[中报]一汽解放(000800):2023年半年度报告（英文版）
原标题:一汽解放:2023年半年度报告（英文版） August 2023 Section I Important Notes, Contents and Definitions The Board of Directors and Board of Supervisors, as well as directors, supervisors and senior executives of the Company guarantee that the contents of the semi-annual report are true, accurate and complete, there is no false record, misleading statement or major omission, and shall bear individual and joint legal responsibilities. Hu Hanjie, the person in charge of the Company, Ji Yizhi, the person in charge of accounting, and Si Yuzhuo, the person in charge of the accounting organization (chief accountant) declare that they guarantee the authenticity, accuracy and completeness of the financial report in this semi-annual report. Except for the following directors, others attended the board meeting to review the semi-annual report in person
The Company has described in detail the possible risks and countermeasures for its future development in the section of Management Discussion and Analysis. Investors are kindly requested to pay attention to relevant contents. China Securities Journal, Securities Times and CNINFO (http://www.cninfo.com.cn) are the information disclosure media selected by the Company. All information of the Company is subject to that published in the above selected media. Investors are kindly requested to pay attention to investment risks. The Company does not plan to pay cash dividends or bonus shares, or convert reserves into share capital. Table of Contents Section I Important Notes, Contents and Definitions ..................................... 2 SectionIICompany Profile and Main Financial Indicators ..................................... 7 Section III Management Discussion and Analysis ............................................ 11 Section IV Corporate Governance ..................................................................... 29 Section V Environmental and Social Responsibilities .................................... 33 Section VI Important Matters ............................................................................ 45 Section VII Changes in Shares and Shareholders .............................................. 56 Section VIII Preferred Shares................................................................................ 66 Section IX Bonds .................................................................................................. 67 Section X Financial Report................................................................................ 68 List of Documents for Future Reference (I) Financial statements were signed and sealed by the person in charge of the Company, the person in charge of accounting and the person in charge of the accounting organization (chief accountant). (II) Originals of all company documents and announcements publicly disclosed on the website designated by China Securities Regulatory Commission in the reporting period. Interpretation
Section II Company Profile and Main Financial Indicators I. Company Profile
1. Company Contact Information Whether the registered address, office address and postal code, website and e-mail address of the Company have changed in the reporting period □ Applicable ?Not applicable The registered address, office address and postal code, website and e-mail address of the Company have not changed in the reporting period, please refer to the Annual Report 2022 for details. 2. Information Disclosure and Preparation Location Whether the information disclosure and preparation location have changed in the reporting period □ Applicable ?Not applicable There are no changes in the name and website of the stock exchange and media where the Company discloses its semi-annual report, as well as the preparation location of the Company's semi-annual report during the reporting period. For details, please refer to the 2022 Annual Report. 3. Other Relevant Data Whether other relevant data has changed in the reporting period □ Applicable ?Not applicable IV. Main Accounting Data and Financial Indicators Whether the Company needs to retroactively adjust or restate the accounting data of previous years □ Yes ?No
In the reporting period of the Company, there is no difference in net profits and net assets in the financial report disclosed according to the international accounting standards and China accounting standards. 2. Differences in net profits and net assets in the financial report disclosed simultaneously according to foreign accounting standards and China accounting standards □ Applicable ?Not applicable In the reporting period of the Company, there is no difference in net profits and net assets in the financial report disclosed according to foreign accounting standards and China accounting standards. VI. Items and Amounts of Non-recurring Profit and Loss ?Applicable □ Not applicable Unit: CNY
