianhengInvestmentPartnership(LimitedPartnership) | 16,417,910 | 16,417,910 | Non-publicoffering | April21,2025 | ||
| ChangchunEquityInvestmentFundManagementCo.,Ltd.-ChangchunChangxingEquityInvestmentFundPartnership(LimitedPartnership) | 16,417,910 | 16,417,910 | Non-publicoffering | April21,2025 | ||
| OtherSeniorExecutivesandPersonnel | 1,510,233 | 1,139,099 | 49,158 | 420,292 | Executivelockup | Thesharesheldarereleasedfromrestrictionannuallyinaccordancewithrelevantregulations. |
| Total | 300,017,695 | 299,646,561 | 49,158 | 420,292 | -- | -- |
II.IssuanceandListingofSecurities
□Applicable?Notapplicable
III.NumberofShareholdersandShareholdingsoftheCompany
Unit:share
| TotalNumberofShareholderswithOrdinarySharesattheEndoftheReportingPeriod | 78,324 | TotalNumberofShareholderswithPreferredShareswithRestoredVotingRightsattheEndoftheReportingPeriod | 0 | |||||
| ShareholdingsofShareholdersHoldingMorethan5%oftheSharesorTop10Shareholders(ExcludingSharesLentthroughSecuritiesRefinancing). | ||||||||
| NameofShareholder | NatureofShareholders | Shareproportion | NumberofSharesHeldattheEndoftheReportingPeriod | IncreaseandDecreaseintheReportingPeriod | NumberofRestrictedSharesHeld | NumberofUnrestrictedSharesHeld | Pledge,MarkingorFreezing | |
| StatusofShares | Qty. | |||||||
| ChinaFAWCo.,Ltd. | State-ownedlegalperson | 62.19% | 3,060,649,901 | 0 | 0 | 0 | N/A | 0 |
| FAWBestuneAutoCo.,Ltd. | State-ownedlegalperson | 15.94% | 784,500,000 | 0 | 0 | 0 | N/A | 0 |
| NationalManufacturingTransformationandUpgradingFundCo.,Ltd. | State-ownedlegalperson | 1.36% | 67,164,179 | 0 | 0 | 0 | N/A | 0 |
| JilinProvincePrivateEquityCo.,Ltd. | State-ownedlegal | 0.94% | 46,268,656 | 0 | 0 | 0 | N/A | 0 |
| person | ||||||||
| HongKongSecuritiesClearingCompanyLtd. | Overseaslegalperson | 0.77% | 38,106,115 | -22,367,578 | 0 | 0 | N/A | 0 |
| QuHongzhen | Overseasnaturalperson | 0.73% | 36,096,590 | 0 | 0 | 0 | N/A | 0 |
| JilinProvinceYandongState-OwnedCapitalInvestmentCo.,Ltd. | State-ownedlegalperson | 0.45% | 22,388,059 | 0 | 0 | 0 | N/A | 0 |
| IndustrialandCommercialBankofChinaCo.,Ltd.-Huatai-PineBridgeCSI300TradingOpenIndexSecuritiesInvestmentFund | Others | 0.36% | 17,613,200 | 826,600 | 0 | 0 | N/A | 0 |
| ChangchunEquityInvestmentFundManagementCo.,Ltd.-ChangchunChangxingEquityInvestmentFundPartnership | Others | 0.33% | 16,417,910 | 0 | 0 | 0 | N/A | 0 |
| (LimitedPartnership) | |||||||||||
| DuanmuXiaoyi | Domesticnaturalperson | 0.32% | 15,761,031 | 11,141,731 | 0 | 0 | N/A | 0 | |||
| Strategicinvestorsorgenerallegalpersonswhobecomethetop10shareholdersduetotheissuanceofnewshares | Amongtheaboveshareholders,NationalManufacturingTransformationandUpgradingFundCo.,Ltd.,JilinProvincePrivateEquityCo.,Ltd.,JilinProvinceYandongState-OwnedCapitalInvestmentCo.,Ltd.,andChangchunEquityInvestmentFundManagementCo.,Ltd.-ChangchunChangxingEquityInvestmentFundPartnership(LimitedPartnership),amongotherinvestors,becametheCompany’stoptenshareholdersasaresultoftheCompany’snon-publicissuanceofsharestospecifictargets. | ||||||||||
| Descriptionofcorrelationorconcertedactionoftheaboveshareholders | Amongtheaboveshareholders,FAWBestuneisaholdingsubsidiaryofFAW,andisapersonactinginconcertasspecifiedintheRegulationsfortheTakeoverofListedCompanies.ThepublicdisclosuredataindicatesthattheCompanydoesnotknowwhetherthereisacorrelationbetweenothershareholdersofoutstandingshares,norwhetherothershareholdersofoutstandingsharesarepersonsactinginconcertasspecifiedintheRegulationsfortheTakeoverofListedCompanies. | ||||||||||
| Descriptionofinvolvementoftheaboveshareholdersinentrusting/entrustedvotingrightsandwaivingvotingrights | N/A | ||||||||||
| Specialdescriptionoftheexistenceofrepurchasededicatedaccountsamongthetop10shareholders | N/A | ||||||||||
| ShareholdingoftheTop10ShareholderswithUnrestrictedShares(ExcludingSharesLentviaMarginTradingandLocked-upSharesofSeniorExecutives) | |||||||||||
| NameofShareholder | NumberofUnrestrictedSharesHeldattheEndoftheReportingPeriod | TypeofShares | |||||||||
| TypeofShares | Qty. | ||||||||||
| ChinaFAWCo.,Ltd. | 3,060,649,901.00 | CNYordinaryshares | 3,060,649,901.00 | ||||||||
| FAWBestuneAutoCo.,Ltd. | 784,500,000.00 | CNYordinaryshares | 784,500,000.00 | ||||||||
| NationalManufacturingTransformationandUpgradingFundCo.,Ltd. | 67,164,179.00 | CNYordinaryshares | 67,164,179.00 | |
| JilinProvincePrivateEquityCo.,Ltd. | 46,268,656.00 | CNYordinaryshares | 46,268,656.00 | |
| HongKongSecuritiesClearingCompanyLtd. | 38,106,115.00 | CNYordinaryshares | 38,106,115.00 | |
| QuHongzhen | 36,096,590.00 | CNYordinaryshares | 36,096,590.00 | |
| JilinProvinceYandongState-OwnedCapitalInvestmentCo.,Ltd. | 22,388,059.00 | CNYordinaryshares | 22,388,059.00 | |
| IndustrialandCommercialBankofChinaCo.,Ltd.-Huatai-PineBridgeCSI300TradingOpenIndexSecuritiesInvestmentFund | 17,613,200.00 | CNYordinaryshares | 17,613,200.00 | |
| ChangchunEquityInvestmentFundManagementCo.,Ltd.-ChangchunChangxingEquityInvestmentFundPartnership(LimitedPartnership) | 16,417,910.00 | CNYordinaryshares | 16,417,910.00 | |
| DuanmuXiaoyi | 15,761,031.00 | CNYordinaryshares | 15,761,031.00 | |
| DescriptionofRelatedPartiesorConcertedActionsAmongtheTop10ShareholderswithUnrestrictedShares,andBetweentheTop10ShareholderswithUnrestrictedSharesandtheTop10ShareholderswithShares | Amongtheaboveshareholders,FAWBestuneisaholdingsubsidiaryofFAW,andisapersonactinginconcertasspecifiedintheRegulationsfortheTakeoverofListedCompanies.ThepublicdisclosuredataindicatesthattheCompanydoesnotknowwhetherthereisacorrelationbetweenothershareholdersofoutstandingshares,norwhetherothershareholdersofoutstandingsharesarepersonsactinginconcertasspecifiedintheRegulationsfortheTakeoverofListedCompanies. | |||
| Descriptionofparticipationinfinancingbonds | QuHongzhen,anoverseasnaturalperson,holds36,096,590sharesoftheCompanythroughthecustomermargintradingguaranteedsecuritiesaccountatCITICSecurities;DuanmuXiaoyi,adomesticnaturalperson, | |||
| businessofthetop10shareholderswithordinaryshares | holds15,761,031sharesoftheCompanythroughthecustomermargintradingguaranteedsecuritiesaccountatChinaSecuritiesCo.,Ltd. |
Participationinsecuritieslendingbusinessbyshareholdersholdingmorethan5%,thetop10shareholders,andthetop10shareholdersofunrestrictedtradableshares
□Applicable?NotapplicableChangesinthetop10shareholdersandtop10shareholdersofunrestrictedtradablesharescomparedtothepreviousperiodduetosecuritieslending/returnactivities
□Applicable?NotapplicableDothetop10shareholderswithordinarysharesandthetop10shareholderswithunrestrictedordinarysharesoftheCompanyconductagreedrepurchasetransactionsinthereportingperiod
□Yes?NoThetop10shareholderswithordinarysharesandthetop10shareholderswithunrestrictedordinarysharesoftheCompanydonotconductagreedrepurchasetransactionsinthereportingperiodIV.ChangesinShareholdingofDirectors,SupervisorsandSeniorManagement
□Applicable?NotapplicableTheshareholdingoftheCompany’sdirectors,supervisors,andseniorexecutivesremainedunchangedduringthereportingperiod.Fordetails,pleaserefertothe2024AnnualReport.VChangesincontrollingshareholdersoractualcontrollersChangesincontrollingshareholdersinthereportingperiod
□Applicable?NotapplicableThereisnochangeinthecontrollingshareholdersoftheCompanyinthereportingperiod.Changeofactualcontrollerinthereportingperiod
□Applicable?NotapplicableThereisnochangeintheactualcontrolleroftheCompanyinthereportingperiod.VIPreferredShares
□Applicable?NotapplicableTheCompanyhasnopreferredsharesinthereportingperiod.
SectionVIIBonds
□Applicable?Notapplicable
SectionVIIIFinancialReportI.AuditReportIsthesemi-annualreportaudited
□Yes?NoThesemi-annualfinancialreportoftheCompanyisnotaudited.II.FinancialStatementsTheunitinthenotestothefinancialstatementisCNY
1.ConsolidatedbalancesheetPreparedby:FAWJiefangGroupCo.,Ltd.
June30,2025
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Currentassets: | ||
| Monetarycapital | 27,226,459,877.13 | 19,852,961,021.66 |
| Settlementreservefund | ||
| Loanstobanksandotherfinancialinstitutions | ||
| Financialassetsheldfortrading | 5,102,739.73 | |
| Derivativefinancialassets | ||
| Notesreceivable | 300,000.00 | 2,641,582.80 |
| Accountsreceivable | 8,413,701,687.51 | 7,067,296,142.54 |
| Accountsreceivablefinancing | 6,250,344,325.45 | 10,019,816,248.98 |
| Prepayments | 153,344,659.70 | 128,639,159.47 |
| Premiumsreceivable | ||
| Reinsuranceaccountsreceivable | ||
| Reinsurancecontractreservesreceivable | ||
| Otherreceivables | 1,681,860,160.35 | 1,340,633,312.48 |
| Including:interestsreceivable | ||
| Dividendsreceivable | 157,707,661.77 | |
| Financialassetspurchasedunderagreementstoresell |
| Item | Endingbalance | Openingbalance |
| Inventories | 12,268,923,565.48 | 10,117,213,109.97 |
| Including:Dataresources | ||
| Contractassets | 14,535,632.85 | 14,455,542.05 |
| Held-for-saleassets | ||
| Currentportionofnon-currentassets | 366,794,659.02 | 377,668,442.06 |
| Othercurrentassets | 1,091,164,647.41 | 1,413,638,174.22 |
| Totalcurrentassets | 57,472,531,954.63 | 50,334,962,736.23 |
| Non-currentassets: | ||
| Loansandadvances | ||
| Debtinvestment | ||
| Otherdebtinvestments | ||
| Long-termreceivables | 110,729,218.36 | 110,911,235.61 |
| Long-termequityinvestments | 1,161,550,784.02 | 1,176,288,461.09 |
| Otherequityinstrumentsinvestments | 589,630,392.00 | 540,066,528.00 |
| Othernon-currentfinancialassets | ||
| Investmentproperties | 47,178,054.55 | 52,835,976.31 |
| Fixedassets | 10,608,424,359.95 | 11,198,300,572.20 |
| Projectunderconstruction | 762,817,790.85 | 688,181,815.22 |
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | 86,146,431.81 | 104,360,320.57 |
| Intangibleassets | 2,301,506,301.83 | 2,337,101,200.98 |
| Including:Dataresources | ||
| Developmentexpenditures | 529,542,097.97 | 500,611,951.24 |
| Including:Dataresources | ||
| Goodwill | ||
| Long-termdeferredexpenses | ||
| DeferredIncometaxassets | 3,280,839,948.65 | 3,061,404,632.44 |
| Othernon-currentassets | 2,711,695,452.99 | 2,644,193,586.72 |
| Totalnon-currentassets | 22,190,060,832.98 | 22,414,256,280.38 |
| Totalassets | 79,662,592,787.61 | 72,749,219,016.61 |
| Currentliabilities: | ||
| Short-termloans | ||
| Borrowingfromthecentralbank |
| Item | Endingbalance | Openingbalance |
| Placementsfrombanksandotherfinancialinstitutions | ||
| Financialliabilitiesheldfortrading | ||
| Derivativefinancialliabilities | ||
| Notespayable | 21,803,140,258.04 | 15,370,906,363.16 |
| Accountspayable | 19,535,024,967.25 | 17,246,353,969.05 |
| Advancereceipts | 662,358.34 | 674,009.56 |
| Contractliabilities | 2,489,872,513.67 | 2,430,554,164.50 |
| Financialassetssoldunderagreementtorepurchase | ||
| Depositstakingandinterbankdeposits | ||
| Actingtradingsecurities | ||
| Actingunderwritingsecurities | ||
| Employeecompensationpayable | 421,898,208.98 | 1,043,554,896.06 |
| Taxespayable | 252,601,280.60 | 215,532,903.02 |
| Otherpayables | 3,237,442,886.60 | 4,526,208,921.23 |
| Including:interestspayable | ||
| Dividendspayable | 171,500.02 | 171,500.02 |
| Handlingchargesandcommissionspayable | ||
| Reinsuranceaccountspayable | ||
| Held-for-saleliabilities | ||
| Currentportionofnon-currentliabilities | 12,714,703.34 | 29,941,701.02 |
| Othercurrentliabilities | 192,157,579.59 | 217,767,924.33 |
| Totalcurrentliabilities | 47,945,514,756.41 | 41,081,494,851.93 |
| Non-currentliabilities: | ||
| Insurancecontractreserve | ||
| Long-termloans | ||
| Bondspayable | ||
| Including:preferredshares | ||
| PerpetualBond | ||
| Leaseliabilities | 7,387,319.62 | 27,431,600.64 |
| Long-termpayables | ||
| Long-termemployee | 690,257,123.52 | 692,790,054.95 |
| Item | Endingbalance | Openingbalance |
| compensationpayable | ||
| Estimatedliabilities | 1,239,330,087.42 | 992,714,878.02 |
| Deferredincome | 2,903,353,226.50 | 2,936,362,847.77 |
| Deferredincometaxliabilities | 430,393,079.81 | 423,775,650.57 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 5,270,720,836.87 | 5,073,075,031.95 |
| Totalliabilities | 53,216,235,593.28 | 46,154,569,883.88 |
| Owner’sequities: | ||
| Sharecapital | 4,921,280,975.00 | 4,922,371,176.00 |
| Otherequityinstruments | ||
| Including:preferredshares | ||
| PerpetualBond | ||
| Capitalreserves | 11,956,471,332.90 | 11,961,480,047.74 |
| Less:treasuryshares | 6,246,851.73 | |
| Othercomprehensiveincomes | -43,400,118.30 | -96,912,346.71 |
| Specialreserves | 273,221,478.12 | 277,345,883.15 |
| Surplusreserves | 3,204,548,247.40 | 3,204,548,247.40 |
| Generalriskprovision | ||
| Undistributedprofits | 5,828,931,668.45 | 6,055,339,906.81 |
| Totalequityattributabletoownersoftheparentcompany | 26,141,053,583.57 | 26,317,926,062.66 |
| Minorityequity | 305,303,610.76 | 276,723,070.07 |
| Totalowners’equity | 26,446,357,194.33 | 26,594,649,132.73 |
| Totalliabilitiesandowner’sequities | 79,662,592,787.61 | 72,749,219,016.61 |
Legalrepresentative:LiShengPersoninchargeofaccounting:YuChangxinPersoninchargeoftheaccountingorganization:
YangLi
2.Balancesheetofparentcompany
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Currentassets: | ||
| Monetarycapital | 359,307,477.90 | 152,222,868.42 |
| Financialassetsheldfortrading | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable |
| Item | Endingbalance | Openingbalance |
| Accountsreceivablefinancing | ||
| Prepayments | ||
| Otherreceivables | 6,553,832,963.97 | 6,470,963,348.86 |
| Including:interestsreceivable | ||
| Dividendsreceivable | 156,960,226.90 | |
| Inventories | ||
| Including:Dataresources | ||
| Contractassets | ||
| Held-for-saleassets | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 875,554.72 | 653,349.48 |
| Totalcurrentassets | 6,914,015,996.59 | 6,623,839,566.76 |
| Non-currentassets: | ||
| Debtinvestment | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 21,799,225,298.95 | 21,795,117,325.10 |
| Otherequityinstrumentsinvestments | ||
| Othernon-currentfinancialassets | ||
| Investmentproperties | ||
| Fixedassets | ||
| Projectunderconstruction | ||
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | ||
| Including:Dataresources | ||
| Developmentexpenditures | ||
| Including:Dataresources | ||
| Goodwill | ||
| Long-termdeferredexpenses | ||
| DeferredIncometaxassets | ||
| Othernon-currentassets | ||
| Totalnon-currentassets | 21,799,225,298.95 | 21,795,117,325.10 |
| Totalassets | 28,713,241,295.54 | 28,418,956,891.86 |
| Item | Endingbalance | Openingbalance |
| Currentliabilities: | ||
| Short-termloans | ||
| Financialliabilitiesheldfortrading | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 12,000.00 | 2,727,107.71 |
| Advancereceipts | ||
| Contractliabilities | ||
| Employeecompensationpayable | ||
| Taxespayable | 240,493.68 | 3,164,670.01 |
| Otherpayables | 883,044,775.88 | 342,246,068.80 |
| Including:interestspayable | ||
| Dividendspayable | 171,500.02 | 171,500.02 |
| Held-for-saleliabilities | ||
| Currentportionofnon-currentliabilities | ||
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 883,297,269.56 | 348,137,846.52 |
| Non-currentliabilities: | ||
| Long-termloans | ||
| Bondspayable | ||
| Including:preferredshares | ||
| PerpetualBond | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termemployeecompensationpayable | ||
| Estimatedliabilities | ||
| Deferredincome | ||
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | ||
| Totalliabilities | 883,297,269.56 | 348,137,846.52 |
| Owner’sequities: | ||
| Sharecapital | 4,921,280,975.00 | 4,922,371,176.00 |
| Otherequityinstruments |
| Item | Endingbalance | Openingbalance |
| Including:preferredshares | ||
| PerpetualBond | ||
| Capitalreserves | 13,797,364,225.24 | 13,802,357,345.82 |
| Less:treasuryshares | 6,246,851.73 | |
| Othercomprehensiveincomes | 14,575,781.62 | 12,671,266.92 |
| Specialreserves | ||
| Surplusreserves | 1,968,725,127.44 | 1,968,725,127.44 |
| Undistributedprofits | 7,127,997,916.68 | 7,370,940,980.89 |
| Totalowners’equity | 27,829,944,025.98 | 28,070,819,045.34 |
| Totalliabilitiesandowner’sequities | 28,713,241,295.54 | 28,418,956,891.86 |
3.Consolidatedprofitstatement
Unit:CNY
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Totaloperatingincome | 28,078,705,058.07 | 36,465,688,621.29 |
| Including:operatingincome | 28,078,705,058.07 | 36,465,688,621.29 |
| Interestincome | ||
| Premiumearned | ||
| Handlingchargesandcommissionincome | ||
| II.Totaloperatingcost | 28,689,523,184.78 | 36,457,256,059.41 |
| Including:operatingcost | 26,840,562,485.53 | 34,355,216,264.53 |
| Interestexpense | ||
| Handlingchargesandcommissionexpense | ||
| Surrendervalue | ||
| Netpaymentsforinsuranceclaims | ||
| Netallotmentofreservesforinsuranceliabilities | ||
| Policydividendexpenditure | ||
| Reinsuranceexpenses | ||
| Taxesandsurcharges | 138,903,052.31 | 105,812,766.58 |
| Salesexpenses | 472,042,436.11 | 520,770,818.03 |
| Administrativeexpenses | 605,966,739.38 | 749,958,633.22 |
| R&Dexpenses | 884,897,695.04 | 1,135,583,276.97 |
| Financialexpenses | -252,849,223.59 | -410,085,699.92 |
| Including:interestexpenses | 1,611,404.27 | 1,431,811.40 |
| Interestincome | 255,428,034.69 | 339,376,065.31 |
| Add:Otherincomes | 524,635,067.40 | 353,779,659.32 |
| Item | Semi-annual2025 | Semi-annual2024 |
| Investmentincome(losstobelistedwith“-”) | -30,115,859.77 | 101,886,844.66 |
| Including:incomefrominvestmentinassociatesandjointventures | 18,178,157.63 | 213,988,413.65 |
| Gainsonderecognitionoffinancialassetsatamortizedcost | ||
| Foreignexchangegains(losstobelistedwith“-”) | ||
| Netexposurehedgingincome(losstobelistedwith“-”) | ||
| Profitarisingfromchangesinfairvalue(losstobelistedwith“-”) | ||
| Creditimpairmentloss(losstobelistedwith“-”) | -30,655,705.99 | -8,593,082.48 |
| Impairmentlossonassets(losstobelistedwith“-”) | -151,608,226.07 | -108,034,774.17 |
| Incomefromassetsdisposal(losstobelistedwith“-”) | 154,614,688.74 | 746,088.82 |
| III.Operatingprofit(losstobelistedwith“-”) | -143,948,162.40 | 348,217,298.03 |
| Add:non-operatingincome | 11,324,153.35 | 28,106,223.95 |
| Less:non-operatingexpenses | 1,662,537.37 | 3,783,791.81 |
| IV.Totalprofit(losstobelistedwith“-”) | -134,286,546.42 | 372,539,730.17 |
| Less:incometaxexpenses | -175,154,040.98 | -148,541,602.52 |
| V.Netprofit(netlosstobelistedwith“-”) | 40,867,494.56 | 521,081,332.69 |
| (I)Classifiedbycontinuityofoperation | ||
| 1.Netprofitfromcontinuingoperations(netlosstobelistedwith“-”) | 40,867,494.56 | 521,081,332.69 |
| 2.Netprofitfromdiscontinuingoperations(netlosstobelistedwith“-”) | ||
| (II)Classifiedbyattributionoftheownership | ||
| 1.Netprofitattributabletoshareholdersoftheparentcompany(netlosstobelistedwith“-”) | 19,655,810.39 | 506,807,530.06 |
| 2.Minorityprofitandloss(netlosstobelistedwith“-”) | 21,211,684.17 | 14,273,802.63 |
| VI.Netafter-taxamountofothercomprehensiveincome | 61,192,422.39 | 134,961.61 |
| Netafter-taxamountofothercomprehensiveincomeattributabletotheownersoftheparentcompany | 53,512,228.41 | 480,792.84 |
| (I)Othercomprehensiveincomesthatcannotbereclassifiedintoprofitsorlosses | 51,468,378.70 | |
| 1.Changesarisingfromre-measurementofthe |
| Item | Semi-annual2025 | Semi-annual2024 |
| definedbenefitplan | ||
| 2.Othercomprehensiveincomesthatcannotbetransferredtoprofitsorlossesundertheequitymethod | 1,904,514.70 | |
| 3.Changesinfairvalueofinvestmentinotherequityinstruments | 49,563,864.00 | |
| 4.ChangesinfairvalueoftheCompany’screditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincomesthatwillbereclassifiedintoprofitsorlosses | 2,043,849.71 | 480,792.84 |
| 1.Othercomprehensiveincomesthatcanbetransferredtoprofitsorlossesundertheequitymethod | 5,583,060.65 | |
| 2.Changesinthefairvalueofotherdebtinvestments | ||
| 3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincomes | ||
| 4.Otherdebtinvestmentcreditimpairmentprovisions | ||
| 5.Cashflowhedgingreserve | ||
| 6.Translationdifferenceinforeigncurrencyfinancialstatements | 2,043,849.71 | -5,102,267.81 |
| 7.Others | ||
| Netafter-taxamountofothercomprehensiveincomeattributabletominorityshareholders | 7,680,193.98 | -345,831.23 |
| VII.Totalcomprehensiveincome | 102,059,916.95 | 521,216,294.30 |
| Totalcomprehensiveincomeattributabletotheownersofparentcompany | 73,168,038.80 | 507,288,322.90 |
| Totalcomprehensiveincomeattributabletominorityshareholders | 28,891,878.15 | 13,927,971.40 |
| VIII.Earningspershare: | ||
| (I)Basicincomepershare | 0.0040 | 0.1096 |
| (II)Dilutedincomepershare | 0.0040 | 0.1096 |
Incaseofbusinesscombinationundercommoncontrolinthecurrentperiod,thenetprofitrealizedbythecombinedpartybeforethecombinationandthatinthepreviousperiodareCNY0.00.Legalrepresentative:LiShengPersoninchargeofaccounting:YuChangxinPersoninchargeoftheaccountingorganization:YangLi
4.Profitstatementofparentcompany
Unit:CNY
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Operatingincome | ||
| Less:operatingcosts | -795,847.41 | -1,270,265.34 |
| Taxesandsurcharges | -496,286.41 | 41,580.57 |
| Salesexpenses | ||
| Administrativeexpenses | 303,554.67 | 826,289.90 |
| R&Dexpenses | ||
| Financialexpenses | -603,115.67 | -2,138,135.81 |
| Including:interestexpenses | 17,012.29 | 319,616.24 |
| Interestincome | 624,863.91 | 2,458,998.74 |
| Add:Otherincomes | 121,677.32 | 57,741.82 |
| Investmentincome(losstobelistedwith“-”) | 2,203,459.15 | 548,393,139.83 |
| Including:incomefrominvestmentinassociatesandjointventures | 2,203,459.15 | 194,893,139.83 |
| Gainsonderecognitionoffinancialassetsatamortizedcost(losstobelistedwith“-”) | ||
| Netexposurehedgingincome(losstobelistedwith“-”) | ||
| Profitarisingfromchangesinfairvalue(losstobelistedwith“-”) | ||
| Creditimpairmentloss(losstobelistedwith“-”) | ||
| Impairmentlossonassets(losstobelistedwith“-”) | ||
| Incomefromassetsdisposal(losstobelistedwith“-”) | ||
| II.Operatingprofit(losstobelistedwith“-”) | 3,120,983.88 | 549,721,146.99 |
| Add:non-operatingincome | 0.66 | 1.11 |
| Less:non-operatingexpenses | ||
| III.Totalprofit(totallosstobelistedwith“-”) | 3,120,984.54 | 549,721,148.10 |
| Less:incometaxexpenses | ||
| IV.Netprofit(netlosstobelistedwith“-”) | 3,120,984.54 | 549,721,148.10 |
| (I)Netprofitfromcontinuingoperations(netlosstobelistedwith“-”) | 3,120,984.54 | 549,721,148.10 |
| (II)Netprofitfromdiscontinuingoperations(netlosstobelistedwith“-”) |
| Item | Semi-annual2025 | Semi-annual2024 |
| V.Netafter-taxamountofothercomprehensiveincomes | 1,904,514.70 | 5,583,060.65 |
| (I)Othercomprehensiveincomesthatcannotbereclassifiedintoprofitsorlosses | 1,904,514.70 | |
| 1.Changesarisingfromre-measurementofthedefinedbenefitplan | ||
| 2.Othercomprehensiveincomesthatcannotbetransferredtoprofitsorlossesundertheequitymethod | ||
| 3.Changesinfairvalueofinvestmentinotherequityinstruments | ||
| 4.ChangesinfairvalueoftheCompany’screditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincomesthatwillbereclassifiedintoprofitsorlosses | 5,583,060.65 | |
| 1.Othercomprehensiveincomesthatcanbetransferredtoprofitsorlossesundertheequitymethod | 5,583,060.65 | |
| 2.Changesinthefairvalueofotherdebtinvestments | ||
| 3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincomes | ||
| 4.Otherdebtinvestmentcreditimpairmentprovisions | ||
| 5.Cashflowhedgingreserve | ||
| 6.Translationdifferenceinforeigncurrencyfinancialstatements | ||
| 7.Others | ||
| VI.Totalcomprehensiveincome | 5,025,499.24 | 555,304,208.75 |
| VII.Earningspershare: | ||
| (I)Basicincomepershare | ||
| (II)Dilutedincomepershare |
5.Consolidatedcashflowstatement
Unit:CNY
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsalesofgoodsandprovisionofservices | 33,622,023,561.91 | 27,819,030,378.23 |
| Item | Semi-annual2025 | Semi-annual2024 |
| Netincreaseincustomerbankdepositsduetobanksandotherfinancialinstitutions | ||
| Netincreaseinborrowingsfromthecentralbank | ||
| Netincreaseinplacementsfromotherfinancialinstitutions | ||
| Cashfrompremiumoforiginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseindepositsandinvestmentsfrompolicyholders | ||
| Cashreceivedfrominterests,handlingchargesandcommissions | ||
| Netincreaseinplacementsfrombanksandotherfinancialinstitutions | ||
| Netincreaseinrepurchasebusinesscapital | ||
| Netcashreceivedfromsecuritiesbrokerage | ||
| Taxrefundsreceived | 355,567,798.16 | 97,674,823.55 |
| Othercashreceivedrelatingtooperatingactivities | 729,190,041.58 | 774,733,470.37 |
| Subtotalofcashinflowsfromoperatingactivities | 34,706,781,401.65 | 28,691,438,672.15 |
| Cashpaidforgoodsandservices | 22,598,319,244.50 | 20,212,451,175.05 |
| Netincreaseinloansandadvancestocustomers | ||
| Netincreaseindepositswithcentralbankandotherfinancialinstitutions | ||
| Cashpaidfororiginalinsurancecontractclaims | ||
| Netincreaseinloanstobanksandotherfinancialinstitutions | ||
| Cashpaidforinterests,handlingchargesandcommissions | ||
| Cashpaidforpolicyholderdividend | ||
| Cashpaidtoandonbehalfofemployees | 2,685,058,298.28 | 2,413,856,035.91 |
| Taxespaid | 636,112,769.58 | 677,899,797.50 |
| Cashpaidforotheroperatingactivities | 1,152,002,068.58 | 966,319,958.58 |
| Subtotalofcashoutflowsfromoperatingactivities | 27,071,492,380.94 | 24,270,526,967.04 |
| Netcashflowsfromoperatingactivities | 7,635,289,020.71 | 4,420,911,705.11 |
| II.Cashflowsfrominvestmentactivities: |
| Item | Semi-annual2025 | Semi-annual2024 |
| Cashreceivedfromthereturnofinvestment | 22,200,000,000.00 | |
| Cashreceivedfromacquirementofinvestmentincome | 217,657,522.00 | 6,500,530.62 |
| Netcashreceivedfromfixedassetsdisposal,intangibleassetsandotherlong-termassets | 88,370,290.58 | 77,910,098.29 |
| Netcashreceivedfromthedisposalofsubsidiariesandotherbusinessentities | ||
| Cashreceivedfromotherinvestmentactivities | ||
| Subtotalofcashinflowsfrominvestmentactivities | 22,506,027,812.58 | 84,410,628.91 |
| Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | 468,913,194.46 | 859,207,774.19 |
| Cashpaidtoacquireinvestments | 22,200,000,000.00 | 4,900,000.00 |
| Netincreaseinpledgedloans | ||
| Netcashpaidtoacquiresubsidiariesandotherbusinessunits | ||
| Othercashpaidrelatingtoinvestmentactivities | ||
| Subtotalofcashoutflowsfrominvestmentactivities | 22,668,913,194.46 | 864,107,774.19 |
| Netcashflowsfrominvestmentactivities | -162,885,381.88 | -779,697,145.28 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | ||
| Including:cashreceivedbysubsidiariesabsorbingminorityshareholders’investments | ||
| Cashreceivedfromborrowings | ||
| Cashreceivedrelatingtootherfinancingactivities | ||
| Subtotalofcashinflowsfromfinancingactivities | ||
| Cashpaidforrepaymentofdebts | ||
| Cashpaidfordistributionofdividends,profitsorinterestrepayment | 247,096,174.17 | 693,696,364.17 |
| Including:dividendsandprofitspaidtominorityshareholdersbysubsidiaries | ||
| Othercashpaidrelatingtofinancingactivities | 1,227,805.50 | 11,981,752.58 |
| Subtotalofcashoutflowsfromfinancingactivities | 248,323,979.67 | 705,678,116.75 |
| Netcashflowsfromfinancingactivities | -248,323,979.67 | -705,678,116.75 |
| IV.Effectsfromchangeofexchangerateoncashandcashequivalents | 7,609,127.39 | 7,284,135.01 |
| Item | Semi-annual2025 | Semi-annual2024 |
| V.Netincreaseincashandcashequivalents | 7,231,688,786.55 | 2,942,820,578.09 |
| Add:openingbalanceofcashandcashequivalents | 19,391,201,104.68 | 23,108,018,586.92 |
| VI.EndingBalanceofcashandcashequivalents | 26,622,889,891.23 | 26,050,839,165.01 |
6.Cashflowstatementofparentcompany
Unit:CNY
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsalesofgoodsandprovisionofservices | ||
| Taxrefundsreceived | ||
| Othercashreceivedrelatingtooperatingactivities | 801,706,960.00 | 265,696,548.98 |
| Subtotalofcashinflowsfromoperatingactivities | 801,706,960.00 | 265,696,548.98 |
| Cashpaidforgoodsandservices | ||
| Cashpaidtoandonbehalfofemployees | 189,000.00 | 189,000.00 |
| Taxespaid | ||
| Cashpaidforotheroperatingactivities | 479,889,102.72 | 85,037,064.99 |
| Subtotalofcashoutflowsfromoperatingactivities | 480,078,102.72 | 85,226,064.99 |
| Netcashflowsfromoperatingactivities | 321,628,857.28 | 180,470,483.99 |
| II.Cashflowsfrominvestmentactivities: | ||
| Cashreceivedfromthereturnofinvestment | ||
| Cashreceivedfromacquirementofinvestmentincome | 156,960,226.90 | 353,500,000.00 |
| Netcashreceivedfromfixedassetsdisposal,intangibleassetsandotherlong-termassets | ||
| Netcashreceivedfromthedisposalofsubsidiariesandotherbusinessentities | ||
| Cashreceivedfromotherinvestmentactivities | ||
| Subtotalofcashinflowsfrominvestmentactivities | 156,960,226.90 | 353,500,000.00 |
| Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | 24,408,300.53 | |
| Cashpaidtoacquireinvestments | ||
| Netcashpaidtoacquiresubsidiariesandotherbusinessunits | ||
| Othercashpaidrelatingtoinvestmentactivities |
| Item | Semi-annual2025 | Semi-annual2024 |
| Subtotalofcashoutflowsfrominvestmentactivities | 24,408,300.53 | |
| Netcashflowsfrominvestmentactivities | 132,551,926.37 | 353,500,000.00 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | ||
| Cashreceivedfromborrowings | ||
| Cashreceivedrelatingtootherfinancingactivities | ||
| Subtotalofcashinflowsfromfinancingactivities | ||
| Cashpaidforrepaymentofdebts | ||
| Cashpaidfordistributionofdividends,profitsorinterestrepayment | 247,096,174.17 | 693,696,364.17 |
| Othercashpaidrelatingtofinancingactivities | ||
| Subtotalofcashoutflowsfromfinancingactivities | 247,096,174.17 | 693,696,364.17 |
| Netcashflowsfromfinancingactivities | -247,096,174.17 | -693,696,364.17 |
| IV.Effectsfromchangeofexchangerateoncashandcashequivalents | ||
| V.Netincreaseincashandcashequivalents | 207,084,609.48 | -159,725,880.18 |
| Add:openingbalanceofcashandcashequivalents | 152,222,868.42 | 165,157,237.21 |
| VI.EndingBalanceofcashandcashequivalents | 359,307,477.90 | 5,431,357.03 |
7.Consolidatedstatementofchangesinowners’equityAmountinthecurrentperiod
Unit:CNY
| Item | Semi-annual2025 | ||||||||||||||
| EquityAttributableToOwnersoftheParentCompany | Minorityequity | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:treasuryshares | Othercomprehensiveincomes | Specialreserves | Surplusreserves | Generalriskprovision | Undistributedprofits | Others | Subtotal | |||||
| PreferredShares | PerpetualBond | Others | |||||||||||||
| I.EndingBalanceofthepreviousyear | 4,922,371,176.00 | 11,961,480,047.74 | 6,246,851.73 | -96,912,346.71 | 277,345,883.15 | 3,204,548,247.40 | 6,055,339,906.81 | 26,317,926,062.66 | 276,723,070.07 | 26,594,649,132.73 | |||||
| Add:changesinaccountingpolicies | |||||||||||||||
| Correctionofpriorperioderrors | |||||||||||||||
| Others | |||||||||||||||
| II.OpeningBalanceofthecurrentyear | 4,922,371,176.00 | 11,961,480,047.74 | 6,246,851.73 | -96,912,346.71 | 277,345,883.15 | 3,204,548,247.40 | 6,055,339,906.81 | 26,317,926,062.66 | 276,723,070.07 | 26,594,649,132.73 | |||||
| III.Increase/decreaseinamountofthecurrentperiod(decreasetobelistedwith“-”) | -1,090,201.00 | -5,008,714.84 | -6,246,851.73 | 53,512,228.41 | -4,124,405.03 | -226,408,238.36 | -176,872,479.09 | 28,580,540.69 | -148,291,938.40 | ||||||
| (I)Totalcomprehensiveincome | 53,512,228.41 | 19,655,810.39 | 73,168,038.80 | 28,580,540.69 | 101,748,579.49 | ||||||||||
| (II)Investedanddecreasedcapitalofowners | -1,090,201.00 | -5,008,714.84 | -6,246,851.73 | 147,935.89 | 147,935.89 | ||||||||||
| 1.Ordinary | -1,090,201.00 | -4,993,120.58 | -6,083,321.58 | -6,083,321.58 | |||||||||||
| sharesinvestedbyowners | |||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | |||||||||
| 3.Amountsofshare-basedpaymentsrecordedinowner’sequity | |||||||||
| 4.Others | -15,594.26 | -6,246,851.73 | 6,231,257.47 | 6,231,257.47 | |||||
| (III)Profitdistribution | -246,064,048.75 | -246,064,048.75 | -246,064,048.75 | ||||||
| 1.Appropriationtosurplusreserves | |||||||||
| 2.Appropriationtogeneralriskreserves | |||||||||
| 3.Distributiontoowners(orshareholders) | -246,064,048.75 | -246,064,048.75 | -246,064,048.75 | ||||||
| 4.Others | |||||||||
| (IV)Internalcarryoverofowners’equity | |||||||||
| 1.Transferfromcapitalreservetopaid-incapital(orsharecapital) | |||||||||
| 2.Transferfromsurplus |
Amountofthepreviousyear
Unit:CNY
| reservestopaid-incapital(orsharecapital) | |||||||||||||
| 3.Recoveryoflossesbysurplusreserves | |||||||||||||
| 4.Retainedearningscarriedforwardfromchangesindefinedbenefitplans | |||||||||||||
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome | |||||||||||||
| 6.Others | |||||||||||||
| (V)Specialreserves | -4,124,405.03 | -4,124,405.03 | -4,124,405.03 | ||||||||||
| 1.Appropriationinthecurrentperiod | 15,518,831.90 | 15,518,831.90 | 15,518,831.90 | ||||||||||
| 2.Useinthecurrentperiod | 19,643,236.93 | 19,643,236.93 | 19,643,236.93 | ||||||||||
| (VI)Others | |||||||||||||
| IV.EndingBalanceofthecurrentperiod | 4,921,280,975.00 | 11,956,471,332.90 | -43,400,118.30 | 273,221,478.12 | 3,204,548,247.40 | 5,828,931,668.45 | 26,141,053,583.57 | 305,303,610.76 | 26,446,357,194.33 |
Item
| Item | Semi-annual2024 |
| EquityAttributableToOwnersoftheParentCompany | Minorityequity | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:treasuryshares | Othercomprehensiveincomes | Specialreserves | Surplusreserves | Generalriskprovision | Undistributedprofits | Others | Subtotal | |||||
