[年报]江 铃Ｂ(200550):2022年年度报告（英文版）
原标题:江 铃Ｂ:2022年年度报告（英文版） 2022 Annual Report 2023-03 Chapter I Important Notes, Contents and Abbreviations Important Note The Board of Directors and its members, the Supervisory Board and its members, and the senior executives are jointly and severally liable for the truthfulness, accuracy and completeness of the information disclosed in the report and confirm that the information disclosed herein does not contain any false statement, misrepresentation or major omission. Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department, Ding Ni, confirm that the Financial Statements in this Annual Report are truthful and complete. All Directors were present at the Board meeting to review this Annual Report. Future plans, development strategies and other forward-looking statements in this report do not constitute a substantial commitment of the Company to investors. Investors are advised to pay attention to investment risks. The Company's possible risks and countermeasures are described in Section 3 of this report, "Management Discussion and Analysis". Please investors to pay attention to the relevant content. The Annual Report is prepared in Chinese and English. In case of discrepancy, the Chinese version will prevail. The year 2022 profit distribution proposal approved by the Board of Directors is as follows: A cash dividend of RMB 4.24 (including tax) will be distributed for every 10 shares held based on the total share capital of 863,214,000 shares, and there is no stock dividend. The Board decided not to convert capital reserve to share capital this time. Contents Chapter I Important Notes, Contents and Abbreviations .......................... 2 Chapter II Brief Introduction and Operating Highlight ................................ 5 Chapter III Management Discussion and Analysis ..................................... 10 Chapter IV Corporate Governance Structure .............................................. 29 Chapter V Environment and Social Responsibilities ................................. 54 Chapter VI Major events ................................................................................ 58 Chapter VII Share Capital Changes & Shareholders .................................... 63 Chapter VIII Preferred Shares ........................................................................ 68 Chapter IX Bond related Information .......................................................... 69 Chapter X Financial Statements ................................................................. 70 Catalog on Documents for Reference 1. Originals of 2022 financial statements signed by legal representative, Chief Financial Officer and Chief of Finance Department. 2. Originals of the Independent Auditor’s Reports signed by Independent accountants and stamped by the accounting firm. 3. Originals of all the documents and public announcements disclosed in newspapers designated by CSRC in 2022. 4. The Annual Report in the China GAAP. Abbreviations: CSRC China Securities Regulatory Commission JMCG Jiangling Motors Group Co., Ltd. Ford Ford Motor Company JIC Nanchang Jiangling Investment Co., Ltd. JMC or the Company Jiangling Motors Corporation, Ltd. JMCH JMC Heavy Duty Vehicle Co., Ltd. EVP Executive Vice President CFO Chief Financial Officer VP Vice President Chapter II Brief Introduction and Operating Highlight 1. Company’s Information
2. Contact Person and Method
3. Information Disclosure and Place for Achieving Annual Report
4. Changes of Registration
5. Other Information Accounting Firm Appointed by JMC for Audit
The recommendation agency engaged by the Company executing the persistent supervision responsibilities in the reporting period □Applicable □√Not Applicable The financial consultant engaged by the Company performing the duties of persistent supervision and guidance in the reporting period □Applicable □√Not Applicable 6. Main accounting data and financial ratios Unit: RMB
□Yes □√No The lower of the net profit before and after non-recurring gains and losses is negative □√Yes □No Units: RMB
7. Accounting data difference between China GAAP and IFRS I. Differences in net profit and net assets in financial statements between in accordance with international accounting standards and Chinese accounting standards □Applicable □√Not Applicable II. Differences in net profit and net assets in financial statements between in accordance with overseas accounting standards and Chinese accounting standards □Applicable □√Not Applicable III. Reasons for the difference in accounting data under domestic and foreign accounting standards □Applicable □√Not Applicable 8. Main accounting data quarterly Unit: RMB
□Yes □√No 9. Non-recurring profit and loss items and amounts □√Applicable □Not Applicable Unit: RMB
□Applicable □√Not Applicable There is no any other profit and loss items that meet the definition of non-recurring profit and loss in the Company. The description of that the non-recurring profit and loss items listed in Corporate Information Disclosure of Public Issuing Securities No.1 are defined as recurring profit and loss items □Applicable □√Not Applicable The Company does not have a situation in which the non-recurring profit and loss items listed in No.1 of Corporate Information Disclosure Announcement No.1 are defined as recurring profit and loss. Chapter III Management Discussion and Analysis 1. The industry situation of the Company during the reporting period In 2022, the production and sales volume of automobiles were 27,021 thousand and 26,864 thousand respectively, with year-on-year growth of 3.4% and 2.1%, achieving slight growth for the whole year. Driven by policies to stabilize growth and promote consumption, passenger vehicles grew rapidly, contributing an important part to the year's modest growth. Commercial vehicles are operating at