□ Applicable ?Not applicable There are no specific conditions of profit and loss items meeting definition of non-recurring profit and loss for the Company. Explanation on defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure by Companies Issuing Securities Publicly - Non-recurring Profit and Loss as recurring profit and loss items □ Applicable ?Not applicable The Company does not define the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure by Companies Issuing Securities Publicly - Non-recurring Profit and Loss as recurring profit and loss items. Section III Management Discussion and Analysis I. Main Businesses of the Company in the Reporting Period (I) Main business The Company is a commercial vehicle manufacturer integrating R&D, production, sales and service. It produces heavy-duty, medium-duty and light-duty trucks, buses, as well as core components such as engines, transmissions and axles, and has a complete manufacturing system covering raw materials, core components, key large assemblies and vehicles. The products of the Company are mainly used in market segments such as traction, cargo carrying, dumping, special purposes, highway passenger transport, bus passenger transport, etc., and the Company also provides standardized and customized commercial vehicle products. The Company is committed to becoming a "China's first and world-class" provider of green and intelligent transportation solutions, focusing on the main product lines and insisting on innovation-driven and reform-driven, and leading the industry trend. Main business, products, and business model of the Company are not changed significantly in the reporting period. (II) Industry situation In the first half of 2023, according to the statistics of the China Association of Automobile Manufacturers, the production and sales of commercial vehicles reached 1,967,000 units and 1,971,000 units respectively, with a year-on-year increase of 16.9% and 15.8% respectively. The market has recovered overall but to a limited extent. Consumption-related industries recovered rapidly, and highway vehicles recovered relatively well. The growth rate of infrastructure decreased, the real estate industry was in recession, and the overall demand for engineering vehicles was sluggish. In addition, the overall excess capacity of the freight industry is still obvious and is also the main reason for the current downturn in the commercial vehicle industry. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Year 2021 Year 2022 Year 2023 Data source: China Association of Automobile Manufacturers (III) Operation In the first half of 2023, the Company resolutely studied and implemented the spirit of the th 20 National Congress of the Communist Party of China, continuously implemented the instructions given by General Secretary Xi Jinping's important speech during his visit to FAW, actively focused on the strategic deployment and annual requirements of the Company, closely focused on key tasks, aimed at objectives of being at the forefront in the industry, and solidly and effectively promoted various work. As of June 30, 2023, the total assets of the Company amounted to CNY 72.002 billion, with a year-on-year increase of 26.82%, and the net assets attributable to shareholders of listed companies were CNY 24.127 billion, with a year-on-year increase of 1.72%; During the reporting period, the operating income was CNY 33.015 billion, with a year-on-year increase of 44.35%.; The net profit attributable to the parent company was CNY 401 million, with a year-on-year increase of 135.87%. A total of 131,500 vehicles were sold, up 31.23% year on year, including 112,300 medium- and heavy-duty trucks, up 31.75% year on year, and 18,400 light-duty vehicles, up 22.90% year on year. The sales volume of new energy vehicles was 3,600, up 184.6% year-on-year, showing a leap. Overseas exports reached 27,100 units, up 130.0% year-on-year, hitting a record high with a high growth trend. Unit: CNY 100 million In the first half of 2023, the Company was rated as a "World-class Professional, Refined, Distinctive and Innovative Demonstration Enterprise" by the SASAC, and successfully selected into the list of "China ESG (Corporate Social Responsibility) Listed Company Pioneers 100". The Anting Innovation Index has ranked first in the industry for six consecutive years, and its brand value has remained first in the industry for 12 consecutive years. In the first half of 2023, the Company's key work is as follows: 1. Strategic leadership role played effectively. The insight, strategy and brand management capabilities continued to improve, the strategic direction was further clarified, and key topics were promoted in an orderly manner. Effective progress has been made in the implementation of solutions. With the definition and connotation further clarified, a systematic solution business and brand architecture have been formed. 2. Market-leading strategy as a guiding principle implemented effectively. Guided by the goal of becoming a market leader, the Company has implemented the strategy of "Two Firsts and Two Increments", strengthened the advantages and complemented the weaknesses, focused on the balanced development of each market segment, effectively reshaped the marketing ability, and achieved a substantial increase in overall sales volume. Leading in product development and aiming at advantage building, the Company launched a batch of more competitive products, providing stronger support for market development. 