Jiangling Motors Corporation Ltd.
2025 Half-year Report
1Chapter I Important Notes Contents and Abbreviations
Important Note
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.Chairman Qiu Tiangao CFO Joey Zhu and Chief of Finance Department Hu
Hanfeng confirm that the Financial Statements in this Half-year Report are
truthful accurate and complete.All the Directors were present at the Board meeting to review this Half-year
Report.Future plans development strategies and other forward-looking statements in
this report do not constitute a substantial commitment of the Company to
investors. Investors are advised to pay attention to investment risks.The Company's possible risks and countermeasures are described in Section
3 of this report "Management Discussion and Analysis". Please investors pay
attention to the relevant content.Neither cash dividend nor stock dividend was distributed. The Board decided
not to convert capital reserve to share capital this time.The Half-year Report is prepared in Chinese and English. In case of
discrepancy the Chinese version will prevail.
2Contents
Chapter I Important Notes Contents and Abbreviatio... 2
Chapter II Brief Introduction and Operating Highli... 5
Chapter III Management Discussion and Analysis ...... 8
Chapter IV Corporate Governance Structure Environment and Social ... 20
Chapter V Major events ............................. 21
Chapter VI Share Capital Changes & Shareholders .... 25
Chapter VII Bond related Information ............... 28
Chapter VIII Financial Statements .................. 29
3Catalogue on Documents for Reference
1. Originals of 2025 Half-year financial statements signed by Chairman Chief
Financial Officer and Chief of Finance Department.
2. Originals of all the documents and public announcements disclosed in
newspapers designated by CSRC in the first half of 2025.
3. Chinese version of the Half-year Report prepared per the China GAAP.
Abbreviations:
CSRC China Securities Regulatory Commission
JMCG Jiangling Motors Group Co. Ltd.Ford Ford Motor Company
JIC Nanchang Jiangling Investment Co. Ltd.JMC or the Company Jiangling Motors Corporation Ltd.EVP Executive Vice President
CFO Chief Financial Officer
VP Vice President
4Chapter II Brief Introduction and Operating Highlights
1. Company’s information
Share’s name Jiangling Motors Jiangling B Share’s Code 000550 200550
Place of listing Shenzhen Stock Exchange
Company’s Chinese江铃汽车股份有限公司
name
English name Jiangling Motors Corporation Ltd.Abbreviation JMC
Company legal
Qiu Tiangao
representative
2. Contact person and method
Board Secretary Securities Affairs Representative
Name Xu Lanfeng Quan Shi
No. 2111 Yingbin Middle Avenue No. 2111 Yingbin Middle Avenue
Address Nanchang City Jiangxi Province Nanchang City Jiangxi Province
P.R.C P.R.C
Tel 86-791-85266178 86-791-85266178
Fax 86-791-85232839 86-791-85232839
E-mail relations@jmc.com.cn relations@jmc.com.cn
3. Other
I. Contact methods
Changes of registered address headquarter address postal code website
and e-mail in the reporting period
□Applicable □Not Applicable
The Company's registered address headquarter address postal code
website and e-mail remain unchanged during the reporting period.For details please refer to the 2024 Annual report.II. Changes of newspapers and website for information disclosure and place
for accessing half-year report in the reporting period
□Applicable □Not Applicable
There is no change of names of the media and website of Stock Exchange for
publication of the Company’s Half-year Report and the place for accessing the
Company’s Half-year Report in the reporting period. Please refer to 2024
Annual Report for details.III. Other Relevant Information
Whether other relevant information has changed during the reporting period
□Applicable □Not Applicable
54. Main accounting data and financial ratios
Whether the previous accounting data should be retroactively adjusted
□Yes □No
Unit: RMB
Reporting period Same period
(2025 first half) last year Change (%)
Revenue 18092386210 17920065801 0.96%
Profit Attributable to the
Equity Holders of the 732728047 895480117 -18.17%
Company
Net Profit Attributable to
Shareholders of Listed
Company After 539916206 811172488 -33.44%
Deducting Non-Recurring
Profit or Loss
Net Cash Generated
-64497784733329677-108.80%
From Operating Activities
Basic Earnings Per
0.851.04-18.27%
Share (RMB)
