Chongqing Changan Automobile
Company Limited
2024 Annual Report
April 2025
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 1 Important Notice, Contents, and Definitions
1. The Board of Directors (or the “Board”), the Supervisory Board as well as the directors, supervisorsand senior managers of Chongqing Changan Automobile Co., Ltd. hereby guarantee the factuality,accuracy and completeness of the contents of this Report and its summary, and shall be jointly andseverally liable for any misrepresentations, misleading statements or material omissions therein.
2. Zhu Huarong, the Company’s legal representative, Zhang Deyong, the Company’s Chief FinancialOfficer and Shi Haifeng, the person-in-charge of the accounting organ hereby guarantee that thefinancial statements carried in this Report are factual, accurate, and complete.
3. Except the following directors, all the directors have attended the board meeting for reviewing thisReport.
| Name of the directors absent | Positions | Reasons for the absence | Name of the Trustees |
| Jia Lishan | Director | Reason for work | Deng Wei |
| Li Keqiang | Independent director | Reason for work | Yang Xinmin |
| Ding Wei | Independent director | Reason for work | Tang Guliang |
| Zhang Ying | Independent director | Reason for work | Li Zhenyu |
4. Any prospective description such as future business plans and development strategies in this Reportshall not be considered as the Company’s commitment to investors. Investors and relevant personsshall be sufficiently mindful of risks, and undertake the difference in plans, predictions andcommitment.
5. Chapter III “Management Discussion and Analysis” of this Report describes the possible risks andcountermeasures of the Company, and investors shall pay attention to the relevant content.
6. The Board has approved a final dividend plan as follows: Based on 9,914,086,060 shares, a cashdividend of RMB 2.95 (tax included) per 10 shares is to be distributed to all shareholders, withouttransferring capital reserve to share capital.This Report have been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.
Chongqing Changan Automobile Company Limited 2024 Annual Report
CONTENTS
Chapter 1 Important Notice, Contents, and Definitions ...... 1
Chapter 2 Company Profile and Main Financial Indexes ...... 4
Chapter 3 Management Discussion and Analysis ...... 8
Chapter 4 Corporate Governance ...... 38
Chapter 5 Environmental and Social Responsibility ...... 59
Chapter 6 Important Matters ...... 68
Chapter 7 Share Changes and Shareholder Information ...... 73
Chapter 8 Preference Shares ...... 79
Chapter 9 Bonds ...... 80
Chapter 10 Auditor’s Report ...... 83
Chongqing Changan Automobile Company Limited 2024 Annual Report
Documents Available for Reference
I. Financial statements carrying the signatures and seals of the Company’s legal representative, the Chief FinancialOfficer, and the person-in-charge of the accounting organ.Ⅱ. The 2024 Auditor’s Report stamped by the accounting firm, signed and stamped by chartered accountants.Ⅲ. During the reporting period, the original copies of all company documents and announcements publiclydisclosed by the Company in China Securities Journal, Securities Times, Securities Daily, Shanghai Securities News,and Hong Kong Commercial Daily.IV. Annual Reports disclosed in other securities markets.
Definitions
| Items | Definitions | |
| Changan Automobile, ChangAn, the Company | Refers to | Chongqing Changan Automobile Co., Ltd. |
| CSG | Refers to | China South Industries Group Corporation, Ltd., the Company’s actual controller |
| China Changan | Refers to | China Changan Automobile Group Co., Ltd., formerly known as China South Industries Automobile Co., Ltd., a subsidiary company of CSG |
| Changan Industry | Refers to | Chongqing Changan Industry (Group) Co., Ltd., formerly known as Changan Automobile (Group) Co., Ltd., a subsidiary company of CSG |
| Nanjing Changan | Refers to | Nanjing Changan Automobile Co., Ltd., a subsidiary company of the Company |
| Hebei Changan | Refers to | Hebei Changan Automobile Co., Ltd., a subsidiary company of the Company |
| Hefei Changan | Refers to | Hefei Changan Automobile Co., Ltd., a subsidiary company of the Company |
| Changan Kaicheng | Refers to | Chongqing Changan Kaicheng Automotive Technology Co., Ltd., a subsidiary company of the Company |
| Changan Ford | Refers to | Changan Ford Automobile Co., Ltd., a JV of the Company |
| Changan Mazda | Refers to | Changan Mazda Automobile Co., Ltd., a JV of the Company |
| CME | Refers to | Changan Mazda Engine Co., Ltd., a JV of the Company |
| Deepal Auto | Refers to | Deepal Automotive Technology Co., Ltd., a subsidiary company of the Company |
| Avatr | Refers to | Avatr Technology (Chongqing) Co. Ltd., an associate of the Company |
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 2 Company Profile and Main Financial Indexes
I. Basic Information
| Stock abbreviation | Changan Automobile, Changan B | Stock Code | 000625, 200625 |
| Listed on | Shenzhen Stock Exchange | ||
| Company name in Chinese | 重庆长安汽车股份有限公司 | ||
| Chinese abbreviation | 长安汽车 | ||
| Company name in English | Chongqing Changan Automobile Company Limited | ||
| Legal representative | Zhu Huarong | ||
| Registered address | No. 260, East Jianxin Road Jiangbei District, Chongqing | ||
| Post code of the registered address | 400023 | ||
| Office address | No. 260, East Jianxin Road, Jiangbei District, Chongqing. Building T2, No. 2, Financial City, No. 61 Dongshengmen Road, Jiangbei District, Chongqing. | ||
| Post code of the office address | 400023 | ||
| Website | http://www.changan.com.cn | ||
| E-mail address | cazqc@changan.com.cn | ||
Ⅱ. Contact Information
| Secretary of the Board of Directors | Securities affairs representative | |
| Name | Zhang Deyong, Li Jun | Jie Zhonghua |
| Contact address | Building T2, No. 2, Financial City, No. 61 Dongshengmen Road, Jiangbei District, Chongqing | Building T2, No. 2, Financial City, No. 61 Dongshengmen Road, Jiangbei District, Chongqing |
| TEL | 023-67594008 | 023-67594008 |
| FAX | 023-67870261 | 023-67870261 |
| E-mail address | cazqc@changan.com.cn | jiezh@changan.com.cn |
Ⅲ. Information Disclosure and Filing Site
| Stock exchange website where this Report is disclosed | http://www.szse.cn |
| Media and website where this Report is disclosed | China Securities, Journal, Securities Times, Securities Daily, Shanghai Securities News, Hong Kong Commercial Daily and www.cninfo.com.cn |
| Place where this Report is lodged | Board Office of the Company |
IV. Changes of Registration Information
| Organization Code | 9150000020286320X6 |
| Changes in the main business since the Company’s listing | Not applicable |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Changes of controlling shareholder since incorporation (if any) | 1. In December 2005, according to the restructuring program on automobile business, the Company’s actual controller, CSG transferred all state-owned shares of Changan Automobile (Group) Company Limited (“Changan Group”) as part of funding for China South Industries Automobile Co., Ltd. In March 2006, all shares held by Changan Group have been transferred to China South Industries Automobile Co., Ltd. China South Industries Automobile Co., Ltd. became the majority shareholder of the Company, and Changan Group holds zero share since then. 2. In July 2009, with the approval of State Administration for Industry and Commerce, “China South Industries Automobile Co., Ltd.” changed its name to “China Changan Automobile Group Co., Ltd.”. No change occurred in its property, ownership and control of the Company. 3. In February 2019, “China Changan Automobile Group LLC” changed its name to “China Changan Automobile Group Co., Ltd.” with the approval of Beijing Administration for Industry and Commerce. The company changed from a joint stock company to a limited liability company. |
V. Other Relevant InformationThe audit firm employed by the Company
| Name | Lixin Certified Public Accountants (Special General Partnership) |
| Office address | 4th Floor, No. 61 Nanjing East Road, Huangpu District, Shanghai, China |
| Accountants writing signatures | Zhu Yuqin, Wang Kai |
The independent sponsor employed by the Company to exercise constant supervision over the Company in thereporting period
√ Applicable □Not applicable
| Name | Office address | Sponsor representative | Supervision period |
| CITIC Securities Co., Ltd. | 21st Floor, CITIC Securities Building, No. 48 Liangmaqiao Road, Chaoyang District, Beijing | He Yang, Liu Mengdi | October 26, 2020 - December 31, 2021 |
Note: CITIC Securities Co., Ltd. is the recommendation institution for the continuous supervision of the company'snon-public offering of shares in 2020.The independent financial advisor employed by the Company to exercise constant supervision over the Company inthe reporting period
□ Applicable √ Not applicable
VI. Key Accounting Data and Financial IndexesDoes the Company need to retrospectively adjust or restate the accounting data of previous years?
□Yes √ No
| 2024 | 2023 | YoY change (%) | 2022 | |
| Operating revenue (RMB) | 159,733,034,213.25 | 151,297,706,646.97 | 5.58% | 121,252,864,085.40 |
| Net profit attributable to shareholders of the Company (RMB) | 7,321,363,897.24 | 11,327,463,013.15 | -35.37% | 7,798,785,367.38 |
| Net profit after deduction of non-recurring gains or losses attributable to shareholders of the Company(RMB) | 2,587,271,652.90 | 3,781,846,729.11 | -31.59% | 3,254,790,124.46 |
| Net cash flow from operating activities (RMB) | 4,849,398,813.14 | 19,861,466,237.56 | -75.58% | 5,666,346,858.52 |
| Basic earnings per share (RMB/share) | 0.74 | 1.15 | -35.65% | 0.80 |
| Diluted earnings per share | 0.74 | 1.13 | -34.51% | 0.78 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| (RMB/share) | ||||
| Weighted average ROE (%) | 9.69% | 16.55% | -6.86% | 13.07% |
| 31 December 2024 | 31 December 2023 | YoY change (%) | 31 December 2022 | |
| Total assets (RMB) | 208,168,160,960.86 | 190,171,127,138.27 | 9.46% | 146,049,068,075.25 |
| Net assets attributable to shareholders of the Company (RMB) | 76,576,224,624.99 | 71,853,119,985.49 | 6.57% | 62,858,608,356.06 |
The lower of the Company’s net profit before and after deduction of non-recurring gains and losses in the mostrecent three fiscal years is negative, and the audit’s report of last year shows that the Company’s ability to continueoperations is uncertain.
□Yes √ No
The lower of the net profit before and after non-recurring gains and losses is negative.
□Yes √ No
VII. The Differences between Chinese Accounting Standards and InternationalFinancial Reporting Standards
1. Differences in net profit and net asset attributable to shareholders in financial reportdisclosed in accordance with International Financial Reporting Standards and ChineseAccounting Standards
□ Applicable √ Not applicable
No difference during the reporting period.
2. Differences of net profit and net assets disclosed in financial reports prepared underOverseas Financial Reporting Standards and Chinese Accounting Standards
□ Applicable √ Not applicable
No difference during the reporting period.
3. Reasons for differences in accounting data under Chinese Accounting Standards andInternational Financial Reporting Standards
□ Applicable √ Not applicable
VIII. Key Financial Indexes of 2024 by Quarter
Unit: RMB
| First Quarter | Second Quarter | Third Quarter | Forth Quarter | |
| Operating revenues | 37,023,223,131.54 | 39,699,426,592.25 | 34,236,946,567.92 | 48,773,437,921.54 |
| Net profit attributable to shareholders of the Company | 1,158,060,683.94 | 1,673,682,427.88 | 748,103,820.93 | 3,741,516,964.49 |
| Net profit attributable to shareholders of the Company after deducting non-recurring gains and losses | 111,699,858.33 | 1,056,980,198.54 | 512,051,599.06 | 906,539,996.97 |
| Net cash flow from operating activities | 5,247,360,763.49 | -1,812,260,022.96 | 958,367,399.79 | 455,930,672.82 |
Whether there are significant differences between the above-mentioned financial indexes or its total number and therelevant financial indexes disclosed in the Company’s quarterly report and semi-annual report
□ Yes √ No
Chongqing Changan Automobile Company Limited 2024 Annual Report
IX. Items and Amounts of Non-Recurring Gains and Losses
√ Applicable □Not applicable
Unit: RMB
| Items | 2024 | 2023 | 2022 | Explanation |
| Gains or losses on disposal of non-current assets (inclusive of impairment allowance write-offs) | 2,550,458,320.83 | 441,000,628.40 | 74,862,481.00 | The main reason is that the company recognized gains from the disposal of fixed assets and intangible assets this year. |
| Government subsidies charged to current gains or losses (exclusive of government subsidies given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s uniform standards) | 1,627,457,923.14 | 1,463,381,979.58 | 1,134,358,181.32 | |
| In addition to the effective hedging business related to the normal operation of the company, the fair value change gains and losses arising from the holding of financial assets and financial liabilities by non-financial enterprises and the gains and losses arising from the disposal of financial assets and financial liabilities | -16,650,665.50 | -955,029.68 | 3,570,229.29 | |
| Income generated from mergers of enterprises not under the same control | 5,021,482,128.74 | |||
| Capital occupation fees charged to non-financial enterprises through profit or loss for the current period | 91,188,204.08 | 66,074,620.29 | 40,505,154.81 | |
| Reversal of impairment provision for accounts receivable subject to separate impairment testing | 4,068,950.07 | 21,286,713.50 | 2,847,641.57 | |
| Gains from remeasuring remaining equity at fair value after losing control | 2,128,313,646.36 | |||
| Other non operating income and expenses other than the above items | 133,244,432.31 | 141,715,255.35 | 77,519,377.00 | |
| Other profit and loss items that meet the definition of non recurring gains and losses (note) | 1,014,345,065.86 | 673,232,447.45 | 1,204,463,464.00 | |
| Minus: influenced amount of income tax | 592,833,534.16 | 255,466,128.30 | 94,817,746.44 | |
| Non-controlling interests effects (after tax) | 77,186,452.29 | 26,136,331.29 | 27,627,185.99 | |
| Total | 4,734,092,244.34 | 7,545,616,284.04 | 4,543,995,242.92 |
Particulars about other gains and losses that meet the definition of non-recurring gain/loss
√ Applicable □ Not applicable
In accordance with the implementation of “Explanatory Announcement No. 1 on Information Disclosure ofCompanies Offering Securities to the Public — Non-recurring Gains and Losses”, the non-recurring gains and lossesof the investee company that the investor is entitled to in proportion are recognized in the investment incomeaccounted for using the equity method.
Explanation of why the Company reclassifies non-recurrent gain/loss as a recurrent gain/loss item listed in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Extraordinary Gain/Loss Items
□ Applicable √ Not applicable
No such cases for the reporting period.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 3 Management Discussion and Analysis
I．Industry Overview in 2024
1. The industry analysis
The year 2024 marked a pivotal stage in accomplishing the objectives outlined in China’s 14th Five-Year Plan.Confronted with escalating external pressures and increasingly complex domestic challenges, the Chinesegovernment proactively implemented the “Dual Priorities” and “Dual Renewal Initiatives” at the national level.These measures substantially reinforced investment stability and unleashed consumption potential. Notably, sinceSeptember 2024, a series of incremental policy packages have been progressively implemented, yielding tangibleresults in restoring market confidence and driving a distinct economic rebound. At the industry level, the automotivesector has taken the lead in innovation-driven development of advanced productive forces. Through accelerated newproduct launches and enhanced product performance, manufacturers have consistently met market demands.Concurrently, the two-phase “Trade-in” policies with progressively intensified incentives implemented throughoutthe year has effectively unlocked latent consumption potential in the automobile market. While expanding the marketshare of new energy vehicles, it has also promoted the green development of China's automobile industry, laying asolid foundation for the high-quality development of the automobile industry and becoming an important drivingforce for economic growth. The specific situation of the automobile industry during the reporting period is as follows:
In 2024, China's automotive industry sold a cumulative total of 31.436 million vehicles, with a year-on-yearincrease of 4.5%. Following 2023, the market size once again surpassed the 30 million mark. The overall marketsales throughout the year showed a trend of “low at the beginning and high at the end”: at the start of the year, dueto the official price cuts by multiple automakers, industry competition intensified, leading to the release of someconsumer demand. In the first quarter, the industry’s sales volume rose by over 10% year-on-year. However,constrained by factors such as the macro-economic pressures, weak domestic demand,and consumer confidence,along with a wait-and-see attitude triggered by market competition, the industry's growth momentum weakenednotably in the second quarter. In the second half of the year, driven by multiple factors such as the strengthenedimplementation of the “Trade-in” policy and the rising demand for self-driving trips during holidays, the vitality ofthe automotive market rebounded, with demand being continuously released. The industry showed clear signs ofrecovery,as sales climbed month by month through the end of the year. The main characteristics of the industrythroughout the year are as follows:
Firstly, the industry has continued to expand in scale. Supported by a series of policies aimed at expandingdomestic demand and optimizing the economic structure, China's automobile market maintained a scale of over 30million vehicles in 2024, marking the fourth consecutive year of growth. The strong growth of new energy vehicleshas driven the market share of Chinese brand passenger cars to 65.2%, indicating that Chinese brands have secureda dominant position in the increasingly competitive automotive market.
Secondly, the transformation of new and old driving forces in the industry has accelerated, accompanied by theoptimization and upgrading of the industrial structure. New energy vehicles and exports emerged as the primary newdrivers of the growth for China's automotive industry in 2024. The production and sales scale of new energy vehicleshas exceeded 10 million units for the first time, demonstrating robust growth momentum. The domestic penetrationrate of NEVs exceeded 50% for four consecutive months starting from August. Meanwhile, significant progress hasbeen made in expanding overseas markets, with annual export reaching 5.859 million vehicles, a record high. Theglobal automotive industry landscape is undergoing rapid transformation.
Thirdly, industry competition has intensified further. From “electric vehicle being priced lower than ICEvehicles” to “price reductions across both fuel and electric vehicles”, traditional Chinese auto brands, new energyvehicle startups, and even joint-venture brands have entered the fray,fueling increasingly fierce price competition inthe industry, and posing challenges to the profitability of enterprises. A full-scale rivalry is unfolding betweenestablished automakers and new entrants,, with the latter rapidly gaining ground through innovative advantages,while traditional automakers are leveraging their brand heritage and supply chain strengths to stay competitive. Inaddition, digital traffic has emerged as a new factor of production, and Internet-based social media platforms havebecome a critical battleground for brand marketing. New players have significantly boosted product visibilitythrough innovative marketing strategies and diverse communication channels, creating substantial pressure ontraditional brands.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Source: The above data/information is sourced from the “China Automobile Industry Production and SalesExpress” published by the China Association of Automobile Manufacturers(CAAM) and its industry informationreleases
2. ChangAn’s performance
In 2024, ChangAn marked its fortieth year in the civilian automobile market, and it was also a pivotal year forthe deepening of its digital and intelligent transformation. Confronted with the intricate internal and externalenvironment, ChangAn fully embraced the new development philosophy, steadfastly adhered to the overarchingdirection of the “Third Business Venture- Innovation & Entrepreneurship Program”, and dedicated itself topromoting high-quality development of the enterprise. The “Three Major Plans” (namely, Electrification-“MissionOf Shangri-La”, Intelligence-“Dubhe Plan” and Globalization-“Vast Ocean Plan”) were advanced in a coordinatedmanner. The Company actively addressed challenges such as intensified market competition, achieving steadygrowth in its Chinese-branded vehicle segment, a turnaround in its joint-venture vehicle segment, and robustexpansion in its new energy and export segments. These achievements injected fresh momentum into the Companyand significantly bolstered the steady increase of its market share. In 2024, ChangAn achieved annual sales of 2.684million vehicles, reaching a seven-year high, with a year-on-year increase of 5.1%. This also marked the fifthconsecutive year of year-on-year positive growth. The Company’s new energy vehicle sales and export volume bothhit record highs. Specifically, ChangAn’s new energy vehicles sold 0.735 million units throughout the year, a year-on-year increase of 52.8%, and its overseas sales reached 0.536 million units, a year-on-year increase of 49.6%.
3. Industrial policies
The automotive industry is a pillar of the national economy under the new development paradigm and animportant engine for driving high-quality development. To promote automobile consumption, consolidate andexpand the development advantages of new energy vehicles, the Chinese government has introduced a series ofsupportive policies. In January 2024, the Ministry of Industry and Information Technology (MIIT) and otherdepartments jointly issued the “Notice on Launching Pilot Applications of ‘Vehicle-Road-Cloud Integration’ forIntelligent and Connected Vehicles”, supporting city level pilot applications of vehicle-road-cloud integration andfurther promoting the industrial development of ICVs. In February 2024, the Ministry of Commerce and otherdepartments jointly issued the “Opinions on Supporting the Healthy Development of Trade Cooperation in NewEnergy Vehicles”, aiming to bolster the rapid global expansion of NEVs. In March 2024, the Ministry of Commerceand other departments jointly released the “Action Plan for Promoting the Trade-in of Consumer Goods”. In April,the Ministry of Commerce and other departments jointly issued the “Implementation Rules for Subsidies onAutomobile Trade-in”. In August, the Ministry of Commerce and other departments jointly issued the “Notice onFurther Improving the Work Related to Automobile Trade-in”, further raising subsidy standards, intensifying effortsto implement trade-in policies, and promoting the further release of automobile consumption potential. In July 2024,the General Office of the State Council issued the "Work Plan for Accelerating the Construction of a Dual ControlSystem for Carbon Emissions". In August, the Ministry of Ecology and Environment and other departments jointlyissued the “Implementation Plan for Establishing a Carbon Footprint Management System”. In November, the MIITissued the “Guidelines for Formulating Carbon Footprint Accounting Rules and Standards for Key IndustrialProducts”, accelerating the construction of a dual control system for total carbon emissions and intensity, activelyand steadily promoting carbon peak and carbon neutrality, and speeding up the green transformation of thedevelopment model.
In 2024, automotive market access regulations primarily focused on the field of ICVs. According to the “Noticeon Carrying out Pilot Work on the Access and On-Road Operation of Intelligent and Connected Vehicles”, after thevoluntary application of consortia composed of automobile manufacturers and users, approval from the local
| Unit: 10,000 units |
Chongqing Changan Automobile Company Limited 2024 Annual Report
governments where the vehicles are intended to operate, and the review and recommendation by provincialcompetent departments, the MIIT,and four other departments, organized experts to conduct preliminary reviews andselect the best from the first batch of centralized applications. On June 4, 2024, the first batch of nine consortia thatentered the pilot was released, with ChangAn ranked first on the list.II. Analysis of Core Businesses in 2024The Company is an automobile manufacturing enterprise, and its main businesses include vehicle R&D,manufacturing and sales, as well as engine R&D and production. Simultaneously, the Company actively developsthree-electric technologies represented by batteries, motors and electronic controls, intelligent technologies such assmart cockpits and smart driving, and new businesses such as automotive life services, new marketing, and batteryswap services. Furthermore, the Company accelerates the exploration of future industries such as industrial finance,used cars, humanoid robots and eVTOL, aiming to build a comprehensive industrial ecosystem.
The Company has always adhered to its mission of “leading sustainable mobility and benefit human life”, andfirmly promoted ChangAn’s “Third Entrepreneurship-Innovation and Entrepreneurship Plan”. It is accelerating itstransformation into an intelligent low-carbon mobility technology company, and striving to become a world-classautomobile brand. The Company has been actively developing intelligent connected new energy vehicles, and hasbuilt three major brands: CHANG-AN, DEEPAL, and AVATR. Among them, CHANG-AN has built three majorbrand sequences: CHANG-AN UNI, CHANG-AN NEVO, and CHANG-AN LCV, forming a matrix of differentiatedindependent brands. Additionally, the Company has developed joint venture brands including CHANG-AN Ford andCHANG-AN Mazda. In the field of internal combustion engine vehicles, the Company has launched a series ofclassic Chinese-branded models including the CS series, EADO series, and UNI series; its joint ventures have anumber of well-known products such as the new-generation Mondeo, new-generation Navigator, CX-5, and Axela.In the field of new energy sector, it has created NEV models such as CHANG-AN NEVO E07, A07, A05 , Q05,DEEPAL S07, S05, SL03, G318 , L07, AVATR 11, 12, 07, and CHANG-AN Mazda EZ-6, CHANG-AN LCV V919,CHANG-AN HUNTER, and LUMIN, and is committed to providing consumers with superior products and serviceexperience.Changan adopts the business model of “equal emphasis on self-owned and joint venture brands”, and carriesout entity operation of its own auto brand business, such as UNI, NEVO, DEEPAL, and Kaicheng and firmly buildsits own classic brands. We manage investment over joint ventures such as Changan Ford and Changan Mazda, andcontinue to deepen mutual trust and cooperation with partners.
1. ChangAn’s business development in 2024
(1) Strengthen strategic direction and comprehensively accelerate transformation andupgrading
The “Mission of Shangri-La” for new energy development was advanced in depth. In the new energy vehiclemarket, the sales scale rapidly increased, with monthly sales exceeding 100,000 units for the first time, and thepenetration rate steadily increasing. The sales structure further aligned with market demand. In terms of industriallayout, the Company signed a memorandum of comprehensive and in-depth cooperation with ContemporaryAmperex Technology Co., Ltd. (hereinafter referred to as “CATL”), and both parties would carry out all-roundcooperation in areas such as technological innovation and overseas market development. AVATR completed its SeriesC financing, with existing shareholders significantly increasing their capital contributions, and new shareholdersactively joining, indicating promising future development. AVATR signed a supplementary agreement to thedeepened strategic cooperation agreement with CATL, which would further deepen cooperation in areas such as thepriority application of new technologies. The Company, together with its partners, established Chenzhi Anqi(Chongqing) Recycling Technology Co., Ltd. to expand into the battery recycling and reuse industry, furtherimproving the new energy industry chain ecosystem.
The “Dubhe Plan” for intelligent development achieved new milestones. The Company fully upgraded itsstrategic cooperation with Huawei Technologies Co., Ltd. (hereinafter referred to as “Huawei”), covering multiplefields such as brand and ecosystem, cloud and AI technology, green energy, and industrial chain. As the firstautomaker to invest in Shenzhen Yinwang Intelligent Technology Co., Ltd., AVATR and Huawei jointly supportedits future development. The ChangAn Digital and Intelligent Factory, a globally leading full-domain 5G digital andintelligent factory, was officially unveiled and awarded a plaque. It widely applied more than 40 advancedtechnologies such as 5G, AI, and digital twin, marking the manufacturing process’s full entry into a new stage ofdigitalization and intelligence. The Company also signed a cooperation agreement with EHang Holdings Limited,with plans to jointly research and develop eVTOL, promoting the development of the low-altitude industry and theecological growth of the future transportation sector.
The “Vast Ocean Plan” for globalization entered the “fast lane”. The first batch of DEEPAL L07 and DEEPALS07 models were officially delivered to Thai customers. ChangAn established overseas subsidiaries in countries suchas Mexico and Germany to accelerate local operations. DEEPAL signed a strategic cooperation agreement withAltayer Motors, a renowned automobile distribution group in the United Arab Emirates, to jointly promote the entryof DEEPAL products into the UAE market. Moreover, ChangAn’s smart factory passed the European Union E32
Chongqing Changan Automobile Company Limited 2024 Annual Report
filing review at one go, signifying that its overseas products meet the regulatory requirements for sales in theEuropean Union and laying a solid foundation for its global expansion.
(2) Persist in product innovation and break through key core technologies
The new product lineup was completed in an orderly manner. The mass production and delivery ofnew/upgraded digital and intelligent products such as CHANG-AN NEVO E07, AVATR 07, the fourth-generationCHANG-AN UNI CS75 PLUS, DEEPAL S07, DEEPAL S05, and CHANG-AN Mazda EZ-6 were completed. Thedual-power versions of AVATR 11/12 and the new, highly-appealing versions of CHANG-AN NEVO A07/A05/Q05were launched. The physical models of future products like DEEPAL S09, CHANG-AN NEVO Q07, and AVATR06 were unveiled, fully demonstrating ChangAn’s strength in digital and intelligent products. Among them, the firstdigital and intelligent new car, CHANG-AN NEVO E07, successfully integrated seven technological achievementsinto mass production, including the SDA TS architecture, TS large model, TS intelligent driving, TY OS, TYintelligent cockpit, TH intelligent chassis, and TY intelligent range-extender, providing a vivid explanation and newpractice for “Software-defined Vehicles”. Meanwhile, the DEEPAL S07 standed out in its class with its advancedtechnological features, combining DEEPAL’s super range-extender and Huawei’s Qiankun intelligentsystem,delivering a high level of technological innovation.Key technological achievements were successfully translated into real-world applications. In the field of new-energy batteries, the Company jointly released the diaphragm-free solid-state lithium-battery technology withChongqing Tailan New Energy Co., Ltd., which had four advantages: high safety, high energy density, controllablecost, and large-scale mass-production feasibility. The series of products of CHANG-AN TH distributed electric driveplatform successfully rolled off the production line. It integrated 5 globally first-launched technologies and morethan 20 industry-advanced technologies, and was the best power solution for achieving cross-domain integration ofthe power chassis and supporting the super-perception, decision-making and execution capabilities of intelligentdriving. In the field of intelligent software technology, relying on the self-developed CHANG-AN TY OS operatingsystem, CHANG-AN TS large model, and full-scenario multi-modal AI cockpit, the CHANG-AN TY intelligentcockpit achieved industry-first functions such as AI voice programming, multi-intention voice vehicle control, and“visible and speakable” interaction. The new intelligent BlueCore powertrain platform was launched, enabling asingle power system to freely select and lock the plug-in hybrid and range-extender modes with one-key operation,achieving a globally-leading oil-to-electricity conversion rate of 3.63 kWh per liter of gasoline. In addition, theCompany took the lead in formulating the national standard for autonomous driving classification and was approvedas one of the first pilot units for L3-level intelligent connected vehicles in China.
(3) Focus on user needs and quickly respond to market changes
Guided by the principle of “expanding existing markets and capturing new opportunities”, the Companyremained committed to “dual enhancements”—improving both its new energy and traditional fuel vehicles—tosolidify its competitive edge in the market. Initiatives such as the “CHANG-AN Billion-Yuan Car PurchaseFestival” were launched to the impact of industry price fluctuations, while targeted marketing campaigns such as“National Subsidy, Local Subsidy, CHANG-AN Subsidy”, capitalized on the national “Trade-in” policy to drivesales growth. The Company actively revitalized its existing market share in the ICE vehicle market, maintaining astrong position in key segments. The EADO series secured the second spot in the Chinese brand compact sedanmarket, with a steady increase in market share. The CS75 series achieved cumulative sales of over 220,000 units,ranking among the top in its segment. The monthly sales of CHANG-AN CS55 series exceeded 10,000 units, withcumulative global sales surpassing one million units. In the new energy market, multiple products rapidly gainedmomentum, and AVATR's annual sales doubled year-on-year, with sales exceeding 10,000 for three consecutivemonths. The DEEPAL S05 garnered over 10,000 orders within 10 days of its launch, and the annual sales volume ofthe DEEPAL S07/S7 exceeded 110,000 units. Within the year, DEEPAL Automobile celebrated the production of its400,000th vehicle, setting a new record in its segment by reaching this milestone in just 29 months.
The restructuring of the marketing system progressed steadily. The “Thousand Stores, Ten ThousandTouchpoints” channel expansion plan was systematically implemented, enhancing market coverage. The Cloud Atlasservice platform, now fully operational, serves as a multi-brand shared service platform built on the principles of“lower costs, higher efficiency, and superior experiences.” It enabled intelligent marketing capabilities throughonline platform integration, offline scenario-based engagement, and high-experience service delivery. In response tothe intense competition for digital traffic, the Company pioneered innovative brand communication strategies. Seniorexecutives and employees actively engaged in livestreaming initiatives, leveraging role-specific IP accounts toamplify brand influence. Flagship user interaction platforms such as “Lao Zhu’s Talk” and “Jun Ge’s Auto Insights”were launched, fostering direct connections between the brand and diverse consumer segments.
The service ecosystem underwent a comprehensive upgrade. Centered on a “customer-first” philosophy, a“smart, proactive, and professional” service identity was established across the full lifecycle of “purchase, ownership,maintenance, and support.” The upgraded “Five Commitments to Smart Service” further elevated customersatisfaction. Overseas operations achieved a milestone with the launch of the “withU” customer care program,marking the establishment of structured customer service capabilities in international markets. The Middle Eastregional spare parts hub commenced operations, advancing the phased deployment of a global service network.ChangAn achieved a historic breakthrough in the J.D. Power 2024 Sales Satisfaction Index (SSI), surpassing the
Chongqing Changan Automobile Company Limited 2024 Annual Report
mainstream brand average for the first time and setting a new record.
2. Blockbuster products launched in 2024
| AVATR 07 | AVATR 07, jointly developed by ChangAn, Huawei, and CATL, is positioned as a “smart and luxurious urban SUV” and stands as the third model built on CHN’s new generation of intelligent electric vehicle technology platform. The vehicle integrates five intelligent technologies: Huawei Qiankun Intelligent Driving, Kunlun Intelligent Range extender, Taihang Intelligent Control Chassis, CATL Shenxing Supercharged Battery, and HarmonyOS Intelligent Cockpit. With its futuristic design, premium urban luxury interior, and top-tier safety features, AVATR 07 redefines the standards for intelligent electric mobility. |
| DEEPAL S07 | The DEEPAL S07, a global strategic model from DEEPAL Automobile, is positioned as a “tech-driven new mainstream mid-size SUV”. It combines two core strengths: DEEPAL’s super range-extender and Huawei’s Qiankun intelligent system along with three standout features: sleek design, superior performance, and precise control, delivering a cutting-edge intelligent mobility experience for users. |
| DEEPAL S05 | The DEEPAL S05 is the first compact SUV under the DEEPAL brand, positioned as a “colorful life recorder” and an intelligent interactive vehicle with built-in photography and projection capabilities. It comes equipped with DEEPAL 4K intelligent PTZ camera, DEEPAL megapixel intelligent headlights, and standard DEEPAL AD PRO intelligent driving assistance solution. Also, it features a large die-casting body, CTV battery-body integration technology, CATL battery cells with 3C supercharging, and dual power options (pure electric and range-extended), offering young buyers a fresh and versatile choice. |
| DEEPAL G318 | The DEEPAL G318 is a rugged SUV featuring air suspension and dual motor four-wheel drive, with 16 driving modes and a torsional stiffness of 45000N.m/deg, which delivers exceptional off-road capabilities. Powered by DEEPAL Super Range Extender 2.0, it achieves a remarkably low fuel consumption of just 6.1L/100km, cutting the fuel consumption of traditional rugged SUVs by half. Additionally, it comes with a premium comfort package, including air suspension, CDC and an active magic carpet system , along with a body length of over 5 meters, providing ample cargo space. |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| DEEPAL L07 | DEEPAL L07, is positioned as a “tech-savvy intelligent mid-size sedan”, with a focus on intelligent technology. As the first sedan under 200,000 yuan to feature Huawei Qiankun Intelligent Driving ADS SE, it combines DEEPAL super range extender with Huawei Qiankun Intelligent Driving, delivering a fuel consumption of 3.8L per 100 kilometers in charge-sustaining mode and a pure electric range of 300 kilometers. The entire lineup comes standard with 3C supercharging. Equipped with front dual zero gravity seats, an intelligent electric spoiler, and comfort-tuned suspension, it delivers a smooth and comfortable driving experience. |
| CHANG-AN NEVO E07 | The CHANG-AN NEVO E07, is an intelligent transformer SUV, with transformable body style, fantastic features and programmable software. Featuring versatile functions and adaptable design, it can switch between 5 modes at the touch of a button: SUV, sedan, coupe, expansion and off-road. Built with integrated die-casting technology and equipped with 9 safety airbags, it ensures peace of mind for every journey. As an industry first model, it features anthropomorphic interaction and voice programming capabilities, making it the ultimate solution for “all scenario, all purpose” driving experiences. |
| CHANG-AN NEVO A07 new and highly-appealing version | The new and highly-appealing CHANG-AN NEVO A07 is positioned as a “premium mid-to-large digital intelligent sedan”, offering two powertrain options: pure electric and extended-range versions. With an impressive pure electric range of up to 710/625 kilometers, 3C fast charging, and L2+TS intelligent driving as standard across the entire lineup, it stands out with five advanced strengths: power, range, digital intelligence, quality, and safety. Whether it’s long drives, quick charges, or everyday versatility, the NEVO A07 is built to excel. |
| CHANG-AN NEVO Q05 new and highly-appealing version | The new and highly-appealing version of CHANG-AN NEVO Q05 is the first plug-in hybrid SUV under CHANG-AN NEVO brand sequence, positioned as the “Smart New BlueCore Five-Star SUV”. Powered by the intelligent new BlueCore 3.0 hybrid engine and paired with iEM advanced intelligent power control system, it delivers long range and robust performance. It has a pure electric range of 125 kilometers, and a combined range of 1,215 kilometers. Equipped with a 540° high-definition panoramic imaging system and a dashcam, and sentry mode, it provides comprehensive driving safety. Additionally, it features L2 level intelligent driving assistance, HiCar/Carlink smartphone connectivity, a hands-free tailgate, offering both convenience and cutting-edge technology.. |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| The fourth generation CS75PLUS | The fourth generation CS75PLUS is positioned as the “vehicle of tomorrow”. Featuring the world's first 500Bar high-pressure direct injection new BlueCore engine, an Aisin 8-speed automatic transmission as standard across the lineup, it delivers powerful and efficient performance. It also comes standard with practical intelligent driving features such as L2 level intelligent driving, assistance, APA 5.0 remote parking, and a 540° high-definition panoramic imaging system. |
| The second generation CHANG-AN UNI-V | The second-generation CHANG-AN UNI-V, is designed to be the first sports coupe for young people. Featuring a sleek and low fastback silhouette,and a standard intelligent electric spoiler— unique in its class—it delivers a fresh and exciting experience for young consumers. The vehicle offers both fuel and hybrid powertrain options., The new energy variant is equipped with the Smart New BlueCore powertrain platform, supporting plug-in hybrid and extended range options, with a combined range of 1,160 kilometers. |
| The third generation EADO | The third generation EADO is positioned as a premium-quality new family sedan for millions of users. The entire lineup comes standard with a 540° high-definition panoramic image system, a wrap-around smart luxury cockpit, an ark cage safety body structure, and a smart new BlueCore powertrain. With 12 years of quality refinement, it has become the trusted choice of 1.7 million users. |
| CHANG-AN HUNTER | CHANG-AN HUNTER is positioned as the world's first super range-extended pickup truck. Equipped with a 2.0T BlueCore range extender, a dual motor layout at the front and rear, it delivers a peak torque of 470N·m, and accelerates from 0 to100 km/h in just 7.9 seconds. It features the industry's first “one click power boost” mode, “22kW full-scenario charging and discharging” capability, and ten driving modes pioneered in the pickup segment. With its "powerful, efficient, and versatile" value proposition, it redefines the benchmark for pickup truck technology and meets users' all scenario travel needs. |
Chongqing Changan Automobile Company Limited 2024 Annual Report
3. Key models planned for 2025
In 2025, ChangAn will further expand its global market presence and adhere to the principle of “strengtheningexisting markets and capturing new opportunities”. The Company plans to launch multiple new and upgradedproducts, including seven new energy vehicles, accelerating its transformation into an intelligent low-carbonmobility technology company.
(1) Complete NEV lineup and focus on creating digital intelligent vehicles. In 2025, the Company will seizenew opportunities in the digital intelligence market and plan to quickly launch seven new energy products, includingAVATR 06, DEEPAL S09, and CHANG-AN NEVO Q07. At the same time, the Company will accelerate therevitalization of multiple products such as DEEPAL L07, DEEPAL G318, and CHANG-AN NEVO A07, furtherconsolidating ChangAn’s position in the NEV market.
The AVATR 06 is positioned as a smart and stylish sports sedan. It is centered around three core values:
intelligent and elegant design, a luxurious cockpit, and an intelligent system. It is equipped with six cutting - edgetechnologies, including the Kunlun Extended - Range System, dual 5C ultra - fast charging, and the TaihangIntelligent Control Chassis, meeting the vehicle - using needs of young users. The DEEPAL S09 is positioned as afull-size flagship SUV, delivering industry-leading features such as a spacious and versatile interior, advancedintelligent driving, super range extender 3.0 technology, and over 10 best-in-class experiences, meeting needs offamilies for an enjoyable and comfortable living space. The Q07 is positioned as a family-oriented intelligent five-seater SUV, offering exceptional space, leading energy efficiency, and superior intelligence, catering to the needs ofthe new generation of mainstream family users.
(2) Equip ICE vehicles with versatile powertrain options and create classic products. In 2025, theCompany will continue to strengthen its ICE vehicle portfolio by revitalizing its IP products and diversifyingpowertrain options, to continuously create classic products. The Company plans to launch six major IP products,including CHANG-AN CS75PLUS, CS55PLUS, and EADO. These models will feature upgrades such as 500Barnew BlueCore powertrain upgrade and expanded PHEV/HEV power options, strengthening their competitive edgeand consolidating their position in the ICE vehicle market.
(3) Accelerate the layout of overseas products and implement the “Vast Ocean Plan”. In 2025, theCompany will accelerate its overseas product strategy, planning to launch global products such as the DEEPAL S05,and introduce 12 products in high-growth regions such as Southeast Asia, Europe, the Middle East and Africa, andCentral and South America. Meanwhile, the Company will strengthen international partnerships, jointly exploreglobal markets, and expedite the entry into new overseas markets, particularly in the NEV sector.
Note: The features and configurations mentioned in “II. Analysis of Core Business in 2024” in Chapter 3 arefor reference only and do not represent actual vehicle specifications. The official product configuration table shallprevail.
Vehicle manufacturing production and operation during the reporting period
√ Applicable □ Not applicable
Production and sales of vehicles
| Production Volume (Unit) | Sales Volume (Unit) | |||||
| 2024 | 2023 | YoY increase/decrease (%) | 2024 | 2023 | YoY increase/decrease (%) | |
| By Region | ||||||
| Domestic | 2,625,658 | 2,583,215 | 1.64% | 2,147,602 | 2,194,598 | -2.14% |
| Overseas | 0 | 0 | 0 | 536,196 | 358,454 | 49.59% |
| Total | 2,625,658 | 2,583,215 | 1.64% | 2,683,798 | 2,553,052 | 5.12% |
Note: 1. The above sales and production volume includes vehicles produced and sold by the Company and its JVsand associates. The above-mentioned automobile production and sales data are the statistics of the company and itsaffiliated joint ventures and associated enterprises. The aggregated revenue corresponding to the full - scope salesvolume mentioned above is approximately RMB 271.2 billion.
2. Production capacity status: In 2024, the designed production capacity was 2.25 million vehicles, and the capacityutilization rate reached 84%. In the past three years, outdated production capacities of 510,000 complete vehiclesand 840,000 engines were shut down, transferred, or reorganized. The production capacities of 850,000 intelligentconnected and new - energy complete vehicles were upgraded through renovation. New production capacities of580,000 sets of new - energy battery packs, 750,000 sets of electric drives, and 500,000 sets of electric controls wereestablished. The production capacity structure is gradually being adjusted towards new - energy vehicles.
Cause description of over 30% year-on-year increase/decrease
√ Applicable □ Not applicable
Mainly due to the following reasons: Firstly, the Chinese automotive industry is currently accelerating its all-round expansion into overseas markets, and vehicle exports have become a new growth point for automotive
Chongqing Changan Automobile Company Limited 2024 Annual Report
enterprises. Secondly, in 2024, Changan Automobile accelerated the implementation of its global “Vast Ocean Plan”plan. It strengthened local operations by establishing three overseas subsidiaries in Mexico, Germany, and theNetherlands, and accelerated market expansion. The company successfully held brand launch events in the MiddleEast and Africa, Central and South America, Southeast Asia, etc. Meanwhile, it strengthened channel construction,completed the formulation of global product and production capacity plans, and established new overseas salesoutlets. As a result, significant progress has been made in its globalization strategy.Construction of parts supply chain system
ChangAn's main models covers CHANG-AN UNI, CHANG-AN NEVO, DEEPAL, AVATR, CHANG-AN LCV,etc, with parts sourced through a hybrid model of in-house production and strategic external procurement. TheCompany is collaborating with CATL to accelerate breakthroughs and applications of next-generation batterytechnologies. In addition, it is engaging in joint R&D initiatives with Zhongguang Optics, Huanan Optoelectronics,Huazhong Marelli, and Qingshan Industrial to enhance supply chain capabilities. In terms of procurement principles,the Company adheres to “equality, mutual trust, transparency, security, and collaborative resilience”, andcontinuously implements the strategy of “one vehicle, one policy; one product, one policy; one partner, one policy”,to build customer-centric strategic partnerships and achieve risk sharing. In terms of risk management, the Companyhas developed a “1+1+1” procurement strategy (1 primary+1 secondary+1 backup supplier) for standard parts toensure supply chain resilience. In terms of industrial chain construction, the Company is building a “whole-zerocollaboration” industrial ecosystem, leveraging its role as a “chain leader” to accelerate technological breakthroughs.It actively promotes a cooperation mode of “joint technology development, cost sharing, shared intellectual property,and shared benefits” with partners, safeguarding the rights and interests of both parties, and achieving mutual benefitand win-win results. In terms of transparent management, ChangAn has launched a supplier service platform,providing partners with a seamless mobile channel for accessing business information.
The production and operation of auto parts during the reporting period
□Applicable √ Not applicable
The company conducts auto finance business
□Applicable √ Not applicable
The company conducts NEV-related business
√ Applicable □ Not applicable
Production and operation of new energy vehicles and parts
| By Category | Production Capacity (unit) | Production Volume (unit) | Sales Volume (unit) |
| New Energy Passenger Vehicle | 1,450,000 | 665,843 | 674,923 |
| New Energy Commercial Vehicle | 170,000 | 61,416 | 59,692 |
| Total | 1,620,000 | 727,259 | 734,615 |
Note: The revenue from the sales of new energy vehicles within the scope of the company's consolidated financialstatements is RMB 38,545 million in the reporting period.
III. Core Competence Analysis
(1) Strategies. The Company resolutely adheres to and implements its guiding strategies. Under its three-yearplan, five-year outlook and ten-year vision, substantial steps have been taken towards three strategic plans as itpromotes innovation and entrepreneurship and transforms into an intelligent low-carbon transportation technologyprovider: in terms of new energy, the Company accelerates the development of next-generation battery technologyand full lifecycle management. In terms of advanced intelligence, the Company announced Dubhe Plan 2.0 as itseeks to popularize autonomous driving while strengthening the forward-looking technologies such as humanoidrobots and electric vertical takeoff and landing (eVTOL). In terms of globalization, the Company will accelerate itsefforts to go global, build up local capabilities, set up overseas subsidiaries, hold multiple regional brand launchevents in the Middle East, Africa, Southeast Asia, and other regions, enter multiple markets, and continuouslyimprove its production capacity and sales network abroad.
(2) Technological research and development capabilities. The Company always maintains a strategic focus
Chongqing Changan Automobile Company Limited 2024 Annual Report
on technological innovation, driving high-quality development with solid technological advantages. Improvementshave been made to the product development process which now features a four-tiered system. In the field of advancedintelligence, seven core technologies covering chassis, large language model, and autonomous driving (AD) havebeen released. Breakthroughs have been made in over 70 technologies such as hydraulic suspension and steering bywire. 45 innovative functions have been realized, such as tank turn. The Company has mastered key technologiessuch as the central computing platform and Ethernet ring network communication. It is the first in China to massproduce unified DDS (Data Distribution Service) protocol stack, making vehicle systems more secure and reliable.It has also developed an autonomous driving assist system whose door-to-door valet parking system premiered onDEEPAL SL03i as another step towards popularizing AD. In the new energy field, the Company has built a GoldenShield battery system that has never caught fire. It has mass-produced the 5C high-voltage fast-charging technologythat replenishes the battery from 30% to 80% in less than 10 minutes. Other technologies include the New BlueCore
3.0, now available on CHANG-AN A07 and Q05, and multiple proprietary range-extending systems. It pioneeredthe PREV technology. At the end of 2024, the Company held 11.7 thousand valid patents, including 3,881 inventionpatents. Meanwhile, it has won awards such as the Gold Award for Chinese Invention Patents and the Gold Awardfor Design Patents.
(3) Product definition capabilities. The Company puts users at the center and stays innovation-driven as itbuilds world-class product definition capabilities. It thoroughly investigates market and competition trends, clarifiesthe segmentation criteria for global product planning, coordinates the formation of product action plans for keycountries, and creates differentiated product definitions. It continues to form planning milestones and applicationplans for company level hardware and system products, as it enhances product planning and definition through bothdemand and technology. It improves product operation and product portfolio strategy, continuously clarifies thetarget of each product, pushes for regular renewal and substitutions, and enhances market competitiveness. TheCompany's key products in 2024 have performed well. CHANG-AN NEVO has totaled 150,000 units in sales sincelaunch, while monthly sales exceeded 30,000 units for CS75 models. The Company will continue to focus on userexperience, core scenarios, and create products with competitive advantages.
(4) Intelligent manufacturing capabilities. The Company adheres to high-quality sustainable development byupgrading intelligent manufacturing with digitalization and intelligent technologies. The application of intelligentmanufacturing technology is accelerating as ChangAn Digital Intelligent Factory entered operation. With CA-CPS,the Company’s efficient manufacturing system, the factory fully applies over 40 advanced technologies such asintegrated software sealing and testing, and uni-casting to 16 scenarios including scheduling, dispatching and AIvisual inspections. It uses 5G end-to-end features to connect production equipment, personnel, materials, and processdata on a large scale, compatible with intensive production of DEEPAL S05, AVATR 07, and CHANG-AN E07.Intelligent manufacturing allows for high-quality delivery of products. The Company was awarded the title ofAutomotive Manufacturing Super Factory by CATARC.
(5) Brand building capabilities. The Company is building a worldwide brand value system, takes aninnovative approach to brand promotion so that its brands move up. On that note, we have built a brand architecturethat works globally, successfully held the 4th ChangAn Ecosystem Conference, and released multiple technologiessuch as New BlueCore 3.0. The Company is strengthening its brand imprint as a global pioneer in the popularizationof digital intelligent vehicles to significant effect. In terms of brand promotion, the Company continues to be drivenby its globalization strategy as it held launch events in Latin America, the Middle East and Africa with region-specific products. CHANG-AN NEVO has worked with Jay Chou, giant pandas, and Yuhui Dong to promote itsproducts and increase favorability and popularity. DEEPAL targets young people with convincing technologies andan international image. The Company has asked its senior managers and all other employees to tell its story.
(6) Cultural leadership. The Company adheres to cultural leadership and actively assumes corporate socialresponsibility. 160 years since its founding, the Company has innovated, adapted and persisted in face of changingenvironments. It has prioritized cultural leadership by holding events such as the story-telling event 40 Years as aCarmaker and employee performances. The Company cares about its employees. It implemented an employee well-being program, 63 sessions of various mental health counseling, the 8th Employee Sports Contest and a groupwedding to create a warm, caring, and positive cultural atmosphere. The Company fulfills its CSR by providingtargeted assistance to Luxi and Yanshan counties in Yunnan Province, and Youyang in Chongqing. It strengthenedits ESG initiative and ranked among China ESG Listed Companies Top 100. It actively assisted the flood strickenareas in northern Thailand and contributed to global public welfare undertakings. It participated in forming the LubanWorkshop and provided professional automotive training in Peru.
(7) Talent and organizational capabilities. The Company keeps improving the organizational structure andhuman capital to stimulate vitality and motivation. It pushes for organizational transformation on a global scale underthe principles of small headquarters, business group clusters, independent brands, and shared development.Resources are focused on products, marketing, branding, foreign markets and other areas. The Company increasesefficiency with smaller meetings, effective actions and minimal process. It looks for professionals on free marketsacross the world as it steps up recruitment of leading talents in styling, And battery, big data and other areas. TheCompany’s workforce consists of people from 31 countries and regions, underpinning its strategic transformation.The Company explores innovative employee incentives to drive revenue and profitability growth by setting upambitious targets, encouraging employees to have a stake in their projects and deferring bonus payout.
Chongqing Changan Automobile Company Limited 2024 Annual Report
IV. Analysis of Main Business
1. Overview
Compared with 2023, the company's operating revenue was 159.733 billion yuan, a year-on-year increase of
5.58%; The net operating cash flow was 4.849 billion yuan, a year-on-year decrease of 75.58%. The net profitattributable to shareholders of the listed company during the reporting period was 7.321 billion yuan, a year-on-yeardecrease of 35.37%. The net profit attributable to shareholders of the listed company after deducting non-recurringgains and losses was 2.587 billion yuan, a year-on-year decrease of 31.59%.
Please refer to “II Analysis of Main Business” under this chapter.
2. Income and cost
(1) Revenue
| 2024 | 2023 | YoY increase/decrease (%) | |||
| Amount (RMB) | Proportion of operating revenue（%） | Amount (RMB) | Proportion of operating revenue (%) | ||
| Operating revenue | 159,733,034,213.25 | 100% | 151,297,706,646.97 | 100% | 5.58% |
| By industry | |||||
| Automotive business | 159,733,034,213.25 | 100% | 151,297,706,646.97 | 100% | 5.58% |
| By product | |||||
| Vehicles | 152,192,280,870.19 | 95.28% | 145,303,581,062.21 | 96.04% | 4.74% |
| Services and others | 7,540,753,343.06 | 4.72% | 5,994,125,584.76 | 3.96% | 25.80% |
| By region | |||||
| China | 127,306,652,839.30 | 79.70% | 130,761,245,570.53 | 86.43% | -2.64% |
| Overseas | 32,426,381,373.95 | 20.30% | 20,536,461,076.44 | 13.57% | 57.90% |
| By sales model | |||||
| Distribution | 141,742,229,183.09 | 88.74% | 132,864,188,744.96 | 87.82% | 6.68% |
| Direct selling | 10,450,051,687.10 | 6.54% | 12,439,392,317.25 | 8.22% | -15.99% |
| Others | 7,540,753,343.06 | 4.72% | 5,994,125,584.76 | 3.96% | 25.80% |
Note: The Company has 3,743 dealers at the end of the reporting period.
(2) The business, products, regions and sales model accounting for over 10% of the Company’soperating revenue or operating profit
√ Applicable □ Not applicable
| Operating Revenue (RMB) | Operating Cost (RMB) | Gross margin | YoY increase/decrease of operating income (%) | YoY increase/decrease of operating cost (%) | YoY increase/decrease of gross margin (%) | |
| By industry | ||||||
| Automotive business | 159,733,034,213.25 | 135,869,023,071.45 | 14.94% | 5.58% | 8.53% | -2.32% |
| By product | ||||||
| Vehicles | 152,192,280,870.19 | 130,209,923,466.53 | 14.44% | 4.74% | 7.79% | -2.42% |
| By region | ||||||
| China | 127,306,652,839.30 | 111,937,529,683.86 | 12.07% | -2.64% | 2.08% | -4.07% |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Overseas | 32,426,381,373.95 | 23,931,493,387.59 | 26.20% | 57.90% | 54.01% | 1.86% |
| By sales model | ||||||
| Distribution | 141,742,229,183.09 | 120,691,203,475.00 | 14.85% | 6.68% | 10.34% | -2.82% |
Where the statistical caliber of the main business data of the Company is adjusted, the data is subject to the mainbusiness data after adjustment according to the caliber of the end of the report period in the latest year.
□ Applicable √ Not applicable
(3) Whether revenue from physical sales is higher than service revenue
√ Yes □ No
| By business | Item | 2024 | 2023 | YoY increase/decrease (%) |
| Automotive business | Sales volume (unit) | 2,683,798 | 2,553,052 | 5.12% |
| Production volume (unit) | 2,625,658 | 2,583,215 | 1.64% | |
| Inventory volume (unit) | 61,811 | 66,387 | -6.89% |
Note: The above sales, production and inventory volume includes vehicles produced and sold by the Company andits JVs and associates. The analysis over market share is based on the data from China Automobile IndustryAssociation.Cause description of over 30% year-on-year increase/decrease
□ Applicable √ Not applicable
(4) Performance of major sales and purchase contracts as of the end of the reporting period
□ Applicable √ Not applicable
(5) Cost
| By business | Item | 2024 | 2023 | YoY increase/decrease (%) | ||
| Amount (RMB) | Proportion of operational cost (%) | Amount (RMB) | Proportion of operational cost (%) | |||
| Automotive business | Products | 130,209,923,466.53 | 95.83% | 120,801,040,358.28 | 96.49% | 7.79% |
| Services and others | 5,659,099,604.92 | 4.17% | 4,389,270,038.41 | 3.51% | 28.93% | |
| Total | 135,869,023,071.45 | 100.00% | 125,190,310,396.69 | 100.00% | 8.53% | |
(6) Whether the scope of consolidation was changed during the reporting period
□ Applicable √ Not applicable
(7) Major changes or adjustment in business, product or service of the Company in thereporting period
□ Applicable √ Not applicable
(8) Major customers and suppliers
Major customers
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Total sales revenue from top five customer (RMB) | 13,599,639,544.96 |
| Proportion of total sales revenue from top 5 customers in annual total sales revenue (%) | 8.51% |
| Proportion of total sales revenue from affiliated parties in the top five customers in annual total sales revenue (%) | 5.00% |
The top 5 customers
| No. | Customer | Revenue (RMB) | Proportion of annual total sales revenue (%) |
| 1 | Customer One | 3,545,912,925.84 | 2.22% |
| 2 | Customer Two | 3,044,511,084.13 | 1.91% |
| 3 | Customer Three | 2,560,954,240.83 | 1.60% |
| 4 | Customer Four | 2,300,320,803.84 | 1.44% |
| 5 | Customer Five | 2,147,940,490.32 | 1.34% |
| Total | 13,599,639,544.96 | 8.51% | |
Other information regarding major customers
√ Applicable □ Not applicable
One of the above customers is a joint venture of the Company, and two customers are controlled by the sameultimate holding company. Please refer to item 5 of Note 12 “Related Party Relationships and Transactions” inChapter 10.Major suppliers
| Total purchase amount from top five suppliers (RMB) | 26,889,268,195.61 |
| Proportion of total purchase amount from top five suppliers in annual total purchase amount (%) | 19.80% |
| Proportion of total purchase amount from affiliated parties of the top five suppliers in total annual total purchase amount (%) | 10.00% |
Top 5 suppliers
| No. | Supplier | Purchase amount (RMB) | Proportion of annual total purchase amount (%) |
| 1 | Supplier One | 8,629,997,498.38 | 6.35% |
| 2 | Supplier Two | 5,553,351,208.06 | 4.09% |
| 3 | Supplier Three | 5,053,358,710.82 | 3.72% |
| 4 | Supplier Four | 4,804,682,273.47 | 3.54% |
| 5 | Supplier Five | 2,847,878,504.88 | 2.10% |
| Total | 26,889,268,195.61 | 19.80% | |
Other information regarding major suppliers
√ Applicable □ Not applicable
Two of these suppliers are associated enterprises of the company, and two suppliers are controlled by the sameultimate holding company. Please refer to item 5 of note 12 “Related Party Relationships and Transactions” inChapter 10.
During the reporting period, the proportion of trade business revenue in operating revenue exceeded10%.
□Yes □No √ Not applicable
3. Expenses
| Item | 2024 | 2023 | YoY Change (%) | Explanation of major changes |
| Selling expenses (RMB) | 7,538,352,413.16 | 5,977,551,549.91 | 26.11% | |
| Administrative expenses | 4,401,226,018.26 | 4,097,537,529.67 | 7.41% |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| (RMB) | ||||
| Financial costs (RMB) | -934,377,313.05 | -897,343,739.80 | -4.13% | |
| R&D expenses (RMB) | 6,505,446,679.24 | 5,979,844,653.23 | 8.79% |
4. Research and Development Investment
√Applicable □ Not applicable
| Main R&D project name | Project Purpose | project progress | Intended goals to be achieved | Expected impact on the future development of the company |
| The Five - seat Large SUV Offering Intelligent and Comfortable Experiences | Consolidate the mainstream SUV market position of domestic brands and enhance market competitiveness | Complete annual development tasks and successfully go public | Complete the development of a new fuel powered vehicle on schedule and launch it for sale as planned | Develop new products to enhance market competitiveness |
| The Compact SUV Combining Style and Intelligence | Based on the strategy of “stabilizing the foundation”, achieve product renewal and competitiveness enhancement, and enter the UNI brand sequence | Complete annual development tasks and successfully go public | Complete the development of a compact SUV with both style and intelligent features on schedule, and launch and sell it as planned | Develop new products to enhance market competitiveness |
| High - end Comfortable Electric Sedan | Product renewal, value upgrading, and enhancing market competitiveness | Complete annual development tasks and successfully go public | Complete the development of advanced comfortable electric car on schedule and launch it for sale as planned | Develop new products to enhance market competitiveness |
| New Mainstream Compact Electric SUV | Acquiring new mainstream audiences through technological and fashionable product positioning, and laying out the Deepal brand | Complete annual development tasks and successfully go public | Complete the development of compact new mainstream electric SUV on schedule and launch it for sale as planned | Develop new products to enhance market competitiveness |
| Research on New Automotive Power Consumption Technology 2.0 | Carrying the “dual carbon” strategic mission of the country and the company, the overall electricity consumption level has reached the top 10% in the industry, enhancing the competitiveness of the company's products | Complete annual research and development tasks, and implement the results for practical application | Reserve energy consumption technology shelves, optimize energy consumption and related field development processes and enterprise standards | Meet the needs of maximizing benefits such as mileage improvement for various products and support the company's “dual carbon” strategy |
| Research on The Full - Stack Capabilities of Aluminum Alloy Application in The Whole Vehicle | Establish integrated die-casting full-stack capability | Complete annual research and development tasks, and implement the results for practical application | Complete the construction of integrated die-casting process capability, and achieve independent and controllable key core technologies | Improve manufacturing efficiency and support the company's transformation and upgrading |
| Research on Key Technologies of Flying Cars | Forward looking exploration, creating differentiated competitiveness in the | Complete annual research and development tasks | Explore the form of flying cars, develop functional prototypes, and conduct flight tests | Responding to the development of the national low altitude economy strategy and |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| field of low altitude economy | expanding opportunities for emerging industries | |||
| Research on Key Technologies of Solid-state Battery Systems | Developing solid-state batteries around materials and battery cells to enhance safety performance and energy density | Complete annual research and development tasks | Conduct forward-looking research on multi system and multi technology routes for solid-state batteries, explore feasible paths for solid-state batteries, and achieve breakthroughs in solid-state battery technology | Empowering the Golden Bell Cover brand and enhancing the competitiveness of the next generation battery industry through research on solid-state battery technology |
R&D staff
| 2024 | 2023 | Change over the previous year (%) | |
| Number of R&D staff (person) | 12,141 | 10,972 | 10.65% |
| Proportion of R&D personnel | 22.03% | 22.34% | -0.31% |
| Education background | -- | -- | -- |
| High School diploma or below (person) | 200 | 180 | 11.11% |
| Bachelor’s degree (person) | 8,273 | 7,794 | 6.15% |
| Master’s degree (person) | 3,550 | 2,903 | 22.29% |
| Doctor’s degree (person) | 118 | 95 | 24.21% |
| Age structure | -- | -- | -- |
| Aged below 30 (person) | 4,051 | 3,718 | 8.96% |
| Aged 30 - 40 (person) | 6,596 | 6,096 | 8.20% |
| Aged above 40 (person) | 1,494 | 1,158 | 29.02% |
R&D Input
| 2024 | 2023 | Change over the previous year (%) | |
| Amount of R&D Input (RMB) | 10,159,144,236.45 | 9,007,550,532.89 | 12.78% |
| Proportion of R&D Input in Operating Revenue (%) | 6.36% | 5.95% | 0.41% |
| Amount of Capitalized R&D Expenditure (RMB) | 3,653,697,557.21 | 3,027,705,879.66 | 20.68% |
| Proportion of Capitalized R&D Expenditure in R&D Input (%) | 35.96% | 33.61% | 2.35% |
Cause and effects of significant changes in composition of the R&D staff
□ Applicable √ Not applicable
Cause for significant changes in the proportion of total R&D investment in operating revenue from theprevious year
□ Applicable √ Not applicable
Cause and Reasonable Explanation of the major changes of the capitalization rate of R&D investment
□ Applicable √ Not applicable
5. Cash Flow
Unit: RMB
| Item | 2024 | 2023 | YoY Change (%) |
| Subtotal of cash inflows from operating activities | 184,043,125,806.47 | 174,083,254,307.51 | 5.72% |
| Subtotal of cash outflows from operating activities | 179,193,726,993.33 | 154,221,788,069.95 | 16.19% |
| Net cash flows from operating activities | 4,849,398,813.14 | 19,861,466,237.56 | -75.58% |
| Subtotal of cash inflows from investing activities | 9,789,745,640.05 | 6,989,273,666.33 | 40.07% |
| Subtotal of cash outflows from investing activities | 14,103,043,252.27 | 13,197,419,195.66 | 6.86% |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Net cash flows from investing activities | -4,313,297,612.22 | -6,208,145,529.33 | 30.52% |
| Subtotal of cash inflows from financing activities | 3,141,384,510.60 | 1,018,615,006.28 | 208.40% |
| Subtotal of cash outflows from financing activities | 4,532,782,453.05 | 3,146,923,971.81 | 44.04% |
| Net cash flows from financing activities | -1,391,397,942.45 | -2,128,308,965.53 | 34.62% |
| Net increase in cash and cash equivalents | -651,581,388.11 | 11,434,522,853.37 | -105.70% |
Description of major influence factors of significant change of relevant data on a year-on-year basis
√ Applicable □ Not applicable
In 2024, the net cash flow generated from operating activities decreased by 15.012 billion yuan compared tothe previous year, mainly affected by the suppliers' payment policies, payment terms, and the increase in overseasexport customs duties and taxes, resulting in an increase in “cash paid for the purchase of goods and acceptance ofservices” compared with the previous year.The net cash flow generated from investment activities increased by 1.895 billion yuan compared to the previousyear. First, the receipt of the disposal proceeds for the land and buildings of the Yubei Factory and the disposalproceeds for the operating vehicles led to an increase in the “net cash received from the disposal of fixed assets,intangible assets, and other long - term assets” compared with the previous year. Second, the decrease in time depositsthat cannot be withdrawn in advance during the reporting period compared with the same period of the previous yearled to a decrease in the “other cash payments related to investment activities” compared with the previous year. Third,the company's capital increase in Avatr led to an increase in the “cash paid for investments” compared with theprevious year.
The net cash flow generated from financing activities decreased by RMB 0.737 billion compared to the previousyear, mainly due to Changan Kaicheng received external investments, which led to an increase in the “cash receivedfrom absorbing investments” compared with the previous year.Cause for the significant difference between net cash flows from operating activities and net profit in thereporting period
√ Applicable □ Not applicable
As for the significant difference between net cash flows from operating activities and net profit in the reportingperiod, please refer to the Item 66, Note 5 “Supplementary Information of the Cash Flow Statement” in the Auditor’sReport.
V. Analysis of Non-Main Business
√ Applicable □ Not applicable
| Amount (RMB) | Proportion of profits (%) | Explanation | Whether it is sustainable or not | |
| Return on investment | 187,658,837.46 | 2.78% | Please refer to the Item 5, Note 56 “Investment income” in the Auditor’s Report. | Yes |
| Profits or losses of fair value change | -27,460,945.49 | -0.41% | No | |
| Impairment losses on assets | -214,488,935.20 | -3.17% | Please refer to the Item 5, Note 59 “Asset impairment loss” in the Auditor’s Report. | No |
| Non-operating income | 155,290,275.84 | 2.30% | No | |
| Non-operating expenses | 21,912,265.18 | 0.32% | No |
VI. Analysis of Assets and Liabilities
1. Major Changes in Asset Composition
| 31 December 2024 | 31 December 2023 | Increase/ Decrease in Proportion (%) | Description of significant changes | |||
| Amount (RMB) | Proportion of total assets (%) | Amount (RMB) | Proportion of total assets (%) | |||
| Monetary fund | 64,182,095,662.74 | 30.83% | 64,871,042,747.88 | 34.11% | -3.28% | |
| Receivables | 3,398,477,724.75 | 1.63% | 2,411,796,419.07 | 1.27% | 0.36% | |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Contract assets | 592,426,824.74 | 0.28% | 1,442,876,966.30 | 0.76% | -0.48% | |
| Inventories | 17,081,370,658.58 | 8.21% | 13,465,847,696.93 | 7.08% | 1.13% | |
| Investment property | 5,969,291.92 | 0.00% | 6,196,003.48 | 0.00% | 0.00% | |
| Long-term equity investment | 18,525,675,882.50 | 8.90% | 13,787,391,985.47 | 7.25% | 1.65% | Mainly due to the impact of capital increase in the associated enterprise Avatr. |
| Fixed assets | 21,773,526,063.55 | 10.46% | 19,994,084,908.14 | 10.51% | -0.05% | |
| Construction in progress | 1,596,384,269.60 | 0.77% | 1,914,345,359.83 | 1.01% | -0.24% | |
| Right-of-use assets | 273,297,841.75 | 0.13% | 209,480,676.04 | 0.11% | 0.02% | |
| Short-term loans | 40,036,055.69 | 0.02% | 30,039,416.74 | 0.02% | 0.00% | |
| Contract liabilities | 10,887,896,995.49 | 5.23% | 7,923,792,852.77 | 4.17% | 1.06% | Mainly due to the impact of the increase in advance payments received from dealers as a result of the strong demand for new - energy vehicles. |
| Long-term loans | 36,000,000.00 | 0.02% | 72,000,000.00 | 0.04% | -0.02% | |
| Lease liabilities | 269,211,409.06 | 0.13% | 134,254,398.07 | 0.07% | 0.06% | |
| Other current liabilities | 12,507,633,539.96 | 6.01% | 8,897,936,399.92 | 4.68% | 1.33% | Mainly due to the impact of the increase in the amount of commercial discounts and allowances to be refunded and the provision for market development expenses as sales volume has increased. |
Foreign assets account for a relatively high proportion
□ Applicable √ Not applicable
2. Assets and liabilities measured at fair value
√ Applicable □ Not applicable
Unit: RMB
| Item | Opening Balance | Changes in Fair Value Gains and Losses in Current Period | Accumulated Fair Value Changes Included in Equity | Provision for Impairment in Current Period | Amount of Purchase in Current Period | Amount of Sales in Current Period | Other Changes | Closing Balance |
| Financial assets | ||||||||
| Financial assets held for trading (excluding derivative financial assets) | 167,519,347.29 | -9,109,215.38 | 3,396,977.46 | 155,013,154.45 | ||||
| Investments in other equity instruments | 504,190,082.71 | -7,665,809.18 | 496,524,273.53 | |||||
| Subtotal financial assets | 671,709,430.00 | -9,109,215.38 | -7,665,809.18 | 3,396,977.46 | 651,537,427.98 | |||
| Total | 671,709,430.00 | -9,109,215.38 | -7,665,809.18 | 3,396,977.46 | 651,537,427.98 | |||
| Financial liabilities | -18,351,730.11 | 18,351,730.11 | ||||||
Note: The trading financial assets and investments in other equity instruments in the table above are detailed in “2.Trading Financial Assets” and “13. Investments in Other Equity Instruments” in Note 5 of Auditor’s Report .