3. Fruitful innovation-driven results. The Company has made breakthroughs in more than 30 key core technologies, applied for more than 800 patents (including more than 600 invention patents), and launched a number of technologies for the first time. The ammonia-hydrogen fusion direct injection zero-carbon internal combustion engine was successfully ignited in the world for the first time, showing strong technological innovation strength. The revenue scale of the "four major sectors" of business innovation has steadily expanded, and the trend of building a new growth pole is improving. 4. Drive for reforms consolidated solidly. IPD and integrated reforms were promoted in an orderly manner, with the depth and coverage of reforms continuously expanded; project-based management was strengthened, and initial results in operation and management were achieved. Adhering to the principle of strengthening the company with talent, the Company introduced 600 talents from various fields. Layered and categorized training empowerment, as well as the implementation of incentive constraints such as performance-based agreements and competitive bidding effectively motivates the enthusiasm of all employees. 5. Five major fields tackled orderly. Ultimate cost reduction and expense reduction have been achieved, and steady improvement has been made in operational outcomes. The four-pillar design of digital intelligence transformation has been further clarified and the dual-effect support capability has been upgraded. The maturity of the quality system has been further improved in the background of creating first-class quality competitiveness. Supply chain security has been strengthened, and lean production has been implemented. The layout of manufacturing resources has been optimized, the implementation of new bases in Guanghan and Foshan has been accelerated, and intelligent manufacturing and process technology capabilities continue to improve. 6. Business operations supported by capital operation. The Company actively planned and carried out the issuance of A-shares to specific objects, with a proposed total fundraising amount of CNY 3.713 billion to provide strong support for R&D and investment in the new four modernization fields. It has completed the unlocking, listing, repurchase and cancellation of shares related to more than 300 individuals in the equity incentive plan in a timely and compliant manner; strengthened the management of 11 joint-stock enterprises, and achieved a total investment income of CNY 233 million in the first half of the year; actively promoted equity investment projects to provide strong support for the rapid implementation of strategies such as new energy, Internet of Vehicles, autonomous driving and aftermarket. In the second half of the year, the Company will unwaveringly adhere to and strengthen the leadership of the Communist Party, consistently implement the important instructions given by General Secretary Xi Jinping during his visit to the Company, solidly promote the various tasks of thematic education, firmly implement the Company's strategic deployment and the requirements of the mid-year work conference. It will solidly work around the annual plan, focus on the key stage, firmly adhere to the leading development, accelerate strategic transformation, inherit the spirit of 70 years of struggle, promote the FAW Jiefang's culture of being at the forefront, enhance a sense of urgency and crisis, as well as enthusiasm and proactiveness. It will strive to complete all the tasks of party building and management for the year, compete vigorously, take on th responsibilities, and make every effort to lay a solid foundation for winning in the 14 Five-Year Plan. II. Analysis of Core Competitiveness The Company adheres to the corporate vision of "being the most proud commercial vehicle enterprise and the most trustworthy commercial vehicle brand", the mission of "becoming the China's first and world-class provider of green and intelligent transportation solutions and building a more prosperous society"; takes products and services as the main task, customers and employees as the foundation, innovation and reform as the driving force; focuses on industry trends and customer needs, and rapidly enhances product competitiveness and service levels. 