ChongqingChanganAutomobile
CompanyLimited
2023AnnualReport
April2024
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter1ImportantNotice,Contents,andDefinitions
1.TheBoardofDirectors(orthe“Board”),theSupervisoryBoardaswellasthedirectors,supervisorsandseniormanagersofChongqingChanganAutomobileCo.,Ltd.herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.
2.ZhuHuarong,theCompany’slegalrepresentative,ZhangDeyong,theCompany’sChiefFinancialOfficerandShiHaifeng,theperson-in-chargeoftheaccountingorganherebyguaranteethatthefinancialstatementscarriedinthisReportarefactual,accurate,andcomplete.
3.Exceptthefollowingdirectors,allthedirectorshaveattendedtheboardmeetingforreviewingthisReport.
| Nameofthedirectorsabsent | Positions | Reasonsfortheabsence | NameoftheTrustees |
| DengWei | Director | Workreasons | JiaLishan |
| ShiYaoxiang | Director | Workreasons | ZhangDeyong |
| LiKeqiang | IndependentDirector | Workreasons | TangGuliang |
4.AnyprospectivedescriptionsuchasfuturebusinessplansanddevelopmentstrategiesinthisReportshallnotbeconsideredastheCompany’scommitmenttoinvestors.Investorsandrelevantpersonsshallbesufficientlymindfulofrisks,andundertakethedifferenceinplans,predictionsandcommitment.
5.ChapterIII“ManagementDiscussionandAnalysis”ofthisReportdescribesthepossiblerisksandcountermeasuresoftheCompany,andinvestorsshallpayattentiontotherelevantcontent.
6.TheBoardhasapprovedafinaldividendplanasfollows:Basedon9,917,289,033shares,acashdividendofRMB3.43(taxincluded)per10sharesistobedistributedtoallshareholders,withouttransferringcapitalreservetosharecapital.ThisReporthavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
CONTENTS
Chapter1ImportantNotice,Contents,andDefinitions ...... 1
Chapter2CompanyProfileandMainFinancialIndexes ...... 5
Chapter3ManagementDiscussionandAnalysis ...... 10
Chapter4CorporateGovernance ...... 37
Chapter5EnvironmentalandSocialResponsibility ...... 58
Chapter6ImportantMatters ...... 67
Chapter7ShareChangesandShareholderInformation ...... 72
Chapter8PreferenceShares ...... 78
Chapter9Bonds ...... 79
Chapter10Auditor’sReport ...... 82
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
DocumentsAvailableforReference
I.FinancialstatementscarryingthesignaturesandsealsoftheCompany’slegalrepresentative,theChiefFinancialOfficer,andtheperson-in-chargeoftheaccountingorgan.Ⅱ.The2022Auditor’sReportstampedbytheaccountingfirmandsignedandstampedbycharteredaccountants.Ⅲ.Duringthereportingperiod,theoriginalcopiesofallcompanydocumentsandannouncementspubliclydisclosedbytheCompanyinChinaSecuritiesJournal,SecuritiesTimes,SecuritiesDaily,ShanghaiSecuritiesNews,andHongKongCommercialDaily.IV.AnnualReportsdisclosedinothersecuritiesmarkets.
Definitions
| Items | Definitions | |
| ChanganAuto,ChanganAutomobile,theCompany | Refersto | ChongqingChanganAutomobileCo.,Ltd. |
| CSG | Refersto | ChinaSouthIndustriesGroupCorporation,theCompany’sactualcontroller |
| ChinaChangan | Refersto | ChinaChanganAutomobileGroupCo.,Ltd.,formerlyknownasChinaSouthIndustriesAutomobileCo.,Ltd.,asubsidiarycompanyofCSG |
| ChanganIndustry | Refersto | ChongqingChanganIndustry(Group)Co.,Ltd.,formerlyknownasChanganAutomobile(Group)Co.,Ltd.,asubsidiarycompanyofCSG |
| NanjingChangan | Refersto | NanjingChanganAutomobileCo.,Ltd.,asubsidiarycompanyoftheCompany |
| HebeiChangan | Refersto | HebeiChanganAutomobileCo.,Ltd.,asubsidiarycompanyoftheCompany |
| HefeiChangan | Refersto | HefeiChanganAutomobileCo.,Ltd.,asubsidiarycompanyoftheCompany |
| ChanganBus | Refersto | BaodingChanganBusCo.,Ltd.,asubsidiarycompanyoftheCompany |
| ChanganKaicheng | Refersto | ChongqingChanganKaichengAutomotiveTechnologyCo.,Ltd.,formerlyknownasKaichengAutomotiveTechnologyCo.,Ltd.,asubsidiarycompanyoftheCompany |
| CIC | Refersto | ChongqingChanganAutomobileInternationalSaleServiceCo.,Ltd.,asubsidiarycompanyoftheCompany |
| ChanganFord | Refersto | ChanganFordAutomobileCo.,Ltd.,aJVoftheCompany |
| ChanganMazda | Refersto | ChanganMazdaAutomobileCo.,Ltd.,aJVoftheCompany |
| CME | Refersto | ChanganMazdaEngineCo.,Ltd.,aJVoftheCompany |
| JianglingHolding | Refersto | JianglingHoldingCo.,Ltd.,anassociateoftheCompany |
| ChanganFinance | Refersto | ChanganAutomobileFinancingCo.,Ltd.,anassociateoftheCompany |
| CSGFinance | Refersto | ChinaSouthIndustriesGroupFinanceCo.,Ltd.,asubsidiarycompanyofSouthIndustries |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| UPI | Refersto | UnitedProsperityInvestmentCo.,Ltd.,asubsidiarycompanyofChinaChangan |
| ChanganTechnology | Refersto | ChongqingChanganTechnologyCo.,Ltd.,asubsidiarycompanyoftheCompany |
| DeepalAuto | Refersto | DeepalAutomotiveTechnologyCo.,Ltd.,asubsidiarycompanyoftheCompany |
| Avatr | Refersto | AvatrTechnology(Chongqing)Co.Ltd.,anassociateoftheCompany |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter2CompanyProfileandMainFinancialIndexes
I.BasicInformation
| Stockabbreviation | ChanganAutomobile,ChanganB | StockCode | 000625,200625 |
| Listedon | ShenzhenStockExchange | ||
| CompanynameinChinese | 重庆长安汽车股份有限公司 | ||
| Chineseabbreviation | 长安汽车 | ||
| CompanynameinEnglish | ChongqingChanganAutomobileCo.,Ltd. | ||
| Legalrepresentative | ZhuHuarong | ||
| Registeredaddress | No.260,EastJianxinRoadJiangbeiDistrict,Chongqing | ||
| Postcodeoftheregisteredaddress | 400023 | ||
| Officeaddress | No.260,EastJianxinRoad,JiangbeiDistrict,Chongqing.BuildingT2,No.2,FinancialCity,No.61DongshengmenRoad,JiangbeiDistrict,Chongqing. | ||
| Postcodeoftheofficeaddress | 400023 | ||
| Website | http://www.changan.com.cn | ||
| E-mailaddress | cazqc@changan.com.cn | ||
Ⅱ.ContactInformation
| SecretaryoftheBoardofDirectors | Securitiesaffairsrepresentative | |
| Name | ZhangDeyong,LiJun | JieZhonghua |
| Contactaddress | BuildingT2,No.2,FinancialCity,No.61DongshengmenRoad,JiangbeiDistrict,Chongqing | BuildingT2,No.2,FinancialCity,No.61DongshengmenRoad,JiangbeiDistrict,Chongqing |
| TEL | 023-67594008 | 023-67594008 |
| FAX | 023-67870261 | 023-67870261 |
| E-mailaddress | cazqc@changan.com.cn | jiezh@changan.com.cn |
Ⅲ.InformationDisclosureandFilingSite
| StockexchangewebsitewherethisReportisdisclosed | http://www.szse.cn |
| MediaandwebsitewherethisReportisdisclosed | ChinaSecurities,Journal,SecuritiesTimes,SecuritiesDaily,ShanghaiSecuritiesNews,HongKongCommercialDailyandwww.cninfo.com.cn |
| PlacewherethisReportislodged | BoardOfficeoftheCompany |
IV.ChangesofRegistrationInformation
| OrganizationCode | 9150000020286320X6 |
| ChangesinthemainbusinesssincetheCompany’slisting | Notapplicable |
| Changesofcontrollingshareholdersinceincorporation(ifany) | 1.InDecember2005,accordingtotherestructuringprogramonautomobilebusiness,theCompany’sactualcontroller,CSGtransferredallstate-ownedsharesofChanganAutomobile(Group)CompanyLimited(“ChanganGroup”)aspartoffundingforChinaSouthIndustriesAutomobileCo.,Ltd.InMarch2006,allsharesheldbyChangan |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
V.OtherRelevantInformation
TheauditfirmemployedbytheCompany
GrouphavebeentransferredtoChinaSouthIndustriesAutomobileCo.,Ltd.ChinaSouthIndustriesAutomobileCo.,Ltd.becamethemajorityshareholderoftheCompany,andChanganGroupholdszerosharesincethen.
2.InJuly2009,withtheapprovalofStateAdministrationforIndustryandCommerce,“ChinaSouthIndustriesAutomobileCo.,Ltd.”changeditsnameto“ChinaChanganAutomobileGroupCo.,Ltd.”.Nochangeoccurredinitsproperty,ownershipandcontroloftheCompany.
3.InFebruary2019,“ChinaChanganAutomobileGroupLLC”changeditsnameto“ChinaChanganAutomobileGroupCo.,Ltd.”withtheapprovalofBeijingAdministrationforIndustryandCommerce.Thecompanychangedfromajointstockcompanytoalimitedliabilitycompany.Name
| Name | LixinCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Officeaddress | 4thFloor,No.61NanjingEastRoad,HuangpuDistrict,Shanghai,China |
| Accountantswritingsignatures | ZhuYuqin,WangKai |
TheindependentsponsoremployedbytheCompanytoexerciseconstantsupervisionovertheCompanyinthereportingperiod
√Applicable□Notapplicable
| Name | Officeaddress | Sponsorrepresentative | Supervisionperiod |
| CITICSecuritiesCo.,Ltd. | 21stFloor,CITICSecuritiesBuilding,No.48LiangmaqiaoRoad,ChaoyangDistrict,Beijing | HeYang,ChenShumian | October26,2020-December31,2021 |
Note:CITICSecuritiesCo.,Ltd.istherecommendationinstitutionforthecontinuoussupervisionofthecompany'snon-publicofferingofsharesin2020.TheindependentfinancialadvisoremployedbytheCompanytoexerciseconstantsupervisionovertheCompanyinthereportingperiod
□Applicable√Notapplicable
VI.KeyAccountingDataandFinancialIndexes
DoestheCompanyneedtoretrospectivelyadjustorrestatetheaccountingdataofpreviousyears?
√Yes□NoReason:Changesinaccountingpolicies
| 2023 | 2022 | YoYchange(%) | 2021 | |||
| Original | Restated | Restated | Original | Restated | ||
| Operatingrevenue(RMB) | 151,297,706,646.97 | 121,252,864,085.40 | 121,252,864,085.40 | 24.78% | 105,141,877,237.05 | 105,141,877,237.05 |
| NetprofitattributabletoshareholdersoftheCompany(RMB) | 11,327,463,013.15 | 7,798,451,093.72 | 7,798,785,367.38 | 45.25% | 3,552,463,320.03 | 3,552,631,696.73 |
| Netprofitafterdeductionofnon-recurringgainsorlossesattributabletoshareholdersoftheCompany(RMB) | 3,781,846,729.11 | 4,458,919,314.80 | 3,254,790,124.46 | 16.19% | 1,652,771,338.77 | 697,701,167.57 |
| Netcashflowfromoperatingactivities(RMB) | 19,861,466,237.56 | 5,666,346,858.52 | 5,666,346,858.52 | 250.52% | 22,971,723,210.84 | 22,971,723,210.84 |
| Basicearningspershare(RMB/share) | 1.15 | 0.80 | 0.80 | 43.75% | 0.36 | 0.36 |
| Dilutedearningspershare(RMB/share) | 1.13 | 0.78 | 0.78 | 44.87% | 0.36 | 0.36 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| WeightedaverageROE(%) | 16.55% | 13.07% | 13.07% | 3.48% | 6.53% | 6.53% |
| 31December2023 | 31December2022 | YoYchange(%) | 31December2021 | |||
| Original | Restated | Restated | Original | Restated | ||
| Totalassets(RMB) | 190,171,127,138.27 | 146,048,555,951.92 | 146,049,068,075.25 | 30.21% | 135,404,623,479.63 | 135,404,791,856.33 |
| NetassetsattributabletoshareholdersoftheCompany(RMB) | 71,853,119,985.49 | 62,858,105,705.70 | 62,858,608,356.06 | 14.31% | 55,732,932,103.72 | 55,733,100,480.42 |
Reasonsforchangesinaccountingpolicies:
FromJanuary1st,2023,theprovisionsoftheInterpretationNo.16oftheAccountingStandardsforBusinessEnterpriseswillbeimplemented,andtheinformationforcomparableperiodswillbeadjusted.Fordetails,pleasereferto"(31)ChangesinSignificantAccountingPoliciesandAccountingEstimates"inNote3"ImportantAccountingPoliciesandAccountingEstimates"tothefinancialstatements.TheloweroftheCompany’snetprofitbeforeandafterdeductionofnon-recurringgainsandlossesinthemostrecentthreefiscalyearsisnegative,andtheaudit’sreportoflastyearshowsthattheCompany’sabilitytocontinueoperationsisuncertain.
□Yes√NoThelowerofthenetprofitbeforeandafternon-recurringgainsandlossesisnegative.
□Yes√NoVII.TheDifferencesbetweenChineseAccountingStandardsandInternationalFinancialReportingStandards
1.DifferencesinnetprofitandnetassetattributabletoshareholdersinfinancialreportdisclosedinaccordancewithInternationalFinancialReportingStandardsandChineseAccountingStandards
□Applicable√NotapplicableNodifferenceduringthereportingperiod.
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderOverseasFinancialReportingStandardsandChineseAccountingStandards
□Applicable√NotapplicableNodifferenceduringthereportingperiod.
3.ReasonsfordifferencesinaccountingdataunderChineseAccountingStandardsandInternationalFinancialReportingStandards
□Applicable√Notapplicable
VIII.KeyFinancialIndexesof2023byQuarter
Unit:RMB
| FirstQuarter | SecondQuarter | ThirdQuarter | ForthQuarter | |
| Operatingrevenues | 34,556,094,707.75 | 30,936,004,161.26 | 42,714,220,563.67 | 43,091,387,214.29 |
| NetprofitattributabletoshareholdersoftheCompany | 6,970,203,078.41 | 682,776,268.39 | 2,229,425,232.97 | 1,445,058,433.38 |
| NetprofitattributabletoshareholdersoftheCompanyafterdeductingnon-recurringgainsandlosses | 1,481,090,757.20 | 27,967,266.80 | 2,103,408,917.03 | 169,379,788.08 |
| Netcashflowfromoperatingactivities | 3,383,283,790.67 | 3,572,172,922.92 | 10,523,163,408.37 | 2,382,846,115.60 |
Whethertherearesignificantdifferencesbetweentheabove-mentionedfinancialindexesoritstotalnumberandtherelevant
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
financialindexesdisclosedintheCompany’squarterlyreportandsemi-annualreport
□Yes√NoIX.ItemsandAmountsofNon-RecurringGainsandLosses
√Applicable□Notapplicable
Unit:RMB
| Items | 2023 | 2022 | 2021 | Explanation |
| Gainsorlossesondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | 441,000,628.40 | 74,862,481.00 | 745,601,530.26 | |
| Governmentsubsidieschargedtocurrentgainsorlosses(exclusiveofgovernmentsubsidiesgivenintheCompany’sordinarycourseofbusinessatfixedquotasoramountsasperthegovernment’suniformstandards) | 1,463,381,979.58 | 1,134,358,181.32 | 1,335,952,105.80 | |
| Inadditiontotheeffectivehedgingbusinessrelatedtothenormaloperationofthecompany,thefairvaluechangegainsandlossesarisingfromtheholdingoffinancialassetsandfinancialliabilitiesbynon-financialenterprisesandthegainsandlossesarisingfromthedisposaloffinancialassetsandfinancialliabilities | -955,029.68 | 3,570,229.29 | 42,078,804.00 | |
| Incomegeneratedfrommergersofenterprisesnotunderthesamecontrol | 5,021,482,128.74 | ThecompanyformedanoncommoncontrolenterprisemergerthroughadditionalinvestmentintheoriginaljointventureShenlanAutomobile(formerlyChongqingChanganNewEnergyVehicleTechnologyCo.,Ltd.),asdetailedintheAnnouncementontheAcquisitionofPartialEquityofChanganNewEnergy(AnnouncementNo.2022-78).TheequitydeliveryproceduresforthistransactionwerecompletedonFebruary1,2023.PleaserefertotheProgressAnnouncementonAcquiringPartialEquityofChang'anNewEnergy(AnnouncementNo.:2023-05)fordetails.AccordingtoArticle48ofEnterpriseAccountingPreparationNo.33-ConsolidatedFinancialStatements,thecompanyrecognizedaninvestmentincomeof5.021billionyuaninthefirstquarterof2023basedonthefinancialinformationonthepurchasedate. | ||
| Capitaloccupationfeeschargedtonon-financialenterprisesthroughprofitorlossforthecurrentperiod | 66,074,620.29 | 40,505,154.81 | 11,853,260.69 | |
| Gainsandlossesonentrustedloans | 6,959,316.00 | |||
| Reversalofimpairmentprovisionforaccountsreceivable | 21,286,713.50 | 2,847,641.57 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| subjecttoseparateimpairmenttesting | |||
| Gainsfromremeasuringremainingequityatfairvalueafterlosingcontrol | 2,128,313,646.36 | ||
| Othernonoperatingincomeandexpensesotherthantheaboveitems | 141,715,255.35 | 77,519,377.00 | 90,085,373.52 |
| Otherprofitandlossitemsthatmeetthedefinitionofnonrecurringgainsandlosses(note) | 673,232,447.45 | 1,204,463,464.00 | 955,238,547.90 |
| Minus:influencedamountofincometax | 255,466,128.30 | 94,817,746.44 | 196,630,848.39 |
| Non-controllinginterestseffects(aftertax) | 26,136,331.29 | 27,627,185.99 | 136,207,560.62 |
| Total | 7,545,616,284.04 | 4,543,995,242.92 | 2,854,930,529.16 |
Particularsaboutothergainsandlossesthatmeetthedefinitionofnon-recurringgain/loss
√Applicable□NotapplicableNote:Inthisyear,duetotheimplementationoftheInterpretationAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-NonrecurringGainsandLosses,inaccordancewiththespiritoftheannouncementdocuments,adjustmentshavebeenmadetothenonrecurringgainsandlossesoftheinvestedunitsaccountedforundertheequitymethodfrom2021to2022basedontheirrespectiveshares.ExplanationofwhytheCompanyreclassifiesnon-recurrentgain/lossasarecurrentgain/lossitemlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExtraordinaryGain/LossItems
□Applicable√NotapplicableNosuchcasesforthereportingperiod.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter3ManagementDiscussionandAnalysis
I．IndustryOverviewin2023
1.TheindustryanalysisIn2023,theglobaleconomicgrowthratesloweddown,theworldeconomicrecoverystillhasuncertainty.Atthesametime,2023wasalsothebeginningyearoffullyimplementingthespiritofthe20thNationalCongressoftheCommunistPartyofChina.Thisyear,China’seconomyhasreboundedandhigh-qualitydevelopmenthasbeensolidlypromoted.Althoughtherewerestillunfavorablefactorssuchasinsufficienteffectivedemandandweaksocialexpectations,thefavorableconditionsforChina’sdevelopmentwerestrongerthantheunfavorablefactors,andthebasictrendofeconomicrecoveryandlong-termimprovementhasnotchanged.Thisyear,withthegradualeconomicrecoveryandfurtherreleaseofconsumerdemand,thehigh-qualitydevelopmentoftheautomotiveindustryhasachievednewresults.Theannualproductionandsalesscalecontinuetoexpand,withdouble-digityear-on-yeargrowth,effectivelydrivingdomesticeconomicgrowth.Thespecificindustrysituationduringthereportingperiodisasfollows:
Theautomotiveindustryhasexceeded30millionunitsincumulativeproductionandsalesin2023,withsalesreaching30.094millionunits,ayear-on-yearincreaseof12.0%.Theoverallmarketsalesthroughouttheyearshowedafluctuatingupwardtrend,competitivelandscapeisconstantlyintensifying.Fromtheperspectiveofsegmentedmarkets,thecumulativesalesofpassengercarsreached26.063millionunits,ayear-on-yearincreaseof10.6%.Thecumulativesalesofcommercialvehiclesreached4.031millionunits,ayear-on-yearincreaseof22.1%,significantlybetterthantheoverallindustryandshowingasignificantrecoverymomentum.Theperformanceofthenewenergyvehiclemarketremainedimpressive,continuedtomaintainstronggrowthmomentum.In2023,thesalesofnewenergyvehiclesreached9.495millionunits,ayear-on-yearincreaseof37.9%.Fromtheperspectiveofsegmentedmarkets,withthecontinuouseffortsofthesupplysidewithintheyearandthemarginalimpactoftheEVscalegrowth,thegrowthrateofXEVmodelsofthenarrowdefinitionpassengervehicleswassignificantlyhigherthanthatofEVmodels,andthesalesproportionofXEVofthenarrowdefinitionpassengervehicleshasincreasedby4.3percentagepointsyear-on-year.ThemainshareofthenarrowdefinitionnewenergypassengercarmarketwasstilldominatedbyChinesebrands,withChinesebrandssupporting80%ofitsshare.Itisworthnotingthatfromthesalesrankingofthenewenergynarrowdefinitionpassengercargroup,themarketpatternhaschangedcomparedto2022.IntheEVsector,themarketshareofindustryleadingenterpriseshasincreasedyear-on-year,andtheconcentrationhasfurtherincreased;IntheXEVsector,withthecontinuousinfluxofnewentrants,themarketshareoftopcompanieshasloosenedandwasgraduallybeingerodedbynewcomercompanies.Itcanbeforeseenthattheexistingcompetitivelandscapemaybefurtherrestructured.
Theexportofautomobileshasreachedanewlevel,withover4.9millionvehiclesexportedthroughouttheyear,makingasignificantcontributiontotheoverallmarketgrowth.Amongthem,theexportofnewenergyvehiclesexceeded1.2millionunits,ayear-on-yearincreaseofover70%.Amongthetoptenenterprisegroupsintermsofexportsales,mostofthemhaveachieveddouble-digitorhigheryear-on-yeargrowthinexportvolume.Meanwhile,thesalesconcentrationofthetoptenenterprisegroupsintheindustrydecreasedby3.9percentagepointsyear-on-year,indicatingthatasmoreandmoreenterprisesacceleratetheiroverseasexpansion,theexportmarketpatternmayfurtherchange.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Source:Theabovedata/informationcomesfromthe“ChinaAutomobileIndustryProductionandSalesExpress”publishedbytheChinaAssociationofAutomobileManufacturersanditsindustryinformationrelease
2.ChanganAuto’sperformanceIn2023,facingcomplexandsevereexternalenvironmentsandincreasinglyintensemarketcompetition,ChangandeeplyimplementedandstudiedthespiritoftheParty’s20thNationalCongress,fullyimplementedXiJinpingThoughtonSocialismwithChineseCharacteristicsforaNewEra,firmlypromoted“TheThirdBusinessVenture-Innovation&EntrepreneurshipProgram”,andpushedforwardthe“ThreeMajorPlans”(Electrification-“MissionOfShangri-La”,Intelligence-“DubhePlan”andGlobalization-“VastOceanPlan”).Byovercomingvariousrisksandchallengessuchasmarketchanges,industryadjustments,andintensifiedcompetition,ChanganAutomobilehasensuredoverallstabilityinmarketshareandhassuccessfullycompletedtheannualproductionandbusinessobjectivesandtasks.In2023,thecompanyachievedatotalsalesvolumeof2.553millionvehicles,ayear-on-yearincreaseof8.8%.Thecompany’snewenergyandexportsaleshasaexcellentperformance,withtheself-ownedbrandnewenergyvehiclesselling474,045unitsannually,ayear-on-yearincreaseof74.8%;exportsreached358,454units,ayear-on-yearincreaseof43.9%.
3.Industrialpolicies
July20th,2023,theNationalDevelopmentandReformCommissionandother13departmentsissued“SeveralMeasurestoPromoteAutomobileConsumption”includingoptimizingautomobilepurchaserestrictions,supportingtheupdateconsumptionofagedautomobiles,acceleratingthedevelopmentoftheusedcarmarket,strengtheningtheconstructionofnewenergyvehiclesupportingfacilities,focusingonimprovingthecarryingcapacityofruralpowergrids,reducingthecostofpurchasingandusingnewenergyvehicles,promotingtheincreaseintheprocurementquantityofnewenergyvehiclesinpublicareas,strengtheningfinancialservicesforautomobileconsumption,encouragingautomobileenterprisestodevelopeconomy-friendlymodels,andcontinuouslyalleviatingparkingdifficultiesandchaos.
4.Majorlawsandregulations
(1)Marketaccess
Intelligentconnectedvehiclesareastrategicdirectionforthedevelopmentoftheautomobileindustry.Chinaattachesgreatimportancetothetechnologicalinnovationandapplicationofintelligentconnectedvehicles.OnNovember17,2023,theMinistryofIndustryandInformationTechnology(MIIT),theMinistryofPublicSecurity(MPS),theMinistryofHousingandUrban-RuralDevelopment(MOHURD),andtheMinistryofTransportation(MOT)jointlyissuedthe“NoticeonCarryingoutPilotWorkforMarketAccessandRoadAccessofIntelligentConnectedVehicles”.ChanganAutomobileisapplyingforthepilotprogram,andtheapplicationproposalhasbeensubmittedtotheauthorities.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
(2)StandardsChangan’svehiclemodelsareinstrictaccordancewith`thenationalregulationsandstandardsfordevelopmentandmanufacturing.AllofChangan’sproductsareinlinewiththeregulationsandstandards.Asforthenewstandardsthathavebeenimplemented,Changanhascompletedtheproductupgradeandswitchaccordingtothetimerequirements,amongwhichthestandardsfor2023areasfollows.(A)GB17675-2021“BasicRequirementsforAutomotiveSteeringSystem”wasreleasedinFebruary2021.Forvehiclesapplyingfortypeapproval,ithasbeeneffectivesinceJanuary1,2022.Formodelsthatalreadyhadtypeapproval,ithasbeeneffectivesinceJanuary1,2023.Thisstandarddefinesthetermdefinition,technicalrequirementsandtestmethodsofautomobilesteeringsystem,andaddsthattheelectricalcontrolofsteeringsystemshouldmeettherequirementsofelectromagneticcompatibility,functionalsafety,failurealarm,etc.
(B)GB39732-2020“AutomobileEventDataRecordingSystem”wasreleasedinDecember2020.Vehiclesapplyingfortypeapproval,fromJanuary1,2022,shallmeettherequirementsofthisstandardexceptfortheelementsofclassBandarticle4.4,andfromJanuary1,2024shallmeetalltherequirements.Thestandardmainlyspecifiesthetermsanddefinitions,technicalrequirements,testmethods,appearanceandmarkingofautomobileeventdatarecordingsystem.
(C)GB19578-2021“TheFuelConsumptionLimitsforPassengerVehicles”wasissuedinFebruary2021andhasbeenappliedtovehiclesthatalreadyhadtypeapprovalsinceJanuary1,2023.ThestandardmainlyspecifiesthefuelconsumptionlimitrequirementsbasedonthetotalmassofpassengervehiclesunderWLTCcycleconditions.
(D)GB9656-2021“TechnicalSpecificationforGlassSafetyofMotorVehicles”wasissuedinApril2021.FromJanuary1,2023,theglassofvehiclesapplyingfortypeapprovalshallmeettherequirementsoffieldofvisionsafety,strengthsafety,anddamagesafety,etc.
(E)GB16897-2022“BrakeHoseStructure,PerformanceRequirementsandTestMethods”wasreleasedinAugust2022.Forvehiclesapplyingfortypeapproval,ithasbeeneffectivesinceJanuary1,2023.Formodelsthatalreadyhadtypeapproval,ithasbeeneffectivesinceJuly1,2023.Thisstandardmainlyaddsthehydraulicbrakehosefasttensilestrength,pneumaticbrakehoseflexurefatiguerequirements,etc.
(F)GB15084-2022“PerformanceandInstallationRequirementsforIndirectVisionDevicesofMotorVehicles”wasreleasedinDecember2022.Thestandardmainlyaddstherequirementsfortheuseofelectronicrearviewmirrors,framelessrearviewmirrors,etc.ThestandardhasbeeneffectivesinceJuly1,2023forvehiclesapplyingfortypeapproval.
(G)GB18352.6-2016“PollutantEmissionLimitsandMeasurementMethodsforLight-DutyVehicles(ChinaStage6)”wasreleasedinDecember2016,whichstipulatestherequirementsforthetypeinspectionofpollutantemissionoflight-dutyvehiclesinStage6,therequirementsforproductionconsistencyandin-useconformityinspection,andthemethodofdetermination.StartingfromJuly1,2023,alllight-dutyvehiclessoldandregisteredshallcomplywiththerequirementsofthisstandard,ofwhichtheTypeItestshallcomplywiththerequirementsoftheStage6blimitsandtheTypeIItest(RDE)shallcomplywiththelimits.OnMay8,2023,theMinistryofEcologyandEnvironment,theMinistryofIndustryandInformationTechnology,theMinistryofCommerce,theGeneralAdministrationofCustoms,andtheStateAdministrationforMarketRegulationjointlyissuedthe“AnnouncementonMattersRelatingtotheImplementationoftheNationalVIEmissionStandardforAutomobiles”,whichpermitsthesaleofsomelight-dutyvehicleNationalVIbmodelswith“testonly”resultsfromtherealdrivingemissions(RDE)testuntilDecember31,2023.
(H)GB4785-2019“InstallationRequirementsforExteriorLightingandLightSignalingDevicesforAutomobilesandTrailers”waspublishedinDecember2019.FromJuly1,2023,forvehiclesapplyingfortypeapproval,whenequippedwithdaytimerunninglightsandoperatingasspecified,thelowbeamsshallbeautomaticallyturnedonoroffinaccordancewiththestandardrequirements,dependingontheenvironmentalconditions.II.AnalysisofCoreBusinessesin2023
Asanautomobilemanufacturer,ChanganAutomobile’sbusinessescoverR&D,manufacturing,andsalesofvehicles,aswellastheR&Dandproductionofengines.Atthesametime,weproactivelydevelopnewbusinessessuchasmobility,carservices,newmarketingandsales,andbatteryswapping,andstepsupeffortsinexploringfinance,usedcarsandotherfieldstobuildacomprehensiveindustrialecology.
Changanalwaysadherestothemissionof“leadingautocultureandbenefitinghumanlife”,firmlypromotesthe“ThirdBusinessVenture—Innovation&EntrepreneurshipProgram”,acceleratesthetransformationtowardsanintelligentlow-carbonmobilitytechnologycompany,andstrivestobuilditselfintoaworld-classautobrand.Changanactivelydevelopsintelligentconnectednewenergyvehiclesandhasestablishedfivemajorindependentautomobilebrands:AVATR,DEEPAL,NEVO,UNI,andKaicheng,promotingtheelectrificationtransformationofself-ownedbrands.Atthesametime,jointventurecompaniessuchasChanganFordandChanganMazdaproduceandselljointventurebrandmodels.InthefieldofICEvehicles,Changanhaslaunchedaseriesofclassicself-ownedbrandmodels,includingtheCSseries,EADOseries,UNIseries,etc.Thejointventureshavemultiplewell-knownproducts,includingEDGEL,Explorer,theall-newMondeo,theall-newNautilus,Corsair,Zephyr,CX-50,CX-5andAxela.Inthefieldofnewenergyvehicles,ChanganhasmadegreateffortstocreateNEVmodelssuchastheAVATR11,AVATR12,DEEPALSL03,DEEPALS7,NEVOA07,Lumin,whicharehighlypopularinthemarketandlovedbyconsumers.
Changanadoptsthebusinessmodelof“equalemphasisonself-ownedandjointventurebrands”,andcarriesoutentityoperationofitsownautobrandbusiness,suchasUNI,NEVO,DEEPAL,andKaichengandfirmlybuildsitsownclassicbrands.WemanageinvestmentoverjointventuressuchasChanganFordandChanganMazda,andcontinuetodeepenmutualtrustandcooperationwith
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
partners.
1.TheCompany’sbusinessdevelopmentin2023
(1)AdheretostrategicorientationandsolidlypromotestrategictransformationIn2023,Changanworkedtogetherwithitspartnerstovigorouslyimplementstrategy.The“MissionofShangri-La”forelectrificationhastakenanewstepforward,buildingandformingthreeintelligentNEVbrands:AVATR,DEEPAL,andNEVO,whichlaidabrandfoundationforglobalcompetitioninthefuture.Changanalsoactivelyoptimizeditsindustriallayout,andexploredin-depthcooperationthroughoutthebatteryindustrychain.TimesChanganPowerBatteryCo.,Ltd.,ajointventureestablishedbyChanganandCATL,hasofficiallystartedproduction,withadesignedproductioncapacityof30GWhandanautomationrateofover95%.The“DubhePlan”forintelligentdevelopmenthasmadenewbreakthroughs,continuouslybuildinga“newautomobileandnewecosystem”.ThethirdScienceandTechnologyEcosystemConferencewasheld,andthefirstdigitalintelligentcarCD701basedontheSDAplatformarchitecturewasofficiallyunveiled,andthecentral+zonalringnetworkarchitectureenteredthevehicleintegrationverificationstage,openinganeweraofdigitalcars.ChangansignedaMemorandumofInvestmentCooperationwithHuawei,whichwillacceleratetheconstructionofacomplete,autonomousandleadingfull-stackintelligentvehiclecapabilityfortheintelligentera.Newprogresswasachievedinthe“VastOceanPlan”forglobalbusiness.Fiveglobalbusinessunitswereestablished.DEEPALS07,DEEPALL07wereofficiallylaunchedinThailand,embarkingonanewjourneyintotheSoutheastAsianmarket.TheconstructionoffactoryinThailandhasbegun,andtheglobalproductionlayouthasenteredanewstage.
(2)Adheretoinnovation-drivendevelopmentandcontinuetoproducekeycoreresultsIn2023,ChanganAutomobilehaslaunched29productsintotal,including7brand-newproducts,andtheproductline-upwascontinuouslyimproved.AVATR12madeitsglobaldebutattheMunichIAAMobility,andithasreceivedmorethan20,000ordersinthefirstmonthafteritslaunch,withanaverageorderpriceofmorethan350,000yuan,whichhasgraduallymadeastablestanceinthepremiummarket.DEEPALS7wenttomarketequippedwiththelatest-generationCTPtechnology.Inthe2023TourofQinghaiLake(International)ElectricVehicleRally,itwonthechampionshipinsixcategories,includingthebestrange,anditsaveragemonthlysalesvolumeexceeded5,000units.NEVOA07andQ05werereleasedsuccessively,makingtheproductsupplyevenmoresound;andthelaunchoftheworld’sfirstsuperrange-extendedpickuptruck,ChanganHunter,attractedwidespreadattention.Continuouslymasteringthecoretechnologyofnewenergyvehicles,Changanhasreleasedanewself-developedbatterybrand—Changan“GoldenShield”.TheentireChanganbatteryseriesuseshighstandardnewinsulationmaterials,withinsulationperformancesuperiortoindustrystandards.ThefirststandardbatterycellproductofTimesChanganPowerBatteryhasbeenofficiallylaunched,withadvancedmanufacturingtechnologyandbatteryperformanceintheindustry.Itintegrates4Cfastchargingtechnology,andthebatterycanbechargedfrom20%to80%injust10minutes.Changanalsolaunchedindustry-leadingtechnologiessuchashigh-frequencypulseheating,next-generationbatteryintegration,andnewhigh-efficiencythermalmanagement.Intelligenttechnologyachievementscontinuedtoturnresults.NID3.0+APA7.0NavigationTechnologywasmassproducedonDEEPAL’stwomodels,helpingDEEPALSL03winthegoldmedalinthe2023WorldIntelligentDrivingChallenge.Changansuccessfullyobtained17L3autonomousdrivingtestlicensesforhigh-speedhighways,becomingtheearliestenterprisethatobtainedthemosttestlicensesinasinglebatch.TheNationalKeyLaboratoryofIntelligentVehicleSafetyTechnologyhasbeenapprovedtooperate,promotingthedevelopmentofhigh-valuetechnologiessuchasintelligentsafetydrivingandhighsafetyonboardchips.
(3)Adheretotheuser-centeredandproduct-orientedapproachandquicklycarryoutmarketresponseactionsChanganactivelyinvestedmarketingresourcestocopewithindustrycompetition,andlaunchedthe“ChanganPreferentialCarPurchaseSeason”activity,ensuringthestabilityofChangan’sautomotiveindustryposition.WeinnovativelyrevitalizedtheICEmarket,achievingastrongmarketshareinsegments.ChanganrankedfirstintheChinesebrandpassengercarmarket(retail),withsalesofover190,000unitsfortheCS75PLUSseries,rankingamongthetopinitssegment.ThesalesofEADOPLUShaveexceeded160,000units,rankingfirstintheretailmarketsegment,ThesalesofUNI-Vexceeded156,000units,withanaveragemonthlysalesofover12,000units.Rapidlyadvancinginthenewenergymarket,theannualsalesofDEEPAL’stwovehiclemodelsexceeded128,000units.Amongthem,theDEEPALSL03wontheGermanRedDot2023ProductDesignAward.Withintwomonths,NEVOlaunchedthreenewcars,settingindustryrecords.Withinthreemonthsoflaunch,thecumulativesalesvolumereached40,000units,rapidlyoccupyingthemarketshareintheintelligentnewcartrack.TheannualsalesofChanganLumin,apopularcommutevehicle,exceeded144,000units,rankingamongthetopinitssegment.Changan’sglobalbrandcommunicationhasbeengraduallystrengthened,andthe“BeltandRoadGlobalTour”hasbeencarriedoutjointlywithXinhuaNewsAgencytoshowtheworldthenewimageof“MadeinChinaIntelligently”,enhancetheinternationalinfluenceofthebrand.Wehavepromotedthetransformationofthemarketingsystem,deepenedthedevelopmentmodelofthousandsofchannels,implementedthe“threecenters”marketingmodelreform,builtover4,000neworder,delivery,andservicecentersthroughouttheyear,formedmorethan9,000globalsalesandserviceoutlets,andhadnearly120,000professionalservicepersonnel.ChanganrankedfirstinJ.D.Power’s2023ChinaSalesandServiceSatisfaction(SSI)amongChinesebrands.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
(4)Adheretotheuser-centeredandproduct-orientedapproachandquicklycarryoutmarketresponseactionsChangancontinuouslydeepenedpartnership,ChanganFordNewEnergyVehicleTechnologyCo.,Ltd.wasestablishedanditsfirststrategicproductCX810wasbeingproceededinanorderlymanner.WeestablishedclosercommunicationmechanismswithMazda,cooperatedonmultiplevehicleprojectssuchasJ90AandJ90K,andcontinuouslyextendedthescopeofcooperation.ChanganestablishedChongqingChangxianIntelligentTechnologyCo.,Ltd.withHorizon,andsignedstrategiccooperationagreementswith15partnersincludingHuawei,Tencent,SMIC,andChinaMobile,aswellascarriedoutstrategiccooperationwithmorethan30leadingenterprisessuchasCATL,GanfengLithiumIndustryandBaidu,focusingonhigh-valuetechnologybreakthroughsandbuildingcorecompetitivenessinthenewenergyandintelligentfields.
2.Blockbusterproductstobelaunchedin2023
| AVATR12 | AVATR12,jointlybuiltbyChangan,HuaweiandCATL,ispositionedasa“futuresmartpremiumssedan”andisthesecondmodelbuiltonCHN’snew-generationsmartelectricvehicletechnologyplatform.Designedwiththeconceptof“futureaesthetics”,ithasauniqueshapeandisextremelyelegant.Itcomesstandardwiththreelidars,equippedwiththeHUAWEIADS2.0high-endintelligentdrivingassistancesystemandtheHarmonycockpitdevelopedbasedonHarmonyOS4. |
| DEEPALS7 | DEEPALS7isthefirstSUVbuiltbasedontheEPA1all-electricdigitalplatform,whichisequippedwithasuperrange-extendersystemwithpureelectricdrive,longbatterylife,lowenergyconsumption,and190kWultra-highpowerFORCEultra-integratedelectricdrive.TheCLTCpureelectricrangeisupto200kilometersandthecomprehensiverangeisupto1,120kilometers.DEEPALS7bringsanunparalleledtravelexperiencetotheusers,withitstechnologicalsportsstyling,full-roofflowlampcombination,yacht-stylewrap-arounddesign,andintelligentecosystembuiltonQualcomm8155chip,includingprogrammableintelligentinteractivelamps,intelligentcockpit,dualzero-gravityseatsinthefrontrow,AR-HUD,15.6-inchsunflowerscreen. |
| DEEPALSL03i | DEEPALSL03iisthefirstmass-producedsmartdrivingsedanofDEEPALbrand,whichhasadynamicvehicledesign,leadingintelligenttechnology,andpowerfulrear-wheeldrivecontrol.EquippedwithNIDhigh-speednavigationintelligentdrivingassistance,APAremotevaletparkingassistance,35sensingcomponentsandahigh-precisionsub-meterpositioningsystem,itispowerfulinsensordetection,datacalculation,parkingspacerecognition,andfull-scenariodrivingassistance.Atthesametime,itisequippedwithafull-sensorydigitalcockpitwithtechnologicalconfigurationssuchasefficientvoiceinteraction,AR-HUD,and14.6-inchsunflowerscreentosatisfyavarietyofcarusagescenariosforyoungpeople. |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| NEVOA07 | NEVOA07ispositionedasa“medium-to-largeadvanceddigitalintelligentexecutivevehicle”andisavailableinbothpureelectricandrange-extendedversions.ItadoptsFuguangdesignaestheticsandisequippedwithahigh-efficiencydigitalelectricdrive,withamaximumpowerof190kW,apeaktorqueof320N·m,andelectricdriveefficiencyupto95%.TheentireseriescomesstandardwithL2IACCintelligentpilotsystemandiBCdigitalbatterymanagementsystem.Ithas33digitalintelligencestandardfeatures,includingframelessdoors,electrichatchbacktailgate,4-doorelectronicinwardopening,Snapdragon8155high-performancechip,and540°full-fieldviewimage. |
| NEVOA05 | NEVOA05ispositionedasa“digitalintelligentAIelectricdrivesuper-savingfamilysedan”.Itadoptsadigitallyintelligentbionicsmilefrontfaceandhiddendoorhandles,givingitastylishandpleasingappearance.Theentireseriesisequippedwithconfigurationssuchas13.2-inchhigh-definitiontouchconsolescreen,L2IACCintegratedadaptivecruisecontrolsystem,and540°high-definitionpanoramicimages.ItisequippedwithNEVODigitalIntelligenceAIelectricdrive,1.5Lhigh-efficiencyBlueCorehybridengine,iEMIntelligentEnergyManagementMode,andIP67-gradehigh-strengthprotectionbattery,whichiscomprehensivelycapableofhandlingdiversifiedfamilycarscenariosinthedigitalintelligentera. |
| NEVOQ05 | NEVOQ05isthefirstplug-inhybridSUVofNEVObrand.Theexterioradoptsatrendyinductivedesign,andtheinterioradoptsa“sail”shapedesign.Ithasasmartcockpitandintelligentconfigurationssuchas540°high-definitionpanoramicimages,steepslopevisionassistance,APA5.0,andL2intelligentassisteddrivingsystem.Thelongestpureelectricrangecanreach125kilometers,andthecomprehensiverange1,215kilometers. |
| 2023ChanganUNI-V | The2023ChanganUNI-Vispositionedasa“futureaestheticsportscoupe”.Equippedwith2.0T+8ATand1.5T+7DCTBlueCoreengines,itbringsconsumersabrandnewpowerexperiencewithstrongerperformanceandsmootherpoweroutput.UNI-ViDD(intelligentDualDrivesystem)isequippedwithamaximumpowerof125kW,andtheBlueCoreNE1.5Thybridspecialenginehasapeaktorqueof260N·m.Thesystem’scomprehensivemaximumtorqueis590N·m,themaximumwheel-endtorqueis4,470N·m,andtheaccelerationtimefromzeroto100kilometersisonly6.5seconds,withstrongpower.ChanganUNI-VinjectsnewvitalityintotheA+classsedanmarketwithitscomprehensiveadvancedsmarttechnologyandsportsaesthetics. |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| 2024ChanganUNI-K | The2024ChanganUNI-KisamediumandlargeSUVthatintegratesluxury,comfortandintelligence.Intermsofappearance,ithasatechnicalandfashionablespaciousinterior,sportyandexquisitenewwingspanquilting,and64-colorsteplessadjustmentoffrontandrearambientlights,showingasenseofluxury;intermsofpowertrain,withtheBlueCorenewgeneration2.0T+8ATpowercombination,itprovidesstrongpoweroutputandsmoothshiftingexperience. |
| The3rd-generationCS55PLUS | The3rd-generationCS55PLUShasbecomea“100,000yuan-levelpremiumSUVforhomeenjoyment”withitsgoodlooks,goodfuelefficiency,goodintelligence,andgoodquality,makingtheCS55seriesmorecompetitive.TheentireseriesisequippedwithnewgenerationBlueCoreNE1.5Tengine,L2intelligentassisteddrivingsystem,steepslopevisionassistfunction,540°high-definitionpanoramicimageandotherpracticalintelligentfeatures,whicharemorepracticalandconsiderate. |
| The3rd-generationCS75PLUS | The3rd-generationCS75PLUSispositionedasthe“FutureVehicle”.TheentireseriesisequippedwithanAisin8-speedautomatictransmission,offeringtwopoweroptions,i.e.,BlueCorenewgenerationNE1.5Tengineand2.0Tengine.Ithasfourdrivingmodes(Normal/ECO/Sport/Custom)tocreateamorepersonalizeddrivingexperience. |
| ChanganLAMORE | ChanganLAMOREispositionedasa“compactfamilysedan”.Withabrandnewdesignlanguage,itisequippedwithasourcecodedigitalfrontgrille,digitalcursorLEDlightgroup,andhiddendoorhandles,etc.MountedwithBlueCorenewgenerationNE1.5Thigh-pressuredirectinjectionengine,7-speedwetdualclutchtransmission,540°high-definitionpanoramicimaging,IMS/DMSintelligentcabinmonitoringsystem,andsuperlargeintelligentinteractivedualscreens,itprovidesuserswithacomfortable,considerate,andhigh-qualitydrivingexperience. |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| ChanganHUNTERPRO | ChanganHUNTERPROispositionedasa“sportyoff-roadpickuptruck”.Equippedwith2.0TBlueCorepower,ZF8-speedautomatictransmission,BorgWarnerfour-wheeldrivesystem,fivefreedrivingmodes,andhigh-performanceoff-roadsuspension,allterrainlockingsystem,18inchallterrainoff-roadtires,amaximum800mmhighwadinghose,14,000poundelectricwinch,anda2.5-tontowingqualification,itdeliversthedesiredpickuptrucklifeforuserswhoarebraveinexplorationandfullofpassion. |
3.Keymodelsplannedfor2024
In2024,thecompanywilllaunchanumberofnewandmodifiedproducts,includingmorethan8newenergyproducts,acceleratingthepaceoftransformationtowardsanintelligentlow-carbonmobilitytechnologycompany.
(1)Strengthenthenewenergyvehiclesline-upandcreatenewdigitalandintelligentvehicles.In2024,atotalofeightnewproductssuchasE07,C798,DEEPALG318,AVATR15,andmodifiedproductssuchasNEVOA07,DEEPALSL03,DEEPALS7willbelaunchedoneafteranother,whichwillfurtherstrengthenChangan’spositioninthenewenergymarket.E07ispositionedasamediumandlargedigitalintelligencenewvehicle,basedonSDAplatform,withvariablebodyshape,leadingintelligentdrivingandintelligentservices,toprovideuserswithoutdoormobilethirdspace.C798ispositionedasanewbenchmarkformediumandlargeSUVstocreatedigitalintelligenceproductswithsuperiordigitalintelligence,leapfrogspace,leadingcomfortandleadingelectricdrivetomeettheneedsofmainstreamfamilyusers.DEEPALG318ispositionedasanoff-roadcompactSUV,withtoughstyling,intelligentdriving,intelligentinteractionandintelligentecologyasthehighlightstomeetthedifferentiatedandintelligentneedsofyoungusers.AVATR15ispositionedasahigh-endmulti-personsmartelectricvehicle,withforward-lookingstylingdesign,changeablesmartspace,andfull-sceneintelligentdrivingastheproductsellingpointstomeetthefull-scenetravelneedsofhigh-endsmartelectricvehicleusers.
(2)ConsolidatethefoundationandexpandnewmarketforICEvehicleproductstoleadintheirmarketsegments.In2024,ChanganICEvehicleswillfocusonthecoremarket,andallIPproductswillberenewedtocreateblockbusterproducts.Thecompanywilllaunchfivenewproducts,includingC928andEADOseries,focusingonthetwolabelsof“BlueCorePower”and“StandardIntelligentDriving”tofurtherstrengthentheircompetitiveleadershipandconsolidatetheirpositioninICEvehiclemarket.C928ispositionedasacompactclassicSUV,withanewexteriordesign,second-generationBlueCorepowerandstandardintelligentdriving,providinguserswithhigh-qualityandefficienttraveltoolthatis“good-looking,easytodrive,andenergy-saving”.
Note:Thefeaturesandconfigurationsmentionedin“II.AnalysisofCoreBusinessin2023”inChapter3arenotatruerepresentationofthefeaturesandconfigurationsofactualvehicles.Theactualconfigurationandfunctionsofthemodelshallbesubjecttotheofficialproductconfigurationtable.
Vehiclemanufacturingproductionandoperationduringthereportingperiod
√Applicable□NotapplicableProductionandsalesofvehicles
| ProductionVolume(Unit) | SalesVolume(Unit) | |||||
| 2023 | 2022 | YoYincrease/decrease(%) | 2023 | 2022 | YoYincrease/decrease(%) | |
| ByRegion | ||||||
| Domestic | 2,583,215 | 2,298,419 | 12.39% | 2,194,598 | 2,096,982 | 4.66% |
| Overseas | 0 | 0 | 0 | 358,454 | 249,169 | 43.86% |
Note:1.TheabovesalesandproductionvolumeincludesvehiclesproducedandsoldbytheCompanyanditsJVsandassociates.
2.Productioncapacity:In2023,thedesigncapacityis2.14millionvehicles.Thecapacityutilizationratereached87.31%.Inthepastthreeyears,thebackwardproductioncapacityfor0.63millionvehiclesand0.99millionengineshavebeenshutdown.Upgradethecapacityfor0.57millionintelligentconnectedandnewenergyvehicles,andbuild0.21millionsetsforPACK,0.45setsforelectricdrive,and0.3millionsetsforelectriccontrolproductioncapacity.Thecapacitystructureisgraduallyadjustedtonewenergy.Causedescriptionofover30%year-on-yearincrease/decrease
√Applicable□Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Mainlyduetothefollowingreasons:firstly,Chineseautomotivecompaniesareincreasinglyvaluingthedevelopmentofoverseasmarketsandacceleratingtheir"overseas"layoutspeed;Secondly,inrecentyears,ChinesebrandsrepresentedbyChanganAutomobilehavegraduallyestablishedcompetitiveadvantagesinthefieldsofnewenergyandintelligence,andtheircomprehensiveproductstrengthhassignificantlyincreased;Thirdly,thelarge-scaleexportofnewenergyvehiclesdrivestheoverallexportgrowth.
Constructionofpartssupportingsystem
ChanganAutomobile’smainmodels,suchastheCSseries,UNIseries,AVATR,DEEPAL,andNEVOareequippedwithpartsthatcombinein-houseproductionandexternalprocurement.Keycomponents,suchasChangannewgeneration7-in-1ultra-integratedelectricdrive(industryfirst,163patents)areindependentlydevelopedbythecompany,whichcaneffectivelycontrolcostsandenhancethequalitycontrolofkeypartsthroughself-production;Wehavecooperatedwithover800internationalanddomesticfirst-classpartsandcomponentsenterprises,suchasHuaweiautonomousdrivingandintelligentcockpit,CATLnewenergybattery,ChongqingQingshanIndustry7-speedwetdualclutchtransmission,TINNOVEintelligentsystem,etc.Wehaveestablishedacooperativerelationshipofmutualtrust,transparencyandcollaborationwithpartners,concentratingon“optimalproduct”,“lowestcost”,“strongestflexibility”,and“strongestpartnership”tobuildanindependent,controllable,safe,andreliablesupplychain.
Oursuppliersystemcapabilitywassolidlyimprovedandmorethan1,322peoplestudiedQCA(ChanganAutomobileSupplierQualityCapabilityAssessmentSystem)seriescourses.Wecompleted72QCAcertificationaudits,87supplierlaboratoryaccreditationand114on-siteevaluationofmanufacturingprocesscapabilitiesin2023.Weestablishedqualitycapabilityevaluationstrategiesandimplementedhierarchicalmanagementtocontinuouslypromotetheimprovementofsupplierqualitymanagementcapabilities.
Theproductionandoperationofautopartsduringthereportingperiod
□Applicable√NotapplicableThecompanyconductsautofinancebusiness
□Applicable√NotapplicableThecompanyconductsNEV-relatedbusiness
√Applicable□NotapplicableProductionandoperationofnewenergyvehiclesandparts
| ByCategory | ProductionCapacity(unit) | ProductionVolume(unit) | SalesVolume(unit) |
| NewEnergyPassengerVehicle | 1,200,000 | 450,087 | 439,531 |
| NewEnergyCommercialVehicle | 170,000 | 35,287 | 34,514 |
Note:Therevenuefromthesalesofnewenergyvehicleswithinthescopeofthecompany'sconsolidatedfinancialstatementsisRMB38,545millioninthereportingperiod.III.CoreCompetenceAnalysis
(1)ScientificandtechnologicalR&Dcapability.Thecompanyhasalwaysinsistedonleadinghigh-qualitydevelopmentwithscientificandtechnologicalinnovation.Ithasrealizedanumberofindustry-leadingtechnologiesandinitiatedmassproductionbasedonthedrivingforcefeaturing“userdemand+technologicalinnovation”,andhasfurtherstrengtheneditsindependentinnovationcapability.Inthefieldofnewenergytechnology,thefirststandardelectriccoreproductofChangan’s“GoldenShield”officiallyrolledofftheproductionline,equippedwithanumberofcutting-edgetechnologiesintheindustry,suchas“fast-ionringgraphite”and“ultra-high-conductivityelectrolyte”.The“GoldenShield”batteryhasbeeninstalledinmanyproductsofNEVOandDEEPALAutomobile;Forceultra-integratedelectricdriveandintelligentdualdrive(iDD)transmissionhavebeenawarded“World’sTop10ElectricDrive”,“World’sTop10NewEnergyVehiclePowertrain”and“World’sTop10HybridPowertrain”.Thekeytechnologyofhydrogenfuelenginegainedanothermilestone,whichmeansthatthesecondgenerationofhydrogenenginewassuccessfullyignited.Inthefieldofintelligence,thefirstdigitalintelligentnewcarequippedwiththeSDAplatformarchitecturelabeled“SmartBrain”,“SmartBody”and“SmartService”madeitsdebut.WehavemadebreakthroughsinAPA7.0remotevaletparking,NID3.0navigationassisteddriving,end-to-cloudintegratedcommunication,displayenhancement,andothertechnologies.Someofthesetechnologieshavealreadybeenmass-producedanddeployed.AsofDecember2023,thecompanyowned9,322domesticandinternationalpatents,including2,704inventionpatents.ItsR&Dstrengthhasrankedfirstintheindustryintheevaluationofnationalenterprisetechnologycentersforsevenconsecutivetermsspanning14years.
(2)Productdefinitioncapability.Thecompanyadherestoauser-centricandinnovation-drivenapproachtobuildaworld-classproductdefinitioncapabilitysystem.Againstthebackdropofincreasinglydiversifieduserdemandsandmarketchanges,theproduct
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
definitionbusinessbreakstraditionalrulesbydisruptingandleapfrogginginnovation,reconstructingtheproductdefinitioncapabilitysystem,andfacilitatingfaster,moreaccurate,andmoreaggressiveproduct-definition.Thecompanyoptimizesitsuserresearchinsightcapabilitiesbyadoptinginnovativeandimmersiveresearchmethodstouncoverusers’implicitneeds,ensuringmorepreciseuserinsights.Italsooptimizesproduct-definitioncapabilitiesbycontinuouslyimprovingandadvancingEMD(Experience-DrivenDesign)scenariodefinitions,creatinghigh-valuedifferentiatedscenarios.Additionally,itintroducessoftwareservicedefinitionstobuildunified,iterative,andprofitableplatform-orientedsoftwareserviceproducts,ensuringdifferentiationinhomogeneouscompetition.In2023,thecompany’skeyproductsperformedwell,withChangan’sICEvehicleUNIachievingsalesexceedingonemillionunits.TheCS75seriesandEADOseriesperformedexcellentlyintheirrespectivesegmentsoftheICEvehiclemarket.Newenergyproductsexperiencedrapidgrowth,surpassingindustrygrowthrates.KeyproductssuchastheDEEPALSL03,DEEPALS7,andNEVOA07werewell-receivedinthemarket,quicklygainingtractionupontheirlaunch.Thecompanywillcontinuetofocusonuserexperience,concentrateoncorescenarios,seizethewindowofopportunityforintelligentnewcars,acceleratingtherealizationofstrategicgoalsforelectrificationtransformation.
(3)Globaldeploymentcapability.ThecompanyhaslaunchedtheVastOceanPlan,pressingtheacceleratorkeyforChanganAutomobile’soverseasexpansion.Theannualoverseasexportsalesreached358,000units,anincreaseof43.9%year-on-year.Companyhasclearlydefinedtheoverseasdevelopmentgoals,establishingfiveregionalbusinessunits.Overseasdeploymentisbecomingincreasinglysophisticated.ThecompanyhostedabrandlauncheventinSoutheastAsia,officiallyintroducingDEEPAL’stwovehiclemodelsintoThailand,expandingitsfootprintgloballyandinitiatinganewchapterinexpandingglobalmarkets.Ithasalsoestablisheditsfirstoverseasproductionbase—ChanganAutomobileThailandManufacturingBase,trulyachievinglocalizedoperations.IncountriessuchasSaudiArabia,Chile,andMexico,themarketsalesrankamongtheforefrontofChinesebrands.Inthefuture,thecompanywillintegrateresources,accelerateitsoverseasexpansion,speedupthelayoutandchannelconstructioninthefivemajorglobalmarkets,furtherenhanceitsoverseasmarketcapabilities,andremaincommittedtoprovidingexcellenttechnologyproductsandultimateserviceexperiencesforglobalusers.Itaimstocontributetotheconstructionofglobaleconomicintegration,promotehigh-qualityjointconstructionoftheBeltandRoadInitiative,andmakenewandgreatercontributions.
(4)Brandupwardcapability.Thecompany’sbrandimagehasfurtherelevatedtoanewlevel,continuouslybuildingoutstandingbrandswithdistinctiveness,value,long-termviability,andrecognition.Intermsofbrandenhancement,thebrandimagecontinuestoimprove,withtheestablishmentoffivemajorbrandarchitectures,completingthelayoutofthreemajorintelligentelectricvehiclebrands:AVATR,DEEPALandNEVO.ThecompanyhasreleasedtheVastOceanPlan,movingtowardsbecomingaworld-classbrand.IthasdeepenedtheMissionofShangri-Lafornewenergyvehicles,launchingtheChangan“GoldenShield”batterybrand.Theintelligent"DubhePlan"hasbeenputinplacetocontinuouslybuilda"newautospecies,newecosystem".Wehaveseizedtheopportunitiesinthesmartnewcararena,showcasedChangan’stechnologyandachievementsinnewcars,andachievedbrandleapfrogging.Intermsofbrandpromotion,thecompanyhasheldbrandlauncheventinSoutheastAsia,releasingstrategicplansfortheThaimarket,withcumulativeoverseascommunicationcovering171millionpeople,enhancingbrandawarenessintheThaimarket.WecollaboratedwithXinhuaNewsAgencytolaunchthe“BeltandRoadGlobalTour”IPcooperation,showcasing“MadeinChina”asanewcallingcardtotheworld,helpingtofurtherimplementChangan’soverseasstrategicplanandenhancebrandinternationalinfluence.Changanhadanintensivecooperationwiththe“ThreeBodyProblem”IPandbecametheexclusivetitlesponsoroftheBilibili“ThreeBodyProblem”animation,withaviewershipof620million,andacumulativeexposureof4.66billionacrosstheentirenetwork,effectivelyenhancingthebrand'syouthfulnessandperceptionofintelligence.Wehaveinnovativelyincubatedthe“SDATechnologyLaboratory”proprietaryIP,comprehensivelyandsystematicallyshowcasingChanganAutomobileasaleaderintheeraofsmartnewcars,buildingChanganAutomobile'simageasatechnologyenterprise,withacumulativeexposureexceeding530million.
(5)Culturalleadershipcapability.Thecompanydeeplypracticesadvancedcultureandreleasesthecutting-edgeculturalconcept4.0,makingcultureacorecompetitiveadvantage.BytellingagoodstoryofChanganandpromotingChanganculture,aswellasconductinglearningandpromotionalactivitiesandorganizingcompetitions,itprovidesculturalleadershipfortheVastOceanPlan.Aroundthekeyareasofproductionandoperation,itorganizeseducationalactivitiesonsituationaltasksandoath-takingmeetingstoconsolidatetheforceofadvancement.Itpracticesthe“dualcaring”concept,deepensthe“fiveassistance"support,addressesemployees’urgentneedsandconcerns,andcontinuouslyundertakespracticalandbeneficialtasksforemployees,enhancingtheirsenseofachievement,happiness,andsecurity.Ithasresolutelyfulfilledthesocialresponsibilityofstate-ownedenterprises,andprovidedimmediateaidtodisasterareassuchasNorthChina’sheavyrainandearthquakesinGansu,withatotaldonationof16.5millionyuan.IthasgivencomprehensiveassistancetoYunnan’sLuxi,Yanshancounties,andChongqing’sYouyang,continuouslyimprovingthequalityandeffectivenessofassistance,withatotalallocatedfundof10.6millionyuan.Ithasfullyimplementedtheruralrevitalizationstrategy,deepeningassistancetotheteaoilindustryinYouyang,formingaChangandevelopmentmodelfeaturing“enterprisesjoinhandstodriveindustrydevelopment”,whichhasbeenincludedintheStateCouncil’sinnovativecasesofruralrevitalization.
(6)Talentorganizationcapability.Thecompanyadherestothestrategyofstrengtheningtheenterprisewithtalents,continuouslyoptimizingitsorganization,strengtheningitstalentpool,andfurthersolidifyingsupportforstrategictransformation.Regardingtalent,itfocusesonbothinternaldevelopmentandexternalrecruitment,creatingaglobalhubforoutstandingtalenttogatherandgrow.Ithasbroughtinforeignvicepresidentstoempowerthemanagementteamwithaglobalperspective.Inimportantareassuchasdesign,autonomousdriving,batterytechnology,andbigdata,widelyintroduceindustry-leadingandseniortalents,andachievefullcoverageofseniortalentsinimportantfields.Ithasstrengthenedthecultivationofyoungcadres,continuouslyrejuvenatingthestructureofdeputygeneralmanagersandmanagers.Intermsoforganization,thecompanyensuresthatitsorganizationalstructureisalignedwithitsstrategyinatimelymanner.Regardingmechanisms,ithascontinuouslyinnovatedincentiveandconstraintmechanisms,incorporatingefficiencyintocomprehensiveevaluations,stimulatingthepowerfulvitalityofenterprisetalents.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
IV.AnalysisofMainBusiness
1.OverviewComparedwith2022,thecompany'soperatingrevenuewas151.298billionyuan,ayear-on-yearincreaseof24.78%;Thenetoperatingcashflowwas19.861billionyuan,ayear-on-yearincreaseof250.52%.Thenetprofitattributabletoshareholdersofthelistedcompanyduringthereportingperiodwas11.327billionyuan,ayear-on-yearincreaseof45.25%.Thenetprofitattributabletoshareholdersofthelistedcompanyafterdeductingnonrecurringgainsandlosseswas3.782billionyuan,ayear-on-yearincreaseof
16.19%,mainlyduetotheincreaseinsalesvolumeandimprovementinoperatingquality.Pleasereferto“IIAnalysisofMainBusiness”underthischapter.
2.Incomeandcost
(1)Revenue
| 2023 | 2022 | YoYincrease/decrease(%) | |||
| Amount(RMB) | Proportionofoperatingrevenue（%） | Amount(RMB) | Proportionofoperatingrevenue(%) | ||
| Operatingrevenue | 151,297,706,646.97 | 121,252,864,085.40 | 24.78% | ||
| Byindustry | |||||
| Automotivebusiness | 151,297,706,646.97 | 100% | 121,252,864,085.40 | 100% | 24.78% |
| Byproduct | |||||
| Vehicles | 145,303,581,062.21 | 96.04% | 114,066,406,439.25 | 94.07% | 27.39% |
| Servicesandothers | 5,994,125,584.76 | 3.96% | 7,186,457,646.15 | 5.93% | -16.59% |
| Byregion | |||||
| China | 130,761,245,570.53 | 86.43% | 107,841,417,091.18 | 88.94% | 21.25% |
| Overseas | 20,536,461,076.44 | 13.57% | 13,411,446,994.22 | 11.06% | 53.13% |
| Bysalesmodel | |||||
| Distribution | 132,864,188,744.96 | 87.82% | 103,713,980,228.17 | 85.53% | 28.11% |
| Directselling | 12,439,392,317.25 | 8.22% | 10,352,426,211.08 | 8.54% | 20.16% |
| Others | 5,994,125,584.76 | 3.96% | 7,186,457,646.15 | 5.93% | -16.59% |
Note:TheCompanyhas3,913dealersattheendofthereportingperiod.
(2)Thebusiness,products,regionsandsalesmodelaccountingforover10%oftheCompany’soperatingrevenueoroperatingprofit
√Applicable□Notapplicable
WherethestatisticalcaliberofthemainbusinessdataoftheCompanyisadjusted,thedataissubjecttothemainbusinessdataafteradjustmentaccordingtothecaliberoftheendofthereportperiodinthelatestyear.
□Applicable√Notapplicable
| OperatingRevenue(RMB) | OperatingCost(RMB) | Grossmargin | YoYincrease/decreaseofoperatingincome(%) | YoYincrease/decreaseofoperatingcost(%) | YoYincrease/decreaseofgrossmargin(%) | |
| Byindustry | ||||||
| Automotivebusiness | 151,297,706,646.97 | 123,522,656,353.72 | 18.36% | 24.78% | 28.12% | -2.13% |
| Byproduct | ||||||
| Vehicles | 145,303,581,062.21 | 119,133,386,315.31 | 18.01% | 27.39% | 30.05% | -1.68% |
| Byregion | ||||||
| China | 130,761,245,570.53 | 108,069,640,682.38 | 17.35% | 21.25% | 28.91% | -4.91% |
| Bysalesmodel | ||||||
| Distribution | 132,864,188,744.96 | 107,715,814,183.91 | 18.93% | 28.11% | 31.51% | -2.09% |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
(3)Whetherrevenuefromphysicalsalesishigherthanservicerevenue
√Yes□No
| Bybusiness | Item | 2023 | 2022 | YoYincrease/decrease(%) |
| Automotivebusiness | Salesvolume(unit) | 2,553,052 | 2,346,151 | 8.82% |
| Productionvolume(unit) | 2,583,215 | 2,298,419 | 12.39% | |
| Inventoryvolume(unit) | 66,387 | 54,900 | 20.92% |
Note:Theabovesales,productionandinventoryvolumeincludesvehiclesproducedandsoldbytheCompanyanditsJVsandassociates.TheanalysisovermarketshareisbasedonthedatafromChinaAutomobileIndustryAssociation.Causedescriptionofover30%year-on-yearincrease/decrease
□Applicable√Notapplicable
(4)Performanceofmajorsalesandpurchasecontractsasoftheendofthereportingperiod
□Applicable√Notapplicable
(5)Cost
| Bybusiness | Item | 2023 | 2022 | YoYincrease/decrease(%) | ||
| Amount(RMB) | Proportionofoperationalcost(%) | Amount(RMB) | Proportionofoperationalcost(%) | |||
| Automotivebusiness | Products | 119,133,386,315.31 | 96.45% | 91,604,889,306.21 | 95.02% | 30.05% |
| Servicesandothers | 4,389,270,038.41 | 3.55% | 4,804,721,567.55 | 4.98% | -8.65% | |
| Total | 123,522,656,353.72 | 100.00% | 96,409,610,873.76 | 100.00% | 28.12% | |
(6)Whetherthescopeofconsolidationwaschangedduringthereportingperiod
√Applicable□NotapplicableDuringthereportingperiod,thecompanyhasacquiredtheequityofDeepalAutomotiveTechnologyCo.,Ltd.fromChongqingChangxinEquityInvestmentFundPartnershipEnterprise(LimitedPartnership)andChongqingLiangjiangNewAreaEquityInvestmentFundPartnershipEnterprise(LimitedPartnership),withashareholdingratioof51.00%.Itwillbetransferredfromajointventuretoasubsidiaryforaccountingpurposesandincludedinthescopeofconsolidation.
(7)Majorchangesoradjustmentinbusiness,productorserviceoftheCompanyinthereportingperiod
□Applicable√Notapplicable
(8)MajorcustomersandsuppliersMajorcustomers
| Totalsalesrevenuefromtopfivecustomer(RMB) | 11,855,261,791.88 |
| Proportionoftotalsalesrevenuefromtop5customersinannualtotalsalesrevenue(%) | 7.84% |
| Proportionoftotalsalesrevenuefromaffiliatedpartiesinthetopfivecustomersinannualtotalsalesrevenue(%) | 6.04% |
Thetop5customers
| No. | Customer | Revenue(RMB) | Proportionofannualtotalsalesrevenue(%) |
| 1 | CustomerOne | 3,005,944,066.62 | 1.99% |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| 2 | CustomerTwo | 2,728,785,805.44 | 1.80% |
| 3 | CustomerThree | 2,615,879,134.66 | 1.73% |
| 4 | CustomerFour | 1,767,117,262.72 | 1.17% |
| 5 | CustomerFive | 1,737,535,522.44 | 1.15% |
| Total | 11,855,261,791.88 | 7.84% | |
Otherinformationregardingmajorcustomers
√Applicable□NotapplicableOneoftheabovecustomersisajointventureoftheCompany,andtherecustomersarecontrolledbythesameultimateholdingcompany.Pleaserefertoitem5ofNote10"RelatedPartyRelationshipsandTransactions"inChapter10.Majorsuppliers
| Totalpurchaseamountfromtopfivesuppliers(RMB) | 22,980,559,004.09 |
| Proportionoftotalpurchaseamountfromtopfivesuppliersinannualtotalpurchaseamount(%) | 18.60% |
| Proportionoftotalpurchaseamountfromaffiliatedpartiesofthetopfivesuppliersintotalannualtotalpurchaseamount(%) | 12.60% |
Top5suppliers
| No. | Supplier | Purchaseamount(RMB) | Proportionofannualtotalpurchaseamount(%) |
| 1 | SupplierOne | 7,909,257,881.61 | 6.40% |
| 2 | SupplierTwo | 5,232,393,837.67 | 4.24% |
| 3 | SupplierThree | 5,165,658,104.43 | 4.18% |
| 4 | SupplierFour | 2,501,907,444.50 | 2.02% |
| 5 | SupplierFive | 2,171,341,735.88 | 1.76% |
| Total | 22,980,559,004.09 | 18.60% | |
Otherinformationregardingmajorsuppliers
√Applicable□NotapplicableOneoftheabovesuppliersisajointventureoftheCompany,twosuppliersarecontrolledbythesameultimateholdingcompany.Pleaserefertoitem5ofnote10“RelatedPartyRelationshipsandTransactions”inChapter10.