Whether there are major changes on measurement attributes for main assets of the Company in reporting period
□ Yes √ No
Chongqing Changan Automobile Company Limited 2024 Annual Report
3. Limitation of asset rights as of the end of the reporting period
Unit: RMB
| Item | Book Value at the End of Period | Limitation Reason |
| Monetary fund | 907,719,149.74 | Deposit and others |
| Bill receivable | 6,569,473,317.00 | Bill pledge |
| Total | 7,477,192,466.74 |
VII. Analysis of Investments
1. Overall situation
√ Applicable □ Not applicable
| Investment amount for the reporting period (RMB) | Investment amount for the previous reporting period (RMB) | YoY Change (%) |
| 14,917,272,291.63 | 8,798,279,380.10 | 69.55% |
2. The major equity investment obtained in reporting period
√ Applicable □ Not applicable
| Name of invested company | Main business | Investment method | Investment | Shareholding ratio | Source of Funds | Partner | Term of investment | Product type | Progress as of the balance sheet date | Projected Revenue | Profit and loss of current investment | Is it involved in litigation | Disclosure date (if any) | Disclosure index (if any) |
| Avita Technology (Chongqing) Co., Ltd | New car sales, new energy vehicle sales, etc | Capital increase | 4,550,582,400 | 40.99% | Own funds | Chongqing Changan Automobile Co., Ltd., Southern Industrial Asset Management Co., Ltd., Chongqing Anyu Private Equity Investment Fund Partnership Enterprise (Limited Partnership), Bank of Communications Financial Asset Investment Co., Ltd., etc | long-term | New energy vehicle complete vehicle | Complete the signing of the investment agreement | Not Applicable | Not Applicable | No | December 18th, 2024 | Please refer to the Announcement of Chongqing Changan Automobile Co., Ltd. on Capital Increase and Related Transactions to Joint Ventures (Announcement No. 2024-82) on the website of Juchao Information for details |
| Changan Automobile Finance Co., Ltd | Automotive Financial Services | Acquisition | 2,300,000,000 | 20% | Own funds | Chongqing Yufu Capital Operation Group Co., Ltd | long-term | Automotive Financial Services | Complete the signing of the equity transfer agreement | Not Applicable | Not Applicable | No | November 28, 2024 December 31, 2024 | Please refer to the Announcement on the Proposed Public Delisting of Part of the Equity and Related Transactions of |
Chongqing Changan Automobile Company Limited 2024 Annual Report
ChanganAutomobileFinanceCo., Ltd.(AnnouncementNo. 2024-
67) on the
websiteof JuchaoInformation fordetailsAnnouncement ontheProgressofPurchasing PartialEquity ofChanganAutomobileFinanceCo., Ltd.throughPublicDelisting(AnnouncementNo. 2024-91)
3. The ongoing major non-equity investment in reporting period
□ Applicable √ Not applicable
4. Financial assets investment
(1) Security investments
√ Applicable □ Not applicable
| Security type | Stock code | Abbreviation | Initial investment cost（RMB） | Accounting measurement model | Book value at the beginning of the reporting period（RMB） | Gains and losses from changes in fair value during the period（RMB） | Accumulated fair value changes included in equity（RMB） | Purchase amount during the reporting period（RMB） | Sales amount during the reporting period（RMB） | Gains and losses of the reporting period（RMB） | Book value at the end of the reporting period（RMB） | Accounting subject | Source of funds |
| Stock | 301215 | China Automotive Group Co., Ltd | 98,999,997.80 | Fair value measurement | 160,744,733.27 | -5,731,578.82 | 0.00 | 0.00 | 0.00 | -3,100,263.10 | 155,013,154.45 | Trading financial assets | Self-owned funds |
| Total | 98,999,997.80 | -- | 160,744,733.27 | -5,731,578.82 | 0.00 | 0.00 | 0.00 | -3,100,263.10 | 155,013,154.45 | -- | -- | ||
(2) Derivative investments
√ Applicable □ Not applicable
1） Derivative investments for hedging purposes during the reporting period
√ Applicable □ Not applicable
Unit: 10,000 RMB
| Investment type of derivatives | Initial derivatives investment amount | Initial investment amount | Profit and loss from changes in fair value in the current period | Accumulated changes in fair value included in equity | Amount of purchase in the reporting period | Amount of sales in the reporting period | Investment amount at the end of the reporting period | Proportion of investment amount at the end of the reporting period to net assets of the Company |
| Forward foreign exchange - USD | 91,973 | 91,973 | -2,211 | -1,116 | 35,623 | 127,596 | - | - |
| Forward foreign exchange - Japanese yen | - | - | 38 | 24 | 2,176 | 2,176 | - | - |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Total | 91,973 | 91,973 | -2,173 | -1,092 | 37,799 | 129,772 | - | - |
| Explanation of changes of the accounting policies and accounting principles of the Company’s hedging during the reporting period compared with the previous reporting period | Not applicable | |||||||
| Description of actual gains/losses during the reporting period | During the reporting period, RMB 1,297.72 million was sold, and the actual transaction profit was RMB 10.81 million. | |||||||
| Description of hedging effect | Changan Automobile adheres to the principle of risk neutrality in carrying out forward foreign exchange settlement and sales business, based on normal production and operation, locks in income and cost through forward foreign exchange transactions, avoids the risk of exchange rate fluctuations, reduces the uncertainty of operating profits, and ensures the realization of annual operating objectives. | |||||||
| Source of funds | Self-owned funds | |||||||
| Risk analysis and control measures for derivatives investment during the reporting period (including but not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, etc.) | Risk analysis 1. Market risk: In the event of significant fluctuations in exchange rates, the difference between the forward foreign exchange contract exchange rate and the actual exchange rate on the maturity date may result in exchange losses for the company. 2. Liquidity risk: Due to inaccurate predictions, the delivery date of forward foreign exchange contracts signed does not match the actual delivery date, resulting in insufficient funds available for delivery and causing liquidity risk, leading to the inability to deliver on schedule. 3. Credit risk: Due to inaccurate predictions, the delivery date of forward foreign exchange contracts signed does not match the actual delivery period, resulting in delayed delivery risks caused by the inability to deliver forward foreign exchange transactions at the agreed time. 4. Operational risk: Risks may arise due to inadequate internal control mechanisms and unprofessional operators. 5. Legal risk: If the terms of the transaction contract are unclear, there may be legal risks. Risk control measures 1. The company and its subsidiaries will pay attention to changes in the exchange rate market, strengthen research on exchange rates, assess future exchange rate trends, improve their ability to make judgments on exchange rates, and reduce the impact of exchange rate fluctuations on the company. 2. To prevent delayed delivery of forward foreign exchange transactions, the business management departments of the company and its subsidiaries will track the progress of payments and receipts, avoid overdue situations, and minimize risks as much as possible. 3. The company and its subsidiaries have established a foreign exchange research group and a foreign exchange trading risk control group, and established a forward foreign exchange trading mechanism for foreign exchange research, trading risk control, and scheme approval. The setting of foreign exchange trading positions should ensure that personnel in the front, middle, and back office positions are separated from each other and rotated regularly. 4. The company has formulated the “Management Measures for Forward Foreign Exchange Trading Business (Trial) “, which provides clear regulations on management principles, management systems, operational procedures, risk control, etc., and must strictly follow the requirements of the system during operation. 5. The company and its subsidiaries choose financial institutions with legal qualifications, good credit, and long-term business dealings with the company as their counterparties for conducting forward foreign exchange trading business, with low default risk. | |||||||
| Changes in market price or fair value of invested derivatives during the reporting period (the specific methods, relevant assumptions and parameters used in the analysis of the fair value should be disclosed) | The Company’s measurement of Financial Instruments follows the “Accounting Standard for Business Enterprises Article 22 - Recognition and Measurement of Financial Instruments”, and the fair value is basically measured and recognized with reference to bank pricing. During the reporting period, the gain on the change in fair value of forward exchange contracts was RMB -21.73 million. | |||||||
| Whether it is involved in a lawsuit | Not applicable | |||||||
| Disclosure date of derivatives investment approval board announcement | February 23, 2024 | |||||||
| Disclosure date of derivatives investment approval shareholders meeting announcement | May 11, 2024 | |||||||
2） Derivative investment for the purpose of speculation during the reporting period
□ Applicable √ Not applicable
During the reporting period, there was no derivative investment for the purpose of speculation.
5. Use of raised funds
√ Applicable □ Not applicable
(1) Overall use of raised funds
√ Applicable □ Not applicable
Unit: 10,000 RMB
| Year | Types of raise | Securities listing date | Total funds raised | Net amount of raised | The used amount of total | Total accumulated use of | The utilization ratio of | The total amount of raised | Cumulative total amount of | Proportion of total | The total amount of | The purpose and | Amount of funds raised idle |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| funds（1） | funds raised in the current period | funds raised（2） | raised funds at the end of the reporting period （3）=（2）/（1） | funds with purpose changed in reporting period | raised funds with purpose changed | raised funds with purpose changed | unused funds | placement of the unused funds | for more than two years | ||||
| 2020 | Non-public offering of shares | October 26th, 2020 | 600,000.00 | 598,608.41 | 6,928.38 | 604,055.07 | 100.02% | 0 | 160,545.86 | 26.82% | 4,116.63 | Deposited in a dedicated account for raised funds | 0 |
| Total | -- | -- | 600,000.00 | 598,608.41 | 6,928.38 | 604,055.07 | 100.02% | 0 | 160,545.86 | 26.82% | 4,116.63 | -- | 0 |
| Description of the overall use of raised funds | |||||||||||||
| 1. The board of directors of the Company believes that the Company has disclosed the storage and actual use of the Company’s raised funds in a timely, true, accurate and complete manner in accordance with the “Guidelines for the Standardized Operation of Listed Companies on the Shenzhen Stock Exchange” and relevant format guidelines. There are no violations in the management of raised funds. The Company has faithfully fulfilled its obligation to disclose the investment direction and progress of the raised funds. 2. The net amount of raised funds after deducting other issuance expenses is RMB 5,986.08 million, the actual net amount of raised funds after adjustment is RMB 6,039.30 million. The Company used the raised funds of RMB 3,252.08 million, RMB 747.22 million, RMB 693.30 million, RMB 1,278.67 million and RMB 69.28 million respectively in 2020, 2021, 2022, 2023 and 2024. As of December 31, 2024, the Company has used a total of RMB 6,040.55 million of the raised funds. 3. The fact that the cumulative amount of the raised funds used has exceeded the total amount of the raised funds is mainly affected by the interest income. | |||||||||||||
(2) Use of the raised funds in committed projects
√ Applicable □ Not applicable
Unit: 10,000 RMB
| Financing project name | Securities listing date | Committed projects and placement of extra funds raised | Project type | Whether the project has been changed | Total committed investment of raised funds | Adjusted total investment (1) | Amount invested this year | Cumulative investment amount as of the end of the period (2) | Investment progress as of the end of the period% (3) = (2)/(1) | Whether the project has reached the intended usable state | Benefits realized this year | The cumulative benefits realized as of the end of the reporting period. | Whether it meets the expected return | Whether the feasibility of the project has changed significantly |
| Committed projects | ||||||||||||||
| Issuance of shares to specific investors in 2020 | October 26th, 2020 | H series fifth phase, NE1 series first phase engine production capacity construction project | Production and construction | Yes | 141,568.38 | 103,313.68 | 1,416.27 | 103,922.78 | 100.59% | Yes | 363,714.25 | 904,914.25 | Yes | No |
| Crash Laboratory Capacity Upgrade Project | R&D | Yes | 11,505.75 | 8,251.85 | - | 8,342.63 | 101.10% | Yes | Not applicable | Not applicable | Not applicable | No | ||
| CD569 production line construction project | Production and construction | Yes | 15,576.22 | 9,418.59 | - | 9,616.70 | 102.10% | Yes | 35,225.19 | 81,935.19 | Yes | No | ||
| Hefei Changan Automobile Co., Ltd. adjustment and upgrade project | Production and construction | Yes | 249,958.06 | 142,399.78 | 5,512.11 | 139,413.83 | 97.90% | Yes | 27,899.42 | 157,829.42 | No | No | ||
| Supplementary working capital | R&D | No | 180,000.00 | 180,000.00 | - | 180,000.00 | 100.00% | Not applicable | Not applicable | Not applicable | Not applicable | No | ||
| New | R&D | No | - | 160,545.8 | - | 162,759.1 | 101.38% | Yes | Not | Not | Not | No | ||
Chongqing Changan Automobile Company Limited 2024 Annual Report
| generation energy-saving product transformation and upgrading project | 6 | 3 | applicable | applicable | applicable | ||||||||
| Total | -- | 598,608.41 | 603,929.76 | 6,928.38 | 604,055.07 | 100.02% | -- | -- | -- | -- | |||
| The reasons for not reaching the planned progress or expected benefits (by specific projects) | The reasons why the adjustment and upgrading project of Hefei Changan Automobile Co., Ltd. did not achieve the expected revenue are as follows: the penetration rate of new energy continued to increase in 2024, the sales of traditional fuel passenger vehicles declined, and industry competition intensified. | ||||||||||||
| Description of major changes in the feasibility of the project | N/A | ||||||||||||
| The amount, use and progress of extra raised funds | Not applicable | ||||||||||||
| Change in implementation location of the committed projects | N/A | ||||||||||||
| Adjustment to implementation method of committed project | N/A | ||||||||||||
| Upfront investment and replacement of committed projects | On November 18th, 2020, the Ninth Meeting of the Eighth Session of the Board of Directors of the Company reviewed and approved the “Proposal on the Use of Raised Funds to Replace Early Investment in Self-Own Funds”, and agreed to use raised funds of RMB 1,378,818,553.05 to replace pre-invested sell-raised funds for the project. The replacement of the raised funds has been verified by the Ernst & Young Hua Ming (2020) Special Zi No. 60662431_D05 special report issued by Ernst & Young Hua Ming Certified Public Accountants (special general partnership). | ||||||||||||
| Use of idle raised funds for temporary supplement of working capital | N/A | ||||||||||||
| Amount and cause of surplus of funds raised for project implementation | The company's original plan for four fundraising projects, including the H-series Phase V and NE1 series Phase I engine production capacity construction project, collision testing laboratory capacity upgrading construction project, CD569 production line construction project, and Hefei Changan Automobile Co., Ltd. adjustment and upgrading project, resulted in some savings compared to the previous plan. The main reason is that the company reduced the actual investment amount through the localization of imported equipment during the project implementation process; At the same time, in order to continuously improve the quality of operation, the company has continuously optimized the plan during the project construction process and implemented lean investment process management, achieving control over investment scale and pace. Based on the company's long-term strategic planning and current development needs, and after comprehensive analysis, in order to further improve the efficiency of the use of raised funds, the company has adjusted the investment scale of the original raised funds investment project and allocated the remaining funds of RMB 1,605.46 million to the company's new generation energy-saving product transformation and upgrading project. | ||||||||||||
| The purpose and placement of the unused raised funds | Deposited in a dedicated account by the Company for raised funds. | ||||||||||||
| Defects and other problems in utilization and disclosure of the raised funds | N/A | ||||||||||||
(3) Changes of projects supported by raised funds
√ Applicable □ Not applicable
Unit: 10,000 RMB
| Financing project name | Method of fund-raising | Changed project | The commitment of the original project | Total amount of funds to be invested in the project after the change (1) | The amount actually invested during the reporting period | Actual cumulative investment amount as of the end of the period (2) | Investment progress as of the end of the period (%) (3)=(2)/(1) | The date when the project reached the intended availability status | Benefits achieved during the reporting period | Whether the expected benefits have been achieved | Significant changes in the feasibility of the project after the change |
| Issuance of shares to specific investors in 2020 | Private offering | A new generation of energy-saving products transformat | 1. H series fifth phase, NE1 series first phase engine production capacity construction project 2. Crash Laboratory | 160,545.86 | - | 162,759.13 | 101.38% | In the year of 2024 | Not applicable | Not applicable | No |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| ion and upgrading projects | Capacity Upgrade Construction Project 3. CD569 production line construction project 4. Hefei Changan Automobile Co., Ltd. adjustment and upgrade project | ||||||||||
| Total | -- | -- | -- | 160,545.86 | - | 162,759.13 | 101.38% | -- | -- | -- | -- |
| Reasons for change, decision-making procedures and information disclosure (by specific project) | 1. The company's original plan for four fundraising projects, including the H-series Phase V and NE1 series Phase I engine production capacity construction project, collision testing laboratory capacity upgrading construction project, CD569 production line construction project, and Hefei Changan Automobile Co., Ltd. adjustment and upgrading project, resulted in some savings compared to the previous plan. The main reason is that the company reduced the actual investment amount through the localization of imported equipment during the project implementation process; At the same time, in order to continuously improve the quality of operation, the company has continuously optimized the plan during the project construction process and implemented lean investment process management, achieving control over investment scale and pace. Based on the company's long-term strategic planning and current development needs, and after comprehensive analysis, in order to further improve the efficiency of the use of raised funds, the company has adjusted the investment scale of the original raised funds investment project and allocated the remaining funds of RMB 1,605.46 million to the company's new generation energy-saving product transformation and upgrading project. 2. Decision-making procedure: The Company held the 38th meeting of the 8th Board of Directors on April 26th, 2022, and approved the proposal of “Adjusting and Changing the Use of Part of the Raised Funds”. The proposal has yet to be submitted to the Company’s General Meeting of Shareholders for consideration. 3. Information disclosure: Please refer to the announcement of “Adjusting and Changing the Use of Part of the Raised Funds” on http://www.cninfo.com.cn (Announcement Number: 2022-23). | ||||||||||
| Reasons for failure to meet the planned schedule or projected benefits (by project) | Not applicable | ||||||||||
| Description of significant changes in the feasibility of the project after the change | Not applicable | ||||||||||
VIII. Sale of significant Assets and Equity
1. Sale of significant assets
□ Applicable √ Not applicable
2. Sale of significant equity
□ Applicable √ Not applicable
IX. Analysis of Major Shareholding and Joint Stock Companies
√ Applicable □ Not applicable
Major subsidiaries and joint stock companies that affect the Company’s net profit by more than 10%
Unit: 10,000 RMB
| Name | Type | Main businesses | Registered capital | Total assets | Net assets | Operating income | Operating profit | Net profit |
| Chongqing Changan Automobile International Sales and Service Co., Ltd. | Subsidiary Company | Export and services of automobiles, auto parts and technologies | 142,276 | 963,365 | 219,566 | 2,922,744 | 132,953 | 110,324 |
| Chongqing Changan Automobile Customer Service Co., Ltd. | Subsidiary Company | Automobile spare parts-related business | 3,000 | 230,333 | 98,267 | 480,697 | 114,575 | 97,560 |
| Chongqing Lingyao Automobile Co., Ltd. | Subsidiary Company | Production and sales of vehicles and parts | 133,764 | 681,572 | 167,010 | 1,261,252 | 75,473 | 76,636 |
| Deepal Automobile Technology Co., Ltd. | Subsidiary Company | Production and sales of vehicles and parts | 32,811 | 3,429,500 | -350,269 | 3,722,488 | -158,865 | -157,156 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Changan Ford Automobile Co., Ltd. | Joint Stock Company | Production and sales of vehicles and parts | USD24,100 | 2,814,060 | 166,187 | 4,830,580 | 212,396 | 208,957 |
| Avatr Technology (Chongqing) Co., Ltd. | Joint Stock Company | Production and sales of vehicles and parts | 199,496 | 2,915,403 | 859,013 | 1,534,767 | -400,489 | -401,799 |
Subsidiaries acquired and sold in the reporting period
□ Applicable √ Not applicable
Description of major holding and participating companies
During the reporting period, the profit of Chongqing Changan Automobile International Sales and Service Co.,Ltd. increased year-on-year due to the growth of its export business. In recent years, as the sales volume ofautomobiles has gradually increased and the end - user vehicle ownership has risen, Chongqing Changan AutomobileCustomer Service Co., Ltd.’s automobile repair, maintenance and related after - market businesses have increasedaccordingly. Meanwhile, the increasing penetration rate of new energy vehicles and the exploration of overseasmarkets have driven up the overall sales scale of spare parts, further improving the company's efficiency. ChongqingLingyao Automobile Co., Ltd.'s income from asset disposal improved year - on - year mainly because Factory oneof Lingyao was included in the government's land acquisition and storage project. Due to the improvement of theproduct mix and the increase in sales volume, and Deepal Auto’s active efforts in cost reduction and efficiencyimprovement, the year - on - year profit loss has decreased. Driven by the increase in exports and the reduction offixed expenses, Changan Ford's overall efficiency has been improved. With the launch of new products and productupgrades, the sales volume has increased and the product profitability has gradually improved. However, in order tofurther enrich the product portfolio, Avatr has continued to make high - level investments in product R & D, brandpromotion, channel construction, etc., resulting in losses.X. Information of main shareholding and joint stock companies
□ Applicable √ Not applicable
XI. Future Outlook
1. Industrial Landscape and Trends
In 2024, driven by the Trade-in and Replacement policy, the Chinese automobile market achieved positiveannual sales growth, stimulating retail sales of broader consumer goods. The following trends are expected toemerge in the automotive industry:
(1) Overall Trend: As the Trade-in and Replacement policy continues and expands, the Chinese automobilemarket is expected to maintain steady growth. In terms of the competitive landscape, the market will experienceincreasing concentration of automobile companies. Coupled with the high R & D investment in intelligenttechnologies, which raises the industry entry barriers, domestic brands will maintain their dominant position in thenew energy market through technological leadership and cost-control abilities. Foreign brands will continue to facepressure with lackluster performance in the new energy market. It is expected that competition will intensify in thefuture.
(2) Electrification: As domestic automakers further improve their product portfolios of new energy vehicles,the share of gasoline-only vehicles will decline further. In particular, the Trade-in and Replacement policy shouldhelp new energy vehicles gain more market share and drive broader market growth.
(3) Advanced intelligence: With the accelerated development of intelligent technologies in the automotiveindustry, especially the popularization of autonomous driving technologies, L3 AD functions are expected to berolled out more rapidly in multiple regions, and the market penetration will increase quickly. The price of L3Navigation on Autopilot (NOA) is expected to gradually drop to around 100,000 yuan.
(4) Globalization: In 2024, China's auto exports continued to grow, with new energy vehicle exports beingparticularly prominent. The export volume of electric vehicles reached a new high. Although the new energy vehiclemarket has slowed down in some developed countries and is facing challenges such as countervailing duties,domestic brands will not slow down their expansion in foreign markets and will actively seek differentiatedopportunities in the global market.
2. Corporate Growth Strategy
Looking towards the future, the Company will proactively recognize, adapt to, and drive change. It will adopta strategic mindset to plan for the overall situation, embrace transformation and reform to meet challenges. TheCompany will continuously update and improve its Third Venture. It will maintain strategic focus, accelerate itstransformation into an intelligent and low-carbon mobility technology company, and strive to build a world-class
Chongqing Changan Automobile Company Limited 2024 Annual Report
automotive brand.By 2030, the Company aims to achieve annual sales of five million vehicles. Among them, the proprietarybrands are expected to sell four million vehicles, including 3 million digital intelligent vehicles, and overseas salesto reach 1.2 million vehicles. The three major plans—Mission of Shangri-La, Dubhe Plan and Vast Ocean Plan—arekey to its fundamentals and achievement of strategic goals.
Mission of Shangri-La: The Company will build upon AVATR, DEEPAL, and CHANG-AN NEVO—threedigital intelligent EV brands—competitive advantages and create global best-sellers. AVATR EVs focus on newluxury and high-end emotional value. DEEPAL continues to appeal to young-at-heart users, while CHANG-ANNEVO focuses on family users in the mainstream new energy vehicle market. The Company will continue to developdifferentiated strengths in new energy technologies around the New BlueCore and the Golden Shield Battery.
Dubhe Plan: The Company will promote digital intelligence in four aspects: products, manufacturing,operations, and ecosystems. In products, the Company will continue to deepen its core capabilities in its proprietaryAD features, cabin interfaces, and chassis technology, and rapidly apply and update these technologies.Breakthroughs in key core technologies such as semiconductors, controllers, maps, OS, cloud, connectivity andnetworks. In manufacturing, the Company will accelerate the transformation of all its factories into intelligent anddigital ones to offer customized products to customers. In operations, the Company will strengthen its AIdevelopment strategy and reshape R & D, production, supply, sales, and service with AI. In ecosystems, the Companywill work more closely with industry leaders and share results with developers.
Vast Ocean Plan: The Company will work in harmony with the global community, coordinate its efforts inmarkets such as Europe, the Middle East, and Africa. It will firmly implement its global strategies and acceleratelocalized operation systems and capabilities.
3. Operation Plan
In 2024, the Company sold 2.684 million vehicles, achieving the target set by the board of directors. The targetfrom the Company's board of directors for 2025 is to produce and sell over 2.8 million vehicles. The Companyadheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, focuses onimplementing the Innovation and Entrepreneurship Plan 8.0, and will stick to the strategy, deepen reforms, center onproducts, innovate marketing, aim high, and execute efficiently. Its employees will be guided by products andresolutely achieve the target for 2025. The following key tasks should be completed: first, establish strategic directionand strengthen implementation. Second, improve business quality and strengthen operation efficiency. Third, assertleadership of technological innovation with leading technologies and products. Fourth, enhance digitalmanufacturing and continuously accumulate new manufacturing momentum. Fifth, strengthen supply chain securityand resilience to ensure cost leadership. Sixth, continue innovative marketing and enhance marketing capabilities.Seventh, deepen reform and improve management and operational efficiency. Eighth, put customers first andimplement the No.1 Project. Ninth, strengthen global brands, and make every effort to enhance brand image. Tenth,adhere to two-way empowerment and create a new era of joint venture cooperation. Eleventh, deepen theorganizational reforms and provide a world-class talent team guarantee for the Company's strategic transformation.Twelfth, adhere to bottom line thinking and comprehensively enhance safety, quality, compliance, and riskmanagement systems. Thirteenth, adhere to and strengthen the comprehensive leadership of the Party, and to ensurehigh-quality development through high-quality Party initiatives.
4. Capital Expenditure Plan for 2025
To achieve the Company's strategic goals, the planned investment of the Company and its controlledsubsidiaries for 2025 is 10,742.11 million yuan. Of the total, fixed-asset investment amounts to 3,942.36 millionyuan, and equity investment stands at 6,799.75 million yuan. Fixed-asset investment is mainly concentrated in areassuch as adjustment of production capacity structure, product structure upgrade, enhancement of R & D, and digitaltransformation. Equity investment mainly focuses on aspects like the transformation of new energy brands,intelligent capabilities, expansion of overseas business, in-depth industrial chain development, and strategicemerging industries. The Company will, based on the progress of projects and in combination with the business andfinancing environment, explore and formulate plans for capital raising and utilization through multiple channels toimprove the efficiency of capital utilization and reduce capital costs.
5. Possible Risks
(1) In terms of the domestic market
China's economy is running steadily with progress, and the total economic output has jumped to a new level.Macro policies are being implemented faster. Add that to existing policies and the economy is expected to performwell. Dual Renewal Initiatives have been effectively carried out. Consumer spending continues to grow and marketconfidence has increased. The overall spending in the domestic automobile market is stable. Trade-in andReplacement policies encourage people to spend. On the other hand, the gasoline-vehicle market is shrinking, andnew energy vehicles are gaining market share, posing risks and challenges in terms of price competition.
Countermeasures: Under the guidance of the Company's Third Venture—Innovation and Entrepreneurship Plan,
Chongqing Changan Automobile Company Limited 2024 Annual Report
the Company will continue to promote the Mission of Shangri-La and the Dubhe Plan. New energy and advancedintelligence will drive the Company's growth. The Company will build a new product platform, promotetechnological innovation, product upgrading, and brand enhancement, and continuously launch a series of productswith stronger competitiveness and greater consumer appeal.
(2) In terms of markets overseas
The global economy is moderately recovering, but uncertain factors still exist. Anti-globalization has led to anincrease in costs of global trade, affecting supply chains. As China's share in the global auto market increases, somecountries have significantly raised import tariffs on automobiles, weakening competitiveness of Chinese automobilesand leading to global trade tensions. In addition, some countries have implemented stricter non-tariff barriers, suchas technical standards and environmental requirements, which further increases the difficulty for Chinese cars toenter Western countries.Countermeasure: The Company is comprehensively promoting the Vast Ocean Plan with five regional businessunits, further setting up production facilities overseas, taking supply chains global, and enhancing its overallcompetitiveness in markets overseas. It works closely with the Belt and Road Initiative, building brands whilemoving some R & D, production, supply, sales, and transportation abroad to achieve a win-win solutions for allparties.
XII. Reception Research, Communication, Interviews and Other Activities duringthe Reporting Period
√ Applicable □ Not applicable
| Reception Date | Reception location | Reception method | Reception object type | Index of Basic Research Information |
| February 2, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on February 2, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for February 2, 2024 |
| February 22, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on February 22, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for February 22, 2024 |
| March 14, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on March 14, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for March 14, 2024 |
| March 15, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on March 15, 2024 on Interactive Easy of Shenzhen Stock Exchange(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for March 15, 2024 |
| April 19, 2024 | Network platform | Changan Automobile Video Account, Panoramic Roadshow, Entrance Finance and Economics | All investors | For details, please refer to the announcement on April 23, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for April 19, 2024 |
| May 9, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on May 9, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for May 9, 2024 |
| May 16, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on May 16, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form on May 16, 2024 |
| May 30, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on May 30, 2024 on Interactive Easy of Shenzhen Stock Exchange(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form as of May 30, 2024 |
| June 5, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on June 5, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| for June 5, 2024 | ||||
| June 7, 2024 | Thailand | Field research | Institution | For details, please refer to the announcement on June 7, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for June 7, 2024 |
| June 19, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on June 19, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for June 19, 2024 |
| June 20, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on June 20, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for June 20, 2024 |
| June 27, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on June 27, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for June 27, 2024 |
| July 2, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 2, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 2, 2024 |
| July 9, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 9, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 9, 2024 |
| July 10, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 10, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 10, 2024 |
| July 11, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 12, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 11, 2024 |
| July 16, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 16, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 16, 2024 |
| July 17, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 17, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 17, 2024 |
| July 18, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 18, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 18, 2024 |
| July 26, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 26, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for July 26, 2024 |
| July 31, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on July 31, 2024 on Interactive Easy of Shenzhen Stock Exchange(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form as of July 31, 2024 |
| September 2, 2024 | network platform | Panoramic Roadshow | All investors | For details, please refer to the announcement on September 3, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for September 2, 2024 |
| September 3, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on September 3, 2024 on the Shenzhen Stock Exchange's |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for September 3, 2024 | ||||
| September 4, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on September 4, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for September 4, 2024 |
| September 11, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on September 11, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for September 11, 2024 |
| September 12, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on September 12, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for September 12, 2024 |
| September 20, 2024 | Shanghai | Shanghai Stock Exchange Roadshow Center | Institution | For details, please refer to the announcement on September 20, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for September 20, 2024 |
| September 23, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on September 23, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for September 23, 2024 |
| October 17, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on October 17, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for October 17, 2024 |
| October 29, 2024 | network platform | Panoramic Roadshow | All investors | For details, please refer to the announcement on October 31, 2024 on Interactive Easy of Shenzhen Stock Exchange(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for October 29, 2024 |
| October 31, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on October 31, 2024 on Interactive Easy of Shenzhen Stock Exchange(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form as of October 31, 2024 |
| November 7, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 7, 2024 on Interactive Easy of Shenzhen Stock Exchange(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 7, 2024 |
| November 8, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 8, 2024 on Interactive Easy of Shenzhen Stock Exchange(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 8, 2024 |
| November 11, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 11, 2024 on Shenzhen Stock Exchange's Interactive Easy(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 11, 2024 |
| November 13, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 13, 2024 on Shenzhen Stock Exchange's Interactive Easy(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 13, 2024 |
| November 15, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 15, 2024 on Shenzhen Stock Exchange's Interactive Easy(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 15, 2024 |
| November 21, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 21, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 21, 2024 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| November 26, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 26, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 26, 2024 |
| November 27, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on November 27, 2024 on Shenzhen Stock Exchange's Interactive Easy(http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 27, 2024 |
| November 28, 2024 | network platform | Panoramic Network “Investor Relations Interactive Platform” | All investors | For details, please refer to the announcement on November 29, 2024 on Shenzhen Stock Exchange's Interactive Easy（http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for November 28, 2024 |
| December 3, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on December 3, 2024 on Interactive Easy of Shenzhen Stock Exchange（http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for December 3, 2024 |
| December 5, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on December 5, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform（http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for December 5, 2024 |
| December 6, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on December 6, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform（http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for December 6, 2024 |
| December 12, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on December 12, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform（http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for December 12, 2024 |
| December 19, 2024 | Chongqing | Field research | Institution | For details, please refer to the announcement on December 19, 2024 on the Shenzhen Stock Exchange's Interactive Easy platform（http://irm.cninfo.com.cn) Changan Automobile: Investor Relations Activity Record Form for December 19, 2024 |
XIII Implementation status of market value management system and valuationenhancement planHas the company established a market value management system.
√ Yes □ No
Has the company disclosed a plan to increase its valuation.
□ Yes √ No
On April 9, 2025, the 40th meeting of the 9th Board of Directors of the Company reviewed and approved theProposal on Formulating the Market Value Management System. To strengthen the Company's market valuemanagement, further standardize its market value management practices, and effectively enhance the Company'sinvestment value and the return - generating ability for shareholders, in accordance with relevant laws, regulationsand regulatory documents such as the Company Law of the People's Republic of China, the Securities Law of thePeople's Republic of China, the Several Opinions of the State Council on Strengthening Supervision, PreventingRisks and Promoting High - quality Development of the Capital Market, the Several Opinions on Improving andStrengthening the Market Value Management of Listed Companies Controlled by Central Enterprises, the RegulatoryGuidelines for Listed Companies No. 10 - Market Value Management, as well as the relevant provisions of theCompany's Articles of Association, the Company has formulated the Market Value Management System ofChongqing Changan Automobile Co., Ltd.
XIV Implementation of the “Dual Improvement in Quality and Returns” InitiativeWhether the company has disclosed the “Dual Improvement in Quality and Returns” Initiative.
√ Yes □ No
In order to implement the guiding ideology of “revitalizing the capital market and boosting investor confidence”proposed by the Politburo meeting of the Communist Party of China Central Committee, better play the “three roles”
Chongqing Changan Automobile Company Limited 2024 Annual Report
of central enterprises in scientific and technological innovation, industrial control, and security support, safeguardthe interests of all shareholders, enhance investor confidence, and promote the long-term healthy and sustainabledevelopment of the company, the company has formulated the “Dual Improvement in Quality and Returns” actionplan. The specific measures include firmly guiding the strategy to accelerate the transformation into an intelligentlow-carbon travel technology company, improving the standard operation level of corporate governance,strengthening information disclosure to enhance transparency, and valuing shareholder returns to improve investorsatisfaction. For specific details, please refer to the Announcement on the Action Plan for “Dual Improvement inQuality and Returns” (Announcement No.: 2024-13) disclosed by the company on the website of Juchao Information(www.cninfo.com.cn) on March 7, 2024. In addition, the company disclosed the Announcement on the Progress ofthe Action Plan for “Dual Improvement in Quality and Returns” (Announcement No.: 2024-26) on April 18, 2024.
In accordance with the provisions of the Company Law and the Articles of Association regarding profitdistribution policies, combined with the actual situation and development needs of the company, and in order to fullyrepay shareholders, the company's profit distribution plan for 2024 is as follows: based on the total share capital of9,914,086,060 shares, a cash dividend of RMB 2.95 (including tax) will be distributed to all shareholders for every10 shares. The company plans to distribute a total of RMB 2,924,655,387.70 (including tax) in cash, accounting for40% of the net profit attributable to shareholders of the listed company in the consolidated financial statements forthis year. No bonus shares will be issued, and no share capital will be converted from reserve funds. The Company'scash dividend ratio has increased compared with the same period of last year, fully sharing the company'sdevelopment achievements with a large number of investors.
The company will hold its 2024 annual performance briefing on Friday, April 11, 2025, from 15:00 to 16:40through professional roadshow platforms such as "Changan Automobile's official video account", "PanoramaRoadshow", "Eastmoney Roadshow Center", "Huatai Securities Xingzhi", "Value Online", "Roadshow China","Flush Roadshow Platform" and "Wind 3C Conference". All investors are warmly welcome to actively participate.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 4 Corporate Governance
I. The Basic Situation of Corporate GovernanceDuring the reporting period, the Company strictly complied with the requirements of the Company Law, theSecurities Law, and relevant regulatory documents issued by the China Securities Regulatory Commission (CSRC)and the Shenzhen Stock Exchange. It continuously followed up and sorted out the requirements of laws, regulations,and regulatory rules regarding the governance of listed companies, and promptly improved the corporate governancesystem. The Company continuously optimized its corporate governance structure, established and improved internalmanagement and control systems, and continuously promoted the improvement of the Company's standardizedoperation level. The actual situation of the Company's corporate governance met the requirements of relevantregulatory documents of the CSRC regarding the governance of listed companies.During the reporting period, in accordance with the newly issued regulatory documents of the CSRC and theShenzhen Stock Exchange and in light of the actual situation, the Company continuously optimized the constructionof the institutional system and management processes related to corporate governance, advanced and implementedthem in an orderly manner, and focused on enhancing the Company's decision - making efficiency and governanceeffectiveness.
The Board of Directors made scientific decisions, and all directors fulfilled their duties diligently and werepromptly informed of the Company's production and operation situation. According to the Company's “WorkingSystem for Independent Directors”, all independent directors fulfilled their on - site duties for 15 days. In accordancewith the provisions of the Company's Articles of Association and considering the expiration of directors' terms, theCompany accurately depicted the profiles of independent directors, quickly matched, connected with, and introducedprofessional talents in the innovation field to serve as independent directors. Based on factors such as the regularjobs and areas of expertise of all directors, the Company timely adjusted the composition of the members of eachspecial committee to ensure the implementation of all the powers and functions of the Board of Directors. TheCompany systematically integrated the division of responsibilities and appointment requirements of each specialcommittee, improved the personnel composition and main responsibilities of the special committees. The Company'sgovernance was stable and standardized, which contributed to the stable and healthy development of production andoperation.The company has established an effective internal control system for financial reporting, strictly implementedthe Enterprise Accounting Standards, and improved accounting basic management according to the characteristicsof the company's business management. It has established a sound financial system, continuously optimizedaccounting and report preparation processes, continuously strengthened financial supervision, and deeplyimplemented financial control. It has established financial management systems for accounting basic workmanagement, financial management authorization, monetary fund management, guarantees, liabilities, financing,procurement and payment, fixed assets, construction in progress, accounting policies, accounting estimates,consolidated statement preparation, cost management, inventory management, financial analysis, etc., ensuring thesafety of the company's assets and the quality of accounting information. According to the criteria for identifyinginternal control deficiencies in financial reporting, the company did not have any significant or significantdeficiencies in internal control of financial reporting during the reporting period. The full text of the internal controlevaluation report was published on April 11, 2025 on the website of Juchao Information (http://www.cninfo.com.cn).Whether there are differences between corporate governance and the related requirements of “Company Law”and China Securities Regulatory Commission.
□ Yes √ No
There is no difference between corporate governance and the related requirements of “Company Law” and ChinaSecurities Regulatory Commission.
II. The Independence of the Company in Terms of Assets, Personnel, Finance,Organization And Business Relative to Controlling Shareholders and ActualControllers
The Company is completely independent from the controlling shareholders and actual controllers in terms ofbusiness, assets, personnel, institutions and finance.
1. Business: The business of Changan Automobile is independent of controlling shareholders and actualcontrollers. It makes independent decisions, operates independently and is responsible for its own profits and losses.It has a complete business and industrial system including procurement, production, sales and research anddevelopment. The controlling shareholders and actual controllers do not directly or indirectly interfere in theproduction and business activities of Changan Automobile.
2. Personnel: The controlling shareholder and the actual controller are completely independent from thepersonnel, labor and personnel of Changan Automobile. They have independent staff teams, complete labor
Chongqing Changan Automobile Company Limited 2024 Annual Report
management, performance appraisal and other systems and salary systems, and independently sign the LaborContract with employees according to law.
3. Assets: The assets of controlling shareholders and actual controllers are strictly separated from ChanganAutomobile, and the property rights are clearly defined. There is no direct or indirect interference in the productionand operation of Changan Automobile. Changan Automobile has independent production system, auxiliaryproduction system, supporting facilities, land use rights and other assets, legally owns land, real estate, machineryand equipment, trademarks related to production and operation, and has an independent raw material procurementand product sales system.
4. Organization: The controlling shareholder, the actual controller and Changan Automobile have independentproduction, operation and office places. There is no mixed operation.
5. Finance: The controlling shareholder, the actual controller and Changan Automobile have independentfinance and accounting departments with independent finance and accounting personnel, and have establishedindependent accounting system and financial management system. They make financial decisions independently,open bank accounts and pay taxes independently, and do not share bank accounts. Changan Automobile handles taxregistration independently and pays tax independently according to law.Ⅲ. Competition Situation
□ Applicable √ Not applicable
IV. Annual Shareholders Meeting and Extraordinary General Meeting during theReporting Period
1. Shareholders meeting during the reporting period
| Meeting Session | types of meeting | Investor participation ratio | Date of Meeting | Disclosure Date | Resolution Index |
| The first extraordinary general meeting of shareholders in 2024 | Extraordinary general meeting of stockholders | 41.201% | January 5, 2024 | January 6, 2024 | Please refer to the Changan Automobile: The Resolution of the First Extraordinary General Meeting of Shareholders in 2024 (Announcement No. 2024-01) on the website of Juchao Information for details |
| The Second Extraordinary General Meeting of Shareholders in 2024 | Extraordinary general meeting of stockholders | 41.254% | January 30, 2024 | January 31, 2024 | Please refer to the Changan Automobile: The Resolution of the Second Extraordinary General Meeting of Shareholders in 2024 (Announcement No. 2024-05) on the website of Juchao Information for details |
| 2023 Annual General Meeting of Shareholders | Annual general meeting of shareholders | 48.395% | May 10, 2024 | May 11, 2024 | Please refer to the Changan Automobile: The Resolution of 2023 Annual General Meeting of Shareholders (Announcement No. 2024-32) on the website of Juchao Information for details |
| The third extraordinary general meeting of shareholders in 2024 | Extraordinary general meeting of stockholders | 39.912% | September 19, 2024 | September 20, 2024 | Please refer to the Changan Automobile: The Resolution of the Third Extraordinary General Meeting of Shareholders in 2024 (Announcement No. 2024-58) on the website of Juchao Information for details |
| The Fourth Extraordinary General Meeting of Shareholders in 2024 | Extraordinary general meeting of stockholders | 11.983% | December 30, 2024 | December 31, 2024 | Please refer to the Changan Automobile: The Resolution of the Fourth Extraordinary General Meeting of Shareholders in 2024 (Announcement No. 2024-89) on the website of Juchao Information for details |
Chongqing Changan Automobile Company Limited 2024 Annual Report
2. The shareholders of preferred shares with voting right restored request to convene anextraordinary general meeting
□ Applicable √ Not applicable
V. Directors, Supervisors and Senior Management Personnel
1. Basic information
| Name | Gender | Age | Position | Employment status | Starting date of term | Termination date of term | Number of shares held at the beginning of the period (shares) | Number of shares increased in this period (shares) | Number of shares reduced in this period (shares) | Other increase/decrease changes (stock) | Number of shares held at the end of the period (shares) | Reasons for changes in shares increase or decrease |
| Zhu huarong | Male | 59 | Chairman And Party Secretary | Current | June 22, 2020 | July 27, 2026 | 500,864 | 500,864 | ||||
| Deng wei | Male | 53 | Director | Current | September 15, 2023 | July 27, 2026 | ||||||
| Shi yaoxiang | Male | 44 | Director | Current | January 30, 2024 | July 27, 2026 | ||||||
| Jia lishan | Male | 54 | Director | Current | July 27, 2023 | July 27, 2026 | ||||||
| Zhao fei | Male | 50 | Director | Current | July 27, 2023 | July 27, 2026 | 353,080 | -139,467 | 213,613 | Repurchase and cancellation | ||
| Zhang deyong | Male | 49 | Director, Chief Financial Officer, Board Secretary | Current | June 22, 2020 | July 27, 2026 | 353,080 | 353,080 | ||||
| Yang xinmin | Male | 64 | Independent Director | Current | September 17, 2021 | July 27, 2026 | 30,000 | 30,000 | ||||
| Li keqiang | Male | 61 | Independent Director | Current | June 15, 2022 | July 27, 2026 | ||||||
| Ding wei | Male | 64 | Independent Director | Current | June 15, 2022 | July 27, 2026 | ||||||
| Tang guliang | Male | 62 | Independent Director | Current | June 15, 2022 | July 27, 2026 | ||||||
| Zhang ying | Male | 46 | Independent Director | Current | June 15, 2022 | July 27, 2026 | ||||||
| Li zhenyu | Male | 48 | Independent Director | Current | September 19, 2024 | July 27, 2026 | ||||||
| Wenhong | Male | 58 | Supervisory Board Chairman | Current | July 27, 2023 | July 27, 2026 | ||||||
| Sun dahong | Male | 58 | Supervisor | Current | June 22, 2020 | July 27, 2026 | ||||||
| Shi shengwei | Male | 53 | Employee Supervisor | Current | November 8, 2021 | July 27, 2026 | ||||||
| Luo yan | Female | 50 | Employee Supervisor | Current | June 19, 2020 | July 27, 2026 | 500 | 500 | ||||
| Tan benhong | Male | 49 | Chief Human Resources Officer | Current | October 24, 2023 | July 27, 2026 | 353,080 | 353,080 | ||||
| Pu xingchuan | Male | 53 | Chief Risk Officer | Current | March 3, 2023 | July 27, 2026 | ||||||
| Ye pei | Male | 49 | Executive Vice President | Current | July 13, 2020 | July 27, 2026 | 353,080 | 353,080 | ||||
| Li mingcai | Male | 43 | Executive Vice President | Current | January 28, 2022 | July 27, 2026 | 353,080 | 353,080 | ||||
| Yang dayong | Male | 50 | Executive Vice President | Current | December 28, 2022 | July 27, 2026 | 252,200 | 252,200 | ||||
| Peng tao | Male | 46 | Executive Vice | Current | December 28, 2022 | July 27, 2026 | 248,612 | 248,612 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| President | ||||||||||||
| Klaus zyciora | Male | 63 | Vice President | Current | October 7, 2023 | July 27, 2026 | ||||||
| Zhang xiaoyu | Male | 45 | Executive Vice President | Current | December 1, 2023 | July 27, 2026 | 248,612 | 248,612 | ||||
| Wang xiaofei | Male | 42 | Executive Vice President | Current | January 12, 2022 | July 27, 2026 | 171,990 | 171,990 | ||||
| Wang hui | Male | 43 | Vice President | Current | September 22, 2022 | July 27, 2026 | 171,990 | 171,990 | ||||
| Zhang fatao | Male | 42 | Vice President | Current | January 5, 2023 | July 27, 2026 | 248,612 | 248,612 | ||||
| Deng chenghao | Male | 38 | Vice President | Current | December 1, 2023 | July 27, 2026 | ||||||
| He gang | Male | 39 | Vice President | Current | January 3, 2025 | July 27, 2026 | 80,282 | 32,598 | 47,684 | Not serving as vice president of the company during the reporting period | ||
| Li jun | Female | 55 | Board Secretary | Outgoing | July 13, 2020 | July 12, 2024 | 248,612 | -84,528 | 164,084 | Repurchase and cancellation | ||
| Chen wei | Male | 52 | Executive Vice President, General Counsel | Outgoing | July 13, 2020 | August 15, 2024 | 353,080 | 353,080 | ||||
| Cao xingquan | Male | 53 | Independent Director | Outgoing | May 18, 2018 | September 19, 2024 | ||||||
| Wang jun | Male | 52 | Director, President | Outgoing | June 22, 2020 | April 9, 2025 | 364,000 | 364,000 | ||||
| Total | -- | -- | -- | -- | -- | -- | 4,684,754 | 32,598 | -223,995 | 4,428,161 | -- |
Whether there are any outgoing directors and supervisors and the dismissal of senior management personnelduring the reporting period
√Yes □ No
See “V. 1. Changes in Directors, Supervisors, and Senior Management Personnel” in Chapter 4.Changes in Directors, Supervisors and Senior Management Personnel
√ Applicable □ Not applicable
| Name | Position | Type | Date | Reason |
| Shi Yaoxiang | Director | Be elected | January 30, 2024 | Appointment |
| Li Zhenyu | Independent Director | Be elected | September 19, 2024 | Appointment |
| Wang Xiaofei | Executive Vice President | Appointed | December 17, 2024 | Appointment |
| He Gang | Vice President | Appointed | January 3, 2025 | Appointment |
| Li Jun | Board Secretary | Dismiss | July 12, 2024 | Reaching the statutory retirement age |
| Chen Wei | Executive Vice President, General Counsel | Dismiss | August 15, 2024 | Job changes |
| Cao Xingquan | Independent Director | Outgoing | September 19, 2024 | Resignation after serving for six years |
| Wang Xiaofei | Vice President | Dismiss | December 17, 2024 | Job changes |
| Wang jun | Director | Outgoing | April 9, 2025 | Job changes |
| Wang jun | President | Dismiss | April 9, 2025 | Job changes |
2. Incumbency
Professional background, work experience and duties and responsibilities of incumbent Directors, Supervisorsand Senior Manager Personnel
(1) Directors
Mr. Zhu Huarong, Chairman and Party Secretary, Chairman of Changan Ford Motor Co., Ltd., Chairman ofAvatr Technology (Chongqing) Co., Ltd., Director of Nanchang Jiangling Investment Co., Ltd, and Vice Chairmanof Shenzhen Yinwang Intelligent Technology Co., Ltd.. Born in 1965, Master's degree, currently a senior engineer.Formerly served as the deputy director of the Technology Department of Changan Company, the chief engineer ofthe automobile manufacturing plant, the assistant to the company's president and the director of the TechnologyCenter, the director of the Science and Technology Committee, the deputy general manager of the company, the deanof the Engineering Research Institute, the vice president and the secretary of the Party Committee of ChanganAutomobile, the deputy secretary of the Party Committee of China Changan, the president of Changan Automobile,and a director of China Changan.
Mr. Deng Wei, Director. Born in 1971, Master's degree, currently a senior engineer. The current Director of the
Chongqing Changan Automobile Company Limited 2024 Annual Report
Strategic Development Department of CSG, Chairman of Fujian Chengguang Qiming Technology Co., Ltd., andChairman of the Advanced Technology Innovation Research Institute of China CSG Fuzhou University. Formerlyserved as the Deputy Director of the CSG Development Planning Department, Deputy Director of the StrategicDevelopment Department, Director of the Science and Technology Information Department, and a temporarymember of the Standing Committee and Deputy Governor of the Honghe Hani and Yi Autonomous Prefecture inYunnan Province. Also served as a director of Chongqing Changan Wangjiang Industrial Group Co., Ltd., Xi'anKunlun Industrial (Group) Co., Ltd., and Executive Director of China South Industries Group Information CenterCo., Ltd.Mr. Shi Yaoxiang, Director. Born in 1980, Master's degree, senior accountant. The current Director of theFinance Department of CSG, Director of Southern Industrial Asset Management Co., Ltd., and Director of SouthIndustries Group Finance Co., Ltd. Formerly served as a director and chief accountant of Sichuan Huachuan IndustryCo., Ltd., a director and chief accountant of Changan Industry, a chief accountant of Chongqing Changan WangjiangIndustrial Group Co., Ltd., deputy director of the finance department of CSG, director, general manager, and deputysecretary of the party committee of Southern Industrial Asset Management Co., Ltd.Mr. Jia Lishan, Director. Born in 1970, Ph.D., currently a senior engineer. The current Director of the IndustryPromotion Department of CSG and Chairman of Jinan Qingqi Suzuki Motorcycle Co., Ltd. Formerly served as theDirector of the Industrial Development Department, the Director of the Comprehensive Department of the GeneralOffice, and the Deputy Director of the Development Planning Department of CSG Optoelectronics Department. Alsoserved as the Chairman and Party Secretary of Chongqing Dajiang Industrial Co., Ltd. and the Deputy Director ofthe Promotion Department of CSG.Mr. Zhao Fei, Director. Born in 1974, Master's degree, Senior Engineer. Current Chairman and Party Secretaryof China Changan Automobile Group Co., Ltd. Formerly served as the Director of the Engine Technology Instituteat Changan Automobile Research Institute, Deputy Director of Engine Factory 4, Deputy General Manager of theScience and Technology Development Department of China Changan Group, Director, General Manager, PartySecretary and Chairman of Harbin Dong'an Automotive Engine Manufacturing Co., Ltd., Assistant to the Presidentand Director of the Strategic Planning Department and Party Branch Secretary of Changan Automobile, VicePresident and Executive Vice President of the company, Party Secretary and Executive Vice President of ChanganFord, President and Deputy Secretary of the Party Committee of China Changan Automobile.
Mr. Zhang Deyong, Director, Chief Accountant, Secretary of the Board, Director of Changan Ford Motor Co.,Ltd., Director of Nanchang Jiangling Investment Co., Ltd., Director of Changan Automobile Finance Co., Ltd., andDirector of South Industries Group Finance Co., Ltd. Born in 1975, Master of Accounting (MPAcc), SeniorAccountant. Formerly served as the Director and Assistant Director of the Finance Department at the AutomationResearch Institute of the CSG, Deputy Director of the Finance Department of the China South Industries GroupFinance Department (on secondment), Director, Chief Accountant, and Party Committee Member of ChongqingChangjiang Electric Co., Ltd., Deputy Director of the Finance Department of CSG (on secondment), Director, ChiefAccountant, and Party Committee Member of Changan Industry, Executive Vice President and General LegalAdvisor of Changan Automobile.
Mr. Yang Xinmin, independent director. Born in 1960, PhD in Applied Mathematics. Current professor at theSchool of Mathematical Sciences, Chongqing Normal University, director of the Chongqing National Center forApplied Mathematics, and director of the Key Laboratory of Optimization and Control of the Ministry of Education;Also serves as a director of the Chongqing Instant Science and Technology Development Foundation. Mainlyengaged in systematic research in the field of operations research (mathematics), awarded the title of NationalExcellent Science and Technology Worker in 2012, National Outstanding Professional and Technical Talent in 2014,and elected as an academician of the International Academy of Systems and Control Sciences in 2016. Hosted over10 projects funded by the National Natural Science Foundation of China, including 1 major project, 2 key projects,and 1 international (regional) project, and won multiple awards such as the Second Prize of National Natural Science,the First Prize of the Ministry of Education's Natural Science, and the Chongqing Highest Science and TechnologyOutstanding Contribution Award. Formerly served as Vice Chairman of the Chinese Mathematical Society and ViceChairman of the Chinese Society of Systems Engineering.
Mr. Li Keqiang, independent director. Born in 1963, PhD in Automotive Engineering. He is currently aprofessor and doctoral supervisor of the School of Vehicles and Transportation of Tsinghua University, director ofthe National Key Laboratory of Intelligent Green Vehicles and Transportation of Tsinghua University, and anacademician of the CAE Member; Simultaneously serving as an independent director of listed company NavInfo(002405) and non listed company GAC Aion New Energy Vehicle Co., Ltd. Formerly served as the head of theDepartment of Automotive Engineering at Tsinghua University.
Mr. Ding Wei, independent director. Born in 1960, Bachelor of Finance. Current founder and chairman ofXiamen Borun Capital Investment Management Co., Ltd; Serving as an independent director of listed companiesGuotai Junan (601211) and Heng Seng Electronics (600570). Formerly served as an economist and department headat the World Bank and the International Monetary Fund, President of Deutsche Bank China, Chairman of theInvestment Banking Management Committee and Head of the Investment Banking Department at ChinaInternational Capital Corporation, member of the Temasek Global Senior Management Committee, member of theGlobal Investment Decision Committee, and concurrently serving as President of China, President and Chairman ofCICC Capital Operations Limited, and independent non-executive director of China Car Rental Limited.
Mr. Tang Guliang, independent director. Born in 1962, with a PhD in Finance. Current Professor of Finance atthe School of International Business, University of International Business and Economics. An independent directorfor listed companies Jiuzhou Tong (600998) and Fosun Pharma (600196), as well as non listed companies Three
Chongqing Changan Automobile Company Limited 2024 Annual Report
Gorges Capital Holding Co., Ltd. and China Construction Investment Leasing Co., Ltd. Mainly engaged in teachingand research of management accounting and financial management, with unique and influential achievements inbudget management, group control, performance evaluation, financial strategy, capital operation, and other aspects.We have published 4 monographs and 40 works, and have published over 120 papers in high-end academic journalssuch as Accounting Review TAR and Management World. Formerly served as an independent director of listedcompanies such as Minmetals Development (600058), Changjiang Securities (000783), and Guangfeng Technology(688007).Mr. Zhang Ying, an independent director. Born in 1978, with a PhD in Management. Current Professor and ViceDean of Guanghua School of Management, Peking University; Serving as an independent director of listedcompanies China Film (600977) and Meiyin Gene (06667. HK). The research focuses on the intersection ofpsychology and economics, and excels in using experimental and data methods to study how individual behavioraldecisions and social attitudes affect corporate strategy and policy-making. Received awards such as the OutstandingYoung Scholar Award from the American Academy of Marketing Sciences and the “Global Top Marketing Schola”Award from the American Marketing Association. He has been selected as a national top young talent by theOrganization Department of the CPC Central Committee, awarded the Outstanding Youth Fund by the NationalNatural Science Foundation of China, and recognized as a cultural expert and “four batches” talent by the PropagandaDepartment of the CPC Central Committee. Previously taught at the University of Texas in the United States.Mr. Li Zhenyu, independent director. Born in 1976, with a Master's degree in Engineering. The currentChairman of Shanghai Tashi Zhihang Technology Co., Ltd. Formerly served as Executive Vice President, GeneralManager, and President of the Intelligent Driving Business Group at Baidu Online Network Technology (Beijing)Co., Ltd., General Manager of the Autonomous Driving Business Unit at Baidu Online Network Technology (Beijing)Co., Ltd., Vice President, Senior Vice President, and CEO Assistant at Baidu Online Network Technology (Beijing)Co., Ltd.
(2) Supervisors
Mr. Wenhong, Chairman of the Supervisory Board. Born in 1966, Master's degree holder, Senior Engineer.Currently serving as a senior specialist in the Southwest region of CSG, a director of Hunan Yunjian Group Co., Ltd.,and a director of Chongqing Qingshan Industrial Co., Ltd. Formerly served as Deputy Director of the Office ofChongqing Construction Industry (Group) Co., Ltd., Deputy Secretary of the Party Committee, Secretary of theDiscipline Inspection Commission, and Deputy General Manager of Chongqing Construction Motorcycle Co., Ltd.,Deputy Secretary of the Party Committee and Deputy General Manager of Chongqing ConstructionElectromechanical Co., Ltd., Chairman and Party Secretary of Baoding Tianwei Baobian Co., Ltd., Chairman andGeneral Manager of Baoding Tongyi Electrical Equipment Co., Ltd., and Deputy Director of the Southwest Regionof CSG.
Mr. Sun Dahong, Supervisor. Born in 1966, Master's degree holder, Senior Economist. Currently serving as theDeputy Director and Senior Specialist of the Risk Control and Legal Department of CSG Audit, and a Director ofSouthern Industrial Technology Trading Co., Ltd. Formerly served as the Deputy Director of the Legal Department,Deputy Director and Director of the Legal Advisory Department, Director of the Legal Affairs Department, Directorof the Security and Confidentiality Bureau, Deputy Director of the General Office, and Deputy Director of the LegalDepartment of the CSG.
Mr. Shi Shengwei, Employee Supervisor. Born in 1971, with a bachelor's degree, working as a political engineer.Current Discipline Inspection Officer in the Supervision Department of the Discipline Inspection Department.Formerly worked as a workshop group and machining worker in ChangAn 131 workshop, a machine repair and fitterin the engine branch's machining class, a publicity officer and director of the Party and Mass Studio in theComprehensive Management Office of the Fourth Factory, a director of the Party and Mass Studio in theComprehensive Management Office of Changan Automobile Jiangbei Engine Factory, a discipline inspection andsupervision officer in the Discipline Inspection Department of the Discipline Inspection and Supervision Department,and the manager of the Changan Mazda Integrity Office.
Ms. Luo Yan, Employee Supervisor. Born in 1974, undergraduate, assistant economist. Current Senior Managerof the Jiangbei Branch of the Shared Services Center in the Human Resources Department. Formerly served as amaintenance electrician, engineering surveyor, labor technical quota officer, and planner in Workshop 232 ofChangan Automobile's Third Factory. Also served as the director of the Employee Welfare Office and the supervisorof the Salary and Welfare Management Third Office in Changan Automobile's Human Resources Department.
(3) Senior Management other than Directors and Supervisors
Mr. Tan Benhong, Chief Human Resources Officer, Chairman of the Trade Union, and General Manager ofChangAn Learning Center. Born in 1975, Master's degree, Senior Engineer. Formerly served as the Director of theTechnical Planning Research Institute, Deputy Chief Engineer and Director of the Technical Planning ResearchInstitute at Changan Automobilemotive Engineering Research Institute, Vice President of ChanganAutomobilemotive Engineering Research Institute, President of Beijing Research Institute, Minister of Marketing,Brand Public Relations, and Product Planning, Executive Vice President and Party Secretary of ChanganAutomobilemotive Research Institute, Company Spokesperson, General Manager of the Design Institute, ExecutiveVice President of the company, and CEO of Avatr Technology (Chongqing) Co., Ltd.
Mr. Pu Xingchuan, Secretary of the Discipline Inspection Commission and Director of the Office of the LeadingGroup for Inspection Work. Born in 1971, Master's degree, currently a senior economist. Formerly served as DeputySecretary of the Party Committee, Secretary of the Discipline Inspection Commission, and Chairman of the TradeUnion of Chongqing Qingshan Industrial Co., Ltd., Director of the Office of Southwest Ordnance Industry Bureau,Secretary of the Party Committee, Secretary of the Discipline Inspection Commission, and Chairman of the Trade
Chongqing Changan Automobile Company Limited 2024 Annual Report
Union of Southwest Ordnance Industry Co., Ltd., Director, General Manager, and Deputy Secretary of the PartyCommittee of Wanyou Automobile Investment Co., Ltd., and Chairman and Party Secretary of Southwest OrdnanceIndustry Co., Ltd.
Mr. Ye Pei, Executive Vice President and General Manager of Changan Brand Business Unit. Born in 1975,master's degree, engineer. He used to be the assistant to the general manager of Changan, Nanjing, the deputy directorof Changan Automobile Quality Department, the deputy director of the company's office, the general manager andsecretary of the party committee of Changan, Nanjing, the deputy general manager of the commercial vehiclebusiness department, the assistant to the president, the director of the strategic planning department, the secretary ofthe party branch of the company, the general manager and secretary of the party committee of the car sales businessdepartment, the general manager and secretary of the party committee of the passenger vehicle marketing businessdepartment, the vice president of Changan Automobile, the director of the passenger vehicle operation managementcommittee, and the director of the Auchan operation management committee.Mr. Li Mingcai, Executive Vice President and General Manager of European Business Unit (ChanganAutomobile Netherlands Co., Ltd.), General Manager and Executive Director of Changan Germany Co., Ltd., andGeneral Manager and Executive Director of Changan Netherlands Co., Ltd. Born in 1981, with a master's degree.Formerly served as Assistant General Manager and Sales Region Manager of Changan Automobile's OverseasBusiness Development Department, Deputy General Manager of Overseas Business Development Department,General Manager of International Company, Executive Deputy General Manager of Overseas Business DevelopmentDepartment, Project Director of Russian JV, Project Team Manager of Brazil, General Manager of Overseas BusinessDepartment, Vice President and General Legal Advisor of Changan Automobile.Mr. Yang Dayong, Executive Vice President, Director, Executive Vice President, and Party Secretary ofChangan Ford Motor Co., Ltd., Chairman, President, and Product Vice President of Changan Ford New EnergyVehicle Technology Co., Ltd. Born in 1974, Bachelor's degree. Formerly served as the Deputy Minister of MarketingDepartment, Deputy Minister and Minister of Commercial Vehicle Business Management Department, Minister ofBrand Public Relations Department, Party Branch Secretary, Company Press Spokesperson, Senior Project Directorof High end Car Brand Project Group, Senior Project Director of Intelligent Industry Development Project Group,General Manager and Party Secretary of Chongqing Changan New Energy Vehicle Technology Co., Ltd., and VicePresident of Changan Automobile.Mr. Peng Tao, Executive Vice President, Chairman of Chongqing Changan Kaicheng Automotive TechnologyCo., Ltd., Chairman of Chongqing Changan Kuayuan Vehicle Co., Ltd., Chairman of Chongqing Changan KuayuanVehicle Marketing Co., Ltd., Director of Nanjing Lingxing Technology Co., Ltd., Director of the Board of Directorsand Member of the Investment Committee of Nanjing Lingxing Equity Investment Management Co., Ltd. Born in1978, Bachelor's degree, Senior Engineer. Formerly served as Deputy Director, Executive Deputy General Manager,and Party Branch Secretary of Changan Automobile's Product Planning Department, Executive Deputy GeneralManager, General Manager, and Party Secretary of the Passenger Vehicle Marketing Division, and Vice President ofChangan Automobile.
Mr. Klaus Zyciora, Vice President and General Manager of Changan Global Design Center. Born in 1961,German. Formerly served as an interior designer, exterior director, and design leader at Volkswagen, as well as thedesign leader at Volkswagen Group.
Mr. Zhang Xiaoyu, Executive Vice President, Chairman of the Company's Science and Technology Association,Director of the National Key Laboratory of Intelligent Vehicle Safety Technology, Chairman of ChongqingChangxian Intelligent Technology Co., Ltd., and Director of the Board of Directors of China Automotive ChuangzhiTechnology Co., Ltd. Born in 1979, Ph.D., currently a senior engineer. Formerly served as the Deputy GeneralManager and General Manager of the UK R&D Center at Changan Automobile Power Research Institute, DeputyGeneral Manager of the Power Research Institute, Director of the H13T Project and NE Series Powertrain Projectof the company, General Manager of the Power Research Institute, General Manager of Product DevelopmentDepartment 2, General Manager of ChangAn Forward Technology Research Institute, and Vice President of thecompany.
Mr. Wang Xiaofei, Executive Vice President. Born in 1982, Bachelor's degree, engineer. He used to be theDeputy Director of the Product Department of ChangAn Commercial Vehicle Business Unit, the Deputy Director ofthe Product Department of Oushang Automotive Business Unit, the Deputy General Manager and Product MarketingDirector of the Passenger Car Marketing Business Unit, the Deputy General Manager of the Product PlanningDepartment, the General Manager of Oushang Automotive Business Unit and the Company's Vice President.
Mr. Wang Hui, Vice President, Chairman of Jiangling Motors Limited and Director of Changan Ford MotorCo., Ltd. Born in 1981, Bachelor's degree, engineer. Formerly served as the Director of Changan Automobile's NewBusiness Coordination Project Group, Director of the Company Office and Party Branch Secretary, Executive VicePresident and Party Secretary of Changma Engine, Head of Changan Mazda New Energy Cooperation Project,Executive Vice President and Party Secretary of Changan Mazda, General Manager of Overseas BusinessDevelopment Department and Southeast Asia Business Unit.
Mr. Zhang Fatao, Vice President, Director of Safety Production of the company. Born in 1982, Bachelor's degree.Formerly served as Deputy Director of the Office, General Manager of the Technology and Project ManagementDepartment, Party Branch Secretary, Executive Vice Chairman of the Association for Science and Technology, PDSProject Director, Director of the Office, Party Branch Secretary, Director of the Party Committee Office, Director ofthe Board of Directors Office, General Manager of the Human Resources Department, Director of the PartyCommittee Organization Department, and Director of the Talent Management Department of ChangAn LearningCenter at Changan Automobile Company.
Mr. Deng Chenghao, Vice President, President and Party Secretary of Deep Blue Automotive Technology Co.,
Chongqing Changan Automobile Company Limited 2024 Annual Report
Ltd., and Director of the Board of Directors of Era Changan Power Battery Co., Ltd. Born in 1986, Ph.D., currentlya senior engineer. Formerly served as Assistant General Manager and Deputy General Manager of PowerDevelopment Department at Chongqing Changan New Energy Vehicle Technology Co., Ltd., Project Director ofC385EV-E series, General Manager and Party Secretary of Chongqing Changan New Energy Vehicle TechnologyCo., Ltd.
Mr. He Gang, Vice President, General Manager of Changan Automobile Intelligent Research Institute (ChipApplication Center), General Manager of Operations and Platform Planning Expert of Chongqing ChanganTechnology Co., Ltd., Secretary of the Party Committee of the Science and Technology Industry. Born in 1985,Master's degree holder, currently a senior engineer. He used to be the Deputy General Manager of wutong ChelianTechnology Co., Ltd., the Deputy General Manager and Executive Deputy General Manager of Changan AutomobileIntelligent Research Institute, the Director of Limited Automatic Driving (Level III) Technology Research Project,the General Manager of Intelligent Research Institute, the General Manager of wutong Chelian Technology Co., Ltd.,and the COO of Chongqing Changan Technology Co., Ltd.Employment in shareholders’ work unit
√Applicable □ Not applicable
| Name | Name of shareholders’ work unit | Position in shareholders’ work unit | Term start date | Term end date | Whether having renumeration or allowance in shareholders’ work unit |
| Deng Wei | China South Industries Group Corporation, Ltd. | Director of Strategic Development Department | Y | ||
| Shi Yaoxiang | China South Industries Group Corporation, Ltd. | Director of Finance Department | Y | ||
| Jia Lishan | China South Industries Group Corporation, Ltd. | Director of Industry Promotion Department | Y | ||
| Zhao Fei | China South Industries Group Corporation, Ltd. | Chairman and Party Secretary | Y | ||
| Wenhong | China South Industries Group Corporation, Ltd. | Senior Special Affairs Department of Southwest Region | Y | ||
| Sun Dahong | China South Industries Group Corporation, Ltd. | Deputy Director and Senior Specialist of Audit Risk Control and Legal Department | Y | ||
| Explanation of employment in other units | None | ||||
Employment status in other units
√Applicable □ is not applicable
| Name of the appointed personnel | Other unit names | Positions held in other units | Starting date of term | Termination date of term | Do you receive remuneration allowances in other units |
| Yang Xinmin | Chongqing Normal University | Professor at the School of Mathematical Sciences, Chongqing Normal University, Director of the Chongqing National Center for Applied Mathematics, and Director of the Key Laboratory of Optimization and Control of the Ministry of Education | Y | ||
| Li Keqiang | Tsinghua University | Professor and doctoral supervisor of the School of Vehicle and Transportation of Tsinghua University, director of the National Key Laboratory of Intelligent Green Vehicles and Transportation of Tsinghua University, and academician of the CAE Member | Y | ||
| Ding Wei | Xiamen Borun Capital Investment Management Co., Ltd | Founder and Chairman of Xiamen Borun Capital Investment Management Co., Ltd | Y | ||
| Tang Guliang | University of International Business and Economics | Professor of Finance at the School of International Business, University of International Business and Economics | Y | ||
| Zhang Ying | Peking University | Professor and Deputy Dean of Guanghua School of Management, Peking University | Y | ||
| Li Zhenyu | Shanghai Tashi Zhihang | Chairman of Shanghai Tashi Zhihang Technology Co., Ltd | Y |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Technology Co., Ltd | ||
| Explanation of employment in other units | None | |
Securities regulator’s punishment to the current and former directors, supervisors and senior managementduring the reporting period in recent three years.
□ Applicable √ Not applicable
3. Remuneration of directors, supervisors and senior management personnel
Decision-making process, basis, the actual payment of remuneration for directors, supervisors and seniormanagement personnelDecision-making process: the annual remuneration of the company's directors, supervisors, and seniorexecutives, except for independent directors, is issued in accordance with the relevant remuneration managementregulations and standards of the company and based on the achievement of performance targets, submitted to thecompany's board of directors for approval before distribution.The basis: the senior management evaluation is divided into annual appraisal and term assessment. The salaryof employee supervisors shall be paid by position in accordance with the company's salary system. Payment ofcompany independent directors is prescribed by the board of directors and submitted to the board of directors of thecompany, and approved by the shareholders' general meeting.Actual payments: Since June 2022, Mr. Li Keqiang, an independent director, has voluntarily waived receivingallowances, Other independent directors receive allowances in accordance with the allowance standards. Due to thesalary management requirements of the State - owned Assets Supervision and Administration Commission (SASAC),the company's senior management received their salaries in accordance with the regulations of SASAC in 2024. Asa result, the overall salary level decreased compared with that in 2023. The total amount of payable remunerationreceived by the directors, supervisors, and senior management who receive salaries from the company is RMB31,737,855.Remuneration of Directors, Supervisors and Senior Management Personnel during the reporting period
Unit: RMB
| Name | Gender | Age | Position | Office status | Total pre-tax remuneration from the Company | Whether remunerated by related-parties of the company |
| Zhu Huarong | Male | 59 | Chairman and Party Secretary | Current | 2,257,419 | No |
| Deng Wei | Male | 53 | Director | Current | Yes | |
| Shi Yaoxiang | Male | 44 | Director | Current | Yes | |
| Jia Lishan | Male | 54 | Director | Current | Yes | |
| Zhao Fei | Male | 50 | Director | Current | Yes | |
| Zhang Deyong | Male | 49 | Director, Chief Financial Officer, Board Secretary | Current | 1,818,133 | No |
| Yang Xinmin | Male | 64 | Independent director | Current | 200,000 | No |
| Li Keqiang | Male | 61 | Independent director | Current | No | |
| Ding Wei | Male | 64 | Independent director | Current | 200,000 | No |
| Tang Guliang | Male | 62 | Independent director | Current | 200,000 | No |
| Zhang Ying | Male | 46 | Independent director | Current | 200,000 | No |
| Li Zhenyu | Male | 48 | Independent director | Current | 50,000 | No |
| Wenhong | Male | 58 | Supervisory board chairman | Current | Yes | |
| Sun Dahong | Male | 58 | Supervisor | Current | Yes | |
| Shi Shengwei | Male | 53 | Employee supervisor | Current | 231,107 | No |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Luo Yan | Female | 50 | Employee supervisor | Current | 362,491 | No |
| Tan Benhong | Male | 49 | Chief human resources officer | Current | 1,650,976 | No |
| Pu Xingchuan | Male | 53 | Chief risk officer | Current | 1,616,914 | No |
| Ye Pei | Male | 49 | Executive vice president | Current | 1,856,396 | No |
| Li Mingcai | Male | 43 | Executive vice president | Current | 1,805,942 | No |
| Yang Dayong | Male | 50 | Executive vice president | Current | 1,851,874 | No |
| Peng Tao | Male | 46 | Executive vice president | Current | 1,849,524 | No |
| Klaus Zyciora | Male | 63 | Vice president | Current | 2,950,000 | No |
| Zhang Xiaoyu | Male | 45 | Executive vice president | Current | 1,836,888 | No |
| Wang Xiaofei | Male | 42 | Executive vice president | Current | 1,647,271 | No |
| Wang Hui | Male | 43 | Vice president | Current | 1,916,247 | No |
| Zhang Fatao | Male | 42 | Vice president | Current | 1,737,582 | No |
| Deng Chenghao | Male | 38 | Vice president | Current | 760,117 | No |
| Li Jun | Female | 55 | Board secretary | Outgoing | 832,673 | No |
| Chen Wei | Male | 52 | Executive vice president, general counsel | Outgoing | 1,498,882 | Yes |
| Cao Xingquan | Male | 53 | Independent director | Outgoing | 150,000 | No |
| Wang Jun | Male | 52 | Director and President | Outgoing | 2,257,419 | No |
| Total | -- | -- | -- | -- | 31,737,855 | -- |
Explanation of other situations.
