江铃Ｂ：2021年半年度报告（英文版）.PDF

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1、 1 Jiangling Motors Corporation, Ltd. 2021Half-year Report 2021-08 2 Chapter I Important Notes, Contents and Abbreviations Important Note The Board of Directors and its members, the Supervisory Board and its members, and the senior executives are jointly and severally liable for the truthfulness, ac

2、curacy and completeness of the information disclosed in the report and confirm that the information disclosed herein does not contain any false statement, misrepresentation or major omission. Chairman Qiu Tiangao, CFO Li Weihua and Chief of Finance Department, Ding Ni, confirm that the Financial Sta

3、tements in this Half-year Report are truthful, accurate and complete. Except Director Thomas Hilditch authorized Vice Chairman Manto Wong to exercise voting rights on his behalf, all the other Directors were present at the Board meeting to review this Half-year Report. Future plans, development stra

4、tegies and other forward-looking statements in this report do not constitute a substantial commitment of the Company to investors. Investors are advised to pay attention to investment risks. Neither cash dividend nor stock dividend was distributed. The Board decided not to convert capital reserve to

5、 share capital this time. The Half-year Report is prepared in Chinese and English. In case of discrepancy, the Chinese version will prevail. 3 Contents Chapter I Important Notes, Contents and Abbreviations . 2 Chapter II Brief Introduction . 5 Chapter III Management Discussion and Analysis . 7 Chapt

6、er IV Corporate governance Structure . 16 Chapter V Environment and Social responsibility . 17 Chapter VI Major Events . 20 Chapter VII Share Capital Changes & Shareholders . 25 Chapter VIII Preferred Shares. 28 Chapter IX Company Bond . 29 Chapter X Financial Statements . 30 Abbreviations: JMC, or

7、the Company Jiangling Motors Corporation, Ltd. JIC Nanchang Jiangling Investment Co., Ltd. Ford Ford Motor Company CSRC China Securities Regulatory Commission JMCG Jiangling Motors Group Co., Ltd. JMCH JMC Heavy Duty Vehicle Co., Ltd. EVP Executive Vice President CFO Chief Financial Officer VP Vice

8、President 4 Catalogue on Documents for Reference 1. Originals of 2021 Half-year financial statements signed by Chairman, Chief Financial Officer and Chief of Finance Department. 2. Originals of all the documents and public announcements disclosed in newspapers designated by CSRC in the first half of

9、 2021. 3. Chinese version of the Half-year Report prepared per the China GAAP. 5 Chapter II Brief Introduction 1. Companys information Shares name Jiangling Motors, Jiangling B Shares Code 000550,200550 Place of listing Shenzhen Stock Exchange Companys Chinese name 江铃汽车股份有限公司 English name Jiangling

10、Motors Corporation, Ltd. Abbreviation JMC Company legal representative Qiu Tiangao 2. Contact person and method Board Secretary Securities Affairs Representative Name Xu Lanfeng Quan Shi Address No. 2111, Yingbin Middle Avenue, Nanchang City, Jiangxi Province, P.R.C No. 2111, Yingbin Middle Avenue,

11、Nanchang City, Jiangxi Province, P.R.C Tel 86-791-85266178 86-791-85266178 Fax 86-791-85232839 86-791-85232839 E-mail 3. Other I. Contact methods Changes of registered address, headquarter address, postal code, website and e-mail in the reporting period Applicable Not Applicable Registered address N

12、o. 509, Northern Yingbin Avenue, Nanchang City, Jiangxi Province, P.R.C. Postal code of registered address 330001 Headquarter address No. 2111, Yingbin Middle Avenue, Nanchang City, Jiangxi Province, P.R.C. Postal code of headquarter address 330200 Website http:/ E-mail II. Changes of newspapers for

13、 information disclosure, website for publication of JMCs half-year report and place for achieving half-year report in the reporting period Applicable Not Applicable There is no change of newspapers for information disclosure, website designated by CSRC for publication of JMCs Half-year Report and pl

14、ace for achieving Half-year Report. Please refer to 2020 Annual Report for details. 6 4. Main accounting data and financial ratios Unit: RMB Reporting period (2021 first half) Same period last year Change (%) Revenue 17,675,621,088.00 14,073,417,878.00 25.6 Profit Attributable to the Equity Holders

15、of the Company 405,214,055.00 207,771,782.00 95.03 Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Profit or Loss 113,841,875.00 49,351,334.00 130.68 Net Cash Generated From Operating Activities 69,917,849.00 734,283,627.00 -90.48 Basic Earnings Per Share (RMB