| PreferredShares | PerpetualBond | Others | |||||||||||||
| I.EndingBalanceofthepreviousyear | 4,636,485,668.00 | 10,343,418,951.73 | 86,131,497.27 | -8,514,110.10 | 319,314,527.85 | 3,090,408,316.87 | 6,191,777,512.32 | 24,486,759,369.40 | 24,486,759,369.40 | ||||||
| Add:changesinaccountingpolicies | |||||||||||||||
| Correctionofpriorperioderrors | |||||||||||||||
| Others | 374,018,599.99 | -118,685,308.30 | 5,105,359.06 | 54,756,122.34 | 315,194,773.09 | 245,455,442.13 | 560,650,215.22 | ||||||||
| II.OpeningBalanceofthecurrentyear | 4,636,485,668.00 | 10,717,437,551.72 | 86,131,497.27 | -127,199,418.40 | 319,314,527.85 | 3,095,513,675.93 | 6,246,533,634.66 | 24,801,954,142.49 | 245,455,442.13 | 25,047,409,584.62 | |||||
| III.Increase/decreaseinamountofthecurrentperiod(decreasetobelistedwith“-”) | -12,621,954.00 | -66,657,273.11 | -79,884,645.54 | 480,792.84 | -9,199,833.45 | -186,772,027.04 | -194,885,649.22 | 13,927,971.40 | -180,957,677.82 | ||||||
| (I)Totalcomprehensiveincome | 480,792.84 | 506,807,530.06 | 507,288,322.90 | 13,927,971.40 | 521,216,294.30 | ||||||||||
| (II)Investedanddecreasedcapitalofowners | -12,621,954.00 | -66,657,273.11 | -79,884,645.54 | 605,418.43 | 605,418.43 | ||||||||||
| 1.Ordinarysharesinvested | -12,621,954.00 | -67,262,691.54 | -79,884,645. | ||||||||||||
| byowners | 54 | ||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | 605,418.43 | 605,418.43 | 605,418.43 | ||||||
| 3.Amountsofshare-basedpaymentsrecordedinowner’sequity | |||||||||
| 4.Others | |||||||||
| (III)Profitdistribution | -693,579,557.10 | -693,579,557.10 | -693,579,557.10 | ||||||
| 1.Appropriationtosurplusreserves | |||||||||
| 2.Appropriationtogeneralriskreserves | |||||||||
| 3.Distributiontoowners(orshareholders) | -693,579,557.10 | -693,579,557.10 | -693,579,557.10 | ||||||
| 4.Others | |||||||||
| (IV)Internalcarryoverofowners’equity | |||||||||
| 1.Transferfromcapitalreservetopaid-incapital(orsharecapital) | |||||||||
| 2.Transfer |
| fromsurplusreservestopaid-incapital(orsharecapital) | |||||||||||||
| 3.Recoveryoflossesbysurplusreserves | |||||||||||||
| 4.Retainedearningscarriedforwardfromchangesindefinedbenefitplans | |||||||||||||
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome | |||||||||||||
| 6.Others | |||||||||||||
| (V)Specialreserves | -9,199,833.45 | -9,199,833.45 | -9,199,833.45 | ||||||||||
| 1.Appropriationinthecurrentperiod | 6,016,604.46 | 6,016,604.46 | 6,016,604.46 | ||||||||||
| 2.Useinthecurrentperiod | -15,216,437.91 | -15,216,437.91 | -15,216,437.91 | ||||||||||
| (VI)Others | |||||||||||||
| IV.EndingBalanceofthecurrentperiod | 4,623,863,714.00 | 10,650,780,278.61 | 6,246,851.73 | -126,718,625.56 | 310,114,694.40 | 3,095,513,675.93 | 6,059,761,607.62 | 24,607,068,493.27 | 259,383,413.53 | 24,866,451,906.80 |
8.StatementofChangesinOwners’EquityofParentCompany
Amountinthecurrentperiod
Unit:CNY
| Item | Semi-annual2025 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:treasuryshares | Othercomprehensiveincomes | Specialreserves | Surplusreserves | Undistributedprofits | Others | Totalowners’equity | |||
| PreferredShares | PerpetualBond | Others | ||||||||||
| I.EndingBalanceofthepreviousyear | 4,922,371,176.00 | 13,802,357,345.82 | 6,246,851.73 | 12,671,266.92 | 1,968,725,127.44 | 7,370,940,980.89 | 28,070,819,045.34 | |||||
| Add:changesinaccountingpolicies | ||||||||||||
| Correctionofpriorperioderrors | ||||||||||||
| Others | ||||||||||||
| II.OpeningBalanceofthecurrentyear | 4,922,371,176.00 | 13,802,357,345.82 | 6,246,851.73 | 12,671,266.92 | 1,968,725,127.44 | 7,370,940,980.89 | 28,070,819,045.34 | |||||
| III.Increase/decreaseinamountofthecurrentperiod(decreasetobelistedwith“-”) | -1,090,201.00 | -4,993,120.58 | -6,246,851.73 | 1,904,514.70 | -242,943,064.21 | -240,875,019.36 | ||||||
| (I)Totalcomprehensiveincome | 1,904,514.70 | 3,120,984.54 | 5,025,499.24 | |||||||||
| (II)Invested | -1,090,201.00 | -4,993,120.58 | - | 163,530.15 | ||||||||
| anddecreasedcapitalofowners | 6,246,851.73 | |||||||
| 1.Ordinarysharesinvestedbyowners | -1,090,201.00 | -4,993,120.58 | -6,083,321.58 | |||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | ||||||||
| 3.Amountsofshare-basedpaymentsrecordedinowner’sequity | ||||||||
| 4.Others | -6,246,851.73 | 6,246,851.73 | ||||||
| (III)Profitdistribution | -246,064,048.75 | -246,064,048.75 | ||||||
| 1.Appropriationtosurplusreserves | ||||||||
| 2.Distributiontoowners(orshareholders) | -246,064,048.75 | -246,064,048.75 | ||||||
| 3.Others | ||||||||
| (IV)Internalcarryoverofowners’equity | ||||||||
| 1.Transferfromcapitalreservetopaid-incapital(or |
| sharecapital) | ||||||||||
| 2.Transferfromsurplusreservestopaid-incapital(orsharecapital) | ||||||||||
| 3.Recoveryoflossesbysurplusreserves | ||||||||||
| 4.Retainedearningscarriedforwardfromchangesindefinedbenefitplans | ||||||||||
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome | ||||||||||
| 6.Others | ||||||||||
| (V)Specialreserves | ||||||||||
| 1.Appropriationinthecurrentperiod | ||||||||||
| 2.Useinthecurrentperiod | ||||||||||
| (VI)Others | ||||||||||
| IV.EndingBalanceofthe | 4,921,280,975.00 | 13,797,364,225.24 | 14,575,781.62 | 1,968,725,127.44 | 7,127,997,916.68 | 27,829,944,025.98 |
Amountofthepreviousyear
Unit:CNY
currentperiod
Item
| Item | Semi-annual2024 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:treasuryshares | Othercomprehensiveincomes | Specialreserves | Surplusreserves | Undistributedprofits | Others | Totalowners’equity | |||
| PreferredShares | PerpetualBond | Others | ||||||||||
| I.EndingBalanceofthepreviousyear | 4,636,485,668.00 | 12,171,693,342.10 | 86,131,497.27 | 863,137.93 | 1,859,690,555.97 | 7,083,209,394.76 | 25,665,810,601.49 | |||||
| Add:changesinaccountingpolicies | ||||||||||||
| Correctionofpriorperioderrors | ||||||||||||
| Others | ||||||||||||
| II.OpeningBalanceofthecurrentyear | 4,636,485,668.00 | 12,171,693,342.10 | 86,131,497.27 | 863,137.93 | 1,859,690,555.97 | 7,083,209,394.76 | 25,665,810,601.49 | |||||
| III.Increase/decreaseinamountofthecurrentperiod(decreasetobelistedwith“-”) | -12,621,954.00 | -67,262,691.54 | 79,884,645.54 | 5,583,060.65 | -143,858,409.00 | -138,275,348.35 | ||||||
| (I)Totalcomprehensive | 5,583,060.65 | 549,721,148.10 | 555,304,208.75 | |||||||||
| income | ||||||||
| (II)Investedanddecreasedcapitalofowners | -12,621,954.00 | -67,262,691.54 | -79,884,645.54 | |||||
| 1.Ordinarysharesinvestedbyowners | -12,621,954.00 | -67,262,691.54 | -79,884,645.54 | |||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | ||||||||
| 3.Amountsofshare-basedpaymentsrecordedinowner’sequity | ||||||||
| 4.Others | -79,884,645.54 | 79,884,645.54 | ||||||
| (III)Profitdistribution | -693,579,557.10 | -693,579,557.10 | ||||||
| 1.Appropriationtosurplusreserves | ||||||||
| 2.Distributiontoowners(orshareholders) | -693,579,557.10 | -693,579,557.10 | ||||||
| 3.Others | ||||||||
| (IV)Internalcarryoverofowners’equity | ||||||||
| 1.Transferfromcapital |
| reservetopaid-incapital(orsharecapital) |
| 2.Transferfromsurplusreservestopaid-incapital(orsharecapital) |
| 3.Recoveryoflossesbysurplusreserves |
| 4.Retainedearningscarriedforwardfromchangesindefinedbenefitplans |
| 5.Retainedearningscarriedforwardfromothercomprehensiveincome |
| 6.Others |
| (V)Specialreserves |
| 1.Appropriationinthecurrentperiod |
| 2.Useinthe |
| currentperiod | ||||||||||
| (VI)Others | ||||||||||
| IV.EndingBalanceofthecurrentperiod | 4,623,863,714.00 | 12,104,430,650.56 | 6,246,851.73 | 6,446,198.58 | 1,859,690,555.97 | 6,939,350,985.76 | 25,527,535,253.14 |
III.CompanyProfile
FAWJiefangGroupCo.,Ltd.,formerlyknownasFAWCarCo.,Ltd.,isalimitedliabilitycompanyregisteredinChangchunCity,JilinProvince.FAWCarwasapprovedbytheSystemRestructuring[1997]No.55DocumentoftheStateCommissionforRestructuringtheEconomicSystemsin1997andestablishedexclusivelybyChinaFAWGroupCo.,Ltd.OnJune18,1997,FAWCarwasapprovedbytheChinaSecuritiesRegulatoryCommissiontoissuesharespubliclyandlistedontheShenzhenStockExchangeforcirculation.OnApril9,2012,FAWGroupinvested862,983,689sharesofFAWCarintoChinaFAWCo.,Ltd.asitscapitalcontributiontoFAW,andreceivedtheConfirmationofSecuritiesTransferRegistrationissuedbyChinaSecuritiesDepository&ClearingCo.,Ltd.ShenzhenBranchonthesameday.OnNovember28,2019,FAWCarheldthe10thmeetingofthe8thBoardofDirectors,andreviewedandapprovedtheadjustmentplanformajorassetrestructuring.Aftertheadjustment,FAWCartransferredallitsassetsandliabilitiesexcepttheequityandsomereservedassetsofFirstAutomobileFinanceCo.,Ltd.andSanguardAutomobileInsuranceCo.,Ltd.toFAWBesturn(nowrenamedasFAWBestuneAutoCo.,Ltd.).Subsequently,FAWCarusedits100%equityinFAWBesturnasdivestedassetstoexchangeforequivalentpartof100%equityofFAWJiefangAutomotiveCo.,Ltd.heldbyFAW.Meanwhile,FAWCarpurchasedthedifferencebetweenthepurchasedassetsandthesoldassetsfromFAWbyissuingsharesandpayingcash.OnMarch12,2020,FAWCarreceivedtheReplyonApprovingtheMajorAssetRestructuringofFAWCarCo.,Ltd.andIssuingSharestoChinaFAWCo.,Ltd.forAssetPurchase(ZJXK[2020]No.352)issuedbytheChinaSecuritiesRegulatoryCommission,andChinaSecuritiesRegulatoryCommissionreviewedandapprovedthemajorassetreplacement,shareissuanceandcashpaymentforassetspurchaseandrelatedtransactionsofFAWCar.TheCapitalVerificationReport(XYZH/2020BJA100417)issuedbyShineWingAccountingFirm(specialgeneralpartnership)indicatesthat,asofMarch19,2020,allproposedpurchasedassets,i.e.100%equityofJiefangLimited,tobereplacedbyFAWCartoFAWbyissuingshareshadbeentransferredtoFAWCar.TheindustrialandcommercialchangeregistrationproceduresofJiefangLimitedhadbeencompleted,allproposedassets,i.e.100%equityofFAWBestune,hadbeentransferredtoFAW,andtheindustrialandcommercialchangeregistrationproceduresofFAWBestunehadbeencompleted.TheregisteredcapitalofFAWCarisCNY4,609,666,212.00afterthischange.InMay2020,thenameofFAWCarwaschangedto“FAWJiefangGroupCo.,Ltd.”andthestockabbreviationwaschangedto“FAWJiefang”.OnJanuary11,2021,theCompanyheldthefirst2021extraordinaryshareholders’meeting,andreviewedandapprovedtheProposalontheRestrictedShareIncentivePlanofFAWJiefangGroupCo.,Ltd.(Draft)andItsAbstract,theProposalontheRegulationsfortheImplementationAssessmentofRestrictedShareIncentivePlanofFAWJiefangGroupCo.,Ltd.,theProposalontheRegulationsforRestrictedShareIncentiveofFAWJiefangGroupCo.,Ltd.,andtheProposalonRequestingtheShareholdersMeetingtoAuthorizetheBoardofDirectorstoHandleMattersRelatedtotheCompany’sRestrictedShareIncentivePlan.OnJanuary15,2021,theCompanyheldthe12thmeetingofthe9thBoardofDirectors,andreviewedandapprovedtheProposalonAdjustingtheListoftheFirstBatchofIncentiveObjectsandtheNumberofGrantsinthePhaseIRestricted
ShareIncentivePlanandtheProposalonGrantingRestrictedSharestotheIncentiveObjectsofthePhaseIRestrictedShareIncentivePlanfortheFirstTime.Ninedirectorsandseniorexecutives,includingHuHanjie,ZhuQixin,ZhangGuohua,WangRuijian,ShangXingwu,OuAimin,KongDejun,WuBileiandWangJianxun,and310othercoreemployeeswiththetitleofseniordirectorandaboveweregrantedtosubscribefor40,987,657newsharesoftheCompanyatanissuepriceofCNY7.54pershare,andtheregisteredcapitaloftheCompanywaschangedtoCNY4,650,653,869.00.ThischangewasverifiedbytheCapitalVerificationReport(ZTYZ(2021)No.110C000033)issuedbyGrantThorntonCertifiedPublicAccountants(SpecialGeneralPartnership).OnFebruary1,2021,theCompanydisclosedtheAnnouncementontheCompletionoftheFirstGrantRegistrationofPhaseIRestrictedShareIncentivePlan.OnDecember9,2021,theCompanyheldthe20thmeetingofthe9thBoardofDirectorsandthe19thmeetingofthe9thBoardofSupervisors,andreviewedandapprovedtheProposalonGrantingReservedPartofRestrictedSharesinthePhaseIRestrictedShareIncentivePlantoIncentiveObjectsandtheProposalonRepurchaseandCancellationofPartialRestrictedSharesinthePhaseIRestrictedShareIncentivePlanrespectively.Thirty-threecoretechniciansandmanagementbackbones,includingWangManhong,ZhangYuandQuYi,subscribedfor3,721,601newsharesatanissuepriceofCNY6.38/share,and260,857shareswererepurchasedatapriceofCNY7.04/sharefrom2employeeswhowerenolongereligibleforincentiveobjects.TheregisteredcapitaloftheCompanywaschangedtoCNY4,654,114,613.00.ThischangewasverifiedbytheCapitalVerificationReport(ZTYZ(2021)No.110C000927)issuedbyGrantThorntonAccountingFirm(specialgeneralpartnership).OnJanuary6,2022,theCompanydisclosedtheAnnouncementontheCompletionofRegistrationoftheGrantofReservedPartofRestrictedSharesinthePhaseIRestrictedShareIncentivePlan.OnJanuary17,2022,theCompanydisclosedtheAnnouncementontheCompletionofRepurchaseandCancellationofSomeRestrictedShares.OnAugust29,2022,theCompanyheldthe26thmeetingofthe9thBoardofDirectorsandthe23rdmeetingofthe9thBoardofSupervisors,andreviewedandapprovedtheProposalonRepurchaseandCancellationofPartialRestrictedSharesinthePhaseIRestrictedShareIncentivePlan.Itwasagreedtorepurchase789,711sharesatapriceofCNY6.39/sharefrom6employeeswhoarenolongerqualifiedasincentiveobjects,andtheregisteredcapitaloftheCompanywaschangedtoCNY4,653,324,902.00.ThischangewasverifiedaccordingtotheCapitalVerificationReport(XYZH/2022CCAA2B0016)issuedbyShineWingAccountingFirm(specialgeneralpartnership).OnNovember14,2022,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.OnOctober28,2022,theCompanyheldthe28thmeetingofthe9thBoardofDirectorsandthe24thmeetingofthe9thBoardofSupervisors,andreviewedandapprovedtheProposalonRepurchaseandCancellationofPartialRestrictedSharesinthePhaseIRestrictedShareIncentivePlan,andagreedtorepurchase1,359,247sharesatapriceofCNY6.39/sharefrom11employeeswhoarenolongerqualifiedasincentiveobjects.TheregisteredcapitaloftheCompanywaschangedtoCNY4,651,965,655.00.ThischangewasverifiedaccordingtotheCapitalVerificationReport(XYZH/2023CCAA2B0001)issuedbyShineWingAccountingFirm(specialgeneralpartnership).OnJanuary17,2023,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.OnDecember15,2022,theCompanyheldthe30thMeetingofthe9thBoardofDirectorsandthe26thMeetingofthe9thBoardofSupervisors,andreviewedandapprovedtheProposalontheAchievementofUnlockingConditionsintheFirstReleasePeriodoftheRestrictedSharesFirstlyGrantedinthePhaseIRestrictedIncentivePlan.Theunlockingconditionsinthefirstreleaseperiodoftherestrictedsharesfirstlygrantedinthe
phaseIrestrictedincentiveplanhadbeenfulfilled.Theunlockingmattersofthefirstrestrictionreleasingperiodforrestrictedsharesfirstlygrantedwerehandledinaccordancewiththerestrictedshareincentiveplan.Therewereatotalof311incentiveobjectseligibleforunlocking,andthenumberofrestrictedstocksunlockedthistimewas13,042,347,andtheseshareswerelistedonMay16,2023.OnFebruary3,2024,theCompanydisclosedtheIndicativeAnnouncementontheListingandCirculationofUnlockedSharesintheFirstReleasePeriodoftheRestrictedSharesFirstlyGrantedinthePhaseIRestrictedShareIncentivePlan.TheProposalontheRepurchaseandCancellationofPartialRestrictedSharesinthePhaseIRestrictedShareIncentivePlanwasreviewedandapprovedatthe30thMeetingofthe9thBoardofDirectorsandthe26thMeetingofthe9thBoardofSupervisorsonDecember15,2022.Theparticipantsatthemeetingagreedtorepurchaseandcancelallorsomerestrictedsharesgrantedto6incentiveobjectsbutnotyetreleased,totaling723,435shares,andtheregisteredcapitaloftheCompanywaschangedtoCNY4,651,242,220.ThischangewasverifiedaccordingtotheCapitalVerificationReport(XYZH/2023CCAA2B0103)issuedbyShineWingAccountingFirm(specialgeneralpartnership).OnApril28,2023,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.OnMarch31,2023,theProposalonUnfulfillingConditionsforReleasingRestrictedSalesintheSecondPeriodofReleasingRestrictedSharesFirstlyGrantedandConditionsfortheFirstPeriodofReleasingRestrictedSharesReservedforGrantinginPhaseIRestrictedShareIncentivePlanandRepurchaseandCancellationofSomeRestrictedShareswasreviewedandapprovedatthe32ndMeetingofthe9thBoardofDirectorsandthe28thMeetingofthe9thBoardofSupervisors.Theparticipantsatthemeetingagreedtorepurchaseandcancelallorsomerestrictedsharesgrantedto327incentiveobjectsbutnotyetreleased,totaling13,909,890shares,andtheregisteredcapitaloftheCompanywaschangedtoCNY4,637,332,330.ThischangewasverifiedaccordingtotheCapitalVerificationReport(XYZH/2023CCAA2B017)issuedbyShineWingAccountingFirm(specialgeneralpartnership).OnJune30,2023,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.OnApril27,2023,theCompanyheldthe2ndMeetingofthe10thBoardofDirectorsandthe2ndMeetingofthe10thBoardofSupervisors,respectively,andreviewedandapprovedtheProposalonReleasingRestrictiononSalesofPartofRestrictedShares.TheBoardofDirectorsbelievedthatconditionsforreleasingrestrictedsalesofrestrictedsharesinthefirstrestrictionreleasingperiodforincentiveobjectsHuHanjie,WuBilei,ZhangGuohuaandWangJianxunhadbeenfulfilled,andagreedtoreleaserestrictedsalesofrestrictedsharesinthefirstrestrictionreleasingperiodforthem,totaling64,954shares.TheseshareswerelistedonMay16,2023.OnMay15,2023,theCompanydisclosedtheIndicativeAnnouncementonSalesRestrictionReleasingandListingandCirculationofPartofRestrictedShares.TheProposalontheRepurchaseandCancellationofPartialRestrictedSharesinthePhaseIRestrictedShareIncentivePlanwasreviewedandapprovedatthe5thMeetingofthe10thBoardofDirectorsandthe4thMeetingofthe10thBoardofSupervisorsonAugust29,2023.Theparticipantsatthemeetingagreedtorepurchaseandcancelallorsomerestrictedsharesgrantedto8incentiveobjectsbutnotyetreleased,totaling333,855shares,andtheregisteredcapitaloftheCompanywaschangedtoCNY4,636,998,475.00.ThischangewasverifiedaccordingtotheCapitalVerificationReport(XYZH/2023CCAA2B0188)issuedbyShineWingAccountingFirm(specialgeneralpartnership).OnNovember29,2023,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.
TheProposalontheRepurchaseandCancellationofPartialRestrictedSharesinthePhaseIRestrictedShareIncentivePlanwasreviewedandapprovedatthe7thMeetingofthe10thBoardofDirectorsandthe6thMeetingofthe10thBoardofSupervisorsonNovember20,2023.Theparticipantsatthemeetingagreedtorepurchaseandcancelallorsomerestrictedsharesgrantedtosomeincentiveobjectsbutnotyetreleased,totaling512,807shares,andtheregisteredcapitaloftheCompanywaschangedtoCNY4,636,485,668.ThischangewasverifiedaccordingtotheCapitalVerificationReport(XYZH/2024CCAA2B0020)issuedbyShineWingAccountingFirm(specialgeneralpartnership).OnMarch28,2024,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.OnMarch28,2024,theCompanyheldthe11thmeetingofthe10thBoardofDirectorsandthe10thmeetingofthe10thBoardofSupervisors.Subsequently,onApril25,2024,theCompanyheldits2023AnnualGeneralMeetingofShareholders.Thesemeetingsreviewedandapproved“ProposalonUnfulfillingConditionsforReleasingRestrictedSalesintheThirdPeriodofReleasingRestrictedSharesFirstlyGrantedandConditionsfortheSecondPeriodofReleasingRestrictedSharesReservedforGrantinginPhaseIRestrictedShareIncentivePlanandRepurchaseandCancellationofSomeRestrictedShares.”Themeetingsapprovedtherepurchaseandcancellationof12,621,954restrictedsharesthathadbeengrantedtoplanparticipantsbuthadnotyetvested.Asaresult,theCompany’sregisteredcapitalwillbechangedtoCNY4,623,863,714.ThischangewasverifiedaccordingtotheCapitalVerificationReport(XYZH/2024CCAA2B0173)issuedbyShineWingAccountingFirm(specialgeneralpartnership).OnJune15,2024,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.OnMarch28,2025,theCompanyheldthe24thmeetingofthe10thBoardofDirectorsandthe20thmeetingofthe10thBoardofSupervisors,andsubsequently,onApril18,2025,the2024AnnualGeneralMeetingofShareholders.Atthesemeetings,the“ProposalonUnfulfilledConditionsfortheThirdReleasePeriodofthePhaseIRestrictedShareIncentivePlanandtheRepurchaseandCancellationofSomeRestrictedShares,aswellasAdjustmentofRepurchasePrice”wasreviewedandapproved.Themeetingsapprovedtherepurchaseandcancellationof1,090,201restrictedsharesthathadbeengrantedtoincentiveparticipantsbuthadnotyetbeenreleasedfromrestriction.Consequently,theCompany’sregisteredcapitalwillbeadjustedtoCNY4,921,280,975.ThischangewasverifiedbytheCapitalVerificationReport(ZTYZ(2025)No.110C000149)issuedbyGrantThorntonAccountingFirm(specialgeneralpartnership).OnJune10,2025,theCompanydisclosedtheAnnouncementonCompletionofRepurchaseandCancellationofSomeRestrictedShares.AccordingtotheresolutionspassedattheCompany’sSecondExtraordinaryGeneralMeetingofShareholdersin2023andtheSecondExtraordinaryGeneralMeetingofShareholdersin2024,andasapprovedbytheCSRC’sdocument“ReplyonApprovingtheRegistrationofFAWJiefangGroupCo.,Ltd.’sNon-publicIssuanceofShares”(CSRC[2024]No.972)issuedonJune21,2024,theCompanyconductedanon-publicissuanceof298,507,462.00A-shares,increasingtheregisteredcapitalbyCNY298,507,462.00.Consequently,theCompany’sregisteredcapitalhaschangedtoCNY4,922,371,176.00.Thisnon-publicissuanceofshareshasbeenverifiedbytheCapitalVerificationReport(ZTYZ[2024]No.110C000357)issuedbyGrantThorntonAccountingFirm(specialgeneralpartnership).TheCompanyhasestablishedacorporategovernancestructureconsistingofaShareholders’Meeting,BoardofDirectors,andBoardofSupervisors.Itownstwowholly-ownedsubsidiaries-JiefangLimitedandFAWJiefangGroupInternationalAutomobileCo.,Ltd.-andonenon-wholly-ownedsubsidiary,FAWAfricaInvestmentCo.,Ltd.JiefangLimitedhassixwholly-ownedsubsidiaries:FAWJiefangQingdaoAutomotiveCo.,Ltd.,FAWJiefangLvdongRecyclingTechnology(Wuxi)Co.,Ltd.,FAWJiefangDalianDieselEngine
Co.,Ltd.,FAWJiefangAustriaR&DCo.,Ltd.,FAWJiefangAutomobileSalesCo.,Ltd.,andFAWJiefangYounidaTransportTechnology(Tianjin)Co.,Ltd.;andonenon-wholly-ownedsubsidiary,JiefangMotorsTanzaniaLtd.Italsohas10associatedcompanies,namely,SanguardAutomobileInsuranceCo.,Ltd.,FAWChangchunBaoyouJiefangSteelProcessingandDistributionCo.,Ltd.,FAWChangchunAnsteelSteelProcessingandDistributionCo.,Ltd.,ChangchunWabcoAutomotiveControlSystemCo.,Ltd.,SuzhouZhitoTechnologyCo.,Ltd.,FAWJiefangFujie(Tianjin)TechnologyIndustryCo.,Ltd.,SmartlinkIntelligentTechnology(Nanjing)Co.,Ltd.,FoshanDiyiyuansuNewEnergyTechnologyCo.,Ltd.,ChangchunAutomotiveTestCenterCo.,Ltd.andDiyiAESCNewEnergyPowerTechnology(Wuxi)Co.,Ltd.Additionally,itownsonejointventurecompany,JiefangTimesNewEnergyTechnologyCo.,Ltd.,whileFAW(Africa)InvestmentCo.,Ltd.hasonenon-wholly-ownedsubsidiary,FAWVehicleManufacturingSouthAfricaCo.,Ltd.BusinessscopeoftheCompany:R&D,productionandsalesofmediumandheavytrucks,vehicles,buses,buschassis,mediumtruckdeformationvehicles,automobileassembliesandparts,machining,dieselenginesandaccessories(non-vehicle),mechanicalequipmentandaccessories,instruments,technicalservices,technicalconsultation,installationandmaintenanceofmechanicalequipment,leaseofmechanicalequipmentandfacilities,leaseofhousesandworkshops,laborservices(excludingforeignlaborcooperationanddomesticlabordispatch),salesofsteel,automobiletrunks,hardware&electricalequipmentandelectronicproducts,testingofinternalcombustionengine,engineeringtechnologyresearchandtesting,advertisingdesign,productionandrelease,importandexportofgoodsandtechnologies(excludingpublicationimportbusinessandcommoditiesandtechnologiesrestrictedorprohibitedforimportandexportbythestate);(thefollowingitemsareoperatedbythebranchcompany)Chinesefoodproductionandsales,warehousingandlogistics(excludingflammable,explosiveandprecursordangerouschemicals),automobilerepair,tankmanufacturingofchemicalliquidtanker,automobiletrunkmanufacturing(itemssubjecttoapprovalaccordingtolawcanbeoperatedonlyafterbeingapprovedbyrelevantauthorities).RegisteredaddressoftheCompany:No.2259,DongfengStreet,ChangchunAutomobileDevelopmentZone,JilinProvince.ThelegalrepresentativeoftheCompanyisLiSheng.ThefinancialstatementsandnotestothefinancialstatementswereapprovedforissuebytheBoardofDirectorsoftheCompanyonAugust21,2025.IV.BasisofPreparationforFinancialStatements
1.PreparationbasisThefinancialstatementsarepreparedaccordingtotheAccountingStandardsforBusinessEnterprisesissuedbytheMinistryofFinanceanditsapplicationguidelines,interpretationsandotherrelevantprovisions(hereinaftercollectivelyreferredtoas“ASBE”).Besides,theCompanyalsodisclosesrelevantfinancialinformationaccordingtotheRulesNo.15forPreparingInformationDisclosurebyCompaniesOfferingSecuritiestothePublic-GeneralProvisionsonFinancialReporting(2023Revision)issuedbyChinaSecuritiesRegulatoryCommission.
2.ContinuingoperationsThefinancialstatementsarepresentedoncontinuingoperations.ThefinancialaccountingoftheCompanyisbasedontheaccrualbasis.Thefinancialstatementsarepreparedonahistoricalcostbasisexceptforcertainfinancialinstruments.Iftheassetsareimpaired,thecorrespondingprovisionforimpairmentshallbemadeasspecified.V.SignificantAccountingPoliciesandAccountingEstimates
Tipsforspecificaccountingpoliciesandaccountingestimates:
TheCompanydeterminesthedepreciationoffixedassets,amortizationofintangibleassets,capitalizationcriteriaforR&Dexpenses,andrevenuerecognitionpoliciesbasedonitsownproductionandoperatingcharacteristics.Forspecificaccountingpolicies,pleaserefertoNotes21,24,and31inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII–FinancialReport.
1.StatementofcompliancewithaccountingstandardsforbusinessenterprisesThefinancialstatementspreparedbytheCompanymettherequirementsofASBEandtrulyandfullyreflectedtheconsolidatedandcompany’sfinancialpositionoftheCompanyasofJune30,2025,andinformationsuchasconsolidatedandcompany’soperatingresultsandconsolidatedandcompany’scashflowfor2025H1.
2.AccountingperiodTheaccountingperiodoftheCompanyisacalendaryear,namely,fromJanuary1toDecember31everyyear.
3.OperatingcycleTheoperatingcycleoftheCompanyis12months.
4.RecordingcurrencyTheCompanyanditsdomesticsubsidiariesuseCNYastheirrecordingcurrency.TheCompany’soverseassubsidiariesdeterminetheirfunctionalcurrencybasedonthecurrencyofthemaineconomicenvironmentinwhichtheyoperate.TheCompanyusesCNYtopreparethefinancialstatements.
5.Methodsfordeterminingmaterialitycriteriaandselectionbasis?Applicable□Notapplicable
| Item | MaterialityCriteria |
| Receivableswithsignificantprovisionforbaddebtsbyindividualitem | 10%oftheabsolutevalueofnetprofitor10%ofsimilarbusiness |
| Write-offofsignificantreceivablesinthecurrent | 10%oftheabsolutevalueofnetprofitor10%of |
| period | similarbusiness |
| Significantchangesinthebookvalueofcontractualassets | 10%oftheabsolutevalueofnetprofitor10%ofsimilarbusiness |
| Majorprojectsunderconstruction | 10%oftheabsolutevalueofnetprofitor10%ofsimilarbusiness |
| SignificantcapitalizedR&Dprojects | 10%oftheabsolutevalueofnetprofitor10%ofsimilarbusiness |
6.Accountingtreatmentmethodforbusinesscombinationundercommoncontrolandnotundercommoncontrol
(1)BusinesscombinationundercommoncontrolAstothebusinesscombinationundercommoncontrol,theassetsandliabilitiesofthecombinedpartyobtainedbythecombiningpartyarecalculatedinthebookvalueintheconsolidatedfinancialstatementsoftheultimatecontrollerbythecombinedpartyonthecombinationdate.Thecapitalreserve(stockpremium)isadjustedbasedonthedifferencebetweenthebookvalueofthecombinationconsiderationandthebookvalueofthenetassetsobtainedinthecombination.Theretainedearningsareadjustedifthecapitalreserve(stockpremium)isinsufficientforoffset.Businesscombinationundercommoncontrolrealizedstep-by-stepthroughmultipletransactionsTheassetsandliabilitiesofthecombinedpartyobtainedbythecombiningpartyinthecombinationaremeasuredbasedonthebookvalueoftheultimatecontrollingpartyintheconsolidatedfinancialstatementsonthecombinationdate.Thecapitalreserve(sharecapitalpremium)isadjustedbasedonthedifferencebetweenthesumofthebookvalueofthepre-combinationinvestmentandthebookvalueofthenewlypaidconsiderationonthecombinationdateandthebookvalueofthenetassetsobtainedinthecombination.Theretainedearningsareadjustedifthecapitalreserveisinsufficientforoffset.Thelong-termequityinvestmentheldbeforetheacquisitionofthecombinedparty’scontrolbythecombiningpartyandtheprofitorloss,othercomprehensiveincomesandchangesinotherowners’equitiesthathavebeenrecognizedduringtheperiodfromthedateofacquisitionoftheoriginalequity,orthedateofcommoncontrolofthecombiningpartyandthecombinedentity(whichislater)tothecombinationdateshalloffsetagainsttheretainedopeningearningsorcurrentprofitorlossrespectivelyduringtheperiodofcomparativestatement.
(2)BusinesscombinationnotundercommoncontrolIncaseofbusinesscombinationnotundercommoncontrol,thecombinationcostisthefairvalueofassetspaid,liabilitiesincurredorassumedandequitysecuritiesissuedontheacquisitiondateforacquiringthecontrolovertheacquiree.Theassets,liabilitiesandcontingentliabilitiesoftheacquireeobtainedarerecognizedasperthefairvalueontheacquisitiondate.Wherethecombinationcostisgreaterthanthefairvalueofidentifiablenetassetsobtainedfromtheacquiree,thedifferenceshallberecognizedasgoodwillandsubsequentlymeasuredbydeductingtheaccumulateddepreciationprovisionbycost;Wherethecombinationcostislessthanthefairvalueofidentifiablenetassetsobtainedfromtheacquiree,thedifferenceshallbeincludedincurrentprofitsandlossesafterreview.Businesscombinationnotundercommoncontrolrealizedstep-by-stepthroughmultipletransactions
Thecombinationcostisthesumoftheconsiderationpaidontheacquisitiondateandthefairvalueoftheacquiree’sequityalreadyheldbeforetheacquisitiondateontheacquisitiondate.Theacquiree’sequityheldbeforetheacquisitiondateshallberemeasuredatthefairvalueoftheequityontheacquisitiondate.Thedifferencebetweenthefairvalueanditsbookvalueshallbeincludedintheinvestmentincomeforthecurrentperiod.Iftheacquiree’sequityheldbeforetheacquisitiondateinvolvesothercomprehensiveincome,changesinotherowner’sequitiesshallbetransformedintothecurrentprofitontheacquisitiondate,exceptothercomprehensiveincomegeneratedduetoremeasuringthechangeinnetliabilitiesornetassetsofthedefinedbenefitplan(DBP)bytheinvestee,andothercomprehensiveincomerelatedtoanon-tradingequityinstrumentinvestmentoriginallymeasuredatfairvaluewithitschangesincludedinothercomprehensiveincome.
(3)DisposalofrelatedhandlingchargesforbusinesscombinationTheoverheadforthebusinesscombinationofthecombiningparty,includingtheexpensesforaudit,legalservices,assessment,andotheradministrativeexpenses,shallberecordedincurrentprofitsandlosseswhentheyoccur.Thetransactionexpensesoftheequitysecuritiesorliabilitysecuritiesissuedastheconsiderationforthecombinationshallberecordedastheinitialrecognitionamountoftheequitysecuritiesorliabilitysecurities.
7.Criteriaforcontrolandpreparationmethodofconsolidatedfinancialstatements
(1)CriteriaforcontrolThescopeofconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.ControlreferstothepoweroftheCompanyovertheinvestee,withwhichtheCompanyenjoysvariablereturnsthroughparticipatinginrelatedactivitiesoftheinvesteeandisabletoinfluenceitsamountofreturnwiththepowerovertheinvestee.TheCompanywillcarryoutre-assessmentwhenchangesinrelevantfactsandcircumstancesresultinchangesinelementsinvolvedinthedefinitionofcontrol.Whendeterminingwhethertoincludestructuredentitiesintheconsolidationscope,theCompanyassesseswhethertocontrolthestructuredentitybycomprehensivelytakingallfactsandcircumstancesintoconsideration,includingassessingthepurposeanddesignofthestructuredentity,identifyingthetypesofvariablereturns,andassessingwhetheritassumespartorallofthevariabilityofthereturnsthroughitsparticipationinrelatedactivitiesoftheentity.
(2)PreparationmethodsofconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsarepreparedbytheCompanybasedonthefinancialstatementsoftheCompanyanditssubsidiariesandwithotherrelevantdata.ThemajoraccountingpoliciesandaccountingperiodsadoptedbythesubsidiariesaredefinedasthesameasthoseoftheCompanyduringthepreparationoftheconsolidatedfinancialstatements.Thesignificanttransactionsandbalancesbetweencompaniesareoffset.Duringthereportingperiod,asubsidiaryorbusinessaddedasaresultofbusinesscombinationundercommoncontrolisconsideredtohavebeenincludedintheCompany’sconsolidationscopefromthedatewhentheycameunderthecontrolofthesameultimatecontrollingparty.Theiroperatingresultsandcashflowsfromthatdateareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatement,respectively.
Forasubsidiaryorbusinessincreasedinthereportingperiodduetobusinesscombinationnotundercommoncontrol,itsearnings,expensesandprofitsfromtheacquisitiondatetotheendofthereportingperiodareincludedintheconsolidatedprofitstatement,anditscashflowsareincludedintheconsolidatedcashflowstatement.Theportionofshareholders’equityofsubsidiariesnotbelongingtotheCompanyshallbelistedseparatelyundertheitem“Shareholders’Equity”inconsolidatedbalancesheetasminorityshareholders’equity.Theportionofnetprofitorlossofsubsidiariesincurrentperiodbelongingtominorityshareholders’equityshallbelistedseparatelyundertheitem“MinorityShareholders’ProfitorLoss”intheconsolidatedincomestatement.Ifthelossofasubsidiarybornebyminorityshareholdersexceedstheamountoftheirsharesofowners’equityinthesubsidiaryatthebeginning,thebalanceshalloffsettheminorityequity.
(3)Purchaseofminorityshareholders’equityinsubsidiariesThecapitalreserve(stockpremium)intheconsolidatedbalancesheetisadjustedbasedonthedifferencebetweenthenewlyacquiredlong-termequityinvestmentcostfromthepurchaseofminorityequityandtheshareofnetassetsinthesubsidiarycalculatedconstantlyfromthepurchasedateorcombinationdateasperthenewlyincreasedshareholdingproportion,andthedifferencebetweenthedisposalpriceobtainedfromthepartialdisposalofequityinvestmentinthesubsidiarywithoutlosingtherightofcontrolandtheshareofnetassetsinthesubsidiarycalculatedcontinuouslyfromthepurchasedateorcombinationdatecorrespondingtothedisposedlong-termequityinvestment.Theretainedearningsareadjustedifthecapitalreserveisinsufficientforoffset.