□ Applicable √ Not applicable
VI. Performance of Directors during the reporting period
1. Board of Directors in the reporting period
| Meeting session | Date of Meeting | Disclosure Date | Meeting resolution |
| The 15th Meeting of the 9th Board of Directors | January 12, 2024 | January 13, 2024 | Please refer to the “Resolution of the 15th Meeting of the 9th Board of Directors” (Announcement No.: 2024-03) on the website of Juchao Information for details |
| The 16th Meeting of the 9th Board of Directors | January 29, 2024 | Not involving matters that should be disclosed | |
| The 17th Meeting of the 9th Board of Directors | February 22, 2024 | February 23, 2024 | Please refer to the “Resolution of the 17th Meeting of the 9th Board of Directors” (Announcement No.: 2024-07) on the website of Juchao Information for details |
| The 18th Meeting of the 9th Board of Directors | March 8, 2024 | March 9, 2024 | Please refer to the “Resolution of the 18th Meeting of the 9th Board of Directors” (Announcement No. 2024-14) on the website of Juchao Information for details |
| The 19th Meeting of the 9th Board of Directors | April 16, 2024 | April 18, 2024 | Please refer to the “Resolution of the 19th Meeting of the 9th Board of Directors” (Announcement No. 2024-17) on the website of Juchao Information for details |
| The 20th Meeting of the 9th Board of Directors | April 29, 2024 | April 30, 2024 | Please refer to the “2024 First Quarter Report” (Announcement No. 2024-29) on the website of Juchao Information for details |
| The 21st Meeting of the 9th Board of Directors | May 10, 2024 | Not involving matters that should be disclosed | |
| The 22nd Meeting of the 9th Board of Directors | July 12, 2024 | July 13, 2024 | Please refer to the “Resolution of the 22nd Meeting of the 9th Board of Directors” (Announcement No. 2024-39) on |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| the website of Juchao Information for details | |||
| The 23rd Meeting of the 9th Board of Directors | July 15, 2024 | Not involving matters that should be disclosed | |
| The 24th Meeting of the 9th Board of Directors | August 15, 2024 | August 16, 2024 | Please refer to the “Resolution of the 24th Meeting of the 9th Board of Directors” (Announcement No. 2024-42) on the website of Juchao Information for details |
| The 25th Meeting of the 9th Board of Directors | August 19, 2024 | Not involving matters that should be disclosed | |
| The 26th Meeting of the 9th Board of Directors | August 30, 2024 | August 31, 2024 | Please refer to the “Resolution of the 26th Meeting of the 9th Board of Directors” (Announcement No. 2024-45) on the website of Juchao Information for details |
| The 27th Meeting of the 9th Board of Directors | September 19, 2024 | September 20, 2024 | Please refer to the “Resolution of the 27th Meeting of the 9th Board of Directors” (Announcement No. 2024-57) on the website of Juchao Information for details |
| The 28th Meeting of the 9th Board of Directors | September 25, 2024 | September 26, 2024 | Please refer to the “Resolution of the 28th Meeting of the 9th Board of Directors” (Announcement No. 2024-60) on the website of Juchao Information for details |
| The 29th Meeting of the 9th Board of Directors | October 28, 2024 | October 29, 2024 | Please refer to the “2024 Third Quarter Report” (Announcement No.: 2024-63) on the website of Juchao Information for details |
| The 30th Meeting of the 9th Board of Directors | November 14, 2024 | Not involving matters that should be disclosed | |
| The 31st Meeting of the 9th Board of Directors | November 27, 2024 | November 28, 2024 | Please refer to the “Resolution of the 31st Meeting of the 9th Board of Directors” (Announcement No. 2024-66) on the website of Juchao Information for details |
| The 32nd Meeting of the 9th Board of Directors | December 6, 2024 | December 7, 2024 | Please refer to the “Resolution of the 32nd Meeting of the 9th Board of Directors” (Announcement No. 2024-69) on the website of Juchao Information for details |
| The 33rd Meeting of the 9th Board of Directors | December 17, 2024 | December 18, 2024 | Please refer to the “Resolution of the 33rd Meeting of the 9th Board of Directors” (Announcement No. 2024-81) on the website of Juchao Information for details |
2. Attendance of directors at the board of directors and shareholders’ meeting
| Attendance at BOD meetings and shareholders' meeting | |||||||
| Name | Number of BOD meetings that should be attended in this reporting period | Number of BOD meeting attendance at spot | Attendance by means of communication | Attendance by proxy | Absence | Absent from meetings for two consecutive times | Attendance at shareholders’ meetings |
| Zhu Huarong | 19 | 10 | 8 | 1 | No | 3 | |
| Deng Wei | 19 | 6 | 8 | 5 | No | 0 | |
| Shi Yaoxiang | 17 | 5 | 6 | 6 | No | 0 | |
| Jia Lishan | 19 | 11 | 8 | 0 | No | 2 | |
| Zhao Fei | 19 | 5 | 8 | 6 | No | 0 | |
| Zhang Deyong | 19 | 10 | 8 | 1 | No | 5 | |
| Yang Xinmin | 19 | 11 | 8 | 0 | No | 3 | |
| Li Keqiang | 19 | 6 | 8 | 5 | No | 1 | |
| Ding Wei | 19 | 10 | 8 | 1 | No | 3 | |
| Tang Guliang | 19 | 10 | 8 | 1 | No | 3 | |
| Zhang Ying | 19 | 9 | 8 | 2 | No | 3 | |
| Li Zhenyu | 6 | 4 | 1 | 1 | No | 0 | |
| Cao Xingquan | 13 | 6 | 7 | 0 | No | 2 | |
| Wang Jun | 19 | 10 | 8 | 1 | No | 4 | |
Explanation of the members of the Board who failed to attend Board meetings in person for two consecutive timesNot applicable
3. The directors’ objections to the relevant matters of the company
Disagreement of the directors on matters related to the Company
□Yes √ No
During the reporting period, the directors did not raise objections to the relevant matters of the company.
Chongqing Changan Automobile Company Limited 2024 Annual Report
4. Other statement of the directors performance of duties
Whether the directors' suggestions on the company are adopted
√Yes □ No
Description of the directors on the adoption or non-adoption of relevant suggestions of the companyDuring the reporting period, the Company's directors fulfilled their duties diligently carried out work in strictaccordance with relevant regulations such as the Company Law and the Articles of Association of the Company. TheCompany's directors paid attention to the company's standardized operation and business conditions made scientificand prudent decisions on various matters reviewed by the Company. At the same time, they put forward valuableprofessional opinions or suggestions in areas such as technological innovation, brand building and talent cultivationall of which were adopted or responded to effectively improving the company's standardized operation and scientificdecision - making level and safeguarding the legitimate rights and interests of the company and all shareholders.
VII. Duty Performance of Specialized Committees of the Board of Directorsduring the Report Period
| Committee Name | Membership Information | Number of Meetings held | Date of Meeting | Contents | Important Opinions and Suggestions put forward | Other Performance of Duties | Specific Details of the Objection (if any) |
| Audit Committee | Tang Guliang and Cao Xingquan | 7 times | January 31, 2024 | 2024 Audit Plan; 2023 Audit Work Report | Unanimously passed | ||
| Tang Guliang, Shi Yaoxiang, Cao Xingquan | March 14, 2024 | Communication on important matters during the review of the 2023 financial report | Unanimously passed | ||||
| April 15, 2024 | Proposal on the provision, reversal, and cancellation of asset impairment reserves; 2023 Financial Report; 2023 Internal Control Evaluation Report; Communication on audit results and important issues for the year 2023; Proposal on the Appointment of 2024 Financial Reporting Auditor and Internal Control Reporting Auditor | Unanimously passed | |||||
| April 29, 2024 | Q1 2024 report; Report on Internal Audit Work for the First Quarter of 2024 | Unanimously passed | |||||
| August 29, 2024 | Proposal on the provision, reversal, and cancellation of asset impairment reserves; 2024 Half Year Financial Report; Audit Work Report for the Second Quarter of 2024; Report of the Audit Committee of the Board of Directors on the Evaluation of the Performance of Accounting Firms in 2023 and the Performance of Supervisory Responsibilities | Unanimously passed | |||||
| Tang Guliang, Shi Yaoxiang, Yang Xinmin | October 28, 2024 | Financial report for the third quarter of 2024; Report on the Rectification of Opinions and Suggestions from the Management of the Company in 2023; Internal Audit Work Report for the Third Quarter of 2024 | Unanimously passed | ||||
| December 26, 2024 | Overall Audit Strategy and Key Audit Matters for 2024 | Unanimously passed |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Nomination and Salary Assessment Committee | Zhang Ying Tang Guliang, Ding Wei | 6 times | January 12, 2024 | Proposal on Adding Directors | Unanimously passed | ||
| February 21, 2024 | Proposal on the Second Release of Restricted Stock Incentive Plan for A-shares and the Achievement of Release of Restricted Conditions during the Second Release Period | Unanimously passed | |||||
| April 16, 2024 | Term based and Contractual Evaluation Results for 2023 and Implementation Plan for 2024 | Unanimously passed | |||||
| August 29, 2024 | Proposal on adding independent directors; Proposal on Adjusting the Repurchase Price of A-share Restricted Stock Incentive Plan and Repurchasing and Cancelling Some Restricted Stocks; Proposal on the Initial Determination of Basic Annual Salary for 2024 for Members of the Company's Management Team | Unanimously passed | |||||
| September 25, 2024 | 2023 Leadership Team Incentive Allocation Plan; Revision Plan for Term System and Contractual Management Measures for Management Members | Unanimously passed | |||||
| December 17, 2024 | Proposal on the Appointment of Senior Management Personnel | Unanimously passed | |||||
| Strategy and Investment Committee | Wang Jun Deng Wei Li Keqiang | 7 times | February 21, 2024 | Proposal on the 2024 Financing Plan; Proposal on carrying out bill pool business; Proposal on the Company and its Subsidiaries Engaging in Foreign Exchange Hedging Business | Unanimously passed | ||
| April 16, 2024 | 2023 Financial Report and 2024 Financial Budget Explanation; 2024 Investment Plan; Proposal on establishing a joint venture company for battery recycling through equity participation; Proposal on Establishing a German Company; Proposal on Establishing a Dutch Company | Unanimously passed | |||||
| August 29, 2024 | Three year business rolling plan | Unanimously passed | |||||
| September 25, 2024 | Proposal on the actual controller providing entrusted loans to the company; Proposal on Investment | Unanimously passed | |||||
| November 26, 2024 | Proposal to purchase a portion of the equity of Changan Automobile Finance Co., Ltd. through public delisting; Proposal on Investment for the Global R&D Center Construction Project (Phase II); Proposal on Land Acquisition and Storage and Signing of Formal Agreements | Unanimously passed | |||||
| December 6, 2024 | Proposal on the company's compliance with the conditions for issuing A-shares to specific targets; Proposal on the issuance of A-shares by the company to specific targets in 2024 involving related party transactions; | Unanimously passed |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Proposal on the company's plan to issue A-shares to specific targets in 2024; Proposal on the Plan for Issuing A-shares to Specific Targets by Chongqing Changan Automobile Co., Ltd. in 2024; Proposal on the Feasibility Analysis Report on the Use of Funds Raised by Chongqing Changan Automobile Co., Ltd.'s Issuance of A-shares to Specific Targets in 2024; Proposal on the Analysis Report of the Plan for Chongqing Changan Automobile Co., Ltd. to Issue A-shares to Specific Objects in 2024; Proposal to request approval from the shareholders' meeting of the company to exempt the CSG and its concerted action parties from issuing offers; Proposal on the signing of a conditional and effective share subscription agreement between the company and the subscribed parties regarding the issuance of A-shares to specific parties; Proposal on the Company's issuance of A-shares to specific targets in 2024 to dilute immediate returns, take remedial measures, and make commitments to relevant entities; Proposal on the Shareholders' Return Plan for Chongqing Changan Automobile Co., Ltd. in the Next Three Years (2024-2026); Proposal on Requesting the Shareholders' Meeting of the Company to Authorize the Board of Directors to Fully Handle Matters Related to the Issuance of A-shares to Specific Targets | ||||
| December 17, 2024 | Proposal on increasing capital to joint venture enterprises; Proposal on increasing capital and expanding shares of the holding subsidiary through public listing; Proposal on the Disposal of Land and Housing Assets of Yubei Factory and Signing of Acquisition Agreement; Proposal on the Disposal of Chongqing Lingyao Equipment Assets | Unanimously passed |
VIII. The work of the board of supervisorsWhether the company was at risk during the report period according to the supervision of the board of supervisors
□Yes √ No
The Board of Supervisors supervised and inspected the legal compliance of the company's financial situation,measurement of managing major affairs of the company, operation and management activities, and theimplementation of major strategies.
The Board of Supervisors has no objection to the supervision matters during the reporting period.
Chongqing Changan Automobile Company Limited 2024 Annual Report
IX. The Employees of the Company
1. The number of employees, professional field and education level
| Number of incumbent employees in the parent company | 36,299 |
| Number of incumbent employees in major subsidiaries | 18,820 |
| Total number of incumbent employees | 55,119 |
| Total number of incumbent salaried employees | 55,119 |
| Number of retired employees for whom parent company and major subsidiary bear the costs | 2,995 |
| Professional composition | |
| Professional fields | Number |
| Production | 33,296 |
| Sales | 2,067 |
| Technology | 14,645 |
| Finance | 445 |
| Administration | 1,037 |
| Management | 3,629 |
| Total | 55,119 |
| Educational Background | |
| Degree | Number |
| PhD | 144 |
| Master | 4,981 |
| Bachelor | 16,758 |
| Junior college | 16,814 |
| Technical secondary school and high school | 15,359 |
| Middle school and below | 1,063 |
| Total | 55,119 |
2. Compensation policy
The Company adheres to co-creating and profit sharing, and continuously deepens the reform of itscompensation system. It is performance-driven and result-oriented so that compensation reflects company earnings.The Company improves organizational vitality through rigorous performance management and enhances businessoperations through better labor cost management. It continuously improves the compensation system, strengthensthe benchmarking of performance-based compensation, and improves the effectiveness of distribution. It alsocontinuously improves the medium- and long-term incentive and restraint mechanisms, closely linking the interestsof crucial employees with the Company's medium- and long-term operations to support the Company's strategicdevelopment.
3. Training plan
In 2025, employee training programs will focus on strategy, reform, products, marketing, hard work, andeffectiveness so that the Company transforms into an intelligent and low-carbon mobility technology provider. In2025, it will continue to focus on the Vast Ocean Plan, and quickly build up global capabilities by giving its Chineseworkforce more international perspectives and assimilate its foreign hires culturally. It will strengthen employeeempowerment, carry out tiered and targeted training in areas such as brand, customer service, and product planning,and reserve a group of strategic talents with great potentials. It attaches importance to production, launches projectssuch as the Blue Whale Plan to train versatile talents and enable breakthroughs.
4. Outsourcing of services
□ Applicable √ Not applicable
X. Distribution of profits and capital reserve
The formulation, implementation or adjustment of profit distribution policies, especially the formulation,implementation or the adjustment situation of cash dividend policy.
√ Applicable □Not applicable
In accordance with the relevant regulations of the China Securities Regulatory Commission (CSRC) and the
Chongqing Changan Automobile Company Limited 2024 Annual Report
Shenzhen Stock Exchange, and considering the actual situation of the company, the Company's Articles ofAssociation clearly stipulate the scope of distributable profits, dividend distribution methods, principles, forms,conditions and ratios for cash dividends, conditions for stock dividends, procedures for formulating and reviewingprofit distribution plans, implementation of the plans, conditions for adjusting the distribution policy and the decision- making procedures, etc. This strengthens the institutional guarantee for investors' dividend returns. For thecompany's specific profit distribution policy, please refer to the Company's Articles of Association. The profitdistribution plan of the company during the reporting period complies with relevant regulations such as theCompany's Articles of Association.
| Special statement for cash dividend policy | |
| Whether it comply with the Articles of Association or the resolutions of the shareholders' general meeting: | Yes |
| Are the standard and the proportion of distribution clear: | Yes |
| Are the related decision-making process and mechanism thorough: | Yes |
| Have independent directors fulfilled their duties and performed their due roles: | Yes |
| If the company does not distribute cash dividends, specific reasons should be disclosed, as well as the measures to be taken next to enhance investor returns: | Not Applicable |
| Whether medium and minority shareholders have the chance to fully express their views and demands and whether the legitimate rights and interests are fully protected: | Yes |
| Whether cash dividend policy is adjusted or changed and whether the conditions and procedures are compliant and transparent: | Not Applicable |
During the reporting period, the company made profits and the parent company could distribute profits toshareholders, but did not put forward the dividend distribution plan
□ Applicable √ Not applicable
Plans of profit distribution and increase of capital stock by transfer of capital reserve during the reporting period
√ Applicable □Not applicable
| Number of bonus shares per ten shares (share) | 0 |
| Dividend per ten shares (RMB) (tax included) | 2.95 |
| Increased shares through transfer for per 10 shares (shares) | 0 |
| Equity base of distribution plan (shares) | 9,914,086,060 |
| Cash dividends (RMB) (tax included) | 2,924,655,387.70 |
| Cash dividend (RMB) of other means (such as repurchase) | 0.00 |
| Total cash dividend (RMB) (including other means) | 2,924,655,387.70 |
| Distributable profits (RMB) | 47,158,746,846.13 |
| Proportion (%) of cash dividends (including other means) to total profit distribution | 100% |
| Cash dividend policy： | |
| Others | |
| Detailed description of profit distribution or increase of capital stock by transfer of capital reserves | |
| The 40th meeting of the 9th - session board of directors of the Company reviewed and approved the “2024 Annual Profit Distribution Plan”. This proposal still needs to be submitted to the company's 2024 annual general meeting of shareholders for deliberation. It complies with the provisions of the company's articles of association. The relevant decision - making procedures and mechanisms are complete, which fully protects the legitimate rights and interests of small and medium - sized investors. | |
XI. Implementation of company equity incentive plans, employee stock incentiveplans or other incentive measures
√ Applicable □ Not applicable
1. Equity incentive
On July 13, 2020, the 2nd meeting of the 8
th
Session of Board of Directors and the 2nd meeting of the 8thSession of Board of Supervisors reviewed and approved proposals such as “Proposal on <The Company’s A-ShareRestricted Stock Incentive Plan (Draft)> and its Summary” and “Proposal on <The Company's A-Share RestrictedStock Incentive Plan Implementation Assessment Management Measures>“. The independent directors expressedtheir independent agreement on the incentive plan.
Chongqing Changan Automobile Company Limited 2024 Annual Report
On February 1, 2021, the 11th meeting of the 8th Session of Board of Directors and the 7th meeting of the 8thSession of Board of Supervisors reviewed and approved proposals such as “Proposal on <The Company's A-ShareRestricted Stock Incentive Plan (Revised Draft) > and its Summary” and “Proposal on <The Company's A-ShareRestricted Stock Incentive Plan Implementation Assessment Management Measures> (Revision)”. The independentdirectors expressed their independent agreement on the incentive plan revision.On February 18, 2021, the Company held the first extraordinary general meeting in 2021, and reviewed andapproved proposals such as “Proposal on <The Company's A-Share Restricted Stock Incentive Plan (Revised Draft) >and its Summary”, “Proposal on <The Company's A-Share Restricted Stock Incentive Plan ImplementationAssessment Management Measures (Revision) >“ and “Proposal on General Meeting Granting Full Authority to theBoard of Directors to Handle Matters Related to Equity Incentives”.On February 22, 2021, the Company held the twelfth meeting of the Session of Board of Directors and the 8thmeeting of the Session of Board of Supervisors, which reviewed and approved proposals such as “Proposal onAdjusting the List of Incentive Objects and Incentive Quantity of the A-Share Restricted Stock Incentive Plan underInitial Granting” and ““Proposal on Granting Restricted Stocks for the First Time to Incentive Objects of A-ShareRestricted Stock Incentive Plan”. The independent directors expressed their independent agreement.
On March 3, 2021, the Company completed the registration of restricted stocks and disclosed the“Announcement on the Completion of the Registration of the Initial Granting of the A-Share Restricted StockIncentive Plan”. 1,247 people were actually granted with 76,195,400 restricted shares. The listing date of restrictedshares was March 5, 2021.
On August 30, 2021, the Company held the 25th meeting of the 8th Session of Board of Directors and the 12thmeeting of the 8th Session of Board of Supervisors, which reviewed and approved the “Proposal on Adjusting theRepurchase Price of A-Share Restricted Stock Incentive Plan” and “Proposal on Repurchase and Cancellation ofCertain Restricted Shares Granted to Incentive Objects but still with Sales Restriction”. The independent directorsexpressed independent agreement.
On September 17, 2021, the Company held the second extraordinary general meeting in 2021, and reviewedand approved the “Proposal on Repurchase and Cancellation of Certain Restricted Shares Granted to IncentiveObjects but still with Sales Restriction”.
On November 19, 2021, the Company held the 29th meeting of the 8th Session of Board of Directors and the15th meeting of the 8th Session of Board of Supervisors, and reviewed and approved the “Proposal on Adjusting theAmount of Reserved A-Share Restricted Stock Incentive Plan” and “Proposal on Granting Reserved RestrictedStocks to the Incentive Objects of the A-Share Restricted Stock Incentive Plan”. The independent expressedindependent agreement.
On December 21, 2021, the Company completed the repurchase and cancellation of all 1.036 million restrictedshares that had been granted to the original 11 incentive objects but still had sales restrictions.
On December 30, 2021, the Company completed the registration of the reserved restricted stock and disclosedthe “Announcement on the Completion of the Grant of the Reserved A-Share Restricted Stock of the Incentive Plan”;356 people were granted with 17,761,200 reserved restricted stocks. The listing date of reserved restricted stockswas December 31th, 2021.
On August 2, 2022, the company held the 43rd meeting of the 8th Board of Directors and the 18th meeting ofthe 8th Board of Supervisors, and reviewed and approved the Proposal on Adjusting the Repurchase Price of A-shareRestricted Stock Incentive Plan and Repurchasing and Cancelling Some Restricted Stocks. The independent directorsof the company have expressed independent opinions that they agree with.
On August 18, 2022, the company held the third extraordinary general meeting of shareholders in 2022, andreviewed and approved the Proposal on Adjusting the Repurchase Price of the A-share Restricted Stock IncentivePlan and Repurchase and Cancellation of Some Restricted Stocks.
On February 17, 2023, the company held the 52nd meeting of the 8th Board of Directors and the 21st meetingof the 8th Board of Supervisors, and reviewed and approved the Proposal on the Achievements of the First Releaseof Restriction Conditions during the First Grant Period of the A-share Restricted Stock Incentive Plan. Theindependent directors of the company have expressed independent opinions that they agree with.
On March 3, 2023, the company disclosed the “Indicative Announcement on the Release of Restricted Sharesfrom Listing and Circulation during the First Release Period of the First Grant Part of the A-share Restricted StockIncentive Plan”, and the date of release of restricted shares from listing and circulation was March 6th, 2023.
On March 3, 2023, the company disclosed the “Notice on the First Release of Restricted Shares during the FirstRelease Period of the A-share Restricted Stock Incentive Plan”. The date for the release of restricted shares is March6, 2023.
On June 20, 2023, the company completed the repurchase and cancellation of a total of 2.476422 millionrestricted shares that had been granted to some of the original incentive recipients but had not yet been released fromrestrictions.
On July 27, 2023, the company held the first meeting of the ninth board of directors and the first meeting of theninth board of supervisors, and approved the proposal on revising the company's A-share restricted stock incentiveplan. The independent directors of the company have expressed a unanimous independent opinion.
On August 30, 2023, the company held the third meeting of the ninth board of directors and the second meetingof the ninth board of supervisors, and approved the proposal on adjusting the repurchase price of the A-sharerestricted stock incentive plan and repurchasing and canceling some restricted stocks. The independent directors of
Chongqing Changan Automobile Company Limited 2024 Annual Report
the company have expressed a unanimous independent opinion.
On September 15, 2023, the company held its second extraordinary general meeting of shareholders andapproved the proposals on revising the company's A-share restricted stock incentive plan and adjusting therepurchase price of the A-share restricted stock incentive plan and repurchasing and canceling some restricted stocks.On December 5, 2023, the company completed the repurchase and cancellation of a total of 2,033,967 restrictedstocks that had been granted to some of the original incentive objects but had not yet been released from restrictions.On December 8, 2023, the company held the 12th meeting of the 9th Board of Directors and the 4th meeting ofthe 9th Board of Supervisors, and approved the proposal on the achievement of lifting the lock up conditions of theA-share restricted stock incentive plan. The company's nomination and salary assessment committee has issued aunanimous opinion.
On December 27, 2023, the company disclosed the “Notice on the Release of Restricted Shares from the A-share Restricted Stock Incentive Plan”, with the date of release of restricted shares being January 2, 2024.
On February 22, 2024, the company held the 17th meeting of the 9th Board of Directors and the 5th meeting ofthe 9th Board of Supervisors, and approved the “Proposal on the Achievement of the Second Release of RestrictedPeriod and Release of Restricted Conditions for the A-share Restricted Stock Incentive Plan”. The company'snomination and salary assessment committee has issued a unanimous opinion.
On March 2, 2024, the company disclosed the “Notice on the Second Release of Restricted Shares during theSecond Release Period of the First Grant of the A-share Restricted Stock Incentive Plan”, with the date of the releaseof restricted shares being March 5, 2024.
On August 30, 2024, the company held the 26th meeting of the 9th Board of Directors and the 8th meeting ofthe 9th Board of Supervisors, and approved the proposal on adjusting the repurchase price of the A-share restrictedstock incentive plan and repurchasing and canceling some restricted stocks. The company's nomination and salaryassessment committee has issued a unanimous opinion.
On September 19, 2024, the company held its third extraordinary general meeting of shareholders and approvedthe proposal on adjusting the repurchase price of the A-share restricted stock incentive plan and repurchasing andcanceling some restricted stocks.
On December 20, 2024, the company completed the repurchase and cancellation of a total of 3.202973 millionrestricted shares that had been granted to some of the original incentive objects but had not yet been released fromrestrictions.
On December 26, 2024, the company disclosed the “Notice on the Second Release of Restricted Shares duringthe Second Release Period of the Reserve Grant for the A-share Restricted Stock Incentive Plan”, and the date forthe release of restricted shares for listing and circulation is December 31, 2024.
On February 21, 2025, the company held the 38th meeting of the 9th Board of Directors and the 11th meetingof the 9th Board of Supervisors, and approved the proposal on the achievement of the third unlocking period andunlocking conditions for the A-share restricted stock incentive plan. The company's nomination and salaryassessment committee has issued a unanimous opinion.
On March 4, 2025, the company disclosed the “Notice on the Third Release of Restricted Shares during theThird Release Period of the First Grant of the A-share Restricted Stock Incentive Plan”, with the date of release ofrestricted shares being March 5, 2025.
Equity incentives for directors and senior management
√ Applicable □ Not applicable
Unit: share
| Name | Position | Exercisable shares during the reporting period | Shares exercised during the reporting period | Price of shares exercised during the reporting period (RMB/share) | Market price at the end of the reporting period (RMB/share) | Number of restricted shares held at the beginning of the period | Number of shares unlocked in the current period | Number of newly granted restricted shares during the reporting period | Grant price of restricted shares (RMB/share) | Number of restricted shares held at the end of the period |
| Zhu Huarong | Chairman and Party Secretary | 13.36 | 304,850 | 150,150 | 2.73 | 154,700 | ||||
| Zhao Fei | Director | 13.36 | 236,564 | 97,097 | -139,467 | 2.73 | 0 | |||
| Zhang Deyong | Director, chief accountant, board secretary | 13.36 | 236,564 | 116,516 | 2.73 | 120,048 | ||||
| Tan Benhong | Chief human resources officer | 13.36 | 236,564 | 116,516 | 2.73 | 120,048 | ||||
| Ye Pei | Executive vice president | 13.36 | 236,564 | 116,516 | 2.73 | 120,048 | ||||
| Li Mingcai | Executive vice president | 13.36 | 236,564 | 116,516 | 2.73 | 120,048 | ||||
| Yang Dayong | Executive vice president | 13.36 | 168,974 | 83,226 | 6.88 | 85,748 | ||||
| Peng Tao | Executive vice president | 13.36 | 166,570 | 82,042 | 2.73 | 84,528 | ||||
| Zhang Xiaoyu | Executive vice president | 13.36 | 166,570 | 82,042 | 2.73 | 84,528 | ||||
| Wang | Executive vice | 13.36 | 115,233 | 56,757 | 2.73 | 58,476 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Xiaofei | president | |||||||||
| Wang Hui | Vice president | 13.36 | 115,233 | 56,757 | 2.73 | 58,476 | ||||
| Zhang Fatao | Vice president | 13.36 | 166,570 | 82,042 | 2.73 | 84,528 | ||||
| He Gang | Vice president | 13.36 | 76,822 | 37,838 | 2.73 | 38,984 | ||||
| Li Jun | Board secretary (resigned) | 13.36 | 166,570 | 82,042 | -84,528 | 2.73 | 0 | |||
| Chen Wei | Executive vice president (resigned) | 13.36 | 236,564 | 116,516 | 2.73 | 120,048 | ||||
| Wang Jun | Director, president (resigned) | 13.36 | 243,880 | 120,120 | 2.73 | 123,760 | ||||
| Total | -- | -- | -- | 3,110,656 | 1,512,693 | -223,995 | -- | 1,373,968 | ||
| Remarks (if any) | 1. As of the disclosure date of this report, the above-mentioned personnel and their positions are as follows:; 2. The original initial grant price of the company's A-share restricted stock was 6.66 yuan/share, and the reserved grant price was 9.93 yuan/share. The number of shares and grant prices mentioned above have been adjusted accordingly based on the implementation of the company's equity distribution plans from 2020 to 2023. 3. During the reporting period, the number of newly granted restricted stocks subject to repurchase and cancellation totaled 223,995 shares. | |||||||||
Evaluation mechanism and incentives for senior managersFor details, please refer to “V. 3. Remuneration of Directors, Supervisors and Senior Management” in Chapter 4.
2. Implementation of employee stock ownership plans
□ Applicable √ Not applicable
3. Other employee incentives
□ Applicable √ Not applicable
XII. Internal Control System and Implementation during the Reporting Period
1. Internal Control and Implementation
The Company has improved the organizational structure of internal control and enhanced effectiveness. A teamof corporate internal control specialists has been assembled to form a working mechanism with clear accountabilityand smooth communication between different levels, and improve cross-department communication. Key processesreceived internal control supervision throughout their execution. Said team provided risk consultation whenever andwherever processes took place, participated in internal control process design, and expressed opinions on importantoccasions to strengthen the effectiveness of internal control.
Management systems have been improved so that the internal control system is more binding. A professionalteam was assembled to manage institutional documents, objectives, basic requirements, and implementation plansto improve business efficiency. Design of internal control systems has been strengthened. Internal Control EvaluationManagement Procedure and the Internal Control Evaluation Manual has been reviewed and revised. Scope of workand accountability in internal control have been made clear. Scope, criteria, and steps of internal control evaluationhave been organized for closed-loop management of control, evaluation and rectification.
The Company has strengthened authorization management to cement the foundation of internal control. TheCompany's internal authorization management system has been reviewed, authorization levels refined, authorizationmatters clarified, and authorization tables covering all businesses and organizational structures continuously updated.The Company has been assiduously assigning the right person to the right job and making roles and responsibilitiesclear.
Internal control system has also been set up overseas to prevent risks. A systemic list detailing importantmanagement elements in each business area has been made to help units abroad at all levels improve managementand documentations. Organizational structures and documentations have been set up in accordance with local laws,regulations, and realities. Professional teams have been assembled to supervise and oversee internal control overseas,help identify and solve problems.
Internal control evaluations have taken place for the system’s own betterment. All levels closely reference theInternal Control Evaluation Manual as they evaluate the effectiveness of internal control implementation, identifyproblems, formulate measures, make improvements, and ensure effective and disciplined operation of the Company'sinternal control system.
Chongqing Changan Automobile Company Limited 2024 Annual Report
2. Details of significant defects in internal control during the reporting period
□ Yes √ No
XIII. Management and control of subsidiaries of the company during thereporting period
| Name | Integration plan | Integration progress | Problems encountered in the integration | Solutions taken | Progress | Follow-up solution plan |
| Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
Note: During the reporting period, the company did not make any new purchases of subsidiaries.
XIV. Internal control self-evaluation report or internal control audit report
1. Self-evaluation report of internal control
| Date of Full-text disclosure of internal control evaluation report | April 11, 2025 | |
| Inquiry index of internal control evaluation report full text disclosure | www.cninfo.com.cn | |
| The proportion of the total assets of units included in the evaluation scope to the total assets in the company's consolidated financial statements | 100% | |
| The proportion of the operating income of the unit in the evaluation scope to the total operating income of the company's consolidated financial statements | 100% | |
| Defect identification standard | ||
| Type | Financial reports | Non-financial report |
| Qualitative standards | 1. Fraud of the directors, supervisors and senior managers of the Company. 2. The Company shall correct the published financial report to correct major misstatements caused by fraud or errors, or major misstatements in the current financial report found by certified public accountants but not identified by the company's internal control of the Company. 3. The Audit Committee has ineffective supervision over the company’s external financial reports and financial report internal control. | 1. Lack of, or violation of, democratic decision-making procedures; 2. Violation against state laws and regulations with serious punishment; 3. Large loss of medium and senior management personnel and senior technical personnel; 4. Frequent and serious negative media coverage that spread far; 5. Lack of institutional control or institutional system failure of important business; 6. Major defects in internal control not rectified. |
| Quantitative standards | The misstatement amount in the financial statements in the following range: Misstated 1% of the total assets | Identification according to the internal control defect quantitative standard in financial report. |
| Number of material defects in financial reports | 0 | |
| Number of material defects in non-financial reports | 0 | |
| Number of important defects in financial reports | 0 | |
| Number of important defects in non-financial reports | 0 | |
2. Internal control audit report
√ Applicable □ Not applicable
Chongqing Changan Automobile Company Limited 2024 Annual Report
| The audit opinion in the internal control audit report issued by Lixin Certified Public Accountants (Special General Partnership) is as follows: Chongqing Changan Automobile Co., Ltd. maintained effective internal control over financial reporting in all material aspects as of December 31, 2024, in accordance with the Basic Standards for Enterprise Internal Control and relevant regulations. | |
| Disclosure of the internal control audit report | Disclosed |
| Date of full text disclosure of the internal control audit report | April 11, 2025 |
| Inquiry index of Internal Control Audit Report | www.cninfo.com.cn |
| Opinion type of internal control audit report | Standard without reservations |
| Material defects in non-financial reports | None |
Whether the accounting firm issues a non-standard opinion internal control audit report
□Yes √ No
Whether the internal control audit report issued by the accounting firm is consistent with the self-evaluation reportof the board of directors
√Yes □No
XV. Rectification of self-inspection problems in the Special Action of ListedCompaniesAccording to the company’s self-inspection, the company’s overall compliance operation shows that there areno issues requiring rectification.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 5 Environmental and Social Responsibility
Ⅰ. Major Environment Concerns
Whether the listed company and its subsidiaries are reckoned as major pollutant discharging units by environmentprotection department or not
√Yes □No
Environmental protection-related policies and industry standardsThe company strictly implements the laws, regulations, standards and requirements for environmentalprotection in its production and operation. The regulatory standards include Environmental Protection Law of thePeople’s Republic of China, Law on Air Pollution Prevention and Control, Law of the People’s Republic of Chinaon Prevention and Control of Water Pollution, Law of the People’s Republic of China on Prevention and Control ofEnvironmental Pollution by Solid Waste, Law of People’s Republic of China on Environmental Impact Assessment,etc.
Administrative regulations or rules include Measures for the Administration of Environmental Monitoring,Measures for the Administration of the List of Key Units of Environmental Supervision, Administrative Measuresfor the Legal Disclosure of Enterprise Environmental Information, Contingency Plan for EnvironmentalEmergencies, etc.National standards include Integrated Wastewater Discharge Standard, Integrated Emission Standard of AirPollutants, Standard for Fugitive Emission of Volatile Organic Compounds, Technical Requirement for Low-Volatile-Organic-Compound-Content Coatings Product, Technical specification for operation of wastewater onlinemonitoring system (CODCr, NH3-N et al.), Technical Specification for Continuous Monitoring of Non-MethaneTotal Hydrocarbons in Waste Gas from Stationary Pollution Sources, Technical guide for leak detection and repairof volatile organic compounds in industriesetc, Technical Specifications for the Setting of Hazardous WasteIdentification Signs, etc. Industry standards include Technical Specification for Application and Issuance of PollutantPermit Automotive Industry, Foundry Industry Air Pollutant Emission Standards, Technical Guidelines for Self-monitoring of Pollutant Discharging Units, etc.
Local standards include Emission standard of Air Pollutants for Surface Coating of Automobile ManufacturingIndustry, Emission Standard of Air Pollutants for Catering Industry, Emission Standard of Air Pollutants for Boilers,etc.
The company collects and interprets the newly released and implemented regulations and standards quarterlyand conducts compliance evaluations to ensure that the company’s production and operation are always legallycompliant. In 2024, a total of 49 environmental protection regulations, including the Catalogue of Solid WasteClassification and Code, Management Measures for Pollutant Discharge Permits, and National Hazardous WasteList (2025 Edition), were collected, including 29 at the national level and 20 at the local level.
Environmental Protection Administrative License——Administrative License Information for Construction Projects
During the reporting period, a total of nine environmental impact assessment approval documents forconstruction projects were involved, as follows:
| Name of construction project | Name and document number of environmental impact assessment approval document | Approval Authority | Approval acquisition time |
| Chongqing Lingyao Production Line Leveling and Completing Technical Renovation Project | Approval Letter for Environmental Impact Assessment Documents of Construction Projects in Chongqing City (YSHZ [2024] No. 3) | Chongqing Municipal Bureau of Ecology and Environment | January 5, 2024 |
| Jiangbei Engine Factory Capacity Adjustment Efficiency Improvement Project | Approval Letter for Environmental Impact Assessment of Construction Projects in Chongqing City (YLJHZ [2024] No. 13) | Liangjiang New Area Branch of Chongqing Ecological Environment Bureau | January 25, 2024 |
| Changan Automobile HE Series Engine Production Line Technical Renovation Project (Phase II) | Approval Letter for Environmental Impact Assessment of Construction Projects in Chongqing City (YLJHZ [2024] No. 57) | Liangjiang New Area Branch of Chongqing Ecological Environment Bureau | May 10, 2024 |
Technical Renovation Project of E16C385MAC Series Electric PassengerVehicle Production Line in the FirstFactory Area of Liangjiang Factory
| Approval Letter for Environmental Impact Assessment Document of Construction Projects in Chongqing, (YLJHZ [2024] No. 86) | Liangjiang New Area Branch of Chongqing Ecological Environment Bureau | August 6, 2024 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Chongqing Changan Automobile Co., Ltd. Yubei Factory Replacement and Green Intelligent Upgrade Construction Project | Approval Letter for Environmental Impact Assessment Documents of Construction Projects in Chongqing City (YSHZ [2024] No. 47) | Chongqing environmental protection bureau | August 6, 2024 |
| Chongqing Changan Automobile Co., Ltd. Intelligent Electric Vehicle Super Digital Platform Development Verification Capability and Production Line Upgrade Construction Project (EDS2 Series Electric Drive Controller Assembly Production Line Industrial CT Project) | Approval Letter for Environmental Impact Assessment of Construction Projects in Chongqing City, (YLJHZ [2024] No. 114) | Liangjiang New Area Branch of Chongqing Ecological Environment Bureau | October 24, 2024 |
| Chongqing Lingyao Production Line Leveling and Completing Technical Renovation Project (Re submitted for Approval) | Approval Letter for Environmental Impact Assessment Documents of Construction Projects in Chongqing City (YSHZ [2024] No. 64) | Chongqing Municipal Bureau of Ecology and Environment | November 1, 2024 |
| Beijing Changan Automobile Company D587 Series Electric Passenger Vehicle Production Line Intelligent Upgrade and Transformation Project | Approval of the Environmental Impact Assessment Report for the Intelligent Upgrade and Renovation Project of Beijing Changan Automobile Company's D587 Series Electric Passenger Vehicle Production Line by the Beijing Municipal Bureau of Ecology and Environment (JHS [2024] No. 118) | Beijing Municipal Bureau of Ecology and Environment | November 14, 2024 |
| Chongqing Lingyao Automobile Co., Ltd. Factory Acquisition, Storage, Relocation and Reconstruction Project | Approval Letter for Environmental Impact Assessment Documents of Construction Projects in Chongqing City (YBHS (2024) No. 080) | Banan District Ecological Environment Bureau | December 24, 2024 |
——Information on administrative permission for pollutant discharge
During the reporting period, the original Jiangbei Engine Factory was renamed as the New Power Factory, andthe focus of pollutant discharge permit management was changed to simplified management. Each base involves atotal of 25 pollutant discharge permit documents, including 1 initial application, 13 reapplication, 10 changes, 1continuation, and 0 others. Please refer to the “National Pollutant Discharge Permit Management InformationPlatform” for details, website: http://permit.mee.gov.cn.——Other administrative licensing information
None.Industry emission standards and specific conditions of pollutant emissions involved inproduction and business activities
| Name of the company or subsidiary | Main pollutants and specific pollutants | Discharge means | Number of discharge outlets | Distribution of discharge outlets | Discharge concentration (mg/L) | Pollutant discharge standards | Total discharge (Tons/year) | Total approved discharge (Tons/year) | Excessive emissions | |
| Chongqing Changan Automobile Co., Ltd. Yubei Factory | Waste water | Codcr | Intermittent emissions | 3 | Two workshop facility outlets, one factory main outlet | 47.61 | Integrated Wastewater Discharge Standard (GB8978-1996); Requirements for influent water quality of Chengbei sewage treatment plant | 20.43 | 116.20 | — |
| Ammonia nitrogen | 1.42 | 0.61 | 5.80 | — | ||||||
| Total nickel | 0.02 | 0.001 | 0.06 | — | ||||||
| Total zinc | 0.03 | 0.01 | - | — | ||||||
| Phosphate | 0.32 | 0.14 | - | — | ||||||
| Exhaust gas | So2 | Organized emissions | 34 | Surrounding the factory building | 0.48 | Emission Standards for Air Pollutants from Surface Coating of Automobile Manufacturing (DB 50/577-2015), Emission Standards for Air Pollutants from Industrial Kilns (DB 50/659-2016), Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016), and Emission Standards for Air Pollutants from Boilers (DB 50/658-2016) | 1.50 | 5.15 | — | |
| Nox | 4.19 | 13.13 | 45.63 | — | ||||||
| Particulate | 0.05 | 0.15 | — | — | ||||||
| Vocs | 5.64 | 23.02 | 111.30 | — | ||||||
| Toluene+Xylene | 1.19 | 3.74 | — | — | ||||||
| Soil | During the reporting period, Chongqing Changan Automobile Co., Ltd. Yubei Factory was included in the list of key environmental supervision units (atmospheric environment, environmental risk monitoring) in Yubei District, Chongqing for 2024. A total of 2412.17 tons of hazardous waste were generated in this period, and 2412.17 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 23652.26 tons of general industrial solid waste were generated, and 23652.26 tons were utilized and disposed of. | — | ||||||||
| Chongqing Changan Automobile Co., Ltd. Yubei Factory New Factory Area | Waste water | Codcr | Intermittent emissions | 1 | A factory's main exhaust outlet | 37.94 | Integrated Wastewater Discharge Standard (GB8978-1996); Requirements for Inlet Water Quality of Shiping Sewage Treatment Plant | 6.29 | 30.97 | — |
| Ammonia nitrogen | 7.98 | 1.53 | 2.81 | — | ||||||
| Exhaust gas | So2 | Organized emissions | 40 | Surrounding the factory building | 1.35 | Emission Standards for Air Pollutants from Surface Coating of Automobile Manufacturing (DB | 0.84 | 1.38 | — | |
| Nox | 34.66 | 7.85 | 12.17 | — | ||||||
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Particulate | 0.15 | 50/577-2015); Emission Standards for Air Pollutants from Industrial Kilns (DB 50/659-2016); Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016); Emission Standards for Air Pollutants from Boilers (DB 50/658-2016) | 0.17 | — | ||||||
| Vocs | 0.47 | 0.01 | 29.67 | — | ||||||
| Soil | During the reporting period, the new factory area of Chongqing Changan Automobile Co., Ltd. in Yubei obtained its pollutant discharge permit for the first time on February 24, 2024, and has not yet been included in the list of key environmental supervision units. A total of 1753.29 tons of hazardous waste were generated in this period, which have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 6546.92 tons of general industrial solid waste were generated and utilized for disposal. | — | ||||||||
| Chongqing Changan Automobile Co., Ltd. (Two Rivers Factory, One Factory Area) | Waste water | Codcr | Intermittent emissions | 2 | One workshop facility outlet, one factory main outlet | 73.12 | Integrated Wastewater Discharge Standard (GB8978-1996); Requirements for Inlet Water Quality of Guoyuan Port Sewage Treatment Plant | 7.93 | 14.02 | — |
| Ammonia nitrogen | 1.74 | 0.79 | 1.4 | — | ||||||
| Total nickel | 0.16 | 0.01 | 0.04 | — | ||||||
| Total zinc | 0.13 | 0.02 | 0.28 | — | ||||||
| Exhaust gas | So2 | Organized emissions | 32 | Surrounding the factory building | 0 | Emission Standards for Air Pollutants from Surface Coating of Automobile Manufacturing (DB 50/577-2015); Emission Standards for Air Pollutants from Industrial Kilns (DB 50/659-2016); Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016); Emission Standards for Air Pollutants from Boilers (DB 50/658-2016) | 0.00 | 1.23 | — | |
| Nox | 73.8 | 13.76 | 18.23 | — | ||||||
| Particulate | 0 | 0.00 | 36.14 | — | ||||||
| Vocs | 4.03 | 7.70 | 63.06 | — | ||||||
| Toluene+Xylene | 0.22 | 0.65 | 2.68 | — | ||||||
| Soil | During the reporting period, the Liangjiang Factory of Chongqing Changan Automobile Co., Ltd. was included in the list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in Liangjiang New Area, Chongqing in 2024. A total of 1778.44 tons of hazardous waste were generated in this period, and 1780.44 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 16929.87 tons of general industrial solid waste were generated, and 16929.87 tons were utilized and disposed of. | — | ||||||||
| Chongqing Changan Automobile Co., Ltd. (Second Factory Area of Liangjiang Factory) | Waste water | Codcr | Intermittent emissions | 2 | One workshop facility outlet, one factory main outlet | 59 | Integrated Wastewater Discharge Standard (GB8978-1996); Requirements for Inlet Water Quality of Guoyuan Port Sewage Treatment Plant | 34.20 | 46.00 | — |
| Ammonia nitrogen | 2.67 | 1.53 | 4.60 | — | ||||||
| Total nickel | 0.01 | 0.001 | 0.14 | — | ||||||
| Total zinc | 0.05 | 0.03 | 1.38 | — | ||||||
| Exhaust gas | So2 | Organized emissions | 47 | Surrounding the factory building | 1.35 | Emission Standards for Air Pollutants from Surface Coating of Automobile Manufacturing (DB 50/577-2015); Emission Standards for Air Pollutants from Industrial Kilns (DB 50/659-2016); Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016); Emission Standards for Air Pollutants from Boilers (DB 50/658-2016) | 0.16 | 4.12 | — | |
| Nox | 63.30 | 29.74 | 34.72 | — | ||||||
| Particulate | 1.85 | 1.70 | 50.61 | — | ||||||
| Vocs | 0.24 | 5.63 | 543.23 | — | ||||||
| Toluene+Xylene | 0.32 | 1.31 | 5.49 | — | ||||||
| Soil | During the reporting period, the second plant area of Chongqing Changan Automobile Co., Ltd.'s Liangjiang Factory was included in the list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in Liangjiang New Area, Chongqing in 2024. A total of 2799.83 tons of hazardous waste were generated in this period, and 2800.34 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 31373.60 tons of general industrial solid waste were generated, and 31373.60 tons were utilized and disposed of. | — | ||||||||
| Chongqing Changan Automobile Co., Ltd. (Three Factory Areas of Liangjiang Factory) | Waste water | Codcr | Intermittent emissions | 2 | One workshop facility outlet, one factory main outlet | 57.9 | Integrated Wastewater Discharge Standard (GB8978-1996); Requirements for Inlet Water Quality of Guoyuan Port Sewage Treatment Plant | 11.46 | 148.68 | — |
| Total nickel | 0.11 | 0.002 | 0.16 | — | ||||||
| Ammonia nitrogen | 3.33 | 0.64 | 6.68 | — | ||||||
| Total zinc | 0.14 | 0.03 | 0.8 | — | ||||||
| Exhaust gas | Particulate | Organized emissions | 42 | Surrounding the factory building | 0.13 | Emission Standards for Air Pollutants from Surface Coating of Automobile Manufacturing (DB 50/577-2015); Emission Standards for Air Pollutants from Industrial Kilns (DB 50/659-2016); Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016); Emission Standards for Air Pollutants from Boilers (DB 50/658-2016) | 0.02 | 25.96 | — | |
| Vocs | 2.91 | 1.21 | 130.93 | — | ||||||
| SO2 | 0.38 | 0.02 | 1.85 | — | ||||||
| Toluene+Xylene | 0.08 | 0.04 | 0.31 | — | ||||||
| Nox | 57.11 | 9.73 | 23.92 | — | ||||||
| Soil | During the reporting period, the third plant area of Chongqing Changan Automobile Co., Ltd.'s Liangjiang Factory was included in the list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in Liangjiang New Area, Chongqing in 2024. A total of 1146.84 tons of hazardous waste were generated in this period, and 1150.21 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 14064.41 tons of general industrial solid waste were generated, and 14064.41 tons were utilized and disposed of. | — | ||||||||
| Chongqing | Waste water | Codcr | Intermittent | 2 | One domestic | 111.89 | Integrated Wastewater Discharge | 13.99 | 26.13 | — |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Changan Automobile Co., Ltd. (New Power Factory HE Plant Area) | Ammonia nitrogen | emissions | sewage outlet, one factory main outlet | 9.14 | Standard (GB8978-1996); Requirements for Inlet Water Quality of Guoyuan Port Sewage Treatment Plant | 1.40 | 2.61 | — | ||
| Exhaust gas | Particulate | Organized emissions | 74 | Surrounding the factory building | 10.73 | Emission Standards for Air Pollutants from Industrial Furnaces and Kilns (DB 50/659-2016) ; Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016) | 9.14 | — | — | |
| SO2 | 6.19 | 5.27 | — | — | ||||||
| Non methane total hydrocarbons | 3.08 | 2.63 | — | — | ||||||
| Nox | 8.05 | 6.86 | — | — | ||||||
| Soil | During the reporting period, the HE plant area of Chongqing Changan Automobile Co., Ltd.'s new power factory was included in the list of key environmental supervision units (environmental risk monitoring) in Liangjiang New Area, Chongqing in 2024. A total of 6048.62 tons of hazardous waste were generated in this period, and 6048.62 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 1766.41 tons of general industrial solid waste were generated, and 1766.41 tons were utilized and disposed of. | — | ||||||||
| Chongqing Changan Automobile Co., Ltd. (NE Factory Area of New Power Factory) | Waste water | Codcr | Intermittent emissions | 1 | Factory exhaust outlet | 98.53 | Integrated Wastewater Discharge Standard (GB8978-1996); Requirements for Inlet Water Quality of Guoyuan Port Sewage Treatment Plant | 7.23 | 11.08 | — |
| Ammonia nitrogen | 9.85 | 0.72 | 1.11 | — | ||||||
| Exhaust gas | Non methane total hydrocarbons | Organized emissions | 39 | Surrounding the factory building | 11.28 | Emission Standards for Air Pollutants from Industrial Furnaces and Kilns (DB 50/659-2016); Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016) | 3.15 | — | — | |
| Nox | 12.08 | 3.37 | — | — | ||||||
| Particulate | 61.33 | 17.12 | — | — | ||||||
| SO2 | 6.79 | 1.90 | — | — | ||||||
| Soil | During the reporting period, the NE plant area of Chongqing Changan Automobile Co., Ltd.'s new power factory was included in the list of key environmental supervision units (environmental risk monitoring) in Liangjiang New Area, Chongqing in 2024. A total of 6543.08 tons of hazardous waste were generated in this period, which have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 438.46 tons of general industrial solid waste were generated, and 438.46 tons were utilized and disposed of. | — | ||||||||
| Chongqing Lingyao Automobile Co., Ltd | Waste water | Codcr | Intermittent emissions | 3 | One workshop facility outlet, two factory main outlets | 24.74 | Integrated Wastewater Discharge Standard (GB8978-1996); Requirements for Inlet Water Quality of Banan Drainage Co., Ltd | 6.26 | 23.40 | — |
| Ammonia nitrogen | 1.77 | 0.51 | 3.00 | — | ||||||
| Total nickel | 0.05L | 0 | 0.003 | — | ||||||
| Total zinc | 0.10 | 0.01 | — | — | ||||||
| Phosphate | 0.08 | 0.03 | 0.13 | — | ||||||
| Exhaust gas | Particulate | Organized emissions | 40 | Surrounding the factory building | 4.96 | Emission Standards for Air Pollutants from Surface Coatings in Automobile Manufacturing (DB 50/577-2015); Comprehensive Emission Standards for Air Pollutants (DB 50/418-2016); Boiler Air Pollutant Emission Standards (DB 50/658-2016) | 18.8 | 38.03 | — | |
| Vocs | 3.36 | 10.57 | 111.40 | — | ||||||
| Toluene+Xylene | 0.2 | 0.45 | 6.46 | — | ||||||
| SO2 | 3L | 0 | 7.12 | — | ||||||
| Nox | 9.46 | 0.58 | 16.26 | — | ||||||
| Soil | During the reporting period, Chongqing Lingyao Automobile Co., Ltd. was included in the list of key environmental supervision units (atmospheric environment, environmental risk control) in Banan District, Chongqing for 2024. A total of 2603.37 tons of hazardous waste were generated in this period, and 2603.37 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 18388.50 tons of general industrial solid waste were generated, and 18388.50 tons were utilized and disposed of. | — | ||||||||
| Chongqing Changan Automobile Co., Ltd. Beijing Changan Automobile Co., Ltd | Waste water | Codcr | Intermittent emissions | 2 | One workshop facility exit, one factory main exhaust outlet | 52.94 | Comprehensive Emission Standards for Water Pollutants (DB11/307-2013) | 8.74 | 63.68 | — |
| Ammonia nitrogen | 4.47 | 0.73 | 3.81 | — | ||||||
| Total nickel | 0.07 | 0.001 | 0.01 | — | ||||||
| Phosphate | 2.15 | 0.34 | 5.09 | — | ||||||
| Exhaust gas | Nox | Organized emissions | 52 | Surrounding the factory building | 28.23 | Emission Standards for Air Pollutants in the Automotive Manufacturing Industry (DB11/1227-2023); Comprehensive Emission Standards for Air Pollutants (DB11/501-2017); Boiler Air Pollutant Emission Standards (DB11/139-2015) | 1.33 | 3.18 | — | |
| Vocs | 9.21 | 22.15 | 458.76 | — | ||||||
| SO2 | — | — | — | |||||||
| Particulate | — | — | — | |||||||
| Soil | During the reporting period, Chongqing Changan Automobile Co., Ltd. and Beijing Changan Automobile Co., Ltd. were included in the list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in Beijing for 2024. A total of 527.18 tons of hazardous waste were generated in this period, which have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 6013.42 tons of general industrial solid waste were generated and utilized for disposal. | — | ||||||||
| Hefei Changan Automobile Co., Ltd | Waste water | Codcr | Intermittent emissions | 3 | Two workshop facility exits, one factory main exhaust outlet | 32.07 | Integrated Wastewater Discharge Standard GB8978-1996; Standard for takeover of sewage treatment plants in western clusters | 29.99 | 169.55 | — |
| Total nitrogen (calculated as N) | 9.73 | 9.33 | 43.98 | — | ||||||
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Total nickel | 0.03 | 0.002 | 0.09 | — | ||||||
| Total phosphorus (calculated as P) | 0.21 | 0.19 | — | — | ||||||
| Ammonia nitrogen | 0.91 | 0.88 | 16.96 | — | ||||||
| Exhaust gas | Non methane total hydrocarbons | Organized emissions | 76 | Surrounding the factory building | 6.77 | Emission Control Standards for Volatile Organic Compounds in Industrial Enterprises DB12/524-2020; Comprehensive Emission Standards for Air Pollutants DB31/933-2015; Boiler Air Pollutant Emission Standards (GB 13271-2014) | 14.08 | 65.03 | — | |
| SO2 | 27 | 8.67 | — | — | ||||||
| Particulate | 5.63 | 24.50 | — | — | ||||||
| Nox | 66.04 | 30.62 | — | — | ||||||
| Soil | During the reporting period, Hefei Changan Automobile Co., Ltd. was included in the list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in Hefei City in 2024. A total of 2089.34 tons of hazardous waste were generated in this period, and 2093.88 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 30064.53 tons of general industrial solid waste were generated, and 30064.53 tons were utilized and disposed of. | — | ||||||||
| Nanjing Changan Automobile Co., Ltd | Waste water | Codcr | Intermittent emissions | 1 | A factory's main exhaust outlet | 35.82 | Integrated Wastewater Discharge Standard (GB8978-1996); Takeover Standard of Nanjing Lishui Qinyuan Wastewater Treatment Co., Ltd | 6.84 | 43.08 | — |
| Total nitrogen (calculated as N) | 4.62 | 0.92 | 1.20 | — | ||||||
| Total phosphorus (calculated as P) | 0.56 | 0.09 | 0.39 | — | ||||||
| Ammonia nitrogen | 0.94 | 0.29 | 0.86 | — | ||||||
| Exhaust gas | Nox | Organized emissions | 8 | Surrounding the factory building | 0 | Emission Standards for Volatile Organic Compounds from Surface Coating (Automotive Manufacturing Industry) (DB32/2862-2016); Comprehensive Emission Standards for Air Pollutants (DB32/4041-2021); Boiler Air Pollutant Emission Standards (DB32/4385-2022) | 0.22 | — | — | |
| Particulate | 1.96 | 3.52 | — | — | ||||||
| Vocs | 8.5 | 17.69 | 26.23 | — | ||||||
| SO2 | 0 | 0 | — | — | ||||||
| Soil | During the reporting period, Nanjing Changan Automobile Co., Ltd. was included in the list of key environmental supervision units (water environment, atmospheric environment, environmental risk monitoring) in Jiangsu Province for 2024. A total of 1251.66 tons of hazardous waste were generated in this period, and 1256.03 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 10485.65 tons of general industrial solid waste were generated, and 10485.65 tons (including the old factory area) were utilized and disposed of. | — | ||||||||
| Hebei Changan Automobile Co., Ltd | Waste water | Ammonia nitrogen | Intermittent emissions | 4 | Two workshop facility exits and two factory main exhaust outlets | 2.52 | Integrated Wastewater Discharge Standard GB8978-1996; Requirements for Inlet Water Quality of Gezhouba Water Management Dingzhou Branch | 0.58 | 8.94 | — |
| Codcr | 74.52 | 17.06 | 136.42 | — | ||||||
| Total nitrogen (calculated as N) | 11.25 | 2.58 | 12.83 | — | ||||||
| Total phosphorus (calculated as P) | 1.48 | 0.34 | 1.92 | — | ||||||
| Total nickel | 0.02 | 0.005 | 0.09 | — | ||||||
| Exhaust gas | So2 | Organized emissions | 142 | Surrounding the factory building | 0.071 | Comprehensive Emission Standards for Air Pollution GB16297-1996 Emission Standards for Air Pollutants from Industrial Furnaces DB1640-2012; Emission Control Standards for Volatile Organic Compounds in Industrial Enterprises DB13/2322-2016; Emission Standards for Air Pollutants from Boilers DB13/5161-2020 | 0.87 | 118.24 | — | |
| Non methane total hydrocarbons | 4.64 | 78.18 | 1450.96 | — | ||||||
| Particulate | 0.49 | 8.14 | 904.20 | — | ||||||
| Nox | 0.45 | 5.56 | 65.22 | — | ||||||
| Soil | During the reporting period, Hebei Changan Automobile Co., Ltd. was included in the list of key environmental supervision units (water environment, atmospheric environment, soil pollution supervision) in Dingzhou City for 2024. A total of 1820.49 tons of hazardous waste were generated in this period, and 1850.90 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 23805.03 tons of general industrial solid waste were generated, and 23805.03 tons were utilized and disposed of. | — | ||||||||
During the reporting period, all units of the company met the emission standards for various pollutants, andthere were no cases of exceeding the standard or total emissions.Treatment of pollutants
| Types of pollutants | Main processing techniques | Processing method | |
| Exhaust gas | Spray VOCs exhaust gas | Venturi wet paint mist treatment/dry paper box paint mist treatment+zeolite wheel adsorption+incineration, low-temperature plasma treatment | Discretion |
| Drying VOCs waste gas | TNV or RTO incineration | Discretion | |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Other VOCs waste gases | Activated carbon adsorption, activated carbon filter cotton adsorption | Discretion | |
| Test exhaust gas (nitrogen oxides) | Automotive three-way catalytic converter | Discretion | |
| Casting dust | Bag filter | Discretion | |
| Casting Odor | Alkali solution adsorption or biological adsorption | Discretion | |
| Aircraft fuel mist | Mechanical filtration | Discretion | |
| Waste water | Phosphating wastewater | Coagulation sedimentation, triple effect evaporation | Self handling or outsourced operation |
| Oily wastewater | Oil separation+emulsion breaking+air flotation | Self handling or outsourced operation | |
| Comprehensive wastewater | Coagulation sedimentation+aerobic biochemistry | Self handling or outsourced operation | |
| Solid waste | Waste solvent | Utilize or incinerate | Outsourced utilization and disposal |
| Wet metal shavings | Utilize | Outsourced utilization and disposal | |
| Aluminum ash residue, packaging drums | Utilize | Outsourced utilization and disposal | |
| Wastewater treatment sludge | Landfill | Outsourced utilization and disposal | |
| Recyclable general industrial solid waste | Utilize | Outsourced utilization and disposal | |
| Other | Burning or landfilling | Outsourced utilization and disposal | |
| Noise | Mechanical noise | Vibration reduction and sound insulation | Discretion |
During the reporting period, 52 sets of waste gas treatment facilities and 8 sets of wastewater treatment facilitieswere added, Specifically, there are 46 sets of VOCs waste gas, welding smoke and other waste gas treatment facilitiesand 8 sets of painting waste gas and domestic sewage treatment facilities in the new factory area of Yubei. In addition,five sets of activated carbon adsorption waste gas treatment facilities have been added to the hazardous waste roomand tooling cleaning room of Liangjiang Factory. Moreover, one set of activated carbon adsorption waste gastreatment facility has been added to the tooling cleaning room and laundry room in Nanjing Changan. Pollutioncontrol facilities are included in the preventive maintenance management of equipment, just like productionequipment. Operation and maintenance operation manuals, preventive maintenance procedures, and preventivemaintenance plans have been established. Equipment inspection, dosing, slag removal, consumables replacement,and other operation and maintenance records are complete. Key environmental supervision units (water environment,atmospheric environment) have installed automatic monitoring facilities for wastewater and exhaust gas inaccordance with the requirements of the local ecological environment department, and commissioned third-partyprofessional companies to operate and maintain them. During the reporting period, pollution control facilities andautomatic monitoring facilities were operating normally.Contingency Plan for environmental emergenciesEach base has conducted risk assessments and emergency resource investigations for sudden environmentalincidents in accordance with regulations, formulated (revised) emergency plans for sudden environmental incidents,and environmental risk units have developed on-site disposal plans and continuously carried out hidden dangerinvestigation and treatment. During the reporting period, the new factory area of Yubei completed the risk assessmentof sudden environmental incidents, emergency resource investigation, and the preparation and filing of emergencyplans for sudden environmental incidents. Beijing Changan and Hebei Changan completed the revision and filing.
Each base shall develop emergency drill plans in accordance with regulatory requirements and carry outemergency drills as planned, continuously improving the practicality of emergency plans and the emergencyresponse capabilities of employees. There were no sudden environmental incidents during the reporting period.
Environmental self-monitoring plan
During the reporting period, all key units of the company's environmental supervision have prepared self-monitoring plans and carried out self-monitoring in accordance with the requirements of laws and regulations, anddisclosed monitoring information on self-monitoring data release platforms of various provinces as required by localecological environment authorities. See the following table for the public websites.
| Unit Name | Environmental Self-Monitoring Plan Disclosure Platform | Website |
| Yubei Factory, Liangjiang Factory, Jiangbei Engine Factory, Chongqing Lingyao | Key Pollution Source Monitoring Data Release Platform | http://119.84.149.34:20003/publish2/dataSearchPub/entList.aspx |
| Beijing Changan Automobile Company | National Pollutant Discharge Permit Management Information Platform Open End | https://permit.mee.gov.cn/perxxgkinfo/syssb/xkgg/xkgg!licenseInformation.action |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Hefei Changan Automobile Co., Ltd | Anhui Province Pollutant Discharge Unit Self Monitoring Information Release Platform | https://wryjc.cnemc.cn/gkpt/mainZxjc/340000 |
| Nanjing Changan Automobile Co., Ltd | Jiangsu Province Enterprise “Environmental Protection Facebook” Information Disclosure Platform | http://218.94.78.61:8080/newPub/web/home.htm |
| Hebei Changan Automobile Co., Ltd | Hebei Province Pollutant Discharge Unit Self Monitoring Information Disclosure Platform | https://wryjc.cnemc.cn/gkpt/mainZxjc/130000 |
Investment in environmental treatment and protection and payment of environmentalprotection tax
The company’s environmental protection investment mainly includes: the construction of environmentalprotection facilities, operation and maintenance of environmental protection facilities, solid waste transportation anddisposal (hazardous waste included), sewage treatment, monitoring, revision of contingency plans, purchase ofemergency materials, environmental protection tax, etc.The company paid environmental protection tax of RMB 1,096,900 in 2024.Measures taken to reduce carbon emissions during the reporting period and effects
√ Applicable □Not applicable
The Company's dual-carbon goals: Achieve peak carbon by 2027, carbon neutrality by 2045, reduce carbondioxide emissions per 10,000 yuan of output value by 30% by 2030, and reduce carbon emissions in the supply chainby 30% by 2030.
The Company's manufacturing department has taken various carbon-reduction initiatives effectively, achievinga 2.2% year-on-year decrease in carbon emissions per vehicle manufactured and a 10% year-on-year decrease incarbon emissions per engine. Specifically:
(1) The Company has taken every opportunity to decarbonize its production and manufacturing process. 41carbon-reduction measures have been taken, such as energy-efficiency, process improvement, efficient start-stop,and improved production scheduling, resulting in carbon reduction of 13,000 tons.
(2) Green and low-carbon transformation of the energy structure gathered pace. Plants in Chongqing, Hefei,Nanjing, Beijing and other places have added 95MW of distributed photovoltaic power stations to provide cleanenergy for their own use. Total green electricity consumption throughout the year exceeded 100 million kWh, withphotovoltaic power contributing 17.4%, reducing 91,000 tons in emissions.
(3) The Company actively assumes its responsibilities as a major emitter and met its obligations in carbon quotapilot programs. Both the Beijing and Chongqing facilities ended the period within quota limits, totaling 23,000 tons.Meanwhile, the Company actively built demonstration programs for green factories. Liangjiang Factory has won thenational green factory title, and Chongqing Lingyao Factory has won the provincial green factory title. By the endof 2024, The Company had had two national green factories and two provincial green factories. All its productionfacilities are expected to be certified green before 2030.
The Company works hard to decarbonize its products as it relentlessly researches low-carbon technologies. In2024, the Company reduced carbon footprint on its available models by an average of 1.94% year on year.Specifically:
(1) It developed the New BlueCore HE-series engine dedicated to hybrid powertrains, featuring 44.39% in peakthermal efficiency. A P13 dual-motor hybrid electric drive has been developed, with P3 motor generating 158kW ofpower and a drive efficiency of 97.3%. An EDS3 electric drive came out with rated efficiency of 90.5% (Si),compatible with vehicles of A class and above. Hydrogen engine (HICE) technology is also in the works. Whenpaired with electrified components, it is expected to achieve a raw NOx emission of ≤3.4mg/km under WLTC withcharge depleted, or near-zero emissions.
(2) The Company’s proprietary CTV battery has completed the onboard pilot program and is ready for massproduction with an integrated efficiency of over 76%. Liquid-state batteries with 4C fast-charging technology are infull production, while a prototype solid-state Ah-level battery cell has been produced. The EDS2-B electric drivesystem entered mass production, with a rated efficiency of 92.5%.
(3) Key technologies such as ultra-low wind resistance, low-drag calipers, low-friction bearings, and low-rolling-resistance tires are in the pipeline. A high-precision all-scene energy-flow simulation and breakdown systemhas been established.
(4) The Company is researching 15 low-carbon and low-density materials such as 30% recycled aluminum alloyand low-density PET fiber felt. It is learning the effect of recycling on material performance, ways to regulate saideffect and pre-treatment technology for recycled materials. 12 materials such as bio-based PU and 30% recycled PPhave been used on an industrial scale.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Administrative penalties imposed for environmental reasons during the reporting periodNone.Other environmental information that should be made publicDuring the reporting period, the environmental information of each unit of the company was disclosed on the“Environmental Information Disclosure System” in various provinces and cities where it is located. The publicwebsite is detailed in the table below.
| Unit Name | Legal Disclosure System for Enterprise Environmental Information | Public website |
| Yubei Factory, Liangjiang Factory, Jiangbei Engine Factory, Chongqing Lingyao | Legal Disclosure System for Enterprise Environmental Information (Chongqing) | http://183.66.66.47:10001/eps/index/enterprise -search |
| Beijing Changan Automobile Company | Legal Disclosure System for Enterprise Environmental Information (Beijing) | https://hjxxpl.bevoice.com.cn:8002/home |
| Hefei Changan Automobile Co., Ltd | Legal Disclosure System for Enterprise Environmental Information (Anhui) | https://www.ahzwfw.gov.cn/wqt-web/index.html#/reportInfo |
| Nanjing Changan Automobile Co., Ltd | Legal Disclosure System for Enterprise Environmental Information (Jiangsu) | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive -webapp/web/viewRunner.html? viewId= http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive -webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js |
| Hebei Changan Automobile Co., Ltd | Legal Disclosure System for Enterprise Environmental Information (Hebei) | http://121.29.48.71:8080/#/guide |
Other environmental protection-related information
1. Environmental credit evaluation
During the reporting period, production bases such as Liangjiang Factory, New Power Factory, Yubei Factory,and Chongqing Lingyao conducted environmental credit evaluations for the year 2023 in accordance with therequirements of the local ecological and environmental authorities. Liangjiang Factory, New Power Factory, YubeiFactory, Chongqing Lingyao, and Hefei Changan have been rated as environmental integrity enterprises.
2. Information on Green Supply Chains
The Company actively exerts its influence over the industry. Supply chain decarbonization and sustainabilityare among its top concerns. It is committed to building a management system to regulate a green, low-carbon, andsustainable supply chain through sound strategies, green procurement and supplier management, green production,recycling, green information platforms and disclosure. The Company champions green design and green productionthrough elimination of energy-hungry equipment and dynamic supply chain management.
The Company collects carbon emission data of suppliers' products and works with its suppliers to decarbonize.It has drafted the ChangAn Business Partner Code of Conduct, the Carbon Emission Data Management Model andGuidelines for Supplier Carbon Emission Accounting Methods, and set up a carbon target management system.Through VOC control, restricted substance management, special supply requirements, green procurement ratingsand other methods, the Company collaborates with suppliers to improve environmental protection, encouragessuppliers to save energy and reduce emissions, and regulates the IATF16949 quality management system certificatesand ISO14001 environmental certification certificates. 99% of the suppliers have passed the IATF16949 certification,98% have passed the ISO14001 certification, and 22% have been short-listed as national green factories or greensupply chain management companies. In 2024, the Company won titles and awards such as National DemonstrationCompany for Supply Chain Innovation and Application, Chinese Industrial Leader for Peak Carbon, and ExcellentCase of Green Supply Chain Management.
Regarding hazardous substance management, the Company declares and releases data through CAMDS, anddoes comprehensive analysis and data accounting through the ELV compliance system. This collects and regulatesinformation including automotive material data and energy consumption.
The recycling service outlets for the Company's scrapped vehicles can be queried throughhttp://www.cagds.org.cn (or CAGDS). Qualifying recyclers and dismantlers can log in to http://www.cagds.org.cnto access dismantling manuals for passenger cars of category M1. Users can obtain relevant information of thevehicle's dismantling manual through the WeChat mini-program Automobile Dismantling Manual Identification andAnalysis Tool.
Information on the battery recycling service outlets can be obtained through the Company’s Official Website(https://www.changan.com.cn).II. Social Responsibility
The full text of the company's 2024 environmental, social and governance (ESG) report has been published onthe same day as the company's annual report on http://www.cninfo.com.cn.
Chongqing Changan Automobile Company Limited 2024 Annual Report
III. Efforts to Enhance Poverty Alleviation and Rural Revitalization ProgramsGuided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Company fullyimplements the spirit of the 20th National Congress of the Communist Party of China and all subsequent plenarysessions. It thoroughly studies and comprehends a series of new ideas, viewpoints, and assertions of the CPC CentralCommittee and the State Council on promoting all-around rural revitalization, earnestly implements thegovernment's work arrangements, strictly adheres to the requirement of four Non-removals, learns and applies theexperience of the Ten-million Project. It organically combines the Company's strengths with local characteristics,anchors the target tasks, and steadily and orderly conducts targeted assistance work to promote a dual improvementin quantity and quality, contributing its strength to promoting all-around rural revitalization.
(I) Strengthening organizational leadershipThe Company held nine leadership meetings for Targeted Assistance Work to formulate systematic work plans.It also held 12 special work meetings on targeted assistance for rural revitalization to identify key assistance projects,make plans and formulate measures before getting down to work. Company leaders visited Luxi and Yanshan inYunnan, and Youyang in Chongqing for inspections and research, and advanced the implementation of targetedassistance projects on-site.(II) Securing assistance fundsThe Company allocated a total of 10.6 million yuan in assistance funds, including 2.5 million yuan for LuxiCounty in Yunnan and 8.1 million yuan for Yanshan County in Yunnan. These funds are used for the all-aroundrevitalization of rural businesses, human capital, culture, ecology, and organizations in the two counties to help ruralbusinesses prosper, preserve ecological environment, advocate civilized rural customs, promote effective governance,and bring prosperity.(III) Promoting industrial assistanceThe Company continues to carry out the targeted assistance project for Youyang tea-oil. First, it assisted inmarketing and expanding sales channels. Through the Company's sales channels, it helped Chongqing YouzhouCamellia Oil Technology Co., Ltd. achieve sales of 31.72 million yuan. Second, the Company helped enhance thebrand and corporate image of the tea oil maker. The Company launched many far-reaching public-service activitieswhere Youyang tea-oil was presented, such as partner conferences, Chongqing Marathon, and international autoshows like the one in Chongqing, to broaden the impact of said public-service activities and set up a model for othercompanies to fulfill their social responsibilities. Third, the Company improved the operation and management systemof Chongqing Youzhou Camellia Oil Technology Co., Ltd. It assisted in shaping the corporate culture to improve themanagement system. Fourth, the Company researched carbon-sink methods. It researched the basic situation ofYouyang tea-oil both locally and nationwide, and drafted a Methodology for Carbon Sequestration and EmissionReduction Projects in Camellia Oil Production to aid the sustainable development of Chongqing Youzhou CamelliaOil Technology Co., Ltd.(IV) Implementing consumer assistanceFocusing on promoting the stable sales of assistance products, the Company widely guided all its units andemployees to purchase specialty agricultural products from the assisted areas. The Company actively participated inactivities such as the Spring Festival Action for Central Enterprises' Consumer Assistance and the Week of CentralEnterprises' Consumer Assistance for Rural Revitalization, and provided assistance worth 2.12 million yuan,including 1.57 million yuan for the two counties in Yunnan and 0.55 million yuan for other regions, practically aidingthe industrial development in poverty-stricken areas and the stable income increase for people who recently escapedpoverty.(V) Providing skills-based assistanceLeveraging the advantages of its main automotive business and focusing on skills training, the Companyestablished two ChangAn Automobile Classes in Luxi County and Yanshan County in Yunnan Province and YouyangCounty in Chongqing. It held two lectures by workers and experts in schools and four recruitment events in theassisted areas. A total of 300 students were hired, demonstrating the effectiveness of skills-based assistance whilebringing a steady increase in of local people.(VI) Summarizing and publicizingThe Company submitted a rural revitalization practice case titled A Grove of Camellia Trees Paves the Way forRevitalization to the Publicity Bureau of the State-owned Assets Supervision and Administration Commission(SASAC) and People's Daily Online, publicizing and promoting its effective and distinctive rural revitalizationpractices. It won the Centralized Exhibition Award at the 7th Exhibition of Excellent Stories and AIGC CreativeCommunication Works of Central Enterprises. It also submitted a rural revitalization practice case titled ChangAnAutomobile: Assisting Youyang Tea-Oil in Rural Revitalization to the Social Responsibility Bureau of the SASAC,which was included in the Blue Book on Overseas Environment, Social, and Governance (ESG) of CentralEnterprises.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 6 Important Matters
I. The implementation status of commitments
1. Commitment items that have been fulfilled during the reporting period and those thatremain unfulfilled as of the end of the reporting period, made by relevant commitment partiessuch as the company's actual controllers, shareholders, related parties, acquirers, and thecompany itself.