16、) 0.47 0.24 95.03 Diluted Earnings Per Share (RMB) 0.47 0.24 95.03 Weighted Average Return on Equity Ratio 3.62% 1.96% up 1.66 percentage points At the end of the reporting period At the end of the previous year Change (%) Total Assets 28,408,228,351.00 28,185,185,418.00 0.79 Shareholders Equity Att

17、ributable to the Equity Holders of the Company 8,391,156,200.00 10,986,474,009.00 -23.62 5. Accounting data difference between domestic and foreign accounting standards I. Differences in net profit and net assets disclosed respectively per IFRS and PRC GAAP. Applicable Not Applicable There is no dif

18、ference between IFRS and PRC GAAP in net profit and net assets. II. Differences in net profit and net assets disclosed respectively per GAAP and PRC GAAP. Applicable Not Applicable There is no difference between GAAP and PRC GAAP in net profit and net assets. 7 Chapter III Management Discussion and

19、Analysis 1. Companys Core Business during the Reporting Period JMCs core business is production and sales of commercial vehicles, SUV and related components. JMCs major products include JMC series light truck, pickup and light bus; Yusheng SUV; Ford-brand light bus, MPV and Ford SUV. The Company als

20、o produces and sells engines, castings and other components for sales to domestic and overseas markets. During the reporting period, to cope with more severe competition, more stringent regulatory requirement, intensifying cost pressures and rising raw material prices, the Company further strengthen

21、ed the concept of customer-centered, implemented customer direct connection, channel empowerment and other marketing measures to improve customer experience and promote sales growth. At the same time, the Company focused on quality improvement, new product development, operating cost control and pro

22、duction efficiency enhancement. In the first half of 2021, JMC achieved sales volume of 177,128 units, increased 25.45% compared with the same period last year. JMC light buses ranked No.1 in the segment market share. JMC Pickup ranked No.2 in the segment market share. JMC light trucks ranked No.4 i

23、n the segment market share. And JMC achieved revenue of RMB 17.68 billion, increased 25.6% compared with the same period last year, achieved net profit of RMB 4.05 million, increased 95.03% compared with the same period last year. It mainly reflects sales volume increase and continuous promotion of

24、cost reduction and efficiency enhancement and strict control of expenses. Looking back at the first 2021 half-year, benefiting from the policy incentive and continuous optimization of the economic structure, Chinas GDP in the first two quarters witnessed YOY growth of 18.3% and 7.9% respectively. Th

25、e growth rate is gradually recovering to the potential rate. With that, Chinas auto industry is also transferring from medium-high speed growing to high-quality development. Generally speaking, in the first half, the accumulated auto sales volume in China reached 12,891,000 units, with YOY growth of

26、 25.6%, thanks to the controlled epidemic. Specifically speaking, first, the sales volume of CV achieved 2.884 million, with YOY growth of 31.9% (among which LCV volume was 1.817 million, YOY growth was 25.2%), driven by such factors as Stage VI switch, overload governance, infrastructure constructi

27、on kick-off, etc. Second, PV segment was recovering, with sales volume reaching 10.007 million units and YOY growth of 27.0% (among which SUV grew the fastest with the rate of 28.6%). Third, the sale volume of new energy vehicles was 1.206 million, with YOY growth exceeding 200%. The market driving

28、power is further strengthened, which accelerates the structural adjustment between ICE and BEV. Fourth, some start-ups, including Neolix and Uisee, have run pilot operation at certain scenario, such as campus, mining area, ports and airports. Autonomous driving at certain scenarios is 8 developing f

29、rom early stage to mid stage. The auto OEMs now focus more on the possibility of mass production, some L3 functions are being realized for mass production. With the requirement of high-quality development, new energy and intelligent connectivity have officially become the important breakthroughs for

30、 the transform and upgrade of auto industry in China. Looking into the second half, the economy growth rate shall gradually slow down. The whole year fluctuation will be in an inversed tick shape. The whole year GDP growth rate will be around 7-9%, the demand for bulk commodity like vehicles are rec

31、overing. However, in the first half, the raw material price increased, PPI kicked the new high, while CIP runs at a low level, so the domestic demand will not rebound a lot. We need to pay great attention to the chip shortage, raw material price increase and other disadvantages. In the long run, the

32、 potential market demand is the fundamental power for the long-term benefit of auto industry. With the gradual economic stability, fading policy influence, adjusted supply and new demands activated by technology empowerment, the auto industry will enter a new round of high quality development. The s

33、ales volume peak was estimated to be around 40 million units in the future. In the CV segment that JMC is involved, influenced by dual circulation, E-commerce, refined tourism and customized transportation development, the light bus sales volume get further improved. With gradually loosened restrict

