2023-03-29-深交所-江_铃Ｂ_2022年年度报告（英文版）_208页_2mb

Summary of Jiangling Motors Corporation, Ltd. 2022 Annual Report

Core Content Overview

Jiangling Motors Corporation, Ltd. (JMC) is a modern Sino-foreign joint venture that integrates automobile research and development, manufacturing, and sales. It is a leading player in the Chinese automotive industry, particularly in the light commercial vehicle and SUV sectors, and has been recognized as a National High-tech Enterprise and National Vehicle Export Base. The company's 2022 Annual Report provides detailed insights into its financial performance, business strategies, and core competencies.

Main Financial Data and Performance

• Revenue: RMB 30,100,283,842 in 2022, a decrease of 14.54% compared to 2021.
• Profit Attributable to Equity Holders: RMB 915,049,168 in 2022, an increase of 59.37% compared to 2021.
• Net Profit Attributable to Shareholders: RMB -229,667,660 in 2022, a significant decrease of 875.15% compared to 2021.
• Net Cash Generated From Operating Activities: RMB -1,518,573,952 in 2022, a decrease of 186.27% compared to 2021.
• Basic Earnings Per Share (RMB): 1.06 in 2022, up by 59.37% from 0.67 in 2021.
• Total Assets: RMB 27,468,321,835 at the end of 2022, an increase of 4.21% compared to 2021.
• Shareholders’ Equity Attributable to Equity Holders: RMB 9,243,817,333 at the end of 2022, up by 8.05% compared to 2021.

Key Business Highlights

1. Production and Sales Volume

• Total Production: 281,594 units in 2022, a decrease of 17.09% year-on-year.
• Total Sales: 282,008 units in 2022, a decrease of 17.30% year-on-year.
• Product Breakdown:
  • Light Bus: Production 79,805 units (down 20.33%), Sales 77,237 units (down 23.92%).
  • Truck: Production 62,825 units (down 46.81%), Sales 64,727 units (down 45.20%).
  • Pickup: Production 63,496 units (down 6.99%), Sales 62,872 units (down 7.41%).
  • SUV: Production 75,468 units (up 42.14%), Sales 77,172 units (up 44.30%).

2. Export Performance

• Total Export Volume: Exceeded 3 million units, up 54.4% year-on-year.
• Passenger Vehicle Export: 2,529,000 units, up 56.7%.
• Commercial Vehicle Export: 582,000 units, up 44.9%.
• New Energy Vehicle Export: 679,000 units, up 120%.

3. New Energy Vehicle Development

• New Energy Vehicle Sales: 6,887,000 units, up 93.4% year-on-year.
• New Energy Vehicle Market Share: Reached 25.6%.
• New Energy Vehicle Subsidy: RMB 10,451,000 received in 2022.
• New Energy Vehicle Production and Sales:
  • New Energy Bus Series: Production 1,552 units, Sales 1,411 units.
  • New Energy Passenger Vehicles and Pickup: Production 366 units, Sales 363 units.
  • New Energy Truck: Production 1,647 units, Sales 1,655 units.
  • Total New Energy Vehicle Revenue: RMB 473,734,383.

4. Core Competitiveness

• JMC is a pioneer in the intelligent logistics field, leveraging its market leadership and advanced technology in light commercial vehicles.
• It is a provider of Ford-branded SUVs.
• Recognized as a National High-tech Enterprise, National Innovation Pilot Enterprise, National Enterprise Technology Center, National Industrial Design Center, National Intellectual Property Demonstration Enterprise, and National Vehicle Export Base.
• Ranked among the top 100 most valuable automobile brands globally.
• Market Share:
  • Light Bus: No.1.
  • Pickup: No.2.
  • Light Truck: No.5.

Key Strategic Developments

• R&D and Technology: Continued investment in new products, smart connectivity, new energy, and lightweight technologies.
• Autonomous Driving and Smart Connectivity: Developed and expanded functions through the third space with vehicle as a carrier.
• Digitalization: Strengthened digital operation capabilities and entered key value fields such as network socialization and financial payment.
• Supplier Cooperation: Established partnerships with leading companies like CATL, Suzhou Inovance, Bosch, Garrett, Yunnei Power, and ZF for component and new energy development.
• Customer-Centered Approach: Launched new models such as Kaiyun +, Fushun, and Yuhu 7 SVO to meet diverse customer needs and improve competitiveness.

Shareholder and Governance Information

• Controlling Shareholders: Nanchang Jiangling Investment Co., Ltd. and Ford Motor Company.
• Profit Distribution: A cash dividend of RMB 4.24 per 10 shares was proposed for 2022.
• Independent Auditor: PricewaterhouseCoopers Zhong Tian LLP.
• Annual Report Availability: Published on Shenzhen Stock Exchange and cninfo.

Risks and Countermeasures

• Risks Mentioned: Economic downward pressure, high raw material prices, core and power restrictions, poor logistics.
• Countermeasures: Focus on high-quality development, lean operations, and cost control.

Non-Recurring Profit and Loss

• Total Non-Recurring Profit and Loss: RMB 1,144,716,828 in 2022.
• Main Items:
  • Non-Current Assets Disposal Profit: RMB 389,251,475.
  • Government Subsidies: RMB 943,326,556.
  • Capital Occupation Fee: RMB 13,827,410.
  • Fair Value Gains and Losses: RMB 1,424,039.
  • Impairment Provision Return: RMB 110,068.
  • Other Non-Operating Income/Expenses: RMB 1,423,948.
• Net Impact After Tax: RMB 1,144,716,828.
• Minority Shareholders' Equity Influence: RMB 363,305.

Conclusion

JMC demonstrated resilience in 2022 despite economic headwinds and industry challenges. The company maintained a strong presence in both domestic and international markets, particularly in new energy and smart connectivity sectors. Strategic investments in R&D, digital transformation, and supplier partnerships played a key role in enhancing its competitiveness and market share. The report also highlights the company's focus on high-quality development and its commitment to customer satisfaction through diversified product offerings and improved service experiences.