[中报]长 安Ｂ(200625):2023年半年度报告（英文版）
原标题:长 安Ｂ:2023年半年度报告（英文版） Chongqing Changan Automobile Company Limited 2023 Semi-Annual Report August 2023 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. Chapter 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 2023, 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 ...................................................... 8 Chapter 4 Corporate Governance ............................................................................. 26 Chapter 5 Environment and Social Responsibility .................................................. 29 Chapter 6 Important Matters .................................................................................... 42 Chapter 7 Changes in the Shareholding of the Company and Shareholders ........... 47 Chapter 8 Preferred Shares ....................................................................................... 53 Chapter 9 Bonds ....................................................................................................... 54 Chapter 10 The Financial Statements ....................................................................... 56 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 2022. 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 2022. 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, 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 low-carbon mobility technology company. Changan always adheres to the mission of “Leading Auto Culture for a Better Life”, to the concept of “energy saving, environmental protection, scientific and technological intelligence”. At the same time, Changan vigorously develops new energy and intelligent vehicles, is committed to leading automobile civilization with science and technology innovation, and strives to provide customers with high-quality products and services. The company now owns homegrown brands including Changan Automobile and Kaicheng Automobile, and has innovatively built three NEV brands, i.e., Avatr, Deepal, and Changan Qiyuan, to promote its own brand to move upward. In addition, Changan also produces and sells joint-venture models through Sino-foreign joint ventures Changan Ford and Changan Mazda. Changan has launched a series of iconic models including CS series, EADO series and UNI series. Joint ventures have launched Edge L, Explorer, New Generation Nautilus, Corsair, Aviator, Zephyr, CX-50, CX-5, Axela and other well-received products. In the field of new energy vehicles, Deepal SL03, Deepal S7, Avatr E11, UNI-V iDD, Lumin have been launched. Many models of the company are welcomed by consumers. Our operation attaches “equal importance to homegrown and joint venture brands”. We make determined efforts in developing iconic homegrown brands, with Changan Auto, Deepal Auto, and Kaicheng Automobile brands as independent entities. For Changan Ford, Changan Mazda and other joint ventures, we adopt investment management and continue to deepen mutual trust and cooperation with partners. 2. Industry situation In the first half of 2023, China’s economy continued to recover, and the “triple pressure” has been alleviated to a certain extent and all industries have shown varying degrees of recovery momentum. But constrained by weak consumption and other factors, the internal impetus for economic growth is not strong, and the foundation for economic recovery is not yet solid. In the face of subsidy withdrawal, insufficient demand and other headwind factors, the auto industry in the first half of the year to increase promotion campaigns, increase the supply of new models, together with the national and local policies for automobile consumption, and the gradual recovery of automobile market demand. At the same time, new energy vehicles, automobile exports and Chinese brands continued to maintain a good momentum, which helped the industry achieve positive growth in the first half of the year. The specific situation of the industry during the reporting period is as follows: In the first half of 2023, the domestic automobile industry achieved a cumulative sales volume of 13.239 million units, had a 9.8% year-over-year growth, and the overall sales volume showed a low trend before and then a high trend. By model, the cumulative sales volume of passenger vehicles in the first half of the year was 11.268 million units, had an 8.8% year-over-year growth, which was less than the industry. Due to the favorable factors such as macroeconomic recovery and strengthening of infrastructure investment, the commercial vehicles market achieved double-digit rapid growth year-over-year, and achieved 1.971 million sales in the first half of the year, had a 15.8% year-over-year growth, and had an obvious recovery momentum. New energy vehicles and automobile exports, as the two major growth highlights of the current automobile market, continue to effectively drive the overall market growth with good performance. Although the new energy subsidy policy has been withdrawn at the end of 2022, the new energy vehicles market in the first half of 2023 still maintained a sustained growth trend, and the production and sales reached a new high in the same period, respectively completed 3.788 million units and 3.747 million