Share’scode：
| Share’s code： | 000550 | Share’s Name： | Jiangling Motors | No.： | 2021-063 |
| 200550 | Jiangling B |
Jiangling Motors Corporation, Ltd.
2021 Third Quarter Report
Jiangling Motors Co., Ltd. and its Board members undertake that theinformation disclosed herein is truthful, accurate and complete and doesnot contain any false statement, misrepresentation or major omission.
Important Note
1. The Board of Directors and its members, the Supervisory Board and itsmembers, and the senior executives are jointly and severally liable for thetruthfulness, accuracy and completeness of the information disclosed in theReport, and confirm that the information disclosed herein does not contain anyfalse statement, misrepresentation or major omission.
2 Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department,Ding Ni, confirm that the financial statements in this Quarter Report are truthful,accurate and complete.
3. Whether the 2021 third report is audited?
□Yes √No
§1 Brief Introduction
1. Main accounting data and financial indicators
Unit: RMB
| Reporting period (2021 Third quarter) | YoY Change (%) | Beginning of year to end of reporting period | YoY Change (%) | |
| Revenue | 7,815,433,165 | -2.37% | 25,491,054,253 | 15.45% |
| Profit Attributable to the Equity Holders of the Company | 72,235,853 | -52.10% | 477,449,908 | 33.15% |
| Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Profit or Loss | 75,550,360 | -40.00% | 189,392,235 | 7.55% |
| Net Cash Generated From Operating Activities | —— | —— | -453,821,122 | -152.82% |
| Basic Earnings Per Share (RMB) | 0.08 | -52.10% | 0.55 | 33.15% |
| Diluted Earnings Per Share (RMB) | 0.08 | -52.10% | 0.55 | 33.15% |
Weighted Average Return on NetAsset Ratio (%)
| Weighted Average Return on Net Asset Ratio (%) | 1.12% | -0.29% | 4.52% | 1.16% |
| At the end of the reporting period | At the end of the previous year | Change (%) | ||
| Total Assets | 25,078,894,114 | 28,185,185,418 | -11.02% | |
| Shareholder’s equity Attributable to the Equity Holders of the Company | 8,463,392,053 | 10,986,474,009 | -22.97% | |
2. Non-recurring profit and loss items and amounts
□√Applicable □Not Applicable
Unit: RMB
| Reporting period (2021 Third quarter) | Beginning of year to end of reporting period | |
| Profit and loss of non-current assets disposal (including the charge-off part of the asset impairment provision) | -13,248,557 | -2,239,949 |
| Government subsidies included in the current profit and loss | 10,387,465 | 345,440,426 |
| Capital occupation fee charged for non-financial enterprises included in the current profit and loss | 3,184,707 | 10,327,566 |
| In addition to the effective hedging business related to the normal operating business of the Company, holding the gains and losses of fair value changes arising from trading financial assets and trading financial liabilities, as well as the investment income obtained from the disposal of trading financial assets, trading financial liabilities and available for sale financial assets | -4,095,114 | -6,771,398 |
| Return of the impairment provision for receivables with a separate impairment test | 0 | 2,000,000 |
| Other non-operating income and expenses except the above | 430,717 | 499,586 |
| Other profit and loss items that meet the definition of non-recurring profit and loss | 0 | -5,423,293 |
| Less: Income tax impact amount | -26,275 | 55,775,265 |
| Total | -3,314,507 | 288,057,673 |
Details of other profit and loss items that meet the definition of non-recurringprofit and loss
□Applicable □√Not Applicable
There is no any other profit and loss items that meet the definition ofnon-recurring profit and loss in the Company.The description of that the non-recurring profit and loss items listed inCorporate Information Disclosure of Public Issuing Securities No.1 are definedas recurring profit and loss items
□Applicable □√Not Applicable
The Company does not have a situation in which the non-recurring profit andloss items listed in No.1 of Corporate Information Disclosure AnnouncementNo.1 are defined as recurring profit and loss.
3. Causes and explanations on major changes of financial indicators of thereporting period
□√Applicable □Not Applicable
In the first three quarters of 2021, JMC sold 249,084 vehicles in total, up 12.80%compared with the same period last year; including 88,098 trucks, 47,784pickups, 37,391 SUVs, 75,811 light buses. Revenue and net profit during thefirst three quarters of 2021 were RMB 25,491 million and RMB 477 million,increase 15.45% and increase 33.15% respectively compared with the sameperiod last year.
