Share’s code： 000550 Share’s Name： Jiangling Motors No.： 2025-045

200550 Jiangling B

Jiangling Motors Corporation Ltd.2025 Third Quarter Report

Jiangling Motors Co. Ltd. and its Board members undertake that the

information disclosed herein is truthful accurate and complete and does

not contain any false statement misrepresentation or major omission.Important Note

1. The Board of Directors and its members the Supervisory Board and its

members and the senior executives are jointly and severally liable for the

truthfulness accuracy and completeness of the information disclosed in the

Report and confirm that the information disclosed herein does not contain

any false statement misrepresentation or major omission.

2. Chairman Qiu Tiangao CFO Joey Zhu and Chief of Finance Department

Hu Hanfeng confirm that the financial statements in this Quarter Report are

truthful accurate and complete.

3. Whether the 2025 third quarter report is audited

□Yes □No

1 Brief Introduction

(1) Main accounting data and financial indicators

Unit: RMB

Beginning of

Reporting period YoY YoY

Year to End of

(2025 Third Change Change

Reporting

Quarter) (%) (%)

Period

Revenue 9196139182 -6.26% 27288525392 -1.59%

Net Profit Attributable to the

16405954-93.94%749134001-35.76%

Equity Holders of the Company

Net Profit Attributable to the

Equity Holders of the Company

-72929211-126.67%466986995-56.95%

After Deducting Non-Recurring

Profit or Loss

Net Cash Generated From

————201904797-88.30%

Operating Activities

Basic Earnings Per Share

0.02-93.55%0.87-35.56%

(RMB)

1Diluted Earnings Per Share

0.02-93.55%0.87-35.56%

(RMB)

Weighted Average Return on

0.16%-2.49%6.58%-4.28%

Net Asset Ratio (%)

At the End of the At the End of the Change

Reporting Period Previous Year (%)

Total Assets 29616572234 30839912640 -3.97%

Shareholder’s Equity Attributable to the

1125682642711292579854-0.32%

Equity Holders of the Company

(2) Non-recurring profit and loss items and amounts

□Applicable □Not Applicable

Unit: RMB

Reporting period Beginning of

(2025 Third Year to End of

Quarter) Reporting Period

Profit and loss of non-current assets disposal

(including the charge-off part of the asset impairment -1620371 16794091

provision)

Government subsidies included in the current profit

66557059268799241

and loss

In addition to the effective hedging business related to

the normal operating business of the Company

holding the gains and losses of fair value changes

arising from trading financial assets and trading

-5883293124924

financial liabilities as well as the investment income

obtained from the disposal of trading financial assets

trading financial liabilities and available for sale

financial assets

Capital occupation fee charged for non-financial

5341751774183

enterprises included in the current profit and loss

Reversal of impairment allowance for individually

18723951872395

assessed receivables

Other non-operating income and expenses except the

-1287919160734

above

Other profit and loss items that meet the definition of

-14072157-14158730

non-recurring profit and loss

Less: Income tax impact amount 42313758 75958546

Influence of minority shareholders' equity (after-tax) -80254070 -79738714

Total 89335165 282147006

2Details of other profit and loss items that meet the definition of non-recurring

profit and loss

□Applicable □Not Applicable

There is no other profit and loss items that meet the definition of non-recurring

profit and loss in the Company.The description of the non-recurring profit and loss items listed in Corporate

Information Disclosure of Public Issuing Securities No.1 is defined as recurring

profit and loss items

□Applicable □Not Applicable

The Company does not have a situation in which the non-recurring profit and

loss items listed in No.1 of Corporate Information Disclosure Announcement

No.1 are defined as recurring profit and loss.

(3) Causes and explanations on major changes of financial indicators of the

reporting period

□Applicable □Not Applicable

In the first three quarters of 2025 JMC sold 260957 vehicles in total

increased by 7.73% compared with the same period last year including 70773

light buses 52726 trucks 45404 pickups 92054 SUVs. Revenue was RMB

27289 million decreased by 1.59% compared with the same period last year.