(4)DisposalofthelossofcontroloversubsidiariesIfthecontrolpowerontheoriginalsubsidiariesislostduetothedisposalofpartofequityinvestmentorotherreasons,theremainingequityshallberecalculatedatfairvalueonthedaywhenthecontrolpowerislost.Thebalancefromthesumofconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequityminusthesumoftheshareofnetassetsbookvalueandthegoodwilloforiginalsubsidiariescalculatedcontinuouslystartingfromthepurchasedateaspertheoriginalshareholdingratioshallbeincludedincurrentinvestmentincomeatthelossofcontrol.Othercomprehensiveincomeinconnectionwithequityinvestmentoftheoriginalsubsidiariesshallbesubjecttoaccountingmethodonthesamebasisastheoriginalsubsidiary’sdirectdisposalofrelevantassetsorliabilitiesuponthelossofcontrol.Otherchangesinowners’equityrelatedtotheoriginalsubsidiarythatareaccountedbytheequitymethodshallbetransferredtothecurrentprofitsandlossesuponthelossofcontrol.
8.ClassificationofJointVentureArrangementandAccountingTreatmentMethodsforJointOperationsJointarrangementreferstoanarrangementjointlycontrolledbytwoormoreparticipants.JointarrangementsoftheCompanyincludejointoperationsandjointventures.
(1)JointoperationJointoperationreferstothejointarrangementinwhichtheCompanyenjoysrelatedassetsandbearsrelatedliabilities.
TheCompanyrecognizesthefollowingitemsrelatedtotheinterestshareinthejointoperationandcarriesoutaccountingaccordingtotheASBE:
A.Recognizingtheassetsheldseparatelyandtheassetsheldjointlyasperitsshares;B.Recognizingtheliabilitiesborneseparatelyandtheliabilitiesbornejointlyaccordingtoitsshares;C.Recognizingtheincomegeneratedfromthesaleofsharesenjoyedinthejointoperation;D.Recognizingtheincomegeneratedfromthesaleofsharesenjoyedinthejointoperationasperitsshares;E.Recognizingtheexpensesincurredseparatelyandtheexpensesarisingfromjointoperationasperitsshares.
(2)JointventuresJointventurereferstoajointarrangementinwhichtheCompanyonlyhaspoweroverthenetassetsofthearrangement.TheCompanyconductsaccountingfortheinvestmentofjointventuresaccordingtoprovisionsoftheequitymethodaccountingforlong-termequityinvestments.
9.StandardsforrecognitionofcashandcashequivalentsCashreferstothecashonhandandthedepositsthatarereadilyavailableforpayment.Cashequivalentsrefertotheshort-termandhighlyliquidinvestmentsheldbytheCompanythatarereadilyconvertibleintoknownamountsofcashandwithlowriskinvaluechange.
10.Foreigncurrencytransactionandforeigncurrencystatementtranslation
(1)ForeigncurrencytransactionForeigncurrencytransactionsoftheCompanyareconvertedintotheamountinrecordingcurrencyattheexchangeratedeterminedbysystematicandreasonablemethods.Onthebalancesheetdate,theforeigncurrencymonetaryitemsareconvertedatthespotexchangerateonthebalancesheetdate.Theexchangedifferencearisingfromthedifferencebetweenthespotexchangerateonthebalancesheetdateandthespotexchangerateatthetimeofinitialrecognitionoronthepreviousbalancesheetdateisincludedincurrentprofitsandlosses.Foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestillconvertedatthespotexchangerateonthetransactiondate.Foreigncurrencynon-monetaryitemsmeasuredatfairvalueareconvertedatthespotexchangerateonthedatewhenthefairvalueisdetermined.Thedifferencebetweentheconvertedrecordingcurrencyamountandtheoriginalrecordingcurrencyamountisincludedincurrentprofitsandlossesorothercomprehensiveincomeaccordingtothenatureofthenon-monetaryitems.
(2)TranslationofforeigncurrencyfinancialstatementsAtthebalancesheetdate,whentheforeigncurrencyfinancialstatementsofoverseassubsidiariesaretranslated,theassetsandliabilitiesofthebalancesheetaretranslatedtoCNYusingthespotexchangerateatthebalance
sheetdate.Itemsoftheshareholders’equity,exceptfor“undistributedprofits”,aretranslatedatthespotexchangerateatthedatesonwhichsuchitemsarose.Theincomeandexpenseitemsintheprofitstatementaretranslatedattheexchangeratedeterminedbysystematicandreasonablemethods.Allitemsinthecashflowstatementaretranslatedattheexchangeratedeterminedbysystematicandreasonablemethods.Asanadjustmentitemforinfluenceamountofcash,exchangeratemovementisindependentlypresentedas“Influenceofexchangeratemovementtocashandcashequivalent”incashflowstatement.Differencesarisingfromthetranslationoffinancialstatementsareseparatelypresentedas“Othercomprehensiveincome”intheshareholders’equityofthebalancesheet.Duringthedisposalofoverseasoperationanduponthelossoftherightofcontrol,theconversiondifferenceofforeigncurrencystatementslistedundertheshareholders’equityitemsinthebalancesheetandrelatedtotheoverseasoperationistransferredtothecurrentprofitsandlossesofdisposalinfullorasperthedisposalproportionoftheoverseasoperation.
11.FinancialinstrumentsFinancialinstrumentsrefertocontractsthatformthefinancialassetsofaparty,andformfinancialliabilitiesorequityinstrumentsofotherparties.
(1)RecognitionandderecognitionofthefinancialinstrumentsTheCompanyrecognizesafinancialassetorfinancialliabilitywhenitbecomesapartytothecontractofthefinancialinstrument.Ifoneofthefollowingconditionsismet,thefinancialassetsareterminated:
①Thecontractualrighttoreceivethecashflowofthefinancialassetisterminated.②Thefinancialassethasbeentransferredandisinaccordancewiththefollowingconditionsforderecognition.Ifthecurrentobligationsoffinancialliabilityhavebeendischargedintotalorinpart,derecognizeallorpartofit.TheCompany(theDebtor)signsanagreementwiththeCreditortoreplacetheexistingfinancialliabilitieswithnewfinancialliabilities;theexistingfinancialliabilitiesarederecognizedandthenewfinancialliabilitiesarerecognizedwhenthecontractualtermsofthenewfinancialliabilitiesandthoseoftheexistingfinancialliabilitiesaredifferentinessence.Financialassetstransactedinaconventionalwayaresubjecttoaccountingrecognitionandderecognitiononthetransactiondate.
(2)ClassificationandmeasurementoffinancialassetsTheCompanyclassifiesfinancialassetsintothefollowingthreecategoriesaccordingtothebusinessmodeoffinancialassetsmanagementandthecontractualcashflowcharacteristicsoffinancialassetsatthetimeofinitialrecognition:financialassetsmeasuredatamortizedcost,financialassetsmeasuredatfairvaluewiththeirchangesincludedinothercomprehensiveincome,andfinancialassetsmeasuredatfairvaluewiththeirchangesincludedinthecurrentprofitsorlosses.
Financialassetsaremeasuredatfairvalueuponinitialrecognition.Forfinancialassetsatfairvaluethroughprofitorloss,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitiallyrecognizedamount.Forreceivablesarisingfromthesaleofproductsortheprovisionofservicesthatdonotincludeortakeintoaccountsignificantfinancingcomponents,theCompanytakestheconsiderationamountentitledtoreceiveinexpectationastheinitiallyrecognizedamount.FinancialassetsmeasuredatamortizedcostTheCompanyclassifiesthefinancialassetsthatmeetthefollowingconditionsbutarenotdesignatedtobemeasuredatfairvalueandwiththechangesincludedincurrentprofitsorlossesasthefinancialassetsmeasuredatamortizedcost:
?TheCompanymanagesthefinancialassetsinordertocollectcontractualcashflows;?Thecontracttermsofthefinancialassetsstipulatethatthecashflowgeneratedonaspecificdateisonlythepaymentoftheprincipalandtheinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Anygainsorlossesonfinancialassetsatamortizedcostthatarenotpartofthehedgingrelationshiparechargedtothecurrentprofitorlossatderecognition,amortizationusingtheeffectiveinterestmethod,orrecognitionofimpairment.FinancialassetsmeasuredatfairvaluewiththeirchangesincludedinothercomprehensiveincomeTheCompanyclassifiesfinancialassetsthatmeetthefollowingconditionsandarenotdesignatedtobefinancialassetsatfairvaluewiththeirchangesincludedincurrentprofitorlossasfinancialassetsatfairvaluewiththeirchangesincludedinothercomprehensiveincomes:
?TheCompanymanagesthefinancialassetsinordertocollectcontractualcashflowsandsellthe
financialassets;
?Thecontracttermsofthefinancialassetsstipulatethatthecashflowgeneratedonaspecificdateis
onlythepaymentoftheprincipalandtheinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Interests,impairmentlossesorgainsandexchangeprofitsandlossescalculatedwiththeeffectiveinterestmethodareincludedinthecurrentprofitsandlosses,andothergainsorlossesareincludedinothercomprehensiveincome.Whenthefinancialassetsarederecognized,theaccumulatedprofitsorlossespreviouslyincludedinothercomprehensiveincomearetransferredoutandincludedinthecurrentprofitsandlosses.FinancialassetsatfairvaluethroughprofitorlossExceptfortheabove-mentionedfinancialassetsmeasuredatamortizedcostandfairvaluethroughothercomprehensiveincome,theCompanyclassifiesallremainingfinancialassetsasfinancialassetsmeasuredatfairvaluethroughprofitorloss.Atthetimeofinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatch,theCompanyirrevocablydesignatessomefinancialassetsthatshouldbemeasuredatamortizedcostorfairvaluethroughothercomprehensiveincomeasfinancialassetsmeasuredatfairvaluethroughcurrentprofitsandlosses.
Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue,andthegainsorlosses(includinginterestanddividendincome)incurredareincludedincurrentprofitsandlossesunlesstheyarepartofahedgingrelationship.ThebusinessmodelofmanagingfinancialassetsreferstohowtheCompanymanagesfinancialassetstogeneratecashflows.ThebusinessmodeldetermineswhetherthecashflowoffinancialassetsmanagedbytheCompanycomesfromcollectingcontractualcashflows,sellingfinancialassets,orboth.TheCompanydeterminesthebusinessmodelformanagingfinancialassetsonthebasisofobjectivefactsandspecificbusinessobjectivesformanagingfinancialassetsdecidedbykeymanagementpersonnel.TheCompanyevaluatesthecontractualcashflowcharacteristicsoffinancialassetstodeterminewhetherthecontractualcashflowgeneratedbyrelevantfinancialassetsonaspecificdateisonlythepaymentofprincipalandinterestbasedontheoutstandingprincipalamount.Principalreferstothefairvalueoffinancialassetsatinitialrecognition;interestincludesconsiderationforthetimevalueofmoney,creditriskassociatedwiththeamountofprincipaloutstandingoveraspecificperiod,andotherunderlyingborrowingrisks,costsandprofits.Besides,theCompanyevaluatesthecontracttermsthatmaycausechangesinthetimedistributionoramountofcontractualcashflowsoffinancialassetstodeterminewhethertheymeettherequirementsfortheabove-mentionedcontractualcashflowcharacteristics.OnlywhentheCompanychangesitsbusinessmodelformanagingfinancialassets,canallaffectedrelatedfinancialassetsbereclassifiedonthefirstdayofthefirstreportingperiodafterthechangeinbusinessmodel;otherwise,financialassetsshallnotbereclassifiedafterinitialrecognition.
(3)ClassificationandmeasurementoffinancialliabilitiesFinancialliabilitiesoftheCompanyareclassifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandfinancialliabilitiesmeasuredatamortizedcostuponinitialrecognition.Forfinancialliabilitiesnotclassifiedasthosemeasuredatfairvaluethroughprofitorloss,relevanttransactioncostsareincludedintheirinitiallyrecognizedamounts.FinancialliabilitiesatfairvaluethroughprofitorlossFinancialliabilitiesatfairvaluethroughprofitorlossincludefinancialliabilitiesheldfortradingandthosedesignateduponinitialrecognitiontobemeasuredatfairvaluethroughprofitorloss.Suchfinancialliabilitiesaresubsequentlymeasuredatfairvalue,andthegainsorlossesarisingfromchangesinfairvalueaswellasdividendsandinterestexpensesrelatedtosuchfinancialliabilitiesareincludedincurrentprofitsandlosses.FinancialliabilitiesmeasuredatamortizedcostOtherfinancialliabilitiesaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestmethod,andgainsorlossesarisingfromderecognitionoramortizationareincludedincurrentprofitsandlosses.DistinctionbetweenfinancialliabilitiesandequityinstrumentsFinancialliabilitiesrefertothosethatmeetoneofthefollowingconditions:
①Contractualobligationstodelivercashorotherfinancialassetstootherparties.
②Contractualobligationstoexchangefinancialassetsorfinancialliabilitieswithotherpartiesunderpotentiallyadverseconditions.
③Anon-derivativeinstrumentcontractthatmustorcanbesettledwiththeenterprise’sownequityinstrumentsinthefuture,andaccordingtowhichtheenterprisewilldeliveravariablenumberofitsownequityinstruments.④Aderivativecontractthatmustorcanbesettledwiththeenterprise’sownequityinstrumentsinthefuture,exceptforderivativecontractswhereafixedamountofitsownequityinstrumentsisexchangedforafixedamountofcashorotherfinancialassets.Anequityinstrumentreferstoacontractthatcanprovetheresidualequityintheassetsofanenterpriseafterallliabilitiesarededucted.IftheCompanycannotunconditionallyavoidperformingacontractualobligationbydeliveringcashorotherfinancialassets,thecontractualobligationmeetsthedefinitionoffinancialliabilities.IfafinancialinstrumentmustorcanbesettledwiththeCompany’sownequityinstruments,itisnecessarytoconsiderwhethertheCompany’sownequityinstrumentsusedforsettlementofsuchinstrumentsareusedassubstitutesforcashorotherfinancialassetsortoenabletheinstrumentholdertoenjoyresidualequityintheassetsoftheissuerafterdeductionofallliabilities.Ifmeetstheformercondition,thefinancialinstrumentshouldberecognizedasfinancialliabilities;Ifmeetsthelattercondition,thefinancialinstrumentisrecognizedasanequityinstrument.
(4)FairvalueoffinancialinstrumentsForthedeterminationmethodsforthefairvalueoffinancialassetsandliabilities,referto38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
(5)ImpairmentoffinancialassetsTheCompanyaccountsforimpairmentandrecognizesthelossprovisionforthefollowingitemsonthebasisofexpectedcreditlosses:
?Financialassetsmeasuredatamortizedcost;?Receivablesanddebtinstrumentinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome;
?ContractassetsasdefinedinASBENo.14-Revenue;?Leasereceivables;?Financialguaranteecontracts(exceptforthosemeasuredatfairvaluethroughprofitandloss,wherethetransferoffinancialassetsdoesnotmeetderecognitionconditionsoriscontinuouslyinvolvedinthetransferredfinancialassets).MeasurementofexpectedcreditlossesExpectedcreditlossreferstotheweightedaverageofthecreditlossesoffinancialinstrumentsthatareweightedbytheriskofdefault.CreditlossreferstothedifferencebetweenallcontractualcashflowsreceivableaccordingtothecontractanddiscountedbytheCompanyattheoriginaleffectiveinterestrateandallcashflowsexpectedtobecollected,thatis,thepresentvalueofallcashshortages.TheCompanyconsidersreasonableandreliableinformationaboutpastevents,currentsituationandforecastofthefutureeconomicsituation,weighstheriskofdefault,calculatestheprobabilityweightedamountofthepresentvalueofthedifferencebetweenthecashflowreceivablefromthecontractandthecashflowexpectedtobereceived,andrecognizestheexpectedcreditloss.
TheCompanymeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstagesrespectively.Forfinancialinstrumentsforwhichthecreditriskhasnotsignificantlyincreasedsinceinitialrecognition,theyareclassifiedinStage1.TheCompanymeasuresthelossprovisionbasedonexpectedcreditlossesoverthenext12months.Forfinancialinstrumentsinwhichthecreditriskhassignificantlyincreasedsinceinitialrecognitionbutnocreditimpairmenthasoccurred,theyareclassifiedinStage2.TheCompanymeasuresthelossprovisionbasedontheexpectedcreditlossesovertheentireremaininglifetimeoftheinstrument.Forfinancialinstrumentsinwhichacreditimpairmenthasoccurredsinceinitialrecognition,theyareclassifiedinStage3.TheCompanymeasuresthelossprovisionbasedontheexpectedcreditlossesovertheentireremaininglifetimeoftheinstrument.TheCompanyassumesthatthecreditriskofthefinancialinstrumentswithalowcreditriskonthebalancesheetdatehasnotincreasedsignificantlysincetheinitialrecognition,andmeasurestheprovisionforlossbasedontheexpectedcreditlossinthenext12months.Theexpectedcreditlossduringthewholedurationreferstotheexpectedcreditlosscausedbyalldefaulteventsthatmayoccurduringthewholeexpecteddurationoffinancialinstruments.Theexpectedcreditlossinthenext12monthsreferstothatcausedbythepossibledefaulteventsofthefinancialinstrumentswithin12monthsafterthebalancesheetdate(ortheexpecteddurationiftheexpecteddurationoffinancialinstrumentsislessthan12months),whichisapartoftheexpectedcreditlossinthewholeduration.Duringthemeasurementofexpectedcreditlosses,themaximumtermtobeconsideredbytheCompanyisthemaximumcontracttermoftheenterprisefacingcreditrisk(includingtheoptiontorenewthecontract).Forfinancialinstrumentsinthefirstandsecondstagesandwithlowcreditrisk,theCompanycalculatesinterestincomeaccordingtothebookbalancebeforedeductingimpairmentprovisionandtheactualinterestrate.Forfinancialinstrumentsinthethirdstage,interestincomeiscalculatedaccordingtotheirbookbalanceminustheamortizedcostafterimpairmentprovisionandtheeffectiveinterestrate.Notesreceivable,accountsreceivableandcontractassetsFornotesreceivable,accountsreceivableandcontractassets,theCompanyalwaysmeasurestheirlossprovisionaccordingtotheamountequivalenttotheexpectedcreditlossinthewholedurationnomatterwhetherthereisanysignificantfinancingcomponent.Iftheexpectedcreditlossofasinglefinancialorcontractualassetcannotbeevaluatedatareasonablecost,theCompanydividesthenotesreceivable,accountsreceivableandcontractualassetsintoportfoliosaccordingtothecreditriskcharacteristicsbasedonthefollowing,andcalculatestheexpectedcreditlossonthebasisoftheportfolios:
A.Notesreceivable
?Notesreceivableportfolio1:bankacceptancebills?Notesreceivableportfolio2:commercialacceptancebills
B.Accountsreceivable
?Agingportfolio
C.Contractassets
?AgingportfolioTheCompanycalculatestheexpectedcreditlossofthenotesreceivableandcontractassetsdividedintoportfoliosbyreferringtothehistoricalcreditlossexperience,combiningthecurrentsituationandtheforecastofthefutureeconomicsituation,andbasedonthedefaultriskexposureandtheexpectedcreditlossrateforthewholeduration.Foraccountsreceivabledividedintoportfolios,theCompanypreparesacomparisontableofaccountreceivableaging/overduedaysandexpectedcreditlossrateforthewholedurationwithareferencetohistoricalcreditlossexperienceandincombinationwiththecurrentsituationandforecastofthefutureeconomicsituation,soastocalculatetheexpectedcreditloss.Theagingofaccountsreceivableiscalculatedfromthedateofrecognition,andthenumberofdaysoverduefromthecreditexpirationdate.OtherreceivablesTheCompanydividesotherreceivablesintoseveralportfoliosaccordingtothecreditriskcharacteristicsbasedonthefollowing,andcalculatestheexpectedcreditlossaccordingtotheportfolios:
?Portfolio1ofotherreceivables:portfolioofmargin,depositandreservefund
?Portfolio2ofotherreceivables:agingportfolioForotherreceivablesdividedintoportfolios,theCompanycalculatestheexpectedcreditlossthroughdefaultriskexposureandexpectedcreditlossrateinthenext12monthsorthewholeduration.Theagingofotherreceivablesdividedintoportfoliosbyagingiscalculatedfromthedateofrecognition.Long-termreceivablesTheCompany’slong-termreceivablesincludethereceivablesfromsalesofgoodsbyinstallments.TheCompanydividesthelong-termreceivablesintoseveralportfoliosaccordingtothecreditriskcharacteristicsbasedonthefollowing,andcalculatestheexpectedcreditlossonthebasisoftheportfolios:
?Long-termreceivablesportfolio1:receivablesfromsalesofgoodsbyinstallments
?Long-termreceivablesportfolio2:otherreceivables
TheCompanycalculatestheexpectedcreditlossofthereceivablesfromsalesofgoodsbyinstallmentsbasedonthedefaultriskexposureandtheexpectedcreditlossrateforthewholedurationwithareferencetothehistoricalcreditlossexperience,thecurrentsituationandtheforecastofthefutureeconomicsituation.TheCompanycalculatestheexpectedcreditlossofotherreceivablesandlong-termreceivablesdividedintoportfoliosotherthanreceivablesfromsalesofgoodsbyinstallmentsaccordingtothedefaultriskexposureandtheexpectedcreditlossrateinthenext12monthsorthewholeduration.DebtinvestmentandotherdebtinvestmentsFordebtinvestmentsandotherdebtinvestments,theCompanycalculatesexpectedcreditlossesaccordingtothenatureoftheinvestment,varioustypesofcounterpartiesandriskexposures,defaultriskexposuresandexpectedcreditlossratesinthenext12monthsorthroughouttheduration.Assessmentofsignificantincreaseincreditrisk
TheCompanycomparestheriskofdefaultoffinancialinstrumentsonthebalancesheetdatewiththeriskofdefaultontheinitialrecognitiondatesoastodeterminetherelativechangeinthedefaultriskoffinancialinstrumentsintheexpecteddurationandevaluatewhetherthecreditriskoffinancialinstrumentshasincreasedsignificantlysincetheinitialrecognition.Indeterminingwhetherthecreditriskhasincreasedsignificantlysinceinitialrecognition,theCompanyconsidersreasonableandwell-foundedinformation(includingforward-lookinginformation)thatcanbeobtainedwithoutunnecessaryadditionalcostsorefforts.TheinformationtobeconsideredbytheCompanyisasfollows:
?Failureofthedebtortopaytheprincipalandinterestontheduedateofthecontract;?Seriousdeteriorationintheexternalorinternalcreditrating(ifany)ofthefinancialinstrumentthathas
occurredorisexpected;
?Seriousdeteriorationofthedebtor’soperatingresultsthathasoccurredorisexpected;?Changesinthetechnical,market,economicorlegalenvironmentthathaveoccurredorareexpected
andtheirpotentialmaterialadverseeffectontherepaymentabilityofthedebtortotheCompany.Accordingtothenatureoffinancialinstruments,theCompanyevaluateswhetherthecreditriskhasincreasedsignificantlyonthebasisofindividualfinancialinstrumentsorportfoliosoffinancialinstruments.Whenevaluatingonthebasisofportfoliosoffinancialinstruments,theCompanymayclassifythefinancialinstrumentsbasedoncommoncreditriskcharacteristics,suchasoverdueinformationandcreditriskrating.Ifitisoverdueformorethan30days,theCompanydeterminesthatthecreditriskoffinancialinstrumentshasincreasedsignificantly.Credit-impairedfinancialassetsTheCompanyevaluatesonthebalancesheetdatewhethercreditimpairmenthasoccurredonthefinancialassetsmeasuredatamortizedcostandonthecreditor’sdebtinvestmentmeasuredatfairvaluethroughothercomprehensiveincome.Afinancialassetbecomescredit-impairedwhenoneormoreeventsthathaveanadverseimpactonitsexpectedfuturecashflowsoccur.Evidenceofcreditimpairmentoffinancialassetsincludesthefollowingobservableinformation:
?Theissuerorthedebtorisinvolvedinseriousfinancialdifficulties;?Thedebtorbreachesthecontract,suchasdefaultonoroverduerepaymentofinterestorprincipal;?TheCompany,foreconomicorcontractualreasonsrelatingtothedebtor’sfinancialdifficulty,grants
thedebtorconcessionsthatwouldnothavebeenmadeinanyothercircumstances;?Thereisagreatpossibilityofbankruptcyorotherfinancialrestructuringofthedebtor;?Thefinancialdifficultiesoftheissuerordebtorresultinthedisappearanceoftheactivemarketofsuch
financialassets.PresentationofprovisionforexpectedcreditlossInordertoreflectthechangesinthecreditriskoffinancialinstrumentssincetheinitialrecognition,theCompanyremeasurestheexpectedcreditlossoneachbalancesheetdate;theincreasedorreversedamountofthelossprovisionarisingtherefromshallbeincludedinthecurrentprofitsandlossesasimpairmentlossesorgains.Thelossprovisionofthefinancialassetsmeasuredatamortizedcostisusedtooffsettheirbookvaluepresentedinthebalancesheet.Forthedebtinvestmentmeasuredatfairvaluewithitschangesincludedinother
comprehensiveincome,theCompanyrecognizesitslossprovisioninothercomprehensiveincome,whichwillnotoffsetthebookvalueofthefinancialassets.Write-offTheCompanywritesdownthebookbalanceofthefinancialassetswhenitnolongerreasonablyexpectsthatthecontractualcashflowofthefinancialassetcanberecoveredinwholeorinpart.Suchwrite-downconstitutesthederecognitionofrelatedfinancialassets.ThisusuallyoccurswhentheCompanydeterminesthatthedebtorhasnoassetsorsourcesofincomethatcangeneratesufficientcashflowstorepaytheamounttobewrittendown.However,thewritten-downfinancialassetsmaystillbeaffectedbytheexecutionactivitiesaccordingtotheCompany’sproceduresforrecoveringdueamounts.Anyfinancialassetsthathavebeenpreviouslywrittenoffandsubsequentlyrecoveredarerecognizedasareversalofimpairmentlossandrecordedinthecurrentperiod’sincomestatement.
(6)TransferoffinancialassetsTransferoffinancialassetsreferstotheassignmentordeliveryoffinancialassetstotheparty(transferee)otherthantheissuerofsuchfinancialassets.ThefinancialassetisderecognizediftheCompanyhastransferredsubstantiallyalltherisksandrewardsofownershipofafinancialassettothetransferee.ThefinancialassetisnotderecognizediftheCompanyhasretainedsubstantiallyalltherisksandrewardsofownershipofafinancialasset.IftheCompanyneithertransfersnorretainsalmostallrisksandrewardsofownershipofafinancialasset,itshalldealwiththemasfollows:ifthecontroloverthefinancialassetiswaived,thefinancialassetshallbederecognizedandtheassetsandliabilitiesincurredshallberecognized;ifthecontroloverthefinancialassetisnotwaived,therelevantfinancialassetshallberecognizedtotheextentthatitcontinuestobeinvolvedinthetransferredfinancialasset,andtherelevantliabilitiesshallberecognizedaccordingly.
(7)OffsetoffinancialassetsandfinancialliabilitiesFinancialassetsandfinancialliabilitiesarepresentedinthebalancesheetwiththeamountafteroffsettingeachotherwhentheCompanyhasalegalrighttooffsettherecognizedfinancialassetsandfinancialliabilitiesandthelegalrightcanbeexercisedcurrently,andwhentheCompanyintendseithertosettleonanetbasis,ortorealizethefinancialassetsandpayoffthefinancialliabilitiessimultaneously.Inothercases,financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandarenotoffsetagainsteachother.
12.NotesreceivableReferto11“Financialinstruments”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
13.AccountsreceivableReferto11“Financialinstruments”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
14.ReceivablesfinancingReferto11“Financialinstruments”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
15.OtherreceivablesFordeterminationmethodsandaccountingmethodsofexpectedcreditlossesofotherreceivables,Referto11“Financialinstruments”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
16.ContractassetsReferto11“Financialinstruments”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
17.Inventories
(1)ClassificationofinventoriesTheinventoriesoftheCompanyaredividedintorawmaterials,self-madesemi-finishedproductsandgoodsinprocess,goodsinstock,revolvingmaterials,etc.
(2)ValuationmethodforinventoriessentoutTheCompany’sinventoriesareaccountedforattheplannedcostwhenacquired.Thedifferencebetweentheplannedcostandtheactualcostisaccountedforthroughthecostvarianceaccount,andthecostvariancethatshouldbebornebytheinventoriessentoutiscarriedforwardonscheduletoadjusttheplannedcosttotheactualcost.
(3)BasisandmethodforprovisionofinventorydepreciationreservesOnthebalancesheetdate,inventoriesaremeasuredatthelowerofcostandnetrealizablevalue.Whenthenetrealizablevalueoftheinventoriesislowerthantheircost,aprovisionforinventorydepreciationreservesismade.Netrealizablevaluereferstothedifferencebetweentheestimatedsalepriceofinventorylessthecosttoestimatedbeincurreduntilcompletion,estimatedsalesexpensesandrelatedtaxes.Thenetrealizablevalueofinventoriesisdeterminedbasedontheunambiguousevidenceobtainedaswellastheconsiderationofthepurposeofholdinginventoriesandtheimpactofeventsafterthebalancesheetdate.TheCompanymakesprovisionforinventorydepreciationreservesonanindividualinventoryitembasis.Provisionforinventorydepreciationreservesismadebyinventorycategoryforinventorieswithlargequantitiesandlowunitprices.
Onthebalancesheetdate,ifthefactorsaffectingthepreviouswrite-downofinventoryvaluehavedisappeared,theinventoryfallingpricereservesshallbereversedwithintheamountoriginallyprovidedfor.
(4)InventorysystemTheCompanyadoptstheperpetualinventorysystem.Low-valueconsumablesandpackagingmaterialsoftheCompanyareamortizedbyone-offwrite-offmethodwhenacquired.
18.Long-termreceivablesReferto11“Financialinstruments”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
19.Long-termequityinvestmentsLong-termequityinvestmentsincludeequityinvestmentstosubsidiaries,jointventuresandassociatedenterprises.TheinvesteewhichmaybesubjecttosignificantinfluenceoftheCompanyisanassociatedenterpriseoftheCompany.
(1)RecognitionofinitialinvestmentcostLong-termequityinvestmentsacquiredfromthebusinesscombination:Forthelong-termequityinvestmentacquiredfromthebusinesscombinationundercommoncontrol,theinvestmentcostreferstotheshareofthebookvalueoftheowner’sequityofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthecombinationdate;forthelong-termequityinvestmentacquiredfromthebusinesscombinationnotundercommoncontrol,theinvestmentcostreferstothecombinationcost.Forlong-termequityinvestmentsacquiredbyothermethods:Forthoseacquiredwithcashpayment,theactualpurchasepriceshallberecognizedastheinitialinvestmentcost;forthoseacquiredthroughtheissuanceofequitysecurities,thefairvalueofissuedequitysecuritiesshallberecognizedastheinitialinvestmentcost.
(2)SubsequentmeasurementandrecognitionofprofitorlossInvestmentstosubsidiariesareaccountedforwiththecostmethodunlesstheinvestmentmeetstheconditionsforheld-for-sale;investmentstoassociatedenterprisesandjointventuresareaccountedforwiththeequitymethod.Forlong-termequityinvestmentscalculatedbycostmethod,exceptforthedeclaredbutnotyetreleasedcashdividendsorprofitsincludedintheactualpriceorconsiderationpaidwhentheinvestmentisacquired,thedistributedcashdividendsorprofitsdeclaredbytheinvesteeshallberecognizedasinvestmentincomeandincludedincurrentprofitsandlosses.Forthelong-termequityinvestmentsaccountedforwiththeequitymethod,theinvestmentcostisnotadjustediftheinitialinvestmentcostexceedstheshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeoftheinvestment;thebookvalueofthelong-termequityinvestmentisadjustedandthedifferenceis
includedinthecurrentprofitsandlossesiftheinitialinvestmentcostislessthantheshareoffairvalueoftheinvestee’sidentifiablenetassetsatthetimeoftheinvestment.Foraccountingwiththeequitymethod,theinvestmentincomeandothercomprehensiveincomeshallberecognizedrespectivelyaccordingtotheshareofthenetprofitsandlossesandothercomprehensiveincomerealizedbytheinvesteethatshallbeenjoyedorshared.Meanwhile,thebookvalueofthelong-termequityinvestmentsshallbeadjusted.Thepartofdueshareshallbecalculatedaccordingtothedistributedprofitorcashdividenddeclaredbytheinvestee,andthebookvalueofthelong-termequityinvestmentshallbereducedaccordingly.Forotherchangesinowners’equityoftheinvesteeexceptnetprofitandloss,othercomprehensiveincomeandprofitdistribution,thebookvalueoflong-termequityinvestmentshallbeadjustedandincludedincapitalreserve(othercapitalreserve).TheCompanyrecognizesitsshareoftheinvestee’snetprofitsorlossesbasedonthefairvaluesoftheinvestee’sindividualseparatelyidentifiableassetsatthetimeofacquisition,aftermakingappropriateadjustmentstheretoinconformitywiththeaccountingpoliciesandaccountingperiodsoftheCompany.Thesumofthefairvalueoftheoriginalequityandthenewinvestmentcostistakenastheinitialinvestmentcostcalculatedwiththeequitymethodonthedateofconversionifitispossibletoexertsignificantinfluenceonorimplementjointcontrolbutnotconstitutecontrolovertheinvesteeduetoadditionalinvestmentorotherreasons.Thecumulativechangesinfairvalueoriginallyincludedinothercomprehensiveincomerelatedtotheoriginalequityaretransferredtoretainedearningswhentheequitymethodisadoptediftheoriginalequityisclassifiedasanon-tradingequityinstrumentmeasuredatfairvaluethroughothercomprehensiveincome.IncasetheCompanylosesjointcontroloforthesignificantinfluenceontheinvesteeduetothedisposalofpartoftheequityinvestment,theresidualequityafterthedisposalisaccountedforinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsonthedateoflosingthejointcontrolorsignificantinfluence,andthedifferencebetweenthefairvalueandthebookvalueisincludedinthecurrentprofitsandlosses.Othercomprehensiveincomerecognizedfromtheoriginalequityinvestmentaccountedwiththeequitymethodshallbeaccountedforonthesamebasisasthedirectdisposalofrelevantassetsorliabilitiesoftheinvesteewhentheequitymethodisterminated.Otherchangesinowner’sequityrelatedtotheoriginalequityinvestmentshallbetransferredintocurrentprofitandloss.IncasetheCompanylosestherightofcontrolovertheinvesteeduetothedisposalofpartialequityinvestmentorotherreasons,theequitymethodisapplied,anditisdeemedthattheresidualequityisadjustedwiththeequitymethodfromthetimeofacquisitioniftheresidualequityafterdisposalcanexertjointcontroloverorsignificantinfluenceontheinvestee;theaccountingiscarriedoutaccordingtotheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andthedifferencebetweenthefairvalueandthebookvalueonthedateoflosingcontrolisincludedinthecurrentprofitsandlossesiftheresidualequityafterdisposalcannotexertjointcontroloverorsignificantinfluenceontheinvestee.IftheshareholdingratiooftheCompanydecreasesduetocapitalincreasebyotherinvestors,resultinginlossofcontrolbutjointcontroloverorsignificantinfluenceontheinvestee,theCompany’sshareofnetassetsincreasedduetocapitalincreaseandshareexpansionoftheinvesteeshallberecognizedaccordingtothenewshareholdingratio,andthedifferencefromtheoriginalbookvalueoflong-termequityinvestmentcorrespondingtothedecreaseinshareholdingratiothatshallbecarriedforwardshallbeincludedincurrent
profitsandlosses.Then,adjustmentsaremadebasedonthenewshareholdingratiowiththeequitymethodasifithadbeenusedsincetheacquisitionoftheinvestment.UnrealizedgainsandlossesfrominternaltransactionsbetweentheCompanyanditsassociatedenterprisesandjointventuresthatareattributabletotheCompanyarecalculatedbasedontheshareholdingratio,andinvestmentprofitsandlossesarerecognizedbasedontheoffsettingofthatportion.However,unrealizedlossesfrominternaltransactionsincurredbetweentheCompanyanditsinvesteearenotoffsetiftheybelongtoimpairmentlossesfromassetstransferred.
(3)BasisfordeterminingjointcontrolandsignificantinfluenceontheinvesteeJointcontrolreferstothecontrolovercertainarrangementunderrelatedagreements,andrelatedactivitiesofthearrangementcanonlybedeterminedwiththeunanimousconsentofthepartiessharingthecontrol.Duringthejudgmentofjointcontrol,itisrequiredtodeterminewhetherthearrangementiscontrolledcollectivelybyallparticipantsorcombinationsofparticipants,andthendeterminewhetherdecisionsonactivitiesrelatedtothearrangementmustbemadewiththeunanimousconsentofthoseparticipantswhocollectivelycontrolthearrangement.Itisdeemedthatallparticipantsoragroupofparticipantscollectivelycontrolthearrangementifrelatedactivitiesofanarrangementcanbedecidedonlywiththeconcertedactionofallparticipantsoragroupofparticipants.Iftherearetwoormorecombinationsofpartiesthatcancollectivelycontrolanarrangement,thissituationdoesnotconstitutejointcontrol.Forthedeterminationofwhetherthereisjointcontrol,protectiverightsarenottakenintoaccount.Significantinfluencereferstothepoweroftheinvestortoparticipateinmakingdecisionsonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontrolwithotherpartiesoverthepreparationofthesepolicies.Thepossibilityofexertingsignificantinfluenceontheinvesteeisdeterminedbyconsideringtheinfluenceofthevotingsharesoftheinvesteedirectlyorindirectlyheldbytheinvestorandtheinfluencewhenitisassumedthatthepotentialvotingrightsexecutableforthecurrentperiodheldbytheinvestorandotherpartiesareconvertedintotheequityoftheinvestee,includingtheinfluenceofthewarrants,stockoptionsandcorporatebondswhichcanbeconvertedinthecurrentperiodissuedbytheinvestee.ItisgenerallyconsideredthattheCompanyhassignificantinfluenceontheinvesteewhentheCompanydirectlyholdsmorethan20%(inclusive)butlessthan50%ofthevotingsharesoftheinvesteeorholdsindirectlythroughsubsidiaries,unlessthereisclearevidenceindicatingthatitcannotparticipateintheproductionandoperationdecisionsoftheinvesteeundersuchcircumstances,inwhichcaseithasnosignificantinfluence.ItisgenerallynotconsideredthattheCompanyhassignificantinfluenceontheinvesteewhentheCompanyownslessthan20%(exclusive)ofthevotingsharesoftheinvestee,unlessthereisclearevidenceindicatingthatitcanparticipateintheproductionandoperationdecisionsoftheinvesteeundersuchcircumstances,inwhichcaseithassignificantinfluence.
(4)ImpairmenttestmethodandimpairmentprovisionmethodsForinvestmentstosubsidiaries,associatedenterprisesandjointventures,themethodofprovisionforassetimpairmentisdescribedin38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
20.InvestmentpropertiesMeasurementmodeofinvestmentpropertyMeasurebycostmethodDepreciationoramortizationmethodInvestmentpropertiesrefertothepropertiesheldforearningrentorcapitalappreciation,orboth.InvestmentpropertiesoftheCompanyincludethelanduserightsthathavealreadybeenrented,thelanduserightsheldfortransferafterappreciation,andthebuildingsthathavebeenrented.InvestmentpropertiesoftheCompanyareinitiallymeasuredasperthepriceuponacquisitionanddepreciatedoramortizedonscheduleasperrelevantprovisionsonfixedassetsorintangibleassets.Fortheinvestmentrealestatewhichissubsequentlymeasuredwiththecostmode,themethodofdrawingassetimpairmentisdescribedin38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.Thedisposalincomefromthesale,transfer,retirementordamageofinvestmentpropertiesshallbeincludedincurrentprofitsandlossesafterdeductingtheirbookvalueandrelevanttaxes.
21.Fixedassets
(1)RecognitionconditionsFixedassetsoftheCompanyrefertothetangibleassetsheldfortheproductionofgoods,renderingofservices,therentingoroperationandmanagement,withaservicelifeexceedingoneaccountingyear.Thefixedassetscanberecognizedonlywhentheeconomicbenefitsrelatedtosuchfixedassetsarelikelytoflowintotheenterpriseandthecostofsuchfixedassetscanbemeasuredreliably.FixedassetsoftheCompanyareinitiallymeasuredattheactualcostuponacquisition.SubsequentexpendituresrelatedtofixedassetsareincludedinthecostoffixedassetswhentherelatedeconomicbenefitsarelikelytoflowintotheCompanyandthecostscanbereliablymeasured.Thedailyrepaircostsoffixedassetsthatdonotmeettheconditionsforthesubsequentexpenditureoffixedassetscapitalizationareincludedinthecurrentprofitsandlossesorthecostsofrelevantassetsbasedonthebeneficiariesatthetimeofoccurrence.Forthereplacedpart,itsbookvalueisderecognized.
