[中报]一汽解放(000800):2024年半年度报告（英文版）
原标题:一汽解放:2024年半年度报告（英文版） Semi-annual Report 2024 August 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 semi-annual report are authentic, 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 semi-annual report. Except for the following directors, others attended the board meeting to review the semi-annual report in person
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 Section II Company Profile and Main Financial Indicators ............................................... 8 Section III Management Discussion and Analysis ............................................................ 12 Section IV Corporate Governance ....................................................................................... 35 Section V Environmental and Social Responsibilities ..................................................... 39 Section VI Important Matters ............................................................................................... 54 Section VII Changes in Shares and Shareholders ............................................................. 63 Section VIII Preferred Shares ............................................................................................... 77 Section IX Bonds .................................................................................................................... 78 Section X Financial Report ................................................................................................... 79 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 2023 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 is no change 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 2023 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
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. Main Businesses of the Company in the Reporting Period (I) Main businesses 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. 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 thousand vehicles. Among them, the annual production capacity of each manufacturing base is as follows: Changchun, 153 thousand vehicles; Qingdao, 200 thousand vehicles; Guanghan, 40 thousand vehicles; Liuzhou, 20 thousand vehicles and Foshan, 5 thousand 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. 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. (II) Information on the industry to which the Company belongs In the first half of 2024, the macro-economic growth resumed, with a GDP growth rate of 5%, reaching the expected level, and achieving stable consumption growth, a significant decline in real estate sales and investment, a rebound in export growth rate from the bottom, and a weakening of the driving force of economic transformation on the commercial vehicle industry. From the view of historical industry demand and scrapping cycle characteristics, the fluctuation cycle was basically around 7-8 years, and the industry was in the stage of cycle recovery in 2024. In the first half of 2024, the overall freight environment remained stable, with a slight increase in road freight turnover, and a year-on-year increase of 4%. However, the sluggish road freight rates have not yet improved, and the profitability of car owners and drivers have remained low. Although the phenomenon of vehicles quantity exceeding cargo transportation needs and excess transportation capacity has been eased to some extent, the improvement of the substantive situation was limited and remained an important factor in suppressing the demand for medium and heavy trucks at present. In the first half of 2024, the demand for medium and heavy trucks was 571 thousand vehicles, with a year-on-year increase of 4.4%. FAW Jiefang sold 123 thousand medium and heavy trucks, with a year-on-year increase of 9.4%, accounting for 21.5%, with a year-on-year increase of 1%, indicating that the sales growth rate of FAW Jiefang was significantly faster than that of the industry. In the first half of 2024, due to the impact of low gas prices, accessible refueling, and stable gas supply, the natural gas type medium and heavy trucks continued the high growth trend in 2023, with an industry demand of 109 thousand vehicles, and a year-on-year increase of 104.2%. With its leading advantage in the natural gas market, FAW Jiefang sold 35 thousand natural gas type medium and heavy trucks in the first half of the year, still maintaining a leading position in the natural gas market. Since the policy of comprehensive electrification of vehicles in the public sector has been vigorously implemented, the proportion of electrification of vehicles used in urban public transport, environmental sanitation, express mail service, urban logistics and distribution, airports and other scenarios has been rapidly increased, bringing a variety of opportunities for electrification substitution for the industry. In the first half of 2024, the demand for new energy type medium and heavy truck in the industry was 29 thousand vehicles, with a year-on-year increase of 136.7%. The quantity of new energy type medium and heavy truck sold by FAW Jiefang was 2 thousand vehicles, with a year-on-year increase of 260%. (III) Operation In the first half of 2024, By adhering to the guidance of the Xi Jinping Thought on Socialism th with Chinese Characteristics for a New Era, deeply implementing the spirit of the 20 National nd th Congress of the Communist Party of China and the 2 Plenary Session of the 20 Central Committee of the Communist Party of China, and promoting the study and education of Party discipline in a high-quality manner, the