3.Expenses
| Item | 2023 | 2022 | YoYChange(%) | Explanationofmajorchanges |
| Sellingexpenses(RMB) | 7,645,205,592.88 | 5,138,270,162.95 | 48.79% | MainlyduetotheacquisitionofDeepalAuto,itssalesexpenseswereincludedinthemergerandincreased |
| Administrativeexpenses(RMB) | 4,097,537,529.67 | 3,532,458,198.76 | 16.00% | |
| Financialcosts(RMB) | -897,343,739.80 | -1,017,305,743.08 | 11.79% | |
| R&Dexpenses(RMB) | 5,979,844,653.23 | 4,315,444,864.76 | 38.57% | MainlyduetotheacquisitionofDeepalAuto,theR&Dexpensesincreasedduetoinclusioninthemerger |
4.ResearchandDevelopmentInvestment
√Applicable□Notapplicable
| Projects | Purpose | Progress | Goals | ExpectedimpactonthefuturedevelopmentoftheCompany |
| AdvancedComfortCarDevelopment | Thefirstproductinabrandnewseries,enhancingmarket | Completetheannual | Developnewelectricvehiclemodelsandlaunchthemfor | Developnewproductstoenhancemarket |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| competitiveness | developmenttask | saleasplanned | competitiveness | |
| DevelopmentofsuperfunelectricSUVs | NewelectricSUVproducts,expandingthelineupofdeepbluecarmodels,andenhancingmarketcompetitiveness | Completetheannualdevelopmenttask | Developnewelectricvehiclemodelsandlaunchthemforsaleasplanned | Developnewproductstoenhancemarketcompetitiveness |
| Theall-newgenerationofplug-inhybridmodels | Thenewgenerationofsmartelectricsedansenhancesmarketcompetitiveness | Completetheannualdevelopmenttask | Developanewgenerationofplug-inhybridmodelsandlaunchthemforsaleasplanned | Developnewproductstoenhancemarketcompetitiveness |
| ResearchonEnergyConsumptionTechnologyforNewAutomobileVehicles | Creatinga"ultra-lowpowerconsumption"technologylabelthatbalancesuserexperienceinworkingconditions | Completetheannualdevelopmenttask | ContinuouslyimprovingChang'an'spositiveresearchanddevelopmentsystemforelectricityconsumption | Supportthe"dualcarbon"strategyandcompletethestorageofelectricityconsumptiontechnologyshelves |
| Developmentofhigh-performanceandscalablefluidsimulationandoptimizationsoftwareforautomotivedevelopment | Developmentandvalidationofhigh-performanceandscalablefluidsimulationandoptimizationsoftwareforautomotiveresearchanddevelopment | Completetheannualdevelopmenttask | Completeresearchtasksforeachsection,high-performanceandscalablefluidsimulation | Realizeindependentandcontrollablesoftwarecode,avoidsoftwaresupplyinterruptionandbottleneckrisks,andbreakforeignsoftwaremonopolies |
| Developmentofintelligentelectricdigitalplatform | Buildingaleadingsoftwareandhardwareplatform | Completetheannualdevelopmenttask | Theessentialfeaturesoftheplatform'sfirstmodelhavebeendefinedand98%ofthefeatureshavebeendeveloped | Newcartransformationandupgrading |
R&Dstaff
| 2023 | 2022 | Changeoverthepreviousyear(%) | |
| NumberofR&Dstaff(person) | 10,972 | 7,899 | 38.90% |
| ProportionofR&Dpersonnel | 22.34% | 18.42% | 3.92% |
| Educationbackground | -- | -- | -- |
| HighSchooldiplomaorbelow(person) | 180 | 262 | -31.30% |
| Bachelor’sdegree(person) | 7,794 | 5,819 | 33.94% |
| Master’sdegree(person) | 2,903 | 1,738 | 67.03% |
| Doctor’sdegree(person) | 95 | 80 | 18.75% |
| Agestructure | -- | -- | -- |
| Agedbelow30(person) | 3,718 | 2,217 | 67.70% |
| Aged30-40(person) | 6,096 | 4,682 | 30.20% |
| Agedabove40(person) | 1,158 | 1,000 | 15.80% |
R&DInput
| 2023 | 2022 | Changeoverthepreviousyear(%) | |
| AmountofR&DInput(RMB) | 9,007,550,532.89 | 5,677,807,968.36 | 58.64% |
| ProportionofR&DInputinOperatingRevenue(%) | 5.95% | 4.68% | 1.27% |
| AmountofCapitalizedR&DExpenditure(RMB) | 3,027,705,879.66 | 1,362,363,103.60 | 122.24% |
| ProportionofCapitalizedR&DExpenditureinR&DInput(%) | 33.61% | 23.99% | 9.62% |
CauseandeffectsofsignificantchangesincompositionoftheR&Dstaff
√Applicable□NotapplicableThecompany’sR&Dpersonnelincreasedby38.9%year-on-year,mainlyduetotheincreaseinthenumberofR&DpersonnelasaresultofthemergerandacquisitionofDEEPALAuto.DEEPAListhecorecarrierofthecompany’sMissionofShangri-La,carryingChanganAutomobile’sstrategicmissionoftransitioningtonewenergy.ThemergercanstrengthenthestrategicintegrationandresourcecoordinationbetweenChanganAutoandDEEPALAuto,acceleratingtobuildingChangan’snewenergybrandsintotheindustry’sleadingdigitalelectricvehiclebrands.CauseforsignificantchangesintheproportionoftotalR&Dinvestmentinoperatingrevenuefromthepreviousyear
□Applicable√NotapplicableCauseandReasonableExplanationofthemajorchangesofthecapitalizationrateofR&Dinvestment
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
5.CashFlow
Unit:RMB
| Item | 2023 | 2022 | YoYChange(%) |
| Subtotalofcashinflowsfromoperatingactivities | 174,083,254,307.51 | 127,195,228,996.80 | 36.86% |
| Subtotalofcashoutflowsfromoperatingactivities | 154,221,788,069.95 | 121,528,882,138.28 | 26.90% |
| Netcashflowsfromoperatingactivities | 19,861,466,237.56 | 5,666,346,858.52 | 250.52% |
| Subtotalofcashinflowsfrominvestingactivities | 6,989,273,666.33 | 2,492,217,372.08 | 180.44% |
| Subtotalofcashoutflowsfrominvestingactivities | 13,197,419,195.66 | 5,446,189,241.05 | 142.32% |
| Netcashflowsfrominvestingactivities | -6,208,145,529.33 | -2,953,971,868.97 | -110.16% |
| Subtotalofcashinflowsfromfinancingactivities | 1,018,615,006.28 | 2,792,324,450.65 | -63.52% |
| Subtotalofcashoutflowsfromfinancingactivities | 3,146,923,971.81 | 2,567,894,182.64 | 22.55% |
| Netcashflowsfromfinancingactivities | -2,128,308,965.53 | 224,430,268.01 | -1048.32% |
| Netincreaseincashandcashequivalents | 11,434,522,853.37 | 2,973,518,212.75 | 284.55% |
Descriptionofmajorinfluencefactorsofsignificantchangeofrelevantdataonayear-on-yearbasis
√Applicable□NotapplicableIn2023,thenetcashflowgeneratedfromoperatingactivitiesincreasedby14.195billionyuancomparedtothepreviousyear,mainlyduetosalesgrowthandtheinclusionofDeepalAutointhemergerthisyear.Thenetcashflowgeneratedfrominvestmentactivitiesdecreasedby3.254billionyuancomparedtothepreviousyear.Firstly,thedividendsofjointventuresdecreasedcomparedtothepreviousyear,resultinginadecreasein"cashreceivedfromobtaininginvestmentincome".Secondly,accordingtothebusinessdevelopmentplan,theexpenditureonpurchasingandconstructingfixedassetsincreasedcomparedtothepreviousyear,resultinginanincreasein"cashpaidforpurchasingfixedassets,intangibleassets,andotherlong-termassets".Thirdly,therewerenewtermdepositsthatcouldnotbewithdrawninadvance,resultinginanincreasein"othercashpaidrelatedtoinvestmentactivities"comparedtothepreviousyear.Fourthly,thecashbalanceofDeepalAutoonthepurchasedateexceededtheportionofthecompany'scashoffertopurchaseitsequity,resultinginanincreasein"othercashreceivedrelatedtoinvestmentactivities".
ThenetcashflowgeneratedfromfinancingactivitiesdecreasedbyRMB2.353billioncomparedtothepreviousyear,mainlyduetotheissuanceofbondsofRMB1billioninthepreviousyear,whichwasnotpresentinthecurrentyear.Thisresultedinadecreasein"cashreceivedfromborrowing"comparedtothepreviousyear,aswellasanincreaseindividendexpenses,leadingtoanincreasein"cashpaidfordistributingdividends,profits,orpayinginterest"comparedtothepreviousyear.Causeforthesignificantdifferencebetweennetcashflowsfromoperatingactivitiesandnetprofitinthereportingperiod
√Applicable□Notapplicable
Asforthesignificantdifferencebetweennetcashflowsfromoperatingactivitiesandnetprofitinthereportingperiod,pleaserefertotheItem64,Note5“SupplementaryInformationoftheCashFlowStatement”intheAuditor’sReport.
V.AnalysisofNon-MainBusiness
√Applicable□Notapplicable
| Amount(RMB) | Proportionofprofits(%) | Explanation | Whetheritissustainableornot | |
| Returnoninvestment | 3,050,413,045.10 | 28.81% | PleaserefertotheItem5,Note54“SupplementaryInformationoftheCashFlowStatement”intheAuditor’sReport. | Exceptfortheincomeof5.021billionyuangeneratedbythecompany'smergerofenterprisesnotunderthesamecontrolasDeepalAuto,othersustainableactivities |
| Profitsorlossesoffairvaluechange | -19,061,189.53 | -0.18% | No | |
| Impairmentlossesonassets | -813,828,346.53 | -7.69% | PleaserefertotheItem5,Note57“SupplementaryInformationoftheCashFlowStatement”intheAuditor’sReport. | No |
| Non-operatingincome | 169,793,538.35 | 1.60% | No |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| Non-operatingexpenses | 28,073,391.83 | 0.27% | No |
VI.AnalysisofAssetsandLiabilities
1.MajorChangesinAssetComposition
| 31December2023 | 31December2022 | Increase/DecreaseinProportion(%) | Descriptionofsignificantchanges | |||
| Amount(RMB) | Proportionoftotalassets(%) | Amount(RMB) | Proportionoftotalassets(%) | |||
| Monetaryfund | 64,871,042,747.88 | 34.11% | 53,530,183,827.34 | 36.65% | -2.54% | |
| Receivables | 2,411,796,419.07 | 1.27% | 3,068,414,415.29 | 2.10% | -0.83% | |
| Contractassets | 1,442,876,966.30 | 0.76% | 458,389,187.10 | 0.31% | 0.45% | |
| Inventories | 13,465,847,696.93 | 7.08% | 5,823,307,512.90 | 3.99% | 3.09% | |
| Investmentproperty | 6,196,003.48 | 0.00% | 6,422,715.04 | 0.00% | 0.00% | |
| Long-termequityinvestment | 13,787,391,985.47 | 7.25% | 14,406,662,456.28 | 9.86% | -2.61% | |
| Fixedassets | 19,994,084,908.14 | 10.51% | 19,346,764,691.44 | 13.25% | -2.74% | |
| Constructioninprogress | 1,914,345,359.83 | 1.01% | 1,387,898,218.64 | 0.95% | 0.06% | |
| Right-of-useassets | 209,480,676.04 | 0.11% | 100,813,386.01 | 0.07% | 0.04% | |
| Short-termloans | 30,039,416.74 | 0.02% | 29,000,000.00 | 0.02% | 0.00% | |
| Contractliabilities | 7,923,792,852.77 | 4.17% | 5,655,256,792.66 | 3.87% | 0.30% | Mainlyduetoincreasedsalesandanincreaseinadvancepaymentsfromdistributors |
| Long-termloans | 72,000,000.00 | 0.04% | 36,000,000.00 | 0.02% | 0.02% | |
| Leaseliabilities | 134,254,398.07 | 0.07% | 60,205,397.98 | 0.04% | 0.03% | |
| Othercurrentassets | 9,735,453,361.32 | 5.12% | 1,054,779,668.19 | 0.72% | 4.40% | Mainlyduetotheadditionoffixeddepositsthatcannotbewithdrawninadvancethisyear,theimpactofreclassification |
| intangibleassets | 15,045,563,649.79 | 7.91% | 4,446,385,255.68 | 3.04% | 4.87% | MainlyduetotheacquisitionofDeepBlueMotors,increasingintangibleassets |
| Notespayable | 37,456,669,928.07 | 19.70% | 22,072,793,864.83 | 15.11% | 4.59% | MainlyduetothemergerandacquisitionofDeepBlueAutomobile,theincreaseinitsnotespayablewasincludedinthemerger |
| Othercurrentliabilities | 8,897,936,399.92 | 4.68% | 6,627,044,667.62 | 4.54% | 0.14% | MainlyduetotheacquisitionofDeepBlueMotors,theprovisionforexpenseswasincludedinthemergerandincreased |
| Estimatedliabilities | 6,277,041,416.79 | 3.30% | 4,589,299,321.49 | 3.14% | 0.16% | MainlyduetotheacquisitionofDeepBlueAutomobile,itsexpectedliabilitieswillbeincludedinthemergerandincrease |
Foreignassetsaccountforarelativelyhighproportion
□Applicable√Notapplicable
2.Assetsandliabilitiesmeasuredatfairvalue
√Applicable□Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Unit:RMB
| Item | OpeningBalance | ChangesinFairValueGainsandLossesinCurrentPeriod | AccumulatedFairValueChangesIncludedinEquity | ProvisionforImpairmentinCurrentPeriod | AmountofPurchaseinCurrentPeriod | AmountofSalesinCurrentPeriod | OtherChanges | ClosingBalance |
| Financialassets | ||||||||
| Financialassetsheldfortrading(excludingderivativefinancialassets) | 280,315,571.09 | -19,061,189.53 | 93,735,034.27 | 167,519,347.29 | ||||
| Investmentsinotherequityinstruments | 489,950,000.00 | 14,240,082.71 | 504,190,082.71 | |||||
| Subtotalfinancialassets | 770,265,571.09 | -19,061,189.53 | 14,240,082.71 | 93,735,034.27 | 671,709,430.00 | |||
| Others | - | - | - | - | - | |||
| Total | 770,265,571.09 | -19,061,189.53 | 14,240,082.71 | 93,735,034.27 | 671,709,430.00 | |||
| Financialliabilities | - | - | - | - | - |
Note:Thetradingfinancialassetsandinvestmentsinotherequityinstrumentsinthetableabovearedetailedin“2.TradingFinancialAssets”and“11.InvestmentsinOtherEquityInstruments”inNote5ofAuditor’sReport.WhethertherearemajorchangesonmeasurementattributesformainassetsoftheCompanyinreportingperiod
□Yes√No
3.Limitationofassetrightsasoftheendofthereportingperiod
Unit:RMB
| Item | BookValueattheEndofPeriod | LimitationReason |
| Monetaryfund | 945,084,846.77 | Acceptancebilldeposit |
| Billreceivable | 7,309,419,058.87 | Pledgeforissuingpayablebills |
| Total | 8,254,503,905.64 |
VII.AnalysisofInvestments
1.Overallsituation
√Applicable□Notapplicable
| Investmentamountforthereportingperiod(RMB) | Investmentamountforthepreviousreportingperiod(RMB) | YoYChange(%) |
| 8,798,279,380.10 | 8,135,765,655.11 | 8.14% |
JointinvestmentbetweentheCompanyandprofessionalinvestmentinstitutions:
| Nameofinvestmentinstitutions | Subscribedcapitalcontribution(RMB) | Subscriptionratio(%) | Actualcapitalcontribution(RMB) | Progress |
| ChongqingChangyuPrivateEquityInvestmentFundPartnershipEnterprise(LimitedPartnership) | 348,000,000 | 23.20% | 69,600,000 | ThefundcompletedtheregistrationworkoftheChinaSecuritiesInvestmentFundIndustryAssociationonDecember7th,2023,withtheregistrationcodeSACR66 |
| ChongqingChanganInnovationPrivateEquityInvestmentFundPartnershipEnterprise(LimitedPartnership) | 300,000,000 | 46.08% | 70,230,769 |
Asoftheendofthereportingperiod,ChongqingChanganInnovationPrivateEquityInvestmentFundPartnershipEnterprise(LimitedPartnership)increaseditscapitalby150millionyuantothecompany'sjointventureAvrtain2023
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
2.Themajorequityinvestmentobtainedinreportingperiod
□Applicable√Notapplicable
3.Theongoingmajornon-equityinvestmentinreportingperiod
□Applicable√Notapplicable
4.Financialassetsinvestment
(1)Securityinvestments
√Applicable□Notapplicable
| Securitytype | Stockcode | Abbreviation | Initialinvestmentcost（RMB） | Accountingmeasurementmodel | Bookvalueatthebeginningofthereportingperiod（RMB） | Gainsandlossesfromchangesinfairvalueduringtheperiod（RMB） | Accumulatedfairvaluechangesincludedinequity（RMB） | Purchaseamountduringthereportingperiod（RMB） | Salesamountduringthereportingperiod（RMB） | Gainsandlossesofthereportingperiod（RMB） | Bookvalueattheendofthereportingperiod（RMB） | Accountingsubject | Sourceoffunds |
| Stock | 301215 | SouthwestSecurities | 98,999,997.80 | Fairvaluemeasurement | 125,052,628.80 | 35,692,104.47 | 0.00 | 0.00 | 0.00 | 37,098,946.54 | 160,744,733.27 | Tradingfinancialassets | Self-ownedfunds |
| Stock | 600369 | ChinaAutomobileCorporation | 50,000,000.00 | Fairvaluemeasurement | 126,112,500.00 | 5,349,310.72 | 0.00 | 0.00 | 131,461,810.72 | 5,349,310.72 | 0.00 | Tradingfinancialassets | Self-ownedfunds |
| Total | 148,999,997.80 | -- | 251,165,128.80 | 41,041,415.19 | 0.00 | 0.00 | 131,461,810.72 | 42,448,257.26 | 160,744,733.27 | -- | -- | ||
(2)Derivativeinvestments
√Applicable□Notapplicable
）Derivativeinvestmentsforhedgingpurposesduringthereportingperiod
√Applicable□Notapplicable
Unit:10,000RMB
| Investmenttypeofderivatives | Initialderivativesinvestmentamount | Initialinvestmentamount | Profitandlossfromchangesinfairvalueinthecurrentperiod | Accumulatedchangesinfairvalueincludedinequity | Amountofpurchaseinthereportingperiod | Amountofsalesinthereportingperiod | Investmentamountattheendofthereportingperiod | ProportionofinvestmentamountattheendofthereportingperiodtonetassetsoftheCompany |
| ForwardExchange | 85,419 | 85,419 | -6,008 | -4,197 | 238,576 | 232,022 | 91,973 | 1.28% |
| Total | 85,419 | 85,419 | -6,008 | -4,197 | 238,576 | 232,022 | 91,973 | 1.28% |
| ExplanationofchangesoftheaccountingpoliciesandaccountingprinciplesoftheCompany’shedgingduringthereportingperiodcomparedwiththepreviousreportingperiod | Notapplicable | |||||||
| Descriptionofactualgains/lossesduringthereportingperiod | Duringthereportingperiod,RMB2,320.22millionwassold,andtheactualtransactionprofitwasRMB18.11million. | |||||||
| Descriptionofhedgingeffect | ChanganAutomobileadherestotheprincipleofriskneutralityincarryingoutforwardforeignexchangesettlementandsalesbusiness,basedonnormalproductionandoperation,locksinincomeandcostthroughforwardforeignexchangetransactions,avoidstheriskofexchangeratefluctuations,reducestheuncertaintyofoperatingprofits,andensurestherealizationofannualoperatingobjectives. | |||||||
| Sourceoffunds | Self-ownedfunds | |||||||
| Riskanalysisandcontrolmeasuresforderivativesinvestmentduringthereportingperiod(includingbutnotlimitedtomarketrisk,liquidityrisk,creditrisk,operationalrisk,legalrisk,etc.) | Riskanalysis1.Marketrisk:Inthecaseoflargechangesintheexchangerate,thedifferencebetweentheexchangerateoftheforwardexchangecontractandtheactualexchangerateontheexpirationdatemaycausetheCompanytolosemoney.2.Liquidityrisk:Duetoinaccuratepredictions,thedeliverydatesignedforforeignexchangehedgingbusinessisinconsistentwiththeactualdeliverydate,resultingininsufficientfundsavailablefordelivery,leadingtoliquidityrisksandinabilitytodeliveronschedule.3.Defaultrisk:Duetoinaccurateforecasts,thedeliverydatesignedbytheforwardexchangetransactionisinconsistentwiththeactualdeliveryperiod,resultinginthedelayeddeliveryriskcausedbythefailureoftheforwardexchangetransactiontobedeliveredattheagreedtime.4.Operationalrisk:Risksmayariseduetoinadequateinternalcontrolmechanismsandunprofessionaloperators. | |||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| 5.Legalrisks:Ifthetermsofthetransactioncontractarenotclear,theCompanymayfacelegalrisks.Riskcontrolmeasures1.TheCompanyanditssubsidiarieswillpayattentiontothechangesintheexchangeratemarket,strengthenthestudyofexchangerates,studythefutureexchangeratetrends,improvetheforecastingabilityofexchangerates,andreducetheimpactofexchangeratefluctuationsontheCompany.2.Inordertopreventdelayedtransactionsettlementofforwardexchange,thebusinessmanagementdepartmentsoftheCompanyanditssubsidiarieswilltracktheprogressofpaymentandcollection,avoidoverduepayments,andtrytoreducetherisktotheminimum.3.TheCompanyanditssubsidiarieswillstrengthenbusinessknowledgetraining,improvethecomprehensivebusinessqualityofrelevantpersonnel,andimprovetheabilitytoidentifyandpreventexchangeraterisks.4.TheCompanyhasformulatedthe“MeasuresfortheAdministrationofForwardExchangeTradingBusiness(Trial)”,whichclearlystipulatesthebusinessoperationprinciples,approvalauthority,internaloperationprocessesandrequirements,riskhandlingprocedures,etc.,andtheoperationmustbehandledinstrictaccordancewiththerequirementsofthemeasurements. | |
| Changesinmarketpriceorfairvalueofinvestedderivativesduringthereportingperiod(thespecificmethods,relevantassumptionsandparametersusedintheanalysisofthefairvalueshouldbedisclosed) | TheCompany’smeasurementofFinancialInstrumentsfollowsthe“AccountingStandardforBusinessEnterprisesArticle22-RecognitionandMeasurementofFinancialInstruments”,andthefairvalueisbasicallymeasuredandrecognizedwithreferencetobankpricing.Duringthereportingperiod,thegainonthechangeinfairvalueofforwardexchangecontractswasRMB-60.08million. |
| Whetheritisinvolvedinalawsuit | Notapplicable |
| Disclosuredateofderivativesinvestmentapprovalboardannouncement | March16th,2023 |
| Disclosuredateofderivativesinvestmentapprovalshareholdersmeetingannouncement | June29th,2023 |
| OpinionsofindependentdirectorsontheCompany’sderivativesinvestmentandriskcontrol | Thecompanyanditssubsidiariescarryoutforeignexchangehedgingbusinessonthebasisofnormalproductionandoperation,withprudenceastheprinciple,withthepurposeofcurrencyhedgingandavoidingexchangeraterisks.Bylockinginexchangeratestoreduceexchangeratevolatilityrisks,itwillnotaffectthenormaldevelopmentofthemainbusiness.Thecompanyhasformulatedthe"ManagementMeasuresforForwardForeignExchangeTradingBusiness(Trial)"andimprovedrelevantinternalcontrolprocesses.Thetargetedriskcontrolmeasurestakenbythecompanyarefeasibleandthereisnosituationthatharmstheinterestsofthecompany,shareholders,especiallysmallandmedium-sizedshareholders.ThedeliberationprocessofthisproposalcomplieswithrelevantlawsandregulationsaswellastheprovisionsoftheCompany'sArticlesofAssociation. |
2）Derivativeinvestmentforthepurposeofspeculationduringthereportingperiod
□Applicable√NotapplicableDuringthereportingperiod,therewasnoderivativeinvestmentforthepurposeofspeculation.
5.Useofraisedfunds
√Applicable□Notapplicable
(1)Overalluseofraisedfunds
√Applicable□Notapplicable
Unit:10,000RMB
| Year | Typesofraise | Totalfundsraised | Netamountofraisedfunds | Theusedamountoftotalfundsraisedinthecurrentperiod | Totalaccumulateduseoffundsraised | Thetotalamountofraisedfundswithpurposechangedinreportingperiod | Cumulativetotalamountofraisedfundswithpurposechanged | Proportionoftotalraisedfundswithpurposechanged | Thetotalamountofunusedfunds | Thepurposeandplacementoftheunusedfunds | Amountoffundsraisedidleformorethantwoyears |
| 2020 | Non-publicofferingofshares | 600,000.00 | 598,608.41 | 127,866.62 | 597,126.69 | 0 | 160,545.86 | 26.82% | 10,914.53 | Depositedinadedicatedaccountforraisedfunds | 0 |
| Total | -- | 600,000.00 | 598,608.41 | 127,866.62 | 597,126.69 | 0 | 160,545.86 | 26.82% | 10,914.53 | -- | 0 |
| Descriptionoftheoveralluseofraisedfunds | |||||||||||
| 1.TheboardofdirectorsoftheCompanybelievesthattheCompanyhasdisclosedthestorageandactualuseoftheCompany’sraisedfundsinatimely,true,accurateandcompletemannerinaccordancewiththe“GuidelinesfortheStandardizedOperationofListedCompaniesontheShenzhenStockExchange”andrelevantformatguidelines.Therearenoviolationsinthemanagementofraisedfunds.TheCompanyhasfaithfullyfulfilleditsobligationtodisclosetheinvestmentdirectionandprogressoftheraisedfunds. | |||||||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
(2)Useoftheraisedfundsincommittedprojects
√Applicable□Notapplicable
Unit:10,000RMB
2.ThenetamountofraisedfundsafterdeductingotherissuanceexpensesisRMB5,986.08million,theactualnetamountofraisedfundsafteradjustmentisRMB6,039.30million.TheCompanyusedtheraisedfundsofRMB3,252.08million,RMB747.22million,RMB693.30millionandRMB1,278.67millionrespectivelyin2020,2021,2022and2023.AsofDecember31,2023,theCompanyhasusedatotalofRMB5,971.27millionoftheraisedfunds.Committedprojectsandplacementofextrafunds
raised
| Committedprojectsandplacementofextrafundsraised | Whethertheprojecthasbeenchanged | Totalcommittedinvestmentofraisedfunds | Adjustedtotalinvestment(1) | Amountinvestedthisyear | Cumulativeinvestmentamountasoftheendoftheperiod(2) | Investmentprogressasoftheendoftheperiod%(3)=(2)/(1) | Whethertheprojecthasreachedtheintendedusablestate | Benefitsrealizedthisyear | Whetheritmeetstheexpectedreturn | Whetherthefeasibilityoftheprojecthaschangedsignificantly |
| Committedprojects | ||||||||||
| Hseriesfifthphase,NE1seriesfirstphaseengineproductioncapacityconstructionproject | Yes | 141,568.38 | 103,313.68 | 1,675.50 | 102,506.51 | 99.22% | Yes | 541,200 | Yes | No |
| CrashLaboratoryCapacityUpgradeProject | Yes | 11,505.75 | 8,251.85 | 300.61 | 8,342.63 | 101.10% | Yes | Notapplicable | Notapplicable | No |
| CD569productionlineconstructionproject | Yes | 15,576.22 | 9,418.59 | 183.43 | 9,616.70 | 102.10% | Yes | 46,710 | Yes | No |
| HefeiChanganAutomobileCo.,Ltd.adjustmentandupgradeproject | Yes | 249,958.06 | 142,399.78 | 692.97 | 133,901.72 | 94.03% | Yes | 129,930 | No | No |
| Supplementaryworkingcapital | No | 180,000.00 | 180,000.00 | - | 180,000.00 | 100.00% | No | Notapplicable | Notapplicable | No |
| Newgenerationenergy-savingproducttransformationandupgradingproject | No | - | 160,545.86 | 125,014.11 | 162,759.13 | 101.38% | No | Notapplicable | Notapplicable | No |
| Total | 598,608.41 | 603,929.76 | 127,866.62 | 597,126.69 | 98.87% | -- | -- | -- | -- | |
| Thereasonsfornotreachingtheplannedprogressorexpectedbenefits(byspecificprojects) | ThereasonswhytheadjustmentandupgradingprojectofHefeiChanganAutomobileCo.,Ltd.didnotachievetheexpectedrevenueareasfollows:thepenetrationrateofnewenergycontinuedtoincreasein2023,thesalesoftraditionalfuelpassengervehiclesdeclined,andindustrycompetitionintensified. | |||||||||
| Descriptionofmajorchangesinthefeasibilityoftheproject | N/A | |||||||||
| Theamount,useandprogressofextraraisedfunds | Notapplicable | |||||||||
| Changeinimplementationlocationofthecommittedprojects | N/A | |||||||||
| Adjustmenttoimplementationmethodofcommittedproject | N/A | |||||||||
| Upfrontinvestmentandreplacementofcommittedprojects | OnNovember18th,2020,theNinthMeetingoftheEighthSessionoftheBoardofDirectorsoftheCompanyreviewedandapprovedthe“ProposalontheUseofRaisedFundstoReplaceEarlyInvestmentinSelf-OwnFunds”,andagreedtouseraisedfundsofRMB1,378,818,553.05toreplacepre-investedsell-raisedfundsfortheproject.ThereplacementoftheraisedfundshasbeenverifiedbytheErnst&YoungHuaMing(2020)SpecialZiNo.60662431_D05specialreportissuedbyErnst&YoungHuaMingCertifiedPublicAccountants(specialgeneralpartnership). | |||||||||
| Useofidleraisedfundsfortemporarysupplementofworkingcapital | N/A | |||||||||
| Amountandcauseofsurplusoffundsraisedforprojectimplementation | Thecompany'soriginalplanforfourfundraisingprojects,includingtheH-seriesPhaseVandNE1seriesPhaseIengineproductioncapacityconstructionproject,collisiontestinglaboratorycapacityupgradingconstructionproject,CD569productionlineconstructionproject,andHefeiChanganAutomobileCo.,Ltd.adjustmentandupgradingproject,resultedinsomesavingscomparedtothepreviousplan.Themainreasonisthatthecompanyreducedtheactualinvestmentamountthroughthelocalizationofimportedequipmentduringtheprojectimplementationprocess;Atthesametime,inordertocontinuouslyimprovethequalityofoperation,thecompanyhascontinuouslyoptimizedtheplanduringtheprojectconstructionprocessandimplementedleaninvestmentprocessmanagement,achievingcontroloverinvestmentscaleandpace.Basedonthecompany'slong-termstrategicplanningandcurrentdevelopmentneeds, | |||||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| andaftercomprehensiveanalysis,inordertofurtherimprovetheefficiencyoftheuseofraisedfunds,thecompanyhasadjustedtheinvestmentscaleoftheoriginalraisedfundsinvestmentprojectandallocatedtheremainingfundsofRMB1,605.46milliontothecompany'snewgenerationenergy-savingproducttransformationandupgradingproject. | |
| Thepurposeandplacementoftheunusedraisedfunds | DepositedinadedicatedaccountbytheCompanyforraisedfunds |
| Defectsandotherproblemsinutilizationanddisclosureoftheraisedfunds | N/A |
(3)Changesofprojectssupportedbyraisedfunds
√Applicable□Notapplicable
Unit:10,000RMB
| Changedproject | Thecommitmentoftheoriginalproject | Totalamountoffundstobeinvestedintheprojectafterthechange(1) | Theamountactuallyinvestedduringthereportingperiod | Actualcumulativeinvestmentamountasoftheendoftheperiod(2) | Investmentprogressasoftheendoftheperiod(%)(3)=(2)/(1) | Thedatewhentheprojectreachedtheintendedavailabilitystatus | Benefitsachievedduringthereportingperiod | Whethertheexpectedbenefitshavebeenachieved | Significantchangesinthefeasibilityoftheprojectafterthechange |
| Anewgenerationofenergy-savingproductstransformationandupgradingprojects | 1.Hseriesfifthphase,NE1seriesfirstphaseengineproductioncapacityconstructionproject2.CrashLaboratoryCapacityUpgradeConstructionProject3.CD569productionlineconstructionproject4.HefeiChanganAutomobileCo.,Ltd.adjustmentandupgradeproject | 160,545.86 | 125,014.11 | 162,759.13 | 101.38% | Intheyearof2024 | Notapplicable | Notapplicable | No |
| Total | -- | 160,545.86 | 125,014.11 | 162,759.13 | 101.38% | -- | -- | -- | -- |
| Reasonsforchange,decision-makingproceduresandinformationdisclosure(byspecificproject) | 1.Thecompany'soriginalplanforfourfundraisingprojects,includingtheH-seriesPhaseVandNE1seriesPhaseIengineproductioncapacityconstructionproject,collisiontestinglaboratorycapacityupgradingconstructionproject,CD569productionlineconstructionproject,andHefeiChanganAutomobileCo.,Ltd.adjustmentandupgradingproject,resultedinsomesavingscomparedtothepreviousplan.Themainreasonisthatthecompanyreducedtheactualinvestmentamountthroughthelocalizationofimportedequipmentduringtheprojectimplementationprocess;Atthesametime,inordertocontinuouslyimprovethequalityofoperation,thecompanyhascontinuouslyoptimizedtheplanduringtheprojectconstructionprocessandimplementedleaninvestmentprocessmanagement,achievingcontroloverinvestmentscaleandpace.Basedonthecompany'slong-termstrategicplanningandcurrentdevelopmentneeds,andaftercomprehensiveanalysis,inordertofurtherimprovetheefficiencyoftheuseofraisedfunds,thecompanyhasadjustedtheinvestmentscaleoftheoriginalraisedfundsinvestmentprojectandallocatedtheremainingfundsofRMB1,605.46milliontothecompany'snewgenerationenergy-savingproducttransformationandupgradingproject.2.Decision-makingprocedure:TheCompanyheldthe38thmeetingofthe8thBoardofDirectorsonApril26th,2022,andapprovedtheproposalof“AdjustingandChangingtheUseofPartoftheRaisedFunds”.TheproposalhasyettobesubmittedtotheCompany’sGeneralMeetingofShareholdersforconsideration.3.Informationdisclosure:Pleaserefertotheannouncementof“AdjustingandChangingtheUseofPartoftheRaisedFunds”onhttp://www.cninfo.com.cn(AnnouncementNumber:2022-23). | ||||||||
| Reasonsforfailuretomeettheplannedscheduleorprojectedbenefits(byproject) | Notapplicable | ||||||||
| Descriptionofsignificantchangesinthefeasibilityoftheprojectafterthechange | Notapplicable | ||||||||
VIII.SaleofsignificantAssetsandEquity
1.Saleofsignificantassets
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
2.Saleofsignificantequity
□Applicable√Notapplicable
IX.AnalysisofMajorShareholdingandJointStockCompanies
√Applicable□NotapplicableMajorsubsidiariesandjointstockcompaniesthataffectthecompany’snetprofitbymorethan10%
Unit:10,000RMB
| Name | Type | Mainbusinesses | Registeredcapital | Totalassets | Netassets | Operatingincome | Operatingprofit | Netprofit |
| DeepalAutomotiveTechnologyCo.,Ltd. | subsidiarycompany | Productionandsalesofvehiclesandparts | 32,811 | 2,286,788 | -196,911 | 2,588,251 | -300,254 | -299,893 |
| AvatrTechnology(Chongqing)Co.Ltd. | JointStockCompany | Productionandsalesofvehiclesandparts | 199,496 | 1,264,405 | 209,378 | 564,536 | -368,556 | -369,250 |
Subsidiariesacquiredandsoldinthereportingperiod
√Applicable□NotapplicableDuringthereportingperiod,thecompanyhasacquiredtheequityofDeepalAutomotiveTechnologyCo.,Ltd.fromChongqingChangxinEquityInvestmentFundPartnershipEnterprise(LimitedPartnership)andChongqingLiangjiangNewAreaEquityInvestmentFundPartnershipEnterprise(LimitedPartnership),withashareholdingratioof51.00%.Itwillbetransferredfromajointventuretoasubsidiaryforaccountingpurposesandincludedinthescopeofconsolidation.
| Name | Acquisitionanddisposalofsubsidiariesduringthereportingperiod | Impactonoverallproduction,operationandperformance |
| DeepalAutomotiveTechnologyCo.,Ltd. | Mergersofenterprisesnotundercommoncontrol | Significantimpact |
Descriptionofmajorholdingandparticipatingcompanies
Duringthereportingperiod,DeepalAutoacceleratedthedevelopmentofnewenergyvehicles,enrichedtheDeepalbrandproductline,increasedresearchanddevelopmentinvestment,resultinginlosses.Avatrisinastrategicinvestmentperiod,withsignificantresourceinvestmentinproductresearchanddevelopment,brandpromotion,channelbuilding,andtechnicaltalentintroduction,resultinginlosses.X.Informationofmainshareholdingandjointstockcompanies
□Applicable√NotapplicableXI.ProspectsofFutureDevelopment
1.IndustrialLandscapeandTendency
Theoverallperformanceoftheautomotivemarketin2023wasgood,servingasanimportantforceinpromotingeconomicrecovery.Itmainlyexhibitedthefollowingcharacteristics:
(1)Overallcharacteristicsoftheindustry:Industryrecoveryexceededexpectations,thetotalproductionandsalesvolumeoftheautomobileindustryexceeded30millionunitsin2023.CarbrandsfromEurope,theUnitedStates,Japan,Germany,SouthKorea,ChinausedtobethemainplayersinChina’sautomarket,whereasChinesebrandhasdominatedhalfofthemarketsharenow.
(2)Newenergytrends:China’snewenergyvehicleproductionandsalesrankedfirstintheworldfornineconsecutiveyears,andunderthedualpromotionofpolicyandmarket,themarketshareofnewenergyvehicleswillcontinuetoincreaseinthefuture.
(3)Intelligenttrends:Withthedevelopmentandapplicationofartificialintelligence,bigdataandothernewtechnologies,thecarhasevolvedfromatraditionaltransportationtoolintoanewsmartdigitalvehiclebasedonnewenergyanddeeplyintegratedwithintelligence,toprovideuserswithamoreintegratedandcomprehensiveservices.ThepolicytosupporttheindustrializationofNOA(navigation-assisteddriving)formallykickedoff,andintelligentdrivinghasgraduallybecomethedominantfactorforconsumerstopurchasecars.Intelligenttechnologycapabilityandapplicationshavebecomethecoreelementsofcompetitionamongcarcompanies.
(4)Globalizationtrends:China’sautoindustryhasacceleratedthepaceofgoingoverseasandbecomeanimportantforceforChinesebrandstogooverseas.MoreChinesebrandautomotivecompanieswillexpandtheiroverseasmarketpresenceinthefuture,activelyparticipatingininternationalcompetition,seizingtheincrementalopportunitiesofICEvehiclemarketindevelopingcountryandnewenergyvehicleopportunitiesindevelopedcountry.
(5)Interconnectedindustrychaintrends:Theautomotiveindustrychainhasbecomemoreflexibleanddevelopedtowardsan
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
interconnectedstructure.TheautomobileindustryformhasbeenreshapedfromthetraditionalunidirectionalchainbasedonthepetroleuminternalcombustionenginetoanewautomobilemeshecosysteminwhichtheOEM,Tier1andrawmaterialsuppliersarelinked,andrelevantindustrieslikepetroleumandelectricpoweraredeeplyinvolved.
2.CorporationDevelopmentStrategy
Chineseautomotivebrandsarecurrentlyfacinghistoricdevelopmentopportunities.NewenergyisthecorestrengthofChinesebrands,intelligenceisanimportantelementofdifferentiatedcompetitiveness,andoverseasmarketshavebecomeacertainincrementinthefuture.Lookingtothefuture,Changanwilltaketheinitiativetorecognizeandrespondtochanges,plantheoverallsituationwithstrategicthinking,andmeetchallengeswithtransformationandchange.SincethereleaseoftheThirdBusinessVenture-Innovation&EntrepreneurshipProgramin2017,Changanhasbeenconstantlyreviewingandoptimizingtheprogram,whichhasnowbeeniteratedtoversion7.0.ChanganwilladheretoXiJinping’sThoughtonSocialismwithChineseCharacteristicsintheNewEraasitsguide,andtake“strategicleadership,systematicchange,extremeefficiency,andinnovativebreakthrough”asthekeytoaccelerateitstransformationintoanintelligentlow-carbonmobilitytechnologycompany,andmoveforwardtoaworld-classautomobilebrand.By2030,Changanaimstoachievesalesof5millionvehicles,including4millionvehiclesintheindependentsector,3-3.5millionvehiclesinnewenergysales,and1.2millionvehiclesoverseas.Tothisend,Changanwillimplementthe“215”partnershipinitiative,adheretothe“twomajorenhancements”,upgradethe“onemajorrelationship”andrealizethe“fivenewleaps”.
(1)Adheretothe"twomajorenhancements"
Firstly,wewillinsistonthedoublepromotionofnewenergyvehiclesandICEvehicles.In2023China'snewenergypassengercarpenetrationratereached35.7%,whilefuelvehiclesstilloccupiedanimportantmarketshareof64.3%.Basedonthis,thecompanywilladheretothebusinessstrategyof“two-prongeddevelopment”fornewenergyvehiclesandICEvehicles,adapttomarketchanges,providecompetitiveproductsindifferentmarketsegments,meettheneedsofthemajorityofusersindifferentscenarios,andensurethatthenewenergyvehiclesandICEvehiclesarebothupgraded.
Secondly,wewillinsistondoublepromotionindomesticandinternationalmarkets.Two-thirdsoftheglobalautomobilemarketliesoverseas,andChina'sautomobileindustryisacceleratingtogooverseasinallaspects.Basedonthis,thecompanywillputglobalizationinamoreimportantstrategicpositiononthebasisofstabilizingthedomesticbase.
(2)Upgradethe“onemajorrelationship”—partnership
Competitionintheautomobilemarkethasbecomemoreintense.Inordertoobtainbetterdevelopment,bysharingresourcesandcomplementingadvantageswitheachother,wewillworkwithdealers,suppliersanduserstomaintainapartnershipfeaturing“risk-sharing,valueco-creationandbenefit-sharing”andgohandinhandtoseekabetterfuture.
(3)Realizethe“fivenewleaps”
First,wewillunswervinglytakethestrategyastheguidetorealizethenewleapintransformationandupgrading.Second,wewillunswervinglyoptimizetheproductlayouttorealizethenewleapinbrandenhancement.Third,wewillunswervinglystrengthenthescientificandtechnologicalinnovationtorealizethenewleapintechnologicalleadership.Fourth,wewillunswervinglybuildtheindustrialecosystemtorealizethenewleapinwin-windevelopment.Fifth,wewillunswervinglypromotethecustomermanagementtorealizethenewleapinserviceexperience.
3.OperationPlan
Changan’sactualsalesof2,553,052vehiclesin2023reachedtheBoard’starget.Changan’sBoardofDirectorsbusinessobjectivefor2024istostrivetoachieveproductionandsalesofover2.65millionvehicles.ChanganwillcontinuetofollowtheguidanceofXiJinpingThoughtonSocialismwithChineseCharacteristicsintheNewEra,fullyimplementthespiritofthe20thCPCNationalCongressandthe2ndPlenarySessionofthe20thCPCCentralCommittee,adheretothegeneralprincipleofseekingprogresswhilemaintainingstability,andmakeeveryefforttoachievetheproductionandoperationtargetsfor2024withthekeywordsof“strategicleadership,systemicchange,extremeefficiencyandinnovativebreakthrough”.Wewillfocusonthefollowingtasks:First,strengthenPartybuilding,andguaranteehigh-qualitydevelopmentwithhigh-qualityPartybuilding.Second,promoteChanganAutomobile’sthirdbusinessventure-InnovationandEntrepreneurshipProgramVersion7.0,andacceleratethetransformationtoanintelligentlow-carbonmobilitytechnologycompany.Third,adheretothecustomer-centeredapproach,andcontinuetocreateblockbusterproducts.Fourth,adheretothesystematicchangetoacceleratetheconstructionofinnovationsystemcapacity.Fifth,strengthenresourceintegrationandenhanceoperationalcapacity.Sixth,adheretothetwo-wayempowerment,createanewtypeofcooperationmodel,andmakeeveryefforttoensurethesustainabledevelopmentofjointventures.Seventh,adheretoreformandinnovation,andorderlypushforwardtheorganizationalchange,talentmanagement,andmechanisminnovation.Eighth,adheretothebottom-linethinking,buildasolidbottomlineoftheredline,andguardagainstandresolvemajorrisks.Ninth,carryoutin-depthpracticeoftheleadingculture,andbuildcultureasthecorecompetitiveness.
4.CapitalExpenditurePlanfor2024
Inordertoachievethestrategicgoalsofthecompany,theinvestmentplanofthecompanyanditsholdingsubsidiariesin2024isRMB10,721.2million,includingRMB4,580.26millionfixedassetsinvestmentandRMB6,140.94millionequityinvestment.Fixedassetsinvestmentmainlyfocusesontheadjustmentofnewenergyproductioncapacitystructure,investmentinR&Dcapability,investmentinnewenergyproducts,anddigitaltransformation,deepeningthelayoutofnewenergyindustry,acceleratingthepaceof
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
newenergyproductinvestment,andcontinuouslyimprovingdigitalandR&Dcapabilities.Equityinvestmentmainlysupportsthedevelopmentofindependentbrands,expandsoverseasmarkets,promotestheconstructionofintelligentcapabilities,andacceleratesthedeepeningdevelopmentofthenewenergyindustrychain.Thecompanywillresearchanddevelopvariouschannelsoffundraisingandfundutilizationplansbasedonprojectprogress,combinedwithoperatingandfinancingenvironmentconditions,toimprovefundutilizationefficiencyandreducefundcosts.
5.PossibleRisks
(1)SupplychainstabilityriskTheworld’spoliticalandeconomicinstabilityanduncertaintyhaveincreased,andtheglobalindustrialchainsupplychainisfacingreconstruction.Theautomotiveindustry,withitslongindustrialchainandtypicalglobalizeddivisionoflabor,maystillfacesupplychainrisksinthecurrentenvironment.Countermeasures:First,bycombiningtherelevantpoliciesofpromotingtheconstructionofamodernizedindustrialsystemwithtechnologicalinnovationatthenationallevel,wewillincreasetheindependentdevelopmentofkeycorecomponents,continuouslyadvancethetechnologicalresearchofkeycorecomponents,andpromotedomesticsubstitution.Second,wewillcontinuouslystrengthenthecooperationbetweenenterprisesupstreamanddownstreamoftheindustrialchain,andreducetheriskofsupplyfluctuationsthroughlong-termagreementsandreservingriskycomponents.
(2)OverseasbusinessrisksAsChina’spositionintheglobalindustrialchaincontinuestorise,China’sautomobileindustryhasaccelerateditsoverseasexpansion,andhasbeengraduallylayingoutbyregionandstepinmanyaspectsincludingresearch,production,supply,salesandshipment.Withfierceandcomplexinternationalcompetitionandprofoundchangesininternationaleconomicandtraderules,Chineseenterprisesarefacingmorechallengesingoingoutfordevelopment.MoreandmoreChineseenterpriseshaveencounteredinvestigationsandlawsuitsagainstanti-monopoly,anti-subsidy,infringementoftradesecretsandcommercialbriberyoverseas.
Countermeasures:ThecompanywillunswervinglypushforwardtheVastOceanPlananddeeplyparticipateininternationalcompetition.Inparticipatinginoverseasmarketcompetition,thecompanyhasformulatedaperfectcompliancemanagementsystem,adheredtothebottomlineandredlineofoperation,andmetthecompliancerequirementsofthetargetmarketinallaspectssuchasinvestment,products,partsandcomponents,andregulations,etc.Meanwhile,thecompanyhasalsoformedacomprehensivetrackingandresearchmechanismfortheinternationalmarketintermsofpolitics,economy,society,environment,andregulationsonadaily,weekly,andmonthlybasisinordertocontroltherisksofoverseasoperationtothemaximumextentpossible.
XII.ReceptionResearch,Communication,InterviewsandOtherActivitiesduringtheReportingPeriod
√Applicable□Notapplicable
| Date | Receptionplace | ResearchType | TypeofResearchObject | Index |
| February1st,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheFebruary2nd,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:February1st,2023investorrelationsactivitiesrecordsheet. |
| March3rd,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheMarch7th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:March3rd,2023investorrelationsactivitiesrecordsheet. |
| March16th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheMarch20th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:March16th,2023investorrelationsactivitiesrecordsheet. |
| May8th,2023 | Online | Panoramicroadshow | Allinvestors | Fordetails,seetheMay10th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:May8th,2023investorrelationsactivitiesrecordsheet. |
| May12th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheMay16th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:May12th,2023investorrelationsactivitiesrecordsheet. |
| May17th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheMay19th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:May17th,2023investorrelationsactivitiesrecordsheet. |
| May30th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJune1st,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:May30th,2023investorrelationsactivitiesrecordsheet. |
| June14th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJune17th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:June14th,2023investorrelationsactivitiesrecordsheet. |
| June28th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJune29th,2023Shenzhenstockexchange |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| interactive(http://irm.cninfo.com.cn)ontheChanganAutomobile:June28th,2023investorrelationsactivitiesrecordsheet. | ||||
| June29th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJune29th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:June29th,2023investorrelationsactivitiesrecordsheet. |
| July12th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJuly13th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:July12th,2023investorrelationsactivitiesrecordsheet. |
| July13th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJuly13th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:July13th,2023investorrelationsactivitiesrecordsheet. |
| July19th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJuly19th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:July19th,2023investorrelationsactivitiesrecordsheet. |
| July20th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJuly21st,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:July20th,2023investorrelationsactivitiesrecordsheet. |
| July21st,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheJuly21st,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:July21st,2023investorrelationsactivitiesrecordsheet. |
| August31th,2023 | Online | PanoramicRoadshowand"EnteringFinance" | Allinvestors | Fordetails,seetheAugust31th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:August31th,2023investorrelationsactivitiesrecordsheet. |
| September5th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheSeptember5th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:September5th,2023investorrelationsactivitiesrecordsheet. |
| September13th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheSeptember13th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:September13th,2023investorrelationsactivitiesrecordsheet. |
| September15th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheSeptember15th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:September15th,2023investorrelationsactivitiesrecordsheet. |
| September20th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheSeptember20th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:September20th,2023investorrelationsactivitiesrecordsheet. |
| September21st,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheSeptember21st,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:September21st,2023investorrelationsactivitiesrecordsheet. |
| September26,th2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheSeptember26th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:September26th,2023investorrelationsactivitiesrecordsheet. |
| October11th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheOctober11th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October11th,2023investorrelationsactivitiesrecordsheet. |
| October18th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheOctober18th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October18th,2023investorrelationsactivitiesrecordsheet. |
| October19th,2023 | Online | InteractiveEasyCloudInterview | Allinvestors | Fordetails,seetheOctober19th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October19th,2023investorrelationsactivitiesrecordsheet. |
| October25th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheOctober25th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October25th,2023investorrelationsactivitiesrecordsheet. |
| October26th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheOctober26th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October26th,2023investorrelationsactivitiesrecordsheet. |
| October27th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheOctober27th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October27th,2023investorrelationsactivitiesrecordsheet. |
| October31th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheOctober31st,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October31th,2023investorrelationsactivitiesrecordsheet(I). |
| October31th,2023 | Online | InteractiveEasyCloudInterview | Allinvestors | Fordetails,seetheOctober31th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:October31th,2023investorrelationsactivitiesrecordsheet(II).. |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| November1st,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember1st,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November1st,2023investorrelationsactivitiesrecordsheet. |
| November2nd,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember2nd,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November2nd,2023investorrelationsactivitiesrecordsheet. |
| November6th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember6th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November6th,2023investorrelationsactivitiesrecordsheet. |
| November7th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember7th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November7th,2023investorrelationsactivitiesrecordsheet. |
| November9th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember9th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November9th,2023investorrelationsactivitiesrecordsheet. |
| November10th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember10th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November10th,2023investorrelationsactivitiesrecordsheet. |
| November13th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember13th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November13th,2023investorrelationsactivitiesrecordsheet. |
| November14th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember14th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November14th,2023investorrelationsactivitiesrecordsheet. |
| November15th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember15th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November15th,2023investorrelationsactivitiesrecordsheet. |
| November16th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember16th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November16th,2023investorrelationsactivitiesrecordsheet. |
| November20th2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember20th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November20th2023investorrelationsactivitiesrecordsheet. |
| November23rd,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember23rd,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November23rd,2023investorrelationsactivitiesrecordsheet. |
| November24th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember24th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November24th,2023investorrelationsactivitiesrecordsheet. |
| November27th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember27th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November27th,2023investorrelationsactivitiesrecordsheet. |
| November28th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember28th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November28th,2023investorrelationsactivitiesrecordsheet. |
| November29th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember29th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November29th,2023investorrelationsactivitiesrecordsheet. |
| November30th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheNovember30th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:November30th,2023investorrelationsactivitiesrecordsheet. |
| December1st,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember1st,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December1st,2023investorrelationsactivitiesrecordsheet. |
| December5th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember5th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December5th,2023investorrelationsactivitiesrecordsheet. |
| December11th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember11th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December11th,2023investorrelationsactivitiesrecordsheet. |
| December12th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember12th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December12th,2023investorrelationsactivitiesrecordsheet. |
| December14th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember14th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December14th,2023investorrelationsactivitiesrecordsheet. |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| December15th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember15th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December15th,2023investorrelationsactivitiesrecordsheet. |
| December21st,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember22nd,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December21st,2023investorrelationsactivitiesrecordsheet. |
| December26th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember27th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December26th,2023investorrelationsactivitiesrecordsheet. |
| December28th,2023 | Chongqing | Fieldresearch | Institution | Fordetails,seetheDecember29th,2023Shenzhenstockexchangeinteractive(http://irm.cninfo.com.cn)ontheChanganAutomobile:December28th,2023investorrelationsactivitiesrecordsheet. |
XIIIImplementationofthe“ParallelImprovementofQualityandReturn”Initiative
Whetherthecompanyhasdisclosedthe“ParallelImprovementofQualityandReturn”Initiative.
√Yes□NoInordertoimplementtheguidingideologyof"revitalizingthecapitalmarketandboostinginvestorconfidence"proposedbythePolitburomeetingoftheCommunistPartyofChinaCentralCommittee,betterplaythe"threeroles"ofcentralenterprisesinscientificandtechnologicalinnovation,industrialcontrol,andsecuritysupport,safeguardtheinterestsofallshareholders,enhanceinvestorconfidence,andpromotethelong-termhealthyandsustainabledevelopmentofthecompany,thecompanyhasformulatedthe"dualimprovementofqualityandreturn"actionplan.Thespecificmeasuresincludefirmlyguidingthestrategytoacceleratethetransformationintoanintelligentlow-carbontraveltechnologycompany,improvingthestandardoperationlevelofcorporategovernance,strengtheninginformationdisclosuretoenhancetransparency,andvaluingshareholderreturnstoimproveinvestorsatisfaction.Forspecificdetails,pleaserefertothe"AnnouncementontheActionPlanfor"DoubleImprovementofQualityandReturn"(AnnouncementNo.2024-13)disclosedbythecompanyonMarch7th,2024ontheJuchaoInformationNetwork(www.cninfo.com.cn).
InaccordancewiththeprovisionsoftheCompanyLawandtheArticlesofAssociationregardingprofitdistributionpolicies,combinedwiththeactualsituationanddevelopmentneedsofthecompany,andinordertofullyrepayshareholders,thecompany'sprofitdistributionplanfor2023isasfollows:basedonthetotalsharecapitalof9,917,289,033shares,acashdividendofRMB3.43(includingtax)willbedistributedtoallshareholdersforevery10shares.ThecompanyplanstodistributeatotalofRMB3,401,630,138.32(includingtax)incash,accountingfor30.03%ofthenetprofitattributabletoshareholdersofthelistedcompanyintheconsolidatedfinancialstatementsforthisyear.Nobonusshareswillbeissued,andnosharecapitalwillbeconvertedfromreservefunds.Thecashdividendamountforthisyearincreasedby45.31%year-on-year,fullysharingthecompany'sdevelopmentachievementswithinvestors.
Thecompanyisscheduledtoholdthe2023annualperformancebriefingonApril19th,2024(Friday)from3:00pmto5:00pmthroughthe"Chang'anAutomobileVideoAccount","PanoramicRoadshow",and"JinmenFinance".Investorsarewelcometoactivelyparticipate.`
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter4CorporateGovernance
I.TheBasicSituationofCorporateGovernance
Duringthereportingperiod,thecompanycontinuouslyimproveditscorporategovernancestructure,establishedandimproveditsinternalmanagementandcontrolsystem,andcontinuouslypromotedtheimprovementofthecompany'sstandardizedoperationlevelinstrictaccordancewiththerequirementsoftheCompanyLaw,theSecuritiesLaw,andtherelevantregulatorydocumentsoftheChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange.TheactualsituationofcorporategovernanceofthecompanymeetstherequirementsoftheregulatorydocumentsoftheChinaSecuritiesRegulatoryCommissiononlistedcompanygovernance.Duringthereportingperiod,accordingtothenewnormativedocumentsissuedbytheChinaSecuritiesRegulatoryCommissionandtheShenzhenStockExchange,thecompanyimprovedaseriesofstandardizedmanagementsystemssuchastheArticlesofAssociation,theRulesofProcedureoftheGeneralMeetingofShareholders,theRulesofProcedureoftheBoardofDirectors,theRulesofProcedureoftheBoardofSupervisors,andtheMeasuresfortheAdministrationofAuthorizationoftheBoardofDirectors,continuouslyoptimizedtheconstructionofcorporategovernance-relatedsystemsandmanagementprocesses,promotedtheimplementationinanorderlymanner,andstrivedtoimprovethecompany'sdecision-makingefficiencyandgovernanceeffectiveness.Implementthereformoftheindependentdirectorsystemoflistedcompanies,revisetheworksystemforindependentdirectorsandtheworkrulesoftheauditcommitteeinaccordancewiththeMeasuresfortheAdministrationofIndependentDirectorsofListedCompaniesissuedbytheChinaSecuritiesRegulatoryCommission,andformulatetheworkrulesforspecialmeetingsofindependentdirectors,soastoprovideinstitutionalsupportforindependentdirectorstoplaytheroleofparticipationindecision-making,supervision,checksandbalances,andprofessionalconsultationintheboardofdirectors.In2023,inaccordancewiththeprovisionsoftheArticlesofAssociation,thecompanywillholdatimelygeneralelection,establishtheninthboardofdirectorstocompletetheselectionandappointmentofthechairman,seniormanagementandsecretaryoftheboardofdirectors.Takingthere-electionoftheboardofdirectorsasanopportunity,thecompositionofthespecialcommitteeundertheboardofdirectorswasoptimized,thenominationfunctionwasadded,theremunerationandappraisalcommitteewaschangedtothenominationandremunerationappraisalcommittee,andthedivisionofresponsibilitiesandjobrequirementsofeachspecialcommitteeweresystematicallyintegrated,andthecompositionandmainresponsibilitiesofthespecialcommitteewereimproved.Thecompanyhasestablishedaneffectiveinternalcontrolsystemoverthefinancialreport.Accordingtocompany’soperationandmanagementcharacteristics,thecompanystrictlyimplementedthe“EnterpriseAccountingStandards”,improvedthebasicaccountingmanagement,establishedasoundfinancialsystem,optimizedaccountingandstatementspreparationprocess,strengthenedthefinancialsupervision,conductedthein-depthimplementationoffinancialmanagement,establishedthemanagementfoundationwork,accountingandfinancemanagementauthorization,themonetaryfundmanagement,financing,purchasingandpayment,fixedassets,projectsunderconstruction,accountingpolicy,accountingestimate,consolidatedfinancialstatements,costmanagement,inventorymanagement,financialanalysisandotherfinancialmanagementsystemtoensurethequalityofaccountinginformationandthesafetyoftheCompanyproperty.Accordingtointernalcontroldeficienciesidentifiedstandardsofthefinancialreport,thereisnointernalcontroldefectsoverfinancialreportinginthereportperiod.Thefulltextoftheinternalcontrolself-evaluationreportispublishedonhttp://www.cninfo.com.cnonApril18th,2024.Whethertherearedifferencesbetweencorporategovernanceandtherelatedrequirementsof“CompanyLaw”andChinaCSRC.
□Yes√NoThereisnodifferencebetweencorporategovernanceandtherelatedrequirementsof“CompanyLaw”andChinaCSRC.
II.TheIndependenceoftheCompanyinTermsofAssets,Personnel,Finance,OrganizationAndBusinessRelativetoControllingShareholdersandActualControllers
TheCompanyiscompletelyindependentfromthecontrollingshareholdersandactualcontrollersintermsofbusiness,assets,personnel,institutionsandfinance.
1.Business:ThebusinessofChanganAutoisindependentofcontrollingshareholdersandactualcontrollers.Itmakesindependentdecisions,operatesindependentlyandisresponsibleforitsownprofitsandlosses.Ithasacompletebusinessandindustrialsystemincludingprocurement,production,salesandresearchanddevelopment.ThecontrollingshareholdersandactualcontrollersdonotdirectlyorindirectlyinterfereintheproductionandbusinessactivitiesofChanganAuto.
2.Personnel:Thecontrollingshareholderandtheactualcontrollerarecompletelyindependentfromthepersonnel,laborandpersonnelofChanganAuto.Theyhaveindependentstaffteams,completelabormanagement,performanceappraisalandothersystemsandsalarysystems,andindependentlysigntheLaborContractwithemployeesaccordingtolaw.
3.Assets:TheassetsofcontrollingshareholdersandactualcontrollersarestrictlyseparatedfromChanganAuto,andthepropertyrightsareclearlydefined.ThereisnodirectorindirectinterferenceintheproductionandoperationofChanganAuto.ChanganAutohasindependentproductionsystem,auxiliaryproductionsystem,supportingfacilities,landuserightsandotherassets,legallyownsland,realestate,machineryandequipment,trademarksrelatedtoproductionandoperation,andhasanindependentraw
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
materialprocurementandproductsalessystem.
4.Organization:Thecontrollingshareholder,theactualcontrollerandChanganAutohaveindependentproduction,operationandofficeplaces.Thereisnomixedoperation.
5.Finance:Thecontrollingshareholder,theactualcontrollerandChanganAutohaveindependentfinanceandaccountingdepartmentswithindependentfinanceandaccountingpersonnel,andhaveestablishedindependentaccountingsystemandfinancialmanagementsystem.Theymakefinancialdecisionsindependently,openbankaccountsandpaytaxesindependently,anddonotsharebankaccounts.ChanganAutohandlestaxregistrationindependentlyandpaystaxindependentlyaccordingtolaw.Ⅲ.CompetitionSituation
□Applicable√Notapplicable
IV.AnnualShareholdersMeetingandExtraordinaryGeneralMeetingduringtheReportingPeriod
1.Shareholdersmeetingduringthereportingperiod
| MeetingSession | Type | Investors’participationRatio | OpeningTime | DisclosureTime | ResolutionIndex |
| 2022AnnualShareholdersMeeting | Annual | 50.620% | June28th,2023 | June29th,2023 | http//www.cninfo.com.cn2022AnnualShareholdersMeetingResolutionAnnouncement(AnnouncementNumber:2023-26) |
| 2023TheFirstExtraordinaryGeneralMeeting | EGM | 40.107% | July27th,2023 | July28th,2023 | http//www.cninfo.com.cn2023TheFirstExtraordinaryGeneralMeetingResolutionAnnouncement(AnnouncementNumber:2023-49) |
| 2023TheSecondExtraordinaryGeneralMeeting | EGM | 39.109% | September15th,2023 | September16th,2023 | http//www.cninfo.com.cn2023TheSecondExtraordinaryGeneralMeetingResolutionAnnouncement(AnnouncementNumber:2023-66) |
2.Theshareholdersofpreferredshareswithvotingrightrestoredrequesttoconveneanextraordinarygeneralmeeting
□Applicable√Notapplicable
V.Directors,SupervisorsandSeniorManagementPersonnel
1.Basicinformation
| Name | Gender | Age | Position | Appointmentstatus | Startdate | Enddate | Sharesheldatbeginningofreportingperiod(share） | Sharevolumeincreasedinthereportingperiod（share） | Sharevolumedecreasedinthereportingperiod（share） | Otherincrease/decrease(share) | Sharesheldattheendofreportingperiod（share) | Reasonsfortheincrease/decreaseinshares |
| ZhuHuarong | M | 58 | Chairman,SecretaryofthePartyCommittee | Incumbent | 2020-06-22 | 2026-07-27 | 500,864 | 500,864 | ||||
| DengWei | M | 52 | Director | Incumbent | 2023-09-15 | 2026-07-27 | ||||||
| ShiYaoxiang | M | 43 | Director | Incumbent | 2024-01-30 | 2026-07-27 | ||||||
| JiaLishan | M | 53 | Director | Incumbe | 2023-07 | 2026-07 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| nt | -27 | -27 | |||||||||
| ZhaoFei | M | 49 | Director | Incumbent | 2023-07-27 | 2026-07-27 | 353,080 | 353,080 | |||
| WangJun | M | 51 | Director,PresidentandDeputyPartySecretary | Incumbent | 2020-06-22 | 2026-07-27 | 364,000 | 364,000 | |||
| ZhangDeyong | M | 48 | Director,CFO,SecretaryoftheBoardofDirectors | Incumbent | 2020-06-22 | 2026-07-27 | 353,080 | 353,080 | |||
| CaoXingquan | M | 52 | IndependentDirector | Incumbent | 2020-06-22 | 2026-07-27 | |||||
| YangXinmin | M | 63 | IndependentDirector | Incumbent | 2021-09-17 | 2026-07-27 | 0 | 30,000 | 30,000 | Personalreasons | |
| LiKeqiang | M | 60 | IndependentDirector | Incumbent | 2022-06-15 | 2026-07-27 | |||||
| DingWei | M | 63 | IndependentDirector | Incumbent | 2022-06-15 | 2026-07-27 | |||||
| TangGuliang | M | 61 | IndependentDirector | Incumbent | 2022-06-15 | 2026-07-27 | |||||
| ZhangYing | M | 45 | IndependentDirector | Incumbent | 2022-06-15 | 2026-07-27 | |||||
| WenHong | M | 57 | ChairmanoftheSupervisoryBoard | Incumbent | 2023-07-27 | 2026-07-27 | |||||
| SunDahong | M | 57 | Supervisor | Incumbent | 2020-06-22 | 2026-07-27 | |||||
| ShiShengwei | M | 52 | EmployeeSupervisoryBoardMember | Incumbent | 2021-11-08 | 2026-07-27 | |||||
| LuoYan | F | 49 | EmployeeSupervisoryBoardMember | Incumbent | 2020-06-19 | 2026-07-27 | 0 | 500 | 500 | Personalreasons | |
| TanBenhong | M | 48 | DeputySecretaryofthePartyCommittee | Incumbent | 2023-10-24 | 2026-07-27 | 353,080 | 353,080 | |||
| PuXingchuan | M | 52 | SecretaryofDisciplineInspectionCommission | Incumbent | 2023-03-03 | 2026-07-27 | |||||
| YePei | M | 48 | ExecutiveVicePresident | Incumbent | 2020-07-13 | 2026-07-27 | 353,080 | 353,080 | |||
| ChenWei | M | 51 | ExecutiveVicePresident | Incumbent | 2023-07-13 | 2026-07-27 | 353,080 | 353,080 | |||
| LiMingcai | M | 42 | ExecutiveVicePresident | Incumbent | 2022-01-28 | 2026-07-27 | 353,080 | 353,080 | |||
| YangDayong | M | 49 | ExecutiveVicePresident | Incumbent | 2022-12-28 | 2026-07-27 | 252,200 | 252,200 | |||
| PengTao | M | 45 | ExecutiveVicePresident | Incumbent | 2022-12-28 | 2026-07-27 | 248,612 | 248,612 | |||
| KlausZyciora | M | 62 | VicePresident | Incumbent | 2023-10-07 | 2026-07-27 | |||||
| ZhangXiaoyu | M | 44 | ExecutiveVice | Incumbent | 2023-12-01 | 2026-07-27 | 248,612 | 248,612 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| President | |||||||||||
| WangXiaofei | M | 41 | VicePresident | Incumbent | 2022-01-12 | 2026-07-27 | 171,990 | 171,990 | |||
| WangHui | M | 42 | VicePresident | Incumbent | 2022-09-22 | 2026-07-27 | 171,990 | 171,990 | |||
| ZhangFatao | M | 41 | VicePresident | Incumbent | 2023-01-05 | 2026-07-27 | 248,612 | 248,612 | |||
| DengChenghao | M | 37 | VicePresident | Incumbent | 2023-12-01 | 2026-07-27 | |||||
| LiJun | F | 54 | SecretaryoftheBoard | Incumbent | 2020-07-13 | 2026-07-27 | 248,612 | 248,612 | |||
| HuaZhanbiao | M | 56 | SecretaryofDisciplineInspectionCommission | Outgoing | 2020-07-13 | 2023-03-03 | 353,080 | 353,080 | |||
| ZhouKaiquan | M | 50 | Director | Outgoing | 2021-09-17 | 2023-05-30 | |||||
| LianJian | M | 60 | ChairmanoftheSupervisoryBoard | Outgoing | 2021-09-17 | 2023-05-31 | |||||
| XianZhigang | M | 53 | Director | Outgoing | 2022-07-26 | 2023-07-27 | |||||
| LiuGang | M | 57 | Director | Outgoing | 2021-02-18 | 2023-07-27 | |||||
| RenXiaochang | M | 67 | IndependentDirector | Outgoing | 2020-06-22 | 2023-07-27 | |||||
| WeiXinjiang | M | 54 | IndependentDirector | Outgoing | 2020-06-22 | 2023-07-27 | |||||
| YuanMingxue | M | 55 | DeputySecretaryofthePartyCommittee | Outgoing | 2020-07-13 | 2023-10-24 | 364,000 | 364,000 | |||
| ZhangBo | M | 45 | Director | Outgoing | 2021-02-18 | 2023-12-26 | |||||
| Total | -- | -- | -- | -- | -- | -- | 5,291,052 | 30,500 | 5,321,552 | -- |
Whetherthereareanyoutgoingdirectorsandsupervisorsandthedismissalofseniormanagementpersonnelduringthereportingperiod
√Yes□NoSee“V.1.ChangesinDirectors,Supervisors,andSeniorManagementPersonnel”inChapter4.ChangesinDirectors,SupervisorsandSeniorManagementPersonnel
√Applicable□Notapplicable
| Name | Position | Type | Date | Reason |
| ZhangFatao | VicePresident | Appointed | January5th,2023 | Appointment |
| PuXingchuan | SecretaryofDisciplineInspectionCommission(SeniorManagementPersonnel) | Appointed | March3rd,2023 | Appointment |
| JiaLishan | Director | Elected | July27th,2023 | Appointment |
| ZhaoFei | Director | Elected | July27th,2023 | Appointment |
| WenHong | ChairmanoftheSupervisoryBoard | Elected | July27th,2023 | Appointment |
| DengWei | Director | Elected | September15th,2023 | Appointment |
| KlausZyciora | VicePresident | Appointed | October7th,2023 | Appointment |
| TanBenhong | DeputySecretaryofthePartyCommittee(SeniorManagementPersonnel) | Appointed | October24th,2023 | Appointment |
| ZhangXiaoyu | ExecutiveVicePresident | Appointed | December1st,2023 | Appointment |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| DengChenghao | VicePresident | Appointed | December1st,2023 | Appointment |
| ShiYaoxiang | Director | Elected | January30th,2024 | Appointment |
| HuaZhanbiao | SecretaryofDisciplineInspectionCommission(SeniorManagementPersonnel) | DismissalfromEmployment | March3rd,2023 | Jobchange |
| ZhouKaiquan | Director | Outgoing | May30th,2023 | Jobchange |
| LianJian | ChairmanoftheSupervisoryBoard | Outgoing | May31th,2023 | Reachingthestatutoryretirementage |
| XianZhigang | Director | Outgoing | July27th,2023 | Generalelection |
| LiuGang | Director | Outgoing | July27th,2023 | Generalelection |
| RenXiaochang | IndependentDirector | Leaveofficeuponexpirationofterm | July27th,2023 | Leavingofficeafter6yearsoftenure |
| WeiXinjiang | IndependentDirector | Leaveofficeuponexpirationofterm | July27th,2023 | Leavingofficeafter6yearsoftenure |
| YuanMingxue | DeputySecretaryofthePartyCommittee(SeniorManagementPersonnel) | DismissalfromEmployment | October24th,2023 | Jobchange |
| TanBenhong | ExecutiveVicePresident | DismissalfromEmployment | October24th,2023 | Jobchange |
| ZhangXiaoyu | VicePresident | DismissalfromEmployment | December1st,2023 | Jobchange |
| ZhangBo | Director | Outgoing | December26th,2023 | Jobchange |
2.Incumbency
Professionalbackground,workexperienceanddutiesandresponsibilitiesofincumbentDirectors,SupervisorsandSeniorManagerPersonnel
(1)Directors
Mr.ZhuHuarong,ChairmanandPartySecretary,ChairmanofChanganFordMotorCo.,Ltd.,ChairmanofAvtarTechnology(Chongqing)Co.,Ltd.,andDirectorofNanchangJianglingInvestmentCo.,Ltd.Bornin1965,holdsamaster'sdegreeandisaseniorengineer.FormerlyservedastheDeputyDirectoroftheTechnologyDepartment,ChiefEngineeroftheAutomobileManufacturingPlant,AssistanttothePresidentandDirectoroftheTechnologyCenter,DirectoroftheScienceandTechnologyCommittee,DeputyGeneralManageroftheCompany,DeanoftheEngineeringResearchInstitute,VicePresidentandPartySecretaryofChanganAutomobile,DeputySecretaryofthePartyCommitteeofChanganAutomobile,PresidentofChanganAutomobile,andDirectorofChinaChanganAutomobileGroup.
