[中报]江 铃Ｂ(200550):2023年半年度报告（英文版）
原标题:江 铃Ｂ:2023年半年度报告（英文版） 2023 Half-year Report 2023-08 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 Half-year Report are truthful, accurate and complete. All the Directors were present at the Board meeting to review this Half-year 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. Neither cash dividend nor stock dividend was distributed. The Board decided not to convert capital reserve to share capital this time. The Half-year Report is prepared in Chinese and English. In case of discrepancy, the Chinese version will prevail. Contents Chapter I Important Notes, Contents and Abbreviations ......................... 2 Chapter II Brief Introduction and Operating Highlight ............................... 5 Chapter III Management Discussion and Analysis .................................... 8 Chapter IV Corporate Governance Structure .......................................... 18 Chapter V Environment and Social Responsibilities .............................. 21 Chapter VI Major events .......................................................................... 25 Chapter VII Share Capital Changes & Shareholders ............................... 29 Chapter VIII Preferred Shares................................................................... 32 Chapter IX Bond related Information ....................................................... 33 Chapter X Financial Statements ............................................................ 34 Catalogue on Documents for Reference 1. Originals of 2023 Half-year financial statements signed by Chairman, Chief Financial Officer and Chief of Finance Department. 2. Originals of all the documents and public announcements disclosed in newspapers designated by CSRC in the first half of 2023. 3. Chinese version of the Half-year Report prepared per 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 1. Company’s information
2. Contact person and method
3. Other I. Contact methods Changes of registered address, headquarter address, postal code, website and e-mail in the reporting period □Applicable ?Not Applicable The Company's registered address, headquarter address, postal code, website and e-mail remain unchanged during the reporting period. For details, please refer to the 2022 Annual report. II. Changes of newspapers and website for information disclosure, and place for achieving half-year report in the reporting period □Applicable ?Not Applicable There is no change of names of the medias and website of Stock Exchange for publication of the Company’s Half-year Report and the place for achieving the Company’s Half-year Report in the reporting period. Please refer to 2022 Annual Report for details. III. Other Relevant Information Whether other relevant information has changed during the reporting period □Applicable ?Not Applicable 4. Main accounting data and financial ratios Unit: RMB
5. 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 6. 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. Company’s Core Business during the Reporting Period In 2023, as a joint result from the gradual recovery of the domestic economy, the continuous release of the effect of national policies, and the lower base of the same period of last year, the automobile industry has also begun to gradually recover. In the first half of the year, the total production and sales of automobiles were 13.248 million and 13.239 million, with YOY growth of 9.3% and 9.8% respectively. Among them, the production and sales of passenger cars were 11.281 million and 11.268 million, with YOY growth of 8.1% and 8.8% respectively, while those of commercial vehicles were 1.967 million and 1.971 million, with YOY growth of 16.9% and 15.8% respectively. New energy vehicles continue the momentum of rapid growth, and their production and sales in the first half of the year were 3.788 million and 3.747 million, with YOY growth of 42.4% and 44.1%, and the market share was 28.3%. 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, 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 the first half of 2023, JMC achieved sales volume of 146,350 units, including 33,346 light buses, 31,790 trucks, 27,415 Pickups and 53,799 SUVs, with YOY increase of 7.64%. In the first half of 2023, the total production volume was 143,150 units, including 31,644 light buses, 31,720 trucks, 25,483 Pickups and 54,303 SUVs, with YOY increase of 8.00%. In the first half of 2023, JMC operation revenue reached RMB 15.429 billion, up 8.48% year on year; the Company’s profit attributable to the Company’s equity holders reached RMB 729 million, up 61.23% year on year, mainly reflecting the increase in gross profit due to the increase in sales volume and the decrease in raw material costs, as well as the increase in profit due to the change in profit and loss of minority shareholders. 2. 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 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 ranking among the top 100 most valuable automobile brands in the world for many consecutive years. In the first half of 2023, JMC light bus ranked No.1 in the segment, Pickup ranked No.2 in the segment, and light truck ranked No.6 in the segment. Export sales have soared, doubling year-on-year. JMC always takes customers as the center, and provides customized integrated solution based on customer use scenarios. During the epidemic period, Transit Ambulance was the first negative pressure ambulances delivered nationwide, and was awarded as "Vehicle No.1 in Epidemic Fighting". The market share of JMC ambulance and police vehicle exceeds 80% in SVO segment. At the same time, the Company continues to empower smart logistics, design integrated solutions for the needs of large logistics customers to increase efficiency and reduce cost, and provide C2B customized product