As of the end of the first three quarters of 2021, compared with the end of theprevious year, financial assets held for trading decreased by RMB 704 million,down 87.53%, mainly reflecting the decrease of structured depositinvestments.
As of the end of the first three quarters of 2021, compared with the end of theprevious year, financing receivables decreased by RMB 533 million, down
65.38%, mainly reflecting the discount notes receivable and make payment forgoods.
As of the end of the first three quarters of 2021, compared with the end of theprevious year, advances to suppliers increased by RMB 177 million, up
39.14%, mainly reflecting the increase in prepaid supplier payments due toincreased production.
As of the end of the first three quarters of 2021, compared with the end of theprevious year, development expenditures decreased by RMB 70 million, down
40.06%, mainly reflecting the development expenditures form intangibleassets.
As of the end of the first three quarters of 2021, compared with the end of theprevious year, contract liabilities decreased by RMB 412 million, down 73.70%,mainly reflecting the Company pre-charges the payment for vehicles,components and service, part of which has been categorized to operatingrevenue of the period.
As of the end of the first three quarters of 2021, compared with the end of theprevious year, tax payable increased by RMB 109 million, up 49.97%, mainly
reflecting the increase of tax payable at the end of the period.
Selling and distribution expenses in the first three quarters of 2021 increasedby RMB 379 million, up 38.79% compared with the same period last year,mainly due to the sales growth and the cost of bringing new models to market.
Financial gains in the first three quarters of 2021 increased by RMB 82 million,up 64.16% compared with the same period last year, mainly due to the interestincome from bank deposits increased.
Net profit in the first three quarters of 2021 increased by RMB 119 million, up
33.15% compared with the same period last year, mainly due to the salesgrowth and continued to promote cost reduction and efficiency.
Net cash flows from operating activities in the first three quarters of 2021decreased by RMB 1,313 million, down 152.82% compared with the sameperiod last year, mainly due to the increase in payment for goods purchased.
Net cash flows from investing activities in the first three quarters of 2021increased by RMB 2,017 million, up 108.54% compared with the same periodlast year, mainly due to the reduced cash payments on current investments.
Net cash flows from financing activities in the first three quarters of 2021decreased by RMB 4,241 million, down 348.91% compared with the sameperiod last year, mainly due to the reduction in current borrowings and thepayment of 2020 annual dividends
Cash and cash equivalents in the first three quarters of 2021 decreased byRMB 3,536 million, down 1,636.92% compared with the same period last year,mainly due to the payment of 2020 annual dividends.
§2 Shareholder Information
1. Total number of shareholders and top ten shareholders
Total shareholders (as ofSeptember 30, 2021)
| Total shareholders (as of September 30, 2021) | JMC had 49,684 shareholders, including 43,828 A-share holders, and 5,856 B-share holders. | ||||
| Top ten shareholders | |||||
| Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Shares at the End of Year | Shares with Trading Restriction | Shares due to Mortgage or Frozen or Mark |
| Nanchang Jiangling Investment Co., Ltd. | State-owned legal person | 41.03% | 354,176,000 | 0 | 0 |
| Ford Motor Company | Foreign legal person | 32.00% | 276,228,394 | 0 | 0 |
| Shanghai Automotive Co., Ltd. | State-owned Legal person | 1.51% | 13,019,610 | 0 | 0 |