Mr.DengWei,Director.Bornin1971,holdsamaster'sdegreeandisaseniorengineer.ThecurrentDirectorofStrategicDevelopmentDepartmentofChinaOrdnanceEquipmentGroup,ExecutiveDirectorofChinaOrdnanceEquipmentGroupInformationCenterCo.,Ltd.,concurrentlyservingasChairmanofFujianChenguangQimingTechnologyCo.,Ltd.,andChairmanofChinaOrdnanceEquipmentGroupFuzhouUniversityAdvancedTechnologyInnovationResearchInstitute.FormerlyservedastheDeputyDirectoroftheDevelopmentPlanningDepartment,DeputyDirectoroftheStrategicDevelopmentDepartment,andDirectoroftheScienceandTechnologyInformationTechnologyDepartmentoftheOrdnanceEquipmentGroup.HewasalsoamemberoftheStandingCommitteeandDeputyGovernoroftheHongheHaniandYiAutonomousPrefectureinYunnanProvince,adirectorofChongqingChang'anWangjiangIndustrialGroupCo.,Ltd.,andadirectorofXi'anKunlunIndustrial(Group)Co.,Ltd.
Mr.ShiYaoxiang,Director.Bornin1980,holdsamaster'sdegreeandisasenioraccountant.ThecurrentDirectorofFinanceDepartmentofOrdnanceEquipmentGroup,DirectorofSouthernIndustrialAssetManagementCo.,Ltd.,andDirectorofFinanceCo.,Ltd.ofOrdnanceEquipmentGroup.FormerlyservedasadirectorandchiefaccountantofSichuanHuachuanIndustryCo.,Ltd.,directorandchiefaccountantofChanganIndustry,chiefaccountantofChongqingChanganWangjiangIndustrialGroupCo.,Ltd.,deputydirectorofthefinancedepartmentofOrdnanceEquipmentGroup,anddirector,generalmanager,anddeputypartysecretaryofSouthernIndustrialAssetManagementCo.,Ltd.
Mr.JiaLishan,Director.Bornin1970,holdsaPhDandisaseniorengineer.ThecurrentDirectorofIndustryPromotionDepartmentofOrdnanceEquipmentGroupandChairmanofJinanQingqiSuzukiMotorcycleCo.,Ltd.FormerlyservedastheDirectoroftheIndustrialDevelopmentDepartment,DirectoroftheComprehensiveOffice,andDeputyDirectoroftheDevelopmentPlanningDepartmentoftheOptoelectronicsDepartmentoftheOrdnanceEquipmentGroup,ChairmanandPartySecretaryofChongqingDajiangIndustryCo.,Ltd.,andDeputyDirectoroftheIndustrialPromotionDepartmentoftheOrdnanceEquipmentGroup.
Mr.ZhaoFei,Director.Bornin1974,holdsamaster'sdegreeandisaseniorengineer.ThecurrentChairmanandPartySecretaryofChinaChanganAutomobileGroupCo.,Ltd.FormerlyservedastheDirectoroftheEngineTechnologyInstituteand
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
DeputyFactoryDirectoroftheEngineFourthFactoryofChanganAutomobileResearchInstitute,DeputyGeneralManageroftheScienceandTechnologyDevelopmentDepartmentofChinaChanganGroup,DirectorandGeneralManagerofHarbinDonganAutomobileEngineManufacturingCo.,Ltd.,PartySecretaryandChairman,AssistanttothePresidentandMinisterofStrategicPlanningDepartmentandPartyBranchSecretaryofChanganAutomobile,VicePresidentandExecutiveVicePresidentofthecompany,PartySecretaryandExecutiveVicePresidentofChanganFord,andPresidentandDeputyPartySecretaryofChinaChanganAutomobileGroup.Mr.WangJun,Director,President,andDeputySecretaryofthePartyCommittee,ExecutiveDirectorandGeneralManagerofChongqingChanganTechnologyCo.,Ltd.,ChairmanofDeepalAutomotiveTechnologyCo.,Ltd.,DirectorofChanganFordAutomobileCo.,Ltd.,ChairmanofChanganMazdaAutomobileCo.,Ltd.,ChairmanofChanganMazdaEngineCo.,Ltd.,andChairmanofEraChanganPowerBatteryCo.,Ltd.Bornin1972,holdsamaster'sdegreeandisaseniorengineer.FormerlyservedasVicePresidentandDirectorofProductPlanningDepartmentofChanganAutomobileEngineeringResearchInstitute,ManagerofProductManagementDepartmentandDirectorofMarketingDepartmentofSalesCo.,Ltd.,AssistanttoChanganAutomobilePresidentandGeneralManagerofSalesCo.,Ltd.,SecretaryofthePartyCommitteeandGeneralManagerofCommercialVehicleBusinessUnit,ExecutiveVicePresidentofthecompany,representativeoftheintegrationofindustrializationandindustrializationmanagement,ChairmanoftheTradeUnion,andPresidentofChanganAutomobileUniversity.
Mr.ZhangDeyong,Director,ChiefAccountant,BoardSecretary,DirectorofChanganFordMotorCo.,Ltd.,DirectorofNanchangJianglingInvestmentCo.,Ltd.,DirectorofChanganAutomobileFinanceCo.,Ltd.,andDirectorofOrdnanceEquipmentGroupFinanceCo.,Ltd.Bornin1975,MasterofAccounting(MPAcc),SeniorAccountant.FormerlyservedastheDirectorandAssistantDirectoroftheFinanceDepartmentoftheAutomationResearchInstituteoftheOrdnanceEquipmentGroup,DeputyDirectoroftheFinanceDepartmentoftheFinanceDepartmentoftheOrdnanceEquipmentGroup(onsecondment),Director,ChiefAccountant,andPartyCommitteeMemberofChongqingChangjiangElectricCo.,Ltd.,DeputyDirectoroftheFinanceDepartmentoftheOrdnanceEquipmentGroup(onsecondment),Director,ChiefAccountant,andPartyCommitteeMemberofChanganIndustry,ExecutiveVicePresidentofChanganAutomobile,andGeneralLegalAdvisorofthecompany.
Mr.CaoXingquan,independentdirector.Bornin1971,withaDoctorofLawsdegree.CurrentlyaprofessorattheSchoolofCivilandCommercialLawofSouthwestUniversityofPoliticalScienceandLaw,andadoctoralsupervisorinthefieldofcivilandcommerciallaw;AlsoservingasanindependentdirectorofConstructionIndustry(002265)andFulingElectricPower(600452).Having23yearsofexperienceinteachingandresearchingcivilandcommerciallaw,including20yearsofteachingatSouthwestUniversityofPoliticalScienceandLaw,focusingonresearchincommerciallaw,companylaw,securitieslaw,andinsurancelaw.Hehadledorparticipatedinmorethan20scientificresearchprojects,publishedmorethan60academicpapersinlaw,publishedacademicworks,andcoeditedmorethan10teachingmaterials.FormerlyservedasDeputyChiefJudgeoftheFourthCivilTrialDivisionoftheFirstIntermediatePeople'sCourtofChongqing,memberoftheCivilAdministrativeProcuratorateExpertCommitteeofthePeople'sProcuratorateofChongqing,andmemberoftheExpertAdvisoryCommitteeoftheFirstandFifthIntermediatePeople'sCourtsofChongqing.
Mr.YangXinmin,independentdirector.Bornin1960,withaPhDinAppliedMathematics.CurrentlyaprofessorattheSchoolofMathematicalSciences,ChongqingNormalUniversity,directoroftheChongqingNationalCenterforAppliedMathematics,anddirectoroftheKeyLaboratoryofOptimizationandControloftheMinistryofEducation;AlsoservingasadirectorofChongqingImmediateScienceandTechnologyDevelopmentFoundationandanindependentdirectorofConstructionIndustry(002265).Mainlyengagedinsystematicresearchinthefieldofoperationsresearch(mathematics),awardedthetitleofNationalExcellentScienceandTechnologyWorkerin2012,NationalOutstandingProfessionalandTechnicalTalentin2014,andelectedasanacademicianoftheInternationalAcademyofSystemsandControlSciencesin2016.Hostedover10projectsfundedbytheNationalNaturalScienceFoundationofChina,including1majorproject,2keyprojects,and1international(regional)project.Receivedmultipleawards,includingtheNationalNaturalScienceSecondPrize,theMinistryofEducationNaturalScienceFirstPrize,andtheChongqingSupremeScienceandTechnologyOutstandingContributionAward.FormerlyservedasViceChairmanoftheChineseMathematicalSocietyandViceChairmanoftheChineseSocietyofSystemsEngineering.
Mr.LiKeqiang,independentdirector.Bornin1963,withaPh.D.inAutomotiveEngineering.HeiscurrentlyaprofessoranddoctoralsupervisoroftheSchoolofVehiclesandTransportationofTsinghuaUniversity,directoroftheNationalKeyLaboratoryofIntelligentGreenVehiclesandTransportationofTsinghuaUniversity,andanacademicianoftheCAEMember;Healsoservesasanindependentdirectorofthelistedcompanynavinfo(002405)andthenonlistedcompanyGuangqiAianNewEnergyVehicleCo.,Ltd.FormerlyservedastheDirectoroftheDepartmentofAutomotiveEngineeringatTsinghuaUniversity.
Mr.DingWei,independentdirector.Bornin1960,withaBachelor'sdegreeinFinance.ThecurrentfounderandchairmanofXiamenBorunCapitalInvestmentManagementCo.,Ltd;AlsoservingasindependentdirectorsofGuotaiJunan(601211)andHengshengElectronics(600570).FormerlyservedasaneconomistanddepartmentheadattheWorldBankandInternationalMonetaryFund,PresidentofDeutscheBankChina,ChairmanoftheInvestmentBankingBusinessManagementCommitteeandHeadoftheInvestmentBankingDepartmentatChinaInternationalFinanceCorporation,memberoftheGlobalSeniorManagementCommitteeandGlobalInvestmentDecisionCommitteeatTemasek,concurrentlyservingasPresidentofChina,PresidentandChairmanofCICCCapitalOperationsLimited,andIndependentNonExecutiveDirectorofShenzhouCarRentalCo.,Ltd.
Mr.TangGuliang,independentdirector.Bornin1962,withaPhDinFinance.CurrentProfessorofFinanceattheSchoolofInternationalBusiness,UniversityofInternationalBusinessandEconomics;HealsoservesasanindependentdirectoroflistedcompaniesKyushuTong(600998)andFosunPharmaceuticals(600196),aswellasnonlistedcompaniesThreeGorgesCapitalCo.,Ltd.andChinaConstructionInvestmentLeasingCo.,Ltd.Mainlyengagedinteachingandresearchinmanagementaccountingandfinancialmanagement,withuniqueandinfluentialachievementsinbudgetmanagement,groupcontrol,performanceevaluation,financialstrategy,andcapitaloperation.Ihavepublished4monographsand40works,andhavepublishedover120papersinhigh-endacademicjournalssuchasAccountingReviewTARandManagementWorld.FormerlyservedasanindependentdirectorofcompaniessuchasMinmetalsDevelopment(600058),ChangjiangSecurities(000783),andGuangfengTechnology(688007).
Mr.ZhangYing,independentdirector.Bornin1978,withaPh.D.inManagement.CurrentProfessorandViceDeanof
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
GuanghuaSchoolofManagementatPekingUniversity;HealsoservesasanindependentdirectorofChinaFilm(600977)andMeinGene(06667.HK).Theresearchfocusesontheintersectionofpsychologyandeconomics,andexcelsinusingexperimentalanddatamethodstostudyhowindividualbehavioraldecisionsandsocialattitudesaffectcorporatestrategyandpolicyformulation.ReceivedawardssuchastheOutstandingYoungScholarAwardfromtheAmericanAcademyofMarketingSciencesandtheGlobalTopMarketingScholarAwardfromtheAmericanMarketingAssociation.HehasbeenselectedasoneoftheNationalYouthTopTalentsbytheOrganizationDepartmentoftheCPCCentralCommittee,awardedtheOutstandingYouthFundbytheNationalNaturalScienceFoundationofChina,andhonoredasaCulturalMasterand"FourFirstBatch"TalentbythePropagandaDepartmentoftheCPCCentralCommittee.FormerlytaughtattheUniversityofTexasintheUnitedStates.
2.SupervisorsMr.WenHong,ChairmanoftheSupervisoryBoard.Bornin1966,holdsamaster'sdegreeandisaseniorengineer.ThecurrentDeputyDirectorandSeniorManageroftheSouthwestRegionalDepartmentoftheWeaponEquipmentGroup.FormerlyservedastheDeputyDirectoroftheOfficeofChongqingConstructionIndustry(Group)Co.,Ltd.,DeputySecretaryofthePartyCommittee,SecretaryoftheDisciplineInspectionCommission,andDeputyGeneralManagerofChongqingConstructionMotorcycleCo.,Ltd.,DeputySecretaryofthePartyCommitteeandDeputyGeneralManagerofChongqingConstructionElectromechanicalCo.,Ltd.,ChairmanandPartySecretaryofBaodingTianweiBaobianCo.,Ltd.,andChairmanandGeneralManagerofBaodingElectricEquipmentCo.,Ltd.Mr.SunDahong,Supervisor.Bornin1966,master'sdegree,senioreconomist.Currently,heistheDeputyDirectorandSeniorProfessionaloftheAuditRiskControlandLegalDepartmentoftheWeaponEquipmentGroup.HehasservedastheDeputyDirectoroftheLegalDepartmentoftheGeneralOfficeoftheWeaponEquipmentGroup,theDeputyDirectorandDirectoroftheLegalAdvisoryOffice,theDirectoroftheLegalAffairsDepartment,theDirectoroftheSecurityandConfidentialityBureau,theDeputyDirectoroftheOffice,andtheDeputyDirectoroftheLegalDepartment.
Mr.ShiShengwei,EmployeeSupervisor.Bornin1971,bachelor’sdegree,politicalengineer.Currently,heistheDisciplineInspectionOfficeroftheSupervisionDivisionofChanganAutomobileDisciplineInspectionDepartment.HehasservedasaworkshopgroupandmachiningworkerinChanganCompany,amechanicinthefirstmachiningsectionoftheEngineBranch,apublicityofficerandofficedirectoroftheParty-MassesStudiooftheComprehensiveManagementDivisionoftheFourthFactory,adirectoroftheParty-MassesStudiooftheComprehensiveManagementDivisionofChanganAutomobileJiangbeiEngineFactory,adisciplineinspectionandsupervisionofficeroftheDisciplineInspectionDivisionoftheDisciplineInspectionandSupervisionDepartment,andamanageroftheChanganMazdaIntegrityEmploymentOffice.
Ms.LuoYan,employeesupervisor.Bornin1974,bachelor’sdegree,assistanteconomist.Currently,sheisthedirectoroftheJiangbeiBranchoftheSharedServiceCenterofChanganAutomobileHumanResourcesDepartment.Shehasservedasamaintenanceelectrician,engineeringsurveyor,labortechnologyquotaofficer,andplannerinWorkshop232oftheThirdFactoryofChanganCompany,aswellasthedirectoroftheEmployeeWelfareOfficeoftheSalaryManagementOfficeoftheHumanResourcesDepartmentofChanganAutomobile,andthedirectoroftheThirdOfficeofSalaryandWelfareManagement.
3.SeniorManagementotherthanDirectorsandSupervisors
Mr.TanBenhong,DeputySecretaryofthePartyCommittee,ChairmanoftheTradeUnion,andGeneralManagerofChanganLearningCenter.Bornin1975,holdsamaster'sdegreeandisaseniorengineer.FormerlyservedastheDirectoroftheTechnicalPlanningResearchInstituteofChanganAutomobileEngineeringResearchInstitute,DeputyChiefEngineerandDirectoroftheTechnicalPlanningResearchInstituteoftheAutomobileEngineeringResearchInstitute,VicePresidentofChanganAutomobileEngineeringResearchInstitute,PresidentofBeijingResearchInstitute,MinisterofMarketingDepartment,MinisterofBrandPublicRelationsDepartment,andMinisterofProductPlanningDepartment.AlsoservedastheExecutiveVicePresident,PartySecretary,CompanySpokesperson,GeneralManageroftheStylingDesignInstitute,ExecutiveVicePresidentofChanganAutomobileEngineeringResearchInstitute,andCEOofAvrtaTechnology(Chongqing)Co.,Ltd.
Mr.PuXingchuan,SecretaryoftheCommissionforDisciplineInspectionandDirectoroftheOfficeoftheLeadingGroupforInspectionWork.Bornin1971,master'sdegree,senioreconomist.HehasservedasDeputySecretaryofthePartyCommittee,SecretaryoftheDisciplineInspectionCommission,andChairmanoftheLaborUnionofChongqingQingshanIndustryCo.,Ltd.,DirectoroftheOfficeoftheSouthwestMilitaryIndustryBureau,SecretaryofthePartyCommittee,SecretaryoftheDisciplineInspectionCommission,andChairmanoftheLaborUnionofSouthwestOrdnanceIndustryCo.,Ltd.,Director,GeneralManager,andDeputySecretaryofthePartyCommitteeofWanyouAutomobileInvestmentCo.,Ltd.,andChairmanandSecretaryofthePartyCommitteeofSouthwestOrdnanceIndustryCo.,Ltd.
Mr.YePei,ExecutiveVicePresidentandGeneralManagerofChanganBrandBusinessUnit.Bornin1975,master'sdegree,engineer.HeusedtobetheassistanttothegeneralmanagerofChangan,Nanjing,thedeputydirectorofChanganAutomobileQualityDepartment,thedeputydirectorofthecompany'soffice,thegeneralmanagerandsecretaryofthepartycommitteeofChangan,Nanjing,thedeputygeneralmanagerofthecommercialvehiclebusinessdepartment,theassistanttothepresident,thedirectorofthestrategicplanningdepartment,thesecretaryofthepartybranchofthecompany,thegeneralmanagerandsecretaryofthepartycommitteeofthecarsalesbusinessdepartment,thegeneralmanagerandsecretaryofthepartycommitteeofthepassengervehiclemarketingbusinessdepartment,thevicepresidentofChanganAutomobile,thedirectorofthepassengervehicleoperationmanagementcommittee,andthedirectoroftheAuchanoperationmanagementcommittee.
Mr.ChenWei,ExecutiveVicePresident,GeneralLegalAdvisor,ChiefComplianceOfficer,DirectorofChanganFordMotorandDirectorofChinaChanganAutomobileGroup.Bornin1972,bachelor'sdegree,politicalengineer.HehasservedasDeputyFactoryDirector,FactoryDirector,andSecretaryofthePartyCommitteeofChanganAutomobileManufacturingFactory,VicePresidentofPersonnelandSecretaryoftheDisciplineInspectionCommissionofChanganFord,DirectoroftheLogisticsDepartmentofChanganAutomobileManufacturing,SecretaryofthePartyBranch,andOTDProjectDirectorofthecompany,GeneralManagerandSecretaryofthePartyCommitteeofBeijingChanganAutomobileCompany,DirectoroftheConstructionProjectofBeijingResearchInstitute,SecretaryofthePartyCommitteeofChongqingLingyaoAutomobileCo.,Ltd.,andVicePresidentandDeputyDirectorofPassengerVehicleManagementCommittee,DeputyDirectorofAuchanOperationManagement
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Committee.ofChanganAutomobile.
Mr.LiMingcai,ExecutiveVicePresidentandManagementRepresentativeoftheIntegrationofIndustrializationandUrbanization.Bornin1981,withamaster'sdegree.HehasservedasGeneralManagerAssistantandSalesRegionalManagerofChanganAutomobile'sOverseasBusinessDevelopmentDepartment,DeputyGeneralManagerofOverseasBusinessDevelopmentDepartment,GeneralManagerofInternationalCompanies,ExecutiveDeputyGeneralManagerofOverseasBusinessDevelopmentDepartment,ProjectDirectorofRussianJV,ManagerofBrazilProjectTeam,GeneralManagerofOverseasBusinessDepartment,GeneralLegalAdvisorand,VicePresidentofChanganAutomobile.
Mr.YangDayong,ExecutiveVicePresident,Director,ExecutiveVicePresident,andPartySecretaryofChanganFordMotor,Chairman,President,andProductVicePresidentofChanganFordNewEnergyVehicleTechnologyCo.,Ltd.Bornin1974,withabachelor'sdegree.FormerlyservedasDeputyDirectorofChanganAutomobileMarketingDepartment,DeputyDirectorandMinisterofCommercialVehicleBusinessManagementDepartment,MinisterofBrandPublicRelationsDepartment,PartyBranchSecretary,andCompanyNewsSpokesperson,SeniorProjectDirectorofHighendAutomobileBrandProjectTeam,SeniorProjectDirectorofIntelligentIndustryDevelopmentProjectTeam,GeneralManagerandPartySecretaryofChanganNewEnergy,andVicePresidentofChanganAutomobile.
Mr.PengTao,ExecutiveVicePresident,ChairmanofChongqingChanganKaichengAutomotiveTechnologyCo.,Ltd.,ChairmanofChongqingChanganKuayueVehicleCo.,Ltd.,ChairmanofChongqingChanganKuayueVehicleMarketingCo.,Ltd.,DirectorofNanjingLingxingTechnologyCo.,Ltd.,DirectorandInvestmentCommitteeMemberofNanjingLingxingIndustryFundManagementCo.,Ltd.,andInvestmentDecisionCommitteeMemberofNanjingLingxingEquityInvestmentPartnershipEnterprise.Bornin1978,holdsabachelor'sdegreeandisaseniorengineer.FormerlyservedasViceMinister,ExecutiveViceGeneralManager,andPartyBranchSecretaryofChanganAutomobileProductPlanningDepartment,ExecutiveViceGeneralManager,GeneralManager,andPartyCommitteeSecretaryofPassengerVehicleMarketingBusinessUnit,andVicePresidentofChanganAutomobile.
Mr.KlausZyciora,VicePresident.Bornin1961,German.Formerlyservedasinteriordesigner,exteriordirector,anddesignleaderforVolkswagen,aswellasdesignleaderforVolkswagenGroup.
Mr.ZhangXiaoyu,ExecutiveVicePresident,ChairmanoftheCompanyScienceandTechnologyAssociation,DirectoroftheNationalKeyLaboratoryofIntelligentVehicleSafetyTechnology,andChairmanofChongqingChangxianIntelligentTechnologyCo.,Ltd.Bornin1979,holdsaPhDandisaseniorengineer.FormerlyservedasDeputyGeneralManagerandGeneralManageroftheUKR&DCenteratChanganAutomotivePowerResearchInstitute,DeputyGeneralManagerofthePowerResearchInstitute,Directorofthecompany'sH13Tproject,DirectoroftheNEseriespowertrainproject,GeneralManagerofthePowerResearchInstitute,GeneralManageroftheProductDevelopmentDepartmentII,GeneralManagerofChanganForwardlookingTechnologyResearchInstitute,andVicePresidentofthecompany.
Mr.WangXiaofei,VicePresident.Bornin1982,bachelor’sdegree,engineer.HeusedtobetheDeputyDirectoroftheProductDepartmentofChanganCommercialVehicleBusinessUnit,theDeputyDirectoroftheProductDepartmentofAuchanAutomotiveBusinessUnit,theDeputyGeneralManagerandProductMarketingDirectorofPassengerVehicleMarketingBusinessUnit,theDeputyGeneralManagerofProductPlanningDepartment,andtheGeneralManagerofAuchanAutomotiveBusinessUnit.
Mr.WangHui,VicePresident,ChairmanofJianglingHoldingsCo.,Ltd.,andDirectorofChanganFordMotorCo.,Ltd.Bornin1981,withabachelor'sdegreeinengineering.FormerlyservedastheDirectoroftheNewBusinessCoordinationProjectGroupofChanganAutomobile,DirectoroftheCompanyOfficeandPartyBranchSecretary,ExecutiveVicePresidentandPartySecretaryofChanganEngine,HeadofChanganMazdaNewEnergyCooperationProject,ExecutiveVicePresidentandPartySecretaryofChanganMazda,GeneralManagerofOverseasBusinessDevelopmentDepartmentandGeneralManagerofSoutheastAsiaBusinessUnit.
Mr.ZhangFatao,VicePresident.Bornin1982,bachelor’sdegree,assistantengineer.HehasservedasDeputyDirectoroftheOfficeofChanganAutomobileCompany,GeneralManageroftheTechnologyandProjectManagementDepartment,SecretaryofthePartyBranch,ExecutiveViceChairmanoftheAssociationforScienceandTechnology,PDSProjectDirector,DirectoroftheCompany'sOffice,SecretaryofthePartyBranch,DirectorofthePartyCommitteeOffice,DirectoroftheBoardOffice,GeneralManageroftheHumanResourcesDepartment,DirectorofthePartyCommitteeOrganizationDepartment,andDirectoroftheTalentManagementDepartmentofChanganLearningCenter.
Mr.DengChenghao,VicePresident,GeneralManagerandPartySecretaryofDeepalAutomotiveTechnologyCo.,Ltd.Bornin1986,holdsaPhDandisaseniorengineer.FormerlyservedasAssistantGeneralManagerandDeputyGeneralManagerofPowerDevelopmentDepartmentofChongqingChanganNewEnergyVehicleTechnologyCo.,Ltd.,DirectorofC385EV-Eseriesproject,GeneralManagerandPartySecretaryofChongqingChanganNewEnergyVehicleTechnologyCo.,Ltd.
Ms.LiJun,SecretaryoftheBoardofDirectorsandSeniorExpertoftheBoardOffice.Bornin1969,MasterofBusinessAdministration,SeniorAccountant.ShehasservedastheDirectoroftheSecuritiesDivisionoftheFinanceDepartmentofChanganAutomobile,theDirectoroftheCapitalOperationsDivisionoftheFinanceDepartment,theDirectoroftheBoardofDirectorsOffice,theDeputyDirectoroftheFinanceDepartment,andtheDeputyGeneralManageroftheCapitalOperationsDepartment.Employmentinshareholders’workunit
√Applicable□Notapplicable
| Name | Nameofshareholders’workunit | Positioninshareholders’workunit | Termstartdate | Termenddate | Whetherhavingrenumerationorallowanceinshareholders’workunit |
| DengWei | ChinaSouthIndustriesGroupCo.,Ltd. | DirectorofStrategicDevelopmentDepartment | Y |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| ShiYaoxiang | ChinaSouthIndustriesGroupCo.,Ltd. | DirectorofFinanceDepartment | Y | |
| JiaLishan | ChinaSouthIndustriesGroupCo.,Ltd. | DirectorofIndustryPromotionDepartment | Y | |
| ZhaoFei | ChinaChanganAutomobileGroupCo.,Ltd | ChairmanandPartySecretary | Y | |
| WenHong | ChinaSouthIndustriesGroupCo.,Ltd. | DeputyDirectorandSeniorSpecialistofSouthwestRegionalDepartment | Y | |
| SunDahong | ChinaSouthIndustriesGroupCo.,Ltd. | DeputyDirectorandSeniorSpecialistofAuditRiskControlandLegalDepartment | Y | |
| ChenWei | ChinaChanganAutomobileGroupCo.,Ltd | Director | N | |
| Positioninotherworkunit | None | |||
Employmentstatusinotherunits
√Applicable□isnotapplicable
| Name | Nameofotherworkunits | Positioninotherworkunits | Termstartdate | Termenddate | Whethergetallowanceinotherworkunit |
| CaoXingquan | SouthwestUniversityofPoliticalScience&Law | ProfessoroftheSchoolofCivilandCommercialLawofSouthwestUniversityofPoliticalScienceandLaw,andadoctoraltutorinthedirectionofcivilandcommerciallaw | Y | ||
| YangXinmin | ChongqingNormalUniversity |
ProfessoroftheSchoolofMathematicalSciencesofChongqingNormalUniversity,DirectoroftheChongqingNationalCenterforAppliedMathematics,DirectoroftheKeyLaboratoryofOptimizationandControloftheMinistryofEducation
| Y | ||||
| LiKeqiang | TsinghuaUniversity | ProfessoranddoctoralsupervisoroftheSchoolofVehicleandTransportationofTsinghuaUniversity,DirectoroftheNationalKeyLaboratoryofIntelligentGreenVehiclesandTransportationofTsinghuaUniversity,academicianoftheCAEMember | Y | |
| DingWei | XiamenBorunCapitalInvestmentManagementCo.,Ltd | FounderandChairmanofXiamenBorunCapitalInvestmentManagementCo.,Ltd. | Y | |
| TangGuliang | UniversityofInternationalBusinessandEconomics | Professor,DepartmentofFinance,InternationalBusinessSchool,UniversityofInternationalBusinessandEconomics,contributingeditorandreviewerof"AccountingResearch",deputyeditorof"ChinaManagementAccounting",managementaccountingconsultingexpertfromtheMinistryofFinance,memberoftheCIMAResearchCommitteeintheUnitedKingdom | Y | |
| ZhangYing | PekingUniversity | DistinguishedProfessorBoyaofPekingUniversity,ViceDeanofGuanghuaSchoolofManagement,DirectorofPekingUniversityManagementCaseStudyCenter,SeniorResearcherofChinaManagementResearchCenteratCambridgeUniversity,UK,ProfessionalEditorinChiefofChineseJournalofManagementScienceandExecutiveViceEditorofChineseJournalofMarketingScience | Y | |
| Positioninotherworkunit | None | |||
Securitiesregulator’spunishmenttothecurrentandformerdirectors,supervisorsandseniormanagementduringthereportingperiodinrecentthreeyears.
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
3.Remunerationofdirectors,supervisorsandseniormanagementpersonnel
Decision-makingprocess,basis,theactualpaymentofremunerationfordirectors,supervisorsandseniormanagementpersonnelDecision-makingprocess:theannualremunerationofthecompany'sdirectors,supervisors,andseniorexecutives,exceptforindependentdirectors,isissuedinaccordancewiththerelevantremunerationmanagementregulationsandstandardsofthecompanyandbasedontheachievementofperformancetargets,submittedtothecompany'sboardofdirectorsforapprovalbeforedistribution.Thebasis:theseniormanagementevaluationisdividedintoannualappraisalandtermassessment.Thesalaryofemployeesupervisorsshallbepaidbypositioninaccordancewiththecompany'ssalarysystem.Paymentofcompanyindependentdirectorsisprescribedbytheboardofdirectorsandsubmittedtotheboardofdirectorsofthecompany,andapprovedbytheshareholders'generalmeeting.
Actualpayments:SinceJune2022,Mr.LiKeqiang,anindependentdirector,hasvoluntarilywaivedreceivingallowances,andotherindependentdirectorsarepaidaccordingtotheallowancestandards.VicePresidentDengChenghaowasappointedasaseniormanagementpersonnelofthecompanyinDecember2023.Thesalaryoftheseniormanagementpersonnelofthecompanystartsfromthefollowingmonth,sonoseniormanagementpersonnelsalarywasreceivedduringthereportingperiod.In2023,directors,supervisorsandseniorexecutiveswhoreceiveremunerationfromthecompanyhadatotalofRMB34.39millioninremunerationpayable.RemunerationofDirectors,SupervisorsandSeniorManagementPersonnelduringthereportingperiod
Unit:RMB
| Name | Gender | Age | Position | Officestatus | Totalpre-taxremunerationfromtheCompany | Whetherremuneratedbyrelated-partiesofthecompany |
| ZhuHuarong | M | 58 | Chairman,SecretaryofthePartyCommittee | Incumbent | 2,634,743 | N |
| DengWei | M | 52 | Director | Incumbent | Y | |
| ShiYaoxiang | M | 43 | Director | Incumbent | Y | |
| JiaLishan | M | 53 | Director | Incumbent | Y | |
| ZhaoFei | M | 49 | Director | Incumbent | Y | |
| WangJun | M | 51 | Director,PresidentandDeputyPartySecretary | Incumbent | 2,634,743 | N |
| ZhangDeyong | M | 48 | Director,CFO,SecretaryoftheBoardofDirectors | Incumbent | 2,124,651 | N |
| CaoXingquan | M | 52 | IndependentDirector | Incumbent | 153,333 | N |
| YangXinmin | M | 63 | IndependentDirector | Incumbent | 153,333 | N |
| LiKeqiang | M | 60 | IndependentDirector | Incumbent | N | |
| DingWei | M | 63 | IndependentDirector | Incumbent | 153,333 | N |
| TangGuliang | M | 61 | IndependentDirector | Incumbent | 153,333 | N |
| ZhangYing | M | 45 | IndependentDirector | Incumbent | 153,333 | N |
| WenHong | M | 57 | ChairmanoftheSupervisoryBoard | Incumbent | Y | |
| SunDahong | M | 57 | Supervisor | Incumbent | Y | |
| ShiShengwei | M | 52 | EmployeeSupervisoryBoardMember | Incumbent | 231,107 | N |
| LuoYan | F | 49 | EmployeeSupervisoryBoardMember | Incumbent | 362,491 | N |
| TanBenhong | M | 48 | DeputySecretaryofthePartyCommittee | Incumbent | 1,917,319 | N |
| PuXingchuan | M | 52 | SecretaryofDisciplineInspectionCommission | Incumbent | 1,047,810 | N |
| YePei | M | 48 | ExecutiveVicePresident | Incumbent | 2,217,536 | N |
| ChenWei | M | 51 | ExecutiveVicePresident | Incumbent | 1,980,569 | N |
| LiMingcai | M | 42 | ExecutiveVice | Incumbent | 2,133,403 | N |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| President | ||||||
| YangDayong | M | 49 | ExecutiveVicePresident | Incumbent | 2,111,019 | N |
| PengTao | M | 45 | ExecutiveVicePresident | Incumbent | 2,104,157 | N |
| KlausZyciora | M | 62 | VicePresident | Incumbent | 938,697 | N |
| ZhangXiaoyu | M | 44 | ExecutiveVicePresident | Incumbent | 2,072,453 | N |
| WangXiaofei | M | 41 | VicePresident | Incumbent | 2,094,846 | N |
| WangHui | M | 42 | VicePresident | Incumbent | 1,679,704 | N |
| ZhangFatao | M | 41 | VicePresident | Incumbent | 1,152,546 | N |
| DengChenghao | M | 37 | VicePresident | Incumbent | N | |
| LiJun | F | 54 | SecretaryoftheBoard | Incumbent | 979,198 | N |
| HuaZhanbiao | M | 56 | SecretaryofDisciplineInspectionCommission | Outgoing | 1,138,676 | N |
| ZhouKaiquan | M | 50 | Director | Outgoing | Y | |
| LianJian | M | 60 | ChairmanoftheSupervisoryBoard | Outgoing | Y | |
| XianZhigang | M | 53 | Director | Outgoing | Y | |
| LiuGang | M | 57 | Director | Outgoing | Y | |
| RenXiaochang | M | 67 | IndependentDirector | Outgoing | 70,000 | N |
| WeiXinjiang | M | 54 | IndependentDirector | Outgoing | 70,000 | N |
| YuanMingxue | M | 55 | DeputySecretaryofthePartyCommittee | Outgoing | 1,923,382 | N |
| ZhangBo | M | 45 | Director | Outgoing | Y | |
| Total | -- | -- | -- | -- | 34,385,715 | -- |
Explanationofothersituations.
□Applicable√Notapplicable
VI.PerformanceofDirectorsduringthereportingperiod
1.BoardofDirectorsinthereportingperiod
| Meeting | Dateofconvening | Disclosuredate | Meetingresolution |
| The51stmeetingofthe8thSessionofBoardofDirectors | January5th,2023 | January6th,2023 | PleaserefertotheResolutionofthe51stmeetingofthe8thBoardofDirectors(No:Announcement2023-01) |
| The52ndmeetingofthe8thSessionofBoardofDirectors | February17th,2023 | February17th,2023 | Pleaserefertotheresolutionofthe52ndmeetingofthe8thBoardofDirectors(AnnouncementNo:2023-06) |
| The53rdmeetingofthe8thSessionofBoardofDirectors | March3rd,2023 | March4th,2023 | PleaserefertotheResolutionofthe53rdmeetingofthe8thBoardofDirectors(AnnouncementNo:2023-10) |
| The54thmeetingofthe8thSessionofBoardofDirectors | March15th,2023 | March16th,2023 | PleaserefertotheResolutionofthe54thmeetingofthe8thBoardofDirectors(AnnouncementNo:2023-13) |
| The55thmeetingofthe8thSessionofBoardofDirectors | March29th,2023 | Nodisclosablemattersinvolved | |
| The56thmeetingofthe8thSessionofBoardofDirectors | April16th,2023 | April18th,2023 | PleaserefertotheResolutionofthe56thmeetingofthe8thBoardofDirectors(AnnouncementNo:2023-16) |
| The57thmeetingofthe8thSessionofBoardofDirectors | April27th,2023 | April28th,2023 | PleaserefertotheResolutionofthe57thMeetingofthe8thBoardofDirectors(AnnouncementNo:2023-25) |
| The58thmeetingofthe8thSessionofBoardofDirectors | May16th,2023 | Nodisclosablemattersinvolved | |
| The59thmeetingofthe8thSessionofBoardofDirectors | June8th,2023 | June9th,2023 | PleaserefertotheResolutionofthe59thMeetingofthe8thBoardofDirectors(AnnouncementNo:2023-33) |
| The60thmeetingofthe8thSessionofBoardofDirectors | June26th,2023 | June27th,2023 | PleaserefertotheResolutionofthe60thMeetingofthe8thBoardofDirectors(AnnouncementNo:2023-35) |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| The61stMeetingofthe8thSessionofBoardofDirectors | July11th,2023 | July12th,2023 | PleaserefertotheResolutionofthe61thMeetingofthe8thBoardofDirectors(AnnouncementNo:2023-39) |
| The1stmeetingofthe9thSessionofBoardofDirectors | July27th,2023 | July28th,2023 | PleaserefertotheResolutionofthe1stMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-50) |
| The2ndmeetingofthe9thSessionofBoardofDirectors | August3rd,2023 | August4th,2023 | PleaserefertotheResolutionofthe2ndMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-54) |
| The3rdmeetingofthe9thSessionofBoardofDirectors | September30th,2023 | September31st,2023 | PleaserefertotheResolutionofthe3rdMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-57) |
| The4thmeetingofthe9thSessionofBoardofDirectors | September15th,2023 | Nodisclosablemattersinvolved | |
| The5thmeetingofthe9thSessionofBoardofDirectors | October7th,2023 | October9th,2023 | PleaserefertotheResolutionofthe5thMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-68) |
| The6thmeetingofthe9thSessionofBoardofDirectors | October19th,2023 | Nodisclosablemattersinvolved | |
| The7thmeetingofthe9thSessionofBoardofDirectors | October24th,2023 | October25th,2023 | PleaserefertotheResolutionofthe7thMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-71) |
| The8thmeetingofthe9thSessionofBoardofDirectors | October30th,2023 | October31st,2023 | PleaserefertotheResolutionofthe8thMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-74) |
| The9thmeetingofthe9thSessionofBoardofDirectors | November15th,2023 | November16th,2023 | PleaserefertotheResolutionofthe9thMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-79) |
| The10thmeetingofthe9thSessionofBoardofDirectors | November24th,2023 | Nodisclosablemattersinvolved | |
| The11stmeetingofthe9thSessionofBoardofDirectors | December1st,2023 | December2nd,2023 | PleaserefertotheResolutionofthe11stMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-82) |
| The12ndmeetingofthe9thSessionofBoardofDirectors | December8th,2023 | December9th,2023 | PleaserefertotheResolutionofthe12ndMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-85) |
| The13rdmeetingofthe9thSessionofBoardofDirectors | December20th,2023 | December21st,2023 | PleaserefertotheResolutionofthe13rdMeetingofthe9thBoardofDirectors(AnnouncementNo:2023-89) |
| The14thmeetingofthe9thSessionofBoardofDirectors | December29th,2023 | Nodisclosablemattersinvolved |
2.Attendanceofdirectorsattheboardofdirectorsandshareholders’meeting
| AttendanceatBODmeetingsandshareholders'meeting | |||||||
| Name | NumberofBODmeetingsthatshouldbeattendedinthisreportingperiod | NumberofBODmeetingattendanceatspot | Attendancebymeansofcommunication | Attendancebyproxy | Absence | Absentfrommeetingsfortwoconsecutivetimes | Attendanceatshareholders’meetings |
| ZhuHuarong | 25 | 3 | 22 | 0 | NO | 3 | |
| DengWei | 10 | 1 | 9 | 0 | NO | 0 | |
| JiaLishan | 14 | 1 | 13 | 0 | NO | 0 | |
| Zhaofei | 14 | 1 | 13 | 0 | NO | 0 | |
| WangJun | 25 | 3 | 22 | 0 | NO | 3 | |
| ZhangDeyong | 25 | 3 | 22 | 0 | NO | 3 | |
| CaoXingquan | 25 | 3 | 22 | 0 | NO | 2 | |
| YangXinmin | 25 | 3 | 22 | 0 | NO | 2 | |
| LiKeqiang | 25 | 0 | 22 | 3 | NO | 1 | |
| DingWei | 25 | 2 | 22 | 1 | NO | 1 | |
| TangGuliang | 25 | 3 | 22 | 0 | NO | 1 | |
| ZhangYing | 25 | 2 | 22 | 1 | NO | 1 | |
| ZhouKaiquan | 8 | 1 | 6 | 1 | NO | 0 | |
| XianZhigang | 11 | 1 | 9 | 1 | NO | 0 | |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| LiuGang | 11 | 1 | 9 | 1 | NO | 0 | |
| RenXiaochang | 11 | 2 | 9 | 0 | NO | 2 | |
| WeiXinjiang | 11 | 2 | 9 | 0 | NO | 0 | |
| ZhangBo | 24 | 0 | 21 | 3 | NO | 0 |
ExplanationofthemembersoftheBoardwhofailedtoattendBoardmeetingsinpersonfortwoconsecutivetimesNotapplicable
3.Thedirectors’objectionstotherelevantmattersofthecompany
DisagreementofthedirectorsonmattersrelatedtotheCompany
□Yes√NoDuringthereportingperiod,thedirectorsdidnotraiseobjectionstotherelevantmattersofthecompany.
4.OtherstatementofthedirectorsperformanceofdutiesWhetherthedirectors'suggestionsonthecompanyareadopted
√Yes□NoDescriptionofthedirectorsontheadoptionornon-adoptionofrelevantsuggestionsofthecompanyDuringthereportingperiod,thedirectorsofthecompanystrictlyfollowedtherelevantprovisionsoftheCompanyLawandtheArticlesofAssociationofthecompany,diligentlyperformedtheirdutiesandobligations,activelyattendedtheboardofdirectorsandspecialcommittees,carefullydeliberatedonvariousproposals,madeindependentjudgmentsandprofessionaldecisionsonmajormatters,andissuedindependentandimpartialindependentopinionsonthecompany'snominationofdirectors,appointmentofseniormanagement,annualprofitdistributionandothermatters.Inaddition,thedirectorsputforwardvaluableprofessionalopinionsorsuggestionsontheconstructionofthecompany'ssystemanddailybusinessdecision-making,allofwhichwereadoptedorrespondedto,whicheffectivelyimprovedthecompany'sstandardizedoperationandscientificdecision-makinglevel,andsafeguardedthelegitimaterightsandinterestsofthecompanyandallshareholders.VII.DutyPerformanceofSpecializedCommitteesoftheBoardofDirectorsduringtheReportPeriod
| Committeename | Members | Numberofmeetingsheld | Dateofconvening | Meetingcontent | Importantcommentsandsuggestionsthataremade | Otherperformanceofduties | Specificobjection(ifany) |
| AuditCommittee | TangGuliang,WeiXinjiang,ZhangDeyong | 6 | February17th,2023 | Internalauditworkplanfor2023.andauditinspectionworkreportforthefourthquarterof2022 | Unanimouslypassed | ||
| March24th,2023 | FinancialandAccountingStatementsfor2022(Pre-trial) | Unanimouslypassed | |||||
| April11th,2023 | Financialstatementsfor2022(afteraudit);2022AnnualAuditResultsandCommunicationReportonImportantMatters | Unanimouslypassed | |||||
| April16th,2023 | 2022AnnualInternalControlAuditReport;Proposalforself-evaluationreportoninternalcontrolin2022;Proposalontheappointmentofauditorsforthe2023financialreportandinternalcontrolreport;Internalauditreportforthefirstquarter；Specialexplanationfortheprovision,reversalandresaleofassetimpairmentprovisions | Unanimouslypassed | |||||
| June5th,2023 | Proposaloncancelingthere-appointmentofthe2023financialreportingauditorandtheinternal | Unanimouslypassed |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| controlreportauditor | |||||
| July11th,2023 | Theemploymentplanoftheaccountingfirm | Unanimouslypassed | |||
| TangGuliang,ZhangBo，CaoXingquan | 2 | August18th,2023 | Proposalontheappointmentofauditorsforfinancialreportsandauditorsforinternalcontrolreportsin2023;Reportsontheauditworkforthefirsthalfof2023；Reportsontherectificationofthecompany'smanagementopinionsandsuggestionsin2022 | Unanimouslypassed | |
| November16th,2023 | Theauditreportforthethirdquarterof2023;Therectificationreportofthe"OpinionsandSuggestionsoftheCompany'sManagement"fortheannualreviewin2022 | Unanimouslypassed | |||
| TangGuliang,CaoXingquan | 1 | December29th,2023 | Overallauditstrategyandkeyauditmatters | Unanimouslypassed | |
| NominationandRemunerationCommittee(RemunerationandAppraisalCommittee) | ZhangYing,WeiXinjiang,DingWei | 5 | January5th,2023 | Proposalontherulesfordeterminingthecomprehensiveassessmentandevaluationresultsofthecompany'sleadershipteam | Unanimouslypassed |
| February17th,2023 | ProposalontheachievementofthefirstreleaseoftherestrictionperiodforthefirstgrantoftheA-sharerestrictedstockincentiveplan | Unanimouslypassed | |||
| March15th,2023 | Proposalonthe2022tenuresystemandcontractualassessmentresultsofthecompany'smanagementmembersandthe2023implementationplan | Unanimouslypassed | |||
| July11th,2023 | Proposalonadjustingtheallowanceofindependentdirectors | Unanimouslypassed | |||
| July27th,2023 | Proposalonamendingthecompany'sA-sharerestrictedstockincentiveplan | Unanimouslypassed | |||
| ZhangYing,TangGuliang,DingWei | 6 | August30th,2023 | Proposalontheadditionofdirectors;ProposalonadjustingtherepurchasepriceoftheA-sharerestrictedstockincentiveplanandrepurchasingandcancelingpartoftherestrictedshares | Unanimouslypassed | |
| October7th,2023 | Proposalontheappointmentofseniormanagement | Unanimouslypassed | |||
| October24th,2023 | Proposalonthechangeofseniormanagement | Unanimouslypassed | |||
| November15th,2023 | Proposalontheannualcomprehensiveassessmentandevaluationratingplanofthecompany'sleadershipteammembers | Unanimouslypassed | |||
| December1st,2023 | Proposalontheappointmentofseniormanagement | Unanimouslypassed | |||
| December8th,2023 | Proposalontheachievementoftheliftingoftherestrictiononthesale | Unanimouslypassed |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| ofA-sharerestrictedstockincentiveplan | |||||
| TheStrategicandInvestmentCommittee | ZhuHuarong,ZhangBo，WangJun,RenXiaochang,LiKeqiang | 3 | February17th,2023 | Proposalonthe2023financingplan,2023investmentplan,andequityparticipationintheestablishmentofabatteryjointventure | Unanimouslypassed |
| March15th,2023 | Proposalonthedevelopmentofbillpoolbusiness,proposalonthecompanyanditssubsidiariestocarryoutforeignexchangehedgingbusiness,2023financialsecuritiesbusinessplanandopportunisticdisposaloftradingfinancialassets | Unanimouslypassed | |||
| April16th,2023 | 2022financialstatementsand2023financialbudgetexplanation | Unanimouslypassed | |||
| WangJun,ZhangBo,LiKeqiang | 3 | August30th,2023 | Proposaloncapitalincreasetojointventures | Unanimouslypassed | |
| October7th,2023 | ProposalontheestablishmentofChongqingChangfuPrivateEquityInvestmentFundPartnership(LimitedPartnership)(tentativename). | Unanimouslypassed | |||
| October30th,2023 | ProposalonthedisposaloflandandhousingassetsonthenorthsideofHebeiChang'anOverhaulPlant | Unanimouslypassed |
Note:OnJuly27th,2023,thecompany'sCompensationandAssessmentCommitteewasrenamedastheNominationandCompensationAssessmentCommittee.VIII.Theworkoftheboardofsupervisors
Whetherthecompanywasatriskduringthereportperiodaccordingtothesupervisionoftheboardofsupervisors
□Yes√No
TheBoardofSupervisorssupervisedandinspectedthelegalcomplianceofthecompany'sfinancialsituation,measurementofmanagingmajoraffairsofthecompany,operationandmanagementactivities,andtheimplementationofmajorstrategies.TheBoardofSupervisorshasnoobjectiontothesupervisionmattersduringthereportingperiod.IX.TheEmployeesoftheCompany
1.Thenumberofemployees,professionalfieldandeducationlevel
| Numberofincumbentemployeesintheparentcompany | 33,275 |
| Numberofincumbentemployeesinmajorsubsidiaries | 15,842 |
| Totalnumberofincumbentemployees | 49,117 |
| Totalnumberofincumbentsalariedemployees | 49,117 |
| Numberofretiredemployeesforwhomparentcompanyandmajorsubsidiarybearthecosts | 2,942 |
| Professionalcomposition | |
| Professionalfields | Number |
| Production | 28,321 |
| Sales | 2,595 |
| Technology | 13,479 |
| Finance | 563 |
| Administration | 617 |
| Management | 3,542 |
| Total | 49,117 |
| EducationalBackground | |
| Degree | Number |
| PhD | 131 |
| Postgraduate | 4,243 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| Bachelor | 16,071 |
| Juniorcollege | 12,860 |
| Technicalsecondaryschoolandhighschool | 14,690 |
| Middleschoolandbelow | 1,122 |
| Total | 49,117 |
2.Compensationpolicy
Changanpracticestheconceptofvaluecreationandvaluesharinginsalarydistribution,continuouslyoptimizesandimprovesthecompensationsystem,adherestotheprincipleof“performance-drivenandresult-oriented”,improvestheeffectivenessofdistribution,strengthensthedoublebenchmarkingofperformanceandsalary,andguidesthebusinessunitstocontinuouslyimprovetheirefficiencyandeffectiveness.Weinnovateincentivemechanism,optimizeresourceallocation,establishandimprovemedium-andlong-termincentiveandconstraintmechanism,closelybindtheinterestsofthecorememberswiththecompany’smedium-andlong-termoperation,supportthecompany’sstrategicdevelopment,andboostthecompany'soperatingperformance.
3.Trainingplan
In2024,thekeytoemployeetrainingwillbedrivenby“strategicleadership,systematicchange,extremeefficiency,andinnovativebreakthroughs”,whichwillcomprehensivelysupportChangan’stransformationintoanintelligentlow-carbonmobilitytechnologycompany.In2024wewillfocusontheglobalizationoftheVastOceanPlan,andpromotethetrainingofinternationaltalentsinvariousregionsandacceleratetheconstructionofnewcapabilitiesforglobalization.Wewillcontinuetostrengthentheoperationalcapabilityofmanagementtalentsandtheprofessionalcapabilityofstrategyimplementation,andcarryouttrainingprogramssuchastrainingofmanagementtalentsanddigitaltransformationtrainingtopromotethedevelopmentofstrategictransformation.WewillcomprehensivelylaunchtheBlueCoreProgramfortrainingandcertificationofdistrictteamleaderstoenhancethecompany'sproductionsafetymanagementcapability.
4.Outsourcingofservices
□Applicable√Notapplicable
X.Distributionofprofitsandcapitalreserve
Theformulation,implementationoradjustmentofprofitdistributionpolicies,especiallytheformulation,implementationortheadjustmentsituationofcashdividendpolicy.
√Applicable□Notapplicable
AccordingtotheChinaSecuritiesRegulatoryCommissionrequirements,theNoticeonFurtherImplementingMattersconcerningCashDividendsofListedCompaniesasissuedbytheCSRC,theGuidelineNo.3fortheSupervisionofListedCompanies—CashDividendsofListedCompanies,incombinationwiththepracticalsituationofthecompany,theCompanyhasrectifiedthe“ArticlesofAssociation”andclarifiedthedistributableprofitcaliber,dividenddistributionmeans,principle,form,cashdividendconditionsandproportion,stockdividendcondition,planmakingandreviewprocedures,theimplementation,theconditionsofdistributionpolicyadjustment,anddecision-makingprocedures,etc,policyadjustment,andstrengthentheinstitutionalguaranteeofthedividendforinvestors.Fordetailsofthecompany’sspecificdistributionpolicy,pleaserefertotheArticlesofAssociation.Company’sreportedprofitdistributionplanandequitysharesinlinewiththerelevantprovisionsoftheArticlesofAssociationandrelevantprovisions.
| Specialstatementforcashdividendpolicy | |
| WhetheritcomplywiththeArticlesofAssociationortheresolutionsoftheshareholders'generalmeeting: | Yes |
| Arethestandardandtheproportionofdistributionclear: | Yes |
| Aretherelateddecision-makingprocessandmechanismthorough: | Yes |
| Haveindependentdirectorsfulfilledtheirdutiesandperformedtheirdueroles: | Yes |
| Ifthecompanydoesnotdistributecashdividends,specificreasonsshouldbedisclosed,aswellasthemeasurestobetakennexttoenhanceinvestorreturns: | NotApplicable |
Whethermediumandminorityshareholdershavethechancetofullyexpresstheirviewsanddemandsandwhetherthelegitimaterightsandinterestsarefullyprotected:
| Yes | |
| Whethercashdividendpolicyisadjustedorchangedandwhethertheconditionsandproceduresarecompliantandtransparent: | NotApplicable |
Duringthereportingperiod,thecompanymadeprofitsandtheparentcompanycoulddistributeprofitstoshareholders,butdidnotputforwardthedividenddistributionplan
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Plansofprofitdistributionandincreaseofcapitalstockbytransferofcapitalreserveduringthereportingperiod
√Applicable□Notapplicable
| Numberofbonussharespertenshares(share) | 0 |
| Dividendpertenshares(RMB)(taxincluded) | 3.43 |
| Increasedsharesthroughtransferforper10shares(shares) | 0 |
| Equitybaseofdistributionplan(shares) | 9,917,289,033 |
| Cashdividends(RMB)(taxincluded) | 3,401,630,138.32 |
| Cashdividend(RMB)ofothermeans(suchasrepurchase) | 0 |
| Totalcashdividend(RMB)(includingothermeans) | 3,401,630,138.32 |
| Distributableprofits(RMB) | 44,297,589,798.86 |
| Proportion(%)ofcashdividends(includingothermeans)tototalprofitdistribution | 100% |
| Cashdividendpolicy： | |
| others | |
| Detaileddescriptionofprofitdistributionorincreaseofcapitalstockbytransferofcapitalreserves | |
| The19thmeetingofthe9thSessionofBoardOfDirectorsofthecompanydeliberatedandpassedthe2022ProfitDistributionPlan,whichstillneedstobesubmittedtothe2022annualgeneralmeetingfordeliberation.InaccordancewiththeprovisionsoftheArticlesofAssociation,therelevantdecision-makingproceduresandmechanismsarethorough,whichfullyprotectthelegitimaterightsandinterestsofmediumandminorityinvestors. | |
XI.Implementationofcompanyequityincentiveplans,employeestockincentiveplansorotherincentivemeasures
√Applicable□Notapplicable
1.EquityincentiveOnJuly13th,2020,the2ndmeetingofthe8
th
SessionofBoardofDirectorsandthe2ndmeetingofthe8thSessionofBoardofSupervisorsreviewedandapprovedproposalssuchas“Proposalon<TheCompany’sA-ShareRestrictedStockIncentivePlan(Draft)>anditsSummary”and“Proposalon<TheCompany'sA-ShareRestrictedStockIncentivePlanImplementationAssessmentManagementMeasures>”.Theindependentdirectorsexpressedtheirindependentagreementontheincentiveplan.OnFebruary1st,2021,the11thmeetingofthe8thSessionofBoardofDirectorsandthe7thmeetingofthe8thSessionofBoardofSupervisorsreviewedandapprovedproposalssuchas“Proposalon<TheCompany'sA-ShareRestrictedStockIncentivePlan(RevisedDraft)>anditsSummary”and“Proposalon<TheCompany'sA-ShareRestrictedStockIncentivePlanImplementationAssessmentManagementMeasures>(Revision)”.Theindependentdirectorsexpressedtheirindependentagreementontheincentiveplanrevision.
OnFebruary18th,2021,theCompanyheldthefirstextraordinarygeneralmeetingin2021,andreviewedandapprovedproposalssuchas“Proposalon<TheCompany'sA-ShareRestrictedStockIncentivePlan(RevisedDraft)>anditsSummary”,“Proposalon<TheCompany'sA-ShareRestrictedStockIncentivePlanImplementationAssessmentManagementMeasures(Revision)>”and“ProposalonGeneralMeetingGrantingFullAuthoritytotheBoardofDirectorstoHandleMattersRelatedtoEquityIncentives”.
OnFebruary22nd,2021,theCompanyheldthetwelfthmeetingoftheSessionofBoardofDirectorsandthe8thmeetingoftheSessionofBoardofSupervisors,whichreviewedandapprovedproposalssuchas“ProposalonAdjustingtheListofIncentiveObjectsandIncentiveQuantityoftheA-ShareRestrictedStockIncentivePlanunderInitialGranting”and"”ProposalonGrantingRestrictedStocksfortheFirstTimetoIncentiveObjectsofA-ShareRestrictedStockIncentivePlan”.Theindependentdirectorsexpressedtheirindependentagreement.
OnMarch3rd,2021,theCompanycompletedtheregistrationofrestrictedstocksanddisclosedthe“AnnouncementontheCompletionoftheRegistrationoftheInitialGrantingoftheA-ShareRestrictedStockIncentivePlan”.1,247peoplewereactuallygrantedwith76,195,400restrictedshares.ThelistingdateofrestrictedshareswasMarch5,2021.
OnAugust30th,2021,theCompanyheldthe25thmeetingofthe8thSessionofBoardofDirectorsandthe12thmeetingofthe8thSessionofBoardofSupervisors,whichreviewedandapprovedthe“ProposalonAdjustingtheRepurchasePriceofA-ShareRestrictedStockIncentivePlan”and“ProposalonRepurchaseandCancellationofCertainRestrictedSharesGrantedtoIncentiveObjectsbutstillwithSalesRestriction”.Theindependentdirectorsexpressedindependentagreement.
OnSeptember17th,2021,theCompanyheldthesecondextraordinarygeneralmeetingin2021,andreviewedandapprovedthe“ProposalonRepurchaseandCancellationofCertainRestrictedSharesGrantedtoIncentiveObjectsbutstillwithSalesRestriction”.
OnNovember19th,2021,theCompanyheldthe29thmeetingofthe8thSessionofBoardofDirectorsandthe15thmeetingofthe8thSessionofBoardofSupervisors,andreviewedandapprovedthe“ProposalonAdjustingtheAmountofReservedA-ShareRestrictedStockIncentivePlan”and“ProposalonGrantingReservedRestrictedStockstotheIncentiveObjectsoftheA-ShareRestrictedStockIncentivePlan”.Theindependentexpressedindependentagreement.
OnDecember21th,2021,theCompanycompletedtherepurchaseandcancellationofall1.036millionrestrictedsharesthathadbeengrantedtotheoriginal11incentiveobjectsbutstillhadsalesrestrictions.
OnDecember30th,2021,theCompanycompletedtheregistrationofthereservedrestrictedstockanddisclosedthe
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
“AnnouncementontheCompletionoftheGrantoftheReservedA-ShareRestrictedStockoftheIncentivePlan”;356peopleweregrantedwith17,761,200reservedrestrictedstocks.ThelistingdateofreservedrestrictedstockswasDecember31th,2021.OnAugust2nd,2022,thecompanyheldthe43rdmeetingofthe8thBoardofDirectorsandthe18thmeetingofthe8thBoardofSupervisors,andreviewedandapprovedtheProposalonAdjustingtheRepurchasePriceofA-shareRestrictedStockIncentivePlanandRepurchasingandCancellingSomeRestrictedStocks.Theindependentdirectorsofthecompanyhaveexpressedindependentopinionsthattheyagreewith.OnAugust18th,2022,thecompanyheldthethirdextraordinarygeneralmeetingofshareholdersin2022,andreviewedandapprovedtheProposalonAdjustingtheRepurchasePriceoftheA-shareRestrictedStockIncentivePlanandRepurchaseandCancellationofSomeRestrictedStocks.
OnFebruary17th,2023,thecompanyheldthe52ndmeetingofthe8thBoardofDirectorsandthe21stmeetingofthe8thBoardofSupervisors,andreviewedandapprovedtheProposalontheAchievementsoftheFirstReleaseofRestrictionConditionsduringtheFirstGrantPeriodoftheA-shareRestrictedStockIncentivePlan.Theindependentdirectorsofthecompanyhaveexpressedindependentopinionsthattheyagreewith.OnMarch3rd,2023,thecompanydisclosedthe"IndicativeAnnouncementontheReleaseofRestrictedSharesfromListingandCirculationduringtheFirstReleasePeriodoftheFirstGrantPartoftheA-shareRestrictedStockIncentivePlan",andthedateofreleaseofrestrictedsharesfromlistingandcirculationwasMarch6th,2023.Equityincentivesfordirectorsandseniormanagement
√Applicable□Notapplicable
Unit:share
| Name | Position | Exercisablesharesduringthereportingperiod | Sharesexercisedduringthereportingperiod | Priceofsharesexercisedduringthereportingperiod(RMB/share) | Marketpriceattheendofthereportingperiod(RMB/share) | Numberofrestrictedsharesheldatthebeginningoftheperiod | Numberofsharesunlockedinthecurrentperiod | Numberofnewlygrantedrestrictedsharesduringthereportingperiod | Grantpriceofrestrictedshares(RMB/share) | Numberofrestrictedsharesheldattheendoftheperiod |
| ZhuHuarong | Chairman,SecretaryofthePartyCommittee | 16.83 | 455,000 | 150,150 | 3.07 | 304,850 | ||||
| ZhaoFei | Director | 16.83 | 353,080 | 116,516 | 3.07 | 236,564 | ||||
| WangJun | Director,President,DeputySecretaryofthePartyCommittee | 16.83 | 364,000 | 120,120 | 3.07 | 243,880 | ||||
| ZhangDeyong | Director,TheChiefAccountant,BoardofDirectorsSectary | 16.83 | 353,080 | 116,516 | 3.07 | 236,564 | ||||
| TanBenhong | DeputySecretaryofthePartyCommittee | 16.83 | 353,080 | 116,516 | 3.07 | 236,564 | ||||
| YePei | ExecutiveVicePresident | 16.83 | 353,080 | 116,516 | 3.07 | 236,564 | ||||
| ChenWei | ExecutiveVicePresident | 16.83 | 353,080 | 116,516 | 3.07 | 236,564 | ||||
| LiMingcai | ExecutiveVicePresident | 16.83 | 353,080 | 116,516 | 3.07 | 236,564 | ||||
| YangDayong | ExecutiveVicePresident | 16.83 | 252,200 | 83,226 | 7.22 | 168,974 | ||||
| PengTao | ExecutiveVicePresiden | 16.83 | 248,612 | 82,042 | 3.07 | 166,570 | ||||
| ZhangXiaoyu | VicePresident | 16.83 | 248,612 | 82,042 | 3.07 | 166,570 | ||||
| WangXiaofei | VicePresident | 16.83 | 171,990 | 56,757 | 3.07 | 115,233 | ||||
| WangHui | VicePresident | 16.83 | 171,990 | 56,757 | 3.07 | 115,233 | ||||
| ZhangFatao | VicePresident | 16.83 | 248,612 | 82,042 | 3.07 | 166,570 | ||||
| LiJun | BoardofDirectorsSectary | 16.83 | 248,612 | 82,042 | 3.07 | 166,570 | ||||
| YuanMingxue | DeputySecretaryofthePartyCommittee(outgoing) | 16.83 | 364,000 | 120,120 | 3.07 | 243,880 | ||||
| HuaZhanbiao | SecretaryofDiscipline&InspectionCommission(outgoing) | 16.83 | 353,080 | 116,516 | 3.07 | 236,564 | ||||
| Total | -- | -- | -- | 5,245,188 | 1,730,910 | -- | 3,514,278 | |||
| Notes(ifany) | 1.Theabove-mentionedpersonnelandpositionsareasofthedisclosuredateofthisreport; | |||||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
EvaluationmechanismandincentivesforseniormanagersFordetails,pleasereferto“V.3.RemunerationofDirectors,SupervisorsandSeniorManagement”inChapter4.
2.Implementationofemployeestockownershipplans
□Applicable√Notapplicable
3.Otheremployeeincentives
□Applicable√NotapplicableXII.Internalcontrolsystembuildingandimplementationduringreportingperiod
1.InternalcontrolbuildingandimplementationOptimizetheinternalcontrolteamandimprovecontroleffectiveness.Weestablishedamatrixteamofcompanylevelinternalcontrolspecialists,openedupinternalcontrolcommunicationchannelsatalllevelsofthecompany,formedaworkingmechanismwithclearresponsibilitiesandclearcommunicationfromtoptobottom,andimprovedthecommunicationefficiencyofcrossdepartmentinternalcontrolwork.Weimplementedconcomitantinternalcontrolsupervisionandmanagementofkeybusinessprocesses,whichwascarriedoutinthesameplace,atthesametime,andinthesamedirectionasthebusiness,soastohelpthebusinessreviewthecomplianceofdecision-makingproceduresandassesstheriskofdecision-makingcontent,furtherstrengtheningtheeffectivenessofinternalcontrol.
Improvethemanagementsystemandstrengthenthebindingforceoftheinternalcontrolsystem.Weimprovedtop-leveldesign,promotedinventorymanagement,revisedandissuedtheInternalControlEvaluationManual,clarifiedthedivisionofworkandresponsibilitiesofinternalcontrol,standardizedthescope,standards,steps,andotherrequirementsofinternalcontrolevaluation,improvedtheinternalcontrolsystem,andachievedclosed-loopmanagementofcontrol,evaluation,andrectification.Wecontinuouslyintegratedandoptimizedbusinesssystems,embeddedinternalcontrolsystemcontrolrequirementsintospecificbusinesssystems,clarifiedbusinesslinkcontrolrequirementsandriskresponsemeasures,andbuiltastandardized,comprehensive,andeffectivemanagementsystem.
Strengthenauthorizationmanagementandimproveinternalcontrolandsupervisionmechanism.Wereviewedtheauthorizationmanagementsystem,refinedthepowerandresponsibilityboundariesofeachlevelbasedontheauthorizationlistoftheboardofdirectors,andrevisedandissuedthemanagementauthorizationformandcentralizedanddecentralizedauthoritylistforinstitutionsatalllevels.Wepreparedalistofincompatiblepositions,comprehensivelycleanedupincompatiblepositionsatalllevelsofthecompany’sinstitutions,sortedouttheresponsibilitiesofimportantpositionsandkeypersonnel,adjustedunreasonablepositionsandpersonnelsettings,andachievedtheseparationofincompatiblepositionresponsibilitiesandpersonnel.
