2016-03-18-深交所-江_铃Ｂ_2015年年度报告（英文版）_101页_1mb

报告摘要

Jiangling Motors Corporation, Ltd. 2015 Annual Report Summary

Core Content Overview

Jiangling Motors Corporation, Ltd. (JMC) is a sino-foreign joint venture involved in the production and sales of commercial vehicles, SUVs, and related components. The report provides an in-depth look at the company's financial performance, operational highlights, strategic direction, and key business activities for the year 2015.

Key Information

Company Name: Jiangling Motors Corporation, Ltd.
Share Code: 000550, 200550
Listing Exchange: Shenzhen Stock Exchange
Headquarters: No. 509, Northern Yingbin Avenue, Nanchang City, Jiangxi Province, P.R.C
Postal Code: 330001
Website: http://www.jmc.com.cn
Email: relations@jmc.com.cn
Legal Representative: Wang Xigao
Audit Firm: PricewaterhouseCoopers Zhong Tian CPAs LLP
CFO: Dennis Leu
Chief of Finance Department: Ding Ni
Chairman: Wang Xigao
President: Yuan-Ching Chen

Financial Highlights (2015)

Item	2015 (RMB '000)	2014 (RMB '000)	Change (%)
Revenue	24,527,893	25,537,290	-3.95
Profit Attributable to Equity Holders	2,222,061	2,107,852	5.42
Net Cash from Operating Activities	1,925,023	4,189,649	-54.05
Basic Earnings Per Share (RMB)	2.57	2.44	5.42
Diluted Earnings Per Share (RMB)	2.57	2.44	5.42
Weighted Average Return on Equity	19.56%	21.20%	-1.64 percentage points
Total Assets	21,050,726	19,496,528	7.97
Shareholders’ Equity	11,981,142	10,598,429	13.05

Operating Performance

Total Sales Volume: 257,016 units (down 6.8% YoY)
Total Production Volume: 254,397 units
Main Products: Light trucks, pickups, Yusheng SUV, Ford-brand SUV, Transit commercial vehicles, heavy duty trucks
Core Business: Production and sales of commercial vehicles, SUVs, and related components
Sales Revenue by Product:
- Vehicles: 22,115,996,697 (90.17%)
- Components: 2,176,421,920 (8.87%)
- Material & Others: 235,474,222 (0.96%)
Sales Revenue by Region: 100% from China
Top 5 Customers:
1. Zhejiang Jiangling Motors Sales Company (5.0%)
2. JMCG Import & Export Co., Ltd. (4.3%)
3. Shanghai Keda Auto Sales Company (1.8%)
4. Shanghai Keda Zhoupu Auto Sales Company (1.8%)
5. Henan Jiangling Motors Sales Company (1.7%)
- Total: 14.6% of total turnover
Top 5 Suppliers:
1. Bosch Auto Diesel System Company (5.2%)
2. Jiangxi Jiangling Chassis Company (4.6%)
3. Ford Motor Company (4.4%)
4. GETRAG (Jiangxi) Transmission Company (3.9%)
5. Nanchang Bao-jiang Steel Processing & Distribution Co., Ltd. (3.6%)
- Total: 21.7% of total purchases

Research & Development

R&D Investment (2015): RMB 1,830,992,839 (7.46% of revenue)
R&D Staff (2015): 2,110 (13.44% of total employees)
R&D Programs: N352, N330, J08, J09, J10, J15, J18, J20, J21
Patents (2015):
- Invention Patents: 32 applied, 6 achieved
- Utility Patents: 137 applied, 139 achieved
- Design Patents: 51 applied, 44 achieved
- Total Patents: 22 (invention) + 478 (utility) + 114 (design) = 614

Strategic Outlook

2016 Business Plan:
- Revenue Target: RMB 26.0 billion (up 6% YoY)
- Key Strategies:
  1. Enhance sales network and marketing to meet volume and market share targets
  2. Prepare new product launch plans
  3. Improve product quality and reduce costs
  4. Promote fuel economy and emission compliance
  5. Execute major R&D programs with technical partners
  6. Expand finished vehicle exports and OEM components sales
Challenges in 2016:
- Fiercer competition
- Stricter regulations
- Intensifying cost pressures
- Slowdown in China's economic growth
Solutions:
- Optimize production system
- Improve dealer network and marketing spending
- Enhance supplier capabilities and reduce parts costs
- Strengthen corporate governance and risk control
- Sustain cost management and business structure optimization

Major Events

Profit Distribution:
- A cash dividend of RMB 10.3 per 10 shares was distributed in 2015
- No stock dividend or capital reserve conversion
- The company has been distributing cash dividends for 12 consecutive years since 2003
- Total cash dividends over 12 years: RMB 5,532 million

Key Financial Metrics

Net Cash from Operating Activities: RMB 1,925,023 (down 54.05% YoY)
Net Cash Used in Investing Activities: RMB -1,197,152 (down 17.20% YoY)
Net Cash Used in Financing Activities: RMB -843,299 (down 23.16% YoY)
Net Change in Cash and Cash Equivalents: RMB -115,428 (down 104.65% YoY)

Assets and Liabilities

Major Asset Changes:
- Property, plant, and equipment: RMB 6,323,546 (30.0%)
- Inventories: RMB 1,730,930 (8.2%)
- Trade, other receivables and prepayments: RMB 2,793,770 (13.3%)
- Cash and cash equivalents: RMB 8,848,040 (42.0%)
Asset Proportions:
- Property, plant, and equipment: increased by 0.6 percentage points
- Inventories: decreased by 0.3 percentage points
- Trade, other receivables and prepayments: increased by 3.0 percentage points
- Cash and cash equivalents: decreased by 4.0 percentage points

Subsidiaries and Joint-Stock Companies

Company Name	Type	Main Business	Registered Capital (RMB)	Assets (RMB)	Net Assets (RMB)	Turnover (RMB)	Operating Profit (RMB)	Net Profit (RMB)
Jiangling Motors Sales Corporation, Ltd	Subsidiary	Sales vehicle, service parts	50,000,000	2,935,698,307	220,731,488	21,436,631,609	66,095,548	49,157,632
JMC Heavy Duty Vehicle Co., Ltd	Subsidiary	Heavy commercial vehicle, engine, component	281,793,174	1,106,052,443	-52,871,195	98,055,695	-202,802,209	-81,507,258
Hannon Systems (Nanchang)	Joint-Stock Company	Automotive air conditioning and parts	46,627,171	330,291,715	214,062,594	528,073,486	93,531,644	73,343,839

External Research and Media Interviews

During Reporting Period (2015):
- Conducted 4 on-site researches with 29 institutions
- No individual or other interviews
- No disclosure of material information
From Dec 31, 2015 to Mar 19, 2016:
- Conducted 3 on-site researches with 17 institutions
- No individual or other interviews
- No disclosure of material information

Summary of Key Points

JMC is a major player in China's commercial vehicle industry, with a focus on quality, innovation, and market expansion.
Despite a slight decline in sales volume and revenue, the company reported a 5.42% increase in net profit.
The company continues to invest heavily in R&D, with 15% of net assets allocated to development in 2015.
JMC maintains a strong relationship with key suppliers and customers, many of which are related parties.
The company plans to expand its product line, improve sales networks, and enhance its competitive position in the SUV and heavy truck markets.
The report emphasizes compliance with regulatory requirements and the importance of corporate governance and risk management.

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