Diluted Earnings Per
0.851.04-18.27%
Share (RMB)
Weighted Average Down 1.99
6.30%8.29%
Return on Equity Ratio percentage points
At the end of the At the end of the
reporting period previous year Change (%)
Total Assets 31031239311 30839912640 0.62%
Shareholders’ Equity
Attributable to the Equity 11240231455 11292579854 -0.46%
Holders of the Company
5. Accounting data difference between China GAAP and IFRS
I. Differences in net profit and net assets in financial statements between in
accordance with international accounting standards and Chinese accounting
standards
□Applicable □Not Applicable
II. Differences in net profit and net assets in financial statements between in
accordance with overseas accounting standards and Chinese accounting
standards
□Applicable □Not Applicable
6. Non-recurring profit and loss items and amounts
□Applicable □Not Applicable
6Unit: RMB
Reporting period
(2025 first half)
Profit and loss of non-current assets disposal (including
18414462
the charge-off part of the asset impairment provision)
Government subsidies included in the current profit and
202242182
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 financial liabilities 3713253
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
1240008
enterprises included in the current profit and loss
Other non-operating income and expenses except the
1448653
above
Other profit and loss items that meet the definition of
-86573
non-recurring profit and loss
Less: Income tax impact amount 33644788
Influence of minority shareholders' equity 515356
Total 192811841
Details 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 are 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.
7Chapter III Management Discussion and Analysis
1. Company’s Core Business During the Reporting Period
In the first half of 2025 the automotive industry continued its strong growth
momentum driven by a combination of factors including a stable and improving
domestic economy further intensification of the old-for-new car replacement
policy the full implementation of local subsidy details the launch of a large
number of new models and half-yearly sales targets. In the first half of the year
the total production and sales of automobiles were 15621 thousand and 15653
thousand with YOY growth of 12.5% and 11.4% respectively. Among them the
production and sales of passenger cars were 13522 thousand and 13531
thousand with YOY growth of 13.8% and 13.0% respectively while those of
commercial vehicles were 2099 thousand and 2122 thousand with YOY
growth of 4.7% and 2.6% respectively. New energy vehicles continue the
momentum of rapid growth and their production and sales in the first half of the
year were 6988 thousand and 6937 thousand with YOY growth of 41.4% and
40.3% respectively and the market share was 44.3%.
During the reporting period the Company's main business is the production
and sale of commercial vehicles SUVs and related components. The main
products include JMC light truck Pickup light bus Ford-branded light bus MPV
Pickup and SUV products. JMC also produces engines frame and
components. The Company takes high quality development as the main line
focuses on value lean operation and transforms from scale expansion
development to lean value growth.In the first half of 2025 JMC continued to increase its technological reserves
and investment in new products intelligent connection network new energy
and lightweighting and strengthened its digital operation capability to realize
the transformation of “four online” including “products online” “customersonline” “processes online” and “employees online”. Through digital technology
the Company improved operational efficiency optimized business processes
and innovated business models and focused on customer-centered integration
of the whole value chain. Meanwhile JMC actively expanded its transport
capacity operation and used car business integrated intelligent technology into
its service system and gradually formed a customer-centered commercial
vehicle ecosystem to focus on the entire life cycle of automobiles and provided
customers with all-around solutions. JMC actively laid out the RV business and
off-road pickup and modified car market to create unique products and lead the
market trend; at the same time the Company created industry-leading
automatic driving solutions through close cooperation with its partners.