Promotetheconstructionofoffshoreinternalcontrolsystemandpreventandcontroloffshorebusinessrisks.Throughgroup-levelcontrolandbasedontheexistinginternalcontrolsystemofthecompany,weexportedinternalcontrolsystemtooverseasorganizationsatalllevels.Atthesametime,wesetuplocalizedorganizations,establishedbusinessauthorizationsystemsanddesignedoverseasbusinesssystemdocumentsinaccordancewiththeactualoperationaswellasthelawsandregulationsofthecountries(regions)wheretheoverseasunitswerelocated.Wecontinuouslyimprovedtheoffshoreinternalcontrolsystemandfurtherenhancedtherigidconstraintsoftheoffshoreinternalcontrolsystem.
Carryoutcomprehensiveinternalcontrolevaluationtopromotethecontinuousoptimizationoftheinternalcontrolsystem.OrganizationsatalllevelsofthecompanyusedtheInternalControlEvaluationManualasastandardizedprocesstoactivelyevaluatetheeffectivenessoftheimplementationoftheinternalcontrolsystem,identifiedproblems,developedmeasures,improvedimplementation,andensuredtheeffectiveoperationandrigidconstraintsofthecompany’sinternalcontrolsystem.
2.Detailsofsignificantdefectsininternalcontrolduringthereportingperiod
□Yes√No
XIII.Managementandcontrolofsubsidiariesofthecompanyduringthereportingperiod
2.TheoriginalinitialgrantpriceoftheCompany'sA-sharerestrictedshareswas6.66yuanpershare,andthereservedgrantpricewas9.93yuanpershare.ThenumberofsharesandthegrantpricehavebeenadjustedaccordinglybasedontheimplementationoftheCompany'sequitydistributionplansfor2020,2021and2022.Name
| Name | Integrationplan | Integrationprogress | Problemsencounteredintheintegration | Solutionstaken | Progress | Follow-upsolutionplan |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| DeepalAutomotiveTechnologyCo.,Ltd. | Duringthereportingperiod,thecompanyhasacquiredtheequityofDeepalAutomotiveTechnologyCo.,Ltd.fromChongqingChangxinEquityInvestmentFundPartnershipEnterprise(LimitedPartnership)andChongqingLiangjiangNewAreaEquityInvestmentFundPartnershipEnterprise(LimitedPartnership),withashareholdingratioof51.00%.Itwillbetransferredfromajointventuretoasubsidiaryforaccountingpurposesandincludedinthescopeofconsolidation. | Completed | Notapplicable | Notapplicable | Notapplicable | Notapplicable |
XIV.Internalcontrolself-evaluationreportorinternalcontrolauditreport
1.Self-evaluationreportofinternalcontrol
| DateofFull-textdisclosureofinternalcontrolevaluationreport | April18th,2024 | |
| Inquiryindexofinternalcontrolevaluationreportfulltextdisclosure | www.cninfo.com.cn | |
| Theproportionofthetotalassetsofunitsincludedintheevaluationscopetothetotalassetsinthecompany'sconsolidatedfinancialstatements | 100% | |
| Theproportionoftheoperatingincomeoftheunitintheevaluationscopetothetotaloperatingincomeofthecompany'sconsolidatedfinancialstatements | 100% | |
| Defectidentificationstandard | ||
| Type | Financialreports | Non-financialreport |
| Qualitativestandards | 1.Fraudofthedirectors,supervisorsandseniormanagersoftheCompany.2.TheCompanyshallcorrectthepublishedfinancialreporttocorrectmajormisstatementscausedbyfraudorerrors,ormajormisstatementsinthecurrentfinancialreportfoundbycertifiedpublicaccountantsbutnotidentifiedbythecompany'sinternalcontroloftheCompany.3.TheAuditCommitteehasineffectivesupervisionoverthecompany’sexternalfinancialreportsandfinancialreportinternalcontrol. | 1.Lackof,orviolationof,democraticdecision-makingprocedures;2.Violationagainststatelawsandregulationswithseriouspunishment;3.Largelossofmediumandseniormanagementpersonnelandseniortechnicalpersonnel;4.Frequentandseriousnegativemediacoveragethatspreadfar;5.Lackofinstitutionalcontrolorinstitutionalsystemfailureofimportantbusiness;6.Majordefectsininternalcontrolnotrectified. |
| Quantitativestandards | Themisstatementamountinthefinancialstatementsinthefollowingrange:Misstated1%ofthetotalassets | Identificationaccordingtotheinternalcontroldefectquantitativestandardinfinancialreport. |
| Numberofmaterialdefectsinfinancialreports | 0 | |
| Numberofmaterialdefectsinnon-financialreports | 0 | |
| Numberofimportantdefectsinfinancialreports | 0 | |
| Numberofimportantdefectsinnon-financialreports | 0 | |
2.Internalcontrolauditreport
√Applicable□Notapplicable
| Reviewopinionsoftheinternalcontrolauditreport | |
| TheauditopinionintheinternalcontrolauditreportissuedbyLixinCertifiedPublicAccountants(SpecialGeneralPartnership)isasfollows:ChongqingChanganAutomobileCo.,Ltd.maintainedeffectiveinternalcontroloverfinancialreportinginallmaterialaspectsasofDecember31,2023,inaccordancewiththeBasicStandardsforEnterpriseInternalControlandrelevantregulations. | |
| Disclosureoftheinternalcontrolauditreport | Disclosed |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| Dateoffulltextdisclosureoftheinternalcontrolauditreport | April18th,2024 |
| InquiryindexofInternalControlAuditReport | www.cninfo.com.cn |
| Opiniontypeofinternalcontrolauditreport | Standardwithoutreservations |
| Materialdefectsinnon-financialreports | None |
Whethertheaccountingfirmissuesanon-standardopinioninternalcontrolauditreport
□Yes√NoWhethertheinternalcontrolauditreportissuedbytheaccountingfirmisconsistentwiththeself-evaluationreportoftheboardofdirectors
√Yes□No
XV.Rectificationofself-inspectionproblemsintheSpecialActionofListedCompanies
Accordingtothecompany’sself-inspection,thecompany’soverallcomplianceoperationshowsthattherearenoissuesrequiringrectification.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter5EnvironmentalandSocialResponsibility
Ⅰ.MajorEnvironmentConcerns
Whetherthelistedcompanyanditssubsidiariesarereckonedasmajorpollutantdischargingunitsbyenvironmentprotectiondepartmentornot
√Yes□No
Environmentalprotection-relatedpoliciesandindustrystandards
Thecompanystrictlyimplementsthelaws,regulations,standardsandrequirementsforenvironmentalprotectioninitsproductionandoperation.TheregulatorystandardsincludeEnvironmentalProtectionLawofthePeople’sRepublicofChina,LawonAirPollutionPreventionandControl,LawofthePeople’sRepublicofChinaonPreventionandControlofWaterPollution,LawofthePeople’sRepublicofChinaonPreventionandControlofEnvironmentalPollutionbySolidWaste,LawofPeople’sRepublicofChinaonEnvironmentalImpactAssessment,etc.
AdministrativeregulationsorrulesincludeMeasuresfortheAdministrationofEnvironmentalMonitoring,MeasuresfortheAdministrationoftheListofKeyUnitsofEnvironmentalSupervision,MeasuresforEnterpriseEnvironmentalCreditEvaluation,AdministrativeMeasuresfortheLegalDisclosureofEnterpriseEnvironmentalInformation,ContingencyPlanforEnvironmentalEmergencies,etc.
NationalstandardsincludeIntegratedWastewaterDischargeStandard,IntegratedEmissionStandardofAirPollutants,StandardforFugitiveEmissionofVolatileOrganicCompounds,TechnicalRequirementforLow-Volatile-Organic-Compound-ContentCoatingsProduct,Technicalspecificationforoperationofwastewateronlinemonitoringsystem(CODCr,NH3-Netal.),TechnicalSpecificationforContinuousMonitoringofNon-MethaneTotalHydrocarbonsinWasteGasfromStationaryPollutionSources,Technicalguideforleakdetectionandrepairofvolatileorganiccompoundsinindustriesetc,TechnicalSpecificationsfortheSettingofHazardousWasteIdentificationSigns,etc.IndustrystandardsincludeTechnicalSpecificationforApplicationandIssuanceofPollutantPermitAutomotiveIndustry,FoundryIndustryAirPollutantEmissionStandards,TechnicalGuidelinesforSelf-monitoringofPollutantDischargingUnits,etc.
LocalstandardsincludeEmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry,EmissionStandardofAirPollutantsforCateringIndustry,EmissionStandardofAirPollutantsforBoilers,etc.Thecompanycollectsandinterpretsthenewlyreleasedandimplementedregulationsandstandardsquarterlyandconductscomplianceevaluationstoensurethatthecompany’sproductionandoperationarealwayslegallycompliant.EnvironmentalProtectionAdministrativeLicense
——AdministrativeLicenseInformationforConstructionProjects
In2023,therewillbeatotalof7EIAapprovaldocumentsforconstructionprojects,asfollows:
| Nameofconstructionproject | Nameanddocumentnumberofenvironmentalimpactassessmentapprovaldocument | ApprovalAuthority | Approvalacquisitiontime |
| RenovationprojectofofficeR&DbaseinSino-GermanIndustrialPark | ChongqingConstructionProjectEnvironmentalImpactAssessmentDocumentApprovalLetter(YLJHZ[2023]No.21) | ChongqingEcologyandEnvironmentBureau(LiangjiangNewAreaBranch) | March3rd,2023 |
| HebeiChanganAutomobileCo.,Ltd.vehicleproductioncapacityoptimizationandupgradingproject | OpinionsontheapprovaloftheenvironmentalimpactreportofthevehicleproductioncapacityoptimizationandupgradingprojectofHebeiChanganAutomobileCo.,Ltd(DHS[2023]No.3) | DingzhouEcologyandEnvironmentBureau | March7th,2023 |
| HefeiChanganAutomobileCo.,Ltd.A158seriespureelectricpassengercarproductionlinetechnicaltransformationproject | Opinionsontheexaminationandapprovaloftheenvironmentalimpactreportofthe"HefeiChanganAutomobileCo.,Ltd.A158seriespureelectricpassengercarproductionlinetechnicaltransformationproject".(HJS[2023]No.10020) | HefeiEcologyandEnvironmentBureau | March27th,2023 |
| Yubeifactoryreplacementandgreenupgradeconstructionproject | ChongqingConstructionProjectEnvironmentalImpactAssessment | ChongqingEcologyandEnvironment | May6th,2023 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| DocumentApprovalLetter(YSHZ[2023]No.25) | Bureau | ||
| TechnicaltransformationprojectofC318seriesnewenergypassengercarproductionlineofLiangjiangNo.3Factory | ChongqingConstructionProjectEnvironmentalImpactAssessmentDocumentApprovalLetter(YLJHZ[2023]No.65) | ChongqingEcologyandEnvironmentBureau(LiangjiangNewAreaBranch) | June26th,2023 |
| ChongqingChanganAutomobileCo.,Ltd.ChanganAutomobileHEseriesengineproductionlinetechnicaltransformationproject(phaseI) | ChongqingConstructionProjectEnvironmentalImpactAssessmentDocumentApprovalLetter(YLJHZ[2023]No.68) | ChongqingEcologyandEnvironmentBureau(LiangjiangNewAreaBranch) | July4th,2023 |
| BaodingChang'anBusManufacturingCo.,Ltd.G393productionlinetechnicaltransformationproject | OpinionsontheapprovaloftheenvironmentalimpactreportonthetechnicaltransformationoftheG393productionlineofBaodingChanganBusManufacturingCo.,Ltd(DHS[2023]No.14) | DingzhouEcologyandEnvironmentBureau | December20th,2023 |
——Informationonadministrativepermissionforpollutantdischarge
In2023,eachbaseinvolvedatotalof13pollutiondischargelicensedocuments,including4reapplications,7changes,2othersandnoextension.Fordetails,seethe"NationalPollutionDischargeLicenseManagementInformationPlatform"athttp://permit.mee.gov.cn.——Otheradministrativelicensinginformation
None.
Industryemissionstandardsandspecificconditionsofpollutantemissionsinvolvedinproductionandbusinessactivities
| Nameofthecompanyorsubsidiary | Mainpollutantsandspecificpollutants | Dischargemeans | Numberofdischargeoutlets | Distributionofdischargeoutlets | Dischargeconcentration(mg/L) | Pollutantdischargestandards | Totaldischarge(Tons/year) | Totalapproveddischarge(Tons/year) | Excessiveemissions | |
| ChongqingChanganAutomobileCo.,Ltd.YubeiPlant | Wastewater | COD | Intermittentemissions | 3 | Twooutletsforworkshopfacilities,andonemainoutletforthePlant | 39.95 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInfluentWaterQualityRequirementssetbytheYubeiDistrictSewageTreatmentPlantinChongqing | 21.84 | 46.67 | — |
| Ammonianitrogen | 1.23 | 0.67 | 4.21 | — | ||||||
| Totalnickel | 0.01 | 0.01 | 0.04 | — | ||||||
| Totalzinc | 0.03 | 0.02 | — | — | ||||||
| Phosphate | 0.36 | 0.20 | 0.28 | — | ||||||
| Exhaustgas | Sulfurdioxide | Organizedemissions | 34 | OutletsaroundthePlant | 4.56 | EmissionStandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry（DB50/577-2015);EmissionStandardsofAirPollutantsforIndustrialKilnandFurnace（DB50/659-2016);IntegratedEmissionStandardsofAirPollutants（DB50/418-2016);EmissionStandardsofAirPollutantsforBoiler（DB50/658-2016) | 2.96 | 4.08 | — | |
| Nitrogenoxides | 52.49 | 19.67 | 67.39 | — | ||||||
| Particulatematter | 0.50 | 0.31 | 24.20 | — | ||||||
| Volatileorganiccompounds | 1.04 | 2.44 | 158.21 | — | ||||||
| Toluene+Xylene | 0.10 | 0.54 | — | — | ||||||
| Soil | Duringthereportingperiod,theYubeiPlantofChongqingChanganAutomobileCo.,Ltd.wasincludedintheListofKeyPollutantDischargeUnitsofChongqingin2023withatotalof2,260.22tonsofhazardouswastegeneratedinthisperiod.The2,265.84tonshavebeenlegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermits,produced24,589.07tonsofgeneralindustrialsolidwasteand24,589.07tonsofutilizationanddisposal. | — | ||||||||
| ChongqingChanganAutomobileCo.,Ltd.(LiangjiangPlant,CampusNo.1) | Wastewater | COD | Intermittentemissions | 2 | Anoutletforworkshopfacilities,andonemainoutletforthePlant | 107 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInfluentWaterQualityRequirementssetbyGuoyuangangSewageTreatmentPlantinChongqing | 9.23 | 14.02 | — |
| Ammonianitrogen | 4.35 | 0.92 | 1.4 | — | ||||||
| Totalnickel | 0.08 | 0.01 | 0.04 | — | ||||||
| Totalzinc | 0.118 | 0.04 | 0.28 | — | ||||||
| Exhaustgas | Sulfurdioxide | Organizedemissions | 30 | OutletsaroundthePlant | 1.33 | EmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry（DB50/577-2015);EmissionStandardsofAirPollutantsforIndustrialKilnandFurnace（DB50/659-2016);IntegratedEmissionStandardsofAirPollutants（DB50/418-2016);EmissionStandardsofAirPollutantsforBoiler（DB50/658-2016) | 0.05 | 1.23 | — | |
| Nitrogenoxides | 46.95 | 9.46 | 18.23 | — | ||||||
| Particulatematter | 5.62 | 4.37 | 36.14 | — | ||||||
| Volatileorganiccompounds | 5.87 | 12.35 | 63.06 | — | ||||||
| Toluene+xylene | 0.423 | 0.27 | 2.68 | — | ||||||
| Soil | Duringthereportingperiod,LiangjiangPlant,CampusNo.1ofChanganAutomobilewasincludedintheListofKeyPollutantDischargeUnitsofChongqingin2023withatotalof1,804.59tonsofhazardouswasteinthisperiod.Atotalof1,798.43tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermits,produced18,254.69tonsofgeneralindustrialsolidwasteand18,254.69tonsofutilizationanddisposal. | — | ||||||||
| ChongqingChanganAutomobile | Wastewater | COD | Intermittentemissions | 2 | Anoutletforworkshopfacilities,and | 58 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInfluentWaterQualityRequirements | 38.13 | 46.00 | — |
| Ammonianitrogen | 3.035 | 2.01 | 4.60 | — | ||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| Co.,Ltd.(LiangjiangPlant,CampusNo.2) | Totalnickel | onemainoutletforthePlant | 0.05 | setbytheGuoyuangangSewageTreatmentPlantinChongqing | 0.004 | 0.14 | — | |||
| Totalzinc | 0.0393 | 0.03 | 1.38 | — | ||||||
| Exhaustgas | Sulfurdioxide | Organizedemissions | 47 | OutletsaroundthePlant | 0.905 | EmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry（DB50/577-2015);EmissionStandardsofAirPollutantsforIndustrialKilnandFurnace（DB50/659-2016);IntegratedEmissionStandardsofAirPollutants（DB50/418-2016);EmissionStandardsofAirPollutantsforBoiler（DB50/658-2016) | 0.11 | 4.12 | — | |
| Nitrogenoxides | 60.158 | 29.57 | 34.72 | — | ||||||
| Particulatematter | 6.7522 | 12.26 | 50.61 | — | ||||||
| Volatileorganiccompounds | 3.315 | 7.84 | 543.23 | — | ||||||
| Toluene+xylene | 0.3593 | 0.36 | 5.49 | — | ||||||
| Soil | Duringthereportingperiod,LiangjiangPlant,CampusNO.2wasincludedintheListofKeyPollutantDischargeUnitsofChongqingin2023withatotalof3,789.29tonsofhazardouswaste.The3,821.38tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermits,produced33,554.15tonsofgeneralindustrialsolidwasteand33,554.15tonsofutilizationanddisposal. | — | ||||||||
| ChongqingChanganAutomobileCo.,Ltd.(LiangjiangPlant,CampusNo.3) | Wastewater | COD | Intermittentemissions | 2 | Anoutletforworkshopfacilities,andonemainoutletforthePlant | 64.15 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInfluentWaterQualityRequirementssetbytheGuoyuangangSewageTreatmentPlantinChongqing | 13.71 | 45 | — |
| Totalnickel | 0.33 | 0.005 | 0.09 | — | ||||||
| Ammonianitrogen | 2.65 | 0.55 | 4.5 | — | ||||||
| Totalzinc | 0.08 | 0.01 | 0.81 | — | ||||||
| Exhaustgas | Particulatematter | Organizedemissions | 38 | OutletsaroundthePlant | 10.005 | EmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry（DB50/577-2015);EmissionStandardsofAirPollutantsforIndustrialKilnandFurnace（DB50/659-2016);IntegratedEmissionStandardsofAirPollutants（DB50/418-2016);EmissionStandardsofAirPollutantsforBoiler（DB50/658-2016) | 5.58 | 64.24 | — | |
| VOCs | 8.04 | 7.49 | 244.36 | — | ||||||
| SO2 | 0 | 0.02 | 5.34 | — | ||||||
| Toluene+xylene | 1.88 | 0.53 | 0.95 | — | ||||||
| NOx | 51.52 | 6.11 | 24.78 | — | ||||||
| Soil | Duringthereportingperiod,LiangjiangPlant,CampusNO.3wasincludedintheListofKeyPollutantDischargeUnitsinChongqingin2023withatotalof1,721.97tonsofhazardouswastegeneratedinthisperiod.1,724.55tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermits,produced16,705.82tonsofgeneralindustrialsolidwasteand16,705.82tonsofutilizationanddisposal. | — | ||||||||
| ChongqingChanganAutomobileCo.,Ltd.(JiangbeiEnginePlant,PlantNo.1） | Wastewater | COD | Intermittentemissions | 2 | MainoutletforthePlant | 89.22 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInfluentWaterQualityRequirementssetbytheGuoyuangangSewageTreatmentPlantinChongqing | 14.45 | 22.50 | — |
| Ammonianitrogen（NH3-N） | 2.7 | 1.45 | 2.25 | — | ||||||
| Exhaustgas | Particulatematter | Organizedemissions | 93 | OutletsaroundthePlant | 4.179 | EmissionStandardsofAirPollutantsforIndustrialKilnandFurnace（DB50/659-2016);IntegratedEmissionStandardsofAirPollutants（DB50/418-2016) | 14.66 | — | — | |
| SO2 | 3 | 4.91 | — | — | ||||||
| VOCs | 1.7 | 1.55 | — | — | ||||||
| NOx | 7.23 | 8.19 | — | — | ||||||
| Soil | Duringthereportingperiod,JiangbeiEnginePlant,PlantNO.1wasincludedintheListofKeyPollutantDischargeUnitsinChongqingin2023,andatotalof4,345.15tonsofhazardouswastewasgeneratedinthisperiod.4,347.97tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermitsorexemptioncertificates,produced1,703.78tonsofgeneralindustrialsolidwasteand1,703.78tonsofutilizationanddisposal. | — | ||||||||
| ChongqingChanganAutomobileCo.,Ltd.(JiangbeiEnginePlant,PlantNo.2） | Wastewater | COD | Intermittentemissions | 1 | MainoutletforthePlant | 89.3 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInfluentWaterQualityRequirementssetbyGuoyuangangSewageTreatmentPlantinChongqing | 9.98 | 11.08 | — |
| Ammonianitrogen（NH3-N） | 1.31 | 1.00 | 1.11 | — | ||||||
| Exhaustgas | Non-methanetotalhydrocarbons | Organizedemissions | 37 | Outletsaroundthefactory | 2.8 | EmissionStandardsofAirPollutantsforIndustrialKilnandFurnace（DB50/659-2016);IntegratedEmissionStandardsofAirPollutants（DB50/418-2016) | 3.24 | — | — | |
| Nitrogenoxides | 17.96 | 3.03 | — | — | ||||||
| Particulatematter | 7.93 | 16.71 | — | — | ||||||
| Sulfurdioxide | 3 | 1.94 | — | — | ||||||
| Soil | Duringthereportingperiod,JiangbeiEnginePlant,PlantNO.2wasincludedintheListofKeyPollutantDischargeunitsinChongqingin2023,andatotalof8,000.86tonsofhazardouswastewasgeneratedinthisperiod.7,995.46tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermitsorexemptioncertificates,produced555.86tonsofgeneralindustrialsolidwasteand555.86tonsofutilizationanddisposal. | — | ||||||||
| ChongqingLingyaoAutomobileCo.,Ltd. | Wastewater | COD | Intermittentemissions | 3 | Anoutletforworkshopfacilities,andtwomainoutletsforthePlant | 29.75 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInletWaterQualityRequirementssetbyGuoyuangangSewageTreatmentPlantinChongqing | 6.28 | 25.76 | — |
| Ammonianitrogen | 3.34 | 0.52 | 3.48 | — | ||||||
| Totalnickel | 0.14 | 0 | 0.029 | — | ||||||
| Totalzinc | 0.092 | 0.009 | — | — | ||||||
| Phosphate | 0.09 | 0.02 | 0.13 | — | ||||||
| Exhaustgas | Particulatematter | Organizedemissions | 40 | OutletsaroundthePlant | 3.98 | EmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry（DB50/577-2015);IntegratedEmissionStandardsofAirPollutants（DB50/418-2016);EmissionStandardsofAirPollutantsforBoiler（DB50/658-2016) | 8.92 | 38.03 | — | |
| Volatileorganiccompounds | 3.54 | 7.43 | 111.4 | — | ||||||
| Toluene+xylene | 0.91 | 0.76 | 6.46 | — | ||||||
| Sulfurdioxide | 3L（Notdetected） | 0 | 7.12 | — | ||||||
| Nitrogenoxides | 11.92 | 0.56 | 16.26 | — | ||||||
| Soil | Duringthereportingperiod,ChongqingLingyaoAutomobileCo.,Ltd.(ChanganSuzuki)wasincludedintheListofKeyPollutantDischargeUnitsinChongqingin2023,andatotalof2,113.83tonsofhazardouswastewasgeneratedinthisperiod,2,113.83tonswerelegallyutilizedand | — | ||||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| disposedofbymanufacturerswithhazardouswasteoperationpermitsorexemptioncertificates,produced15,992.23tonsofgeneralindustrialsolidwasteand15,992.23tonsofutilizationanddisposal. | ||||||||||
| ChongqingChanganAutomobileCo.,Ltd.BeijingChanganAutomobileCompany | Wastewater | COD | Intermittentemissions | 2 | Anoutletforworkshopfacilities,andamainoutletforthePlant | 48.1 | IntegratedDischargeStandardofWaterPollutants(DB11/307-2013) | 15.55 | 63.68 | — |
| Ammonianitrogen | 3.7 | 1.19 | 3.81 | — | ||||||
| Totalnickel | 0.06 | 0.001 | 0.01 | — | ||||||
| Phosphate | 1.92 | 0.53 | — | — | ||||||
| Exhaustgas | Nitrogenoxides | Organizedemissions | 52 | OutletsaroundthePlant | 10.88 | EmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry(DB11/1227-2015);IntegratedEmissionStandardsofAirPollutants（DB11/501-2017） | 0.41 | 3.18 | — | |
| Volatileorganiccompounds | 2.79 | 6.15 | 458.76 | — | ||||||
| Sulfurdioxide | 2.93 | 4.09 | — | — | ||||||
| Particulatematter | 1.87 | 4.12 | — | — | ||||||
| Soil | Duringthereportingperiod,ChongqingChanganAutomobileCo.,Ltd.BeijingChanganAutomobileCompanywasincludedintheListofKeyPollutantDischargeunitsinBeijingin2023,andatotalof618.18tonsofhazardouswastewasgeneratedinthisperiod,618.18tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermitsorexemptioncertificates,produced8,730.23tonsofgeneralindustrialsolidwasteand8,730.23tonsofutilizationanddisposal. | — | ||||||||
| HefeiChanganAutomobileCo.,Ltd | Wastewater | COD | Intermittentemissions | 3 | Twooutletsforworkshopfacilities,andamainoutletforthePlant | 38.18 | IntegratedWastewaterDischargeStandard（GB8978-1996);ThePipeStandardssetbyHefeiWestGroupSewageTreatmentPlant | 27.10 | 169.55 | — |
| Totalnitrogen | 12.70 | 9.57 | 43.98 | — | ||||||
| Totalnickel | 0.008 | 0.01 | 0.09 | — | ||||||
| Totalphosphorus | 0.25 | 0.12 | — | — | ||||||
| Ammonianitrogen | 1.92 | 0.42 | 16.96 | — | ||||||
| Exhaustgas | VOCs | Organizedemissions | 74 | OutletsaroundthePlant | 5.21 | EmissionControlStandardforIndustrialEnterprisesVolatileOrganicCompoundsofTianjin（DB12/524-2020） | 19.03 | 65.03 | — | |
| Soil | Duringthereportingperiod,HefeiChanganAutomobileCo.,Ltd.wasincludedintheListofKeyPollutantDischargeUnitsinHefeiin2023,andatotalof2,278.01tonsofhazardouswastewasgeneratedinthisperiod,2,275.06tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermitsorexemptioncertificates,produced32,460.93tonsofgeneralindustrialsolidwasteand32,460.93tonsofutilizationanddisposal. | — | ||||||||
| NanjingChanganAutomobileCo.,Ltd.(TheoldfactoryhasbeendiscontinuedonJune10th,2023) | Wastewater | COD | Intermittentemissions | 2 | Anoutletforworkshopfacilities,andamainoutletforthePlant | 34.04 | IntegratedWastewaterDischargeStandard（GB8978-1996);ThePipeStandardssetbyNanjingLishuiQinyuanSewageTreatmentCo.,Ltd. | 1.71 | 13.336 | — |
| Totalnitrogen | 3.64 | 0.12 | 14.24 | — | ||||||
| Totalnickel | 0.085 | 0.001 | 0.06 | |||||||
| Totalphosphorus | 0.38 | 0.01 | 0.08 | — | ||||||
| Ammonianitrogen（NH3-N） | 1.32 | 0.04 | 0.26 | — | ||||||
| Exhaustgas | NOx | Organizedemissions | 6 | OutletsaroundthePlant | 33 | EmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry(DB32/2862–2016);IntegratedEmissionStandardsofAirPollutants(GB16297-1996);EmissionStandardsofAirPollutantsforBoiler(GB13271-2014) | 0.66 | — | — | |
| Particulatematter | 0.99 | 0.94 | — | — | ||||||
| VOCs | 3.179 | 3.95 | 38.48 | — | ||||||
| SO2 | 3 | 0.08 | — | — | ||||||
| Soil | — | — | ||||||||
| NanjingChanganAutomobileCo.,Ltd.(Thenewfactory) | Wastewater | COD | Intermittentemissions | 1 | Anoutletforworkshopfacilities | 34.25 | IntegratedWastewaterDischargeStandard（GB8978-1996);ThePipeStandardssetbyNanjingLishuiQinyuanSewageTreatmentCo.,Ltd. | 3.74 | 43.08 | — |
| Totalnitrogen | 4.69 | 0.54 | 1.20 | — | ||||||
| Totalphosphorus | 1.1 | 0.14 | 0.39 | — | ||||||
| Ammonianitrogen（NH3-N） | 0.81 | 0.10 | 0.86 | — | ||||||
| Exhaustgas | NOx | Organizedemissions | 6 | OutletsaroundthePlant | 16 | EmissionstandardofAirPollutantsforSurfaceCoatingofAutomobileManufacturingIndustry(DB32/2862–2016);IntegratedEmissionStandardsofAirPollutants(GB16297-1996);EmissionStandardsofAirPollutantsforBoiler(GB13271-2014) | 0.27 | — | — | |
| Particulatematter | 15 | 2.30 | — | — | ||||||
| VOCs | 9.67 | 14.05 | 31.57 | — | ||||||
| SO2 | 0 | 0.00 | — | — | ||||||
| Soil | Duringthereportingperiod,NanjingChanganAutomobileCo.,Ltd.(Thenewfactory)wasincludedintheListofKeyPollutantDischargeUnitsinNanjingin2023,andatotalof1,277.49tonsofhazardouswastewasgeneratedinthisperiod,1,264.58tonswerelegallyutilizedanddisposedofbymanufacturerswithhazardouswasteoperationpermitsorexemptioncertificates,produced728.52tonsofgeneralindustrialsolidwasteand728.52tonsofutilizationanddisposal.(IncludingtheoldfactoryofNanjingChanganAutomobileCo.,Ltd) | — | ||||||||
| HebeiChanganAutomobileCo.,Ltd | Wastewater | Ammonianitrogen | Intermittentemissions | 2 | Anoutletforworkshopfacilities,andamainoutletforthePlant | 2.5612 | Integratedwastewaterdischargestandard（GB8978-1996);TheInfluentWaterQualityRequirementsSetbyGezhoubaWaterDingzhouBranch | 0.12 | 4.8 | — |
| COD | 79.018 | 7.53 | 63.71 | — | ||||||
| Totalnitrogen | 9.88 | 0.92 | 7.32 | — | ||||||
| Totalphosphorus | 1.858 | 0.14 | 0.92 | |||||||
| Totalnickel | 0.059 | 0.002 | 0.03 | — | ||||||
| Exhaustgas | Sulfurdioxide | Organizedemissions | 51 | Outletsaroundtheplant | 3 | IntegratedEmissionStandardsofAirPollutantsGB16297-1996;EmissionStandardsofAirPollutantsforIndustrialKilnandFurnaceDB1640-2012;EmissionControlStandardsforVolatileOrganicCompoundsby | 0.19 | 30.01 | — | |
| Non-methanetotalhydrocarbons | 11.61 | 18.23 | 570.34 | — | ||||||
| Particulatematter | 3.53 | 4.70 | 53.4 | — | ||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| Nitrogenoxides | 14 | IndustrialEnterprisesDB13/2322-2016;EmissionStandardsofAirPollutantsforBoiler（DB13/5161-2020) | 3.78 | 31.47 | — | |||||
| Soil | Duringthereportingperiod,HebeiChanganAutomobileCo.,LtdwasincludedintheListofKeyPollutantDischargeUnitsinDingzhouIn2023,withatotalof738.30tonsofhazardouswastegeneratedinthisperiod,ofwhich695.81tonshavebeenlegallyutilizedanddisposedofbysupplierswithhazardouswasteoperationpermits,produced8,067.69tonsofgeneralindustrialsolidwasteand8,067.69tonsofutilizationanddisposal. | — | ||||||||
| HebeiChanganAutomobileCo.,Ltd.No.2Plant(ThepollutantdischargepermitwillbemergedwiththesameplantinDecember2023,andtheoriginallicensewillbecancelledatthesametime) | Wastewater | COD | Intermittentemissions | 2 | Aworkshopfacilitydischargeoutlet,andonefactorytotaldischargeoutlet | 133.95 | IntegratedWastewaterDischargeStandard（GB8978-1996);TheInfluentWaterQualityRequirementsSetbyGezhoubaWaterDingzhouBranch | 11.44 | 72.71 | — |
| Ammonianitrogen | 6.7575 | 0.54 | 4.14 | — | ||||||
| Totalnitrogen | 14.74 | 1.33 | 5.51 | — | ||||||
| Totalphosphorus | 1.853 | 0.003 | 1 | |||||||
| Nickel | 0.16 | 0.005 | 0.06 | — | ||||||
| Exhaustgas | Sulfurdioxide | Organizedemissions | 94 | Outletsaroundtheplant | 3 | IntegratedEmissionStandardsofAirPollutantsGB16297-1996;EmissionStandardsofAirPollutantsforIndustrialKilnandFurnaceDB1640-2012;EmissionControlStandardsforVolatileOrganicCompoundsbyIndustrialEnterprisesDB13/2322-2016;EmissionStandardsofAirPollutantsforBoiler（DB13/5161-2020) | 3.95 | 88.23 | — | |
| Nitrogenoxides | 3 | 6.82 | 33.75 | — | ||||||
| Particulatematter | 5 | 12.52 | 850.8 | — | ||||||
| Volatileorganiccompounds | 6.7 | 42.29 | 880.62 | — | ||||||
| Soil | Duringthereportingperiod,CampusNO.2ofChongqingChanganKaichengAutomobileTechnologyCo.,Ltd.(formerlyknownasChanganBus)wasincludedintheListofKeyPollutantDischargeUnitsinDingzhouin2023.Atotalof890.16tonsofhazardouswasteweregeneratedinthisperiod,and896.32tonswerelegallyutilizedanddisposedofbysupplierswithhazardouswasteoperationpermits,produced12,062.49tonsofgeneralindustrialsolidwasteand12,062.49tonsofutilizationanddisposal. | — | ||||||||
Allpollutantsaredischargedtothestandard,andthereisnodischargeexceedingthestandardandthetotalamount.Fordetailsofthename,distributionandpollutantdischargeofeachdischargeoutlet,pleaserefertothe"EnvironmentalInformationDisclosureInformationSysteminaccordancewiththeLaw"oftheprovinceorcitywhereitislocated,andthepublicwebsiteisdetailedinthefollowingtable.
| Thenameoftheorganization | Enterpriseenvironmentalinformationdisclosuresysteminaccordancewiththelaw | Publicwebsite |
| YubeiPlant,LiangjiangPlant,JiangbeiEnginePlant,ChongqingLingyao | Enterpriseenvironmentalinformationdisclosuresysteminaccordancewiththelaw（Chongqing） | http://183.66.66.47:10001/eps/index/enterprise-search |
| BeijingChanganAutomobileCompany | Enterpriseenvironmentalinformationdisclosuresysteminaccordancewiththelaw（Beijing） | https://hjxxpl.bevoice.com.cn:8002/home |
| HefeiChanganAutomobileCo.,Ltd | Enterpriseenvironmentalinformationdisclosuresysteminaccordancewiththelaw（Anhui） | http://112.27.211.30:18900/st_yfpl_html/dist/#/home |
| NanjingChanganAutomobileCo.,Ltd | Enterpriseenvironmentalinformationdisclosuresysteminaccordancewiththelaw（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 |
| HebeiChanganAutomobileCo.,Ltd | Enterpriseenvironmentalinformationdisclosuresysteminaccordancewiththelaw（Hebei） | http://121.29.48.71:8080/#/guide |
Treatmentofpollutants
| Pollutanttype | Mainprocessingtechnology | Processingmethod | |
| Exhaustgas | SprayingVOCsexhaustgas | Venturiwetpaintmisttreatment+zeoliterotaryadsorptionconcentration+TNVincineration;Activatedcarbonadsorption;Lowtemperatureplasma | Dealwithbyoneselforthemselves |
| DryingVOCsexhaustgas | TNVorRTOincineration | Dealwithbyoneselforthemselves | |
| OtherVOCsexhaustgas | Activatedcarbonadsorption | Dealwithbyoneselforthemselves | |
| Testexhaustgas(nitrogenoxide) | Automotivethree-waycatalyticconverter | Dealwithbyoneselforthemselves | |
| Foundrydust | Bagtypedustremoval | Dealwithbyoneselforthemselves | |
| Foundrystench | Alkaliadsorptionorbiosorption | Dealwithbyoneselforthemselves | |
| Refuelingmist | Mechanicalfiltration | Dealwithbyoneselfor | |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| themselves | |||
| Wastewater | Phosphatingwastegas | Coagulationsedimentation | Selfprocessingoroutsourcingoperations |
| Oilywastewater | Oilseparation+airflotation | Selfprocessingoroutsourcingoperations | |
| Comprehensivewastewater | Coagulationsedimentation+aerobicbiochemistry | Selfprocessingoroutsourcingoperations | |
| Solidwaste | Wastesolvent | Utilizationorincineration | Outsourcingutilizationanddisposal |
| Wetmetalchips | Utilize | Outsourcingutilizationanddisposal | |
| Aluminumash,packagingdrum | Utilize | Outsourcingutilizationanddisposal | |
| Wastewatertreatmentsludge | Landfill | Outsourcingutilizationanddisposal | |
| Recyclablegeneralindustrialsolidwaste | Utilize | Outsourcingutilizationanddisposal | |
| Others | Incinerationorlandfill | Outsourcingutilizationanddisposal | |
| Noise | Mechanicalnoise | Dampingandsoundinsulation | Dealwithbyoneselforthemselves |
In2023,asetofactivatedcarbonadsorptionfacilitieswillbeaddedtotheexhaustgasofNanjingChang'anHazardousWasteRoom,HefeiChang'anPointReplenishmentWax,WastewaterTreatmentStation,LiangjiangFactory'slaundryroom,toolingcleaningroom,andYubeiPlant'sNo.1andNo.2wastewatertreatmentstations,whileweldingandgrindingwetdustremovalfacilitieswillbeaddedtothefirstplantofLiangjiangPlant,fourlithiumbromiderefrigerationunitsinPlantNo.3willberenovatedforlow-nitrogencombustion,andfourlithiumbromiderefrigerationunitswillbeconvertedtoelectricrefrigeration.Pollutioncontrolfacilitiesareincludedinthepreventivemaintenancemanagementofequipmentlikeproductionequipment,andthereareledgers,operatingproceduresorworkinstructions,preventivemaintenanceprocedures,preventivemaintenanceplansandimplementationrecords,equipmentspotchecks,dosing,slagremoval,consumablesreplacementandotheroperationrecords,andthefacilitiesareoperatingnormally.Thekeypollutantdischargingunitsareequippedwithautomaticmonitoringfacilitiesforwastewaterandwastegasinaccordancewiththerequirementsofthelocalecologicalandenvironmentalauthorities,andentrusttheoperationandmaintenanceofthethird-partyprofessionalcompanies,andthefacilitiesareoperatingnormally.In2023,therewillbenonon-normaloperationofpollutioncontrolfacilities..
ContingencyPlanforenvironmentalemergencies
Themanufacturingsites,asrequired,carriesoutriskassessmentofenvironmentalemergencies,emergencyresourcesurveys,formulatedorrevisedcontingencyplansforenvironmentalemergencies,preparedon-siteresponseplansforunitswithenvironmentalrisk,andcontinuouslycarriedouthiddendangerinvestigationandtreatment.In2023,3manufacturingsitescompletedtherevisionandfilingofcontingencyplanforenvironmentalemergencies,asshowninthefollowingtable:
| Unit | ContingencyPlan | FileCode | FilingAuthority |
| JiangbeiEnginePlantNo.2Plant | ChongqingChanganAutomobileCo.,Ltd.JiangbeiEnginePlantNo.2PlantEmergencyPlanforEnvironmentalEmergencies | 500128-2023-030-L | ChongqingMunicipalBureauofEcologyandEnvironment,LiangjiangNewDistrictBureau |
| NanjingChangan | NanjingChanganAutomobileCo.,Ltd.(DevelopmentZoneFactory)EmergencyPlanforEnvironmentalEmergencies | 3201242023062L | NanjingLishuiDistrictEcologicalEnvironmentBureau |
| HefeiChangan | HefeiChanganAutomobileCo.,Ltd.emergencyplanforenvironmentalemergencies | 340171-2023-043M | HefeiHigh-techZoneEcologicalEnvironmentBranch |
Allbasesformulateemergencydrillplansinaccordancewiththerequirementsoflawsandregulations,andcarryoutemergencydrillsasplanned,soastocontinuouslyimprovethepracticalityofemergencyplansandtheemergencyhandlingabilityofemployees.Noenvironmentalemergenciesoccurredin2023.Environmentalself-monitoringplan
In2023,keyunitsresponsibleforpollutiondischargeofthecompanypreparedself-monitoringplansandcarriedoutself-monitoringinaccordancewiththerequirementsoflawsandregulations,anddisclosedmonitoringinformationonself-monitoringdatareleaseplatformsofvariousprovincesasrequiredbylocalecologicalenvironmentauthorities.Seethefollowingtableforthepublicwebsites.
| Units | EnvironmentalSelf-MonitoringPlanDisclosurePlatform | Website |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| YubeiPlant,LiangjiangPlant,JiangbeiEnginePlant,ChongqingLingyao | KeyPollutionSourceMonitoringDataReleasePlatform | http://119.84.149.34:20003/publish2/dataSearchPub/entList.aspx |
| BeijingChanganAutomobileCompany | NationalPollutantDischargePermitManagementInformationPlatform | http://xxgk.bevoice.com.cn/monitor-pub/index.do |
| HefeiChanganAutomobileCo.,Ltd | AnhuiProvinceDischargeUnitsSelf-MonitoringInformationDisclosurePlatform | https://wryjc.cnemc.cn/gkpt/mainZxjc/340000 |
| NanjingChanganAutomobileCo.,Ltd. | JiangsuProvinceEnterprise"EnvironmentalProtectionFacebook"informationdisclosureplatform | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://218.94.78.91:18181/spsarchive-webapp/web/sps/views/yfpl/views/home/index.js |
| HebeiChanganAutomobileCo.,Ltd | HebeiProvincialPollutantDischargeUnitSelf-monitoringInformationDisclosurePlatform | https://wryjc.cnemc.cn/gkpt/mainZxjc/130000 |
Investmentinenvironmentaltreatmentandprotectionandpaymentofenvironmentalprotectiontax
Thecompany’senvironmentalprotectioninvestmentmainlyincludes:theconstructionofenvironmentalprotectionfacilities,operationandmaintenanceofenvironmentalprotectionfacilities,solidwastetransportationanddisposal(hazardouswasteincluded),sewagetreatment,monitoring,revisionofcontingencyplans,purchaseofemergencymaterials,environmentalprotectiontax,etc.ThecompanypaidenvironmentalprotectiontaxofRMB1,467,600in2023.Measurestakentoreducecarbonemissionsduringthereportingperiodandeffects
√Applicable□Notapplicable
In2023,Changancontinuedtopromotethegoalof“reachingcarbonpeakby2027andcarbonneutralityby2045”.
Changanhastakensolideffortsinenergy-savingandcarbon-reducingmeasuresinmanufacturing,achievinga2.36%year-on-yearreductionincarbonemissionpervehicleanda6.25%year-on-yearreductionincarbonemissionsperengine.Wetookin-depthmeasurestoreducecarbonemissioninthemanufacturingprocessandtappotential.Wehavelaunchedatotalof79carbonreductioninitiativesfromvariousdimensionsincludingenergyefficiencyoptimization,processimprovement,leanstart-stop,schedulingoptimization,achievingcarbonreductionof15,000tons.Wevigorouslypromotedenergystructurereform.BasesinYuzuiofChongqing,HefeiprovinceandHebeiprovincehavebuiltphotovoltaicpowerstationstotalingabout79MW,generatedandconsumedgreenandcleanenergybyourselves,withatotalconsumptionof57.6millionkWhofgreenpowerthroughouttheyear,realizingcarbonreductionof50,000tons.Changanactivelyparticipatedinmarket-basedgreenpowertrading,respondingtothecalloflocalpoliciestopurchasegreenpowerof3millionkWh,realizingcarbonreductionof0.2milliontons.
Changancarriedoutlow-carbontechnologyresearchandapplicationdevelopmentinvarioustechnicalfieldsofproducts,breakingthroughandmasteringmorethan100coretechnologies,reducingitsaveragecarbonemissionintensitypervehicleby6.5%year-on-year.Amongthem:(A)Inthefieldofnewenergy,theindependentCTPbatteryhasrealizedmassproduction.CTVbatteryhascompletedtheindustrializationsampletest.Theintegrationrateofthewholepackageismorethan76%,andtheself-developedanelectrodelesspowerbatterycontroltechnologyhasimprovedtheinstantaneouspowerofcharginganddischargingbyupto20%.(B)Inthefieldofnewpower,breakthroughsweremadeinmorethan20coretechnologies,suchashydrogenfuelengine,ultra-highthermalefficiencyengine,powerdomaincontroller,hybridmotorcontroller,etc.Theindependenthybridelectricdriverealizedmassproduction,adoptingthe10-layerHairpinflat-wireoil-cooledmotorwithapowerdensityof7kW/kgandthehighestassemblyefficiencyof95%,whichwasawarded“HeartofChina”2023Top10EnginesandHybridSystems.WedevelopedHEserieshybridexclusiveengines,withthehighestthermalefficiencyexceeding44%;WedevelopedChanganAutomobile’ssecond-generationhydrogenfuelengine,realizingzero-carbonandnear-zeroemissions,andwonthe“Top10AchievementTransformationAwardoftheEngineerExcellenceCompetition”.(C)Inthefieldofnewmaterials,Changanhasestablishedtheabilitytoindependentlyaccountforthecarbonemissionsofitsproducts,andhascompleted15researchstudiesontheapplicationoflow-carbonmaterialtechnologies,whichhavebeencarriedandappliedinanumberofvehiclemodels,realizingacarbonreductionofabout2%forasinglevehiclemodel.Changaniscommittedtocreatinglow-carbonproducts.DEEPALSL03isequippedwithanultra-integratedelectricdrive,integratinganumberoflow-carbontechnologiessuchaslowwindresistance,lightweightandlowvoltagepowerconsumption.Thecarbonemissionvalueofthewholevehicleislowerthanthatoftheindustrybymorethan10%,andithasbeen.Administrativepenaltiesimposedforenvironmentalreasonsduringthereportingperiodareshownbelow
None.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Otherenvironmentalprotection-relatedinformation
1.EnvironmentalcreditevaluationIn2023,YubeiFactory,3basesofLiangjiangFactory,2basesofJiangbeiEngine,ChongqingLingyaoratedasChongqing2022EnvironmentalIntegrityEnterprise,MoldDivisionratedasYubeiDistrictEnvironmentalIntegrityEnterprise,HefeiChang'anratedasAnhuiProvinceEnvironmentalIntegrityEnterprise,andNanjingChanganratedasJiangsuProvinceGeneralTrustworthyEnterprise.
2.GreensupplymanagementinformationChanganhasactivelyleverageditsindustryinfluencetoformapartnershipofmutualtrust,sharedresponsibility,andsharedbenefitsandbuildanewsupplychainsystemofopencooperation,win-winbenefits,andsustainabledevelopment.ChongqingChanganhasbeenshortlistedasa“NationalGreenSupplyChainManagementEnterprise”and“NationalGreenDesignDemonstrationEnterprise”.Currentlyithas18greendesignproductsand2greenfactories(YubeiFactoryandLiangjiangFactory)andhasbeenshortlistedasa“PilotEnterpriseofExtendedProducerResponsibilityforAutomobiles”.Wepromotedgreendesignandproduction,eliminatedhighenergy-consumingequipment,andestablishedgreensupplychainmanagementandgreencorporatedynamicmanagement.Wepilotedthecollectionofsupplierproductcarbonemissiondataandcollaborativecarbonreduction.Throughtheaccesscertification-ChanganBusinessPartnerCodeofConduct,Changanclarifiedtheobligationsandresponsibilitiesintermsofhumanrightsandworkingconditions,businessethics,conflictofinterest,environmentalprotection,andconflictminerals,etc.ThroughthemanagementofVOCcontrol,prohibitedsubstances,specialsupplyrequirementsandgreenprocurementevaluation,weworkedwithsupplierstoimproveourenvironmentalperformanceandencouragethemtosaveenergyandreduceemissionsanddevelopinagreenandlow-carbonway;WehaveimplementedthemanagementofIATF16949qualitymanagementsystemcertificateandISO14001environmentalcertificationmanagement,ofwhich98.4%ofthesuppliershavepassedtheIATF16949,95.1%havepassedtheISO14001,and20%ofthesuppliershavebeenqualifiedasGreenFactoriesandGreenSupplyChainManagementEnterprises.
Forthemanagementofhazardoussubstances,thecollectionandcontrolofautomotivematerialdata,energyconsumption,andotherinformationisrealizedbycompletingsystematicdatadeclarationthroughCAMDSandrealizingcomprehensiveanalysisanddataaccountingthroughtheELVcompliancesystem.CheckChinaAutomotiveGreenDismantlingSystem(http://www.cagds.org.cn)forChanganoutletsforrecyclingscrappedvehicles.CompaniestorecycleorusedismantledvehiclescanalsologinontheCAGDSwebsiteorCAGDSsystemtoseethemanualofM1passengercardismantling.UserscancheckrelevantinformationontheM1vehicledisassemblymanualthroughtheWeChatminiprogram“VehicleDisassemblyManualIdentityAnalysisTool”.PowerbatteryrecyclingserviceoutletscanbecheckedonChanganAutomobileOfficialWebsite(https://www.changan.com.cn).
II.SocialResponsibility
Thefulltextofthecompany's2023environmental,socialandgovernance(ESG)reporthasbeenpublishedonthesamedayasthecompany'sannualreportonhttp://www.cninfo.com.cn.
III.TheCompanyConsolidatedandExpandedtheAchievementsofPovertyAlleviationandRuralRevitalization
GuidedbyXiJinpingThoughtonSocialismwithChineseCharacteristicsintheNewEra,Changancomprehensivelyimplementedthespiritofthe20thCPCNationalCongress,aswellasthatoftheopinionsoftheCPCCentralCommitteeandtheStateCounciloncomprehensivelyadvancingtherevitalizationofthecountryside,conscientiouslyimplementedthegovernment'sworkarrangements,adheredtothegeneraltoneofseekingprogresswhilemaintainingasteadygrowth,andfocusedon“guardingthebottomline,focusingondevelopment,andpromotingrevitalization”.Highlightingannualtasks,targetedinitiativesandpracticalorientation,Changandidagoodjoboftargetedassistanceinasolidandorderlymanner,continuouslyimprovedthequalityandeffectivenessofassistance,andeffectivelycarriedoutitspoliticalandsocialresponsibilities,contributingChangan'sstrengthstothecomprehensivepromotionofruralrevitalization.
1.Strengthenorganizationalleadership
Weheld6meetingsamongseniorcompanyleaderstostudyandarrangekeywork.Weheld12thematicworkingsessionsonruralrevitalizationandtargetedsupporttodecideonkeyprograms,studytheplans,lineoutmeasures,andspeedupthework.Changan'sleadershipvisitedYouyangCountyofChongqingforresearchandguidance,promotingtargetedassistanceprojectsinanorderlymanner.
2.Guaranteefundsforassistance
Changanhadpooled10.6millionyuanforassistance,including4.6millionyuanforLuxiCountyinYunnan,and6millionyuanforYanshanCountyinYunnantosupportthecomprehensiverevitalizationofruralindustries,talents,culture,ecology,andorganizationinthesetwocounties.Ourpurposeistodrivethedevelopmentofruralindustries,improvethelocalecosystem,makelocalculturemorecivilized,andimprovepeople’swell-beingwithmoreeffectivegovernance.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
3.Promoteindustrialassistance
Carryingoutthegovernment’soverallplanontheimplementationofruralrevitalization,ChangancontinuedtodoagoodjobinhelpingtheYouyangTeaOilProject,andhelpedbuildalong-termmechanismofscientificmanagementsystemwiththecoreofimprovingtheoperationandmanagementability.First,weboostedmarketingandchannels,andthroughthecompany’ssalesnetwork,wehelpedChongqingYouzhouTeaOilTechnologyCo.,Ltd.torealizesalesof32.12millionyuan.Second,weenhancedthebrandandcorporateimage,carriedouttheChanganAutomobilecross-bordernewpublicwelfareactivitythemed“bringnewbenefitwithloveandshareabetterlife”,andheldasigningceremonyforsustainabledevelopmentcooperationactivitieswhichXinhuaNewsAgency,XinhuaNet,GlobalTimes,GuangmingDailyandothermediaattendedandreported.ChanganhelpedYouyangTeaOilmakeitsdebutwithahigh-endnationaloilbrandimageintheindependentzoneofShanghai,Chongqing,Chengdu,Guangzhouinternationalautoshows,engagingincross-bordernewpublicwelfaretoexpanditsinfluenceandsettinganexampleforenterprisestoassumetheirsocialresponsibility.Third,weimprovedthebusinessmanagementsystem,adding91newbusinessmanagementsystemdocuments,upgradingandrefiningamorescientificandapplicablemanagementsystemofYouyangTeaOil,helpingYouzhouOilTeaTechnologyCompanytobuildalong-termmechanismofscientificmanagementsystem.Fourth,wecarriedoutcarbonsinkmethodologyresearch,establishedtheoilteatreecarbonsinkmeasurementmodel,parametersystemandmeasurementstandards,andbuilttheoilteatreecarbonsinkassessmentmethodologysystem.
4.Implementconsumersupport
Focusingonpromotingthestablesalesofsupportedproducts,Changanencouragedallbusinessunitsandemployeestobuyagriculturalproductsfromthetargetedsupportedareas,andactivelyparticipatedin“SpringActionforConsumptionSupportthroughSOEsunderCentralGovernment”and“WeekofConsumptionforRuralAreaProductsthroughSOEsunderCentralGovernment”,withatotalconsumptionsupportof2.095millionyuan.Amongthem,1.478millionyuanwasconsumedintwocountiesinYunnanand617,000yuaninotherregions.Changanhastakenpracticalactionstopromotethedevelopmentofindustriesinpoverty-strickenareasandstabilizetheincomeofpoverty-strickenpeople.
5.Promoteemploymentassistance
Leveragingitsadvantagesasanautomobilemanufacturer,Changanhasmadeskilltrainingthefocusandsetup2“ChanganAutomobileClasses”inLuxiCountyandYanshanCountyinYunnanProvince,andYouyangCountyinChongqing.Wecarriedout2expertlecturesoncampusand2roundsofrecruitmentattargetedareas.Atotalof406studentswererecruited,turningemploymentassistanceintoconcreteactionsandhelpingincreasetheincomeofpeoplefromruralareas.
6.Summarizeanddisseminate
Underthetitleof“FromGivingFishtoTeaching‘Fishing’-ChanganAutomobilePromotedtheImplementationofRuralRevitalizationandAchievedResults”,ChangansubmittedthecasetotheAssociationofListedCompaniesinChinatopublicizeandpromoteitseffectiveanddistinctivepracticeactivitiesinruralrevitalization,andwasawardedthe“OutstandingPracticeCaseofListedCompaniesinRuralRevitalization”.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter6ImportantMatters
I.Undertakingperformance
1.Undertakingscompletedduringthereportingperiodandyettobeperformedasoftheendofthereportingperiodofthecompany’sactualcontrollers,shareholders,related-parties,acquirers,andthecompany’srelatedpartiesoftheundertakings.
√Applicable□Notapplicable
| Undertakings | Undertakingparty | Typeofundertaking | Description | Date | Duration | Performance |
| UndertakingsmadeattheIPOorrefinancing | ChinaSouthIndustriesGroupCo.,Ltd.;ChinaChanganAutomobileGroupCo.,Ltd.;SouthernIndustryAssetManagementCo.,Ltd. | Salesrestrictionsforshares | ThesharesofChanganAutomobilesubscribedthroughthisofferingshallnotbetransferredinanywaywithin36monthsaftertheoffering,includingbutnotlimitedtopublictransferthroughthesecuritiesmarketorbyagreement. | October,2020 | 36Months | Fulfillmentcompleted |
| Othercommitments | ChinaSouthIndustriesGroupCo.,Ltd.;ChinaChanganAutomobileGroupCo.,Ltd.;SouthernIndustryAssetManagementCo.,Ltd. | Salesrestrictionsforshares | FromNovember7th,2023,within6months,thecompanywillnotreduceitsholdingsthroughcentralizedbiddingorbulktradinginthesecondarymarket. | November2023 | 6Months | Innormalprogress |
| Whetherthepromiseisfulfilledasscheduled | Yes | |||||
2.Explanationonwhetherassetsorprojectsreachtheearningsforecastandreasonswhenthereisearningforecastforassetorprojectsandthereportingperiodiswithintheforecastperiod.
□Applicable√NotapplicableII.Non-operatingfundsthelistedcompanyoccupiedbycontrollingshareholdersandtheirrelatedparties
□Applicable√Notapplicable
Duringthereportingperiod,therewasnonon-operatingfundsofthelistedcompanyoccupiedbythecontrollingshareholderandrelatedparties.III.Irregularexternalguarantee
□Applicable√Notapplicable
TheCompanyhasnoirregularexternalguaranteeduringthereportingperiod.
IV.ExplanationoftheBoardofDirectorsonthelatest“Non-standardAuditReport”
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
V.Explanationofthe“Non-StandardAuditReport”issuedbytheaccountingfirmduringthereportingperiodbytheBOD,BOSandindependentdirectors(ifany)
□Applicable√Notapplicable
VI.Explanationofchangesinaccountingpolicies,accountingestimatesandremediesforsignificantaccountingerrors
√Applicable□NotapplicablePleasereferto"(31)ChangesinSignificantAccountingPoliciesandAccountingEstimates"inNote3tothefinancialstatementsfordetails.VII.Explanationofchangesintheconsolidatedstatementscopecomparedtothelastannualreport
√Applicable□Notapplicable
Duringthereportingperiod,thecompanyhasacquiredtheequityofDeepalAutomotiveTechnologyCo.,Ltd.fromChongqingChangxinEquityInvestmentFundPartnershipEnterprise(LimitedPartnership)andChongqingLiangjiangNewAreaEquityInvestmentFundPartnershipEnterprise(LimitedPartnership),withashareholdingratioof51.00%.Itwillbetransferredfromajointventuretoasubsidiaryforaccountingpurposesandincludedinthescopeofconsolidation.
VIII.Appointmentanddismissaloftheaccountingfirm
Theappointedaccountingfirm
| Thenameofthedomesticaccountingfirm | LixinCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Payment(RMB:10,000) | 324.90(Excludingtax) |
| Yearsofauditservices | 1 |
| NamesofCertifiedPublicAccountants | ZhuYuqin,WangKai |
| YearsofservicesprovidedbyCertifiedPublicAccountants | 1 |
Whethertore-appointtheaccountingfirms
√Yes□NoWhethertohireanewaccountingfirmduringtheauditperiod
□Yes√NoDoesthereplacementofaccountingfirmfollowtheapprovalprocess
√Yes□NoDetailedexplanationofthesituationregardingthechangeofappointmentorchangeofaccountingfirm
ConsideringthatErnst&YoungHuamingLLP(SpecialGeneralPartnership)hasservedthecompanycontinuouslyformorethan10years,whichdoesnotcomplywiththeprovisionsofArticle12oftheManagementMeasuresfortheSelectionandAppointmentofAccountingFirmsbyStateownedEnterprisesandListedCompanies,whichstipulatesthatthecontinuousappointmentperiodshallnotexceed10years,theproposaltoappointLixinCertifiedPublicAccountants(SpecialGeneralPartnership)asthecompany'sauditinstitutionfortheyear2023hasbeenreviewedandapprovedbythethirdmeetingoftheninthboardofdirectorsandthesecondextraordinarygeneralmeetingofshareholdersin2023,providingfinancialauditandinternalcontrolauditservices.Descriptionoftheinternalcontrolaccountingfirms,financialadviserorsponsor
√Applicable□Notapplicable
Afterthethirdmeetingoftheninthboardofdirectorsandthesecondextraordinarygeneralmeetingofshareholdersin2023,thecompanyhassuccessivelyreviewedandapprovedtheproposalontheappointmentofauditorsforthe2023financialreportandinternalcontrolreport.ThecompanyhashiredLixinCertifiedPublicAccountants(SpecialGeneralPartnership)astheauditorforthe2023internalcontrolreport.ThecompanypaidaninternalcontrolauditfeeofRMB949,800(excludingtax)fortheinternalcontrolauditservicesprovidedbyLixinCertifiedPublicAccountants(SpecialGeneralPartnership)in2023.
IX.Delistingafterthedisclosureoftheannualreport
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
X.Bankruptcyandrestructuring
□Applicable√Notapplicable
Duringthereportperiod,thereisnobankruptcyorrestructuring.XI.Cruciallitigationandarbitration
□Applicable√Notapplicable
Duringthereportingperiod,thecompanyhasnocruciallitigationandarbitration.XII.Punishmentandrectification
□Applicable√Notapplicable
Duringthereportingperiodthere’snopunishmentandrectification..XIII.Theintegrityofcompany,itscontrollingshareholderandactualcontroller
□Applicable√NotapplicableXIV.Significantrelated-partytransactions
1.Related-partytransactionsrelatedtodailyoperation
Fordetails,pleaserefertoNote12“RelatedPartyRelationshipsandTransactions”undertheChapter10.
2.Related-partytransactionsofacquisitionorsalesofassetsorequity
□Applicable√Notapplicable
3.Related-partytransactionsofcommonforeigninvestment
□Applicable√Notapplicable
4.Relatedrightsanddebtrelations
√Applicable□Notapplicable
Fordetails,pleaserefertoNote12"RelatedPartyRelationshipsandTransactions"undertheChapter10.Whetherthereisanynon-businessrelatedcreditsanddebts
□Yes√No
Thereisnonon-operatingassociatedcreditsanddebtsduringthereportingperiod.
5.Transactionswithassociatedfinancialcompanies
√Applicable□NotapplicableDeposit
| Relatedparty | Relationship | Maximumdailydepositlimit(RMB:10,000) | Interestrate | Beginningbalance(RMB:10,000) | Amountincurredinthecurrentperiod | Endingbalance(RMB:10,000) | |
| Totaldepositamount(RMB:10,000) | Totalwithdrawalamount(RMB:10,000) | ||||||
| ChinaSouthIndustriesGroupFinanceCo.,Ltd. | Acompanycontrolledbytheactualcontrollerof | 2,000,000 | 0.35%-2.1% | 1,986,295 | 23,579,401 | 23,573,094 | 1,992,602 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| ChanganAutomobile | |||||||
| ChanganAutomobileFinancingCo.,Ltd. | AcompanycontrolledbytheactualcontrollerofChanganAutomobile | 1,500,000 | 1.85%-2.25% | 1,495,000 | 1,499,000 | 1,495,000 | 1,499,000 |
Loan
| Relatedparty | Relationship | Loanamount(RMB:10,000) | Interestrate | Beginningbalance(RMB:10,000) | Amountincurredinthecurrentperiod | Endingbalance(RMB:10,000) | |
| Totalamountofloan(RMB:10,000) | Totalrepaymentamount(RMB:10,000) | ||||||
| ChinaSouthIndustriesGroupFinanceCo.,Ltd. | AcompanycontrolledbytheactualcontrollerofChanganAutomobile | 50,000 | 1%-4.75% | 6,900 | 6,000 | 5,300 | 7,600 |
Creditgrantingorotherfinancialbusiness
| Relatedparty | Relationship | Business | Totalamount(RMB:10,000) | Actualamountincurred(RMB:10,000) |
| ChinaSouthIndustriesGroupFinanceCo.,Ltd. | AcompanycontrolledbytheactualcontrollerofChanganAutomobile | Creditgranting | 1,150,000 | 379,908 |
6.Transactionsbetweenthefinancialcompanycontrolledbythecompanyandrelatedparties
□Applicable√Notapplicable
7.Othersignificantrelated-partytransactions
√Applicable□NotapplicableInterimannouncementofmajorrelated-partytransactionsonthewebsite
XV.Majorcontractsandtheirperformance
1.Custody,contractingandleasing
（1）Custody
□Applicable√NotapplicableCustodyinformationThereisnocustodyduringthereportingperiod.（
）Contracting
□Applicable√NotapplicableContractinginformationThereisnocontractingduringthereportingperiod.
| Interimannouncement | Interimannouncementdate | Wsebsite |
| AnnouncementofExpectedRelated-partyTransactionsintheOrdinaryCourseof2023 | April18th,2023 | http://www.cninfo.com.cn |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
（3）Leasing
√Applicable□NotapplicableLeasinginformationLeasingofrelatedpartiescanbefoundinItem5(2)ofNote12ofFinancialStatements“RelatedPartyandRelatedTransactions”.Projectswhoseprofitandlosstothecompanyaccountformorethan10%oftotalprofitsduringthereportingperiod.
□Applicable√Notapplicable
Therewasnoprojectwhoseprofitandlosstothecompanyaccountedformorethan10%oftotalprofitsduringthereportingperiod.
2.Guarantee
□Applicable√Notapplicable
There’snoguaranteeduringthereportperiod.
3.Entrustmentofcashassetmanagement
(1)Entrustwealthmanagement
□Applicable√Notapplicable
There’snoentrustingwealthmanagementduringthereportingperiod.
(2)Entrustedloans
□Applicable√Notapplicable
Thereisnoentrustedloanduringthereportingperiod.
4.Othermajorcontracts
□Applicable√Notapplicable
TherearenoothermajorcontractsoftheCompanyduringthereportingperiod.XVI.Otherimportantevents
√Applicable□Notapplicable
Duringthereportingperiod,thecompanyhascompletedtheacquisitionofaportionofequityinDeepalAutomobile.Thecompany'sshareholdinginDeepalAutomobilehasincreasedfrom40.66%to51.00%,andwillbeincludedinthecompany'sconsolidatedfinancialstatementsstartingfromFebruary2023.Forspecificdetails,pleaserefertothe"ProgressAnnouncementonAcquiringPartialEquityofChanganNewEnergy"(AnnouncementNo.2023-05)disclosedbythecompanyonFebruary18,2023ontheJuchaoInformationNetwork(www.cninfo.com.cn).
XVII.ImportantmattersoftheCompany’ssubsidiary
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter7ShareChangesandShareholderInformation
Ⅰ.Changeinshareholdings
1.Changeinshareholdings
Unit:Oneshare
| Beforechange | Changes（+，-） | Afterchange | |||||||
| Quantity | Ratio | Additionalissued | Stockdividend | Providentfundtransfer | Other | Subtotal | Quantity | Ratio | |
| Shareswithsalesrestrictions | 675,775,474 | 6.81% | -570,969,575 | -570,969,575 | 104,805,899 | 1.06% | |||
| 1.State-ownedlegalpersonshares | 515,311,738 | 5.19% | -515,311,738 | -515,311,738 | 0 | 0.00% | |||
| 2.Otherdomesticshares | 159,248,366 | 1.61% | -55,055,477 | -55,055,477 | 104,192,889 | 1.05% | |||
| Including:domesticlegalpersonshares | |||||||||
| domesticnaturalpersonshares | 159,248,366 | 1.61% | -55,055,477 | -55,055,477 | 104,192,889 | 1.05% | |||
| 3.Foreignshares | 1,215,370 | 0.01% | -602,360 | -602,360 | 613,010 | 0.01% | |||
| Including:foreignlegalpersonsshares | |||||||||
| foreignnaturalpersonshares | 1,215,370 | 0.01% | -602,360 | -602,360 | 613,010 | 0.01% | |||
| Shareswithoutsalesrestrictions | 9,246,023,948 | 93.19% | 566,459,186 | 566,459,186 | 9,812,483,134 | 98.94% | |||
| 1.OrdinarysharesdenominatedinRMB | 7,604,409,171 | 76.64% | 566,459,186 | 566,459,186 | 8,170,868,357 | 82.39% | |||
| 2.Domesticlistedforeignshares | 1,641,614,777 | 16.55% | 1,641,614,777 | 16.55% | |||||
| Totalshares | 9,921,799,422 | 100.00% | -4,510,389 | -4,510,389 | 9,917,289,033 | 100.00% | |||
Reasonsforsharechange
√Applicable□Notapplicable
(1)A-sharerestrictedstockincentiveplanliftingrestrictedsharesforlistingandcirculationOnMarch6th,2023,thecompanylifteditsrestrictedsharesandlistedthemforcirculation,withatotalof44,275,061shares.Forspecificdetails,pleaserefertothe"NoticeontheFirstReleaseofRestrictedSharesfromtheRestrictedStockIncentivePlanforA-shares".OnJanuary2nd,2024,thecompanyliftedtherestrictionsonthesaleof7,366,678shares,whichwerelistedforcirculation.TheregistrationoftheliftingofrestrictionsandchangeswascompletedafterthemarketclosedonDecember29th,2023.Forspecificdetails,pleaserefertothe"NoticeontheliftingofrestrictionsonthesaleofA-sharerestrictedstockincentiveplans".Theabove-mentionedincentivetargetsforliftingrestrictionsincludesomedirectorsandseniormanagementpersonnelofthecompany,andthestocksobtainedwillbelockedinaccordancewithrelevantlawsandregulations.
(2)PartialcancellationofrestrictedstockrepurchasesinA-sharesOnJune20thandDecember5th,2023,thecompanycompletedtherepurchaseandcancellationof2,476,422sharesand2,033,967sharesofrestrictedstocksthathadbeengrantedtosomeoftheoriginalincentiveobjectsbuthadnotyetbeenreleasedfromrestrictions.Forspecificdetails,pleaserefertotheAnnouncementontheCompletionofRepurchaseandCancellationofSomeRestrictedStocks.Thetotalsharecapitalofthecompanywasreducedfrom9,921,799,422sharesto9,917,289,033shares.
(3)NonpublicofferingofrestrictedsharesforlistingandcirculationOnNovember7th,2023,thecompany'snon-publicofferingofrestrictedshareswaslistedandcirculated,withatotalof515,311,738shares.Forspecificdetails,pleaserefertothe"NoticeontheListingandCirculationofRestrictedSharesbyNonPublicDevelopmentBanks".
(4)OtherreasonsforchangesOtherchangesinthecompany'slimitedsalesharesareduetochangesinlockupsharesofdirectors,supervisors,andseniorexecutives,aswellaschangesinlockupsharesofdepartingexecutives.Approvalofsharechange
√Applicable□Notapplicable
(1)A-sharerestrictedstockincentiveplanliftingrestrictedsharesforlistingandcirculationApprovedbythe52ndmeetingofthe8thBoardofDirectors,the21stmeetingofthe8thBoardofSupervisors,the12thmeetingofthe9thBoardofDirectors,andthe4thmeetingofthe9thBoardofSupervisorsonFebruary17andDecember8,2023,respectively.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
(2)PartialcancellationofrestrictedstockrepurchasesinA-sharesThefirstrepurchasecancellationissuewasreviewedandapprovedbythe43rdmeetingofthe8thBoardofDirectorsandthe18thmeetingofthe8thBoardofSupervisorsofthecompanyonAugust2nd,2022,andbythe3rdextraordinarygeneralmeetingofshareholdersofthecompanyonAugust18th,2022.ThesecondrepurchasecancellationmatterwasreviewedandapprovedbythethirdmeetingoftheninthboardofdirectorsandthesecondmeetingoftheninthsupervisoryboardonAugust30th,2023,andbythesecondextraordinarygeneralmeetingofshareholdersofthecompanyonSeptember15th,2023.