(2)Depreciationmethod
| Category | DepreciationMethod | DepreciationPeriod | ResidualRate | AnnualDepreciationRate |
| HousesandBuildings | Straight-linemethod | 20years | 3-5 | 4.85-4.75 |
| Machinery | Straight-line | 10years | 0-3 | 10.00-9.70 |
| equipment | method | |||
| Transportationequipment | Straight-linemethod | 4-10years | 0-5 | 25.00-9.50 |
| Electronicequipment | Straight-linemethod | 3years | 0-5 | 33.33-31.67 |
| Officeequipment | Straight-linemethod | 5years | 3-5 | 19.40-19.00 |
| Others | Straight-linemethod | 5years | 0-5 | 20.00-19.00 |
TheCompanyusesthestraight-linemethodfordepreciation.Thedepreciationoffixedassetsstartswhentheyreachtheexpectedserviceableconditionandstopswhentheyarederecognizedorclassifiedasnon-currentassetsheldforsale.Depreciationratesaredeterminedbasedonfixedassetcategories,expectedservicelife,andestimatedresidualvalueswithoutconsideringimpairmentprovisions.However,forfixedassetswithprovisionforimpairment,theaccumulatedamountofprovisionforimpairmentshallalsobedeductedtocalculateanddeterminethedepreciationrate.
(3)Fortheimpairmenttestmethodsandimpairmentprovisionmethodsoffixedassets,pleasereferto38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
(4)TheCompanyreviewstheservicelife,expectednetresidualvalueanddepreciationmethodoffixedassetsattheendofeachyear.Theservicelifeoffixedassetsshallbeadjustediftheexpectedservicelifeisdifferentfromtheoriginalestimate,andtheestimatednetresidualvalueshallbeadjustediftheestimatednetresidualvalueisdifferentfromtheoriginalestimate.
(5)DisposaloffixedassetsIfafixedassetisdisposedoforifnoeconomicbenefitwillbeobtainedfromtheuseordisposal,therecognitionofsuchfixedassetisterminated.Thedisposalincomefromthesale,transfer,retirementordamageoffixedassetsshallbeincludedincurrentprofitsandlossesafterdeductingitsbookvalueandrelevanttaxes.
22.ConstructioninprogressThecostofconstructioninprogressoftheCompanyisrecognizedaccordingtotheactualconstructionexpenditures,includingvariousnecessaryconstructionexpendituresincurredduringtheconstructionperiod,borrowingcoststhatshallbecapitalizedbeforetheconstructionreachestheexpectedconditionforitsintendeduse,andotherrelevantexpenses.Constructioninprogressistransferredtofixedassetswhenitisreadyforitsintendeduse.Forthemethodofprovisionforassetimpairmentofconstructioninprogress,referto38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
23.Borrowingcosts
(1)RecognitionprinciplesforcapitalizationofborrowingcostsBorrowingcostsincurredbytheCompanythataredirectlyattributabletotheacquisition,construction,orproductionofqualifyingassetsarecapitalizedandincludedinthecostoftherelatedassets;otherborrowingcostsareexpensedasincurredandrecognizedinthecurrentprofitorloss.Borrowingcostsbegintobecapitalizedwhenallofthefollowingconditionsaremet:
①Assetexpenditureshavebeenincurred,includingcashpayments,transfersofnon-cashassets,orassumptionsofinterest-bearingdebtsfortheacquisition,constructionorproductionofqualifyingassets;
②Borrowingcostshavebeenincurred;
③Activitiesnecessarytopreparetheassetforitsintendeduseorsalehavecommenced.
(2)CapitalizationperiodofborrowingcostsTheCompanyceasescapitalizingborrowingcostswhenqualifyingassetshavereachedtheirintendedusableorsaleablecondition.Borrowingcostsincurredafterqualifyingassetshavereachedtheirintendedusableorsaleableconditionarerecognizedasexpensesbasedonamountsincurredandincludedincurrentprofitorloss.Capitalizationofborrowingcostsissuspendediftheacquisition,construction,orproductionofqualifyingassetsisabnormallyinterruptedformorethanthreeconsecutivemonths;borrowingcostsduringnormalinterruptionscontinuetobecapitalized.
(3)CalculationmethodsforthecapitalizationrateandamountofborrowingcostsForspecificborrowings,thecapitalizedamountiscalculatedbydeductinginterestincomeearnedfromdepositingunusedborrowedfundsinbanksorfromtemporaryinvestmentsfromtheactualinterestexpenseincurredduringtheperiod;forgeneralborrowings,thecapitalizedamountisdeterminedbymultiplyingtheweightedaverageofgeneralborrowingsusedbytheportionofassetexpendituresexceedingthosefinancedbyspecificborrowingsbythecapitalizationrateofgeneralborrowings.Thecapitalizationrateiscalculatedbasedontheweightedaverageinterestrateofgeneralborrowings.Duringthecapitalizationperiod,allexchangedifferencesarisingfromspecificforeigncurrencyborrowingsarecapitalized,whileexchangedifferencesongeneralforeigncurrencyborrowingsarerecognizedincurrentprofitorloss.
24.IntangibleAssets
(1)Servicelifeanditsdeterminationbasis,estimate,amortizationmethodorreviewprocedureIntangibleassetsoftheCompanyincludelanduserights,software,non-patentedtechnologies,etc.Intangibleassetsareinitiallymeasuredatcostandtheirservicelifeisanalyzedandjudgedatthetimeofacquisition.Wheretheservicelifeislimited,theintangibleassetisamortizedoveritsexpectedservicelife,fromthetimeitisavailable,withanamortizationmethodthatreflectstheexpectedrealizationoftheeconomicbenefitsassociatedwiththeasset.Thestraight-linemethodisadoptedforamortizationiftheexpectedrealizationmodecannotbedeterminedreliably.Intangibleassetswithuncertainservicelifearenotamortized.
Theamortizationmethodforintangibleassetswithlimitedservicelifeisasfollows:
| Category | ServiceLife | AmortizationMethod | Remarks |
| Landuseright | 50years | Straight-linemethod | |
| Software | 2-10years | Straight-linemethod | |
| Non-patentedtechnology | 5-10years | Straight-linemethod |
TheCompanyreviewstheservicelifeandamortizationmethodofintangibleassetswithlimitedservicelifeattheendofeachyear.Ifitisdifferentfromthepreviousestimate,theoriginalestimateshallbeadjustedandtreatedasachangeinaccountingestimates.Thebookvalueofanintangibleassetistransferredintothecurrentprofitsandlossesinfullifitisexpectedthattheassetcannotbringeconomicbenefitstotheenterpriseinthefutureonthebalancesheetdate.Forthemethodofprovisionforassetimpairmentoftheintangibleassets,referto38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
(2)ScopeofaggregationofexpendituresonresearchanddevelopmentandrelatedaccountingtreatmentmethodsTheCompany’sresearchanddevelopmentexpendituresaredirectlyrelatedtotheCompany’sresearchanddevelopmentactivities,includingresearchanddevelopmentlaborcosts,testexpenses,depreciationcosts,designfees,andtrialproductionfees.TheCompanydividestheexpendituresofinternalresearchanddevelopmentprojectsintoexpendituresattheresearchstageandexpendituresatthedevelopmentstage.Theexpendituresattheresearchstageareincludedincurrentprofitsandlosseswhenincurred.Expendituresatthedevelopmentstagecanbecapitalizedonlywhenthefollowingconditionsaremetsimultaneously,namely,itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;thereisanintentiontocompletetheintangibleassetsanduseorsellthem;thewaysforintangibleassetstogenerateeconomicbenefitsincludeprovingthatthereisamarketfortheproductsproducedbyusingtheintangibleassetsortheintangibleassetsthemselves,andprovingtheirusefulnessiftheyaretobeusedinternally;therearesufficienttechnical,financialandotherresourcestosupportthedevelopmentoftheintangibleassetsandtheabilitytouseorselltheintangibleassets;theexpenditureatthedevelopmentstageoftheintangibleassetscanbemeasuredreliably.Thedevelopmentexpendituresfailingtomeettheaboveconditionsareincludedincurrentprofitsandlosseswhentheyoccur.TheR&DprojectsoftheCompanyenterthedevelopmentstageafterprojectapprovalbymeetingtheaboveconditionsandpassingthetechnicalfeasibilityandeconomicfeasibilitystudy.Thecapitalizedexpendituresatthedevelopmentstagearepresentedasdevelopmentexpendituresonthebalancesheetandaretransferredintointangibleassetsfromthedatewhentheprojectrealizesitsintendeduse.Thecapitalizationconditionsofspecificresearchanddevelopmentprojectsareasfollows:TheCompany’sresearchanddevelopmentprojectendswithproductplanning,andthedivisionpointoftheresearchand
developmentstagesliesinthefactthattheoverallplanofthedevelopmentprojectispreparedandadoptedthroughdeliberationanddecision-makingontheproductprojectreviewmeeting(thatis,projectinitiation).Theexpensesincurredintheplanningstagebeforetheprojectinitiationaredirectlyincludedinthecurrentprofitsandlosses,andthoseincurredaftertheprojectinitiationareincludedinexpendituresinthedevelopmentstage.
25.Impairmentoflong-termassetsTheassetimpairmentoflong-termequityinvestmenttosubsidiaries,associatedenterprisesandjointventures,investmentrealestatesubsequentlymeasuredbycostmodel,fixedassets,projectsunderconstruction,right-of-useassets,intangibleassets,etc.(exceptforinventories,deferredincometaxassetsandfinancialassets)isrecognizedwiththefollowingmethods:
TheCompanyjudgeswhetherthereisasignofimpairmenttoassetsonthebalancesheetdate.Ifsuchasignexists,theCompanyestimatestherecoverableamountandconductstheimpairmenttest.Impairmenttestsshallbecarriedouteveryyearongoodwillresultingfrombusinesscombination,intangibleassetswithuncertainservicelifeandintangibleassetsthathavenotyetreachedtheirintendedusenomatterwhetherthereisanysignofimpairment.Therecoverableamountisthenetamountofthefairvalueoftheassetsafterdeductingthedisposalexpensesorthepresentvalueoftheexpectedfuturecashflowoftheassets,whicheverishigher.TheCompanyestimatestherecoverableamountbasedonasingleasset.Ifitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupshallbedeterminedbasedontheassetgrouptowhichtheassetbelongs.Anassetgroupisdeterminedbasedonthefactthatthemaincashinflowsgeneratedbytheassetgroupareindependentofthecashinflowsofotherassetsorassetgroups.Whentherecoverableamountofanassetorassetgroupislowerthanitsbookvalue,theCompanywritesdownitsbookvaluetotherecoverableamount,andthewrite-downamountisincludedincurrentprofitsandlosses,andthecorrespondingimpairmentprovisionofassetsismadeatthesametime.Fortheimpairmenttestofgoodwill,thebookvalueofgoodwillresultingfrombusinesscombinationisamortizedtorelevantassetgroupswithreasonablemethodsfromtheacquisitiondate,oramortizedtorelevantassetgroupportfolioifitisdifficulttoamortizeittorelevantassetgroups.RelevantassetgroupsorportfoliosofassetgroupsarethosethatcanbenefitfromthesynergiesofbusinesscombinationandarenotgreaterthanthereportingsegmentdeterminedbytheCompany.Ifthereisanysignofimpairmentintheassetgrouporportfolioofassetgroupsrelatedtogoodwillduringtheimpairmenttest,theimpairmenttestshallbecarriedoutontheassetgrouporportfolioofassetgroupsnotincludinggoodwill,andtherecoverableamountshallbecalculatedtodeterminethecorrespondingimpairmentloss.Then,animpairmenttestiscarriedoutontheassetgrouporportfolioofassetgroupsincludinggoodwilltocompareitsbookvalueandrecoverableamount,anddeterminetheimpairmentlossofgoodwilliftherecoverableamountislowerthanthebookvalue.Oncetheimpairmentlossofassetsisdetermined,itwillneverbereversedinsubsequentaccountingperiods.
26.Long-termdeferredexpensesLong-termunamortizedexpensesoftheCompanyshallbevaluedasperactualcostandaveragelyamortizedaspertheexpectedbenefitperiod.Theamortizedvalueofthelong-termdeferredexpensesthatcannotbenefitthefutureaccountingperiodisincludedinthecurrentprofitsandlosses.
27.ContractliabilitiesTheCompanypresentsthecontractassetsorcontractliabilitiesinthebalancesheetaccordingtotherelationshipbetweentheperformanceobligationsandthecustomer’spayment.TheCompanypresentsthecontractassetsandliabilitiesunderthesamecontractonanetbasisafteroffsettingeachother.Contractualliabilityreferstoanobligationtotransfergoodsorservicestoacustomerforwhichcustomerconsiderationhasbeenreceivedorreceivable,suchaspaymentsreceivedbyanenterprisepriortothetransferofpromisedgoodsorservices.
28.Employeecompensation
(1)Accountingmethodofshort-termcompensationEmployeecompensationreferstovariousformsofremunerationorcompensationgivenbyenterprisestoobtainservicesprovidedbyemployeesortoterminatelaborrelations.Employeecompensationincludesshort-termcompensation,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.Thebenefitsprovidedbytheenterprisetoemployees’spouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesalsobelongtoemployeecompensation.Accordingtoliquidity,employeecompensationislistedinthe“employeecompensationpayable”and“long-termemployeecompensationpayable”itemsofthebalancesheet.Short-termcompensationIntheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheemployeewages,bonuses,socialsecuritycontributionsaccordingtoregulationssuchasmedicalinsurance,workinjuryinsuranceandmaternityinsuranceaswellashousingfundsasliability,andincludesthemincurrentprofitsandlossesorrelevantassetcosts.
(2)Accountingmethodofpost-employmentbenefitsThepost-employmentbenefitplanincludesdefinedcontributionplananddefinedbenefitplan.Thedefinedcontributionplanreferstothepost-employmentbenefitplanthattheenterprisewillnolongerbearthepaymentobligationafterpayingfixedfeestoindependentfunds.Thedefinedbenefitplanreferstothepost-employmentbenefitplanotherthanthedefinedcontributionplan.Definedcontributionplan
Thedefinedcontributionplanincludesbasicpensioninsurance,unemploymentinsuranceandenterpriseannuityplan.Intheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheamountpayabletoadefinedcontributionplanasaliability,andincludesitinthecurrentprofitorlossorrelevantassetcost.DefinedbenefitplanThedefinedbenefitplanshowsthatanactuarialvaluationisperformedbyanindependentactuaryontheannualbalancesheetdate,andthebenefitcostisdeterminedwiththeexpectedcumulativebenefitunitmethod.TheCompanyrecognizesthefollowingcomponentsofemployeebenefitscostarisingfromdefinedbenefitplans:
①Servicecostsincludecurrentservicecosts,pastservicecostsandsettlementgainsorlosses.Amongthem,thecurrentservicecostreferstotheincreaseinthepresentvalueofthedefinedbenefitplanobligationsduetotheprovisionofservicesbyemployeesinthecurrentperiod;thepastservicecostreferstotheincreaseordecreaseinthepresentvalueofthedefinedbenefitplanobligationsrelatedtotheemployeeservicesinthepreviousperiodduetothemodificationofthedefinedbenefitplan.②Netinterestonnetliabilitiesorassetsofdefinedbenefitplans,includinginterestincomeofplanassets,interestexpenseofdefinedbenefitplanobligationsandinterestaffectedbyassetceiling.③Changesarisingfromremeasurementofnetliabilitiesornetassetsofdefinedbenefitplans.TheCompanyincludestheaboveitems①and②inthecurrentprofitsandlosses,unlessotheraccountingstandardsrequireorallowthecostofemployeebenefitstobeincludedinthecostofassets;item③isincludedinothercomprehensiveincomeandwillnotbereversedbacktoprofitorlossinsubsequentaccountingperiods,andthepartoriginallyincludedinothercomprehensiveincomewithintheequityscopeiscarriedforwardtoundistributedprofitwhentheoriginaldefinedbenefitplanterminates.
(3)AccountingmethodofdismissalwelfareWhentheCompanyprovidesdismissalwelfaretoemployees,theliabilitiesoftheemployeecompensationarisingfromdismissalwelfarearerecognizedattheearlierofthefollowingtwodatesandincludedinthecurrentprofitorloss:theCompanycannotunilaterallyprovidethedismissalwelfareprovidedduetothelaborrelationterminationplanorthelayoffsuggestions;theCompanyrecognizesthecostsorexpensesrelatedtotherestructuringofterminationbenefitspayment.Iftheearlyretirementplanisimplemented,theeconomiccompensationbeforetheofficialretirementdatebelongstodismissalwelfare.Thewagesproposedtobepaidtotheearlyretiredemployeeandthesocialinsurancepremiumstobepaidareincludedinthecurrentprofitsandlossesinalumpsumfromthedatewhentheemployeestopsprovidingservicestothenormalretirementdate.Economiccompensationaftertheofficialretirementdate(suchasnormalpension)belongstopost-employmentbenefits.
(4)Accountingmethodofotherlong-termemployeebenefitsOtherlong-termemployeebenefitsprovidedbytheCompanytotheemployeessatisfyingtheconditionsforclassifyingasadefinedcontributionsplanareaccountedforinaccordancewiththeaboverequirementsrelating
todefinedcontributionplan.Thebenefitsthatmeettherequirementsofthedefinedbenefitplanaretreatedinaccordancewiththeprovisionsoftheplan.However,the“changescausedbyremeasurementofnetliabilitiesornetassetsofthedefinedbenefitplan”inrelevantemployeecompensationcostsareincludedincurrentprofitsandlossesorrelevantassetcosts.
29.ProvisionsTheCompanyrecognizestheobligationsrelatedtocontingenciesasestimatedliabilitiesiftheymeetallofthefollowingconditions:
(1)TheobligationisthecurrentobligationoftheCompany;
(2)PerformanceofthisobligationwillprobablycauseanoutflowofeconomicinterestoftheCompany;
(3)Theamountofsuchobligationcanbemeasuredreliably.Expectedliabilitiesareinitiallymeasuredattheoptimalestimaterequiredtoperformtherelevantcurrentobligation,incomprehensiveconsiderationoftherisks,uncertainty,timevalueofmoney,andotherfactorspertinenttotheContingencies.Thebestestimateisdeterminedbydiscountingtherelevantfuturecashoutflowifthetimevalueofmoneyhasasignificantimpact.Atthebalancesheetdate,thebookvalueoftheestimatedliabilitiesisreviewedandadjustedbytheCompanytoreflectthecurrentbestestimate.Ifallorpartoftheexpendituresnecessaryforclearingofftherecognizedprovisionsareexpectedtobecompensatedbyathirdpartyoranyotherparty,theamountofcompensationshallberecognizedasassetsseparatelyonlywhenitisbasicallysurethattheamountcanbeobtained.Therecognizedamountofcompensationshallnotexceedthebookvalueofrecognizedliabilities.
30.Share-basedpayment
(1)Typesofshare-basedpaymentTheshare-basedpaymentsoftheCompanyaredividedintoequity-settledshare-basedpaymentandcash-settledshare-basedpayment.
(2)DeterminationmethodsforfairvalueofequityinstrumentsTheCompanyrecognizesthefairvalueofequityinstrumentssuchasgrantedoptionswithanactivemarketaccordingtothequotationoftheactivemarket.TheCompanyrecognizesthefairvalueofequityinstrumentssuchasgrantedoptionswithoutactivemarketbyusingtheoptionpricingmodel.Thefollowingfactorsareconsideredintheselectedoptionpricingmodel:A.exercisepriceofoptions;B.validityperiodofoptions;C.currentpriceofunderlyingshares;D.expectedfluctuationratioofstockprice;E.expecteddividendsofshares;F.risk-freeinterestratewithinthevalidityperiodofoptions.
(3)BasisfordeterminingtheoptimalestimateofvestedequityinstrumentsTheCompanymakestheoptimalestimatebasedonthelatestfollow-upinformationsuchaschangesinthenumberofvestingemployeesandcorrectstheexpectednumberofvestedequityinstrumentsoneachbalancesheetdatewithinthevestingperiod.Onthevestingdate,thefinalestimatednumberofvestedequityinstrumentsshallbeconsistentwiththenumberofactualvestedequityinstruments.
(4)Accountingtreatmentrelatedtoimplementation,modificationandterminationofshare-basedpaymentplanShare-basedpaymentssettledbyequityaremeasuredatthefairvalueoftheequityinstrumentsgrantedtoemployees.Wheretheequityinstrumentcanbevestedimmediatelyuponbeinggranted,theshare-basedpaymentisincludedinrelevantcostsorexpensesatthefairvalueofequityinstrumentonthegrantingdateandthecapitalreserveshallbeincreasedaccordingly.Wheretheequityinstrumentcannotbevesteduntilthevestingperiodcomestoanendoruntilthespecifiedperformanceconditionsaremet,ateachbalancesheetdatewithinthevestingperiod,theservicesobtainedinthecurrentperiodare,basedontheoptimalestimateofthenumberofvestedequityinstruments,includedinrelevantcostsorexpensesandcapitalreserveatthefairvaluespecifiedonthegrantingdateofequityinstruments.Afterthevestingdate,itshallmakenoadjustmenttotherelevantcostsorexpensesaswellasthetotalamountoftheowner’sequitieswhichhavebeenconfirmed.Share-basedpaymentssettledbycasharemeasuredatthefairvalueofliabilitiesrecognizedbasedonsharesorotherequityinstrumentsassumedbytheCompany.Wheretheequityinstrumentcanbevestedimmediatelyuponbeinggranted,thepaymentshallbeincludedintherelevantcostsorexpensesatthefairvalueoftheliabilitiesassumedbytheCompanyonthegrantingdate,andtheliabilitiesshallbeincreasedaccordingly.Wheretheshare-basedpaymentsettledbycashcannotbevesteduntilthevestingperiodcomestoanendoruntilthespecifiedperformanceconditionsaremet,oneachbalancesheetdatewithinthevestingperiod,theservicesacquiredincurrentperiodare,basedontheoptimalestimationofthevestingright,includedincostsorexpensesandcorrespondingliabilitiesatthefairvalueoftheliabilitiesassumedbytheCompany.Oneachbalancesheetdateandthesettlementdatepriortothesettlementoftherelevantliabilities,thefairvalueoftheliabilitiesshallbere-measured,withitschangesincludedinthecurrentprofitsandlosses.WhentheCompanymodifiestheshare-basedpaymentplan,theincreaseinservicesobtainedshallberecognizedbasedontheincrease(ifany)inthefairvalueofequityinstruments;ifthequantityofgrantedequityinstrumentsisincreased,thefairvalueoftheincreasedequityinstrumentsshallberecognizedaccordinglyastheincreaseintheservicesobtained.Theincreaseinthefairvalueofequityinstrumentsreferstothedifferencebetweenthefairvaluesofequityinstrumentsbeforeandaftermodificationonthemodificationdate.Ifthetotalfairvalueofshare-basedpaymentisreducedinthemodificationorthetermsandconditionsoftheshare-basedpaymentplanaremodifiedinotherwaysunfavorabletoemployees,theaccountingtreatmentonacquiredservicesshallcontinueasifthechangehasneveroccurred,unlesstheCompanyhascanceledpartorallofthegrantedequityinstruments.If,duringthevestingperiod,thegrantedinstrumentsarecanceled(exceptforthosecanceledbecauseoffailuretomeetthenon-marketconditionsofthevestingconditions),theCompanyshallacceleratethevestingofthegrantedequityinstruments,andimmediatelyincludetheamounttoberecognizedintheremainingvesting
periodinthecurrentprofitandloss,anddeterminethecapitalreserveinthemeantime.Intheeventthattheemployeesorotherpartiescanchoosetomeetthenon-vestingconditionsbutfailtomeetsuchconditionsduringthevestingperiod,theCompanyshalltreatitasthecancellationofgrantedequityinstruments.
(5)RestrictedsharesTheCompanygrantsrestrictedsharestotheincentiveobjectsintheequityincentiveplan,andtheincentiveobjectssubscribeforthesharespreferentially.Iftheunlockingconditionsstipulatedintheequityincentiveplanarenotmetsubsequently,theCompanywillrepurchasethesharesatthepriceagreedinadvance.Iftherestrictedsharesissuedtoemployeeshavecompletedcapitalincreaseproceduressuchasregistrationasspecified,theCompanyshalldeterminethesharecapitalandcapitalreserve(sharepremium)accordingtothesharesubscriptionmoneyreceivedfromemployeesonthegrantingdate,anddeterminethetreasurysharesandotherpayablesintermsoftherepurchaseobligation.
31.IncomeAccountingpoliciesadoptedforrecognitionandmeasurementofincomedisclosedbybusinesstype
(1)GeneralprinciplesTheCompanyrecognizesitsincomewhenithasfulfilleditsperformanceobligationsofthecontract,i.e.,thecustomerhasobtainedthecontrolrightsoftherelevantgoodsorservices.Ifthecontractcontainstwoormoreperformanceobligations,theCompanyshall,atthebeginningdateofthecontract,apportionthetransactionpricetoeachperformanceobligationaccordingtotherelativeproportionoftheindividualsellingpriceofthegoodsorservicespromisedbyeachperformanceobligation,andmeasuretheincomeaccordingtothetransactionpriceapportionedtoeachperformanceobligation.Incaseoneofthefollowingconditionsismet,theCompanywillperformtheperformanceobligationswithinaperiodoftime.Otherwise,itwillperformtheperformanceobligationsatatimepoint:
①ThecustomerobtainsandconsumestheeconomicbenefitsbroughtbytheperformanceofthecontractbytheCompanyatthesametime.
②ThecustomercancontrolthegoodsunderconstructionduringtheCompany’sperformance;③ThegoodsproducedduringtheperformanceoftheCompanyareirreplaceable,andtheCompanyhasbeenentitledtoreceivepaymentfortheperformanceaccumulatedsofarthroughoutthetermofthecontract.Fortheperformanceobligationsperformedwithinacertainperiodoftime,theCompanyshalldeterminetheincomewithinthatperiodaccordingtotheperformanceprogress.Iftheperformanceprogresscannotbereasonablyconfirmed,andthecostsincurredbytheCompanycanbeexpectedtobecompensated,theincomesshallberecognizedaccordingtotheamountofcostsincurreduntiltheperformanceprogresscanbereasonablyconfirmed.Forperformanceobligationsperformedatacertaintimepoint,theCompanyshallconfirmtheincomeatthetimepointwhenthecustomergainscontrolrightsoftherelevantgoodsorservices.Indeterminingwhetheracustomerhasobtainedthecontrolrightsofthegoodsorservices,theCompanyshalltakethefollowingsignsintoconsideration:
①TheCompanyenjoystherighttothecurrentcollection,i.e.,thecustomerhastheobligationtopayimmediatelywithrespecttothegoods;②TheCompanyhastransferredthelegalownershipofthegoodstothecustomer,i.e.,thecustomerownsthelegalownershipofthegoods;
③TheCompanyhastransferredthegoodstothecustomerinkind,i.e.,thecustomerhaspossessedthegoods;④TheCompanyhastransferredthemajorrisksandremunerationontheownershipofthegoodstothecustomer,i.e.,thecustomerhasobtainedthemajorrisksandremunerationontheownershipofthegoods.
⑤Thecustomerhasacceptedsuchgoodsorservices.⑥Othersignsindicatethatthecustomerhasobtainedtherighttocontrolthegoods.
(2)SpecificmethodsTheCompany’sspecificmethodforrecognizingrevenuefromsalesofvehiclesandtheiraccessoriesisasfollows:Whenvehiclesandtheiraccessoriesaretransportedtotheagreeddeliverylocationasspecifiedinthecontract,andthecustomerhasacceptedthegoodsandobtainedcontrolofthegoods,theCompanyrecognizesrevenue.Situationswheredifferentoperatingmodelsforsimilarbusinessesinvolvedifferentrevenuerecognitionmethodsandmeasurementapproaches:NoneSituationswheredifferentoperatingmodelsforsimilarbusinessesinvolvedifferentrevenuerecognitionmethodsandmeasurementapproaches
32.ContractcostThecontractcostincludestheincrementalcostincurredforobtainingacontractandthecontractperformancecost.Incrementalcostsincurredforobtainingacontractrefertothecosts(suchassalescommissions)thatwouldnothaveoccurrediftheCompanyhadnotobtainedthecontract.Ifthecostisexpectedtoberecovered,theCompanyrecognizesitasacontractacquisitioncostandanasset.OtherexpendituresincurredbytheCompanyforobtainingcontractsotherthanincrementalcoststhatareexpectedtoberecoveredareincludedincurrentprofitsandlosseswhenincurred.Ifthecostincurredforcontractperformanceisnotwithinthescopeofotheraccountingstandardsforbusinessenterprisessuchasinventoriesandmeetsthefollowingconditionsatthesametime,theCompanyrecognizesitasanassetforthecontractperformancecost:
①Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingcosts(orsimilarcosts),thecostsclearlybornebythecustomer,andothercostsincurredonlybytheContract;
②ThiscostincreasestheCompany’sresourcesforperformingtheperformanceobligationsinthefuture;
③Thiscostisexpectedtoberecovered.Assetsrecognizedascontractacquisitioncostsandthatrecognizedascontractperformancecosts(hereinafterreferredtoas“assetsrelatedtocontractcosts”)areamortizedonthesamebasisasrevenuerecognitionofgoodsorservicesrelatedtotheassetsandareincludedincurrentprofitsandlosses.
Whenthebookvalueoftheassetsrelatedtothecontractcostishigherthanthedifferencebetweenthefollowingtwoitems,theCompanywillmakeprovisionfortheimpairmentoftheexcessandrecognizeitastheimpairmentlossonassets:
①TheresidualconsiderationexpectedtobeobtainedbytheCompanyfromthetransferofgoodsorservicesrelatedtotheasset;②Theestimatedcoststobeincurredforthetransferofrelevantgoodsorservices.
33.GovernmentsubsidiesThegovernmentsubsidiesshallberecognizedwhenalltheattachedconditionscanbesatisfiedandthegovernmentsubsidiescanbereceived.Thegovernmentsubsidiesconsideredasmonetaryassetsaremeasuredattheamountreceivedorreceivable.Thegovernmentsubsidiesconsideredasnon-monetaryassetsaremeasuredbasedonthefairvalue,orthenominalamountofCNY1ifthefairvaluecannotbeacquiredreliably.Asset-relatedgovernmentsubsidiesrefertothoseobtainedbytheCompanyandusedforacquiringorforminglong-termassetsinotherways;otherwise,theyareregardedasincome-relatedgovernmentsubsidies.Forthegovernmentsubsidieswiththegrantobjectsnotexpresslystipulatedinthegovernmentdocuments,iftheycanbeusedtoformlong-termassets,thegovernmentsubsidiescorrespondingtotheassetvaluearedeemedasthegovernmentsubsidiesrelatedtoassetswhiletherestisdeemedastheonerelatedtoincome;forthegovernmentsubsidiesthataredifficulttodifferentiate,thegovernmentsubsidiesasawholearedeemedasincome-relatedgovernmentsubsidies.Asset-relatedgovernmentsubsidiesarerecognizedasdeferredincomeandincludedinprofitsorlossesbystageswithareasonableandsystematicmethodwithintheservicelifeofrelatedassets.Fortheincome-relatedgovernmentsubsidies,theyshallbeincludedinthecurrentprofitandlossifusedtocompensatefortheincurredrelatedcostsorlosses;ifusedtocompensatefortherelatedcostsorlossesduringfutureperiods,theyshallbeincludedinthedeferredincome,andincludedinthecurrentprofitandlossduringtheperiodwhentherelatedcostsorlossesarerecognized.Governmentsubsidiesmeasuredatthenominalamountaredirectlyincludedinthecurrentprofitandloss.TheCompanyadoptsthesametreatmentforthosetransactionsofsimilargovernmentsubsidies.Thegovernmentsubsidiesrelatedtodailyactivitiesshallbeincludedinotherincomesbasedonthesubstanceofbusinesstransactions.Governmentsubsidiesirrelevanttodailyactivitiesareincludedinnon-businessincome.Ifitisnecessarytorefundthegovernmentsubsidiesthathavebeenrecognized,thebookvalueoftheassetswhichhasbeenoffsetatthetimeofinitialrecognitionisadjusted;thebookbalanceofthedeferredincomeconcerned(ifany)isoffset,andtheexcessisincludedinthecurrentprofitsandlosses;othersaredirectlyincludedinthecurrentprofitsandlosses.
34.DeferredincometaxassetsanddeferredincometaxliabilitiesIncometaxincludescurrentincometaxanddeferredincometax.Theincometaxshallbeincludedinthe
currentprofitandlossasincometaxexpenses,exceptthatthedeferredincometaxesrelatedtotheadjustmentofgoodwillduetobusinesscombinationorthetransactionsormattersdirectlyincludedintheowner'sequityareincludedintheowner’sequity.TheCompanyrecognizesdeferredincometaxbythebalancesheetliabilitymethodaccordingtothetemporarydifferencebetweenthebookvalueofassetsandliabilitiesonthebalancesheetdateandthetaxbase.Relevantdeferredtaxliabilitiesshallberecognizedforeachtaxabletemporarydifference,unlessthetaxabletemporarydifferencearisesfromthefollowingtransactions:
(1)Theinitialrecognitionofgoodwillortheinitialrecognitionofassetsorliabilitiesincurredinatransactionthatisneitherabusinesscombinationnoraffectstheaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswheretheassetsandliabilitiesinitiallyrecognizedresultinequalamountsoftaxabletemporarydifferencesanddeductibletemporarydifferences);
(2)Concerningthetaxabletemporarydifferencerelatedtotheinvestmentofsubsidiaries,jointventuresandassociatedenterprises,thetimeofreversalofthetemporarydifferencecanbecontrolledandthetemporarydifferenceisunlikelytobereversedintheforeseeablefuture.TheCompanyrecognizesadeferredtaxassetforthecarry-forwardofdeductibletemporarydifferences,deductiblelossesandtaxcreditstosubsequentperiods,totheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthedeductibletemporarydifferences,deductiblelossesandtaxcreditscanbeutilized,exceptforthoseincurredinthefollowingtransactions:
(1)Thetransactionisneitherabusinesscombinationnoraffectstheaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswheretheassetsandliabilitiesinitiallyrecognizedresultinequalamountsoftaxabletemporarydifferencesanddeductibletemporarydifferences);
(2)Correspondingdeferredincometaxassetsarerecognizedifthedeductibletemporarydifferenceassociatedwithinvestmentsinsubsidiaries,associatedenterprisesandjointventuresmeetsallofthefollowingconditions:
Thetemporarydifferenceislikelytobereversedintheforeseeablefuture,andthetaxableincomewhichisusedtodeductthedeductibletemporarydifferenceislikelytobeobtainedinthefuture.TheCompanymeasuresthedeferredincometaxassetsanddeferredincometaxliabilitiesattheapplicabletaxrateduringtheexpectedperiodforrecoveringtheassetsorpayingofftheliabilitiesonthebalancesheetdateandreflectstheimpactonincometaxfromassetsrecoveryorliabilitysettlementonthebalancesheetdate.Atthebalancesheetdate,theCompanyreviewsthebookvalueofadeferredincometaxasset.Ifitislikelythatsufficienttaxableprofitswillnotbeavailableinfutureperiodstodeductthebenefitofthedeferredtaxassets,thebookvalueofthedeferredtaxassetsisreduced.Anysuchwrite-downshallbesubsequentlyreversedwhereitbecomesprobablethatsufficienttaxableincomewillbeavailable.Atthebalancesheetdate,deferredincometaxassetsanddeferredincometaxliabilitiesarepresentedbynetamountafterset-offwhenbothofthefollowingconditionsaresatisfied:
(1)ThetaxpayerwithintheCompanyhasthelegalrightstosettletheincometaxassetsandincometaxliabilitiesinthecurrentperiodbynetamount;
(2)DeferredincometaxassetsanddeferredtaxliabilitiesareassociatedwiththeincometaxesimposedbythesametaxationauthorityonthesametaxpayerwithintheCompany.
35.Lease
(1)AccountingtreatmentmethodsofleasewiththeCompanyasthelesseeIdentificationofleaseOnthecommencementdateofthecontract,theCompany,asthelesseeorlessor,evaluateswhetherthecustomerinthecontractisentitledtoobtainalmostalleconomicbenefitsarisingfromtheuseoftheidentifiedassetsduringtheuseperiod,andisentitledtodominatetheuseoftheidentifiedassetsduringtheuseperiod.Ifonepartytothecontractabalienatestherighttocontroltheuseofoneormoreidentifiedassetswithinacertainperiodoftimeinexchangeforconsideration,theCompanydeterminesthatthecontractisaleaseorincludesalease.TheCompanyactingasthelesseeAtthecommencementoftheleaseterm,theCompanyrecognizesright-of-useassetsandleaseliabilitiesforallleases,exceptforsimplifiedshort-termleasesandlow-valueassetleases.Fortheaccountingpoliciesoftheright-of-useassets,see38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.Leaseliabilitiesshallbeinitiallymeasuredatthepresentvaluecalculatedbytheinterestrateimplicitintheleaseaccordingtotheunpaidleasepaymentonthecommencementdateoftheleaseterm.Iftheinterestrateimplicitinleasecannotbedetermined,theincrementalborrowingrateshallbeusedasthediscountrate.Theleasepaymentincludes:fixedpaymentandsubstantialfixedpayment.Ifthereisaleaseincentive,theamountrelatedtotheleaseincentiveshallbededucted;variableleasepaymentsdependingonindexorratio;theexercisepriceofthepurchaseoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;paymentsforexercisingtheoptiontoterminatethelease,providedthattheleasetermreflectsthatthelesseewillexercisetheoptiontoterminatethelease;andtheamountexpectedtobepaidaccordingtotheguaranteedresidualvalueprovidedbythelessee.Theinterestexpensesoftheleaseliabilitieswithineachleasetermshallbecalculatedsubsequentlyaccordingtothefixedperiodicrate,andincludedinthecurrentprofitsandlosses.Variableleasepaymentsnotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitsandlosseswhentheyactuallyoccur.Short-termleaseShort-termleasereferstoaleasewithaleasetermofnotmorethan12monthsonthecommencementdateoftheleaseterm,exceptfortheleasecontainingthepurchaseoption.TheCompanyincludestheleasepaymentforshort-termleaseintorelevantassetcostsorcurrentprofitsandlossesbythestraight-linemethodateachperiodwithintheleaseterm.Forshort-termleases,theCompanyselectstheaforementionedsimplifiedtreatmentmethodforitemsthatmeetshort-termleaseconditionsbycategoryofleasedassets.
Low-valueassetleaseLow-valueassetleasereferstotheleaseinwhichthevalueofasinglenewleasedassetislessthanCNY40,000.TheCompanyincludesthepaymentoflow-valueassetleaseintorelevantassetcostsorcurrentprofitsandlosseswiththestraight-linemethodineachperiodwithintheleaseterm.Forlow-valueassetleases,theCompanyselectstheabovesimplifiedtreatmentmethodaccordingtothespecificconditionsofeachlease.LeasechangeIftheleasechangesandmeetsthefollowingconditionsatthesametime,theCompanytakestheleasechangeasaseparateleasefortheaccountingtreatment:
①Theleasechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets;and②theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Iftheleasechangeisnottakenasaseparateleaseforaccountingtreatment,theCompanywill,ontheeffectivedateoftheleasechange,reallocatetheconsiderationofthechangedcontract,redeterminetheleaseterm,andremeasuretheleaseliabilitiesaccordingtothechangedleasepaymentandthepresentvaluecalculatedbythereviseddiscountrate.Iftheleasescopeisreducedortheleasetermisshortenedduetotheleasechange,theCompanywillcorrespondinglyreducethebookvalueofright-of-useassets,andincluderelevantprofitsorlossesofpartialorcompleteterminationofleasingincurrentprofitsandlosses.Iftheleaseliabilitiesareremeasuredduetotheotherleasechanges,theCompanyshalladjustthebookvalueoftheright-of-useassetaccordingly.
