[中报]长 安Ｂ(200625):2022年半年度报告（英文版）
原标题:长 安Ｂ:2022年半年度报告（英文版） Chongqing Changan Automobile Company Limited 2022 Semi-Annual Report August 2022 Chapter 1 Important Notice, Contents, and Definitions 1. The Board of Directors (or the “Board”), the Supervisory Board as well as the directors, supervisors and senior managers of Chongqing Changan Automobile Co., Ltd. hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. 2. Zhu Huarong, the Company’s legal representative, Zhang Deyong, the Company’s Chief Financial Officer and Chen Jianfeng, the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report are factual, accurate and complete. 3. All the directors have attended the board meeting for reviewing this Report. 4. Any prospective description such as future business plans and development strategies in this Report shall not be considered as the Company’s commitment to investors. Investors and relevant persons shall be sufficiently mindful of risks, and undertake the difference in plans, predictions and commitment. 5. Section III “Management Discussion and Analysis” of this Report describes the possible risks and countermeasures of the Company, and investors shall pay attention to the relevant content. 6. For the first half of 2022, the Company has no plans of cash dividend, no bonus shares and no share converted from capital reserve. This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. CONTENTS Chapter 1 Important Notice, Contents, and Definitions ............................................. 1 Chapter 2 Company Profile and Main Financial Indexes .......................................... 4 Chapter 3 Management Discussion and Analysis ...................................................... 7 Chapter 4 Corporate Governance ............................................................................. 23 Chapter 5 Environment and social responsibility .................................................... 26 Chapter 6 Important Matters .................................................................................... 37 Chapter 7 Changes in the Shareholding of the Company and Shareholders ........... 42 Chapter 8 Preferred Shares ....................................................................................... 49 Chapter 9 Bonds ....................................................................................................... 50 Chapter 10 The Financial Statements ....................................................................... 51 Documents Available for Reference I. Financial statements carrying the signatures and seals of the Company’s legal representative, the Chief Financial Officer, and the person-in-charge of the accounting organ. Ⅱ. During the reporting period, the original copies of all company documents and announcements publicly disclosed by the Company in China Securities Journal, Securities Times, Securities Daily, Shanghai Securities News, and Hong Kong Commercial Daily. Definitions
I. Basic Information
1. Contact information Whether registration address, office address and its post code as well as website and email of the Company changed in the reporting period or not □ Applicable √ Not applicable The registration address, office address and post code as well as website and email of the Company did not change in the reporting period. See more details in Annual Report 2021. 2. Information disclosure and preparation place Whether information disclosure and preparation place changed in reporting period or not □ Applicable √ Not applicable The newspaper appointed for information disclosure, the website for the publishment of the semi-annual report appointed by CSRC and the preparation place for semi-annual report did not change in the reporting period. See more details in Annual Report 2021. 3. Other relevant information Whether other relevant information changed in the reporting period or not □ Applicable √ Not applicable IV. Key Accounting Data and Financial Indexes Does the Company need to retrospectively adjust or restate the accounting data of previous years? □Yes √ No
1. Differences in net profit and net asset attributable to shareholders in financial report disclosed in accordance with International Financial Reporting Standards and Chinese Accounting Standards. □ Applicable √ Not applicable No difference during the reporting period. 2. Differences of net profit and net assets disclosed in financial reports prepared under Overseas Financial Reporting Standards and Chinese Accounting Standards. □ Applicable √ Not applicable No difference during the reporting period. 3. Reasons for differences in accounting data under Chinese Accounting Standards and International Financial Reporting Standards. □ Applicable √ Not applicable VI. Items and Amounts of Non-Recurring Gains and Losses √ Applicable □ Not applicable Unit: RMB
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gain/Loss Items □ Applicable √ Not applicable No such cases for the reporting period. Chapter 3 Management Discussion and Analysis I. The main business of the Company in the reporting period 1. Business overview As an automobile manufacturer, Changan Automobile’s businesses cover the R&D, manufacturing, and sales of vehicles (including passenger vehicles and commercial vehicles), as well as the R&D and production of engines. At the same time, we proactively develop new businesses such as mobility, car services, new marketing and sales, and battery swapping, and steps up efforts in exploring finance, used cars and other fields to build a comprehensive industrial ecology and become an intelligent, and low-carbon mobility technology company. With “Leading Auto Culture for Better Life” as our mission, we make efforts to develop NEVs and intelligent vehicles while adhering to the philosophy of “low-carbon and environmental protection, technology and intelligence”. By leading auto culture through scientific innovation, we strive to provide customers with high-quality products and services. We have homegrown brands such as Changan, Changan Shenlan, AVATR, Oshan, and Kaicene, and joint venture brands such as Changan Ford and Changan Mazda to produce and sell joint venture brand vehicles. We launched many iconic homegrown brands models including the CS series, Eado series, UNI series, Oshan series and Shenqi. Meanwhile, Changan Automobile rolls out new energy vehicles such as BenBen E-star Lumin and Shenlan SL03; the joint venture companies have many famous products such as the all-new Focus, Escape, Explorer, Corsair, Aviator, Zephyr, Axela, CX-5 and CX-30 that are well received among consumers. Our operation attaches “equal importance to homegrown and joint venture brands”. We make determined efforts in developing iconic homegrown brands, with Changan, Changan Shenlan, AVATR, Oshan, and Kaicene brands as independent entities. For Changan Ford, Changan Mazda and other joint ventures, we adopt investment management and control and continue to deepen mutual trust and cooperation with partners. 