2. Core Competitiveness Analysis
8The Company is a modern Sino-foreign joint venture that integrates automobile
research and development manufacturing and sales. It is a pioneer in the
Chinese auto industry that provides excellent products and solutions for the
intelligent logistics field by relying on the market leadership and advanced
technology of light commercial vehicles. It owns the titles of 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. It has
been ranking among the top 100 most valuable automobile brands in the world
for many consecutive years. In the first half of 2025 JMC light bus ranked No.1
in the segment with sales of 47111 thousand units a year -on -year increase
of 23.09% Pickup ranked No.2 in the segment with sales of 33194 thousand
units and light truck ranked No.7 in the segment with sales of 35333 thousand
units a year -on -year increase of 21.91%. JMC export sales have made
sustained growth with sales of 690 thousand units a year -on -year increase
of 24.3%.The Company is a full scenario solution provider for light commercial vehicles.JMC light bus has an insight into customers’ needs and the light bus operation
scenarios and has launched high-quality excellent and cost-effective light bus
product portfolios achieving the full coverage of scenarios like freight and
passenger transport. At the same time it also continues to hold the first place
in the market in light passenger conversion scenarios such as traveling
camping services and ambulance. JMC Light Trucks has launched its new E
Shunda products based on in-depth customer insights significantly expanding
the Company's new energy truck application scenarios. The Company has
released a new generation of Shunda products featuring a new cab and a new
Blue Flame engine further enhancing vehicle comfort and fuel efficiency to
better serve urban distribution customers. JMC Pickup launched the new
Baodian and the new Yuhu in the first half of this year enhancing the power
system and multi-scenario adaptability and further enriching the full price range
product matrix layout in the pickup market.The Company adheres to the dual-brand strategy of Self-owned and Ford
giving full play to its own advantages while deeply integrating Ford's global
system. In terms of technology research and development with the help of
Ford's global platform the Company has gradually formed the core
competitiveness of independent research and development established an
independent research and development system built an advanced global
digital design platform and jointly develops designs and launches specific new
products with Ford. The Company has been an industry-leading technology
center and industrial design center in terms of brand channels the Company
currently has more than 700 tier 1 dealers with a total of more than 2000
dealers and has established a modern marketing system through the four-in-
one franchise model of sales accessories service and information. At the same
time with the ultimate powerful off-road product experience personalized
9customized modification and the abundant community activities as the pillars
more than 120 Ford Beyond experience centers have been built across the
country. The Ford Bronco holds a cumulative market share of 50% in the mid-
size traditional fuel-powered SUV segment priced above RMB 300000 ranking
first in its segment. In terms of product launches the Ford Bronco Desert
Runner was introduced on 16 March to elevate the overall positioning of the
model. Subsequently the Ford Bronco Heritage special model made its debut
at the Shanghai International Auto Show in April. Drawing inspiration from the
most timeless classic elements of the Bronco's heritage it combines modern
off-road technology to pay homage to the legend through innovation becoming
a spiritual symbol of trend-setting culture. Building on this foundation the
Company has strategically deployed multiple series and categories for Ford
Bronco including the Black Diamond Outer banks Badlands and Everglades
models precisely catering to the diverse needs of off-road enthusiasts. In the
future the Company will further enhance the off-road capabilities and
personalized attributes of Ford Bronco’s product lineup while advancing the
development of new energy variants. Additionally the Company has
established a comprehensive product matrix for Ford Ranger across three
series—XLS XLT and Wildtrak—along with multiple versions including
special editions like the FX4 to better meet customer demand for premium
passenger-oriented and intelligent features. Moving forward the Company will
continue to strengthen the powertrain and off-road performance of Ford
Ranger’s products introducing high-end plug-in hybrid electric (PHEV) Pickup
models to further enrich Ford’s off-road vehicle portfolio. In terms of
manufacturing management the Company has vehicle production bases such
as Xiaolan Plant and Fushan Plant covering stamping welding painting diesel
engines gasoline engines and other advanced manufacturing technology to
create a highly intelligent highly flexible smart manufacturing center. The
Company deepening the commercialisation of L4-level autonomous freight
vehicles completing cumulative testing and verification of unmanned mileage
and planning to explore commercial transport cooperation. In terms of new
energy JMC has launched various new energy products such as E-Shunda
and E-Fushun released the new energy transportation brand "JMC Fun-to-
Drive" which expanded the transportation and leasing business of the Company
and committed to providing customers with systematic solution of "full-scene
product coverage full-scene customer service and full-scene ecological
construction" from a holistic perspective to create the greatest value for users
from a practical point of view. In terms of export business the all-new second-
generation Ford Equator sport model has been launched featuring both
traditional gasoline-powered models and a new hybrid variant. These models
are available in the Middle East Africa Latin America the Philippines and
countries in the Indochina Peninsula. The Equator sport is currently popular in
67 countries (regions) worldwide thanks not only to its diversified market
expansion strategy but also to its exceptional product quality. The Equator sport
won the ‘Ford Global Quality Excellence Award’ in 2025 for its outstanding
quality performance one of the highest honours in Ford's global product quality
field.