(2)AccountingmethodsofleasewiththeCompanyasthelessorWhentheCompanyisthelessor,theleasethatsubstantiallytransfersallrisksandrewardsrelatedtotheownershipoftheassetsisrecognizedasafinancelease,andotherleasesthanfinanceleasesarerecognizedasoperatingleases.FinanceleaseInfinanciallease,atthecommencementoftheleaseterm,theCompanytakesthenetinvestmentinaleaseastheentryvalueofthefinanceleasereceivables,andthenetinvestmentinaleaseisthesumoftheunguaranteedresidualvalueandthepresentvalueoftheleasereceiptsnotyetreceivedatthecommencementoftheleasetermdiscountedattheinterestrateimplicitinlease.TheCompany,asthelessor,calculatesandrecognizesinterestincomeineachleasetermatafixedperiodicrate.ThevariableleasepaymentobtainedbytheCompanyasthelessorandnotincludedinthemeasurementofnetleaseinvestmentisincludedinthecurrentprofitsandlosseswhenitactuallyoccurs.DerecognitionandimpairmentoffinanceleasereceivablesareaccountedforaccordingtotheASBENo.22-RecognitionandMeasurementofFinancialInstrumentsandtheASBENo.23-TransferofFinancialAssets.
OperatingleaseLeaseincomefromoperatingleasesisincludedincurrentprofitsorlossesbytheCompanyasperthestraight-linemethodovertheleaseterm.Theoccurredinitialdirectcostrelatedtotheoperatingleaseshallbecapitalized,amortizedwithintheleasetermaccordingtothesamebasewiththerecognitionofrentalincome,andincludedinthecurrentprofitsandlossesbystages.ThevariableleasereceiptsobtainedbytheCompanyrelatedtooperatingleasesandnotchargedtotheleasereceiptsshallbechargedtothecurrentprofitandlosswhentheyactuallyoccur.LeasechangeIncaseofanychangeinanoperatinglease,theCompanycarriesoutaccountingtreatmentasitisanewleasesincetheeffectivedateofthechange,andtheadvancereceiptsandreceivablesrelatedtotheleasebeforethechangearedeemedasthereceiptsofthenewlease.Ifthefinancialleasechangesandmeetsthefollowingconditions,theCompanytakesthechangeasaseparateleaseforaccountingtreatment:
①Thechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets;and②theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Ifthechangeoffinanceleaseisnottakenasaseparateleaseforaccountingtreatment,theCompanytreatsthechangedleaseunderthefollowingcircumstancesrespectively:
①Ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasanoperatinglease,theCompanytakesitasanewleaseforaccountingtreatmentfromtheeffectivedateoftheleasechange,andtakesthenetinvestmentintheleasebeforetheeffectivedateoftheleasechangeasthebookvalueoftheleasedasset;②ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasafinancelease,theCompanycarriesoutaccountingtreatmentinaccordancewiththeprovisionsofthe
36.Othersignificantaccountingpoliciesandaccountingestimates
TheCompanycontinuouslyevaluatesthesignificantaccountingestimatesandkeyassumptionsadoptedbasedonhistoricalexperienceandotherfactors,includingreasonableexpectationsforfutureevents.Significantaccountingestimatesandkeyassumptionsthatmayleadtosignificantadjustmentrisktothebookvalueofassetsandliabilitiesinthenextaccountingyeararepresentedasfollows:
ClassificationoffinancialassetsMajorjudgmentsinvolvedindeterminingtheclassificationoffinancialassetsincludetheanalysisofbusinessmodelsandcontractualcashflowcharacteristics.TheCompanydeterminesthebusinessmodelofmanagingfinancialassetsattheleveloffinancialassetportfolio,consideringthewayofevaluatingandreportingfinancialassetperformancetokeymanagementpersonnel,therisksaffectingthefinancialassetperformanceandtheirmanagementmethods,andthewayfortherelevantbusinessmanagementpersonneltoobtaintheremuneration.Whenevaluatingwhetherthecontractualcashflowoffinancialassetsisconsistentwiththebasicloanarrangement,theCompanyhasthefollowingmainjudgments:Maytheprincipalchangeinthetimedistribution
oramountinthedurationduetoprepaymentandotherreasons?Doestheinterestincludeonlythetimevalueofmoney,creditrisk,otherbasicborrowingrisks,andconsiderationforcostsandprofits?Forexample,doestheamountofprepaymentonlyreflecttheunpaidprincipalandinterestbasedontheoutstandingprincipal,aswellasreasonablecompensationpaidduetoearlyterminationofthecontract?MeasurementofexpectedcreditlossesonaccountsreceivableTheCompanycalculatestheexpectedcreditlossofaccountsreceivablethroughdefaultriskexposureandexpectedcreditlossrateofaccountsreceivable,anddeterminestheexpectedcreditlossratebasedondefaultprobabilityandlossgivendefault.Indeterminingtheexpectedcreditlossrate,theCompanyusestheinternalhistoricalcreditlossexperienceandotherdata,andadjuststhehistoricaldataaccordingtothecurrentsituationandforward-lookinginformation.Whentheforward-lookinginformationisconsidered,theindicatorsusedbytheCompanyincluderisksofeconomicdownturn,changesinexternalmarketenvironment,technologicalenvironmentandcustomerconditions.TheCompanyregularlymonitorsandreviewstheassumptionsrelatedtothecalculationofexpectedcreditlosses.DevelopmentexpendituresIndeterminingthecapitalizationamounts,themanagementmustmakeassumptionsontheexpectedfuturecashflowgenerationofassets,discountratetobeadoptedandexpectedbenefitperiod.DeferredIncometaxassetsThedeferredtaxassetsshallberecognizedinrespectofallunusedtaxlossestotheextentitishighlyprobablethattherewillbesufficienttaxableprofitsavailableforoffsettingthelosses.Thisrequiresthemanagementtoestimatethetimingandamountoffuturetaxableprofitusinglargeamountsofjudgmentandtodeterminetherecognizedamountofdeferredtaxassetsbyreferringtothetaxplanningstrategy.EstimatedliabilitiesExpectedliabilitiesareinitiallymeasuredattheoptimalestimaterequiredtoperformtherelevantcurrentobligation,incomprehensiveconsiderationoftherisks,uncertainty,timevalueofmoney,andotherfactorspertinenttotheContingencies.Thebestestimateisdeterminedbydiscountingtherelevantfuturecashoutflowifthetimevalueofmoneyhasasignificantimpact.Atthebalancesheetdate,thebookvalueoftheestimatedliabilitiesisreviewedandadjustedbytheCompanytoreflectthecurrentbestestimate.Ifallorpartoftheexpendituresnecessaryforclearingofftherecognizedprovisionsareexpectedtobecompensatedbyathirdpartyoranyotherparty,theamountofcompensationshallberecognizedasassetsseparatelyonlywhenitisbasicallysurethattheamountcanbeobtained.Therecognizedamountofcompensationshallnotexceedthebookvalueofrecognizedliabilities.
37.Changesinsignificantaccountingpoliciesandaccountingestimates
(1)Changeinsignificantaccountingpolicies
□Applicable?Notapplicable
(2)Changeinsignificantaccountingestimates
□Applicable?Notapplicable
(3)Adjustmentofrelevantitemsinthefinancialstatementsatthebeginningoftheyearafterthefirstimplementationofthenewaccountingstandardssince2025
□Applicable?Notapplicable
38.Others
(1)Fairvaluemeasurement
Fairvaluereferstothepricetobereceivedforsaleofanassetortobepaidforthetransferofliabilitybymarketparticipantsintheorderlytransactiononthemeasurementdate.TheCompanymeasuresrelatedassetsorliabilitiesatfairvalue,assumingthatthesaleofanassetorthetransferofliabilityisconductedinmajormarketsforrelevantassetsorliabilitiesinanorderlytransaction.Ifthemajormarketisnotprovided,thetransactionshallbeassumedtobeperformedinthemostfavorablemarketforrelevantassetsorliabilities.Majormarkets(ormostfavorablemarkets)arethemarketswheretheCompanycanenteronthemeasurementdate.TheCompanyusestheassumptionsusedbymarketparticipantstomaximizetheireconomicbenefitswhentheypricestheassetorliability.ThefairvalueoffinancialassetsorfinancialliabilitieswiththeactivemarketisdeterminedbasedonquotationsintheactivemarketbytheCompany.Thefairvalueoffinancialinstrumentwithoutanactivemarketisdeterminedthroughvaluationtechniques.Whennon-financialassetsaremeasuredatfairvalue,itisrequiredtoconsidertheabilityofmarketparticipantstousetheassetforoptimalpurposestoproduceeconomicbenefits,ortoselltheassettoothermarketparticipantsthatcanusesuchassetsforoptimalpurposestoproduceeconomicbenefits.TheCompanyshalladopttheestimationtechniquethatisapplicableinthecurrentconditionsandissupportedsufficientlybyavailabledataandotherinformation.Therelevantobservableinputvaluesshallbeusedinpriorityduringtheapplicationofestimationtechnique.Onlywhenrelevantobservablevaluecannotbeobtainedorcanbeobtainedbutisnotfeasible,theunobservableinputvaluecanbeused.Forassetsandliabilitiesmeasuredordisclosedatfairvalueinthefinancialstatements,theleveltowhichthefairvaluebelongsisdeterminedaccordingtothelowestlevelinputvaluethatisofsignificanceforthewholefairvaluemeasurement:Theinputvalueforthefirstlevelreferstotheunadjustedquotationofthesameassetsorliabilitiesintheactivemarketthatcanbeobtainedonthemeasurementdate;theinputvalueforthesecondlevelreferstotheinputvaluethatcanbedirectlyorindirectlyobservedforrelevantassetsorliabilitiesotherthanthatforthefirstlevel;andtheinputvalueforthethirdlevelreferstotheinputvaluethatcannotbeobservedforrelevantassetsorliabilities.TheCompanyreassessestheassetsandliabilitiessuccessivelymeasuredatfairvaluerecognizedinfinancialstatementsoneachbalancesheetdatetodeterminethetransitionamongfairvaluemeasurementlevels.
(2)Right-of-useassets
1)Recognitionconditionsforright-of-useassetsRight-of-useassetsrefertotherightoftheCompany,asthelessee,tousetheleasingassetswithintheleaseterm.Atthecommencementdateoftheleaseterm,theright-of-useassetsareinitiallymeasuredatcost.Thiscostincludestheinitialmeasurementamountofleaseliabilities,leasepaymentsmadeonorbeforetheleasecommencementdate,fromwhichanyleaseincentivesenjoyed(ifany)neededtobededucted,initialdirectcostsincurredbytheCompanyasalessee,andtheestimatedcostsexpectedtobeincurredbytheCompanyasalesseefordismantlingandremovingtheleasedasset,restoringtheleasedasset’ssite,orrestoringtheleasedassettothecontractualconditionsasstipulatedintheleaseagreement.TheCompany,asthelessee,recognizesandmeasuresthecostofdemolitionandrestorationinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.13-Contingencies.Subsequentadjustmentsaremadeforanyremeasurementoftheleaseliabilities.
2)Depreciationmethodofright-of-useassetsTheCompanyusesthestraight-linemethodfordepreciation.IftheCompany,asthelessee,canreasonablyconfirmthatitobtainstheownershipoftheleasingassetsattheexpirationoftheleaseterm,thedepreciationshallbedrawnwithintheremainingservicelifeoftheleasingassets.Incaseofafailuretodeterminetheownershipoftheleasedassetsreasonablyattheendoftheleaseperiod,thedepreciationshallbedrawnwithintheleasetermortheremainingservicelifeofleasingassets,whicheverisshorter.
3)Theimpairmenttestmethodanddrawingmethodforimpairmentprovisionofright-of-useassetsaredescribedin38“Others”inV“SignificantAccountingPoliciesandAccountingEstimates”ofSectionVIII-FinancialReport.
(3)Worksafetycostandmaintenance&renovationcostTheCompanywithdrawstheworksafetycostmonthbymonthinanaveragemannerbytakingthemethodofexcessregressionbasedontheactualoperatingincomeofthepreviousyearaccordingtotheprovisionsofCZ[2022]No.136document.Thespecificstandardsareasfollows:
ForthemachinerymanufacturingenterpriseswithanoperatingincomeofnotexceedingCNY10million,
2.35%ofworksafetycostwillbewithdrawn;forthepartofoperatingincomebetweenCNY10millionandCNY100million,1.25%willbewithdrawn;forthepartoftheoperatingincomebetweenCNY100millionandCNY1billion,0.25%willbewithdrawn;forthepartoftheoperatingincomebetweenCNY1billionandCNY5billion,0.1%willbewithdrawn;forthepartoftheoperatingincomeoverCNY5billion,0.05%willbewithdrawn.Fortransportationenterprises,theworksafetycostiswithdrawnmonthbymonthinanaveragemanneraccordingtothefollowingstandardsbasedontheactualoperatingincomeinthepreviousyear:1%forordinaryfreightbusiness;1.5%forpassengertransportation,pipelinetransportation,dangerousgoodstransportationandotherspecialfreightbusinesses.Worksafetycostandmaintenance&renovationcostareincludedinthecostofrelevantproductsorthecurrentprofitandlosswhenwithdrawn,andarealsoincludedinthe“specialreserve”account.
Forthewithdrawnworksafetycostandmaintenance&renovationcostusedwithinthespecifiedscope,thosebelongtoexpenseexpendituresaredirectlyoffsetbyspecificreserves;thosecostincurredviacollectionundertheitemof“constructioninprogress”isrecognizedwhenthesafetyprojectcompletesandisreadyforintendeduse.Meanwhile,theCompanywilloffsetthespecificreservesaccordingtothecostthatformedfixedassetsanddeterminetheaccumulateddepreciationofthesameamount.Thefixedassetswillnolongerbedepreciatedinsubsequentperiods.
(4)RepurchaseofsharesSharesrepurchasedbytheCompanyaremanagedastreasurysharesbeforebeingcanceledortransferred,andallexpendituresonrepurchasedsharesaretransferredtotreasurysharecosts.Considerationsinthepaymentforsharesrepurchaseandreducedowner’sequityintransactionexpensesarenotrecognizedasprofitsorlossesduringrepurchase,assignmentandwrite-offoftheCompany’sshares.Thetransferredtreasurysharesareincludedinthecapitalreservebasedonthedifferencebetweentheamountactuallyreceivedandthebookvalueofthetreasuryshares.Thesurplusreserveandundistributedprofitsshallbeoffsetifthecapitalreserveisinsufficienttooffset.Thecanceledtreasurysharesareusedtooffsetthecapitalreservebasedonthedifferencebetweenthebookbalanceandthefacevalueofthecanceledtreasurysharesbyreducingthesharecapitalaccordingtothefacevalueofthesharesandthenumberofcanceledshares.Thesurplusreserveandundistributedprofitsshallbeoffsetifthecapitalreserveisinsufficienttooffset.
(5)AssetimpairmentTheassetimpairmentoflong-termequityinvestmenttosubsidiaries,associatedenterprisesandjointventures,investmentrealestatesubsequentlymeasuredbycostmodel,fixedassets,projectsunderconstruction,right-of-useassets,intangibleassets,etc.(exceptforinventories,deferredincometaxassetsandfinancialassets)isrecognizedwiththefollowingmethods:
TheCompanyjudgeswhetherthereisasignofimpairmenttoassetsonthebalancesheetdate.Ifsuchasignexists,theCompanyestimatestherecoverableamountandconductstheimpairmenttest.Impairmenttestsshallbecarriedouteveryyearongoodwillresultingfrombusinesscombination,intangibleassetswithuncertainservicelifeandintangibleassetsthathavenotyetreachedtheirintendedusenomatterwhetherthereisanysignofimpairment.Therecoverableamountisthenetamountofthefairvalueoftheassetsafterdeductingthedisposalexpensesorthepresentvalueoftheexpectedfuturecashflowoftheassets,whicheverishigher.TheCompanyestimatestherecoverableamountbasedonasingleasset.Ifitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupshallbedeterminedbasedontheassetgrouptowhichtheassetbelongs.Anassetgroupisdeterminedbasedonthefactthatthemaincashinflowsgeneratedbytheassetgroupareindependentofthecashinflowsofotherassetsorassetgroups.Whentherecoverableamountofanassetorassetgroupislowerthanitsbookvalue,theCompanywritesdownitsbookvaluetotherecoverableamount,andthewrite-downamountisincludedincurrentprofitsandlosses,andthecorrespondingimpairmentprovisionofassetsismadeatthesametime.Fortheimpairmenttestofgoodwill,thebookvalueofgoodwillresultingfrombusinesscombinationisamortizedtorelevantassetgroupswithreasonablemethodsfromtheacquisitiondate,oramortizedtorelevantassetgroupportfolioifitisdifficulttoamortizeittorelevantassetgroups.Relevantassetgroupsorportfolios
ofassetgroupsarethosethatcanbenefitfromthesynergiesofbusinesscombinationandarenotgreaterthanthereportingsegmentdeterminedbytheCompany.Ifthereisanysignofimpairmentintheassetgrouporportfolioofassetgroupsrelatedtogoodwillduringtheimpairmenttest,theimpairmenttestshallbecarriedoutontheassetgrouporportfolioofassetgroupsnotincludinggoodwill,andtherecoverableamountshallbecalculatedtodeterminethecorrespondingimpairmentloss.Then,animpairmenttestiscarriedoutontheassetgrouporportfolioofassetgroupsincludinggoodwilltocompareitsbookvalueandrecoverableamount,anddeterminetheimpairmentlossofgoodwilliftherecoverableamountislowerthanthebookvalue.Oncetheimpairmentlossofassetsisdetermined,itwillneverbereversedinsubsequentaccountingperiods.VI.Taxes
1.Maintaxesandtaxrates
| TaxCategory | TaxBasis | TaxRate |
| VAT | Taxablevalue-addedtax(thetaxpayableiscalculatedbymultiplyingtaxablesalesbytheapplicabletaxrateandthendeductinginputtaxallowedtobedeductedforthecurrentperiod) | 18%,15%,13%,9%,6%,5% |
| Urbanmaintenanceandconstructiontax | Turnovertaxactuallypaid | 7%,5%,3% |
| Corporateincometax | Taxableincome | 25% |
| Educationsurcharges | Turnovertaxactuallypaid | 3% |
| Localeducationalsurcharges | Turnovertaxactuallypaid | 2% |
| Landusetax | Landusearea | CNY9/m?,CNY14/m?,etc. |
| Propertytax | Propertyresidualvalueandrentalincome | 1.2%,12% |
Disclosureofdifferentcorporateincometaxratesfortaxableentities
| NameofTaxpayer | IncomeTaxRate |
| JiefangLimited | 15% |
| FAWJiefangDalianDieselEngineCo.,Ltd. | 15% |
| OtherOrganizations | Apartfromthepreferentialtaxratesmentionedabove,otherorganizationsaresubjecttothelocalstatutorytaxrates. |
2.Taxpreference
(1)IncometaxJiefangLimited,asubsidiaryoftheCompany,isrecognizedasahigh-techenterprise,withavalidityperiodofthreeyearsandanincometaxrateof15%withinthevalidityperiodaccordingtotheHigh-techEnterpriseCertificate(issuedonOctober16,2023,withacertificatenumberofGR202322000922)jointlyissuedbytheScienceandTechnologyDepartmentofJilinProvince,theDepartmentofFinanceofJilinProvinceandtheJilinProvincialTaxServiceofStateTaxationAdministration.
FAWJiefangDalianDieselEngineCo.,Ltd.,asubsidiaryoftheCompany,isrecognizedasahigh-techenterprise,withavalidityperiodofthreeyearsandanincometaxrateof15%withinthevalidityperiodaccordingtothelistofthesecondbatchofhigh-techenterprisesin2024(withacertificatenumberofGR202421200987)issuedbyDalianonDecember24,2024.
(2)VATFAWJiefangAutomotiveCo.,Ltd.andFAWJiefangDalianDieselEngineCo.,Ltd.satisfytheconditionsforadvancedmanufacturingenterprisesandareallowedtoadd5%ofthecurrentdeductibleinputtaxtooffsettheamountofVATpayablefromJanuary1,2023accordingtotheDocumentNo.43issuedbytheMinistryofFinanceandtheStateTaxationAdministrationin2023,AnnouncementonVATAdditionalTaxCreditPolicyforAdvancedManufacturingEnterprises.
VII.NotestoItemsinConsolidatedFinancialStatements
1.Monetarycapital
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Cashonhand | 713,669.09 | 300,158.23 |
| Bankdeposit | 18,431,164,870.86 | 10,959,276,854.87 |
| Othermonetarycapital | 22,205,937.18 | 22,157,571.16 |
| Depositinfinancecompanies | 8,772,375,400.00 | 8,871,226,437.40 |
| Total | 27,226,459,877.13 | 19,852,961,021.66 |
| Including:totalamountdepositedabroad | 822,780,233.29 | 442,153,591.03 |
Detailsofrestrictedmonetarycapitalareasfollows:
Unit:CNY
| Item | Endingbalance | EndingBalanceofthepreviousyear |
| Securitydepositforthreetypesofpersonnel | 27,520,214.70 | 28,438,604.73 |
| Housingmaintenancefund | 22,205,937.18 | 22,157,571.16 |
| Courtfreezing | 214,000.00 | |
| Total | 49,726,151.88 | 50,810,175.89 |
2.Financialassetsheldfortrading
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Financialassetsatfairvaluethroughprofitorloss | 5,102,739.73 | |
| Total | 5,102,739.73 |
3.Notesreceivable
(1)Classifiedpresentationofnotesreceivable
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Commercialacceptancenotes | 300,000.00 | 2,641,582.80 |
| Total | 300,000.00 | 2,641,582.80 |
(2)Disclosurebythemethodofprovisionforbaddebts
Unit:CNY
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | |||||
| Amount | Scale | Amount | Provisionproportion | Amount | Scale | Amount | Provisionproportion | |||
| Including: | ||||||||||
| Notesreceivablewithprovisionforbaddebtsbyportfolio | 300,000.00 | 100.00% | 0.00 | 0.00% | 300,000.00 | 2,649,000.00 | 100.00% | 7,417.20 | 0.28% | 2,641,582.80 |
| Including: | ||||||||||
| Total | 300,000.00 | 100.00% | 0.00 | 0.00% | 300,000.00 | 2,649,000.00 | 100.00% | 7,417.20 | 0.28% | 2,641,582.80 |
Iftheprovisionforbaddebtsofnotesreceivableiswithdrawnbasedonthegeneralmodelofexpectedcreditlosses:
?Applicable□Notapplicable
Unit:CNY
| ProvisionforBadDebts | StageI | StageII | StageIII | Total |
| ExpectedCreditLossesfortheNext12Months | Expectedcreditlossintheduration(creditimpairmenthasnotoccurred) | Expectedcreditlossfortheentireduration(withcreditimpairment) | ||
| BalanceasofJanuary01,2025 | 7,417.20 | 7,417.20 | ||
| BalanceonJanuary1,2025inthecurrentperiod | ||||
| Provisioninthecurrentperiod | -7,417.20 | -7,417.20 | ||
| BalanceasofJune30,2025 | 0.00 | 0.00 |
BasisforstagedivisionandproportionofbaddebtprovisionExplanationofsignificantchangesinthecarryingamountofnotesreceivableforwhichlossallowanceschangedduringthecurrentperiod:
(3)Provisionforbaddebtsprovided,recoveredorreversedinthecurrentperiodProvisionforbaddebtsinthecurrentperiod:
Unit:CNY
| Category | Openingbalance | ChangeintheCurrentPeriod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-off | Others | |||
| Commercialacceptancebill | 7,417.20 | -7,417.20 | 0.00 | |||
| Total | 7,417.20 | -7,417.20 | 0.00 | |||
Importantprovisionforbaddebtsrecoveredorreversedinthecurrentperiod:
□Applicable?Notapplicable
4.Accountsreceivable
(1)Disclosurebyaging
Unit:CNY
| Aging | Endingbookbalance | BeginningBookBalance |
| Within1year(including1year) | 7,199,626,456.71 | 6,872,611,350.77 |
| 1-2years | 1,133,408,461.03 | 157,505,139.84 |
| 2-3years | 72,530,384.22 | 75,249,438.78 |
| Over3years | 277,154,858.19 | 217,725,478.29 |
| 3-4years | 55,121,210.64 | 23,161,532.86 |
| 4-5years | 46,490,064.10 | 38,071,959.47 |
| Over5years | 175,543,583.45 | 156,491,985.96 |
| Total | 8,682,720,160.15 | 7,323,091,407.68 |
(2)Disclosurebythemethodofprovisionforbaddebts
Unit:CNY
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | |||||
| Amount | Scale | Amount | Provisionproportion | Amount | Scale | Amount | Provisionproportion | |||
| Accountsreceivablewithprovisionforbaddebtsonanindividualbasis | 176,626,199.29 | 2.03% | 154,073,418.09 | 87.23% | 22,552,781.20 | 178,969,510.25 | 2.44% | 156,416,729.05 | 87.40% | 22,552,781.20 |
| Including: | ||||||||||
| Accountsreceivablewithprovisionforbaddebtsbyportfolio | 8,506,093,960.86 | 97.97% | 114,945,054.55 | 1.35% | 8,391,148,906.31 | 7,144,121,897.43 | 97.56% | 99,378,536.09 | 1.39% | 7,044,743,361.34 |
| Including: | ||||||||||
| Agingportfolio | 8,506,093,960.86 | 97.97% | 114,945,054.55 | 1.35% | 8,391,148,906.31 | 7,144,121,897.43 | 97.56% | 99,378,536.09 | 1.39% | 7,044,743,361.34 |
| Total | 8,682,720,160.15 | 100.00% | 269,018,472.64 | 3.10% | 8,413,701,687.51 | 7,323,091,407.68 | 100.00% | 255,795,265.14 | 3.49% | 7,067,296,142.54 |
Provisionforbaddebtsbyindividualcategory
Unit:CNY
| Name | Openingbalance | Endingbalance | ||||
| Bookbalance | ProvisionforBadDebts | Bookbalance | ProvisionforBadDebts | Provisionproportion | ReasonsforProvision | |
| Accountsreceivable1 | 37,612,001.70 | 37,612,001.70 | 37,612,001.70 | 37,612,001.70 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable2 | 11,948,079.30 | 11,948,079.30 | 11,948,079.30 | 11,948,079.30 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable3 | 11,226,311.19 | 11,226,311.19 | 11,226,311.19 | 11,226,311.19 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable4 | 10,820,948.89 | 3,246,284.67 | 10,820,948.89 | 3,246,284.67 | 30.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable5 | 10,066,741.31 | 3,052,841.31 | 10,066,741.31 | 3,052,841.31 | 30.33% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable6 | 9,720,879.01 | 2,916,263.70 | 9,720,879.01 | 2,916,263.70 | 30.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable7 | 8,581,536.83 | 8,581,536.83 | 7,507,375.97 | 7,507,375.97 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable8 | 727,900.00 | 727,900.00 | Itishighlyprobablethattheamountswillnotberecovered | |||
| Accountsreceivable9 | 8,043,264.87 | 8,043,264.87 | 8,043,264.87 | 8,043,264.87 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable10 | 7,732,179.52 | 7,732,179.52 | 7,732,179.52 | 7,732,179.52 | 100.00% | Itishighlyprobablethattheamounts |
| willnotberecovered | ||||||
| Accountsreceivable11 | 7,436,520.00 | 7,436,520.00 | 7,436,520.00 | 7,436,520.00 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable12 | 6,230,500.00 | 6,230,500.00 | 6,230,500.00 | 6,230,500.00 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Accountsreceivable13 | 5,643,600.00 | 5,643,600.00 | 5,643,600.00 | 5,643,600.00 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Otheraccountsreceivable | 43,179,047.63 | 42,019,445.96 | 42,637,797.53 | 41,478,195.86 | 97.28% | Itishighlyprobablethattheamountswillnotberecovered |
| Total | 178,969,510.25 | 156,416,729.05 | 176,626,199.29 | 154,073,418.09 |
Provisionforbaddebtsbyportfoliocategory
Unit:CNY
| Name | Endingbalance | ||
| Bookbalance | ProvisionforBadDebts | Provisionproportion | |
| Within1year | 7,199,626,456.71 | 16,945,740.28 | 0.24% |
| 1-2years | 1,146,211,234.70 | 13,398,286.48 | 1.17% |
| 2-3years | 60,717,603.50 | 6,477,758.09 | 10.67% |
| 3-4years | 50,562,247.04 | 29,146,850.79 | 57.65% |
| Over4years | 48,976,418.91 | 48,976,418.91 | 100.00% |
| Total | 8,506,093,960.86 | 114,945,054.55 | |
Descriptionofthebasisfordeterminingthisportfolio:
Iftheprovisionforbaddebtsofaccountsreceivableiswithdrawnbasedonthegeneralmodelofexpectedcreditlosses:
?Applicable□Notapplicable
Unit:CNY
| ProvisionforBadDebts | StageI | StageII | StageIII | Total |
| ExpectedCreditLossesfortheNext12Months | Expectedcreditlossintheduration(creditimpairmenthasnotoccurred) | Expectedcreditlossfortheentireduration(withcreditimpairment) | ||
| BalanceasofJanuary01,2025 | 14,976,650.57 | 84,401,885.52 | 156,416,729.05 | 255,795,265.14 |
| BalanceonJanuary1,2025inthe |
| currentperiod | ||||
| Provisioninthecurrentperiod | 4,923,254.83 | 16,504,701.15 | 21,427,955.98 | |
| ReversalintheCurrentPeriod | 1,802,060.86 | 1,802,060.86 | ||
| Otherchanges | 2,954,165.12 | 2,907,272.40 | 541,250.10 | 6,402,687.62 |
| BalanceasofJune30,2025 | 16,945,740.28 | 97,999,314.27 | 154,073,418.09 | 269,018,472.64 |
Basisforstageclassificationandbaddebtprovisionrates:ForStageIandStageII,provisionsarebasedonaging,withratesof0.24%forwithin1year,1.17%for1-2years,10.67%for2-3years,57.65%for3-4years,and100%forover4years.ForStageIII,theCompanymeasuresthelossallowancebasedonlifetimeexpectedcreditlossesforsuchaccountsreceivable.Descriptionofsignificantchangesinthebookbalanceofaccountsreceivablewithchangesinprovisionforlossinthecurrentperiod:
(3)Provisionforbaddebtsprovided,recoveredorreversedinthecurrentperiodProvisionforbaddebtsinthecurrentperiod:
Unit:CNY
| Category | Openingbalance | ChangeintheCurrentPeriod | Endingbalance | |||
| Provision | Recoveryorreversal | Write-off | Others | |||
| Accountsreceivable | 255,795,265.14 | 21,427,955.98 | 1,802,060.86 | 3,804,089.92 | 2,598,597.70 | 269,018,472.64 |
| Total | 255,795,265.14 | 21,427,955.98 | 1,802,060.86 | 3,804,089.92 | 2,598,597.70 | 269,018,472.64 |
Importantprovisionforbaddebtsrecoveredorreversedinthecurrentperiod:
Unit:CNY
| NameofUnit | AmountRecoveredorReversed | Reasonforreversal | RecoveryMethod | Basisofdeterminingtheproportionofprovisionfororiginalbaddebtsanditsrationality |
| Accountsreceivable1 | 727,900.00 | Recovered | Notesandbankdeposits | Litigationhasbeeninitiated;thecounterpartyfacesfinancialdifficulties,makingrecoveryunlikely |
| Accountsreceivable2 | 1,074,160.86 | Recovered | Bankdeposit | Litigationhasbeeninitiated;thecounterpartyfacesfinancialdifficulties,makingrecoveryunlikely |
| Total | 1,802,060.86 |
(4)Otheraccountsreceivableandcontractualassetsfromthetopfiveborrowersclassifiedbasedontheendingbalance
Unit:CNY
| NameofUnit | EndingBalanceofAccountsReceivable | Endingbalanceofcontractualassets | Endingbalanceofaccountsreceivableandcontractualassets | Proportionintotalendingbalanceofaccountsreceivableandcontractualassets | Endingbalanceofbaddebtprovisionforaccountsreceivableandimpairmentprovisionforcontractualassets |
| Accountsreceivable1 | 6,215,538,152.08 | 6,215,538,152.08 | 71.46% | 8,066,004.68 | |
| Accountsreceivable2 | 297,062,648.76 | 297,062,648.76 | 3.42% | 297,062.65 | |
| Accountsreceivable3 | 106,149,729.03 | 106,149,729.03 | 1.22% | 1,486,096.21 | |
| Accountsreceivable4 | 102,142,897.47 | 102,142,897.47 | 1.17% | 286,000.11 | |
| Accountsreceivable5 | 91,713,600.00 | 91,713,600.00 | 1.05% | 256,798.08 | |
| Total | 6,812,607,027.34 | 6,812,607,027.34 | 78.32% | 10,391,961.73 |
5.Contractassets
(1)Contractualassets
Unit:CNY
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | |
| Contractassets | 14,994,696.42 | 459,063.57 | 14,535,632.85 | 15,055,893.05 | 600,351.00 | 14,455,542.05 |
| Total | 14,994,696.42 | 459,063.57 | 14,535,632.85 | 15,055,893.05 | 600,351.00 | 14,455,542.05 |
(2)Disclosurebythemethodofprovisionforbaddebts
Unit:CNY
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | |||||
| Amount | Scale | Amount | Provisionproportion | Amount | Scale | Amount | Provisionproportion | |||
| Including: | ||||||||||
| Provisionforbaddebtsmadebyportfolio | 14,994,696.42 | 100.00% | 459,063.57 | 3.06% | 14,535,632.85 | 15,055,893.05 | 100.00% | 600,351.00 | 3.99% | 14,455,542.05 |
| Including: | ||||||||||
| Total | 14,994,696.42 | 100.00% | 459,063.57 | 3.06% | 14,535,632.85 | 15,055,893.05 | 100.00% | 600,351.00 | 3.99% | 14,455,542.05 |
Provisionforbaddebtsbyportfoliocategory
Unit:CNY
| Name | Endingbalance | ||
| Bookbalance | ProvisionforBadDebts | Provisionproportion | |
| Within1year | 14,128,326.90 | 32,164.20 | 0.23% |
| 1-2years | 396,442.52 | 49,938.77 | 12.60% |
| 2-3years | 469,927.00 | 376,960.60 | 80.22% |
| Total | 14,994,696.42 | 459,063.57 | |
Descriptionofthebasisfordeterminingthisportfolio:
Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses?Applicable□Notapplicable
Unit:CNY
| ProvisionforBadDebts | StageI | StageII | StageIII | Total |
| ExpectedCreditLossesfortheNext12Months | Expectedcreditlossintheduration(creditimpairmenthasnotoccurred) | Expectedcreditlossfortheentireduration(withcreditimpairment) | ||
| BalanceasofJanuary01,2025 | 32,721.57 | 567,629.43 | 600,351.00 | |
| BalanceonJanuary1,2025inthecurrentperiod | ||||
| Provisioninthecurrentperiod | -557.37 | -140,730.06 | -141,287.43 | |
| BalanceasofJune30,2025 | 32,164.20 | 426,899.37 | 459,063.57 |
BasisforstagedivisionandproportionofbaddebtprovisionInthefirstandsecondstages,provisionsforbaddebtsaremadebasedonaging,withratesof0.23%foraccountsagedwithin1year,12.60%foraccountsaged1to2years,and80.22%foraccountsaged2to3years.Descriptionofsignificantchangesinthebookbalanceofcontractualassetswithchangesinprovisionforlossinthecurrentperiod:
(3)Provisionforbaddebtsprovided,recoveredorreversedinthecurrentperiod
Unit:CNY
| Item | Provisioninthecurrentperiod | Recoveryorreversalinthecurrentperiod | Charge-off/Write-offintheCurrentPeriod | Reason |
| Impairmentprovisionofcontractassets | -141,287.43 | Risksinpaymentcollection | ||
| Total | -141,287.43 |
Otherdescription
6.Receivablesfinancing
(1)Presentationofreceivablesfinancingbycategory
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Notesreceivable | 6,250,344,325.45 | 10,019,816,248.98 |
| Total | 6,250,344,325.45 | 10,019,816,248.98 |
(2)FinancingofreceivablesendorsedordiscountedbytheCompanyattheendoftheperiodandnotyetdueonthebalancesheetdate
Unit:CNY
| Item | Derecognizedamountattheendoftheperiod | Amountnotderecognizedattheendoftheperiod |
| Bankacceptancebill | 719,397,070.50 | |
| Total | 719,397,070.50 |
7.Otherreceivables
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Dividendsreceivable | 157,707,661.77 | |
| Otherreceivables | 1,681,860,160.35 | 1,182,925,650.71 |
| Total | 1,681,860,160.35 | 1,340,633,312.48 |
(1)Dividendsreceivable
1)Classificationofdividendsreceivable
Unit:CNY
| Item(orInvestee) | Endingbalance | Openingbalance |
| FirstAutomobileFinanceCo.,Ltd. | 156,960,226.90 | |
| FAWJiefangFujie(Tianjin)TechnologyIndustryCo.,Ltd. | 747,434.87 | |
| Total | 157,707,661.77 |
(2)Otherreceivables
1)Classificationofotherreceivablesbynature
Unit:CNY
| Nature | Endingbookbalance | BeginningBookBalance |
| Currentaccount | 1,318,116,116.83 | 916,206,955.43 |
| Claimpayment | 356,384,164.50 | 262,619,355.01 |
| Margin,deposit | 29,272,805.25 | 30,382,472.86 |
| Reservefund | 16,082,531.41 | 9,876,260.52 |
| Total | 1,719,855,617.99 | 1,219,085,043.82 |
2)Disclosurebyaging
Unit:CNY
| Aging | Endingbookbalance | BeginningBookBalance |
| Within1year(including1year) | 862,719,929.06 | 348,766,762.84 |
| 1-2years | 150,639,913.25 | 164,029,838.32 |
| 2-3years | 664,112,523.28 | 688,094,494.92 |
| Over3years | 42,383,252.40 | 18,193,947.74 |
| 3-4years | 14,277,174.26 | 726,113.75 |
