Chongqing Changan Automobile Company Limited Semi-annual Report 2015
1
Chongqing Changan Automobile Company Limited
Semi-annual Report 2015
August 2015
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
I.Important directory and interpretation
The Board of Directors & Supervisors, the directors, supervisors and senior management of the Company
guarantee that the information contained in the report is free of false records, misguiding statements or
significant omissions, and assume individual and joint liabilities for the truthfulness, accuracy and integrity
of the report.
All the directors attended the board meeting on auditing the report.
For the first half of the year, the Company has no plans of cash dividend distributed, no bonus shares and has
no share converted from capital reserve either.
Chairman Mr. Xu Liuping, Chief Accountant Mr. Wang Kun, and the Chief of Accountant department Mr.
Hua Zhanbiao guarantee: the truthfulness and completeness of the financial statements of this semi-annual
report.
The report shall be presented in both Chinese and English, and should there be any conflicting understanding of
the text, the Chinese version shall prevail.
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
Contents
I Important notes, contents and definitions
General introduction to the Company
II
III Accounting data and summary of financial indexes
IV Report by Board of Directors
Important Issues
V
Change in shares and information about
VI shareholders
Information on directors, supervisors, senior
VII executives and staffs
Financial Statements
VIII
IX Document for future reference
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
Definition
Changan Auto., the
meaning Chongqing Changan Automobile Company Limited
Company
South Industries meaning China South Industries Group Corp. Company’s actual controller
China Changan, old name: China South Industries Automobile Co., Ltd., a subsidiary company
China Changan meaning
of South Industries
Chongqing Changan Industry(Group) Co., Ltd., old name: Changan Automobile Co., Ltd.,
Changan Industry meaning Changan Automobile (Group) Co., Ltd., a subsidiary company of South Industries, the
controlling shareholder of the Company before December, 2005
Nanjing Changan meaning Nanjing Changan Automobile Co., Ltd., a subsidiary company of the Company
Hebei Changan meaning Hebei Changan Automobile Co., Ltd., a subsidiary company of the Company
Hefei Changan meaning Hefei Changan Automobile Co., Ltd., a subsidiary company of the Company
Changan Bus meaning Baoding Changan Automobile Co., Ltd., a subsidiary company of the Company
International Company meaning Chongqing Changan Automobile International Sales Service Co., Ltd.
CFA meaning Changan Ford Automobile Co.,，a JV of the Company
CMA meaning Changan Mazda Automobile Co.,，a JV of the Company
CFME meaning Changan Ford Mazda Engine Co., a JV of the Company
CAPSA meaning Changan PSA Automobiles Co., Ltd，a JV of the Company
Changan Suzuki meaning Chognqing Changan Suzuki Auto. Co.Ltd., a JV of the Company
Jiangling holding meaning Jiangling Holding Co., a JV of the Company
Hafei Group meaning Harbin Hafei Automobile Industry Group Co., Ltd., a subsidiary company of China Changan
Chongqing Changan Minsheng APLL Logistics Co., Ltd, a subsidiary company of Changan
CMAL meaning
Industry
Financial Co. of CSGC meaning Financial Co. of China South Industries Group Corporation
Zhonghui Futong meaning ZhongHui fortis investment co., LTD., a subsidiary of China Changan
Hefei Changan Refers to Hefei Changan Automobile Co., Ltd., a subsidiary company of the Company
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
II. General Introduction to the Company
I. Company information
Share referred to as Changan Auto, Changan B Share code 000625、200625
Listed securities exchange Shenzheng securities exchange
The company’s legal Chinese
重庆长安汽车股份有限公司
Name
Abbreviations of company’s
长安汽车
legal Chinese Name
The company’s legal English
Chongqing Changan Automobile Company Limited
Name
The company’s legal
Xu Liuping
representative
II. Contacts
representative of securities
The secretary of the board of directors
transaction
Name Wang Kung(Agent)、Li Jun
No.260 Jianxin East Road, Jiangbei District of
Address
Chongqing
Tel. 023-67594008
Fax 023-67866055
e-mail cazqc@changan.com.cn
III. Others
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company
changed in reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company have no
change in reporting period. See more details in Annual Report 2014.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
The newspaper appointed for information disclosure, website for semi-annual report publish appointed
by CSRC and preparation place for semi-annual report have no change in reporting period. See more details
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
in Annual Report 2014.
3. Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration number for enterprise legal license, number of
taxation registration and organization code have no change in reporting period. See more details in Annual
Report 2014.
4. Other relevant information
Whether other relevant information has changed in reporting period or not
□ Applicable √ Not applicable
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
III. Accounting data and summary of financial indexes
I、Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
error correction or not
□Yes √No
In RMB yuan
Increase/decrease
Report period Same period of last year
y-o-y (%)
Operating revenue (RMB) 33,052,955,177.49 24,206,730,641.95 36.54%
Net profit attributable to shareholders of
5,085,266,527.13 3,628,092,998.93 40.16%
the listed company (RMB)
Net profit attributable to shareholders of
the listed company after deducting 4,889,911,259.69 3,562,976,770.99 37.24%
non-recurring gains and losses (RMB)
Net cash flow arising from operating
6,436,148,978.03 3,541,495,260.91 81.74%
activities (RMB)
Basic earnings per share (RMB/Share) 1.09 0.78 39.74%
Diluted earnings per share (RMB/Share) 1.09 0.78 39.74%
Weighted average ROE (%) 18.44% 17.61% 0.83% up
Increase/decrease
Report period Same period of last year
y-o-y (%)
Total assets (RMB) 79,898,841,119.46 69,687,352,890.82 14.65%
Net assets attributable to shareholder of
29,504,554,653.01 25,637,298,549.80 15.08%
the listed company (RMB)
II、The differences between domestic and international accounting standards
(1).Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial
reports of differences in net income and net assets.