√ Applicable □Not applicable
| Undertakings | Undertaking party | Type of undertaking | Description | Date | Duration | Performance |
| Other commitments | China South Industries Group Co., Ltd.; China Changan Automobile Group Co., Ltd.; Southern Industry Asset Management Co., Ltd. | Sales restrictions for shares | From November 7th, 2023, within 6 months, the company will not reduce its holdings through centralized bidding or bulk trading in the secondary market. | November 2023 | 6 Months | Fulfillment completed |
| Whether the promise is fulfilled as scheduled | Yes | |||||
2. Explanation on whether assets or projects reach the earnings forecast and reasons whenthere is earning forecast for asset or projects and the reporting period is within the forecastperiod.
□ Applicable √ Not applicable
II. Non-operating funds the listed company occupied by controlling shareholdersand their related parties
□ Applicable √ Not applicable
During the reporting period, there was no non-operating funds of the listed company occupied by the controllingshareholder and related parties.III. Irregular external guarantee
□ Applicable √ Not applicable
The Company has no irregular external guarantee during the reporting period.
IV. Explanation of the Board of Directors on the latest “Non-standard AuditReport”
□ Applicable √ Not applicable
V. Explanation of the “Non-Standard Audit Report” issued by the accounting firmduring the reporting period by the BOD, BOS and independent directors (if any)
□ Applicable √ Not applicable
Chongqing Changan Automobile Company Limited 2024 Annual Report
VI. Explanation of changes in accounting policies, accounting estimates andremedies for significant accounting errors
√ Applicable □ Not applicable
Please refer to “(31) Changes in Significant Accounting Policies and Accounting Estimates” in Note 3 tothe financial statements for details.VII. Explanation of changes in the consolidated statement scope compared to thelast annual report
□ Applicable √ Not applicable
There was no change in the scope of the company's consolidated financial statements during the reporting period.VIII. Appointment and dismissal of the accounting firmThe appointed accounting firm
| The name of the domestic accounting firm | Lixin Certified Public Accountants (Special General Partnership) |
| Payment (RMB: 10,000) | 324.90(Excluding tax) |
| Years of audit services | 2 |
| Names of Certified Public Accountants | Zhu Yuqin, Wang Kai |
| Years of services provided by Certified Public Accountants | 2 |
Whether to re-appoint the accounting firms
□Yes √ No
Description of hiring the internal control accounting firm, financial adviser or sponsor
√Applicable □ Not applicable
After the 19th meeting of the 9th Board of Directors and the 2023 Annual General Meeting of Shareholders,the proposal on appointing auditors for the 2024 financial report and internal control report has been approved. Thecompany has hired Lixin Certified Public Accountants (Special General Partnership) as the auditor for the 2024internal control report. The internal control audit fee paid by the company for the internal control audit servicesprovided by Lixin Certified Public Accountants (Special General Partnership) in 2024 is RMB 949,800 (excludingtax).IX. Facing delisting after annual report disclosure
□ Applicable √ Not applicable
X. Bankruptcy and restructuring
□ Applicable √ Not applicable
During the report period, there is no bankruptcy or restructuring.XI. Crucial litigation and arbitration
□ Applicable √ Not applicable
During the reporting period, the company has no crucial litigation and arbitration.
XII. Punishment and rectification
□ Applicable √ Not applicable
During the reporting period there’s no punishment and rectification.
Chongqing Changan Automobile Company Limited 2024 Annual Report
XIII. The integrity of company, its controlling shareholder and actual controller
□ Applicable √ Not applicable
XIV. Significant related-party transactions
1. Related-party transactions related to daily operation
For details, please refer to Note 12 “Related Party Relationships and Transactions” under the Chapter 10.
2. Related-party transactions of acquisition or sales of assets or equity
□ Applicable √ Not applicable
3. Related-party transactions of common foreign investment
□ Applicable √ Not applicable
4. Related rights and debt relations
√Applicable □Not applicable
For details, please refer to Note 12 “Related Party Relationships and Transactions” under the Chapter 10.Whether there is any non-business related credits and debts
□Yes √ No
There is no non-operating associated credits and debts during the reporting period.
5. Transactions with associated financial companies
√ Applicable □Not applicable
Deposit
| Related party | Relationship | Maximum daily deposit limit (RMB: 10,000) | Interest rate | Beginning balance (RMB: 10,000) | Amount incurred in the current period | Ending balance (RMB: 10,000) | |
| Total deposit amount (RMB: 10,000) | Total withdrawal amount (RMB: 10,000) | ||||||
| China South Industries Group Finance Co., Ltd. | A company controlled by the actual controller of Changan Automobile | 2,000,000 | 0.1%-3.5% | 1,992,602 | 15,248,059 | 15,242,791 | 1,997,870 |
| Changan Automobile Financing Co., Ltd. | A company controlled by the actual controller of Changan Automobile | 2,000,000 | 1.85%-2.25% | 1,499,000 | 1,415,000 | 1,549,000 | 1,365,000 |
Loan
| Related party | Relationship | Loan amount (RMB: 10,000) | Interest rate | Beginning balance (RMB: 10,000) | Amount incurred in the current period | Ending balance (RMB: 10,000) | |
| Total amount of loan (RMB: 10,000) | Total repayment amount (RMB: 10,000) | ||||||
| China South Industries Group Finance Co., Ltd. | A company controlled by the actual controller of | 100,000 | 1%-2.8% | 7,600 | 51,000 | 400 | 58,200 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
ChanganAutomobile
Credit granting or other financial business
| Related party | Relationship | Business | Total amount (RMB: 10,000) | Actual amount incurred (RMB: 10,000) |
| China South Industries Group Finance Co., Ltd. | A company controlled by the actual controller of Changan Automobile | Credit granting | 1,700,000 | 273,115 |
6. Transactions between the financial company controlled by the company and related parties
□ Applicable √ Not applicable
7. Other significant related-party transactions
√ Applicable □Not applicable
Interim announcement of major related-party transactions on the website
XV. Major contracts and their performance
1. Custody, contracting and leasing
（1）Custody
□ Applicable √ Not applicable
Custody information
There is no custody during the reporting period.
（2）Contracting
□ Applicable √ Not applicable
Contracting information
There is no contracting during the reporting period.
（3）Leasing
√ Applicable □Not applicable
Leasing information
Leasing of related parties can be found in Item 5 (2) of Note 12 of Financial Statements “Related Party andRelated Transactions”.Projects whose profit and loss to the company account for more than 10% of total profits during the reportingperiod.
□ Applicable √ Not applicable
| Interim announcement | Interim announcement date | Wsebsite |
| Expected Announcement of Daily Related Transactions for 2024 | April 18, 2024 | http://www.cninfo.com.cn |
| Announcement on Related Transactions Signing the Financial Service Agreement with China South Industries Group Finance Co., Ltd. | April 18, 2024 | |
| Announcement on Related Transactions Signing the Financial Service Agreement with Changan Automobile Financing Co., Ltd. | April 18, 2024 | |
| Announcement on the Proposed Purchase of Partial Equity and Related Transactions of Changan Automobile Financing Co., Ltd. through Public Delisting | November 28, 2024 | |
| Announcement on the Signing of a Conditional and Effective Share Subscription Agreement and Related Transactions between the Company and the Subscription Object | December 7, 2024 | |
| Announcement on Capital Increase of an Associated Enterprise and Related - Party Transactions | December 18, 2024 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
During the reporting period, the Company did not have any leasing projects that contributed to profits or lossesamounting to over 10% of the Company's total profit for the reporting period.
2. Guarantee
□ Applicable √ Not applicable
There is no guarantee during the report period.
3. Entrustment of cash asset management
(1) Entrust wealth management
□ Applicable √ Not applicable
There is no entrusting wealth management during the reporting period.
(2) Entrusted loans
□ Applicable √ Not applicable
There is no entrusted loan during the reporting period.
4. Other major contracts
□ Applicable √ Not applicable
There are no other major contracts of the Company during the reporting period.XVI. Other important events
√ Applicable □ Not applicable
On February 9, 2025, the company received a notice from its indirect controlling shareholder, CSG, stating thatit is planning a restructuring with other state-owned and central enterprise groups. This restructuring may result in achange in the controlling shareholder of our company, but it will not lead to a change in the actual controller. Forspecific details, please refer to the “Advisory Announcement on the Proposed Change of Controlling Shareholder”(Announcement No.: 2025-05) disclosed by the company on February 10, 2025, on the website of JuchaoInformation Network (www.cninfo. com. cn).
XVII. Important matters of the Company’s subsidiary
□ Applicable √ Not applicable
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 7 Share Changes and Shareholder Information
Ⅰ. Change in shareholdings
1. Change in shareholdings
Unit: One share
| Before change | Changes (+, -) | After change | |||||||
| Quantity | Ratio | Additional issued | Stock dividend | Provident fund transfer | Other | Subtotal | Quantity | Ratio | |
| Shares with sales restrictions | 104,805,899 | 1.06% | -51,646,644 | -51,646,644 | 53,159,255 | 0.54% | |||
| 1. State-owned legal person shares | |||||||||
| 2. Other domestic shares | 104,192,889 | 1.05% | -51,223,958 | -51,223,958 | 52,968,931 | 0.54% | |||
| Including: domestic legal person shares | |||||||||
| domestic natural person shares | 104,192,889 | 1.05% | -51,223,958 | -51,223,958 | 52,968,931 | 0.54% | |||
| 3. Foreign shares | 613,010 | 0.01% | -422,686 | -422,686 | 190,324 | 0.00% | |||
| Including: foreign legal persons shares | |||||||||
| foreign natural person shares | 613,010 | 0.01% | -422,686 | -422,686 | 190,324 | 0.00% | |||
| Shares without sales restrictions | 9,812,483,134 | 98.94% | 48,443,671 | 48,443,671 | 9,860,926,805 | 99.46% | |||
| 1.Ordinary shares denominated in RMB | 8,170,868,357 | 82.39% | 48,443,671 | 48,443,671 | 8,219,312,028 | 82.90% | |||
| 2. Domestic listed foreign shares | 1,641,614,777 | 16.55% | 1,641,614,777 | 16.56% | |||||
| Total shares | 9,917,289,033 | 100.00% | -3,202,973 | -3,202,973 | 9,914,086,060 | 100.00% | |||
Reasons for share change
√ Applicable □ Not applicable
(1) A-share restricted stock incentive plan lifting restricted shares for listing and circulation
On March 5, 2024, the company lifted its restricted shares and listed them for circulation, with a total of43,135,948 shares. For specific details, please refer to the “Announcement on the Second Release of RestrictedShares during the Second Release Period of the First Grant of the A-share Restricted Stock Incentive Plan”. OnDecember 31, 2024, the company lifted the restrictions on the listing and circulation of shares, with a total of6,961,746 shares. For specific details, please refer to the “Announcement on the Second Release of Restricted Sharesduring the Second Release Period of the A-share Restricted Stock Incentive Plan”. The above-mentioned incentivetargets for lifting restrictions include some directors and senior management personnel of the company, and thestocks obtained will be locked in accordance with relevant laws and regulations.
(2) Partial A-share restricted stock repurchase and cancellation
On December 20, 2024, the company completed the repurchase and cancellation of a total of 3,202,973restricted stocks that had been granted to some of the original incentive objects but had not yet been released fromrestrictions. For specific details, please refer to the “Announcement on the Completion of Partial Restricted StockRepurchase and Cancellation”. The total share capital of the company was reduced from 9,917,289,033 shares to9,914,086,060 shares.
(3) Other reasons for changes
Other changes in the company's limited selling condition shares are due to changes in executive lock up shares.Approval of share change
√ Applicable □ Not applicable
(1) The A-share restricted stock incentive plan has lifted the restrictions on the sale of shares and listed themfor circulation
The release of restricted shares from the A-share restricted stock incentive plan was approved by the 17thmeeting of the 9th Board of Directors and the 5th meeting of the 9th Supervisory Board of the company on February22, 2024.
(2) Partial A-share restricted stock repurchase and cancellation
The repurchase and cancellation of some restricted A-shares were approved by the 26th meeting of the 9thBoard of Directors and the 8th meeting of the 9th Supervisory Board of the company on August 30, 2024, and bythe third extraordinary general meeting of shareholders of the company on September 19, 2024.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Transfer of shares
√ Applicable □ Not applicable
See Chapter 7, I, 1, “Reasons for share change” for details.Impact of share changes on financial indicators such as basic earnings per share and dilutedearnings per share in the latest year and the latest period, and net assets per share attributableto ordinary shareholders of the company
√ Applicable □ Not applicable
The change in shares has no significant impact on financial indicators such as basic earnings per share anddiluted earnings per share for the most recent year and the most recent period, as well as net assets per shareattributable to common shareholders of the company.Other information deemed necessary by the company or required by securities regulators todisclose
□ Applicable √ Not applicable
2. Changes in restricted shares
√ Applicable □ Not applicable
Unit: share(s)
Note: The “increase in restricted shares for the current period” in A-share restricted stocks refers to the repurchaseand cancellation of a total of 3,202,973 shares.
II. Issuing and listing of securities
1. Securities issuance (excluding preference shares) during the reporting period
□ Applicable √ Not applicable
2. Changes in the company’s total shares and shareholding structure, and changes in thecompany's asset and liability structure
√ Applicable □ Not applicable
Please see Chapter 7, I, 1, “Reasons for share change” for the changes in the total number of ordinary sharesand shareholder structure of the Company during the reporting period.
At the beginning of the reporting period, the total assets were RMB 190,171,127,138.27, the total liabilitieswere RMB 115,487,870,299.24, and the asset-liability ratio was 60.73%. At the end of the period, the total assets
| Name of shareholders | Number of restricted shares at the beginning of the period | Increase during the reporting period | Number of shares with sales restriction removed during the reporting period | Number of restricted shares at the end of the period | Reasons for restrictions | Date of removal of sales restriction |
| A-shares restricted stocks | 104,266,260 | -3,202,973 | 50,097,694 | 50,965,593 | Equity incentive | 1. On March 5, 2024, 43,135,948 shares were listed and became tradable. 2. On December 31, 2024, 6,961,746 shares were listed and became tradable. 3. On March 5, 2025, 41,323,353 shares were listed and became tradable. 4. The remaining restricted shares of the company that have not had their restrictions lifted are expected to have their restrictions removed before January 2026. |
| Other Shareholders | 539,639 | 1,654,398 | 375 | 2,193,662 | Locked in shares of directors, supervisors, and former executives, excluding restricted stocks | Lift the sales restriction according to relevant rules |
| Total | 104,805,899 | -1,548,575 | 50,098,069 | 53,159,255 | -- | -- |
Chongqing Changan Automobile Company Limited 2024 Annual Report
were RMB 208,168,160,960.86, the total liabilities were RMB 129,087,561,718.76, and the asset-liability ratio was
62.01%.
3. Existing employee shares
□ Applicable √ Not applicable
III. Shareholders and actual controllers
1. Number of shareholders and shareholding
Unit: share(s)
| At the end of the report period, the total number of shareholders | 632,105 | Number of ordinary shareholders at the month-end prior to the disclosure date of this Report | 650,364 | Number of shareholders holding preference shares with restored voting rights at the end of the reporting period | 0 | Number of shareholders holding preference shares with restored voting rights at the month-end prior to the disclosure date of this Report | 0 | |||||||
| Shareholders holding more than 5% of the shares, or top 10 shareholders (Excludes shares lent through refinancing) | ||||||||||||||
| Name | Nature | Percentage | Number of shares held as of the end of the reporting period | Increase/ decrease during the Reporting Period | Number of shares held with sales restrictions | Number of shares held without sales restrictions | Condition of shares (pledged, labeled or frozen) | |||||||
| Status | Amount | |||||||||||||
| China Changan Automobile Group Co., Ltd. | State-owned legal person | 17.99% | 1,783,090,143 | 0 | 1,783,090,143 | Not pledged, labeled or frozen | ||||||||
| China South Industries Group Co., Ltd. | State-owned legal person | 14.23% | 1,410,747,155 | 0 | 1,410,747,155 | |||||||||
| Southern Industry Asset Management Co., Ltd. | State-owned legal person | 4.60% | 456,253,257 | 0 | 456,253,257 | |||||||||
| China Securities Finance Co., Ltd. | Domestic general legal entity | 4.30% | 426,362,905 | 0 | 426,362,905 | |||||||||
| United Prosperity Investment Co., Ltd. | Overseas legal entity | 2.83% | 280,498,832 | 0 | 280,498,832 | |||||||||
| Hong Kong Securities Clearing Co., Ltd. | Overseas legal entity | 1.20% | 119,271,834 | -116,115,120 | 119,271,834 | |||||||||
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | Funds, wealth management products, etc | 0.86% | 85,668,944 | 51,382,400 | 85,668,944 | |||||||||
| China Construction Bank Corporation - E Fund CSI 300 Exchange-Traded Open-End Index Initiated Securities Investment Fund | Funds, wealth management products, etc | 0.60% | 59,124,605 | 46,436,769 | 59,124,605 | |||||||||
| Industrial and Commercial Bank of China Limited - Huaxia CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | Funds, wealth management products, etc | 0.40% | 39,305,292 | 30,125,590 | 39,305,292 | |||||||||
| Bank of China Limited - Harvest CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | Funds, wealth management products, etc | 0.38% | 37,240,958 | 27,132,182 | 37,240,958 | |||||||||
| Description of the related party relationship or acting in concert among the above shareholders | Among the top 10 shareholders, the actual controller China South Industries Group Co., Ltd. and its wholly-owned subsidiary Southern Industry Asset Management Co., Ltd., the controlling shareholder China Changan Automobile Group Co., Ltd. and its wholly-owned subsidiary United Prosperity Investment Co., Ltd. are parties acting in concert by “Measures for the Administration of Takeover of Listed Companies”. | |||||||||||||
| Description of the above-mentioned shareholders entrusting/being entrusted with voting rights and waiver of voting rights | None | |||||||||||||
| Shareholdings of the top 10 ordinary shareholders of unrestricted shares | ||||||||||||||
| Shareholders | Number of shares without sales restrictions at the end of the reporting period | Shares type | ||||||||||||
| Type | Number | |||||||||||||
| China Changan Automobile Group Co., Ltd. | 1,783,090,143 | RMB ordinary shares | 1,783,090,143 | |||||||||||
| China South Industries Group Co., Ltd. | 1,410,747,155 | RMB ordinary shares | 1,410,747,155 | |||||||||||
| Southern Industry Asset Management Co., Ltd. | 456,253,257 | RMB ordinary shares | 456,253,257 | |||||||||||
| China Securities Finance Co., Ltd. | 426,362,905 | RMB ordinary shares | 426,362,905 | |||||||||||
| United Prosperity Investment Co., Ltd. | 280,498,832 | Domestic listed foreign shares | 280,498,832 | |||||||||||
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Hong Kong Securities Clearing Co., Ltd. | 119,271,834 | RMB ordinary shares | 119,271,834 |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | 85,668,944 | RMB ordinary shares | RMB ordinary shares |
| China Construction Bank Corporation - E Fund CSI 300 Exchange-Traded Open-End Index Initiated Securities Investment Fund | 59,124,605 | RMB ordinary shares | RMB ordinary shares |
| Industrial and Commercial Bank of China Limited - Huaxia CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | 39,305,292 | RMB ordinary shares | RMB ordinary shares |
| Bank of China Limited - Harvest CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | 37,240,958 | RMB ordinary shares | RMB ordinary shares |
| Description of the related relationship or acting in concert among the top 10 shareholders of unrestricted circulating shares, and between the top 10 shareholders of unrestricted tradable shares and the top 10 shareholders | Among the top 10 shareholders, the actual controller China South Industries Group Co., Ltd. and its wholly-owned subsidiary Southern Industry Asset Management Co., Ltd., the controlling shareholder China Changan Automobile Group Co., Ltd. and its wholly-owned subsidiary United Prosperity Investment Co., Ltd. are parties acting in concert as stipulated in the “Measures for the Administration of Takeover of Listed Companies”. | ||
| Description of the participation of the top 10 ordinary shareholders in margin trading business | None. | ||
The top 10 shareholders participated in the refinancing business and lent shares
√ Applicable □ Not applicable
Unit: share(s)
| Participation of shareholders holding more than 5% of the shares, top 10 shareholders, and top 10 shareholders with unlimited tradable shares in the lending of shares through the refinancing business | ||||||||
| Shareholder Name | Initial ordinary account and credit account holdings | The shares lent at the beginning of the period were refinanced and have not been returned | Ordinary account and credit account holdings at the end of the period | At the end of the period, the shares were loaned and have not been returned | ||||
| Total quantity | Proportion of total share capital | Total quantity | Proportion of total share capital | Total quantity | Proportion of total share capital | Total quantity | Proportion of total share capital | |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | 34,286,544 | 0.35% | 2,795,700 | 0.03% | 85,668,944 | 0.86% | 0 | 0.00% |
| China Construction Bank Corporation - E Fund CSI 300 Exchange-Traded Open-End Index Initiated Securities Investment Fund | 12,687,836 | 0.13% | 1,251,500 | 0.01% | 59,124,605 | 0.60% | 0 | 0.00% |
| Industrial and Commercial Bank of China Limited - Huaxia CSI 300 Exchange-Traded Open-End Index Securities Investment | 9,179,702 | 0.09% | 1,563,400 | 0.02% | 39,305,292 | 0.40% | 0 | 0.00% |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| Fund | ||||||||
| Bank of China Limited - Harvest CSI 300 Exchange-Traded Open-End Index Securities Investment Fund | 10,108,776 | 0.10% | 1,657,800 | 0.02% | 37,240,958 | 0.38% | 0 | 0.00% |
The top 10 shareholders changed from the previous period
□ Applicable √ Not applicable
Did the top 10 ordinary shareholders and the top 10 unrestricted ordinary shareholders of the companyengage in agreed repurchase transactions during the reporting period
□ Yes √ No
The top 10 ordinary shareholders and the top 10 unrestricted ordinary shareholders of the company did notengage in any agreed repurchase transactions during the reporting period.
2. Information on the controlling shareholder of the company
Nature of the controlling shareholder: the central state-ownedType of the controlling shareholder: legal person
| Name | Legal /Representative | Date of establishment | Organization code | Business scope and major products: |
| China Changan Automobile Group Co., Ltd. | Zhao Fei | December 26th, 2005 | 911100007109339484 | Design, development, manufacturing and sales of car, motorcycle and engine and parts; sales of optical products, electronic and optoelectronic products, night vision device, information and communication equipment; technical development, transfer, consultation, technical training, and other technical service related to the operation mentioned above; imports and exports; merge and acquisition and asset restructuring consultation; telecommunications services and agency bookkeeping. |
| Equity of other domestic and overseas listed companies where he has controlled and participated during the reporting period | As of the end of the reporting period, controlling shares of listed companies: Harbin Dongan Auto Engine Co., Ltd. (stock code 600178); Hunan Tianyan Machinery Co., Ltd. (stock code 600698), Chongqing Changan Minsheng APLL Logistics Co., Ltd (stock code 01292.HK) | |||
The change of controlling shareholder during the reporting period
□ Applicable √ Not applicable
During the reporting period, there was no change in the controlling shareholder of the company.
3. The actual controller and its parties acting in concert
Nature of the actual controller: the central state-owned asset management institutionType of the actual controller: legal person
| Name | Legal Representative | Date of establishment | Organization code | Businesses |
| China South Industries Group Corp. | Xu Xianping | Jun 29th,1999 | 91110000710924929L | Investment and management of state-owned assets, operation and management, R&D, manufacturing, guarantee and services of vehicles, electrical equipment, optoelectronic information products and equipment, mechanical equipment, engineering and construction machinery, chemical materials (except hazardous chemicals), fire-fighting equipment, medical and environmental protection equipment, metal and non-metal materials and products. |
| Other domestic and overseas listed companies controlled by the actual controller during the report period | As of the end of the reporting period, the listed companies directly or indirectly controlled by the actual controller are as follows:Harbin Dongan Auto Engine Co., Ltd. (Stock code: 600178); Baoding Tianwei Baobian Electric Co., Ltd. (Stock code: 600550); Jiangling Motors Co., Ltd. (Stock code: 000550); Hunan Tianyan Machinery Co., Ltd. (Stock code: 600698); Zhongguangxun Group Co., Ltd. (Stock code: 002189); Jianshe Industry Group (Yunnan) Co., Ltd. (Stock code: 002265); Chongqing Changan Minsheng Logistics Co., Ltd. (Stock code: 01292); Hubei Huaqiang Technology Co., Ltd. (Stock code: 688151); Anhui Great Wall Military Industry Co., Ltd. (Stock code: 601606) | |||
The change of the actual controller during the reporting period
□ Applicable √ Not applicable
Chongqing Changan Automobile Company Limited 2024 Annual Report
No changes in the actual controller during the reporting period.The equity and control relationship between the company and the actual controller:
Actual controlling through trust or other asset management.
□ Applicable √ Not applicable
4. Pledged shares held by controlling shareholder or the largest shareholder and its partiesacting in concert account for 80% of the shares.
□ Applicable √ Not applicable
5. Other corporate shareholders holding over 10% shares.
□ Applicable √ Not applicable
6. Shareholding restriction and reduction of controlling shareholder, actual controller,restructuring party and other commitment entities
□ Applicable √ Not applicable
IV. Share repurchase during the reporting period
Progress in the Implementation of Share Repurchase
□ Applicable √ Not applicable
During the reporting period, the company had no other share repurchases except for some A-share restrictedstock repurchases and cancellations (see Chapter 7, Ⅰ, 1. “Changes in shareholdings”).Progress of implementing centralized bidding to reduce holdings and repurchase shares
□ Applicable √ Not applicable
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 8 Preference Shares
□ Applicable √ Not applicable
There was no preferred share in the Company during the reporting period.
Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 9 Bonds
√Applicable □ Not applicable
I. Enterprise Bonds
□Applicable √ Not applicable
During the reporting period, the company did not have any corporate bonds.II. Corporate Bonds
√Applicable □ Not applicable
1. Basic Information of the Corporate Bonds
Unit: 10,000 RMB
| Bond Name | Abbreviation | Bond Code | Date of issue | Value date | Maturity | Bonds balance | Interest rate | Way of redemption | Trading place |
| Chongqing Changan Automobile Co., Ltd. publicly issued science and technology innovation corporate bonds to professional investors in 2022 ( Phase I ) | 22 Changan K1 | 148147.SZ | December 19th, 2022 | December 20th, 2022 | December 20th, 2027 | 100,000 | 3.00% | Single interest is calculated on an annual basis, excluding compound interest. The interest is paid once a year, and the principal is repaid once due. The last interest is paid with the payment of the principal. | Shenzhen Stock Exchange |
| Appropriate arrangement of the investors (if any) | This bond is issued to professional institutional investors who open A-share securities accounts in Shenzhen Branch of China Securities Depository and Clearing Co., Ltd. (excluding purchasers prohibited by laws and regulations). | ||||||||
| Applicable trading mechanism | Centralized bidding trade and block trading | ||||||||
| Risk of termination of listing transactions (if any) and countermeasures | None | ||||||||
Overdue bonds
□ Applicable √ Not applicable
2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the InvestorProtection Clause
□Applicable √ Not applicable
3. Intermediary
| Bond | Intermediary | Office address | Signature accountant | Contact person of intermediary | Contact number |
| Chongqing Changan Automobile Co., Ltd. | Lead underwriter and bond trustee: CITIC Securities Co., Ltd. | 22nd Floor, CITIC Securities Building, No. 48 Liangmaqiao Road, Chaoyang District, Beijing | Hu Yan, Qiao Chun, Yuan Yong | Jiang Haotian, Jiang jiarong | 010-60837490 |
Chongqing Changan Automobile Company Limited 2024 Annual Report
| publicly issued science and technology innovation corporate bonds to professional investors in 2022 (Phase I ) | Joint lead underwriter: China International Capital Corporation Limited | 27th and 28th Floors, Block 2, Guomao Building, No. 1 Jianguomenwai Street, Chaoyang District, Beijing | Qi Qin, Yan Runan, Li Cong | 010-65051166 | |
| Law Firm: Beijing ZhongLun Law Firm | Floor 8-10, Building A, Rongchao Business Center, 6003 Yitian Road, Futian District, Shenzhen | Xu Zhigang | 0755-33256902 | ||
| Accounting firm: Ernst & Young Hua Ming LLP (Special General Partnership) | 17th Floor, Ernst & Young Tower, Oriental Plaza, No. 1 East Chang An Avenue, Dong Cheng District, Beijing, China | Qiao Chun, Yuan Yong | 023-62736177 | ||
| Rating agency: United Credit Rating Co., Ltd. | 17th Floor, PICC Property&Casualty Insurance Building, No. 2 Jianguomenwai Street, Chaoyang District, Beijing | Sun Changzheng, Li Jingyun | 010-85679696 |
Indicate by tick mark whether above intermediary changed in the Reporting Period
□ Yes √ No
4. List of the Usage of the Raised Funds
Unit: 10,000 RMB
| Bond code | Bond abbreviation | Total amount of raised funds | Agreed purpose of raised funds | Used amount | Actual use of raised funds (classified by purpose, excluding temporary replenishment) | Actual use of funds for each category | Unused amount | Operation status of the special account for fundraising (if any) | Rectification of illegal use of raised funds (if any) | Is it consistent with the purpose, usage plan, and other agreements promised in the prospectus |
| 148147.SZ | 22 Changan K1 | 100,000 | Exchange the relevant funds previously invested in Avatr Technology (Chongqing) Co., Ltd | 100,000 | Exchange the relevant funds previously invested in Avatr Technology (Chongqing) Co., Ltd | 100,000 | 0.00 | The relevant fundraising special accounts are being used normally in accordance with regulations | There is no illegal use of raised funds | correct |
The raised funds were used for project construction
□ Applicable √ Not applicable
The Company changed the usage of above funds raised from bonds during the Reporting Period.
□ Applicable √ Not applicable
5. Adjustment of Credit Rating Results during the Reporting Period
□ Applicable √ Not applicable
6. Execution and Changes of Guarantee, Repayment Plan and Other Repayment GuaranteeMeasures as well as Influence on Equity of Bond Investors during the Reporting Period
□ Applicable √ Not applicable
Chongqing Changan Automobile Company Limited 2024 Annual Report
III. Debt Financing Instruments of Non-financial Enterprises
□ Applicable √ Not applicable
No such cases in the Reporting Period.IV. Convertible Corporate Bonds
□ Applicable √ Not applicable
No such cases in the Reporting Period.V. Losses of Scope of Consolidated Financial Statements during the ReportingPeriod Exceeding 10% of Net Assets up the Period-end of Last Year
□ Applicable √ Not applicable
VI. Matured Interest-bearing Debt excluding Bonds up the Period-end
□ Applicable √ Not applicable
VII. Whether there was any Violation of Rules and Regulations during theReporting Period
□ Yes √ No
VIII. The Major Accounting Data and the Financial Indicators of the Recent 2Years of the Company up the Period-end
Unit: 10,000 RMB
| Items | 31 December 2024 | 31 December 2023 | Increase/decrease |
| Current ratio | 1.20 | 1.27 | -5.51% |
| Debt/asset ratio | 62.01% | 60.73% | 1.28% |
| Quick ratio | 1.05 | 1.14 | -7.89% |
| 31 December 2024 | 31 December 2023 | Increase/decrease | |
| Net profit after deducting non-recurring profit or loss | 258,727.17 | 378,184.67 | -31.59% |
| Debt/EBITDA ratio | 9.75% | 13.76% | -4.01% |
| Interest cover (times) | 49.25 | 147.61 | -66.64% |
| Cash-to-interest cover (times) | 41.01 | 302.50 | -86.44% |
| EBITDA-to-interest cover (times) | 106.45 | 241.90 | -55.99% |
| Loan repayment rate | 100% | 100% | 0.00% |
| Interest coverage | 100% | 100% | 0.00% |
Chapter 10 Auditor’s Report
Xin Kuai Shi Bao Zi [2025]No. ZG10913
All shareholders of Chongqing Changan Automobile Co., LTD：
I. Audit Opinion
We have audited the financial statements of Chongqing ChanganAutomobile Co., LTD. (hereinafter referred to as “Changan Automobile”) ,which include the consolidated and parent company's balance sheets as ofDecember 31, 2024, the consolidated and parent company's incomestatements, consolidated and parent company's cash flow statements,consolidated and parent company's statements of changes in owners' equityfor the year ended December 31, 2024, and the related notes to the financialstatements.
In our opinion, the accompanying financial statements have beenprepared in all material respects in accordance with the AccountingStandards for Enterprises, and fairly present the consolidated and parentcompany's financial position as of December 31, 2024, and theconsolidated and parent company's results of operations and cash flows forthe year ended December 31, 2024 of Changan Automobile.
II. Basis for the Audit Opinion
We conducted our audit in accordance with the Chinese CertifiedPublic Accountants Auditing Standards. The section of the audit reporttitled "Responsibilities of the Certified Public Accountants for the Audit ofthe Financial Statements" further explains our responsibilities under thesestandards. In accordance with the Code of Professional Ethics for ChineseCertified Public Accountants, we are independent of Changan Automobileand have fulfilled our other ethical responsibilities. We believe that the
audit evidence we have obtained is sufficient and appropriate, providing abasis for our audit opinion.
III. Key Audit Matters
Key audit matters are those matters that, in our professional judgment,were of most significance in our audit of the financial statements for thecurrent period. The responses to these matters were conducted in thecontext of our audit of the financial statements as a whole and forming ouraudit opinion. We do not express a separate opinion on these matters.
The key audit matters identified in our audit are summarized asfollows:
| Key Audit Matters | How This Matter Was Addressed in the Audit |
| (I) Recognition of Operating Revenue | |
| The operating revenue of Changan Automobile mainly comes from automobiles, automotive parts and related products, and other outputs. In 2024, the amount of operating revenue of Changan Automobile was RMB 159,733,034,213.25 yuan, representing a growth rate of 5.58% compared with the previous year. Since revenue is one of the key performance indicators of Changan Automobile, there is an inherent risk that the management may manipulate the timing of revenue recognition to achieve specific targets or expectations. Therefore, we have identified | Audit Response： 1. Understand, evaluate, and test the design and effectiveness of the internal controls related to operating revenue. 2. Select samples of major sales contracts, read and analyze the contract terms related to the transfer of control rights and revenue recognition, and evaluate whether the revenue recognition complies with the requirements of the company's accounting policies. 3. Select samples to perform detailed tests of revenue recognition, and inspect supporting documents such as |
| Key Audit Matters | How This Matter Was Addressed in the Audit |
| revenue recognition as a key audit matter. | delivery slips, logistics waybills, and sales invoices. 4. In combination with the procedures of accounts receivable and revenue confirmation by correspondence, perform detailed tests of revenue recognition, and inspect supporting documents such as delivery slips, logistics waybills, and sales invoices. 5. For the revenues recognized around the balance sheet date, select samples to inspect supporting documents such as delivery slips and logistics waybills, and evaluate whether the relevant revenues are recorded in the appropriate accounting period. 6. Check whether there are significant revenue reversals or large-scale returns after the reporting period. |
| （II）Product Quality Assurance Deposit | |
| According to the after-sales service agreement or relevant national laws and regulations, Changan Automobile is obligated to provide after-sales repairs or replacements for sold vehicles within a specified period. Additionally, to address quality | Audit Response： 1、Understand the process and internal controls related to the product quality guarantee provision, test the effectiveness of key controls, and validate the reliability of automated system controls. |
| Key Audit Matters | How This Matter Was Addressed in the Audit |
| and safety issues in sold vehicles, Changan Automobile may periodically initiate voluntary recalls. Changan Automobile must estimate the expenses incurred in fulfilling these quality assurance obligations and the costs associated with voluntary recalls, and accordingly recognize product quality guarantee expenses and the corresponding provision. The provision for product quality guarantees is primarily based on historical claim experience, taking into account changes in related parts and labor costs, to estimate future claims required for vehicles currently under the three-guarantee service period. For additional voluntary recalls, a recall plan is formulated, and the total expected costs are estimated based on the relevant parts, labor costs, and the number of affected vehicles. This estimation process involves multiple assumptions and judgments, and changes in these factors may have a material impact on the financial statements. | 2、Evaluate the reasonableness of the current methodology for estimating the product quality guarantee provision, assess and test the key assumptions used in the estimation. Perform sample testing on actual warranty claims incurred during the year and inspect/recalculate the provision balance. 3、Review the adequacy of the related disclosures in the financial statement notes. |
IV. Other Information
The management of Changan Automobile (hereinafter referred to asthe management) is responsible for other information. Other informationincludes the information covered in Changan Automobile 's 2024 annualreport but excludes the financial statements and our audit report.
Our audit opinion on the financial statements does not cover otherinformation, and we do not issue any form of assurance conclusion on otherinformation.
In conjunction with our audit of the financial statements, ourresponsibility is to read the other information. During this process, weconsider whether there are any material inconsistencies between the otherinformation and the financial statements or the circumstances we havelearned during the audit process, or whether there appear to be materialmisstatements in the other information.
Based on the work we have performed, if we determine that there arematerial misstatements in the other information, we should report suchfacts. In this regard, we have no matters to report.
V. Responsibility of Management and Governance for theFinancial Statements
Management is responsible for preparing the financial statements inaccordance with the Accounting Standards for Enterprises, presenting themfairly, and designing, implementing, and maintaining the necessary internalcontrols to ensure that the financial statements are free from materialmisstatements arising from fraud or error.
When preparing the financial statements, management is responsiblefor assessing the going concern ability of Changan Automobile, disclosingmatters related to going concern (if applicable), and applying the goingconcern assumption, unless there are plans for liquidation, termination ofoperations, or there are no other realistic alternatives.
Those charged with governance are responsible for overseeing thefinancial reporting process of Changan Automobile.
VI. Responsibilities of the Certified PublicAccountants for the Audit of the FinancialStatements
Our objective is to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement,whether due to fraud or error, and to issue an audit report that includes ouraudit opinion. Reasonable assurance is a high level of assurance but is nota guarantee that an audit conducted in accordance with auditing standardswill always detect a material misstatement when it exists. Misstatementscan arise from fraud or error and are considered material if, individually orin aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of the financial statements.
In conducting the audit in accordance with auditing standards, weexercise professional judgment and maintain professional skepticism.Furthermore, we:
(1)Identify and assess the risks of material misstatement of thefinancial statements due to fraud or error, design and perform auditprocedures responsive to those risks, and obtain sufficient appropriate auditevidence to provide a basis for our audit opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resultingfrom error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal controls.
(2)Obtain an understanding of internal control relevant to the audit inorder to design appropriate audit procedures.
(3)Evaluate the appropriateness of accounting policies used bymanagement and the reasonableness of accounting estimates and relateddisclosures made by management.
(4)Conclude on the appropriateness of management’s use of the goingconcern basis of accounting. Based on the audit evidence obtained, weconclude whether a material uncertainty exists related to events orconditions that may cast significant doubt on Changan Automobile’sability to continue as a going concern. If we conclude that a materialuncertainty exists, auditing standards require us to draw users’ attention to
the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on theinformation available up to the date of the audit report. However, futureevents or conditions may cause Changan Automobile to no longer be ableto continue as a going concern.
(5) Evaluate the overall presentation (including disclosures), structure,and content of the financial statements, and assess whether they fairlyrepresent the underlying transactions and events.
(6) Obtain sufficient appropriate audit evidence regarding thefinancial information of the entities or business activities within ChanganAutomobile to express an audit opinion on the consolidated financialstatements. We are responsible for directing, supervising, and performingthe group audit and remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding,among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internalcontrol that we identify during our audit.
We also provide those charged with governance with a statement thatwe have complied with relevant ethical requirements regardingindependence and communicate with them all relationships and othermatters that may reasonably be thought to bear on our independence, andwhere applicable, related safeguards.From the matters communicated with those charged with governance, wedetermine those matters that were of most significance in the audit of thefinancial statements of the current period and are therefore the key auditmatters. We describe these matters in our audit report unless law orregulation precludes public disclosure, or in extremely rarecircumstances, we determine that a matter should not be communicated inthe audit report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits.
BDO China Shu Lun Pan CPA of China:
Certified Public Accountants LLP (Engagement Partner)
CPA of China：
China?Shanghai April 9th, 2025
Chongqing Changan Automobile Company Limited.
Consolidated Balance SheetDecember 31, 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Asset | Notes V | Closing balance | Balance at the end of the previous year |
| Current Assets： | |||
| Cash and Cash Equivalents | (I) | 64,182,095,662.74 | 64,871,042,747.88 |
| Provision for Settlement | |||
| Funds Lent | |||
| Trading Financial Assets | (II) | 155,013,154.45 | 167,519,347.29 |
| Derivative Financial Assets | |||
| Notes Receivable | (III) | 45,580,904,582.72 | 37,658,391,214.01 |
| Accounts Receivable | (IV) | 3,398,477,724.75 | 2,411,796,419.07 |
| Financial Assets Secured by Receivables | |||
| Advances to Suppliers | (V) | 507,313,682.07 | 287,711,010.62 |
| Premiums Receivable | |||
| Reinsurance Receivables | |||
| Provision for Reinsurance Contracts Receivable | |||
| Other Receivables | (VI) | 2,386,898,598.92 | 894,268,431.82 |
| Reverse Repurchase of Financial Assets | |||
| Inventories | (VII) | 17,081,370,658.58 | 13,465,847,696.93 |
| Among which: Data Resources | |||
| Contract Assets | (VIII) | 592,426,824.74 | 1,442,876,966.30 |
| Assets Held for Sale | |||
| Non-current Assets Due within One Year | (IX) | 309,148,116.22 | |
| Other Current Assets | (X) | 2,174,955,833.01 | 9,735,453,361.32 |
| Total Current Assets | 136,368,604,838.20 | 130,934,907,195.24 | |
| Non-current Assets: | |||
| Loans and Advances | |||
| Debt Investments | |||
| Other Debt Investments | |||
| Long-term Receivables | (XI) | 1,528,927,601.39 | |
| Long-term Equity Investments | (XII) | 18,525,675,882.50 | 13,787,391,985.47 |
| Other Equity Instrument Investments | (XIII) | 496,524,273.53 | 504,190,082.71 |
| Other Non-current Financial Assets | |||
| Investment Real Estate | (XIV) | 5,969,291.92 | 6,196,003.48 |
| Fixed Assets | (XV) | 21,773,526,063.55 | 19,994,084,908.14 |
| Construction in Progress | (XVI) | 1,596,384,269.60 | 1,914,345,359.83 |
| Productive Biological Assets | |||
| Oil and Gas Assets | |||
| Right-of-use Assets | (XVII) | 273,297,841.75 | 209,480,676.04 |
| Intangible Assets | (XVIII) | 16,771,849,926.23 | 15,045,563,649.79 |
| Among which: Data Resources | |||
| Development Expenditure | VI | 1,729,932,488.67 | 2,241,820,556.70 |
| Among which: Data Resources | |||
| Goodwill | (XIX) | 1,810,730,443.16 | 1,810,730,443.16 |
| Long-term Prepaid Expenses | (XX) | 16,732,447.77 | 24,162,220.06 |
| Deferred Income Tax Assets | (XXI) | 3,564,260,247.57 | 3,248,254,057.65 |
| Other Non-current Assets | (XXII) | 3,705,745,345.02 | 450,000,000.00 |
| Total Non-current Assets | 71,799,556,122.66 | 59,236,219,943.03 | |
| Total Assets | 208,168,160,960.86 | 190,171,127,138.27 |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.
Consolidated Balance Sheet (Continued)
December 31, 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Liabilities and Owners' Equity | Notes V | Closing balance | Balance at the end of the previous year |
| Current Liabilities： | |||
| Short-term Borrowings | (XXIV) | 40,036,055.69 | 30,039,416.74 |
| Borrowings from the Central Bank | |||
| Funds Borrowed | |||
| Trading Financial Liabilities | |||
| Derivative Financial Liabilities | |||
| Notes Payable | (XXV) | 34,810,605,512.61 | 37,456,669,928.07 |
| Accounts Payable | (XXVI) | 43,835,671,129.12 | 38,289,947,321.45 |
| Advances from Customers | (XXVII) | 477,390.93 | 686,755.00 |
| Contract Liabilities | (XXVIII) | 10,887,896,995.49 | 7,923,792,852.77 |
| Proceeds from Sale and Repurchase of Financial Assets | |||
| Deposits from Customers and Deposits from Financial Institutions | |||
| Funds for Agency Securities Trading | |||
| Funds for Agency Securities Underwriting | |||
| Employee Benefits Payable | (XXIX) | 3,209,780,953.87 | 2,750,661,337.26 |
| Taxes and Levies Payable | (XXX) | 1,528,582,531.63 | 1,928,723,907.38 |
| Other Payables | (XXXI) | 6,407,775,538.76 | 5,880,882,512.97 |
| Handling Fees and Commissions Payable | |||
| Reinsurance Payables | |||
| Liabilities Held for Sale | |||
| Non-current Liabilities Due within One Year | (XXXII) | 128,914,461.78 | 80,077,042.88 |
| Other Current Liabilities | (XXXIII) | 12,507,633,539.96 | 8,897,936,399.92 |
| Total Current Liabilities | 113,357,374,109.84 | 103,239,417,474.44 | |
| Non-current Liabilities： | |||
| Provision for Insurance Contracts | |||
| Long-term Borrowings | (XXXIV) | 36,000,000.00 | 72,000,000.00 |
| Bonds Payable | (XXXV) | 999,705,660.36 | 999,607,547.16 |
| Among which：Preferred Shares | |||
| Perpetual Bonds | |||
| Lease Liabilities | (XXXVI) | 269,211,409.06 | 134,254,398.07 |
| Long-term Payables | (XXXVII) | 2,456,527,871.71 | 952,446,118.57 |
| Long-term Employee Benefits Payable | (XXXVIII) | 26,693,372.65 | 30,414,000.00 |
| Provision | (XXXIX) | 7,704,647,749.44 | 6,277,041,416.79 |
| Deferred Income | (XL) | 184,197,219.64 | 718,840,543.52 |
| Deferred Income Tax Liabilities | (XXI) | 1,834,714,931.18 | 1,566,074,982.00 |
| Other Non-current Liabilities | (XLI) | 2,218,489,394.88 | 1,497,773,818.69 |
| Total Non-current Liabilities | 15,730,187,608.92 | 12,248,452,824.80 | |
| Total Liabilities | 129,087,561,718.76 | 115,487,870,299.24 | |
| Owners' Equity： | |||
| Share Capital | (XLII) | 9,914,086,060.00 | 9,917,289,033.00 |
| Other Equity Instruments | |||
| Among which：Preferred Shares | |||
| Perpetual Bonds | |||
| Capital Reserve | (XLIII) | 8,925,798,850.14 | 8,251,287,637.70 |
| Less: Treasury Shares | (XLIV) | 169,261,662.73 | 382,277,095.96 |
| Other Comprehensive Income | (XLV) | 7,523,358.77 | 118,318,784.04 |
| Special Reserves | (XLVI) | 95,013,488.38 | 54,323,330.34 |
| Surplus Reserve | (XLVII) | 4,957,043,030.00 | 4,276,245,864.64 |
| General Risk Provision | |||
| Undistributed Profits | (XLVIII) | 52,846,021,500.43 | 49,617,932,431.73 |
| Total Owners' Equity Attributable to the Parent Company | 76,576,224,624.99 | 71,853,119,985.49 | |
| Minority Interests | 2,504,374,617.11 | 2,830,136,853.54 | |
| Total Owners' Equity | 79,080,599,242.10 | 74,683,256,839.03 | |
| Total Liabilities and Owners' Equity | 208,168,160,960.86 | 190,171,127,138.27 |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.
Parent Company's Balance Sheet
December 31, 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Assets | Notes XVIII | Closing Balance | Balance at the End of the Previous Year |
| Current Assets： | |||
| Cash and Cash Equivalents | 34,684,680,303.59 | 44,029,520,088.62 | |
| Trading Financial Assets | 155,013,154.45 | 160,744,733.27 | |
| Derivative Financial Assets | |||
| Notes Receivable | 34,679,567,316.79 | 33,788,748,503.90 | |
| Accounts Receivable | (I) | 13,835,150,844.52 | 8,579,504,025.23 |
| Financial Assets Secured by Receivables | |||
| Advances to Suppliers | 291,292,231.28 | 112,547,088.73 | |
| Other Receivables | (II) | 1,487,531,844.07 | 237,247,787.26 |
| Inventories | 5,903,242,163.27 | 5,615,873,258.35 | |
| Among which: Data Resources | |||
| Contract Assets | 18,337,637.01 | 128,498,871.61 | |
| Assets Held for Sale | |||
| Non-current Assets Due within One Year | 254,821,266.90 | ||
| Other Current Assets | 39,949,461.19 | 5,522,797,370.57 | |
| Total Current Assets | 91,349,586,223.07 | 98,175,481,727.54 | |
| Non-current Assets： | |||
| Debt Investments | |||
| Other Debt Investments | |||
| Long-term Receivables | 1,528,927,601.39 | ||
| Long-term Equity Investments | (III) | 25,382,337,768.46 | 19,435,450,021.37 |
| Other Equity Instrument Investments | 496,524,273.53 | 504,190,082.71 | |
| Other Non-current Financial Assets | |||
| Investment Real Estate | |||
| Fixed Assets | 16,112,971,408.48 | 13,453,515,476.81 | |
| Construction in Progress | 599,924,628.01 | 1,407,521,918.44 | |
| Productive Biological Assets | |||
| Oil and Gas Assets | |||
| Right-of-use Assets | 159,654,100.14 | 168,093,468.85 | |
| Intangible Assets | 6,240,969,022.09 | 3,312,017,680.07 | |
| Among which: Data Resources | |||
| Development Expenditure | 915,541,696.35 | 2,017,011,508.06 | |
| Among which: Data Resources | |||
| Goodwill | |||
| Long-term Prepaid Expenses | 15,077,519.40 | 21,709,036.17 | |
| Deferred Income Tax Assets | 2,906,828,175.57 | 2,774,652,958.37 | |
| Other Non-current Assets | 3,700,000,000.00 | 450,000,000.00 | |
| Total Non-current Assets | 58,058,756,193.42 | 43,544,162,150.85 | |
| Total Assets | 149,408,342,416.49 | 141,719,643,878.39 |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Parent Company's Balance Sheet (Continued)
December 31, 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Liabilities and Owners' Equity | Notes XVIII | Closing Balance | Balance at the End of the Previous Year |
| Current Liabilities: | |||
| Short - term Borrowings | |||
| Financial Liabilities Held for Trading | |||
| Derivative Financial Liabilities | |||
| Notes Payable | 24,761,621,056.89 | 25,950,782,831.24 | |
| Accounts Payable | 23,248,117,139.04 | 23,842,258,668.42 | |
| Advances from Customers | |||
| Contract Liabilities | 5,284,514,173.87 | 4,606,921,633.17 | |
| Employee Benefits Payable | 2,129,521,947.83 | 1,919,102,689.66 | |
| Taxes Payable | 493,489,648.34 | 1,300,178,990.13 | |
| Other Payables | 4,633,406,485.36 | 3,236,371,408.79 | |
| Liabilities Held for Sale | |||
| Current Portion of Non - current Liabilities | 72,638,886.85 | 56,170,742.39 | |
| Other Current Liabilities | 8,053,792,954.91 | 6,286,218,965.50 | |
| Total Current Liabilities | 68,677,102,293.09 | 67,198,005,929.30 | |
| Non - current Liabilities： | |||
| Long - term Borrowings | 36,000,000.00 | 72,000,000.00 | |
| Bonds Payable | 999,705,660.36 | 999,607,547.16 | |
| Among which: Preferred Stocks | |||
| Perpetual Bonds | |||
| Lease Liabilities | 195,441,528.85 | 117,490,288.82 | |
| Long - term Payables | 1,590,666,539.68 | 120,081,551.85 | |
| Long - term Employee Benefits Payable | 18,086,000.00 | 17,659,000.00 | |
| Provision for Liabilities | 4,766,761,846.88 | 4,402,025,046.54 | |
| Deferred Income | 100,000,000.00 | 603,864,707.08 | |
| Deferred Tax Liabilities | 619,798,441.29 | 197,625,245.62 | |
| Other Non - current Liabilities | 1,983,668,025.04 | 1,287,646,146.69 | |
| Total Non - current Liabilities | 10,310,128,042.10 | 7,817,999,533.76 | |
| Total Liabilities | 78,987,230,335.19 | 75,016,005,463.06 | |
| Owners' Equity： | |||
| Share Capital | 9,914,086,060.00 | 9,917,289,033.00 | |
| Other Equity Instruments | |||
| Among which: Preferred Stocks | |||
| Perpetual Bonds | |||
| Capital Reserve | 8,353,032,903.95 | 8,406,226,198.82 | |
| Less: Treasury Shares | 169,261,662.73 | 382,277,095.96 | |
| Other Comprehensive Income | 162,659,055.80 | 169,049,829.02 | |
| Special Reserve | 44,805,848.15 | 19,514,786.95 | |
| Surplus Reserve | 4,957,043,030.00 | 4,276,245,864.64 | |
| Undistributed Profits | 47,158,746,846.13 | 44,297,589,798.86 | |
| Total Owners' Equity | 70,421,112,081.30 | 66,703,638,415.33 | |
| Total Liabilities and Owners' Equity | 149,408,342,416.49 | 141,719,643,878.39 |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.
Consolidated Income StatementFor the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Notes V | Amount for the Current Period | Amount for the Previous Period |
| I、Total operating revenue | 159,733,034,213.25 | 151,297,706,646.97 | |
| Among which: Operating revenue | (XLIX) | 159,733,034,213.25 | 151,297,706,646.97 |
| Interest income | |||
| Earned premiums | |||
| Handling fees and commission income | |||
| II、Total operating costs | 157,730,142,295.46 | 145,106,326,671.40 | |
| Among which: Operating costs | (XLIX) | 135,869,023,071.45 | 125,190,310,396.69 |
| Interest expense | |||
| Handling fees and commission expense | |||
| Surrender value | |||
| Net claim payments | |||
| Net change in insurance liability reserves | |||
| Policy dividends paid | |||
| Reinsurance expenses | |||
| Taxes and surcharges | (L) | 4,350,471,426.40 | 4,758,426,281.70 |
| Selling expenses | (LI) | 7,538,352,413.16 | 5,977,551,549.91 |
| General and administrative expenses | (LII) | 4,401,226,018.26 | 4,097,537,529.67 |
| R & D expenses | (LIII) | 6,505,446,679.24 | 5,979,844,653.23 |
| Financial expenses | (LIV) | -934,377,313.05 | -897,343,739.80 |
| Among which: Interest expense | (LIV) | 118,238,961.52 | 65,658,308.92 |
| Interest income | (LIV) | 1,160,421,476.17 | 1,172,272,116.20 |
| Plus: Other income | (LV) | 2,125,703,705.22 | 1,644,319,505.04 |
| Investment income (loss is indicated by a “-” sign) | (LVI) | 187,658,837.46 | 3,050,413,045.10 |
| Among which: Investment income from associates and joint ventures | (LVI) | 36,975,796.30 | -2,201,515,632.81 |
| Income from derecognition of financial assets measured at amortized cost | |||
| Exchange gain (loss is indicated by a “-” sign) | |||
| Net gain on hedging of net open positions (loss is indicated by a “-” sign) | |||
| Fair - value change gain (loss is indicated by a “-” sign) | (LVII) | -27,460,945.49 | -19,061,189.53 |
| Credit impairment loss (loss is indicated by a “-” sign) | (LVIII) | -613,004.02 | -46,742,115.91 |
| Asset impairment loss (loss is indicated by a “-” sign) | (LIX) | -214,488,935.20 | -813,828,346.53 |
| Gain on disposal of assets (loss is indicated by a “-” sign) | (LX) | 2,550,458,320.83 | 440,995,737.23 |
| III、Operating profit (loss is indicated by a “-” sign) | 6,624,149,896.59 | 10,447,476,610.97 | |
| Plus: Non - operating income | (LXI) | 155,290,275.84 | 169,793,538.35 |
| Less: Non - operating expenses | (LXII) | 21,912,265.18 | 28,073,391.83 |
| IV、Total profit (total loss is indicated by a “-” sign) | 6,757,527,907.25 | 10,589,196,757.49 | |
| Less: Income tax expense | (LXIII) | 653,353,379.40 | 1,087,297,716.52 |
| V、Net profit (net loss is indicated by a “-” sign) | 6,104,174,527.85 | 9,501,899,040.97 | |
| (I)Classified by business continuity | 6,104,174,527.85 | 9,501,899,040.97 | |
| 1．Net profit from continuing operations (net loss is indicated by a “-” sign) | 6,104,174,527.85 | 9,501,899,040.97 | |
| 2．Net profit from discontinued operations (net loss is indicated by a “-” sign) | |||
| (II)Classified by ownership | 6,104,174,527.85 | 9,501,899,040.97 | |
| 1．Net profit attributable to shareholders of the parent company (net loss is indicated by a “-” sign) | 7,321,363,897.24 | 11,327,463,013.15 | |
| 2．Minority interest income (net loss is indicated by a “-” sign) | -1,217,189,369.39 | -1,825,563,972.18 | |
| VI、Net Amount of Other Comprehensive Income after Tax | -109,658,591.17 | 19,477,168.62 | |
| Net Amount of Other Comprehensive Income after Tax Attributable to Owners of the Parent Company | -110,795,425.27 | 19,477,168.62 | |
| (I)Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss | -7,502,784.88 | 11,190,018.39 | |
| 1．Amount of Changes in the Remeasurement of Defined Benefit Plans | -2,180,000.00 | 540,000.00 | |
| 2．Other Comprehensive Income That Cannot Be Transferred to Profit or Loss under the Equity Method | 1,193,152.92 | -1,454,051.91 | |
| 3．Changes in the Fair Value of Other Equity Instrument Investments | -6,515,937.80 | 12,104,070.30 | |
| 4．Changes in the Fair Value of the Enterprise's Own Credit Risk | |||
| (II)Other Comprehensive Income That Will Be Reclassified into Profit or Loss | -103,292,640.39 | 8,287,150.23 | |
| 1．Other Comprehensive Income That Can Be Transferred to Profit or Loss under the Equity Method | -5,806,125.95 | ||
| 2．Changes in the Fair Value of Other Debt Investments | |||
| 3．Amounts Recognized in Other Comprehensive Income upon the Reclassification of Financial Assets | |||
| 4．Credit Impairment Provisions for Other Debt Investments | |||
| 5．Cash Flow Hedge Reserves | |||
| 6．Exchange Differences on the Translation of Foreign Currency Financial Statements | -97,486,514.44 | 8,287,150.23 | |
| 7．Others | |||
| Net Amount of Other Comprehensive Income after Tax Attributable to Minority Shareholders | 1,136,834.10 | ||
| VII、Total Comprehensive Income | 5,994,515,936.68 | 9,521,376,209.59 | |
| Total Comprehensive Income Attributable to Owners of the Parent Company | 7,210,568,471.97 | 11,346,940,181.77 | |
| Total Comprehensive Income Attributable to Minority Shareholders | -1,216,052,535.29 | -1,825,563,972.18 | |
| VIII、Earnings per Share： | |||
| (I)Basic Earnings per Share (Yuan per Share) | (LXIV) | 0.74 | 1.15 |
| (II)Diluted Earnings per Share (Yuan per Share) | (LXIV) | 0.74 | 1.13 |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Parent Company's Income Statement
For the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Notes XVIII | Amount for the Current Period | Amount for the Previous Period |
| I. Operating Revenue | (IV) | 111,908,716,676.01 | 118,698,033,782.77 |
| Less: Operating Costs | (IV) | 98,055,163,152.00 | 99,639,629,621.95 |
| Taxes and Surcharges | 2,211,783,851.82 | 2,918,130,753.90 | |
| Selling Expenses | 2,553,003,753.28 | 2,409,262,258.22 | |
| Administrative Expenses | 2,945,013,642.26 | 2,766,449,647.21 | |
| Research and Development Expenses | 4,203,285,856.16 | 3,822,529,677.53 | |
| Financial Expenses | -725,860,845.47 | -809,080,245.53 | |
| Among which: Interest Expenses | 73,133,299.94 | 40,655,362.11 | |
| Interest Income | 814,288,583.72 | 865,820,973.86 | |
| Plus: Other Income | 1,730,788,908.09 | 1,564,577,278.73 | |
| Investment Income (Loss is indicated by “-”) | (V) | 851,239,258.25 | -1,224,231,437.03 |
| Among which: Investment Income from Associates and Joint Ventures | (V) | 133,847,483.26 | -2,157,754,465.24 |
| Income from Derecognition of Financial Assets Measured at Amortized Cost | |||
| Net Gain on Net Open Position Hedging (Loss is indicated by “-”) | |||
| Fair Value Change Gain (Loss is indicated by “-”) | -5,731,578.82 | 41,019,998.59 | |
| Credit Impairment Loss (Loss is indicated by “-”) | 1,493,992.56 | 10,927,568.37 | |
| Asset Impairment Loss (Loss is indicated by “-”) | -114,861,215.24 | -477,092,984.70 | |
| Gain on Disposal of Assets (Loss is indicated by “-”) | 2,157,913,805.49 | 397,686,430.93 | |
| II. Operating Profit (Loss is indicated by “-”) | 7,287,170,436.29 | 8,263,998,924.38 | |
| Plus: Non-operating Income | 91,375,675.04 | 111,413,858.23 | |
| Less: Non-operating Expenses | 12,197,091.83 | 22,524,889.94 | |
| III. Total Profit (Total Loss is indicated by “-”) | 7,366,349,019.50 | 8,352,887,892.67 | |
| Less: Income Tax Expense | 411,917,143.69 | 872,079,268.95 | |
| IV. Net Profit (Net Loss is indicated by “-”) | 6,954,431,875.81 | 7,480,808,623.72 | |
| (I) Net Profit from Continuing Operations (Net Loss is indicated by “-”) | 6,954,431,875.81 | 7,480,808,623.72 | |
| (II) Net Profit from Discontinued Operations (Net Loss is indicated by “-”) | |||
| V. Net Amount of Other Comprehensive Income after Tax | -6,390,773.22 | 11,633,018.39 | |
| (I) Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss | -6,551,784.88 | 11,633,018.39 | |
| 1．Amount of Changes in the Remeasurement of Defined Benefit Plans | -1,229,000.00 | 983,000.00 | |
| 2．Other Comprehensive Income That Cannot Be Transferred to Profit or Loss under the Equity Method | 1,193,152.92 | -1,454,051.91 | |
| 3．Changes in the Fair Value of Other Equity Instrument Investments | -6,515,937.80 | 12,104,070.30 | |
| 4．Changes in the Fair Value of the Enterprise's Own Credit Risk | |||
| (II) Other Comprehensive Income That Will Be Reclassified into Profit or Loss | 161,011.66 | ||
| 1．Other Comprehensive Income That Can Be Transferred to Profit or Loss under the Equity Method | 161,011.66 | ||
| 2．Changes in the Fair Value of Other Debt Investments | |||
| 3．Amounts Recognized in Other Comprehensive Income upon the Reclassification of Financial Assets | |||
| 4．Credit Impairment Provisions for Other Debt Investments | |||
| 5．Cash Flow Hedge Reserves | |||
| 6．Exchange Differences on the Translation of Foreign Currency Financial Statements | |||
| 7．Others | |||
| VI. Total Comprehensive Income | 6,948,041,102.59 | 7,492,441,642.11 | |
| VII. Earnings per Share： | |||
| (I) Basic Earnings per Share (Yuan per Share) | |||
| (II) Diluted Earnings per Share (Yuan per Share) |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.