units, with year-over- year growth of more than 40%, continuing to show a prosperous trend of production and sales. From the market segment, EV and XEV higher than EV model. Chinese automobile brands continue to be the main source of growth of the new energy passenger automobile market, contributing more than 75% sales of the new energy passenger cars. The market share of Chinese automobile brands in the new energy passenger cars raised to 53.5%, nearing a record high. Automobile exports grew rapidly, exceeding 2 million units in the first half of 2023, contributing significantly to the overall growth of the market, of which the export of new energy vehicles reached 534,000 units, had a year-over-year growth more than 150%. In recent years, with a more complete industrial chain, continuous and rapid iteration of intelligent technology, scale advantages and abundant product matrix, Chinese automobile brands have promoted the continuous development and growth of China's automobile export scale. (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. Enterprise market performance In the first half of 2023, in the context of complex and severe internal and external situations, Changan adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, further promotes the Third Business Venture — Innovation & Entrepreneurship Program, and firmly transform into an intelligent low-carbon mobility technology company. In the face of changes in the market competition environment exceeding expectations, Changan actively and decisively took effective measures to cope with the impact of market changes on the production and operation of the enterprise, and maintained the overall stability of the production and operation of the enterprise. In the first half of 2023, the sales volume reached 1.216 million units, had an 8.0% year- over-year growth, and the group's sales volume ranked fourth in the industry, one place higher than that of the same period last year. Among them, exported 116,218 units overseas; self-owned brand of new energy vehicles sold 176,057 units, had a 107.2% year-over- year growth, better than the industry growth rate of 63.1 percentage points. During the reporting period, Changan Automobile focused on the Third Business Venture — Innovation & Entrepreneurship Program, and paid close attention to the implementation of the strategy, and released the overseas strategy Vast Ocean Plan, making it clear that the overseas market would realize the development goal of “Four Ones” by 2030. By establishing the Southeast Asia Division and the European regional headquarters, overseas development will get into a new era. Faced with the challenges of subsidy withdrawal, insufficient demand, and unexpected market fluctuations, we made every effort to increase the stock and seize the incremental volume, and took the initiative to formulate and implement the “Ten Billion Yuan Benefits for Vehicle Purchase” and “Equal Price for ICE and EV”, which effectively responded to the impact of competitors’ price drop on the market segments where Changan Automobile’s products are located, and the Company’s sales volume and market share have been significantly increased. Terminal retail data showed that in the first half of 2023, Changan’s passenger brand (ICE) sales ranked first among China’s homegrown brands. CS75 series sales ranked first in the compact SUV segment. The sales of EADO PLUS remained first among China’s homegrown branded compact sedan (ICE) for three consecutive months, and sales of DEEPAL SL03 ranked second among new energy medium-sized sedan, and the market actions have achieved certain results. The Company strengthened technology leadership and unswervingly promoted core technology research and development for product development acceleration. In the first half of year, the UNI-V iDD, the third generation of CS75 PLUS, Lamore, DEEPAL S7, Ford Edge L, the new generation of the Lincoln Nautilus, Mazda CX-50 and other new or updated products were launched. Product innovations have yielded fruitful results. Adhering to the user-centered, product-oriented philosophy, Changan vigorously promoted the new marketing and sales transformation and achieved the direct data connection management of thousands of stores of Changan Passenger Vehicles, Lumin, and Kaicheng, and the new marketing and sales network model landed in an orderly manner. II. Core Competence Analysis 1. Science and technology R&D capability. The company adheres to innovation-driven development and promotes the implementation of technological development plan at full speed. Driven by sci-tech innovation and ecosystem building and led by a user-centric approach, Changan strengthens investment in science and technology innovation and delivers first-in-the-industry technologies. New breakthroughs have been made in product development and technological innovation. In the intelligent field, Changan continues to build intelligence core capabilities of “chips, control units, mapping, components, cloud, network and algorithms”. The development of the main functions of the SDA-S platform have been completed. UNI-V won Smart Star of 2022 at International Automotive Test and Assessment Summit. In the field of NEV technologies, the trial production of semi-solid batteries has been completed, and the batteries have been tested on prototypes. Changan’s second-generation hydrogen FCEVs ran successfully. nd The Force ultra-integrated e-drive won the 2 World Top10 Electric Drive System and “China Heart” 2022 top 10 NEV power system. As of June 2023, the company owns 9,869 patents globally including 2,658 invention patents. 