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | Foreign legal person | 0.67% | 5,806,348 | 0 | 0 |
| GAOLING FUND, L.P. | Foreign legal person | 0.63% | 5,453,086 | 0 | 0 |
| INVESCO FUNDS SICAV | Foreign legal person | 0.56% | 4,841,889 | 0 | 0 |
| National Social Security Fund - One One Eight Combinations | State-owned legal person | 0.54% | 4,643,501 | 0 | 0 |
| Jin Xing | Domestic natural person | 0.50% | 4,324,900 | 0 | 0 |
| National Social Security Fund - Four One Two Combinations | State-owned legal person | 0.29% | 2,462,400 | 0 | 0 |
| Li Yifeng | Domestic natural person | 0.28% | 2,426,236 | 0 | 0 |
| Notes on association among above-mentioned shareholders | None. | ||||
| Top ten shareholders holding unlimited tradable shares | |||||
| Shareholder Name | Shares without Trading Restriction | Share Type | |||
| Nanchang Jiangling Investment Co., Ltd. | 354,176,000 | A share | |||
| Ford Motor Company | 276,228,394 | B share | |||
| Shanghai Automotive Co., Ltd. | 13,019,610 | A share | |||
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | 5,806,348 | B share | |||
| GAOLING FUND, L.P. | 5,453,086 | B share | |||
| INVESCO FUNDS SICAV | 4,841,889 | B share | |||
| National Social Security Fund - One One Eight Combinations | 4,643,501 | A share | |||
| Jin Xing | 4,324,900 | B share | |||
| National Social Security Fund - Four One Two Combinations | 2,462,400 | A share | |||
| Li Yifeng | 2,426,236 | B share | |||
| Notes on association among above-mentioned shareholders | None. | ||||
2.Total number of shareholders holding preferred shares and top tenshareholders holding preferred shares
□Applicable □√Not Applicable
§3. Other Major Events
□Applicable □√Not Applicable
§4 Financial StatementsJiangling Motors Corporation, Ltd.
1. Consolidated Balance Sheet
September 30, 2021
(All amounts in RMB Yuan unless otherwise stated)
ASSETS
| ASSETS | 30 September 2021 Consolidated* | 31 December 2020 Consolidated |
| Current assets | ||
| Cash and cash equivalents | 7,811,939,441.00 | 11,121,955,129.00 |
| Financial assets held for trading | 100,242,329.00 | 803,892,985.00 |
| Accounts receivable | 3,233,366,232.00 | 2,999,883,212.00 |
| Financing receivables | 282,395,187.00 | 815,583,669.00 |
| Advances to suppliers | 629,884,878.00 | 452,714,683.00 |
| Other receivables | 238,895,663.00 | 128,989,573.00 |
| Inventories | 2,254,800,151.00 | 2,086,605,692.00 |
| Other current assets | 1,015,191,562.00 | 737,369,737.00 |
| Total current assets | 15,566,715,443.00 | 19,146,994,680.00 |
| Non-current assets | ||
| Long-term equity investments | 38,000,039.00 | 39,496,548.00 |
| Fixed assets | 6,218,461,866.00 | 5,165,956,410.00 |
| Construction in progress | 615,982,267.00 | 1,535,497,770.00 |
| Right-of-use assets | 39,349,622.00 | 28,405,890.00 |
| Intangible assets | 1,116,889,956.00 | 931,391,553.00 |
| Development expenditures | 103,987,370.00 | 173,473,242.00 |
| Deferred tax assets | 1,379,507,551.00 | 1,163,969,325.00 |
| Total non-current assets | 9,512,178,671.00 | 9,038,190,738.00 |
| TOTAL ASSETS | 25,078,894,114.00 | 28,185,185,418.00 |
| Current liabilities | ||
| Short-term borrowings | 500,000,000.00 | 500,000,000.00 |
| Derivative financial liabilities | 7,643,180.00 | 3,716,727.00 |
| Notes payable | 10,448,072.00 | - |
| Accounts payable | 8,406,959,026.00 | 10,026,215,877.00 |
| Contract liabilities | 146,870,098.00 | 558,526,846.00 |
| Employee benefits payable | 650,873,612.00 | 759,368,606.00 |
| Taxes payable | 327,609,327.00 | 218,445,227.00 |
| Other payables | 5,555,330,309.00 | 4,153,849,625.00 |
| Current portion of non-current liabilities | 21,451,076.00 | 10,909,163.00 |
| Other current liabilities | 381,582,331.00 | 410,899,328.00 |
| Total current liabilities | 16,008,767,031.00 | 16,641,931,399.00 |