(3)NonpublicofferingofrestrictedsharesforlistingandcirculationAfterverificationandconfirmationbytheShenzhenStockExchangeandChinaSecuritiesDepositoryandClearingCorporationShenzhenBranch,thenon-publicofferingofrestrictedshareswaslistedandcirculatedonNovember7th,2023.Transferofshares
√Applicable□Notapplicable
SeeChapter7,I,1,"Reasonsforsharechange"fordetails.Impactofsharechangesonfinancialindicatorssuchasbasicearningspershareanddilutedearningspershareinthelatestyearandthelatestperiod,andnetassetspershareattributabletoordinaryshareholdersofthecompany
√Applicable□Notapplicable
ThebasicearningspershareatthebeginningofthereportingperiodwasRMB0.80yuan,andattheend,RMB1.15yuan;thedilutedearningspershareatthebeginningofthereportingperiodwasRMB0.78yuan,andattheendwasRMB1.13yuan;thenetassetspershareattributabletoordinaryshareholdersatthebeginningwereRMB6.34yuan,andattheend,RMB7.25yuan.
Otherinformationdeemednecessarybythecompanyorrequiredbysecuritiesregulatorstodisclose
□Applicable√Notapplicable
2.Changesinrestrictedshares
√Applicable□Notapplicable
Unit:share(s)
Note:AmongtheA-sharerestrictedshares,the"increaseinthenumberofrestrictedsharesinthecurrentperiod"referstotherepurchaseandcancellationofatotalof4,510,389shares.
| Nameofshareholders | Numberofrestrictedsharesatthebeginningoftheperiod | Increaseduringthereportingperiod | Numberofshareswithsalesrestrictionremovedduringthereportingperiod | Numberofrestrictedsharesattheendoftheperiod | Reasonsforrestrictions | Dateofremovalofsalesrestriction |
| SouthernIndustryAssetManagementCo.,Ltd. | 340,186,916 | 340,186,916 | 0 | Non-publicissuanceofAsharesin2020 | November7th,2023 | |
| ChinaChanganAutomobileGroupCo.,Ltd. | 170,093,458 | 170,093,458 | 0 | Non-publicissuanceofAsharesin2020 | November7th,2023 | |
| ChinaSouthIndustriesGroupCo.,Ltd. | 5,031,364 | 5,031,364 | 0 | Non-publicissuanceofAsharesin2020 | November7th,2023 | |
| A-sharerestrictedstock | 160,418,388 | -4,510,389 | 51,641,739 | 104,266,260 | Equityincentive | OnMarch6th,2023,44,275,061shareswerelistedandcirculated.OnJanuary2,2024,7,366,678shareswerelistedandoutstanding.Therestrictedsharesgrantedforthefirsttimeandreservedtotheincentiverecipientswillalsobereleasedintwobatches,witheachbatchofrestrictedsharesbeingrestrictedforaperiodof36monthsand48monthsrespectivelyfromthedateofcompletionofthecorrespondinggrantregistration,andtheproportionoftherestrictedsharesgrantedtotheincentiverecipientswillbe33%and34%respectively. |
| Othershareholders | 45,348 | 505,241 | 10,950 | 539,639 | Lock-insharesofdirectors,supervisors,seniorexecutivesandoutgoingexecutivesinadditiontorestrictedstocks | Liftthesalerestrictionaccordingtotherelevantrules |
| Total | 675,775,474 | -4,005,148 | 566,964,427 | 104,805,899 | -- | -- |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
II.Issuingandlistingofsecurities
1.Securitiesissuance(excludingpreferenceshares)duringthereportingperiod
□Applicable√Notapplicable
2.Changesinthecompany’stotalsharesandshareholdingstructure,andchangesinthecompany'sassetandliabilitystructure
√Applicable□NotapplicablePleaseseeChapter7,I,1,“Reasonsforsharechange”forthechangesinthetotalnumberofordinarysharesandshareholderstructureoftheCompanyduringthereportingperiod.Atthebeginningofthereportingperiod,thetotalassetswereRMB146,049,068,075.25;thetotalliabilitieswereRMB83,099,751,390.43,andtheasset-liabilityratiowas56.90%.Attheendoftheperiod,thetotalassetswereRMB190,171,127,138.27,thetotalliabilitieswereRMB115,487,870,299.24,andtheasset-liabilityratiowas60.73%.
3.Existingemployeeshares
□Applicable√Notapplicable
III.Shareholdersandactualcontrollers
1.Numberofshareholdersandshareholding
Unit:share(s)
| Attheendofthereportperiod,thetotalnumberofshareholders | 451,892 | Numberofordinaryshareholdersatthemonth-endpriortothedisclosuredateofthisReport | 453,758 | Numberofshareholdersholdingpreferenceshareswithrestoredvotingrightsattheendofthereportingperiod | 0 | Numberofshareholdersholdingpreferenceshareswithrestoredvotingrightsatthemonth-endpriortothedisclosuredateofthisReport | 0 | ||||||
| Shareholdersholdingmorethan5%oftheshares,ortop10shareholders(Excludesshareslentthroughrefinancing) | |||||||||||||
| Name | Nature | Percentage | Numberofsharesheldasoftheendofthereportingperiod | Increase/decreaseduringtheReportingPeriod | Numberofsharesheldwithsalesrestrictions | Numberofsharesheldwithoutsalesrestrictions | Conditionofshares(pledged,labeledorfrozen) | ||||||
| Status | Amount | ||||||||||||
| ChinaChanganAutomobileGroupCo.,Ltd. | State-ownedlegalperson | 17.98% | 1,783,090,143 | 0 | 1,783,090,143 | Notpledged,labeledorfrozen | |||||||
| ChinaSouthIndustriesGroupCo.,Ltd. | State-ownedlegalperson | 14.23% | 1,410,747,155 | 0 | 1,410,747,155 | ||||||||
| SouthernIndustryAssetManagementCo.,Ltd. | State-ownedlegalperson | 4.60% | 456,253,257 | -49,990,000 | 456,253,257 | ||||||||
| ChinaSecuritiesFinanceCo.,Ltd. | Domesticgenerallegalperson | 4.30% | 426,362,905 | 0 | 426,362,905 | ||||||||
| UnitedProsperityInvestmentCo.,Ltd. | Foreignlegalperson | 2.83% | 280,498,832 | 0 | 280,498,832 | ||||||||
| HongKongSecuritiesClearingCo.,Ltd. | Foreignlegalperson | 2.37% | 235,386,954 | 92,260,045 | 235,386,954 | ||||||||
| ChinaMerchantsSecurities(HK)Co.,Ltd. | Foreignlegalperson | 0.54% | 53,627,322 | 13,721,703 | 53,627,322 | ||||||||
| GUOTAIJUNANSECURITIES（HONGKONG）LIMITED | Foreignlegalperson | 0.46% | 46,075,641 | 3,393,226 | 46,075,641 | ||||||||
| ShenYanjun | Domesticnaturalpersons | 0.35% | 35,003,248 | 35,003,248 | 35,003,248 | ||||||||
| IndustrialandCommercialBankofChinaCo.,Ltd.-HuataiPinebridgeCSI300ETFSecuritiesInvestmentFund | Funds,wealthmanagementproducts,etc | 0.35% | 34,286,544 | 17,407,430 | 34,286,544 | ||||||||
| Descriptionoftherelatedpartyrelationshiporactinginconcertamongtheaboveshareholders | Amongthetop10shareholders,theactualcontrollerChinaSouthIndustriesGroupCo.,Ltd.anditswholly-ownedsubsidiarySouthernIndustryAssetManagementCo.,Ltd.,thecontrollingshareholderChinaChanganAutomobileGroupCo.,Ltd.anditswholly-ownedsubsidiaryUnitedProsperityInvestmentCo.,Ltd.arepartiesactinginconcertby“MeasuresfortheAdministrationofTakeoverof | ||||||||||||
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| ListedCompanies”. | |||
| Descriptionoftheabove-mentionedshareholdersentrusting/beingentrustedwithvotingrightsandwaiverofvotingrights | None | ||
| Shareholdingsofthetop10ordinaryshareholdersofunrestrictedshares | |||
| Shareholders | Numberofshareswithoutsalesrestrictionsattheendofthereportingperiod | Sharestype | |
| Type | Number | ||
| ChinaChanganAutomobileGroupCo.,Ltd. | 1,783,090,143 | RMBordinaryshares | 1,783,090,143 |
| ChinaSouthIndustriesGroupCo.,Ltd. | 1,410,747,155 | RMBordinaryshares | 1,410,747,155 |
| SouthernIndustryAssetManagementCo.,Ltd. | 456,253,257 | RMBordinaryshares | 456,253,257 |
| ChinaSecuritiesFinanceCo.,Ltd. | 426,362,905 | RMBordinaryshares | 426,362,905 |
| UnitedProsperityInvestmentCo.,Ltd. | 280,498,832 | Domesticlistedforeignshares | 280,498,832 |
| HongKongSecuritiesClearingCo.,Ltd. | 235,386,954 | RMBordinaryshares | 235,386,954 |
| ChinaMerchantsSecurities(HK)Co.,Ltd. | 53,627,322 | Domesticlistedforeignshares | 53,627,322 |
| GUOTAIJUNANSECURITIES（HONGKONG）LIMITED | 46,075,641 | Domesticlistedforeignshares | 46,075,641 |
| ShenYanjun | 35,003,248 | RMBordinaryshares | 35,003,248 |
| IndustrialandCommercialBankofChinaCo.,Ltd.-HuataiPinebridgeCSI300ETFSecuritiesInvestmentFund | 34,286,544 | RMBordinaryshares | 34,286,544 |
| Descriptionoftherelatedrelationshiporactinginconcertamongthetop10shareholdersofunrestrictedcirculatingshares,andbetweenthetop10shareholdersofunrestrictedtradablesharesandthetop10shareholders | Amongthetop10shareholders,theactualcontrollerChinaSouthIndustriesGroupCo.,Ltd.anditswholly-ownedsubsidiarySouthernIndustryAssetManagementCo.,Ltd.,thecontrollingshareholderChinaChanganAutomobileGroupCo.,Ltd.anditswholly-ownedsubsidiaryUnitedProsperityInvestmentCo.,Ltd.arepartiesactinginconcertasstipulatedinthe“MeasuresfortheAdministrationofTakeoverofListedCompanies”. | ||
| Descriptionoftheparticipationofthetop10ordinaryshareholdersinmargintradingbusiness | ShareholderShenYanjunholds35,003,248sharesoftheCompanythroughthecustomercredittransactionguaranteesecuritiesaccountofGFSecuritiesCo.,Ltd. | ||
Thetop10shareholdersparticipatedintherefinancingbusinessandlentshares
√Applicable□Notapplicable
Unit:share(s)
| Thetop10shareholdersparticipatedintherefinancingofloanedshares | ||||||||
| ShareholderName | Initialordinaryaccountandcreditaccountholdings | Theshareslentatthebeginningoftheperiodwererefinancedandhavenotbeenreturned | Ordinaryaccountandcreditaccountholdingsattheendoftheperiod | Attheendoftheperiod,theshareswereloanedandhavenotbeenreturned | ||||
| Totalquantity | Proportionoftotalsharecapital | Totalquantity | Proportionoftotalsharecapital | Totalquantity | Proportionoftotalsharecapital | Totalquantity | Proportionoftotalsharecapital | |
| IndustrialandCommercialBankofChinaCo.,Ltd.-HuataiPinebridgeCSI300ETFSecuritiesInvestmentFund | 16,879,114 | 0.17% | 3,443,400 | 0.03% | 34,286,544 | 0.35% | 2,795,700 | 0.03% |
Thetop10shareholderschangedfromthepreviousperiod
√Applicable□Notapplicable
Unit:share(s)
| Changesinthetop10shareholderscomparedtotheendofthepreviousperiod | |||||
| ShareholderName | Newentry/Exit | Thenumberofshareslentattheendoftheperiodandhasnotyetbeenreturned | Thenumberofsharesheldintheshareholders'ordinaryaccount,creditaccountandrefinancingloansattheendoftheperiodandnotyetreturned | ||
| Totalquantity | Proportionoftotalsharecapital | Totalquantity | Proportionoftotalsharecapital | ||
| ShenYanjun | Newentry | 35,003,248 | 0.35% | ||
| IndustrialandCommercialBankofChinaCo.,Ltd.-HuataiPinebridgeCSI300ETFSecuritiesInvestmentFund | Newentry | 2,795,700 | 0.03% | 37,082,244 | 0.37% |
| ChinaConstructionBankCorporation-ChinaEnergyInnovationEquitySecuritiesInvestmentFund | Exit | 8,848,656 | 0.09% | ||
| TaipingLifeInsuranceCompanyLimited | Exit | 23,834,736 | 0.24% | ||
Whetherthetop10shareholdersofordinaryshares,andthetop10shareholdersofordinaryshareswithoutsalesrestrictionsagreedontherepurchasetransactionsduringthereportperiod
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
□Yes√No
Thetop10shareholdersofordinaryshares,andthetop10shareholdersofordinaryshareswithoutsalesrestrictionsdidnotagreeontherepurchasetransactionsduringthereportingperiod.
2.Thecompany'scontrollingshareholder
Natureofthecontrollingshareholder:thecentralstate-ownedTypeofthecontrollingshareholder:legalperson
| Name | Legal/Representative | Dateofestablishment | Organizationcode | Businessscopeandmajorproducts: |
| ChinaChanganAutomobileGroupCo.,Ltd. | ZhaoFei | December26th,2005 | 911100007109339484 | Design,development,manufacturingandsalesofcar,motorcycleandengineandparts;salesofopticalproducts,electronicandoptoelectronicproducts,nightvisiondevice,informationandcommunicationequipment;technicaldevelopment,transfer,consultation,technicaltraining,andothertechnicalservicerelatedtotheoperationmentionedabove;importsandexports;mergeandacquisitionandassetrestructuringconsultation;telecommunicationsservicesandagencybookkeeping. |
| Equityofotherdomesticandoverseaslistedcompanieswherehehascontrolledandparticipatedduringthereportingperiod | Asoftheendofthereportingperiod,controllingsharesoflistedcompanies:HarbinDonganAutoEngineCo.,Ltd.(stockcode600178);HunanTianyanMachineryCo.,Ltd.(stockcode600698),ChongqingChanganMinshengAPLLLogisticsCo.,Ltd(stockcode01292.HK) | |||
Thechangeofcontrollingshareholderduringthereportingperiod
□Applicable√Notapplicable
Nochangesincontrollingshareholderduringthereportingperiod.
3.Theactualcontrolleranditspartiesactinginconcert
Natureoftheactualcontroller:thecentralstate-ownedassetmanagementinstitutionTypeoftheactualcontroller:legalperson
| Name | LegalRepresentative | Dateofestablishment | Organizationcode | Businesses |
| ChinaSouthIndustriesGroupCorp. | XuXianping | Jun29th,1999 | 91110000710926043F | Investmentandmanagementofstate-ownedassets,operationandmanagement,R&D,manufacturing,guaranteeandservicesofvehicles,electricalequipment,optoelectronicinformationproductsandequipment,mechanicalequipment,engineeringandconstructionmachinery,chemicalmaterials(excepthazardouschemicals),fire-fightingequipment,medicalandenvironmentalprotectionequipment,metalandnon-metalmaterialsandproducts. |
| Otherdomesticandoverseaslistedcompaniescontrolledbytheactualcontrollerduringthereportperiod | Asoftheendofthereportingperiod,directlyorindirectlycontrollingthelistedcompany:HarbinDonganAutomotivePowerCo.,Ltd.(stockcode600178);BaodingTianweiBaobianElectricCo.,Ltd.(stockcode600550);JianglingAutomobileCo.,Ltd.(stockcode000550);HunanTianyanMachineryCo.,Ltd.(stockcode600698);ChongqingConstructionAutomotiveSystemsCo.,Ltd.(stockcode200054);ChinaOpticsGroupCo.,Ltd.(stockcode002189);ConstructionIndustryGroup(Yunnan)Co.,Ltd.(stockcode002265);ChongqingChang'anMinshengLogisticsCo.,Ltd.(stockcode01292);HubeiHuaqiangTechnologyCo.,Ltd.(stockcode688151);AnhuiGreatWallMilitaryIndustryCo.,Ltd.(stockcode601606). | |||
Thechangeoftheactualcontrollerduringthereportingperiod
□Applicable√Notapplicable
Nochangesintheactualcontrollerduringthereportingperiod.Theequityandcontrolrelationshipbetweenthecompanyandtheactualcontroller:
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Actualcontrollingthroughtrustorotherassetmanagement.
□Applicable√Notapplicable
4.Pledgedsharesheldbycontrollingshareholderorthelargestshareholderanditspartiesactinginconcertaccountfor80%oftheshares.
□Applicable√Notapplicable
5.Othercorporateshareholdersholdingover10%shares.
□Applicable√Notapplicable
6.Shareholdingrestrictionandreductionofcontrollingshareholder,actualcontroller,restructuringpartyandothercommitmententities
□Applicable√NotapplicableIV.Sharerepurchaseduringthereportingperiod
Sharerepurchase
□Applicable√NotapplicableReducingrepurchasedsharesbycentralizedbidding
□Applicable√Notapplicable
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter8PreferenceShares
□Applicable√NotapplicableTherewasnopreferredshareintheCompanyinthereportingperiod.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter9Bonds
√Applicable□NotapplicableI.EnterpriseBonds
□Applicable√Notapplicable
NoenterprisebondsintheReportingPeriod
II.CorporateBonds
√Applicable□Notapplicable
1.BasicInformationoftheCorporateBonds
Unit:10000RMB
| BondName | Abbreviation | BondCode | Dateofissue | Valuedate | Maturity | Bondsbalance | Interestrate | Wayofredemption | Tradingplace |
| ChongqingChanganAutomobileCo.,Ltd.publiclyissuedscienceandtechnologyinnovationcorporatebondstoprofessionalinvestorsin2022(PhaseI) | 22ChanganK1 | 148147.SZ | December19th,2022 | December20th,2022 | December20th,2027 | 100,000 | 3.00% | Singleinterestiscalculatedonanannualbasis,excludingcompoundinterest.Theinterestispaidonceayear,andtheprincipalisrepaidoncedue.Thelastinterestispaidwiththepaymentoftheprincipal. | ShenzhenStockExchange |
| Appropriatearrangementoftheinvestors(ifany) | ThisbondisissuedtoprofessionalinstitutionalinvestorswhoopenA-sharesecuritiesaccountsinShenzhenBranchofChinaSecuritiesDepositoryandClearingCo.,Ltd.(excludingpurchasersprohibitedbylawsandregulations). | ||||||||
| Applicabletradingmechanism | Centralizedbiddingtradeandblocktrading | ||||||||
| Riskofterminationoflistingtransactions(ifany)andcountermeasures | None | ||||||||
Overduebonds
□Applicable√Notapplicable
2.TheTriggerandExecutionoftheOptionClauseoftheIssuersorInvestorsandtheInvestorProtectionClause
□Applicable√Notapplicable
3.Intermediary
| Bond | Intermediary | Officeaddress | Signatureaccountant | Contactpersonofintermediary | Contactnumber |
| ChongqingChanganAutomobileCo.,Ltd. | Leadunderwriterandbondtrustee:CITICSecuritiesCo.,Ltd. | 22ndFloor,CITICSecuritiesBuilding,No.48LiangmaqiaoRoad,ChaoyangDistrict,Beijing | HuYan,QiaoChun,YuanYong | JiangHaotian,Jiangjiarong | 010-60837490 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
| publiclyissuedscienceandtechnologyinnovationcorporatebondstoprofessionalinvestorsin2022(PhaseI) | Jointleadunderwriter:ChinaInternationalCapitalCorporationLimited | 27thand28thFloors,Block2,GuomaoBuilding,No.1JianguomenwaiStreet,ChaoyangDistrict,Beijing | QiQin,YanRunan,LiCong | 010-65051166 | |
| LawFirm:BeijingZhongLunLawFirm | Floor8-10,BuildingA,RongchaoBusinessCenter,6003YitianRoad,FutianDistrict,Shenzhen | XuZhigang | 0755-33256902 | ||
| Accountingfirm:Ernst&YoungHuaMingLLP(SpecialGeneralPartnership) | 17thFloor,Ernst&YoungTower,OrientalPlaza,No.1EastChangAnAvenue,DongChengDistrict,Beijing,China | QiaoChun,YuanYong | 023-62736177 | ||
| Ratingagency:UnitedCreditRatingCo.,Ltd. | 17thFloor,PICCProperty&CasualtyInsuranceBuilding,No.2JianguomenwaiStreet,ChaoyangDistrict,Beijing | SunChangzheng,LiJingyun | 010-85679696 |
IndicatebytickmarkwhetheraboveintermediarychangedintheReportingPeriod
□Yes√No
4.ListoftheUsageoftheRaisedFunds
Unit:10000RMB
| Bond | Totalamount | Amountspent | Unusedamount | Operationofspecialaccountforraisedfunds | Rectificationofraisedfundsforviolationoperation | Whetherisconsistentwiththeusage,usingplanandotheragreementsstipulatedintheraisingspecification |
| ChongqingChanganAutomobileCo.,Ltd.publiclyissuedscienceandtechnologyinnovationcorporatebondstoprofessionalinvestorsin2022(PhaseI) | 100,000 | 100,000 | 0 | Relevantspecialaccountsforraisedfundsareusednormallyaccordingtoregulations | Noillegaluseofraisedfunds | Yes |
Theraisedfundswereusedforprojectconstruction
□Applicable√NotapplicableTheCompanychangedtheusageofabovefundsraisedfrombondsduringtheReportingPeriod.
□Applicable√Notapplicable
5.AdjustmentofCreditRatingResultsduringtheReportingPeriod
□Applicable√Notapplicable
6.ExecutionandChangesofGuarantee,RepaymentPlanandOtherRepaymentGuaranteeMeasuresaswellasInfluenceonEquityofBondInvestorsduringtheReportingPeriod
□Applicable√Notapplicable
III.DebtFinancingInstrumentsofNon-financialEnterprises
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
IV.ConvertibleCorporateBonds
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
V.LossesofScopeofConsolidatedFinancialStatementsduringtheReportingPeriodExceeding10%ofNetAssetsupthePeriod-endofLastYear
□Applicable√Notapplicable
VI.MaturedInterest-bearingDebtexcludingBondsupthePeriod-end
□Applicable√NotapplicableVII.WhethertherewasanyViolationofRulesandRegulationsduringtheReportingPeriod
□Yes√NoVIII.TheMajorAccountingDataandtheFinancialIndicatorsoftheRecent2YearsoftheCompanyupthePeriod-end
Unit:10,000RMB
| Items | 31December2023 | 31December2022 | Increase/decrease |
| Currentratio | 1.27 | 1.35 | -5.93% |
| Debt/assetratio | 60.73% | 56.90% | 3.83% |
| Quickratio | 1.14 | 1.28 | -10.94% |
| 31December2023 | 31December2022 | Increase/decrease | |
| Netprofitafterdeductingnon-recurringprofitorloss | 378,184.67 | 325,479.01 | 16.19% |
| Debt/EBITDAratio | 13.76% | 14.01% | -0.25% |
| Interestcover(times) | 147.61 | 137.44 | 7.40% |
| Cash-to-interestcover(times) | 302.50 | 116.39 | 159.90% |
| EBITDA-to-interestcover(times) | 241.90 | 239.17 | 1.14% |
| Loanrepaymentrate | 100% | 100% | 0 |
| Interestcoverage | 100% | 100% | 0 |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Chapter10Auditor’sReport
XinKuaiShiBaoZi【2024】No.ZG11157ChongqingChanganAutomobileCompanyLimited
Totheshareholdersof
ChongqingChanganAutomobileCompanyLimited
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Auditor’sReport
XinKuaiShiBaoZi【2024】No.ZG11157ChongqingChanganAutomobileCompanyLimitedTotheshareholdersof
ChongqingChanganAutomobileCompanyLimited:
OpinionWehaveauditedtheaccompanyingfinancialstatementsofChongqingChanganAutomobileCompanyLimited,whichcomprisetheconsolidatedandthecompanybalancesheetasat31December2023,andtheconsolidatedandthecompanyincomestatements,thestatementsofchangesinequityandthecashflowstatementsfortheyearthenendedandnotestothefinancialstatements.Inouropinion,theaccompanyingfinancialstatementsofChongqingChanganAutomobileCompanyLimitedpresentfairly,inallmaterialrespects,theconsolidatedandtheCompany’sfinancialpositionasat31December2023,andtheconsolidatedandtheCompany’sfinancialperformanceandcashflowsfortheyearthenendedinaccordancewithAccountingStandardsforBusinessEnterprises(“ASBEs”).BasisforopinionWeconductedourauditinaccordancewithChinaStandardsonAuditing(“CSAs”).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sresponsibilitiesfortheauditofthefinancialstatementssectionofourreport.WeareindependentoftheCompanyinaccordancewithChinaCodeofEthicsforCertifiedPublicAccountants(the“Code”),andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeCode.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.KeyauditmattersKeyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Foreachmatterbelow,ourdescriptionofhowourauditaddressedthematterisprovidedinthatcontext.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Auditor’sReport(continued)Keyauditmatters(continued)WehavefulfilledtheresponsibilitiesdescribedintheAuditor’sresponsibilitiesfortheauditofthefinancialstatementssectionofourreport,includinginrelationtothesematters.Accordingly,ourauditincludedtheperformanceofproceduresdesignedtorespondtoourassessmentoftherisksofmaterialmisstatementofthefinancialstatements.Theresultsofourauditprocedures,includingtheproceduresperformedtoaddressthemattersbelow,providethebasisforourauditopinionontheaccompanyingfinancialstatements.
| Keyauditmatter | Howourauditaddressedthekeyauditmatter |
| Non-controllinginterestbusinesscombination | |
| nthecurrentfiscalyear,ChongqingChanganAutomobileCo.,Ltd.(hereinafterreferredtoas'ChanganAutomobile')concludedtheacquisitionofa10.34%equityinterestinShenlanAutomobileTechnologyCo.,Ltd.(hereinafterreferredtoas'ShenlanAutomobile'),boostingitsownershipto51%.ChanganAutomobilehastreatedthisacquisitionasanon-controllingbusinesscombinationforaccountingpurposes.Themanagementcommissionedindependentexternalappraiserstoevaluatethefairvalueofidentifiablenetassets.Ontheacquisitiondate,ChanganAutomobilerevaluedtheoriginalequityheldatfairvalue,resultingintherecognitionofinvestmentincometotalingRMB5,021,482,128.74.Additionally,goodwillamountingtoRMB1,800,926,049.16wasrecognizedduetothemergercostsurpassingthefairvalueofidentifiablenetassetsacquired.GiventhesubstantialimpactofShenlanAutomobile'sidentifiablenetassets'fairvalueonChanganAutomobile'sconsolidatedfinancialstatementsandthesignificantmanagementjudgmentinvolved,wehaveidentifiedthisasakeyauditmatter. | Withregardtothewarrantyprovisionsauditedbyus:?Acquireandscrutinizepertinenttransactiondocuments,includingequitytransferagreementsandboardresolutions,andengageindiscussionswithmanagementregardingthedeterminationoftheacquisitiondate.?Secureandevaluatetheequityacquisitionappraisalreport,assessingthequalifications,professionalcompetency,andindependenceofthird-partyappraisalinstitutionsinvolved.?Engageinternalevaluationexpertstoassessthemethodologiesandcriticalassumptionsutilizedindeterminingfairvalue.?Examinemanagement'saccountingtreatmentofthebusinesscombinationtoverifyadherencetoaccountingstandards,alongwithassessingthesufficiencyofrelateddisclosuresinthenotestotheconsolidatedfinancialstatements. |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Auditor’sReport(continued)
Keyauditmatters(continued)
| Keyauditmatter | Howourauditaddressedthekeyauditmatter |
| OperatingRevenueconfirmation | |
| ChongqingChanganAutomobileCo.,Ltd.(hereinafterreferredtoas'ChanganAutomobile')derivesitsprimaryrevenuefromautomobiles,automobilecomponents,relatedproducts,andotheroutputs.In2023,ChanganAutomobilerecordedoperatingrevenueofRMB1512.98billion,representingayear-on-yeargrowthrateof24.78%.GiventhatrevenueservesasapivotalperformanceindicatorforChanganAutomobile,thereexistsinherentriskassociatedwithpotentialmanagementmanipulationofrevenuerecognitiontimingtomeetspecificgoalsorexpectations.Consequently,weidentifyrevenuerecognitionasacriticalauditfocusarea. | Withregardtothecapitalizationofinternaldevelopmentcostsauditedbyus:?Assessandtesttheefficacyofinternalcontrolspertainingtothedesignandexecutionofoperatingrevenue.?Securekeysalescontracts,scrutinizecontracttermsconcerningcontroltransferandrevenuerecognition,andverifyadherencetothecompany'saccountingpolicies.?Performanalyticalreviewprocedures,analyzingchangesinvariousrevenuecategoriesandgrossmarginstoascertainthereasonablenessoffluctuations.?Conductthoroughexaminationsofrevenuerecognition,scrutinizingsupportingdocumentationsuchasdeliveryorders,logisticsdocuments,andsalesinvoices.?Selectsamplesfortransactionsoccurringpost-balancesheetdate,reviewsupportingdocumentationlikedeliveryordersandlogisticsdocuments,andassesstheappropriatenessofrevenuerecordingwithintherelevantaccountingperiod.?Investigateforsignificantrevenuereversalsorsubstantialreturnspost-reportingperiod. |
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Auditor’sReport(continued)
OtherinformationThemanagementoftheChongqingChanganAutomobileCompanyLimited(the“Management”)isresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedintheannualreport,otherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.Management’sandgovernance’responsibilityforthefinancialstatementsTheManagementisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewithASBEs,andfordesigning,implementingandmaintainingsuchinternalcontrolasthemanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,theManagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccounting,unlessthemanagementeitherintendstoliquidatetheCompanyortoceaseoperationsorhasnorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Auditor’sReport(continued)
Auditor’sresponsibilitiesfortheauditofthefinancialstatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.ReasonableassuranceisahighlevelofassurancebutisnotaguaranteethatanauditconductedinaccordancewithCSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandaregenerallyconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCSAs,weexerciseprofessionaljudgementandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,
whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignaudit
proceduresthatareappropriateinthecircumstances.
(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessof
accountingestimatesandrelateddisclosuresmadebythemanagement.
(4)Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisof
accountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
(5)Evaluatetheoverallpresentationincludingthedisclosures,structureandcontentofthe
financialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
ChongqingChanganAutomobileCompanyLimited2023AnnualReport
Auditor’sReport(continued)
Auditor’sresponsibilitiesfortheauditofthefinancialstatements(continued)
(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheGroupaudit.Weremainsolelyresponsibleforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependenceandtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
ZhuYuQinBDOChinaShuLunPanCertifiedPublicAccountantsLLPChineseCertifiedPublicAccountant
(Engagementpartner)
WangKaiChineseCertifiedPublicAccountantShanghaithePRC16April2024
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDBALANCESHEET31December2023(ExpressedinRenminbiYuan)
| Assets | NotesV | 2023/12/31 | 2022/12/31 |
Currentassets
| Currentassets | |||||
| Cash | 1 | 64,871,042,747.88 | 53,530,183,827.34 | ||
| Financialassetsheldfortrading | 2 | 167,519,347.29 | 280,315,571.09 | ||
| Notesreceivable | 3 | 37,658,391,214.01 | 35,849,660,652.96 | ||
| Accountsreceivable | 4 | 2,411,796,419.07 | 3,068,414,415.29 | ||
| Prepayments | 5 | 287,711,010.62 | 749,572,262.00 | ||
| Otherreceivables | 6 | 894,268,431.82 | 1,261,157,951.14 | ||
| Inventories | 7 | 13,465,847,696.93 | 5,823,307,512.90 | ||
| Contractassets | 8 | 1,442,876,966.30 | 458,389,187.10 | ||
| Othercurrentassets | 9 | 9,735,453,361.32 | 1,054,779,668.19 |
Totalcurrentassets
| Totalcurrentassets | 130,934,907,195.24 | 102,075,781,048.01 |
Non-currentassets
| Non-currentassets | |||||
| Long-termequityinvestments | 10 | 13,787,391,985.47 | 14,406,662,456.28 | ||
| Otherequityinstrumentinvestment | 11 | 504,190,082.71 | 489,950,000.00 | ||
| Investmentproperty | 12 | 6,196,003.48 | 6,422,715.04 | ||
| Fixedassets | 13 | 19,994,084,908.14 | 19,346,764,691.44 | ||
| Constructioninprogress | 14 | 1,914,345,359.83 | 1,387,898,218.64 | ||
| Right-of-useassets | 15 | 209,480,676.04 | 100,813,386.01 | ||
| Intangibleassets | 16 | 15,045,563,649.79 | 4,446,385,255.68 | ||
| Developmentexpenditure | VI | 2,241,820,556.70 | 723,211,177.47 | ||
| Goodwill | 17 | 1,810,730,443.16 | 9,804,394.00 | ||
| Long-termdeferredexpenses | 18 | 24,162,220.06 | 26,375,422.17 | ||
| Deferredtaxassets | 19 | 3,248,254,057.65 | 3,028,999,310.51 | ||
| Othernon-currentassets | 20 | 450,000,000.00 |
Totalnon-currentassets
| Totalnon-currentassets | 59,236,219,943.03 | 43,973,287,027.24 |
TOTALASSETS
| TOTALASSETS | 190,171,127,138.27 | 146,049,068,075.25 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDBALANCESHEET(continued)31December2023(ExpressedinRenminbiYuan)
| NotesV | 2023/12/31 | 2022/12/31 |
Currentliabilities
| Currentliabilities | |||||
| Short-termloans | 22 | 30,039,416.74 | 29,000,000.00 | ||
| Notespayable | 23 | 37,456,669,928.07 | 22,072,793,864.83 | ||
| Accountpayable | 24 | 38,289,947,321.45 | 29,449,664,138.75 | ||
| Receiptsinadvance | 25 | 686,755.00 | |||
| Contractliabilities | 26 | 7,923,792,852.77 | 5,655,256,792.66 | ||
| Payrollpayable | 27 | 2,750,661,337.26 | 2,807,158,489.85 | ||
| Taxpayable | 28 | 1,928,723,907.38 | 1,749,946,082.32 | ||
| Otherpayables | 29 | 5,880,882,512.97 | 6,082,766,424.67 | ||
| Non-currentliabilitiesduewithinoneyear | 30 | 80,077,042.88 | 885,723,901.34 | ||
| Othercurrentliabilities | 31 | 8,897,936,399.92 | 6,627,044,667.62 |
Totalcurrentliabilities
| Totalcurrentliabilities | 103,239,417,474.44 | 75,359,354,362.04 |
Non-currentliabilities
| Non-currentliabilities | |||||
| Long-termloans | 32 | 72,000,000.00 | 36,000,000.00 | ||
| Bondspayable | 33 | 999,607,547.16 | 999,528,301.88 | ||
| LeaseLiabilities | 34 | 134,254,398.07 | 60,205,397.98 | ||
| Long-termaccountpayable | 35 | 952,446,118.57 | 553,518,750.12 | ||
| Longtermpayrollpayable | 36 | 30,414,000.00 | 35,013,000.00 | ||
| Accruedliabilities | 37 | 6,277,041,416.79 | 4,589,299,321.49 | ||
| Deferredincome | 38 | 718,840,543.52 | 347,568,549.62 | ||
| Deferredtaxliabilities | 19 | 1,566,074,982.00 | 237,036,741.16 | ||
| Othernon-currentliabilities | 39 | 1,497,773,818.69 | 882,226,966.14 |
Totalnon-currentliabilities
| Totalnon-currentliabilities | 12,248,452,824.80 | 7,740,397,028.39 |
Totalliabilities
| Totalliabilities | 115,487,870,299.24 | 83,099,751,390.43 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDBALANCESHEET(continued)31December2023(ExpressedinRenminbiYuan)
| NotesV | 2023/12/31 | 2022/12/31 |
Owners’equity
| Owners’equity | |||||
| Sharecapital | 40 | 9,917,289,033.00 | 9,921,799,422.00 | ||
| Capitalreserves | 41 | 8,251,287,637.70 | 8,532,806,685.77 | ||
| Less:treasuryshares | 42 | 382,277,095.96 | 627,060,416.52 | ||
| OthercomprehensiveIncome | 43 | 118,318,784.04 | 98,841,615.42 | ||
| Specialreserves | 44 | 54,323,330.34 | 24,090,898.05 | ||
| Surplusreserves | 45 | 4,276,245,864.64 | 3,528,165,002.27 | ||
| Retainedearnings | 46 | 49,617,932,431.73 | 41,379,965,149.07 |
Equityattributabletoowners
| Equityattributabletoowners | 71,853,119,985.49 | 62,858,608,356.06 |
Minorityinterests
| Minorityinterests | 2,830,136,853.54 | 90,708,328.76 |
Totalequity
| Totalequity | 74,683,256,839.03 | 62,949,316,684.82 |
TOTALLIABILITIESANDOWNERS’EQUITY
| TOTALLIABILITIESANDOWNERS’EQUITY | 190,171,127,138.27 | 146,049,068,075.25 |
Thefinancialstatementshavebeensignedby:
LegalPrincipalinChargeChiefRepresentative:ofAccountancy:Accountant:
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDINCOMESTATEMENTYearended31December2023(ExpressedinRenminbiYuan)
| NotesV | 2023 | 2022 |
Operatingrevenue
| Operatingrevenue | 47 | 151,297,706,646.97 | 121,252,864,085.40 | ||
| Less:Operatingcost | 47 | 123,522,656,353.72 | 96,409,610,873.76 | ||
| Taxandsurcharges | 48 | 4,758,426,281.70 | 4,101,847,822.50 | ||
| Operatingexpenses | 49 | 7,645,205,592.88 | 5,138,270,162.95 | ||
| Generalandadministrativeexpenses | 50 | 4,097,537,529.67 | 3,532,458,198.76 | ||
| Researchanddevelopmentexpenses | 51 | 5,979,844,653.23 | 4,315,444,864.76 | ||
| Financialincome | 52 | -897,343,739.80 | -1,017,305,743.08 | ||
| Interestexpense | 52 | 65,658,308.92 | 48,683,490.36 | ||
| Interestincome | 52 | 1,172,272,116.20 | 1,014,346,758.69 | ||
| Add:Otherincomes | 53 | 1,644,319,505.04 | 529,819,888.31 | ||
| Investmentincome/(loss) | 54 | 3,050,413,045.10 | -768,957,070.79 | ||
| Including:Investmentincome/(loss)fromassociatesandjointventure | 54 | -2,201,515,632.81 | -3,060,648,491.82 | ||
| Earningsfromfairvaluechanges | 55 | -19,061,189.53 | 3,570,229.29 | ||
| Impairmentlossofcredit | 56 | -46,742,115.91 | -32,242,010.27 | ||
| Impairmentlossonassets | 57 | -813,828,346.53 | -945,853,716.20 | ||
| Gainondisposalofassets | 58 | 440,995,737.23 | 74,862,481.00 |
Operatingprofit
| Operatingprofit | 10,447,476,610.97 | 7,633,737,707.09 | |||
| Add:Non-operatingincome | 59 | 169,793,538.35 | 128,910,416.79 | ||
| Less:Non-operatingexpenses | 60 | 28,073,391.83 | 54,391,039.79 |
Totalprofit
| Totalprofit | 10,589,196,757.49 | 7,708,257,084.09 | |||
| Less:Incometaxexpense | 61 | 1,087,297,716.52 | -36,769,018.51 |
Netprofit
| Netprofit | 9,501,899,040.97 | 7,745,026,102.60 |
Classificationbygoingconcern
| Classificationbygoingconcern | ||||
| Netprofitfromcontinuingoperations | 9,501,899,040.97 | 7,745,026,102.60 |
Classificationbyownership
attribution
| Classificationbyownershipattribution | ||||
| Netprofitattributabletoowners | 11,327,463,013.15 | 7,798,785,367.38 | ||
| Minorityinterests | -1,825,563,972.18 | -53,759,264.78 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDINCOMESTATEMENT(continued)Yearended31December2023(ExpressedinRenminbiYuan)
| NotesV | 2023 | 2022 |
Othercomprehensiveincome,netoftax
Othercomprehensiveincome,netoftaxTotalcomprehensiveincomeattributabletoowners,netoftax
| Totalcomprehensiveincomeattributabletoowners,netoftax | 19,477,168.62 | 34,464,805.89 |
Othercomprehensiveincomenottobereclassifiedtoprofitorlossinsubsequentperiods
| Othercomprehensiveincomenottobereclassifiedtoprofitorlossinsubsequentperiods | ||||
| Changeinnetliabilityorassetsfromdefinedbenefitplan | 540,000.00 | 112,000.00 | ||
| Othercomprehensiveincomeundertheequitymethodcannotbeconvertedintoprofitorloss | -1,454,051.91 | 602,832.07 | ||
| Changesinfairvalueofotherequityinvestment | 12,104,070.30 | -4,675,000.00 | ||
| 11,190,018.39 | -3,960,167.93 |
Othercomprehensiveincometobereclassifiedtoprofitorlossinsubsequentperiods:
| Othercomprehensiveincometobereclassifiedtoprofitorlossinsubsequentperiods: | ||||
| Othercomprehensiveincomeundertheequitymethodtobeconvertedintoprofitorloss | -75,815.98 | |||
| Foreigncurrencyreserve | 8,287,150.23 | 38,500,789.80 | ||
| 8,287,150.23 | 38,424,973.82 |
Totalcomprehensiveincomeattributabletominorityinterests,netoftax
| Totalcomprehensiveincomeattributabletominorityinterests,netoftax | (1,916.69 |
Totalcomprehensiveincome
| Totalcomprehensiveincome | 9,521,376,209.59 | 7,779,488,991.80 | ||
| Including: | ||||
| Totalcomprehensiveincomeattributabletoowners | 11,346,940,181.77 | 7,833,250,173.27 | ||
| Totalcomprehensiveincomeattributabletominorityinterest | -1,825,563,972.18 | -53,761,181.47 |
Earningspershare
| Earningspershare | |||||
| Basicearningspershare | 62 | 1.15 | 0.80 | ||
| Dilutedearningspershare | 62 | 1.13 | 0.78 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDSTATMENTOFCHANGESINSHAREHOLDERS’EQUITYYearended31December2023(ExpressedinRenminbiYuan)
2023
| Equityattributabletoowners | |||||||||||||||||||
| Sharecapital | Capitalreserves | Less:treasuryshares | Othercomprehensiveincome | Specialreserves | Surplusreserves | Retainedearnings | Subtotal | Minorityinterest | Totalequity | ||||||||||
At31December2022
| At31December2022 | 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 |
Changesduringtheyear:
| Changesduringtheyear: | ||||||||||||||||||||
| Totalcomprehensiveincome | 19,477,168.62 | 11,327,463,013.15 | 11,346,940,181.77 | -1,825,563,972.18 | 9,521,376,209.59 | |||||||||||||||
| Capitalcontributedbyownersandcapitaldecreases | -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.Ordinarysharescontributionfromowners | -4,510,389.00 | -4,510,389.00 | 35,190,000.00 | 30,679,611.00 | ||||||||||||||||
| 2.Amountofshare-basedpaymentsincludedinshareholders'equity | 348,509,207.00 | 348,509,207.00 | 348,509,207.00 | |||||||||||||||||
| 3.Others | -630,028,255.07 | -218,038,971.73 | -411,989,283.34 | 4,522,358,599.34 | 4,110,369,316.00 | |||||||||||||||
| Distributionofprofit | -26,744,348.83 | 748,080,862.37 | -3,089,495,730.49 | -2,341,414,868.12 | -150,000.00 | -2,314,820,519.29 | ||||||||||||||
| 1.Surplusreserve | 748,080,862.37 | -748,080,862.3 | 7 | |||||||||||||||||
| 2.Distributiontoowners | -26,744,348.83 | -2,341,414,868.12 | -2,341,414,868.12 | -150,000.00 | -2,314,820,519.29 | |||||||||||||||
| Internaltransferofshareholderequity | ||||||||||||||||||||
| 1.Capitalreserveconvertedintosharecapital | ||||||||||||||||||||
| 2.Othercomprehensiveincomeconvertedtoretainedearnings | ||||||||||||||||||||
| Specialreserves | 30,232,432.29 | 30,232,432.29 | 7,593,897.62 | 37,826,329.91 | ||||||||||||||||
| 1.Provided | 126,209,917.06 | 126,209,917.06 | 9,354,725.09 | 135,564,642.15 | ||||||||||||||||
| 2.Ultilized | -95,977,484.77 | -95,977,484.77 | -1,760,827.47 | -97,738,312.24 | ) | |||||||||||||||
| Disposalofsubsidiaries | - |
At31December2023
| At31December2023 | 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 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDSTATMENTOFCHANGESINSHAREHOLDERS’EQUITY(continued)Yearended31December2023(ExpressedinRenminbiYuan)
2022
| Equityattributabletoowners | |||||||||||||||||||
| Sharecapital | Capitalreserves | Less:treasuryshares | Othercomprehensiveincome | Specialreserves | Surplusreserves | Retainedearnings | Subtotal | Minorityinterest | Totalequity | ||||||||||
At31December2021
| At31December2021 | 7,632,153,402.00 | 9,776,193,360.38 | 655,812,327.60 | 69,442,469.53 | 27,988,260.61 | 2,982,292,413.67 | 35,900,674,525.13 | 55,732,932,103.72 | 133,307,840.48 | 55,866,239,944.20 | |||||||||
| Add:Changesinaccountingpolicies | 15,440.88 | 152,935.82 | 168,376.70 | 168,376.70 | |||||||||||||||
| Openingbalancefortheyear | 7,632,153,402.00 | 9,776,193,360.38 | 655,812,327.60 | 69,442,469.53 | 27,988,260.61 | 2,982,307,854.55 | 35,900,827,460.95 | 55,733,100,480.42 | 133,307,840.48 | 55,866,408,320.90 | |||||||||
| Totalcomprehensiveincome | 34,464,805.89 | 7,798,785,367.38 | 7,833,250,173.27 | -53,761,181.47 | 7,779,488,991.80 | ||||||||||||||
| Capitalcontributedbyownersandcapitaldecreases | 1,046,259,345.39 | 1,046,259,345.39 | 1,046,259,345.39 | ||||||||||||||||
| 1.Amountofshare-basedpaymentsincludedinshareholders'equity | 380,209,900.00 | 380,209,900.00 | 380,209,900.00 | ||||||||||||||||
| 2.Others | 666,049,445.39 | 666,049,445.39 | 666,049,445.39 | ||||||||||||||||
| Distributionofprofit | -28,751,911.08 | 545,857,147.72 | -2,324,713,339.26 | -1,750,104,280.46 | -1,750,104,280.46 | ||||||||||||||
| 1.Surplusreserve | 545,857,147.72 | -545,857,147.72 | |||||||||||||||||
| 2.Distributiontoowners | -28,751,911.08 | -1,778,856,191.54 | -1,750,104,280.46 | -1,750,104,280.46 | |||||||||||||||
| 3.Others | |||||||||||||||||||
| Internaltransferofshareholderequity | 2,289,646,020.00 | -2,289,646,020.00 | -5,065,660.00 | 5,065,660.00 | |||||||||||||||
| 1.Capitalreserveconvertedintosharecapital | |||||||||||||||||||
| 2。Others | -5,065,660.00 | 5,065,660.00 | |||||||||||||||||
| Specialreserves | -3,897,362.56 | -3,897,362.56 | 286,981.06 | -3,610,381.50 | |||||||||||||||
| 1.Provided | 104,696,987.95 | 104,696,987.95 | 3,726,050.64 | 108,423,038.59 | |||||||||||||||
| 2.Ultilized | -108,594,350.51 | -108,594,350.51 | -3,439,069.58 | -112,033,420.09 | |||||||||||||||
| Other | 10,874,688.69 | 10,874,688.69 |
At31December2022
| At31December2022 | 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 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDCASHFLOWSTATEMENTYearended31December2023(ExpressedinRenminbiYuan)
| NotesV | 2023 | 2022 | |||
| CASHFLOWSFROMOPERATINGACTIVITIES | |||||
| Cashreceivedfromsaleofgoodsorrenderingofservices | 168,499,172,064.84 | 122,619,321,871.95 | |||
| Refundsoftaxes | 2,225,768,807.06 | 2,134,224,529.98 | |||
| Cashreceivedrelatingtootheroperatingactivities | 63 | 3,358,313,435.61 | 2,441,682,594.87 | ||
| Subtotalofcashinflows | 174,083,254,307.51 | 127,195,228,996.80 | |||
| Cashpaidforgoodsandservices | 120,590,933,831.95 | 97,369,979,246.46 | |||
| Cashpaidtoandonbehalfofemployees | 11,126,200,718.40 | 9,188,241,321.99 | |||
| Cashpaidforalltypesoftaxes | 11,570,501,390.34 | 8,604,964,741.08 | |||
| Cashpaidrelatingtootheroperatingactivities | 63 | 10,934,152,129.26 | 6,365,696,828.75 | ||
| Subtotalofcashoutflows | 154,221,788,069.95 | 121,528,882,138.28 | |||
| Netcashflowsfromoperatingactivities | 63 | 19,861,466,237.56 | 5,666,346,858.52 |
CASHFLOWSFROMINVESTINGACTIVITIES
| CASHFLOWSFROMINVESTINGACTIVITIES | |||||
| Cashreceivedfromrecoveryofinvestment | 131,461,810.72 | 131,455,724.43 | |||
| Cashreceivedfromreturnoninvestment | 344,832,879.75 | 1,750,853,747.11 | |||
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 296,034,699.57 | 609,907,900.54 | |||
| Cashreceivedrelatingtootherinvestingactivities | 63 | 6,216,944,276.29 | - | ||
| Subtotalofcashinflows | 6,989,273,666.33 | 2,492,217,372.08 | |||
| Cashpaidforacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 2,824,057,426.66 | 1,405,004,336.97 | |||
| Cashpaidforinvestment | 2,373,361,769.00 | 3,226,058,570.32 | |||
| Othercashdisbursedinconnectionwithinvestmentactivities | 63 | 8,000,000,000.00 | 815,126,333.76 | ||
| Subtotalofcashoutflows | 13,197,419,195.66 | 5,446,189,241.05 | |||
| Netcashflowsfrominvestingactivities | -6,208,145,529.33 | -2,953,971,868.97 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCONSOLIDATEDCASHFLOWSTATEMENT(continued)Yearended31December2023(ExpressedinRenminbiYuan)
| NotesV | 2023 | 2022 |
CASHFLOWSFROM
| CASHFLOWSFROM | ||||
| FINANCINGACTIVITIES: | ||||
| Cashreceivedfromabsorbinginvestments | 35,190,000.00- | |||
| Including:cashreceivedbythesubsidiaryfromabsorbingminorityshareholders'investment | ||||
| Cashreceivedfromborrowings | 120,000,000.00 | 1,086,598,301.88 | ||
| Cashreceivedrelatingto | ||||
| otherfinancingactivities | 63 | 863,425,006.28 | 1,705,726,148.77 | |
| Sub-totalofcashinflows | 1,018,615,006.28 | 2,792,324,450.65 | ||
| Cashrepaymentsofborrowings | 683,000,000.00 | 391,370,000.00 | ||
| Cashpaidfordistributionofdividendsorprofitsandinterestexpenses | 2,380,851,402.08 | 1,803,960,937.04 | ||
| Cashpaidrelatingto | ||||
| otherfinancingactivities | 63 | 83,072,569.73 | 372,563,245.60 | |
| Sub-totalofcashoutflows | 3,146,923,971.81 | 2,567,894,182.64 | ||
| Netcashflowsfromfinancingactivities | -2,128,308,965.53 | 224,430,268.01 |
EFFECTOFCHANGESIN
| EFFECTOFCHANGESIN | |||||
| EXCHANGERATEONCASH | -90,488,889.33 | 36,712,955.19 | ) |
NETINCREASEINCASH
| NETINCREASEINCASH | ||||
| ANDCASHEQUIVALENTS | 11,434,522,853.37 | 2,973,518,212.75 | ||
| Add:Openingbalanceof | ||||
| cashandcashequivalents | 52,491,435,047.74 | 49,517,916,834.99 |
CLOSINGBALANCEOF
| CLOSINGBALANCEOF | ||||
| CASHANDCASHEQUIVLANT | 63 | 63,925,957,901.11 | 52,491,435,047.74 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedBALANCESHEET31December2023(ExpressedinRenminbiYuan)
| NotesXVII | 2023/12/31 | 2022/12/31 |
Currentassets
| Currentassets | ||||||
| Cash | 44,029,520,088.62 | 44,742,705,933.76 | ||||
| Financialassetsheldfortrading | 160,744,733.27 | 251,165,128.80 | ||||
| Notesreceivable | 33,788,748,503.90 | 32,497,209,409.96 | ||||
| Accountsreceivable | 1 | 8,579,504,025.23 | 5,538,504,821.82 | |||
| Prepayments | 112,547,088.73 | 519,014,279.72 | ||||
| Otherreceivables | 2 | 237,247,787.26 | 859,026,748.64 | |||
| Inventories | 5,615,873,258.35 | 2,872,390,838.54 | ||||
| Contractassets | 128,498,871.61 | 221,555,444.48 | ||||
| Othercurrentassets | 5,522,797,370.57 | 199,954,784.05 | ||||
| Totalcurrentassets | 98,175,481,727.54 | 87,701,527,389.77 |
Non-currentassets
| Non-currentassets | ||||||
| Long-termequityinvestments | 3 | 19,435,450,021.37 | 17,385,137,116.25 | |||
| Otherequityinstrumentinvestment | 504,190,082.71 | 489,950,000.00 | ||||
| Fixedassets | 13,453,515,476.81 | 14,214,227,798.06 | ||||
| Constructioninprogress | 1,407,521,918.44 | 895,860,965.16 | ||||
| Right-of-useassets | 168,093,468.85 | 78,806,182.57 | ||||
| Intangibleassets | 3,312,017,680.07 | 3,299,143,861.49 | ||||
| Developmentexpenditure | 2,017,011,508.06 | 616,814,902.46 | ||||
| Long-termdeferredexpenses | 21,709,036.17 | 24,406,892.18 | ||||
| Deferredtaxassets | 2,774,652,958.37 | 2,631,463,197.21 | ||||
| Othernon-currentassets | 450,000,000.00 |
Totalnon-currentassets
| Totalnon-currentassets | 43,544,162,150.85 | 39,635,810,915.38 |
TOTALASSETS
| TOTALASSETS | 141,719,643,878.39 | 127,337,338,305.15 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedBALANCESHEET(continued)31December2023(ExpressedinRenminbiYuan)
| NotesXVII | 2023/12/31 | 2022/12/31 |
Currentliabilities
| Currentliabilities | ||||
| Notespayable | 25,950,782,831.24 | 18,728,133,049.99 | ||
| Accountspayable | 23,842,258,668.42 | 21,488,548,997.96 | ||
| Contractliabilities | 4,606,921,633.17 | 3,997,514,972.13 | ||
| Payrollpayable | 1,919,102,689.66 | 2,436,938,973.59 | ||
| Taxespayable | 1,300,178,990.13 | 1,376,448,691.45 | ||
| Otherpayables | 3,236,371,408.79 | 5,425,776,798.83 | ||
| Non-currentliabilitiesduewithinoneyear | 56,170,742.39 | 635,180,849.52 | ||
| Othercurrentliabilities | 6,286,218,965.50 | 5,932,680,982.04 | ||
| Totalcurrentliabilities | 67,198,005,929.30 | 60,021,223,315.51 |
Non-currentliabilities
| Non-currentliabilities | ||||
| Longtermloans | 72,000,000.00 | 36,000,000.00 | ||
| BondsPayable | 999,607,547.16 | 999,528,301.88 | ||
| LeaseLiabilities | 117,490,288.82 | 45,437,270.79 | ||
| Longtermpayable | 120,081,551.85 | 144,571,302.45 | ||
| Longtermpayrollpayable | 17,659,000.00 | 20,565,000.00 | ||
| Contingentliabilities | 4,402,025,046.54 | 3,936,444,965.49 | ||
| Deferredincome | 603,864,707.08 | 150,000,000.00 | ||
| Deferredtaxliabilities | 197,625,245.62 | 195,053,909.31 | ||
| Othernon-currentliabilities | 1,287,646,146.69 | 844,435,549.31 | ||
| Totalnon-currentliabilities | 7,817,999,533.76 | 6,372,036,299.23 |
Totalliabilities
| Totalliabilities | 75,016,005,463.06 | 66,393,259,614.74 |
Owner’sequity
| Owner’sequity | ||||
| Sharecapital | 9,917,289,033.00 | 9,921,799,422.00 | ||
| Capitalreserves | 8,406,226,198.82 | 8,047,195,325.61 | ||
| Less:treasuryshares | 382,277,095.96 | 627,060,416.52 | ||
| Othercomprehensiveincome | 169,049,829.02 | 157,416,810.63 | ||
| Specialreserves | 19,514,786.95 | 10,285,640.79 | ||
| Surplusreserves | 4,276,245,864.64 | 3,528,165,002.27 | ||
| Retainedearnings | 44,297,589,798.86 | 39,906,276,905.63 | ||
| Totalowner’sequity | 66,703,638,415.33 | 60,944,078,690.41 |
TOTALLIABILITIES
| TOTALLIABILITIES | ||||
| ANDOWNERS’EQUITY | 141,719,643,878.39 | 127,337,338,305.15 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedINCOMESTATEMENTYearended31December2023(ExpressedinRenminbiYuan)
| NotesXVII | 2023/12/31 | 2022/12/31 |
Operatingrevenue
| Operatingrevenue | 4 | 118,698,033,782.77 | 106,665,145,289.28 | |||
| Less:Operatingcost | 4 | 98,509,854,086.30 | 86,241,479,807.95 | |||
| Taxandsurcharges | 2,918,130,753.90 | 2,941,819,015.41 | ||||
| Operatingexpenses | 3,539,037,793.87 | 3,664,889,410.65 | ||||
| Generalandadministrativeexpenses | 2,766,449,647.21 | 2,913,302,431.16 | ||||
| Researchanddevelopmentexpenses | 3,822,529,677.53 | 4,234,015,352.11 | ||||
| Financialincome | -809,080,245.5 | 3 | -825,576,954.93 | |||
| Interestexpense | 40,655,362.11 | 26,032,591.55 | ||||
| Interestincome | 865,820,973.86 | 868,071,769.55 | ||||
| Add:Otherincomes | 1,564,577,278.73 | 283,581,332.54 | ||||
| Investmentincome | 5 | -1,224,231,437.03 | -1,923,078,565.61 | |||
| Including:InvestmentIncome/(loss)fromassociatesandjointventure | -2,157,754,465.24 | -3,075,237,898.94 | ||||
| Income/(loss)fromfairvaluechanges | 41,019,998.59 | -25,580,213.00 | ||||
| Creditimpairmentloss | 10,927,568.37 | -15,475,196.02 | ||||
| Impairmentloss | -477,092,984.70 | -659,679,327.77 | ||||
| Gain/(loss)ondisposalofassets | 397,686,430.93 | 33,996,713.38 |
Operatingprofit
| Operatingprofit | 8,263,998,924.38 | 5,188,980,970.45 | ||
| Add:Non-operatingincome | 111,413,858.23 | 50,112,744.21 | ||
| Less:Non-operatingexpenses | 22,524,889.94 | 25,461,278.69 |
Totalprofit
| Totalprofit | 8,352,887,892.67 | 5,213,632,435.97 | ||
| Less:Incometaxexpense | 872,079,268.95 | -244,939,041.24 |
Netprofit
| Netprofit | 7,480,808,623.72 | 5,458,571,477.21 |
Classificationbygoingconcern
| Classificationbygoingconcern | ||||
| Netprofitfromcontinuingoperations | 7,480,808,623.72 | 5,458,571,477.21 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedINCOMESTATEMENT(continued)Yearended31December2023(ExpressedinRenminbiYuan)
| NotesXVII | 2023/12/31 | 2022/12/31 |
Othercomprehensiveincome,netoftax
Othercomprehensiveincome,netoftaxTotalcomprehensiveincomeattributabletoowners,netoftax
Totalcomprehensiveincomeattributabletoowners,netoftaxOthercomprehensiveincome
| Othercomprehensiveincome | ||||
| nottobereclassifiedto | ||||
| profitorlossin | ||||
| subsequentperiods | ||||
| Changeinnetliabilityor | ||||
| assetsfromdefined | ||||
| benefitplan | 983,000.00 | 141,000.00 | ||
| Othercomprehensiveincome | ||||
| undertheequitymethod | ||||
| cannotbeconvertedinto | ||||
| profitorloss | -1,454,051.91 | 602,832.07 | ||
| Changesinfairvalueof | ||||
| otherequityinvestment | 12,104,070.30 | -4,675,000.00 | ||
| 11,633,018.39 | -3,931,167.93 |
Othercomprehensiveincome
| Othercomprehensiveincome | ||||
| tobereclassifiedtoprofit | ||||
| orlossinsubsequentperiods | ||||
| ReclassificationoffinancialassetsrecognizedinothercomprehensiveincomeAmountsunderequitymethod | 70,412.45 | |||
| Totalcomprehensiveincome | 7,492,441,642.11 | 5,454,710,721.73 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedSTATMENTOFCHANGESINSHAREHOLDERS’EQUITYYearended31December2023(ExpressedinRenminbiYuan)2023
| Sharecapital | Capitalreserves | Less:treasuryshares | Othercomprehensiveincome | Specialreserves | Surplusreserves | Retainedearnings | Totalowner’sequity |
At31December2022
| At31December2022 | 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 | |||||||
| Add:Changesinaccountingpolicies | |||||||||||||||
| Changesduringtheyear: | |||||||||||||||
| Totalcomprehensiveincome | 11,633,018.39 | 7,480,808,623.72 | 7,492,441,642.11 | ||||||||||||
| Capitalcontributedbyownersandcapitaldecreases | -4,510,389.00 | 354,030,873.21 | -218,038,971.73 | 567,559,455.94 | |||||||||||
| 1.Ordinarysharescontributionfromowners | -4,510,389.00 | -4,510,389.00 | |||||||||||||
| 2.Amountofshare-basedpaymentsincludedinshareholders'equity | 348,509,207.00 | 348,509,207.00 | |||||||||||||
| 3.Others | 5,521,666.21 | -218,038,971.73 | 223,560,637.94 | ||||||||||||
| Distributionofprofit | -26,744,348.83 | 748,080,862.37 | -3,089,495,730.49 | -2,314,670,519.29 | |||||||||||
| 1.Surplusreserve | 748,080,862.37 | -748,080,862.37 | |||||||||||||
| 2.Distributiontoowners | -26,744,348.83 | -2,341,414,868.12 | -2,314,670,519.29 | ||||||||||||
| Internaltransferofshareholderequity | |||||||||||||||
| 1.Capitalreserveconvertedintosharecapital | |||||||||||||||
| 2.Othercomprehensiveearningsconvertedtoretainedearnings | |||||||||||||||
| Specialreserves | 9,229,146.16 | 9,229,146.16 | |||||||||||||
| 1.Provided | 65,743,690.42 | 65,743,690.42 | |||||||||||||
| 2.Ultilized | -56,514,544.26 | -56,514,544.26 | |||||||||||||
| Dispositionofsubsidiaries | 5,000,000.00 | 5,000,000.00 |
At31December2023
| At31December2023 | 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 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedSTATMENTOFCHANGESINSHAREHOLDERS’EQUITY(continued)Yearended31December2023(ExpressedinRenminbiYuan)
2022
| Sharecapital | Capitalreserves | Less:treasuryshares | Othercomprehensiveincome | Specialreserves | Surplusreserves | Retainedearnings | Totalowner’sequity |
At31December2021
| At31December2021 | 7,632,153,402.00 | 9,293,065,334.91 | 655,812,327.60 | 166,051,336.11 | 7,552,984.45 | 2,982,292,413.67 | 36,887,741,937.47 | 56,313,045,081.01 | |||||||
| Add:Changesinaccountingpolicies | 15,440.88 | 138,967.94 | 154,408.82 | ||||||||||||
| Changesduringtheyear: | |||||||||||||||
| Totalcomprehensiveincome | -3,860,755.48 | 5,458,571,477.21 | 5,454,710,721.73 | ||||||||||||
| Capitalcontributedbyownersandcapitaldecreases | 1,043,776,010.70 | 1,043,776,010.70 | |||||||||||||
| 1.Amountofshare-basedpaymentsincludedinshareholders'equity | 380,209,900.00 | 380,209,900.00 | |||||||||||||
| 2.Others | 663,566,110.70 | 663,566,110.70 | |||||||||||||
| Distributionofprofit | -28,751,911.08 | 545,845,221.86 | -2,324,713,339.26 | -1,750,104,280.46 | |||||||||||
| 1.Surplusreserve | 545,845,221.86 | -545,845,221.86 | |||||||||||||
| 2.Distributiontoowners | -28,751,911.08 | -1,778,856,191.54 | -1,750,104,280.46 | ||||||||||||
| Internaltransferofshareholderequity | 2,289,646,020.00 | -2,289,646,020.00 | -4,773,770.00 | 4,773,770.00 | |||||||||||
| 1.Capitalreserveconvertedintosharecapital | 2,289,646,020.00 | -2,289,646,020.00 | |||||||||||||
| 2.Othercomprehensiveincometransferredtoretainedearnings | -4,773,770.00 | 4,773,770.00 | |||||||||||||
| Specialreserves | 2,732,656.34 | 2,732,656.34 | |||||||||||||
| 1.Provided | 61,019,966.31 | 61,019,966.31 | |||||||||||||
| 2.Ultilized | -58,287,309.97 | -58,287,309.97 | |||||||||||||
| Dispositionofsubsidiaries | -120,235,907.73 | -120,235,907.73 |
At31December2022
| At31December2022 | 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 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCASHFLOWSTATEMENTYearended31December2023(ExpressedinRenminbiYuan)
| 2023 | 2022 |
CASHFLOWSFROM
OPERATINGACTIVITIES
| CASHFLOWSFROMOPERATINGACTIVITIES | ||||
| Cashreceivedfromsaleofgoods | ||||
| orrenderingofservices | 121,118,712,751.06 | 101,043,628,683.39 | ||
| Refundsoftaxes | 30,303,650.49 | 215,500,668.27 | ||
| Cashreceivedrelatingtoother | ||||
| operatingactivities | 3,109,565,404.95 | 2,041,143,114.40 | ||
| Subtotalofcashinflows | 124,258,581,806.50 | 103,300,272,466.06 | ||
| Cashpaidforgoodsandservices | 90,035,055,033.05 | 80,159,943,881.88 | ||
| Cashpaidtoandonbehalfofemployees | 6,959,713,091.69 | 6,388,175,996.37 | ||
| Cashpaidforalltypesoftaxes | 5,715,167,820.29 | 5,761,670,921.49 | ||
| Cashpaidrelatingtoother | ||||
| operatingactivities | 8,188,283,938.48 | 4,922,708,175.82 | ||
| Subtotalofcashoutflows | 110,898,219,883.51 | 97,232,498,975.56 | ||
| Netcashflowsfromoperating | ||||
| activities | 13,360,361,922.99 | 6,067,773,490.50 |
CASHFLOWSFROMINVESTINGACTIVITIES
| CASHFLOWSFROMINVESTINGACTIVITIES | ||||
| Cashreceivedfromrecovery | ||||
| ofinvestment | 131,461,810.72 | 121,799,633.86 | ||
| Cashreceivedfromreturn | ||||
| oninvestment | 324,982,879.75 | 1,809,926,134.11 | ||
| Netcashreceivedfromdisposalof | ||||
| fixedassets,intangibleassets | ||||
| andotherlong-termassets | 10,480,609.45 | 554,362,304.63 | ||
| Cashreceivedrelatingtoother | ||||
| investingactivities | - | |||
| Subtotalofcashinflows | 466,925,299.92 | 2,486,088,072.60 | ||
| Cashpaidforacquisitionof | ||||
| fixedassets,intangibleassets | ||||
| andotherlong-termassets | 2,008,243,647.99 | 1,064,936,821.33 | ||
| Cashpaidforinvestment | 4,026,183,368.63 | 3,506,058,570.32 | ||
| Cashpaidrelatingtootherinvestingactivities | 5,500,000,000.00 | |||
| Subtotalofcashoutflows | 11,534,427,016.62 | 4,570,995,391.65 | ||
| Netcashflowsfrominvestingactivities | -11,067,501,716.70 | -2,084,907,319.05 |
Thenotesformanintegralpartofthefinancialstatements.
ChongqingChanganAutomobileCompanyLimitedCASHFLOWSTATEMENT(continued)Yearended31December2023(ExpressedinRenminbiYuan)
| 2023 | 2022 |
CASHFLOWSFROM
| CASHFLOWSFROM | ||||
| FINANCINGACTIVITIES: | ||||
| Cashreceivedfromabsorbinginvestments | - | |||
| Cashreceivedfromborrowings | 40,000,000.00 | 1,039,528,301.88 | ||
| Sub-totalofcashinflows | 40,000,000.00 | 1,039,528,301.88 | ||
| Cashrepaymentsofborrowings | 604,000,000.00 | 354,300,000.00 | ||
| Cashpaidfordistributionofdividendsorprofitsandinterestexpenses | 2,375,052,447.79 | 1,802,234,067.67 | ||
| Cashpaidrelatingto | ||||
| otherfinancingactivities | 62,453,603.64 | 23,280,631.67 | ||
| Sub-totalofcashoutflows | 3,041,506,051.43 | 2,179,814,699.34 | ||
| Netcashflowsfromfinancingactivities | -3,001,506,051.43 | -1,140,286,397.46 |
EFFECTOFCHANGESIN
| EFFECTOFCHANGESIN | ||
| EXCHANGERATEONCASH | - |
NETINCREASEINCASH
| NETINCREASEINCASH | |||||
| ANDCASHEQUIVALENTS | -708,645,845.14 | 2,842,579,773.99 | |||
| Add:Openingbalanceof | |||||
| cashandcashequivalents | 44,732,418,327.28 | 41,889,838,553.29 | |||
CLOSINGBALANCEOF
| CLOSINGBALANCEOF | ||||
| CASHANDCASHEQUIVLANT | 44,023,772,482.14 | 44,732,418,327.28 |
Thenotesformanintegralpartofthefinancialstatements.
ICORPORATEINFORMATION
ChongqingChanganAutomobileCompanyLimited(hereafterreferredtoas“theCompany”)isacompanylimitedbysharesregisteredinChongqing,People’sRepublicofChina.Itwasestablishedon31October1996withanindefinitebusinessperiod.TheordinaryAsharesofRenminbiissuedbythecompanyandtheBsharesofdomesticallylistedforeignshareshavebeenlistedontheShenzhenStockExchange.Thecompanyisheadquarteredat260JianxinEastRoad,JiangbeiDistrict,Chongqing,China,anditsofficeaddressisT2Building,No.2,FinancialCity,No.61DongshengmenRoad,JiangbeiDistrict,Chongqing,China.On31December2023,thetotalsharecapitalofthecompanywasRMB9,917,289,033.Thecompanyanditssubsidiariescollectivelyrefertoas“theGroup”,anditsmainbusinessactivitiesarethemanufacturingandsalesofautomobiles(includingcars),automobileengineproducts,andsupportingparts.TheholdingcompanyandultimateholdingcompanyoftheCompanyareChinaChanganandChinaSouthGrouprespectively.AccordingtotheArticlesofAssociation,thefinancialstatements,whichhasbeenapprovedbytheboardofdirectors,wassubmittedtogeneralmeetingofshareholdersforapproval.