Company actively implemented its strategic deployment and annual requirements, closely focused on key tasks, and promoted various work in a solid and effective manner with anchored leading goals. As of June 30, 2024, the total assets of the Company amounted to CNY 80.032 billion, with a year-on-year increase of 21.49%, and the net assets attributable to shareholders of the listed company amounted to CNY 24.268 billion, with a year-on-year decrease of 0.89%. During the reporting period, the operating revenue of the Company reached CNY 35.602 billion, with a year-on-year increase of 7.84%, and the net profit attributable to the parent company amounted to CNY 478 million, with a year-on-year increase of 19.16%. The total sale of complete vehicles was 149.1 thousand, with a year-on-year increase of 13.4%, of which 122.9 thousand vehicles were medium and heavy trucks, with a year-on-year increase of 9.4%; the sale of light trucks was 26.2 thousand vehicles, with a year-on-year increase of 43.0%; the sale of new energy type was 8.5 thousand vehicles, with a year-on-year increase of 139.8%, showing a trend of leapfrog growth. Overseas exports reached 35.5 thousand vehicles, with a year-on-year increase of 37.2%, hitting another record high with high growth. Unit: CNY 100 million
In the first half of 2024, the Company has been awarded the “Annual Enterprise of Employee Benefits in China” and has been successfully selected as one of the “China’s Top 100 ESG (Corporate Social Responsibility) Pioneer Listed Companies in China” for two consecutive years, with a brand value exceeding CNY 131.8 billion, ranking first in the industry for 13 consecutive years. In the first half of 2024, the Company’s key work is as follows: 1. Effective development of leading role of the brand. By solidly promoting the “five modernizations” of its brand, the Company has vigorously improved the brand structure of its complete vehicle products, and accelerated the revitalization of its service brand. In addition, through th collaborative efforts in domestic and overseas communication, as well as activities such as the 30 anniversary celebration in South Africa, the brand story of FAW Jiefang has attracted widespread attention from the industry and society, and has won great popular support. 2. Effective implementation of market-leading strategy as a guiding principle. With firm upholding of the leading advantage of platform products, J7 Pioneer Edition was successfully unveiled and set a new benchmark for “world-class” high-end heavy trucks. With the release of the Jiefang “LANTU” hydrogen binary star product, the pace of green transformation has been steadily accelerated. More than 40 expanded products were launched in an orderly manner to more strongly support market growth. 3. Fruitful achievement of dual-wheel drive system. The Company has broken through nearly 40 key core technologies, and achieved significant breakthroughs in the “1025” special project. In addition, the Company has set up a joint research center with Shell to start the driving test of Starship truck. The Youth Research Project has been completed and put into service, and innovative achievements continue to emerge. Deep promotion of management and personnel system reforms: With the establishment of the Supply and Procurement Department, the deepening of the manufacturing transformation is started. The Company has laid out its strategic businesses, set up overseas international companies and post-market companies, and continuously expanded its value chain and growth chain, achieving initial results in a layered and graded quality operation system. More than 700 talents of various types have been introduced to effectively meet the demand for talents in various fields. The key measures such as the “Year of Capability Enhancement” have been solidly promoted and the total payroll management and salary distribution mechanism have been optimized, enabling employees more motivated and energetic in their efforts. 4. Impressive results of four major strategies. Focusing on solid foundation, the Company has made great efforts to vigorously consolidate the advantages of domestic traditional vehicles. In the dual base of medium and heavy trucks, a coordinated operation mechanism has been established for pricing and promotion, seizing market opportunities such as NG and large single bridge, and maintaining sales volume as the top in China. The product strategy of “strengthening advantages, making up for shortcomings, and seizing opportunities” has been applied for light vehicles, and the marketing strategies of “taking the initiative” and “rapid expansion” have been implemented to achieve a dual increase in sales share. The Company has made great efforts in new energy vehicles, comprehensively pushed forward the layout of complete vehicles and independent assemblies, and deeply cultivated innovation in typical scenarios and modes, showing a trend of leapfrog growth continuously. The Company has seized opportunities in terms of overseas exports, focused on the four major strategies, and applied a combination of deepening reforms, strengthening system foundation and enhancing capabilities, resulting in record high sales in the same period. By adhering to the profitability target orientation and strictly controlling expenses, the Company has improved revenue-generating ability and provided strong support for operations. 