[年报]一汽解放(000800):2024年年度报告（英文版）
原标题:一汽解放:2024年年度报告（英文版） Chairman and CPC Secretary adverse market conditions. of FAW Jiefang Li Sheng Boldly confronting markets, winning in retail sectors, and reinforcing our industry-leading position. With extraordinary determination, exceptional measures, and remarkable effort, we achieved annual vehicle sales of 251.1 thousand units, representing a 3.90% year-on-year increase. Our medium and heavy truck sales reached 214 thousand units with a market share of 26.60%, maintaining our position as China's market leader for nine consecutive years. In overseas markets, despite downturns in key regions, we exported 57 thousand vehicles - a 27.40% year-on-year increase - achieving record-high sales with the industry's fastest growth rate. Our new energy vehicle segment capitalized on market opportunities with sales of 15.9 thousand units, growing by 121% and setting a new record with the highest growth rate among premium brands. Our brand value has reached 131.845 billion yuan, ranking first in the industry for 13 consecutive years. We've also earned the honorary title of "National Responsibility Bearer," showcasing Jiefang's leadership as the flagship of China's automotive industry. Accelerating transformation, driving reform, and building lasting business strength. We have diligently promoted and implemented the principles from the Third Plenary Session of the 20th CPC Central Committee and conducted thorough Party discipline education. Our efforts earned recognition from China FAW as a "Pioneer Party Building Red List Unit" and "Merit Competition Outstanding Unit." We have deeply implemented state-owned enterprise reform initiatives, completed the integration of manufacturing and operations, officially established Jiefang International, and launched our "SPRINT2030" internationalization strategy. We've also revitalized our aftermarket services and UNID operations. Our quality management systems have matured significantly, supply chain capabilities have substantially improved, and incentive mechanisms have been further optimized. In 2024, FAW Jiefang completed a 2-billion-yuan targeted share issuance while maintaining an industry-leading market capitalization. We were invited to share our reform achievements with the State-owned Assets Supervision and Administration Commission, with our practices highlighted in the Commission's official briefings. Additionally, we received an A-level evaluation for information disclosure from the Shenzhen Stock Exchange for the fourth consecutive year. Self-reliance and innovation: building core competitive advantages. We have strengthened our technological research and development with several innovative breakthroughs: completing the Qingdao Commercial Vehicle R&D Center on schedule; establishing the Pioneering and Leading Lantu Joint Research Center with Shell China; unveiling the industry-first "Xingyi" hydrogen engine and liquid hydrogen fuel cell tractor; launching production at our 6DV engine super factory; introducing China's first in-cylinder direct injection hydrogen engine for heavy commercial vehicles; achieving new milestones in digital transformation; receiving national awards for our V2X cloud platform; having our J7 intelligent factory recognized among the first "Excellence-level Intelligent Factories" by the Ministry of Industry and Information Technology; launching over 150 new products including the J7 Pioneering and Leading Version Edition; and achieving breakthroughs in more than 100 key technologies. Reducing logistics costs and carbon emissions: setting new standards in green manufacturing. Guided by green development principles, we have firmly implemented our "15333" new energy strategy and accelerated upgrades to our new energy products. We've continuously improved fuel efficiency technologies, reducing average fuel consumption by 1.50 liters per 100 kilometers. This has helped users save over 300 million liters of fuel annually, substantially reducing societal logistics costs and saving users over 50 thousand yuan per vehicle annually. We've aggressively pursued carbon reduction throughout our operations, implementing 31 megawatts of photovoltaic power generation and trading 50.8 million kilowatt-hours of green electricity, reducing carbon emissions by 50 thousand tons. Unified efforts and strategic collaboration: achieving mutual benefits with partners. We've established cooperative agreements with Jiuzhou Hengchang Logistics Co., Ltd., Mahle, Farasis Energy, Dalian New Energy Industry and other partners. Through our global partner conference, we've continued to build momentum around "co-creation, co-progress, co-winning, and co-sharing." We've actively implemented our "double care" culture, effectively executing our "7+100" key initiatives, and resolving 173 urgent employee concerns. In 2024, FAW Jiefang was recognized as a "National Advanced Collective in Creating Harmonious Labor Relations. Fulfilling our responsibilities, leading with compassion, and deepening our commitment to public service. We have consistently upheld our principle of "Harmonious Development of People, Vehicles, and Society." Through our "Jiefang Cares" public welfare initiative, we have focused on trucker support programs, educational advancement, environmental protection, and rural revitalization. Partnering with 20 suppliers, we launched the "Truck Driver Support Project," providing assistance to 189 truckers in need and recognizing five exemplary drivers this year. These efforts continue to strengthen our reputation as a national brand characterized by