| 4-5years | 6,827,936.00 | 3,701,471.89 |
| Over5years | 21,278,142.14 | 13,766,362.10 |
| Total | 1,719,855,617.99 | 1,219,085,043.82 |
3)Disclosurebythemethodofprovisionforbaddebts?Applicable□Notapplicable
Unit:CNY
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | |||||
| Amount | Scale | Amount | Provisionproportion | Amount | Scale | Amount | Provisionproportion | |||
| Provisionforbaddebtsmadebyindividualitem | 1,555,446.41 | 0.09% | 1,555,446.41 | 100.00% | 2,097,739.41 | 0.17% | 2,097,739.41 | 100.00% | ||
| Including: | ||||||||||
| Provisionforbaddebtsmadebyportfolio | 1,718,300,171.58 | 99.91% | 36,440,011.23 | 2.12% | 1,681,860,160.35 | 1,216,987,304.41 | 99.83% | 34,061,653.70 | 2.80% | 1,182,925,650.71 |
| Including: | ||||||||||
| Total | 1,719,855,617.99 | 100.00% | 37,995,457.64 | 2.21% | 1,681,860,160.35 | 1,219,085,043.82 | 100.00% | 36,159,393.11 | 2.97% | 1,182,925,650.71 |
Provisionforbaddebtsbyindividualcategory
Unit:CNY
| Name | Openingbalance | Endingbalance | ||||
| Bookbalance | ProvisionforBadDebts | Bookbalance | ProvisionforBadDebts | Provisionproportion | ReasonsforProvision | |
| Otherreceivables1 | 542,293.00 | 542,293.00 | ||||
| Otherreceivables2 | 538,200.00 | 538,200.00 | 538,200.00 | 538,200.00 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Otherreceivables3 | 199,194.30 | 199,194.30 | 199,194.30 | 199,194.30 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Otherreceivables4 | 198,000.00 | 198,000.00 | 198,000.00 | 198,000.00 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Otherreceivables5 | 154,539.47 | 154,539.47 | 154,539.47 | 154,539.47 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Otherreceivables6 | 135,000.00 | 135,000.00 | 135,000.00 | 135,000.00 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Otherreceivables7 | 119,600.00 | 119,600.00 | 119,600.00 | 119,600.00 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Otherreceivables | 210,912.64 | 210,912.64 | 210,912.64 | 210,912.64 | 100.00% | Itishighlyprobablethattheamountswillnotberecovered |
| Total | 2,097,739.41 | 2,097,739.41 | 1,555,446.41 | 1,555,446.41 | ||
Provisionforbaddebtsbyportfoliocategory
Unit:CNY
| Name | Endingbalance | ||
| Bookbalance | ProvisionforBadDebts | Provisionproportion | |
| Agingportfolio | 1,718,300,171.58 | 36,440,011.23 | 2.12% |
| Total | 1,718,300,171.58 | 36,440,011.23 |
Descriptionofthebasisfordeterminingthisportfolio:NoneProvisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses:
Unit:CNY
| ProvisionforBadDebts | StageI | StageII | StageIII | Total |
| ExpectedCreditLossesfortheNext12Months | Expectedcreditlossintheduration(creditimpairmenthasnotoccurred) | Expectedcreditlossfortheentireduration(withcreditimpairment) | ||
| BalanceasofJanuary01,2025 | 2,970,998.62 | 31,090,655.08 | 2,097,739.41 | 36,159,393.11 |
| BalanceonJanuary1,2025inthecurrentperiod | ||||
| Provisioninthecurrentperiod | 2,441,393.86 | -62,436.33 | 2,378,957.53 | |
| Write-offinthecurrentperiod | 600.00 | 542,293.00 | 542,893.00 | |
| BalanceasofJune30,2025 | 5,412,392.48 | 31,027,618.75 | 1,555,446.41 | 37,995,457.64 |
Basisforstagedivisionandproportionofbaddebtprovision:ForStageIandStageII,provisionsaremadebasedonaging,withratesof0.63%forStageIand3.63%forStageII.ForaccountsinStageIII,theCompanymeasuresthelossallowancebasedontheexpectedcreditlossesovertheentirelifetimeofsuchaccountsreceivable.Significantbookbalancechangesoccurredintheprovisionforlossesinthecurrentperiod
□Applicable?Notapplicable
4)Provision,recovery,orreversalofbaddebtsinthecurrentperiodProvisionforbaddebtsinthecurrentperiod:
Unit:CNY
| Category | Openingbalance | ChangeintheCurrentPeriod | Endingbalance | |||
| Provision | Recoveryorreversal | Charge-offorwrite-off | Others | |||
| Otherreceivables | 36,159,393.11 | 2,378,957.53 | 542,893.00 | 37,995,457.64 | ||
| Total | 36,159,393.11 | 2,378,957.53 | 542,893.00 | 37,995,457.64 | ||
(5)Otherreceivableswrittenoffinthecurrentperiod
Unit:CNY
| Item | AmountWrittenoff |
| Paymentforgoods | 542,893.00 |
Notesonwrite-offofotherreceivables:
6)Topfiveendingbalancesofotherreceivablesclassifiedbydebtors
Unit:CNY
| NameofUnit | NatureofPayment | Endingbalance | Aging | Proportionintotalendingbalanceofotherreceivables | EndingBalanceofProvisionforBadDebts |
| Otherreceivables1 | Fundsforlandpurchaseandreserve | 660,862,800.00 | 2-3years | 38.43% | 7,269,490.80 |
| Otherreceivables2 | Newenergysubsidy | 156,240,000.00 | Within1year | 9.08% | 2,499,840.00 |
| Otherreceivables3 | Fundsforlandpurchaseandreserve | 129,042,064.00 | 0-6months | 7.50% | 2,064,673.02 |
| Otherreceivables4 | Exporttaxrebate | 82,115,282.06 | 0-6months | 4.77% | |
| Otherreceivables5 | Newenergysubsidy | 64,505,998.00 | Lessthan1year,1-2years | 3.75% | 4,361,497.01 |
| Total | 1,092,766,144.06 | 63.53% | 16,195,500.83 |
8.Advancepayment
(1)Presentationofadvancepaymentbyaging
Unit:CNY
| Aging | Endingbalance | Openingbalance | ||
| Amount | Scale | Amount | Scale | |
| Within1year | 139,408,349.98 | 90.91% | 118,197,236.62 | 91.88% |
| 1-2years | 13,600,361.66 | 8.87% | 1,609,861.97 | 1.25% |
| 2-3years | 256,578.91 | 0.17% | 8,541,250.38 | 6.64% |
| Over3years | 79,369.15 | 0.05% | 290,810.50 | 0.23% |
| Total | 153,344,659.70 | 128,639,159.47 | ||
Reasonsfordelayinsettlementofadvancepaymentwithimportantamountsandagingover1year:None
(2)TopfiveendingbalancesofadvancepaymentsclassifiedbyadvancepaymentobjectsTheadvancepaymentswiththetopfiveclosingbalancesclassifiedbytheprepaidpartiesinthecurrentperiodareCNY49,215,305.67,accountingfor32.09%ofthetotalclosingbalanceofadvancepayments.Otherdescription:
9.InventoriesDoestheCompanyneedtocomplywiththedisclosurerequirementsoftherealestateindustry:No
(1)Classificationofinventories
Unit:CNY
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | ImpairmentProvisionofInventoriesorContractPerformanceCosts | BookValue | Bookbalance | ImpairmentProvisionofInventoriesorContractPerformanceCosts | BookValue | |
| Rawmaterial | 135,984,056.06 | 8,845,081.36 | 127,138,974.70 | 314,311,378.76 | 38,992,671.09 | 275,318,707.67 |
| Goodsinprocess | 441,354,724.69 | 35,526,393.21 | 405,828,331.48 | 445,006,311.26 | 11,526,023.10 | 433,480,288.16 |
| Goodsinstock | 8,434,928,978.49 | 180,205,495.12 | 8,254,723,483.37 | 7,452,128,355.61 | 253,655,992.67 | 7,198,472,362.94 |
| Revolvingmaterial | 236,245,834.71 | 41,587,999.36 | 194,657,835.35 | 77,088,960.57 | 2,406,972.14 | 74,681,988.43 |
| Goodsdispatched | 574,309,857.76 | 574,309,857.76 | ||||
| Outsourcedsemi-finishedproducts | 2,777,496,468.40 | 151,368,503.05 | 2,626,127,965.35 | 2,270,730,746.00 | 135,470,983.23 | 2,135,259,762.77 |
| Others | 86,137,117.47 | 86,137,117.47 | ||||
| Total | 12,686,457,037.58 | 417,533,472.10 | 12,268,923,565.48 | 10,559,265,752.20 | 442,052,642.23 | 10,117,213,109.97 |
(2)Impairmentprovisionofinventoriesandcontractperformancecosts
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance | ||
| Provision | Others | ReverseorCharge-off | Others | |||
| Rawmaterial | 38,992,671.09 | -29,556,152.15 | 591,437.58 | 8,845,081.36 | ||
| Goodsinprocess | 11,526,023.10 | 24,072,668.30 | 72,298.19 | 35,526,393.21 | ||
| Goodsinstock | 253,655,992.67 | 79,620,979.93 | 153,071,477.48 | 180,205,495.12 | ||
| Revolvingmaterial | 2,406,972.14 | 39,533,664.48 | 352,637.26 | 41,587,999.36 | ||
| Outsourcedsemi-finishedproducts | 135,470,983.23 | 38,071,826.78 | 22,174,306.96 | 151,368,503.05 | ||
| Total | 442,052,642.23 | 151,742,987.34 | 176,262,157.47 | 417,533,472.10 | ||
Provisionforinventorywrite-downonaportfoliobasis
10.Long-termreceivablesduewithin1year
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Long-termreceivablesduewithin1year | 366,794,659.02 | 377,668,442.06 |
| Total | 366,794,659.02 | 377,668,442.06 |
(1)Debtinvestmentsduewithinoneyear
□Applicable?Notapplicable
(2)Otherdebtinvestmentsduewithinoneyear
□Applicable?Notapplicable
11.Othercurrentassets
Unit:CNY
| Item | Endingbalance | Openingbalance |
| InputVAT | 391,233,271.32 | 802,923,987.38 |
| InputVATtobecertified | 699,931,376.09 | 610,578,724.24 |
| Others | 135,462.60 | |
| Total | 1,091,164,647.41 | 1,413,638,174.22 |
Otherdescription:
12.Investmentinotherequityinstruments
Unit:CNY
| ProjectName | Openingbalance | Gainsincludedinothercomprehensiveincomesinthecurrentperiod | Lossesincludedinothercomprehensiveincomesinthecurrentperiod | Cumulativegainsareincludedinothercomprehensiveincomesattheendofthecurrentperiod | Cumulativelossesareincludedinothercomprehensiveincomesattheendofthecurrentperiod | Dividendincomerecognizedinthecurrentperiod | Endingbalance | Reasonforbeingdesignatedasbeingmeasuredatfairvalueandchangesincludedinothercomprehensiveincomes |
| REFIRE | 540,066,528.00 | 49,563,864.00 | 108,850,392.00 | 589,630,392.00 | Changesinfairvalue | |||
| Total | 540,066,528.00 | 49,563,864.00 | 108,850,392.00 | 589,630,392.00 |
Otherdescription:
13.Long-termreceivables
(1)Long-termreceivables
Unit:CNY
| Item | Endingbalance | Openingbalance | DiscountRateRange | ||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | ||
| Salesofgoodsbyinstallment | 539,669,033.39 | 62,145,156.01 | 477,523,877.38 | 542,060,036.98 | 53,480,359.31 | 488,579,677.67 | |
| Long-termreceivablesduewithin1year | -428,204,778.91 | -61,410,119.89 | -366,794,659.02 | -430,595,782.49 | -52,927,340.43 | -377,668,442.06 | |
| Total | 111,464,254.48 | 735,036.12 | 110,729,218.36 | 111,464,254.49 | 553,018.88 | 110,911,235.61 | |
(2)Disclosurebythemethodofprovisionforbaddebts
Unit:CNY
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | |||||
| Amount | Scale | Amount | Provisionproportion | Amount | Scale | Amount | Provisionproportion | |||
| Including: | ||||||||||
| Provisionforbaddebtsmadebyportfolio | 539,669,033.39 | 100.00% | 62,145,156.01 | 11.52% | 477,523,877.38 | 542,060,036.98 | 100.00% | 53,480,359.31 | 9.87% | 488,579,677.67 |
| Including: | ||||||||||
| Total | 539,669,033.39 | 100.00% | 62,145,156.01 | 11.52% | 477,523,877.38 | 542,060,036.98 | 100.00% | 53,480,359.31 | 9.87% | 488,579,677.67 |
Provisionforbaddebtsbyportfoliocategory
Unit:CNY
| Name | Endingbalance | ||
| Bookbalance | ProvisionforBadDebts | Provisionproportion | |
| Long-termreceivables | 539,669,033.39 | 62,145,156.01 | 11.52% |
| Total | 539,669,033.39 | 62,145,156.01 | |
Descriptionofthebasisfordeterminingthisportfolio:
Basisforstagedivisionandproportionofbaddebtprovision
(3)Provisionforbaddebtsprovided,recoveredorreversedinthecurrentperiod
Unit:CNY
| Category | Openingbalance | ChangeintheCurrentPeriod | Endingbalance | |||
| Provision | Recoveryorreversal | Charge-offorwrite-off | Others | |||
| Long-termreceivables | 53,480,359.31 | 8,664,796.70 | 62,145,156.01 | |||
| Total | 53,480,359.31 | 8,664,796.70 | 62,145,156.01 | |||
Otherdescription:
14.Long-termequityinvestments
Unit:CNY
| Investee | Openingbalance(bookvalue) | Openingbalanceofimpairmentprovision | Increase/Decreaseinthecurrentperiod | Endingbalance(bookValue) | Endingbalanceofimpairmentprovision | |||||||
| AdditionalInvestment | ReducedInvestment | Investmentgainsorlossesrecognizedundertheequitymethod | Adjustmenttoothercomprehensiveincome | Changesinotherequity | Cashdividendsandprofitsaredeclaredtobepaid | ImpairmentProvision | Others | |||||
| I.Jointventures | ||||||||||||
| JiefangTimesNewEnergyTechnologyCo.,Ltd. | 40,983,228.82 | -2,332,566.78 | 38,650,662.04 | |||||||||
| Subtotal | 40,983,228.82 | -2,332,566.78 | 38,650,662.04 | |||||||||
| II.Associatedenterprises | ||||||||||||
| ChangchunAutomotiveTestCenterCo.,Ltd. | 735,066,941.17 | 17,291,512.27 | 33,768,915.54 | 718,589,537.90 | ||||||||
| SanguardAutomobileInsuranceCo.,Ltd. | 184,102,155.37 | 2,203,459.15 | 1,904,514.70 | 188,210,129.22 | ||||||||
| FAWChangchunAnsteelSteelProcessingandDistributionCo.,Ltd. | 87,914,511.50 | 492,081.98 | -51,433.86 | 88,355,159.62 | ||||||||
| FAWChangchun | 43,865,938.84 | 3,170,420.63 | 47,036,359.47 | |||||||||
| BaoyouJiefangSteelProcessingandDistributionCo.,Ltd. | ||||||||
| FAWJiefangFujie(Tianjin)TechnologyIndustryCo.,Ltd. | 37,096,903.44 | 772,158.52 | 1,000,000.00 | 36,869,061.96 | ||||
| FoshanDiyiyuansuNewEnergyTechnologyCo.,Ltd. | 28,484,079.98 | -1,894,194.42 | 26,589,885.56 | |||||
| ChangchunWabcoAutomotiveControlSystemCo.,Ltd. | 14,733,920.76 | -1,271,824.05 | 13,462,096.71 | |||||
| DiyiAESCNewEnergyPowerTechnology(Wuxi)Co.,Ltd. | 4,040,781.21 | -252,889.67 | 3,787,891.54 | |||||
| SmartLink | ||||||||
| SuzhouZhitoTechnologyCo.,Ltd. | ||||||||
| Subtotal | 1,135,305,232.27 | 20,510,724.41 | 1,904,514.70 | -51,433.86 | 34,768,915.54 | 1,122,900,121.98 |
| Total | 1,176,288,461.09 | 18,178,157.63 | 1,904,514.70 | -51,433.86 | 34,768,915.54 | 1,161,550,784.02 |
Therecoverableamountisthenetamountofthefairvalueafterdeductingthedisposalexpenses
□Applicable?NotapplicableTherecoverableamountisthepresentvalueoftheexpectedfuturecashflow
□Applicable?NotapplicableReasonforapparentdiscrepanciesbetweentheforegoinginformationandtheinformationusedintheimpairmenttestorexternalinformationinthepreviousyear:NoneReasonforapparentdiscrepanciesbetweentheinformationusedintheCompany’simpairmenttestofthepreviousyearandtheactualsituationinthecurrentyear:NoneOtherdescription
15.Investmentproperties
(1)Investmentpropertiesmeasuredatcost?Applicable□Notapplicable
Unit:CNY
| Item | HousesandBuildings | Landuseright | Projectunderconstruction | Total |
| I.Originalbookvalue | ||||
| 1.Openingbalance | 108,628,147.40 | 7,498,763.44 | 116,126,910.84 | |
| 2.Increaseinthecurrentperiod | 6,734,780.35 | 6,734,780.35 | ||
| (1)Purchase | ||||
| (2)Transferfrominventories/fixedassets/constructioninprogress | 6,734,780.35 | 6,734,780.35 | ||
| (3)Increaseduetobusinesscombination | ||||
| 3.Decreaseinthecurrentperiod | 12,977,125.79 | 12,977,125.79 | ||
| (1)Disposal | ||||
| (2)Othertransfer-out | ||||
| (3)Transferredtofixedassets | 12,977,125.79 | 12,977,125.79 | ||
| 4.Endingbalance | 102,385,801.96 | 7,498,763.44 | 109,884,565.40 | |
| II.Accumulateddepreciationandaccumulatedamortization | ||||
| 1.Openingbalance | 61,732,028.88 | 1,558,905.65 | 63,290,934.53 | |
| 2.Increaseinthecurrentperiod | 3,347,397.69 | 76,289.27 | 3,423,686.96 | |
| (1)Provisionoramortization | 2,564,674.37 | 76,289.27 | 2,640,963.64 | |
| (2)Transfer-inofintangibleassetsandfixedassets | 782,723.32 | 782,723.32 |
| 3.Decreaseinthecurrentperiod | 4,008,110.64 | 4,008,110.64 | ||
| (1)Disposal | ||||
| (2)Othertransfer-out | ||||
| (3)Transferredtofixedassets | 4,008,110.64 | 4,008,110.64 | ||
| 4.Endingbalance | 61,071,315.93 | 1,635,194.92 | 62,706,510.85 | |
| III.Impairmentprovision | ||||
| 1.Openingbalance | ||||
| 2.Increaseinthecurrentperiod | ||||
| (1)Provision | ||||
| 3.Decreaseinthecurrentperiod | ||||
| (1)Disposal | ||||
| (2)Othertransfer-out | ||||
| 4.Endingbalance | ||||
| IV.Bookvalue | ||||
| 1.Endingbookvalue | 41,314,486.03 | 5,863,568.52 | 47,178,054.55 | |
| 2.Beginningbookvalue | 46,896,118.52 | 5,939,857.79 | 52,835,976.31 |
Therecoverableamountisthenetamountofthefairvalueafterdeductingthedisposalexpenses
□Applicable?NotapplicableTherecoverableamountisthepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
(2)Investmentpropertiesmeasuredatfairvalue
□Applicable?Notapplicable
16.Fixedassets
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Fixedassets | 10,581,179,165.47 | 11,192,711,830.63 |
| Disposaloffixedassets | 27,245,194.48 | 5,588,741.57 |
| Total | 10,608,424,359.95 | 11,198,300,572.20 |
(1)DetailsoffixedassetsUnit:CNY
| Item | HousesandBuildings | Machineryequipment | Transportationequipment | Electronicequipment | Officeequipment | Others | Total |
| I.Originalbookvalue | |||||||
| 1.Openingbalance | 6,345,629,801.82 | 18,907,276,323.97 | 190,421,010.75 | 751,797,169.08 | 66,794,647.34 | 1,402,060,800.25 | 27,663,979,753.21 |
| 2.Increaseinthecurrentperiod | 37,107,681.01 | 508,941,326.01 | 647,047.33 | 6,340,690.97 | 548,371.47 | 4,370,191.83 | 557,955,308.62 |
| (1)Purchase | 1,892,120.53 | 290,775.89 | 6,946.71 | 515,977.00 | 2,705,820.13 | ||
| (2)Transferfromconstructioninprogress | 25,625,405.10 | 502,817,605.64 | 422,415.93 | 4,618,003.49 | 341,625.50 | 3,854,214.83 | 537,679,270.49 |
| (3)Increaseduetobusinesscombination | |||||||
| (4)Otherincreases | 11,482,275.91 | 4,231,599.84 | 224,631.40 | 1,431,911.59 | 199,799.26 | 17,570,218.00 | |
| 3.Decreaseinthecurrentperiod | 48,860,975.87 | 750,579,779.29 | 1,637,049.94 | 4,817,845.10 | 1,527,390.05 | 40,728,250.26 | 848,151,290.51 |
| (1)Disposalorretirement | 40,838,292.81 | 749,843,068.93 | 1,195,242.52 | 4,498,094.47 | 1,510,312.00 | 40,683,654.23 | 838,568,664.96 |
| (2)Otherdecreases | 8,022,683.06 | 736,710.36 | 441,807.42 | 319,750.63 | 17,078.05 | 44,596.03 | 9,582,625.55 |
| 4.Endingbalance | 6,333,876,506.96 | 18,665,637,870.69 | 189,431,008.14 | 753,320,014.95 | 65,815,628.76 | 1,365,702,741.82 | 27,373,783,771.32 |
| II.Accumulateddepreciation | |||||||
| 1.Openingbalance | 2,647,820,937.69 | 11,765,076,408.49 | 142,301,805.63 | 651,297,497.99 | 47,989,583.56 | 1,193,334,887.79 | 16,447,821,121.15 |
| 2.Increaseinthecurrentperiod | 169,708,548.50 | 603,827,403.61 | 9,753,495.55 | 37,955,567.98 | 3,114,672.21 | 38,306,623.80 | 862,666,311.65 |
| (1)Provision | 166,510,861.03 | 603,084,479.75 | 9,753,495.55 | 37,955,567.98 | 3,114,672.21 | 38,306,623.80 | 858,725,700.32 |
| (2)Otherincreases | 3,197,687.47 | 742,923.86 | 3,940,611.33 | ||||
| 3.Decreaseinthecurrentperiod | 32,610,157.43 | 461,948,700.69 | 1,615,669.76 | 4,789,191.73 | 1,447,209.16 | 32,832,537.54 | 535,243,466.31 |
| (1)Disposalorretirement | 24,425,962.73 | 461,945,062.04 | 1,486,652.56 | 4,490,299.60 | 1,432,710.11 | 32,828,350.75 | 526,609,037.79 |
| (2)Otherdecreases | 8,184,194.70 | 3,638.65 | 129,017.20 | 298,892.13 | 14,499.05 | 4,186.79 | 8,634,428.52 |
| 4.Endingbalance | 2,784,919,328.76 | 11,906,955,111.41 | 150,439,631.42 | 684,463,874.24 | 49,657,046.61 | 1,198,808,974.05 | 16,775,243,966.49 |
| III.Impairmentprovision | |||||||
| 1.Openingbalance | 12,344.37 | 20,451,354.58 | 42,350.40 | 2,940,752.08 | 23,446,801.43 | ||
| 2.Increaseinthecurrentperiod | |||||||
| (1)Provision | |||||||
| 3.Decreaseinthecurrentperiod | 12,344.37 | 5,228,748.32 | 42,142.85 | 802,926.53 | 6,086,162.07 | ||
| (1)Disposalorretirement | 12,344.37 | 5,228,748.32 | 42,142.85 | 802,926.53 | 6,086,162.07 | ||
| 4.Endingbalance | 15,222,606.26 | 207.55 | 2,137,825.55 | 17,360,639.36 | |||
| IV.Bookvalue | |||||||
| 1.Endingbookvalue | 3,548,957,178.20 | 6,743,460,153.02 | 38,991,376.72 | 68,856,140.71 | 16,158,374.60 | 164,755,942.22 | 10,581,179,165.47 |
| 2.Beginningbookvalue | 3,697,796,519.76 | 7,121,748,560.90 | 48,119,205.12 | 100,499,671.09 | 18,762,713.38 | 205,785,160.38 | 11,192,711,830.63 |
(2)Temporaryidlefixedassets
Unit:CNY
| Item | Originalbookvalue | Accumulateddepreciation | ImpairmentProvision | BookValue | Remarks |
| Machineryequipment | 149,690,966.82 | 135,444,373.85 | 4,742,728.62 | 9,503,864.35 | |
| Transportationequipment | 4,899,762.30 | 4,670,359.06 | 229,403.24 | ||
| Electronicequipment | 638,688.60 | 638,688.60 | |||
| Others | 4,331,562.90 | 2,739,438.20 | 1,592,124.70 | ||
| Total | 159,560,980.62 | 143,492,859.71 | 4,742,728.62 | 11,325,392.29 |
(3)Fixedassetsleasedoutunderoperatingleases
Unit:CNY
| Item | EndingBookValue |
| Warehouseandoffice | 421,011.60 |
| Total | 421,011.60 |
(4)Fixedassetswithoutpropertyownershipcertificates
Unit:CNY
| Item | BookValue | Reasonsforfailuretoobtainthecertificate |
| Guanghanbaseproject | 258,760,894.39 | Thepropertyownershipcertificatewillbeappliedforafterthefinalaccountaudituponcompletionoftheproject |
| Projectofexitingthecityandenteringtheindustrialpark | 36,843,214.49 | Itisanewplant,andtheinformationisincompleteandcurrentlybeingprocessed. |
| Total | 295,604,108.88 |
Otherdescription
(5)Impairmenttestingoffixedassets
□Applicable?Notapplicable
(6)Disposaloffixedassets
Unit:CNY
| Item | Endingbalance | Openingbalance |
| HousesandBuildings | 42,244.58 | 44,184.97 |
| Machineryequipment | 25,610,530.29 | 3,066,994.74 |
| Meansoftransport | 266,053.79 | 357,163.02 |
| Electronicequipment | 23,158.49 | |
| Officeequipment | 54,042.14 | 1,004,714.07 |
| Others | 1,272,323.68 | 1,092,526.28 |
| Total | 27,245,194.48 | 5,588,741.57 |
Otherdescription:
17.Constructioninprogress
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Projectunderconstruction | 762,817,790.85 | 688,181,815.22 |
| Total | 762,817,790.85 | 688,181,815.22 |
(1)Constructioninprogress
Unit:CNY
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | ImpairmentProvision | BookValue | Bookbalance | ImpairmentProvision | BookValue | |
| Newandreconstructedinvestmentproject | 27,289,026.43 | 1,945,416.12 | 25,343,610.31 | 30,573,415.10 | 1,945,416.12 | 28,627,998.98 |
| Technicaltransformationinvestmentproject | 737,529,677.73 | 55,497.19 | 737,474,180.54 | 659,609,313.43 | 55,497.19 | 659,553,816.24 |
| Total | 764,818,704.16 | 2,000,913.31 | 762,817,790.85 | 690,182,728.53 | 2,000,913.31 | 688,181,815.22 |
(2)Changesinimportantconstructioninprogressinthecurrentperiod
Unit:CNY
| ProjectName | Budget | Openingbalance | IncreaseintheCurrentPeriod | Amounttransferredtofixedassetsinthecurrentperiod | OtherDecreasesintheCurrentPeriod | Endingbalance | Proportionofaccumulatedinvestmentinconstructionstobudget | ProjectProgress | Cumulativeamountofcapitalizedinterest | Including:Capitalizedinterestamountduringthecurrentperiod | Capitalizationrateofinterestincurrentperiod | Capitalsource |
| R&DcapacityimprovementprojectofFAWJiefangQingdaoBase | 651,779,990.00 | 413,094,135.26 | 28,028,986.80 | 27,272,530.59 | 413,850,591.47 | 67.68% | 87.55% | Proceeds,others | ||||
| FAWJiefangWuxiR&DBaseConstructionProject | 423,550,000.00 | 126,583,954.82 | 72,871,533.24 | 33,469,153.51 | 165,986,334.55 | 48.79% | 70% | Proceeds,others | ||||
| FAWJiefangDigitalIntelligenceCapabilityEnhancementProject | 66,000,000.00 | 17,719,690.62 | 19,204,867.78 | 36,924,558.40 | 55.95% | 59.5% | Others | |||||
| Projectofexitingthecityand | 936,068,800.00 | 19,204,724.39 | -24,936.56 | -24,936.56 | 19,204,724.39 | 71.43% | 97.87% | Others |
| enteringtheindustrialpark | ||||||||||
| Second-generationE/EarchitecturecommercialvehicleHILsimulator | 32,000,000.00 | 16,401,117.40 | 16,401,117.40 | 51.25% | 70% | Others | ||||
| Pilotlineforheavy-dutyelectricdrivesystems | 33,240,000.00 | 12,361,061.95 | 12,361,061.95 | 37.19% | 58% | Others | ||||
| ExpansionProjectofCanteenNo.2,JimoPlant,CompleteVehicleDivision,FAWJiefangQingdao | 16,760,000.00 | 90,360.64 | 11,128,406.19 | 11,218,766.83 | 66.94% | 70% | Others | |||
| Total | 2,159,398,790.00 | 593,093,983.13 | 143,569,919.40 | 60,716,747.54 | 675,947,154.99 |
(3)Impairmenttestingofprojectsunderconstruction
□Applicable?Notapplicable18Productivebiologicalassets
(1)Productivebiologicalassetsmeasuredatcost
□Applicable?Notapplicable
(2)Impairmenttestofproductivebiologicalassetsmeasuredatcost
□Applicable?Notapplicable
(3)Productivebiologicalassetsmeasuredatfairvalue
□Applicable?Notapplicable19Oilandgasassets
□Applicable?Notapplicable
20.Right-of-useassets
(1)Right-of-useassets
Unit:CNY
| Item | HousesandBuildings | Machineryequipment | Land | Total |
| I.Originalbookvalue | ||||
| 1.Openingbalance | 182,543,339.08 | 58,312,113.04 | 18,310,487.47 | 259,165,939.59 |
| 2.Increaseinthecurrentperiod | 1,378,304.83 | 1,378,304.83 | ||
| (1)Lease-in | 1,378,304.83 | 1,378,304.83 | ||
| (2)Otherincreases | ||||
| 3.Decreaseinthecurrentperiod | 34,515,820.91 | 530,973.45 | 35,046,794.36 | |
| (1)Leaseexpiration | 33,769,556.90 | 33,769,556.90 | ||
| (2)Otherdecreases | 746,264.01 | 530,973.45 | 1,277,237.46 | |
| 4.Endingbalance | 149,405,823.00 | 57,781,139.59 | 18,310,487.47 | 225,497,450.06 |
| II.Accumulateddepreciation | ||||
| 1.Openingbalance | 116,220,620.78 | 22,624,377.20 | 15,960,621.04 | 154,805,619.02 |
| 2.Increaseinthecurrentperiod | 11,883,659.72 | 5,339,497.33 | 1,091,799.08 | 18,314,956.13 |
| (1)Provision | 11,883,659.72 | 5,339,497.33 | 1,091,799.08 | 18,314,956.13 |
| (2)Otherincreases | ||||
| 3.Decreaseinthe | 33,769,556.90 | 33,769,556.90 |
| currentperiod | ||||
| (1)Disposal | 0.00 | |||
| (2)Leaseexpiration | 33,769,556.90 | 33,769,556.90 | ||
| (3)Otherdecreases | ||||
| 4.Endingbalance | 94,334,723.60 | 27,963,874.53 | 17,052,420.12 | 139,351,018.25 |
| III.Impairmentprovision | ||||
| 1.Openingbalance | ||||
| 2.Increaseinthecurrentperiod | ||||
| (1)Provision | ||||
| 3.Decreaseinthecurrentperiod | ||||
| (1)Disposal | ||||
| 4.Endingbalance | ||||
| IV.Bookvalue | ||||
| 1.Endingbookvalue | 55,071,099.40 | 29,817,265.06 | 1,258,067.35 | 86,146,431.81 |
| 2.Beginningbookvalue | 66,322,718.30 | 35,687,735.84 | 2,349,866.43 | 104,360,320.57 |
(2)Impairmenttestofright-of-useassets
□Applicable?NotapplicableOtherdescription:
21.IntangibleAssets
(1)Detailsofintangibleassets
Unit:CNY
| Item | Landuseright | Patentrights | Non-patentedtechnology | Software | Total |
| I.Originalbookvalue | |||||
| 1.Openingbalance | 2,613,919,878.90 | 518,350,613.94 | 633,044,419.57 | 3,765,314,912.41 | |
| 2.Increaseinthecurrentperiod | 504,218.45 | 87,983,705.47 | 9,719,400.28 | 98,207,324.20 | |
| (1)Purchase | 50,973.45 | 9,719,400.28 | 9,770,373.73 | ||
| (2)InternalR&D | 87,983,705.47 | 87,983,705.47 | |||
| (3)Increaseduetobusinesscombination | |||||
| (4)Other | 453,245.00 | 453,245.00 |
| increases | |||||
| 3.Decreaseinthecurrentperiod | 49,079,262.60 | 2,732,237.75 | 51,811,500.35 | ||
| (1)Disposal | 48,881,314.36 | 2,732,237.72 | 51,613,552.08 | ||
| (2)Otherdecreases | 197,948.24 | 0.03 | 197,948.27 | ||
| 4.Endingbalance | 2,565,344,834.75 | 606,334,319.41 | 640,031,582.10 | 3,811,710,736.26 | |
| II.Accumulatedamortization | 375,747,341.98 | ||||
| 1.Openingbalance | 662,152,276.59 | 375,747,341.98 | 390,187,329.45 | 1,428,086,948.02 | |
| 2.Increaseinthecurrentperiod | 27,484,857.72 | 22,132,898.05 | 49,734,476.63 | 99,352,232.40 | |
| (1)Provision | 27,419,487.78 | 22,132,898.05 | 49,734,476.63 | 99,286,862.46 | |
| (2)Otherincreases | 65,369.94 | 65,369.94 | |||
| 3.Decreaseinthecurrentperiod | 15,602,856.59 | 1,758,652.81 | 17,361,509.40 | ||
| (1)Disposal | 15,602,856.59 | 1,758,652.81 | 17,361,509.40 | ||
| 4.Endingbalance | 674,034,277.72 | 397,880,240.03 | 438,163,153.27 | 1,510,077,671.02 | |
| III.Impairmentprovision | |||||
| 1.Openingbalance | 126,763.41 | 126,763.41 | |||
| 2.Increaseinthecurrentperiod | |||||
| (1)Provision | |||||
| 3.Decreaseinthecurrentperiod | |||||
| (1)Disposal | |||||
| 4.Endingbalance | 126,763.41 | 126,763.41 | |||
| IV.Bookvalue | |||||
| 1.Endingbookvalue | 1,891,183,793.62 | 208,454,079.38 | 201,868,428.83 | 2,301,506,301.83 | |
| 2.Beginningbookvalue | 1,951,640,838.90 | 142,603,271.96 | 242,857,090.12 | 2,337,101,200.98 |
TheproportionofintangibleassetsformedthroughinternalR&Dtothebalanceofintangibleassetsattheendofcurrentperiodis3.82%.
(2)Impairmenttestingofintangibleassets
□Applicable?Notapplicable
22.Deferredincometaxassetsanddeferredincometaxliabilities
(1)Deferredincometaxassetsnotoffset
Unit:CNY
| Item | Endingbalance | Openingbalance | ||
| Deductibletemporarydifference | DeferredIncometaxassets | Deductibletemporarydifference | DeferredIncometaxassets | |
| Impairmentprovisionofassets | 775,271,486.32 | 158,411,872.00 | 797,768,103.97 | 148,751,169.98 |
| Unrealizedgainsofinternaltransactions | 153,881,436.39 | 38,470,359.10 | 153,881,436.39 | 38,470,359.10 |
| Deductiblelosses | 11,077,702,138.07 | 1,742,060,238.37 | 10,589,766,314.64 | 1,765,089,314.84 |
| Accruedexpenses | 3,998,293,787.91 | 942,325,506.27 | 3,227,055,244.11 | 769,751,687.24 |
| Estimatedliabilities | 1,239,330,087.42 | 182,891,894.92 | 697,556,880.11 | 115,586,665.72 |
| Contractliabilities | 633,754,721.28 | 82,799,235.34 | 553,633,245.41 | 85,386,658.52 |
| Deferredincome | 506,341,305.37 | 107,417,451.68 | 512,685,762.47 | 109,012,100.36 |
| Employeecompensationpayable | 95,382,829.89 | 14,643,179.62 | 94,430,202.39 | 15,390,464.58 |
| Leaseliabilities | 50,491,897.34 | 11,645,550.18 | 58,263,018.99 | 13,770,069.13 |
| Assetsdepreciationdifferences | 582,203.90 | 174,661.17 | 653,809.89 | 196,142.97 |
| Total | 18,531,031,893.89 | 3,280,839,948.65 | 16,685,694,018.37 | 3,061,404,632.44 |
(2)Deferredincometaxliabilitiesnotoffset
Unit:CNY
| Item | Endingbalance | Openingbalance | ||
| Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
| Depreciationoffixedassetswithamortizationperiodlongerthantaxpreferenceperiod | 1,650,544,634.92 | 317,169,888.18 | 1,833,126,166.73 | 337,124,836.34 |
| Accruedinterestincome | 650,292,796.68 | 105,421,004.72 | 476,710,852.22 | 76,467,601.95 |
| Right-of-useassets | 31,257,902.39 | 7,802,186.91 | 43,191,229.17 | 10,183,212.28 |
| Total | 2,332,095,333.99 | 430,393,079.81 | 2,353,028,248.12 | 423,775,650.57 |
(3)Deferredtaxassetsorliabilitiespresentedinnetamountafteroffset
Unit:CNY
| Item | EndingMutualOffsetAmountofDeferredTaxAssetsandLiabilities | Endingbalanceofdeferredtaxassetsorliabilitiesafteroffset | Openingmutualoffsetamountofdeferredtaxassetsandliabilities | Openingbalanceofdeferredtaxassetsorliabilitiesafteroffset |
| DeferredIncometaxassets | 3,280,839,948.65 | 3,061,404,632.44 | ||
| Deferredincometaxliabilities | 430,393,079.81 | 423,775,650.57 |
(4)Detailsofunrecognizeddeferredtaxassets
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Deductibletemporarydifference | 440,470,957.85 | 572,093,879.05 |
| Deductiblelosses | 225,388,600.72 | |
| Total | 440,470,957.85 | 797,482,479.77 |
(5)Deductiblelossesofunrecognizeddeferredtaxassetswillbedueinthefollowingyears
Unit:CNY
| Year | Endingamount | Beginningbalance | Remarks |
| 2026 | 1,441,940.00 | 1,441,940.00 | |
| 2027 | 3,524,136.57 | 3,524,136.57 | |
| 2028 | 6,764,901.92 | 6,764,901.92 | |
| 2029 | 15,796,963.90 | 15,796,963.90 | |
| 2032 | 75,764,407.62 | 197,860,658.33 | |
| Total | 103,292,350.01 | 225,388,600.72 |
Otherdescription
23.Othercurrentassets
Unit:CNY
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | ImpairmentProvision | BookValue | Bookbalance | ImpairmentProvision | BookValue | |
| Advancepaymentsforconstructionprojects | 211,548,080.07 | 211,548,080.07 | 113,186,886.26 | 113,186,886.26 | ||
| Advancepaymentsforequipment | 3,586,261.77 | 3,586,261.77 | 65,245,589.33 | 65,245,589.33 | ||
| andsoftware | ||||||
| Fixeddepositsandaccruedinterest | 2,496,561,111.15 | 2,496,561,111.15 | 2,465,761,111.13 | 2,465,761,111.13 | ||
| Total | 2,711,695,452.99 | 2,711,695,452.99 | 2,644,193,586.72 | 2,644,193,586.72 |
Otherdescription:
24.Assetswithrestrictedownershiporuseright
Unit:CNY
| Item | Ending | Beginning | ||||||
| Bookbalance | BookValue | Restrictiontype | Restriction | Bookbalance | BookValue | Restrictiontype | Restriction | |
| Monetarycapital | 49,726,108.37 | 49,726,108.37 | Housingmaintenancefund,securitydepositforthreetypesofpersonnel | 50,810,175.89 | 50,810,175.89 | Housingmaintenancefund,securitydepositforthreetypesofpersonnelandfrozenfunds | ||
| Intangibleassets | 2,059,491.56 | 1,013,790.22 | DuetotheTanzaniangovernment’scentralrailwayreconstructionproject,approximately2000squaremetersoflandbelongingtotheCompany’sTanzaniansubsidiarywasexpropriatedinMarch2017.Todate,noofficialdocumentationornotificationhasbeenreceivedfromtheTanzanian | 2,059,491.56 | 1,150,344.99 | DuetotheTanzaniangovernment’scentralrailwayreconstructionproject,approximately2000squaremetersoflandbelongingtotheCompany’sTanzaniansubsidiarywasexpropriatedin | ||
| authorities. | March2017.Todate,noofficialdocumentationornotificationhasbeenreceivedfromtheTanzanianauthorities. | |||||||
| Total | 51,785,599.93 | 50,739,898.59 | 52,869,667.45 | 51,960,520.88 |
Otherdescription:
25.Notespayable
Unit:CNY
| Category | Endingbalance | Openingbalance |
| Bankacceptancebill | 21,803,140,258.04 | 15,370,906,363.16 |
| Total | 21,803,140,258.04 | 15,370,906,363.16 |
ThetotalamountofnotespayableduebutunpaidattheendofthecurrentperiodisCNY0.00.