During the first three quarters of 2025 net profit attributable to the equity

holders of the Company was RMB 749 million decreased by RMB 417 million

and down 35.76% compared with the same period last year and net profit

attributable to the equity holders of the Company after deducting non-recurring

profit or loss decreased by RMB 618 million and down 56.95% compared with

the same period last year. In the third quarter of 2025 compared with the same

period last year net profit attributable to the equity holders of the Company

decreased by RMB 254 million down 93.94% and net profit attributable to the

equity holders of the Company after deducting non-recurring profit or loss

decreased by RMB 346 million down 126.67%. The above changes were

mainly due to the corresponding reversal of the recognized deferred income

tax assets resulting from the business adjustment of Jiangling Ford

Automotive Technology (Shanghai) Co. Ltd. a controlling subsidiary of the

Company in this quarter.As of the end of the third quarter of 2025 compared with the end of the

previous year accounts receivable increased by RMB 1536 million up

36.75% mainly due to the growth in whole vehicle export operations.

As of the end of the third quarter of 2025 compared with the end of the

previous year financing receivables decreased by RMB 148 million down

348.96% mainly because the payments to suppliers were made by means of

bills of exchange.As of the end of the third quarter of 2025 compared with the end of the

previous year deferred income tax assets decreased by RMB 555 million

down 36.30% mainly due to the impact of the reversal of deferred income tax

assets of the subsidiary.As of the end of the third quarter of 2025 compared with the end of the

previous year short-term borrowings decreased by RMB 700 million down

46.67% mainly due to the repayment of short-term bank borrowings.

As of the end of the third quarter of 2025 compared with the end of the

previous year contract liabilities increased by RMB 323 million up 69.03%

mainly due to the increase in advance payments for technical services.As of the end of the third quarter of 2025 compared with the end of the

previous year minority interests decreased by RMB 293 million down 42.02%

mainly due to the impact of changes in the profit and loss of the subsidiary.During the first three quarters of 2025 compared with the same period last

year selling and distribution expenses decreased by RMB 317 million down

32.73% mainly due to the significant expenditure in the launch of new models

during the same period last year.During the first three quarters of 2025 compared with the same period last

year income tax expenses increased by RMB 713 million up 1152.86%

mainly due to the impact of the reversal of deferred income tax assets of the

subsidiary.During the first three quarters of 2025 compared with the same period last

year net cash flows generated from operating activities decreased by RMB

1524 million down 88.30% mainly due to the decrease of cash received from

sales of goods.During the first three quarters of 2025 compared with the same period last

year net cash flows used in investing activities decreased by RMB 360 million

down 35.43% mainly due to the decrease of cash paid for the acquisition and

construction of fixed assets during the period.

42 Shareholder Information

(1) Total number of shareholders and top ten shareholders

Total shareholders JMC had 39356 shareholders including 33537 A-share holders and 5819

(as at September 31 2025) B-share holders.Top ten shareholders (excluding lending of shares through refinancing)

Shareholding Shares with Shares due to

Shares at the

Shareholder Name Shareholder Type Percentage Trading Mortgage or

End of Year

(%) Restriction Frozen or Mark

Nanchang Jiangling State-owned legal

41.03%35417600000

Investment Co. Ltd. person

Ford Motor Company Foreign legal person 32.00% 276228394 0 0

Hong Kong Securities

Clearing Company Ltd. Foreign legal person 1.30% 11229724 0 0

(HKSCC)

Domestic natural

Jin Xing 0.65% 5573000 0 0

person

China Merchants

Foreign legal person 0.54% 4652775 0 0

Securities (HK) Co. Ltd.Bank of China Limited -

Yi Fangda Hong Kong

Stock Connect Dividend Domestic

non-State-owned 0.37% 3155600 0 0

Flexible Allocation legal persons

Hybrid Securities

Investment Fund

Domestic natural

Zhou Jianqi 0.25% 2121300 0 0

person

Industrial and

Commercial Bank of

Domestic

China Limited - HTFTZ

non-State-owned 0.24% 2069224 0 0

Intelligent Manufacturing

legal persons

Stock Securities

Investment Fund

China Merchants Bank

Co. Ltd. - China

Domestic

Southern CSI 1000

non-State-owned 0.22% 1896530 0 0

Exchange Traded Open

legal persons

End Index Securities

Investment Fund

Domestic natural

Li Wei 0.19% 1628200 0 0

person

Top ten shareholders holding unlimited tradable shares (excluding lending of shares through refinancing and

executive lock-up shares)

Shareholder Name Shares without Trading Share Type

Restriction

5Nanchang Jiangling Investment Co. Ltd. 354176000 A share

Ford Motor Company 276228394 B share

Hong Kong Securities Clearing Company Ltd.