2. Industry situation In the first half of 2022, in the face of pandemic resurgence, industry chain cycle disruption, sharp decline in demand and other unfavorable factors, the automotive industry struggled to overcome the risks and pull businesses back on track. The NEV market continued to maintain high-speed growth among other markets, and Chinese brands embraced this opportunity to expand their market share significantly compared to the last reporting period. Industry specifics are as follows: In the first half of 2022, the automotive industry achieved a cumulative production and sales of 12.117 million units and 12.057 million units, down 3.7% and 6.6% YoY respectively. The overall sales is in a “V” shape trend. The YoY growth rate of sales turned from positive to negative and continued to decline since the outbreak in Shanghai and other places in March. After bottoming out in April, with the pandemic slowing down and the realization of a series of national and local relief policies in May-June, the industry growth rate gradually recovered until it turned positive in June. Passenger car sales in the first half of the year totaled 10.355 million units, up 3.4% YoY, achieving counter-trend growth. The NEV market is hot with production and sales hitting new record highs. In the first half of 2022, NEV production and sales completed 2.661 million and 2.6 million units respectively, both up nearly 120% YoY. And within the Chinese brand passenger cars, the share of NEV reached 39.9%, an increase of 100% YoY. Chinese brands seized the NEV growth opportunity and significantly increased their market share, effectively compensating for the drop in volume caused by the sharp decline in the traditional power market. In the first half of 2022, the market share of Chinese brand passenger car reached 47.3%, an increase of 5.8 percentage points YoY. (The above data/information is collected from “China Automotive Industry Production and Sales Express” published by China Association of Automobile Manufacturers and its industry information release) 3. Company market performance In the first half of 2022, under the guidance of Xi Jinping's thought of socialism with Chinese characteristics in the new era, Changan Automobile adhered to the principle of "stability first and progress in the midst of stability". The company solidly promoted the third start-up plan, the innovation and entrepreneurship plan, and actively responded to the triple pressure of "demand contraction, supply shock and weak expectations". The company has been actively focusing on strategy execution, supply chain stabilization, new energy and intelligent industrial development, and firmly promoting transformation and upgrading with high-quality development. In the face of unfavorable factors such as shortage of spare parts and materials and recurring pandemic, we maintained production and supply while carried out pandemic prevention efforts firmly, we took active countermeasures to prevent and resolve operation risks, and did our best to minimize the impact of the above unfavorable factors on production and operation. Under the circumstances of restricted production supplies and local Covid outbreak, the company achieved sales of 1.126 million units in the first half of the year, 0.3 percentage points better than the industry; among them, the company's sales of NEV products reached 90,000 units, an increase of over 140% YoY, with a growth rate 26.3% faster than the NEV industry. During the reporting period, Changan Automobile strived to overcome the challenges of "chip and battery shortage", pandemic disturbance and other risks, and coordinated the efforts of R&D, sales and other sectors to cope with the supply impact. The company implemented precise sales demand and production plans, optimized resource allocation for high-value products, and did everything possible to meet market demand. By insisting on independent innovation, our product lineup "moves upward", with seven new and updated products such as the second generation CS75PLUS, UNI-K iDD, UNI-V, Oshan Z6 and Changan Lumin launched in the first half of the year. The company continues to lift the brand upward, accelerating the transformation to intelligent and new energy, launching the Blue Core iDD hybrid power system, and the first model with UNI-K iDD was well received by users when it was launched; officially launched the new digital electric brand Changan Shenlan, and released its first model Shenlan SL03 for pre-sale, which accelerated the market share expanding of the mainstream electric vehicle market; by joining hands with Huawei and CATL, we created CHN, the world's leading platform for electric vehicles, and AVATR 11 and its limited edition made their official debut. With innovative ideas we built the "cloud - network - platform - scenes" business model, which accelerated the renewal of marketing models. With the electric products launched in the first half of the year, the Lumin project piloted the new model of intelligent marketing through the integration of online and offline sales to achieve the ultimate experience with the best cost, efficient and agility. We continued to lead scientific and technological innovations by breaking through core technologies of new energy and intelligence, and accelerated the mass production of innovative technology. In summary, in the first half of the year, Changan Automobile actively responded to internal and external challenges, and overall the production and operation remained stable. The quality of operation was steadily improved, strategic transformation was solidly promoted, and positive results were achieved in corporate development. II. Core Competence Analysis In 2022, Changan Automobile will focus on building technological strength, adhere to the general idea of "stability, focus, sharing and innovation", and make every effort to build Changan into a world-class brand with firmer transformation, more solid foundation, more innovative mode and more extreme efficiency. The following core competitiveness is formed. 