3. Core Business Analysis
10SummaryRefer to the relevant content of “1. the Company’s Core Business During theReporting Period”.Year-over-Year Changes of Main Financial Data
Unit: RMB
YOY change
2025 1H 2024 1H Reason
（%）
Revenue 18092386210 17920065801 0.96%
Cost of sales 15539656822 15489880688 0.32%
Distribution costs 466792493 617075751 -24.35%
Administrative expenses 460681221 460505827 0.04%
Mainly due to a
decline in interest
Finance expense -55376687 -87655467 36.82%
income from bank
deposits.Mainly the effect of
Income tax expense 84084738 -56969254 247.60%
changes in profits.Research and
785291234802077814-2.09%
Development Expenditure
Mainly due to the
decrease of cash
Net cash generated from
-64497784 733329677 -108.80% received from sales
operating activities
of goods during the
same period.Mainly due to the
decrease in cash
paid for the
Net cash used in investing
-430065793 -688756260 37.56% purchase and
activities
construction of fixed
assets during the
period.Mainly due to the
Net cash used in financing
-199608603 -823411831 75.76% increase in
activities
borrowings.Net increase/(decrease) in
-694172180-77883841410.87%
cash and cash equivalents
Significant changes in the composition or source of profits during the reporting
period
□Applicable □Not Applicable
There was no significant change in the composition or source of profits in the
period.
11Composition of Core Business
Unit: RMB
2025 First Half 2024 First Half
YOY change
Proportion Proportion
Amount Amount （%）
(%)(%)
Revenue 18092386210 100% 17920065801 100% 0.96%
By Industry
Automobile Industry 18092386210 100% 17920065801 100% 0.96%
By Products
Vehicle 16473174098 91.05% 16234132009 90.59% 1.47%
Components 879700380 4.86% 858699049 4.80% 2.45%
Automobile Maintenance
2947498271.63%3430131551.91%-14.07%
services etc.Material & Others 444761905 2.46% 484221588 2.70% -8.15%
By region
China 18092386210 100% 17920065801 100% 0.96%
Reach 10% of Revenue or Profit by Industry Product or Region
□Applicable □Not Applicable
Unit: RMB
Y-O-Y gross
Gross Y-O-Y turnover Y-O-Y Cost
Turnover Cost margin change
Margin change (%) Change (%)
(points)
By Industry
Automobile
180923862101553965682214.11%0.96%0.32%0.55%
Industry
By Products
Vehicle 16473174098 14334899112 12.98% 1.47% 1.49% -0.01%
By Region
China 18092386210 15539656822 14.11% 0.96% 0.32% 0.55%
If the Company’s core business scope is adjusted during the reporting period
the Company’s core business data of last year need to be adjusted per the
scope in this year
□Applicable □Not Applicable
4. Non-core business analysis
□Applicable □Not Applicable
5. Analysis of Assets and Liabilities
I. Major changes
Unit: RMB
YOY
June 30 2025 December 31 2024 Proportion
Asset item
change
Amount Proportion Amount Proportion (Points)
Cash and cash equivalents 11840450248 38.16% 12546295890 40.68% -2.52%
Accounts receivable 5685857715 18.32% 4181008234 13.56% 4.76%
Inventories 1590186600 5.12% 2054517242 6.66% -1.54%
12Long-term equity
2094947060.68%2192980310.71%-0.03%
investments
Fixed assets 5972145854 19.25% 5749474005 18.64% 0.61%
Construction in progress 501719953 1.62% 661911780 2.15% -0.53%
Right-of-use asset 118011325 0.38% 158485688 0.51% -0.13%
Short-term borrowings 1400000000 4.51% 1500000000 4.86% -0.35%
Contract liabilities 635547682 2.05% 467704291 1.52% 0.53%
Long-term borrowings 703163 0.00% 941453 0.00% 0.00%
Lease liabilities 19244305 0.06% 93752634 0.30% -0.24%
II. Main Overseas Assets
□Applicable □Not Applicable
III. The fair value of the assets and liabilities.□Applicable □Not Applicable
Unit: RMB
1.Trading
financial 2.assets Derivative financial
financial Financing Financial
Item (excluding financial assets Subtotal
assets
derivative assets
receivables liabilities
Subtotal
financial
assets)