11229724 A share

(HKSCC)

Jin Xing 5573000 B share

China Merchants Securities (HK) Co. Ltd. 4652775 B share

Bank of China Limited - Yi Fangda Hong Kong

Stock Connect Dividend Flexible Allocation 3155600 A share

Hybrid Securities Investment Fund

Zhou Jianqi 2121300 A share

Industrial and Commercial Bank of China

Limited - HTFTZ Intelligent Manufacturing Stock 2069224 A share

Securities Investment Fund

China Merchants Bank Co. Ltd. - China

Southern CSI 1000 Exchange Traded Open 1896530 A share

End Index Securities Investment Fund

Li Wei 1628200 B share

Notes on association among above-mentioned shareholders None.Description of shareholders participating in financing and None.securities financing business

Participation of Shareholders holding more than 5% of shares top 10

shareholders and top 10 shareholders with unlimited shares in the lending of

shares in the refinancing business

□Applicable □Not Applicable

Change in the top 10 shareholders of the Company and the top 10

shareholders with unlimited shares from the previous period due to

lending/repatriation of refinancing business

□Applicable □Not Applicable

(2) Total number of shareholders holding preferred shares and top ten

shareholders holding preferred shares

□Applicable □Not Applicable

3. Other Major Events

□Applicable □Not Applicable

64. Financial Statements

Jiangling Motors Corporation Ltd.

(1) CONSOLIDATED AND COMPANY BALANCE SHEETS AS AT 30 SEPTEMBER

2025

(All amounts in RMB Yuan unless otherwise stated)

30 September 2025 31 December 2024

Item

Consolidated* Consolidated

Current assets

Cash and cash equivalents 10658995228 12546295890

Derivative financial assets 2392110 12612380

Notes receivable 270110 226865

Accounts receivable 5717394342 4181008234

Financing receivables 154179199 302065502

Advances to suppliers 68621538 94749172

Other receivables 44020263 54013240

Inventories 1878644028 2054517242

Current portion of non-current assets 13236381 20784738

Other current assets 1528559277 1228372977

Total current assets 20066312476 20494646240

Non-current assets

Long-term receivables 17352040 18533908

Long-term equity investments 207435992 219298031

Fixed assets 5825152824 5749474005

Construction in progress 528328529 661911780

Right-of-use assets 88516881 158485688

Intangible assets 1678170087 1811454853

Development expenditures 224887560 188103430

Goodwill - -

Deferred tax assets 974766226 1530144365

Other non-current assets 5649619 7860340

Total non-current assets 9550259758 10345266400

TOTAL ASSETS 29616572234 30839912640

Current liabilities

Short-term borrowings 800000000 1500000000

Notes payable 139132013 -

Accounts payable 10202559849 10061223944

Contract liabilities 790551331 467704291

Employee benefits payable 643587581 780174574

Taxes payable 154076459 265198389

Other payables 5177565980 5739064167

Current portion of non-current liabilities 79541084 86155114

Other current liabilities 313600315 341548441

7Total current liabilities 18300614612 19241068920

Non-current liabilities

Long-term borrowings 697947 941453

Lease liabilities 9066870 93752634

Long-term employee benefits payable 56852211 59342000

Provisions 270874862 287165703

Deferred income 62917703 61202010

Deferred tax liabilities 225700884 130301876

Other non-current liabilities 423207186 370793523

Total non-current liabilities 1049317663 1003499199

Total liabilities 19349932275 20244568119

Equity

Share capital 863214000 863214000

Capital surplus 839442490 839442490

Less: treasury shares 170214887 -

Other comprehensive income -26388000 -26388000

Special reserve 5306894 5371093

Surplus reserve 431607000 431607000

Retained earnings 9313858930 9179333271

Total equity attributable to shareholders of

1125682642711292579854

the Company

Minority interests -990186468 -697235333

Total equity 10266639959 10595344521

TOTAL LIABILITIES AND EQUITY 29616572234 30839912640

* Unaudited financial indexes

8(2) CONSOLIDATED AND COMPANY INCOME STATEMENTS FOR 1st

JANUARY 2025 TO 30th SEPTEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)