Consolidated Statement of Cash Flows
For the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Notes V | Amount for the Current Period | Amount for the Previous Period |
| I. Cash Flows from Operating Activities | |||
| Cash Received from the Sale of Goods and the Rendering of Services | 175,823,903,478.47 | 168,499,172,064.84 | |
| Net Increase in Customer Deposits and Deposits from Financial Institutions | |||
| Net Increase in Borrowings from the Central Bank | |||
| Net Increase in Funds Borrowed from Other Financial Institutions | |||
| Cash Received from Premiums of Original Insurance Contracts | |||
| Net Cash Received from Reinsurance Business | |||
| Net Increase in Policyholders' Deposits and Investment Funds | |||
| Cash Received from Interest, Handling Fees and Commissions | |||
| Net Increase in Funds Borrowed | |||
| Net Increase in Funds from Repurchase Business | |||
| Net Cash Received from Agency Securities Trading | |||
| Tax Refunds Received | 4,676,232,646.34 | 2,225,768,807.06 | |
| Other Cash Received Related to Operating Activities | (LXV) | 3,542,989,681.66 | 3,358,313,435.61 |
| Subtotal of Cash Inflows from Operating Activities | 184,043,125,806.47 | 174,083,254,307.51 | |
| Cash Paid for the Purchase of Goods and the Acceptance of Services | 144,122,642,090.77 | 122,454,193,548.07 | |
| Net Increase in Customer Loans and Advances | |||
| Net Increase in Deposits with the Central Bank and Other Financial Institutions | |||
| Cash Paid for Claim Settlements of Original Insurance Contracts | |||
| Net Increase in Funds Lent Out | |||
| Cash Paid for Interest, Handling Fees and Commissions | |||
| Cash Paid for Policy Dividends | |||
| Cash Paid to and on Behalf of Employees | 12,157,994,148.54 | 11,126,200,718.40 | |
| Various Taxes and Fees Paid | 12,537,731,682.83 | 11,570,501,390.34 | |
| Other Cash Paid Related to Operating Activities | (LXV) | 10,375,359,071.19 | 9,070,892,413.14 |
| Subtotal of Cash Outflows from Operating Activities | 179,193,726,993.33 | 154,221,788,069.95 | |
| Net Cash Flow from Operating Activities | 4,849,398,813.14 | 19,861,466,237.56 | |
| II. Cash Flows from Investing Activities | |||
| Cash Received from the Recovery of Investments | 10,810,279.99 | 131,461,810.72 | |
| Cash Received from Investment Income | 133,704,425.53 | 344,832,879.75 | |
| Net Cash Received from the Disposal of Fixed Assets, Intangible Assets and Other Long-term Assets | 1,575,204,509.73 | 296,034,699.57 | |
| Net Cash Received from the Disposal of Subsidiaries and Other Business Units | |||
| Other Cash Received Related to Investing Activities | (LXV) | 8,070,026,424.80 | 6,216,944,276.29 |
| Subtotal of Cash Inflows from Investing Activities | 9,789,745,640.05 | 6,989,273,666.33 | |
| Cash Paid for the Acquisition and Construction of Fixed Assets, Intangible Assets and Other Long-term Assets | 4,868,110,296.05 | 2,824,057,426.66 | |
| Cash Paid for Investments | 5,930,805,734.00 | 2,373,361,769.00 | |
| Net Increase in Pledged Loans | |||
| Net Cash Paid for the Acquisition of Subsidiaries and Other Business Units | |||
| Other Cash Paid Related to Investing Activities | (LXV) | 3,304,127,222.22 | 8,000,000,000.00 |
| Subtotal of Cash Outflows from Investing Activities | 14,103,043,252.27 | 13,197,419,195.66 | |
| Net Cash Flow from Investing Activities | -4,313,297,612.22 | -6,208,145,529.33 | |
| III. Cash Flows from Financing Activities | |||
| Cash Received from Investment Absorption | 1,610,958,613.68 | 35,190,000.00 | |
| Among which: Cash Received from Minority Shareholders' Investment in Subsidiaries | 1,610,958,613.68 | 35,190,000.00 | |
| Cash Received from Borrowings | 1,060,422,300.00 | 120,000,000.00 | |
| Other Cash Received Related to Financing Activities | (LXV) | 470,003,596.92 | 863,425,006.28 |
| Subtotal of Cash Inflows from Financing Activities | 3,141,384,510.60 | 1,018,615,006.28 | |
| Cash Paid for Debt Repayment | 554,422,300.00 | 683,000,000.00 | |
| Cash Paid for the Distribution of Dividends, Profits or the Payment of Interest | 3,450,483,881.48 | 2,380,851,402.08 | |
| Among which: Dividends and Profits Paid by Subsidiaries to Minority Shareholders | 150,000.00 | ||
| Other Cash Paid Related to Financing Activities | (LXV) | 527,876,271.57 | 83,072,569.73 |
| Subtotal of Cash Outflows from Financing Activities | 4,532,782,453.05 | 3,146,923,971.81 | |
| Net Cash Flow from Financing Activities | -1,391,397,942.45 | -2,128,308,965.53 | |
| IV. Effects of Exchange Rate Changes on Cash and Cash Equivalents | 203,715,353.42 | -90,488,889.33 | |
| V. Net Increase in Cash and Cash Equivalents | -651,581,388.11 | 11,434,522,853.37 | |
| Plus: Beginning Balance of Cash and Cash Equivalents | 63,925,957,901.11 | 52,491,435,047.74 | |
| VI. Ending Balance of Cash and Cash Equivalents | 63,274,376,513.00 | 63,925,957,901.11 |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Parent Company Statement of Cash Flows
For the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Notes | Amount for the Current Period | Amount for the Previous Period |
| I. Cash Flows from Operating Activities | |||
| Cash received from the sale of goods and the rendering of services | 114,258,602,282.10 | 121,118,712,751.06 | |
| Tax refunds received | 262,217,291.05 | 30,303,650.49 | |
| Other cash received related to operating activities | 2,193,487,589.05 | 3,109,565,404.95 | |
| Subtotal of cash inflows from operating activities | 116,714,307,162.20 | 124,258,581,806.50 | |
| Cash paid for the purchase of goods and the acceptance of services | 97,679,832,869.90 | 91,573,495,374.62 | |
| Cash paid to and on behalf of employees | 7,508,599,383.38 | 6,959,713,091.69 | |
| Various taxes and fees paid | 4,341,100,981.41 | 5,715,167,820.29 | |
| Other cash paid related to operating activities | 6,666,981,391.62 | 6,649,843,596.91 | |
| Subtotal of cash outflows from operating activities | 116,196,514,626.31 | 110,898,219,883.51 | |
| Net cash flow from operating activities | 517,792,535.89 | 13,360,361,922.99 | |
| II. Cash Flows from Investing Activities | |||
| Cash received from the recovery of investments | 131,461,810.72 | ||
| Cash received from investment income | 729,945,763.53 | 324,982,879.75 | |
| Net cash received from the disposal of fixed assets, intangible assets and other long - term assets | 790,788,347.59 | 10,480,609.45 | |
| Net cash received from the disposal of subsidiaries and other business units | |||
| Other cash received related to investing activities | 5,640,500,000.00 | ||
| Subtotal of cash inflows from investing activities | 7,161,234,111.12 | 466,925,299.92 | |
| Cash paid for the acquisition and construction of fixed assets, intangible assets and other long - term assets | 3,576,390,245.19 | 2,008,243,647.99 | |
| Cash paid for investments | 7,074,579,955.65 | 4,026,183,368.63 | |
| Net cash paid for the acquisition of subsidiaries and other business units | |||
| Other cash paid related to investing activities | 3,340,000,000.00 | 5,500,000,000.00 | |
| Subtotal of cash outflows from investing activities | 13,990,970,200.84 | 11,534,427,016.62 | |
| Net cash flow from investing activities | -6,829,736,089.72 | -11,067,501,716.70 | |
| III. Cash Flows from Financing Activities | |||
| Cash received from investment absorption | |||
| Cash received from borrowings | 500,000,000.00 | 40,000,000.00 | |
| Other cash received related to financing activities | |||
| Subtotal of cash inflows from financing activities | 500,000,000.00 | 40,000,000.00 | |
| Cash paid for debt repayment | 4,000,000.00 | 604,000,000.00 | |
| Cash paid for the distribution of dividends, profits or the payment of interest | 3,444,300,329.83 | 2,375,052,447.79 | |
| Other cash paid related to financing activities | 82,169,455.31 | 62,453,603.64 | |
| Subtotal of cash outflows from financing activities | 3,530,469,785.14 | 3,041,506,051.43 | |
| Net cash flow from financing activities | -3,030,469,785.14 | -3,001,506,051.43 | |
| IV. Effects of exchange rate changes on cash and cash equivalents | |||
| V. Net increase in cash and cash equivalents | -9,342,413,338.97 | -708,645,845.14 | |
| Plus: Beginning balance of cash and cash equivalents | 44,023,772,482.14 | 44,732,418,327.28 | |
| VI. Ending balance of cash and cash equivalents | 34,681,359,143.17 | 44,023,772,482.14 |
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Consolidated Statement of Changes in Owners' Equity
For the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Amount for the Current Period | |||||||||||||
| Owners' Equity Attributable to Shareholders of the Parent Company | Minority Interests | Total Owners' Equity | ||||||||||||
| Share Capital | Other Equity Instruments | Capital Reserve | Less: Treasury Shares | Other Comprehensive Income | Special Reserve | Surplus Reserve | General Risk Provision | Undistributed Profits | Subtotal | |||||
| Preferred Stocks | Perpetual Bonds | Others | ||||||||||||
| I. Balance at the End of the Previous Year | 9,917,289,033.00 | 8,251,287,637.70 | 382,277,095.96 | 118,318,784.04 | 54,323,330.34 | 4,276,245,864.64 | 49,617,932,431.73 | 71,853,119,985.49 | 2,830,136,853.54 | 74,683,256,839.03 | ||||
| Plus: Changes in Accounting Policies | ||||||||||||||
| Correction of Prior Period Errors | ||||||||||||||
| Business Combinations under the Same Control | ||||||||||||||
| Others | ||||||||||||||
| II. Balance at the Beginning of the Current Year | 9,917,289,033.00 | 8,251,287,637.70 | 382,277,095.96 | 118,318,784.04 | 54,323,330.34 | 4,276,245,864.64 | 49,617,932,431.73 | 71,853,119,985.49 | 2,830,136,853.54 | 74,683,256,839.03 | ||||
| III. Amount of Changes during the Current Period (A decrease is indicated by a “-” sign) | -3,202,973.00 | 674,511,212.44 | -213,015,433.23 | -110,795,425.27 | 40,690,158.04 | 680,797,165.36 | 3,228,089,068.70 | 4,723,104,639.50 | -325,762,236.43 | 4,397,342,403.07 | ||||
| (1) Total Comprehensive Income | -110,795,425.27 | 7,321,363,897.24 | 7,210,568,471.97 | -1,216,052,535.29 | 5,994,515,936.68 | |||||||||
| (2) Capital Contributed by and Reduced by Owners | -3,202,973.00 | 674,511,212.44 | -192,047,736.22 | 863,355,975.66 | 883,255,492.96 | 1,746,611,468.62 | ||||||||
| 1．Common Stocks Contributed by Owners | -3,202,973.00 | -3,202,973.00 | 1,610,960,000.00 | 1,607,757,027.00 | ||||||||||
| 2．Capital Contributed by Holders of Other Equity Instruments | ||||||||||||||
| 3．Amounts Recognized in Owners' Equity from Share-based Payments | 81,714,852.54 | 81,714,852.54 | 81,714,852.54 | |||||||||||
| 4．Others | 592,796,359.90 | -192,047,736.22 | 784,844,096.12 | -727,704,507.04 | 57,139,589.08 | |||||||||
| (3) Profit Distribution | -20,967,697.01 | 680,797,165.36 | -4,093,274,828.54 | -3,391,509,966.17 | -3,391,509,966.17 | |||||||||
| 1．Appropriation of Surplus Reserves | 680,797,165.36 | -680,797,165.36 | ||||||||||||
| 2．Appropriation of General Risk Reserves | ||||||||||||||
| 3．Distribution to Owners (or Shareholders) | -20,967,697.01 | -3,412,477,663.18 | -3,391,509,966.17 | -3,391,509,966.17 | ||||||||||
| 4．Others | ||||||||||||||
| (4) Internal Transfer of Owners' Equity | ||||||||||||||
| 1．Conversion of Capital Reserve into Capital (or Share Capital) | ||||||||||||||
| 2．Conversion of Surplus Reserve into Capital (or Share Capital) | ||||||||||||||
| 3．Making up Losses with Surplus Reserves | ||||||||||||||
| 4．Transfer of the Amount of Changes in the Defined Benefit Plan to Retained Earnings | ||||||||||||||
| 5．Transfer of Other Comprehensive Income to Retained Earnings | ||||||||||||||
| 6．Others | ||||||||||||||
| (5) Special Reserves | 40,690,158.04 | 40,690,158.04 | 7,034,805.90 | 47,724,963.94 | ||||||||||
| 1．Appropriation during the Current Period | 122,922,799.10 | 122,922,799.10 | 12,142,772.98 | 135,065,572.08 | ||||||||||
| 2．Utilization during the Current Period | 82,232,641.06 | 82,232,641.06 | 5,107,967.08 | 87,340,608.14 | ||||||||||
| (6) Others | ||||||||||||||
| IV. Balance at the End of the Current Period | 9,914,086,060.00 | 8,925,798,850.14 | 169,261,662.73 | 7,523,358.77 | 95,013,488.38 | 4,957,043,030.00 | 52,846,021,500.43 | 76,576,224,624.99 | 2,504,374,617.11 | 79,080,599,242.10 | ||||
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Consolidated Statement of Changes in Owners' Equity (Continued)
For the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Amount for the Previous Period | |||||||||||||
| Owners' Equity Attributable to Shareholders of the Parent Company | Minority Interests | Total Owners' Equity | ||||||||||||
| Share Capital | Other Equity Instruments | Capital Reserve | Less: Treasury Shares | Other Comprehensive Income | Special Reserve | Surplus Reserve | General Risk Provision | Undistributed Profits | Subtotal | |||||
| Preferred Stocks | Perpetual Bonds | Others | ||||||||||||
| I. Balance at the End of the Previous Year | 9,921,799,422.00 | 8,532,806,685.77 | 627,060,416.52 | 98,841,615.42 | 24,090,898.05 | 3,528,165,002.27 | 41,379,965,149.07 | 62,858,608,356.06 | 90,708,328.76 | 62,949,316,684.82 | ||||
| Plus: Changes in Accounting Policies | ||||||||||||||
| Correction of Prior Period Errors | ||||||||||||||
| Business Combinations under the Same Control | ||||||||||||||
| Others | ||||||||||||||
| II. Balance at the Beginning of the Current Year | 9,921,799,422.00 | 8,532,806,685.77 | 627,060,416.52 | 98,841,615.42 | 24,090,898.05 | 3,528,165,002.27 | 41,379,965,149.07 | 62,858,608,356.06 | 90,708,328.76 | 62,949,316,684.82 | ||||
| III. Amount of Changes during the Current Period (A decrease is indicated by a “-” sign) | -4,510,389.00 | -281,519,048.07 | -244,783,320.56 | 19,477,168.62 | 30,232,432.29 | 748,080,862.37 | 8,237,967,282.66 | 8,994,511,629.43 | 2,739,428,524.78 | 11,733,940,154.21 | ||||
| (1) Total Comprehensive Income | 19,477,168.62 | 11,327,463,013.15 | 11,346,940,181.77 | -1,825,563,972.18 | 9,521,376,209.59 | |||||||||
| (2) Capital Contributed by and Reduced by Owners | -4,510,389.00 | -281,519,048.07 | -218,038,971.73 | -67,990,465.34 | 4,557,548,599.34 | 4,489,558,134.00 | ||||||||
| 1．Common Stocks Contributed by Owners | -4,510,389.00 | -4,510,389.00 | 35,190,000.00 | 30,679,611.00 | ||||||||||
| 2．Capital Contributed by Holders of Other Equity Instruments | ||||||||||||||
| 3．Amounts Recognized in Owners' Equity from Share-based Payments | 348,509,207.00 | 348,509,207.00 | 348,509,207.00 | |||||||||||
| 4．Others | -630,028,255.07 | -218,038,971.73 | -411,989,283.34 | 4,522,358,599.34 | 4,110,369,316.00 | |||||||||
| (3) Profit Distribution | -26,744,348.83 | 748,080,862.37 | -3,089,495,730.49 | -2,314,670,519.29 | -150,000.00 | -2,314,820,519.29 | ||||||||
| 1．Appropriation of Surplus Reserves | 748,080,862.37 | -748,080,862.37 | ||||||||||||
| 2．Appropriation of General Risk Reserves | ||||||||||||||
| 3．Distribution to Owners (or Shareholders) | -26,744,348.83 | -2,341,414,868.12 | -2,314,670,519.29 | -150,000.00 | -2,314,820,519.29 | |||||||||
| 4．Others | ||||||||||||||
| (4) Internal Transfer of Owners' Equity | ||||||||||||||
| 1．Conversion of Capital Reserve into Capital (or Share Capital) | ||||||||||||||
| 2．Conversion of Surplus Reserve into Capital (or Share Capital) | ||||||||||||||
| 3．Making up Losses with Surplus Reserves | ||||||||||||||
| 4．Transfer of the Amount of Changes in the Defined Benefit Plan to Retained Earnings | ||||||||||||||
| 5．Transfer of Other Comprehensive Income to Retained Earnings | ||||||||||||||
| 6．Others | ||||||||||||||
| (5) Special Reserves | 30,232,432.29 | 30,232,432.29 | 7,593,897.62 | 37,826,329.91 | ||||||||||
| 1．Appropriation during the Current Period | 126,209,917.06 | 126,209,917.06 | 9,354,725.09 | 135,564,642.15 | ||||||||||
| 2．Utilization during the Current Period | 95,977,484.77 | 95,977,484.77 | 1,760,827.47 | 97,738,312.24 | ||||||||||
| (6) Others | ||||||||||||||
| IV. Balance at the End of the Current Period | 9,917,289,033.00 | 8,251,287,637.70 | 382,277,095.96 | 118,318,784.04 | 54,323,330.34 | 4,276,245,864.64 | 49,617,932,431.73 | 71,853,119,985.49 | 2,830,136,853.54 | 74,683,256,839.03 | ||||
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Statement of Changes in Owners' Equity of the Parent Company
For the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Amount for the Current Period | ||||||||||
| Share Capital | Other Equity Instruments | Capital Reserve | Less: Treasury Shares | Other Comprehensive Income | Special Reserve | Surplus Reserve | Undistributed Profits | Total Owners' Equity | |||
| Preferred Shares | Perpetual Bonds | Others | |||||||||
| I. Balance at the End of the Previous Year | 9,917,289,033.00 | 8,406,226,198.82 | 382,277,095.96 | 169,049,829.02 | 19,514,786.95 | 4,276,245,864.64 | 44,297,589,798.86 | 66,703,638,415.33 | |||
| Plus: Changes in Accounting Policies | |||||||||||
| Correction of Prior Period Errors | |||||||||||
| Others | |||||||||||
| II. Balance at the Beginning of the Current Year | 9,917,289,033.00 | 8,406,226,198.82 | 382,277,095.96 | 169,049,829.02 | 19,514,786.95 | 4,276,245,864.64 | 44,297,589,798.86 | 66,703,638,415.33 | |||
| III. Amount of Changes during the Current Period (A decrease is indicated by a “-” sign) | -3,202,973.00 | -53,193,294.87 | -213,015,433.23 | -6,390,773.22 | 25,291,061.20 | 680,797,165.36 | 2,861,157,047.27 | 3,717,473,665.97 | |||
| (1) Total Comprehensive Income | -6,390,773.22 | 6,954,431,875.81 | 6,948,041,102.59 | ||||||||
| (2) Capital Contributed by and Reduced by Owners | -3,202,973.00 | -53,193,294.87 | -192,047,736.22 | 135,651,468.35 | |||||||
| 1．Common Stocks Contributed by Owners | -3,202,973.00 | -3,202,973.00 | |||||||||
| 2．Capital Contributed by Holders of Other Equity Instruments | |||||||||||
| 3．Amounts Recognized in Owners' Equity from Share-based Payments | 81,714,852.54 | 81,714,852.54 | |||||||||
| 4．Others | -134,908,147.41 | -192,047,736.22 | 57,139,588.81 | ||||||||
| (3) Profit Distribution | -20,967,697.01 | 680,797,165.36 | -4,093,274,828.54 | -3,391,509,966.17 | |||||||
| 1．Appropriation of Surplus Reserves | 680,797,165.36 | -680,797,165.36 | |||||||||
| 2．Distribution to Owners (or Shareholders) | -20,967,697.01 | -3,412,477,663.18 | -3,391,509,966.17 | ||||||||
| 3．Others | |||||||||||
| (4) Internal Transfer of Owners' Equity | |||||||||||
| 1．Conversion of Capital Reserve into Capital (or Share Capital) | |||||||||||
| 2．Conversion of Surplus Reserve into Capital (or Share Capital) | |||||||||||
| 3．Making up Losses with Surplus Reserves | |||||||||||
| 4．Transfer of the Amount of Changes in the Defined Benefit Plan to Retained Earnings | |||||||||||
| 5．Transfer of Other Comprehensive Income to Retained Earnings | |||||||||||
| 6．Others | |||||||||||
| (5) Special Reserves | 25,291,061.20 | 25,291,061.20 | |||||||||
| 1．Appropriation during the Current Period | 72,435,388.20 | 72,435,388.20 | |||||||||
| 2．Utilization during the Current Period | 47,144,327.00 | 47,144,327.00 | |||||||||
| (6) Others | |||||||||||
| IV. Balance at the End of the Current Period | 9,914,086,060.00 | 8,353,032,903.95 | 169,261,662.73 | 162,659,055.80 | 44,805,848.15 | 4,957,043,030.00 | 47,158,746,846.13 | 70,421,112,081.30 | |||
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Statement of Changes in Owners' Equity of the Parent Company (Continued)
For the Year 2024(Unless otherwise specified, the monetary unit is RMB yuan)
| Items | Amount for the Current Period | ||||||||||
| Share Capital | Other Equity Instruments | Capital Reserve | Less: Treasury Shares | Other Comprehensive Income | Special Reserve | Surplus Reserve | Undistributed Profits | Total Owners' Equity | |||
| Preferred Shares | Perpetual Bonds | Others | |||||||||
| I. Balance at the End of the Previous Year | 9,921,799,422.00 | 8,047,195,325.61 | 627,060,416.52 | 157,416,810.63 | 10,285,640.79 | 3,528,165,002.27 | 39,906,276,905.63 | 60,944,078,690.41 | |||
| Plus: Changes in Accounting Policies | |||||||||||
| Correction of Prior Period Errors | |||||||||||
| Others | |||||||||||
| II. Balance at the Beginning of the Current Year | 9,921,799,422.00 | 8,047,195,325.61 | 627,060,416.52 | 157,416,810.63 | 10,285,640.79 | 3,528,165,002.27 | 39,906,276,905.63 | 60,944,078,690.41 | |||
| III. Amount of Changes during the Current Period (A decrease is indicated by a “-” sign) | -4,510,389.00 | 359,030,873.21 | -244,783,320.56 | 11,633,018.39 | 9,229,146.16 | 748,080,862.37 | 4,391,312,893.23 | 5,759,559,724.92 | |||
| (1) Total Comprehensive Income | 11,633,018.39 | 7,480,808,623.72 | 7,492,441,642.11 | ||||||||
| (2) Capital Contributed by and Reduced by Owners | -4,510,389.00 | 354,030,873.21 | -218,038,971.73 | 567,559,455.94 | |||||||
| 1．Common Stocks Contributed by Owners | -4,510,389.00 | -4,510,389.00 | |||||||||
| 2．Capital Contributed by Holders of Other Equity Instruments | |||||||||||
| 3．Amounts Recognized in Owners' Equity from Share-based Payments | 348,509,207.00 | 348,509,207.00 | |||||||||
| 4．Others | 5,521,666.21 | -218,038,971.73 | 223,560,637.94 | ||||||||
| (3) Profit Distribution | -26,744,348.83 | 748,080,862.37 | -3,089,495,730.49 | -2,314,670,519.29 | |||||||
| 1．Appropriation of Surplus Reserves | 748,080,862.37 | -748,080,862.37 | |||||||||
| 2．Distribution to Owners (or Shareholders) | -26,744,348.83 | -2,341,414,868.12 | -2,314,670,519.29 | ||||||||
| 3．Others | |||||||||||
| (4) Internal Transfer of Owners' Equity | |||||||||||
| 1．Conversion of Capital Reserve into Capital (or Share Capital) | |||||||||||
| 2．Conversion of Surplus Reserve into Capital (or Share Capital) | |||||||||||
| 3．Making up Losses with Surplus Reserves | |||||||||||
| 4．Transfer of the Amount of Changes in the Defined Benefit Plan to Retained Earnings | |||||||||||
| 5．Transfer of Other Comprehensive Income to Retained Earnings | |||||||||||
| 6．Others | |||||||||||
| (5) Special Reserves | 9,229,146.16 | 9,229,146.16 | |||||||||
| 1．Appropriation during the Current Period | 65,743,690.42 | 65,743,690.42 | |||||||||
| 2．Utilization during the Current Period | 56,514,544.26 | 56,514,544.26 | |||||||||
| (6) Others | 5,000,000.00 | 5,000,000.00 | |||||||||
| IV. Balance at the End of the Current Period | 9,914,086,060.00 | 8,406,226,198.82 | 382,277,095.96 | 169,049,829.02 | 19,514,786.95 | 4,276,245,864.64 | 44,297,589,798.86 | 66,703,638,415.33 | |||
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Chongqing Changan Automobile Company Limited.Notes to the Financial Statements For the Year 2024(Unless otherwise specified, the monetary unit is Renminbi yuan)
I、 Basic Information of the Company
Chongqing Changan Automobile Company Limited. (hereinafter referred to as the"Company" or "our Company") is a joint stock limited company registered in Chongqingin October 1996. It was listed on the Shenzhen Stock Exchange in June 1997. As ofDecember 31, 2024, the total cumulative number of shares issued by the Company is9,914,086,060. The registered address is: No. 260, Jianxin East Road, Jiangbei District,Chongqing, China, and the business address is: Building T2, No. 2, Financial City, No. 61,Dongshengmen Road, Jiangbei District, Chongqing, China. The main business activitiesactually engaged in by the Company include: the manufacturing and sales of automobiles(including cars), automotive engine series products, supporting parts and components, etc.The parent company of the Company is China Changan Automobile Group CompanyLimited., and the ultimate controlling party of the Company is China South IndustriesGroup Corporation.These financial statements have been approved for issue by the Company's board ofdirectors.
II、 Basis for Preparation of Financial Statements(I) Preparation Basis
These financial statements are prepared in accordance with the "Accounting Standards forEnterprises - Basic Standards" promulgated by the Ministry of Finance, various specificaccounting standards, application guidelines for accounting standards for enterprises,interpretations of accounting standards for enterprises and other relevant regulations(collectively referred to as the "Accounting Standards for Enterprises" hereinafter), as wellas the relevant provisions of the "Regulations on the Preparation and Reporting ofInformation Disclosure by Companies Publicly Issuing Securities No. 15 - GeneralProvisions for Financial Reports" of the China Securities Regulatory Commission.
(II) Going Concern
These financial statements are prepared on a going concern basis.
III、 Significant Accounting Policies and Accounting Estimates
(I) Statement of Compliance with Accounting Standards for Enterprises
These financial statements comply with the requirements of the Accounting Standards forEnterprises promulgated by the Ministry of Finance, and truthfully and completely reflectthe consolidated and parent company's financial position as of December 31, 2024, as wellas the consolidated and parent company's operating results and cash flows for the year 2024.
(II) Accounting Period
An accounting year is from January 1st to December 31st of the Gregorian calendar year.
(III) Operating Cycle
The operating cycle of the Company is 12 months.
(IV) Functional Currency
The functional currency of the Company and the currency used for preparing these financialstatements are both Renminbi. Unless otherwise specified, all amounts are presented inRenminbi yuan. The Company's subsidiaries, joint ventures and associated enterprisesdetermine their respective functional currencies according to the main economicenvironments in which they operate, and convert them into Renminbi when preparingfinancial statements.
(V) Accounting Treatment Methods for Business Combinations under the Same Control
and Business Combinations not under the Same ControlBusiness Combinations under the Same Control: The assets and liabilities (including thegoodwill formed by the ultimate controlling party's acquisition of the combined party)obtained by the combining party in a business combination are measured based on thecarrying values of the assets and liabilities of the combined party in the consolidatedfinancial statements of the ultimate controlling party as of the combination date. Thedifference between the carrying value of the net assets obtained in the combination and thecarrying value of the consideration paid for the combination (or the total face value of theissued shares) is adjusted against the share premium in capital reserve. If the share premiumin capital reserve is insufficient to cover the difference, the retained earnings are adjusted.Business Combinations under the Same Control: The assets and liabilities (including the
goodwill formed by the ultimate controlling party's acquisition of the combined party)obtained by the combining party in a business combination are measured based on thecarrying values of the assets and liabilities of the combined party in the consolidatedfinancial statements of the ultimate controlling party as of the combination date. Thedifference between the carrying value of the net assets obtained in the combination and thecarrying value of the consideration paid for the combination (or the total face value of theissued shares) is adjusted against the share premium in capital reserve. If the share premiumin capital reserve is insufficient to cover the difference, the retained earnings are adjusted.
(VI) Judgment Criteria for Control and Preparation Methods of Consolidated Financial
Statements
1、 Judgment Criteria for Control
The consolidation scope of the consolidated financial statements is determined basedon control, and the consolidation scope includes the Company and all its subsidiaries.Control refers to the power that the Company has over the investee, the ability toobtain variable returns by participating in the relevant activities of the investee, andthe ability to use the power over the investee to affect the amount of its returns.
2、 Consolidation Procedures
The Company regards the entire enterprise group as an accounting entity, preparesconsolidated financial statements in accordance with unified accounting policies,and reflects the overall financial position, operating results and cash flows of theenterprise group. The effects of internal transactions between the Company and itssubsidiaries, and among subsidiaries are offset. Where internal transactions indicatethat there are impairment losses on relevant assets, the full amount of such losses isrecognized. If the accounting policies and accounting periods adopted bysubsidiaries are inconsistent with those of the Company, necessary adjustments shallbe made in accordance with the Company's accounting policies and accountingperiods when preparing consolidated financial statements.The shares of minority shareholders in the owners' equity, current net profit andcurrent comprehensive income of subsidiaries are separately presented under theowners' equity item in the consolidated balance sheet, under the net profit item in theconsolidated income statement and under the total comprehensive income itemrespectively. The balance formed when the current losses borne by the minority
shareholders of a subsidiary exceed the share of the minority shareholders in thebeginning owners' equity of the subsidiary shall be offset against the minorityshareholders' equity.
（1）Addition of Subsidiaries or Businesses
During the reporting period, if a subsidiary or business is added due to a businesscombination under the same control, the operating results and cash flows of thesubsidiary or business from the beginning of the current period of combination to theend of the reporting period shall be included in the consolidated financial statements.At the same time, the beginning figures of the consolidated financial statements andthe relevant items of the comparative statements shall be adjusted, as if the reportingentity after combination has existed since the starting point of control by the ultimatecontrolling party.。If the investor is able to exercise control over the investee under the same controldue to additional investment and other reasons, for the equity investment held beforeobtaining the control right of the combined party, the recognized relevant profits andlosses, other comprehensive income and other net asset changes from the later dateof the date of obtaining the original equity and the date when the combining partyand the combined party are under the same control to the combination date shall beoffset against the beginning retained earnings during the comparative statementperiod or the current profit or loss respectively.During the reporting period, if a subsidiary or business is added due to a businesscombination not under the same control, it shall be included in the consolidatedfinancial statements from the acquisition date based on the fair values of theidentifiable assets, liabilities and contingent liabilities determined on the acquisitiondate.If the investor is able to exercise control over the investee not under the same controldue to additional investment and other reasons, for the equity of the acquiree heldbefore the acquisition date, it shall be re-measured at its fair value on the acquisitiondate, and the difference between the fair value and its carrying value shall be includedin the current investment income. The other comprehensive income that can bereclassified into profit or loss in the future and other changes in the owners' equityunder the equity method accounting related to the equity of the acquiree held beforethe acquisition date shall be converted into the investment income of the currentperiod to which the acquisition date belongs.
（2）Disposal of Subsidiaries
①General Treatment Method
When the control over the investee is lost due to the disposal of part of the equityinvestment or for other reasons, the remaining equity investment after the disposalshall be re-measured at its fair value on the date of loss of control. The differencebetween the sum of the consideration obtained from the disposal of the equity andthe fair value of the remaining equity, and the sum of the share of the net assets ofthe original subsidiary that should be enjoyed calculated according to the originalshareholding ratio and continuously calculated from the acquisition date orcombination date and the goodwill, shall be included in the investment income ofthe current period when the control is lost. The other comprehensive income that canbe reclassified into profit or loss in the future related to the equity investment in theoriginal subsidiary, and other changes in the owners' equity under the equity methodaccounting, shall be converted into the current investment income when the controlis lost.
②Step-by-step Disposal of Subsidiaries
When the equity investment in a subsidiary is disposed of step by step throughmultiple transactions until the control is lost, the terms, conditions and economicimpacts of each transaction of the disposal of the equity investment in the subsidiarymeet one or more of the following situations, which usually indicates that themultiple transactions are a package of transactions:
ⅰ．These transactions are concluded simultaneously or under the consideration oftheir mutual influences；ⅱ．These transactions as a whole can achieve a complete business result；ⅲ．The occurrence of one transaction depends on the occurrence of at least oneother transaction；ⅳ．One transaction is uneconomical when viewed separately, but it is economicalwhen considered together with other transactions.If each transaction belongs to a one block deal, each transaction shall be accountedfor as a transaction of disposing of a subsidiary and losing control; the differencebetween the consideration received from each disposal before the loss of control andthe share of the net assets of the subsidiary corresponding to the disposed investmentshall be recognized as other comprehensive income in the consolidated financialstatements, and shall be transferred to the profit or loss of the current period when
the control is lost.If each transaction does not belong to a one block deal, before the loss of control, theaccounting treatment shall be carried out in accordance with the partial disposal ofthe equity investment in the subsidiary without losing control; when the control islost, the accounting treatment shall be carried out in accordance with the generaltreatment method for the disposal of the subsidiary.
（3）Purchase of Minority Interests in Subsidiaries
The difference between the newly acquired long-term equity investment due to thepurchase of minority interests and the share of the net assets of the subsidiary thatshould be enjoyed calculated according to the newly increased shareholding ratioand continuously calculated from the acquisition date or combination date shall beadjusted against the share premium in capital reserve in the consolidated balancesheet. If the share premium in capital reserve is insufficient to cover the difference,the retained earnings shall be adjusted.
（4）Partial Disposal of Equity Investments in Subsidiaries without Losing ControlThe difference between the consideration received from the disposal and the shareof the net assets of the subsidiary that should be enjoyed corresponding to thedisposed long-term equity investment and continuously calculated from theacquisition date or combination date shall be adjusted against the share premium incapital reserve in the consolidated balance sheet. If the share premium in capitalreserve is insufficient to cover the difference, the retained earnings shall be adjusted.
(VII) Criteria for Determining Cash and Cash Equivalents
Cash refers to the Company's cash on hand and deposits that can be used for payment atany time. Cash equivalents refer to the investments held by the Company that have a shortterm to maturity, strong liquidity, are readily convertible to a known amount of cash, andhave insignificant risk of changes in value.
(VIII) Foreign Currency Transactions and Translation of Foreign Currency Financial
Statements
1、 Foreign Currency Transactions
For foreign currency transactions, the spot exchange rate on the transaction date is
used as the conversion rate to convert the foreign currency amount into Renminbifor accounting purposes.The balances of foreign currency monetary items on the balance sheet date areconverted at the spot exchange rate on the balance sheet date. The resulting exchangedifferences, except for those arising from foreign currency specific borrowingsrelated to the acquisition and construction of assets that meet the capitalizationconditions, which are accounted for in accordance with the principles of capitalizingborrowing costs, are all included in the current profit or loss.
2、 Translation of Foreign Currency Financial Statements
For the assets and liabilities items in the balance sheet, they are translated at the spotexchange rate on the balance sheet date; for the items of owners' equity, except forthe "undistributed profits" item, other items are translated at the spot exchange rateon the date of occurrence. For the revenue and expense items in the income statement,they are translated at the spot exchange rate on the transaction date.When disposing of a foreign operation, the translation differences of the foreigncurrency financial statements related to the foreign operation are transferred fromthe owners' equity items to the profit or loss of the current period of disposal.
(IX) Financial Instruments
The Company recognizes a financial asset, a financial liability or an equity instrument whenit becomes a party to a financial instrument contract.
1、 Classification of Financial Instruments
Based on the Company's business model for managing financial assets and thecontractual cash flow characteristics of the financial assets, financial assets areclassified upon initial recognition as: financial assets measured at amortized cost,financial assets measured at fair value through other comprehensive income, andfinancial assets measured at fair value through profit or loss.
The Company classifies a financial asset that meets the following conditionssimultaneously and is not designated as a financial asset measured at fair valuethrough profit or loss as a financial asset measured at amortized cost：
－ The business model is aimed at collecting contractual cash flows；－ The contractual cash flows are solely payments of principal and interest on the
principal amount outstanding.The Company classifies a financial asset that meets the following conditionssimultaneously and is not designated as a financial asset measured at fair valuethrough profit or loss as a financial asset measured at fair value through othercomprehensive income (debt instrument):
－ The business model is both aimed at collecting contractual cash flows and sellingthe financial asset；－ The contractual cash flows are solely payments of principal and interest on theprincipal amount outstanding.
For non-trading equity instrument investments, the Company may irrevocablydesignate them as financial assets measured at fair value through othercomprehensive income (equity instruments) upon initial recognition. Thisdesignation is made on a single investment basis, and the related investment meetsthe definition of an equity instrument from the perspective of the issuer.
Except for the above financial assets measured at amortized cost and financial assetsmeasured at fair value through other comprehensive income, the Company classifiesall remaining financial assets as financial assets measured at fair value through profitor loss.
Financial liabilities are classified upon initial recognition as: financial liabilitiesmeasured at fair value through profit or loss and financial liabilities measured atamortized cost.
2、 Recognition Basis and Measurement Methods for Financial Instruments
（1）Financial Assets Measured at Amortized Cost
Financial assets measured at amortized cost include notes receivable, accountsreceivable, other receivables, long - term receivables, debt investments, etc. They areinitially measured at fair value, and the related transaction costs are included in theinitial recognition amount. Accounts receivable that do not contain a significantfinancing component and accounts receivable for which the Company decides not toconsider the financing component of no more than one year are initially measured atthe contract transaction price.
During the holding period, the interest calculated using the effective interest methodis included in the current profit or loss.When the financial asset is recovered or disposed of, the difference between theproceeds received and the carrying amount of the financial asset is included in thecurrent profit or loss.
（2）Financial Assets Measured at Fair Value through Other Comprehensive Income
(Debt Instruments)Financial assets measured at fair value through other comprehensive income (debtinstruments) include accounts receivable financing, other debt investments, etc.They are initially measured at fair value, and the related transaction costs areincluded in the initial recognition amount. These financial assets are subsequentlymeasured at fair value. Except for the interest calculated using the effective interestmethod, impairment losses or gains, and exchange gains or losses, all fair - valuechanges are included in other comprehensive income.Upon derecognition, the cumulative gains or losses previously included in othercomprehensive income are transferred from other comprehensive income to thecurrent profit or loss.
（3）Financial Assets Measured at Fair Value through Other Comprehensive Income
(Equity Instruments)Financial assets measured at fair value through other comprehensive income (equityinstruments) include other equity instrument investments, etc. They are initiallymeasured at fair value, and the related transaction costs are included in the initialrecognition amount. These financial assets are subsequently measured at fair value,and the fair - value changes are included in other comprehensive income. Dividendsreceived are included in the current profit or loss.Upon derecognition, the cumulative gains or losses previously included in othercomprehensive income are transferred from other comprehensive income to retainedearnings.
（4） Financial Assets Measured at Fair Value through Profit or Loss
Financial assets measured at fair value through profit or loss include trading financialassets, derivative financial assets, other non - current financial assets, etc. They are
initially measured at fair value, and the related transaction costs are included in thecurrent profit or loss. These financial assets are subsequently measured at fair value,and the fair - value changes are included in the current profit or loss.
（5）Financial Liabilities Measured at Fair Value through Profit or Loss
Financial liabilities measured at fair value through profit or loss include tradingfinancial liabilities, derivative financial liabilities, etc. They are initially measured atfair value, and the related transaction costs are included in the current profit or loss.These financial liabilities are subsequently measured at fair value, and the fair - valuechanges are included in the current profit or loss.Upon derecognition, the difference between the carrying amount and theconsideration paid is included in the current profit or loss.
（6）Financial Liabilities Measured at Amortized Cost
Financial liabilities measured at amortized cost include short - term borrowings,notes payable, accounts payable, other payables, long - term borrowings, bondspayable, long - term payables. They are initially measured at fair value, and therelated transaction costs are included in the initial recognition amount.During the holding period, the interest calculated using the effective interest methodis included in the current profit or loss.Upon derecognition, the difference between the consideration paid and the carryingamount of the financial liability is included in the current profit or loss.
3、 Recognition Criteria and Measurement Methods for the Derecognition of
Financial Assets and the Transfer of Financial AssetsThe Company derecognizes a financial asset when one of the following conditionsis met:
－ The contractual right to receive cash flows from the financial asset expires;－ The financial asset is transferred, and almost all the risks and rewards associatedwith the ownership of the financial asset are transferred to the transferee;－ The financial asset is transferred, and although the Company has neithertransferred nor retained almost all the risks and rewards associated with theownership of the financial asset, it has not retained control over the financial asset.
If the Company modifies or renegotiates the contract with the counterparty and themodification is substantial, the original financial asset is derecognized, and a newfinancial asset is recognized in accordance with the modified terms.
When a financial asset is transferred, if the Company retains almost all the risks andrewards associated with the ownership of the financial asset, the financial asset is notderecognized.
In determining whether a financial asset transfer meets the above - mentionedfinancial asset derecognition conditions, the principle of substance over form isapplied.
The Company classifies financial asset transfers into overall transfers and partialtransfers of financial assets. When an overall transfer of a financial asset meets thederecognition conditions, the difference between the following two amounts isrecognized in the current profit and loss:
（1）The carrying amount of the transferred financial asset;
（2）The sum of the consideration received from the transfer and the cumulativeamount of changes in fair value that have been directly recognized in the owner'sequity (in the case where the transferred financial asset is a financial asset measuredat fair value with its changes recognized in other comprehensive income (debtinstrument)).
When a partial transfer of a financial asset meets the derecognition conditions, thecarrying amount of the entire transferred financial asset is allocated between thederecognized part and the non - derecognized part based on their respective relativefair values, and the difference between the following two amounts is recognized inthe current profit and loss:
（1）The carrying amount of the derecognized part;
（2） The sum of the consideration for the derecognized part and the amount of thecumulative changes in fair value that have been directly recognized in the owner'sequity corresponding to the derecognized part (in the case where the transferredfinancial asset is a financial asset measured at fair value with its changes recognizedin other comprehensive income (debt instrument)).
If a financial asset transfer does not meet the derecognition conditions, the financialasset is continued to be recognized, and the consideration received is recognized asa financial liability.
4、 Derecognition of Financial Liabilities
When all or part of the current obligations of a financial liability have beendischarged, the financial liability or a part of it is derecognized. If the Companyenters into an agreement with the creditor to replace the existing financial liabilityby assuming a new financial liability, and the contractual terms of the new financialliability are substantially different from those of the existing financial liability, theexisting financial liability is derecognized, and a new financial liability is recognizedsimultaneously.When the contractual terms of all or part of the existing financial liability aresubstantially modified, the existing financial liability or a part of it is derecognized,and at the same time, the financial liability with the modified terms is recognized asa new financial liability.When all or part of a financial liability is derecognized, the difference between thecarrying amount of the derecognized financial liability and the consideration paid(including the transferred non-cash assets or the assumed new financial liability) isincluded in the current profit or loss.If the Company repurchases part of a financial liability, on the repurchase date, thecarrying amount of the entire financial liability is allocated according to the relativefair values of the part that continues to be recognized and the part that isderecognized. The difference between the carrying amount allocated to thederecognized part and the consideration paid (including the transferred non-cashassets or the assumed new financial liability) is included in the current profit or loss.
5、 Methods for Determining the Fair Values of Financial Assets and Financial
LiabilitiesFor financial instruments with an active market, their fair values are determinedbased on the quoted prices in the active market. For financial instruments without anactive market, valuation techniques are used to determine their fair values. Whenconducting valuation, the Company applies valuation techniques that are applicableunder the current circumstances and are supported by sufficient available data andother information. It selects input values that are consistent with the characteristics
of the assets or liabilities considered by market participants in transactions of therelevant assets or liabilities, and gives priority to using relevant observable inputvalues. Only when relevant observable input values cannot be obtained or are notpractically obtainable will unobservable input values be used.
6、 Testing Methods and Accounting Treatment Methods for the Impairment of
Financial InstrumentsThe Company conducts impairment accounting treatment based on expected creditlosses for financial assets measured at amortized cost, financial assets measured atfair value through other comprehensive income (debt instruments), financialguarantee contracts, etc.The Company considers reasonable and well-founded information such as relevantpast events, current conditions, and forecasts of future economic conditions, andcalculates the probability-weighted amount of the present value of the differencebetween the contractually receivable cash flows and the expected receivable cashflows, weighted by the risk of default, to recognize expected credit losses.
For accounts receivable and contract assets arising from transactions governed byAccounting Standards for Enterprises No. 14 - Revenue, regardless of whether theycontain a significant financing component, the Company always measures their lossallowances at an amount equivalent to the expected credit losses over their entireremaining lives.For lease receivables arising from transactions governed by Accounting Standardsfor Enterprises No. 21 - Leases, the Company chooses to always measure their lossallowances at an amount equivalent to the expected credit losses over their entireremaining lives.For other financial instruments, the Company assesses the changes in the credit risksof the relevant financial instruments since their initial recognition at each balancesheet date.The Company determines the relative change in the risk of default over the expectedremaining life of the financial instrument by comparing the risk of default of thefinancial instrument at the balance sheet date with the risk of default at the initialrecognition date, so as to evaluate whether the credit risk of the financial instrumenthas increased significantly since its initial recognition. Generally, if the overdue
period exceeds 30 days, the Company deems that the credit risk of the financialinstrument has increased significantly, unless there is conclusive evidence to provethat the credit risk of the financial instrument has not increased significantly sinceits initial recognition.If the credit risk of a financial instrument is low at the balance sheet date, theCompany deems that the credit risk of the financial instrument has not increasedsignificantly since its initial recognition.If the credit risk of a financial instrument has increased significantly since its initialrecognition, the Company measures its loss allowance at an amount equivalent to theexpected credit losses over the entire remaining life of the financial instrument; ifthe credit risk of the financial instrument has not increased significantly since itsinitial recognition, the Company measures its loss allowance at an amount equivalentto the expected credit losses over the next 12 months of the financial instrument. Theincrease or reversal amount of the loss allowance thus formed is recognized as animpairment loss or gain in the current profit or loss. For financial assets measured atfair value through other comprehensive income (debt instruments), the lossallowance is recognized in other comprehensive income, and the impairment loss orgain is recognized in the current profit or loss, and the carrying amount of thefinancial asset presented in the balance sheet is not reduced.
(X) Inventories
1、 Classification and Cost of Inventories
Inventories are classified as goods in transit, raw materials, turnover materials,finished goods, work in progress, goods shipped but not yet delivered, goodsentrusted for processing, etc.Inventories are initially measured at cost, and the cost of inventories includes thepurchase cost, processing cost, and other expenditures incurred to bring theinventories to their present location and condition..
2、 Valuation Method for Issued Inventories
The weighted average method is adopted.
3、 Inventory Recording System
The perpetual inventory system is adopted.
4、 Amortization Methods for Low-value Consumables and Packaging Materials
（1）Low-value consumables are amortized using the one-time write-off method
（2）Packaging materials are amortized using the one-time write-off method.
5、 Recognition Criteria and Provision Methods for Inventory Write-down
ProvisionsAt the balance sheet date, inventories shall be measured at the lower of cost and netrealizable value. When the cost of inventories is higher than their net realizable value,inventory write-down provisions shall be made. The net realizable value refers to theamount obtained by deducting the estimated costs to be incurred until completion,estimated selling expenses, and relevant taxes and fees from the estimated sellingprice of the inventories in the ordinary course of business.For finished goods, goods in stock, and materials directly for sale, the net realizablevalue is determined by deducting the estimated selling expenses and relevant taxesand fees from the estimated selling price of the inventories in the normal productionand operation process; for materials that need to be processed, the net realizablevalue is determined by deducting the estimated costs to be incurred until completion,estimated selling expenses, and relevant taxes and fees from the estimated sellingprice of the finished products produced in the normal production and operationprocess; for inventories held for the execution of sales contracts or labor contracts,the net realizable value is calculated based on the contract price. If the quantity ofinventories held is more than the quantity ordered in the sales contract, the netrealizable value of the excess part of the inventories is calculated based on thegeneral selling priceAfter the inventory write-down provisions are made, if the factors that previouslycaused the decrease in the value of the inventories have disappeared, resulting in thenet realizable value of the inventories being higher than their carrying amount, thewrite-down shall be reversed within the amount of the previously provided inventorywrite-down provisions, and the reversed amount shall be included in the currentprofit or loss.
(XI) Contract Assets
1、 Recognition Methods and Criteria for Contract Assets
The Company presents contract assets or contract liabilities in the balance sheetbased on the relationship between the performance of performance obligations andcustomer payments. The right of the Company to receive consideration for thetransfer of goods or provision of services to customers (and this right depends onfactors other than the passage of time) is presented as a contract asset. Contract assetsand contract liabilities under the same contract are presented on a net basis. TheCompany's unconditional right (depending only on the passage of time) to receiveconsideration from customers is presented separately as accounts receivable.
2、 Determination Methods and Accounting Treatment Methods for Expected
Credit Losses of Contract AssetsThe determination methods and accounting treatment methods for the expectedcredit losses of contract assets are detailed in "III. (9) 6. Testing Methods andAccounting Treatment Methods for the Impairment of Financial Instruments" ofthese notes.
(XII) Held - for - Sale and Discontinued Operations
1、 Held - for - Sale
Non - current assets or disposal groups that are recovered through sale (includingnon - monetary asset exchanges with commercial substance) rather than throughcontinuous use are classified as held - for - sale.The Company classifies non - current assets or disposal groups as held - for - sale ifthey meet the following conditions simultaneously:
（1）They are immediately available for sale in their present condition, in accordance
with the customary practices for selling such assets or disposal groups in similartransactions.
（2）The sale is highly probable, meaning that the Company has made a decisionon a sale plan and has obtained a firm purchase commitment, and it is expected thatthe sale will be completed within one year. Where relevant regulations require theapproval of the Company's relevant authority or regulatory department before thesale can be made, such approval has been obtained.For non - current assets (excluding financial assets, deferred tax assets, and assetsformed by employee compensation) or disposal groups classified as held - for - sale,if their carrying amount is higher than the net amount of fair value less selling costs,
the carrying amount is written down to the net amount of fair value less selling costs.The amount of the write - down is recognized as an asset impairment loss, which isincluded in the current profit or loss, and at the same time, an impairment provisionfor held - for - sale assets is made.
(XIII) Long-term Equity Investments
1、 Judgment Criteria for Joint Control and Significant Influence
Joint control refers to the shared control over an arrangement in accordance withrelevant agreements, and the relevant activities of this arrangement must be decidedupon with the unanimous consent of the participating parties sharing the controlrights. When the Company, together with other joint venturers, exercises joint controlover an investee and has rights to the net assets of the investee, the investee is a jointventure of the Company.Significant influence refers to the power to participate in the financial and operatingdecision-making of an investee, but without the ability to control or jointly control,together with other parties, the formulation of these policies. When the Company isable to exert significant influence on an investee, the investee is an associate of theCompany.
2、 Determination of the Initial Investment Cost
（1）Long-term Equity Investments Formed through Business Combinations
For long-term equity investments in subsidiaries formed through businesscombinations under the same control, on the combination date, the share of thecarrying value of the owners' equity of the combined party in the consolidatedfinancial statements of the ultimate controlling party is taken as the initial investmentcost of the long-term equity investment. The difference between the initialinvestment cost of the long-term equity investment and the carrying value of theconsideration paid is adjusted against the share premium in capital reserve; if theshare premium in capital reserve is insufficient to cover the difference, the retainedearnings are adjusted. When the Company is able to exercise control over theinvestee under the same control due to additional investment and other reasons, thedifference between the initial investment cost of the long-term equity investmentconfirmed in accordance with the above principles and the sum of the carrying valueof the long-term equity investment before the combination and the carrying value of
the additional consideration paid for the newly acquired shares on the combinationdate is adjusted against the share premium. If the share premium is insufficient tocover the difference, the retained earnings are reduced.For long-term equity investments in subsidiaries formed through businesscombinations not under the same control, the combination cost determined on theacquisition date is taken as the initial investment cost of the long-term equityinvestment. When the Company is able to exercise control over the investee notunder the same control due to additional investment and other reasons, the sum ofthe carrying value of the original equity investment and the cost of the newly addedinvestment is taken as the initial investment cost.
（2）Long-term Equity Investments Obtained through Other Means than BusinessCombinationsFor long-term equity investments obtained by paying cash, the actual purchase pricepaid is taken as the initial investment cost.For long-term equity investments obtained by issuing equity securities, the fair valueof the issued equity securities is taken as the initial investment cost.
3、 Subsequent Measurement and Profit or Loss Recognition Methods
（1） Long-term Equity Investments Accounted for under the Cost Method
The Company's long-term equity investments in subsidiaries are accounted for underthe cost method, unless the investment meets the conditions for being classified asheld for sale. Except for the declared but unpaid cash dividends or profits includedin the actual payment price or consideration when the investment is acquired, theCompany recognizes the current investment income according to the cash dividendsor profits declared and distributed by the investee that the Company is entitled to.
（2）Long-term Equity Investments Accounted for under the Equity Method
Long-term equity investments in associates and joint ventures are accounted forunder the equity method. If the initial investment cost is greater than the share of thefair value of the identifiable net assets of the investee that the Company is entitled toat the time of investment, the initial investment cost of the long-term equityinvestment is not adjusted; if the initial investment cost is less than the share of thefair value of the identifiable net assets of the investee that the Company is entitled toat the time of investment, the difference is included in the current profit or loss, andat the same time, the cost of the long-term equity investment is adjusted.
The Company respectively recognizes investment income and other comprehensiveincome according to the share of the net profit or loss and other comprehensiveincome realized by the investee that the Company is entitled to or should bear, andat the same time, adjusts the carrying value of the long-term equity investment;calculates the share it is entitled to according to the profits or cash dividends declaredand distributed by the investee, and correspondingly reduces the carrying value ofthe long-term equity investment; for other changes in the owners' equity of theinvestee other than net profit or loss, other comprehensive income and profitdistribution (referred to as "other changes in owners' equity" for short), adjusts thecarrying value of the long-term equity investment and includes it in the owners'equity.When confirming the share of the net profit or loss, other comprehensive income andother changes in owners' equity of the investee that the Company is entitled to, basedon the fair value of the identifiable net assets of the investee at the time of investment,and in accordance with the Company's accounting policies and accounting periods,the Company adjusts the net profit and other comprehensive income of the investeebefore confirmation.The portion of the unrealized internal transaction profits and losses that occurbetween the Company and its associates or joint ventures and that belongs to theCompany, calculated according to the proportion the Company is entitled to, is offset,and on this basis, the investment income is recognized, except when the invested orsold assets constitute a business. The unrealized internal transaction losses that occurwith the investee, if they are asset impairment losses, are fully recognized.The Company's share of the net losses incurred by a joint venture or an associate islimited to reducing the carrying value of the long-term equity investment and otherlong-term interests that substantially constitute a net investment in the joint ventureor the associate to zero, except for the obligation to bear additional losses. When thejoint venture or the associate realizes a net profit in the future, the Company resumesrecognizing the share of the profit after the share of the profit offsets theunrecognized share of the losses.
（3）Disposal of Long-term Equity Investments
The difference between the carrying value of a long-term equity investment and theactual proceeds obtained from its disposal is included in the current profit or loss.When disposing of part of a long-term equity investment accounted for under the
equity method and the remaining equity is still accounted for under the equitymethod, the other comprehensive income recognized under the original equitymethod accounting is transferred out in proportion based on the same basis as thatfor the investee's direct disposal of the relevant assets or liabilities, and the otherchanges in owners' equity are transferred into the current profit or loss in proportion.When the Company loses joint control or significant influence over the investee dueto the disposal of equity investments and other reasons, the other comprehensiveincome recognized due to the equity method accounting for the original equityinvestment is accounted for based on the same basis as that for the investee's directdisposal of the relevant assets or liabilities when the equity method accounting isterminated, and the other changes in owners' equity are all transferred into the currentprofit or loss when the equity method accounting is terminated.When the Company loses control over the investee due to the disposal of part of theequity investment and other reasons, when preparing individual financial statements,if the remaining equity enables the Company to exercise joint control or significantinfluence over the investee, the accounting method is changed to the equity method,and the remaining equity is adjusted as if the equity method had been applied sinceits acquisition. The other comprehensive income recognized before obtaining controlover the investee is transferred out in proportion based on the same basis as that forthe investee's direct disposal of the relevant assets or liabilities, and the other changesin owners' equity recognized due to the equity method accounting are transferredinto the current profit or loss in proportion; if the remaining equity cannot enable theCompany to exercise joint control or significant influence over the investee, it isrecognized as a financial asset, and the difference between its fair value and carryingvalue on the date of losing control is included in the current profit or loss, and theother comprehensive income and other changes in owners' equity recognized beforeobtaining control over the investee are all transferred out.When disposing of the equity investment in a subsidiary step by step throughmultiple transactions until the control is lost, if it is a package of transactions, eachtransaction is accounted for as a transaction of disposing of the equity investment inthe subsidiary and losing control; before losing control, the difference between theconsideration received from each disposal and the carrying value of the long-termequity investment corresponding to the disposed equity is, in individual financialstatements, first recognized as other comprehensive income, and then transferred
into the current profit or loss of the period when the control is lost. If it is not apackage of transactions, each transaction is accounted for separately.
(XIV) Investment Real Estate
Investment real estate refers to real estate held for the purpose of earning rental income orcapital appreciation, or both, including leased land use rights, land use rights held andintended to be transferred after appreciation, and leased buildings (including buildings usedfor lease upon the completion of self-construction or development activities, as well asbuildings under construction or development that will be used for lease in the future).Subsequent expenditures related to investment real estate are included in the cost ofinvestment real estate when it is highly probable that the relevant economic benefits willflow in and the cost can be reliably measured; otherwise, they are included in the currentprofit or loss when they occur.The Company measures existing real estate investment using the cost model. Forinvestment real estate measured using the cost model, the depreciation policy for leasedbuildings is the same as that for the Company's fixed assets, and the amortization policy forleased land use rights is implemented in the same way as that for intangible assets.
(XV) Fixed Assets
1、 Recognition and Initial Measurement of Fixed Assets
Fixed assets refer to tangible assets held for the production of goods, the provisionof labor services, lease, or for business management purposes, and with a useful lifeexceeding one accounting year. Fixed assets are recognized when the followingconditions are simultaneously met:
（1）It is highly probable that the economic benefits related to the fixed asset willflow into the enterprise.
（2）The cost of the fixed asset can be reliably measured.
Fixed assets are initially measured at cost (taking into account the impact ofestimated disposal expenses).Subsequent expenditures related to fixed assets are included in the cost of fixedassets when it is highly probable that the economic benefits related to them will flowin and their costs can be reliably measured; for the replaced parts, their carryingvalues are derecognized; all other subsequent expenditures are included in thecurrent profit or loss when they occur.
2、 Depreciation Methods
Depreciation of fixed assets is calculated and provided for by category using thestraight-line method. The depreciation rate is determined according to the categoriesof fixed assets, their estimated useful lives, and the estimated residual value rates.For fixed assets for which impairment provisions have been made, the depreciationamount in future periods is determined based on the carrying value after deductingthe impairment provisions and the remaining useful life. If the useful lives of thevarious components of a fixed asset are different or they provide economic benefitsto the enterprise in different ways, different depreciation rates or depreciationmethods are selected to calculate and provide for depreciation separately.The depreciation methods, useful lives, residual value rates, and annual depreciationrates of various types of fixed assets are as follows:
| Category | Service life | Estimated residual value rate | Annual depreciation rate |
Buildings and structures
| Buildings and structures | 20-35 years | 3% | 2.77-4.85% |
Machinery and equipment
| Machinery and equipment | 5-20 years | 3% | 4.85-19.40% |
Transportation vehicles
| Transportation vehicles | 4-10 years | 3% | 9.70-24.25% |
Other equipment
| Other equipment | 3-21 years | 3% | 4.62-32.33% |
Note: For the molds among the machinery and equipment, depreciation is calculatedusing the units-of-production method.
3、 Disposal of Fixed Assets
When a fixed asset is disposed of, or it is expected that no economic benefits can begenerated through its use or disposal, the fixed asset is derecognized. The amountobtained by deducting the carrying value and relevant taxes and fees from thedisposal proceeds of a fixed asset from its sale, transfer, scrapping, or damage isincluded in the current profit or loss.
(XVI) Construction in Progress
Construction in progress is measured at the actual cost incurred. The actual cost includesconstruction costs, installation costs, borrowing costs that meet the capitalization conditions,and other necessary expenditures incurred before the construction in progress reaches theintended usable state. When the construction in progress reaches the intended usable state,
it is transferred to fixed assets, and depreciation is provided starting from the followingmonth.
(XVII) Borrowing Costs
1、 Recognition Principles for the Capitalization of Borrowing Costs
Borrowing costs incurred by the Company can be directly attributed to theacquisition, construction, or production of assets that meet the capitalizationconditions are capitalized and included in the cost of the relevant assets; otherborrowing costs are recognized as expenses based on the amount incurred when theyoccur and are included in the current profit or loss.Assets that meet the capitalization conditions refer to fixed assets, investment realestate, inventories, and other assets that require a substantial period of acquisition,construction, or production activities to reach the intended usable or salable state.
2、 Capitalization Period of Borrowing Costs
The capitalization period refers to the period from the starting point of capitalizingborrowing costs to the stopping point of capitalizing borrowing costs, excluding theperiod during which the capitalization of borrowing costs is suspended.The capitalization of borrowing costs begins when the following conditions aresimultaneously met:
（1）Asset expenditures have occurred. Asset expenditures include expendituresmade in the form of cash payments, transfer of non-cash assets, or assumption ofinterest-bearing debts for the acquisition, construction, or production of assets thatmeet the capitalization conditions;
（2）Borrowing costs have occurred;
（3）The acquisition, construction, or production activities necessary for the assetto reach the intended usable or salable state have started.When the asset that meets the capitalization conditions and is under acquisition,construction, or production reaches the intended usable or salable state, thecapitalization of borrowing costs stops.
3、 Period of Suspended Capitalization
If there is an abnormal interruption during the acquisition, construction, orproduction of assets that meet the capitalization conditions, and the interruption
period exceeds 3 months continuously, the capitalization of borrowing costs issuspended; if this interruption is a necessary procedure for the asset that meets thecapitalization conditions and is under acquisition, construction, or production toreach the intended usable or salable state, the capitalization of borrowing costscontinues. The borrowing costs incurred during the interruption period arerecognized as current profit or loss until the acquisition, construction, or productionactivities of the asset resume and the capitalization of borrowing costs continues.
4、 Calculation Methods for the Capitalization Rate and Capitalized Amount of
Borrowing CostsFor specific borrowings borrowed for the acquisition, construction, or production ofassets that meet the capitalization conditions, the capitalized amount of borrowingcosts is determined by subtracting the interest income obtained from depositing theunused borrowing funds in the bank or the investment income obtained fromtemporary investments from the borrowing costs actually incurred in the currentperiod for the specific borrowings.For general borrowings used for the acquisition, construction, or production of assetsthat meet the capitalization conditions, the amount of borrowing costs that should becapitalized for the general borrowings is calculated and determined by multiplyingthe weighted average of the asset expenditures exceeding the specific borrowings bythe capitalization rate of the general borrowings used. The capitalization rate iscalculated and determined based on the weighted average actual interest rate of thegeneral borrowings.During the capitalization period, the exchange differences on the principal andinterest of specific foreign currency borrowings are capitalized and included in thecost of assets that meet the capitalization conditions. The exchange differences onthe principal and interest of other foreign currency borrowings other than specificforeign currency borrowings are included in the current profit or loss.
(XVIII) Intangible Assets
1、 Valuation Methods of Intangible Assets
（1）The Company initially measures intangible assets at cost when it obtains them；
The cost of externally purchased intangible assets includes the purchase price,relevant taxes and fees, as well as other expenditures directly attributable to bringing
the asset to its intended use.
（2）Subsequent Measurement
When obtaining an intangible asset, the Company analyzes and determines its usefullife.For intangible assets with a finite useful life, they are amortized over the periodduring which they bring economic benefits to the enterprise. For intangible assetsfor which it is not possible to foresee the period during which they will bringeconomic benefits to the enterprise, they are regarded as intangible assets with anindefinite useful life and are not amortized.
2、 Estimation of the Useful Life of Intangible Assets with a Finite Useful Life
| Project | Estimated Useful Life | Amortization Method |
Right to Use Land
| Right to Use Land | 33 - 50 years | Straight-line Method |
Right to Use Software
| Right to Use Software | 2 years | Straight-line Method |
Right to Use Trademark
| Right to Use Trademark | 10 years | Straight-line Method |
Non-patented Technology
| Non-patented Technology | 5 - 11 years | Straight-line Method |
Patented Technology
| Patented Technology | 10 years | Straight-line Method |
3、 Specific Criteria for Distinguishing between the Research Stage and the
Development StageThe expenditures of the Company's internal research and development projects aredivided into research stage expenditures and development stage expenditures.Research Stage: It refers to the stage of original and planned investigations andresearch activities carried out to acquire and understand new scientific or technicalknowledge, etc.Development Stage: It refers to the stage of activities in which researchachievements or other knowledge are applied to a certain plan or design beforecommercial production or use, in order to produce new or substantially improvedmaterials, devices, products, etc.
4、 Specific Conditions for the Capitalization of Development Stage Expenditures
Expenditures incurred in the research stage are recognized as current profit or loss
when they occur. Development stage expenditures that simultaneously meet thefollowing conditions are recognized as intangible assets, and development stageexpenditures that do not meet the following conditions are recognized as currentprofit or loss:
(1) It is technically feasible to complete the intangible asset so that it can be used orsold;
(2) There is the intention to complete the intangible asset and use or sell it；
(3) The way in which the intangible asset generates economic benefits, includingbeing able to prove that there is a market for the products produced by applying theintangible asset or that there is a market for the intangible asset itself. If the intangibleasset will be used internally, it is necessary to be able to prove its usefulness；
(4) There are sufficient technical, financial and other resources to support thecompletion of the development of the intangible asset, and there is the ability to useor sell the intangible asset；
(5) The expenditures attributable to the development stage of the intangible asset can
be reliably measured.If it is impossible to distinguish between research stage expenditures anddevelopment stage expenditures, all the research and development expendituresincurred will be recognized as current profit or loss.
(XIX) Impairment of Long-term Assets
Long-term assets such as long-term equity investments, investment real estate measuredusing the cost model, fixed assets, construction in progress, right-of-use assets, andintangible assets with a finite useful life are subject to an impairment test if there areindications of impairment at the balance sheet date. If the results of the impairment testindicate that the recoverable amount of an asset is lower than its carrying amount, animpairment provision is made for the difference and recognized as an impairment loss. Therecoverable amount is the higher of the net amount of the fair value of the asset less disposalcosts and the present value of the expected future cash flows of the asset. Impairmentprovisions for assets are calculated and recognized on the basis of individual assets. If it isdifficult to estimate the recoverable amount of an individual asset, the recoverable amountof the asset group to which the asset belongs is determined. An asset group is the smallestcombination of assets that can generate cash inflows independently.For goodwill formed through business combinations, intangible assets with an indefinite
useful life, and intangible assets that have not yet reached the usable state, an impairmenttest is carried out at least at the end of each year, regardless of whether there are indicationsof impairment.When the Company conducts an impairment test on goodwill, the carrying amount of thegoodwill formed through business combinations is allocated to the relevant asset groups ina reasonable manner since the acquisition date; if it is difficult to allocate it to the relevantasset groups, it is allocated to the relevant asset group combinations. The relevant assetgroups or asset group combinations are those that can benefit from the synergistic effectsof the business combination.When conducting an impairment test on the relevant asset groups or asset groupcombinations that include goodwill, if there are indications of impairment in the assetgroups or asset group combinations related to the goodwill, an impairment test is firstcarried out on the asset groups or asset group combinations that do not include goodwill,the recoverable amount is calculated, and it is compared with the relevant carrying amountto recognize the corresponding impairment loss. Then, an impairment test is carried out onthe asset groups or asset group combinations that include goodwill, and their carryingamount is compared with the recoverable amount. If the recoverable amount is lower thanthe carrying amount, the amount of the impairment loss first offsets the carrying amount ofthe goodwill allocated to the asset groups or asset group combinations, and then, accordingto the proportion of the carrying amount of each of the other assets in the asset groups orasset group combinations except for the goodwill, the carrying amounts of the other assetsare offset proportionally. Once the above-mentioned asset impairment losses are recognized,they will not be reversed in subsequent accounting periods.
(XX) Long-term Prepaid Expenses
Long-term prepaid expenses refer to various expenses that have already been incurred butshould be borne by the current period and subsequent periods, with an amortization periodof more than one year.
(XXI) Contract Liabilities
The Company presents contract assets or contract liabilities in the balance sheet based onthe relationship between the fulfillment of performance obligations and customers'payments. The obligation to transfer goods or provide services to customers for which theCompany has received or is entitled to receive consideration from customers is presented
as contract liabilities. Contract assets and contract liabilities under the same contract arepresented on a net basis.
(XXII) Employee Salaries and Benefits
1、 Accounting Treatment Methods for Short-term Employee Benefits
During the accounting period when employees provide services to the Company, theCompany recognizes the actual short-term employee benefits incurred as liabilitiesand includes them in the current profit or loss or the cost of relevant assets.The social insurance premiums and housing provident funds paid by the Companyfor employees, as well as the trade union funds and employee education fundswithdrawn according to regulations, are calculated and determined as thecorresponding employee salary and benefit amounts during the accounting periodwhen employees provide services to the Company, based on the specified accrualbasis and accrual ratio.The employee welfare expenses incurred by the Company are included in the currentprofit or loss or the cost of relevant assets according to the actual amount incurred atthe time of occurrence. Among them, non-monetary welfare benefits are measuredat fair value.
2、 Accounting Treatment Methods for Post-employment Benefits
（1）Defined Contribution Plan
The Company pays basic endowment insurance and unemployment insurance foremployees in accordance with the relevant regulations of the local government.During the accounting period when employees provide services to the Company, thepayable amount is calculated according to the local specified payment base and ratio,recognized as a liability, and included in the current profit or loss or the cost ofrelevant assets. In addition, the Company also participates in the enterprise annuityplan approved by the relevant national departments. The Company contributes to theannuity plan at a certain percentage of the total employee salaries, and thecorresponding expenditures are included in the current profit or loss or the cost ofrelevant assets.
（2）Defined Benefit Plan
The Company attributes the welfare obligations arising from the defined benefit planto the period when employees provide services according to the formula determined
by the projected unit credit method and includes them in the current profit or loss orthe cost of relevant assets.The deficit or surplus formed by subtracting the fair value of the defined benefit planassets from the present value of the defined benefit plan obligations is recognized asa net defined benefit liability or net asset. When there is a surplus in the definedbenefit plan, the Company measures the net defined benefit plan asset at the lowerof the surplus of the defined benefit plan and the asset ceiling.All defined benefit plan obligations, including those expected to be paid withintwelve months after the end of the annual reporting period during which employeesprovide services, are discounted based on the market yield of national bonds or high-quality corporate bonds in an active market that match the term and currency of thedefined benefit plan obligations as of the balance sheet date.The service cost arising from the defined benefit plan and the net interest on the netdefined benefit liability or net asset are included in the current profit or loss or thecost of relevant assets; the changes arising from the remeasurement of the net definedbenefit liability or net asset are included in other comprehensive income and will notbe reversed to profit or loss in subsequent accounting periods. When the originaldefined benefit plan is terminated, the part originally included in othercomprehensive income is all transferred to the undistributed profit within the scopeof equity.When settling the defined benefit plan, the settlement gain or loss is recognizedbased on the difference between the present value of the defined benefit planobligations determined on the settlement date and the settlement price.
3、 Accounting Treatment Methods for Termination Benefits
When the Company provides termination benefits to employees, it recognizes theemployee salary and benefit liability arising from the termination benefits at theearlier of the following two dates and includes it in the current profit or loss: whenthe Company cannot unilaterally withdraw the termination benefits provided due tothe labor relationship termination plan or the downsizing proposal; when theCompany recognizes the costs or expenses related to the restructuring involving thepayment of termination benefits.
(XXIII) Provision Liabilities
The Company recognizes a provision liability when the obligations related to a contingentevent simultaneously meet the following conditions:
（1）The obligation is a present obligation that the Company undertakes；
（2）It is highly probable that the performance of this obligation will result in an outflowof economic benefits from the Company；
（3）The amount of the obligation can be reliably measured。
Provision liabilities are initially measured at the best estimate of the expenditure requiredto settle the relevant present obligation.When determining the best estimate, factors such as risks, uncertainties, and the time valueof money related to the contingent event are comprehensively considered. For those with asignificant impact of the time value of money, the best estimate is determined bydiscounting the relevant future cash outflows.
If all or part of the expenditure required to settle the provision liability is expected to becompensated by a third party, the compensation amount, when it is virtually certain to bereceived, is recognized as an asset separately, and the recognized compensation amountshall not exceed the carrying value of the provision liability.
The Company reviews the carrying value of the provision liability at the balance sheet date.If there is conclusive evidence indicating that the carrying value does not reflect the currentbest estimate, the carrying value is adjusted according to the current best estimate.
(XXIV) Share-based Payments
The share-based payments of the Company refer to transactions in which equity instrumentsare granted or liabilities determined based on equity instruments are assumed in order toobtain services provided by employees or other parties. The share-based payments of theCompany are divided into share-based payments settled in equity and share-based paymentssettled in cash.
1、 Share-based Payments Settled in Equity and Equity Instruments
For share-based payments settled in equity in exchange for services provided byemployees, they are measured at the fair value of the equity instruments granted toemployees. For share-based payment transactions that can be exercised immediatelyupon grant, on the grant date, the fair value of the equity instruments is included in
the relevant costs or expenses, and the capital reserve is increased accordingly. Forshare-based payment transactions that can only be exercised after the completion ofthe vesting period and the satisfaction of the specified performance conditions, ateach balance sheet date during the vesting period, the Company, based on the bestestimate of the number of exercisable equity instruments, includes the servicesobtained during the current period in the relevant costs or expenses according to thefair value on the grant date, and increases the capital reserve accordingly.If the terms of the share-based payment settled in equity are modified, the servicesobtained are recognized at least in accordance with the situation where the termshave not been modified. In addition, any modification that increases the fair value ofthe granted equity instruments or any change that is favorable to employees on themodification date shall result in the recognition of an increase in the servicesobtained.During the vesting period, if the granted equity instruments are cancelled, theCompany treats the cancellation of the granted equity instruments as an acceleratedexercise of rights, immediately includes the amount that should be recognized duringthe remaining vesting period in the current profit or loss, and recognizes the capitalreserve at the same time. However, if new equity instruments are granted and it isdetermined on the grant date of the new equity instruments that the granted newequity instruments are used to replace the cancelled equity instruments, the grantedreplacement equity instruments shall be treated in the same way as the modificationof the terms and conditions of the original equity instruments.
2、 Share-based Payments Settled in Cash and Equity Instruments
Share-based payments settled in cash are measured at the fair value of the liabilitiescalculated and determined by the Company based on shares or other equityinstruments. For share-based payment transactions that can be exercisedimmediately upon grant, on the grant date, the Company includes the fair value ofthe assumed liabilities in the relevant costs or expenses according to the fair value ofthe assumed liabilities, and increases the liabilities accordingly. For share-basedpayment transactions that can only be exercised after the completion of the vestingperiod and the satisfaction of the specified performance conditions, at each balancesheet date during the vesting period, the Company, based on the best estimate of theexercisability situation, includes the services obtained during the current period in
the relevant costs or expenses according to the fair value of the liabilities assumedby the Company, and includes them in the liabilities accordingly. At each balancesheet date before the settlement of the relevant liabilities and on the settlement date,the fair value of the liabilities is remeasured, and the changes are included in thecurrent profit or loss.If the Company modifies the terms and conditions in the share-based paymentagreement settled in cash to make it a share-based payment settled in equity, on themodification date (whether it occurs during the vesting period or after the end of thevesting period), the Company measures the share-based payment settled in equity atthe fair value of the granted equity instruments on that day, includes the servicesalready obtained in the capital reserve, and at the same time terminates therecognition of the liabilities already recognized for the share-based payment settledin cash on the modification date. The difference between the two is included in thecurrent profit or loss. If the vesting period is extended or shortened due to themodification, the Company shall conduct accounting treatment according to themodified vesting period.
(XXV) Revenue
1、 Accounting policies for revenue recognition and measurement
The Company recognizes revenue when it fulfills its performance obligations undera contract, i.e., when the customer obtains control of the relevant goods or services.Control of goods or services refers to the ability to direct the use of and obtainsubstantially all the economic benefits from the goods or servicesFor contracts containing two or more performance obligations, the Company allocates thetransaction price to each separate performance obligation at the inception of the contractbased on the relative stand-alone selling prices of the goods or services promised undereach obligation. Revenue is measured based on the transaction price allocated to eachseparate performance obligation.
The transaction price is the amount of consideration the Company expects to beentitled to in exchange for transferring goods or services to customers, excludingamounts collected on behalf of third parties or expected to be refunded to customers.The Company determines the transaction price based on the contract terms and itspast practices, taking into account factors such as variable consideration, significant
financing components in the contract, non-cash consideration, and considerationpayable to customers. The Company determines the transaction price includingvariable consideration to the extent that it is highly probable that a significantreversal of cumulative revenue recognized will not occur when the uncertainty isresolved. For contracts with significant financing components, the Companydetermines the transaction price as the amount the customer would have paid ifcontrol of the goods or services had been transferred at the time of payment in cash,and amortizes the difference between the transaction price and the contractconsideration over the contract term using the effective interest method.A performance obligation is satisfied over time if it meets one of the followingcriteria; otherwise, it is satisfied at a point in time:
? The customer simultaneously receives and consumes the economic benefits ofthe Company’s performance as the Company performs.? The customer controls the goods being created or enhanced during theCompany’s performance.? The goods produced by the Company’s performance have no alternative use,and the Company has an enforceable right to payment for performance completed todate.
For performance obligations satisfied over time, the Company recognizes revenueover the period of performance based on the progress toward completion, unless theprogress cannot be reasonably measured. The Company determines the progresstoward completion using either an output or input method, depending on the natureof the goods or services. If the progress cannot be reasonably determined, revenue isrecognized to the extent of costs incurred that are expected to be recoverable untilthe progress can be reasonably measured.For performance obligations satisfied at a point in time, the Company recognizesrevenue when the customer obtains control of the goods or services. In determiningwhether the customer has obtained control, the Company considers the followingindicators:
? The Company has a present right to payment for the goods or services, i.e., thecustomer has a present obligation to pay.? The Company has transferred legal title of the goods to the customer.? The Company has physically transferred the goods to the customer.
? The Company has transferred the significant risks and rewards of ownership ofthe goods to the customer.? The customer has accepted the goods or services.
The Company determines whether it acts as a principal or an agent in a transactionbased on whether it controls the goods or services before they are transferred to thecustomer. If the Company controls the goods or services before transfer, it acts as aprincipal and recognizes revenue based on the gross amount of considerationreceived or receivable; otherwise, it acts as an agent and recognizes revenue basedon the amount of commission or fee it expects to be entitled to.
2、 Disclosure of specific revenue recognition methods and measurement
approaches by business typeThe Company recognizes revenue when it fulfills its performance obligations undera contract, i.e., when the customer obtains control of the relevant goods or services.Control of goods or services refers to the ability to direct the use of and obtainsubstantially all the economic benefits from the goods or services.
（1）Sales contracts
Sales contracts between the Company and its customers typically includeperformance obligations such as the transfer of goods. The Company generallyrecognizes revenue at the point in time when each performance obligation is satisfied,considering factors such as the present right to payment, transfer of significant risksand rewards of ownership, transfer of legal title, physical transfer of goods, andcustomer acceptance.
（2）Service contracts
For service contracts, the performance obligations are satisfied over time becausethe customer simultaneously receives and consumes the economic benefits of theCompany’s performance, and the Company has an enforceable right to payment forperformance completed to date. Revenue is recognized based on the progress towardcompletion, unless the progress cannot be reasonably measured. The Company usesthe output method, determining progress based on products completed or delivered.If the progress cannot be reasonably determined, revenue is recognized to the extentof costs incurred that are expected to be recoverable until the progress can be
reasonably measured.
（3）Variable consideration
Some contracts with customers include sales rebate arrangements, resulting invariable consideration. The Company estimates the variable consideration usingeither the expected value or the most likely amount, but the transaction priceincluding variable consideration does not exceed the amount for which it is highlyprobable that a significant reversal of cumulative revenue recognized will not occurwhen the uncertainty is resolved.
（4）Warranty obligations
In accordance with contractual terms or legal requirements, the Company providesquality assurance for sold goods. For service-type warranties that provide a separateservice beyond ensuring that the goods comply with agreed-upon standards, theCompany treats them as a separate performance obligation. The transaction price isallocated between the goods and the service-type warranty based on their relativestand-alone selling prices, and revenue is recognized when the customer obtainscontrol of the service. In assessing whether a warranty provides a separate service,the Company considers factors such as whether the warranty is a legal requirement,the warranty period, and the nature of the tasks the Company promises to perform.
（5）Loyalty points program
When selling goods or providing services, the Company grants customers loyaltypoints that can be redeemed for free or discounted goods or services. The loyaltypoints program provides customers with a material right, which the Company treatsas a separate performance obligation. The transaction price is allocated between thegoods or services and the loyalty points based on their relative stand-alone sellingprices, and revenue is recognized when the customer redeems the points or when thepoints expire.
（6）Principal/agent considerations
For arrangements where the Company directs a third party to provide services on itsbehalf and has the right to determine the price of the goods or services traded, i.e.,the Company controls the goods before they are transferred to the customer, the
Company acts as a principal and recognizes revenue based on the gross amount ofconsideration received or receivable. Otherwise, the Company acts as an agent andrecognizes revenue based on the amount of commission or fee it expects to beentitled to, which is determined as the net amount after deducting amounts payableto other parties or based on a predetermined commission rate or amount.
(XXVI) Contract Costs
Contract costs include costs to fulfill a contract and costs to obtain a contract.Costs incurred by the Company to fulfill a contract that are not within the scope of otherstandards (e.g., inventories, fixed assets, or intangible assets) are recognized as an asset ifthe following conditions are met:
? The costs are directly related to a current or anticipated contract.? The costs increase the Company’s resources for fulfilling performance obligations inthe future.? The costs are expected to be recovered.Incremental costs incurred to obtain a contract that are expected to be recovered arerecognized as an asset.Assets related to contract costs are amortized on the same basis as the recognition ofrevenue from the related goods or services. However, if the amortization period of costs toobtain a contract does not exceed one year, the Company recognizes them as an expensewhen incurred.If the carrying amount of an asset related to contract costs exceeds the difference between:
1、The remaining consideration expected to be received for transferring the related goodsor services;
2、The estimated costs to transfer the related goods or services,
the Company recognizes an impairment loss for the excess amount. If factors leading toprior impairment subsequently change, resulting in the difference exceeding the carryingamount, the Company reverses the impairment loss to the extent that the carrying amountdoes not exceed what it would have been had no impairment been recognized.
(XXVII) Government Grants
1、 Types
Government grants are monetary or non-monetary assets received by the Companyfrom the government without compensation. They are classified into grants related
to assets and grants related to income.Grants related to assets are those received for the purchase or construction of long-term assets. Grants related to income are all other government grants.
2. Timing of recognition
Government grants are recognized when the Company meets the attached conditionsand can receive the grants.
3. Accounting treatment
The Company accounts for government grants using the net method.Grants related to assets are deducted from the carrying amount of the related asset orrecognized as deferred income. If recognized as deferred income, they are amortizedto profit or loss over the useful life of the related asset using a systematic and rationalmethod.
Grants related to income that compensate for future related costs or losses arerecognized as deferred income and amortized to profit or loss or deducted fromrelated costs or losses when the costs or losses are recognized. Grants thatcompensate for already incurred costs or losses are directly recognized in profit orloss or deducted from related costs or losses.
For preferential loan interest subsidies received, the Company accounts for them asfollows:
（1）If the subsidy is disbursed to the lending bank, which then provides loans tothe Company at a preferential interest rate, the Company records the loan at theactual amount received and calculates interest expense based on the principal andpreferential interest rate
（2）If the subsidy is disbursed directly to the Company, the Company offsets thesubsidy against the related interest expense.
(XXVIII) Deferred Tax Assets and Deferred Tax Liabilities
Income tax includes current tax and deferred tax. Except for income tax arising frombusiness combinations or transactions directly recognized in equity (including othercomprehensive income), the Company recognizes current tax and deferred tax in profit or
loss.