services, end-to-end logistics solutions and overall logistics capacity platform services. The Company is a full scenario solution provider for light commercial vehicles. JMC light bus has an insight into customers’ needs and the light bus operation scenarios, and has launched high-quality, excellent and cost-effective light bus product portfolios, achieving the full coverage of scenarios like freight, passenger transport and refit. The Company launched the new Light Truck Kaiyun +, as the first model under the Qingyun structure, through eight upgrades and nine customized product configurations to truly achieve a high degree of matching with users’ needs, opening the era of light truck customization. JMC launched "JMC Dadao", a new Pickup product, positioning "Chinese pickup expert of full scenarios", covering the market of mid-to-high commercial and passenger dual-use and passenger off-road Pickups whose price are more than RMB 100,000. JMC has established the coexistent strategy of the three major Pickup products and completed the full price and product matrix layout in the Pickup segment. JMC Ford passenger vehicles continue to strengthen differentiated customer experience, channel expansion and brand communication. The Company adheres to the dual-brand strategy of JMC and Ford, giving full play to its own advantages while deeply integrating Ford's global system. In terms of technology research and development, with the help of Ford's global platform, the Company has gradually formed the core competitiveness of independent research and development, established an independent research and development system, built an advanced global digital design platform, and developed design and new product release simultaneously with Ford Global, is a world-leading technology center and industrial design center. In terms of brand channels, the Company currently has more than 400 tier 1 dealers, with a total of more than 1,000 dealers, and has established a modern marketing system through the four-in-one franchise model of sales, accessories, service and information. In terms of manufacturing management, the Company has vehicle production bases such as Xiaolan Plant and Fushan Plant, covering stamping, welding, painting, diesel engines, gasoline engines and other advanced manufacturing technology, to create a highly intelligent, highly flexible smart manufacturing center. The Company is a demonstration enterprise in Jiangxi Province for integration of informatization and industrialization. JMC has been deeply ploughing in such fields as electrification, connectivity, intelligence, sharing and digitalization, etc. JMC new energy brand, “JMC Fun-to-Drive” implements the strategy of transforming future with science and technology, revitalizing industry with smart manufacturing, and lead the Company to get on the track of new energy development more quickly. 3. Core Business Analysis Summary Whether the disclosure is the same as the main business engaged in by the Company during the reporting period ?Yes □No Year-over-Year Changes of Main Financial Data Unit: RMB
□Applicable ?Not Applicable There was no significant change in the composition or source of profits Composition of Core Business Unit: RMB
Unit: RMB
□Applicable ?Not Applicable 4. Non-core business analysis □Applicable ?Not Applicable 5. Analysis of Assets and Liabilities I. Major changes Unit: RMB
II. Main Overseas Assets □Applicable ?Not Applicable III. The fair value of the assets and liabilities. ?Applicable □Not Applicable Unit: RMB
None. Whether there is a significant change in the measurement attributes of the Company's main assets during the reporting period □Applicable ?Not Applicable IV. Restriction on Assets Rights as of the End of the Reporting Period Unit: RMB
6. Investment Analysis I. Summary □Applicable ?Not Applicable II. Obtained Major Equity Investment during the Reporting Period □Applicable ?Not Applicable III. Ongoing Major Non-Equity Investment during the Reporting Period □Applicable ?Not Applicable IV. Financial Assets Investment (a) Stock Investment □Applicable ?Not Applicable There was no stock investment on the reporting period. (b)Derivative Investment □Applicable ?Not Applicable There was no derivative investment on the reporting period. V. Usage of Raised Fund □Applicable ?Not Applicable There was no usage of raised fund on the reporting period. 7. Sales of Major Assets and Equity I. Sales of Major Assets □Applicable ?Not Applicable No Major Assets were sold during the reporting period. II. Sales of Major Equity ?Applicable □Not Applicable
8. Analysis of major shareholding companies ?Applicable □Not Applicable Operating Results of Main Subsidiaries and Joint-Stock Companies whose impact on JMC’s net profit more than 10% Unit: RMB
Acquisition and disposal of the subsidiaries □Applicable ?Not Applicable Description of the main holding and participating companies None. 10. Structured Entities Controlled by JMC □Applicable ?Not Applicable 10. Potential Challenges and Solutions In 2023, as the economy and society fully return to normal operation, the national economy continues to recover and the overall recovery is good. At the same time, the current economic operation is also facing new difficulties and challenges, mainly because domestic demand is insufficient, some enterprises face difficulties in business operation, many hidden risks exist in key areas, and the external environment is complex and grim, but the Chinese economy has great resilience and potential for development, and the fundamentals for long-term improvement have not changed. Under the background of the acceleration of the transformation of the new four modernizations of the automobile industry, the competition pattern of the industry is becoming increasingly fierce, and the price of raw materials is still at a high