compassion and social responsibility. In 2024, FAW Jiefang was listed in CCTV's "China ESG Listed Company Pioneer 100" for the second consecutive year, selected for the State-owned Assets Supervision and Administration Commission's "Top Ten ESG Cases among Central Enterprise Listed Companies," included in the "2024 Outstanding ESG Cases of Chinese Enterprises," named "2023 China Employee Public Welfare Enterprise of the Year," and our "Jiefang Cares Truck Driver Support Project" was recognized as the Public Welfare Project of the Year by the "Warm Journey Truck Driver Career Development and Security Initiative." Like gold that emerges only after countless refinements, excellence requires persistent effort. In 2025, FAW Jiefang will continue to be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, maintaining our strategic focus and leadership confidence. Working together with unwavering determination, we will achieve new breakthroughs, growth, and milestones. We remain firmly committed to our strategic goal of being "China's First, World-Class" to technological and product leadership that drives market dominance, to deepening reforms, to commercial success, and to cultural and talent development. We will dedicate our full efforts to winning the final phase of the 14th Five-Year Plan, advancing powerfully toward our goal of becoming a world-class enterprise, and striving to write a new chapter in our century-long journey of excellence! 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. Li Sheng, the person in charge of the Company, Yu Changxin, the person in charge of accounting, and Fan Chao, 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. All directors were present at the meeting of the Board of Directors at which this report was considered. This annual report includes prospective statements, such as future plans, and does not constitute a substantial commitment of the Company to investors. Investors and relevant persons should maintain sufficient risk awareness of this and understand the differences between plans, forecasts, and commitments. 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 content. China Securities Journal, Securities Times and CNINFO (http://www.cninfo.com.cn) are the information disclosure media selected by the Company. All information about the Company is subject to being 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 4,922,371,176 shares of the Company, a cash dividend of 0.5 yuan (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 .............................................. 6 Section II Company Profile and Main Financial Indicators ................................. 12 Section III Management Discussion and Analysis .................................................. 22 Section IV Corporate Governance ........................................................................... 77 Section V Environmental and Social Responsibilities ......................................... 132 Section VI Important Matters ................................................................................ 146 Section VII Changes in Shares and Shareholders ................................................ 175 Section VIII Preferred Shares ................................................................................ 195 Section IX Bonds...................................................................................................... 196 Section X Financial Report ..................................................................................... 197 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 Certified Public Accountants LLP and sealed and signed by 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
□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: Business combination under common control
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 international accounting standards and Chinese accounting standards. 2. Differences in net profits and net assets in the financial report disclosed simultaneously according to foreign accounting standards and Chinese 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 Chinese accounting standards. VIII. Seasonal Main Financial Indicators Unit: Yuan
IX. Items and Amounts of Non-recurring Profit and Loss ?Applicable □Not applicable Unit: Yuan
loss: □Applicable ?Not applicable There is no specific conditions of profit and loss items meeting the 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 The Company strictly complies with the information disclosure requirements for listed companies and discloses information in accordance with the automotive manufacturing industry disclosure requirements specified in the "No.3 Guideline of Shenzhen Stock Exchange on Self-Regulatory Supervision of Listed Companies - Industry Information Disclosure." I. Industry of the Company in the Reporting Period In 2024, the macroeconomic environment remained in a recovery period, with annual GDP growth reaching 5.0%, meeting the expected target. However, domestic demand remained weak, consumption lacked sufficient support, and investment continued at low levels. While exports showed growth, the economy displayed a clear pattern of external strength and internal weakness, operating at subdued levels with limited market stimulus. Highway freight and construction demand continued to decline, with the logistics industry downturn further negatively impacting the commercial vehicle market. Effects from previously front-loaded demand led to persistent transport capacity surplus, while freight rates remained depressed, further squeezing vehicle owners' profit margins. Overall, market conditions showed no significant improvement. According to statistics from the China Association of Automobile Manufacturers (CAAM), the production output and sales volume of commercial vehicles in 2024 were 3.805 million and 3.873 million units, representing year-on-year decreases of 5.8% and 3.9%, respectively. Annual demand for medium and heavy-duty trucks reached 1.03 million units, up by 1.1% year on year. FAW Jiefang's medium and heavy-duty truck sales reached 214 thousand units, increasing 4.3% year-on-year, while market share rose to 20.9%, a gain of 0.7 percentage points. Despite overall market demand falling below expectations, the Company achieved steady growth in both sales volume and market share. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Monthly commercial vehicle sales and growth rate Note: Industry data sourced from the China Association of Automobile Manufacturers In 2024, the introduction of vehicle trade-in policies and subsidies for retiring National III and IV emission standard vehicles stimulated replacement demand. Additionally, continued growth in the natural gas market, strong export performance, and accelerating new energy adoption all contributed to increased sales in these key market segments. FAW Jiefang's natural gas heavy truck retail sales reached 57 thousand units, growing 11.8% year-on-year, with market share exceeding 30%, maintaining its industry-leading position. New energy vehicle sales reached 15.9 thousand units, achieving exponential growth. Overseas exports totaled 57 thousand units, showing steady improvement. Premium products such as the J7 and Yingtu series gained widespread market recognition with significant sales growth. In 2024, the government implemented several policies to support commercial vehicle industry development: March 13: The State Council issued the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in," advocating for accelerated retirement of diesel freight vehicles meeting National III or lower emission standards. May 31: The Ministry of Transport, along with twelve other departments, issued the "Action Plan for Large-scale Equipment Renewal in Transportation," further specifying the detailed measures for transportation equipment renewal initiatives, including implementing trade-in programs with subsidies in the commercial vehicle sector; July 31: The Ministry of Transport and Ministry of Finance issued the "Notice on Implementing the Scrapping and Renewal of Aging Commercial Freight Vehicles," specifying subsidy rules to support implementation. These policies collectively stimulated market demand, establishing a foundation for industry sales recovery. FAW Jiefang achieved annual sales of 251 thousand units, representing a 3.9% year-on-year increase. Beyond the positive impact of vehicle replacement policies, the gradual implementation of tiered environmental management standards also accelerated the industry's transition toward new energy vehicles. The Ministry of Ecology and Environment together with four other departments, issued the "Opinions on Promoting Ultra-low Emissions in the Cement Industry" and "Opinions on Promoting Ultra-low Emissions in the Coking Industry." These regulations require that companies in both industries maintain a clean transportation ratio of no less than 80%. Enterprises failing to meet this requirement must use only new energy vehicles or those meeting National VI emission standards for all automotive transport, which has helped drive sales growth in the new energy commercial vehicle sector. Building on these favorable policies, FAW Jiefang achieved substantial growth in new energy product sales, reaching 15.9 thousand vehicles for the year. II. Main Businesses of the Company in the Reporting Period 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 "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. The main business, products, and business model of the Company did not change significantly during the reporting period. As of 2024, FAW Jiefang has strategically established five major vehicle production bases across China in Changchun, Qingdao, Guanghan, Liuzhou, and Foshan. This carefully designed production network creates a "primary-secondary, flexibly complementary" capacity model, reaching a total annual production capacity of 418 thousand vehicles. The annual production capacities of each base are: 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 consistently prioritized technological leadership and business innovation as key strategic development directions, continually increasing its investments in these areas. Simultaneously, the Company has proactively accelerated the optimization and restructuring of its production capacity, focusing closely on critical development trends such as high-end product development and new energy transformation, while continuously optimizing resource allocation and implementing smart manufacturing upgrades. Through these comprehensive initiatives, the Company has successfully established multiple industry-leading advanced manufacturing bases, demonstrating not only exceptional production and manufacturing capabilities but also securing significant technological and operational advantages in the commercial vehicle sector. This has established a solid foundation for maintaining the Company's sustained market leadership position. Manufacturing, production and operation of complete vehicle in the reporting period ?Applicable □Not applicable Production and sales of complete vehicles Unit: Vehicle
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