Deferred tax assets and deferred tax liabilities are recognized based on temporarydifferences between the tax bases and carrying amounts of assets and liabilities.Deferred tax assets are recognized for deductible temporary differences to the extent that itis probable that taxable profit will be available against which the temporary differences canbe utilized. For deductible losses and tax credits that can be carried forward, deferred taxassets are recognized to the extent that it is probable that future taxable profit will beavailable.Deferred tax liabilities are recognized for taxable temporary differences, except in certaincircumstances.Deferred tax assets or liabilities are not recognized in the following circumstances:
? Initial recognition of goodwill;? Transactions or events that are not business combinations and do not affect accountingprofit or taxable profit (or deductible losses) at the time of occurrence, and for which theinitial recognition of assets and liabilities does not create equal taxable and deductibletemporary differences.Deferred tax liabilities are recognized for taxable temporary differences related toinvestments in subsidiaries, associates, and joint ventures, unless the Company can controlthe timing of the reversal and it is probable that the temporary differences will not reversein the foreseeable future. Deferred tax assets are recognized for deductible temporarydifferences related to such investments if it is probable that the temporary differences willreverse in the foreseeable future and taxable profit will be available.At the balance sheet date, the Company reviews the carrying amount of deferred tax assets.If it is no longer probable that sufficient taxable profit will be available to utilize thedeferred tax asset, the carrying amount is reduced. Any reduction is reversed if it becomesprobable that sufficient taxable profit will be available.
When the Company has the legal right to settle current tax assets and liabilities on a netbasis and intends to do so, they are presented net in the balance sheet.Deferred tax assets and liabilities are presented net in the balance sheet if the followingconditions are met:
? The Company has the legal right to settle current tax assets and liabilities on a net basis;? The deferred tax assets and liabilities relate to income tax levied by the same tax
authority on the same taxable entity or different entities that intend to settle current taxassets and liabilities on a net basis or simultaneously realize the assets and settle theliabilities in each future period.
(XXIX) Leases
A lease is a contract that conveys the right to use an asset for a period of time in exchangefor consideration. At the inception of a contract, the Company assesses whether the contractis or contains a lease. If the contract transfers the right to control the use of one or moreidentified assets for a period of time in exchange for consideration, it is or contains a lease.If a contract contains multiple leases, the Company separates the contract and accounts foreach lease separately. If a contract contains both lease and non-lease components, theCompany separates the lease and non-lease components.
1、 The Company as a lessee
（1）Right-of-use assets
At the commencement date of the lease, the Company recognizes a right-of-use assetfor leases other than short-term leases and leases of low-value assets. The right-of-use asset is initially measured at cost, which includes:
? The initial measurement amount of the lease liability;
? Lease payments made at or before the commencement date, less any lease
incentives received;
? Initial direct costs incurred by the Company;
? Estimated costs of dismantling, removing, or restoring the leased asset or the
site, unless incurred to produce inventories.Subsequently, the Company depreciates the right-of-use asset on a straight-line basis.If the Company is reasonably certain to obtain ownership of the leased asset by theend of the lease term, the asset is depreciated over its remaining useful life; otherwise,it is depreciated over the shorter of the lease term and the remaining useful life.
（2）Lease liability
At the commencement date of the lease, the Company recognizes a lease liability forleases other than short-term leases and leases of low-value assets. The lease liabilityis initially measured at the present value of unpaid lease payments, which include:
? Fixed payments (including in-substance fixed payments), less any lease
incentives;
? Variable lease payments that depend on an index or rate;
? Amounts expected to be payable under residual value guarantees;
? The exercise price of purchase options, if the Company is reasonably certainto exercise the option;
? Termination penalties, if the lease term reflects the Company’s exercise of atermination option.The Company uses the interest rate implicit in the lease as the discount rate, but ifthis cannot be readily determined, it uses the incremental borrowing rate.Interest expense on the lease liability is calculated using the periodic interest rate andrecognized in profit or loss or capitalized into the cost of related assets.Variable lease payments not included in the measurement of the lease liability arerecognized in profit or loss or capitalized into the cost of related assets when incurred.After the commencement date, the Company remeasures the lease liability andadjusts the right-of-use asset in the following circumstances:
? If the assessment of purchase, renewal, or termination options changes, or if theactual exercise of such options differs from the original assessment, theCompany remeasures the lease liability based on the revised lease paymentsand discount rate;? If in-substance fixed payments, residual value guarantees, or the index or rateused to determine lease payments change, the Company remeasures the leaseliability based on the revised lease payments and the original discount rate,unless the change is due to a floating interest rate, in which case the reviseddiscount rate is used.
（3）Short-term leases and leases of low-value assets
For short-term leases and leases of low-value assets where the Company chooses notto recognize a right-of-use asset and lease liability, lease payments are recognized inprofit or loss or capitalized into the cost of related assets on a straight-line basis overthe lease term. A short-term lease is one with a lease term of 12 months or less at thecommencement date and no purchase option. A low-value asset lease is one forwhich the underlying asset is of low value when new. If the Company subleases orexpects to sublease the asset, the original lease is not a low-value asset lease.
（4）Lease modifications
A lease modification is accounted for as a separate lease if it meets both of the
following conditions:
? It increases the scope of the lease by adding one or more underlying assets;
? The increase in consideration is commensurate with the stand-alone price of
the added scope, adjusted for the circumstances of the contract.If the modification is not accounted for as a separate lease, the Company reassignsthe consideration, redetermines the lease term, and remeasures the lease liabilitybased on the revised lease payments and discount rate at the effective date of themodification.If the modification reduces the scope or shortens the lease term, the Companyreduces the carrying amount of the right-of-use asset and recognizes a gain or loss.Other modifications that require remeasurement of the lease liability result incorresponding adjustments to the right-of-use asset.
2、 The company as a lessor
At the commencement date of the lease, the Company classifies leases as financeleases or operating leases. A finance lease is one that transfers substantially all therisks and rewards incidental to ownership of the underlying asset, regardless of legalownership. An operating lease is any lease other than a finance lease. When actingas an intermediate lessor, the Company classifies the sublease based on the right-of-use asset arising from the head lease.
（1）Operating lease accounting
Lease receipts from operating leases are recognized as rental income on a straight-line basis over the lease term. Initial direct costs incurred are capitalized andamortized to profit or loss on the same basis as rental income recognition. Variablelease payments not included in lease receipts are recognized in profit or loss whenincurred. If an operating lease is modified, the Company accounts for it as a newlease from the effective date, treating any prepaid or accrued lease receipts as receiptsunder the new lease
（2）Finance lease accounting
At the commencement date of a finance lease, the Company recognizes a financelease receivable and derecognizes the leased asset. The finance lease receivable isinitially measured at the net investment in the lease, which is the sum of the present
value of unguaranteed residual value and lease receipts not yet received at thecommencement date, discounted using the interest rate implicit in the lease.Interest income is recognized over the lease term using the periodic interest rate.Derecognition and impairment of finance lease receivables are accounted for inaccordance with the policies in Note 3(9) "Financial Instruments."Variable lease payments not included in the net investment in the lease arerecognized in profit or loss when incurred.A finance lease modification is accounted for as a separate lease if it meets both ofthe following conditions:
? It increases the scope of the lease by adding one or more underlying assets;? The increase in consideration is commensurate with the stand-alone price of the
added scope, adjusted for the circumstances of the contract.If the modification is not accounted for as a separate lease, the Company accountsfor it as follows:
? If the modified lease would have been classified as an operating lease had it
been in effect at the commencement date, the Company accounts for it as a new
operating lease from the effective date, using the net investment in the lease as
the carrying amount of the leased asset;? If the modified lease would still have been classified as a finance lease, the
Company accounts for it in accordance with the policies in Note 3(9) "Financial
Instruments" for contract modifications or reassessments.
3、 Sale and leaseback transactions
The Company assesses whether a sale has occurred in a sale and leasebacktransaction based on the principles in Note 3(25) "Revenue."
（1）As a lessee
If the transfer of the asset in a sale and leaseback transaction qualifies as a sale, theCompany measures the right-of-use asset arising from the leaseback at the portionof the carrying amount of the asset related to the right of use retained, and recognizesonly the gain or loss related to the rights transferred to the lessor.If the transfer does not qualify as a sale, the Company continues to recognize thetransferred asset and recognizes a financial liability equal to the transfer proceeds.The accounting for financial liabilities is detailed in Note 3(9) "FinancialInstruments."
（2）As a lessor
If the transfer qualifies as a sale, the Company accounts for the purchase of the assetand leases it out in accordance with the policies above for lessors. If the transfer doesnot qualify as a sale, the Company does not recognize the transferred asset butrecognizes a financial asset equal to the transfer proceeds. The accounting forfinancial assets is detailed in Note 3(9) "Financial Instruments."
(XXX) Materiality Standards and Selection Basis
| Item | Materiality Standard |
Significant non-wholly owned subsidiaries
| Significant non-wholly owned subsidiaries | Subsidiary’s net assets accounting for over 5% of the Company’s consolidated net assets or net profit accounting for over 10% of the Company’s consolidated net profit |
Significant joint ventures and associates
| Significant joint ventures and associates | Investment income under the equity method accounting for over 10% of the Company’s consolidated net profit |
Significant write-offs of receivables
| Significant write-offs of receivables | Single write-off amount exceeding 5% of the total bad debt provision for receivables or exceeding RMB 15 million |
Significant recoveries or reversals of bad debtprovisions for receivables
| Significant recoveries or reversals of bad debt provisions for receivables | Single recovery or reversal amount exceeding 5% of the total bad debt provision for receivables or exceeding RMB 15 million |
Significant prepayments aged over 1 year
| Significant prepayments aged over 1 year | Single amount exceeding 5% of total prepayments or exceeding RMB 15 million |
Significant payables aged over 1 year oroverdue
| Significant payables aged over 1 year or overdue | Single amount exceeding 5% of total payables or exceeding RMB 15 million |
Significant construction in progress
| Significant construction in progress | Project balance exceeding RMB 50 million |
(XXXI) Changes in Significant Accounting Policies and Estimates
1、 Changes in significant accounting policies
Implementation of "Accounting Standards for Business Enterprises InterpretationNo. 18" regarding the accounting treatment for warranty-type quality assurance thatdoes not constitute a separate performance obligationOn December 6, 2024, the Ministry of Finance issued "Accounting Standards forBusiness Enterprises Interpretation No. 18" (Cai Kuai [2024] No. 24, hereinafterreferred to as "Interpretation No. 18"), which came into effect on the date of issuanceand allows companies to adopt it early in their annual reports.Interpretation No. 18 stipulates that when accounting for estimated liabilities arisingfrom warranty-type quality assurance that does not constitute a separate performanceobligation, companies should debit "Cost of Sales" or "Other Operating Costs" andcredit "Estimated Liabilities" in accordance with "Accounting Standards for
Business Enterprises No. 13—Contingencies," and present the amounts in "Cost ofSales" in the income statement and "Other Current Liabilities," "Non-currentLiabilities Due Within One Year," or "Estimated Liabilities" in the balance sheet.When first applying the interpretation, if the original provision for warranty-typequality assurance was recorded in "Selling Expenses," the Company retrospectivelyadjusts the accounting policy change. The main impact of adopting this interpretationfrom 2024 is as follows:
| Content and reason for accounting policy change | Affected financial statement items | Consolidated | Parent Company | ||
| 2024 | 2023 | 2024 | 2023 | ||
| Implementation of "Accounting Standards for Business Enterprises Interpretation No. 18" | Cost of Sales | 2,097,922,084.25 | 1,667,654,042.97 | 891,328,215.46 | 1,129,775,535.65 |
| Selling Expenses | -2,097,922,084.25 | -1,667,654,042.97 | -891,328,215.46 | -1,129,775,535.65 | |
IV、 Tax Items(I) Major taxes and tax rates
| Tax type | Tax basis | Tax rate（%） |
| Value-added tax | Calculated based on output tax on sales of goods and taxable services, minus input tax deductible in the current period | 6、7、9、13 |
| Consumption tax | Based on taxable sales revenue | 1、3、5 |
| Urban maintenance and construction tax | Based on actual VAT and consumption tax paid | 5、7 |
| Corporate income tax | Based on taxable income | 15-41 |
| Education surcharge | Based on actual VAT and consumption tax paid | 3 |
| Based on actual VAT and consumption tax paid | Based on actual VAT and consumption tax paid | 2 |
(II) Tax incentives
1、 In accordance with national high-tech enterprise certification regulations and relatedtax incentives, the Company and the following subsidiaries are recognized as high-techenterprises and enjoy a preferential corporate income tax rate of 15% during specified
periods: the Company (2024–2026), Hebei Changan Automobile Co., Ltd. (2023–2025),and Shenlan Automobile Technology Co., Ltd. (2023–2025),Beijing Changan AutomobileEngineering Technology Research Co., Ltd. (from 2022 to 2024).
2、According to the "Announcement on Continuing the Corporate Income Tax Policy forWestern Development" (Announcement [2020] No. 23) jointly issued by the Ministry ofFinance, the State Taxation Administration, and the National Development and ReformCommission, from January 1, 2021, to December 31, 2030, encouraged industrialenterprises in western regions are subject to a reduced corporate income tax rate of 15%.The Company’s subsidiaries, including Chongqing Changan Automobile InternationalSales Service Co., Ltd., Chongqing Changan Special Purpose Vehicle Co., Ltd., ChongqingChangan Automobile Customer Service Co., Ltd., Chongqing Changan AutomobileSoftware Technology Co., Ltd., Chongqing Changan Technology Co., Ltd., ChongqingLingyao Automobile Co., Ltd., and Chongqing Chehemei Technology Co., Ltd., meet therequirements and calculate corporate income tax at the 15% rate.
3、According to the "Announcement on Further Supporting the Development of Small andMicro Enterprises and Individual Businesses" (Announcement [2023] No. 12), small andmicro-profit enterprises are taxed at 20% on 25% of taxable income. The Company’ssubsidiaries, including Chongqing Xingzhi Technology Co., Ltd., Shanghai ChanganZhixing Technology Co., Ltd., Nanjing Changan New Energy Vehicle Sales Service Co.,Ltd., Xiamen Changan New Energy Vehicle Sales Service Co., Ltd., Shenlan AutomobileNanjing Research Institute Co., Ltd., Chongqing Changanxing Automobile Co., Ltd.andShenlan Automobile Marketing Service (Shenzhen) Co., Ltd., are recognized as small andmicro-profit enterprises and enjoy this tax incentive.
4、According to the "Announcement on the VAT Additional Deduction Policy for AdvancedManufacturing Enterprises" (Announcement [2023] No. 43), from January 1, 2023, toDecember 31, 2027, advanced manufacturing enterprises are allowed to deduct anadditional 5% of deductible input tax from payable VAT. The Company、Hebei ChanganAutomobile Co., Ltd.and Shenlan Automobile Technology Co., Ltd. met the conditions in2024 and applied this additional deduction policy.
V、 Notes to Consolidated Financial Statement Items(I) Cash and Cash Equivalents
| Item | Ending balance | Beginning balance |
| Cash on hand | 17,882.93 | 35,257.05 |
| Bank deposits | 31,420,742,183.93 | 29,493,854,273.50 |
| Other cash and cash equivalents | 632,635,145.29 | 461,131,970.31 |
| Deposits with finance companies | 32,128,700,450.59 | 34,916,021,247.02 |
| Total | 64,182,095,662.74 | 64,871,042,747.88 |
| Including: Amounts held overseas | 1,700,478,478.22 | 1,797,894,384.53 |
Note: Cash and cash equivalents deposited with related-party finance companies aredetailed in Note 12(5)4.
(II) Financial Assets at Fair Value Through Profit or Loss
| Item | Ending balance | Beginning balance |
| Financial assets at fair value through profit or loss | ||
| Including: Equity instrument investments | 155,013,154.45 | 160,744,733.27 |
| Others | 6,774,614.02 | |
| Total | 155,013,154.45 | 167,519,347.29 |
(III) Notes Receivable
1、 Classification of notes receivable
| Items | Closing balance | Balance at the end of last year |
| Bank acceptance bills | 32,432,000,085.43 | 28,588,687,367.75 |
| Commercial acceptance bills | 13,148,904,497.29 | 9,069,703,846.26 |
| Total | 45,580,904,582.72 | 37,658,391,214.01 |
2、 Notes receivable by bad debt provision method
| Category | Ending balance | Beginning balance | ||||||||
| Carrying amount | Bad debt provision | Carrying value | Carrying amount | Bad debt provision | Carrying value | |||||
| Amount | （%） | Amount | （%） | Amount | （%） | Amount | （%） | |||
| Provision based on credit risk characteristics | 45,580,904,582.72 | 100.00 | 45,580,904,582.72 | 37,658,391,214.01 | 100.00 | 37,658,391,214.01 | ||||
| Total | 45,580,904,582.72 | 100.00 | 45,580,904,582.72 | 37,658,391,214.01 | 100.00 | 37,658,391,214.01 | ||||
Provision based on credit risk characteristics:
| Name | Ending balance | ||
| Notes receivable | Bad debt provision | Provision rate (%) | |
| Bank acceptance bills | 32,432,000,085.43 | ||
| Commercial acceptance bills | 13,148,904,497.29 | ||
| Total | 45,580,904,582.72 | ||
3、 Pledged notes receivable as of the end of the period
| Item | Ending pledged amount |
| Bank acceptance bills | 6,569,473,317.00 |
| Total | 6,569,473,317.00 |
4、 Notes receivable endorsed or discounted but not yet due as of the balance sheet
date
| Item | Ending derecognized amount | Ending unrecognized amount |
| Bank acceptance bills | 4,260,987,044.04 | |
| Total | 4,260,987,044.04 |
(IV) Accounts Receivable
1、 Accounts receivable by aging
| Aging | Ending balance | Beginning balance |
| Within 1 year (inclusive) | 3,446,137,716.23 | 2,455,130,606.98 |
| 1–2 years (inclusive) | 16,222,867.47 | 9,231,834.37 |
| 2–3 years (inclusive) | 2,555,202.33 | 436,370.13 |
| Over 3 years | 182,615,371.52 | 196,256,136.33 |
| Subtotal | 3,647,531,157.55 | 2,661,054,947.81 |
| Aging | Ending balance | Beginning balance |
| Less: Bad debt provision | 249,053,432.80 | 249,258,528.74 |
| Total | 3,398,477,724.75 | 2,411,796,419.07 |
2、 Classification and disclosure of accounts receivable according to the bad debt provision method
| Category | Ending balance | Beginning balance | ||||||||
| Carrying amount | Bad debt provision | Carrying value | Carrying amount | Bad debt provision | Carrying value | |||||
| Amount | （%） | Amount | （%） | Amount | （%） | Amount | （%） | |||
| Specific provision | 1,812,991,314.03 | 49.70 | 138,066,311.49 | 7.62 | 1,674,925,002.54 | 1,155,752,310.55 | 43.43 | 139,066,311.49 | 12.03 | 1,016,685,999.06 |
| Provision based on credit risk characteristics | 1,834,539,843.52 | 50.30 | 110,987,121.31 | 6.05 | 1,723,552,722.21 | 1,505,302,637.26 | 56.57 | 110,192,217.25 | 7.32 | 1,395,110,420.01 |
| Total | 3,647,531,157.55 | 100.00 | 249,053,432.80 | 3,398,477,724.75 | 2,661,054,947.81 | 100.00 | 249,258,528.74 | 2,411,796,419.07 | ||
Provision based on credit risk characteristics:
| Name | Ending balance | ||
| Accounts receivable | Bad debt provision | Provision rate (%) | |
| Within 1 year (inclusive) | 1,707,573,111.15 | 427,972.98 | 0.03 |
| 1–2 years (inclusive) | 1,668,290.97 | 124,237.19 | 7.45 |
| 2–3 years (inclusive) | 2,342,330.57 | 283,365.05 | 12.10 |
| Over 3 years | 122,956,110.83 | 110,151,546.09 | 89.59 |
| Total | 1,834,539,843.52 | 110,987,121.31 | |
3、 Changes in bad debt provision during the period
| Category | Beginning balance | Changes during the period | Ending balance | |||
| Provision | Recoveries or reversals | Write-offs | Other changes | |||
| Specific provision | 139,066,311.49 | 1,000,000.00 | 138,066,311.49 | |||
| Provision based on credit risk characteristics | 110,192,217.25 | 15,423,392.88 | 14,628,488.82 | 110,987,121.31 | ||
| Total | 249,258,528.74 | 15,423,392.88 | 15,628,488.82 | 249,053,432.80 | ||
4、 Top five accounts receivable and contract assets by debtor
As of December 31, 2024, the top five accounts receivable totaled RMB1,938,829,371.56,accounting for 53.15% of the total ending balance.
(V) Prepayments
1、 Prepayments by aging
| Aging | Ending balance | Beginning balance | ||
| Amount | % | Amount | % | |
| Within 1 year (inclusive) | 502,483,902.59 | 99.05 | 281,522,043.69 | 97.86 |
| 1–2 years (inclusive) | 4,504,672.39 | 0.89 | 1,248,976.74 | 0.43 |
| 2–3 years (inclusive) | 56,190.44 | 0.01 | 128,513.87 | 0.04 |
| Over 3 years | 268,916.65 | 0.05 | 4,811,476.32 | 1.67 |
| Total | 507,313,682.07 | 100.00 | 287,711,010.62 | 100.00 |
2、 Top five prepayments by prepayment object
As of December 31, 2024, the top five prepayments totaled RMB 383,792,311.56,accounting for 75.65% of the total prepayments.
(VI) Other Receivables
| Item | Ending balance | Beginning balance |
| Other receivables | 2,386,898,598.92 | 894,268,431.82 |
| Total | 2,386,898,598.92 | 894,268,431.82 |
1、 Other receivables
（1）By aging
| Aging | Ending balance | Beginning balance |
| Within 1 year (inclusive) | 2,317,334,638.91 | 832,441,463.15 |
| 1–2 years (inclusive) | 16,154,702.56 | 7,857,497.78 |
| 2–3 years (inclusive) | 2,166,618.01 | 50,952,225.85 |
| Over 3 years | 59,730,163.91 | 10,686,669.55 |
| Subtotal | 2,395,386,123.39 | 901,937,856.33 |
| Less: Bad debt provision | 8,487,524.47 | 7,669,424.51 |
| Total | 2,386,898,598.92 | 894,268,431.82 |
（2）By bad debt provision method
| Category | Ending balance | Beginning balance | ||||||||
| Carrying amount | Bad debt provision | Carrying value | Carrying amount | Bad debt provision | Carrying value | |||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||
| Specific provision | 1,515,498,434.73 | 63.27 | 7,376,768.78 | 0.49 | 1,508,121,665.95 | 720,811,020.18 | 79.92 | 7,256,494.25 | 1.01 | 713,554,525.93 |
| Provision based on credit risk characteristics | 879,887,688.66 | 36.73 | 1,110,755.69 | 0.13 | 878,776,932.97 | 181,126,836.15 | 20.08 | 412,930.26 | 0.23 | 180,713,905.89 |
| Total | 2,395,386,123.39 | 100.00 | 8,487,524.47 | 2,386,898,598.92 | 901,937,856.33 | 100.00 | 7,669,424.51 | 894,268,431.82 | ||
Provision based on credit risk characteristics:
| Name | Ending balance | ||
| Other receivables | Bad debt provision | Provision rate (%) | |
| Within 1 year (inclusive) | 813,515,334.29 | 23,504.39 | 0.00 |
| 1–2 years (inclusive) | 14,630,470.40 | 658,091.15 | 4.50 |
| 2–3 years (inclusive) | 1,237,782.06 | 0.00 | |
| Over 3 years | 50,504,101.91 | 429,160.15 | 0.85 |
| Total | 879,887,688.66 | 1,110,755.69 | |
（3）Bad debt provision details
| Bad debt provision | Stage 1 | Stage 2 | Stage 3 | Total |
| 12-month expected credit loss | Lifetime expected credit loss (not credit-impaired) | Lifetime expected credit loss (credit-impaired) | ||
| Beginning balance | 412,930.26 | 7,256,494.25 | 7,669,424.51 | |
| -Transfers to Stage2 | ||||
| -Transfers to Stage3 | ||||
| -Return to Stage2 | ||||
| -Return to Stage1 | ||||
| Provision | 697,825.43 | 261,893.60 | 959,719.03 | |
| Recoveries or reversals | 141,619.07 | 141,619.07 | ||
| Write-offs | ||||
| Other changes | ||||
| Ending balance | 1,110,755.69 | 7,376,768.78 | 8,487,524.47 |
Other receivables carrying amount changes:
| Carrying amount | Stage 1 | Stage 2 | Stage 3 | Total |
| 12-month expected credit loss | Lifetime expected credit loss (not credit-impaired) | Lifetime expected credit loss (credit-impaired) | ||
| Beginning balance | 894,681,362.08 | 7,256,494.25 | 901,937,856.33 | |
| -Transfers to Stage2 | ||||
| -Transfers to Stage3 | ||||
| -Return to Stage2 | ||||
| -Return to Stage1 | ||||
| New additions | 6,673,837,082.65 | 261,893.60 | 6,674,098,976.25 | |
| Derecognitions | 5,180,509,090.12 | 141,619.07 | 5,180,650,709.19 | |
| Other changes | ||||
| Ending balance | 2,388,009,354.61 | 7,376,768.78 | 2,395,386,123.39 |
（4）Changes in bad debt provision during the period
| Category | Beginning balance | Changes during the period | Ending balance | |||
| Provision | Recoveries or reversals | Write-offs | Other changes | |||
| Specific provision | 7,256,494.25 | 261,893.60 | 141,619.07 | 7,376,768.78 | ||
| Provision based on credit risk characteristics | 412,930.26 | 697,825.43 | 1,110,755.69 | |||
| Total | 7,669,424.51 | 959,719.03 | 141,619.07 | 8,487,524.47 | ||
（5）By nature
| Nature | Ending carrying amount | Beginning carrying amount |
| Prepaid equity investment | 1,207,100,000.00 | 95,100,000.00 |
| Nature | Ending carrying amount | Beginning carrying amount |
| Land acquisition receivables | 557,988,400.00 | |
| Subsidy receivables | 287,383,193.00 | 586,119,720.60 |
| Deposits and guarantees | 90,018,699.02 | 15,176,743.46 |
| Petty cash | 58,038,264.36 | 74,416,322.72 |
| Others | 194,857,567.01 | 131,125,069.55 |
| Total | 2,395,386,123.39 | 901,937,856.33 |
（6）Top five other receivables by debtor
As of December 31, 2024, the top five other receivables totaled RMB2,093,721,633.00, accounting for 87.41% of the total ending balance.
(VII) Inventories
1、 Inventory classification
| Category | Ending balance | Beginning balance | ||||
| Carrying amount | Provision for decline/contract fulfillment cost impairment | Carrying value | Carrying amount | Provision for decline/contract fulfillment cost impairment | Carrying value | |
| Raw materials | 350,940,520.59 | 74,247,850.42 | 276,692,670.17 | 748,776,600.96 | 378,040,520.19 | 370,736,080.77 |
| Goods in transit | 64,421,443.50 | 64,421,443.50 | 81,586,613.21 | 81,586,613.21 | ||
| Consigned processing materials | 15,916,979.50 | 15,916,979.50 | 27,617,777.37 | 27,617,777.37 | ||
| Work in progress | 1,148,535,803.86 | 43,894,048.28 | 1,104,641,755.58 | 1,291,990,811.53 | 63,870,083.00 | 1,228,120,728.53 |
| Finished goods | 15,493,584,058.93 | 129,017,809.55 | 15,364,566,249.38 | 11,890,690,577.52 | 202,418,376.89 | 11,688,272,200.63 |
| Others | 255,131,560.45 | 255,131,560.45 | 69,514,296.42 | 69,514,296.42 | ||
| Total | 17,328,530,366.83 | 247,159,708.25 | 17,081,370,658.58 | 14,110,176,677.01 | 644,328,980.08 | 13,465,847,696.93 |
2、 Inventory impairment and contract fulfillment cost impairment
| Category | Beginning balance | Increase during the period | Decrease during the period | Ending balance | ||
| Provision | Others | Reversals or write-offs | Others | |||
| Raw materials | 378,040,520.19 | 23,429,415.18 | 327,222,084.95 | 74,247,850.42 | ||
| Work in progress | 63,870,083.00 | 18,873,154.75 | 38,849,189.47 | 43,894,048.28 | ||
| Finished goods | 202,418,376.89 | 77,059,558.23 | 150,460,125.57 | 129,017,809.55 | ||
| Total | 644,328,980.08 | 119,362,128.16 | 516,531,399.99 | 247,159,708.25 | ||
The Company assesses whether the cost of inventories exceeds their net realizable value to determine the provision for inventory impairment. Netrealizable value is the estimated selling price in the ordinary course of business, less estimated costs to complete and sell the inventory. The reversal orwrite-off of inventory impairment this year is due to an increase in the net realizable value of inventories previously impaired or the sale of suchinventories during the year.
(VIII) Contract Assets
1、 Contract assets
| Item | Ending balance | Beginning balance | ||||
| Carrying amount | Impairment provision | Carrying value | Carrying amount | Impairment provision | Carrying value | |
| Contract assets | 1,275,581,683.29 | 683,154,858.55 | 592,426,824.74 | 2,104,221,673.68 | 661,344,707.38 | 1,442,876,966.30 |
| Total | 1,275,581,683.29 | 683,154,858.55 | 592,426,824.74 | 2,104,221,673.68 | 661,344,707.38 | 1,442,876,966.30 |
2、 Significant changes in carrying value during the reporting period
| Item | Change amount | Reason for change |
| New energy subsidies | 828,639,990.39 | Partial recovery of payments |
| Total | 828,639,990.39 |
3、 Contract assets by impairment provision method
| Category | Ending balance | Beginning balance | ||||||||
| Carrying amount | Impairment provision | Carrying value | Carrying amount | Impairment provision | Carrying value | |||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||
| Specific provision | 1,275,581,683.29 | 100.00 | 683,154,858.55 | 53.56 | 592,426,824.74 | 2,104,221,673.68 | 100.00 | 661,344,707.38 | 31.43 | 1,442,876,966.30 |
| Total | 1,275,581,683.29 | 100.00 | 683,154,858.55 | 592,426,824.74 | 2,104,221,673.68 | 100.00 | 661,344,707.38 | 1,442,876,966.30 | ||
Specific provision for contract assets:
| Name | Ending balance | |||
| Carrying amount | Impairment provision | Provision rate (%) | Basis for provision | |
| Contract assets | 1,275,581,683.29 | 683,154,858.55 | 53.56 | Specific provision |
| Total | 1,275,581,683.29 | 683,154,858.55 | ||
4、 Contract asset impairment provision changes during the period
| Items | Balance at the end of last year | Change amount | Closing balance | |||
| Provision | Reversals | Reversals or write-offs | Others | |||
| Contract assets | 661,344,707.38 | 24,737,482.17 | 2,927,331.00 | 683,154,858.55 | ||
| Total | 661,344,707.38 | 24,737,482.17 | 2,927,331.00 | 683,154,858.55 | ||
(IX) Non-current Assets Due Within One Year
| Item | Ending balance | Beginning balance |
| Long-term receivables due within one year | 254,821,266.90 | |
| Large-denomination certificates of deposit due within one year | 54,326,849.32 | |
| Total | 309,148,116.22 |
(X) Other Current Assets
| Item | Ending balance | Beginning balance |
| Deductible input VAT | 1,691,898,079.82 | 1,393,763,691.38 |
| Prepaid taxes | 443,749,745.68 | 336,795,620.72 |
| Time deposits and others | 39,308,007.51 | 8,004,894,049.22 |
| Total | 2,174,955,833.01 | 9,735,453,361.32 |
(XI) Long-term Receivables
1、 Long-term receivables
| Item | Ending balance | Beginning balance | ||||
| Carrying amount | Impairment provision | Carrying value | Carrying amount | Impairment provision | Carrying value | |
| Long-term receivables | 1,783,748,868.29 | 1,783,748,868.29 | ||||
| Subtotal | 1,783,748,868.29 | 1,783,748,868.29 | ||||
| Less: Portion due within one year | 254,821,266.90 | 254,821,266.90 | ||||
| Total | 1,528,927,601.39 | 1,528,927,601.39 | ||||
(XII) Long-term Equity Investments
1、 Long-term equity investments
| Investee | Beginning balance | Impairment provision at beginning | Changes during the period | Ending balance | Impairment provision at end | |||||||
| Additional investment | Disposal | Investment income under equity method | Other comprehensive income adjustment | Other equity changes | Dividends declared | Impairment provision | Others | |||||
| 1．Joint ventures | ||||||||||||
| Nanchang Jiangling Holding Co., Ltd. | 2,106,206,520.20 | 313,351,270.08 | 1,193,152.92 | 2,420,750,943.20 | ||||||||
| Changan Mazda Automobile Co., Ltd. | 878,239,492.13 | -144,273,889.67 | 733,965,602.46 | |||||||||
| Investee | Beginning balance | Impairment provision at beginning | Changes during the period | Ending balance | Impairment provision at end | |||||||
| Additional investment | Disposal | Investment income under equity method | Other comprehensive income adjustment | Other equity changes | Dividends declared | Impairment provision | Others | |||||
| Changan Mazda Engine Co., Ltd. | 805,005,706.40 | 1,506,045.10 | 806,511,751.50 | |||||||||
| Changan Ford Automobile Co., Ltd. | 712,215,024.57 | 712,215,024.57 | ||||||||||
| Subtotal | 3,789,451,718.73 | 882,798,450.08 | 1,193,152.92 | 4,673,443,321.73 | ||||||||
| 2．Associates | ||||||||||||
| Chongqing Changan Kuayue Automobile Co., Ltd. | 228,765,251.64 | 15,760,452.33 | -3,430,000.00 | 241,095,703.97 | ||||||||
| Changan Automobile Financing Co.,Ltd | 3,041,392,973.86 | 352,498,662.97 | -94,588,250.82 | 3,299,303,386.01 | ||||||||
| Nanjing Chelai Travel Technology Co., Ltd. | 584,824.65 | -258,011.64 | 326,813.01 | |||||||||
| Hunan Guoxin Semiconductor Technology Co., Ltd. | 28,502,232.09 | 731,114.48 | -1,064,179.49 | 28,169,167.08 | ||||||||
| Nanjing Leading Equity Investment Management Co., Ltd. (Limited Partnership) ） | 2,645,793,326.69 | 473,124,694.92 | 3,118,918,021.61 | |||||||||
| Nanjing Leading Equity Investment Partnership | 1,107,400.12 | -6,679.24 | 1,100,720.88 | |||||||||
| Zhongqi Chuangzhi Technology Co., Ltd. | 448,515,220.54 | -18,766,519.68 | 429,748,700.86 | |||||||||
| Chongqing Changxin Zhiqi Private Equity Investment Fund Partnership (Limited Partnership) | 204,518,396.38 | 20,090,000.00 | 51,626,019.73 | 276,234,416.11 | ||||||||
| Anhe (Chongqing) Equity Investment Fund Management Co., Ltd. | 61,692,352.41 | 369,799.56 | 62,062,151.97 | |||||||||
| Avatr Technology (Chongqing) Co., Ltd. | 2,295,710,259.79 | 4,300,474,961.00 | -1,707,608,134.64 | 161,011.66 | 9,130,235.56 | 4,897,868,333.37 | ||||||
| Investee | Beginning balance | Impairment provision at beginning | Changes during the period | Ending balance | Impairment provision at end | |||||||
| Additional investment | Disposal | Investment income under equity method | Other comprehensive income adjustment | Other equity changes | Dividends declared | Impairment provision | Others | |||||
| Chongqing Chang'an Chuangxin Private Equity Investment Fund Partnership (Limited Partnership) | 70,104,473.99 | 68,813,333.00 | 24,104,733.13 | 163,022,540.12 | ||||||||
| Chongqing Changyu Private Equity Investment Fund Partnership (Limited Partnership) | 69,600,000.00 | -926,505.88 | 68,673,494.12 | |||||||||
| Hangzhou Chelizi Intelligent Technology Co., Ltd. | 1,111,663.20 | -340,002.08 | 771,661.12 | |||||||||
| Western Car Network (Chongqing) Co., Ltd. | 5,183,910.52 | 379,540.80 | 5,563,451.32 | |||||||||
| Anhe (Chongqing) Private Equity Investment Fund Management Co., Ltd. | 5,970,815.86 | 923,653.89 | 6,894,469.75 | |||||||||
| Chongqing Changxian Intelligent Technology Co., Ltd | 105,033,367.07 | 11,044,986.33 | 116,078,353.40 | |||||||||
| Changan Ford Automobile Co., Ltd. | 67,713,664.93 | 64,331,740.38 | 132,045,405.31 | |||||||||
| Chenzhi Anqi (Chongqing) Recycling Technology Co., Ltd. | 10,800,000.00 | 4,724.73 | 10,804,724.73 | |||||||||
| Master Changan Motors Limited | 43,377,199.66 | 6,052,059.91 | -5,967,137.61 | 43,462,121.96 | ||||||||
| Chongqing Anda Semiconductor Co., Ltd. | 45,009,157.18 | -427,699.09 | 44,581,458.09 | |||||||||
| Chongqing Wutong Chelian Technology Co., Ltd. | 79,781,303.57 | 99,438.95 | 79,880,742.52 | |||||||||
| Times FAW Power Battery Co., Ltd. | 276,006,999.87 | 58,974,934.18 | 334,981,934.05 | |||||||||
| Era Chang'an Power Battery Co., Ltd | 342,065,472.72 | 343,000,000.00 | -194,420,683.31 | 490,644,789.41 | ||||||||
| Investee | Beginning balance | Impairment provision at beginning | Changes during the period | Ending balance | Impairment provision at end | |||||||
| Additional investment | Disposal | Investment income under equity method | Other comprehensive income adjustment | Other equity changes | Dividends declared | Impairment provision | Others | |||||
| Subtotal | 9,997,940,266.74 | 4,812,778,294.00 | -862,727,679.27 | -5,806,125.95 | 9,130,235.56 | -99,082,430.31 | 13,852,232,560.77 | |||||
| Total | 13,787,391,985.47 | 4,812,778,294.00 | 20,070,770.81 | -4,612,973.03 | 9,130,235.56 | -99,082,430.31 | 18,525,675,882.50 | |||||
(XIII) Other equity instrument investments
1、 Other equity instrument investment situation
| Items | Closing balance | Balance at the end of last year | Gains included in other comprehensive income for the current period | Losses included in other comprehensive income for the current period | The cumulative gains included in other comprehensive income as of the end of this period | The cumulative losses included in other comprehensive income as of the end of this period | The dividend income recognized in this period | Reasons for designating as financial assets at fair value through other comprehensive income |
| China South Industries Group Finance Co., Ltd. | 351,900,000.00 | 335,540,000.00 | 16,360,000.00 | 194,879,200.00 | Unlisted equity instruments | |||
| National Innovation Center of Intelligent and connected Vehicles | 58,000,000.00 | 83,000,000.00 | 25,000,000.00 | 8,000,000.00 | Unlisted equity instruments | |||
| Guolian Automobile Power Battery Research Institute Co.,Ltd. | 30,390,000.00 | 39,590,000.00 | 9,200,000.00 | 9,610,000.00 | Unlisted equity instruments | |||
| China South Industries Financial Leasing Co., Ltd. | 38,180,000.00 | 28,300,000.00 | 9,880,000.00 | 7,628,000.00 | Unlisted equity instruments |
| Items | Closing balance | Balance at the end of last year | Gains included in other comprehensive income for the current period | Losses included in other comprehensive income for the current period | The cumulative gains included in other comprehensive income as of the end of this period | The cumulative losses included in other comprehensive income as of the end of this period | The dividend income recognized in this period | Reasons for designating as financial assets at fair value through other comprehensive income |
| Zhong Fa Lian Investment Co., Ltd. | 14,801,858.72 | 14,801,858.72 | 6,198,141.28 | 31,916,267.50 | Unlisted equity instruments | |||
| CAERI(Beijing) automobile Lightweight Technology Research Institution Co., Ltd. | 3,252,414.81 | 2,958,223.99 | 294,190.82 | 252,414.81 | 74,412.00 | Unlisted equity instruments | ||
| Total | 496,524,273.53 | 504,190,082.71 | 26,534,190.82 | 34,200,000.00 | 210,759,614.81 | 15,808,141.28 | 31,990,679.50 |
(XIV) Investment property
1、 Investment properties using the cost measurement model
| Items | Buildings | Total |
| 1．Original cost | ||
| （1）Balance at the end of last year | 10,050,100.00 | 10,050,100.00 |
| （2）Increase in the current period | ||
| （3）Decrease in the current period | ||
| （4）Balance at the end of the period | 10,050,100.00 | 10,050,100.00 |
| 2．Accumulated depreciation and accumulated amortization | ||
| （1）Balance at the end of last year | 3,854,096.52 | 3,854,096.52 |
| （2）Increase in the current period | 226,711.56 | 226,711.56 |
| —Provision or amortization | 226,711.56 | 226,711.56 |
| （3）Decrease in the current period | ||
| （4）Balance at the end of the period | 4,080,808.08 | 4,080,808.08 |
| 3．Impairment provision | ||
| （1）Balance at the end of last year | ||
| （2）Increase in the current period | ||
| （3）Decrease in the current period | ||
| （4）Balance at the end of the period | ||
| 4．Carrying amount | ||
| （1）Closing balance of carrying amount | 5,969,291.92 | 5,969,291.92 |
| （2）Carrying amount at the end of last year | 6,196,003.48 | 6,196,003.48 |
(XV) Fixed assets
1、 Fixed assets and disposal of fixed assets
| Items | Closing balance | Balance at the end of last year |
| Fixed assets | 21,773,526,063.55 | 19,994,084,908.14 |
| Total | 21,773,526,063.55 | 19,994,084,908.14 |
2、 Details of fixed assets
| Items | Buildings | Machinery and equipment | Transportation equipment | Other Equipment | Total |
| 1．Original carrying amount | |||||
| （1）Balance at the end of last year | 10,402,849,881.70 | 28,090,256,805.16 | 1,669,155,485.79 | 10,398,235,511.86 | 50,560,497,684.51 |
| （2）Increase in the period | 1,940,690,306.29 | 2,929,384,604.41 | 13,997,105.98 | 993,256,897.88 | 5,877,328,914.56 |
| —Purchase | 1,729,510,417.60 | 336,994,592.30 | 9,809,628.36 | 15,891,677.45 | 2,092,206,315.71 |
| —Transferred from construction in progress | 205,884,145.63 | 2,592,003,163.11 | 4,187,477.62 | 977,358,585.73 | 3,779,433,372.09 |
| —Exchange rate fluctuation | 5,295,743.06 | 386,849.00 | 6,634.70 | 5,689,226.76 | |
| （3）Decrease in the period | 1,049,094,368.27 | 2,792,863,817.74 | 1,390,322,451.97 | 962,747,632.54 | 6,195,028,270.52 |
| —Disposal or scrapping | 1,049,094,368.27 | 2,357,563,890.46 | 1,390,322,451.97 | 943,296,238.22 | 5,740,276,948.92 |
| —Government grants | 434,613,697.28 | 19,251,009.80 | 453,864,707.08 | ||
| —Exchange rate fluctuation | 686,230.00 | 200,384.52 | 886,614.52 | ||
| （4）Closing balance | 11,294,445,819.72 | 28,226,777,591.83 | 292,830,139.80 | 10,428,744,777.20 | 50,242,798,328.55 |
| 2．Accumulated depreciation |
| Items | Buildings | Machinery and equipment | Transportation equipment | Other Equipment | Total |
| （1）Balance at the end of last year | 3,252,045,432.73 | 17,904,036,679.47 | 770,934,918.45 | 5,827,737,532.10 | 27,754,754,562.75 |
| （2）Increase in the period | 584,512,771.19 | 1,749,750,305.93 | 185,359,886.78 | 502,063,712.65 | 3,021,686,676.55 |
| —Provision | 584,458,172.59 | 1,748,904,015.77 | 185,359,886.78 | 502,057,179.96 | 3,020,779,255.10 |
| —Exchange rate fluctuation | 54,598.60 | 846,290.16 | 6,532.69 | 907,421.45 | |
| （3）Decrease in the period | 676,950,793.66 | 2,409,721,699.09 | 783,070,455.12 | 820,262,796.95 | 4,690,005,744.82 |
| —Disposal or scrapping | 676,950,793.66 | 2,409,078,704.12 | 783,070,455.12 | 820,141,927.47 | 4,689,241,880.37 |
| —Exchange rate fluctuation | 642,994.97 | 120,869.48 | 763,864.45 | ||
| （4）Closing balance | 3,159,607,410.26 | 17,244,065,286.31 | 173,224,350.11 | 5,509,538,447.80 | 26,086,435,494.48 |
| 3．Provision for impairment | |||||
| （1）Balance at the end of last year | 63,168,825.18 | 2,319,193,144.50 | 33,357,247.40 | 395,938,996.54 | 2,811,658,213.62 |
| （2）Increase in the period | 299,928.06 | 47,876,023.65 | 74,144.87 | 18,910,751.54 | 67,160,848.12 |
| —Provision | 299,928.06 | 47,876,023.65 | 74,144.87 | 18,910,751.54 | 67,160,848.12 |
| （3）Decrease in the period | 1,222,757.40 | 321,022,414.63 | 32,240,600.40 | 141,496,518.79 | 495,982,291.22 |
| —Disposal or scrapping | 1,222,757.40 | 321,022,414.63 | 32,240,600.40 | 141,496,518.79 | 495,982,291.22 |
| Items | Buildings | Machinery and equipment | Transportation equipment | Other Equipment | Total |
| （4）Closing balance | 62,245,995.84 | 2,046,046,753.52 | 1,190,791.87 | 273,353,229.29 | 2,382,836,770.52 |
| 4．Carrying amount | |||||
| （1）Closing balance of carrying amount | 8,072,592,413.62 | 8,936,665,552.00 | 118,414,997.82 | 4,645,853,100.11 | 21,773,526,063.55 |
| （2）Carrying amount at the end of last year | 7,087,635,623.79 | 7,867,026,981.19 | 864,863,319.94 | 4,174,558,983.22 | 19,994,084,908.14 |
Note: In the year 2024, the company adjusted certain production lines and discontinued vehicle production lines that are at the end of their life cycles.The relevant assets have shown signs of impairment after assessment. Given that the recoverable amount of these assets is lower than their carryingvalue, an impairment charge of 67,1608 million yuan has been made for this period.
3、 Temporarily idle fixed assets
As of December 31, 2024, fixed assets with a Carrying amount of RMB136,677,753.98 (December 31, 2023: RMB 187,074,047.38) are temporarily idledue to product upgrading and other reasons.
4、 The situation of fixed assets leased out through operating leases
| Items | Original carrying amount | Accumulated depreciation | Provision for impairment | Carrying amount l |
| Bulidings | 3,152,745,145.40 | 974,059,306.67 | 13,971,205.80 | 2,164,714,632.93 |
5、 Fixed assets situation without property rights certificate
As of December 31, 2024, the Company has no fixed assets with uncompletedproperty rights certificates.
(XVI) Construction in progress
1、 Construction in progress and construction materials
| Items | Closing balance | Balance at the end of last year | ||||
| Book balance | Provision for impairment | Carrying amount | Book balance | Provision for impairment | Carrying amount | |
| Construction in progress | 1,624,245,622.47 | 27,861,352.87 | 1,596,384,269.60 | 1,944,108,183.56 | 29,762,823.73 | 1,914,345,359.83 |
| Total | 1,624,245,622.47 | 27,861,352.87 | 1,596,384,269.60 | 1,944,108,183.56 | 29,762,823.73 | 1,914,345,359.83 |
2、 Details of construction in progress
| Items | Closing balance | Balance at the end of last year | ||||
| Book balance | Provision for impairment | Carrying amount | Book balance | Provision for impairment | Carrying amount | |
| Production line construction and technical | 1,070,073,195.24 | 1,070,073,195.24 | 626,139,410.60 | 626,139,410.60 | ||
| Items | Closing balance | Balance at the end of last year | ||||
| Book balance | Provision for impairment | Carrying amount | Book balance | Provision for impairment | Carrying amount | |
| transformation project | ||||||
| engineering construction project | 101,071,006.57 | 101,071,006.57 | 750,986,351.54 | 750,986,351.54 | ||
| Engine technical transformation project | 30,174,549.42 | 20,921,684.06 | 9,252,865.36 | 204,550,269.22 | 20,921,684.06 | 183,628,585.16 |
| relocation for environmental protection project | 59,586,596.48 | 59,586,596.48 | ||||
| Others | 422,926,871.24 | 6,939,668.81 | 415,987,202.43 | 302,845,555.72 | 8,841,139.67 | 294,004,416.05 |
| Total | 1,624,245,622.47 | 27,861,352.87 | 1,596,384,269.60 | 1,944,108,183.56 | 29,762,823.73 | 1,914,345,359.83 |
3、 Movements of significant construction in progress for the period
| Items | Budgeted amount | Balance at the end of last year | Increase in the period | Amount transferred in fixed Assets for the period | Other decreases for the period | Closing balance | Accumulated investment in project as a percentage of total budget（%） | Project progress （%） | Accumulated amount of interest capitalized | Of which: amount of interest capitalized for the period | Interest capitalized rate for the period（%） | Sources of fund |
| Production line construction and technical transformation project | 6,843,112,449.78 | 626,139,410.60 | 1,978,146,484.29 | 1,534,212,699.65 | 1,070,073,195.24 | 68.88 | 68.88 | Self-raised funds and financing | ||||
| engineering construction project | 6,291,360,000.00 | 750,986,351.54 | 798,353,027.46 | 1,448,268,372.43 | 101,071,006.57 | 88.06 | 88.06 | Self-raised fund | ||||
| Engine technical transformation project | 444,200,000.00 | 204,550,269.22 | 139,797,669.34 | 314,173,389.14 | 30,174,549.42 | 70.73 | 70.73 | Self-raised fund |
| Items | Budgeted amount | Balance at the end of last year | Increase in the period | Amount transferred in fixed Assets for the period | Other decreases for the period | Closing balance | Accumulated investment in project as a percentage of total budget（%） | Project progress （%） | Accumulated amount of interest capitalized | Of which: amount of interest capitalized for the period | Interest capitalized rate for the period（%） | Sources of fund |
| relocation for environmental protection project | 1,912,510,000.00 | 59,586,596.48 | 18,930,945.62 | 78,517,542.10 | 100.00 | 100.00 | Self-raised fund | |||||
| Others | 302,845,555.72 | 524,342,684.29 | 404,261,368.77 | 422,926,871.24 | Self-raised funds and financing | |||||||
| Total | 1,944,108,183.56 | 3,459,570,811.00 | 3,779,433,372.09 | 1,624,245,622.47 |
4、 The movement of impairment for construction in progress
| Items | Balance at the end of last year | changes in the current period | Closing balance | reason for provision | ||
| Provision | Write-off | Others | ||||
| Engine technical transformation project | 20,921,684.06 | 20,921,684.06 | ||||
| Others | 8,841,139.67 | 1,901,470.86 | 6,939,668.81 | |||
| Total | 29,762,823.73 | 1,901,470.86 | 27,861,352.87 | |||
(XVII) Right-of-use assets
1、 Details of construction in progress right-of-use assets
| Items | Buildings | Machinery and equipment | Total |
| 1．Original carrying amount | |||
| （1）Balance at the end of last year | 338,339,110.19 | 338,339,110.19 | |
| （2）Increase in the period | 166,609,758.77 | 14,150,442.47 | 180,760,201.24 |
| —Additional lease | 166,609,758.77 | 14,150,442.47 | 180,760,201.24 |
| （3）Decrease in the period | 91,719,147.28 | 91,719,147.28 | |
| —Disposal | 91,719,147.28 | 91,719,147.28 | |
| （4）Closing balance | 413,229,721.68 | 14,150,442.47 | 427,380,164.15 |
| 2．Accumulated depreciation | |||
| （1）Balance at the end of last year | 128,858,434.15 | 128,858,434.15 | |
| （2）Increase in the period | 99,922,444.15 | 2,721,238.94 | 102,643,683.09 |
| —Provision | 99,922,444.15 | 2,721,238.94 | 102,643,683.09 |
| （3）Decrease in the period | 77,419,794.84 | 77,419,794.84 | |
| —Disposal | 77,419,794.84 | 77,419,794.84 |
| Items | Buildings | Machinery and equipment | Total |
| （4）Closing balance | 151,361,083.46 | 2,721,238.94 | 154,082,322.40 |
| 3．Provision for impairment | |||
| （1）Balance at the end of last year | |||
| （2）Increase in the period | |||
| —Provision | |||
| （3）Decrease in the period | |||
| —Disposal | |||
| （4）Closing balance | |||
| 4．Carrying amount | |||
| （1）Closing balance of carrying amount | 261,868,638.22 | 11,429,203.53 | 273,297,841.75 |
| （2）Opening balance of carrying amount | 209,480,676.04 | 209,480,676.04 |
(XVIII) Intangible assets
1、 Details of construction in intangible assets
| Items | Land use rights | Software use rights | Trademark use rights | Non-patent technology | Patent technology | Total |
| 1．Original carrying amount | ||||||
| （1）Balance at the end of last year | 2,337,635,635.46 | 882,238,600.76 | 2,624,669,183.78 | 18,444,521,672.27 | 85,581,514.70 | 24,374,646,606.97 |
| （2）Increase in the period | 379,320,000.00 | 43,434,638.15 | 3,110,914.02 | 4,126,898,912.99 | 4,552,764,465.16 | |
| —Purchase | 379,320,000.00 | 43,387,043.91 | 3,110,914.02 | 19,031,915.14 | 444,849,873.07 | |
| —Internal research and development | 4,107,866,997.85 | 4,107,866,997.85 | ||||
| —Exchange rate fluctuation | 47,594.24 | 47,594.24 | ||||
| （3）Decrease in the period | 237,125,400.58 | 23,978,198.00 | 9,907.85 | 228,712,530.19 | 489,826,036.62 | |
| —Disposal | 237,125,400.58 | 23,602,922.58 | 228,712,530.19 | 489,440,853.35 |
| Items | Land use rights | Software use rights | Trademark use rights | Non-patent technology | Patent technology | Total |
| —Exchange rate fluctuation | 375,275.42 | 9,907.85 | 385,183.27 | |||
| （4）Closing balance | 2,479,830,234.88 | 901,695,040.91 | 2,627,770,189.95 | 22,342,708,055.07 | 85,581,514.70 | 28,437,585,035.51 |
| 2．Accumulated amortization | ||||||
| （1）Balance at the end of last year | 513,880,306.26 | 762,030,686.88 | 432,976,863.44 | 7,107,014,737.05 | 15,685,994.98 | 8,831,588,588.61 |
| （2）Increase in the period | 57,920,199.77 | 47,643,604.17 | 241,330,428.21 | 2,327,331,382.71 | 8,558,151.45 | 2,682,783,766.31 |
| —Provision | 57,920,199.77 | 47,598,182.01 | 241,330,428.21 | 2,327,331,382.71 | 8,558,151.45 | 2,682,738,344.15 |
| —Exchange rate fluctuation | 45,422.16 | 45,422.16 | ||||
| （3）Decrease in the period | 121,038,001.31 | 24,042,208.26 | 4,245.06 | 208,478,077.32 | 353,562,531.95 | |
| —Disposal | 121,038,001.31 | 23,602,922.58 | 208,478,077.32 | 353,119,001.21 | ||
| —Exchange rate fluctuation | 439,285.68 | 4,245.06 | 443,530.74 |
| Items | Land use rights | Software use rights | Trademark use rights | Non-patent technology | Patent technology | Total |
| （4）Closing balance | 450,762,504.72 | 785,632,082.79 | 674,303,046.59 | 9,225,868,042.44 | 24,244,146.43 | 11,160,809,822.97 |
| 3．Provision for impairment | ||||||
| （1）Balance at the end of last year | 23,617,923.17 | 19,916,416.63 | 453,960,028.77 | 497,494,368.57 | ||
| （2）Increase in the period | 2,464,800.00 | 8,749,717.59 | 11,214,517.59 | |||
| —Provision | 2,464,800.00 | 8,749,717.59 | 11,214,517.59 | |||
| （3）Decrease in the period | 3,783,599.85 | 3,783,599.85 | ||||
| —Disposal | 3,783,599.85 | 3,783,599.85 | ||||
| （4）Closing balance | 23,617,923.17 | 22,381,216.63 | 458,926,146.51 | 504,925,286.31 | ||
| 4．Carrying amount | ||||||
| （1）Closing balance of carrying amount | 2,029,067,730.16 | 92,445,034.95 | 1,931,085,926.73 | 12,657,913,866.12 | 61,337,368.27 | 16,771,849,926.23 |
| Items | Land use rights | Software use rights | Trademark use rights | Non-patent technology | Patent technology | Total |
| （2）Opening balance of carrying amount | 1,823,755,329.20 | 96,589,990.71 | 2,171,775,903.71 | 10,883,546,906.45 | 69,895,519.72 | 15,045,563,649.79 |
Note: After evaluation for the year 2024, considering the recoverable amount of the related assets is lower than the carrying value of the assets, thisperiod Provision impairment amounts to 11,2145 million yuan.
(XIX) Goodwill
1、 Movements in goodwill
| Names of investees or items resulting in goodwill | Balance at the end of last year | Increase for the period | Decrease for the period | Closing balance | ||
| By business combination | Others | Disposal | Others | |||
| Original carrying amount | ||||||
| Nanjing Changan Automobile Co., Ltd. | 73,465,335.00 | 73,465,335.00 | ||||
| Hebei Changan Automobile Co., Ltd. | 9,804,394.00 | 9,804,394.00 | ||||
| Deep Blue Automotive Technology Co., Ltd. | 1,800,926,049.16 | 1,800,926,049.16 | ||||
| Subtotal | 1,884,195,778.16 | 1,884,195,778.16 | ||||
| Provision for impairment | ||||||
| Nanjing Changan Automobile Co., Ltd. | 73,465,335.00 | 73,465,335.00 | ||||
| Subtotal | 73,465,335.00 | 73,465,335.00 | ||||
| Carrying amount | 1,810,730,443.16 | 1,810,730,443.16 | ||||
Note: During the impairment test for goodwill, the Company compares the Carryingamount of the related assets or asset groups (including goodwill) with theirrecoverable amounts. If the recoverable amount is lower than the Carrying amount,the relevant difference is recognized in the current period's profit or loss.
In 2024, when conducting an impairment test on the goodwill formed from thebusiness combination of Shenlan Automobile Technology Co., Ltd., our companyregarded the asset group containing the goodwill as a whole. At the end of the year,the present value of the expected future cash flows of such asset group was taken asits recoverable amount. The management engaged an independent third party,Sichuan Tianjian Huaheng Assets Appraisal Co., Ltd., to assess the recoverableamount of such asset group. The future cash flows were calculated based on thefinancial budgets for the years from 2025 to 2032 approved by the management. Thekey assumptions used for calculating the present value of the expected future cash
flows include: based on the past performance of the asset group and marketexpectations, the growth rate of sales revenue during the forecast period and thegrowth rate of sales revenue during the stable period are both 0%; and the pre-taxdiscount rate is 11.37%. According to the relevant assessments and tests, at the endof the year, the recoverable amount of such asset group was greater than its carryingvalue, and there were no indications of impairment.
(XX) Long-term deferred expenses
| Items | Balance at the end of last year | Increase in the period | Amortisation for the period | Other decreases | Closing balance |
| Premium for extended warranty | 21,709,036.17 | 6,631,516.77 | 15,077,519.40 | ||
| Others | 2,453,183.89 | 1,022,005.83 | 1,178,595.41 | 641,665.94 | 1,654,928.37 |
| Total | 24,162,220.06 | 1,022,005.83 | 7,810,112.18 | 641,665.94 | 16,732,447.77 |
(XXI) Deferred tax assets and deferred tax liabilities
1、 Deferred tax assets which are not offset
| Items | Closing balance | Balance at the end of last year | ||
| Deductible temporary differences | Deferred tax assets | Deductible temporary differences | Deferred tax assets | |
| Provision for asset impairment | 2,812,780,308.55 | 427,610,261.04 | 3,326,010,289.07 | 505,667,423.10 |
| Accrued expenses and contingent liabilities | 11,361,903,139.00 | 1,720,368,405.84 | 9,745,432,595.40 | 1,478,634,793.00 |
| Unpaid tech development expense | 201,717,814.00 | 30,257,672.10 | 108,882,829.52 | 16,332,424.43 |
| Items | Closing balance | Balance at the end of last year | ||
| Deductible temporary differences | Deferred tax assets | Deductible temporary differences | Deferred tax assets | |
| andadvertisement expense | ||||
| deferred income | 3,015,492,016.33 | 492,368,621.35 | 3,143,730,047.41 | 516,280,314.00 |
| Unpaid salary and bonus and others | 6,164,872,452.88 | 936,046,685.59 | 5,069,078,308.78 | 762,158,961.20 |
| Total | 23,556,765,730.76 | 3,606,651,645.92 | 21,393,134,070.18 | 3,279,073,915.73 |
2、 Deferred tax liabilities which are not offset
| Items | Closing balance | Balance at the end of last year | ||
| Taxable temporary differences | Deferred tax liabilities | Taxable temporary differences | Deferred tax liabilities | |
| Available-for-sale financial assets on the changes in fair value recorded in capital reserve | 250,964,630.18 | 37,644,694.53 | 271,136,632.22 | 40,670,494.83 |
| Fair value adjustment of business combination not under common control | 8,068,028,361.06 | 1,210,204,254.16 | 9,077,843,422.40 | 1,361,676,513.36 |
| Long-term equity investment | 1,596,988,035.55 | 239,548,205.33 | 1,053,139,619.28 | 157,970,942.89 |
| Others | 2,572,489,279.25 | 389,709,175.51 | 234,662,947.30 | 36,576,889.00 |
| Total | 12,488,470,306.04 | 1,877,106,329.53 | 10,636,782,621.20 | 1,596,894,840.08 |
3、 Deferred tax assets or liabilities presented at the net amount after offsetting
| Items | Closing balance | Balance as at the end of last year | ||
| Offset amount of deferred income tax assets and liabilities | Balance of deferred income tax assets or liabilities after offset | Offset amount of deferred income tax assets and liabilities | Balance of deferred income tax assets or liabilities after offset | |
| Deferred tax assets | 42,391,398.35 | 3,564,260,247.57 | 30,819,858.08 | 3,248,254,057.65 |
| Deferred tax liabilities | 42,391,398.35 | 1,834,714,931.18 | 30,819,858.08 | 1,566,074,982.00 |
4、 Details of unrecognized deferred income tax assets
| Items | Closing balance | Balance at the end of last year |
| The deductible temporary difference | 1,537,577,954.97 | 1,764,330,466.02 |
| The deductible tax loss | 11,267,351,181.99 | 10,207,352,860.58 |
| Total | 12,804,929,136.96 | 11,971,683,326.60 |
5、 Deductible tax losses that are not recognized as deferred tax assets will expire
in the following years
| Year | Closing balance | Balance at the end of last year | Notes |
| 2024 | 1,026,714,782.44 | ||
| 2025 | 1,675,980,498.87 | 1,484,227,541.07 | |
| 2026 | 2,469,603,797.30 | 2,622,637,735.99 | |
| 2027 | 2,020,139,471.49 | 2,162,063,388.55 | |
| 2028 | 2,888,007,630.83 | 2,911,709,412.53 | |
| 2029 and beyond | 2,213,619,783.50 | ||
| Total | 11,267,351,181.99 | 10,207,352,860.58 |
(XXII) Other non-current assets
| Items | Closing balance | Balance at the end of last year | ||||
| Book balance | Provision for impairment | Carrying amount | Book balance | Provision for impairment | Carrying amount | |
| Certificates of deposit and time deposit | 3,250,000,000.00 | 3,250,000,000.00 | ||||
| Advance payment for project construction | 455,745,345.02 | 455,745,345.02 | 450,000,000.00 | 450,000,000.00 | ||
| Total | 3,705,745,345.02 | 3,705,745,345.02 | 450,000,000.00 | 450,000,000.00 | ||
(XXIII) Assets with restricted ownership or use rights
| Items | Closing | The end of last year | ||||||
| Book balance | Carrying amount | Type of restriction | Circumstances of restriction | Book balance | Carrying amount | Type of restriction | Circumstances of restriction | |
| Monetary funds | 907,719,149.74 | 907,719,149.74 | Security deposit and others | Security deposit and others | 945,084,846.77 | 945,084,846.77 | Security deposit and others | Security deposit and others |
| Notes receivable | 6,569,473,317.00 | 6,569,473,317.00 | Bill pledge | Bill pledge | 7,309,419,058.87 | 7,309,419,058.87 | Bill pledge | Bill pledge |
| Total | 7,477,192,466.74 | 7,477,192,466.74 | 8,254,503,905.64 | 8,254,503,905.64 | ||||
(XXIV) Short-term loans
1、 Classification of short-term loans
| Items | Closing balance | Balance at the end of last year |
| Credit loan | 40,036,055.69 | 30,039,416.74 |
| Total | 40,036,055.69 | 30,039,416.74 |
Note: As of December 31, 2024, the annual interest rate for the aforementioned loanis 1.90%-3.30%.As of December 31, 2024, there are no overdue short-term loans.
(XXV) Notes payable
| Category | Closing balance | Balance at the end of last year |
| Commercial acceptance bill | 32,776,976,747.35 | 34,512,997,041.12 |
| Bank acceptance bill | 2,033,628,765.26 | 2,943,672,886.95 |
| Total | 34,810,605,512.61 | 37,456,669,928.07 |
(XXVI) Accounts payable
1、 Accounts payable
| Items | Closing balance | Balance at the end of last year |
| Accounts payable for goods | 43,835,671,129.12 | 38,289,947,321.45 |
| Total | 43,835,671,129.12 | 38,289,947,321.45 |
Notes：As of December 31, 2024, there were no significant accounts payable withan aging period of more than one year.
(XXVII) Advances from customers
1、 Advances from customers
| Items | Closing balance | Balance at the end of last year |
| Advance rental receipts | 477,390.93 | 686,755.00 |
| Total | 477,390.93 | 686,755.00 |
(XXVIII) Contract liabilities
1、 Contract liabilities
| Items | Closing balance | Balance at the end of last year |
| Advance payment | 9,559,537,581.14 | 6,780,177,101.71 |
| Advance service payment | 1,328,359,414.35 | 1,143,615,751.06 |
| Total | 10,887,896,995.49 | 7,923,792,852.77 |
(XXIX) Payroll payable
1、 Payroll payable
| Items | Balance at the end of last year | Increase for the period | Decrease for the period | Closing balance |
| Short-term benefits | 2,645,581,324.21 | 11,932,353,304.02 | 11,468,077,163.24 | 3,109,857,464.99 |
| Post-employment benefits – defined contribution scheme | 87,255,844.66 | 1,039,909,849.66 | 1,032,851,021.42 | 94,314,672.90 |
| Termination benefits | 17,824,168.39 | 53,249,792.29 | 65,465,144.70 | 5,608,815.98 |
| Total | 2,750,661,337.26 | 13,025,512,945.97 | 12,566,393,329.36 | 3,209,780,953.87 |
2、 Short term salary benefits
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| （1）Salary, bonus, allowance and subsidy | 2,170,965,985.99 | 9,433,071,770.27 | 9,068,075,354.91 | 2,535,962,401.35 |
| （2）Staff welfare | 20,125,393.92 | 437,190,415.28 | 436,127,006.44 | 21,188,802.76 |
| （3）Social insurance | 32,862,900.03 | 699,183,608.62 | 697,677,931.78 | 34,368,576.87 |
| Including: Medical insurance | 20,183,997.44 | 616,492,485.11 | 615,087,107.54 | 21,589,375.01 |
| Work-related injury insurance | 10,754,834.26 | 63,586,546.33 | 63,615,879.89 | 10,725,500.70 |
| Maternity insurance | 1,924,068.33 | 3,698,410.32 | 3,680,410.32 | 1,942,068.33 |
| Others | 15,406,166.86 | 15,294,534.03 | 111,632.83 | |
| （4）Housing provident fund | 22,920,911.36 | 750,161,578.62 | 751,937,048.31 | 21,145,441.67 |
| （5）Labour union expenses and employee education expenses | 398,706,132.91 | 612,745,931.23 | 514,259,821.80 | 497,192,242.34 |
| Total | 2,645,581,324.21 | 11,932,353,304.02 | 11,468,077,163.24 | 3,109,857,464.99 |
3、 Defined contribution scheme
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| Basic pension insurance | 77,888,132.00 | 1,008,206,277.46 | 1,001,149,133.00 | 84,945,276.46 |
| Unemployment insurance | 9,367,712.66 | 31,703,572.20 | 31,701,888.42 | 9,369,396.44 |
| Total | 87,255,844.66 | 1,039,909,849.66 | 1,032,851,021.42 | 94,314,672.90 |
(XXX) Taxes payable
| Items | Closing balance | Balance at the end of last year |
| Value-added tax | 651,591,146.50 | 366,815,941.84 |
| Consumption tax | 320,098,460.23 | 307,949,880.80 |
| Corporate income tax | 197,097,687.96 | 1,136,075,075.53 |
| Urban maintenance and construction tax and educational surtax | 75,909,710.25 | 51,726,243.42 |
| Others | 283,885,526.69 | 66,156,765.79 |
| Total | 1,528,582,531.63 | 1,928,723,907.38 |
(XXXI) Other payables
| Items | Closing balance | Balance at the end of last year |
| Other payables | 6,407,775,538.76 | 5,880,882,512.97 |
| Total | 6,407,775,538.76 | 5,880,882,512.97 |
1、 Other payables
Presented by nature of the payments
| Items | Closing balance | Balance at the end of last year |
| Purchase and construction of fixed assets, intangible assets and engineering deposits | 1,763,288,908.26 | 1,550,681,604.04 |
| Customer and supplier margin | 919,342,648.61 | 874,043,416.71 |
| Storage fees and freight | 740,108,278.96 | 488,072,948.00 |
| Advertisement fees | 623,231,036.19 | 648,229,494.43 |
| Maintenance fees | 267,001,396.64 | 295,480,247.86 |
| Treasury stock repurchase | 169,261,662.73 | 382,277,095.96 |
| Advance appropriation of national subsidies | 124,313,570.00 | 138,398,550.00 |
| Advanced receipt of land and factory building disposal fees | 150,000,000.00 | |
| Others | 1,801,228,037.37 | 1,353,699,155.97 |
| Total | 6,407,775,538.76 | 5,880,882,512.97 |
(XXXII) Non-current liability within 1 year
| Items | Closing balance | Balance at the end of last year |
| Long-term loan within 1 year | 36,000,000.00 | 4,000,000.00 |
| A defined benefit plan maturing within 1 year | 972,000.00 | 1,190,000.00 |
| Lease liabilities within 1 year | 91,942,461.78 | 74,887,042.88 |
| Total | 128,914,461.78 | 80,077,042.88 |
(XXXIII) Other current liabilities
| Items | Closing balance | Balance at the end of last year |
| Accrued commercial discount payable | 7,251,765,781.00 | 5,277,859,952.56 |
| Accrued market development expense | 1,931,380,802.93 | 1,229,871,896.85 |
| Accrued technical transfer and development fees | 834,962,725.87 | 712,779,170.48 |
| Accrued transportation fee | 414,807,693.98 | 428,540,512.92 |
| Accrued negative points for fuel consumption | 63,506,766.69 | 76,611,049.98 |
| Accrued maintenance cost | 56,134,938.45 | 52,021,714.94 |
| Others | 1,955,074,831.04 | 1,120,252,102.19 |
| Total | 12,507,633,539.96 | 8,897,936,399.92 |
(XXXIV) Long-term Loan
| Items | Closing balance | Balance at the end of last year |
| Credit loan | 36,000,000.00 | 72,000,000.00 |
| Total | 36,000,000.00 | 72,000,000.00 |
Notes：As of December 31, 2024, the interest rate for the aforementioned loan is 1.00%
(December 31, 2023: 1.00%).
(XXXV) Bonds Payable
1、 Details of Bonds Payable
| Items | Closing balance | Balance at the end of last year |
| Corporate Bonds | 999,705,660.36 | 999,607,547.16 |
| Total | 999,705,660.36 | 999,607,547.16 |
2、 Changes in bonds payable
| Name of Bond | Face value | Coupon rate（%） | Issue date | Bond maturity | Issue amount | Balance at the end of last year | Issue for the current period | Accrue interest based on the face value | Amortization of premium or discount | Repayment in this period | Closing balance | Whether there is a breach of contract |
| Science and Technology Innovation Bond | 1,000,000,000.00 | 3.00 | 2022.12 | 5years | 1,000,000,000.00 | 999,607,547.16 | 30,000,000.00 | 98,113.20 | 30,000,000.00 | 999,705,660.36 | No | |
| Total | 1,000,000,000.00 | 999,607,547.16 | 30,000,000.00 | 98,113.20 | 30,000,000.00 | 999,705,660.36 |
(XXXVI) Lease liabilities
| Items | Closing balance | Balance at the end of last year |
| Lease liabilities | 361,153,870.84 | 209,141,440.95 |
| Less：Lease liabilities within 1 year | 91,942,461.78 | 74,887,042.88 |
| Total | 269,211,409.06 | 134,254,398.07 |
(XXXVII) Long-term payables
| Items | Closing balance | Balance at the end of last year |
| Long-term payables | 2,028,479,306.93 | 804,264,787.97 |
| Special payables | 428,048,564.78 | 148,181,330.60 |
| Total | 2,456,527,871.71 | 952,446,118.57 |
1、 Long-term payables
| Items | Closing balance | Balance at the end of last year |
| Accounts payable for entrusted construction project fees | 2,028,479,306.93 | 804,264,787.97 |
| Total | 2,028,479,306.93 | 804,264,787.97 |
2、 Special payables
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| Intelligent manufacturing project | 79,118,517.26 | 315,407,614.00 | 41,603,692.93 | 352,922,438.33 |
| Lightweight design of | 6,769,952.63 | 50,000.00 | 4,957,143.27 | 1,862,809.36 |
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
automobilestructure
| automobile structure | ||||
| Others | 62,292,860.71 | 48,994,085.32 | 38,023,628.94 | 73,263,317.09 |
| Total | 148,181,330.60 | 364,451,699.32 | 84,584,465.14 | 428,048,564.78 |
(XXXVIII) Long-term payroll payable
1、 Long-term payroll payable
| Items | Closing balance | Balance at the end of last year |
| I. Post-employment benefits- Defined net liabilities of benefit scheme | 23,599,000.00 | 26,880,000.00 |
| II. Termination benefits | 3,094,372.65 | 3,534,000.00 |
| Total | 26,693,372.65 | 30,414,000.00 |
2、 Defined benefit plan changes
（1）Present Value of Defined Benefit Plan Obligations
| Items | Amount for the current period | Amount for the previous period |
| 1．Balance at the end of last year | 26,880,000.00 | 29,227,000.00 |
| 2．Defined benefit costs recognized in the current period's profit or loss | -3,310,000.00 | -908,000.00 |
| （1）Current service cost | 61,000.00 | 313,000.00 |
| （2）Past service cost | -4,168,000.00 | |
| （3）Settlement gains (losses are indicated by “-”) | 55,000.00 | -2,161,000.00 |
| （4）Net interest | 742,000.00 | 940,000.00 |
| 3．Defined benefit costs recognized in other comprehensive income | 2,180,000.00 | -540,000.00 |
| Items | Amount for the current period | Amount for the previous period |
| （1）Actuarial gains (losses are indicated by “-”) | 2,180,000.00 | -540,000.00 |
| 4．Other changes | -2,151,000.00 | -899,000.00 |
| （1）Benefits paid | -2,151,000.00 | -899,000.00 |
| 5．Closing balance | 23,599,000.00 | 26,880,000.00 |
Note: In addition to participating in the endowment insurance and unemploymentinsurance plans managed by the local government, our company also provides extra-plan pensions of varying monthly standards and annual condolence money to someretired employees until their death; provides hardship subsidies to retired employeeswho participated in combat operations; and pays internal early retirement salaries ofvarying monthly standards to employees on internal early retirement, and contributesto their social insurance premiums and housing provident funds until they reach theofficial retirement age. The contribution amounts for various social insurances andhousing provident funds are determined according to the contribution base andcontribution rate, and the enterprise contribution rate is determined in accordancewith the local social insurance contribution policies.The present value of the obligation of this defined benefit plan as of December 31,2024, was determined by Aon Enterprise Solutions(Shanghai) Co., Ltd. using theprojected unit credit method.