IIBASISOFPREPERATION
ThefinancialstatementshavebeenpreparedinaccordancewithAccountingStandardsforBusinessEnterprises-BasicStandardandthespecificstandardsissuedandmodifiedsubsequently,andtheimplementationguidance,interpretationsandotherrelevantprovisionsissuedsubsequentlybytheMOF(correctlyreferredtoas“AccountingStandardsforBusinessEnterprises”).Thefinancialstatementsarepresentedonagoingconcernbasis.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,exceptforcertainfinancialinstruments.Iftheassetsareimpaired,thecorrespondingprovisionsshouldbemadeaccordingly.IIISUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES
Accordingtotheactualproductionandoperationcharacteristics,theGroupformulatedthespecificaccountingpoliciesandaccountingestimates,mainlyreflectedinprovisionofaccountsreceivables,inventoryvaluation,depreciationoffixedassets,intangibleassetsamortization,conditionofcapitalizationofresearchanddevelopmentexpenseandrevenuerecognitionandmeasurement.
1.StatementofcompliancewithAccountingStandardsforBusinessEnterprises
Thefinancialstatementspresentfairlyandfully,thefinancialpositionofthecompanyon31December2023andthefinancialresultsandthecashflowsfortheyearthenendedinaccordancewithAccountingStandardsforBusinessEnterprises.
2.Accountingyear
TheaccountingyearoftheGroupisfrom1Januaryto31Decemberofeachcalendaryear.
3.FunctionalcurrencyTheGroup’sfunctionalandreportingcurrencyistheRenminbi(“RMB”).Unlessotherwisestated,theunitofthecurrencyisYuan.EachentityintheGroupdeterminesitsownfunctionalcurrencyinaccordancewiththeoperatingcircumstances.Attheendofthereportingperiod,theforeigncurrencyfinancialstatementsaretranslatedintothereportingcurrencyoftheCompanyofRMB.
4.Businesscombination
Businesscombinationsareclassifiedintobusinesscombinationsinvolvingentitiesundercommoncontrolandbusinesscombinationsinvolvingentitiesnotundercommoncontrol.
4.Businesscombination(continued)BusinesscombinationinvolvingentitiesundercommoncontrolAbusinesscombinationinvolvingentitiesundercommoncontrolisabusinesscombinationinwhichallofthecombiningentitiesareultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthecombination,andthatcontrolisnottransitory.Forabusinesscombinationinvolvingentitiesundercommoncontrol,thepartywhich,onthecombinationdate,obtainscontrolofanotherentityparticipatinginthecombinationistheacquiringparty,whilethatotherentityparticipatinginthecombinationisapartybeingacquired.Combinationdateisthedateonwhichtheacquiringpartyeffectivelyobtainscontrolofthepartybeingacquired.Assetsandliabilitiesthatareobtainedbytheacquiringpartyinabusinesscombinationinvolvingentitiesundercommoncontrolshallbemeasuredattheircarryingamountsatthecombinationdateasrecordedbythepartybeingacquired.Thedifferencebetweenthecarryingamountofthenetassetsobtainedandthecarryingamountoftheconsiderationpaidforthecombination(ortheaggregatefacevalueofsharesissuedasconsideration)shallbeadjustedtocapitalreserve.Ifthecapitalreserveisnotsufficienttoabsorbthedifference,anyexcessshallbeadjustedagainstretainedearnings.BusinesscombinationinvolvingentitiesnotundercommoncontrolAbusinesscombinationinvolvingentitiesnotundercommoncontrolisabusinesscombinationinwhichallofthecombiningentitiesarenotultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthecombination.Forabusinesscombinationinvolvingentitiesnotundercommoncontrol,thepartythat,ontheacquisitiondate,obtainscontrolofanotherentityparticipatinginthecombinationistheacquirer,whilethatotherentityparticipatinginthecombinationistheacquiree.Acquisitiondateisthedateonwhichtheacquirereffectivelyobtainscontroloftheacquiree.Theacquirershallmeasuretheacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesacquiredinthebusinesscombinationattheirfairvaluesontheacquisitiondate.Goodwillisinitiallyrecognizedandmeasuredatcost,beingtheexcessoftheaggregateofthefairvalueoftheconsiderationtransferred(orthefairvalueoftheequitysecuritiesissued)andanyfairvalueoftheGroup’spreviouslyheldequityinterestintheacquireeovertheGroup’sinterestinthefairvalueoftheacquiree’snetidentifiableassets.Afterinitialrecognition,goodwillismeasuredatcostlessanyaccumulatedimpairmentlosses.Wheretheaggregateofthefairvalueoftheconsiderationtransferred(orthefairvalueoftheequitysecuritiesissued)andanyfairvalueoftheGroup’spreviouslyheldequityinterestintheacquireeislowerthantheGroup’sinterestinthefairvalueoftheacquiree’snetidentifiableassets,theGroupreassessesthemeasurementofthefairvalueoftheacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesandthefairvalueoftheconsiderationtransferred(orthefairvalueoftheequitysecuritiesissued),togetherwiththefairvalueoftheGroup’spreviouslyheldequityinterestintheacquiree.Ifafterthatreassessment,theaggregateofthefairvalueoftheconsiderationtransferred(orthefairvalueoftheequitysecuritiesissued)andtheGroup’spreviouslyheldequityinterestintheacquireeisstilllowerthantheGroup’sinterestinthefairvalueoftheacquiree’snetidentifiableassets,theGrouprecognizetheremainingdifferenceinprofitorloss.
5.ConsolidatedfinancialstatementsThescopeoftheconsolidatedfinancialstatements,whichincludethefinancialstatementsoftheCompanyandallofitssubsidiaries,isdeterminedonthebasisofcontrol.AsubsidiaryisanentitythatiscontrolledbytheCompany(suchasanenterprise,adeemedseparateentity,orastructuredentitycontrolledbytheCompany).Inthepreparationoftheconsolidatedfinancialstatements,thefinancialstatementsofthesubsidiariesarepreparedforthesamereportingperiodastheCompany,usingconsistentaccountingpolicies.Allintra-groupassetsandliabilities,equity,income,expensesandcashflowsrelatingtotransactionsbetweenmembersoftheGroupareeliminatedinfullonconsolidation.Whenthecurrentlossbelongtominoritiesofthesubsidiaryexceedsthebeginningequityofthesubsidiarybelongtominorities,theexceededpartwillstilldeducttheequitybelongtominorities.Withrespecttosubsidiariesacquiredthroughbusinesscombinationsinvolvingentitiesnotundercommoncontrol,theoperatingresultsandcashflowsoftheacquireeshouldbeincludedintheconsolidatedfinancialstatements,fromthedaythattheGroupgainscontrol,tilltheGroupceasesthecontrolofit.Whilepreparingtheconsolidatedfinancialstatements,theacquirershouldadjustthesubsidiary’sfinancialstatements,onthebasisofthefairvaluesoftheidentifiableassets,liabilitiesandcontingentliabilitiesrecognizedontheacquisitiondate.Withrespecttosubsidiariesacquiredthroughbusinesscombinationsinvolvingentitiesundercommoncontrol,theoperatingresultsandcashflowsoftheacquireeshouldbeincludedintheconsolidatedfinancialstatementsfromthebeginningoftheperiodinwhichthecombinationoccurs.Ifthechangesofrelevantfactsandcircumstanceswillresultinthechangesofoneormorecontrolelements,thentheGroupshouldreassesswhetherithastakencontroloftheinvestee.
6.JointventurearrangementclassificationandjointoperationJointventurearrangementsareclassifiedintojointoperationandjointventure.Jointoperationreferstothosejointventurearrangements,relevantassetsandliabilitiesofwhichareenjoyedandassumedbythejointventures.Jointventuresrefertothosejointventurearrangements,onlytherighttonetassetsofwhichisenjoyedbythejointventures.Anyjointventureshallrecognizethefollowingitemsrelatedtoitsshareofbenefitsinthejointoperationandconductaccountingtreatmentinaccordancewithrelevantaccountingstandardsforbusinessenterprises:assetsitsolelyholdsanditsshareofjointly-heldassetsbasedonitspercentage;liabilitiesitsolelyassumesanditsshareofjointly-assumedliabilitiesbasedonitspercentage;incomesfromsaleofoutputenjoyedbyitfromthejointoperation;incomesfromsaleofoutputfromthejointoperationbasedonitspercentage;andseparatecostsandcostsforthejointoperationbasedonitspercentage.
7.CashandcashequivalentsCashcomprisescashonhandandbankdepositswhichcanbeusedforpaymentatanytime;Cashequivalentsareshort-term,highlyliquidinvestmentsheldbytheGroup,thatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.
8.Foreigncurrencytranslation
TheGrouptranslatestheamountofforeigncurrencytransactionsoccurredintofunctionalcurrency.Theforeigncurrencytransactionsarerecorded,oninitialrecognitioninthefunctionalcurrency,byapplyingtotheforeigncurrencyamountatthespotexchangerateonthetransactiondates.ForeigncurrencymonetaryitemsaretranslatedusingthespotexchangeratequotedbythePeople’sBankofChinaatthebalancesheetdate.Theexchangegainsorlossesarisingfromoccurrenceoftransactionsandexchangeofcurrencies,exceptforthoserelatingtoforeigncurrencyborrowingsspecificallyforconstructionandacquisitionoffixedassetscapitalized,aredealtwithintheprofitandlossaccounts.Non-monetaryforeigncurrencyitemsmeasuredathistoricalcostremaintobetranslatedatthespotexchangerateprevailingonthetransactiondate,andtheamountdenominatedinthefunctionalcurrencyshouldnotbechanged.Non-monetaryforeigncurrencyitemsmeasuredatfairvalueshouldbetranslatedatthespotexchangerateprevailingonthedatewhenthefairvaluesaredetermined.Theexchangedifferencethusresultedshouldbechargedtothecurrentincomeorothercomprehensiveincomeaccountofthecurrentperiod.Whenpreparingconsolidatedfinancialstatements,thefinancialstatementsofthesubsidiariespresentedinforeigncurrenciesaretranslatedintoRenminbiasfollows:assetandliabilityaccountsaretranslatedintoRenminbiatexchangeratesrulingatthebalancesheetdate;shareholders’equityaccountsotherthanretainedprofitsaretranslatedintoRenminbiattheapplicableexchangeratesrulingatthetransactiondates;incomeandexpenseinincomestatementaretranslatedintoRenminbiaverageexchangerateoftheperiodinwhichthetransactionoccurred(unlesstheexchangeratefluctuationmakesitinappropriatetoadoptthisexchangerateforconversion,thespotexchangerateonthedateofcashflowshallbeadoptedforconversion);totaldifferencebetweentranslatedassetsandtranslatedliabilitiesandshareholders’equityisseparatelylistedas“foreigncurrencyexchangedifferences”belowretainedprofits.Thetranslationdifferencearisingfromthesettlementofoverseasubsidiariesischargedtothecurrentliquidationprofitandlossinproportiontothesettlementratiooftheassetsconcerned.Foreigncurrencycashflowsandthecashflowsofforeignsubsidiariesshouldbetranslatedusingtheaverageexchangerateprevailingonthetransactionmonthduringwhichthecashflowsoccur(unlesstheexchangeratefluctuationmakesitinappropriatetoadoptthisexchangerateforconversion,thespotexchangerateonthedateofcashflowshallbeadoptedforconversion).Theamountoftheeffectonthecasharisingfromthechangeintheexchangerateshouldbeseparatelypresentedasanadjustmentiteminthecashflowstatement.
9.FinancialinstrumentsAfinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.RecognitionandderecognitionTheGrouprecognizesafinancialassetorafinancialliability,whentheGroupbecomesapartytothecontractualprovisionoftheinstrument.Afinancialasset(or,whereapplicable,apartofafinancialassetorpartofagroupofsimilarfinancialassets)isprimarilyderecognized(i.e.,removedfromtheGroup’sconsolidatedbalancesheet)when:
1)therightstoreceivecashflowsfromthefinancialassethaveexpired;
2)theGrouphastransferreditsrightstoreceivecashflowsfromthefinancialasset,orhasassumedanobligationtopaythereceivedcashflowsinfullwithoutmaterialdelaytoathirdpartyundera“pass-through”arrangement;andeither(a)hastransferredsubstantiallyalltherisksandrewardsofthefinancialasset,or(b)hasneithertransferrednorretainedsubstantiallyalltherisksandrewardsoftheasset,buthastransferredcontrolofthefinancialasset.Afinancialliabilityisderecognizedwhentheobligationundertheliabilityisdischargedorcancelled,orexpires.Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasaderecognitionoftheoriginalliabilityandarecognitionofanewliability,andthedifferencebetweentherespectivecarryingamountsisrecognizedinprofitorloss.Regularwaypurchasesandsalesoffinancialassetsarerecognizedandderecognizedusingtradedateaccounting.Regularwaypurchasesorsalesarepurchasesorsalesoffinancialassetsthatrequiredeliverywithintheperiodgenerallyestablishedbyregulationorconventioninthemarketplace.ThetradedateisthedatethattheGroupcommittedtopurchaseorsellafinancialasset.ClassificationandmeasurementoffinancialassetsTheclassificationoffinancialassetsatinitialrecognitiondependsonthefinancialasset’scontractualcashflowcharacteristicsandtheGroup’sbusinessmodelformanagingthem:
financialassetsatfairvaluethroughprofitorloss,financialassetsatamortizedcostandfinancialassetsatfairvaluethroughothercomprehensiveincome.AllaffectedrelatedfinancialassetswillbereclassifiedonlyiftheGroupchangesitsbusinessmodelformanagingfinancialassets.Financialassetsaremeasuredatfairvalueoninitialrecognition,butaccountsreceivableornotesreceivablearisingfromthesaleofgoodsorrenderingofservicesthatdonotcontainsignificantfinancingcomponentsorforwhichtheGrouphasappliedthepracticalexpedientofnotadjustingtheeffectofasignificantfinancingcomponentduewithinoneyear,areinitiallymeasuredatthetransactionprice.
9.Financialinstruments(continued)Classificationandmeasurementoffinancialassets(continued)Forfinancialassetsatfairvaluethroughprofitorloss,relevanttransactioncostsaredirectlyrecognizedinprofitorloss,andtransactioncostsrelatingtootherfinancialThesubsequentmeasurementoffinancialassetsdependsontheirclassificationasfollows:
DebtinvestmentsmeasuredatamortizedcostTheGroupmeasuresfinancialassetsatamortizedcostifbothofthefollowingconditionsaremet:thefinancialassetisheldwithinabusinessmodelwiththeobjectivetoholdfinancialassetsinordertocollectcontractualcashflows;thecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Financialassetsatamortizedcostaresubsequentlymeasuredusingtheeffectiveinterestmethod.Gainsandlossesarerecognizedinprofitorlosswhentheassetisderecognized,modifiedorimpaired.DebtinvestmentsatfairvaluethroughothercomprehensiveincomeTheGroupmeasuresdebtinvestmentsatfairvaluethroughothercomprehensiveincomeifbothofthefollowingconditionsaremet:thefinancialassetisheldwithinabusinessmodelwiththeobjectiveofbothholdingtocollectcontractualcashflowsandselling;thecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Interestincomeisrecognizedusingtheeffectiveinterestmethod.Theinterestincome,impairmentlossesandforeignexchangerevaluationarerecognizedinprofitorloss.Theremainingfairvaluechangesarerecognizedinothercomprehensiveincome.Uponderecognition,thecumulativefairvaluechangerecognizedinothercomprehensiveincomeisrecycledtoprofitorloss.EquityinvestmentsatfairvaluethroughothercomprehensiveincomeTheGroupcanelecttoclassifyirrevocablyitsequityinvestmentswhicharenotheldfortradingasequityinvestmentsdesignatedatfairvaluethroughothercomprehensiveincome.Onlytherelevantdividendincome(excludingthedividendincomeexplicitlyrecoveredaspartoftheinvestmentcost)isrecognizedinprofitorloss.Subsequentchangesinthefairvalueareincludedinothercomprehensiveincome,andnoprovisionforimpairmentismade.Whenthefinancialassetisderecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomearetransferredfromothercomprehensiveincometoretainedearnings.
9.Financialinstruments(continued)Classificationandmeasurementoffinancialassets(continued)FinancialassetsatfairvaluethroughprofitorlossThefinancialassetsotherthantheabovefinancialassetsmeasuredatamortizedcostandfinancialassetsatfairvaluethroughothercomprehensiveincomeareclassifiedasfinancialassetsatfairvaluethroughprofitorloss.Suchfinancialassetsaresubsequentlymeasuredatfairvaluewithnetchangesinfairvaluerecognizedinprofitorloss.Financialliabilitiesareclassified,atinitialrecognition,asfinancialliabilitiesatfairvaluethroughprofitorloss,otherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsaredirectlyrecognizedinprofitorloss,andtransactioncostsrelatingtootherfinancialassetsareincludedintheinitialrecognitionamounts.Thesubsequentmeasurementoffinancialliabilitiesdependsontheirclassificationasfollows:
FinancialliabilitiesatfairvaluethroughprofitorlossFinancialliabilitiesatfairvaluethroughprofitorlossincludefinancialliabilitiesheldfortradingandfinancialliabilitiesdesignateduponinitialrecognitionasatfairvaluethroughprofitorloss.Financialliabilitiesheldfortradingaresubsequentlymeasuredatfairvaluewithnetchangesinfairvaluerecognizedinprofitorloss.Gainsorlossesonliabilitiesdesignatedatfairvaluethroughprofitorlossarerecognizedinprofitorloss,exceptforthegainsorlossesarisingfromtheGroup’sowncreditriskwhicharepresentedinothercomprehensiveincomewithnosubsequentreclassificationtoprofitorloss.OtherfinancialliabilitiesOtherfinancialliabilitiesaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestmethod.
9.Financialinstruments(continued)ImpairmentoffinancialassetsOnthebasisofexpectedcreditloss,theGroupcarriesoutimpairmenttreatmentonfinancialassets,measuredatamortizedcostandcontractassetsandrecognizeslossreservesForreceivablesandcontractassetsthatdonotcontainsignificantfinancingcomponents,theGroupusesasimplifiedmeasurementmethodtomeasurethelossprovisionbasedontheexpectedcreditlossamountfortheentireduration.Forfinancialassetsotherthanthesimplifiedmeasurementmethodmentionedabove,theGroupassessesoneachbalancesheetdatewhetheritscreditriskhasnotincreasedsignificantlysinceinitialrecognition,itisinthefirststage.TheGroupmeasuresthelossprovisionbasedontheamountequivalenttotheexpectedcreditlossinthenext12months,andcalculatestheinterestincomebasedonthebookbalanceandtheactualinterestrate;ifthecreditriskhasincreasedsignificantlysinceinitialrecognitionbuthasnotyetsufferedcreditimpairment,itisinthesecondatthisstage,theGroupmeasuresthelossprovisionbasedontheamountequivalenttotheexpectedcreditlossfortheentireduration,andcalculatestheinterestincomebasedonthebookbalanceandtheactualinterestrate;Ifcreditimpairmentoccursafterinitialrecognition,itisinthethirdstage.Theamountofexpectedcreditlossesismeasuredovertheentiredurationofthelossallowance,andinterestincomeiscalculatedbasedonamortizedcostandeffectiveinterestrate.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theGroupassumesthattheircreditriskhasnotincreasedsignificantlysinceinitialrecognition.TheGroupassessestheexpectedcreditlossesoffinancialinstrumentsbasedonindividualitemsandportfolios.TheGrouphasconsideredthecreditriskcharacteristicsofdifferentcustomersandevaluatedtheexpectedcreditlossesofaccountsreceivableandotherreceivablesbasedontheageingcombination.WhentheGroupnolongerreasonablyexpectstobeabletofullyorpartiallyrecoverthecontractualcashflowsoffinancialassets,theGroupdirectlywritesdownthebookbalanceofthefinancialasset.
9.Financialinstruments(continued)OffsettingoffinancialinstrumentsFinancialassetsandfinancialliabilitiesareoffsetandthenetamountisreportedinthebalancesheetifthereisacurrentlyenforceablelegalrighttooffsettherecognizedamounts;andthereisanintentiontosettleonanetbasis,ortorealizetheassetsandsettletheliabilitiessimultaneously.TransferoffinancialassetsIftheGrouptransferssubstantiallyalltherisksandrewardsofownershipofthefinancialasset,theGroupderecognizesthefinancialasset;andiftheGroupretainssubstantiallyalltherisksandrewardsofthefinancialasset,theGroupdoesnotderecognizethefinancialasset.IftheGroupneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset,theGroupdetermineswhetherithasretainedcontrolofthefinancialasset.Inthiscase:(i)iftheGrouphasnotretainedcontrol,itderecognizesthefinancialassetandrecognizeseparatelyasassetsorliabilitiesanyrightsandobligationscreatednotretainedinthetransfer;(ii)iftheGrouphasretainedcontrol,itcontinuestorecognizethefinancialassettotheextentofitscontinuinginvolvementinthetransferredfinancialassetandrecognizesanassociatedliability.
10.InventoriesInventoryincludesrawmaterials,goodsintransit,workinprogress,finishedgoods,consignedprocessingmaterials,low-valueconsumables.Inventoryisinitiallycarriedattheactualcost.Inventorycostscompriseallcostsofpurchase,costsofconversionandothercostsincurredinbringingtheinventorytoitspresentlocationandcondition.Weightedaveragemethodisassignedtothedeterminationofactualcostsofinventories.One-offwritingoffmethodisadoptedinamortizationoflow-valueconsumables.TheGroupappliesaperpetualcountingmethodofinventory.Atthebalancesheetdate,theinventoryisstatedatthelowerofcostandnetrealizablevalue.Ifthecostishigherthanthenetrealizablevalue,provisionfortheinventoryshouldbemadethroughprofitorloss.Iffactorsthatresultedintheprovisionfortheinventoryhavedisappearedandmadethenetrealizablevaluehigherthantheirbookvalue,theamountofthewrite-downshouldbereversed,totheextentoftheamountoftheprovisionfortheinventory,andthereversedamountshouldberecognizedintheincomestatementforthecurrentperiod.Netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.Theimpairmentprovisionshouldbemadeonabasisofeachitemofinventoriesaccordingtothedifferencebetweencostandnetrealizablevalue.Forlargenumbersofinventoriesatrelativelylowunitprices,theprovisionforlossondeclineinvalueofinventoriesshouldbemadebycategory.
11.Long-termequityinvestmentsLong-termequityinvestmentsincludeinvestmentsinsubsidiaries,jointventuresandassociates.Long-termequityinvestmentsarerecognizedatinitialinvestmentcostuponacquisition.Foralong-termequityinvestmentacquiredthroughabusinesscombinationundercommoncontrol,theinitialinvestmentcostofthelong-termequityinvestmentshallbetheabsorbingparty’sshareofthecarryingamountoftheowners’equityofthepartybeingabsorbedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatcombinationdate.Thedifferencebetweentheinitialinvestmentcostandthecarryingamountofcashpaid,non-cashassetstransferredandliabilitiesassumedshallbeadjustedtocapitalreserve.Ifthebalanceofcapitalreserveisnotsufficient,anyexcessshallbeadjustedtoretainedearnings.Anyothercomprehensiveincomepreviouslyrecognizedshallbeaccountedforonthesamebasisaswouldhavebeenrequirediftheinvesteehaddirectlydisposedoftherelatedassetsorliabilities.Theportionrecognizedbasedonchangesintheinvestee’sequity(otherthannetprofitorloss,othercomprehensiveincomeandprofitappropriation)ischargedtoprofitorlossupondisposalofsuchlong-termequityinvestment.Forthosepartiallydisposedequityinvestments,gainsorlossesupondisposalareproportionatelyrecognizedinprofitorlosswhentheystillconstitutelong-termequityinvestmentsafterthedisposalandarefullychargedtoprofitorlosswhentheyarereclassifiedtofinancialinstrumentsafterthedisposal.Forbusinesscombinationinvolvingentitiesnotundercommoncontrol,theinitialinvestmentcostshouldbethecostofacquisition(forstepacquisitionsnotundercommoncontrol,theinitialinvestmentcostisthesumofthecarryingamountoftheequityinvestmentintheacquireeheldbeforetheacquisitiondateandtheadditionalinvestmentcostpaidontheacquisitiondate),whichisthesumofthefairvalueofassetstransferred,liabilitiesincurredorassumedandequityinstrumentsissued.Iftheequityinvestmentsintheacquireeinvolveothercomprehensiveincomepriortotheacquisitiondate,whendisposingoftheinvestments,therelevantothercomprehensiveincomewillbeaccountedforonthesamebasisaswouldhavebeenrequirediftheinvesteehaddirectlydisposedoftherelatedassetsorliabilities.Theportionrecognizedbasedonchangesintheinvestee’sequity(otherthannetprofitorloss,othercomprehensiveincomeandprofitappropriation)ischargedtoprofitorlossupondisposalofsuchlong-termequityinvestment.Theinitialinvestmentcostofalong-termequityinvestmentacquiredotherwisethanthroughabusinesscombinationshallbedeterminedasfollows:foralong-termequityinvestmentacquiredbypayingcash,theinitialinvestmentcostshallbetheactualpurchasepricehasbeenpaidplusthosecosts,taxesandothernecessaryexpendituresdirectlyattributabletotheacquisitionofthelong-termequityinvestment;forthoseacquiredbytheissueofequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.
11.Long-termequityinvestments(continued)TheCompanyadoptedcostmethodtoaccountforlong-terminvestmentsinthesubsidiariesintheseparatefinancialstatementsoftheCompany.Controlisthepowertogovernthefinancialandoperatingpoliciesofanentitysoastoobtainbenefitsfromitsactivities.Undercostmethod,thelong-termequityinvestmentisvaluedatthecostoftheinitialinvestment.Thecostoflong-termequityinvestmentshouldbeadjustedincaseofadditionalinvestmentordisinvestments.Whencashdividendsorprofitsaredeclaredbytheinvestedenterpriseisrecognizedasinvestmentincomeincurrentperiod.Theequitymethodisappliedtoaccountforlong-termequityinvestments,whentheGrouphasjointlycontrol,orsignificantinfluenceontheinvesteeenterprise.Jointcontrolisthecontractuallyagreedsharingofcontroloveraneconomicactivity,andexistsonlywhenthestrategicfinancialandoperatingdecisionsrelatingtotheactivityrequiretheunanimousconsentofthepartiessharingcontrol(theventures).Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsofaneconomicactivitybutisnotcontrolorjointcontroloverthosepolicies.Underequitymethod,whentheinitialinvestmentcostofalong-termequityinvestmentexceedstheinvestingenterprise’sinterestinthefairvaluesoftheinvestee’sidentifiablenetassetsattheacquisitiondate,thedifferenceisaccountedforasaninitialcost.Astotheinitialinvestmentcostislessthantheinvestingenterprise’sinterestinthefairvaluesoftheinvestee’sidentifiablenetassetsattheacquisitiondate,thedifferenceshallbechargedtotheincomestatementforthecurrentperiod,andthecostofthelong-termequityinvestmentshallbeadjustedaccordingly.Underequitymethod,theGrouprecognizesitsshareofpost-acquisitionequityintheinvesteeenterpriseforthecurrentperiodasagainorlossoninvestment,andalsoincreasesordecreasesthecarryingamountoftheinvestment.Whenrecognizingitsshareinthenetprofitorlossoftheinvesteeentities,theGroupshould,basedonthefairvaluesoftheidentifiableassetsoftheinvesteeentitywhentheinvestmentisacquired,inaccordancewiththeGroup’saccountingpoliciesandperiods,aftereliminatingtheportionoftheprofitsorlosses,arisingfrominternaltransactionswithjointventuresandassociates,attributabletotheinvestingentityaccordingtotheshareratio(butlossesarisingfrominternaltransactionsthatbelongtolossesontheimpairmentofassets,shouldberecognizedinfull),recognizethenetprofitoftheinvesteeentityaftermakingappropriateadjustments.ThebookvalueoftheinvestmentisreducedtotheextentthattheGroup’sshareoftheprofitorcashdividenddeclaredtobedistributedbytheinvesteeenterprise.However,theshareofnetlossisonlyrecognizedtotheextentthatthebookvalueoftheinvestmentisreducedtozero,excepttotheextentthattheGrouphasincurredobligationstoassumeadditionallosses.TheGroupshalladjustthecarryingamountofthelong-termequityinvestmentforotherchangesinowners’equityoftheinvesteeenterprise(otherthannetprofitsorlosses),andincludethecorrespondingadjustmentsinequity,whichshouldberealizedthroughprofitorlossinsubsequentsettlementoftherespectivelong-terminvestment.
11.Long-termequityinvestments(continued)
Onsettlementofalong-termequityinvestment,thedifferencebetweentheproceedsactuallyreceivedandthecarryingamountshallberecognizedintheincomestatementforthecurrentperiod.Astoothercomprehensiveincomerecognizedbasedonmeasurementoftheoriginalequityinvestmentbyemployingtheequitymethod,accountingtreatmentshallbemadeonthesamebasisaswouldberequirediftheinvestedentityhaddirectlydisposedoftheassetsorliabilitiesrelatedtheretowhenmeasurementbyemployingtheequitymethodisterminated.Astoanychangeinowners'equityoftheinvestedentityotherthannetprofitorloss,othercomprehensiveincomeandprofitdistribution,theinvestingpartyshallbetransferredtotheincomestatementforthecurrentperiod.Iftheremainingequitiesstillbemeasuredundertheequitymethod,accumulativechangepreviouslyrecordedinothercomprehensiveincomeshallbetransferredtocurrentprofitorloss,inmeasurementonthesamebasisastheinvestedentityhaddirectlydisposedoftheassetsorliabilitiesrelatedthereto.Theincomeorlossrecordedintheequitydirectlyshouldbeentransferredtothecurrentincomestatementonsettlementoftheequityinvestmentonthedisposalproportion.
12.Investmentproperty
Investmentpropertyarepropertiesheldtoearnrentalsorforcapitalappreciation,orboth,includingrentedlanduseright,landuserightwhichisheldandpreparedfortransferafterappreciation,andrentedbuilding.Theinitialmeasurementoftheinvestmentpropertyshallbemeasuredatitsactualcost.Thefollow-upexpensespertinenttoaninvestmentpropertyshallbeincludedinthecostoftheinvestmentproperty,iftheeconomicbenefitspertinenttothisrealestatearelikelytoflowintotheenterprise,and,thecostoftheinvestmentpropertycanbereliablymeasured.Otherwise,theyshouldbeincludedinthecurrentprofitsandlossesuponoccurrence.TheGroupadoptsthecostmethodtomakefollow-upmeasurementtotheinvestmentproperty.Thebuildingsaredepreciatedunderstraight-linemethod.
13.FixedassetsAfixedassetprobablyshallberecognizedonlywhentheeconomicbenefitsassociatedwiththeassetwillflowtotheGroupandthecostoftheassetcanbemeasuredreliably.Subsequentexpenditureincurredforafixedassetthatmeettherecognitioncriteriashallbeincludedinthecostofthefixedasset,andthebookvalueofthecomponentofthefixedassetthatisreplacedshallbederecognized.Otherwise,suchexpenditureshallberecognizedintheincomestatementintheperiodduringwhichtheyareincurred.Fixedassetsareinitiallymeasuredatactualcostonacquisition.Thecostofapurchasedfixedassetcomprisesthepurchaseprice,relevanttaxesandanydirectlyattributableexpenditureforbringingtheassettoworkingconditionforitsintendeduse,suchasdeliveryandhandlingcosts,installationcostsandothersurcharges.
13.Fixedassets(continued)
Fixedassetsaredepreciatedonstraight-linebasis.Theestimatedusefullivesestimatedresidualvaluesandannualdepreciationratesforeachcategoryoffixedassetsareasfollows:
| Category | Deprecationperiod | Residualrate(%) | Yearlydeprecationrate(%) |
| Buildings | 20to35years | 3% | 2.77%-4.85% |
| Machinery(Note) | 5to20years | 3% | 4.85%-19.40% |
| Vehicles | 4to10years | 3% | 9.70%-24.25% |
| Others | 3to21years | 3% | 4.62%-32.33% |
Note:themoldsinmachineryshouldbedepreciatedinunits-of-productionmethod.
TheGroupreviewstheusefullifeandestimatednetresidualvalueofafixedassetandthedepreciationmethodappliedatleastattheendofeachyearandmakesadjustmentsifnecessary.
14.Constructioninprogress
Thecostofconstructioninprogressisdeterminedaccordingtotheactualexpenditurefortheconstruction,includingallnecessaryconstructionexpenditureincurredduringtheconstructionperiod,borrowingcoststhatshouldbecapitalizedbeforetheconstructionreachestheconditionforintendeduseandotherrelevantexpenses.Constructioninprogressistransferredtofixedassetswhentheassetisreadyforitsintendeduse.
15.Borrowingcosts
BorrowingcostsareinterestandothercostsincurredbytheGroupinconnectionwiththeborrowingofthefunds.Borrowingcostsincludeinterest,amortizationofdiscountsorpremiumsrelatedtoborrowings,ancillarycostsincurredinconnectionwiththearrangementofborrowings,andexchangedifferencesarisingfromforeigncurrencyborrowings.Theborrowingcoststhataredirectlyattributabletotheacquisition,constructionorproductionofaqualifyingassetarecapitalized,otherwisetheborrowingcostsareexpensedintheperiodduringwhichtheyareincurred.Aqualifyingassetisanasset(anitemofproperty,plantandequipmentandinventoryetc.)thatnecessarilytakesasubstantialperiodoftimetogetreadyforitsintendeduseofsale.Thecapitalizationofborrowingcostsisaspartofthecostofaqualifyingassetshallcommencewhen:
1)expenditurefortheassetisbeingincurred;
2)borrowingcostsarebeingincurred;and
3)activitiesthatarenecessarytopreparetheassetforitsintendeduseorsalearein
progress.
15.Borrowingcosts(continued)Capitalizationofborrowingcostsshallbeceasedwhensubstantiallyalltheactivitiesnecessarytopreparethequalifyingassetforitsintendeduseorsalehavebeendone.Andsubsequentborrowingcostsarerecognizedintheincomestatement.Duringthecapitalizationperiod,theamountofinteresttobecapitalizedforeachaccountingperiodshallbedeterminedasfollows:
1)wherefundsareborrowedforaspecific-purpose,theamountofinteresttobecapitalizedistheactualinterestexpenseincurredonthatborrowingfortheperiodlessanybankinterestearnedformdepositingtheborrowedfundsbeforebeingusedontheassetoranyinvestmentincomeonthetemporaryinvestmentofthosefunds;
2)wherefundsareborrowedforageneral-purpose,theamountofinteresttobecapitalizedonsuchborrowingsisdeterminedbyapplyingaweightedaverageinterestratetotheweightedaverageoftheexcessamountsofcumulativeexpenditureontheassetoverandabovetheamountsofspecific-purposeborrowings.Duringtheconstructionormanufactureofassetsthatarequalifiedforcapitalization,ifabnormaldiscontinuance,otherthanproceduresnecessaryfortheirreachingtheexpectedusefulconditions,happens,andthedurationofthediscontinuanceisoverthreemonths,thecapitalizationoftheborrowingcostsissuspended.Borrowingcostsincurredduringthediscontinuancearerecognizedasexpenseandchargedtotheincomestatementofthecurrentperiod,tilltheconstructionormanufactureoftheassetsresumes.
16.Right-of-useassets
TheGroup'sright-of-useassetsaremainlybuildings.Atthecommencementdateoftheleaseperiod,theGrouprecognizesitsrighttousetheleasedassetsduringtheleaseperiodasaright-of-useasset,including:theinitialmeasuredamountoftheleaseliability;theamountofleasepaymentspaidonorbeforethestartdateoftheleaseperiod,inaddition,therelevantamountofleaseincentiveshouldbededucted;Initialdirectexpensesincurredbythelessee;theestimatedcostincurredbythelesseefordismantlingandremovingtheleasedassets,restoringthesitewheretheleasedassetsarelocated,orrestoringtheleasedassetstothestateagreedintheleaseterms.theGroupadoptstheaverageagemethodtodepreciatetheassetsoftherightofuse.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetisobtainedattheexpirationoftheleaseterm,theGroupadoptsdepreciationwithintheremainingservicelifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeobtainedattheexpirationoftheleaseterm,theGroupadoptsdepreciationwithintheshorteroftheleasetermandtheremainingservicelifeoftheleasedasset.WhentheGroupremeasurestheleaseliabilityaccordingtothepresentvalueofthechangedleasepaymentandadjuststhebookvalueoftherightofuseasset,ifthecarryingamountoftheright-of-useassetshasbeenreducedtozerobuttheleaseliabilitiesstillneedtobefurtherreduced,theGroupwillincludetheremainingamountintheprofitorlossofthecurrentperiod.
17.Intangibleassets
AnintangibleassetprobablyshallberecognizedonlywhentheeconomicbenefitsassociatedwiththeassetwillflowtotheGroupandthecostoftheassetcanbemeasuredreliably.Intangibleassetsareinitiallymeasuredatcost.Thecostofintangibleassetsacquiredinabusinesscombinationisthefairvalueasatthedateofacquisition,ifthefairvaluecanbereliablymeasured.Theusefullifeoftheintangibleassetsshallbeassessedaccordingtotheestimatedbeneficialperiodexpectedtogenerateeconomicbenefits.AnintangibleassetshallberegardedashavinganindefiniteusefullifewhenthereisnoforeseeablelimittotheperiodoverwhichtheassetisexpectedtogenerateeconomicbenefitsfortheGroup.Theusefullivesoftheintangibleassetsareasfollow:
UsefullifeLanduseright43to50yearsSoftware2yearsTrademark10yearsNon-patenttechnology5to11yearsPatenttechnology10yearsLanduserightsthatarepurchasedoracquiredthroughthepaymentoflandusefeesareaccountedforasintangibleassets.Withrespecttoself-developedproperties,thecorrespondinglanduserightandbuildingsshouldberecordedasintangibleandfixedassetsseparately.Astothepurchasedproperties,ifthereasonableallocationofoutlayscannotbemadebetweenlandandbuildings,allassetspurchasedwillberecordedasfixedassets.Thecostofafiniteusefullifeintangibleassetisamortizedusingthestraight-linemethodduringtheestimatedusefullife.Foranintangibleassetwithafiniteusefullife,theGroupreviewstheestimatedusefullifeandamortizationmethodatleastattheendofeachyearandadjustsifnecessary.TheGroupshouldtestanintangibleassetwithanindefiniteusefullifeforimpairmentbycomparingitsrecoverableamountwithitscarryingamountannually,wheneverthereisanindicationthattheintangibleassetmaybeimpaired.Anintangibleassetwithanindefiniteusefullifeshallnotbeamortized.Theusefullifeofanintangibleassetthatisnotbeingamortisedshallbereviewedeachperiodtodeterminewhethereventsandcircumstancescontinuetosupportanindefiniteusefullifeassessmentforthatasset.Ifthereareindicatorsthattheintangibleassethasfiniteusefullife,theaccountingtreatmentwouldbeinaccordancewiththeintangibleassetwithfiniteusefullife.
18.Researchanddevelopmentexpenditures
TheGroupclassifiedtheinternalresearchanddevelopmentexpendituresasfollows:researchexpendituresanddevelopmentcost.Theexpendituresinresearchstagearechargedtothecurrentincomeonoccurrence.Theexpendituresindevelopmentstagearecapitalizedthatshouldmeetalltheconditionsof(a)itistechnicallyfeasibletofinishintangibleassetsforuseorsale;(b)itisintendedtofinishanduseorselltheintangibleassets;(c)theusefulnessofmethodsforintangibleassetstogenerateeconomicbenefitsshallbeproved,includingbeingabletoprovethatthereisapotentialmarketfortheproductsmanufacturedbyapplyingtheintangibleassetsorthereisapotentialmarketfortheintangibleassetsitselfortheintangibleassetswillbeusedinternally;(d)itisabletofinishthedevelopmentoftheintangibleassets,andabletouseorselltheintangibleassets,withthesupportofsufficienttechnologies,financialresourcesandotherresources;and(e)thedevelopmentexpendituresoftheintangibleassetscanbereliablymeasured.Expensesincurredthatdon’tmeettheaboverequirementsunanimouslyshouldbeexpensedintheincomestatementofthereportingperiod.TheGroupdiscriminatesbetweenresearchanddevelopmentstagewiththeconditionthattheprojectresearchhasbeendetermined,inwhichtherelevantresearchcompleteallthefractionalizationofproductsmeasurementsandfinalproductschemeunderfinalapprovalofmanagement.Theexpendituresincurredbeforeproject-determinationstageischargedtothecurrentincome,otherwiseitisrecordedasdevelopmentcost.
19.Impairmentofassets
TheGroupdeterminestheimpairmentofassets,otherthantheimpairmentofinventory,contractassets,deferredincometaxes,andfinancialassets,usingthefollowingmethods:
TheGroupassessesatthebalancesheetdatewhetherthereisanyindicationthatanassetmaybeimpaired.Ifanyindicationexiststhatanassetmaybeimpaired,theGroupestimatestherecoverableamountoftheassetandperformsimpairmenttests.Goodwillarisingfromabusinesscombinationandanintangibleassetwithanindefiniteusefullifearetestedforimpairmentatleastattheendofeveryyear,irrespectiveofwhetherthereisanyindicationthattheassetmaybeimpaired.Anintangibleassetwhichisnotreadyforitsintendeduseistestedforimpairmentatleastattheendofeveryyear.Therecoverableamountofanassetisthehigherofitsfairvaluelesscoststosellandthepresentvalueofthefuturecashflowexpectedtobederivedfromtheasset.TheGroupestimatestherecoverableamountonanindividualbasis.Ifitisnotpossibletoestimatetherecoverableamountoftheindividualasset,theGroupdeterminestherecoverableamountoftheassetgrouptowhichtheassetbelongs.Identificationofanassetgroupisbasedonwhethermajorcashflowsgeneratedbytheassetgroupareindependentofthecashflowsfromotherassetsorassetgroups.
19.Impairmentofassets(continued)
Whentherecoverableamountofanassetorassetgroupislessthanitscarryingamount,thecarryingamountisreducedtotherecoverableamount.Theimpairmentofassetisprovidedforandtheimpairmentlossisrecognizedintheincomestatementforthecurrentperiod.Forthepurposeofimpairmenttesting,thecarryingamountofgoodwillacquiredinabusinesscombinationisallocated,onareasonablebasis,torelatedassetgroups;ifitisimpossibletoallocatetotherelatedassetgroups,itisallocatedtoeachoftherelatedsetsofassetgroups.EachoftherelatedassetgroupsorrelatedsetsofassetgroupsisagrouporsetofassetgroupthatisabletobenefitfromthesynergiesofthebusinesscombinationandshallnotbelargerthanareportablesegmentdeterminedbytheGroup.Whenanimpairmenttestisconductedonanassetgrouporasetofassetgroupsthatcontainsgoodwill,ifthereisanyindicationofimpairment,theGroupfirstlyteststheassetgrouporthesetofassetgroupsexcludingtheamountofgoodwillallocatedforimpairment,i.e.,itdeterminesandcomparestherecoverableamountwiththerelatedcarryingamountandthenrecognizeimpairmentlossifany.Thereafter,theGroupteststheassetgrouporsetofassetgroupsincludinggoodwillforimpairment,thecarryingamount(includingtheportionofthecarryingamountofgoodwillallocated)oftherelatedassetgrouporsetofassetgroupsiscomparedtoitsrecoverableamount.Ifthecarryingamountoftheassetgrouporsetofassetgroupsishigherthanitsrecoverableamount,theamountoftheimpairmentlossisfirstlyeliminatedbyandamortizedtothebookvalueofthegoodwillincludedintheassetgrouporsetofassetgroups,andtheneliminatedbythebookvalueofotherassetsaccordingtotheproportionofthebookvaluesofassetsotherthanthegoodwillintheassetgrouporsetofassetgroups.Oncetheaboveimpairmentlossisrecognized,itcannotbereversedinsubsequentperiods.
20.Long-termdeferredexpensesThelong-termdeferredexpensesrepresentthepaymentfortheimprovementonbuildingsandotherexpenses,whichhavebeenpaidandshouldbedeferredinthefollowingyears.Long-termdeferredexpensesareamortizedonthestraight-linebasisovertheexpectedbeneficialperiodandarepresentedatactualexpenditurenetofaccumulatedamortization.
21.EmployeebenefitsEmployeebenefitsrefertoallkindsofremunerationsorcompensationmadebyenterprisestotheiremployeesinexchangeforservicesprovidedbytheemployeesorterminationoflaborrelation.Employeecompensationincludesshort-termcompensationandpost-employmentbenefits.Thebenefitsofferedbyenterprisestothespouse,children,thedependentsoftheemployee,thefamilymemberofdeceasedemployeeandotherbeneficiariesarealsoemployeecompensation.
21.Employeebenefits(continued)Short-termemployeesalariesDuringtheaccountingperiodofemployeerenderingservice,theactualemployeessalariesandarechargedtothestatementofprofitorlossastheybecomepayableinbalancesheet.Post-employmentbenefits(Definedcontributionplans)TheemployeesoftheGroupparticipateinpensioninsurance,whichismanagedbylocalgovernmentandtherelevantexpenditure,isrecognized,whenincurred,inthecostsofrelevantassetsortheprofitandlossforthecurrentperiod.Post-employmentbenefits(Definedbenefitplan)TheGroupoperatesadefinedbenefitpensionplanwhichrequirescontributionstobemadetoaseparatelyadministeredfund.Thebenefitsareunfunded.Thecostofprovidingbenefitsunderthedefinedbenefitplanisdeterminedusingtheprojectedunitcreditactuarialvaluationmethod.Remeasurementsarisingfromdefinedbenefitpensionplansarerecognizedimmediatelyintheconsolidatedstatementoffinancialpositionwithacorrespondingdebitorcredittoretainedprofitsthroughothercomprehensiveincomeintheperiodinwhichtheyoccur.Remeasurementsarenotreclassifiedtoprofitorlossinsubsequentperiods.Pastservicecostsarerecognizedinprofitorlossattheearlierof:thedateoftheplanamendmentorcurtailment;andthedatethattheGrouprecognizesrestructuring-relatedcosts.Netinterestiscalculatedbyapplyingthediscountratetothenetdefinedbenefitliabilityorasset.TheGrouprecognizesthefollowingchangesinthenetdefinedbenefitobligationunderadministrativeexpensesintheconsolidatedstatementofprofitorlossbyfunction:?servicecostscomprisingcurrentservicecosts,past-servicecosts,gainsandlossesoncurtailmentsandnon-routinesettlements;netinterestexpenseorincome.TerminationbenefitsTerminationbenefitsarerecognizedattheearlierofwhentheGroupcannolongerwithdrawtheofferofthosebenefitsandwhentheGrouprecognizesrestructuringcostsinvolvingthepaymentofterminationbenefits.
22.Leaseliabilities
Atthecommencementdateoftheleaseperiod,theGrouprecognizesthepresentvalueoftheoutstandingleasepaymentsasaleaseliability,excludingshort-termleasesandleasesoflow-valueassets.Whencalculatingthepresentvalueoftheleasepayment,theGroupusestheleaseimpliedrateasthediscountrate,andiftheleaseimpliedinterestratecannotbedetermined,thelesseeincrementalborrowingrateisusedasthediscountrate.TheGroupcalculatestheinterestexpenseoftheleaseliabilityineachperiodoftheleasetermaccordingtothefixedperiodicinterestrateandrecordsitintothecurrentprofitandloss,unlessotherwisespecified,itisincludedintothecostofrelevantassets.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedintheprofitorlossofthecurrentperiodwhenactuallyincurred,unlessotherwisespecifiedtobeincludedinthecostoftheunderlyingassets.Afterthecommencementdateoftheleaseperiod,theGroupremeasurestheleaseliabilityagainstthepresentvalueofthechangedleasepaymentamountwhenthereisachangeintheamountofsubstantialfixedpayments,achangeintheamountexpectedtopayduetotheresidualvalueoftheguarantee,achangeintheindexorratiousedtodeterminetheamountoftheleasepayment,theassessmentofthepurchaseoption,therenewaloptionortheoptiontoterminatethelease.
23.ProvisionsAnobligationrelatedtoacontingencyshallberecognizedbytheGroupasaprovisionwhenallofthefollowingconditionsaresatisfied,exceptforcontingentconsiderationsandcontingentliabilitiesassumedinabusinesscombinationnotinvolvingentitiesundercommoncontrol:
1)theobligationisapresentobligationoftheGroup;
2)itisprobablethatanoutflowofeconomicbenefitsfromtheGroupwillberequiredto
settletheobligation;
3)areliableestimatecanbemadeoftheamountoftheobligation.Contingentliabilitiesareinitiallymeasuredaccordingtothecurrentbestestimatefortheexpenditurenecessaryfortheperformanceofrelevantpresentobligations,withcomprehensiveconsiderationgiventofactorssuchastherisks,uncertaintyandtimevalueofmoneyrelatingtocontingencies.Thebookvalueofthecontingentliabilitiesshouldbereviewedateachbalancesheetdate.Ifthereisobjectiveevidenceshowingthatthebookvaluecannotreflectthepresentbestestimate,thebookvalueshouldbeadjustedaccordingtothebestestimate.Thecontingentliabilitiesoftheacquireeacquiredinthebusinesscombinationinvolvingentitiesnotundercommoncontrolaremeasuredatfairvalueuponinitialrecognition.Afterinitialrecognition,thebalanceoftheamountrecognizedaccordingtotheestimatedliabilitiesandtheamountinitiallyrecognizedafterdeductingtheaccumulatedamortizationdeterminedbytherevenuerecognitionprincipleissubsequentlymeasuredatthehigherofthetwo.
24.Share-basedpaymentsAshare-basedpaymentisclassifiedaseitheranequity-settledshare-basedpaymentoracash-settledshare-basedpayment.Anequity-settledshare-basedpaymentisatransactioninwhichtheGroupreceivesservicesandusessharesorotherequityinstrumentsasconsiderationforsettlement.Anequity-settledshare-basedpaymentinexchangeforservicesreceivedfromemployeesismeasuredatthefairvalueoftheequityinstrumentsgrantedtotheemployees.Ifsuchequity-settledshare-basedpaymentcouldvestimmediately,relatedcostsorexpensesatanamountequaltothefairvalueonthegrantdatearerecognized,withacorrespondingincreaseincapitalreserves;ifsuchequity-settledshare-basedpaymentcouldnotvestuntilthecompletionofservicesforavestingperiod,oruntiltheachievementofaspecifiedperformancecondition,theGroupateachbalancesheetdateduringthevestingperiodrecognizestheservicesreceivedforthecurrentperiodasrelatedcostsandexpenses,withacorrespondingincreaseincapitalreserves,atanamountequaltothefairvalueoftheequityinstrumentsatthegrantdate,basedonthebestestimateofthenumberofequityinstrumentsexpectedtovest.Thefairvalueisdeterminedusingtheclosingpriceofthecompany'ssharesonthegrantdate.Forawardsthatdonotultimatelyvestbecausenon-marketperformanceand/orserviceconditionshavenotbeenmet,noexpenseisrecognized.Whereawardsincludeamarketornon-vestingcondition,thetransactionsaretreatedasvestingirrespectiveofwhetherthemarketornon-vestingconditionissatisfied,providedthatallotherperformanceand/orserviceconditionsaresatisfied.Wherethetermsofanequity-settledshare-basedawardaremodified,asaminimumanexpenseisrecognizedasifthetermshadnotbeenmodified.Inaddition,anexpenseisrecognizedforanymodificationthatincreasesthetotalfairvalueoftheshare-basedpaymentorisotherwisebeneficialtotheemployeeasmeasuredatthedateofmodification.Whereanequity-settledshare-basedawardiscancelled,itistreatedasifithadvestedonthedateofcancellation,andanyexpensenotyetrecognizedfortheawardisrecognizedimmediately.Thisincludesanyawardwherenon-vestingconditionswithinthecontrolofeithertheGrouportheemployeearenotmet.However,ifanewawardissubstitutedforthecancelledawardandisdesignatedasareplacementonthedatethatitisgranted,thecancelledandnewawardsaretreatedasiftheywereamodificationoftheoriginalaward.
25.RevenuefromcontractswithcustomersTheGrouphasfulfilleditsperformanceobligationsinthecontracts,thatis,therevenueisrecognizedwhenthecustomerobtainscontroloftherelevantgoodsorservices.Obtainingcontroloverrelatedgoodsorservicesmeansbeingabletoleadtheuseofthegoodsortheprovisionoftheservicesandobtainalmostalloftheeconomicbenefitsfromit.ContractsforthesaleofgoodsAcontractforthesaleofgoodsbetweentheGroupandthecustomerusuallyincludestheperformanceobligationtotransferofgoods,transportationservicesandfreemaintenance.TheGroupallocatesthetransactionpricetoeachindividualperformanceobligationinaccordancewiththerelativeproportionofthestand-alonesellingpriceofthegoodsorservicespromisedbyeachindividualperformanceobligationonthedateofcontractcommencement.Regardingtheperformanceobligationsofthetransferredgoods,theGroupusuallyrecognizesrevenueatthepointwhentheperformanceobligationsarefulfilledbasedonthefollowingindicators,whichinclude:apresentrighttopaymentforgoods,thetransferofsignificantrisksandrewardsofownershipofgoods,thetransferoflegaltitletogoods,thetransferofphysicalpossessionofgoods,thecustomer’sacceptanceofgoods.ProvideservicecontractTheperformanceobligationsoftheserviceprovisioncontractbetweentheGroupandthecustomerareduetothefactthatthecustomerobtainsandconsumestheeconomicbenefitsbroughtbytheperformanceoftheGroupatthesametimetheGroupperformsthecontract,andtheGrouphastherighttoaccumulatetheeconomicbenefitsduringtheentirecontractperiod.TheGroupregardsitasaperformanceobligationperformedwithinaperiod,andrecognizestherevenueaccordingtotheperformanceprogress,unlesstheperformanceprogresscannotbereasonablydetermined.Inaccordancewiththeoutputmethod,theGroupdeterminestheprogressoftheperformanceoftheserviceprovidedbasedonthecompletedordeliveredproducts.Whentheperformanceprogresscannotbereasonablydetermined,ifthecostincurredbytheGroupisexpectedtobecompensated,therevenuewillberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.VariableconsiderationSomecontractsbetweentheGroupandcustomershavesalesrebatearrangements,formingvariableconsideration.TheGroupdeterminesthebestestimateofthevariableconsiderationbasedontheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationdoesnotexceedtheamountthattheaccumulatedrecognizedrevenuewillmostlikelynotbemateriallyreversedwhentherelevantuncertaintyiseliminated.
25.Revenuefromcontractswithcustomers(continued)WarrantyobligationsInaccordancewithcontractualagreementsandlegalprovisions,theGroupprovidesqualityassuranceforthegoodssold.Forguaranteequalityassurancetoensurethattheproductssoldmeettheestablishedstandards,theGroupconductsaccountingtreatmentinaccordancewithNoteIII,23.Fortheservicequalityassurancethatprovidesaseparateserviceinadditiontotheestablishedstandardstoensurethatthegoodssoldmeettheestablishedstandards,theGroupregardsitasasingleperformanceobligation,basedonthestand-alonesellingpriceofthequalityassuranceofthegoodsandservicesprovided.Inarelativeproportion,partofthetransactionpriceisallocatedtoservicequalityassurance,andrevenueisrecognizedwhenthecustomerobtainscontroloftheservice.Whenassessingwhetherthequalityassuranceprovidesaseparateserviceinadditiontoensuringthattheproductssoldmeettheestablishedstandards,theGroupconsiderswhetherthequalityassuranceisalegalrequirement,thequalityassuranceperiod,andthenatureoftheGroup'scommitmenttoperformtasks.Principal/agentFortheGrouptoleadathirdpartytoprovideservicestocustomersonbehalfoftheGroup,theGrouphastherighttoindependentlydeterminethepriceofthegoodsorservicestraded,thatis,theGroupcancontroltherelevantgoodsbeforetransferringthegoodstothecustomers,sotheGroupisthemainresponsibleperson,andrecognizerevenuebasedonthetotalconsiderationreceivedorreceivable.Otherwise,theGroupactsasanagentandrecognizesrevenuebasedontheamountofcommissionorfeesexpectedtobecharged.Thisamountshouldbebasedonthenetamountofthetotalconsiderationreceivedorreceivableminusthepricepayabletootherrelatedparties,orbasedontheestablishedcommissionamountorproportions,etc.
26.Contractassetsandcontractliabilities
TheGrouplistscontractassetsorcontractliabilitiesinthebalancesheetbasedontherelationshipbetweenperformanceobligationsandcustomerpayments.TheGroupoffsetsthecontractassetsandcontractliabilitiesunderthesamecontractasnetamount.ContractassetsContractassetsrefertotherighttoreceiveconsiderationforthetransferofgoodsorservicestocustomers,andthisrightdependsonfactorsotherthanthepassageoftime.ThedeterminationmethodandaccountingtreatmentmethodoftheexpectedcreditlossofthecontractassetsoftheGrouprefertoNoteIII,9.
26.Contractassetsandcontractliabilities(continued)ContractliabilitiesContractliabilitiesrefertotheobligationtotransfergoodsorservicestocustomersfortheconsiderationreceivedorreceivablefromcustomers,suchasthepaymentreceivedbycompaniesbeforethetransferofpromisedgoodsorservices.
27.Governmentgrants
Agovernmentgrantisrecognizedonlywhenthereisreasonableassurancethattheentitywillcomplywithanyconditionsattachedtothegrantandthegrantwillbereceived.Monetarygrantsareaccountedforatreceivedorreceivableamount.Non-monetarygrantsareaccountedforatfairvalue.Ifthereisnoreliablefairvalueavailable,thegrantsareaccountedforanominalamount.Agovernmentgrantwhichisspecifiedbythegovernmentdocumentstobeusedtopurchaseandconstructthelong-termassetsshallberecognizedasthegovernmentgrantrelatedtoassets.Agovernmentgrantwhichisnotspecifiedbythegovernmentdocumentsshallbejudgedbasedonthebasicconditionstoobtainthegovernmentgrant.Theonewhosebasicconditionwastopurchaseandconstructthelong-termassetsshallberecognizedasthegovernmentgrantrelatedtoassets.TheGroupusesthenetmethodtoaccountforgovernmentgrants.Governmentgrantsrelatedtoincometobeusedascompensationforfutureexpensesorlossesshallberecognizedasdeferredincomeandshallbechargedtothecurrentprofitorlossorbeusedtowritedowntherelevantloss,duringtherecognitionoftherelevantcostexpensesorlosses;orusedascompensationforrelevantexpensesorlossesalreadyincurredbyenterprisesshallbedirectlychargedtotheprofitandlossaccountinthecurrentperiodorusedtowritedowntherelevantcost.Thegovernmentgrantsrelatedtoassetsshallbeusedtowritedownthebookvalueoftherelevantassetsorberecognizedasdeferredincome.Thegovernmentgrantsrelatedtoassets,recognizedasdeferredincome,shallbechargedtotheprofitandlossreasonablyandsystematicallyinstagesovertheusefullivesoftherelevantassets.Thegovernmentgrantsmeasuredatnominalamountshallbedirectlychargedtothecurrentprofitandloss.Theremainingbookvalueofthegovernmentgrantsrelatedtoassetsshouldbechargedtotheprofitandlossaccountinthecurrentperiodwhentherelativeassetssold,transferred,disposedordamaged.
28.IncometaxesIncometaxcomprisescurrentanddeferredtax.Incometaxisrecognizedasanincomeoranexpenseandincludeintheincomestatementforthecurrentperiod,excepttotheextentthatthetaxarisesfromabusinesscombinationorifitrelatestoatransactionoreventwhichisrecognizeddirectlyinequity.Currentincometaxliabilitiesorassetsforthecurrentandpriorperiods,aremeasuredattheamountexpectedtobepaid(orrecovered)accordingtotherequirementsoftaxlaws.Fortemporarydifferencesatthebalancesheetdatebetweenthetaxbasesofassetsandliabilitiesandtheircarryingamounts,andtemporarydifferencesbetweenthecarryingamountsandthetaxbasesofitems,thetaxbasesofwhichcanbedeterminedfortaxpurposes,butwhichhavenotbeenrecognizedasassetsandliabilities,deferredtaxesareprovidedusingtheliabilitymethod.Adeferredtaxliabilityisrecognizedforalltaxabletemporarydifferences,except:
(1)totheextentthatthedeferredtaxliabilityarisesfromtheinitialrecognitionofgoodwill
ortheinitialrecognitionofanassetorliabilityinatransactionwhichcontainsbothofthefollowingcharacteristics:thetransactionisnotabusinesscombinationandatthetimeofthetransaction,itaffectsneithertheaccountingprofitnortaxableprofitorloss.
(2)inrespectoftaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,
associatesandinterestsinjointly-controlledenterprises,wherethetimingofthereversalofthetemporarydifferencescanbecontrolledanditisprobablethatthetemporarydifferenceswillnotreverseintheforeseeablefuture.Adeferredtaxassetisrecognizedfordeductibletemporarydifferences,carryforwardofunusedtaxcreditsandunusedtaxlosses,totheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferences,andthecarryforwardofunusedtaxcreditsandunusedtaxlossescanbeutilizedexcept:
(1)wherethedeferredtaxassetrelatingtothedeductibletemporarydifferencesarisesfrom
theinitialrecognitionofanassetorliabilityinatransactionthatisnotabusinesscombinationand,atthetimeofthetransaction,affectsneithertheaccountingprofitnortaxableprofitorloss;and
(2)inrespectofdeductibletemporarydifferencesassociatedwithinvestmentsin
subsidiaries,associatesandinterestsinjointventures,deferredtaxassetsareonlyrecognizedtotheextentthatitisprobablethatthetemporarydifferenceswillreverseintheforeseeablefutureandtaxableprofitwillbeavailableagainstwhichthetemporarydifferencescanbeutilized.
28.Incometaxes(continued)Atthebalancesheetdate,deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealizedortheliabilityissettled,accordingtotherequirementsoftaxlaws.ThemeasurementofdeferredtaxassetsanddeferredtaxliabilitiesreflectsthetaxconsequencesthatwouldfollowfromthemannerinwhichtheGroupexpectsatthebalancesheetdate,torecovertheassetsorsettletheliabilities.Atthebalancesheetdate,theGroupreviewsthebookvalueofdeferredtaxassets.Ifitisprobablethatsufficienttaxableincomecannotbegeneratedtousethetaxbenefitsofdeferredtaxassets,thebookvalueofdeferredtaxassetsshouldbereduced.Whenitisprobablethatsufficienttaxableincomecanbegenerated,theamountofsuchreductionshouldbereversed.Whenitisprobablethatsufficienttaxableincomecanbegenerated,theamountofsuchreductionshouldbereversed.Whenthefollowingconditionsaremetatthesametime,thedeferredtaxassetsanddeferredtaxliabilitiesarelistedatthenetamountafteroffset:thelegalrighttosettlethecurrentincometaxassetsandcurrentincometaxliabilitiesatthenetamount;thedeferredtaxassetsanddeferredtaxliabilitiesarerelatedtotheincometaxleviedbythesametaxcollectionandmanagementdepartmentonthesametaxablesubjectordifferenttaxpayingsubjectsHowever,inthefuture,duringeachperiodwhenthesignificantdeferredtaxassetsanddeferredtaxliabilitiesarereversed,thetaxpayerinvolvedintendstosettlethecurrentincometaxassetsandcurrentincometaxliabilitieswithnetamountorobtainassetsandpayoffdebtsatthesametime.
29.LeasesIdentificationofleasesAtinceptionofacontract,theGroupassesseswhetherthecontractis,orcontains,alease.Acontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.Toassesswhetheracontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftime,theGroupassesseswhether,throughouttheperiodofuse,thecustomerhasbothoftherighttoobtainsubstantiallyalloftheeconomicbenefitsfromuseoftheidentifiedassetandtherighttodirecttheuseoftheidentifiedasset.
29.Leases(continued)AssessmentoftheleasetermTheleasetermisthenon-cancellableperiodofaleaseforwhichtheGrouphastherighttouseanunderlyingasset.IftheGrouphasanoptiontoextendthelease,thatis,theGrouphastherighttoextendthelease,andisreasonablycertaintoexercisethatoption,theleasetermalsoincludesperiodscoveredbyanoptiontoextendthelease.IftheGrouphasanoptiontoterminatethelease,thatis,theGrouphastherighttoterminatethelease,butisreasonablycertainnottoexercisethatoption,theleasetermincludesperiodscoveredbyanoptiontoterminatethelease.TheGroupreassesseswhetheritisreasonablycertaintoexerciseanextensionoption,purchaseoption,ornottoexerciseaterminationoption,upontheoccurrenceofeitherasignificanteventorasignificantchangeinthecircumstancesthatiswithinthecontroloftheGroupandaffectswhethertheGroupisreasonablycertaintoexerciseanoptionnotpreviouslyincludedinitsdeterminationoftheleaseterm.AslesseeTheGroup'sgeneralaccountingtreatmentasalesseeisprovidedinNotesIII,16and22.Short-termleasesandleasesoflow-valueassetsTheGroupconsidersaleasethat,atthecommencementdateofthelease,hasaleasetermof12monthsorless,anddoesnotcontainsanypurchaseoptionasashort-termlease;andaleasewithalowervalueofasingleleasedassetisrecognizedasalowvalueassetlease.AslessorAleaseisclassifiedasafinanceleaseifittransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanunderlyingasset,exceptthataleaseisclassifiedasanoperatingleaseattheinceptiondate.TheGrouprecordingtheoperatingleaseasalessorRentalincomeunderanoperatingleaseisrecognizedonastraight-linebasisovertheleaseterm,throughprofitorloss.Variableleasepaymentsthatarenotincludedinthemeasurementofleasereceivablesarechargedtoprofitorlossasincurred.
29.Leases(continued)TheGroupaccountsforamodificationtoanoperatingleaseasanewleasefromtheeffectivedateofthemodification,consideringanyprepaidoraccruedleasepaymentsrelatingtotheoriginalleaseaspartoftheleasepaymentsforthenewlease.Afinanceleaseisaleasethattransfersinsubstancealltherisksandrewardsincidenttoownershipofanasset.Anoperatingleaseisaleaseotherthanafinancelease.
30.MethodsforDeterminingImportanceandSelectionCriteria
| Items | ImportanceCriteria |
| Importantnonwholly-ownedsubsidiaries | Thenetassetsofsubsidiariesaccountformorethan5%ofthecompany'sconsolidatednetassetsorthenetprofitaccountsformorethan10%ofthecompany'sconsolidatednetprofit |
| Importantjointventures | Investmentgainsandlossesundertheequitymethodforlong-termequityinvestmentsaccountformorethan10%ofthecompany'sconsolidatednetprofit |
| Importantaccountsreceivablewriteoff | Theindividualwriteoffamountaccountsformorethan5%ofthetotalbaddebtprovisionforvariousaccountsreceivable,ortheamountexceeds15millionyuan |
| Significantamountofbaddebtprovisionreversalorrecoveryforaccountsreceivable | Thesinglerecoveryorreversalamountaccountsformorethan5%ofthetotalbaddebtreservesofvariousreceivables,ortheamountexceeds15millionyuan |
| Importantprepaymentswithanagingofover1year | Theindividualamountaccountsformorethan5%ofthetotalprepaidaccountsortheamountexceeds15millionyuan |
| Importantaccountspayablewithanagingofover1yearoroverdue | Theindividualamountaccountsformorethan5%ofthetotalamountofvariousaccountspayableortheamountexceeds15millionyuan |
| Significantotherpayableswithanagingofover1yearoroverdue | Theindividualamountaccountsformorethan5%ofthetotalamountofotheraccountspayableortheamountexceeds15millionyuan |
| Importantongoingprojects | Theendingbalanceoftheprojectismorethan50millionyuan |
31.Changesinsignificantaccountingpoliciesandaccountingestimates
1.ChangesinsignificantaccountingpoliciesImplementationofAccountingStandardsforBusinessEnterprisesInterpretationNo.16inrelationtotheAccountingTreatmentforDeferredIncomeTaxRelatedtoAssetsandLiabilitiesArisingfromaSingleTransactiontoWhichtheInitialRecognitionExemptionDoesNotApply.On30November2022,theMinistryofFinanceissuedtheAccountingStandardsforBusinessEnterprisesInterpretationNo.16(CaiKuai[2022]No.31,hereinafterreferredtoas“InterpretationNo.16”),pursuanttowhich,therequirementsoftheAccountingTreatmentforDeferredIncomeTaxRelatedtoAssetsandLiabilitiesArisingfromaSingleTransactionto
WhichtheInitialRecognitionExemptionDoesNotApplyhavecomeintoeffecton1January2023.InterpretationNo.16stipulatesthat,wheretheexemptionfromtheinitialrecognitionofdeferredincometaxliabilitiesanddeferredincometaxassetsdoesnotapplytoasingletransaction(includingleasetransactionsinwhichthelesseeinitiallyrecognisesaleaseliabilityatthecommencementdateoftheleasetermandindividualtransactionssuchasthoseinwhichanestimatedliabilityisrecognisedandincludedinthecostoftheunderlyingassetduetotheexistenceofanobligationtodisposeoffixedassets)thatisnotabusinesscombinationandthataffectsneithertheaccountingprofitnortaxableincome(ordeductiblelosses)atthetimeofitsoccurrence,andthatresultsinthecreationofanequivalentamountoftaxabletemporarydifferencesanddeductibletemporarydifferencesasaresultoftheinitialrecognitionoftheassetsandliabilities,anenterpriseshallrecogniseadeferredincometaxliabilityanddeferredincometaxasset,respectively,atthetimeoftheoccurrenceofthetransactioninaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.18–IncomeTaxesandotherrelevantregulations.Fortaxabletemporarydifferencesanddeductibletemporarydifferencesarisingfromasingletransactiontowhichtherequirementappliesthatoccursbetweenthebeginningoftheearliestperiodforwhichtherequirementappliesinthefinancialstatementsofthefirstapplicationoftherequirementandthedateofapplication,andforleaseliabilitiesandright-of-useassetsrecognizedasaresultofasingletransactiontowhichtherequirementappliesandforestimatedliabilitiesassociatedwithdisposalobligationsandcorrespondingunderlyingassetsrecognisedatthebeginningoftheearliestperiodforwhichtherequirementapplies,theenterpriseshallmakeadjustmentsinaccordancewiththerequirement.TheCompanyhasimplementedthisstipulationsince1January2023,themajorimpactsoftheimplementationofthisstipulationareasfollows:
| Item | 2022/1/1 | |
| Consolidation | Company | |
| Deferredincometaxassets | 168,376.70 | 154,408.82 |
| Surplusreserves | 15,440.88 | 15,440.88 |
| Retainedearnings | 152,935.82 | 138,967.94 |
Item
| Item | Consolidation | Company | ||
| 2023.12.31/2023 | 2022.12.31/2022 | 2023.12.31/2023 | 2022.12.31/2022 | |
| Deferredincometaxassets | 716,511.81 | 512,123.33 | 552,669.86 | 273,667.46 |
| Surplusreserves | 55,266.98 | 27,366.74 | 55,266.98 | 27,366.74 |
| Retainedearnings | 660,939.30 | 475,283.62 | 497,402.88 | 246,300.72 |
| Minorityshareholderequity | 305.53 | 9,472.97 | ||
| Incometaxexpenses | -204,388.48 | -343,746.63 | -279,002.40 | -119,258.64 |
| Minorityinterest | -9,167.44 | 9,472.97 | ||
IVTAXES
1.Maintaxesandtaxrates
| TaxCategory | TaxableBasis | Taxrate（%） |
| Valueaddedtax(“VAT”) | Taxablebasisiscalculatedbasedonthesalesofgoodsandtaxableservicesasdeterminedbytaxlaws.Outputtaxiscalculatedbasedonthistaxablebasis.Afterdeductingtheinputtaxallowedforthecurrentperiod,thedifferenceisthepayablevalue-addedtax. | 6、7、9、13 |
| ConsumptionTax | Paymentismadeaccordingtotaxablesalesrevenue. | 1、3、5 |
| UrbanMaintenanceandConstructionTax | Paymentisbasedontheactualpaymentofvalue-addedtaxandconsumptiontax. | 5、7 |
| CorporateIncomeTax(CIT) | Paymentisdeterminedbytaxableincome. | 15-41 |
| EducationSurcharge | Paymentisbasedontheactualpaymentofvalue-addedtaxandconsumptiontax. | 3 |
| LocalEducationSurcharge | Paymentisbasedontheactualpaymentofvalue-addedtaxandconsumptiontax. | 2 |
2.Taxbenefits
1.Inaccordancewithrelevantregulationsgoverningtheidentificationofnationalhigh-techenterprisesandassociatedtaxincentives,thecompanyanditssubsidiarieslistedbelowhavebeenrecognizedashigh-techenterprises.Theyareentitledtoenjoyapreferentialenterpriseincometaxrateof15%duringthespecifiedperiods:thecompany(from2021to2023),HebeiChanaganAutomobileCo.,Ltd.(from2023to2025),andShenlanAutomobileTechnologyCo.,Ltd.(from2023to2025).