2. Product definition. With the philosophy of “being user-centric, innovation-driven and building world-class product definition capabilities”, the company aims to build an industry-leading product definition system to make the process more efficient, more accurate and more competitive. Changan improves product definition capability, defines use scenarios with an experience-driven EMD scenario definition approach. Also, the company keeps building a Software as a Service platform which is unified, upgradable and profitable. The company’s key products are well-received in the market. The CS75 series, UNI-V, Eado series, Deepal SL03 and S7 are selling well. The company will continue to be user-centric, focus on core use cases, and improve Deepal, Avatr and Changan Qiyuan, product lineup to speed up electrification. 3. Brand power. The company keeps strengthening brand value management and innovative brand promotion, refreshing brand structure and strategy, and improving brand customer satisfaction. In terms of brand value management, Changan builds the brand structure with the goal of “a larger scale, higher value and fresher image”. The company launched the overseas business strategy Vast Ocean Plan to build Changan Auto’s international brand image. Deepal Automobile was recognized as the 2023 China Media Group Brand Power Project and was awarded the “Leading Homegrown NEV Brand”, which greatly enhanced the customer perception of Deepal’s NEV products. In terms of brand promotion, in the first half of 2023, the company launched four models including Deepal’s first SUV product S7, and the third-generation CS75PLUS, with a total of more than 1 billion brand reaches cumulatively. This year marks the tenth anniversary of the Belt and Road Initiative, the company cooperated with Xinhua News Agency's "Along the Belt and Road" program to promote the implementation of Changan's overseas strategic plan and enhance the brand's international influence. In addition, the company won the first place among Chinese homegrown brands in J.D. Power’s 2023 Sales Satisfaction Index. 4. Intelligent manufacturing. With the intelligent manufacturing strategy of “Cloud, Network, Platform and Scenarios”, the company is exploring the digital transformation in all use cases in new plants. Based on IIOT platform, Changan adopts unified platforms and technologies to build IoT platforms, data mid-end, and business mid-end to improve the capability of business iteration. With the production capability of electric drive, ECUs and batteries, Changan has completed an initial layout of the production capacity of NEV components. The new plant in Nanjing and Chongqing Yubei have applied technologies including 5G, digital twin and AI machine vision and built more than 40 intelligent manufacturing scenarios to build 5G+ plants with intelligent and green manufacturing capabilities. 5. Leading culture. Changan continues to build a leading company culture with various measures to promote the entrepreneurial culture inside the company. Education campaigns and investigation and research have been carried out in a solid manner to solve development problems. The company organized a speech contest on the theme of leading culture and “oral history” interviews to create a number of high-quality cultural promotion programs, which were included in the 2023 Changan Automobile Leading Culture Story Annual. Changan cares for employees and promotes employee mental health services, and updates Employee Health Care Program 2.0 to enhance employees' sense of gain and happiness. We shoulder corporate social responsibilities, continue to engage in rural revitalization and poverty alleviation and promote the targeted assistance programs in Luxi and Yanshan counties in Yunnan and Youyang in Chongqing. Changan has offered RMB 10.6 million of assistance funds for the two counties in Yunnan. 6. Mechanism and efficiency. The company continues to build a strong talent team and actively restructures organization to stimulate talent vitality. In terms of talent building, the company continues to attract top talent globally in design, global marketing, NEV technologies, software, etc. Also, Changan keeps nurturing talent in operational management strategy to optimize human resources. In terms of incentives, we optimize the company’s incentive plan, adopt restricted stock and improve the program co- investment to further stimulate the vitality of the organization. In terms of efficiency enhancement, the company has accelerated digital transformation, improved top-level planning, carried out in-depth digital transformation training and promoted digital transformation in all business units. 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
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