level, although it has been reduced, which brings greater challenges to the Company's operation. In order to accelerate the transformation and development of the Company and achieve effective improvement in quality and reasonable growth in quantity, the Company will focus on the following aspects: (1) Continue to consolidate and improve the Company's leading advantages in the field of light commercial vehicles, improve channel capabilities, and promote brand upgrading and renewal; (2) Take advantage of new products to break the circle and attract potential customers, promote brand upgrading and renewal, improve the commercial vehicles’ product matrix, and enhance products’ competitiveness; (3) Continue to optimize the network of passenger vehicles’ dealers, promote brand transformation, strengthen customers’ experience, and enhance channel’s combat capabilities; (4) Continue to accelerate the development and launch of new energy products, strengthen the brand awareness of new energy, promote the construction of new energy channels, and improve the terminal marketing capacity; Explore new energy’s innovative marketing model; (5) Continue to deepen the export business cooperation with Ford, accelerate the project initiation, research and development of export products, and enhance the coverage of export products; Continue to build capacity of overseas business and expand opportunities in new market; (6) Always insist on taking customers as the center, deeply understand the market changes and customer needs, continue to innovate, and cooperate in an efficient way to provide customers with quality products and services; (7) Continue to promote cost reduction, expense control and efficiency improvement, while strengthening the management and control of operating cash flow, and improving the quality of operations; (8) Strengthen corporate governance, strictly abide by national laws and regulations, and improve risk assessment and control mechanisms. The Company will focus on light commercial vehicles with SUVs as the support, further promote scientific and technological innovation and industrial transformation, stabilize the leading position of light commercial vehicles, and improve the sales of passenger vehicles. JMC is to strengthen market development, promote brand renewal, and continue to consolidate the core competitiveness of light commercial vehicles. Channel construction and brand transformation of passenger vehicles will be accelerated to improve market awareness and customer experience. The Company will accelerate the development of new energy vehicles, vigorously expand overseas export Company shall expand new business and profit model, and build an ecological platform for future sustainable development. At the same time the Company will also focus on the process control and launch planning of new product programs, so as to achieve high-quality production of new products and volume targets. JMC is to accelerate the digital transformation, implement quality and efficiency improvement actions, improve operational efficiency and profitability to promote high-quality development of the Company. Chapter IV Corporate Governance Structure 1. Introduction to the Shareholders’ Meetings Held in the Reporting Period I. Index to the Shareholders’ Meeting in the reporting period In the first half of 2023, the Company has hold one Shareholders’ Meetings, and the relevant contents are as follows: Session of the meeting：2022 Annual Shareholders’ Meeting The meeting type: annual shareholders’ meeting Investor participation ratio: 75.40% Convening date: June 16, 2023 Disclosure date: June 17, 2023 The meeting resolutions: 1. approve 2022 Work Report of the Board of Directors of JMC; 2. approve 2022 Work Report of the Supervisory Board of JMC; 3. approve 2022 Annual Report of JMC and the Extracts from such Annual Report; 4. approve 2022 Financial Statements of JMC; 5. approve the Proposal on JMC Profit Distribution for Year 2022; 6. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with JMCG Finance Company; 7. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Jiangxi Jiangling Motors Imp. & Exp. Co., Ltd. and its subsidiaries; 8. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Jiangling Motor Group Co., Ltd. and its subsidiaries; 9. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Ford Motor Company and its subsidiaries; 10. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Nanchang Jiangling HuaXiang Auto Components Co., Ltd.; 11. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Nanchang Baojiang Steel Processing Distribution Co., Ltd. 12. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Magna PT Powertrain (Jiangxi) Co., Ltd.; 13. appvoe the Proposal on the Y2023 Routine Related Party Transaction Framework with Jiangxi Jiangling Lear Interior System Co., Ltd.; 14. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Jiangxi JMCG Specialty Vehicles Co., Ltd. and its subsidiaries; 15. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Nanchang Faurecia Emissions Control Technologies Co., 16. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with China South Industries Group Corporation and its subsidiaries; 17. approve the Proposal on the Y2023 Routine Related Party Transaction Framework with Nanchang Unistar Electric & Electronics Co., Ltd.; 18. approve JMC Year 2023-2025 Shareholder Return Plan; 19. Election of Directors for the Eleventh Board of Directors of JMC (Excluding Independent Directors): 19.01 approve the Proposal on Electing Mr. Qiu Tiangao as a Director of the Eleventh Board of Directors of JMC; 19.02 approve the Proposal on Electing Mr. Shengpo Wu as a Director of the Eleventh Board of Directors of JMC; 19.03 approve the Proposal on Electing Mr. Ryan Anderson as a Director of the Eleventh Board of Directors of JMC; （未完）  |