2.AsperthejointannouncementbytheMinistryofFinancetheStateAdministrationofTaxation,andtheNationalDevelopmentandReformCommission,outlinedinAnnouncementNo.23of2020,acorporateincometaxrateof15%isapplicabletoencouragedindustriesinthewesternregionsfromJanuary1,2021,toDecember31,2030.Subsidiariesofthecompany,namelyChongqingChanganAutomobileInternationalSalesServiceCo.,Ltd.,ChongqingChanganSpecialPurposeVehicleCo.,Ltd.,ChongqingChanganAutomobileCustomerServiceCo.,Ltd.,ChongqingChanganAutomobileSoftwareTechnologyCo.,Ltd.,ChongqingChanganTechnologyCo.,Ltd.,ChongqingLingyaoAutomobileCo.,Ltd.,andChongqingChehumeiTechnologyCo.,Ltd.,fulfillthecriteriaandaresubjecttoacorporateincometaxrateof15%.
3.PursuanttoAnnouncementNo.12of2023issuedbytheMinistryofFinanceandtheStateAdministrationofTaxation,whichaimstofurthersupportthedevelopmentofsmallandmicro-enterprisesandindividualbusinessesthroughtaxpolicies,smallandmicro-profitenterprisesareeligiblefora25%reductionin
taxableincome,resultinginacorporateincometaxrateof20%.Thesubsidiariesofthecompany,includingChongqingXingzhiTechnologyCo.,Ltd.,GuangzhouChanganNewEnergyAutomobileSalesServiceCo.,Ltd.,NanjingChanganNewEnergyAutomobileSalesServiceCo.,Ltd.,XiamenChanganNewEnergyAutomobileSalesServiceCo.,Ltd.,ShenlanAutomobileNanjingResearchInstituteCo.,Ltd.,andShenlanAutomobileMarketingService(Shenzhen)Co.,Ltd.,havebeenidentifiedassmallandmicro-profitenterprisesandareentitledtothistaxpreferentialpolicy.
4.AsoutlinedinAnnouncementNo.43of2023issuedbytheMinistryofFinanceandtheStateAdministrationofTaxationregardingthevalue-addedtaxincrementaldeductionpolicyforadvancedmanufacturingenterprises,eligibleenterprisesarepermittedtodeduct5%ofthecurrentdeductibleinputtaxamounttooffsetthepayablevalue-addedtaxfromJanuary1,2023,toDecember31,2027.ThecompanyandHebeiChanganAutomobileCo.,Ltd.fulfillthespecifiedconditionsin2023andqualifyforthisincrementaldeductionpolicy.
VNOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS
1.Cash
| 2023 | 2022 |
Cash
| Cash | 35,257.05 | 32,155.77 | ||
| Cashatbank | 29,493,854,273.50 | 17,642,961,747.50 | ||
| CashdepositedbytheGroupinthefinancecompany | 34,916,021,247.02 | 34,812,952,043.78 | ||
| Othercash | 461,131,970.31 | 1,074,237,880.29 |
Total
| Total | 64,871,042,747.88 | 53,530,183,827.34 |
Note：
thecashdepositedbytheGroupinthefinancecompany(relatedparty)refertonoteXII,7.
2.Financialassetsheldfortrading
| 2023 | 2022 |
Equityinstrumentinvestment
| Equityinstrumentinvestment | 160,744,733.27 | 251,165,128.80 | ||
| Others | 6,774,614.02 | 29,150,442.29 |
Total
| Total | 167,519,347.29 | 280,315,571.09 |
3.Notesreceivable
(1)Classificationofnotesreceivable
| 2023 | 2022 |
Commercialacceptancebill
| Commercialacceptancebill | 9,069,703,846.26 | 10,010,938,909.34 | ||
| Bankacceptancebill | 28,588,687,367.75 | 25,838,721,743.62 |
Total
| Total | 37,658,391,214.01 | 35,849,660,652.96 |
(2)Pledgednotesreceivable
2023Commercialacceptancebill
| Commercialacceptancebill | 398,491,314.59 | |
| Bankacceptancebill | 6,910,927,744.28 |
Total
| Total | 7,309,419,058.87 |
(3)Endorsedordiscountedbutunexpirednotesreceivableasattheendofreportingperiod
areasfollow:
| 2023 | |
| Derecognition | Un-derecognition |
Commercialacceptancebill
| Commercialacceptancebill | 120,000.00 | - |
| Bankacceptancebill | 4,376,220,432.46 | - |
Total
| Total | 4,376,340,432.46 | - |
(4)Asat31December2023,therewasnonotereceivablesconvertedtoaccountsreceivable
duetotheinabilityofthedrawertoperformthecontract.(Asat31December2022:Nilcomments)
4.Accountsreceivable
(1)Aginganalysisoftheaccountsreceivableon31December2023isasfollows:
| 2023 | 2022 |
Within1year
| Within1year | 2,455,130,606.98 | 2,905,353,787.00 |
| 1to2years | 9,231,834.37 | 176,712,124.08 | |||
| 2to3years | 436,370.13 | 25,732,015.24 | |||
| Over3years | 196,256,136.33 | 201,045,330.53 | |||
| Total | 2,661,054,947.81 | 3,308,843,256.85 | |||
| Less:Provision | 249,258,528.74 | (240,428,841.56 | ) |
2,411,796,419.07
| 2,411,796,419.07 | 3,068,414,415.29 |
(2)Themovementsinprovisionforimpairmentofaccountsreceivableareas
follows:
| Beginningbalance | Accrual | Reversal | Write-off | Others | Endingbalance |
2,023.00
| 2,023.00 | 240,428,841.56 | 70,843,141.92 | 22,674,151.02 | 39,339,303.72 | 249,258,528.74 | |||||
| 2,022.00 | 215,274,377.62 | 35,457,297.58 | 4,945,346.85 | 5,357,486.79 | 240,428,841.56 |
(3)Analysisofaccountsreceivablebycategoryasat31December2023isasfollows:
| 2023 | ||||||
| Balance | Accrual | |||||
| Amount | (%) | Amount | (%) | |||
Individuallyanalyzedforprovision
| Individuallyanalyzedforprovision | 1,155,752,310.55 | 43.43 | 139,066,311.49 | 12.03 | |||
| Provisionbasedonthecombinationofcreditriskcharacteristics | 1,505,302,637.26 | 56.57 | 110,192,217.25 | 7.32 |
Total
| Total | 2,661,054,947.81 | 100.00 | 249,258,528.74 |
2022
| 2022 | ||||||
| Balance | Accrual | |||||
| Amount | (%) | Amount | (%) | |||
Individuallyanalyzedforprovision
| Individuallyanalyzedforprovision | 2,059,626,543.23 | 62.25 | 152,800,930.19 | 7.42 | |||
| Provisionbasedonthecombinationofcreditriskcharacteristics | 1,249,216,713.62 | 37.75 | 87,627,911.37 | 7.01 |
Total
| Total | 3,308,843,256.85 | 100.00 | 240,428,841.56 |
4.Accountsreceivable(continued)
(4)TheGroup’saccountsreceivablewasanalyzedforprovisionbyexpectedcredit
lossmodel
| 2023 | 2022 | |||||||||
| Estimatedfacevaluefordefault | Expectedcreditlossrate(%) | Expectedcreditlossfortheentireduration | Facebalance | Provisionratio(%) | Provisionforbaddebt | |||||
Within1year
| Within1year | 1,362,056,874.81 | 0.40 | 5,437,718.64 | 1,031,532,359.36 | 0.41 | 4,211,660.35 | |||||
| 1to2years | 7,237,418.29 | 5.15 | 372,562.67 | 30,724,065.06 | 7.24 | 2,225,905.84 | |||||
| 2to3years | 25,707,148.00 | 16.02 | 4,118,732.53 | ||||||||
| Over3years | 136,008,344.16 | 76.75 | 104,381,935.94 | 161,253,141.20 | 47.80 | 77,071,612.65 |
Total
| Total | 1,505,302,637.26 | 110,192,217.25 | 1,249,216,713.62 | 87,627,911.37 |
(5)Asat31December2023,accountsreceivablefromTop5clientsamountedto
RMB1,244,068,823.70,accountedfor46.75%.
(6)Therewerenoaccountsreceivablederecognizedduetotransferoffinancialassets
during2023(2022:Nil).
5.Prepayments
(1)Aginganalysisoftheprepaymentsisasfollows:
| 2023 | 2022 | ||||||
| Aging | Amount | Percentage(%) | Amount | Percentage(%) | |||
Within1year
| Within1year | 281,522,043.69 | 97.86 | 523,061,724.51 | 69.78 | |||
| 1to2years | 1,248,976.74 | 0.43 | 217,460,711.49 | 29.01 | |||
| 2to3years | 128,513.87 | 0.04 | 8,858,465.69 | 1.18 | |||
| Over3years | 4,811,476.32 | 1.67 | 191,360.31 | 0.03 |
Total
| Total | 287,711,010.62 | 100.00 | 749,572,262.00 | 100.00 |
(2)Asat31December2023,prepaymentstoTop5suppliersamountedtoRMB
191,960,998.58,whichaccountedfor66.72%ofthetotalprepayments.
6.Otherreceivables
(1)Aginganalysisofotherreceivablesasat31December2022isasfollows:
| 2023 | 2022 |
Within1year
| Within1year | 832,441,463.15 | 1,192,972,701.51 | ||
| 1to2years | 7,857,497.78 | 57,855,077.50 | ||
| 2to3years | 50,952,225.85 | 1,364,188.70 | ||
| Over3years | 10,686,669.55 | 18,062,282.93 | ||
| Total | 901,937,856.33 | 1,270,254,250.64 | ||
| Less:Provision | 7,669,424.51 | 9,096,299.50 |
894,268,431.82
| 894,268,431.82 | 1,261,157,951.14 |
(2)Otherreceivablesareclassifiedbynatureasfollows:
| 2023 | 2022 |
Newenergysubsidy
| Newenergysubsidy | 586,119,720.60 | 667,729,527.63 | ||
| Investment | 95,100,000.00 | 399,486,432.52 | ||
| Reserve | 74,416,322.72 | 63,922,920.44 | ||
| Margin | 15,176,743.46 | 16,618,938.83 | ||
| Other | 131,125,069.55 | 122,496,431.22 |
Total
| Total | 901,937,856.33 | 1,270,254,250.64 |
(3)Forotherreceivables,thechangesintheprovisionforbaddebtsbasedon12-month
expectedcreditlossesandtheentiredurationofexpectedcreditlossesareasfollows:
| Beginningbalance | Provision | Reversal | Write-off | Endingbalance |
2023
| 2023 | 9,096,299.50 | 202,326.32 | 1,629,201.31 | 7,669,424.51 | |||
| 2022 | 7,466,239.96 | 1,886,641.46 | 156,581.92 | 9,096,299.50 |
6.Otherreceivables(continued)
(4)at31December2023,topfivedebtorsofotherreceivablesareasfollows:
Asat31December2023,prepaymentstoTop5suppliersamountedtoRMB731,970,247.60,whichaccountedfor81.16%ofthetotalprepayments.
(5)Fortheyearended2023,therewerenoaccountsreceivablederecognizedduetotransferoffinancialassets.(2022:Nil).
7.Inventories
(1)Classificationofinventories
| 2023 | 2022 | |||||||||
| Balance | Provision | Netvalue | Balance | Provision | Netvalue | |||||
Rawmaterials
| Rawmaterials | 748,776,600.96 | 378,040,520.19 | 370,736,080.77 | 1,230,104,093.50 | 439,269,923.99 | 790,834,169.51 | |||||
| Materialintransit | 81,586,613.21 | - | 81,586,613.21 | 130,255,961.90 | - | 130,255,961.90 | |||||
| Workinprogress | 1,291,990,811.53 | 63,870,083.00 | 1,228,120,728.53 | 1,719,902,124.07 | 53,609,953.08 | 1,666,292,170.99 | |||||
| Finishgoods | 11,890,690,577.52 | 202,418,376.89 | 11,688,272,200.63 | 3,264,190,903.27 | 87,522,918.36 | 3,176,667,984.91 | |||||
| Consignedprocessingmaterial | 27,617,777.37 | - | 27,617,777.37 | 26,582,772.70 | - | 26,582,772.70 | |||||
| Consumables | 69,514,296.42 | - | 69,514,296.42 | 32,674,452.89 | - | 32,674,452.89 |
Total
| Total | 14,110,176,677.01 | 644,328,980.08 | 13,465,847,696.93 | 6,403,710,308.33 | 580,402,795.43 | 5,823,307,512.90 |
(2)Provisionforinventories2023
| Beginningbalance | Provision | Reduction | Endingbalance |
Rawmaterials
| Rawmaterials | 439,269,923.99 | 117,361,725.77 | 178,591,129.57 | 378,040,520.19 | ||||
| Workinprogress | 53,609,953.08 | 29,043,469.64 | 18,783,339.72 | 63,870,083.00 | ||||
| Finishgoods | 87,522,918.36 | 284,024,928.17 | 169,129,469.64 | 202,418,376.89 |
Total
| Total | 580,402,795.43 | 430,430,123.58 | 366,503,938.93 | 644,328,980.08 |
(3)NoteforinventoryprovisionTheGroupassesseswhetherthecostofinventoryishigherthanthenetrealizablevalueandmakesprovisionofthedifference.Netrealizablevalueistheestimatedbysellingpriceintheordinarycourseofbusinessdeductestimatedcostsinfurtherproductiontosellandestimatednecessarydistributionexpenseandtaxexpense.Thereversalofinventoryprovisionsisduetopricereboundofpreviousimpairedinventoriesbynetrealizablevaluetest,whilewrittenoffinventoryprovisionsareduetosellingoffofpreviousimpairedinventoriesincurrentyear.
8.Contractassets
| 2023 | ||||
| Bookbalance | Impairment | Bookvalue | ||
Contractassets
| Contractassets | 2,104,221,673.68 | 661,344,707.38 | 1,442,876,966.30 |
2022
| 2022 | ||||
| Bookbalance | Impairment | Bookvalue | ||
Contractassets
| Contractassets | 747,871,586.89 | 289,482,399.79 | 458,389,187.10 |
Themovementofimpairmentforcontractassetsisasfollows:
：
| Balanceatthebeginningoftheyear | Provision | Reverse | Mergerincreaseinthisperiod | endofyearbalance |
2023
| 2023 | 289,482,399.79 | 251,154,505.60 | 14,748,375.00 | 135,456,176.99 | 661,344,707.38 | |||
| 2022 | 169,661,981.98 | 129,619,022.81 | 9,798,605.00 | 289,482,399.79 |
9.Othercurrentassets
| 2023 | 2022 |
InputVATtobededucted
| InputVATtobededucted | 1,393,763,691.38 | 1,140,996,871.24 | ||
| Prepaidtaxesandfees | 336,795,620.72 | 3,078,565.10 | ||
| Timedepositsandothers | 8,004,894,049.22 | 3,723,435.08 |
Total
| Total | 9,735,453,361.32 | 1,147,798,871.42 |
10.Long-termequityinvestments
| Beginningbalance | Addition | InvestmentIncome/(loss)underequitymethod | Othercomprehensiveincome | Otherequityvariation | Cashdividendsdeclared | Others | Endingbalance | Endingbalanceofprovision | ||||||||||
| JointVenture | ||||||||||||||||||
| ChanganFordAutomobileCo.,Ltd. | 712,459,351.85 | - | -712,459,351.85 | - | - | - | ||||||||||||
| ChanganMazdaAutomobileCo.,Ltd. | 1,433,304,456.32 | - | -555,064,964.19 | - | - | 878,239,492.13 | - | |||||||||||
| ChanganMazdaEngineCo.,Ltd. | 824,042,049.05 | - | 10,463,657.35 | - | - | -29,500,000.00 | 805,005,706.40 | - | ||||||||||
| NanchangJianglingHoldingCo.,Ltd. | 1,810,629,644.86 | - | 297,030,927.25 | -1,454,051.91 | - | - | 2,106,206,520.20 | - | ||||||||||
| Subtotal | 4,780,435,502.08 | - | -960,029,731.44 | -1,454,051.91 | - | -29,500,000.00 | 3,789,451,718.73 | - | ||||||||||
| Associates | ||||||||||||||||||
| ChongqingChanganKuayueAutomobileCo.,Ltd. | 209,768,936.34 | - | 18,996,315.30 | - | - | - | 228,765,251.64 | - | ||||||||||
| ChongqingChanganKuayueAutomobileSalesCo.,Ltd.(note1) | - | - | - | - | - | - | - | - | ||||||||||
| BeijingFang’ancresenttaxiCo.,Ltd.(note1) | - | - | - | - | - | - | - | - | ||||||||||
| ChanganAutomobileFinancingCo.,Ltd | 2,778,898,410.33 | - | 350,378,027.17 | - | - | -87,883,463.64 | 3,041,392,973.86 | - | ||||||||||
| NanjingChelaiTravelTechnologyCo.,Ltd. | 624,773.31 | - | -39,948.66 | - | - | - | 584,824.65 | - | ||||||||||
| HunanGuoxinSemiconductorTechnologyCo.,Ltd. | 25,452,425.26 | - | 3,049,806.83 | - | - | - | 28,502,232.09 | - | ||||||||||
| NanjingLeadingEquityInvestmentManagementCo.,Ltd.(LimitedPartnership) | 2,570,421,464.70 | - | 75,371,861.99 | - | - | - | - | 2,645,793,326.69 | - | |||||||||
| NanjingLeadingEquityInvestmentPartnership | 1,112,210.69 | - | -4,810.57 | - | - | - | - | 1,107,400.12 | - | |||||||||
| DEEPALAutomotiveTechnologyCo.,Ltd. | 940,490,937.99 | -60,118,846.57 | - | - | -880,372,091.42- | - | ||||||||||||
| ChanganPowerBatteryCo.,Ltd | 392,000,000.00 | -49,934,527.28 | 342,065,472.72 | |||||||||||||||
| TimeFAWPowerBatteryCo.,Ltd | 43,994,598.72 | -20,000,000.00 | 252,012,401.15 | 276,006,999.87 | ||||||||||||||
| ChongqingWutongChelianTechnologyCo.,Ltd | 4,514,124.67 | 75,267,178.90 | 79,781,303.57 | |||||||||||||||
| ChongqingChangxianIntelligentTechnologyCo.,Ltd | 102,000,000.00 | 3,033,367.07 | 105,033,367.07 | |||||||||||||||
| ChanganFordNewEnergyVehicleCo.,Ltd | 100,000,000.00 | -32,286,335.07 | 67,713,664.93 | |||||||||||||||
| ChongqingAndaSemiconductorCo.,Ltd | 45,000,000.00 | 9,157.18 | 45,009,157.18 | |||||||||||||||
| WesternCarNetwork(Chongqing)Co.,Ltd | 2,500,000.00 | 205,079.57 | 2,478,830.95 | 5,183,910.52 | ||||||||||||||
| ZhongqiChuangzhiTechnologyCo.,Ltd. | 168,492,790.78 | 300,000,000.00 | -19,977,570.24 | - | - | - | - | 448,515,220.54 | - | |||||||||
| ChongqingChangxinZhiqiPrivateEquityInvestmentFundPartnership(LimitedPartnership) | 170,440,054.08 | 37,711,000.00 | -3,632,657.70 | - | - | - | - | 204,518,396.38 | - | |||||||||
| AnheChongqingDingfengAutoContractualPrivateEquityInvestmentFund | 61,568,706.08 | 123,646.33 | - | - | - | - | 61,692,352.41 | - | ||||||||||
| AvatrTechnology(Chongqing)Co.,Ltd. | 2,644,535,940.48 | 1,229,820,000.00 | -1,584,167,346.90 | 5,521,666.21 | - | - | 2,295,710,259.79 | - | ||||||||||
| ChongqingChanganInnovationprivateEquityInvestmentFundPartnership(LimitedPartnership) | 1,000,844.59 | 69,230,769.00 | -127,139.60 | - | - | - | - | 70,104,473.99 | - | |||||||||
| Anhe(Chongqing)StockRightInvestmentFundManagementCo.,Ltd. | 5,150,787.41 | 656,221.13 | - | 163,807.32 | - | - | 5,970,815.86 | - | ||||||||||
| HangzhouCheliziIntelligentTechnologyCo.,Ltd. | 3,020,026.80 | - | -1,908,363.60 | - | - | - | 1,111,663.20 | - | ||||||||||
| MasterChanganAutomobileLimited | 45,248,645.36 | - | 8,946,469.63 | - | -10,817,915.33 | - | - | 43,377,199.66 | - | |||||||||
| Subtotal | 9,626,226,954.20 | 2,278,261,769.00 | -1,242,918,870.60 | -5,132,441.80 | -107,883,463.64 | -550,613,680.42 | 9,997,940,266.74 | - |
Total
| Total | 14,406,662,456.28 | 2,278,261,769.00 | -2,202,948,602.04 | -1,454,051.91 | -5,132,441.80 | -137,383,463.64 | -550,613,680.42 | 13,787,391,985.47 | - |
11.Investmentinotherequityinstruments
2023
| Accumulativechangesinfairvalueincludedinothercomprehensiveincome | Fairvalue | DividendsIncome | Reasonforbeingdesignatedasfairvaluethroughothercomprehensiveincome |
ChinaSouthIndustryGroupFinanceCo.,Ltd
| ChinaSouthIndustryGroupFinanceCo.,Ltd | 178,519,200.00 | 335,540,000.00 | 180,656,814.04 | Unlistedequityinstruments | |||
| NationalInnovationCenterofIntelligentandconnectedVehicles | 33,000,000.00 | 83,000,000.00 | Unlistedequityinstruments | ||||
| GuolianAutomobilePowerBatteryResearchInstituteCo.,Ltd. | -410,000.00 | 39,590,000.00 | Unlistedequityinstruments | ||||
| ChinaSouthIndustriesFinancialLeasingCo.,Ltd. | -2,252,000.00 | 28,300,000.00 | Unlistedequityinstruments | ||||
| ZhongFaLianInvestmentCo.,Ltd. | -6,198,141.28 | 14,801,858.72 | 25,385,760.00 | Unlistedequityinstruments | |||
| CAERI(Beijing)automobileLightweightTechnologyResearchInstitutionCo.,Ltd. | -41,776.01 | 2,958,223.99 | - | Unlistedequityinstruments |
Total
| Total | 202,617,282.71 | 489,950,000.00 | 206,042,574.04 |
2022
| Accumulativechangesinfairvalueincludedinothercomprehensiveincome | Fairvalue | DividendsIncome | Reasonforbeingdesignatedasfairvaluethroughothercomprehensiveincome |
ChinaSouthIndustryGroupFinanceCo.,Ltd
| ChinaSouthIndustryGroupFinanceCo.,Ltd | 181,979,200.00 | 339,000,000.00 | 143,737,363.49 | Unlistedequityinstruments | |||
| NationalInnovationCenterofIntelligentandconnectedVehicles | 2,700,000.00 | 52,700,000.00 | 73,034.00 | Unlistedequityinstruments | |||
| GuolianAutomobilePowerBatteryResearchInstituteCo.,Ltd. | - | 40,000,000.00 | - | Unlistedequityinstruments | |||
| ChinaSouthIndustriesFinancialLeasingCo.,Ltd. | 3,698,000.00 | 34,250,000.00 | 411,666.67 | Unlistedequityinstruments | |||
| ZhongFaLianInvestmentCo.,Ltd. | - | 21,000,000.00 | 15,866,100.00 | Unlistedequityinstruments | |||
| CAERI(Beijing)automobileLightweightTechnologyResearchInstitutionCo.,Ltd. | - | 3,000,000.00 | - | Unlistedequityinstruments |
Total
| Total | 188,377,200.00 | 489,950,000.00 | 160,088,164.16 |
12.InvestmentpropertyCostModel
| Buildings | 2023 | 2022 |
Originalcost
| Originalcost | ||||
| BeginningandEndingbalance | 10,050,100.00 | 10,050,100.00 |
Accumulateddepreciationandamortization
| Accumulateddepreciationandamortization | ||||
| Beginning | 3,627,384.96 | 3,400,673.40 | ||
| Accrual | 226,711.56 | 226,711.56 |
Ending
| Ending | 3,854,096.52 | 3,627,384.96 |
ImpairmentProvision
| ImpairmentProvision | ||||
| BeginningandEnding | - | - |
Carryingamount
| Carryingamount | ||||
| Ending | 6,196,003.48 | 6,422,715.04 |
Beginning
| Beginning | 6,422,715.04 | 6,649,426.60 |
Theinvestmentpropertyisrentedtothirdpartiesintheformofoperatinglease.Asat31December2023,therewasnoinvestmentpropertywithoutpropertycertificate(Asat31December2022:Nil).
13.Fixedassets
(1)Detailsoffixedassets2023
| Buildings | Machinery | Vehicles | OtherEquipment | Total |
Originalcost
| Originalcost | |||||||||
| Beginning | 9,828,625,137.70 | 26,295,137,118.43 | 1,983,195,890.87 | 9,475,715,171.05 | 47,582,673,318.05 | ||||
| Purchase | 706,533,581.95 | 9,802,052.35 | 1,517,311.38 | 202,294,796.54 | 920,147,742.22 | ||||
| TransferfromConstructioninprogress | 164,306,817.76 | 1,901,912,764.41 | 26,182,833.90 | 837,640,602.21 | 2,930,043,018.28 | ||||
| Businesscombination | - | 482,696,122.52 | 97,376.64 | 84,273,275.42 | 567,066,774.58 | ||||
| Fluctuationsinexchange | 8,399,878.58 | 7,007,646.12 | - | 119,299.03 | 15,526,823.73 | ||||
| Governmentgrants | 58,261,221.88 | 8,275,601.20 | 107,400,577.29 | 173,937,400.37 | |||||
| Disposal | 305,015,534.29 | 547,606,412.85 | 333,562,325.80 | 94,407,055.10 | 1,280,591,328.04 | ||||
| Fluctuationsinexchange | - | 431,263.94 | - | - | 431,263.94 |
Ending
| Ending | 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 |
Accumulateddepreciation
| Accumulateddepreciation | |||||||||
| Beginning | 3,123,481,499.40 | 16,387,379,193.35 | 712,742,045.45 | 5,343,343,137.24 | 25,566,945,875.44 | ||||
| Accrual | 344,055,307.70 | 1,923,757,726.39 | 187,760,095.93 | 536,345,748.31 | 2,991,918,878.33 | ||||
| Businesscombination | - | 88,123,493.69 | 11,806.91 | 30,208,499.83 | 118,343,800.43 | ||||
| Fluctuationsinexchange | 781,002.33 | 2,262,440.79 | - | 119,299.03 | 3,162,742.15 | ||||
| Disposal | 216,272,376.70 | 497,096,573.15 | 129,579,029.84 | 82,279,152.31 | 925,227,132.00 | ||||
| Fluctuationsinexchange | - | 389,601.60 | - | - | 389,601.60 | ||||
Ending
| Ending | 3,252,045,432.73 | 17,904,036,679.47 | 770,934,918.45 | 5,827,737,532.10 | 27,754,754,562.75 |
Impairmentprovision
| Impairmentprovision | |||||||||
| Beginning | 97,718,327.95 | 2,189,788,051.83 | 57,769,334.61 | 323,687,036.78 | 2,668,962,751.17 | ||||
| Accrual | 1,194,531.79 | 175,982,243.03 | 584,361.62 | 75,443,557.21 | 253,204,693.65 | ||||
| Disposal | 35,744,034.56 | 46,577,150.36 | 24,996,448.83 | 3,191,597.45 | 110,509,231.20 | ||||
Ending
| Ending | 63,168,825.18 | 2,319,193,144.50 | 33,357,247.40 | 395,938,996.54 | 2,811,658,213.62 |
Carryingamount
| Carryingamount | |||||||||
| Ending | 7,087,635,623.79 | 7,867,026,981.19 | 864,863,319.94 | 4,174,558,983.22 | 19,994,084,908.14 | ||||
Beginning
| Beginning | 6,607,425,310.35 | 7,717,969,873.25 | 1,212,684,510.81 | 3,808,684,997.03 | 19,346,764,691.44 |
13.Fixedassets(continued)
(1)Detailsoffixedassets(continued)2022
| Buildings | Machinery | Vehicles | OtherEquipment | Total |
Originalcost
| Originalcost | |||||||||
| Beginning | 9,881,301,151.22 | 26,013,931,324.85 | 1,421,170,657.53 | 9,442,094,973.15 | 46,758,498,106.75 | ||||
| Purchase | 1,265,124.39 | 3,890,620.93 | 1,608,965.83 | 10,537,259.44 | 17,301,970.59 | ||||
| TransferfromConstructioninprogress | 15,846,963.74 | 576,973,067.51 | 670,805,017.81 | 373,187,890.97 | 1,636,812,940.03 | ||||
| Governmentgrants | 16,984,544.50 | 146,643,567.32 | - | 24,611,126.55 | 188,239,238.37 | ||||
| Disposal | 52,803,557.15 | 153,014,327.54 | 109,955,267.54 | 316,751,699.72 | 632,524,851.95 | ||||
| Otherdeduction | - | - | 433,482.76 | 8,742,126.24 | 9,175,609.00 |
Ending
| Ending | 9,828,625,137.70 | 26,295,137,118.43 | 1,983,195,890.87 | 9,475,715,171.05 | 47,582,673,318.05 |
Accumulateddepreciation
| Accumulateddepreciation | |||||||||
| Beginning | 2,830,770,398.43 | 14,770,986,696.00 | 537,352,883.68 | 4,988,689,213.76 | 23,127,799,191.87 | ||||
| Accrual | 319,496,770.54 | 1,708,030,839.79 | 228,535,233.82 | 580,979,774.97 | 2,837,042,619.12 | ||||
| Disposal | 26,785,669.57 | 91,638,342.44 | 52,941,050.82 | 225,100,138.35 | 396,465,201.18 | ||||
| Otherdeduction | - | - | 205,021.23 | 1,225,713.14 | 1,430,734.37 | ||||
Ending
| Ending | 3,123,481,499.40 | 16,387,379,193.35 | 712,742,045.45 | 5,343,343,137.24 | 25,566,945,875.44 |
Impairmentprovision
| Impairmentprovision | |||||||||
| Beginning | 99,421,052.16 | 1,772,417,722.74 | 99,933,602.55 | 332,966,687.27 | 2,304,739,064.72 | ||||
| Accrual | 858,451.71 | 465,342,187.03 | 763,786.28 | 6,436,099.39 | 473,400,524.41 | ||||
| Disposal | 2,561,175.92 | 47,971,857.94 | 42,928,054.22 | 15,715,749.88 | 109,176,837.96 | ||||
Ending
| Ending | 97,718,327.95 | 2,189,788,051.83 | 57,769,334.61 | 323,687,036.78 | 2,668,962,751.17 |
Carryingamount
| Carryingamount | |||||||||
| Ending | 6,607,425,310.35 | 7,717,969,873.25 | 1,212,684,510.81 | 3,808,684,997.03 | 19,346,764,691.44 | ||||
Beginning
| Beginning | 6,951,109,700.63 | 9,470,526,906.11 | 783,884,171.30 | 4,120,439,072.12 | 21,325,959,850.16 | ||||
| Buildings | Machinery | Vehicles | OtherEquipment | Total |
Originalcost
| Originalcost | |||||||||
| Beginning | 9,881,301,151.22 | 26,013,931,324.85 | 1,421,170,657.53 | 9,442,094,973.15 | 46,758,498,106.75 | ||||
| Purchase | 1,265,124.39 | 3,890,620.93 | 1,608,965.83 | 10,537,259.44 | 17,301,970.59 | ||||
| TransferfromConstructioninprogress | 15,846,963.74 | 576,973,067.51 | 670,805,017.81 | 373,187,890.97 | 1,636,812,940.03 | ||||
| Governmentgrants | 16,984,544.50 | 146,643,567.32 | - | 24,611,126.55 | 188,239,238.37 | ||||
| Disposal | 52,803,557.15 | 153,014,327.54 | 109,955,267.54 | 316,751,699.72 | 632,524,851.95 | ||||
| Otherdeduction | - | - | 433,482.76 | 8,742,126.24 | 9,175,609.00 |
Ending
| Ending | 9,828,625,137.70 | 26,295,137,118.43 | 1,983,195,890.87 | 9,475,715,171.05 | 47,582,673,318.05 |
Accumulateddepreciation
| Accumulateddepreciation | |||||||||
| Beginning | 2,830,770,398.43 | 14,770,986,696.00 | 537,352,883.68 | 4,988,689,213.76 | 23,127,799,191.87 | ||||
| Accrual | 319,496,770.54 | 1,708,030,839.79 | 228,535,233.82 | 580,979,774.97 | 2,837,042,619.12 | ||||
| Disposal | 26,785,669.57 | 91,638,342.44 | 52,941,050.82 | 225,100,138.35 | 396,465,201.18 | ||||
| Otherdeduction | - | - | 205,021.23 | 1,225,713.14 | 1,430,734.37 | ||||
| Ending | 3,123,481,499.40 | 16,387,379,193.35 | 712,742,045.45 | 5,343,343,137.24 | 25,566,945,875.44 |
Impairmentprovision
| Impairmentprovision | |||||||||
| Beginning | 99,421,052.16 | 1,772,417,722.74 | 99,933,602.55 | 332,966,687.27 | 2,304,739,064.72 | ||||
| Accrual | 858,451.71 | 465,342,187.03 | 763,786.28 | 6,436,099.39 | 473,400,524.41 | ||||
| Disposal | 2,561,175.92 | 47,971,857.94 | 42,928,054.22 | 15,715,749.88 | 109,176,837.96 | ||||
Ending
| Ending | 97,718,327.95 | 2,189,788,051.83 | 57,769,334.61 | 323,687,036.78 | 2,668,962,751.17 |
Carryingamount
| Carryingamount | |||||||||
| Ending | 6,607,425,310.35 | 7,717,969,873.25 | 1,212,684,510.81 | 3,808,684,997.03 | 19,346,764,691.44 | ||||
Beginning
| Beginning | 6,951,109,700.63 | 9,470,526,906.11 | 783,884,171.30 | 4,120,439,072.12 | 21,325,959,850.16 |
(2)FixedassetsthataretemporarilyunusedOnDecember31,2023,fixedassetswithabookvalueofapproximatelyRMB187,074,047.38(December31,2022:bookvalueofapproximatelyRMB191,192,253.37)weretemporarilyidleduetoproductplanningandotherreasons.
(3)Thefixedassetswhicharerentedoutunderoperatingleasesisasfollow:
2023
| Buildings | Machinery | Vehicles | Total |
Originalcost
| Originalcost | ||||||||
| Beginning | 2,488,884,425.25 | 4,895,655,978.57 | 1,690,556,607.27 | 9,075,097,011.09 | ||||
| Addition | 1,118,879,622.96 | 142,830,539.29 | 83,293,181.80 | 1,345,003,344.05 | ||||
| Deduction | 1,138,575,772.16 | 15,597,434.48 | 260,746,586.25 | 1,414,919,792.89 |
Ending
| Ending | 2,469,188,276.05 | 5,022,889,083.38 | 1,513,103,202.82 | 9,005,180,562.25 |
Accumulateddepreciation
| Accumulateddepreciation | ||||||||
| Beginning | 1,173,475,939.45 | 3,173,259,755.76 | 548,224,825.54 | 4,894,960,520.75 | ||||
| Addition | 218,745,523.15 | 269,118,109.09 | 181,048,474.00 | 668,912,106.24 | ||||
| Deduction | 597,521,948.03 | 5,568,968.41 | 121,431,708.83 | 724,522,625.27 | ||||
Ending
| Ending | 794,699,514.57 | 3,436,808,896.44 | 607,841,590.71 | 4,839,350,001.72 |
Impairmentprovision
| Impairmentprovision | ||||||||
| Beginning | 14,371,205.80 | 402,165,577.72 | - | 416,536,783.52 | ||||
| Addition | - | 62,855,567.23 | 52,616.94 | 62,908,184.17 | ||||
| Deduction | 400,000.00 | 2,443,894.07 | - | 2,843,894.07 | ||||
13,971,205.80
| 13,971,205.80 | 462,577,250.88 | 52,616.94 | 476,601,073.62 |
Carryingamount
| Carryingamount | ||||||||
| Ending | 1,660,517,555.68 | 1,123,502,936.06 | 905,208,995.17 | 3,689,229,486.91 |
Beginning
| Beginning | 1,301,037,280.00 | 1,320,230,645.09 | 1,142,331,781.73 | 3,763,599,706.82 |
13.Fixedassets(continued)
(3)Thefixedassetswhicharerentedoutunderoperatingleasesisasfollow:
2022
| Buildings | Machinery | Vehicles | Total |
Originalcost
| Originalcost | ||||||||
| Beginning | 407,385,917.78 | 193,922,403.14 | 1,142,516,412.19 | 1,743,824,733.11 | ||||
| Addition | 2,106,368,074.56 | 4,818,277,154.51 | 655,644,459.59 | 7,580,289,688.66 | ||||
| Deduction | 24,869,567.09 | 116,543,579.08 | 107,604,264.51 | 249,017,410.68 |
Ending
| Ending | 2,488,884,425.25 | 4,895,655,978.57 | 1,690,556,607.27 | 9,075,097,011.09 |
Accumulateddepreciation
| Accumulateddepreciation | ||||||||
| Beginning | 98,821,531.20 | 68,789,989.43 | 438,775,091.17 | 606,386,611.80 | ||||
| Addition | 1,078,562,000.71 | 3,157,041,669.93 | 193,774,365.75 | 4,429,378,036.39 | ||||
| Deduction | 3,907,592.46 | 52,571,903.60 | 84,324,631.38 | 140,804,127.44 | ||||
Ending
| Ending | 1,173,475,939.45 | 3,173,259,755.76 | 548,224,825.54 | 4,894,960,520.75 |
Impairmentprovision
| Impairmentprovision | ||||||||
| Beginning | 13,971,205.80 | 63,528,839.55 | - | 77,500,045.35 | ||||
| Addition | 400,000.00 | 338,636,738.17 | - | 339,036,738.17 | ||||
14,371,205.80
| 14,371,205.80 | 402,165,577.72 | - | 416,536,783.52 |
Carryingamount
| Carryingamount | ||||||||
| Ending | 1,301,037,280.00 | 1,320,230,645.09 | 1,142,331,781.73 | 3,763,599,706.82 |
Beginning
| Beginning | 294,593,180.78 | 61,603,574.16 | 703,741,321.02 | 1,059,938,075.96 |
（
）AsatDecember31,2023,theCompanyhasnofixedassetsthathasnotbeenissuedwithpropertycertificates
14.Constructioninprogress
(1)Detailsofconstructioninprogress
| Item | 2023 | 2022 | ||||||||||
| Balance | Provision | Carryingamount | Balance | Provision | Carryingamount | |||||||
Constractionproject
| Constractionproject | 750,986,351.54 | - | 750,986,351.54 | 142,449,903.88 | - | 142,449,903.88 | ||||||
| Productionlineconstructionandtechnicalinnovationproject | 626,139,410.60 | - | 626,139,410.60 | 709,221,196.20 | - | 709,221,196.20 | ||||||
| Engineplant | 204,550,269.22 | 20,921,684.06 | 183,628,585.16 | 30,761,643.22 | 20,921,684.06 | 9,839,959.16 | ||||||
| Environmentalrelocationproject | 59,586,596.48 | - | 59,586,596.48 | 306,134,604.02 | - | 306,134,604.02 | ||||||
| Others | 302,845,555.72 | 8,841,139.67 | 294,004,416.05 | 245,063,849.66 | 24,811,294.28 | 220,252,555.38 |
Total
| Total | 1,944,108,183.56 | 29,762,823.73 | 1,914,345,359.83 | 1,433,631,196.98 | 45,732,978.34 | 1,387,898,218.64 |
Themovementofimpairmentforconstructioninprogressisasfollows:
| Beginningbalance | Provision | Write-off | Endingbalance |
2023
| 2023 | 45,732,978.34 | 5,343,493.61 | 21,313,648.22 | 29,762,823.73 | ||||
| 2022 | 71,691,670.00 | 1,533,334.00 | 27,492,025.66 | 45,732,978.34 |
14.Constructioninprogress(continued)
(2)Movementsofsignificantconstructioninprogressin2023
| Budget(RMB0,000) | Beginningbalance | Addition | Transfertofixedassets | Endingbalance | Theprojectinvestments’proportionofbudget | Progressofconstruction | Sourceoffunds |
Constractionproject
| Constractionproject | 831,204.00 | 142,449,903.88 | 737,732,863.28 | 129,196,415.62 | 750,986,351.54 | 49.23% | 49.23% | Self-funded | ||||||||
| Productionlineconstructionandtechnicalinnovationproject | 683,360.77 | 709,221,196.20 | 1,505,740,539.45 | 1,588,822,325.05 | 626,139,410.60 | 46.52% | 46.52% | Self-rasiedandadditionalissuance | ||||||||
| Engineplant | 44,276.00 | 30,761,643.22 | 198,149,011.67 | 24,360,385.67 | 204,550,269.22 | 51.07% | 51.07% | Self-funded | ||||||||
| Environmentalrelocationproject | 182,476.00 | 306,134,604.02 | 251,932,293.60 | 498,480,301.14 | 59,586,596.48 | 75.93% | 75.93% | Self-rasiedandadditionalissuance | ||||||||
| Others | 245,063,849.66 | 746,965,296.86 | 689,183,590.80 | 302,845,555.72 |
Total
| Total | 1,433,631,196.98 | 3,440,520,004.86 | 2,930,043,018.28 | 1,944,108,183.56 |
14.Constructioninprogress(continued)
(2)Movementsofsignificantconstructioninprogressin2022：
(continued)
| Budget(RMB0,000) | Beginningbalance | Addition | Otherdeduction | Transfertofixedassets | Theprojectinvestments’proportionofbudget | Progressofconstruction | Sourceoffunds | Endingbalance |
Mini-busproductionequipment
| Mini-busproductionequipment | 137,470.00 | 110,892,336.09 | 191,447,800.99 | - | 227,314,759.26 | 62% | 62% | Self-funded | 75,025,377.82 | |||||||||
| Carproductionequipment | 360,738.00 | 283,628,123.26 | 282,894,772.61 | 120,121,061.17 | 226,106,906.06 | 35% | 35% | Self-raisedandadditionalissuance | 220,294,928.64 | |||||||||
| Engineplant | 485,216.00 | 127,069,581.90 | 507,405,858.99 | - | 129,916,781.84 | 63% | 63% | Self-raisedandadditionalissuance | 504,558,659.05 | |||||||||
| Vehicleresearchinstitution | 209,906.00 | 27,661,450.64 | 36,536,296.38 | - | 46,457,644.52 | 75% | 75% | Self-funded | 17,740,102.50 | |||||||||
| CarproductionprojectofHefeiChangan | 394,980.00 | 13,073,052.88 | 80,152,211.39 | - | 37,361,748.01 | 88% | 88% | Self-raisedandadditionalissuance | 55,863,516.26 | |||||||||
| Lightvehicleproject | 65,828.00 | 20,953,663.84 | 58,492,273.87 | - | 65,904,728.84 | 44% | 44% | Self-funded | 13,541,208.87 | |||||||||
| Car-sharingproject | 721,192,899.46 | 19,868,623.27 | 64,969,026.54 | 666,460,917.58 | 9,631,578.61 | |||||||||||||
| Others | 155,705,431.36 | 572,826,869.45 | - | 237,289,453.92 | 491,242,846.89 |
Total
| Total | 1,460,176,539.43 | 1,749,624,706.95 | 185,090,087.71 | 1,636,812,940.03 | 1,387,898,218.64 |
15.Right-of-useassets
| 2023 | Buildings | Buildings | |
| 2023 | 2022 | ||
| Cost | |||
| Beginning | 152,893,426.61 | 92,864,546.90 | |
| Addition | 186,945,842.28 | 141,510,763.34 | |
| Disposal | 1,500,158.70 | 2,689,483.42 | |
| Otherdeduction | 78,792,400.21 |
Ending
| Ending | 338,339,110.19 | 152,893,426.61 |
Accumulateddepreciation
| Accumulateddepreciation | |||
| Beginning | 52,080,040.60 | 26,551,483.92 | |
| Accrual | 78,278,552.25 | 29,882,264.96 | |
| Disposal | 1,500,158.70 | 582,721.40 | |
| Otherdeduction | 3,770,986.88 |
Ending
| Ending | 128,858,434.15 | 52,080,040.60 |
Carryingamount
| Carryingamount | |||
| Ending | 209,480,676.04 | 100,813,386.01 |
Beginning
| Beginning | 100,813,386.01 | 66,313,062.98 |
16.Intangibleassets
2023
| Landuserights | Softwareuserights | Trademarkuserights | Non-patenttechnology | Patenttechnology | Total | |||||||
| Originalcost | ||||||||||||
| Beginning | 2,237,966,691.60 | 845,391,055.17 | 211,864,157.55 | 7,695,744,860.28 | 85,556,571.30 | 11,076,523,335.90 | ||||||
| Purchase | 100,195,305.27 | 34,751,882.26 | 46,276.23 | 5,936,930.14 | 24,943.40 | 139,344,264.55 | ||||||
| Internalresearchanddevelopment | - | - | 2,018,394,526.72 | - | 2,018,394,526.72 | |||||||
| Businesscombination | 2,866,725.32 | 2,412,758,750.00 | 8,724,451,355.13 | 11,140,076,830.45 | ||||||||
| Fluctuationsinexchange | 840,010.76 | 840,010.76 | ||||||||||
| Governmentgrants | - | 1,611,072.75 | - | - | - | 1,611,072.75 | ||||||
| Disposal | 526,361.41 | - | - | 6,000.00 | - | 532,361.41 |
Ending
| Ending | 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 |
Accumulatedamortization
| Accumulatedamortization | ||||||||||||
| Beginning | 468,031,897.59 | 726,462,315.72 | 211,791,516.98 | 4,904,544,443.73 | 7,129,714.27 | 6,317,959,888.29 | ||||||
| Accrual | 46,046,280.63 | 33,239,628.48 | 221,185,346.46 | 1,923,283,524.17 | 8,556,280.71 | 2,232,311,060.45 | ||||||
| Businesscombination | 1,531,371.38 | 279,188,219.15 | 280,719,590.53 | |||||||||
| Fluctuationsinexchange | 797,371.30 | 797,371.30 | ||||||||||
| Disposal | 197,871.96 | - | 1,450.00 | - | 199,321.96 | |||||||
Ending
| Ending | 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 |
Impairmentprovision
| Impairmentprovision | ||||||||||||
| Beginning | - | 23,617,923.17 | - | 288,560,268.76 | - | 312,178,191.93 | ||||||
| Accrual | - | - | 19,916,416.63 | 50,676,624.03 | - | 70,593,040.66 | ||||||
| Businesscombination | - | - | 114,723,135.98 | - | 114,723,135.98 | |||||||
Ending
| Ending | - | 23,617,923.17 | 19,916,416.63- | 453,960,028.77 | - | 497,494,368.57 |
Carryingamount
| Carryingamount | ||||||||||||
| Ending | 1,823,755,329.20 | 96,589,990.67 | 2,171,775,903.71 | 10,883,546,906.45 | 69,895,519.72 | 15,045,563,649.79 | ||||||
Beginning
| Beginning | 1,769,934,794.01 | 95,310,816.28 | 72,640.57 | 2,502,640,147.79 | 78,426,857.03 | 4,446,385,255.68 |
17.Goodwill2023
| Beginningbalance | Addition | Deduction | Endingbalance |
HebeiChanganAutomobileCo.,Ltd.
| HebeiChanganAutomobileCo.,Ltd. | 9,804,394.00 | - | - | 9,804,394.00 | ||||
| NanjingChanganAutomobileCo.,Ltd. | - | - | - | - | ||||
| DEEPALAutomotiveTechnologyCo.,Ltd. | - | 1,800,926,049.16 | 1,800,926,049.16 |
Total
| Total | 9,804,394.00 | 1,800,926,049.16 | 1,810,730,443.16 |
Themovementofprovisionforgoodwillisasfollow:
2023and2022
| Beginningbalance | Addition | Deduction | Endingbalance |
NanjingChanganAutomobileCo.,Ltd.
| NanjingChanganAutomobileCo.,Ltd. | 73,465,335.00 | - | - | 73,465,335.00 |
DuetotheaccumulatedlossesofNanjingChanganAutomobileCo.,Ltd.,provisionforrelatedgoodwillhasbeenfullyaccruedandamountedtoRMB73,465,335.00.
18.Long-termdeferredexpenses
| Beginningbalance | Addition | Deduction | Endingbalance |
2023
| 2023 | 26,375,422.17 | 1,357,462.16 | 3,570,664.27 | 24,162,220.06 |
2022
| 2022 | 15,032,814.19 | 15,184,585.04 | 3,841,977.06 | 26,375,422.17 |
19.Deferredtaxassetsandliabilities
Deferredincometaxassetsanddeferredincometaxliabilitiesthatarenotoffset:
| 2023 | 2022 | |||||||
| Deferredtaxassets | Deductibletemporarydifferences | Deferredtaxassets | Deductibletemporarydifferences | Deferredtaxassets | ||||
Assetsprovision
| Assetsprovision | 3,326,010,289.07 | 505,667,423.10 | 3,278,951,051.51 | 491,238,489.39 | ||||
| Accruedexpensesandcontingentliabilities | 9,745,432,595.40 | 1,478,634,793.00 | 8,585,308,052.56 | 1,298,584,169.65 | ||||
| Unpaidtechdevelopmentexpenseandadvertisementexpense | 108,882,829.52 | 16,332,424.43 | 372,397,166.51 | 55,859,574.98 | ||||
| Deferredincome | 3,143,730,047.41 | 516,280,314.00 | 2,699,509,959.27 | 457,007,113.15 | ||||
| Unpaidsalaryandbonusandothers | 5,069,078,308.78 | 762,158,961.20 | 4,933,440,721.02 | 741,142,942.18 |
Total
| Total | 21,393,134,070.18 | 3,279,073,915.73 | 19,869,606,950.87 | 3,043,832,289.35 |
2023
| 2023 | 2022 | |||||||
| Deferredtaxliabilities： | Taxabletemporarydifferences | Deferredtaxliabilities | Taxabletemporarydifferences | Deferredtaxliabilities | ||||
| Available-for-salefinancialassetsonthechangesinfairvaluerecordedincapitalreserve | 271,136,632.22 | 40,670,494.83 | 358,180,218.36 | 53,727,032.75 | ||||
| Fairvalueadjustmentofbusinesscombinationnotundercommoncontrol | 9,077,843,422.40 | 1,361,676,513.36 | 204,733,319.00 | 30,709,997.85 | ||||
| Long-termequityinvestment | 1,053,139,619.28 | 157,970,942.89 | 971,329,619.28 | 145,699,442.89 | ||||
| Other | 234,662,947.30 | 36,576,889.00 | 133,866,716.92 | 21,733,246.50 |
Total
| Total | 10,636,782,621.20 | 1,596,894,840.08 | 1,668,109,873.56 | 251,869,720.00 |
Deferredincometaxassetsanddeferredincometaxliabilitiesthatareoffset:
| 2023 | 2022 | |||||||
| Items： | Offsetamountbetweendeferredincometaxassetsandliabilities | Balanceofdeferredincometaxassetsorliabilitiesafteroffsetting | Offsetamountbetweendeferredincometaxassetsandliabilities | Balanceofdeferredincometaxassetsorliabilitiesafteroffsetting | ||||
Deferredtaxassets
| Deferredtaxassets | 30,819,858.08 | 3,248,254,057.65 | 14,832,978.84 | 3,028,999,310.51 | ||||
| DeferredTaxLiability | 30,819,858.08 | 1,566,074,982.00 | 14,832,978.84 | 237,036,741.16 |
Unrecognizeddeductibletemporarydifferencesandtaxlossesofunrecognizedareasfollows:
| 2023 | 2022 |
Thedeductibletemporarydifference
| Thedeductibletemporarydifference | 1,764,330,466.02 | 1,785,535,297.97 | ||
| Thedeductibletaxloss | 10,207,352,860.58 | 3,908,340,793.95 |
Total
| Total | 11,971,683,326.60 | 5,693,876,091.92 |
20.Deferredtaxassetsandliabilities(continued)
Note:Duetotheuncertaintyofwhethertherewillbeenoughtaxableprofitinfuturetoutilizetheabovedeductibleloss,nodeferredtaxassetshavebeenrecognizedaccordingly.Maturityperiodforunrecognizeddeductibletaxlosses:
| 2023 | 2022 |
2023
| 2023 | 719,486,343.29 | |||
| 2024 | 1,026,714,782.44 | 644,243,430.69 | ||
| 2025 | 1,484,227,541.07 | 669,056,651.63 | ||
| 2026 | 2,622,637,735.99 | 172,527,777.26 | ||
| 2027 | 2,162,063,388.55 | 14,762,188.38 | ||
| 2028andbeyond | 2,911,709,412.53 | 1,688,264,402.70 |
Total
| Total | 10,207,352,860.58 | 3,908,340,793.95 |
20.Othernoncurrentassets
| 2023 | 2022 |
Advancepaymentforengineering
| Advancepaymentforengineering | 450,000,000.00 |
Total
| Total | 450,000,000.00 |
21.Theassetswithownershiporrightrestricted
| 2023 | 2022 |
Cashandcashequivalents
| Cashandcashequivalents | 945,084,846.77 | 1,038,748,779.60 | ||
| Notereceivables | 7,309,419,058.87 | 6,340,255,963.00 | ||
| Intangibleassets | 42,203,917.80 | |||
| Fixedassets | 20,942,566.80 |
8,254,503,905.64
| 8,254,503,905.64 | 7,442,151,227.20 |
22.Short-termloans
Classificationofshort-termloans：
| 2023 | 2022 | |||
| Creditloans | 30,039,416.74 | |||
| Mortgageloans | 29,000,000.00 |
Total
| Total | 30,039,416.74 | 29,000,000.00 |
Asat31December2023,theinterestratesoftheaboveloanswere3.90%-4.50%(asat31
December2022:4.60%-4.75%).Asat31December2023,therewasnooverdueshort-termloan(asat31December2022:Nil).
23.Notespayable
| 2023 | 2022 |
Commercialacceptancebill
| Commercialacceptancebill | 2,943,672,886.95 | 5,001,155,687.84 | ||
| Bankacceptancebill | 34,512,997,041.12 | 17,071,638,176.99 |
Total
| Total | 37,456,669,928.07 | 22,072,793,864.83 |
Asat31December2023,thereisnooverdueunpaidnotespayable(asat31December2022:Nil)
24.Accountspayable
| 2023 | 2022 |
Accountspayable
| Accountspayable | 38,289,947,321.45 | 29,449,664,138.75 |
Asat31December2023,therewerenosignificantaccountspayableagedoveroneyear(asat31December2022:Nil).
25.Advancepayment
| 2023 | 2022 |
unearnedrent
| unearnedrent | 686,755.00 |
26.Contractliabilities/Advancesfromcustomers
| 2023 | 2022 |
Advancepayment
| Advancepayment | 6,780,177,101.71 | 4,808,762,223.46 | ||
| Advanceservicepayment | 1,143,615,751.06 | 846,494,569.20 |
Total
| Total | 7,923,792,852.77 | 5,655,256,792.66 |
27.Payrollpayable2023
| Beginningbalance | Addition | Deduction | Endingbalance |
Shorttermsalarybenefits
| Shorttermsalarybenefits | 2,716,484,740.12 | 10,526,154,931.41 | 10,597,058,347.32 | 2,645,581,324.21 | ||||
| Definedcontributionplans | 88,857,749.73 | 914,289,145.67 | 915,891,050.74 | 87,255,844.66 | ||||
| Earlyretirementbenefits | 1,816,000.00 | 24,175,889.85 | 8,167,721.46 | 17,824,168.39 |
Total
| Total | 2,807,158,489.85 | 11,464,619,966.93 | 11,521,117,119.52 | 2,750,661,337.26 |
2022
| Beginningbalance | Addition | Deduction | Otherdeduction | Endingbalance |
Shorttermsalarybenefits
| Shorttermsalarybenefits | 2,474,414,390.26 | 8,829,988,102.78 | 8,546,570,667.33 | 41,347,085.59 | 2,716,484,740.12 | |||||
| Definedcontributionplans | 89,216,538.26 | 667,430,841.13 | 665,797,989.33 | 1,991,640.33 | 88,857,749.73 | |||||
| Earlyretirementbenefits | 2,940,000.00 | 2,323,630.24 | 3,447,630.24 | - | 1,816,000.00 |
Total
| Total | 2,566,570,928.52 | 9,499,742,574.15 | 9,215,816,286.90 | 43,338,725.92 | 2,807,158,489.85 |
27.Payrollpayable(continued)
Shorttermsalarybenefits：
2023
| Beginningbalance | Addition | Deduction | Endingbalance |
Salary,bonus,allowance
andsubsidy
| Salary,bonus,allowanceandsubsidy | 2,221,656,081.04 | 8,452,204,683.00 | 8,502,894,778.05 | 2,170,965,985.99 | ||||
| Employeebenefit | 50,756,371.68 | 382,215,686.12 | 412,846,663.88 | 20,125,393.92 | ||||
| Socialinsurance | ||||||||
| Medicalinsurance | 21,350,192.95 | 533,438,605.38 | 534,604,800.89 | 20,183,997.44 | ||||
| Industrialinjuryinsurance | 11,102,522.24 | 59,402,870.38 | 59,750,558.36 | 10,754,834.26 | ||||
| Maternityinsurance | 1,395,744.99 | 2,761,057.26 | 2,232,733.92 | 1,924,068.33 | ||||
| Others | 24,783,404.93 | 24,783,404.93 | ||||||
| Housingaccumulationfund | 83,944,161.72 | 570,666,608.11 | 631,689,858.47 | 22,920,911.36 | ||||
| Laborfundandemployeeeducationfund | 326,279,665.50 | 500,682,016.23 | 428,255,548.82 | 398,706,132.91 |
| Total | 2,716,484,740.12 | 10,526,154,931.41 | 10,597,058,347.32 | 2,645,581,324.21 |
2022
| Beginningbalance | Addition | Deduction | Otherdeduction | Endingbalance |
Salary,bonus,allowanceandsubsidy
| Salary,bonus,allowanceandsubsidy | 2,051,402,711.53 | 7,146,292,092.31 | 6,945,040,964.14 | 30,997,758.66 | 2,221,656,081.04 | |||||
| Employeebenefit | 50,630,435.22 | 386,349,815.91 | 386,037,939.85 | 185,939.60 | 50,756,371.68 | |||||
| Socialinsurance | ||||||||||
| Medicalinsurance | 21,021,344.24 | 395,967,753.79 | 394,480,490.19 | 1,158,414.89 | 21,350,192.95 | |||||
| Industrialinjuryinsurance | 11,118,683.26 | 40,723,587.86 | 40,684,896.28 | 54,852.60 | 11,102,522.24 | |||||
| Maternityinsurance | 1,382,325.53 | 1,172,637.29 | 1,159,217.83 | - | 1,395,744.99 | |||||
| Housingaccumulationfund | 82,772,742.30 | 491,467,767.44 | 488,154,268.15 | 2,142,079.87 | 83,944,161.72 | |||||
| Laborfundandemployeeeducationfund | 256,086,148.18 | 368,014,448.18 | 291,012,890.89 | 6,808,039.97 | 326,279,665.50 |
Total
| Total | 2,474,414,390.26 | 8,829,988,102.78 | 8,546,570,667.33 | 41,347,085.59 | 2,716,484,740.12 |
27.Payrollpayable(continued)
Definedcontributionplans：
2023
| Beginningbalance | Addition | Deduction | Endingbalance |
Basicretirementsecurity
| Basicretirementsecurity | 79,031,084.59 | 885,375,217.34 | 886,518,169.93 | 77,888,132.00 | ||||
| Unemploymentinsurance | 9,826,665.14 | 28,913,928.33 | 29,372,880.81 | 9,367,712.66 |
Total
| Total | 88,857,749.73 | 914,289,145.67 | 915,891,050.74 | 87,255,844.66 |
2022
| Beginningbalance | Addition | Deduction | OtherDeduction | Endingbalance |
Basicretirement
| Basicretirement | 79,483,988.05 | 646,286,750.65 | 644,976,261.42 | 1,763,392.69 | 79,031,084.59 |
| security | ||||||||||
| Unemploymentinsurance | 9,732,550.21 | 21,144,090.48 | 20,821,727.91 | 228,247.64 | 9,826,665.14 |
Total
| Total | 89,216,538.26 | 667,430,841.13 | 665,797,989.33 | 1,991,640.33 | 88,857,749.73 |
Thesalary,bonus,allowanceandsubsidy,employeebenefitsandothersocialinsurancesmentionedabovearepaidintimeaccordingtorelatedlawsandregulationsandsetsoftheGroup.
28.Taxespayable
| 2023 | 2022 |
Value-addedtax
| Value-addedtax | 366,815,941.84 | 655,162,944.40 | ||
| Consumptiontax | 307,949,880.80 | 378,822,293.63 | ||
| Corporateincometax | 1,136,075,075.53 | 550,250,134.24 | ||
| Citymaintenanceandconstructiontaxandeducationsurcharge | 51,726,243.42 | 106,797,577.85 | ||
| Others | 66,156,765.79 | 58,913,132.20 |
Total
| Total | 1,928,723,907.38 | 1,749,946,082.32 |
29.Otherpayables
| 2023 | 2022 |
Purchaseandconstructionoffixedassets,intangibleassetsandengineeringdeposits
| Purchaseandconstructionoffixedassets,intangibleassetsandengineeringdeposits | 1,550,681,604.04 | 1,190,478,260.12 | ||
| Customerandsuppliermargin | 874,043,416.71 | 839,653,876.07 | ||
| Advancedreceiptoflandandplantdisposalfees | 150,000,000.00 | 635,268,035.18 | ||
| Treasurystockrepurchase | 382,277,095.96 | 627,060,416.52 | ||
| Advertisementfees | 648,229,494.43 | 505,569,065.16 | ||
| Storagefeesandfreight | 488,072,948.00 | 382,409,902.25 | ||
| Maintenancefees | 295,480,247.86 | 278,765,596.52 | ||
| Capitalincreasefromthirdpartiesreceivedinadvancebysubsidiaries | 138,398,550.00 | 697,956,559.00 | ||
| Others | 1,353,699,155.97 | 925,604,713.85 |
Total
| Total | 5,880,882,512.97 | 4,562,626,344.69 |
30.Non-currentliabilitywithin1year
| 2023 | 2022 |
Long-termloanwithin1year
| Long-termloanwithin1year | 4,000,000.00 | 604,000,000.00 | ||
| Definedbenefitplansthatexpirewithin1year | 1,190,000.00 | |||
| Long-termpayableswithin1year | 244,429,325.65 | |||
| Leaseliabilitieswithin1year | 74,887,042.88 | 37,294,575.69 |
80,077,042.88
| 80,077,042.88 | 885,723,901.34 |
31.Othercurrentliabilities
| 2023 | 2022 |
Accruedcommercialdiscountpayable
| Accruedcommercialdiscountpayable | 5,277,859,952.56 | 3,837,216,057.38 | ||
| Accruedmarketdevelopmentexpense | 1,229,871,896.85 | 1,004,950,610.70 | ||
| Accruedtransportationfee | 428,540,512.92 | 728,264,657.72 | ||
| Accruedtechnologyroyalty | 712,779,170.48 | 534,463,454.23 | ||
| Accruedlaborservicefee | 52,021,714.94 | 107,051,967.02 | ||
| Accruednegativepointsforfuelconsumption | 76,611,049.98 | 59,308,609.28 | ||
| Others | 1,120,252,102.19 | 355,789,311.29 |
Total
| Total | 8,897,936,399.92 | 6,627,044,667.62 |
32.Long-termLoan
| 2023 | 2022 | |||
| Netlong-termborrowings | 72,000,000.00 | 36,000,000.00 |
Asat31December2023,theinterestratesoftheaboveloanswere1.00%(asat31December2022:1.00%-3.00%).Asat31December2023,thereisnooverduelong-termloans(asat31December2022:Nil).
33.BondsPayable
| 2023 | 2022 |
CorporateBonds
| CorporateBonds | 999,607,547.16 | 999,528,301.88 |
InDecember2023,theCompanypubliclyissuedtechnologyinnovationcorporatebonds(PhaseI)toprofessionalinvestors,withafacevalueofRMB1,000,000,000.00,acouponrateof3%,simpleinterestpayableannually,theinterestpaymentdateisDecember20ofeachyearfrom2023to2027,andthefinalredemptiondateisDecember20,2027.