1. Product R&D: The Company has seven product series, namely tractors, load carriers, dump trucks, special-purpose vehicles, new energy vehicles, light trucks and buses. The six product platforms of FAW Jiefang J7, Yingtu, J6V, JH6, J6P and Hummer V cover four major fields: heavy, medium and light trucks, and buses. The field of heavy trucks includes seven product platforms: FAW Jiefang J7, Yingtu, JH6, J6V, J6P, JH5 and Han V. The field of medium trucks includes FAW Jiefang J6G, J6L, JK6 and Long V product platforms. The field of light trucks includes five product platforms: LINKTOUR, Tiger 6G, J6F, Tiger V and pure electric mini-truck. The field of buses includes conventional road vehicles, new energy road vehicles, new energy buses and off-road motor homes. Facing the future, FAW Jiefang is also accelerating the overall layout of new energy and intelligent vehicles. In terms of new energy, it has launched J6P pure electric dump trucks, JH6 pure electric tractors, J6L fuel cell carrier trucks, J6P hybrid tractors and other new energy products to strive to create a clean and efficient portfolio of pure electric, hybrid and hydrogen fuel cell vehicles. In terms of intelligent vehicles, it has launched mass-produced J6V_L2+ and J6V supertrucks for high-speed trunk line scenarios, and created a number of L4 intelligent special products for ports, sanitation, border crossings and other scenarios, leading the world. With its technological performance and excellent quality of "safety, reliability, energy efficiency, comfort, and efficiency," Jiefang trucks have gained the trust of a vast number of users and are praised as "money-making machines". 2. Technology R&D: It boasts the most powerful independent R&D system. Guided by "leading technology, pioneering experience, integrated innovation, enhanced application, collaboration and efficiency", the Company has built a strong and complete independent R&D system in China from foresight technology, engine, transmission and axle to vehicle, and formed an efficient and collaborative R&D team of nearly 3000 people. With the five core capabilities, including scientific and technological innovation, lean design, performance development, trial production verification and experimental verification, the Company has created five technical platforms with low carbonization, informatization, intelligence, electrification and high quality, and has become one of the commercial vehicle enterprises mastering the core technologies of world-class vehicles and three power assemblies, and passed ISO9001, IATF16949 and GB9001B quality system certifications. It is also a national-level independent automobile product R&D and test certification base. In recent years, by accurately understanding the demand in segmented markets, the Company has successfully developed ten core product technology advantages including fuel efficiency, extended oil change intervals, lightweight design, independent major components, autonomous electronic control, autonomous after-treatment, new energy, intelligent driving, long-term durability, and maintenance-free features. These achievements have enabled the Company to maintain a leading position in the highly competitive market. 3. Production and manufacturing: The Company has a complete manufacturing system from raw materials to core components, from key assemblies to vehicles, and its processing and manufacturing depth ranks among the industry leaders. The Company has five vehicle bases in Changchun, Qingdao, Chengdu/Guanghan, Liuzhou and Foshan, three assembly bases in Changchun, Wuxi and Dalian, and five new business companies, including FOR.J, SmartLink, Zhito, Jiefang Shidai, and Diyi Yuansu. In 2022, FAW Jiefang J7 Intelligent Factory was selected by the Ministry of Industry and Information Technology as a pilot and demonstration project for the development of big data industry. 4. Marketing and procurement: Adhering to the customer value orientation, the Company has taken the lead in establishing a marketing service system with complete functions. The marketing service network composed of more than 900 dealers, more than 1,000 service providers, more than 60 spare parts centers and more than 100 spare parts dealers covers more than 260 prefecture-level cities in China, with a coverage rate of 99% in cities with a capacity of more than 1,000 vehicles. With a national average service radius of 48 kilometers, it is at the leading level in the industry and provides users with 24-hour efficient and high-quality services. The Company is committed to integrating global high-quality resources to provide a strong guarantee for the high reliability of Jiefang trucks. In recent years, the Company has signed contracts with top enterprises at home and abroad successively, including Huawei, Knorr-Bremse, ZF, Shell, VOSS, China Unicom, JD and PlusAI, to become strategic partners and establish joint ventures with them. 5. Overseas: The Company has actively accelerated the pace of internationalization and expanded overseas markets. It exports its products to 80 countries and regions such as Southeast Asia, Middle East, Latin America, Africa and Eastern Europe; it has nearly 80 first-tier dealers and nearly 300 distributors in nearly 40 countries and regions around the world. Its export products include J6, JH6, Tiger V and other models. III. Analysis of Main Business General See relevant contents of "I. Main Businesses of the Company in the Reporting Period". Year-on-year Changes of Main Financial Data Unit: CNY
No significant changes in the Company's profit composition or source during the reporting period. Composition of operating income Unit: CNY
?Applicable □ Not applicable Unit: CNY
IV. Analysis of Non-main Business □ Applicable ?Not applicable V. Analysis of Assets and Liabilities 1. Major changes in asset composition Unit: CNY
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