34、ion on urban access, together with peoples pursuit for better life and the development of modern agriculture, the demands for Pickup shall be further released. With the new urbanization and the construction of city circles, there will be more demands on short and medium-distance transportation, whic

35、h shall be an incentive to the light truck market. With the continuously improving income of people, SUV market shall gradually resume growth. The segments that JMC are involved shall enjoy further development with more incremental volume. 2. Core Competitiveness Analysis JMC is committed to becomin

36、g the leader in LCV segment. In the first half of this year, JMC launched the competitive model of Shunda small truck targeting at retail market, with improved channel capability. All these shall bringer high market share of JMC light trucks in retail market. At the same time, JMC actively explored

37、customer demands and responded to the national new energy strategy, with cost-effective Shunda BEV launched to enrich the new energy light truck product portfolio and to enhance the whole life cycle competitiveness of new energy products. As the top light bus brand in China, JMC always takes custome

38、rs as the center and makes deep insight into the operation scenarios of light buses, with European-style light bus products covering all scenarios including cargo transportation, people moving and refitting. During the period when COVID-19 broke out, Transit ambulance was honoured as Vehicle No.1 fo

39、r Epidemic 9 Fighting with such advantages as swift rescue, quick after-sales response and high market share, etc. The recently launched new-generation Transit Pro provides more convenient and interesting driving experience with 2.2T diesel engine, AMT transmission, 13 intelligent driving assistance

40、 features and iFlyTek smart connectivity system. Uptime 100% solution can satisfy 24 hour demand and service requirements of customers, and meanwhile, leads the new era of digitalized light bus. JMC Pickup products always center at customer demands and cover various scenarios. The American-style pre

41、mium Pickup Vigus 9 was recognized by customers with its leading comfortable luxury. Commercial and lifestyle dual-use Vigus 7 was favored by customers with its leading Powertrain system, and the practical new Baodian was attractive to customers with its leading load capacity and low fuel consumptio

42、n. In the first half of 2021, JMC Pickup achieved 35.77% growth in terms of sales volume, ranking among the top in the industry. For Ford SUV products, customer experience shall get improved through the insight into the auto consumption market change and family structure development. The latest Ford

43、 showroom design and innovative customer experience were adopted with brand-new Family Space Ford experience showroom. With the philosophy of treating customers as family and the three key innovative characteristics, including relieving customers with faith, entertaining customers with courtesy and

44、caring customers with love, Fords “Best of Ford, Best of China” commitment shall get further fulfilled. 3. Core Business Analysis Summary Refer to the relevant content of 1. Companys Core Business during the Reporting Period. Year-over-Year Changes of Main Financial Data Unit: RMB 2021 1H 2020 1H YO

45、Y change（%） Reason Revenue 17,675,621,088 14,073,417,878 25.60% Cost of sales 15,050,224,719 11,860,122,365 26.90% Distribution costs 949,514,418 592,187,320 60.34% Due to the sales growth and the cost of bringing new models to market. Administrative expenses 529,817,540 459,127,446 15.40% Finance e

46、xpense -145,442,287 -66,731,813 -117.95% Due to the interest income from bank deposits increased. 10 Income tax expense 16,350,895 14,137,157 15.66% Research and Development Expenditure 776,879,828 823,946,960 -5.71% Net cash generated from operating activities 69,917,849 734,283,627 -90.48% Due to

47、the increase of supplier payments. Net cash used in investing activities -225,537,449 -3,076,090,849 92.67% Due to the decrease of current investments. Net cash used in financing activities -17,714,459 1,276,424,368 -101.39% Due to the decrease of loan. Net increase/(decrease) in cash and cash equiv

48、alents -173,334,059 -1,065,382,854 83.73% Due to the decrease of current investments. Significant changes in the composition or source of profits during the reporting period Applicable Not Applicable There was no significant change in the composition or source of profits. Composition of Core Busines

49、s Unit: RMB 2021 1H 2020 1H YOY change （%） Amount Proportion (%) Amount Proportion (%) Revenue 17,675,621,088 100% 14,073,417,878 100% 25.60% By Industry Automobile Industry 17,675,621,088 100% 14,073,417,878 100% 25.60% By Products Vehicle 16,283,174,183 92.13% 13,030,304,986 92.59% 24.96% Componen

50、ts 1,023,854,381 5.79% 809,320,498 5.75% 26.51% Automobile Maintenance services 53,595,545 0.30% 37,965,367 0.27% 41.17% Material & Others 314,996,979 1.78% 195,827,027 1.39% 60.85% By region China 17,675,621,088 100% 14,073,417,878 100% 25.60% 11 Reach to 10% of Revenue or Profit by Industry, Produ