[年报]一汽解放(000800):2023年年度报告全文（英文版）
原标题:一汽解放:2023年年度报告全文（英文版） Annual Report 2023 March 2024 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 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. Wu Bilei, 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 annual report. Except for the following directors, other directors attended the board meeting to review the 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 profit distribution plan approved by the Board of Directors of the Company is as follows: Based on the 4,636,485,668 shares of the Company, a cash dividend of CNY 1.5 (tax inclusive) will be distributed to all shareholders for every 10 shares they hold. Additionally, no bonus shares (tax inclusive) will be distributed. The Company does not convert reserves into share capital. Table of Contents Section I Important Notes, Contents and Definitions ....................... 2 Section II Company Profile and Main Financial Indicators .............. 6 Section III Management Discussion and Analysis .............................. 16 Section IV Corporate Governance ....................................................... 60 Section V Environmental and Social Responsibilities .................... 109 Section VI Important Matters ........................................................... 124 Section VII Changes in Shares and Shareholders ............................. 151 Section VIII Preferred Shares .............................................................. 168 Section IX Bonds ................................................................................. 169 Section X Financial Report .............................................................. 170 List of Documents for Future Reference 1. Financial statements 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). 2. The original Auditor’s Report sealed by Pan-China Certified Public Accountants LLP and sealed and signed by Pan-China's CPAs 3. 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 Information
Accounting firm hired by the Company
□Applicable ?Not applicable Financial consultant employed by the Company to perform continuous supervision duties in the reporting period □Applicable ?Not applicable VI. Main Accounting Data and Financial Indicators Whether the Company needs to retroactively adjust or restate the accounting data of previous years ?Yes □No Reasons for the retroactive adjustment or restatement: Changes in accounting policies
Business Enterprises (CK [2022] No. 31, hereinafter referred to as "Interpretation No.16"). Interpretation No.16 stipulates that for a single transaction that is not a business combination and does not affect accounting profits or taxable income (or deductible losses) at the time of the transaction and that the initial recognition of assets and liabilities results in equal amounts of taxable temporary differences and deductible temporary differences, such taxable temporary differences and deductible temporary differences arising from the initial recognition of assets and liabilities shall be recognized at the time the transaction occurred as the corresponding deferred income tax liabilities and deferred income tax assets in accordance with relevant provisions such as the Accounting Standards for Business Enterprises No. 18 -Income Tax. The Company shall apply these provisions to transactions that occurred from the beginning of the earliest period of the financial statements for which the provisions are first applied until the Implementation Date of the Interpretation. The cumulative impact of these adjustments shall be used to adjust the opening retained earnings and other related financial statement items for the earliest period in the presentation of financial statements. The above provisions on the accounting treatment have come into effect since January 1, 2023. The Company shall also adjust the taxable temporary difference and deductible temporary difference for lease liabilities and right-of-use assets recognized for the lease business in accordance with the provisions of Interpretation No. 16. Please see 34(1) in V "Significant Accounting Policies and Accounting Estimates" of Section X - Financial Report. The lower net profit of the Company before or after the deduction of non-recurring profits and losses in the last three fiscal years is negative, and the audit report of the most recent year shows that the going-concern ability of the Company is uncertain □Yes ?No The lower net profit before or after the deduction of non-recurring gains and losses is negative. ?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 financial report disclosed according to foreign accounting standards and China accounting standards. VIII. Seasonal Main Financial Indicators Unit: CNY
indicators in the quarterly and semi-annual financial reports disclosed by the Company? □Yes ?No IX. Items and Amounts of Non-recurring Profit and Loss ?Applicable □Not applicable Unit: CNY
loss: □Applicable ?Not applicable There is 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. Industry of the Company in the Reporting Period The Company shall meet the disclosure requirements for the automobile manufacturing industry specified in the “No. 3 Guideline of Shenzhen Stock Exchange on Self-Regulatory Supervision of Listed Companies - Industry Information Disclosure." In 2023, the macro-economy entered a phase of recovery, showing an upward trend, with an annual GDP growth rate of 5.2%. However, the transformation of economic drivers was exerting a weakened influence on the overall growth of the commercial vehicle industry, primarily due to reduced investment support and a negative export growth rate. The demand for commercial vehicles exhibits significant cyclical fluctuations and is closely correlated with the macro-economy. Based on the characteristics of the past industry demand and the product life cycle, these cyclical fluctuations are expected to last for about 7-8 years. Consequently, the industry was recovering from the bottom of the cycle in 2023. Compared with 2022, the freight market has improved in 2023. Road cargo transportation volume rebounded slightly, up by 7.2% year on year. However, the profitability of vehicle owners remained low due to the ongoing weakness in road transportation freight rates. Additionally, the demand for commercial vehicles was significantly suppressed due to obviously excessive transportation capacity. According