2025.1.1-2025.9.302024.1.1-2024.9.30

Item

Consolidated* Consolidated*

Total Revenue 27288525392 27730616481

Including: Revenue 27288525392 27730616481

Total Cost of sales 26574464198 27317394616

Including: Cost of sales 23456492984 23887027088

Taxes and surcharges 874428587 1097433569

Selling and distribution expenses 652178361 969535546

General and administrative expenses 714087246 647793534

Research and development expenses 964149878 855560334

Financial expenses -86872858 -139955455

Including: Interest expenses 13491216 17036093

Interest income -111644594 -163857921

Add: Other income 387822730 423291899

Investment income -1667833 4763043

Including: Share of profit of associates and joint

-11862039-3872852

ventures

Gains on changes in fair value -7314033 -9979484

Credit impairment losses -2892795 8320548

Asset impairment losses 107070 4564039

Gains on disposal of assets 17397780 4941898

Operating profit 1107514113 849123808

Add: Non-operating income 2790940 2060583

Less: Non-operating expenses 3233896 7712894

Total profit 1107071157 843471497

Less: Income tax expenses 650888291 -61820694

Net profit 456182866 905292191

Classified by continuity of operations

Net profit from continuing operations 456182866 905292191

Net profit from discontinued operations - -

Classified by ownership of the equity

Attributable to shareholders of the Company 749134001 1166091015

Minority interests -292951135 -260798824

Other comprehensive income net of tax - -

Attributable to shareholders of the Company

Other comprehensive income items which will not be

reclassified to profit or loss

Changes arising from remeasurement of defined benefit

--

plan

Attributable to minority interests - -

9Total comprehensive income 456182866 905292191

Attributable to shareholders of the Company 749134001 1166091015

Attributable to minority interests -292951135 -260798824

Earnings per share

Basic earnings per share(RMB Yuan) 0.87 1.35

Diluted earnings per share(RMB Yuan) 0.87 1.35

*: Unaudited financial indexes

10(3) CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS FOR 1st

JANUARY 2025 TO 30th SEPTEMBER 2025

(All amounts in RMB Yuan unless otherwise stated)

2025.1.1-2025.9.302024.1.1-2024.9.30

Item

Consolidated* Consolidated*

Cash flows generated from operating activities

Cash received from sales of goods or rendering of

2828509650429880646804

services

Refunds of taxes - 164581363

Cash received relating to other operating activities 365842336 160129899

Sub-total of cash inflows 28650938840 30205358066

Cash paid for goods and services 22758076662 22533597108

Cash paid to and on behalf of employees 2144384139 2115699297

Payments of taxes and surcharges 1864060966 2256297011

Cash paid relating to other operating activities 1682512276 1573390998

Sub-total of cash outflows 28449034043 28478984414

Net cash flows generated from operating activities 201904797 1726373652

Cash flows used in investing activities

Cash received from disposal of investments 55000000 600000000

Cash received from returns on investments 264648 8000784

Net cash received from disposal of fixed assets

4075066926414906

intangible assets and other long-term assets

Cash received relating to other investing activities 118320297 170025631

Sub-total of cash inflows 214335614 804441321

Cash paid to acquire fixed assets intangible assets and

8146720961217399820

other long-term assets

Cash paid to acquire investments 55000000 600000000

Cash paid relating to other investing activities 533226 2805783

Sub-total of cash outflows 870205322 1820205603

Net cash flows used in investing activities -655869708 -1015764282

Cash flows used in financing activities

Cash received from borrowings 3730381417 1993735139

Cash received from other financing activities - 1332309

Sub-total of cash inflows 3730381417 1995067448

Cash repayments of borrowings 4350240906 2802237020

Cash payments for distribution of dividends profits or

617395698599149627

interest expenses

Cash paid relating to other financing activities 190177199 21178345

Sub-total of cash outflows 5157813803 3422564992

Net cash flows used in financing activities -1427432386 -1427497544

Effect of foreign exchange rate changes on cash

and cash equivalents - -

Net decrease in cash and cash equivalents -1881397297 -716888174

Add: Cash and cash equivalents at beginning of year 12475176009 11746518615

Cash and cash equivalents at end of period 10593778712 11029630441

* Unaudited financial indexes

112. In 2025 the first implementation of the new accounting standards

adjustment and the situation of first implementation of the financial statements

at the beginning of the year related items

□Applicable □Not Applicable

3. Whether the 2025 Third quarter report is audited

□Yes □No

JMC 2025 Third Quarter Report is not audited.Board of Directors

Jiangling Motors Corporation Ltd.October 22 2025

12