Beginning
of the
period 12612380 12612380 302065502 314677882 0
Loss/profit
in fair value
in the
period -8044297 -8044297 -8044297
Cumulative
changes in
fair value
recorded
into equity
Impairment
in the
period
Purchase in
the period 55000000 55000000 4011029791 4066029791
Sell in the
period 55000000 55000000 4002793082 4057793082
Other
changes
End of the
period 4568083 4568083 310302211 314870294 0
Other change
None.Whether there is a significant change in the measurement attributes of the
Company's main assets during the reporting period
13□Applicable □Not Applicable
IV. Restriction on Assets Rights as of the End of the Reporting Period
Unit: RMB
Book value at the end
Items Cause for restriction
of the period
Cash and cash
8856058 Frozen funds for litigation.
equivalents
6. Investment Analysis
I. Summary
□Applicable □Not Applicable
II. Obtained Major Equity Investment during the Reporting Period
□Applicable □Not Applicable
III. Ongoing Major Non-Equity Investment during the Reporting Period
□Applicable □Not Applicable
IV. Financial Assets Investment
(a) Stock Investment
□Applicable □Not Applicable
There was no stock investment during the reporting period.(b)Derivative Investment
(b) Derivative Investment
□Applicable □Not Applicable
(1) Derivative investments for hedging purposes during the reporting period
□Applicable □Not Applicable
Units: RMB’000
Foreign
Exchange -
Types of Derivatives Investments Total
Forward
Purchase
Initial investment amount 231890 231890
Amount at the beginning of the year 470390 470390
Gains and losses on fair value changes during the
period -7180 -7180
Cumulative fair value changes recognized in equity 3450 3450
Amount acquired during the reporting period 64000 64000
Amount sold during the reporting period 393110 393110
Amount at the end of the year 141280 141280
Proportion of the investment amount at the end of
the period to the Company's net assets at the end 1.26% 1.26%
of the reporting period
14Statement on whether there
were significant changes of the
accounting policies and specific
principles of accounting applied
No.to hedging activities during the
reporting period as well as
compared with the previous
reporting period
Amount sold during the reporting period was
Explanation of actual gains and
RMB 393.11 million. The actual trading profit
losses during the reporting
during the reporting period was RMB
period
10.63million.
JMC forward business adheres to the principle of
risk neutrality and is based on normal production
Description of hedging effects and operation with the main purpose of
maintaining financial stability and avoiding the
risk of exchange rate fluctuations.Sources of funds for derivatives
Self-owned funds.investments
Risk analysis:
1. Market risk: In the case of large exchange rate
fluctuations losses may arise from the deviation
of the exchange rate of the forward contract from
the market spot rate on the maturity date of the
contract;
2. Liquidity risk: it may be due to inaccurate
forecasts that the delivery date signed by the
forward is inconsistent with the actual delivery
date resulting in insufficient funds available for
use at the time of delivery which triggers the risk
of fund liquidity and leads to failure to deliver as
scheduled;
3. Credit risk: It may be due to inaccurate
forecast the delivery date signed by the forward
Risk analysis and description of is not consistent with the actual delivery period
control measures for derivative resulting in the risk of delayed delivery caused by
positions during the reporting the forward foreign exchange transactions cannot
period (including but not limited be delivered according to the agreed time;
to market risk liquidity risk
credit risk operational risk legal 4. Operational risk: the risk may be caused by
risk etc.) imperfect internal control mechanism and
improper operation mode of operators;
5. Legal risk: may face legal risks due to
insufficient completeness of contract terms or
disputes over jurisdictional terms.Risk control measures:
1. The Company conducts forward foreign
exchange transactions based on scientific
forecasts of forward foreign exchange demand in
accordance with its business plan to meet
operational needs to avoid and prevent the
impact of exchange rate fluctuations on the
Company and does not engage in speculative
transactions;
2. With regard to the possible performance
guarantee issues arising from foreign exchange
15derivative transactions the business execution
department of the Company will establish a
tracking mechanism to implement tracking
management of the progress of business receipts
and payments to effectively prevent the risk of
default on delivery and ensure that potential
losses are controlled within the minimum scope;
3. Through strengthening the training of business
knowledge the Company will enhance the
comprehensive business quality of relevant
personnel and improve the ability to identify and
prevent risks;
4. The Company has formulated the Foreign
Exchange Risk Control Process and the
operators strictly follow the requirements of the
system;
5. The Company chooses financial institutions
with legitimate qualifications good credit and
long-term business relations with the Company
as counterparties for forward foreign exchange
transactions with low risk of default.The Company recognizes and measures the fair
Disclosure of changes in the value in accordance with Chapter 7
market prices or fair value of “Measurement of Financial Instruments” ofderivative instruments held “Accounting Standard for Business Enterprisesduring the reporting period. The No. 22 - Recognition and Measurement ofanalysis of the fair value of Financial Instruments” and the fair value is
derivatives shall disclose the basically determined by reference to the bank's
specific valuation methods pricing for the purpose of fair value measurement
applied as well as the and recognition. During the reporting period the
underlying assumptions and gain or loss on fair value changes of foreign
parameters used. exchange forward contracts amounted to RMB -
7.18 million.