26.Accountspayable
(1)Presentationofaccountspayable
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Paymentforgoods | 16,981,671,841.62 | 16,650,985,030.88 |
| Expensesandothers | 2,553,353,125.63 | 595,368,938.17 |
| Total | 19,535,024,967.25 | 17,246,353,969.05 |
27.Otherpayables
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Dividendspayable | 171,500.02 | 171,500.02 |
| Otherpayables | 3,237,271,386.58 | 4,526,037,421.21 |
| Total | 3,237,442,886.60 | 4,526,208,921.23 |
(1)Dividendspayable
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Ordinarystockdividends | 171,500.02 | 171,500.02 |
| Total | 171,500.02 | 171,500.02 |
Otherdescription,includingthedisclosureofthereasonsfornotpayingtheimportantdividendspayableformorethan1year:
(2)Otherpayables
1)Presentationofotherpayablesbypaymentnature
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Expensespayable | 1,503,239,535.52 | 2,665,746,970.54 |
| Margin,deposit | 206,982,291.54 | 235,940,482.07 |
| Projectfundspayable | 890,356,371.39 | 1,188,958,861.78 |
| Repurchaseobligationsofrestrictedshares | 6,246,851.73 | |
| Currentaccountspayableandothers | 636,693,188.13 | 429,144,255.09 |
| Total | 3,237,271,386.58 | 4,526,037,421.21 |
28.Advancereceipts
(1)Presentationofadvancereceipts
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Rentalfee | 662,358.34 | 674,009.56 |
| Total | 662,358.34 | 674,009.56 |
29.Contractliabilities
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Paymentforgoods | 2,048,275,372.00 | 2,015,193,856.18 |
| Others | 633,754,721.26 | 633,128,232.65 |
| Contractliabilitiesareincludedinothercurrentliabilities | -192,157,579.59 | -217,767,924.33 |
| Total | 2,489,872,513.67 | 2,430,554,164.50 |
30.Employeecompensationpayable
(1)Presentationofemployeecompensationpayable
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance |
| I.Short-termcompensation | 954,241,602.96 | 1,846,712,489.99 | 2,459,739,584.04 | 341,214,508.91 |
| II.Post-employment | 771,551.66 | 319,165,116.18 | 312,198,557.38 | 7,738,110.46 |
| benefits-definedcontributionplan | ||||
| III.Dismissalwelfare | 39,431,741.44 | 27,734,429.16 | 26,116,118.80 | 41,050,051.80 |
| IV.Otherbenefitsduewithinoneyear | 49,110,000.00 | 17,214,462.19 | 31,895,537.81 | |
| Total | 1,043,554,896.06 | 2,193,612,035.33 | 2,815,268,722.41 | 421,898,208.98 |
(2)Presentationofshort-termcompensation
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 626,337,023.60 | 1,198,425,074.31 | 1,824,762,097.91 | |
| 2.Employeewelfareexpenses | 91,595,771.02 | 91,586,877.73 | 8,893.29 | |
| 3.Socialinsurancepremiums | 1,236,540.25 | 170,677,325.59 | 169,230,754.10 | 2,683,111.74 |
| Including:medicalinsurancepremiums | 1,236,540.25 | 160,346,904.88 | 158,900,333.39 | 2,683,111.74 |
| 4.Housingprovidentfund | 245,903,806.30 | 245,903,806.30 | ||
| 5.Laborunionfundsandemployeeeducationfunds | 324,735,755.63 | 49,743,144.40 | 35,956,396.15 | 338,522,503.88 |
| 6.Othershort-termcompensations | 1,932,283.48 | 90,367,368.37 | 92,299,651.85 | |
| Total | 954,241,602.96 | 1,846,712,489.99 | 2,459,739,584.04 | 341,214,508.91 |
(3)Presentationofdefinedcontributionplan
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance |
| 1.Basicendowmentinsurance | 308,714.56 | 220,641,697.98 | 220,180,458.76 | 769,953.78 |
| 2.Unemploymentinsurancepremiums | 462,837.10 | 9,419,681.57 | 9,261,586.82 | 620,931.85 |
| 3.Paymentofenterpriseannuity | 89,103,736.63 | 82,756,511.80 | 6,347,224.83 | |
| Total | 771,551.66 | 319,165,116.18 | 312,198,557.38 | 7,738,110.46 |
Otherdescription
31.Taxespayable
Unit:CNY
| Item | Endingbalance | Openingbalance |
| VAT | 61,110,032.91 | 34,237,788.67 |
| Corporateincometax | 146,752,057.45 | 136,470,856.41 |
| Individualincometax | 1,012,345.17 | 7,020,253.06 |
| Urbanmaintenanceandconstructiontax | 4,588,836.92 | 3,308,379.91 |
| Propertytax | 8,532,116.81 | 7,843,917.34 |
| Landusetax | 4,454,304.43 | 4,430,820.03 |
| Educationsurcharges | 5,362,116.71 | 3,902,829.10 |
| Othertaxes | 20,789,470.20 | 18,318,058.50 |
| Total | 252,601,280.60 | 215,532,903.02 |
Otherdescription
32.Non-currentliabilitiesduewithinoneyear
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Leaseliabilitiesduewithinoneyear | 12,714,703.34 | 29,941,701.02 |
| Total | 12,714,703.34 | 29,941,701.02 |
Otherdescription:
33.Othercurrentliabilities
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Taxestobewrittenoff | 192,157,579.59 | 217,767,924.33 |
| Total | 192,157,579.59 | 217,767,924.33 |
Otherdescription:
34.Leaseliabilities
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Leasepayment | 21,081,951.10 | 59,490,077.98 |
| Unrecognizedfinancingcharges | -979,928.14 | -2,116,776.32 |
| Leaseliabilitiesduewithinoneyear | -12,714,703.34 | -29,941,701.02 |
| Total | 7,387,319.62 | 27,431,600.64 |
Otherdescription:
35.Long-termemployeecompensationpayable
(1)Long-termemployeecompensationpayable
Unit:CNY
| Item | Endingbalance | Openingbalance |
| I.Post-employmentwelfare-netliabilitiesofdefinedbenefitplan | 626,304,432.92 | 682,430,000.00 |
| II.Dismissalwelfare | 82,326,239.29 | 98,901,796.39 |
| Long-termemployeecompensationpayableduewithinoneyear | -18,373,548.69 | -88,541,741.44 |
| Total | 690,257,123.52 | 692,790,054.95 |
36.Estimatedliabilities
Unit:CNY
| Item | Endingbalance | Openingbalance | Reason |
| Pendinglitigation | 35,026,870.07 | 23,974,831.93 | |
| Productqualityassurance | 1,187,076,222.06 | 951,513,050.80 | |
| Others | 17,226,995.29 | 17,226,995.29 | |
| Total | 1,239,330,087.42 | 992,714,878.02 |
Otherdescription,includingimportantassumptionsandestimationdescriptionsrelatedtoimportantestimatedliabilities:
37.Deferredincome
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance | Reason |
| Governmentsubsidies | 2,936,362,847.77 | 95,707,715.10 | 128,717,336.37 | 2,903,353,226.50 | |
| Total | 2,936,362,847.77 | 95,707,715.10 | 128,717,336.37 | 2,903,353,226.50 |
Otherdescription:
38.Sharecapital
Unit:CNY
| Openingbalance | Increase/Decrease(+/-) | Endingbalance | |||||
| IssueofNewShares | Bonusshares | ShareTransferredfromAccumulationFund | Others | Subtotal | |||
| Totalshares | 4,922,371,176.00 | -1,090,201.00 | -1,090,201.00 | 4,921,280,975.00 | |||
Otherdescription:
39.Capitalreserves
Unit:CNY
| Item | Openingbalance | Increasein | Decreaseinthe | Endingbalance |
| theCurrentPeriod | CurrentPeriod | |||
| Capitalpremium(stockpremium) | 10,961,835,016.88 | 4,993,120.58 | 10,956,841,896.30 | |
| Othercapitalreserves | 999,645,030.86 | 35,839.60 | 51,433.86 | 999,629,436.60 |
| Total | 11,961,480,047.74 | 5,008,714.84 | 11,956,471,332.90 |
Otherdescription,includingincrease/decreaseinthecurrentperiodandreasonsforchange:
Reasonsforthedecreaseincapitalreserve(sharepremium)duringtheperiod:
④Thecapitalreserve(sharepremium)decreasedbyCNY4,993,120.58duetotherepurchaseandcancellationofrestrictedsharesreservedundertheCompany’sPhaseIrestrictedshareincentiveplan,astheperformancetargetssetforthethirdreleaseperiodwerenotachieved.Reasonforincreaseincapitalreserve(othercapitalreserve):
TheCompanyrecognizedadecreaseofCNY51,433.86andanincreaseofCNY35,839.60basedonitsproportionateshareofchangesininvestees’equityresultingfromfactorsotherthannetprofit,othercomprehensiveincome,andprofitdistribution.
40.Treasuryshares
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance |
| Treasuryshares | 6,246,851.73 | 6,246,851.73 | ||
| Total | 6,246,851.73 | 6,246,851.73 |
Otherdescription,includingincrease/decreaseinthecurrentperiodandreasonsforchange:
ThetreasurysharesdecreasedbyCNY6,246,851.73inthecurrentperiodduetotheCompany’srepurchaseandcancellation.41Othercomprehensiveincomes
Unit:CNY
| Item | Openingbalance | AmountIncurredinCurrentPeriod | Endingbalance | |||||
| Amountincurredbeforeincometaxinthecurrentperiod | Less:CurrentProfitsorLossesTransferredfromOtherComprehens | Less:CurrentRetainedEarningsTransferredfromOtherComprehensiveIncomeRecordedinthePrevious | Less:incometaxexpenses | After-taxamountattributabletoparentcompany | After-taxamountattributabletominorityshareholders | |||
| iveIncomeRecordedinthePreviousPeriod | Period | |||||||
| I.Othercomprehensiveincomesthatcannotbereclassifiedintoprofitsorlosses | 18,899,058.75 | 51,468,378.70 | 51,468,378.70 | 70,367,437.45 | ||||
| Including:changesarisingfromre-measurementofthedefinedbenefitplan | -58,350,000.00 | -58,350,000.00 | ||||||
| Othercomprehensiveincomesthatcannotbereclassifiedintoprofitorlossundertheequitymethod | 17,962,530.75 | 1,904,514.70 | 1,904,514.70 | 19,867,045.45 | ||||
| Changesinfairvalueofinvestmentinotherequityinstruments | 59,286,528.00 | 49,563,864.00 | 49,563,864.00 | 108,850,392.00 | ||||
| II.Othercomprehensiveincomesthatwillbereclassifiedintoprofitsorlosses | -115,811,405.46 | 2,043,849.71 | 2,043,849.71 | -113,767,555.75 | ||||
| Including:othercomprehensiveincomesthatcanbereclassifiedintoprofits | -5,354,172.83 | -5,354,172.83 |
| orlossesundertheequitymethod | ||||||
| Translationdifferenceinforeigncurrencyfinancialstatements | -110,457,232.63 | 2,043,849.71 | 2,043,849.71 | -108,413,382.92 | ||
| Totalothercomprehensiveincomes | -96,912,346.71 | 53,512,228.41 | 53,512,228.41 | -43,400,118.30 |
Otherdescription,includingtheadjustmentoftheeffectivepartofcashflowhedgingprofitorlosstransferredtotheinitiallyrecognizedamountofthehedgeditem:
42Specialreserves
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance |
| Worksafetycost | 277,345,883.15 | 15,518,831.90 | 19,643,236.93 | 273,221,478.12 |
| Total | 277,345,883.15 | 15,518,831.90 | 19,643,236.93 | 273,221,478.12 |
Otherdescription,includingincrease/decreaseinthecurrentperiodandreasonsforchange:
43.Surplusreserves
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance |
| Statutorysurplusreserve | 2,907,021,755.69 | 2,907,021,755.69 | ||
| Discretionarysurplusreserves | 297,526,491.71 | 297,526,491.71 | ||
| Total | 3,204,548,247.40 | 3,204,548,247.40 |
Descriptionofsurplusreserve,includingincrease/decreaseandreasonsforchangeinthecurrentperiod:
44.Undistributedprofits
Unit:CNY
| Item | Currentperiod | Previousperiod |
| Undistributedprofitsattheendofthepreviousperiodbeforeadjustment | 6,055,339,906.81 | 6,191,777,512.32 |
| Totalamountofopeningundistributedprofitadjusted(“+”forincrease,“-”fordecrease) | 54,756,122.34 | |
| Undistributedprofitsatthebeginningofthecurrentperiod | 6,055,339,906.81 | 6,246,533,634.66 |
| afteradjustment | ||
| Add:netprofitattributabletoownersofparentcompanyinthecurrentperiod | 19,655,810.39 | 506,807,530.06 |
| Less:ordinarystockdividendspayable | 246,064,048.75 | 693,579,557.10 |
| Undistributedprofitsattheendoftheperiod | 5,828,931,668.45 | 6,059,761,607.62 |
Detailsofadjustmenttoundistributedprofitsatthebeginningoftheperiod:
1)TheretroactiveadjustmentoftheAccountingStandardsforBusinessEnterprisesanditsrelevantnewregulationsimpactstheopeningundistributedprofitbyCNY0.00.
2)TheundistributedprofitatthebeginningoftheperiodaffectedbychangesinaccountingpoliciesisCNY
0.00.
3)ThecorrectionofmajoraccountingerrorsimpactstheopeningundistributedprofitbyCNY0.00.
4)ThechangeincombinationscopecausedbythesamecontrolimpactstheopeningundistributedprofitbyCNY0.00.
5)OtheradjustmentsaffecttheopeningundistributedprofitbyCNY0.00intotal.
45.Operatingincomeandoperatingcost
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod | ||
| Income | Cost | Income | Cost | |
| Mainbusiness | 27,347,477,621.24 | 26,277,912,207.22 | 35,644,730,484.30 | 33,704,793,046.07 |
| Otherbusiness | 731,227,436.83 | 562,650,278.31 | 820,958,136.99 | 650,423,218.46 |
| Total | 28,078,705,058.07 | 26,840,562,485.53 | 36,465,688,621.29 | 34,355,216,264.53 |
OtherdescriptionInformationrelatedtothetransactionpriceallocatedtotheremainingperformanceobligations:TheincomecorrespondingtotheperformanceobligationsthathavebeensignedbutnotyetfulfilledorcompletedattheendofthereportingperiodisCNY633,754,721.26,ofwhichCNY316,877,360.63isexpectedtoberecognizedin2025andCNY316,877,360.63isexpectedtoberecognizedin2026.Informationrelatedtovariableconsiderationinthecontract:
Otherdescription
46.Taxesandsurcharges
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Urbanmaintenanceandconstructiontax | 26,376,149.77 | 9,129,878.62 |
| Educationsurcharges | 18,229,908.19 | 6,239,901.02 |
| Propertytax | 38,494,307.30 | 36,577,269.48 |
| Landusetax | 21,474,951.70 | 21,263,435.84 |
| Vehicleandvesselusetax | 29,602.64 | 55,080.14 |
| Stampduty | 34,150,809.65 | 32,360,775.27 |
| Others | 147,323.06 | 186,426.21 |
| Total | 138,903,052.31 | 105,812,766.58 |
Otherdescription:
47Administrativeexpenses
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Employeecompensation | 418,204,175.92 | 438,665,751.19 |
| Depreciationcost | 43,027,324.67 | 70,280,864.26 |
| Amortizationofintangibleassets | 36,133,463.83 | 43,136,807.90 |
| Repaircostoffixedassets | 30,004,846.81 | 74,426,351.47 |
| Others | 78,596,928.15 | 123,448,858.40 |
| Total | 605,966,739.38 | 749,958,633.22 |
Otherdescription
48.Salesexpenses
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Employeecompensation | 250,320,067.23 | 274,429,426.12 |
| Packingcost | 52,202,077.34 | 63,410,413.70 |
| Storagefee | 34,918,642.20 | 54,530,428.75 |
| Rentalfee | 31,314,967.40 | 29,208,643.34 |
| Others | 103,286,681.94 | 99,191,906.12 |
| Total | 472,042,436.11 | 520,770,818.03 |
Otherdescription:
49.R&Dexpenses
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Employeecompensation | 599,512,737.98 | 762,070,442.14 |
| Depreciationamortizationexpense | 120,745,264.01 | 127,558,615.73 |
| Materialexpenses | 66,118,813.01 | 63,424,023.76 |
| Testandinspection | 44,222,102.96 | 102,663,923.41 |
| Others | 54,298,777.08 | 79,866,271.93 |
| Total | 884,897,695.04 | 1,135,583,276.97 |
Otherdescription50Financialexpenses
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePrevious |
| Period | ||
| Interestincome | -255,428,034.69 | -339,376,065.31 |
| Interestexpense | 1,611,404.27 | 1,431,811.40 |
| Exchangegainorloss | 55,468,039.40 | -10,163,545.25 |
| Netactuarialinterest | 369,016.95 | 395,666.67 |
| Cashdiscount | -53,829,494.32 | -64,567,826.30 |
| Feesandothercharges | -1,040,155.20 | 2,194,258.87 |
| Total | -252,849,223.59 | -410,085,699.92 |
Otherdescription
51.Otherincome
Unit:CNY
| Sourcesofotherincome | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| AdditionaldeductionofVAT | 210,671,420.57 | 142,242,391.94 |
| Refundofhandlingfeestoindividualincometax | 2,026,313.12 | 2,035,928.98 |
| Governmentsubsidies | 311,937,333.71 | 209,501,338.40 |
| Total | 524,635,067.40 | 353,779,659.32 |
52.Investmentincome
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Incomefromlong-termequityinvestmentsaccountedforusingtheequitymethod | 18,178,157.63 | 213,988,413.65 |
| Others | -48,294,017.40 | -112,101,568.99 |
| Total | -30,115,859.77 | 101,886,844.66 |
Otherdescription
53.Creditimpairmentloss
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Baddebtlossesofnotesreceivable | 7,417.20 | 21,670.17 |
| Baddebtlossesofaccountsreceivable | -19,625,895.12 | -26,638,370.74 |
| Baddebtlossesofotherreceivables | -2,372,431.37 | 21,085,584.29 |
| Baddebtlossesoflong-termreceivables | -8,664,796.70 | -3,061,966.20 |
| Total | -30,655,705.99 | -8,593,082.48 |
Otherdescription
54.Impairmentlossonassets
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| I.Inventoryfallingpricelossandcontractperformancecostimpairmentloss | -151,749,513.50 | -107,647,732.89 |
| II.Impairmentlossofcontractassets | 141,287.43 | -387,041.28 |
| Total | -151,608,226.07 | -108,034,774.17 |
Otherdescription:
55.Incomefromassetsdisposal
Unit:CNY
| Sourcesofincomefromassetsdisposal | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Gainsfromfixedassetsdisposal | 99,547,161.36 | 746,088.82 |
| Gainsfromintangibleassetsdisposal | 55,078,800.72 | |
| Others | -11,273.34 | |
| Total | 154,614,688.74 | 746,088.82 |
56.Non-operatingincome
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod | Amountincludedincurrentnon-recurringprofitsandlosses |
| Unpayableamountrecognized | 2,799,051.01 | 11,378,406.14 | 2,799,051.01 |
| Incomefromcompensation,liquidateddamagesandfines | 9,348,535.01 | 6,971,354.67 | 9,348,535.01 |
| Gainsfromdamageandretirementofnon-currentassets | 169,347.64 | 46,052.83 | 169,347.64 |
| Others | -992,780.31 | 9,710,410.31 | -992,780.31 |
| Total | 11,324,153.35 | 28,106,223.95 | 11,324,153.35 |
Otherdescription:
57.Non-operatingexpenses
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod | Amountincludedincurrentnon-recurringprofitsandlosses |
| Donation | 50,000.00 | 2,978,920.00 | 50,000.00 |
| Lossesfromdamageandretirementofnon-currentassets | 731,252.92 | 989,080.93 | 731,252.92 |
| Expenditureofliquidateddamages | 246,305.40 | -208,941.12 | 246,305.40 |
| andpenalties | |||
| Others | 634,979.05 | 24,732.00 | 634,979.05 |
| Total | 1,662,537.37 | 3,783,791.81 | 1,662,537.37 |
Otherdescription:
58.Incometaxexpenses
(1)Statementofincometaxexpenses
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Currentincometaxexpenses | 37,702,597.83 | 128,198,474.71 |
| Deferredincometaxexpense | -212,856,638.81 | -276,740,077.23 |
| Total | -175,154,040.98 | -148,541,602.52 |
(2)Adjustmentprocessofaccountingprofitsandincometaxexpenses
Unit:CNY
| Item | AmountIncurredinCurrentPeriod |
| Totalprofits | -134,286,546.42 |
| Incometaxexpensecalculatedatstatutory/applicabletaxrate | -33,571,636.61 |
| Effectofdifferenttaxratesappliedtosubsidiaries | 5,931,927.22 |
| Effectofadjustmenttoincometaxofpreviousperiods | -29,560,278.44 |
| Profitorlossofjointventuresandassociatedenterprisescalculatedbyequitymethod | 2,726,723.64 |
| TaxeffectofR&Dexpensesplusdeduction | -120,680,776.80 |
| Incometaxexpenses | -175,154,040.98 |
Otherdescription
59.OthercomprehensiveincomesFordetails,pleasereferto41inVII“NotestoConsolidatedFinancialStatements”ofSectionVIII-FinancialReport.
60.Itemsofcashflowstatement
(1)CashrelatedtooperatingactivitiesOthercashreceivedrelatedtooperatingactivities
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Bankinterest | 299,977,105.90 | 397,148,937.72 |
| Governmentsubsidiesreceived | 247,352,138.68 | 184,296,132.42 |
| Others | 181,860,797.00 | 193,288,400.23 |
| Total | 729,190,041.58 | 774,733,470.37 |
Descriptionofothercashreceivedrelatedtooperatingactivities:
Othercashpaidrelatedtooperatingactivities
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Out-of-pocketexpenses | 596,122,774.88 | 511,728,709.39 |
| Currentaccount | 555,829,293.70 | 451,612,329.19 |
| Donations | 50,000.00 | 2,978,920.00 |
| Total | 1,152,002,068.58 | 966,319,958.58 |
Descriptionofothercashpaymentsrelatedtooperatingactivities:
(2)CashrelatedtofinancingactivitiesOthercashpaidrelatedtofinancingactivities
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Amountpaidtorepayleaseliabilities | 1,227,805.50 | 11,981,752.58 |
| Total | 1,227,805.50 | 11,981,752.58 |
Descriptionofothercashpaymentsrelatedtofinancingactivities:
Changesinliabilitiesarisingfromfinancingactivities
□Applicable?Notapplicable
61.Supplementaryinformationtocashflowstatement
(1)Supplementaryinformationtocashflowstatement
Unit:CNY
| Supplementaryinformation | Amountinthecurrentperiod | AmountofthePreviousPeriod |
| 1.Reconciliationofnetprofittocashflowsfromoperatingactivities: | ||
| NetProfit | 40,867,494.56 | 521,081,332.69 |
| Add:impairmentprovisionofassets | 182,263,932.06 | 116,824,153.86 |
| Depreciationoffixedassets,depletionofoilandgasassetsandproductivebiologicalassets | 812,466,551.98 | 893,392,209.12 |
| Depreciationofright-of-useasset | 2,018,679.42 | 796,214.19 |
| Amortizationofintangibleassets | 50,497,998.86 | 50,898,373.61 |
| Amortizationoflong-termdeferredexpenses | ||
| Lossesfromfixedassetsdisposal,intangibleassetsandotherlong-termassets(incomestobelistedwith“-”) | -154,614,688.74 | -746,088.82 |
| Lossfromretirementoffixedassets(incomestobelistedwith“-”) | 731,252.92 | 989,080.93 |
| Lossfromchangesinfairvalue(incomestobelistedwith“-”) | ||
| Financialexpenses(incomestobelistedwith“-”) | -176,988,531.24 | -121,745,551.00 |
| Investmentlosses(incomestobelistedwith“-”) | 30,115,859.77 | -101,886,844.66 |
| Decreaseofdeferredincometaxassets(increasetobelistedwith“-”) | -219,435,316.21 | -158,004,827.46 |
| Increasesofdeferredincometaxliabilities(decreasetobelistedwith“-”) | 6,617,429.24 | -39,040,127.50 |
| Decreaseininventories(increasetobelistedwith“-”) | -2,152,169,519.08 | 1,421,102,204.04 |
| Decreaseinoperatingreceivables(increasetobelistedwith“-”) | -2,363,012,740.41 | -14,968,220,063.68 |
| Increaseinoperatingitemspayable(decreasetobelistedwith“-”) | 11,613,064,643.88 | 16,837,220,919.64 |
| Others | -37,134,026.30 | -31,749,279.85 |
| Netcashflowsfromoperatingactivities | 7,635,289,020.71 | 4,420,911,705.11 |
| 2.Significantinvestmentandfinancingactivitiesnotinvolvingcashdepositandwithdrawal: | ||
| Conversionofdebtintocapital | ||
| Convertiblecorporatebondswithinoneyear | ||
| Fixedassetsacquiredunderfinanciallease | ||
| 3.Netchangesincashandcashequivalents: | ||
| Endingbalanceofcash | 26,622,889,891.23 | 26,050,839,165.01 |
| Less:openingbalanceofcash | 19,391,201,104.68 | 23,108,018,586.92 |
| Add:endingbalanceofcashequivalents | ||
| Less:openingbalanceofcashequivalents | ||
| Netincreaseincashandcashequivalents | 7,231,688,786.55 | 2,942,820,578.09 |
(2)Compositionofcashandcashequivalents
Unit:CNY
| Item | Endingbalance | Openingbalance |
| I.Cash | 26,622,889,891.23 | 19,391,201,104.68 |
| II.Endingbalanceofcashandcashequivalents | 26,622,889,891.23 | 19,391,201,104.68 |
62.Foreigncurrencymonetaryitems
(1)Foreigncurrencymonetaryitems
Unit:CNY
| Item | ForeignCurrencyBalanceattheEndofthePeriod | Exchangerate | EndingBalanceConvertedintoCNY |
| Monetarycapital | 822,780,233.29 | ||
| Including:USD | 80,621,326.05 | 7.16 | 577,135,824.69 |
| EUR | 141,719.29 | 8.40 | 1,190,782.16 |
| HKD | |||
| Rand | 494,774,227.90 | 0.40 | 199,449,322.92 |
| Shilling | 16,579,444,766.40 | 0.0027 | 45,004,303.52 |
| Accountsreceivable | 461,713,776.43 | ||
| Including:USD | 31,701,802.20 | 7.18 | 227,602,914.60 |
| EUR | |||
| HKD | |||
| USD | 32,322,072.40 | 7.16 | 231,380,787.48 |
| Shilling | 1,021,142,542.02 | 0.0027 | 2,730,074.35 |
| Long-termloans | |||
| Including:USD | |||
| EUR | |||
| HKD | |||
| Prepayments | 1,777,197.14 | ||
| Including:USD | 384.67 | 7.18 | 2,761.93 |
| USD | 13,245.34 | 7.16 | 94,818.09 |
| Shilling | 663,700,340.25 | 0.0027 | 1,774,435.21 |
| Otherreceivables | 107,170.72 | ||
| Including:USD | 1,000.00 | 7.18 | 7,180.00 |
| Shilling | 37,400,000.00 | 0.0027 | 99,990.72 |
| Accountspayable | 740,340,648.44 | ||
| Including:USD | 102,208,784.46 | 7.18 | 733,859,032.52 |
| USD | 666,353.00 | 7.16 | 4,770,154.59 |
| Shilling | 640,145,924.31 | 0.0027 | 1,711,461.33 |
Otherdescription:
(2)Descriptionofoverseasoperatingentities,includingthedisclosureofmainoverseasbusinessplace,recordingcurrencyandselectionbasis,orchangesintherecordingcurrency(ifany)forimportantoverseasoperatingentities.?Applicable□Notapplicable
| Unit | Businessplace | RegisteredCapital | Recordingcurrency |
| FAWJiefangAustriaR&DCo.,Ltd. | Steyr,Austria | EUR2million | EUR |
| JiefangMotorsTanzaniaLtd. | DaresSalaam,Tanzania | 220,000shillings | Tanzanianshilling |
| FAWVehicleManufacturingSouthAfricaCo.,Ltd. | Johannesburg,SouthAfrica | 624,339,531.00Rand | SouthAfricanRand |
63.Lease
(1)TheCompanyactingasthelessee?Applicable□NotapplicableVariableleasepaymentsarenotincludedinthemeasurementofleaseliabilities
□Applicable?NotapplicableLeaseexpensesforsimplifiedshort-termleasesorlow-valueassetleases
□Applicable?NotapplicableCircumstancesinvolvingsaleandleasebacktransactions
Unit:CNY
| Item | AmountIncurredinCurrentPeriod |
| Short-termleaseexpense | 27,858,103.52 |
| Low-valueassetleaseexpense | |
| Variableleasepaymentsarenotincludedinthemeasurementofleaseliabilities | |
| Total | 27,858,103.52 |
(2)TheCompanyactingasthelessorOperatingleasewiththeCompanyactingasthelessor?Applicable□Notapplicable
Unit:CNY
| Item | Rentalincome | Including:incomerelatedtovariableleasepaymentsnotincludedintheleasereceipts |
| Rentalincome | 2,680,952.34 | |
| Total | 2,680,952.34 |
FinancingleasewiththeCompanyactingasthelessor
□Applicable?NotapplicableYearlyundiscountedleasereceiptsforthenextfiveyears
□Applicable?NotapplicableReconciliationofUndiscountedLeaseReceivablesandNetInvestmentinLeasesVIII.R&DExpenditures
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Including:ExpensedR&Dexpenditure | 884,897,695.04 | 1,135,583,276.97 |
| CapitalizedR&Dexpenditure | 116,913,852.20 | 113,944,595.36 |
1.R&Dprojectseligibleforcapitalization
Unit:CNY
| Item | Openingbalance | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | Endingbalance | ||
| Internaldevelopmentexpenditures | Others | Recognizedasintangibleassets | Transferredtocurrentprofitsandlosses | |||
| A2205 | 23,547,997.18 | 9,963,042.15 | 33,511,039.33 | |||
| A2206 | ||||||
| A2207 | 41,535,297.80 | 11,332,963.49 | 52,868,261.29 | |||
| A2208 | 30,524,736.25 | 8,095,151.50 | 38,619,887.75 | |||
| A2209 | 32,047,370.79 | 32,047,370.79 | ||||
| A2305 | 39,500,208.40 | 16,578,387.62 | 56,078,596.02 | |||
| A2306 | 47,071,931.70 | 5,534,396.13 | 49,287,149.29 | 3,319,178.54 | ||
| A2307 | 62,451,369.97 | 5,728,271.43 | 68,179,641.40 | |||
| A2308 | 46,948,645.47 | 12,675,576.95 | 59,624,222.42 | |||
| L126 | 22,108,818.25 | 22,108,818.25 | ||||
| L2403 | 38,408.37 | 3,935,175.98 | 3,973,584.35 | |||
| L2405 | 228,815.19 | 7,773,037.89 | 8,001,853.08 | |||
| T2208 | 35,117,380.02 | 9,370,234.14 | 44,487,614.16 | |||
| T2209 | 14,557,788.58 | -5.80 | 14,557,782.78 | |||
| T2303 | 1,611,856.86 | 1,611,856.86 | ||||
| T2402 | 778,994.99 | 778,994.99 | ||||
| XC2311120 | 8,011,745.85 | 8,011,745.85 | ||||
| XC2411020 | 7,488,163.90 | 7,488,163.90 | ||||
| XC2411030 | 7,794,198.22 | 7,794,198.22 | ||||
| XC2411098 | 12,152,129.50 | 600.00 | 12,434,914.16 | -282,184.66 | ||
| XC2411107 | 2,967,534.05 | 2,967,534.05 | ||||
| Z2407 | 12,299,822.33 | 3,128,750.19 | 15,428,572.52 | |||
| Z2408 | 9,466,942.22 | 116,291.96 | 9,583,234.18 | |||
| Z2409 | 9,393,773.35 | 380,495.69 | 9,774,269.04 | |||
| Z2431 | 2,062,589.02 | 2,062,589.02 | ||||
| Z2442 | 32,424,484.68 | 14,971,354.87 | 47,395,839.55 | |||
| Z2443 | 411,413.51 | 3,026,855.51 | 3,438,269.02 | |||
| Z2444 | 132,123.81 | 2,240,683.48 | 2,372,807.29 | |||
| Total | 500,611,951.24 | 116,913,852.20 | 87,983,705.47 | 529,542,097.97 |
SignificantcapitalizedR&Dprojects
| Item | R&Dprogress | Expectedcompletiontime | Expectedgenerationmethodofeconomicbenefits | Timepointofcapitalizationstarting | Specificbasisforcapitalizationstarting |
| A2207 | Productvalidation | November30,2026 | Productionandsales | January1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| A2208 | Productvalidation | November30,2026 | Productionandsales | January1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| A2209 | Trialproduction | July31,2025 | Productionandsales | January1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| A2308 | Productvalidation | June1,2026 | Productionandsales | March1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| A2306 | AlreadySOP | March1,2025 | Productionandsales | March1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| A2307 | Productvalidation | February1,2026 | Productionandsales | March1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| A2305 | Productvalidation | February1,2026 | Productionandsales | March1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| T2208 | Productvalidation | April30,2026 | Productionandsales | January1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| Z2442 | ValidationonpublicroadsinitiatedviaTR4 | December30,2025 | Productionandsales | June1,2024 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| Z2407 | Completedvalidationofengineeringprototypevehiclesandconductedtworoundsoftrialassemblyfortoolingprototypes. | December31,2025 | Productionandsales | February1,2024 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| T2209 | Trialproduction | December31,2025 | Productionandsales | January1,2023 | Beingadoptedbyconsiderationanddecision-makingatthe |
| projectreviewmeeting | |||||
| L126 | Reviewofengineeringprototypefabricationandtesting/TR5 | May10,2026 | Productionandsales | April7,2026 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
| A2205 | Productvalidation | June1,2027 | Productionandsales | December1,2023 | Beingadoptedbyconsiderationanddecision-makingattheprojectreviewmeeting |
IX.EquityinOtherEntities
1.Equityinsubsidiaries
(1)Compositionoftheenterprisegroup
Unit:CNY
| Nameofsubsidiary | RegisteredCapital | Principalbusinessplace | Registeredaddress | Natureofbusiness | Shareproportion | Wayofacquisition | |
| Direct | Indirect | ||||||
| FAWJiefangAutomotiveCo.,Ltd. | 10,803,012,510.01 | Changchun | Changchun | Vehiclemanufacturing | 100.00% | Businesscombinationundercommoncontrol | |
| FAWJiefang(Qingdao)AutomotiveCo.,Ltd. | 802,000,000.00 | Qingdao | Qingdao | Vehiclemanufacturingandsales | 100.00% | Businesscombinationundercommoncontrol | |
| FAWJiefangDalianDieselEngineCo.,Ltd. | 1,400,000,000.00 | Dalian | Dalian | Automotiveenginemanufacturing | 100.00% | Businesscombinationundercommoncontrol | |
| FAWJiefangLvdongRecyclingTechnology(Wuxi)Co.,Ltd. | 38,094,059.61 | Wuxi | Wuxi | Manufacturingofautomotivecomponentsandaccessories | 100.00% | Businesscombinationundercommoncontrol | |
| FAWJiefangAustriaR&DCo.,Ltd. | 15,765,000.00 | Austria | Austria | Technologyresearchanddevelopment | 100.00% | Businesscombinationundercommoncontrol | |
| FAWJiefangAutomotive | 200,000,000.00 | Changchun | Changchun | Vehiclesales | 100.00% | Establishmentby | |
| SalesCo.,Ltd. | investment | ||||||
| FAWJiefangUni-DTransportationTechnology(Tianjin)Co.,Ltd. | 90,000,000.00 | Tianjin | Tianjin | Technicalservicesandotherservices | 100.00% | Establishmentbyinvestment | |
| JiefangMotorsTanzaniaLtd. | 1,654.00 | Tanzania | Tanzania | Vehiclesales | 100.00% | Businesscombinationundercommoncontrol | |
| FAW(Africa)InvestmentCo.,Ltd. | 680,000,000.00 | Changchun | Changchun | Vehiclesales | 55.00% | Businesscombinationundercommoncontrol | |
| FAWVehicleManufacturingSouthAfricaCo.,Ltd. | 466,105,291.49 | SouthAfrica | SouthAfrica | Vehiclemanufacturingandsales | 98.00% | Businesscombinationundercommoncontrol | |
| FAWJiefangGroupInternationalAutomobileCo.,Ltd. | 200,000,000.00 | Changchun | Changchun | Vehiclesales | 100.00% | Establishmentbyinvestment |
Descriptionofthefactthattheshareholdingproportioninsubsidiariesisdifferentfromtheproportionofvotingrights:noneBasisforholdinghalforlessofthevotingrightsbutstillcontrollingtheinvestee,andforholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:noneBasisforcontrolofimportantstructuredentitiesincludedintheconsolidationscope:noneBasisfordeterminingwhethertheCompanyisanagentoraprincipal:noneOtherdescription:none
2.Equitiesinjointventuresorassociatedenterprises
(1)Importantjointventuresorassociatedenterprises
| NameofJointVenturesorAssociatedEnterprises | Principalbusinessplace | Registeredaddress | Natureofbusiness | Shareproportion | AccountingTreatmentMethodforInvestmentinJointVenturesorAssociatedEnterprises | |
| Direct | Indirect | |||||
| SanguardAutomobileInsuranceCo.,Ltd. | Changchun | Changchun | Financialinsurance | 17.50% | Equitymethod | |
| FAWChangchunAnsteelJiefangSteelProcessingandDistributionCo.,Ltd. | Changchun | Changchun | Industrialmanufacturing | 40.00% | Equitymethod | |
| FAWChangchunBaoyouJiefangSteelProcessingandDistributionCo.,Ltd. | Changchun | Changchun | Industrialmanufacturing | 21.81% | Equitymethod | |
| ChangchunWabcoAutomotiveControlSystemCo.,Ltd. | Changchun | Changchun | Manufacturingofautomotivecomponentsandaccessories | 40.00% | Equitymethod | |
| SuzhouZhitoTechnologyCo.,Ltd. | Suzhou | Suzhou | Researchandexperimentaldevelopment | 25.68% | Equitymethod | |
| FAWJiefangFujie(Tianjin)TechnologyIndustryCo.,Ltd. | Tianjin | Tianjin | Softwareandinformationtechnologyservices | 10.00% | Equitymethod | |
| SmartLink | Nanjing | Nanjing | Softwareandinformationtechnologyservices | 29.48% | Equitymethod | |
| FoshanDiyiyuansuNewEnergyTechnologyCo.,Ltd. | Foshan | Foshan | Manufacturingandtechnicalservices | 45.00% | Equitymethod | |
| ChangchunAutomotiveTestCenterCo.,Ltd. | Changchun | Changchun | Technicalservices | 14.64% | Equitymethod | |
| JiefangTimesNewEnergyTechnologyCo.,Ltd. | Shijiazhuang | Shijiazhuang | Technicalservicesandotherservices | 50.00% | Equitymethod | |
| DiyiAESCNewEnergyPowerTechnology(Wuxi)Co.,Ltd. | Wuxi | Wuxi | Engineeringandtechnologyresearchandexperimentdevelopment | 49.00% | Equitymethod |
Explanationofthefactthattheshareholdingproportioninjointventuresorassociatedenterprisesisdifferentfromtheproportionofvotingrights:thereisnodifferencebetweentheshareholdingproportionandtheproportionofvotingrights.Basisforholdinglessthan20%ofvotingrightsbutwithsignificantinfluence,orholding20%ormoreofvotingrightsbutwithoutsignificantinfluence:TheCompanyholds17.50%ofthesharesofXin’anAutomobileInsuranceCo.,Ltd.,andaccordingtotheArticlesofAssociationoftheCompany,theCompanyappointsonedirector,therebyexercisingsignificantinfluenceoverXin’anAutomobileInsuranceCo.,Ltd.TheCompanyholds10.00%ofthesharesofJiefangFujie(Tianjin)TechnologyIndustryCo.,Ltd.,andaccordingtotheArticlesofAssociationoftheCompany,theCompanyappointsthreedirectors,therebyexercisingsignificantinfluenceoverJiefangFujie(Tianjin)TechnologyIndustryCo.,Ltd.TheCompanyholds14.64%ofthesharesofChangchunAutomotiveTestCenterCo.,Ltd.,andaccordingtotheArticlesofAssociationoftheCompany,theCompanyappointsonedirector,therebyexercisingsignificantinfluenceoverChangchunAutomotiveTestCenterCo.,Ltd.
(2)Excesslossesincurredbyjointventuresorassociatedenterprises
Unit:CNY
| NameofJointVenturesorAssociatedEnterprises | UnrecognizedLossesAccumulatedinPriorPeriods | UnrecognizedLossesintheCurrentPeriod(orNetProfitSharedintheCurrentPeriod) | AccumulatedUnrecognizedLossesattheEndoftheCurrentPeriod |
| SuzhouZhitoTechnologyCo.,Ltd. | 181,709,441.21 | -384,069,618.73 | -202,360,177.52 |
| SmartLink | 19,547,758.40 | -41,661,897.12 | -22,114,138.72 |
Otherdescription
X.Governmentsubsidies
1.Governmentsubsidiesarerecognizedatthereceivableamountattheendofthereportingperiod
□Applicable?NotapplicableReasonsforfailingtoreceivetheexpectedamountofgovernmentsubsidiesattheexpectedtimepoint
□Applicable?Notapplicable
2.Liabilityitemswithgovernmentsubsidies
□Applicable?Notapplicable
3.Governmentsubsidiesareincludedinthecurrentprofitorloss?Applicable□Notapplicable
Unit:CNY
| Accountitem | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Governmentsubsidies | 311,937,333.71 | 209,501,338.40 |
Otherdescription:
Ⅺ.RiskRelatedtoFinancialInstruments
1.Variousrisksarisingfromfinancialinstruments
(1)RiskmanagementobjectivesandpoliciesThemainfinancialinstrumentsoftheCompanyincludemonetarycapital,notesreceivable,accountsreceivable,receivablesfinancing,otherreceivables,non-currentassetsduewithinoneyear,othercurrentassets,long-termreceivables,otherequityinstrumentinvestments,notespayable,accountspayable,otherpayables,non-currentliabilitiesduewithinoneyear,andleaseliabilities.Detailsofeachfinancialinstrumenthavebeendisclosedinrelevantnotes.TherisksrelatedtothesefinancialinstrumentsandtheriskmanagementpoliciesadoptedbytheCompanytoreducetheserisksaredescribedbelow.ThemanagementoftheCompanymanagesandmonitorstheseriskexposurestoensurethattheaboverisksarecontrolledwithinalimitedrange.