（2）Defined benefit plan net liability (net asset)
| Items | Amount for the current period | Amount for the previous period |
| 1．Balance at the end of last year | 26,880,000.00 | 29,227,000.00 |
| 2．Defined benefit costs included in the current period's profit and loss | -3,310,000.00 | -908,000.00 |
| 3．Defined benefit costs included in Other Comprehensive Income | 2,180,000.00 | -540,000.00 |
| 4．Other changes | -2,151,000.00 | -899,000.00 |
| 5．Closing balance | 23,599,000.00 | 26,880,000.00 |
(XXXIX) Provision
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance | Reasons for formation |
| Product quality assurance | 5,976,561,810.09 | 2,334,670,155.87 | 900,131,885.29 | 7,411,100,080.67 | |
| Estimated liability for contract performance | 300,479,606.70 | 30,349,098.49 | 37,281,036.42 | 293,547,668.77 | |
| Total | 6,277,041,416.79 | 2,365,019,254.36 | 937,412,921.71 | 7,704,647,749.44 |
(XL) Deferred income
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| Related to assets | 610,407,171.08 | 558,273,427.08 | 52,133,744.00 | |
| Among which: Production and construction subsidy | 610,407,171.08 | 558,273,427.08 | 52,133,744.00 | |
| Related to gains | 108,433,372.44 | 114,408,720.00 | 90,778,616.80 | 132,063,475.64 |
| Among which: R&D technology subsidy | 77,651,164.12 | 1,356,274.17 | 76,294,889.95 | |
| Other government subsidies | 30,782,208.32 | 114,408,720.00 | 89,422,342.63 | 55,768,585.69 |
| Total | 718,840,543.52 | 114,408,720.00 | 649,052,043.88 | 184,197,219.64 |
(XLI) Other non-current liabilities
| Items | Closing balance | Balance at the end of last year |
| Advance received for services | 1,718,489,394.88 | 1,497,773,818.69 |
| Entrusted Loan of China South Industries Group Finance Co., Ltd. | 500,000,000.00 |
| Items | Closing balance | Balance at the end of last year |
| Total | 2,218,489,394.88 | 1,497,773,818.69 |
(XLII) Share capital
| Items | Balance at the end of last year | Increase(+)/decrease (-) for the period Shares | Closing balance | ||||
| Issue of new shares | Bonus issue | transferred from reserve | Others | Subtotal | |||
| Total shares | 9,917,289,033.00 | -3,202,973.00 | -3,202,973.00 | 9,914,086,060.00 | |||
Note: In 2024, the change in the company's share capital was due to the cancellation ofequity.
(XLIII) Capital reserves
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| Share premium | 6,804,368,521.99 | 323,301,160.98 | 8,253,379.94 | 7,119,416,303.03 |
| Others | 1,446,919,115.71 | 682,764,592.38 | 323,301,160.98 | 1,806,382,547.11 |
| Total | 8,251,287,637.70 | 1,006,065,753.36 | 331,554,540.92 | 8,925,798,850.14 |
Note: In 2024, the increase in Other Capital Reserve was mainly due to the equity changesof Chongqing Chang'an Kaicheng Automotive Technology Co., Ltd.
(XLIV) Treasury stock
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| Treasury stock | 382,277,095.96 | 213,015,433.23 | 169,261,662.73 | |
| Total | 382,277,095.96 | 213,015,433.23 | 169,261,662.73 |
Note: In 2024, the decrease in treasury stock is due to the unlocking of equity incentivesand the distribution of dividends to the incentive recipients by the company.
(XLV) Other comprehensive income
| Items | Balance at the end of last year | Amount for the current period | Closing balance | |||||
| Amount before tax for the period | Deduct: amounts transferred to income statement which were recognized in other comprehensive income in prior period | Less: Income tax | Attributable to the Company after tax | Attributable to minority interests after tax | Deduct: amounts transferred to retained earnings which were recognized in other comprehensive income in prior period | |||
| 1．Other comprehensive income that will not be reclassified to profit or loss | 168,360,416.57 | -8,652,656.26 | -1,149,871.38 | -7,502,784.88 | 160,857,631.69 | |||
| Among which: Changes in the re - measurement of the defined benefit plan | 355,000.00 | -2,180,000.00 | -2,180,000.00 | -1,825,000.00 | ||||
| Other comprehensive income that cannot be reclassified to profit or loss under the equity method | -4,219,273.73 | 1,193,152.92 | 1,193,152.92 | -3,026,120.81 | ||||
| Changes in the fair value of other equity instrument investments | 172,224,690.30 | -7,665,809.18 | -1,149,871.38 | -6,515,937.80 | 165,708,752.50 | |||
| Items | Balance at the end of last year | Amount for the current period | Closing balance | |||||
| Amount before tax for the period | Deduct: amounts transferred to income statement which were recognized in other comprehensive income in prior period | Less: Income tax | Attributable to the Company after tax | Attributable to minority interests after tax | Deduct: amounts transferred to retained earnings which were recognized in other comprehensive income in prior period | |||
| 2． Other comprehensive income that will be reclassified to profit or loss | -50,041,632.53 | -102,155,806.29 | -103,292,640.39 | 1,136,834.10 | -153,334,272.92 | |||
| Among which: Other comprehensive income that can be reclassified to profit or loss under the equity method | -75,815.98 | -5,806,125.95 | -5,806,125.95 | -5,881,941.93 | ||||
| Exchange differences on translating foreign currency financial statements | -49,965,816.55 | -96,349,680.34 | -97,486,514.44 | 1,136,834.10 | -147,452,330.99 | |||
| Total | 118,318,784.04 | -110,808,462.55 | -1,149,871.38 | -110,795,425.27 | 1,136,834.10 | 7,523,358.77 | ||
(XLVI) Special reserves
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| Safety fund | 54,323,330.34 | 122,922,799.10 | 82,232,641.06 | 95,013,488.38 |
| Total | 54,323,330.34 | 122,922,799.10 | 82,232,641.06 | 95,013,488.38 |
(XLVII) Surplus reserves
| Items | Balance at the end of last year | Increase for | Decrease for | Closing balance |
| Statutory surplus | 4,276,245,864.64 | 680,797,165.36 | 4,957,043,030.00 | |
| Total | 4,276,245,864.64 | 680,797,165.36 | 4,957,043,030.00 |
(XLVIII) Undistributed profits
| Items | Amount for the current period | Amount for the previous period |
| Undistributed profits at end of last year before adjustment | 49,617,932,431.73 | 41,379,965,149.07 |
| Adjustment for undistributed profits at beginning of year (“+” for plus; “-” for less) | ||
| Undistributed profits at beginning of year after adjustment | 49,617,932,431.73 | 41,379,965,149.07 |
| Add: N et profit attributable to owners of the Company during the period | 7,321,363,897.24 | 11,327,463,013.15 |
| Less: Withdrawal of statutory surplus reserves | 680,797,165.36 | 748,080,862.37 |
| Withdrawal of discretionary surplus reserve | ||
| Withdrawal of general risk reserve | ||
| Dividend payable on ordinary shares | 3,412,477,663.18 | 2,341,414,868.12 |
| Ordinary shares dividends transferred to share capital |
| Items | Amount for the current period | Amount for the previous period |
| Undistributed profits at end of period | 52,846,021,500.43 | 49,617,932,431.73 |
(XLIX) Operating revenue and cost
1、 Operating revenue and cost
| Items | Amount for the current period | Amount for the previous period | ||
| Revenue | Costs | Revenue | Costs | |
| Main businesses | 155,996,379,529.44 | 133,423,991,672.62 | 148,183,136,224.90 | 123,320,905,353.48 |
| Other businesses | 3,736,654,683.81 | 2,445,031,398.83 | 3,114,570,422.07 | 1,869,405,043.21 |
| Total | 159,733,034,213.25 | 135,869,023,071.45 | 151,297,706,646.97 | 125,190,310,396.69 |
Details of operating revenue：
| Items | Amount for the current period | Amount for the previous period |
| Revenue from customer contracts | 159,490,083,620.53 | 150,837,473,020.25 |
| Lease income | 242,950,592.72 | 460,233,626.72 |
| Total | 159,733,034,213.25 | 151,297,706,646.97 |
2、 Revenue situation generated by the contract
The revenue situation generated from customer contracts is as follows：
| Category | Operating revenue | |
| Amount for the current period | Amount for the previous period | |
| Type of business： | ||
| Sales of goods | 152,192,280,870.19 | 145,303,581,062.21 |
| Provision of services and others | 7,297,802,750.34 | 5,533,891,958.04 |
| Total | 159,490,083,620.53 | 150,837,473,020.25 |
| Category | Operating revenue | |
| Amount for the current period | Amount for the previous period | |
| Classification by the time of goods transfer： | ||
| Recognition at a specific point in time | 158,046,027,665.88 | 149,806,264,812.48 |
| Recognition over a specific period of time | 1,444,055,954.65 | 1,031,208,207.77 |
| Total | 159,490,083,620.53 | 150,837,473,020.25 |
| Classification by region： | ||
| Domestic | 127,063,702,246.58 | 130,301,011,943.81 |
| Overseas | 32,426,381,373.95 | 20,536,461,076.44 |
| Total | 159,490,083,620.53 | 150,837,473,020.25 |
(L) Tax and surcharges
| Items | Amount for the current period | Amount for the previous period |
| Consumption tax | 3,321,502,858.56 | 3,689,083,562.44 |
| City maintenance and construction tax | 383,677,349.65 | 416,207,782.33 |
| Educational surcharge | 172,951,765.77 | 180,693,475.51 |
| Others | 472,339,452.42 | 472,441,461.42 |
| Total | 4,350,471,426.40 | 4,758,426,281.70 |
(LI) Operating expenses
| Items | Amount for the current period | Amount for the previous period |
| Sales service fee | 3,261,764,821.64 | 1,767,688,363.84 |
| Promotion, advertising fee | 2,456,180,404.33 | 2,685,049,398.19 |
| Payroll and welfare | 985,056,908.38 | 754,840,131.95 |
| Transportation and storage fees | 378,551,852.64 | 426,167,063.06 |
| Travelling expenses | 172,055,226.26 | 128,037,954.91 |
| Package expenses | 84,599,624.41 | 34,279,133.27 |
| Items | Amount for the current period | Amount for the previous period |
| Consulting fee | 21,558,374.68 | 25,208,016.75 |
| Training fee | 11,796,111.41 | 37,558,797.59 |
| Others | 166,789,089.41 | 118,722,690.35 |
| Total | 7,538,352,413.16 | 5,977,551,549.91 |
(LII) General and administrative expenses
| Items | Amount for the current period | Amount for the previous period |
| Payroll and welfare | 3,032,419,886.90 | 2,510,857,635.06 |
| Administrative expenses | 551,242,661.67 | 533,464,030.04 |
| Depreciation and amortization | 548,417,580.78 | 506,232,270.50 |
| Share-based payments | 89,968,232.48 | 362,576,400.00 |
| Traffic expenses | 54,560,945.74 | 50,337,862.88 |
| Travelling expenses | 32,015,557.72 | 31,365,995.19 |
| Others | 92,601,152.97 | 102,703,336.00 |
| Total | 4,401,226,018.26 | 4,097,537,529.67 |
(LIII) Research and development expenses
| Items | Amount for the current period | Amount for the previous period |
| Depreciation and amortization | 2,571,685,965.24 | 2,235,391,711.61 |
| Payroll and welfare | 1,975,412,543.02 | 1,751,875,403.13 |
| Subcontract fee | 829,642,591.23 | 844,870,793.73 |
| Material fee | 662,579,044.45 | 617,867,191.88 |
| Test fee | 153,698,592.98 | 186,414,711.98 |
| Others | 312,427,942.32 | 343,424,840.90 |
| Total | 6,505,446,679.24 | 5,979,844,653.23 |
(LIV) Finance costs
| Items | Amount for the current period | Amount for the previous period |
| Interest income | 118,238,961.52 | 65,658,308.92 |
| Less: Foreign exchange gain or loss | 1,160,421,476.17 | 1,172,272,116.20 |
| Interest expense | 61,276,842.30 | 169,367,527.65 |
| Others | 46,528,359.30 | 39,902,539.83 |
| Total | -934,377,313.05 | -897,343,739.80 |
(LV) Other income
| Items | Amount for the current period | Amount for the previous period |
| Government subsidies related to daily activities | ||
| Among which：Production and construction subsidies | 1,250,740,318.87 | 935,787,265.00 |
| Other government subsidies | 874,963,386.35 | 708,532,240.04 |
| Total | 2,125,703,705.22 | 1,644,319,505.04 |
(LVI) Investment income
| Items | Amount for the current period | Amount for the previous period |
| Long-term equity investment gains measured under equity method | 36,975,796.30 | -2,201,515,632.81 |
| Investment gains from disposal of long-term equity investment | 1.00 | |
| The investment income of financial asset held for trading during its holding period | 2,631,315.72 | 1,406,842.07 |
| Investment income from disposal of financial assets at fair value through profit and loss of the period | 10,810,279.99 | 18,106,159.85 |
| Dividend income from remaining investments in other equity instruments | 31,990,679.50 | 206,042,574.04 |
| Items | Amount for the current period | Amount for the previous period |
| Investment income arising from business combinations under non - common control | 5,021,482,128.74 | |
| Others | 105,250,765.95 | 4,890,972.21 |
| Total | 187,658,837.46 | 3,050,413,045.10 |
(LVII) Fair value change
| The source of gains from changes in fair value | Amount for the current period | Amount for the previous period |
| Trading financial assets | -27,460,945.49 | -19,061,189.53 |
| Total | -27,460,945.49 | -19,061,189.53 |
(LVIII) Impairment loss of credit
| Items | Amount for the current period | Amount for the previous period |
| Bad debt for account receivable | -205,095.94 | 48,168,990.90 |
| Bad debt for other receivables | 818,099.96 | -1,426,874.99 |
| Total | 613,004.02 | 46,742,115.91 |
(LIX) Impairment loss on assets
| Items | Amount for the current period | Amount for the previous period |
| Loss on decline in value of inventories and Loss on impairment of contract performance costs | 114,303,418.32 | 248,550,585.56 |
| Impairment of fixed assets | 67,160,848.12 | 252,935,096.10 |
| Impairment of contract assets | 21,810,151.17 | 236,406,130.60 |
| Impairment of intangible assets | 11,214,517.59 | 70,593,040.66 |
| Impairment of construction in progress | 5,343,493.61 |
| Items | Amount for the current period | Amount for the previous period |
| Total | 214,488,935.20 | 813,828,346.53 |
(LX) Gain on disposal of assets
| Items | Amount for the current period | Amount for the previous period | Amount included in non-recurring profit or loss for the period |
| Gain on disposal of fixed-assets | 2,466,246,635.27 | 431,533,750.49 | 2,466,246,635.27 |
| Gain on disposal of intangible assets | 114,903,423.81 | 9,461,986.74 | 114,903,423.81 |
| Others | -30,691,738.25 | -30,691,738.25 | |
| Total | 2,550,458,320.83 | 440,995,737.23 | 2,550,458,320.83 |
(LXI) Non-operating income
| Items | Amount for the current period | Amount for the previous period | Amount included in non-recurring profit or loss for the period |
| Penalty income and others | 155,290,275.84 | 169,793,538.35 | 155,290,275.84 |
| Total | 155,290,275.84 | 169,793,538.35 | 155,290,275.84 |
(LXII) Non-operating expenses
| Items | Amount for the current period | Amount for the previous period | Amount included in non-recurring profit or loss for the period |
| Donation | 11,611,789.67 | 23,663,690.00 | 11,611,789.67 |
| Fines and penalties | 6,451,303.37 | 4,073,147.35 | 6,451,303.37 |
| Others | 3,849,172.14 | 336,554.48 | 3,982,750.49 |
| Items | Amount for the current period | Amount for the previous period | Amount included in non-recurring profit or loss for the period |
| Total | 21,912,265.18 | 28,073,391.83 | 22,045,843.53 |
(LXIII) Income tax expense
1、 Table of income tax expenses
| Items | Amount for the current period | Amount for the previous period |
| Current income tax expense | 699,569,748.76 | 1,450,814,903.31 |
| Deferred income tax expense | -46,216,369.36 | -363,517,186.79 |
| Total | 653,353,379.40 | 1,087,297,716.52 |
2、 Adjustment of accounting profit and income tax expenses
| Items | Amount for the current period |
| Total profit | 6,757,527,907.25 |
| Tax at the legal [or applicable] tax rate | 1,013,629,186.09 |
| Impact of different tax rates of subsidiaries | 30,963,597.11 |
| Impact of income tax for the period before adjustment | -7,107,931.81 |
| Impact of non-taxable income | -116,547,569.91 |
| Impact of cost, expenses and losses not deductible for tax | 17,096,187.50 |
| Impact of deductible loss of deferred income tax assets not recognized at the beginning of the period | -95,890,139.63 |
| Impact of deductible temporary differences and deductible loss of deferred income tax assets not recognized for the period | 538,109,449.95 |
| Additional deduction for technical development expenses | -756,608,114.92 |
| Others | 29,708,715.02 |
| Income tax expenses | 653,353,379.40 |
(LXIV) Earnings per share
1、 Basic earnings per share
Basic earnings per share is calculated by dividing the consolidated net profitattributable to the parent company's ordinary shareholders by the weighted averagenumber of ordinary shares issued and outstanding by the company.
| Items | Amount for the current period | Amount for the previous period |
| Consolidated net profit attributable to holders of ordinary shares of the Company（after adjustment） | 7,303,882,698.84 | 11,302,856,175.79 |
| Weighted average number of ordinary shares in issue of the Company（after adjustment） | 9,848,634,846.83 | 9,797,771,495.70 |
| Basic earnings per share | 0.74 | 1.15 |
| Including: Basic earnings per share relating to continuing operations | 0.74 | 1.15 |
| Basic earnings per share relating to discontinued operations |
2、 Diluted earnings per share
Diluted earnings per share is calculated by dividing the consolidated net profitattributable to the parent company's ordinary shareholders (diluted) by the weightedaverage number of ordinary shares outstanding (diluted)：
| Items | Amount for the current period | Amount for the previous period |
| Consolidated net profit attributable to holders of ordinary shares of the Company (diluted) | 7,321,363,897.24 | 11,327,463,013.15 |
| Weighted average number of ordinary shares in issue of the Company (diluted) | 9,952,993,354.12 | 9,985,130,465.45 |
| Diluted earnings per share | 0.74 | 1.13 |
| Including: Basic diluted earnings per share relating to continuing operations | 0.74 | 1.13 |
| Items | Amount for the current period | Amount for the previous period |
| Basic diluted earnings per share relating to discontinued operations |
(LXV) Cash Flow Statement Items
1、 Cash related to operating activities
（1）Other cash received related to operating activities
| Items | Amount for the Current Period | Amount for the Previous Period |
| Interest Income | 1,160,421,476.17 | 1,172,272,116.20 |
| Government Subsidies | 2,045,217,580.13 | 1,841,460,063.44 |
| Others | 337,350,625.36 | 344,581,255.97 |
| Total | 3,542,989,681.66 | 3,358,313,435.61 |
（2）Other cash paid related to operating activities
| Items | Amount for the Current Period | Amount for the Previous Period |
| Selling Expenses | 6,527,630,896.94 | 5,015,550,964.65 |
| Administrative Expenses | 730,420,318.10 | 717,871,224.11 |
| Research and Development Expenses | 1,958,348,170.98 | 1,992,577,538.50 |
| Others | 1,158,959,685.17 | 1,344,892,685.88 |
| Total | 10,375,359,071.19 | 9,070,892,413.14 |
2、 Cash related to investing activities
（1）Other cash received related to investing activities
| Items | Amount for the Current Period | Amount for the Previous Period |
| Time deposits and interest | 8,070,026,424.80 |
| Items | Amount for the Current Period | Amount for the Previous Period |
| Business combination of Shenlan Automobile under non - same - control | 6,216,944,276.29 | |
| Total | 8,070,026,424.80 | 6,216,944,276.29 |
（2）Other cash paid related to investing activities
| Items | Amount for the Current Period | Amount for the Previous Period |
| Time deposits and large - value deposits | 3,304,127,222.22 | 8,000,000,000.00 |
| Total | 3,304,127,222.22 | 8,000,000,000.00 |
3、 Cash related to financing activities
（1）Other cash received related to financing activities
| Items | Amount for the Current Period | Amount for the Previous Period |
| Cash received from the recovery of acceptance bill margin | 470,003,596.92 | 863,425,006.28 |
| Total | 470,003,596.92 | 863,425,006.28 |
（2）Other cash paid related to financing activities
| Items | Amount for the Current Period | Amount for the Previous Period |
| Cash paid for acceptance bill margin and others | 384,604,266.30 | 17,925,527.40 |
| Others | 143,272,005.27 | 65,147,042.33 |
| Total | 527,876,271.57 | 83,072,569.73 |
（3）Changes in various liabilities arising from financing activities
| Items | Balance at the end of the previous year | Increase in the Current Period | Decrease in the Current Period | End - of - period balance | ||
| Cash Chang | Non - cash Changes | Cash Chang | Non - cash Changes | |||
Bankborrowingsandinterest
| Bank borrowings and interest | 106,039,416.74 | 1,060,422,300.00 | 38,002,857.25 | 592,428,518.30 | 612,036,055.69 |
Otherpayables
| Other payables | 3,412,477,663.18 | 3,412,477,663.18 |
Leaseliabilities
| Lease liabilities | 209,141,440.95 | 251,355,989.59 | 99,343,559.70 | 361,153,870.84 |
(LXVI) Supplementary Information for the Cash Flow Statement
1、 Supplementary Information for the Cash Flow Statement
| Supplementary Information | Amount for the Current Period | Amount for the Previous Period |
| 1、Adjusting Net Profit to Cash Flows from Operating Activities | ||
| Net profit | 6,104,174,527.85 | 9,501,899,040.97 |
| Add: Credit impairment losses | 613,004.02 | 46,742,115.91 |
| Asset impairment provisions | 214,488,935.20 | 813,828,346.53 |
| Depreciation of fixed assets. | 3,020,779,255.10 | 2,991,918,878.33 |
| Depreciation and amortization of investment property | 226,711.56 | 226,711.56 |
| Depreciation of right - of - use assets | 102,643,683.09 | 70,896,183.37 |
| Amortization of intangible assets | 2,682,738,344.15 | 2,232,311,060.45 |
| Amortization of long -term prepaid expenses | 7,810,112.18 | 3,570,664.27 |
| Loss on disposal of fixed assets, intangible assets and other long - term assets (gains are presented with a “-” sign) | -2,550,458,320.83 | -440,995,737.23 |
| Loss on scrapping of fixed assets (gains are presented with a “-” sign) | 217,084.91 | 4,891.17 |
| Loss on fair value changes (gains are presented with a “-” sign) | 27,460,945.49 | 19,061,189.53 |
| Financial expenses (gains are presented with a “-” sign) | -85,476,391.90 | 156,147,198.25 |
| Supplementary Information | Amount for the Current Period | Amount for the Previous Period |
| Investment losses (gains are presented with a "_" sign) | -187,658,837.46 | -3,050,413,045.10 |
| Decrease in deferred income tax assets (increases are presented with a "_" sign) | -316,006,189.92 | -219,254,747.14 |
| Increase in deferred income tax liabilities (decreases are presented with a "_" sign) | 269,789,820.56 | -144,262,439.65 |
| Decrease in inventories (increases are presented with a “_" sign) | -3,218,353,689.82 | -7,706,466,368.68 |
| Decrease in operating receivables (increases are presented with a “_" sign) | -9,086,489,039.97 | -1,687,114,693.11 |
| Increase in operating payables (decreases are presented with a "_" sign) | 7,862,898,858.93 | 17,273,366,988.13 |
| Others | ||
| Net cash flow from operating activities | 4,849,398,813.14 | 19,861,466,237.56 |
| 2、Significant investment and financing activities not involving cash receipts and payments | ||
| Debt converted into capital | ||
| Convertible corporate bonds maturing within one yea! | ||
| Obtaining right -of-use assets by assuming lease liabilities | ||
| 3、Net changes in cash and cash equivalents | ||
| End - of - period balance of cash | 63,274,376,513.00 | 63,925,957,901.11 |
| Less: Beginning -of- period balance of cash | 63,925,957,901.11 | 52,491,435,047.74 |
| Add: End - of - period balance of cash equivalents | ||
| Less: Beginning - of - period balance of cash equivalents | ||
| Net increase in cash and cash equivalents | -651,581,388.11 | 11,434,522,853.37 |
2、 Composition of Cash and Cash Equivalents
| Items | End - of - period balance | Balance at the end of the previous year |
| 一、Cash | 63,274,376,513.00 | 63,925,957,901.11 |
| Including: Cash on hand | 17,882.93 | 35,257.05 |
| Digital currency available for immediate payment | ||
| Bank deposits available for immediate payment | 63,267,781,756.86 | 63,902,699,987.48 |
| Other monetary funds available for immediate payment | 6,576,873.21 | 23,222,656.58 |
| Funds deposited with the central bank available for payment | ||
| Deposits with other financial institutions | ||
| Loans to other financial institutions | ||
| 二、Cash Equivalents | ||
| Including: Bond investments maturing within three months | ||
| 三、End -of _ period balance of cash and cash equivalents | 63,274,376,513.00 | 63,925,957,901.11 |
| Including: Cash and cash equivalents held but not available for use by the parent company or othersubsidiaries within the group |
Monetary funds that are not classified as cash and cash equivalents:
| Items | End - of - period balance | Balance at the end of the previous year | Reason for not being cash or cash equivalents |
| Bill margin and others | 907,719,149.74 | 945,084,846.77 | Restricted funds, unable to be freely withdrawn |
| Total | 907,719,149.74 | 945,084,846.77 |
(LXVII) Foreign Currency Monetary Items
1、 Foreign Currency Monetary Items
| Items | End - of - period foreign currency balance | Exchange rate for conversion | End - of - period RMB balance after conversion |
| Monetary funds | 2,024,896,344.06 | ||
| Including: US dollars | 28,852,509.98 | 7.1884 | 207,403,382.74 |
| British pounds | 3,323,867.79 | 9.0765 | 30,169,086.00 |
| Euros | 21,244,685.52 | 7.5257 | 159,881,129.82 |
| Japanese yen | 170,632,224.00 | 0.0462 | 7,888,839.61 |
| Russian rubles | 257,590,107.35 | 0.0661 | 17,015,338.66 |
| United Arab Emirates dirhams | 902,893.12 | 1.9711 | 1,779,692.63 |
| Mexican pesos | 907,319,905.75 | 0.3498 | 317,355,685.82 |
| Thai baht | 6,035,588,516.20 | 0.2126 | 1,283,403,188.78 |
| Accounts receivable | 235,604,230.93 | ||
| Including: US dollars | 30,343,831.17 | 7.1884 | 218,123,595.98 |
| British pounds | 309,924.14 | 9.0765 | 2,813,026.46 |
| Mexican pesos | 41,934,692.67 | 0.3498 | 14,667,608.49 |
| Other receivables | 95,527,937.46 | ||
| Including: US dollars | 2,560.00 | 7.1884 | 18,402.30 |
| British pounds | 2,484,169.53 | 9.0765 | 22,547,564.74 |
| Euros | 9,588,095.67 | 7.5257 | 72,157,131.56 |
| Japanese yen | 17,408,320.00 | 0.0462 | 804,838.86 |
| Accounts payable | 433,143,471.74 | ||
| Including: US dollars | 2,179.04 | 7.1884 | 15,663.81 |
| British pounds | 8,415.16 | 9.0765 | 76,380.20 |
| Euros | 4,432,167.94 | 7.5257 | 33,355,166.27 |
| Japanese yen | 5,903,582.00 | 0.0462 | 272,940.31 |
| Russian rubles | 6,046,749,831.37 | 0.0661 | 399,423,321.15 |
| Accounts payable | 59,903,027.97 | ||
| Including: US dollars | 3,530.00 | 7.1884 | 25,375.05 |
| British pounds | 870,667.50 | 9.0765 | 7,902,613.56 |
| Mexican pesos | 148,596,637.53 | 0.3498 | 51,975,039.36 |
(LXVIII) Leases
1、 As a Lessee
| Items | Amount for the Current Period | Amount for the Previous Period |
| Interest expense on lease liabilities | 42,623,899.74 | 9,034,012.98 |
| Simplified short - term lease expenses recoanized in the cost of related assets or current - period profit or loss | 68,173,260.47 | 78,849,902.44 |
| Simplified low - value asset lease expenses recognized in the cost of related assets or current - period profit or loss (excluding short - term lease expenses for low - value assets) | 5,964,651.75 | 920,517.27 |
| Total cash outflows related to leases | 122,150,467.13 | 98,885,795.36 |
The following is the situation of the estimated future annual cash outflows for leasesthat the Company has committed to but have not yet commenced:
| Remaining lease term | Undiscounted lease payments |
| Within 1 year | 152,983,976.87 |
| 1 - 2 years | 137,414,287.00 |
| 2 - 3 years | 83,007,712.15 |
| More than 3 years | 6,378,610.46 |
| Total | 379,784,586.48 |
2、 As a Lessor
（1）Operating Leases
| Amount for the Current Period | Amount for the Previous Period | |
| Operating lease income | 242,950,592.72 | 460,233,626.72 |
The following is the amount of undiscounted lease receivables that will be received
after the balance sheet date:
| Remaining lease term | Amount for the Current Period | Amount for the Previous Period |
| Within 1 year | 8,675,240.58 | 388,255,072.48 |
| 1 - 2 years | 17,881,254.12 | 260,689,384.89 |
| 2 - 3 years | 18,120,545.58 | 130,967,274.89 |
| 3 - 4 years | 22,168,456.50 | 34,577,303.73 |
| 4 - 5 years | 24,141,151.06 | 26,810,816.32 |
| More than 5 years | 7,000,144.32 | 1,506,050.47 |
| Total | 97,986,792.16 | 842,805,902.78 |
VI、 R & D Expenditure(I) R & D Expenditure
| Items | Amount for the Current Period | Amount for the Previous Period |
| Employee compensation | 4,108,202,495.09 | 3,556,084,891.96 |
| Depreciation and amortization | 2,577,828,804.03 | 2,237,878,184.31 |
| Outsourcing fees | 1,436,710,996.83 | 1,216,189,214.55 |
| Material costs | 818,426,341.74 | 749,129,534.46 |
| Testing fees | 592,734,950.61 | 557,428,126.11 |
| Other expenses | 625,240,648.15 | 690,840,581.50 |
| Total | 10,159,144,236.45 | 9,007,550,532.89 |
| Including: Expensed R & D expenditure | 6,505,446,679.24 | 5,979,844,653.23 |
| Capitalized R & D expenditure | 3,653,697,557.21 | 3,027,705,879.66 |
(II) Development expenditure
| Items | Balance at the end of the previous year | Amount of increase in the current period | Amount of decrease in the current period | End -of - period balance | ||
| Internal development expenditure | Others | Recognized as intangible assets | Others | |||
| Automobile development | 2,241,820,556.70 | 3,653,697,557.21 | 4,107,866,997.85 | 57,718,627.39 | 1,729,932,488.67 | |
| Sub - total | 2,241,820,556.70 | 3,653,697,557.21 | 4,107,866,997.85 | 57,718,627.39 | 1,729,932,488.67 | |
| Less: Impairment provisions | ||||||
| Total | 2,241,820,556.70 | 3,653,697,557.21 | 4,107,866,997.85 | 57,718,627.39 | 1,729,932,488.67 | |
VII、 Changes in the Scope of Consolidation
None
VIII、 lnterests in Other Entities(I) Interests in Subsidiaries
1、 Composition of the Enterprise Group
| Name of Subsidiary | Registered Capital (in ten - thousands of yuan) | Main Place of Business | Place of Registration | Nature of Business | Shareholding Ratio (%) | Method of Acquisition | |
| Direct | Indirect | ||||||
| Chongqing Changan Automobile International Sales &Service Co., Ltd. | 142,275.64 | Chongqing | Chongqing | Sales | 100.00 | Establishment | |
| Chongqing Changan Vehicle Connectivity Technology Co., Ltd. | 8,850.00 | Chongqing | Chongqing | Leasing | 100.00 | Establishment | |
| Chongqing Changan Special-Purpose | 2,000.00 | Chongqing | Chongqing | Sales | 50.00 | Establishment | |
| Name of Subsidiary | Registered Capital (in ten - thousands of yuan) | Main Place of Business | Place of Registration | Nature of Business | Shareholding Ratio (%) | Method of Acquisition | |
| Direct | Indirect | ||||||
Vehicle Co., Ltd.(Note1)
| Vehicle Co., Ltd.(Note 1) | |||||||
| Chongqing Changan Automobile Customer Service Co., Ltd. | 3,000.00 | Chongqing | Chongqing | Sales | 99.00 | 1.00 | Establishment |
| Chongqing Zhilaidao New Energy Co., Ltd. | 2,900.00 | Chongqing | Chongqing | Research and Development | 100.00 | Establishment | |
| Chongqing Changan European Design Center Co., Ltd. | 1,738 Euros | Bologna, Italy | Bologna, Italy | Research and Development | 100.00 | Establishment | |
| Changan Automobile UK R & D Center Co., Ltd. | 2,639 Pounds | Nottingham, UK | Nottingham, UK | Research and Development | 100.00 | Establishment | |
| Beijing Changan Automobile Engineering TechnologyResearch Co., Ltd. | 100.00 | Beijing | Beijing | Research and Development | 100.00 | Establishment | |
| Changan Japan Design Center Co., Ltd. | 1,000 Japanese Yen | Hamamatsu, Japan | Hamamatsu, Japan | Research and Development | 100.00 | Establishment | |
| Changan USA R & D Center Inc. | 154 US Dollars | Novi, USA | Novi, USA | Research and Development | 100.00 | Establishment | |
| Changan Automobile Investment (Shenzhen) Co., Ltd. | 76,488.95 | Shenzhen | Shenzhen | Sales | 100.00 | Establishment | |
| Nanjing Changan New Energy Automobile | 5,000.00 | Nanjing | Nanjing | Sales | 100.00 | Establishment |
| Name of Subsidiary | Registered Capital (in ten - thousands of yuan) | Main Place of Business | Place of Registration | Nature of Business | Shareholding Ratio (%) | Method of Acquisition | |
| Direct | Indirect | ||||||
Sales & Service Co.,Ltd.
| Sales & Service Co., Ltd. | |||||||
| Chongqing Anyi Automobile Technology Service Co., Ltd. | 200.00 | Chongqing | Chongqing | Sales | 100.00 | Establishment | |
| Xiamen Changan New Energy Automobile Sales & ServiceCo.,Ltd. | 200.00 | Xiamen | Xiamen | Sales | 100.00 | Establishment | |
| Shanghai Changan Intelligent Mobility Technology Co.,Ltd. | 400.00 | Shanghai | Shanghai | Sales | 100.00 | Establishment | |
| Chongqing Chehemei Technology Co., Ltd. | 1,000.00 | Chongqing | Chongqing | Sales | 100.00 | Establishment | |
| Chongqing Changan Kaicheng Automobile Technology Co., Ltd. | 142,371.45 | Chongqing | Chongqing | Sales | 65.90 | Establishment | |
| Chongqing Changan Automobile Software Technology Co., Ltd. | 9,900.00 | Chongqing | Chongqing | Research and Development | 100.00 | Establishment | |
| Chongqing Xingzhi Technology Co., Ltd. | 4,900.00 | Chongqing | Chongqing | Sales | 100.00 | Establishment | |
| Chongqing Changan Technology Co., Ltd. | 9,000.00 | Chongqing | Chongqing | Research and Development | 100.00 | Establishment | |
| Chongqing Changanxing Automobile Co., Ltd. | 2,000.00 | Chongqing | Chongqing | Leasing | 100.00 | Establishment |
| Name of Subsidiary | Registered Capital (in ten - thousands of yuan) | Main Place of Business | Place of Registration | Nature of Business | Shareholding Ratio (%) | Method of Acquisition | |
| Direct | Indirect | ||||||
| Nanjing Changan Automobile Co., Ltd. (Note 2) | 60,181.00 | Nanjing | Nanjing | Manufacturing | 84.73 | Business combination under non - common control | |
| Chongqing Lingyao Automobile Co., Ltd. | 133,764.00 | Chongqing | Chongqing | Manufacturing | 100.00 | Business combination under non - common control | |
| Deep Blue Automobile Technology Co., Ltd. | 32,810.83 | Chongqing | Chongqing | Manufacturing | 50.9960 | Business combination under non - common control | |
| Hefei Changan Automobile Co., Ltd. | 227,500.00 | Hefei | Hefei | Manufacturing | 100.00 | Business combination under common control | |
Note 1: The remaining shareholders of Chongqing Changan Special - Purpose Vehicle Co.,Ltd. have respectively signed concerted action agreements with our company, agreeing tovote in accordance with the voting intention of our company. Therefore, our company canexercise control over it, and thus it is included in the scope of the consolidated financialstatements.Note 2: Our company holds a voting rights proportion of 91.53% in Nanjing ChanganAutomobile Co., Ltd. The reason for the discrepancy between the shareholding proportionand the voting rights proportion is that some minority shareholders have entrusted ourcompany to exercise their voting rights.
2、 Important non - wholly - owned subsidiaries
| Name of Subsidiary | Minority Shareholding Ratio | Profit or Loss Attributable to Minority Shareholders in the Current Period | Dividends Declared and Distributed to Minority Shareholders in the Current Period | Balance of Minority Shareholders' Equity at the End ofthe Period |
| Deep Blue Automobile Technology Co., Ltd | 49.0040% | -769,628,814.17 | -1,716,458,428.95 |
3、 Key financial information of important non - wholly - owned subsidiaries
| Name of Subsidiary | End - of - Period Balance | Previous Year - end Balance | ||||||||||
| Current Assets | Non -current Assets | Total Assets | Current Liabilities | Non -current Liabilities | Total Liabilities | Current Assets | Non -current Assets | Total Assets | Current Liabilities | Non -current Liabilities | Total Liabilities | |
| Deep Blue Automobile Technology Co., Ltd | 30,719,707,226.07 | 3,575,291,477.00 | 34,294,998,703.07 | 35,434,906,672.98 | 2,362,782,481.78 | 37,797,689,154.76 | 19,532,107,979.29 | 3,335,776,374.16 | 22,867,884,353.45 | 23,372,178,834.61 | 1,464,812,108.74 | 24,836,990,943.35 |
| Name of Subsidiary | Amount for the Current Period | Amount for the Previous Period | ||||||
| Operating Revenue | Net Profit | Total Comprehensive lncome | Cash Flow from Operating Activities | Operating Revenue | Net Profit | Total Comprehensive lncome | Cash Flow from Operating Activities | |
| Deep Blue Automobile Technology Co., Ltd | 37,224,879,706.79 | -1,571,558,701.01 | -1,571,558,701.01 | 4,535,241,604.75 | 25,882,512,213.36 | -2,998,926,405.37 | -2,998,926,405.37 | 3,338,314,121.63 |
(II) Interests in Joint Arrangements or Associated Enterprises
1、 lmportant Joint Ventures or Associated Enterprises
| Name of Joint Venture or Associated Enterprise | Main Place of Operation | Place of Registration | Nature of Business | Shareholding Ratio (%) | Accounting Treatment for Investments in Joint Ventures or Associated Enterprises | Whether It Has a Strategic Impact on the Company's Activities | |
| Direct | Indirect | ||||||
| Avita Technology (Chongqing) Co., Ltd. | Chongqing | Chongqing | Research and Development | 40.99 | Equity Method | Yes | |
2、 Key Financial Information of lmportant Joint ventures Enterprises
| End-of-Period Balance/Current Period Amount | Previous Year-end Balance/Previous Period Amount | |
| Changan Ford Automobile Co., Ltd. | Changan Ford Automobile Co., Ltd. |
Current Assets
| Current Assets | 16,377,739,563.80 | 12,331,898,432.45 |
Non -current Assets
| Non -current Assets | 11,762,860,932.34 | 13,881,353,746.59 |
Total Assets
| Total Assets | 28,140,600,496.14 | 26,213,252,179.04 |
Current Liabilities
| Current Liabilities | 20,644,064,530.01 | 21,314,464,718.72 |
Non-current Liabilities
| Non-current Liabilities | 5,834,665,675.53 | 5,328,845,420.37 |
Total Liabilities
| Total Liabilities | 26,478,730,205.54 | 26,643,310,139.09 |
Minority Shareholders'Equity
| Minority Shareholders' Equity | 132,045,405.31 | 67,713,664.93 |
Shareholders' EquityAttributable to ParentCompany
| Shareholders' Equity Attributable to Parent Company | 1,529,824,885.29 | -497,771,624.98 |
Share of Net AssetsCalculated Based onShareholding Ratio
| Share of Net Assets Calculated Based on Shareholding Ratio | 764,912,442.65 | -248,885,812.49 |
Adjustment Items
| Adjustment Items | -52,697,418.08 | 248,885,812.49 |
Carrying Value of EquityInvestment in Jointventures Enterprises
| Carrying Value of Equity Investment in Joint ventures Enterprises | 712,215,024.57 |
Fair Value of EquityInvestment in Jointventures Enterprises withPublic Quotations
| Fair Value of Equity Investment in Joint ventures Enterprises with Public Quotations |
Net Profit
| Net Profit | 2,089,573,046.44 | -2,060,381,529.37 |
Net Profit fromDiscontinued Operations
| Net Profit from Discontinued Operations |
Other ComprehensiveIncome
| Other Comprehensive Income |
Total ComprehensiveIncome
| Total Comprehensive Income | 2,089,573,046.44 | -2,060,381,529.37 |
Dividends Received fromJoint ventures Enterprisesduring the Current Period
| Dividends Received from Joint ventures Enterprises during the Current Period |
3、 Key Financial Information of lmportant Associated Enterprises
| End-of-Period Balance/Current Period Amount | Previous Year-end Balance/Previous Period Amount | |
| Avita Technology (Chongqing) Co., Ltd. | Avita Technology (Chongqing) Co., Ltd. |
Current Assets
| Current Assets | 25,259,977,421.04 | 10,513,768,163.43 |
Non -current Assets
| Non -current Assets | 3,894,054,546.85 | 2,130,278,114.28 |
Total Assets
| Total Assets | 29,154,031,967.89 | 12,644,046,277.71 |
Current Liabilities
| Current Liabilities | 18,470,162,928.20 | 9,864,279,866.61 |
Non-current Liabilities
| Non-current Liabilities | 2,093,739,703.07 | 685,987,794.52 |
| End-of-Period Balance/Current Period Amount | Previous Year-end Balance/Previous Period Amount | |
| Avita Technology (Chongqing) Co., Ltd. | Avita Technology (Chongqing) Co., Ltd. |
Total Liabilities
| Total Liabilities | 20,563,902,631.27 | 10,550,267,661.13 |
Minority Shareholders'Equity
| Minority Shareholders' Equity |
Shareholders' EquityAttributable to ParentCompany
| Shareholders' Equity Attributable to Parent Company | 8,590,129,336.62 | 2,093,778,616.58 |
Share of Net AssetsCalculated Based onShareholding Ratio
| Share of Net Assets Calculated Based on Shareholding Ratio | 3,521,609,422.84 | 858,321,512.30 |
Adjustment Items
| Adjustment Items | 1,376,258,910.53 | 1,437,388,747.49 |
Carrying Value of EquityInvestment in AssociatedEnterprises
| Carrying Value of Equity Investment in Associated Enterprises | 4,897,868,333.37 | 2,295,710,259.79 |
Fair Value of EquityInvestment in AssociatedEnterprises with PublicQuotations
| Fair Value of Equity Investment in Associated Enterprises with Public Quotations |
Net Profit
| Net Profit | -4,017,985,149.27 | -3,692,504,949.03 |
Net Profit fromDiscontinued Operations
| Net Profit from Discontinued Operations |
Other ComprehensiveIncome
| Other Comprehensive Income | 647,952.32 |
Total ComprehensiveIncome
| Total Comprehensive Income | -4,017,337,196.95 | -3,692,504,949.03 |
Dividends Received fromAssociated Enterprisesduring the Current Period
| Dividends Received from Associated Enterprises during the Current Period |
4、 Aggregated Financial Information of Insignificant Joint Ventures and
Associated Enterprises
| End-of-Period Balance/Current Period Amount | Previous Year-end Balance/Previous Period Amount | |
| Joint Ventures: | ||
| Total Carrying Value of Investments | 3,961,228,297.16 | 3,789,451,718.73 |
| Total Amounts Calculated Based on Shareholding Ratiofor the Following ltems | ||
| -Net Profit | 170,583,425.51 | -247,570,379.59 |
| -Other Comprehensive Income | 1,193,152.92 | -1,454,051.91 |
| -Total Comprehensive lncome | 171,776,578.43 | -249,024,431.50 |
| End-of-Period Balance/Current Period Amount | Previous Year-end Balance/Previous Period Amount | |
| Associated Enterprises: | ||
| Total Carrying Value of Investments | 8,954,364,227.40 | 7,702,230,006.95 |
| Total Amounts Calculated Based on Shareholding Ratiofor the Following ltems | ||
| -Net Profit | 844,880,455.37 | 341,248,476.30 |
| -Other Comprehensive Income | -5,967,137.61 | |
| -Total Comprehensive lncome | 838,913,317.76 | 341,248,476.30 |
5、 Excess Losses Incurred by Joint Ventures or Associated Enterprises
Our company has no obligation to bear additional losses for Chongqing ChanganCross - Vehicle Marketing Co., Ltd. and Jiangling Holdings Co., Ltd. Therefore,when excess losses occur, only the long - term equity investments are written downto zero, and the excess losses related to the investments in the above - mentionedcompanies are not recognized.
IX、 Government Grants(I) Types,Amounts and Presentation ltems of Government Grants
1、 Government Grants Recognized in Current - Period Profit or Loss
Government Grants Related to Assets
| Balance Sheet Presentation ltems | Amount of Government Grants | Offset the carrying value of relevant assets | ltem of Amount Recognized in Current - Period Profit or Loss or Offset Against Relevant Cost, Expense or Loss | |
| Current - Period Amount | Prior - Period Amount | |||
| Deferred Income | 52,133,744.00 | 453,864,707.08 | 175,548,473.12 | Offset against fixed assets/intangible assets |
| Total | 52,133,744.00 | 453,864,707.08 | 175,548,473.12 | |
Government Grants Related to Income
| Presentation ltems for Amounts Recognized in Current -Period Profit or Loss or Offset Against Relevant Cost,Expense or Loss | Amount Recognized in Current - Period Profit or Loss orOffset Against Relevant Cost, Expense or Loss | |
| Current - Period Amount | Prior - Period Amount | |
| Offset against Cost of Goods Sold | 155,062,062.07 | 170,360,460.12 |
| Offset against Selling Expenses | 105,264,180.00 | 46,703,658.08 |
| Offset against Administrative Expenses | 17,515,503.85 | 13,512,686.32 |
| Offset against Research and Development Expenses | 10,090,801.90 | 86,393,841.24 |
| Total | 287,932,547.82 | 316,970,645.76 |
2、 Liability ltems Involving Government Grants
| Liability ltems | Previous Year - end Balance | Amount of New Grants in Current Period | Amount Recognized in Non -operating Income in Current Period | Amount Transferred to Other Income in Current Period | Amount Offset Against Cost and Expenses in Current Period | Other Changes | End - of - Period Balance | Related to Assets/ Related to Income |
| Deferred Income | 610,407,171.08 | 453,864,707.08 | -104,408,720.00 | 52,133,744.00 | Related to Assets | |||
| Deferred Income | 108,433,372.44 | 10,000,000.00 | 90,778,616.80 | 104,408,720.00 | 132,063,475.64 | Related to Income |
X、 Risks Related to Financial Instruments(I) Types of Risks Arising from Financial Instruments
Our company faces various financial risks in the course of its operations: credit risk,liquidity risk, and market risk (including foreign exchange risk, interest rate risk, and otherprice risks). The above - mentioned financial risks and the risk management policiesadopted by our company to mitigate these risks are described as follows:
1、 Credit Risk
Credit risk refers to the risk that a counter - party fails to fulfill its contractualobligations, resulting in financial losses for our company. Our company's credit riskmainly stems from monetary funds, notes receivable, accounts receivable,receivables financing, other receivables, as well as debt instrument investmentsmeasured at fair value through profit or loss that are not included in the scope ofimpairment assessment.
Most of our company's monetary funds are bank deposits placed in state - ownedbanks and other large - and medium - sized listed banks with good reputations andhigh credit ratings. We believe that there are no significant credit risks, and there isalmost no chance of significant losses caused by bank defaults.In addition, for notes receivable, accounts receivable, receivables financing, contractassets, and other receivables, our company has established relevant policies tocontrol credit risk exposure. We assess the creditworthiness of customers based ontheir financial conditions, the likelihood of obtaining guarantees from third parties,credit records, and other factors such as the current market situation, and setappropriate credit periods. We regularly monitor customers' credit records. Forcustomers with poor credit records, we will take measures such as sending writtencollection letters, shortening credit periods, or canceling credit periods to ensure thatthe overall credit risk of our company remains within a controllable range.
2、 Liquidity Risk
Liquidity risk refers to the risk that an enterprise may experience a shortage of fundswhen fulfilling its obligations to settle in the form of delivering cash or otherfinancial assets.Our company's policy is to ensure that there is sufficient cash to repay maturing debts.
Liquidity risk is centrally controlled by our company's finance department. Thefinance department ensures that the company has sufficient funds to repay debtsunder all reasonably foreseeable circumstances by monitoring cashbalances,marketable securities that can be readily liquidated, and a rolling forecastof cash flows over the next 12months. At the same time, it continuously monitorswhether the company complies with the provisions of borrowing agreements andobtains commitments from major financial institutions to provide sufficient standbyfunds to meet short - term and long - term funding requirements.The financial liabilities of our company are presented below by due date based onundiscounted contractual cash flows:
| ltems | End - of - Period Balance | ||||||
| Repayable lmmediately | Within 1 Year | 1 -2 Years | 2 -5 Years | Over 5 Years | Total Undiscounted Contract Amount | Carrying Amount | |
| Short -term Loans | 40,442,694.58 | 40,442,694.58 | 40,036,055.69 | ||||
| Notes Payable | 34,810,605,512.61 | 34,810,605,512.61 | 34,810,605,512.61 | ||||
| Accounts Payable | 43,835,671,129.12 | 43,835,671,129.12 | 43,835,671,129.12 | ||||
| Other Payables | 6,238,513,876.03 | 6,238,513,876.03 | 6,407,775,538.76 | ||||
| Non -current Liabilities Due within One Year | 188,983,976.87 | 188,983,976.87 | 128,914,461.78 | ||||
| Long -term Loans | 451,000.00 | 36,065,000.00 | 36,516,000.00 | 36,000,000.00 | |||
| Lease Liabilities | 137,414,287.00 | 89,386,322.61 | 226,800,609.61 | 269,211,409.06 | |||
| Long -term Payables | 2,998,964,516.85 | 2,998,964,516.85 | 2,028,479,306.93 | ||||
| ltems | End - of - Period Balance | ||||||
| Repayable lmmediately | Within 1 Year | 1 -2 Years | 2 -5 Years | Over 5 Years | Total Undiscounted Contract Amount | Carrying Amount | |
| Bonds Payable | 30,000,000.00 | 30,000,000.00 | 1,030,000,000.00 | 1,090,000,000.00 | 999,705,660.36 | ||
| Total | 85,144,668,189.21 | 203,479,287.00 | 1,119,386,322.61 | 2,998,964,516.85 | 89,466,498,315.67 | 88,556,399,074.31 | |
| ltems | Previous Year - end Balance | ||||||
| Repayable lmmediately | Within 1 Year | 1 -2 Years | 2 -5 Years | Over 5 Years | Total Undiscounted Contract Amount | Carrying Amount | |
| Short -term Loans | 30,862,587.57 | 30,862,587.57 | 30,039,416.74 | ||||
| Notes Payable | 37,456,669,928.07 | 37,456,669,928.07 | 37,456,669,928.07 | ||||
| Accounts Payable | 38,289,947,321.45 | 38,289,947,321.45 | 38,289,947,321.45 | ||||
| Other Payables | 5,592,483,962.97 | 5,592,483,962.97 | 5,880,882,512.97 | ||||
| Non -current Liabilities Due within One Year | 85,021,520.17 | 85,021,520.17 | 80,077,042.88 | ||||
| Long -term Loans | 772,666.67 | 36,462,000.00 | 36,076,000.00 | 73,310,666.67 | 72,000,000.00 | ||
| Lease Liabilities | 58,380,494.01 | 86,883,614.74 | 145,264,108.75 | 134,254,398.07 | |||
| Long -term Payables | 970,485,209.92 | 970,485,209.92 | 804,264,787.97 | ||||
| Bonds Payable | 30,000,000.00 | 30,000,000.00 | 1,060,000,000.00 | 1,120,000,000.00 | 999,607,547.16 | ||
| Total | 81,485,757,986.90 | 124,842,494.01 | 1,182,959,614.74 | 970,485,209.92 | 83,764,045,305.57 | 83,747,742,955.31 | |
3、 Market Risk
Market risk of financial instruments refers to the risk that the fair value or future cash
flows of financial instruments fluctuate due to changes in market prices, includingforeign exchange risk, interest rate risk, and other price risks.
（1）Interest Rate Risk
Interest rate risk refers to the risk that the fair value or future cash flows of financialinstruments fluctuate due to changes in market interest rates.
Interest - bearing financial instruments with fixed and floating interest rates exposeour company to fair - value interest - rate risk and cash - flow interest - rate riskrespectively. Our company determines the proportion of fixed - and floating - rateinstruments based on market conditions and maintains an appropriate mix of fixed -and floating - rate instruments through regular reviews and monitoring. Whennecessary, our company uses interest - rate swap instruments to hedge interest - raterisk.The income and operating cash flows of our company are basically unaffected byfluctuations in market interest rates. As of December 31, 2024, all of our company'sbank borrowings and bonds payable accrue interest at fixed interest rates. Ourcompany does not currently hedge interest - rate risk.
（2）Foreign Exchange Risk
Foreign exchange risk refers to the risk that the fair value or future cash flows offinancial instruments fluctuate due to changes in foreign exchange rates.Our company continuously monitors the scale of foreign currency transactions,foreign currency assets, and liabilities to minimize the foreign exchange risks it faces.In addition, the company may enter into forward foreign exchange contracts orcurrency swap contracts to hedge foreign exchange risks. During the current andprevious periods, our company did not enter into any forward foreign exchangecontracts or currency swap contracts.The foreign exchange risks faced by our company mainly stem from financial assetsand liabilities denominated in US dollars. The amounts of foreign currency financialassets and liabilities translated into RMB are shown as follows:
| ltems | End - of - Period Balance | Previous Year - end Balance | ||||
| US Dollar | Other Foreign Currencies | Total | US Dollar | Other Foreign Currencies | Total | |
| Monetary Funds | 207,403,382.74 | 1,817,492,961.31 | 2,024,896,344.06 | 196,000,760.10 | 579,542,997.66 | 775,543,757.76 |
| Accounts Receivable | 218,123,595.98 | 17,480,634.95 | 235,604,230.93 | 227,291,127.63 | 227,291,127.63 | |
| Other Receivables | 18,402.30 | 95,509,535.16 | 95,527,937.46 | 712,229.23 | 52,299,249.49 | 53,011,478.72 |
| Accounts Payable | 15,663.81 | 433,127,807.93 | 433,143,471.74 | 27,130.85 | 134,344,595.24 | 134,371,726.09 |
| Other Payables | 25,375.05 | 59,877,652.92 | 59,903,027.97 | 194,566.44 | 2,126,996.89 | 2,321,563.33 |
| Total | 425,586,419.89 | 2,423,488,592.27 | 2,849,075,012.16 | 424,225,814.25 | 768,313,839.28 | 1,192,539,653.53 |
As of December 31, 2024, assuming all other variables remain unchanged, if theRMB appreciates or depreciates against the US dollar by 5%, the company's netprofit will increase or decrease by 18,087,422.85yuan (as of December 31, 2023:
18,029,597.10 yuan). Management believes that 5% reasonably reflects thereasonable range within which the RMB may fluctuate against the US dollar in thenext fiscal year.
（3）Other Price Risks
Other price risks refer to the risks that the fair value or future cash flows of financialinstruments fluctuate due to market price changes other than foreign exchange raterisks and interest rate risks.
The other price risks of our company mainly stem from various equity instrumentinvestments, and there is a risk of price fluctuations in equity instruments.
As of December 31, 2024, assuming all other variables remain unchanged, if thevalue of equity instruments rises or falls by 5%, the company's net profit will increaseor decrease by 5,115,434.10 yuan (as of December 31, 2023: net profit of6,831,651.16 yuan). Management believes that 5% reasonably reflects thereasonable range within which the value of equity instruments may fluctuate in thenext fiscal year.
XI、 Disclosure of Fair Value
The inputs used in fair - value measurement are classified into three levels:
Level 1 inputs are unadjusted quoted prices in active markets for identical assets orliabilities available at the measurement date.Level 2 inputs are inputs other than Level 1 inputs that are directly or indirectly observablefor the related assets or liabilities.Level 3 inputs are unobservable inputs for the related assets or liabilities.The level to which a fair - value measurement result belongs is determined by the lowest -level input that is significant to the fair - value measurement as a whole.
(I) The ending fair values of assets and liabilities measured at fair value
| ltems | Ending Fair Value | |||
| Level 1 Fair - Value Measurement | Level 2 Fair - Value Measurement | Level 3 Fair - Value Measurement | Total | |
| 一、Continuous Fair -Value Measurement | ||||
| ◆Trading Financial Assets | 155,013,154.45 | 155,013,154.45 | ||
| （1） Equity Instrument Investments | 155,013,154.45 | 155,013,154.45 | ||
| ◆Other Equity Instrument Investments | 496,524,273.53 | 496,524,273.53 | ||
(II) For items measured at fair value on a continuous basis at Level 3, reconciliation information between the carrying amounts at the end of the previous
year and the end of the current period, and sensitivity analysis of unobservable parameters.
1、 Reconciliation Information for ltems Measured at Fair Value on a Continuous Basis at Level 3
| ltems | Previous Year - end Balance | Transfer to Level 3 | Transfer from Level 3 | Total Gains or Losses in the Current Period | Purchase, lssuance, Sale and Settlement | End - of - Period Balance | For assets held at the end of the reporting period, unrealized gains or losses recognized in profit or loss in the current period | ||||
| Included in Profit or Loss | Included in Other Comprehensive Income | Purchase | lssuance | Sale | Settlement | ||||||
| ◆Other equity instrument investments | 504,190,082.71 | -7,665,809.18 | 496,524,273.53 | ||||||||
XII、 Related Parties and Related -Party Transactions(I) Information about the Parent Company of Our Company
| Name of Parent Company | Registered Place | Business Nature | Registered Capital | Equity - Holding Proportion of Parent Company in Our Company (%) | Voting - Right Proportion of Parent Company in Our Company (%) |
| China Changan Automobile Group Co., Ltd. | Beijing | Manufacturing and sales of automobiles, their engines, and spare parts | 6,092,273,400.00 | 20.81 | 20.81 |
Note: The ultimate controlling party of our company is China South industries GroupCorporation.
(II) Information about Subsidiaries of Our Company
Details about the subsidiaries of our company can be found in Note "VIII. interests in OtherEntities".
(III) Information about Joint Ventures and Associates of Our Company
Details about the significant joint ventures and associates of our company can be found inNote "VIII. Interests in Other Entities".