the low level of overlaid factors. New energy vehicles continued explosive growth, with annual sales exceeding 6.8 million units and the market share increasing to 25.6%. New energy vehicles gradually entered the full market expansion period, ushering in a new stage of development and growth. Automobile export continues to maintain a high level, repeatedly hitting a monthly record high. Since August, the monthly average export volume has exceeded 300,000 units, and the annual export volume has surpassed 3 million units, effectively driving the overall growth of the industry. The performance of Chinese brands is outstanding, grasping the transformation opportunities of new energy and intelligent network, and improving product competitiveness. The market share of passenger vehicles is close to 50%, which is a new high in recent years. The production and sales volume of passenger vehicles were 23,836 thousand and 23,563 thousand respectively, with YOY growth of 11.2% and 9.5%, which is higher than the industry average. Among the main varieties of passenger vehicles, compared with the same period last year, the production and sales of basic passenger vehicles (sedans) and sport-utility vehicles (SUVs) showed rapid growth and continued to occupy the dominant position. The other two models witnessed different degrees of decline. The production and sales of commercial vehicles were 3,185 thousand and 3,300 thousand, respectively, down 31.9% and 31.2% year-on-year, showing double-digit declines. Among the main varieties of commercial vehicles, compared with the same period last year, the production and sales of buses and trucks decreased rapidly. Among the main truck models, compared with the same period last year, the production and sales of the four categories of trucks all showed a double-digit decline, among which the decline of heavy trucks and medium trucks was more obvious; Among the main varieties of buses, compared with the same period last year, the production and sales of large buses achieved a small growth, but medium-sized buses and light bus dropped significantly. Due to the lack of overseas supply and the substantial enhancement of export competitiveness of Chinese automobile enterprises, the export exceeded 3 million units to reach 3,111 thousand units, up 54.4% year on year, effectively driving the overall growth of the industry. The export of passenger vehicles was 2,529 thousand, up 56.7% year on year. Commercial vehicle export reached 582 thousand units, with YOY increase of 44.9%. The export of new energy vehicles reached 679 thousand units, witnessing 1.2 times growth year on year. Since 2021, the total annual volume of China's automobile export exceeded 2 million for the first time, breaking the situation of hovering around 1 million before, and realized the leap-forward breakthrough. The production and sales of new energy vehicles reached 7,058 thousand and 6,887 thousand respectively, with a year-on-year growth of 96.9% and 93.4%, and the market share of 25.6%. Among the main varieties of new energy vehicles, compared with the same period last year, the production and sales of BEV, PHEV and fuel cell vehicles continued to maintain rapid growth. 2. Company’s Core Business during the Reporting Period During the reporting period, the Company's main business is the production and sale of commercial vehicles, SUVs and related components. The main products include JMC light truck, Pickup, light bus, Yusheng SUV, Ford-branded light bus, MPV and other commercial vehicles and SUV products. JMC also produces engines, castings and other components. The Company takes high quality development as the main line, focuses on value, lean operation, and transforms from scale expansion development to lean value growth. In 2022, JMC continued to expand the technical reservation and investment in new products, smart connectivity, new energy and light weight, etc. Based on vehicle, JMC developed autonomous driving and smart connectivity functions and achieved more function expansion through the third space with vehicle as the carrier. At the same time, JMC strengthens the construction of digitalization operation capability, thus entering such key value fields as network socialization and financial payment, etc., forming massive ecological circle and presenting excellent overall performance in the industry. In 2022, JMC planned the productivity of 320,000 units and the utilization rate was 88%. Vehicle manufacturing and operation □√Applicable □Not Applicable Production and Sales Volume Information
□√Applicable □Not Applicable The 45.20% year-on-year decline in truck sales was mainly due to a decline in the industry. The 44.30% year-on-year increase in SUV sales was mainly due to the increase in overseas sales. Component Kit System Construction JMC owns in-house R&D and manufacturing capability for key components, with such important components as engine, body parts, frame, wheel and front axle, etc. developed and manufactured independently. For some other key components, JMC keeps strategic cooperation with industry leading suppliers, e.g. Bosch, Garrett, Yunnei Power, and ZF. JMC has established strategic cooperation with such leading enterprises as CATL and Suzhou Inovance on new energy development. For smart connectivity, JMC conducted diversified cooperation with such giants as Tencent, Hengrun, IFLYtek and Desay SV, etc. for ecology development. With the vision of achieving customer success, JMC cooperates with suppliers to create a customer-centered vehicle experience and strives to build a sustainable agile supply system. Through innovative thinking and digitalization, JMC has established a complete supplier access, capability improvement and supplier control mechanism from the perspectives of technology, quality, cost, delivery and service, thus effectively promoting the competitiveness of the supply system. Production and operation of auto parts during the reporting period □Applicable □√Not Applicable The Company carries out auto finance business □Applicable □√Not Applicable The Company carries out new energy vehicle related business □√Applicable □Not Applicable Production and operation of new energy vehicles and parts