TheCompanycarriesoutriskmanagementtoachieveanappropriatebalancebetweenrisksandbenefits,minimizethenegativeimpactofrisksontheCompany’sbusinessperformance,andmaximizetheinterestsofshareholdersandotherequityinvestors.TheCompany,basedontheriskmanagementobjectives,adoptsthebasicriskmanagementstrategyofdeterminingandanalyzingvariousrisksfacedbytheCompany,establishinganappropriatebaselineforrisktoleranceandcarryingoutriskmanagement,andsupervisingvariousrisksinatimelyandreliablemannertocontroltheriskswithinalimitedrange.MainriskscausedbyfinancialinstrumentsoftheCompanyincludecreditrisk,liquidityriskandmarketrisk(includingexchangerateriskandinterestraterisk).①CreditriskCreditriskreferstotheriskoffinanciallosstotheCompanycausedbythecounterparty’sfailuretoperformitscontractualobligations.TheCompanymanagescreditrisksbyportfolioclassification.Creditriskmainlyarisesfrombankdeposits,notesreceivable,accountsreceivable,otherreceivables,long-termreceivables,etc.TheCompany’sdepositsaremainlydepositedinstate-ownedbanksandotherlargeandmedium-sizedlistedbanksandFirstAutomobileFinanceCo.,Ltd.,andtheCompanydoesnotexpectsignificantcreditrisksinitsbankdeposits.TheCompanymakesrelevantpoliciestocontrolthecreditriskexposurefornotesreceivable,accountsreceivable,otherreceivablesandlong-termreceivables.TheCompanyevaluatesthecreditqualificationofcustomersandsetsthecreditperiodbasedontheirfinancialconditions,creditrecordsandotherfactorssuchascurrentmarketsituations.TheCompanymonitorsthecreditrecordsofcustomersregularly,andtakemeasuressuchaswrittenreminders,shorteningofcreditperiodorcancellationofcreditperiodforcustomerswithpoorcreditrecords,soastoensurethattheoverallcreditriskiswithinacontrollablerange.ThedebtorsoftheCompany’saccountsreceivablearecustomersdistributedindifferentindustriesandregions.TheCompanycarriesoutcontinuouscreditassessmentonthefinancialconditionofaccountsreceivableandpurchasescreditguaranteeinsurancewhenappropriate.ThemaximumcreditriskexposurebornebytheCompanyisthebookvalueofeachfinancialassetinthebalancesheet.TheCompanydoesnotprovideanyotherguaranteethatmayexposetheCompanytocreditrisk.Theaccountsreceivableofthetopfivecustomersaccountfor78.46%ofthetotalaccountsreceivableoftheCompany.Otherreceivablesofthetopfivecompanieswithdebtsaccountfor63.53%ofthetotalotherreceivablesoftheCompany.
②LiquidityriskLiquidityriskreferstotheriskofcapitalshortagewhentheCompanyperformsitsobligationsofsettlementbydeliveringcashorotherfinancialassets.TheCompanymaintainsandmonitorscashandcashequivalentsdeemedadequatebythemanagementduringliquidityriskmanagementtomeettheCompany’soperatingneedsandreducetheimpactoffluctuationsincashflows.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloan
agreements.Meanwhile,theCompanyobtainscommitmentsfrommajorfinancialinstitutionstoprovidesufficientreservefundstomeetshort-termandlong-termfundingneeds.ThesourcesoftheCompany’sworkingcapitalincludefundsgeneratedfromoperatingactivities,bankloansandotherloans.AsofJune30,2025,theCompany’sunusedbankcreditlineamountedtoCNY14.442billion.③MarketriskMarketriskoffinancialinstrumentsreferstotheriskoffluctuationinfairvalueorfuturecashflowoffinancialinstrumentsduetothechangesinmarketprice,includinginterestraterisk,exchangerateriskandotherpricerisks.InterestrateriskInterestrateriskistheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinmarketinterestrates.Interestrateriskmayarisefrombothrecognizedinterest-bearingfinancialinstrumentsandunrecognizedfinancialinstruments.TheriskofchangesincashflowoffinancialinstrumentscausedbychangesininterestratesoftheCompanyismainlyrelatedtobankloanswithfloatinginterestrates.ItisthepolicyoftheCompanytomaintainfloatinginterestratesontheseloans.Sensitivityanalysisoninterestraterisk:
Thesensitivityanalysisoninterestrateriskisbasedontheassumptionthatchangesinmarketinterestratesaffectinterestincomeorexpensesonvariableratefinancialinstruments.TheCompanyhadnointerest-bearingdebtssuchasbankloansasofJune30,2025.ExchangerateriskExchangerateriskreferstotheriskoffluctuationinfairvalueorfuturecashflowoffinancialinstrumentsduetochangeinforeignexchangerate.Exchangerateriskmaycomefromfinancialinstrumentsdenominatedinaforeigncurrencyotherthantherecordingcurrency.TheCompany’sforeignexchangeriskexposureisprimarilyrelatedtotheeuro.ExceptforassetsheldbysubsidiariesestablishedinAustria,Tanzania,andSouthAfricathataredenominatedineuros,shillings,andrandrespectively,theCompany’smainbusinessactivitiesarepricedandsettledinCNY.ThebalanceoftheCompany’sassetsandliabilitieswereallinCNYasofJune30,2025,exceptasmallamountofmonetarycapitalsincludingthebalanceinEUR.Therefore,theCompanydoesnotbelievethattheexchangerateriskfacedissignificant.
(2)CapitalmanagementTheCompanypreparescapitalmanagementpolicytoensurecontinuousoperationoftheCompany,thusprovidingreturnstoshareholders,benefitingotherstakeholders,andmaintainingthebestcapitalstructuretoreducecapitalcosts.
Inordertomaintainoradjustthecapitalstructure,theCompanymayadjustthefinancingmethod,adjusttheamountofdividendspaidtoshareholders,returncapitaltoshareholders,issuenewsharesandotherequityinstruments,orsellassetstoreducedebt.TheCompanymonitorsthecapitalstructurebasedontheasset-liabilityratio(i.e.totalliabilitiesdividedbytotalassets).AsofJune30,2025,theCompany’sasset-liabilityratiois66.80%.
2.Financialassets
(1)Classificationoftransfermethods
□Applicable?Notapplicable
(2)Financialassetsderecognizedduetotransfer
□Applicable?Notapplicable
(3)Financialassetswithcontinuousinvolvementinassettransfer
□Applicable?NotapplicableOtherdescription
XII.DisclosureofFairValue
1.Fairvalueofassetsandliabilitiesmeasuredatfairvalueattheendoftheperiod
Unit:CNY
| Item | End-of-periodfairvalue | |||
| LevelIfairvaluemeasurement | LevelIIfairvaluemeasurement | LevelIIIfairvaluemeasurement | Total | |
| I.Ongoingfairvaluemeasurement | -- | -- | -- | -- |
| (I)Investmentinotherequityinstruments | 589,630,392.00 | 589,630,392.00 | ||
| Totalassetsaremeasuredatfairvalueonanongoingbasis | 589,630,392.00 | 589,630,392.00 | ||
| II.Non-ongoingfairvaluemeasurement | -- | -- | -- | -- |
2.Basisfordeterminationofmarketpricesforcontinuousandnon-continuouslevelImeasurementitemsatfairvalueQuotationsforthesameassetsorliabilitiesinactivemarkets(unadjusted).
XIII.RelatedPartiesandRelatedTransactions
1.ParentcompanyoftheCompany
| NameofParentCompany | Registeredaddress | Natureofbusiness | RegisteredCapital | ShareholdingProportionoftheParentCompanyintheCompany | ProportionofVotingRightsoftheParentCompanyintheCompany |
| FAW | Changchun | Productionandsalesofautomobilesandparts | CNY78,000,000,000.00 | 62.19% | 62.19% |
DescriptionoftheparentcompanyoftheCompanyTheultimatecontrollingpartyoftheCompanyisChinaFAW.Otherdescription:Theregisteredcapitaloftheparentcompanyhasnotchangedduringthereportingperiod.
2.SubsidiariesoftheCompanyFordetailsofsubsidiariesoftheCompany,pleasereferto1inIX“EquityinOtherEntities”ofSectionVIII-FinancialReport.
3.InformationonjointventuresandassociatedenterprisesoftheCompanyFordetailsofimportantjointventuresorassociatedenterprisesoftheCompany,pleasereferto2inIX“EquityinOtherEntities”ofSectionVIII-FinancialReport.OtherjointventuresorassociatedenterprisesthathaverelatedpartytransactionswiththeCompanyinthecurrentperiodorinthepreviousperiod,resultinginbalance,areasfollows:
| NameofJointVenturesorAssociatedEnterprises | RelationshipwiththeCompany |
| SanguardAutomobileInsuranceCo.,Ltd. | AssociatedenterpriseoftheCompany,thesameultimatecontrollingparty |
| ChangchunAutomotiveTestCenterCo.,Ltd. | AssociatedenterpriseoftheCompany,thesameultimatecontrollingparty |
| FAWChangchunAnsteelJiefangSteelProcessingandDistributionCo.,Ltd. | AssociatedenterpriseoftheCompany |
| ChangchunWabcoAutomotiveControlSystemCo.,Ltd. | AssociatedenterpriseoftheCompany |
| SuzhouZhitoTechnologyCo.,Ltd. | AssociatedenterpriseoftheCompany |
| FAWChangchunBaoyouJiefangSteelProcessingandDistributionCo.,Ltd. | AssociatedenterpriseoftheCompany |
| FAWJiefangFujie(Tianjin)TechnologyIndustryCo.,Ltd. | AssociatedenterpriseoftheCompany |
| SmartLink | AssociatedenterpriseoftheCompany |
| FoshanDiyiyuansuNewEnergyTechnologyCo.,Ltd. | AssociatedenterpriseoftheCompany |
| JiefangTimesNewEnergyTechnologyCo.,Ltd. | JointventureoftheCompany |
| DiyiAESCNewEnergyPowerTechnology(Wuxi)Co.,Ltd. | AssociatedenterpriseoftheCompany |
Otherdescription
4.Informationonotherrelatedparties
| NamesOfOtherRelatedParties | RelationshipbetweenOtherRelatedPartiesandtheCompany |
| ChinaFAWGroupImport&ExportCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWChangchunAutomobileTradingServiceCo.,Ltd. | Thesameultimatecontrollingparty |
| ChangchunFAWInternationalTenderingCo.,Ltd. | Thesameultimatecontrollingparty |
| ChangchunFAWInternationalLogisticsCo.,Ltd. | Thesameultimatecontrollingparty |
| ChangchunAutomotiveTestCenterCo.,Ltd. | Thesameultimatecontrollingparty |
| ChangchunChengxinSecond-handVehiclesDistributionCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWAssetManagementCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWFoundryCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWZhixingTechnology(Nanjing)Co.,Ltd. | Thesameultimatecontrollingparty |
| FAWLogisticsCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWLogistics(ChangchunLushun)StorageandTransportationCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWLogistics(Qingdao)Co.,Ltd. | Thesameultimatecontrollingparty |
| FAWLogistics(Chengdu)Co.,Ltd. | Thesameultimatecontrollingparty |
| FAWMoldManufacturingCo.,Ltd. | Thesameultimatecontrollingparty |
| FAW-HONGTAYunnanAutomobileCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWHarbinLight-AutomobileCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWEquityInvestment(Tianjin)Co.,Ltd. | Thesameultimatecontrollingparty |
| ChangchunFawServiceTradeCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWForging(Jilin)Co.,Ltd. | Thesameultimatecontrollingparty |
| FAWChuxingTechnologyCo.,Ltd. | Thesameultimatecontrollingparty |
| Faw(Dalian)TradeandLogisticsCo.,Ltd | Thesameultimatecontrollingparty |
| FAW(Dalian)InternationalLogisticsCo.,Ltd. | Thesameultimatecontrollingparty |
| WuxiSawaneSpringCo.,Ltd. | Thesameultimatecontrollingparty |
| QimingInformationTechnologyCo.,Ltd. | Thesameultimatecontrollingparty |
| HainanTropicalAutomobileTestCo.,Ltd. | Thesameultimatecontrollingparty |
| DalianQimingHaitongInformationTechnologyCo.,Ltd. | Thesameultimatecontrollingparty |
| FAWChangchunComprehensiveUtilizationCo.,Ltd. | Otherrelatedparties |
| FAWChangchunYanfengVisteonElectronicsCo.,Ltd. | Otherrelatedparties |
| FAWChangchunCommunicationTechnologyCo.,Ltd. | Otherrelatedparties |
| FAWChangchunTianqiProcessEquipmentEngineeringCo.,Ltd. | Otherrelatedparties |
| ChangchunFAWUnitedCastingCompany | Otherrelatedparties |
| ChangchunFAWAYAutomobileComponentsCo.,Ltd. | Otherrelatedparties |
| ChangchunFAWSNGroupCo.,Ltd. | Otherrelatedparties |
| ChangchunYidongClutchCo.,Ltd. | Otherrelatedparties |
| ChangchunSodexoManagementServiceCo.,Ltd. | Otherrelatedparties |
| ChangchunAutomotiveEconomicandTechnologicalDevelopmentZoneEnvironmentalSanitationandCleaningCo.,Ltd. | Otherrelatedparties |
| FAWJilinAutomobileCo.,Ltd. | Otherrelatedparties |
| CindaFAWCommercialFactoringCo.,Ltd. | Otherrelatedparties |
| WuxiCRRCNewEnergyAutomobileCo.,Ltd. | Otherrelatedparties |
| ShandongPengxiangAutomobileCo.,Ltd. | Otherrelatedparties |
| ChinaUnicomIntelligentNetworkTechnologyCo.,Ltd. | Otherrelatedparties |
| UnitedFuelCellSystemR&D(Beijing)Co.,Ltd. | Otherrelatedparties |
| JilinChechengGardenHotelCo.,Ltd. | Otherrelatedparties |
| TheNinthInstituteofProjectPlanning&ResearchofChinaMachineryIndustry(FIPPR) | Otherrelatedparties |
| HongqiIntelligentMobilityTechnology(Beijing)Co.,Ltd. | Otherrelatedparties |
| GrammerVehicleParts(Harbin)Co.,Ltd. | Otherrelatedparties |
| FulscienceAutomotiveElectronicsCo.,Ltd. | Otherrelatedparties |
| FawerAutoPartsCo.,Ltd. | Otherrelatedparties |
| DalianQingfengBusCo.,Ltd. | Otherrelatedparties |
Otherdescription
5.Relatedtransactions
(1)RelatedtransactionsofpurchasingorsellinggoodsandprovidingorreceivinglaborservicesStatementofgoodspurchase/receptionoflaborservices
Unit:CNY
| RelatedParties | ContentofRelatedTransaction | AmountIncurredinCurrentPeriod | ApprovedTransactionAmount | IstheTransactionAmountExceeded | AmountIncurredinthePreviousPeriod |
| Thesameultimatecontrolling | Goodspurchaseandreceptionof | 1,007,086,334.07 | 4,488,830,000.00 | No | 2,247,262,739.64 |
| party | laborservices | ||||
| Otherrelatedparties | Goodspurchaseandreceptionoflaborservices | 2,077,962,733.85 | 6,310,370,000.00 | No | 2,447,132,659.79 |
Statementofgoodssales/renderingofservices
Unit:CNY
| RelatedParties | ContentofRelatedTransaction | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Thesameultimatecontrollingparty | Salesofgoods | 371,845,968.65 | 8,566,904,736.28 |
| Otherrelatedparties | Salesofgoods | 1,690,043,424.43 | 1,299,062,853.31 |
Descriptionofrelatedtransactionsofpurchasingorsellinggoodsandprovidingorreceivinglaborservices:
(2)RelatedleaseTheCompany,asthelessor:
Unit:CNY
| NameofLessee | TypeofLeasedAssets | LeaseIncomeRecognizedintheCurrentPeriod | LeaseIncomeRecognizedinthePreviousPeriod |
| FAW | HousesandBuildings | 774,875.72 | 774,875.72 |
| FawerAutoPartsCo.,Ltd. | HousesandBuildings | 197,702.76 | 197,702.76 |
| FAWChangchunCommunicationTechnologyCo.,Ltd. | Land | 149,552.08 | 22,018.35 |
| FAWChangchunBaoyouSteelProcessingandDistributionCo.,Ltd. | Workshop | 1,056,155.96 | 1,059,049.54 |
| FoshanDiyiyuansuNewEnergyTechnologyCo.,Ltd. | House | 3,251,819.04 | 48,441.12 |
| ShandongPengxiangAutomobileCo.,Ltd. | HousesandBuildings | 386,020.18 | 386,020.18 |
TheCompany,asthelessee:
Unit:CNY
| Nameoflessor | TypeofLeasedAssets | RentalExpensesforSimplifiedShort-termleasesandLow-valueassetLeases(IfApplicable) | VariableLeasePaymentsnotIncludedintheMeasurementofLeaseLiabilities(IfApplicable) | RentPaid | InterestExpenseonLeaseLiabilitiesIncurred | Increasedright-of-useassets | |||||
| AmountIncurredinCurrent | AmountIncurredinthePrevio | AmountIncurredinCurrent | AmountIncurredinthePrevio | AmountIncurredinCurrent | AmountIncurredinthePreviousPeriod | AmountIncurredinCurrent | AmountIncurredinthePreviousPeriod | AmountIncurredinCurrent | AmountIncurredinthePrevio | ||
| Period | usPeriod | Period | usPeriod | Period | Period | Period | usPeriod | ||||
| FAW | HousesandBuildings | 3,839,917.11 | 112,555.99 |
Descriptionofrelatedleases
(3)Remunerationofkeymanagementpersonnel
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Remunerationofkeymanagementpersonnel | 3,224,900.00 | 5,382,500.00 |
(4)Otherrelatedtransactions
| RelatedParties | ContentofRelatedTransaction | Amountincurredinthecurrentperiod(CNY) | Amountincurredinthepreviousperiod(CNY) |
| FirstAutomobileFinanceCo.,Ltd. | Interestincome | 38,106,466.96 | 61,055,123.68 |
| FirstAutomobileFinanceCo.,Ltd. | Intercompanyborrowing | 99,890,000.00 |
6.Receivablesandpayablesofrelatedparties
(1)Receivables
Unit:CNY
| ProjectName | RelatedParties | Endingbalance | Openingbalance | ||
| Bookbalance | ProvisionforBadDebts | Bookbalance | ProvisionforBadDebts | ||
| Accountsreceivable | Thesameultimatecontrollingparty | 6,261,478,080.40 | 33,198,902.81 | 5,931,949,422.91 | 23,955,716.02 |
| Accountsreceivable | Otherrelatedparties | 146,418,467.72 | 11,299,142.35 | 23,955,716.02 | 2,563,582.83 |
| Otherreceivables | Thesameultimatecontrollingparty | 494,440.03 | 485.83 | 158,312,368.69 | 1,302.32 |
| Otherreceivables | Otherrelatedparties | 22,084.08 | 353.35 | 1,430,554.50 | 683,119.63 |
| Prepayments | Thesame | 5,432,571.38 | 49,160,771.58 | ||
| ultimatecontrollingparty | ||||
| Prepayments | Otherrelatedparties | 6,991.16 | 269,528.69 |
(2)Payables
Unit:CNY
| ProjectName | RelatedParties | Endingbookbalance | BeginningBookBalance |
| Accountspayable | Thesameultimatecontrollingparty | 1,166,377,133.68 | 2,138,309,238.04 |
| Accountspayable | Otherrelatedparties | 1,297,764,861.06 | 684,811,924.54 |
| Otherpayables | Thesameultimatecontrollingparty | 32,013,725.53 | 243,240,628.69 |
| Otherpayables | Otherrelatedparties | 36,698,994.48 | 70,246,189.48 |
| Contractliabilities | Thesameultimatecontrollingparty | 1,481,223.00 | 38,689,941.81 |
| Contractliabilities | Otherrelatedparties | 992,554.86 | 536,223,467.10 |
| Accountsreceivedinadvance | Thesameultimatecontrollingparty | 38,697,399.31 | |
| Accountsreceivedinadvance | Otherrelatedparties | 36,698,994.48 | 335,560.21 |
| Leaseliabilities | Thesameultimatecontrollingparty | 4,058,856.90 |
XIV.Share-basedPayment
1.Generalconditionsofshare-basedpayments
□Applicable?Notapplicable
2.Equity-settledshare-basedpayment?Applicable□Notapplicable
Unit:CNY
| Measuresfordeterminingthefairvalueofequityinstrumentsonthegrantdate | Restrictedsharesaredeterminedaccordingtotheclosingpriceonthegrantdate,andstockoptionsaredeterminedaccordingtotheB-Soptionpricingmodel. |
| Importantparametersoffairvalueofequityinstrumentsonthegrantdate | Quotedpricesinactivemarkets |
| Basisfordeterminingthenumberofexercisableequityinstruments | TheCompanydeterminesthenumberaccordingtotheProposalontheRestrictedShareIncentivePlanofFAWJiefangGroupCo.,Ltd.(Draft)andItsSummary,theProposalontheRegulationsforthe |
| ImplementationAssessmentofRestrictedShareIncentivePlanofFAWJiefangGroupCo.,Ltd.,theProposalontheRegulationsforRestrictedShareIncentiveofFAWJiefangGroupCo.,Ltd.,andtheProposalonRequestingtheShareholders’MeetingtoAuthorizetheBoardofDirectorstoHandleMattersRelatedtotheCompany’sRestrictedShareIncentivePlan. | |
| Aggregateamountofequity-settledshare-basedpaymentchargedtothecapitalreserve | 4,993,120.58 |
| Totalexpensesrecognizedbyequity-settledshare-basedpaymentinthecurrentperiod | 17,012.29 |
Otherdescription
3.Cash-settledshare-basedpayment
□Applicable?Notapplicable
4.Share-basedpaymentexpensesinthecurrentperiod?Applicable□Notapplicable
Unit:CNY
| Granteecategory | Equity-settledshare-basedpaymentexpenses | Cash-settledshare-basedpaymentexpenses |
| Manager | 17,012.29 | |
| Total | 17,012.29 |
Otherdescription
XV.CommitmentsandContingencies
1.ImportantcommitmentsImportantcommitmentsexistingonthebalancesheetdate
2.Contingencies
(1)ImportantcontingenciesexistingonthebalancesheetdateContingentliabilitiesarisingfrompendinglitigationandarbitrationandtheirfinancialimpact
| Plaintiff | Defendant | CauseofAction | CourtofAcceptance | SubjectAmount(CNY) | CaseProgress |
| ZhaoLiangxi,GuangdongXianYidaColdChainLogisticsCo.,Ltd.HenanBranch | FAWJiefangAutomotiveCo.,Ltd.,SuihuaJinhaiChaoAutomobileSalesCo.,Ltd.,PICCPropertyandCasualtyCompanyLimitedSuihua | Productliabilitydispute | BeilinDistrictPeople’sCourtofSuihuaCity | 2,243,964.00 | Secondinstance |
| Branch | |||||
| ZhaoQianqian,YuXiufeng,LiShunxi,LiMengyuan | JilinAnruiLiftingTransportationCo.,Ltd.,ShandongYongsengRubberGroupCo.,Ltd.,andChinaFAWGroupCo.,Ltd. | Productliabilitydispute | GaobeidianMunicipalPeople’sCourtofHebeiProvince | 1,289,951.00 | Firstinstance |
| WuxiLemingTransportCo.,Ltd. | WuxiDongkaiAutomobileTradingCo.,Ltd.,WuxiZhongbangJiefangAutomobileSales&ServiceCo.,Ltd.andChinaFAWGroupCorporation | Productliabilitydispute | HuishanDistrictPeople’sCourtofWuxiCity | 1,080,000.00 | Firstinstance |
| ZhuangQixian,YangXiao,YangYu | FAWJiefang(Qingdao)AutomotiveCo.,Ltd.,FAW-HONGTAYunnanAutomobileCo.,Ltd. | Labordispute | QilinDistrictPeople’sCourtofQujingCity,YunnanProvince | 1,006,099.00 | Firstinstance |
AsofJune30,2025,theCompanyhasnocontingenciesotherthanthosementionedabovethatshouldbedisclosed.
(2)ExplanationisalsorequiredwhentheCompanyhasnoimportantcontingenciestobedisclosedTheCompanyhasnoimportantcontingenciestobedisclosed.XVI.NotestoMainItemsofParentCompany’sFinancialStatements
1.Otherreceivables
Unit:CNY
| Item | Endingbalance | Openingbalance |
| Dividendsreceivable | 156,960,226.90 | |
| Otherreceivables | 6,553,832,963.97 | 6,314,003,121.96 |
| Total | 6,553,832,963.97 | 6,470,963,348.86 |
(1)Dividendsreceivable
1)Classificationofdividendsreceivable
Unit:CNY
| Item(orInvestee) | Endingbalance | Openingbalance |
| FirstAutomobileFinanceCo.,Ltd. | 156,960,226.90 | |
| Total | 156,960,226.90 |
(2)Otherreceivables
1)Classificationofotherreceivablesbynature
Unit:CNY
| Nature | Endingbookbalance | BeginningBookBalance |
| Currentaccount | 6,553,957,675.97 | 6,314,127,833.96 |
| Total | 6,553,957,675.97 | 6,314,127,833.96 |
2)Disclosurebyaging
Unit:CNY
| Aging | Endingbookbalance | BeginningBookBalance |
| Within1year(including1year) | 6,553,498,669.71 | 6,313,668,827.70 |
| Over3years | 459,006.26 | 459,006.26 |
| 3-4years | 459,006.26 | 459,006.26 |
| Total | 6,553,957,675.97 | 6,314,127,833.96 |
3)Disclosurebythemethodofprovisionforbaddebts
Unit:CNY
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | ProvisionforBadDebts | BookValue | Bookbalance | ProvisionforBadDebts | BookValue | |||||
| Amount | Scale | Amount | Provisionproportion | Amount | Scale | Amount | Provisionproportion | |||
| Including: | ||||||||||
| Provisionforbaddebtsmadebyportfolio | 6,553,957,675.97 | 100.00% | 124,712.00 | 0.00% | 6,553,832,963.97 | 6,314,127,833.96 | 100.00% | 124,712.00 | 0.00% | 6,314,003,121.96 |
| Including: | ||||||||||
| Agingportfolio | 6,553,957,675.97 | 100.00% | 124,712.00 | 0.00% | 6,553,832,963.97 | 6,314,127,833.96 | 100.00% | 124,712.00 | 0.00% | 6,314,003,121.96 |
| Total | 6,553,957,675.97 | 100.00% | 124,712.00 | 0.00% | 6,553,832,963.97 | 6,314,127,833.96 | 100.00% | 124,712.00 | 0.00% | 6,314,003,121.96 |
Provisionforbaddebtsbyportfoliocategory
Unit:CNY
| Name | Endingbalance | ||
| Bookbalance | ProvisionforBadDebts | Provisionproportion | |
| Provisionforbaddebtsmadebyportfolio | 6,553,957,675.97 | 124,712.00 | 0.00% |
| Total | 6,553,957,675.97 | 124,712.00 | |
Descriptionofthebasisfordeterminingthisportfolio:
Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses:
Unit:CNY
| ProvisionforBadDebts | StageI | StageII | StageIII | Total |
| ExpectedCreditLossesfortheNext12Months | Expectedcreditlossintheduration(creditimpairmenthasnotoccurred) | Expectedcreditlossfortheentireduration(withcreditimpairment) | ||
| BalanceasofJanuary01,2025 | 124,712.00 | 124,712.00 | ||
| BalanceonJanuary1,2025inthecurrentperiod | ||||
| BalanceasofJune30,2025 | 124,712.00 | 124,712.00 |
Basisforstageclassificationandbaddebtprovisionrates:StageIIprovisionsarebasedonaging,withaprovisionratioof0.00%for3to4years.Significantbookbalancechangesoccurredintheprovisionforlossesinthecurrentperiod
□Applicable?Notapplicable
4)Topfiveendingbalancesofotherreceivablesclassifiedbydebtors
Unit:CNY
| NameofUnit | NatureofPayment | Endingbalance | Aging | Proportionintotalendingbalanceofotherreceivables | EndingBalanceofProvisionforBadDebts |
| FAWJiefangAutomotiveCo.,Ltd. | Currentaccount | 6,553,498,669.71 | Within1year | 99.99% | |
| ChangchunCommitteeofMunicipalandRuralConstruction | Currentaccount | 459,006.26 | 3-4years | 0.01% | 124,712.00 |
| Total | 6,553,957,675.97 | 100.00% | 124,712.00 |
2.Long-termequityinvestment
Unit:CNY
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | ImpairmentProvision | BookValue | Bookbalance | ImpairmentProvision | BookValue | |
| Investmentinsubsidiaries | 21,611,015,169.73 | 21,611,015,169.73 | 21,611,015,169.73 | 21,611,015,169.73 | ||
| Investmentinassociatedenterprisesandjointventures | 188,210,129.22 | 188,210,129.22 | 184,102,155.37 | 184,102,155.37 | ||
| Total | 21,799,225,298.95 | 21,799,225,298.95 | 21,795,117,325.10 | 21,795,117,325.10 | ||
(1)Investmentinsubsidiaries
Unit:CNY
| Investee | Openingbalance(bookvalue) | Openingbalanceofimpairmentprovision | Increase/Decreaseinthecurrentperiod | Endingbalance(bookvalue) | Endingbalanceofimpairmentprovision | |||
| AdditionalInvestment | ReducedInvestment | ImpairmentProvision | Others | |||||
| FAWJiefangAutomotiveCo.,Ltd. | 21,081,923,036.51 | 21,081,923,036.51 | ||||||
| FAW(Africa)InvestmentCo.,Ltd. | 329,092,133.22 | 329,092,133.22 | ||||||
| FAWJiefangGroupInternationalAutomobileCo.,Ltd. | 200,000,000.00 | 200,000,000.00 | ||||||
| Total | 21,611,015,169.73 | 21,611,015,169.73 | ||||||
(2)Investmentinassociatedenterprisesandjointventures
Unit:CNY
| Investor | Openingbalance(bookvalue) | Openingbalanceofimpairment | Increase/Decreaseinthecurrentperiod | Endingbalance(bookvalue) | Endingbalanceofimpairment | |||||||
| AdditionalInvestment | ReducedInvestment | Investmentgainsorlossesrecognizedunderthe | Adjustmenttoothercomprehensiveincome | Changesinotherequity | Cashdividendsandprofits | ImpairmentProvision | Others | |||||
| provision | equitymethod | aredeclaredtobepaid | provision | |||||||
| I.Jointventures | ||||||||||
| II.Associatedenterprises | ||||||||||
| SanguardAutomobileInsuranceCo.,Ltd. | 184,102,155.37 | 2,203,459.15 | 1,904,514.70 | 188,210,129.22 | ||||||
| Subtotal | 184,102,155.37 | 2,203,459.15 | 1,904,514.70 | 188,210,129.22 | ||||||
| Total | 184,102,155.37 | 2,203,459.15 | 1,904,514.70 | 188,210,129.22 | ||||||
Therecoverableamountisthenetamountofthefairvalueafterdeductingthedisposalexpenses
□Applicable?NotapplicableTherecoverableamountisthepresentvalueoftheexpectedfuturecashflow
□Applicable?Notapplicable
3.Investmentincome
Unit:CNY
| Item | AmountIncurredinCurrentPeriod | AmountIncurredinthePreviousPeriod |
| Long-termequityinvestmentincomecalculatedwithcostmethod | 353,500,000.00 | |
| Incomefromlong-termequityinvestmentsaccountedforusingtheequitymethod | 2,203,459.15 | 194,893,139.83 |
| Total | 2,203,459.15 | 548,393,139.83 |
XVII.SupplementaryInformation
1.Breakdownofnon-recurringprofitorlossofcurrentperiod?Applicable□Notapplicable
Unit:CNY
| Item | Amount | Description |
| Profitsorlossesondisposalofnon-currentassets | 154,614,688.74 | Itreferstothenetgainondisposalofnon-currentassets. |
| Governmentsubsidiesincludedinthecurrentprofitorloss(exceptthosecloselyrelatedtotheCompany’snormaloperations,conformingtotheStatepoliciesandregulationsandenjoyedinlinewiththespecifiedstandards,andhavingacontinuousimpactontheprofitorlossoftheCompany) | 311,937,333.71 | |
| Reversalofimpairmentprovisionforreceivablessubjecttoseparateimpairmenttest | 1,802,060.86 | Thereversalofimpairmentprovisionforreceivablessubjecttoseparateimpairmenttest. |
| Non-operatingincomeandexpensesotherthantheabove | 9,661,615.98 | Thenetnon-operatingincomeandexpenses. |
| Less:amountaffectedbyincometax | 81,725,953.01 | |
| Amountaffectedbyminorityshareholder’sequity(after-tax) | -3,703.29 | |
| Total | 396,293,449.57 | -- |
Specificconditionsofotherprofitandlossitemsmeetingthedefinitionofnon-recurringprofitandloss:
□Applicable?NotapplicableTherearenospecificconditionsofprofitandlossitemsmeetingdefinitionofnon-recurringprofitandlossfortheCompany.Explanationondefiningthenon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosurebyCompaniesIssuingSecuritiesPublicly-Non-recurringProfitandLossasrecurringprofitandlossitems
□Applicable?Notapplicable
2.Returnonnetassetsandearningspershare
| ProfitfortheReportingPeriod | Weightedaveragereturnonequity | EarningsperShare | |
| BasicearningsperShare(CNY/share) | DilutedearningsperShare(CNY/share) | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany | 0.08% | 0.0040 | 0.0040 |
| NetprofitattributabletoordinaryshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | -1.44% | -0.08 | -0.08 |
3.Differencesinaccountingdataunderdomesticandforeignaccountingstandards
(1)DifferencesinnetprofitsandnetassetsinthefinancialreportdisclosedsimultaneouslyaccordingtotheinternationalaccountingstandardsandChinaaccountingstandards
□Applicable?Notapplicable
(2)DifferencesinnetprofitsandnetassetsinthefinancialreportdisclosedsimultaneouslyaccordingtoforeignaccountingstandardsandChinaaccountingstandards
□Applicable?Notapplicable
(3)Explanationofthereasonsforaccountingdatadifferencesunderdomesticandforeignaccountingstandardsshallbegiven,andwheredataauditedbyanoverseasauditauthorityhasbeenadjustedbasedonthedifferences,thenameoftheoverseasinstitutionshallbeindicated.
4.Others
SectionIXOtherSubmittedDataI.OtherSignificantSocialSafetyIssues
Whetherthelistedcompanyanditssubsidiarieshaveothersignificantsocialsafetyissues
□Yes?No□NotapplicableWhethertheCompanywassubjecttoadministrativepenaltiesduringthereportingperiod
□Yes?No□Notapplicable
II.Reception,Investigation,Communication,InterviewandOtherActivitiesintheReportingPeriodRegistrationForm?Applicable□Notapplicable
| ReceptionTime | ReceptionLocation | ReceptionMode | TypeofReceptionObject | ReceptionObject | MainContentsofDiscussionandInformationProvided | IndexofBasicInformationofInvestigation |
| January8,2025 | MeetingroomoftheCompany | FieldResearch | Organization | ChinaAMC,HuataiSecurities,PSBC,HuashangFund,PICC,PenghuaFund | OperationanddevelopmentplanningoftheCompany,norelevantinformationisprovided | http://www.cninfo.com.cn/new/disclosure/stock?stockCode=000800&orgId=gssz0000800&sjstsBond=false#research |
| March31,2025 | Beijingmeetingroom | FieldResearch | Others | JtAssetManagementCo.,Ltd.,ChinaLifePensionCompanyLimited.,JilinChangbaiMountainPrivateFundManagementCo.,Ltd.,SHANGHAIKANDAOASSETSMANAGEMENT, | OperationanddevelopmentplanningoftheCompany,norelevantinformationisprovided |
| NortheastSecuritiesCo.,Ltd.,SoochowSecuritiesCo.,Ltd.,DongxingSecuritiesCorporationLimited,NanjingGuohaiAutoPartsCo.,Ltd.,SinolinkSecuritiesCo.,Ltd.,HaitongSecuritiesCo.,Ltd.,HengtaiSecuritiesCo.,Ltd.,HuaanSecuritiesCo.,Ltd.,HuachuangSecuritiesCo.,Ltd.,HuataiSecuritiesCo.,Ltd.,LianchuSecuritiesCo.,Ltd.,WesternSecuritiesCo.,Ltd.,SouthwestSecuritiesCo.,Ltd.,ChinaInternationalCapitalCorporationLimited(CICC),ChinaSecuritiesCo.,Ltd.andCITICSecuritiesCompanyLimited | |||||
| April14,2025 | P5wNet“InvestorRelationsInteractivePlatform”（https://ir.p5w.net） | Networkplatformforonlinecommunication | Others | InvestorsparticipatinginFAWJiefang2024AnnualPerformancePresentation | OperationanddevelopmentplanningoftheCompany,norelevantinformation |
| isprovided | |||||
| May27,2025 | P5wNet“InvestorRelationsInteractivePlatform”（https://ir.p5w.net） | Networkplatformforonlinecommunication | Others | InvestorsparticipatingintheOnlineCollectivePerformancePresentationofListedCompanieswithintheJurisdictionofJilin | OperationanddevelopmentplanningoftheCompany,norelevantinformationisprovided |
III.FundsTransactionsBetweentheListedCompanyandItsControllingShareholdersandOtherRelatedParties?Applicable□Notapplicable
Unit:CNY10,000
| Name | Nature | Openingbalance | AmountIncurredinthereportingperiod | Amountofrepaymentsinthereportingperiod | Endingbalance | Interestincome | Interestexpense |
| FirstAutomobileFinanceCo.,Ltd. | Operatingtransactions | 902,833.53 | 21,079,340.23 | 21,108,746.87 | 877,237.54 | 3,810.65 | |
| ChinaFAWGroupImport&ExportCo.,Ltd. | Operatingtransactions | 587,007.00 | 44,939.48 | 9,854.24 | 622,092.24 | ||
| FAW-HONGTAYunnanAutomobileCo.,Ltd. | Operatingtransactions | 4,317.00 | 4,317.00 | ||||
| FAWMoldManufacturingCo.,Ltd. | Operatingtransactions | 3,848.78 | 3,848.78 | ||||
| ChinaFAWGroupCo.,Ltd. | Operatingtransactions | 1,869.00 | 1,869.00 | ||||
| FAWAssetManagementCo.,Ltd. | Operatingtransactions | 553.55 | 504.80 | 48.75 | |||
| FAWHarbinLight-AutomobileCo.,Ltd. | Operatingtransactions | 528.04 | 460.32 | 67.72 | |||
| FAWLogisticsCo.,Ltd. | Operatingtransactions | 71.91 | 23.33 | 48.58 | |||
| QimingInformationTechnologyCo.,Ltd. | Operatingtransactions | 26.67 | 23.67 | 3.00 | |||
| ChinaFAWCo.,Ltd. | Operatingtransactions | 21.51 | 1.12 | 20.39 | |||
| FAWForging(Jilin)Co.,Ltd. | Operatingtransactions | 2.58 | 44.29 | 2.58 | 44.29 | ||
| FAWLogistics | Operating | 0.21 | 0.03 | 0.18 |
| (ChangchunLushun)StorageandTransportationCo.,Ltd. | transactions | |||||
| HainanTropicalAutomobileTestCo.,Ltd. | Operatingtransactions | 2.50 | 2.50 | |||
| SanguardAutomobileInsuranceCo.,Ltd. | Operatingtransactions | 1.84 | 1.84 | |||
| ChangchunAutomotiveTestCenterCo.,Ltd. | Operatingtransactions | 93.36 | 93.36 | |||
| FAWEquityInvestment(Tianjin)Co.,Ltd. | Operatingtransactions | 0.68 | 0.68 | |||
| Total | -- | 1,501,079.78 | 21,124,422.38 | 21,125,334.74 | 1,503,978.07 | 3,810.65 |