□ Applicable √Not applicable
(2). Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□ Applicable √Not applicable
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
III、non-recurring profit and loss project and cash
In RMB yuan
Project Amount Illustration
Gain/loss of non-current assets -2,376,011.85
The government subsidies included in the current profits
and losses (except government subsidies closely related 207,987,113.43
to corporate business, entitled in fixed quota or quantity)
Current net profit from beginning to combined date of
business combination under common control
Investment income from disposing available-for-sale equity
securities
Other non-business income and expenditures other than the
30,693,680.11
above items
Subtract: Influenced amount of income tax 38,417,385.55
Influenced amount of miniority shareholders’ equity (after
2,532,128.70
tax)
Total 195,355,267.44
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for
Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated
in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring
Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
In reporting period, the Company has no particular items defined as recurring profit (gain)/loss according to the lists of extraordinary
profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public ---
Extraordinary Profit/loss.
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
IV. Report by Board of Director
I、Overview
In the first half of 2015, the Company actively responded to the challenges of increasing market competition, and economic
downward pressure, etc., while the production and operation reached a historical high. During the reporting period, the Company and
its associated enterprises and subordinate joint ventures sold more than1.466 million vehicles in total, up 11% year-on-year, 9.6
percentage points higher than the industry average. Among them, 0.549 million Changan brand passenger vehicles (including the new
mini bus, excluding JVs) have been sold, up 40% year-on-year, ranking first among Chinese brands. In China’s auto market, the
Company achieved a market share of about 12.4%, 1.1percentage points higher than the previous year, and the sales volume
continues to rank top 3 in Chinese automobile industry. (Data source: China Association of Automobile Manufacturers.)
II、Analysis of Main Business
During the reporting period, the Company delivered operating revenue of RMB 33,052,955,177.49 Yuan and net profit
attributable to shareholders of public Corporation RMB 5,085,266,527.13Yuan, with year-on-year growth of 36.54% and 40.16%
respectively. As of the end of the reporting period, the Company's total assets reached RMB 79,898,841,119.46Yuan, up 14.65%
compared with the beginning of the year, total liabilities RMB 50,603,703,606.97 Yuan, up 14.41% compared with the beginning of
the year, debt asset ratio 63.33%, down 0.14 percentage points compared with the beginning of the year. During the reporting period,
the Company delivered net increase in cash and cash equivalents of RMB 3,982,053,336.06 Yuan, with a year-on-year increase of
RMB 728,252,405.51 Yuan, with a year-on-year growth of 22.38%. The net cash flow from operating activities reached RMB
6,436,148,978.03Yuan, with an increase of RMB2,894,653,717.12 Yuan, up 81.74%. The Company has constantly improved its
operation quality and enhanced its profitability.
Y-o-y changes of main financial data
In RMB yuan
Same period of last Y-o-y
Current period Reasons for changes
year（restated） increase/decrease
operating revenue 33,052,955,177.49 24,206,730,641.95 36.54% Increase in scale of production and sales
Operating cost 27,249,934,200.22 19,995,482,492.16 36.28% Increase in scale of production and sales
Increase in the sales and the proportion of
Business tax and
1,545,626,871.52 925,095,503.04 67.08% high-tax-rate models, which led the increase
surcharges
in consumption tax
Operating expenses 2,135,150,631.89 2,115,030,025.67 0.95%
General and Increase in salary payable, depreciation and
2,039,913,264.88 1,603,360,209.07 27.23%
administrative expenses technology research expenses
Decrease in interest income and increase in
Financial expenses -75,769,863.16 89,149,560.21 -184.99%
interest expenses
Impairment loss on Impairment loss on fixed assets and intangible
128,153,351.20 32,554,907.42 293.65%
assets assets in previous period.
Investment income 4,962,949,794.75 4,084,040,246.48 21.52% Large increase in investment income from
Chongqing Changan Automobile Company Limited Semi-annual Report 2015
Changan Ford&Changan Mazda.
Non-operating income 253,309,797.80 90,453,586.04 180.04% Increase in government grant.
Large increase in investment income from the
Total profit 5,229,201,297.38 3,615,297,138.57 44.64%
joint ventures and the Chinese brand profits.
Increase in current income tax expenses and
Income tax expense 171,465,058.19 -530,676.54 32410.65%
decrease in deferred income tax expenses.
Net profit Large increase in investment income from the
5,085,266,527.13 3,628,092,998.93 40.16%
attributable to owners joint ventures and the Chinese brand profits.
R&D investment 1,103,565,009.68 916,014,863.95 20.47%
Mainly because of the growth of sales income
Subtotal of cash inflow
6,436,148,978.03 3,541,495,260.91 81.74% higher than taxes expense,payroll,cash
from