In 2022, JMC received a subsidy of RMB 104,510 thousand for new energy vehicles. 3. Core Competitiveness Analysis The Company is a modern Sino-foreign joint venture that integrates automobile research and development, manufacturing and sales. It is a pioneer in the Chinese auto industry that provides excellent products and solutions for the intelligent logistics field by relying on the market leadership and advanced technology of light commercial vehicles. It is also a provider of Ford value SUVs. It owns the titles of National High-tech Enterprise, National Innovation Pilot Enterprise, National Enterprise Technology Center, National Industrial Design Center, National Intellectual Property Demonstration Enterprise, and National Vehicle Export Base. It has been ranked among the top 100 most valuable automobile brands in the world for many consecutive years. In terms of segment, JMC light bus’s market share ranked No.1, Pickup’s market share ranked No.2 and light truck’s market share ranked No.5. As the top light bus brand in China, JMC has always been customer-oriented and launched the light bus portfolio, including new Transit + new-generation Transit Pro and Teshun + Fushun, which occupies an important position in logistics, passenger transport, household, refit and other fields. The latest JMC Fushun on the market, with joint venture quality, super space, super power, rear drive advantage and friendly price, has become a hot selling model of logistic vehicle. JMC light truck adheres to the business and service concept of “customer-centered”, constantly improves product competitiveness, and effectively responds to the new policy of blue license plate, with customer experience improved and sales channels optimized. The newly launched “Kaiyun +”, a new-generation light truck model, has comprehensive upgrade in exterior, interior, power, safety and fuel economy, etc. Nine models have been available according to the customer demands, they are engineering model, fruit and vegetable model, building materials model, mountain model, supermarket model, seafood model, moving model, express model and cold chain model. JMC Pickup, as a leading brand in the market, adheres to the customer-centered design concept in product research and development. JMC launched Yuhu 7 SVO product to meet customer demands for the appearance, interior and comfort of medium and high-end Pickup. Baodian product line launched low platform and flat bottom box models to satisfy the use habits of different industry customers on the rear bucket. At the same time, through “JFX Yuhu life family” activities to transmit diversified Pickup life concept and to continuously promote Chinese Pickup culture, the sense of social responsibility of Pickup industry leading brand has been displayed. 4. Core Business Analysis I. Summary In 2022, under the economic downward pressure, high raw material prices, lack of core and power restriction, and poor logistics, etc., have a significant impact on the automobile terminal consumption market, with weak market performance and weak growth. In the whole year, the vehicle sales in China reached 26.86 million, up 2.1% year on year, including 23.56 million passenger vehicles; growth of 9.5% year on year; commercial vehicles sold 3.3 million units, down 31.2% year on year. During the reporting period, in order to respond to the intensified competition, stricter homologation requirement and cost increase, JMC has been dedicated in improving the product quality, promoting new product development, controlling operation cost and enhancing production efficiency. At the same time, JMC launched a series of marketing proposals to actively cope with market risks. In 2022, JMC achieved sales volume of 282,008 units, including 77,237 light buses, 64,727 trucks, 62,872 Pickups and 77,172 SUVs, with YOY decrease of 17.30%. In 2022, the total production volume was 281,594 units, including 79,805 light buses, 62,825 trucks, 63,496 Pickups and 75,468 SUVs, with YOY decrease of 17.09%. In 2022, the operation revenue reached RMB 30.1 billion, down 14.54% year on year. The operation cost was RMB 25,812 million, down 14.29% year on year. The marketing expense was RMB1,445 million, with YOY decrease of 5.67%. The administration expense was RMB 965 million, down 16.27% year over year. R&D cost was RMB 1,483 million, down 13.21% year on year. The financial expense was RMB -164 million, up by 44.58% year over year. II. Revenue and Cost (a) Composition of Sales Revenue Unit: RMB
(b) Reach to 10% of Revenue or Profit by Industry, Product, Region or Sales Model □√Applicable □Not Applicable Unit: RMB
□Applicable □√Not Applicable (c) Whether the Company’s Goods Revenue Higher Than Service Revenue □√Yes □No
Explanation on YOY change of over 30% □Applicable □√Not Applicable (d) Execution of the Company’s Signed Major Sales Contracts and Major Purchase Contracts as of the Reporting Period □Applicable □√Not Applicable (e) Composition of Operating Cost Product categories Unit: RMB
(g) Major Change or Adjustment on Business, Products or Services During the Reporting Period □Applicable □√Not Applicable (h) Main Customers and Suppliers Main Customers
Top 5 Customers
Other introduction to main customers □√Applicable □Not Applicable Jiangxi Jiangling Motors Imp. & Exp. Co., Ltd. and Jiangxi JMCG Specialty Vehicles Sales Service Co., Ltd. are related parties of the Company. Main Suppliers:
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