to statistics from the China Association of Automobile Manufacturers (CAAM), the production output and sales volume of commercial vehicles in 2023 were 4.037 million vehicles and 4.031 million vehicles, representing year-on-year growth rates of 26.8% and 22.1%, respectively. Among them, the annual demand for medium and heavy trucks reached 1.018 million vehicles, up by 32.5% year on year. FAW Jiefang achieved a sales volume of 205,000 medium and heavy trucks in 2023, representing a year-on-year increase of 46.1%. The company also increased its industry market share to 20.1%, reflecting a year-on-year increase of 1.8%. FAW Jiefang's sales volume growth significantly outperformed the industry average. Source of industry production and sales data in the figure: CAAM In 2023, a pilot program for the overall electrification of vehicles in public transport was formally launched. This program clarifies that scenarios such as urban public transport, sanitation, postal and express services, urban logistics distribution, and airports are the key areas of public transport electrification, thus creating plenty of electrification substitution opportunities for the industry. Moreover, the scope of industrial environmental classification has expanded from the iron and steel industry to include the cement and coking industry. Relevant policies explicitly require the use of ultra-low emission vehicles, including China VI vehicles, clean energy vehicles, and new-energy vehicles, for material transportation. In certain scenarios, the use of new energy vehicles is mandatory. As a result of these national policies driving the use of new energy commercial vehicles in specific scenarios, the sales volume of new energy commercial vehicles increased from 338,000 vehicles in 2022 to 447,000 vehicles in 2023. FAW Jiefang experienced a significant increase in sales volume, from 2,700 vehicles to 7,200 vehicles. In 2023, there was explosive growth of natural gas heavy trucks due to reduced gas prices, improved gas filling convenience, and a stable gas supply. The industry's demand for natural gas heavy trucks increased from 37,000 vehicles in 2022 to 152,000 vehicles in 2023. Leveraging its competitive advantage, FAW Jiefang achieved significant growth in the sales volume of natural gas heavy trucks, from 12,000 vehicles in 2022 to 51,000 vehicles in 2023, making the largest contribution to market growth. II. Main Businesses of the Company in the Reporting Period The Company shall meet the disclosure requirements for the automobile manufacturing industry specified in the "No. 3 Guideline of Shenzhen Stock Exchange on Self-Regulatory Supervision of Listed Companies - Industry Information Disclosure." The Company is a commercial vehicle manufacturer that produces heavy, medium and light trucks, and 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 complete 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 production lines, insisting on innovation-driven and reform-driven, and creating a leading trend. Main business, products, and business model of the Company were not changed significantly in the reporting period. Relying on its five vehicle manufacturing bases, the Company has formed a capacity layout of "coordinated advancement of the main and auxiliary functions, with flexible complementary roles."The Company's total annual production capacity amounts to 418,000 vehicles. Among them, the annual production capacity of each manufacturing base is as follows: Changchun, 153,000 vehicles; Qingdao, 200,000 vehicles; Guanghan, 40,000 vehicles; Liuzhou, 20,000 vehicles and Foshan, 5,000 vehicles. In recent years, the Company has increased investment in technological transformation continuously, accelerated the adjustment of production capacity structure, and implemented continuous resource optimization and intelligent upgrading for high-end and new energy products. It has formed a number of advanced manufacturing bases with industry-leading levels, and has obvious technical and capacity advantages in the commercial vehicle industry, laying a solid foundation to continue to lead the market. Manufacturing, production and operation of complete vehicle in the reporting period ?Applicable □Not applicable Production and sales of complete vehicles
?Applicable □Not applicable In the current context of recovering demand in the commercial vehicle market industry, the Company continues to improve its product capabilities, strengthen its position in advantageous markets, actively expand overseas exports, and increase the sales volume of various types of vehicles. Construction of parts and components supporting system In terms of the construction of the parts and components supporting system, the Company continues to build the core competitiveness of the Jiefang supply chain. It focuses on understanding the requirements of market customers and their demand for resources of various product lines, while also improving the construction of the resource platform. Currently, the Company independently produces the three core assemblies of its main models, i.e. engine, transmission and axle. It also focuses on resource-oriented core parts and components in fields such as medium and heavy trucks, new energy vehicles, light vehicles, intelligent vehicle software and hardware, and intelligent connected services. The Company actively participates in market-based competition by broadening its resource access. It improves supplier relationship management and enhances collaborative cooperation with outstanding suppliers at home and abroad through various forms such as strategic cooperation and joint venture partnerships. Additionally, the Company ensures vehicle quality and reputation by controlling the purchase by implementing access evaluation of new suppliers, strengthening performance assessment and capability reviews of existing suppliers, and effectively supervising and controlling supplier processes, all while adhering to the principle of quality first. Production and operation of automobile parts and components in the reporting period □Applicable ?Not applicable Automobile finance business performed by the Company □Applicable ?Not applicable Business related to new energy vehicles performed by the Company ?Applicable □Not applicable Production and operation of complete new energy vehicles and parts & components Unit: CNY