1. Product definition capability. The company is customer experience oriented to continuously update the product definition model, and further improves the match between products and user needs. We continuously update the product-market equation, for fuel and electrified products, life cycle and competitive object assumptions are further improved, personalized configuration and car software and other attractions are further strengthened; for new automotive products, by reviewing the user operation segment and resource matching segment, the product is transforming into a whole life cycle user experience. In the first half of the year, the company launched seven new and updated products, which were well received by the market. In the second half of the year, a number of electrified products will be launched to continuously improve the product lineup. 2. R&D capability. The company insists on innovation-oriented development and continues to increase investment in science and technology innovation. The R&D capabilities are continuously improved and core technologies are mastered. In the new energy field, the Changan seven-in-one intelligent core and all-in-one electric drive were developed independently, and have achieved mass production and small batch trial production respectively. The generalization rate of specialized electrified platform has increased to 86%. In the field of intelligence, we achieved a breakthrough in the technology of intelligent parking system, and UNI-V won the “Intelligent Parking Gold Award” in the 2022 WIDC World Intelligent Driving Challenge; pilot intelligent driving assistance function completed real vehicle operation, which indicates the intelligent driving technology took a key step towards mass production and application; pioneered the development of three international standards for intelligent network linkage; awarded “Outstanding Enterprise of China's Intelligent and Connected Automobile” by the China Intelligent and Connected Vehicle Industry Development Almanac. As of June 2022, we had 7,256 domestic and foreign patents, including 1,953 invention patents. 3. Brand operation capability. The company insists on strengthening brand value management. By further deepening the brand label of “intelligent” and “electrified” and improving the brand’s customer satisfaction, the brand image is moving upward. In terms of brand value management, the brand promotion projects such as “With You” and “2060 Leading the Future” have been awarded the “2021 Example Branding Cases of State-owned Enterprises” and “IAI Advertising Award” by the State-owned Assets Supervision and Administration Commission of the State Council. In terms of deepening the brand label of “intelligent” and “electrified”, the company released the new digital electrified brand - Changan Shenlan, to fully demonstrate the achievements of the Mission Shangri-La and consolidated the image of “intelligent and low-carbon mobility technology company”; in terms of customer satisfaction, in the first half of 2022 customer satisfaction (SSI/CSI, i.e. sales/service satisfaction index) exceeded 99%. In addition, the company won the second place in J.D. Power’s 2022 China Auto Sales and Service Satisfaction Ranking, and the industry ranking rose for five consecutive years. The brand IP of “high quality service provider" was gradually established. 4. Cultural leadership. The company insists on improving the culture environment, the concept of “leading culture” is upgraded, and employees' sense of access and happiness are enhanced. The company established the "Changan Automobile employees’ demands management methods” to promote the satisfiction of employees’ need. The company also carried out a series of activities to tell Changan’s story, spread Changan’s voice and inherit Changan’s culture by focusing on the main line of “Vibrant Changan” and the campaign of 160th anniversary of Changan. The atmosphere of “Leading Culture Wolf Changan” has become stronger. 5. Mechanism and efficiency capacity. The company insists on improving the organization mechanism, replenishing the talent team and optimizing the incentive scheme to inject new vitality into the transformation and development. We have established a “smile curve” management logic, formed a matrix and flat management model, and built organizational capabilities to support the realization of new automotive products; continued to introduce cutting-edge talents in the fields of intelligence, software and modeling externally, and promoted the transformation of talents in the fields of intelligent network, “three-electric” and new platform internally. The company also promotes the tenure system and contract management to further enhance the vitality of cadres and stimulate the motivation of managing officers; improves the incentive “team leader” mechanism to help tackle important and difficult technical projects; implements the equity incentive plan to further stimulate the vitality and motivation of employees and promote the achievement of strategic tasks; carries out the follow-up mechanism of product projects in depth, and the core personnel of the whole value chain of the project are closely bound to the successful implementation of the product; the construction of a comprehensive honor system to stimulate a greater sense of mission, achievement and striving with spiritual incentives; the deferred bonus incentive policy has been increased again, and the enthusiasm of the staff is greatly strengthened. III. Analysis of Main Business Overview Whether it is the same as the company’s main business disclosure during the reporting period √ Yes □ No Please refer to the relevant content of "I. The main business of the Company in the reporting period" in chapter 3 of this report. Y-o-y changes in key financial data Unit: RMB
During the reporting period, the company's profit was greatly affected by non-recurring gains and losses. For details, please refer to "VI. Items and Amounts of Non-Recurring Gains and Losses " in Chapter 2 of this report. Composition of the operating revenue
√ Applicable □ Not applicable
after adjustment according to the caliber of the end of the report period in the latest year. □ Applicable √ Not applicable IV. Analysis of Non-Main Business √ Applicable □ Not applicable
1. Major Changes in Asset Composition
□ applicable √ not applicable 3. Assets and liabilities measured at fair value √ Applicable □ Not applicable Unit: RMB
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