34.Leaseliabilities
| 2023 | 2022 |
Leaseliabilities
| Leaseliabilities | 209,141,440.95 | 97,499,973.67 | ||
| Less：Leaseliabilitieswithin1year | 74,887,042.88 | 37,294,575.69 |
134,254,398.07
| 134,254,398.07 | 60,205,397.98 |
35.Long-termpayables
| 2023 | 2022 |
Long-termpayables
| Long-termpayables | 804,264,787.97 | 408,939,511.34 | ||
| Specialpayables | 148,181,330.60 | 144,579,238.78 |
Total
| Total | 952,446,118.57 | 553,518,750.12 |
Long-termpayables:
| 2023 | 2022 | |||
| Accountspayableforconstructionprojectsonbehalfofothers | 804,264,787.97 | |||
| Purchaseoffixedassets | 653,368,836.99 | |||
| Less：Long-termpayableswithin1year | 244,429,325.65 |
Total
| Total | 804,264,787.97 | 408,939,511.34 |
Specialpayables:
2023
| Beginning | Addition | Deduction | Ending |
Intelligentmanufacturingproject
| Intelligentmanufacturingproject | 54,122,972.00 | 106,346,500.00 | 81,350,954.74 | 79,118,517.26 | ||||
| Lightweightdesignofautomobilestructure | 14,410,557.94 | 7,640,605.31 | 6,769,952.63 | |||||
| Others | 76,045,708.84 | 53,178,952.56 | 66,931,800.69 | 62,292,860.71 |
Total
| Total | 144,579,238.78 | 159,525,452.56 | 155,923,360.74 | 148,181,330.60 |
2022
| Beginning | Addition | Deduction | Ending |
LandrelocationcompensationofNanjingchangan
| LandrelocationcompensationofNanjingchangan | 55,350,709.40 | - | 55,350,709.40 | - | ||||
| Intelligentmanufacturingproject | 82,777,201.36 | 6,169,200.00 | 34,823,429.36 | 54,122,972.00 | ||||
| Lightweightdesignofautomobilestructure | 18,903,766.50 | 4,900,000.00 | 9,393,208.56 | 14,410,557.94 | ||||
| Others | 25,928,275.13 | 71,133,518.47 | 21,016,084.76 | 76,045,708.84 |
Total
| Total | 182,959,952.39 | 82,202,718.47 | 120,583,432.08 | 144,579,238.78 |
36.Long-termpayrollpayable
| 2023 | 2022 |
Netobligationofdefinedbenefitplan
| Netobligationofdefinedbenefitplan | 26,880,000.00 | 29,227,000.00 | ||
| Earlyretirement | 3,534,000.00 | 5,786,000.00 |
Total
| Total | 30,414,000.00 | 35,013,000.00 |
Inadditiontobasicretirementsecurityandunemploymentinsurance,whicharemanagedbylocalgovernment,theGroupoffersdifferentkindsofoverallpensionandannualcompensationtosomeretiredemployeesuntiltheirdeath.TheGroupprovidessubsidiestoformermilitarypersonnelwhoparticipatedinspecificwarsandofferslargemedicaltreatmentinsuranceforallretiredpersonnel.TheGroupalsoofferedearly-retiredsalary,socialinsurancesandhousingaccumulationfundwithdifferentstandardsuntiltheirformalretirement(Male:Age60;Female:Age50or55).Theseamountsofsocialinsurancesandhousingaccumulationfundarebasedoncostbaseandstatutoryproportion.Thepresentvalueofthedefinedbenefitsplansisvaluedbyexpectedcumulativewelfareunitsdetermination,whichwasensuredbyAonEnterpriseSolutionsShanghaiCoLtd.at31December2023.Therelatedplansrecognizedintheprofitandlossofthedefinedbenefitplanareasfollows:
| 2023 | 2022 |
Servicecosts-currentperiod
| Servicecosts-currentperiod | 57,000.00 | 56,000.00 | ||
| Netinterest | -940,000.00 | 818,000.00 |
Netpost-employmentbenefitcosts
| Netpost-employmentbenefitcosts | -908,000.00 | 874,000.00 | ||
| Recordedingeneraladministrativeexpenses | -908,000.00 | 874,000.00 |
Movementofpresentvalueofdefinedbenefitsplanisasfollows:
| DefinedBenefitPlanObligation | ||
| 2023 | 2022 | |
Beginningbalance
| Beginningbalance | 29,227,000.00 | 30,917,000.00 | ||
| ChargedtoincomeStatementofthecurrentperiod | ||||
| Servicecosts-currentperiod | 313,000.00 | 56,000.00 | ||
| Interestexpense,net | -940,000.00 | 818,000.00 | ||
| Actuariallosseschargedtoothercomprehensiveincome | -540,000.00 | -112,000.00 | ||
| BenefitsPayment | -899,000.00 | -2,452,000.00 |
Endingbalance
| Endingbalance | 26,880,000.00 | 29,227,000.00 |
37.Accruedliabilities
2023
| Beginning | Addition | Deduction | Ending |
Warranty
| Warranty | 4,152,001,660.31 | 2,893,224,624.23 | 1,068,664,474.45 | 5,976,561,810.09 | ||||
| Contingentliabilitiesofcontractperformance | 437,297,661.18 | 51,551,251.31 | 188,369,305.79 | 300,479,606.70 |
Total
| Total | 4,589,299,321.49 | 2,944,775,875.54 | 1,257,033,780.24 | 6,277,041,416.79 |
2022
| Beginning | Addition | Deduction | Ending |
Warranty
| Warranty | 3,295,272,783.50 | 1,595,486,879.87 | 738,758,003.06 | 4,152,001,660.31 | ||||
| Contingentliabilitiesofcontractperformance | 543,742,894.34 | 26,346,680.32 | 132,791,913.48 | 437,297,661.18 |
Total
| Total | 3,839,015,677.84 | 1,621,833,560.19 | 871,549,916.54 | 4,589,299,321.49 |
38.Deferredincome
2023
| 2022.12.31 | Addition | Deduction | Otherdeduction | 2023.12.31 |
Governmentgrantsrelatedtoassets
| Governmentgrantsrelatedtoassets | 166,416,924.2 | 619,538,720.00 | 175,548,473.12 | 248,266,726.10 | ||||
| Governmentgrantsrelatedtogains | 181,151,625.42 | - | 72,718,252.98 | 108,433,372.44 |
347,568,549.62
| 347,568,549.62 | 619,538,720.00 | 248,266,726.10 | 718,840,543.52 |
2022
| 2021.12.31 | Addition | Deduction | Otherdeduction | 2022.12.31 |
Governmentgrantsrelatedtoassets
| Governmentgrantsrelatedtoassets | 224,903,605.46 | 129,752,557.11 | 188,239,238.37 | - | 166,416,924.2 | |||||
| Governmentgrantsrelatedtogains | 699,846,125.66 | - | 299,235,506.09 | 219,458,994.15 | 181,151,625.42 |
924,749,731.12
| 924,749,731.12 | 129,752,557.11 | 487,474,744.46 | 219,458,994.15 | 347,568,549.62 |
Asat31December2023,detailsofliabilitiesrelatedtogovernmentgrantsareasfollows:
| 2022.12.31 | Addition | Deduction | 2023.12.31 |
| Relatedtoassets: | 166,416,924.20 | 619,538,720.00 | 175,548,473.12 | 610,407,171.08 | ||||
| Productionandconstructionsubsidies | 166,416,924.20 | 619,538,720.00 | 175,548,473.12 | 610,407,171.08 | ||||
| Relatedtogains: | 181,151,625.42 | 72,718,252.98 | 108,433,372.44 | |||||
| R&Dtechnologysubsidies | 121,750,757.27 | 44,099,593.29 | 77,651,163.98 | |||||
| Othergovernmentsubsidies | 59,400,868.15 | 28,618,659.83 | 59,400,868.15 |
Total
| Total | 347,568,549.62 | 619,538,720.00 | 248,266,726.10 | 718,840,543.52 |
39.Othernon-currentliabilities
| 2023 | 2022 |
Advanceservicepayment
| Advanceservicepayment | 1,497,773,818.69 | 882,226,966.14 |
40.Sharecapital2023
| movement | ||||||||||||||||
| Beginning | Issuanceofshares | Stockdividend | Transferofreservetocommonshares | Others | Sub-total | Ending | ||||||||||
| I. | Restrictedshares | |||||||||||||||
| 1 | Sharesheldbystate-ownedlegalpersons | 515,311,738.00 | - | - | 515,311,738.00 | |||||||||||
| 2 | Otherdomesticshareholdings | 159,248,366.00 | - | - | 159,248,366.00 | |||||||||||
| Including：sharesheldbydomesticlegalpersons | - | - | - | - | ||||||||||||
| sharesheldbydomesticnaturalpersons | 159,248,366.00 | - | - | 159,248,366.00 | ||||||||||||
| 3 | Foreignshareholdings | 1,215,370.00 | - | - | 1,215,370.00 | |||||||||||
Totalofrestrictedshares
| Totalofrestrictedshares | 675,775,474.00 | - | - | 675,775,474.00 |
II.
| II. | Unrestrictedshares | |||||||||||||
| 1 | RMBordinaryshares | 7,604,409,171.00 | - | - | 4,510,389.00 | 4,510,389.00 | 7,599,898,782.00 | |||||||
| 2 | Foreign-fundedshareslisteddomestically | 1,641,614,777.00 | - | - | 1,641,614,777.00 |
Totalofunrestrictedshares
| Totalofunrestrictedshares | 9,246,023,948.00 | - | - | 4,510,389.00 | 4,510,389.00 | 9,241,513,559.00 |
III.
| III. | Totalshares | 9,921,799,422.00 | - | - | 9,917,289,033.00 |
2022
| movement | ||||||||||||||||
| Beginning | Issuanceofshares | Stockdividend | Transferofreservetocommonshares | Others | Sub-total | Ending | ||||||||||
| I. | Restrictedshares | |||||||||||||||
| 1 | Sharesheldbystate-ownedlegalpersons | 396,393,645.00 | - | - | 118,918,093.00 | - | 118,918,093.00 | 515,311,738.00 | ||||||||
| 2 | Otherdomesticshareholdings | 122,490,320.00 | - | - | 36,747,096.00 | 10,950.00 | 36,758,046.00 | 159,248,366.00 | ||||||||
| Including：sharesheldbydomesticlegalpersons | - | - | - | - | - | - | - | |||||||||
| sharesheldbydomesticnaturalpersons | 122,490,320.00 | - | - | 36,747,096.00 | 10,950.00 | 36,758,046.00 | 159,248,366.00 | |||||||||
| 3 | Foreignshareholdings | 934,900.00 | - | - | 280,470.00 | - | 280,470.00 | 1,215,370.00 | ||||||||
Totalofrestrictedshares
| Totalofrestrictedshares | 519,818,865.00 | - | - | 155,945,659.00 | 10,950.00 | 155,956,609.00 | 675,775,474.00 |
II.
| II. | Unrestrictedshares | |||||||||||||||
| 1 | RMBordinaryshares | 5,849,553,939.00 | - | - | 1,754,866,182.00 | (10,950.00 | 1,754,855,232.00 | 7,604,409,171.00 | ||||||||
| 2 | Foreign-fundedshareslisteddomestically | 1,262,780,598.00 | - | - | 378,834,179.00 | - | 378,834,179.00 | 1,641,614,777.00 |
Totalofunrestrictedshares
| Totalofunrestrictedshares | 7,112,334,537.00 | - | - | 2,133,700,361.00 | (10,950.00 | 2,133,689,411.00 | 9,246,023,948.00 |
III.
| III. | Totalshares | 7,632,153,402.00 | - | - | 2,289,646,020.00 | - | 2,289,646,020.00 | 9,921,799,422.00 |
41.Capitalreserves2023
| Beginning | Addition | Deduction | Ending |
Sharepremium
| Sharepremium | 6,485,177,332.59 | 333,258,382.40 | 14,067,193.00 | 6,804,368,521.99 | ||||
| Share-basedpayments | 648,749,767.92 | 362,576,400.00 | 333,258,382.40 | 678,067,785.52 | ||||
| Capitalreservetransferredarisingfromtheoldstandards | 44,496,899.00 | - | - | 44,496,899.00 | ||||
| Restrictedcapitalreserveofequityinvestments | 17,015,985.20 | - | - | 17,015,985.20 | ||||
| Others(Note1) | 1,337,366,701.06 | 33,537,855.64 | 663,566,110.70 | 707,338,445.99 |
Total
| Total | 8,532,806,685.77 | 729,372,638.03 | 1,010,891,686.10 | 8,251,287,637.70 |
2022
| Beginning | Addition | Deduction | Ending |
Sharepremium
| Sharepremium | 8,774,823,352.59 | - | 2,289,646,020.00 | 6,485,177,332.59 | ||||
| Share-basedpayments | 268,539,867.92 | 380,209,900.00 | - | 648,749,767.92 | ||||
| Capitalreservetransferredarisingfromtheoldstandards | 44,496,899.00 | - | - | 44,496,899.00 | ||||
| Restrictedcapitalreserveofequityinvestments | 17,015,985.20 | - | - | 17,015,985.20 | ||||
| Others(Note1) | 671,317,255.67 | 666,049,445.39 | - | 1,337,366,701.06 |
Total
| Total | 9,776,193,360.38 | 1,046,259,345.39 | 2,289,646,020.00 | 8,532,806,685.77 |
42.Treasurystock
2023
| Beginning | Addition | Deduction | Ending |
Treasurystock
| Treasurystock | 627,060,416.52 | - | 244,783,320.56 | 382,277,095.96 |
2022
| Beginning | Addition | Deduction | Ending |
Treasurystock
| Treasurystock | 655,812,327.60 | - | 28,751,911.08 | 627,060,416.52 |
43.OthercomprehensiveincomeAccumulatedothercomprehensiveincomeinconsolidatedbalancesheetattributabletoparentcompanyisasfollows:
2023
| 2022.12.31 | Movement | 2023.12.31 |
Re-measurementofchangesindefinedbenefitplans
| Re-measurementofchangesindefinedbenefitplans | -185,000.00 | 540,000.00 | 355,000.00 | |||
| Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | -2,765,221.82 | -1,454,051.91 | -4,219,273.73 | |||
| Othercomprehensiveincomeonconvertiblegainsandlossesundertheequitymethod | 75,815.98 | -75,815.98 | ||||
| Changesinthefairvalueofotherequityinstrumentinvestments | 160,120,620.00 | 12,104,070.30 | 172,224,690.30 | |||
| Translationdifferenceofforeigncurrencyfinancialstatements | -58,252,966.78 | 8,287,150.23 | -50,041,632.53 |
Total
| Total | 98,841,615.42 | 19,477,168.62 | 118,318,784.04 |
2022
| 2021.12.31 | Movement | 2022.12.31 |
Re-measurementofchangesindefinedbenefitplans
| Re-measurementofchangesindefinedbenefitplans | (297,000.00 | ) | 112,000.00 | (185,000.00 | ) | ||||
| Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | (3,368,053.89 | ) | 602,832.07 | (2,765,221.82 | ) | ||||
| Othercomprehensiveincomeonconvertiblegainsandlossesundertheequitymethod | - | (75,815.98 | ) | (75,815.98 | ) | ||||
| Changesinthefairvalueofotherequityinstrumentinvestments | 169,861,280.00 | (9,740,660.00 | ) | 160,120,620.00 | |||||
| Translationdifferenceofforeigncurrencyfinancialstatements | (96,753,756.58 | ) | 38,500,789.80 | (58,252,966.78 | ) |
Total
| Total | 69,442,469.53 | 29,399,145.89 | 98,841,615.42 |
41.Othercomprehensiveincome(continued)
Currentoccurrenceamountofothercomprehensiveincomeinconsolidatedincomestatementattributabletoparentcompany:
2023
| Amountbeforetax | Deduct:amountstransferredtoincomestatementwhichwererecognizedinothercomprehensiveincomeinpriorperiod | Deduct:amountstransferredtoretainedearningswhichwererecognizedinothercomprehensiveincomeinpriorperiod | Deduct:Incometax | Amountattributabletoowners | Amountattributabletominorityinterests |
Othercomprehensiveincomenottobereclassifiedtoprofitorlossinsubsequentperiod
| Othercomprehensiveincomenottobereclassifiedtoprofitorlossinsubsequentperiod | ||||||||||||
| Changeinnetliabilityorassetsfromdefinedbenefitplan | 540,000.00 | - | - | - | 540,000.00 | - | ||||||
| Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | -1,454,051.91 | - | - | - | -1,454,051.91 | - | ||||||
| FairvaluechangeofInvestmentinotherequityinstruments | 14,240,082.71 | - | 2,136,012.41 | 12,104,070.30 | - |
Subtotal
| Subtotal | 13,326,030.80 | - | 2,136,012.41 | 11,190,018.39 | - |
Othercomprehensiveincomewillbereclassifiedtoprofitorlossinsubsequentperiod
| Othercomprehensiveincomewillbereclassifiedtoprofitorlossinsubsequentperiod | - | |||||||
| Othercomprehensiveincomewhichcanconverttogainandlossundertheequitymethod | ||||||||
| Foreigncurrencytranslationdifference | 8,287,150.23 | - | 8,287,150.23 |
Subtotal
| Subtotal | 8,287,150.23 | - | 8,287,150.23 |
Total
| Total | 21,613,181.03 | ) | 2,136,012.41 | 19,477,168.62 |
2022
| Amountbeforetax | Deduct:amountstransferredtoincomestatementwhichwererecognizedinothercomprehensiveincomeinpriorperiod | Deduct:amountstransferredtoretainedearningswhichwererecognizedinothercomprehensiveincomeinpriorperiod | Deduct:Incometax | Amountattributabletoowners | Amountattributabletominorityinterests |
Othercomprehensiveincomenottobereclassifiedtoprofitorlossinsubsequentperiod
| Othercomprehensiveincomenottobereclassifiedtoprofitorlossinsubsequentperiod | |||||||||||||||
| Changeinnetliabilityorassetsfromdefinedbenefitplan | (112,000.00 | ) | - | - | - | (112,000.00 | ) | - | |||||||
| Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | (602,832.07 | ) | - | - | - | (602,832.07 | ) | - | |||||||
| FairvaluechangeofInvestmentinotherequityinstruments | 5,500,000.00 | - | (5,065,660.00 | ) | 825,000.00 | 9,740,660.00 | - |
Subtotal
| Subtotal | 4,785,167.93 | - | (5,065,660.00 | ) | 825,000.00 | 9,025,827.93 | - |
Othercomprehensiveincomewillbereclassifiedtoprofitorlossinsubsequentperiod
| Othercomprehensiveincomewillbereclassifiedtoprofitorlossinsubsequentperiod | - | |||||||||||||
| Othercomprehensiveincomewhichcanconverttogainandlossundertheequitymethod | 75,815.98 | - | - | - | 75,815.98 | - | ||||||||
| Foreigncurrencytranslationdifference | (37,775,975.99 | ) | 722,897.12 | - | - | (38,500,789.80 | ) | 1,916.69 |
Subtotal
| Subtotal | (37,700,160.01 | ) | 722,897.12 | - | - | (38,424,973.82 | ) | 1,916.69 |
Total
| Total | (32,914,992.08 | ) | 722,897.12 | (5,065,660.00 | ) | 825,000.00 | (29,399,145.89 | ) | 1,916.69 |
44.Specialreserves
2023
| Beginning | Addition | Deduction | Ending |
Safetyfund
| Safetyfund | 24,090,898.05 | 126,209,917.06 | 95,977,484.77 | 54,323,330.34 |
2022
| Beginning | Addition | Deduction | Ending |
Safetyfund
| Safetyfund | 27,988,260.61 | 104,696,987.95 | 108,594,350.51 | 24,090,898.05 |
45.Surplusreserves
2023
| Beginning | Addition | Deduction | Ending |
Statutorysurplus
| Statutorysurplus | 3,528,137,635.53 | 748,080,862.37 | - | 4,276,245,864.64 |
2022
| Beginning | Addition | Deduction | Ending |
Statutorysurplus
| Statutorysurplus | 2,982,292,413.67 | 545,845,221.86 | - | 3,528,137,635.53 |
46.Retainedearnings
| 2023 | 2022 |
Retainedearningsatbeginningoftheyear
| Retainedearningsatbeginningoftheyear | 41,379,965,149.07 | 35,900,674,525.13 | ||
| Adjustingthetotalundistributedprofitsatthebeginningoftheyear(increase+,decrease-) | 152,935.82 | |||
| Add:Profitsattributabletoparentcompanyforthecurrentyear | 11,327,463,013.15 | 7,798,785,367.38 | ||
| Add:Othercomprehensiveincometransferredtoretainedearnings | 5,065,660.00 | |||
| Less:Appropriationtostatutorysurplusreserves | 748,080,862.37 | 545,857,147.72 | ||
| Less:Ordinarysharedividendofcash | 2,341,414,868.12 | 1,778,856,191.54 |
Retainedearningsattheendofyear
| Retainedearningsattheendofyear | 49,617,932,431.73 | 41,379,965,149.07 |
47.Operatingrevenueandcost
| 2023 | 2022 | |||||
| Revenue | Cost | Revenue | Cost | |||
Mainbusiness
| Mainbusiness | 148,183,136,224.90 | 121,653,251,310.51 | 117,565,143,198.95 | 94,573,428,488.62 | |||
| Otherbusiness | 3,114,570,422.07 | 1,869,405,043.21 | 3,687,720,886.45 | 1,836,182,385.14 |
Total
| Total | 151,297,706,646.97 | 123,522,656,353.72 | 121,252,864,085.40 | 96,409,610,873.76 |
Operatingrevenuelistedasfollows:
| 2023 | 2022 |
Revenuegeneratedfromcustomercontracts
| Revenuegeneratedfromcustomercontracts | 150,837,473,020.25 | 120,838,238,851.66 | ||
| Providelaborandotherservices | 460,233,626.72 | 414,625,233.74 |
Total
| Total | 151,297,706,646.97 | 121,252,864,085.40 |
Thebreakdownofoperatingrevenuegeneratedfromcontractswithcustomersisasfollows:
45.Operatingrevenueandcost(continued)
| Revenuegeneratedfromcustomercontracts： | 2023 | 2022 |
Revenuerecognitiontime
| Revenuerecognitiontime | ||||
| Recognizerevenueatacertainpointintime | 149,806,264,812.48 | 120,203,760,630.11 | ||
| Recognizerevenuewithinacertainperiodoftime | 1,031,208,207.77 | 634,478,221.55 |
Total
| Total | 150,837,473,020.25 | 120,838,238,851.66 |
Theincomerecognizedinthecurrentyearandincludedinthebookvalueofcontractliabilitiesatthebeginningoftheyearisasfollows:
| 2023 | 2022 |
Salesofgoods
| Salesofgoods | 145,303,581,062.21 | 114,066,406,439.25 | ||
| Provisionofservicesandothers | 5,533,891,958.04 | 6,771,832,412.41 |
Total
| Total | 150,837,473,020.25 | 120,838,238,851.66 |
Theestimatedtimewhenthetotaltransactionpricethathasnotbeenfulfilled(orpartiallyfulfilled)performanceobligationsallocatedtotheendoftheyearisrecognizedasrevenueisasfollows:
| 2023 | 2022 |
Domestic
| Domestic | 130,301,011,943.81 | 107,426,791,857.44 | ||
| overseas | 20,536,461,076.44 | 13,411,446,994.22 |
Total
| Total | 150,837,473,020.25 | 120,838,238,851.66 |
48.Taxandsurcharges
| 2023 | 2022 |
Consumptiontax
| Consumptiontax | 3,689,083,562.44 | 3,022,759,216.21 | ||
| Citymaintenanceandconstructiontax | 416,207,782.33 | 454,863,299.03 | ||
| Educationalsurcharge | 180,693,475.51 | 229,702,527.01 | ||
| Others | 472,441,461.42 | 394,522,780.25 |
Total
| Total | 4,758,426,281.70 | 4,101,847,822.50 |
49.Operatingexpenses
| 2023 | 2022 |
Salesservicefee
| Salesservicefee | 3,435,342,406.81 | 2,132,352,506.82 | ||
| Promotion,advertisingfee | 2,685,049,398.19 | 1,760,645,464.70 | ||
| Payrollandwelfare | 754,840,131.95 | 718,415,703.07 | ||
| Transportationandstoragefees | 426,167,063.06 | 296,302,707.75 | ||
| Travellingexpenses | 128,037,954.91 | 71,192,697.52 | ||
| Packageexpenses | 34,279,133.27 | 42,180,208.06 | ||
| Consultingfee | 25,208,016.75 | 31,870,498.85 | ||
| Trainingfee | 37,558,797.59 | 27,499,082.32 | ||
| Others | 118,722,690.35 | 57,811,293.86 |
Total
| Total | 7,645,205,592.88 | 5,138,270,162.95 |
50.Generalandadministrativeexpenses
| 2023 | 2022 |
Payrollandwelfare
| Payrollandwelfare | 2,510,857,635.06 | 2,361,704,245.03 | ||
| Share-basedpayments | 362,576,400.00 | 380,209,900.00 | ||
| Administrativeexpenses | 533,464,030.04 | 342,662,496.31 | ||
| Depreciationandamortization | 506,232,270.50 | 209,021,291.13 | ||
| Trafficexpenses | 50,337,862.88 | 54,685,498.40 | ||
| Travellingexpenses | 31,365,995.19 | 7,465,840.51 | ||
| Others | 102,703,336.00 | 176,708,927.38 |
Total
| Total | 4,097,537,529.67 | 3,532,458,198.76 |
51.Researchanddevelopmentexpenses
| 2023 | 2022 |
Payrollandwelfare
| Payrollandwelfare | 1,751,875,403.13 | 1,744,089,751.78 | ||
| Depreciationandamortization | 2,235,391,711.61 | 1,221,653,901.00 | ||
| Subcontractfee | 844,870,793.73 | 580,052,391.93 | ||
| Materialfee | 617,867,191.88 | 192,475,951.44 | ||
| Testfee | 186,414,711.98 | 109,549,382.65 | ||
| Others | 343,424,840.90 | 467,623,485.96 |
Total
| Total | 5,979,844,653.23 | 4,315,444,864.76 |
52.Financialincome
| 2023 | 2022 |
Interestincome
| Interestincome | 1,172,272,116.20 | 1,014,346,758.69 | ||
| Less:Foreignexchangegainorloss | 169,367,527.65 | -79,104,476.10 | ||
| Interestexpense | 65,658,308.92 | 48,683,490.36 | ||
| Others | 39,902,539.83 | 27,462,001.35 |
Total
| Total | -897,343,739.80 | -1,017,305,743.08 |
53.Otherincome
| 2023 | 2022 | Amountrecognizedin2021asnon-recurringprofitandloss |
Governmentsubsidiesrelatedtodailyactivities
| Governmentsubsidiesrelatedtodailyactivities | 1,644,319,505.04 | 529,819,888.31 | 1,644,319,505.04 |
Governmentsubsidiesrelatedtodailyactivitiesareasfollows:
| 2023 | 2022 |
Productionandconstructionsubsidies
| Productionandconstructionsubsidies | 935,787,265.00 | 385,172,523.26 | ||
| Othergovernmentsubsidies | 708,532,240.04 | 144,647,365.05 |
1,644,319,505.04
| 1,644,319,505.04 | 529,819,888.31 |
54.Investmentincome
| 2023 | 2022 |
Long-termequityinvestmentincome/(loss)accountedforbytheequitymethod
| Long-termequityinvestmentincome/(loss)accountedforbytheequitymethod | -2,201,515,632.81 | -3,060,648,491.82 | ||
| Theinvestmentincomeoffinancialassetheldfortradingduringitsholdingperiod | 1,406,842.07 | 3,289,610.51 | ||
| Dividendincomefromremaininginvestmentsinotherequityinstruments | 206,042,574.04 | 160,088,164.16 | ||
| Investmentincomefromdisposaloflong-termequityinvestments | 1.00 | |||
| Investmentincomeobtainedfromthedisposaloftradingfinancialassets | 18,106,159.85 | |||
| Businesscombination | 5,021,482,128.74 | |||
| Gainsfromtheremeasurementoftheremainingequityatfairvalueafterthelossofcontrol | 2,128,313,646.36 | |||
| Others | 4,890,972.21 | - |
Total
| Total | 3,050,413,045.10 | -768,957,070.79 |
55.Fairvaluechange
| 2023 | 2022 |
Financialassetsheldfortrading
| Financialassetsheldfortrading | -19,061,189.53 | 3,570,229.29 |
56.Impairmentlossofcredit
| 2023 | 2022 |
Baddebtforaccountreceivable
| Baddebtforaccountreceivable | 48,168,990.90 | 30,511,950.73 | |||
| Baddebtforotherreceivables | -1,426,874.99 | 1,730,059.54 | ) |
Total
| Total | 46,742,115.91 | 32,242,010.27 |
57.Impairmentlossonassets
| 2023 | 2022 |
Impairmentofinventory
| Impairmentofinventory | 248,550,585.56 | 284,897,475.48 | ||
| Impairmentofcontractassets | 236,406,130.60 | 119,820,417.81 | ||
| Impairmentoffixedassets | 252,935,096.10 | 473,400,524.41 | ||
| Impairmentofintangibleassets | 70,593,040.66 | 66,201,964.50 | ||
| Impairmentofconstructioninprogress | 5,343,493.61 | 1,533,334.00 |
Total
| Total | 813,828,346.53 | 945,853,716.20 |
58.Gainondisposalofassets
| 2023 | 2022 | Amountrecognizedin2023asnon-recurringprofitandloss | ||||
| Gainondisposalofintangibleassets | 431,533,750.49 | 74,862,481.00 | 431,533,750.49 | |||
| Gainondisposaloffixed-assets | 9,461,986.74 | 9,461,986.74 | ||||
| Total | 440,995,737.23 | 74,862,481.00 | 440,995,737.23 |
59.Non-operatingincome
| 2023 | 2022 | Amountrecognizedin2023asnon-recurringprofitandloss |
Fines,penaltiesandothers
| Fines,penaltiesandothers | 169,793,538.35 | 128,910,416.79 | 169,793,538.35 |
60.Non-operatingexpenses
| 2023 | 2022 | Amountrecognizedin2023asnon-recurringprofitandloss |
Donation
| Donation | 23,663,690.00 | 19,172,451.80 | 23,663,690.00 | |||
| Finesandpenalties | 4,073,147.35 | 1,168,042.33 | 4,073,147.35 | |||
| Others | 336,554.48 | 34,050,545.66 | 336,554.48 |
Total
| Total | 28,073,391.83 | 54,391,039.79 | 28,073,391.83 |
61.Incometaxexpense
| 2023 | 2022 |
Currentincometaxexpense
| Currentincometaxexpense | 1,450,814,903.31 | 689,928,709.52 | ||
| Deferredincometaxexpense | -363,517,186.79 | -726,353,981.40 |
Total
| Total | 1,087,297,716.52 | -36,425,271.88 |
Therelationshipbetweenincometaxexpenseandprofit/(loss)beforetaxisasfollows:
2023Profitbeforetax
| Profitbeforetax | 10,589,196,757.49 |
Taxattheapplicabletaxrate
| Taxattheapplicabletaxrate | 1,588,379,513.62 | |
| Impactofdifferenttaxratesofsubsidiaries | 55,937,616.85 | |
| Adjustmentstocurrentincometaxofpreviousperiod | -16,714,286.64 | |
| Non-taxableincome | 183,906,215.55 | |
| Non-deductibletaxexpense | 1,905,984.77 | |
| Usagepreviousdeductiblelosses | -67,491,591.34 | |
| Unrecognizeddeductibletemporarydifferencesanddeductiblelosses | 77,420,652.42 | |
| Additionaldeductionarisingfromresearchanddevelopmentexpense | -749,436,146.91 | |
| Others | 13,389,758.20 |
TaxexpenseunderactualtaxrateoftheGroup
| TaxexpenseunderactualtaxrateoftheGroup | 1,087,297,716.52 |
62.Earningspershare(“EPS”)
| 2023 | 2022 | |||
| BasicEPS | ||||
| Goingconcern | 1.15 | 0.80 | ||
| DilutedEPS | ||||
| Goingconcern | 1.13 | 0.78 |
ThebasicEPSiscalculatedbydividingthenetprofitofthecurrentperiodattributabletotheordinaryshareholdersoftheCompanybytheweightedaveragenumberofoutstandingordinaryshares.Thenumeratorofdilutedearningspershareisdeterminedbasedonthecurrentnetprofitattributabletotheordinaryshareholdersofthecompanyafteradjustingthefollowingfactors:
(1)theinterestofdilutedpotentialordinarysharesthathavebeenrecognizedasexpensesinthecurrentperiod;(2)Theproceedsorexpensesthatwillbeincurreduponconversionofdilutedpotentialordinaryshares;(3)theincometaximpactrelatedtotheaboveadjustment.Thedenominatorofdilutedearningspershareisequaltothesumofthefollowingtwoitems:(1)theweightedaveragenumberofordinarysharesissuedbytheparentcompanyinthebasicearningspershare;(2)theweightedaveragenumberofordinarysharesincreasedbyassumingtheconversionofdilutedpotentialordinarysharesintoordinaryshares.Whencalculatingtheweightedaveragenumberofordinarysharesincreasedbytheconversionofdilutedpotentialordinarysharesintoissuedordinaryshares,thedilutedpotentialordinarysharesissuedinpreviousperiodsareassumedtobeconvertedatthebeginningofthecurrentperiod;Dilutedpotentialordinarysharesissuedinthecurrentperiodareassumedtobeconvertedontheissuancedate.In2023,therestrictedstockincentiveplanimplementedbythecompanydilutedearningspershare.
63.Notestocashflowstatement
(1)Itemsofcashreceivedrelatingtootheroperatingactivitiesareasfollows:
| 2023 | 2022 |
Interestincome
| Interestincome | 1,172,272,116.20 | 1,014,346,758.69 | ||
| Governmentgrants | 1,841,460,063.44 | 711,835,358.28 | ||
| Others | 344,581,255.97 | 715,500,477.90 |
Total
| Total | 3,358,313,435.61 | 2,441,682,594.87 |
62.Notestocashflowstatement(continued)
(2)Itemsofcashpaidrelatingtootheroperatingactivitiesareasfollows:
| 2023 | 2022 |
Sellingexpense
| Sellingexpense | 6,878,810,680.77 | 4,057,275,191.41 | ||
| Administrativeexpense | 717,871,224.11 | 594,849,261.20 | ||
| Researchanddevelopmentexpenses | 1,992,577,538.50 | 951,048,522.32 | ||
| Others | 1,344,892,685.88 | 762,523,853.82 |
Total
| Total | 10,934,152,129.26 | 6,365,696,828.75 |
(3)Itemsofcashreceivedrelatingtootherinvestingactivitiesareasfollows:
| 2023 | 2022 |
BusinessCombination
| BusinessCombination | 6,216,944,276.29 |
Total
| Total | 6,216,944,276.29 |
(4)Itemsofcashreceivedrelatingtootherinvestingactivitiesareasfollows:
| 2023 | 2022 |
Fixeddeposit
| Fixeddeposit | 8,000,000,000.00 | |||
| Cashtransferredoutfromthelossofcontrolofthesubsidiary | 815,126,333.76 |
(5)Itemsofcashreceivedrelatingtootherfinancingactivitiesareasfollows:
| 2023 | 2022 |
Withdrawfordepositofbill
| Withdrawfordepositofbill | 863,425,006.28 | 1,705,726,148.77 |
(6)Itemsofcashpaidrelatingtootherfinancingactivitiesareasfollows:
| 2023 | 2022 |
Paymentfordepositofbill
| Paymentfordepositofbill | 17,925,527.40 | 328,638,801.53 | ||
| Repurchaserestrictedshare | ||||
| Others | 65,147,042.33 | 43,924,444.07 |
Total
| Total | 83,072,569.73 | 372,563,245.60 |
64.Supplementaryinformationofcashflowstatement
(1)SupplementaryinformationofcashflowstatementCashflowsfromoperatingactivitiescalculatedbyadjustingthenetprofit:
| 2023 | 2022 |
Netprofit
| Netprofit | 9,501,899,040.97 | 7,745,026,102.60 | |
| Add:Impairmentprovisionforassets | 860,570,462.44 | 978,095,726.47 | |
| Depreciationoffixedassets | 2,991,918,878.33 | 2,837,042,619.12 | |
| Right-of-useassetsdepreciation | 70,896,183.37 | 29,882,264.96 | |
| Depreciationandamortizationofinvestmentproperty | 226,711.56 | 226,711.56 | |
| Amortizationofintangibleassets | 2,232,311,060.45 | 1,045,661,359.97 | |
| Amortizationoflong-termdeferredexpense | 3,570,664.27 | 3,841,977.06 | |
| Disposalincomeonfixedassets,intangibleassetsandotherslong-termassets | -440,995,737.23 | -74,862,481.00 | |
| Loss/(income)ofabandonmentoffixedassets | 4,891.17 | ||
| Incomeoffairvaluemovement | 19,061,189.53 | -3,570,229.29 | |
| Financialexpense | 156,147,198.25 | 8,976,404.49 | |
| Investmentincome/(loss) | -3,050,413,045.10 | 768,957,070.79 | |
| Increaseindeferredtaxassets | -219,254,747.14 | -748,011,416.82 | |
| Increase/(decrease)ininventory | -7,706,466,368.68 | 744,669,432.21 | |
| DeferredincometaxliabilitiesIncreased/(decreased) | -144,262,439.65 | 21,313,688.79 | |
| Increase/(decrease)inoperatingreceivables | -1,687,114,693.11 | -10,855,537,441.91 | |
| Increaseinoperatingpayables | 17,273,366,988.13 | 3,164,635,069.52 |
Netcashflowsfromoperatingactivities
| Netcashflowsfromoperatingactivities | 19,861,466,237.56 | 5,666,346,858.52 |
Movementofcashandcashequivalents:
Movementofcashandcashequivalents:
Endingbalanceofcash
| Endingbalanceofcash | 63,925,957,901.11 | 52,491,435,047.74 | |
| Less:beginningbalanceofcash | 52,491,435,047.74 | 49,517,916,834.99 |
Increaseincashandcashequivalents
| Increaseincashandcashequivalents | 11,434,522,853.37 | 2,973,518,212.75 |
64.Supplementaryinformationofcashflowstatement(continued)
(2)Netcashpaidforacquiringsubsidiariesinthisperiod:
| 2023 | 2022 |
Netcashreceivedfromsubsidiaries
| Netcashreceivedfromsubsidiaries | -6,216,944,276.29 |
(3)Cashandcashequivalents
| 2023 | 2022 |
Cash
| Cash | ||||
| Including:Cash | 35,257.05 | 32,155.77 | ||
| Bankdepositsthatcanbereadilyused | 63,902,699,987.48 | 52,455,913,791.28 | ||
| Othercashandcashequivalentsthatcanbereadilyused | 23,222,656.58 | 35,489,100.69 | ||
| Cashequivalents |
Endingbalanceofcashandcashequivalents
| Endingbalanceofcashandcashequivalents | 63,925,957,901.11 | 52,491,435,047.74 |
Note:TherestrictedcashandcashequivalentsoftheGrouparenotincludedinthecashand
cashequivalents.
65.ForeignMonetaryItem
| 2023 | ||||||
| OriginalCurrency | ExchangeRate | TranslatedtoRMB | ||||
| Cash | 775,543,757.76 | |||||
| USD | 27,673,169.85 | 7.0827 | 196,000,760.10 | |||
| EUR | 10,732,881.24 | 7.8592 | 84,351,860.24 | |||
| GBP | 4,076,378.88 | 9.0411 | 36,854,949.09 | |||
| RUB | 4,115,101,447.98 | 0.0803 | 330,442,646.27 | |||
| THB | 586,060,854.78 | 0.2074 | 121,549,021.28 | |||
| JPY | 126,384,876.00 | 0.0502 | 6,344,520.78 | |||
| Accountsreceivable | 227,291,127.63 | |||||
| USD | 32,091,028.51 | 7.0827 | 227,291,127.63 | |||
| Otherreceivables | 53,011,478.72 | |||||
| GBP | 1,340,852.36 | 9.0411 | 12,122,780.27 | |||
| EUR | 5,027,057.30 | 7.8592 | 39,508,648.73 | |||
| USD | 100,559.00 | 7.0827 | 712,229.23 | |||
| JPY | 13,303,197.00 | 0.0502 | 667,820.49 | |||
| AccountsPayable | 134,371,726.09 | |||||
| RUB | 1,246,829,072.52 | 0.0803 | 100,120,374.52 | |||
| JPY | 20,714,693.00 | 0.0502 | 1,039,877.59 | |||
| EUR | 4,199,560.51 | 7.8592 | 33,005,185.96 | |||
| USD | 3,830.58 | 7.0827 | 27,130.85 | |||
| GBP | 19,815.86 | 9.0411 | 179,157.17 | |||
| OtherPayables | 2,321,563.33 | |||||
| USD | 27,470.66 | 7.0827 | 194,566.44 | |||
| EUR | 235,258.64 | 9.0411 | 2,126,996.89 |
66.Leasearrangements
(1)AslessorTheincomerelatedtooperatingleasesarelistedasfollows:
| 2023 | 2022 |
LeaseholdIncome
| LeaseholdIncome | 460,233,626.72 | 414,625,233.74 |
Accordingtotheleasecontractsignedwiththelessee,theminimumleasecollectionamountofirrevocableleaseisasfollows:
| 2023 | 2022 |
Lessthan1year(including1year)
| Lessthan1year(including1year) | 388,255,072.48 | 485,069,034.35 | ||
| 1to2years(including2years) | 260,689,384.89 | 393,916,228.04 | ||
| 2to3years(including3years) | 130,967,274.89 | 258,908,078.26 | ||
| 3to4years(including3years) | 34,577,303.73 | 116,180,073.26 | ||
| 4to5years(including3years) | 26,810,816.32 | 33,175,628.20 | ||
| Over5years | 1,506,050.47 | 25,435,140.79 |
842,805,902.78
| 842,805,902.78 | 1,312,684,182.90 |
(2)Aslessee
| 2023 | 2022 |
Interestexpenseofleaseliabilities
| Interestexpenseofleaseliabilities | 9,034,012.98 | 3,315,624.26 | ||
| Shorttermleaseexpenseswithsimplifiedtreatmentincludedincurrentprofitandloss | 78,849,902.44 | 68,405,663.80 | ||
| Leaseexpenseoflowvalueassetswithsimplifiedtreatmentincludedincurrentprofitandloss | 920,517.27 | 3,208,292.72 | ||
| Totalcashoutflowrelatedtoleasing | 98,885,795.36 | 96,132,331.89 |
VIResearchanddevelopmentexpenses
| 2023 | 2022 |
EmployeeBenefits
| EmployeeBenefits | 3,556,084,891.96 | 2,183,744,717.61 | ||
| Depreciationandamortization | 2,237,878,184.31 | 1,221,653,901.00 |
| Outsourcingfees | 1,216,189,214.55 | 1,038,910,329.94 | ||
| Materialcosts | 749,129,534.46 | 215,645,999.38 | ||
| Testfee | 557,428,126.11 | 446,674,285.17 | ||
| Others | 690,840,581.50 | 571,178,735.26 |
Total
| Total | 9,007,550,532.89 | 5,677,807,968.36 |
2023
| Beginningbalance | Addition | Addition | Deduction | Endingbalance | |||||
| Internalresearchanddevelopment | Businesscombination | Recognizedasintangibleassets | Otherdeduction | ||||||
AutomobileDevelopment
| AutomobileDevelopment | 723,211,177.47 | 568,748,628.02 | 3,027,705,879.66 | 2,018,394,526.72 | 59,450,601.737 | 2,241,820,556.70 |
2022
| Beginningbalance | Addition | Deduction | Endingbalance | |||||||
| Internalresearchanddevelopment | Recognizedasintangibleassets | ChargedtoincomeStatementofthecurrentyear | Otherdeduction | |||||||
AutomobileDevelopment
| AutomobileDevelopment | 727,568,248.78 | 1,362,363,103.60 | 1,052,395,491.38 | 62,815,604.46 | 251,509,079.07 | 723,211,177.47 |
VIIChangesinthescopeofconsolidation
1.Mergersofenterprisesnotunderthesamecontrolthatoccurredinthisperiod
| Timeofequityacquisition | Costofequityacquisition | Equityacquisitionratio | Equityacquisitionmethod | Purchasedate | Basisfordeterminingthepurchasedate | Incomeofthepurchasedpartyfromthepurchasedatetotheendoftheperiod | Netprofitofthepurchasedpartyfromthepurchasedatetotheendoftheperiod | Cashflowofthepurchasedpartyfromthepurchasedatetotheendoftheperiod |
DEEPALAutomotiveTechnologyCo.,Ltd.
| DEEPALAutomotiveTechnologyCo.,Ltd. | 2023.2.1 | 1,331,621,441.70 | 10.34 | Cash | 2023.2.1 | Acquiringcontrol | 25,882,512,213.36 | -2,998,926,405.37 | 1,365,253,450.96 |
1.Mergersofenterprisesnotunderthesamecontrolthatoccurredinthisperiod
(Continued)
| DEEPALAutomotiveTechnologyCo.,Ltd. | |
| Mergecosts | |
| —Cash | 1,331,621,441.70 |
| —Fairvalueofequityheldbeforethepurchasedateonthepurchasedate | 5,248,006,233.55 |
| Mergecosts | 6,579,627,675.25 |
| decrease：Fairvalueshareofidentifiablenetassetsacquired | 4,778,701,626.09 |
| Goodwill/mergercostlessthanthefairvalueshareofidentifiablenetassetsacquired | 1,800,926,049.16 |
Theidentifiableassetsandliabilitiesofthepurchasedpartyonthepurchasedate:
| Fairvalue | Bookvalue |
Inventories
| Inventories | 2,755,821,424.92 | 2,673,407,113.72 | ||
| Fixedassets | 448,453,376.58 | 436,567,361.38 | ||
| Intangibleassets | 10,744,634,103.94 | 1,028,650,075.89 | ||
| OtherCurrentAssets | 14,267,576,307.83 | 14,258,892,818.92 | ||
| OtherNon-CurrentAsset | 1,592,032,100.39 | 1,593,696,147.48 | ||
| Asset | 29,808,517,313.66 | 19,991,213,517.39 |
currentliabilities
| currentliabilities | 18,995,437,442.81 | 18,995,437,442.81 | ||
| Noncurrentliabilities | 1,485,143,844.91 | 13,850,798.81 | ||
| liabilities | 20,480,581,287.72 | 19,009,288,241.62 | ||
| Netassets | 9,327,936,025.94 | 981,925,275.77 |
VIIISharesinotherentities
1.Sharesinsubsidiaries
ThesubsidiariesoftheCompanyareasfollows：
| Companyname | Mainoperatingplace | Registeredplace | Natureofbusiness | Registeredcapital(0,000) | Totalproportionofshareholders(%) | ||||
| direct | indirect | ||||||||
| I.Thesubsidiaryformedbyestablishorinvestment | |||||||||
| ChongqingChanganInternationalAutomobileSalesCo.,Ltd. | Chongqing | Chongqing | Sales | 118,275.64 | 100.00 | - | |||
| ChongqingChanganConnectedCarTechnologyCo.,Ltd. | Chongqing | Chongqing | Lease | 8,850.00 | 100.00 | - | |||
| ChongqingChanganSpecialAutomobileCo.,Ltd.(note2) | Chongqing | Chongqing | Sales | 2,000.00 | 50.00 | - | |||
| ChongqingChanganAutomobileSupportingServiceCo.,Ltd. | Chongqing | Chongqing | Sales | 3,000.00 | 99.00 | 1.00 | |||
| ChongqingChanganNewEnergyAutomobileCo.Ltd. | Chongqing | Chongqing | R&D | 2,900.00 | 100.00 | - | |||
| ChongqingChanganEuropeDesignAcademyCo.,Ltd. | Turin,Italy | Turin,Italy | R&D | EUR1,738 | 100.00 | - | |||
| ChanganUnitedKingdomR&DCenterCo.,Ltd. | Nottingham,UnitedKingdom | Nottingham,UnitedKingdom | R&D | GBP2,639 | 100.00 | - | |||
| BeijingChanganR&DCenterCo.,Ltd. | Beijing | Beijing | R&D | 100.00 | 100.00 | - | |||
| ChanganJapanDesigningCenterCo.,Ltd. | Yokohama,Japan | Yokohama,Japan | R&D | JPY1,000 | 100.00 | - | |||
| ChanganUnitedStatesR&DCenterCo.,Ltd. | Troy,Unitedstates | Detriot,Unitedstates | R&D | USD154 | 100.00 | - | |||
| ChanganAutomobileRussiaCo.,Ltd. | Moscow,Russia | Moscow,Russia | Sales | SUR220,382 | 100.00 | - | |||
| ChanganAutomobileInvestment(Shenzhen)Co.,Ltd. | Shenzhen | Shenzhen | Sales | 23,789.00 | 100.00 | - | |||
| NanjingChanganNewEnergyAutomobileSales&ServiceCo.,Ltd. | Nanjing | Nanjing | Sales | 5,000.00 | 100.00 | - | |||
| ChongqingAnyiAutomobileTechnicalServiceCo.,Ltd. | Chongqing | Chongqing | Sales | 200.00 | 100.00 | - | |||
| XiamenChanganNewEnergyAutomobileCo.Ltd. | Xiamen | Xiamen | Sales | 200.00 | 100.00 | - | |||
| GuangzhouChanganNewEnergyAutomobileCo.Ltd. | Guangzhou | Guangzhou | Sales | 400.00 | 100.00 | - | |||
| ChongqingChehemeiTechnologyCo.,Ltd. | Chongqing | Chongqing | Sales | 1,000.00 | 100.00 | - | |||
| ChongqingChanganKaichengAutomobileTechnologyCo.,Ltd. | Chongqing | Chongqing | Sales | 100,000.00 | 83.64 | - | |||
| ChongqingChanganAutomobileSoftwareTechnologyCo.,Ltd. | Chongqing | Chongqing | R&D | 9,900.00 | 100.00 | - | |||
| ChongqingXingzhiTechnologyCo.,Ltd. | Chongqing | Chongqing | Sales | 4,900.00 | 100.00 | - | |||
| ChongqingChanganTechnologyCo.,Ltd. | Chongqing | Chongqing | R&D | 9,000.00 | 100.00 | - | |||
| ChongqingChanganXingTechnologyCo.,Ltd. | Chongqing | Chongqing | R&D | 2,000.00 | 100.00 | - | |||
| NanjingChanganAutomobileCo.,Ltd.(note1) | Nanjing | Nanjing | Manufacturing | 60,181.00 | 84.73 | - | |||
| ChongqingChanganLingyaoAutomobileCo.,Ltd. | Chongqing | Chongqing | Manufacturing | 133,764.00 | 100.00 | - | |||
| DEEPALAutomotiveTechnologyCo.,Ltd | Chongqing | Chongqing | Manufacturing | 32,810.83 | 51,oo | ||||
| HefeiChanganAutomobileCo.,Ltd. | Hefei | Hefei | Manufacturing | 227,500.00 | 100.00 | - | |||
Note1:Theproportionofthecompany'svotingrightsinNanjingChanganAutomobileCo.,Ltd.is91.53%.The
reasonfortheinconsistencybetweentheshareholdingratioandtheproportionofvotingrightsisthatsomeminorityshareholdersentrustthecompanytoexercisetheirvotingrights.Note2:TheremainingshareholdersofChongqingChanganSpecialPurposeVehicleCo.,Ltd.havesignedthe
"ConcertedActingPersonsAgreement"withthecompany,allagreeingtovoteinaccordancewiththecompany'svotingintentions,sothecompanycanexercisecontroloverit,soitisincludedinthescopeofconsolidatedfinancialreport.
2.Importantnonwholly-ownedsubsidiaries
| subsidiary | Minorityshareholdershareholdingratio | Profitandlossattributabletominorityshareholdersinthecurrentperiod | Closingbalanceofminorityshareholders'equity |
| DEEPALAutomotiveTechnologyCo.,Ltd | 49% | -1,466,822,887.69 | -963,121,538.83 |
3.Mainfinancialinformationofimportantnonwholly-ownedsubsidiaries
2023
| subsidiary | currentassets | Noncurrentassets | assets | currentliabilities | Noncurrentliabilities | liabilities |
| DEEPALAutomotiveTechnologyCo.,Ltd | 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 |
2022
| subsidiary | currentassets | Noncurrentassets | assets | currentliabilities | Noncurrentliabilities | liabilities |
| DEEPALAutomotiveTechnologyCo.,Ltd | 17,304,462,820.64 | 3,031,817,521.55 | 20,336,280,342.19 | 18,443,264,762.77 | 802,998,605.97 | 19,246,263,368.74 |
2023
| subsidiary | Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities |
| DEEPALAutomotiveTechnologyCo.,Ltd | 25,882,512,213.36 | -2,998,926,405.37 | -2,998,926,405.37 | 3,338,314,121.63 |
2022
| subsidiary | Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities |
| DEEPALAutomotiveTechnologyCo.,Ltd | 15,677,573,297.11 | -3,196,559,864.14 | -3,196,559,864.14 | 5,685,083,425.27 |
4.Importantjointventuresorassociates
| subsidiary | Mainoperatingplace | Registeredplace | Natureofbusiness | Totalproportionofshareholders(%) | Accountingtreatmentmethodsforinvestmentsinjointventuresorjointventures | Isitstrategicforourcompany'sactivities | |
| direct | indirect | ||||||
| AvatrTechnology(Chongqing)Co.,Ltd. | Chongqing | Chongqing | researchanddevelopment | 40.9939 | Equitymethod | Yes | |
5.Mainfinancialinformationofimportantjointventures
| 2023 | 2022 | |
| AvatrTechnology(Chongqing)Co.,Ltd. | AvatrTechnology(Chongqing)Co.,Ltd. | |
| currentassets | 10,513,768,163.43 | 4,119,117,631.56 |
| Noncurrentassets | 2,130,278,114.28 | 1,080,940,094.70 |
| assets | 12,644,046,277.71 | 5,200,057,726.26 |
| currentliabilities | 9,864,279,866.61 | 2,344,911,952.16 |
| Noncurrentliabilities | 685,987,794.52 | 82,076,507.58 |
| liabilities | 10,550,267,661.13 | 2,426,988,459.74 |
| Minorityshareholderequity | ||
| Equityattributabletoshareholdersoftheparentcompany | 2,093,778,616.58 | 2,773,069,266.52 |
| Netassetsharecalculatedbasedonshareholdingratio | 858,321,512.30 | 1,136,789,242.05 |
| Adjustmentmatters | 1,437,388,747.49 | 1,507,746,698.43 |
| Bookvalueofequityinvestmentinjointventures | 2,295,710,259.79 | 2,644,535,940.48 |
| Netprofit | -3,692,504,949.03 | -2,015,302,440.74 |
| Totalcomprehensiveincome | -3,692,504,949.03 | -2,015,302,440.74 |
6.Thetablebelowshowsthefinancialstatusofthelessimportantjointventuresandassociates:
| 2023 | 2022 |
Jointventure
| Jointventure | ||||
| Totalbookvalueoftheinvestment | 3,789,451,718.73 | 4,780,435,502.08 | ||
| Totalamountcalculatedbyshareholdingproportion | ||||
| Netprofit | -960,029,731.44 | -967,472,466.00 | ||
| Othercomprehensiveincome | -1,454,051.91 | 602,832.07 |
Totalcomprehensiveincome
| Totalcomprehensiveincome | -961,483,783.35 | -966,869,633.93 |
Associates
| Associates | ||||
| Totalbookvalueoftheinvestment | 7,702,230,006.95 | 6,981,691,013.72 | ||
| Totalamountcalculatedbyshareholdingproportion | ||||
| Netprofit | 341,248,476.30 | -1,154,049,730.76 | ||
| Othercomprehensiveincome |
Totalcomprehensiveincome
| Totalcomprehensiveincome | 341,248,476.30 | -1,154,049,730.76 |
Asat31December2023,sincetheGrouphasnoobligationtoundertaketheextralossofChongqingChanganKuayueAutomobileSalesCo.,Ltd,JianglingMotorsCo.,LtdandChanganFordAutomobileCo.,Ltd.Whenextralossoccurs,theGroupwritesdownthelong-terminvestmenttozerowithoutrecognizingtheextraloss.IXGovernmentgrants
（1）Types,amounts,andreportingitemsofgovernmentsubsidies
1.GovernmentsubsidiesincludedincurrentprofitandlossGovernmentsubsidiesrelatedtoassets
| Itemspresentedinthebalancesheet | Governmentsubsidybalance | Offsettingthebookvalueofrelatedassets | Projectsforoffsettingrelatedassets | |
| Currentamount | Previousperiodamount | |||
| Deferredincome | 610,407,171.08 | 175,548,473.12 | 188,239,238.37 | Offsettingfixedassets/intangibleassets |
| Total | 610,407,171.08 | 175,548,473.12 | 188,239,238.37 | |
grantsrelatedtoincome
| Itemstooffsetrelatedcostandexpenselosses | Theamountofoffsettingrelatedcostandexpenselosses | |
| Currentamount | Previousperiodamount | |
| Operatingcost | 170,360,460.12 | 87,580,801.54 |
| Operatingexpenses | 46,703,658.08 | 4,958,904.12 |
| Generalandadministrativeexpenses | 13,512,686.32 | 62,862,742.73 |
| Itemstooffsetrelatedcostandexpenselosses | Theamountofoffsettingrelatedcostandexpenselosses | |
| Currentamount | Previousperiodamount | |
| Researchanddevelopmentexpenses | 86,393,841.24 | 179,583,821.24 |
| Total | 316,970,645.76 | 334,986,269.63 |
2.Debtprojectsinvolvinggovernmentsubsidies
| Liabilityitems | Lastyear'syear-endbalance | Newlyaddedsubsidyamountinthisperiod | Projectsforoffsettingrelatedassets | Currentperiodoffsetcostexpenseamount | Closingbalance | Relatedtoassets/returns |
| Deferredincome | 166,416,924.20 | 619,538,720.00 | 175,548,473.12 | 610,407,171.08 | Relatedtoassets | |
| Deferredincome | 181,151,625.42 | 72,718,252.98 | 108,433,372.44 | Relatedtoreturns |
XRisksassociatedwithfinancialinstruments
（1）VariousrisksarisingfromfinancialinstrumentsOurcompanyfacesvariousfinancialrisksintheprocessofoperation,includingcreditrisk,liquidityrisk,andmarketrisk(includingexchangeraterisk,interestraterisk,andotherpricerisk).Theabovefinancialrisksandtheriskmanagementpoliciesadoptedbyourcompanytoreducetheserisksareasfollows:
Theoverallgoalofourcompany'sriskmanagementistodevelopriskmanagementpoliciesthatminimizerisksasmuchaspossiblewithoutexcessivelyaffectingthecompany'scompetitivenessandadaptability.
1.CreditriskCreditriskreferstotheriskoffinanciallossesincurredbythecompanyduetothecounterparty'sfailuretofulfillcontractualobligations.Thecreditriskofourcompanymainlyarisesfrommonetaryfunds,notesreceivable,accountsreceivable,accountsreceivablefinancing,otherreceivables,aswellasdebtinstrumentinvestmentsmeasuredatfairvaluewithchangesrecognizedincurrentprofitandlossthatarenotincludedintheimpairmentassessmentscope.Ourcompany'smonetaryfundsaremainlydepositedinstate-ownedbankswithgoodreputationandhighcreditratings,aswellasotherlargeandmedium-sizedlistedbanks.Webelievethatthereisnosignificantcreditriskandtherewillbealmostnosignificantlossescausedbybankdefaults.Inaddition,ourcompanyhasestablishedrelevantpoliciestocontrolcreditriskexposurefornotesreceivable,accountsreceivable,accountsreceivablefinancing,contractassets,andotherreceivables.Ourcompanyevaluatesthecreditqualificationsofcustomersbasedontheirfinancialstatus,thepossibilityofobtainingguaranteesfromthirdparties,creditrecords,andotherfactorssuchascurrentmarketconditions,andsetscorrespondingcreditperiods.Ourcompanywillregularlymonitorcustomercreditrecords.Forcustomerswithpoorcreditrecords,wewillusewrittenreminders,shortenorcancelcreditperiods,etc.toensurethatouroverallcreditriskiswithinacontrollablerange.
2.LiquidityriskLiquidityriskreferstotheriskofashortageoffundswhenacompanyfulfillsitsobligationtosettlebydeliveringcashorotherfinancialassets.Ourcompany'spolicyistoensuresufficientcashtorepaymaturingdebts.Liquidityriskiscentrallycontrolledbythefinancedepartmentofourcompany.Thefinancedepartmentensuresthatthecompanyhassufficientfundstorepaydebtsunderallreasonableforecastsbymonitoringcashbalances,readilyavailablesecurities,androllingforecastsofcashflowsforthenext12months.Simultaneously,continuouslymonitorwhetherthecompanycomplieswiththeprovisionsoftheloanagreementandobtaincommitmentsfrommajorfinancialinstitutionstoprovidesufficientstandbyfundstomeetshort-termandlong-termfundingneeds.Thevariousfinancialliabilitiesofourcompanyarepresentedasundiscountedcontractcashflowsatmaturityasfollows:
| Item | Closingbalance | |||||
| Withinoneyear | Onetotwoyears | Twotofiveyears | Overfiveyears | Totalundiscountedcontractamount | Bookvalue | |
| Short-termloans | 30,862,587.57 | 30,862,587.57 | 30,039,416.74 | |||
| Notespayable | 37,456,669,928.07 | 37,456,669,928.07 | 37,456,669,928.07 | |||
| Accountspayable | 38,289,947,321.45 | 38,289,947,321.45 | 38,289,947,321.45 | |||
| Otherpayables | 5,592,483,962.97 | 5,592,483,962.97 | 5,880,882,512.97 | |||
| Non-current | 85,021,520.17 | 85,021,520.17 | 80,077,042.88 | |||
| Item | Closingbalance | |||||
| Withinoneyear | Onetotwoyears | Twotofiveyears | Overfiveyears | Totalundiscountedcontractamount | Bookvalue | |
| liabilitiesduewithin1year | ||||||
| Long-termloan | 772,666.67 | 36,462,000.00 | 36,076,000.00 | 73,310,666.67 | 72,000,000.00 | |
| Leaseliabilities | 58,380,494.01 | 86,883,614.74 | 145,264,108.75 | 134,254,398.07 | ||
| Long-termpayables | 970,485,209.92 | 970,485,209.92 | 804,264,787.97 | |||
| Bondspayable | 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 |
Item
| Item | Closingbalance | |||||
| Withinoneyear | Onetotwoyears | Twotofiveyears | Overfiveyears | Totalundiscountedcontractamount | Bookvalue | |
| Short-termloans | 29,621,345.00 | 29,621,345.00 | 29,000,000.00 | |||
| Notespayable | 22,072,793,864.83 | 22,072,793,864.83 | 22,072,793,864.83 | |||
| Accountspayable | 29,449,664,138.75 | 29,449,664,138.75 | 29,449,664,138.75 | |||
| Otherpayables | 4,749,541,830.49 | 4,749,541,830.49 | 6,082,766,424.67 | |||
| Non-currentliabilitiesduewithin1year | 907,011,961.68 | 907,011,961.68 | 885,723,901.34 | |||
| Long-termloan | 360,000.00 | 36,090,000.00 | 36,450,000.00 | 36,000,000.00 | ||
| Leaseliabilities | 28,446,270.64 | 36,466,546.80 | 64,912,817.44 | 60,205,397.98 | ||
| Long-termpayables | 195,656,936.33 | 229,263,541.66 | 424,920,477.99 | 408,939,511.34 | ||
| Bondspayable | 30,000,000.00 | 30,000,000.00 | 1,090,000,000.00 | 1,150,000,000.00 | 999,528,301.88 | |
| Total | 57,238,633,140.75 | 254,463,206.97 | 1,391,820,088.46 | 58,884,916,436.18 | 60,024,621,540.79 | |
3.MarketriskThemarketriskoffinancialinstrumentsreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetomarketpricechanges,includingexchangeraterisk,interestraterisk,andotherpricerisks.
(1)InterestrateriskInterestrateriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinmarketinterestrates.Fixedinterestrateandfloatinginterestrateinterestbearingfinancialinstrumentsexposethecompanytofairvalueinterestrateriskandcashflowinterestraterisk,respectively.Ourcompanydeterminestheratiooffixedandfloatingrateinstrumentsbasedonthemarketenvironment,andmaintainsanappropriatecombinationoffixedandfloatingrateinstrumentsthroughregularreviewandsupervision.Whennecessary,ourcompanywilluseinterestrateswaptoolstohedgeinterestraterisk.Ourcompany'srevenueandoperatingcashflowaregenerallynotaffectedbyfluctuationsinmarketinterestrates.AsofDecember31,2023,allbankloansandpayablebondsofourcompanybearinterestatafixedrate.Ourcompanycurrentlydoesnothedgeinterestraterisk.
(2)ExchangerateriskExchangerateriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinforeignexchangerates.Ourcompanycontinuouslymonitorsthescaleofforeigncurrencytransactionsandforeigncurrencyassetsandliabilitiestominimizetheforeignexchangerisksweface.Inaddition,thecompanymayalsosignforwardforeignexchangecontractsorcurrencyswapcontractstoavoidexchangeraterisks.Inthisperiodandthepreviousperiod,ourcompanydidnotsignanyforwardforeignexchangecontractsorcurrencyswapcontracts.Theexchangerateriskfacedbyourcompanymainlycomesfromfinancialassetsandliabilities
denominatedinUSdollars.TheamountofforeigncurrencyfinancialassetsandforeigncurrencyfinancialliabilitiesconvertedintoRMBislistedbelow:
| Item | 2023.12.31 | 2022.12.31 | ||||
| Dollar | Otherforeigncurrencies | Total | Dollar | Otherforeigncurrencies | Total | |
| Cash | 196,000,760.10 | 579,542,997.66 | 775,543,757.76 | 391,277,812.22 | 111,466,597.50 | 502,744,409.72 |
| Accountsreceivable | 227,291,127.63 | 227,291,127.63 | 281,485,439.30 | 281,485,439.30 | ||
| Otherreceivables | 712,229.23 | 52,299,249.49 | 53,011,478.72 | 222,592.10 | 17,185,394.43 | 17,407,986.53 |
| Accountpayable | 27,130.85 | 134,344,595.24 | 134,371,726.09 | 415,271.94 | 23,599,339.69 | 24,014,611.63 |
| Otherpayables | 194,566.44 | 2,126,996.89 | 2,321,563.33 | 8,187,604.86 | 1,755,928.37 | 9,943,533.23 |
| Total | 424,225,814.25 | 768,313,839.28 | 1,192,539,653.53 | 681,588,720.42 | 154,007,259.99 | 835,595,980.41 |
AsofDecember31,2023,withallothervariablesremainingunchanged,iftheRMBappreciatesordepreciatesby5%againsttheUSdollar,thecompanywillincreaseordecreaseitsnetprofitbyRMB18,029,597.10.
Themanagementbelievesthat5%reasonablyreflectsthereasonablerangeofpossiblechangesintheChineseyuanagainsttheUSdollarinthenextyear.
(3)OtherpricerisksOtherpriceriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetomarketpricechangesotherthanexchangerateandinterestraterisks.Ourcompany'sotherpricerisksmainlyarisefromvariousequityinstrumentinvestments,andthereisariskofpricefluctuationsinequityinstruments.AsofDecember31,2023,withallothervariablesremainingunchanged,ifthevalueofequityinstrumentsincreasesordecreasesby5%,thecompanywillincreaseordecreaseitsnetprofitbyRMB6,831,651.16.Themanagementbelievesthat5%reflectsareasonablerangeofpossiblechangesinthevalueofequityinstrumentsinthenextyear.XIDisclosureoffairvalue
1.Assetsandliabilitiesmeasuredatfairvalue2023
| Inputmeasuredatfairvalue | ||||||||
| Quotedpriceinactivemarket(Thefirstlevel) | Importantandobservableinput(Thesecondlevel） | Importantbutunobservableinput(Thethirdlevel) | Total | |||||
| Financialassetheldfortrading | ||||||||
| Equityinstrumentinvestment | 160,744,733.27 | - | 160,744,733.27 | |||||
| Others | - | 6,774,614.02 | - | 6,774,614.02 | ||||
| Investmentinotherequityinstruments | - | - | 504,190,082.71 | 504,190,082.71 | ||||
Total
| Total | 160,744,733.27 | 6,774,614.02 | 504,190,082.71 | 671,709,430.00 |
2022
| Quotedpriceinactivemarket(Thefirstlevel) | Importantandobservableinput(Thesecondlevel） | Importantbutunobservableinput(Thethirdlevel) | Total | |||||
| Financialassetheldfortrading | ||||||||
| Equityinstrumentinvestment | 126,112,500.00 | 125,052,628.80 | - | 251,165,128.80 | ||||
| Others | - | 29,150,442.29 | - | 29,150,442.29 | ||||
| Investmentinotherequityinstruments | - | - | 489,950,000.00 | 489,950,000.00 |
Total
| Total | 126,112,500.00 | 154,203,071.09 | 489,950,000.00 | 770,265,571.09 |
2.UnobservableinputThefollowingisanoverviewoftheimportantunobservableinputvalueofthethirdlevelfairvaluemeasurement:
| Fairvalue | Valuationtechniques | Non-observableinputvalue |
Investmentinotherequityinstrument
| Investmentinotherequityinstrument | ||||||
| 2023 | 504,190,082.71 | Marketapproach | Comparabletransactionvaluemultiplier/Post-taxdiscountrate | |||
| 2022 | 489,950,000.00 | Marketapproach | Comparabletransactionvaluemultiplier/Post-taxdiscountrate | |||
XIIRelatedpartyrelationshipsandtransactions
1.Theholdingcompany
| Holdingcompany | Placeofregistration | Natureofthebusiness | Registeredcapital | ProportionofsharesintheCompany | Proportionofvotingrightsinthecompany | ||||
| ChinaChanganAutomobileGroupCo.,Ltd. | Beijing | Automobileanditsengines,sparepartsmanufacturing,marketing | 6,092,273,400.00 | 20.81% | 20.81% |
TheultimateholdingcompanyisChinaSouthIndustriesGroupCorporation.
2.SubsidiariesRefertoNoteVIII.InterestsinOtherEntitiesfordetailsoftheGroup’ssubsidiaries.
3.JointventuresandassociatesRefertoNoteVIII.InterestsinOtherEntitiesfordetailsoftheGroup’simportantjointventuresandassociates.
4.Otherrelatedparties
| Relatedparties | Relationship |
ChongqingChangfengJiquanMachineryCo.,Ltd.
| ChongqingChangfengJiquanMachineryCo.,Ltd. | Controlledbythesameultimateholdingcompany |
| ChongqingChang'anIntelligentIndustrialTechnologyServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingChang'anConstructionEngineeringCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingChang'anIndustrial(Group)Co.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingYihongDefenseTechnologyCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingXiyiAutomobileConnectingRodCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingWanyouZundaAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingWanyouZhichengAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingWanyouXingjianAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingWanyouEconomicDevelopmentCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingWanyouDuchengAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingWanyouChengxingAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingChang'anPropertyManagementCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingQingshanTransmissionSalesCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingShangfangAutomotivePartsCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingQingshanIndustrialCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingAutomotiveAirConditionerCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingPingshanTaikaiCarburetorCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingConstructionTongdaIndustrialCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingConstructionElectromechanicalCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingConstructionIndustry(Group)Co.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingConstructionTransmissionTechnologyCo.,Ltd | Controlledbythesameultimateholdingcompany |
| Relatedparties | Relationship |
| ChongqingConstructionAutomotiveAirConditionerCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingJialingYiminSpecialEquipmentCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingFujiSupplyChainManagementCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingDajiangXindaVehicleCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingDajiangJiexinForgingCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingAnfuAutomobileMarketingCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChinaChanganAutomobileGroupTianjinSalesCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChinaChanganAutomobileGroupHefeiInvestmentCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChinaOrdnanceEquipmentGroupCommercialFactoringCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChinaOrdnanceEquipmentGroupFinancialLeasingCo.,Ltd | Controlledbythesameultimateholdingcompany |
| Chang'anAutomobileFinanceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| YunnanWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| YunnanWanxingAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| Ya'anWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| SouthwestOrdnanceIndustryChongqingEnvironmentalProtectionResearchInstituteCo.,Ltd | Controlledbythesameultimateholdingcompany |
| WanyouAutomobileInvestmentCo.,Ltd | Controlledbythesameultimateholdingcompany |
| SichuanNingjiangShanchuanMachineryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| SichuanJian'anIndustryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| PanzhihuaWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| LuzhouWanyouAutomobileServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| LongchangShanchuanMachineryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| JiangsuWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ConstructionIndustryGroup(Yunnan)Co.,Ltd | Controlledbythesameultimateholdingcompany |
Relatedparties
| Relatedparties | Relationship |
| HubeiXiaoganHuazhongCarLampCo.,Ltd | Controlledbythesameultimateholdingcompany |
| HubeiHuazhongMarelliAutomotiveLightingCo.,Ltd | Controlledbythesameultimateholdingcompany |
| HarbinDong'anAutomotiveEngineManufacturingCo.,Ltd | Controlledbythesameultimateholdingcompany |
| HarbinDong'anAutomotivePowerCo.,Ltd | Controlledbythesameultimateholdingcompany |
| GuizhouWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| GuangxiWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| DaliWanfuAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduWanyouXiangyuAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduWanyouAutoTradeServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduWanyouTradingCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduWanyouFilterCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduLingchuanSpecialIndustryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduLingchuanAutomotiveFuelTankCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduJialingHuaxiOpticsandPrecisionMachineryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduHuachuanElectricEquipmentCo.,Ltd | Controlledbythesameultimateholdingcompany |
| Chenzhi(Chongqing)BrakeSystemCo.,Ltd | Controlledbythesameultimateholdingcompany |
| WeaponEquipmentGroupFinanceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| BeijingBeijiElectromechanicalIndustryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| BeijingNorthChangfuAutomobileSalesCo.,Ltd | Controlledbythesameultimateholdingcompany |
| BazhongWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| AnhuiWanyouAutomobileSalesandServiceCo.,Ltd | Controlledbythesameultimateholdingcompany |
| Chenzhi(Chengdu)IntelligentSuspensionCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChengduZhongziGuangmingCatalyticTechnologyCo.,Ltd | Controlledbythesameultimateholdingcompany |
| Relatedparties | Relationship |
| ChongqingChang'anMinshengLogisticsCo.,Ltd | Controlledbythesameultimateholdingcompany |
| HunanTianyanMachineryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChinaOrdnanceEquipmentGroupHumanResourcesDevelopmentCenter | Controlledbythesameultimateholdingcompany |
| ChinaOrdnanceNewspaper | Controlledbythesameultimateholdingcompany |
| SouthernYingteAirConditioningCo.,Ltd | Controlledbythesameultimateholdingcompany |
| SouthernFaureciaAutomotivePartsCo.,Ltd | Controlledbythesameultimateholdingcompany |
| HunanTianyanMachineryCo.,Ltd | Controlledbythesameultimateholdingcompany |
| BeijingZhongbingInsuranceBrokerageCo.,Ltd | Controlledbythesameultimateholdingcompany |
| ChongqingNaishiteSteeringSystemCo.,Ltd | ParticipatedbytheUltimateholdingcompany |
| ChongqingLingchuanAutomotivePartsManufacturingTechnologyCo.,Ltd | ParticipatedbytheUltimateholdingcompany |
| ChongqingJiansheHanangAutomotiveThermalManagementSystemCo.,Ltd | ParticipatedbytheUltimateholdingcompany |
| ChongqingDajiangYuqiangPlasticProductsCo.,Ltd | ParticipatedbytheUltimateholdingcompany |
| ChongqingDajiangYapuAutomotivePartsCo.,Ltd | ParticipatedbytheUltimateholdingcompany |
| ChongqingDajiangNationalPrecisionMachineryManufacturingCo.,Ltd |