| Non-current liabilities | ||
| Long-term borrowings | 2,335,800.00 | 2,563,666.00 |
| Lease liabilities | 23,255,329.00 | 18,998,952.00 |
Long-term employee benefits payable
| Long-term employee benefits payable | 59,924,563.00 | 62,855,000.00 |
| Provisions | 206,261,016.00 | 195,896,139.00 |
| Deferred income | 49,154,687.00 | 49,944,625.00 |
| Deferred tax liabilities | 151,515,810.00 | 126,995,164.00 |
| Other non-current liabilities | 114,287,825.00 | 99,526,464.00 |
| Total non-current liabilities | 606,735,030.00 | 556,780,010.00 |
| Total liabilities | 16,615,502,061.00 | 17,198,711,409.00 |
| Equity | ||
| Share capital | 863,214,000.00 | 863,214,000.00 |
| Capital surplus | 839,442,490.00 | 839,442,490.00 |
| Other comprehensive income | -11,759,250.00 | -11,759,250.00 |
| Surplus reserve | 431,607,000.00 | 431,607,000.00 |
| Retained earnings | 6,340,887,813.00 | 8,863,969,769.00 |
| Total equity attributable to shareholders of the Company | 8,463,392,053.00 | 10,986,474,009.00 |
| Minority interests | - | - |
| Total equity | 8,463,392,053.00 | 10,986,474,009.00 |
| TOTAL LIABILITIES AND EQUITY | 25,078,894,114.00 | 28,185,185,418.00 |
| * Unaudited financial indexes |
2. Consolidated Income Statement
Beginning of year to end of reporting period(All amounts in RMB Yuan unless otherwise stated)
Item
| Item | 2021.1.1-2021.9.30 Consolidated* | 2020.1.1-2020.9.30 Consolidated* |
| Total Revenue | 25,491,054,253.00 | 22,078,865,851.00 |
| Including: Revenue | 25,491,054,253.00 | 22,078,865,851.00 |
| Total Cost of sales | 25,332,786,549.00 | 21,792,781,697.00 |
| Including: Cost of sales | 21,552,830,774.00 | 18,603,687,100.00 |
| Taxes and surcharges | 699,123,834.00 | 551,663,221.00 |
| Selling and distribution expenses | 1,357,136,025.00 | 977,855,385.00 |
| General and administrative expenses | 805,117,434.00 | 692,348,451.00 |
| Research and development expenses | 1,127,465,570.00 | 1,094,477,252.00 |
| Financial expenses | -208,887,088.00 | -127,249,712.00 |
| Including: Interest expenses | 12,735,235.00 | 20,699,302.00 |
| Interest income | -211,784,418.00 | -151,934,124.00 |
| Add: Other income | 343,680,301.00 | 170,285,467.00 |
| Investment income | -20,043,348.00 | 58,911,471.00 |
| Including: Share of profit of associates and joint ventures | -1,496,509.00 | -2,620,620.00 |
| Gains on changes in fair value | -7,577,109.00 | 1,060,248.00 |
| Credit impairment losses | 18,196,099.00 | -59,837,249.00 |
| Asset impairment losses | - | -34,107,710.00 |
| Gains on disposal of assets | 25,302,606.00 | -210,485.00 |
| Operating profit | 517,826,253.00 | 422,185,896.00 |
| Add: Non-operating income | 2,988,740.00 | 4,617,679.00 |
| Less: Non-operating expenses | 30,031,709.00 | 30,453,310.00 |
| Total profit | 490,783,284.00 | 396,350,265.00 |
| Less: Income tax expenses | 13,333,376.00 | 37,767,219.00 |
| Net profit | 477,449,908.00 | 358,583,046.00 |
| Classified by continuity of operations | ||
| Net profit from continuing operations | 477,449,908.00 | 358,583,046.00 |
| Net profit from discontinued operations | - | - |
| Classified by ownership of the equity | ||
| Attributable to shareholders of the Company | 477,449,908.00 | 358,583,046.00 |
| Minority interests | - | - |
| Other comprehensive income, net of tax | ||
| Attributable to shareholders of the Company | ||
| Other comprehensive income items which will not be reclassified to profit or loss | ||
| Changes arising from remeasurement of defined benefit plan | - | - |
| Attributable to minority interests | ||
| Total comprehensive income | 477,449,908.00 | 358,583,046.00 |
| Attributable to shareholders of the Company | 477,449,908.00 | 358,583,046.00 |
Attributable to minority interests