5. Solid implementation of seven key works. The Company has implemented strategic management methodology, completed the first round of strategic intent and innovation focus discussions, and focused more on strategic direction, continuously strengthening the role of strategic leadership. The Company has promoted problem solving in overseas market problems through quality management, and effectively and stably maintained its quality reputation. The Company has orderly promoted the construction of more than 30 major IT systems, eliminated nearly 20 isolated islands, and promoted the application of employee intelligent assistants and styling-assisted design and other advanced AI technologies, realizing a more effective digital and intelligent transformation. Procurement resources at each base are controlled in an integrated manner to provide security for procurement and supply, resulting in 100% assurance rate for procurement resources, and a more resilient and secure supply chain. The lean and efficient practices have been implemented to provide strong support for market demand. The improvement of manufacturing technology capability has been accelerated. The new energy qualifications have been obtained for Liuzhou and Guanghan, the production line for electric drive axles has reached the standard of production, and the production line for fuel cell has met the production conditions. The Company has strengthened the capital operation, maintained the top market value in A-share commercial vehicles, and made significant progress in the refinancing project approved by the CSRC. The action in terms of safety and environmental protection remediation and difficulties overcoming has been carried out in a comprehensive manner, resulting in more sound risk compliance and internal control system, accelerated improvement in confidentiality management, and gradually enhanced support capacity. In the second half of the year, with unswervingly upholding and strengthening of the leadership of the Party, continuous implementation of annual work ideas and effective methods of overcoming difficulties of the Company, maintenance of strategic focus, enhancement of crisis awareness, development of the spirit of struggle, and realization of various goals and tasks of party building and operation throughout the year, the Company will lay a more solid foundation for high-quality th achievements throughout the year and sprinting towards the 14 Five-Year Plan with stronger fighting spirit, more motivation, and better results. 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 China’s first and world-class provider of green and intelligent transportation solutions and promoting 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. In the field of heavy trucks, eight major product platforms, i.e. J7, J6P, J6V, J6E, Yingtu, JH6, JH5, and Han V2.0, are included. In the field of medium trucks, four major product platforms, i.e. J6G, J6L, JK6, and Dragon V, are included. In the field of light trucks, four major product platforms, i.e. Lingtu, Tiger 6G, J6F, Tiger V, are included. In the field of passenger vehicles, road vehicles, new energy buses, recreational vehicles, etc., are included, and new energy products achieve full coverage of mainstream scenarios in the market segments. 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 the differentiated product technology advantages in traditional vehicle systems, such as energy-saving, light weight, high-quality, and low-cost, the leading product technology advantages such as digital intelligent independent assembly of new energy vehicles, complete vehicle thermal management and complete vehicle energy management, and the pioneering product technology advantages such as smart driving of intelligent connected vehicles, Internet of Vehicles (IoV) big data and intelligent cockpit. Therefore, the Company 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 200 spare parts dealers covers more than 230 prefecture-level cities in China, with a coverage rate of 97.5% 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, FAW JIEFANG has successively signed contracts with Huawei, Knorr-Bremse, ZF, Shell, Volkswagen, China Unicom, JD, PlusAI and other top enterprises at home and abroad to become strategic partners and establish joint ventures. 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 thousand 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, increasing investment layout, broadening the channels gradually and expanding overseas influence regions such as Southeast Asia, Middle East, Latin America, Africa and Eastern Europe, there are more than 100 core dealers and nearly 190 service providers in more than 40 countries and regions around the world. Export products include models such as J7, J6, JH6, and Tiger 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 products: It covers five major product lines of traction, self-dumping, cargo loading, special purpose and passenger vehicles, including three major technology routes of pure electric, fuel cell and hybrid. Differentiated combinations have been carried out to form a synergy to achieve full coverage of mainstream scenarios in the market segments, and to rapidly increase the terminal market share. 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: complete vehicle architecture, vehicle control software, and assembly interface, which greatly improves the 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. The independent electric drive system achieves full coverage of heavy, medium and light trucks, and passenger vehicles. 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. 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
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