(IV) Information about Other Related Parties
| Name of Other Related Party | Relationship with Our Company |
| Chongqing Changan Intelligent Industrial Technology Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Changan Industry (Group) Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Yihong Defense Technology Co., Ltd. | Under the control of the same ultimate holding company |
| Name of Other Related Party | Relationship with Our Company |
| Chongqing Wanfuzunda Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Wanyou Zhicheng Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Wanyou Xingjian Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Wanyou Economic Development Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Wanyou Ducheng Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Wanyou Chengxing Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Changan Smart City Operation and Management Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Qingshan Transmission Sales Co, Ltd. | Under the control of the same ultimate holding company |
| Chongqing Shangfang Automobile Parts Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Qingshan Industry Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Jianshe Quanda industrial Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Jianshe Transmission Technology Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Jianshe Vehicle Air - Conditioner Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Fujitsu Supply Chain Management Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Dajiang Jixin Forging Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Anfu Automobile Marketing Co., Ltd. | Under the control of the same ultimate holding company |
| Name of Other Related Party | Relationship with Our Company |
| China Changan Automobile Group Tianjin Sales Co., Ltd. | Under the control of the same ultimate holding company |
| China Changan Automobile Group Hefei Investment Co., Ltd. | Under the control of the same ultimate holding company |
| China South Industries Group Commercial Factoring Co., Ltd. | Under the control of the same ultimate holding company |
| China South industries Group Leasing Co., Ltd. | Under the control of the same ultimate holding company |
| Yunnan Wanyou Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Ya'an Wanyou Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Southwest Ordnance Chongqing Environmental Protection Research Institute Co., Ltd. | Under the control of the same ultimate holding company |
| Wanyou Automobile Investment Co.. Ltd. | Under the control of the same ultimate holding company |
| Sichuan Ningjiangshanchuan Machinery Co., Ltd. | Under the control of the same ultimate holding company |
| Sichuan Jian'an Industry Co., Ltd. | Under the control of the same ultimate holding company |
| Panzhihua Wanyou Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Luzhou Wanyou Automobile Service Co., Ltd. | Under the control of the same ultimate holding company |
| Longchang Shanchuan Machinery Co., Ltd. | Under the control of the same ultimate holding company |
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Jianshe Industrial Group (Yunnan) Co., Ltd. | Under the control of the same ultimate holding company |
| Hubei Xiaogan Huazhong Automobile Lamp Co., Ltd. | Under the control of the same ultimate holding company |
| Name of Other Related Party | Relationship with Our Company |
| Hubei Huazhong Magneti Marelli Automotive Lighting Co., Ltd. | Under the control of the same ultimate holding company |
| Harbin Dongan Automobile Engine Manufacturing Co., Ltd. | Under the control of the same ultimate holding company |
| Harbin Dongan Automobile Power Co., Ltd. | Under the control of the same ultimate holding company |
| Guizhou Wanyou Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Dali Wanfu Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Wanyou Automobile Trade Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Wanyou Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Wanyou Trading Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Wanyou Filter Machine Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Lingchuan Vehicle Fuel Tank Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Jialing Huaxi Optical Precision Machinery Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Huachuan Electrical Equipment Co., Ltd. | Under the control of the same ultimate holding company |
| Chenzhi (Chongqing) Braking System Co., Ltd. | Under the control of the same ultimate holding company |
| China South Industries Group Finance Co., Ltd. | Under the control of the same ultimate holding company |
| Beijing Beiji Mechatronics Industry Co., Ltd. | Under the control of the same ultimate holding company |
| Name of Other Related Party | Relationship with Our Company |
| Beijing North Changfu Automobile Sales Co., Ltd. | Under the control of the same ultimate holding company |
| Anhui Wanyou Automobile Sales and Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chenzhi (Chengdu) Intelligent Suspension Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Zhongzi Guangming Catalytic Technology Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Changan Minsheng Logistics Co., Ltd. | Under the control of the same ultimate holding company |
| Human Resources Development Center of China South Industries Group | Under the control of the same ultimate holding company |
| China Ordnance Press | Under the control of the same ultimate holding company |
| Nanfang Yite Air - Conditioning Co., Ltd. | Under the control of the same ultimate holding company |
| Nanfang Faurecia Automotive Components Co., Ltd. | Under the control of the same ultimate holding company |
| Hunan Tianyan Machinery Co., Ltd. | Under the control of the same ultimate holding company |
| Beijing Zhongbing Insurance Brokers Co., Ltd. | Under the control of the same ultimate holding company |
| Harbin Hafei Automobile Industry Group Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Wanyou Talent Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Southwest Inspection and Testing Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Changxiang Supply Chain Technology Co., Ltd. | Under the control of the same ultimate holding company |
| Nanyang Lida Optoelectronics Co., Ltd. | Under the control of the same ultimate holding company |
| Name of Other Related Party | Relationship with Our Company |
| Chongqing Saimei Digital Intelligence Technology Co. Ltd. | Under the control of the same ultimate holding company |
| China Academy of Ordnance Science | Under the control of the same ultimate holding company |
| China South Industries Group Automation Research Institute Co., Ltd. | Under the control of the same ultimate holding company |
| Zhejiang Zhongbing Health Care Co., Ltd. | Under the control of the same ultimate holding company |
| Chenzhi Technology Co., Ltd. | Under the control of the same ultimate holding company |
| China South Industries Group Information Center Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Xiyi Automobile Connecting Rod Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Jianshe Mechanical & Electrical Equipment Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Jianshe Industry (GROUP) Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Jialing Yimin Special Type Equipment Co., Ltd. | Under the control of the same ultimate holding company |
| Chongqing Dajiang Xinda VEHICLE SHARE Limited Company | Under the control of the same ultimate holding company |
| Yunnan Wanhang Automobile Sales Service Co., Ltd. | Under the control of the same ultimate holding company |
| Chengdu Lingchuan SPECIAL Industries Co., Ltd. | Under the control of the same ultimate holding company |
| Bazhong Wanyou Automotive Sales Service Co., Ltd. | Under the control of the same ultimate holding company |
| Hunan Tyen Machinery Co., Ltd. | Under the control of the same ultimate holding company |
| Hubei Huazhong Yangtze Optoelectronic Technology Co., Ltd. | Under the control of the same ultimate holding company |
| Name of Other Related Party | Relationship with Our Company |
| Zhongguangxi Group Co., Ltd. | Under the control of the same ultimate holding company |
| Hafeimotor Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Chongqing Nexteer Steering System Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Chongqing Lingchuan Automobile Parts Manufacturing Technology Co, Ltd. | Companies in which the ultimate holding company holds shares |
| Chongqing Jianshe Hanon Automotive Thermal Management System Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Chongqing Dajiang Yuqiang Plastic Products Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Chongqing Dajiang Aprus Automotive Parts Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Chongqing Dajiang Dongyang Plastic Products Co., Ltd. | Companies in which the ultimate holding company holds shares |
| United Automotive Electronics (Chongqing) Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Lear Changan (Chongqing) Automotive Systems Co. Ltd. | Companies in which the ultimate holding company holds shares |
| Changan St?ubli (Chongqing) Robot Intelligent Equipment Co., Ltd. | Companies in which the ultimate holding company holds shares |
| Tenneco Lingchuan (Chongqing) Exhaust System Co., Ltd. | Companies in which the ultimate holding company holds shares |
| NTN Driveshaft (Chongqing) Co., Ltd. | Companies in which the ultimate holding company holds shares |
(V) Related -Party Transaction Information
1、 Related - Party Transactions of Purchasing and Selling Goods, and Providing
and Receiving Labor Services
Table of Goods Purchased/Labor Services Received
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Chongqing TSINGSHAN Industrial Co., Ltd. | Purchase components and parts and Receive labor services | 8,629,997,498.38 | 7,909,257,881.61 |
| Jiangling MOTOR Holding Co., Ltd. | Purchase components and parts and Receive labor services | 5,553,351,208.06 | 2,501,907,444.50 |
| Times Chang'an Power Battery Co., Ltd. | Purchase components and parts | 5,053,358,710.82 | 95,181,872.65 |
| Chongqing Changan Minsheng Logistics Co., Ltd. | Purchase components and parts and Receive labor services | 4,804,682,273.47 | 5,165,658,104.43 |
| Hubei Huazhong Magneti Marelli Automotive Lighting Co., Ltd. | Purchase components and parts and Receive labor services | 1,491,140,208.55 | 1,123,367,388.13 |
| Chenzhi (Chongqing) Brake System Co., Ltd. | Purchase components and parts and Receive labor services | 1,216,704,909.45 | 1,169,593,423.84 |
| Sichuan Jian'an Industry Co., Ltd. | Purchase components and parts and Receive labor services | 1,176,754,243.23 | 1,189,789,519.57 |
| Chongqing Nexteer Steering System Co., Ltd. | Purchase components and parts and Receive labor services | 1,167,443,271.72 | 1,057,076,294.06 |
| United Automotive Electronic Systems (Chongqing) Co., Ltd. | Purchase components and parts and Receive labor services | 963,566,695.41 | 1,010,229,555.68 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Harbin Dongan Automobile Engine Manufacturing Co., Ltd. | Purchase components and parts and Receive labor services | 954,360,785.84 | 821,839,603.40 |
| Nanfang Yite Air - Conditioning Co. Ltd. | Purchase components and parts and Receive labor services | 840,457,740.62 | 802,270,183.24 |
| Sichuan Ningjiangshanchuan Machinery Co., Ltd. | Purchase components and parts and Receive labor services | 734,780,452.06 | 432,815,652.22 |
| Chongqing Dajiang Dongyang Plastic Products Co., Ltd. | Purchase components and parts and Receive labor services | 688,184,221.32 | 618,976,091.63 |
| Nanfang Faurecia Automotive Components Co., Ltd. | Purchase components and parts and Receive labor services | 680,243,436.60 | 461,695,054.62 |
| Nanfang Yite Air - Conditioning Co. Ltd. | Purchase components and parts and Receive labor services | 657,155,505.27 | 706,168,677.33 |
| Chongqing Wutong Chelian Technology Co., Ltd. | Purchase components and parts and Receive labor services | 565,801,798.21 | 343,192,676.83 |
| Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. | Purchase components and parts and Receive labor services | 444,406,535.18 | 496,995,640.59 |
| Chengdu Zhongzi Guangming Catalytic Technology Co., Ltd. | Purchase components and parts | 419,639,817.19 | 688,149,261.93 |
| GKN HUAYU Driveline Systems(Chongqing) Co., Ltd. | Purchase components and parts and Receive labor services | 412,259,857.54 | 389,817,223.54 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Chongqing Changxian Intelligent Technology Co., Ltd. | Purchase components and parts and Receive labor services | 392,912,027.47 | 93,604,392.49 |
| Chongqing Dajiang Aprus Automotive Parts Co., Ltd. | Purchase components and parts and Receive labor services | 354,395,826.81 | 452,268,436.90 |
| Chongqing Jianshe Transmission Technology Co., Ltd. | Purchase components and parts and Receive labor services | 298,484,894.36 | 280,512,432.69 |
| Harbin Dongan Automobile Power Co., Ltd. | Purchase components and parts and Receive labor services | 269,628,465.00 | 395,901,799.55 |
| China Changan Automobile Group Co., Ltd. | Purchase components and parts and Receive labor services | 254,893,589.14 | 3,001,862.66 |
| Lear Changan (Chongqing) Automotive System C O. Ltd | Purchase components and parts | 250,856,034.67 | 336,686,106.50 |
| Chongqing Lingchuan Automobile Parts Manufacturing Technology Co., Ltd. | Purchase components and parts | 193,123,964.60 | 213,630,757.24 |
| Chongqing Shangfang Automobile Parts Co., Ltd. | Purchase components and parts and Receive labor services | 174,460,101.56 | 129,114,128.66 |
| Chongqing Jianshe Vehicle Air - Conditioner Co., Ltd. | Purchase components and parts | 171,970,343.84 | 55,811,393.01 |
| Hunan Tyen Machinery Co., Ltd. | Purchase components and parts | 157,002,932.22 | 143,867,189.64 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Hubei Xiaogan Huazhong Automotive Lighting Co., Ltd. | Purchase components and parts and Receive labor services | 155,709,252.63 | 137,367,855.66 |
| Construction Industry Group (Yunnan) Co., Ltd. | Purchase components and parts | 147,187,109.84 | 7,389,085.00 |
| Chengdu Wanyou Filter Co., Ltd. | Purchase components and parts and Receive labor services | 123,078,320.69 | 131,715,230.00 |
| Avita Technology (Chongqing) Co., Ltd. | Purchase components and parts | 110,515,542.23 | 42,227,013.92 |
| Chongqing Qingshan Transmission Sales Co., Ltd. | Purchase components and parts | 93,176,772.64 | 174,129,034.27 |
| Tenneco Lingchuan (Chongqing) Exhaust System Company Ltd. | Purchase components and parts and Receive labor services | 90,654,991.96 | 75,305,544.57 |
| Harbin Hafei Automobile Industry Group Co., Ltd. | Receive labor services | 59,136,548.68 | |
| Chongqing Yihong Defense Technology Co., Ltd. | Purchase components and parts | 58,913,150.80 | 75,489,406.20 |
| Chengdu Lingchuan Vehicle Fuel Tank Co., Ltd. | Purchase components and parts | 57,515,999.70 | 49,988,528.24 |
| Beijing Wutong Chelian Technology Co., Ltd. | Purchase components and parts and Receive labor services | 54,401,495.14 | 66,771,769.32 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Chongqing Wanyou Development Co., Ltd. | Purchase components and parts and Receive labor services | 46,102,199.93 | 53,578,718.07 |
| Avita Technology (Chongqing) Co., Ltd. | Purchase components and parts and Receive labor services | 45,560,794.65 | 517,327.44 |
| ChongQing Tsingshan Transmission Sale Co., Ltd. | Purchase components and parts | 44,442,269.68 | 67,569,783.88 |
| Chongqing Chang'an Intelligent Industrial Technology Service Co., Ltd. | Purchase components and parts and Receive labor services | 42,151,655.08 | 15,950,070.92 |
| Yunnan Wanyou Automobile Sales Service Co., Ltd. | Receive labor services | 34,796,059.38 | 39,341,743.95 |
| Chongqing Wanyou Talent Service Co., Ltd. | Receive labor services | 31,062,986.46 | |
| Chongqing DAJIANG-JIEXIN Forging Co., Ltd. | Purchase components and parts | 29,589,566.67 | 1,404,946.66 |
| Chengdu Wanyou Xiangyu Auto Sales Service Co.,Ltd. | Purchase components and parts and Receive labor services | 28,224,481.68 | 32,444,290.19 |
| Guizhou Wanyou Automotive Sales Service Co.,Ltd. | Receive labor services | 24,755,324.21 | 25,147,910.62 |
| Chenzhi (Chengdu) Intelligent Suspension Co., Ltd | Purchase components and parts | 23,358,495.90 | 329,060.27 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd | Receive labor services | 23,344,020.90 | 47,556,715.66 |
| Changan Auto Finance Co.,ltd. | Receive labor services | 20,382,386.87 | 203,900,716.83 |
| Long Chang Shan Chuan Precision Welded Tube Co.,Ltd. | Purchase components and parts | 19,656,326.97 | 24,200,356.23 |
| Southwest Ordnance Industry Chongqing Environmental Protection Research Institute Co., Ltd | Receive labor services | 17,758,031.18 | 445,897.62 |
| Chang'an Mazda Engine Co., Ltd | Purchase components and parts and Receive labor services | 13,983,620.07 | 3,237,665.14 |
| Chongqing Chang'an Industry(Group)Co.,Ltd. | Purchase components and parts and Receive labor services | 12,988,800.43 | 13,270,362.89 |
| Chenzhi Technology Co., Ltd | Purchase components and parts | 12,923,678.84 | |
| Chang'an Automotive Sales Tianjin Co.,Ltd. | Receive labor services | 12,114,410.55 | 9,516,199.15 |
| Anhui Wanyou Automobile Sales and Service Co., Ltd | Receive labor services | 10,385,865.27 | 8,013,949.98 |
| Chengdu Wanyou Auto Trade Service Co., Ltd | Receive labor services | 10,356,719.32 | 11,285,463.97 |
| Chongqing Chang'an Real Estate Management Co.,Ltd. | Receive labor services | 9,208,950.03 | 15,428,001.25 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Chongqing Construction Tongda Industrial Co., Ltd | Purchase components and parts and Receive labor services | 5,441,277.04 | 52,480,106.10 |
| Chongqing Wanyou Chengxing Automobile Sales and Service Co., Ltd | Receive labor services | 3,860,376.79 | 3,773,979.88 |
| Chongqing Wanyou Ducheng Automotive Sales Service Co.,Ltd. | Receive labor services | 3,812,996.54 | 6,717,354.59 |
| Wanyou Automobile Investment Co., Ltd | Receive labor services | 3,780,185.72 | |
| Changan Ford Motor Co., Ltd | Purchase components and parts and Receive labor services | 3,449,926.34 | 203.40 |
| Chongqing Wanyou Xingjian Automobile Sales and Service Co., Ltd | Receive labor services | 2,874,074.26 | 3,832,530.21 |
| Chengdu Wanyou Auto Sales Service Co.,Ltd. | Receive labor services | 2,581,405.61 | 2,176,652.22 |
| Ya'an Wanyou Automotive Sales Service Co.,Ltd. | Purchase components and parts and Receive labor services | 2,360,293.73 | 2,761,315.77 |
| Chongqing Southwest Inspection and Testing Co., Ltd | Receive labor services | 1,800,862.37 | |
| Chongqing Chang'an Kuayue Vehicles Co., Ltd. | Receive labor services | 983,394.36 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Chongqing Wanyou Zunda Automobile Sales and Service Co., Ltd | Purchase components and parts and Receive labor services | 954,339.01 | 76,401.73 |
| Panzhihua Wanyou Automobile Sales and Service Co., Ltd | Receive labor services | 745,707.44 | 672,314.14 |
| Beijing Beifang Changfu Auto Sales Co.,Ltd. | Receive labor services | 723,218.80 | |
| Chongqing Changxiang Supply Chain Technology Co., Ltd | Receive labor services | 719,921.32 | |
| NANYANG LIDA OPTIC-ELECTRONICS CO.,LTD. | Purchase components and parts | 482,340.66 | |
| Chongqing Changan Minsheng Fuyong Logistics Co.,Ltd. | Receive labor services | 355,000.00 | |
| Chengdu Jialing Huaxi Optical & Precision Machinery Co., Ltd. | Purchase components and parts | 275,250.53 | 931,742.59 |
| Beijing Zhongbing Insurance Brokerage Co., Ltd | Purchase components and parts and Receive labor services | 247,724.61 | 226,367.35 |
| Changan Mazda Automobile Corporation Ltd. | Receive labor services | 212,576.11 | 3,645,821.90 |
| China Ordnance Equipment Group Information Center Co., Ltd | Receive labor services | 159,245.28 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Luzhou Wanyou Automotive Service Co.,Ltd. | Receive labor services | 139,830.99 | 1,343,676.63 |
| Dajiang YuQiang Plastics Co.,Ltd. | Purchase components and parts | 90,868.64 | 284,403.78 |
| Nanjing Leading Technology Co.,Ltd. | Purchase components and parts and Receive labor services | 86,621.45 | 59,006.16 |
| CHONGQING FUTURE SUPPLY CHAIN MANAGEMENT CO.,LTD. | Receive labor services | 76,965.09 | |
| Weaponry Equipment Property Co. Ltd | Receive labor services | 42,358.49 | |
| Human Resources Development Center of China South Industries Group Corporation。 | Receive labor services | 41,971.70 | 23,113.20 |
| Chengdu Wanyou Trade Co., Ltd. | Receive labor services | 36,741.44 | 109,105.05 |
| Beijing Beiji Mechanical & Electric Industry Co., Ltd | Purchase components and parts | 24,494.80 | 181,057.41 |
| China Ordnance News Agency | Purchase components and parts and Receive labor services | 12,311.32 | 22,467.73 |
| China Automotive Innovation and Intelligence Technology Co., Ltd. | Purchase components and parts and Receive labor services | 11,628.90 | 480,000.00 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
| Shanghai Jiahang Automotive Service Co., Ltd. | Receive labor services | 11,151.69 | 80,043.15 |
| China Ordnance Equipment Group Automation Research Institute Co., Ltd. | Receive labor services | 1,698.11 | |
| Zhejiang Zhongbing Health and Elderly Care Co., Ltd. | Receive labor services | 849.06 | |
| Chongqing Changan New Energy Vehicles Technology Co., Ltd. | Purchase components and parts and Receive labor services | 666,172,597.14 | |
| China Ordnance Equipment Group Commercial Factoring Co., Ltd | Receive labor services | 93,693.30 | |
| Nanjing Chelai Travel Technology Co., Ltd | Receive labor services | 15,222.66 | |
| Chongqing Chang'an Industry(Group)Co.,Ltd. | Pay the comprehensive service fee | 67,891,580.56 | 86,759,331.24 |
| Chongqing TSINGSHAN Industrial Co., Ltd. | Purchase engineering materials and supplies | 36,186.02 | |
| Chongqing Chang'an Intelligent Industrial Technology Service Co., Ltd. | Purchase engineering materials and supplies | 2,049,697.68 | |
| Changan Reis (Chongqing) Robotic | Purchase engineering materials and supplies | 1,756,066.31 |
| Related Party | Content of Related - Party Transaction | Current - Period Amount | Prior - Period Amount |
Intelligent EquipmentCo.,Ltd
Intelligent EquipmentCo.,Ltd
Statement of Goods Sold/ Labor Services Provided
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Avita Technology (Chongqing) Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 3,545,912,925.84 | 3,005,944,066.62 |
| Chongqing Wanyou Zunda Automobile Sales and Service Co., Ltd. | Sell parts and components and provide labor services | 3,044,511,084.13 | 2,615,879,134.66 |
| Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 2,560,954,240.83 | 1,737,535,522.44 |
| Guizhou Wanyou Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 1,703,466,813.81 | 1,311,607,201.25 |
| Chongqing Wanyou Economic Development Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 1,669,176,840.92 | 1,767,117,262.72 |
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 1,287,150,633.14 | 1,328,878,775.22 |
| Yunnan Wanyou Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 1,228,151,892.06 | 1,105,265,913.83 |
| Chongqing Wanyou Zhicheng Automobile Sales and Service Co. Ltd. | Sell complete vehicles and parts and components | 1,135,629,281.78 | 79,500.96 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Wanyou Automobile Investment Co.. Ltd. | Sell complete vehicle parts and components and provide labor services | 691,951,708.66 | 584,399,985.39 |
| Master Changan Automobile Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 685,011,995.56 | 279,656,730.41 |
| Changan Mazda Automobile Co.. Ltd. | Sell complete vehicle parts and components and provide labor services | 442,265,277.20 | 288,828,348.49 |
| Anhui Wanyou Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 405,366,552.77 | 306,169,916.41 |
| Changan Ford Automobile Co., Ltd. | Sell parts and components and provide labor services | 291,965,933.06 | 9,082,666.28 |
| China Changan Automobile Group Tianjin Sales Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 225,284,281.97 | 304,080,496.29 |
| Chongqing Fujie Supply Chain Management Co., Ltd. | Sell complete vehicles and parts and components | 109,212,762.45 | 538,716,791.96 |
| Chongqing Changan Kuayue Vehicles Co., Ltd. | Sell parts and components and provide labor services | 89,649,785.62 | 93,017,748.87 |
| Jiangling Holdings Co., Ltd. | Sell parts and components and provide labor services | 79,780,337.37 | 1,243,519.20 |
| Changan Automobile Finance Co., Ltd. | Provide labor services | 74,923,741.22 | 354,417,122.66 |
| Chengdu Wanyou Automobile Trade Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 69,393,399.93 | 597,327,672.80 |
| Chongqing Anfu Automobile Marketing Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 47,716,725.76 | 58,386,460.13 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Changan Mazda Engine Co, Ltd. | Sell parts and components and provide labor services | 31,823,562.00 | 4,748,723.27 |
| Chengdu Wanyou Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 19,512,442.80 | 1,731,121.33 |
| China South Industries Group Finance Co., Ltd. | Provide labor services | 19,485,773.58 | 2,065,012.08 |
| Chongqing Qingshan Industry Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 16,224,015.54 | 31,157,207.00 |
| Chongqing Changan Intelligent Industrial Technology Service Co., Ltd. | Provide labor services | 12,658,659.67 | 1,656,676.95 |
| China South Industries Group Financial Leasing Co., Ltd. | Provide labor services | 6,745,494.75 | 25,691,328.80 |
| Chongqing Changxian Intelligent Technology Co., Ltd. | Provide labor services | 5,095,395.18 | |
| Chongqing Wanyou Ducheng Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 4,204,247.18 | 3,605,914.02 |
| Chongqing Changan Minsheng Logistics Co, Ltd. | Sell parts and components and provide labor services | 3,498,850.35 | 3,088,120.79 |
| Southwest Ordnance Chongqing Environmental Protection Research Institute Co, Ltd. | Provide labor services | 2,299,226.01 | |
| Chongqing Wanyou Chengxing Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 2,203,892.78 | 18,983.24 |
| Ya'an Wanyou Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 2,064,820.56 | 2,547,798.92 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Beijing North Changfu Automobile Sales Co., Ltd. | Sell complete vehicles and provide labor services | 1,906,219.88 | |
| Changan Ford New Energy Automobile Technology Co., Ltd. | Provide labor services | 1,905,273.58 | |
| Chongqing Wanyou Xingjian Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 1,428,543.28 | 2,366,433.23 |
| Panzhihua Wanyou Automobile Sales and Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 834,324.62 | 671,997.23 |
| Chongqing Wutong Chelian Technology Co., Ltd. | Provide labor services | 706,691.17 | 1,096,933.00 |
| China South Industries Group Corporation | Provide labor services | 656,603.77 | |
| Chongqing Changan Kuayue Vehicles Marketing Co., Ltd. | Sell parts and components | 552,228.25 | 704,862.14 |
| Chenzhi Technology Co., Ltd. | Provide labor services | 438,207.54 | |
| Western Auto Network (Chongqing) Co., Ltd. | Provide labor services | 297,054.72 | |
| Chongqing Nexteer Steering System Co., Ltd. | Sell parts and components and provide labor services | 226,415.09 | 995,304.99 |
| Chengdu Wanyou Trading Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 154,902.13 | 167,458.36 |
| Sichuan Jian'an Industry Co., Ltd. | Provide labor services | 147,924.52 | 228,618.74 |
| Dali Wanfu Automobile Sales and Service Co., Ltd. | Sell parts and components | 143,213.28 | 59,084.14 |
| China South Industries Group Information Center Co., Ltd. | Provide labor services | 141,509.43 | |
| Nanjing Linghang Technology Co., Ltd. | Provide labor services | 140,962.77 | 1,947,663.55 |
| Sichuan Ningjiangshanchuan Machinery Co. Ltd. | Provide labor services | 139,211.60 | 632,600.17 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Times Changan Power Battery Co., Ltd. | Provide labor services | 112,400.00 | |
| Chengdu Huachuan Electrical Equipment Co., Ltd. | Sell complete vehicles and provide labor services | 95,928.49 | 164,961.79 |
| Hubei Huazhong Yangtze River Optoelectronics Technology Co., Ltd. | Provide labor services | 84,905.66 | |
| Zhongguang Optical Group Co., Ltd. | Provide labor services | 84,905.66 | |
| Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. | Sell parts and components and provide labor services | 62,135.77 | 114,266.17 |
| Luzhou Wanyou Automobile Service Co., Ltd. | Sell complete vehicle parts and components and provide labor services | 54,476.22 | 1,009,690.18 |
| Chongqing Shangfang Automobile Parts Co., Ltd. | Provide labor services | 35,221.24 | 1,252,080.34 |
| Chongqing Changan Smart City Operation and Management Co. Ltd. | Provide labor services | 32,839.77 | |
| Chongqing Dajiang Dongyang Plastic Products Co., Ltd. | Sell parts and components and provide labor services | 31,710.52 | 18,867.92 |
| Chenzhi (Chongqing) Braking System Co., Ltd. | Provide labor services | 30,081.15 | 214,511.78 |
| Chengdu Lingchuan Vehicle Fuel Tank Co. Ltd. | Provide labor services | 30,053.10 | |
| Nanfang Yite Air - Conditioning Co., Ltd. | Provide labor services | 14,063.55 | 1,651,787.03 |
| China South Industries Group Human Resources Development Center | Provide labor services | 13,207.55 | |
| Avita (Chongqing) Automobile Sales and Service Co., Ltd. | Provide labor services | 13,132.10 | |
| Hubei Xiaogan Huazhong Automobile Lamp Co., Ltd. | Provide labor services | 9,433.96 | 340.99 |
| Nanfang Faurecia Automotive Components Co., Ltd. | Provide labor services | 5,886.80 | 498,120.79 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Lear Changan (Chongqing) Automotive Systems Co., Ltd. | Provide labor services | 5,886.79 | |
| Chongqing Jianshe Transmission Technology Co., Ltd. | Sell parts and components and provide labor services | 5,882.83 | 187,996.19 |
| Chongqing Dajiang Aprus Automotive Parts Co. Ltd. | Provide labor services | 5,554.41 | |
| Chongqing Lingchuan Automobile Parts Manufacturing Technology Co., Ltd. | Sell parts and components and provide labor services | 2,588.62 | 32,454.14 |
| Chongqing Jianshe Vehicle Air - Conditioner Co., Ltd. | Sell parts and components and provide labor services | 1,083.60 | 8,490.57 |
| Chongqing Dajiang Yuqiang Plastic Products Co., Ltd. | Provide labor services | 17.94 | |
| Deep Blue Automobile Technology Co., Ltd | Sell complete vehicle parts and components and provide labor services | 111,103,766.19 | |
| Harbin Dongan Automobile Engine Manufacturing Co., Ltd. | Sell parts and components | 3,358,934.35 | |
| Chongqing Changan Industry (Group) Co., Ltd. | Provide labor services | 3,283,373.72 | |
| China South Industries Group Commercial Factoring Co., Ltd. | Provide labor services | 358,584.46 | |
| China Changan Automobile Group Hefei Investment Co., Ltd. | Sell complete vehicles | 230,752.22 | |
| Hunan Tianyan Machinery Co., Ltd. | Provide labor services | 169,811.32 | |
| China Changan Automobile Group Co., Ltd. | Provide labor services | 85,080.76 | |
| NTN Driveshaft (Chongqing) Co., Ltd. | Provide labor services | 52,739.15 | |
| Hubei Huazhong Magneti Marelli Automotive Lighting Co., Ltd. | Provide labor services | 1,313.00 | |
| Chongqing Jianshe Tongda Industrial Co., Ltd. | Provide labor services | 1,070.21 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| China Automotive Technology and Innovation Co., Ltd. | Provide labor services | 0.94 | |
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd. | Interest income from deferred payment of funds | 2,883,287.51 | 1,380.53 |
| China South lndustries Group Finance Co., Ltd. | Interest income from deferred payment of funds | 2,419,885.65 | |
| Guizhou Wanyou Automobile Sales and Service Co., Ltd. | Interest income from deferred payment of funds | 1,944,074.93 | |
| Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd. | Interest income from deferred payment of funds | 1,639,633.40 | |
| Yunnan Wanyou Automobile Sales and Service Co., Ltd. | Interest income from deferred payment of funds | 693,090.36 | 374,716.09 |
| Chongqing Wanyou Economic Development Co., Ltd. | Interest income from deferred payment of funds | 652,912.22 | 14,602.59 |
| Anhui Wanyou Automobile Sales and Service Co., Ltd. | Interest income from deferred payment of funds | 333,282.09 | |
| Chengdu Wanyou Automobile Trade Service Co., Ltd. | Interest income from deferred payment of funds | 226,030.61 | 54,859.95 |
| Chengdu Lingchuan Vehicle Fuel Tank Co., Ltd. | Interest income from deferred payment of funds | 17,969.51 | |
| China Changan Automobile Group Tianjin Sales Co., Ltd. | Interest income from deferred payment of funds | 4,846.90 | 7,601.77 |
| Wanyou Automobile Investment Co., Ltd. | Interest income from deferred payment of funds | 4,141.59 | |
| Changan Mazda Automobile Co., Ltd. | Provide personnel and technical support | 53,908,116.64 | 19,654,432.21 |
| Changan Ford Automobile Co., Ltd. | Provide personnel and technical support | 14,796,508.84 | 22,556,634.55 |
| Changan Mazda Engine Co., Ltd. | Provide personnel and technical support | 12,315,939.07 | 13,114,270.22 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Jiangling Holdings Co., Ltd. | Provide personnel and technical support | 10,914,746.19 | 16,029,196.23 |
| Changan Ford New Energy Automobile Technology Co., Ltd | Provide personnel and technical support | 6,198,392.30 | |
| Jiangling Motors Corporation Limited | Provide personnel and technical support | 3,293,728.39 | 2,003,201.96 |
| Chongqing Changan Kuayue Vehicles Co., Ltd. | Provide personnel and technical support | 2,379,061.74 | 3,633,857.52 |
| Times Changan Power Battery Co., Ltd. | Provide personnel and technical support | 1,853,256.70 | |
| Chongqing Changxian Intelligent Technology Co., Ltd. | Provide personnel and technical support | 1,738,755.43 | |
| Chongqing Changan Minsheng Logistics Co., Ltd. | Provide personnel and technical support | 868,472.64 | 1,271,925.14 |
| Chongqing Wutong Chelian Technology Co., Ltd. | Provide personnel and technical support | 550,738.60 | 208,063.02 |
| China Changan Automobile Group Co., Ltd. | Provide personnel and technical support | 59,003.39 | 169,811.32 |
| Times FAW Power Battery Co., Ltd. | Provide personnel and technical support | 1,234,091.00 | |
| Avita Technology (Chongqing) Co., Ltd. | Provide personnel and technical support | 682,780.43 | |
| Chongqing Anda Semiconductor Co., Ltd. | Provide personnel and technical support | 291,666.67 | |
| China South Industries Group Finance Co., Ltd. | Provide personnel and technical support | 143,990.86 | |
| Chongqing Shangfang Automobile Parts Co., Ltd. | Provide personnel and technical support | 115,392.25 | |
| Chongqing Jianshe Transmission Technology Co., Ltd. | Provide personnel and technical support | 27,872.04 |
| Related Party | Related Party Transaction Content | Current - period Amount | Previous - period Amount |
| Chongqing Nexteer Steering System Co. Ltd. | Provide personnel and technical support | 18,026.66 | |
| Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. | Provide personnel and technical support | 2,520.00 |
2、 Related lease situation
Our company acts as the lessor:
| Name of the lessee | Types of leased assets | Lease income recognized in the current period | Lease income recognized in the previous period |
| Shanghai Jiaxing Automobile Service Co., Ltd. | Vehicle | 14,030,159.79 | 45,796,707.70 |
| Chongqing changan Industry (Group) Co., Ltd. | Building | 6,566,747.42 | 3,283,373.72 |
| Chongqing Wanyou Development Co., Ltd. | Buildings and lands | 674,311.92 | 660,932.72 |
| Chongqi Changan Mingshen Logistics Co., Ltd. | Building | 672,559.62 | 541,948.47 |
| Avatr Technology (Chongqing) Co., Ltd. | Vehicle | 245,268.68 | 364,393.81 |
| Nanjing Linghang Technology Co., Ltd. | Vehicle | 2,605,067.26 | |
| South Air International Co., Ltd. | Vehicle | 48,849.56 | |
| Chongqing Changan Real Estate Development Co., Ltd. | Vehicle | 24,424.78 |
Our company acts as the lessee:
| Name of the lessor | Type of leased asset | Amount for the current period | Amount for the previous period | ||||||||
| Rental expenses for short - term leases and low - value asset leases that are simply accounted for | Variable lease payments not included in the measurement of lease liabilities | Rent paid | Interest expense on lease liabilities assumed | Increased right - of - use asset | Rent expense for short - term leases and low - value asset leases accounted for under the simplified approach | Variable lease payments not included in the measurement of lease liabilities. | Rent paid | Interest expense incurred on the lease liability assumed | Increased right - of - use asset | ||
| Chongqing Chang an Min sheng Logistics Co., Ltd. | warehouse | 19,688,242.43 | 10,059,282.58 | 23,575,546.64 | 1,159,658.59 | 12,749,740.81 | 27,741,456.55 | 21,347,779.20 | |||
| Chongqing Chang an Intelligent City Operation and Management Co., Ltd. | Lands | 5,955,322.40 | 5,955,322.40 | 5,955,322.40 | 3,245,650.70 | ||||||
| Chongqing Wan you Zhicheng Automobile Sales and Service Co., Ltd. | Vehical | 177,300.00 | 177,300.00 | ||||||||
3、 Compensation of key management personnel
| item | Amount for the current period | Amount for the previous period |
| Compensation of key management personnel | 31,737,855.00 | 34,385,715.00 |
4、 Other related-party transactions
（1）Matters regarding deposits and loans with China South Industries GroupFinance Co., Ltd.:
| Related party | Contents of related - party transactions | 2024.12.31/2024.1-12 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Deposit in the bank | 18,478,700,450.59 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Receive interest | 287,291,384.56 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Commercial acceptance bill | 185,000,000.00 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Fixed deposit | 1,500,000,000.00 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Short-term borrowing | 10,000,000.00 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Entrusted loan | 500,000,000.00 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Long - term loans due within one year | 36,000,000.00 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Long - term loan | 36,000,000.00 |
China South Industries Group Finance Co., Ltd.
| China South Industries Group Finance Co., Ltd. | Pay interest and handling fees | 3,032,611.11 |
（2）Matters regarding deposits and loans with Changan Automobile Finance Co.,Ltd.:
| Related party | Contents of related - party transactions | 2024.12.31/2024.1-12 |
Chang an Auto Finance Co., Ltd.
| Chang an Auto Finance Co., Ltd. | Deposit in the bank | 13,650,000,000.00 |
Chang an Auto Finance Co., Ltd.
| Chang an Auto Finance Co., Ltd. | Receive interest | 303,368,750.00 |
(VI) Related party unsettled items such as accounts receivable and accounts payable
1、 Receivable Items
| Project Name | RelaAted party | Ending balance | Balance at the end of last year |
| Book balance | ledger balance | ||
| Accounts receivable | |||
| Avita Technology (Chongqing) Co., Ltd. | 777,209,315.29 | 674,602,846.19 | |
| Changan Mazda Automobile Co., Ltd. | 394,684,921.38 | 177,061,948.01 | |
| Changan Ford Automobile Co., Ltd. | 309,006,186.36 | 9,976,923.10 | |
| Master Chang an Automobile Co., Ltd | 66,120,525.00 | 16,553,872.36 | |
| Chongqing Chang an Kuayue Vehicle Co., Ltd | 41,454,930.04 | 23,099,903.46 | |
| Changan Mazda Engine Co., Ltd. | 37,151,442.58 | 15,886,858.18 | |
| Jiangling Holdings Co., Ltd. | 10,737,001.40 | 9,791,503.74 | |
| Changan Auto Finance Co., Ltd. | 9,540,270.17 | 21,019,909.48 | |
| China South Industries Group Finance Co., Ltd. | 8,410,150.94 | ||
| Chongqing Changxian Intelligent Technology Co., Ltd. | 4,140,425.78 | ||
| Jiangling Motors Co., Ltd. | 2,400,000.00 | ||
| Changan Ford New Energy Vehicle Technology Co., Ltd. | 2,019,590.00 | ||
| Chongqing Changan Minsheng Logistics Co., Ltd. | 1,032,148.06 | 3,269,852.16 | |
| Times Changan Power Battery Co., Ltd. | 530,000.00 | ||
| Times FAW Power Battery Co., Ltd. | 477,000.00 | ||
| China South Industries Group Financial Leasing Co., Ltd. | 455,400.00 | 5,186,975.56 | |
| Nanjing Linghang Technology Co., Ltd. | 336,623.98 | 321,563.47 | |
| Western Car Network (Chongqing) Co., Ltd. | 314,878.00 | ||
| Chongqing Changan Intelligent Industrial Technology Service Co., Ltd. | 276,804.16 | ||
| Chongqing TINNOVE Technology Co., Ltd. | 271,992.26 | 1,210,700.00 | |
| China South Industries Group Co., Ltd | 260,000.00 | ||
| Chongqing Changan Kuayue Vehicle Marketing Co., Ltd. | 170,712.14 | 26,019.30 | |
| Yunnan Wanyou Auto Sales Service Co., Ltd. | 100,070.00 | 121,200.00 | |
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd. | 88,001.63 | 6,117,845.18 | |
| China Changan Automobile Group Co., Ltd. | 62,543.59 | ||
| Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd. | 55,328.00 | 368.00 | |
| Chongqing Tsingshan Industrial Co., Ltd. | 40,000.00 | ||
| CSM Faurecia Automotive Parts Co., Ltd | 3,120.00 |
| Chongqing Wanyou Economic Development Co., Ltd. | 350.00 | ||
| Chongqing Fujit Supply Chain Management Co., Ltd. | 13,934,855.12 | ||
| Chongqing Chang'an Industry (Group) Co., Ltd. | 7,139,838.45 | ||
| Shanghai Jiaxing Automotive Service Co., Ltd. | 4,300,560.00 | ||
| Chenzhi (Chengdu) Intelligent Suspension Co., Ltd. | 497,845.97 | ||
| Chongqing Anfu Automobile Marketing Co., Ltd. | 278,200.00 | ||
| Notes Receivable | |||
| Wanyou Automobile Investment Co., Ltd. | 3,547,990,000.00 | 2,618,900,000.00 | |
| Avita Technology (Chongqing) Co., Ltd. | 781,817,170.73 | 1,162,667,212.07 | |
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd. | 455,000,000.00 | ||
| Guizhou Wanyou Automobile Sales and Service Co., Ltd. | 165,080,000.00 | 14,200,000.00 | |
| Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd. | 60,000,000.00 | ||
| Chongqing Changan Kuayue Vehicle Marketing Co., Ltd. | 10,800,000.00 | ||
| Chongqing Tsingshan Industrial Co., Ltd. | 9,798,141.24 | 48,163,692.11 | |
| Chongqing Changan Minsheng Logistics Co., Ltd. | 790,456.20 | ||
| Harbin Dongan Automotive Engine Manufacturing Co., Ltd. | 142,620.83 | 272,292.05 | |
| Chongqing Fujit Supply Chain Management Co., Ltd. | 70,015,971.00 | ||
| Yunnan Wanyou Auto Sales Service Co., Ltd. | 46,000,000.00 | ||
| Chongqing Changan Kuayue Vehicle Co., Ltd. | 37,033,400.00 | ||
| Chongqing Wanyou Economic Development Co., Ltd. | 31,000,000.00 | ||
| Chengdu Wanyou Auto Trade Service Co., Ltd. | 22,500,000.00 | ||
| Other receivables | |||
| Chongqing Changxin Zhiqi Private Equity Investment Fund Partnership Enterprise (Limited Partnership) | 2,100,000.00 | 25,500,000.00 | |
| Chongqing Changyu Private Equity Investment Fund Partnership Enterprise (Limited Partnership) | 69,600,000.00 | ||
| Jiangling Holdings Co., Ltd. | 70.00 |
2、 Items Payable
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Accounts Payable | |||
| Times Changan Power Battery Co., Ltd. | 3,678,801,613.64 | 95,181,872.65 | |
| Jiangling Holdings Co., Ltd. | 2,478,593,080.08 | 1,354,996,530.62 | |
| Chongqing Tsingshan Industrial Co., Ltd. | 1,470,629,556.19 | 1,161,486,369.43 | |
| Chongqing Nexteer Steering System Co., Ltd. | 540,536,765.59 | 460,868,914.97 | |
| Hubei Huazhong Marelli Automotive Lighting Co., Ltd. | 506,902,783.87 | 304,497,612.19 | |
| Chenzhi (Chongqing) Brake System Co., Ltd. | 287,792,573.82 | 146,361,112.11 | |
| South Air International Co., Ltd. | 286,068,717.64 | 218,167,579.17 | |
| Chengdu Sinocat Guangming Catalytic Technology Co., Ltd. | 263,138,498.64 | 288,969,832.65 | |
| China Changan Automobile Group Co., Ltd. | 261,353,608.25 | 1,040,003.18 | |
| Harbin Dongan Automotive Engine Manufacturing Co., Ltd. | 204,125,073.84 | 112,601,705.64 | |
| Sichuan Jian'an Industry Co., Ltd. | 202,374,745.73 | 209,471,637.23 | |
| Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. | 182,319,446.38 | 80,230,007.07 | |
| Chongqing Dajiang Dongyang Plastic Products Co., Ltd. | 171,950,496.78 | 160,704,720.85 | |
| CSM Faurecia Automotive Parts Co., Ltd | 171,077,248.65 | 133,412,554.27 | |
| Chengdu huachuan ELECTRIC PARTS CO., LTD. | 170,985,575.26 | 133,533,197.37 | |
| GKN HUAYU Driveline Systems (Chongqing) Co., Ltd. | 157,896,846.84 | 131,979,852.57 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Sichuan Ningjiang Shanchuan Machinery Co., Ltd. | 149,468,056.13 | 217,032,427.38 | |
| Chongqing Dajiang YAPP Automotive Parts Co., Ltd. | 149,388,962.40 | 188,849,804.56 | |
| United Automotive Electronic Systems (Chongqing) Co., Ltd. | 134,936,529.32 | 175,204,866.08 | |
| Chongqing Jianshe Transmission Technology Co., Ltd. | 103,763,728.53 | 53,190,098.24 | |
| Chongqing TINNOVE Technology Co., Ltd. | 90,746,489.67 | 3,636,473.60 | |
| LEAR CHANGAN (CHONGQING) AUTOMOTIVE SYSTEM CO., LTD. | 82,691,521.99 | 41,271.92 | |
| Chongqing Jianshe Automotive Air - Conditioner Co., Ltd. | 76,171,906.33 | 15,466,830.30 | |
| Chongqing Shangfang Auto Parts Co., Ltd. | 75,558,624.60 | 32,922,573.42 | |
| Chongqing Lingchuan Automotive Parts Manufacturing Technology Co., Ltd. | 63,969,231.26 | 44,644,512.83 | |
| HUNAN TYEN MACHINERY CO., LTD. | 57,356,290.41 | 62,751,647.18 | |
| Chengdu Wanyou Filter Co., Ltd. | 40,463,626.12 | 23,915,398.04 | |
| Hubei Xiaogan Huazhong Automobile Lighting Co., Ltd. | 39,519,253.31 | 30,315,072.22 | |
| Harbin Dongan Auto Engine Co., Ltd. | 38,544,239.61 | 82,269,854.10 | |
| Chongqing Changan Minsheng Logistics Co., Ltd. | 34,393,559.10 | 12,682,710.95 | |
| Construction Industry Group (Yunnan) Co., Ltd. | 32,673,654.73 | 327,412.94 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Chenzhi (Chengdu) Intelligent Suspension Co., Ltd. | 24,669,839.13 | 1,220,521.72 | |
| Chongqing Hanon Jianshe Automotive Thermal Systems Co., Ltd. | 23,380,378.94 | 5,633,908.16 | |
| Chengdu Lingchuan Automobile Fuel Tank Co., Ltd. | 21,860,214.71 | 18,306,736.20 | |
| Tenneco Lingchuan (Chongqing) Exhaust System Company Ltd. | 16,641,882.81 | 93,157.04 | |
| Chongqing Yihong Defense Technology Co., Ltd. | 16,396,833.50 | 22,446,756.72 | |
| Chongqing DAJIANG-JIEXIN Forging Co., Ltd. | 14,617,501.70 | 421,518.30 | |
| Chenzhi Technology Co., Ltd. | 13,309,661.05 | ||
| Changan Mazda Engine Co., Ltd. | 9,404,278.40 | ||
| Beijing Phoenix Auto Intelligence Co., Ltd. | 8,158,071.16 | 1,781,815.70 | |
| Chongqing Wanyou Economic Development Co., Ltd. | 4,441,680.85 | 7,393,900.62 | |
| Longchang Shanchuan Machinery Co., Ltd. | 4,276,276.97 | 4,292,608.83 | |
| Dajiang Yuchyang Plastics Co., Ltd. | 3,520,886.79 | 3,588,068.59 | |
| Avita Technology (Chongqing) Co., Ltd. | 3,404,083.46 | 914,385.00 | |
| ChongQing Tsingshan Transmission Sale Co., Ltd. | 2,516,240.52 | 11,834,165.78 | |
| Chongqing Construction Tongda Industrial Co., Ltd. | 1,755,247.04 | 21,293,902.87 | |
| Chongqing Chang'an Intelligent Industrial Technology Service Co., Ltd. | 1,443,978.00 | 1,443,978.00 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Avita (Chongqing) Automobile Sales Service Co., Ltd. | 1,338,148.04 | 587,070.80 | |
| Chongqing Jianshe Industry (GROUP) Co., Ltd. | 575,587.79 | 575,587.79 | |
| Chongqing Chang`an Industry (GROUP) Co., Ltd. | 477,500.98 | 601,675.65 | |
| Hafeimotor Co., Ltd. | 287,996.57 | 344.04 | |
| Chengdu Jialing Huaxi Optical & Precision Machinery Co., Ltd. | 276,099.19 | 242,083.74 | |
| Chongqing Wanyou Talent Service Co., Ltd. | 142,239.90 | ||
| Chongqing Changxiang Supply Chain Technology Co., Ltd. | 118,377.21 | ||
| NanyangLIDA OPTIC-ELECTRONICS Co., Ltd. | 105,044.95 | ||
| Chengdu Lingchuan Special Industries Co.,Ltd. | 101,585.16 | 101,585.16 | |
| Chongqing Changjiang Electrician Industry Group Co.,Ltd. | 40,143.79 | ||
| Hangzhou Chelizi Intelligent Technology Co., Ltd | 12,350.00 | 12,350.00 | |
| HARBIN BOTONG AUTOMOBILE PARTS CO.,LTD. | 6,222.12 | ||
| Beijing Beiji Mechanical and Electronic Industry Co.,Ltd. | 141,911.64 | ||
| Chongqing Jialing Yimin Special Type Equipment Co.,Ltd. | 104,496.50 | ||
| Chongqing Construction Electromechanical Co., Ltd | 47,265.91 | ||
| Chongqing Xiyi Automobile Connecting Rod Co., Ltd. | 38,422.14 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Shanghai Jiaxing Automotive Service Co., Ltd. | 32,771.36 | ||
| Chongqing Wanyou Xingjian Automobile Sales and Service Co., Ltd | 20,842.80 | ||
| Notes Payable | |||
| Jiangling Holdings Co., Ltd. | 2,508,252,356.10 | 1,047,608,994.41 | |
| Chongqing Tsingshan Industrial Co., Ltd. | 1,536,670,062.86 | 1,723,679,349.53 | |
| Times Changan Power Battery Co., Ltd. | 658,593,414.62 | ||
| Chongqing Changan Minsheng Logistics Co., Ltd. | 411,048,880.83 | 443,503,065.10 | |
| Chongqing Dajiang Dongyang Plastic Products Co., Ltd. | 223,260,000.00 | 241,360,000.00 | |
| South Air International Co., Ltd. | 212,005,855.60 | 243,848,518.33 | |
| Chongqing Dajiang YAPP Automotive Parts Co., Ltd. | 172,602,914.11 | 215,540,000.00 | |
| Hubei Huazhong Marelli Automotive Lighting Co., Ltd. | 163,506,022.00 | 122,400,000.00 | |
| GKN HUAYU DRIVELINE SYSTEMS(CHONGQING)CO.,LTD. | 114,248,089.68 | 122,855,842.38 | |
| Hunan Tianyan Machinery Co., Ltd | 106,130,000.00 | ||
| Sichuan Ningjiang Shanchuan Machinery Co., Ltd. | 91,509,988.21 | 80,902,422.85 | |
| Harbin Dongan Automotive Engine Manufacturing Co., Ltd. | 85,330,000.00 | 234,620,000.00 | |
| Chongqing Nexteer Steering System Co., Ltd. | 75,120,000.00 | 403,879,297.14 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Chongqing Lingchuan Automotive Parts Manufacturing Technology Co., Ltd. | 72,490,000.00 | 113,510,000.00 | |
| Chongqing Jianshe Automotive Air - Conditioner Co., Ltd. | 71,180,000.00 | 14,260,000.00 | |
| Tenneco Lingchuan(Chongqing)Exhaust System Co.,Ltd. | 49,811,353.74 | 44,930,000.00 | |
| Chenzhi (Chongqing) Brake System Co., Ltd. | 40,529,388.36 | 73,980,457.72 | |
| CSM Faurecia Automotive Parts Co., Ltd | 39,579,745.73 | 107,251,528.51 | |
| Hubei Xiaogan Huazhong Automobile Lighting Co., Ltd. | 37,590,000.00 | 35,788,907.01 | |
| Chongqing Shangfang Auto Parts Co., Ltd. | 36,905,405.68 | 41,023,156.32 | |
| CDGM TANAKA ENVIRONMENTAL CATALYST CO.,LTD. | 34,844,697.82 | 102,880,000.00 | |
| Chengdu Wanyou Filter Co., Ltd. | 33,120,000.00 | 51,120,000.00 | |
| Chongqing Hanon Jianshe Automotive Thermal Systems Co., Ltd. | 28,230,000.00 | 77,160,000.00 | |
| Chongqing Yihong Defense Technology Co., Ltd. | 18,460,000.00 | 26,870,000.00 | |
| Harbin Dongan Auto Engine Co., Ltd. | 18,120,000.00 | 11,090,000.00 | |
| Chongqing DAJIANG-JIEXIN Forging Co., Ltd.司 | 15,470,000.00 | 340,000.00 | |
| Chongqing Construction Tongda Industrial Co., Ltd. | 12,403,245.33 | 15,579,467.79 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Chengdu Lingchuan Automobile Fuel Tank Co., Ltd. | 8,200,000.00 | 2,640,000.00 | |
| Chongqing Jianshe Transmission Technology Co., Ltd. | 7,661,891.73 | 5,667,059.25 | |
| Southwest Ordnance Industry Chongqing Environmental Protection Research Institute Co., Ltd | 7,431,987.51 | 10,355,405.72 | |
| Changan Reis (Chongqing) Robotic Intelligent Equipment Co.,Ltd | 6,985,797.37 | ||
| Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. | 5,413,950.00 | ||
| Longchang Shanchuan Machinery Co., Ltd. | 4,800,000.00 | 6,670,000.00 | |
| Chengdu Huachuan Electric Parts Co.,Ltd. | 2,380,000.00 | ||
| Sichuan Jian'an Industry Co., Ltd. | 2,170,000.00 | 4,757,300.00 | |
| Nanyang LIDA OPTIC-ELECTRONICS Co., Ltd. | 440,000.00 | ||
| Chongqing Wanyou Economic Development Co., Ltd. | 377,400.96 | ||
| Chongqing Chang'an Intelligent Industrial Technology Service Co., Ltd. | 327,000.49 | ||
| Hunan Tianyan Machinery Co., Ltd | 97,750,000.00 | ||
| Other Payables | |||
| Chongqing Changan Minsheng Logistics Co., Ltd. | 852,862,018.72 | 500,998,344.99 | |
| Chongqing Changxian Intelligent Technology Co., Ltd | 55,384,464.59 | ||
| Times Changan Power Battery Co., Ltd. | 42,857,507.55 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Chongqing Tsingshan Industrial Co., Ltd. | 22,153,385.89 | 18,225,258.51 | |
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd. | 10,001,282.00 | 12,433,698.10 | |
| Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd. | 8,774,856.00 | 9,558,725.84 | |
| Yunnan Wanyou Auto Sales Service Co., Ltd. | 7,371,200.00 | 7,847,297.00 | |
| Chongqing Wanyou Talent Service Co., Ltd. | 7,338,194.24 | ||
| Chongqing Dajiang Guoli Precision Machinery Manufacturing Co., Ltd. | 6,617,050.00 | 99,087.65 | |
| Chongqing Wanyou Economic Development Co., Ltd. | 6,499,209.00 | 9,733,185.00 | |
| Chang'an Automotive Sales Tianjin Co.,Ltd. | 5,452,253.10 | 4,967,547.10 | |
| China Changan Automobile Group Co., Ltd. | 4,697,870.54 | ||
| Guizhou Wanyou Automobile Sales and Service Co., Ltd. | 4,624,832.00 | 4,854,300.00 | |
| Chongqing Chang'an Intelligent Industrial Technology Service Co., Ltd. | 4,021,249.68 | 4,000,701.62 | |
| Sichuan Jian'an Industry Co., Ltd. | 3,939,084.64 | 1,670,420.64 | |
| Chongqing Chang'an Real Estate Management Co.,Ltd. | 3,815,050.70 | 4,291,910.22 | |
| Chongqing Nexteer Steering System Co., Ltd. | 3,670,690.24 | 1,238,092.98 | |
| Chengdu Wanyou Auto Sales Service Co.,Ltd. | 3,130,000.00 | 3,200,000.00 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Southwest Ordnance Industry Chongqing Environmental Protection Research Institute Co., Ltd | 2,500,147.84 | 6,567,229.16 | |
| Chongqing Wanyou Zunda Automobile Sales and Service Co., Ltd | 2,333,117.83 | 213,235.41 | |
| South Air International Co., Ltd. | 1,963,075.46 | 3,885,605.94 | |
| Avita Technology (Chongqing) Co., Ltd. | 1,898,924.58 | ||
| Chongqing Chang`an Industry (GROUP) Co., Ltd. | 1,074,923.61 | 875,856.10 | |
| Chengdu Wanyou Filter Co., Ltd. | 873,484.00 | 939,532.50 | |
| Chengdu Wanyou Auto Trade Service Co., Ltd. | 792,364.00 | 2,041,261.84 | |
| Wanyou Automobile Investment Co., Ltd. | 778,154.00 | ||
| Anhui Wanyou Automobile Sales and Service Co., Ltd | 748,157.00 | 938,180.00 | |
| Chongqing Wanyou Xingjian Automobile Sales and Service Co., Ltd | 470,000.00 | 441,740.00 | |
| Chenzhi (Chongqing) Brake System Co., Ltd. | 459,501.90 | 81,873.02 | |
| Changan Ford Motor Co., Ltd | 459,267.98 | 752,549.61 | |
| Shanghai Jiaxing Automotive Service Co., Ltd. | 448,272.50 | 10,098,882.10 | |
| GKN HUAYU Driveline Systems (Chongqing) Co., Ltd. | 415,865.99 | 89,598.75 | |
| Chongqing Wanyou Ducheng Automotive Sales Service Co.,Ltd. | 336,100.00 | 737,780.00 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Ya'an Wanyou Automobile Sales and Service Co., Ltd | 314,830.00 | 2,100,513.14 | |
| Beijing North Changfu Automobile Sales Co., Ltd | 300,000.00 | 200,000.00 | |
| Harbin Dongan Automotive Engine Manufacturing Co., Ltd. | 290,749.00 | 12,665.04 | |
| Chongqing Wanyou Advertising Co.,Ltd. | 250,174.50 | ||
| Jiangling Holdings Co., Ltd. | 232,185.41 | ||
| Chenzhi Technology Co., Ltd. | 203,400.00 | ||
| Chongqing TINNOVE Technology Co., Ltd. | 173,532.45 | ||
| Baoding Tianwei Group Tebian Electric Co.,Ltd. | 150,000.00 | ||
| China Weapon Equipment Group Co.,ltd. | 150,000.00 | 44,850.00 | |
| Chongqing Wanyou Chengxing Automobile Sales and Service Co., Ltd | 117,097.00 | 120,000.00 | |
| Chongqing Shangfang Auto Parts Co., Ltd. | 115,745.90 | 215,604.00 | |
| Luzhou Wanyou Automotive Service Co.,Ltd. | 100,000.00 | 221,800.00 | |
| Sichuan Ningjiang Shanchuan Machinery Co., Ltd. | 89,719.30 | 84,283.54 | |
| Chongqing Changxiang Supply Chain Technology Co., Ltd. | 60,000.00 | ||
| United Automotive Electronic Systems (Chongqing) Co., Ltd. | 56,500.00 | 159,089.20 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| China Ordnance Equipment Group Automation Research Institute Co., Ltd. | 54,000.00 | ||
| Dali Wanfu Automotive Sales Service Co.,Ltd. | 47,538.00 | 1,691.00 | |
| Hubei Huazhong Marelli Automotive Lighting Co., Ltd. | 42,810.00 | 411,875.16 | |
| Chongqing Changan Minsheng Fuyong Logistics Co.,Ltd. | 40,115.00 | ||
| Chongqing Dajiang YAPP Automotive Parts Co., Ltd. | 27,653.36 | 17,514.74 | |
| Changan Mazda Engine Co., Ltd. | 20,982.88 | ||
| Chenzhi (Chengdu) Intelligent Suspension Co., Ltd. | 16,624.56 | ||
| Chongqing Chang'an Real Estate Management Co.,Ltd. | 12,425.01 | ||
| Hubei Xiaogan Huazhong Automobile Lighting Co., Ltd. | 4,483.80 | ||
| Changan Reis (Chongqing) Robotic Intelligent Equipment Co.,Ltd | 7,439,420.93 | ||
| CSM Faurecia Automotive Parts Co., Ltd | 2,292,829.98 | ||
| Chongqing Lingchuan Automotive Parts Manufacturing Technology Co., Ltd. | 681,921.10 | ||
| Chengdu Huachuan Electric Parts Co.,Ltd. | 237,375.50 | ||
| CDGM TANAKA ENVIRONMENTAL CATALYST CO.,LTD. | 229,627.31 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| CHONGQING DAJIANG XINDA VEHICLE SHARE LIMITED COMPANY | 100,000.00 | ||
| Chongqing Jianshe Transmission Technology Co., Ltd. | 88,358.88 | ||
| Hunan Tianyan Machinery Co., Ltd | 21,696.00 | ||
| Chongqing Construction Tongda Industrial Co., Ltd. | 1,343.94 | ||
| Chongqing Yihong Defense Technology Co., Ltd. | 159.91 | ||
| Contract Liabilities | |||
| Jiangsu Wanyou Automobile Sales and Service Co., Ltd. | 460,178,281.28 | 26,589,072.67 | |
| Chengdu Wanyou Xiangyu Automobile Sales and Service Co., Ltd. | 330,410,033.39 | 110,584,225.04 | |
| Guizhou Wanyou Automobile Sales and Service Co., Ltd. | 266,786,932.64 | 68,070,242.12 | |
| Wanyou Automobile Investment Co., Ltd. | 256,445,461.50 | 23,183,182.96 | |
| Chongqing Wanyou Economic Development Co., Ltd. | 135,302,227.62 | 62,975,674.47 | |
| Chongqing Wanyou Zunda Automobile Sales and Service Co., Ltd | 93,816,530.50 | 89,057,725.73 | |
| Yunnan Wanyou Auto Sales Service Co., Ltd. | 80,298,461.05 | 55,836,423.36 | |
| Anhui Wanyou Automobile Sales and Service Co., Ltd | 31,250,458.31 | 9,994,433.27 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Chang'an Automotive Sales Tianjin Co.,Ltd. | 21,790,090.23 | 8,118,237.92 | |
| Master Changan Automobile Co., Ltd. | 9,876,498.33 | 6,452,463.66 | |
| Chongqing Fujit Supply Chain Management Co., Ltd. | 8,940,530.23 | ||
| Nanchang Jiangling Group Tianren Auto Parts Co., Ltd. | 6,065,663.72 | ||
| Avita Technology (Chongqing) Co., Ltd. | 5,060,580.84 | 970,882.61 | |
| Chengdu Wanyou Auto Trade Service Co., Ltd. | 4,566,319.93 | 16,498,448.61 | |
| Changan Auto Finance Co., Ltd. | 2,174,120.64 | 606,371.68 | |
| Institute of Ordnance Equipment, China South Industries Group Corporation | 672,005.97 | ||
| Chengdu Wanyou Trade Co.,Ltd. | 392,425.29 | 15,049.38 | |
| Beijing Beifang Changfu Auto Sales Co.,Ltd. | 233,663.00 | ||
| Chongqing Wanyou Ducheng Automotive Sales Service Co.,Ltd. | 188,446.30 | 207,654.20 | |
| Chongqing Changan Minsheng Logistics Co., Ltd. | 180,446.22 | 271,047.12 | |
| Chongqing Wanyou Chengxing Automobile Sales and Service Co., Ltd | 79,366.08 | ||
| Chongqing Wanyou Xingjian Automobile Sales and Service Co., Ltd | 71,314.96 | 66,275.60 | |
| Panzhihua Wanyou Automobile Sales and Service Co., Ltd | 25,980.39 | 32,689.44 |
| Project Name | Related party | Ending balance | The balance at the end of last year |
| Chongqing Chang`an Industry (GROUP) Co., Ltd. | 12,585.75 | ||
| Ya'an Wanyou Automotive Sales Service Co.,Ltd. | 10,596.14 | 112,302.96 | |
| Changan Mazda Automobile Corporation Ltd. | 5,595.44 | ||
| Luzhou Wanyou Automotive Service Co.,Ltd. | 4,678.56 | 54,775.96 | |
| Chongqing Shangfang Auto Parts Co., Ltd. | 3,522.12 | 3,522.12 | |
| Dali Wanfu Automotive Sales Service Co.,Ltd. | 2,914.20 | 46,416.87 | |
| Changan Ford Motor Co., Ltd | 0.32 | 0.32 | |
| Chongqing Wanyou Advertising Co.,Ltd. | 9,803,782.94 | ||
| Hafeimotor Co., Ltd. | 417,648.22 | ||
| Chengdu Wanyou Auto Sales Service Co.,Ltd. | 345,372.38 | ||
| Bazhong Wanyou Automotive Sales Service Co.,Ltd. | 44,625.20 | ||
| China Changan Automobile Group Hefei Investment Co., Ltd | 9,091.15 | ||
| Yunnan Wanxing Automobile Sales and Service Co., Ltd. | 87.61 |
XIII、 Share-based Payment(I) Overall Situation of Share - based Payment
| Grantee | The equity instruments granted in the current period | All types of equity instruments unlocked in the current period | All equity instruments exercised in the current period | All equity instruments that became invalid in the current period | ||||
| Quantity | Amount | Quantity | Amount | Quantity | Amount | Quantity | Amount | |
| Employee | 50,097,694.00 | 180,583,638.20 | 3,202,973.00 | 11,464,098.02 | ||||
| Total | 50,097,694.00 | 180,583,638.20 | 3,202,973.00 | 11,464,098.02 | ||||
(II) Share - based payment expense
| Grant recipient | Amount for the current period | Amount for the previous period | ||||
| Equity - settled share - based payment | Cash-settled share-based payment | Total | Equity - settled share - based payment | Cash-settled share-based payment | Total | |
| Employee | 89,968,232.48 | 89,968,232.48 | 362,576,400.00 | 362,576,400.00 | ||
| Total | 89,968,232.48 | 89,968,232.48 | 362,576,400.00 | 362,576,400.00 | ||
XIV、 Commitments and Contingencies
(I) Material Commitment Items
1、 Significant commitments as of the balance sheet date
contracted but not provided for
| Ending balance | Balance at the end of the previous year |
Capital commitment
| Capital commitment | 9,375,924,598.30 | 11,619,677,925.31 |
Investment commitment
| Investment commitment | 1,326,750,000.00 | 1,132,500,000.00 |
Total
| Total | 10,702,674,598.30 | 12,752,177,925.31 |
XV、 Events occurring after the balance sheet date(I) Profit distribution situation
The profit distribution proposal reviewed and approved by the company's current board ofdirectors is as follows: Based on the total share capital of 9,914,086,060 shares, a cashdividend of 2.95 yuan (including tax) will be distributed to all shareholders for every 10shares, and no share capital will be increased by capital reserve.
(II) Matters regarding the proposed change of the controlling shareholder
On February 9, 2025, our company received a notice from China South Industries GroupCorporation (hereinafter referred to as "CSGC"), our indirect controlling shareholder.CSGC is currently planning restructuring matters with other state-owned central enterprisesgroups. This restructuring may lead to a change in the controlling shareholder of ourcompany, but it will not result in a change in the actual controller. The relevantarrangements still need to go through the required procedures and obtain the approval ofthe relevant competent authorities. This restructuring will not have a significant impact onthe normal production and business operations of our company.
XVI、 Capital Management
| Ending balance | Balance at the end of the previous year | |
| Total liabilities | 129,087,561,718.76 | 115,487,870,299.24 |
| Less: Cash and cash equivalents | 63,274,376,513.00 | 63,925,957,901.11 |
| Adjusted net debt | 65,813,185,205.76 | 51,561,912,398.13 |
| Owner's Equity | 79,080,599,242.10 | 74,683,256,839.03 |
| Adjusted debt - to - capital ratio | 83.22% | 69.04% |
XVII、 Other Important matters
On November 7, 2024, the People's Government of Yubei District, Chongqing, issued anannouncement confirming the "Housing Expropriation Project on State-Owned Land atChangan Yubei Old Factory". On December 25, 2024, the Housing and Urban-RuralDevelopment Committee of Yubei District, Chongqing, signed the "ExpropriationAgreement for Housing on State-Owned Land in Yubei District, Chongqing" with ChanganAutomobile. The agreement stipulated:
(1) The expropriation compensation fee is a comprehensive compensation cost, totaling
25.58 billion yuan. The payment will be made in installments: 30% (7.64 billion yuan) willbe paid to Changan Automobile within five working days after the agreement takes effect,and the final payment will be completed within 15 working days after Changan Automobilevacates and delivers the expropriated houses and land by September 30, 2027.
(2) After this agreement takes effect, Changan Automobile shall cooperate with the Housingand Urban-Rural Development Committee of Yubei District to complete the cancellation ofthe housing property rights within two working days. Changan Automobile shall vacate anddeliver the expropriated houses and land by September 30, 2027. Changan Automobilecompleted the cancellation of the property rights certificate on December 26, 2024.
Changan Automobile negotiated with Chongqing Zhanxin Technology & Industry GroupCompany Limited, the government-designated asset reception and management unit afterthe expropriation of the land and houses at the Yubei Old Factory. Both parties agreed thatduring the vacating period, Changan Automobile would use the land and houses of theYubei Old Factory through a lease agreement. In the housing expropriation project on state-owned land at the Yubei Old Factory, Changan Automobile confirmed asset disposal gainsof 22.08 billion yuan.
XVIII、 Notes to the main items in the financial statements of the parent company(I) Accounts receivable
1、 Accounts receivable disclosure by age of accounts
| Account age | Ending balance | Balance at the end of the previous year |
| Less than 1 year (including 1 year) | 13,241,984,905.86 | 7,757,039,345.74 |
| 1 to 2 years (including 2 years) | 6,270,173.42 | 4,629,777.82 |
| 2 to 3 years (including 3 years) | 440,347.77 | 713,934,590.78 |
| Over 3 years | 653,299,180.59 | 172,295,427.89 |
| Subtotal | 13,901,994,607.64 | 8,647,899,142.23 |
| Less：Provision | 66,843,763.12 | 68,395,117.00 |
| Total | 13,835,150,844.52 | 8,579,504,025.23 |
2、 Accounts receivable disclose according to the classification of bad debt provision methods
| Category | Ending balance | Balance at the end of the previous year | ||||||||
| Balance | Provision | Carrying value | Balance | Provision | Carrying value | |||||
| Amount | Provision（%） | Amount | Provision（%） | Amount | Provision（%） | Amount | Provision（%） | |||
| Make provisions on an individual item basisProvision | 13,684,986,268.64 | 98.44 | 37,652,846.20 | 0.28 | 13,647,838,031.50 | 8,521,036,971.35 | 98.53 | 37,652,846.20 | 0.44 | 8,483,384,125.15 |
| Provision for bad debts is made by combining credit risk characteristics | 217,008,339.00 | 1.56 | 29,190,916.92 | 13.45 | 187,312,813.02 | 126,862,170.88 | 1.47 | 30,742,270.80 | 24.23 | 96,119,900.08 |
| Total | 13,901,994,607.64 | 100.00 | 66,843,763.12 | 13,835,150,844.52 | 8,647,899,142.23 | 100.00 | 68,395,117.00 | 8,579,504,025.23 | ||
Provision for bad debts is made by combining according to the characteristics ofcredit risk
| Name | Ending balance | ||
| Accounts receivable | bad debt provision | provision ratio（%） | |
| Less than 1 year (including 1 year) | 183,909,138.67 | 33.16 | 0.00 |
| 1 to 2 years (including 2 years) | 1,288,642.57 | 17.15 | 0.00 |
| 2 to 3 years (including 3 years) | 227,476.01 | 194.61 | 0.09 |
| Over 3 years | 31,583,081.75 | 29,190,672.00 | 92.43 |
| 合计 | 217,008,339.00 | 29,190,916.92 | |
3、 The provision, reversal or recovery of bad debt provisions in the current period
| Category | Balance at the end of the previous year | Amount of change in the current period | Ending balance | |||
| Provide for | Recover or reverse | Write - off or cancel | Other changes | |||
| Make provisions on an individual item basis Provision | 37,652,846.20 | 37,652,846.20 | ||||
| Make provisions for bad debts based on combinations of credit risk characteristics. | 30,742,270.80 | 1,551,353.88 | 29,190,916.92 | |||
| Total | 68,395,117.00 | 1,551,353.88 | 66,843,763.12 | |||
4、 The information on the accounts receivable and contract assets of the top five
debtors in terms of the ending balance by debtor - by - debtor aggregation is asfollows:
As of December 31, 2024, the total balance of the top five accounts receivableamounted to 10,664,617,393.91 yuan, accounting for 76.71% of the total endingbalance of accounts receivable.
(II) Other receivables
| Item | Ending balance | Balance at the end of the previous year |
| Other receivables item | 1,487,531,844.07 | 237,247,787.26 |
| Total | 1,487,531,844.07 | 237,247,787.26 |
1、 Other receivables item
（1）disclosure by age of accounts
| Account age | Ending balance | Balance at the end of the previous year |
| Less than 1 year (including 1 year) | 1,466,768,959.69 | 231,794,668.72 |
| 1 to 2 years (including 2 years) | 19,739,543.35 | 3,543,202.13 |
| 2 to 3 years (including 3 years) | 1,987,846.67 | |
| Over 3 years | 8,089,565.38 | 6,930,932.77 |
| Subtotal | 1,494,598,068.42 | 244,256,650.29 |
| Less：Provision | 7,066,224.35 | 7,008,863.03 |
| Total | 1,487,531,844.07 | 237,247,787.26 |
（2）disclose according to the classification of bad debt provision methods
| Category | Ending balance | Balance at the end of the previous year | ||||||||
| Balance | Provision | Carrying value | Balance | Provision | Carrying value | |||||
| Amount | Provision（%） | Amount | Provision（%） | Amount | Provision（%） | Amount | Provision（%） | |||
| Make provisions on an individual item basisProvision | 1,376,142,201.42 | 92.07 | 6,842,932.77 | 0.50 | 1,369,299,268.65 | 173,323,245.26 | 70.96 | 6,842,932.77 | 3.95 | 166,480,312.49 |
| Provision for bad debts is made by combining according to the characteristics of credit risk | 118,455,867.00 | 7.93 | 223,291.58 | 0.19 | 118,232,575.42 | 70,933,405.03 | 29.04 | 165,930.26 | 0.23 | 70,767,474.77 |
| Total | 1,494,598,068.42 | 100.00 | 7,066,224.35 | 1,487,531,844.07 | 244,256,650.29 | 100.00 | 7,008,863.03 | 237,247,787.26 | ||
Make provisions for bad debts by grouping according to credit risk characteristics
| Designation | Ending balance | ||
| Other receivables | Provision | Provision（%） | |
| Less than 1 year (including 1 year) | 111,198,467.19 | 23,504.39 | 0.02 |
| 1 to 2 years (including 2 years) | 5,530,337.90 | 17,627.04 | 0.32 |
| 2 to 3 years (including 3 years) | |||
| Over 3 years | 1,727,061.91 | 182,160.15 | 10.55 |
| Total | 118,455,867.00 | 223,291.58 | |
（3）The provisioning situation for bad debts
| Provision | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses in the next 12 months | Expected credit losses over the entire expected life (no credit impairment has occurred) | Expected credit losses over the entire expected life (credit impairment has occurred) | ||
| Balance at the end of the previous year | 165,930.26 | 6,842,932.77 | 7,008,863.03 | |
| Balance at the end of the previous yearin this period | ||||
| --Transfer to Stage 2 | ||||
| --Transfer to Stage 3 | ||||
| --Reverse to Stage 2 | ||||
| -Reverse to Stage 1 | ||||
| Provision made in this period | 57,361.32 | 57,361.32 | ||
| Reversal in this period |
| Provision | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses in the next 12 months | Expected credit losses over the entire expected life (no credit impairment has occurred) | Expected credit losses over the entire expected life (credit impairment has occurred) | ||
| Write - off in this period | ||||
| Write-off during the current period | ||||
| Other changes | ||||
| Ending balance | 223,291.58 | 6,842,932.77 | 7,066,224.35 |
The changes in the book balance of other receivables are as follows:
| Balance | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses in the next 12 months | Expected credit losses over the entire expected life (no credit impairment has occurred) | Expected credit losses over the entire expected life (credit impairment has occurred) | ||
| Balance at the end of the previous year | 237,413,717.52 | 6,842,932.77 | 244,256,650.29 | |
| Balance at the end of the previous year in this period | ||||
| --Transfer to Stage 2 | ||||
| --Transfer to Stage 3 | ||||
| --Reverse to Stage 2 | ||||
| --reverse to Stage 1 | ||||
| new addition in the current period | 1,494,191,261.04 | 1,494,191,261.04 |
| Balance | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses in the next 12 months | Expected credit losses over the entire expected life (no credit impairment has occurred) | Expected credit losses over the entire expected life (credit impairment has occurred) | ||
| derecognized in the current period | 243,849,842.91 | 243,849,842.91 | ||
| Other changes | ||||
| Ending balance | 1,487,755,135.65 | 6,842,932.77 | 1,494,598,068.42 |
（4）The situation of provision, reversal, or recovery of bad debt provisions in thecurrent period
| Category | Balance at the end of the previous year | Amount of change in the current period | Ending balance | |||
| provide for | recovery or reversal | Write - off or cancel | Other changes | |||
| Make provisions on an individual item basis Provision | 6,842,932.77 | 6,842,932.77 | ||||
| Provide for bad debts by combining according to the characteristics of credit risk | 165,930.26 | 57,361.32 | 223,291.58 | |||
| Total | 7,008,863.03 | 57,361.32 | 7,066,224.35 | |||
（5）Classification of amounts according to their nature
| Nature of the funds | Ending balance of the account | Book balance at the end of the previous year |
| Pre - paid equity investment funds | 1,276,200,803.10 | 109,286,581.45 |
| Subsidy receivable | 76,563,193.00 | 31,782,936.00 |
| Petty cash | 44,505,591.24 | 69,048,305.62 |
| Internal transactions | 16,535,272.55 | 25,410,795.04 |
| others | 80,793,208.53 | 8,728,032.18 |
| Total | 1,494,598,068.42 | 244,256,650.29 |
（6）Information on the top five other receivables by ending balance grouped bydebtors at the end of the period.As of December 31, 2024, the total ending balance of the top five other receivablesamounted to 1,400,384,406.77 yuan, accounting for 93.70% of the total endingbalance of other receivables.
(III) long - term equity investment
| Item | Ending balance | Balance at the end of the previous year | ||||
| Balance | impairment provision | Carrying value | Balance | impairment provision | Carrying value | |
| Investment in subsidiaries | 9,021,409,139.12 | 49,194,195.00 | 8,972,214,944.12 | 7,722,549,139.12 | 49,194,195.00 | 7,673,354,944.12 |
| Investment in associated and joint venture enterprises | 16,410,122,824.34 | 16,410,122,824.34 | 11,762,095,077.25 | 11,762,095,077.25 | ||
| Total | 25,431,531,963.46 | 49,194,195.00 | 25,382,337,768.46 | 19,484,644,216.37 | 49,194,195.00 | 19,435,450,021.37 |
1、 Investment in associated and joint venture enterprises
| Investee | Balance at the end of the previous year | impairment provisionBalance at the end of the previous year | Increase or decrease changes in the current period | Ending balance | impairment provisionEnding balance | |||||||
| Additional investment | Reduce investment | Investment income and losses recognized under the equity method | Adjustment of other comprehensive income | Other equity changes | Declare the distribution of cash dividends or profits | impairment provision | others | |||||
| 1、Joint venture | ||||||||||||
| Changan Ford Automobile Co., Ltd. | 712,215,024.57 | 712,215,024.57 | ||||||||||
| Changan Mazda Automobile Co., Ltd. | 878,239,492.13 | -144,273,889.67 | 733,965,602.46 | |||||||||
| Changan Mazda Engine Co., Ltd. | 805,005,706.40 | 1,506,045.10 | 806,511,751.50 | |||||||||
| Nanchang Jiangling Investment Co., Ltd. | 2,106,206,520.20 | 313,351,270.08 | 1,193,152.92 | 2,420,750,943.20 | ||||||||
| Investee | Balance at the end of the previous year | impairment provisionBalance at the end of the previous year | Increase or decrease changes in the current period | Ending balance | impairment provisionEnding balance | |||||||
| Additional investment | Reduce investment | Investment income and losses recognized under the equity method | Adjustment of other comprehensive income | Other equity changes | Declare the distribution of cash dividends or profits | impairment provision | others | |||||
| Subtotal | 3,789,451,718.73 | 882,798,450.08 | 1,193,152.92 | 4,673,443,321.73 | ||||||||
| 2、Associated enterprise | ||||||||||||
| Chongqing Changan Kuayue Vehicle Co., Ltd. | 228,765,251.64 | 15,760,452.33 | -3,430,000.00 | 241,095,703.97 | ||||||||
| Changan Auto Finance Co., Ltd. | 3,041,392,973.86 | 352,498,662.97 | -94,588,250.82 | 3,299,303,386.01 | ||||||||
| Nanjing CheLai Mobility Technology Co., Ltd. | 584,824.65 | -258,011.64 | 326,813.01 | |||||||||
| Hunan Guoxin Semiconductor | 28,502,232.09 | 731,114.48 | -1,064,179.49 | 28,169,167.08 | ||||||||
| Investee | Balance at the end of the previous year | impairment provisionBalance at the end of the previous year | Increase or decrease changes in the current period | Ending balance | impairment provisionEnding balance | |||||||
| Additional investment | Reduce investment | Investment income and losses recognized under the equity method | Adjustment of other comprehensive income | Other equity changes | Declare the distribution of cash dividends or profits | impairment provision | others | |||||
Technology Co.,Ltd.
| Technology Co., Ltd. | ||||||||||||
| Nanjing Linghang Equity Investment Partnership (Limited Partnership) | 2,645,793,326.69 | 473,124,694.92 | 3,118,918,021.61 | |||||||||
| Nanjing Linghang Equity Investment Management Co., Ltd. | 1,107,400.12 | -6,679.24 | 1,100,720.88 | |||||||||
| China Automotive Technology and Research Institute Co., Ltd. | 448,515,220.54 | -18,766,519.68 | 429,748,700.86 |
| Investee | Balance at the end of the previous year | impairment provisionBalance at the end of the previous year | Increase or decrease changes in the current period | Ending balance | impairment provisionEnding balance | |||||||
| Additional investment | Reduce investment | Investment income and losses recognized under the equity method | Adjustment of other comprehensive income | Other equity changes | Declare the distribution of cash dividends or profits | impairment provision | others | |||||
| Chongqing Changxin Zhiqi Private Equity Investment Fund Partnership (Limited Partnership)”。 | 204,518,396.38 | 20,090,000.00 | 51,626,019.73 | 276,234,416.11 | ||||||||
| Anhe Chongqing Dingfeng Automotive Contract - type Private Equity Investment Fund | 61,692,352.41 | 369,799.56 | 62,062,151.97 | |||||||||
| Investee | Balance at the end of the previous year | impairment provisionBalance at the end of the previous year | Increase or decrease changes in the current period | Ending balance | impairment provisionEnding balance | |||||||
| Additional investment | Reduce investment | Investment income and losses recognized under the equity method | Adjustment of other comprehensive income | Other equity changes | Declare the distribution of cash dividends or profits | impairment provision | others | |||||
| Avita Technology (Chongqing) Co., Ltd. | 938,097,973.56 | 4,300,474,961.00 | -1,646,857,046.27 | 161,011.66 | 9,130,235.56 | 3,601,007,135.51 | ||||||
| Chongqing Chang'an Chuangxin Private Equity Investment Fund Partnership (Limited Partnership) | 70,104,473.99 | 68,813,333.00 | 24,104,733.13 | 163,022,540.12 | ||||||||
| Chongqing Changyu Private Equity Investment Fund Partnership | 69,600,000.00 | -926,505.88 | 68,673,494.12 | |||||||||
| Investee | Balance at the end of the previous year | impairment provisionBalance at the end of the previous year | Increase or decrease changes in the current period | Ending balance | impairment provisionEnding balance | |||||||
| Additional investment | Reduce investment | Investment income and losses recognized under the equity method | Adjustment of other comprehensive income | Other equity changes | Declare the distribution of cash dividends or profits | impairment provision | others | |||||
(LimitedPartnership)
| (Limited Partnership) | ||||||||||||
| Chongqing Changxian Intelligent Technology Co., Ltd. | 103,217,635.38 | 10,696,347.64 | 113,913,983.02 | |||||||||
| Chang'an Ford New Energy Vehicle Technology Co., Ltd | 67,713,664.93 | 64,331,740.38 | 132,045,405.31 | |||||||||
| Chenzhi Anqi (Chongqing) Recycling | 10,800,000.00 | 4,724.73 | 10,804,724.73 |
| Investee | Balance at the end of the previous year | impairment provisionBalance at the end of the previous year | Increase or decrease changes in the current period | Ending balance | impairment provisionEnding balance | |||||||
| Additional investment | Reduce investment | Investment income and losses recognized under the equity method | Adjustment of other comprehensive income | Other equity changes | Declare the distribution of cash dividends or profits | impairment provision | others | |||||
Technology Co.,Ltd.
| Technology Co., Ltd. | ||||||||||||
| Times Changan Power Battery Co., Ltd. | 132,637,632.28 | 133,000,000.00 | -75,384,493.98 | 190,253,138.30 | ||||||||
| Subtotal | 7,972,643,358.52 | 4,602,778,294.00 | -748,950,966.82 | 161,011.66 | 9,130,235.56 | -99,082,430.31 | 11,736,679,502.61 | |||||
| Total | 11,762,095,077.25 | 4,602,778,294.00 | 133,847,483.26 | 1,354,164.58 | 9,130,235.56 | -99,082,430.31 | 16,410,122,824.34 |
(IV) Operating revenue and cost
1、 The situation of operating revenue and operating cost
| Item | Amount for the current periodt | Amount for the previous periodt | ||
| Revenue | Cost | Revenue | Cost | |
| Primary Operation | 103,756,091,138.77 | 93,855,900,221.80 | 111,283,143,529.64 | 96,187,998,062.72 |
| Other Operation | 8,152,625,537.24 | 4,199,262,930.20 | 7,414,890,253.13 | 3,451,631,559.23 |
| Total | 111,908,716,676.01 | 98,055,163,152.00 | 118,698,033,782.77 | 99,639,629,621.95 |
(V) Investment income
| Item | Amount for the current periodt | Amount for the previous periodt |
| Investment income from long - term equity - accounted investments | 133,847,483.26 | -2,157,754,465.24 |
| Investment income arising from the disposal of long-term equity investments | 1.00 | |
| Investment income from long - term equity investments accounted for under the cost method | 594,000,000.00 | 722,850,000.00 |
| Investment income obtained during the holding period of transactional financial assets | 2,631,315.72 | 1,406,842.07 |
| Dividend income from other equity instrument investments that are still held | 31,990,679.50 | 206,042,574.04 |
| Fixed - term deposit interest and others | 88,769,779.77 | 3,223,611.10 |
| Total | 851,239,258.25 | -1,224,231,437.03 |
XIX、 Supplementary Information
(一) Schedule of Non - recurring Gains and Losses for the Current Period
| Item | Amount | Explanation |
| Gain or loss on disposal of non - current assets, including the reversal of the provision for asset impairment that has been made. | 2,550,458,320.83 | |
| Government subsidies recognized in the current profit and loss, excluding those government subsidies that are closely related to the company's normal business operations, comply with the provisions of national policies, are enjoyed according to certain standards, and have a continuous impact on the company's profit and loss. | 1,627,457,923.14 | |
| Except for the effective hedging operations related to the company's normal business operations, the fair value change gains and losses arising from the non - financial enterprise's holding of financial assets and financial liabilities, as well as the gains and losses arising from the disposal of financial assets and financial liabilities. | -16,650,665.50 | |
| Fund occupation fees charged to non - financial enterprises recognized in the current profit and loss. | 91,188,204.08 | |
| Reversal of impairment provision for accounts receivable that is tested for impairment individually. | 4,068,950.07 | |
| Other non - operating income and expenses other than the above items | 133,244,432.31 | |
| Other profit and loss items that meet the definition of non - recurring profit and loss. | 1,014,345,065.86 | |
| Subtotal | 5,404,112,230.79 | |
| The amount of impact from income tax | 592,833,534.16 | |
| The impact amount of minority shareholders' equity (after tax) | 77,186,452.29 | |
| Total | 4,734,092,244.34 |
(I) Return on Net Assets and Earnings per Share
| Profit for the reporting period | Weighted average return on net assets（%） | Earnings per Share (yuan) | |
| Basic Earnings per Share (EPS) | Diluted Earnings per Share (EPS) | ||
| Net profit attributable to common shareholders of the company | 9.69 | 0.74 | 0.74 |
| Net profit attributable to common shareholders of the company | 3.43 | 0.26 | 0.26 |