| Attributable to minority interests | - | - |
| Earnings per share | ||
| Basic earnings per share(RMB Yuan) | 0.55 | 0.42 |
| Diluted earnings per share(RMB Yuan) | 0.55 | 0.42 |
*: Unaudited financial indexes
3. Consolidated Cash Flow Statement
Beginning of year to end of reporting period
(All amounts in RMB Yuan unless otherwise stated)
Item
| Item | 2021.1.1-2021.9.30 Consolidated* | 2020.1.1-2020.9.30 Consolidated* |
| Cash flows from operating activities | ||
| Cash received from sales of goods or rendering of services | 28,328,168,356.00 | 23,182,317,549.00 |
| Cash received relating to other operating activities | 489,683,564.00 | 276,518,362.00 |
| Sub-total of cash inflows | 28,817,851,920.00 | 23,458,835,911.00 |
| Cash paid for goods and services | 23,278,603,650.00 | 17,624,001,228.00 |
| Cash paid to and on behalf of employees | 2,110,011,010.00 | 1,637,690,537.00 |
| Payments of taxes and surcharges | 1,794,875,837.00 | 1,318,344,666.00 |
| Cash paid relating to other operating activities | 2,088,182,545.00 | 2,019,537,024.00 |
| Sub-total of cash outflows | 29,271,673,042.00 | 22,599,573,455.00 |
| Net cash flows from operating activities | -453,821,122.00 | 859,262,456.00 |
| Cash flows from investing activities | ||
| Cash received from disposal of investments | 2,400,000,000.00 | 12,457,000,000.00 |
| Cash received from returns on investments | 14,414,182.00 | 61,692,956.00 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 48,169,713.00 | 9,215,209.00 |
| Net cash received from disposal of subsidiaries and other business units | 108,000,000.00 | - |
| Cash received relating to other investing activities | 216,774,537.00 | 156,835,539.00 |
| Sub-total of cash inflows | 2,787,358,432.00 | 12,684,743,704.00 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 915,027,787.00 | 884,027,270.00 |
| Cash paid to acquire investments | 1,700,000,000.00 | 13,657,000,000.00 |
| Cash paid relating to other investing activities | 13,687,496.00 | 2,324,966.00 |
| Sub-total of cash outflows | 2,628,715,283.00 | 14,543,352,236.00 |
| Net cash flows from investing activities | 158,643,149.00 | -1,858,608,532.00 |
| Cash flows from financing activities | ||
| Cash received from borrowings | 989,255,556.00 | 2,300,000,000.00 |
| Sub-total of cash inflows | 989,255,556.00 | 2,300,000,000.00 |
| Cash repayments of borrowings | 1,000,214,487.00 | 1,000,231,444.00 |
| Cash payments for distribution of dividends, profits or interest expenses | 3,002,446,863.00 | 75,271,714.00 |
| Cash paid relating to other financing activities | 11,879,993.00 | 9,104,045.00 |
| Sub-total of cash outflows | 4,014,541,343.00 | 1,084,607,203.00 |
| Net cash flows from financing activities | -3,025,285,787.00 | 1,215,392,797.00 |
| Effect of foreign exchange rate changes on cash and cash equivalents | - | - |
| Net increase in cash and cash equivalents | -3,320,463,760.00 | 216,046,721.00 |
Add: Cash and cash equivalents at beginning of year
| Add: Cash and cash equivalents at beginning of year | 11,121,955,129.00 | 8,937,936,658.00 |
| Cash and cash equivalents at end of period | 7,801,491,369.00 | 9,153,983,379.00 |
* Unaudited financial indexes
2. Statement of the adjustment of the financial statements
(1), The adjustment of the financial statements at the beginning of the yearwhen the new lease standards were firstly implemented since 2021.
□Applicable □√Not Applicable
(2) Description of the traceability adjustment of the preliminary comparisondata due to first implementation of the new lease standards since 2021
□Applicable □√Not Applicable
3. Whether the 2021 third quarter report is audited?
□Yes √No
JMC 2021 Third Quarter Report is not audited.
Board of DirectorsJiangling Motors Corporation, Ltd.October 27, 2021