The Company shall meet the disclosure requirements for the automobile manufacturing industry specified in the "No. 3 Guideline of Shenzhen Stock Exchange on Self-Regulatory Supervision of Listed Companies - Industry Information Disclosure." 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 China's first and world-class provider of green and intelligent transportation solutions and building a more prosperous society", and the brand concept of "being trustworthy, intelligent and courageous, and benefiting the world"; 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 improves product competitiveness and service level rapidly. 1. Product research and development: Four major fields: heavy, medium, and light trucks and passenger vehicles, are covered. Heavy trucks include eight products: J7, J6P, J6V, J6E, Yingtu, JH6, JH5 and Han V2.0. Medium trucks include four products: J6G, J6L, JK6 and Long V. Light trucks include four products: LINKTOUR, Hu 6G, J6F and Hu V. Passenger vehicles include road vehicles, new energy buses, recreational vehicles, etc. New energy products cover all mainstream scenarios of the market segment. The Company has built a strong and complete independent R&D system in China from foresight technology, engine, transmission and axle to complete vehicle, and formed an efficient and collaborative R&D team of more than 3,000 people. With its five core capabilities, the Company has created five technical platforms encompassing low carbonization, informatization, intelligence, electrification and high quality, become one of the commercial vehicle enterprises mastering the core technologies of world-class complete 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 grasping the demands of the market segment, the Company has successfully built differentiated product technology advantages such as traditional vehicle's system fuel saving, light weight, independent post processing and maintenance free, the leading product technology advantages such as digital intelligent independent assembly of new energy vehicles, vehicle thermal management and vehicle energy management, and the pioneering product technology advantages such as smart driving of intelligent connected vehicles, IoV big data and intelligent cockpit. Therefore, FAW Jiefang always maintains an industry-leading position in the fierce market competition. 2. 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 of three sales companies (including Changchun Medium and Heavy-duty Vehicle, Qingdao Medium and Heavy-duty Vehicle and Light Trucks) composed of nearly 1,000 dealers, more than 1,800 service providers, more than 80 spare parts centers and more than 190 spare parts dealers covers more than 230 prefecture-level cities in China, with a coverage rate of 96.9% 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 become strategic partners with top enterprises at home and abroad successively, including Huawei, Knorr-Bremse, ZF, Shell, BOSCH, CATL, VOSS, China Unicom, and CATARC. 3. Production and manufacturing: The Company has the most complete manufacturing system in China from raw materials to core components, from key assemblies to complete vehicles, and its processing and manufacturing depth ranks the top in the industry. The Company has five complete vehicle bases in Changchun, Qingdao, Guanghan, Liuzhou and Foshan, with an existing planned production capacity of 418,000 vehicles. The Company also has three assembly bases in Changchun, Wuxi and Dalian. With its three product series, namely All-Win, Power-Win, and King-Win, the Wuxi Diesel Engine Factory has reached the world-class manufacturing level. Based on the business such as commercial intelligent vehicles, post-market services, connected services, new energy business model operations and fuel cell power systems, the Company has built six new business bases in Suzhou, Nanjing, Tianjin, Shijiazhuang, Foshan and Wuxi. 4. Overseas export: The Company actively responds to the "Belt and Road" initiative, accelerates its presence in overseas markets, and creates new avenues of growth for its business. The Company accelerates the development of its commercial vehicle overseas business comprehensively, broadens the channels gradually and expands its brand's overseas influence continuously. Jiefang's products are exported to over 80 countries and regions such as Southeast Asia, the Middle East, Latin America, Africa and Eastern Europe, and the Company has more than 100 core dealers and nearly 190 distributors in nearly 40 countries and regions around the world. Export products include models such as J7, J6, JH6, and Hu V. Additionally, the Company leverages its system advantages based on reality, and through system collaboration, strives to build an overseas marketing platform of "talent+ service+ automotive+ finance". 5. New energy: Its product portfolio covers five major lines: tractors, dump trucks, cargo trucks, SPVs and passenger cars. These product lines encompass three major technological routes: EVs, FCVs and hybrid vehicles, achieving full coverage of key segment markets for new energy commercial vehicles, such as steel mills, coal and slag. The goal of product development is to meet market demand and alleviate user pain points. It focuses on achieving the "three-low and one-high" core competitiveness, which refers to low cost, low self-weight, low energy consumption and high reliability. Additionally, the Company strives to differentiate its products through the attributes of long endurance, low-temperature resistance, high intelligence, and high comfort. To achieve these goals, the Company undertakes continual iteration and upgrading of its products and technologies. In terms of core technology, the Company has achieved integration across three critical areas: vehicle architecture, vehicle control software, and assembly interface. This integration significantly improves development efficiency. The Company harnesses technologies such as efficient energy recovery and scenario-based calibration to significantly reduce energy consumption. Moreover, the application of assembly technology incorporates a dual-wheel drive system that combines independent core assemblies with external high-quality social resources, enabling complementary advantages. By continuously exploring and applying new products, technologies and processes, the Company aims to maintain a leading position in both new energy technology and new energy products in the market. （未完）  |