Litigation status No.Derivatives Investment Approval
Board Announcement 2025.03.29
Disclosure Date
(2) Derivative investments for speculative purposes during the reporting
period
□Applicable □Not Applicable
During the reporting period the Company did not engage in any derivative
investments for speculative purposes.V. Usage of Raised Fund
□Applicable □Not Applicable
There was no usage of raised fund on the reporting period.
7. Sales of Major Assets and Equity
I. Sales of Major Assets
□Applicable □Not Applicable
No Major Assets were sold during the reporting period.
16II. Sales of Major Equity
□Applicable □Not Applicable
8. Analysis of major shareholding companies
□Applicable □Not Applicable
Operating Results of Main Subsidiaries and Joint-Stock Companies whose
impact on JMC’s net profit more than 10%
Unit: RMB’000
Jiangling Motors Jiangling Ford Motor
Name of JMC Heavy Duty
Sales Corporation Technology
companies Vehicle Co. Ltd.Ltd (Shanghai) Co. Ltd.Type of
Subsidiary Subsidiary Holding subsidiary
companies
Engineering and
technology research
Production and sales
and experimental
Sales of vehicles of automobiles
Main business development sales of
and service parts. engines and other
vehicles new energy
automotive parts.vehicles auto parts
etc.Registered
50000.001323793.20200000.00
capital
Total assets 5554314.30 360146.40 875345.40
Net assets 132263.80 327635.10 -1421149.70
Turnover 9645758.20 931.00 1667276.80
Operating
-27614.20-8412.202622.40
profit
Net profit -20479.90 -8126.60 1779.60
Acquisition and disposal of the subsidiaries
□Applicable □Not Applicable
Description of the main holding and participating companies
None.
9. Structured Entities Controlled by JMC
□Applicable □Not Applicable
10. Potential Challenges and Solutions
Since the beginning of 2025 against the backdrop of sluggish global economic
recovery frequent geopolitical conflicts and rising trade protectionism China's
national economy has persevered under pressure achieving stable growth with
17key indicators exceeding expectations. In the second half of the year despite
uncertainties in the external environment and significant pressures from internal
structural adjustments the foundation for China's stable economic growth
remains solid and the economy is expected to maintain a steady progressive
and positive development trend. However with the continuous rise in the
penetration of new energy the accelerated adoption of intelligent technologies
persistent price wars and intensified market concentration competition has
become increasingly fierce posing significant challenges to the Company's
operations. To sustain steady growth the Company will focus on the following
key areas:
(1) Always adhere to a customer-centric approach closely monitor customer
needs in an ever-evolving market environment actively explore and develop
new business opportunities continuously seek growth drivers and gain a
competitive edge in the industry.
(2) Advance the production and market launch of new energy product projects
with high quality enrich the product portfolio build differentiated services for
the new energy platform and further boost sales and market penetration of new
energy products.
(3) Continue to explore overseas market opportunities accelerate the R&D and
project initiation of export-oriented products diversify the product portfolio
strengthen brand building and enhance product competitiveness as well as
customer service capabilities.
(4) Focus on the development and innovation of new energy intelligent
connectivity and software capabilities rapidly build core technologies and
competencies and enhance new competitive advantages in the industrial
landscape.
(5) Accelerate digital transformation expand the application of AI models in
product development intelligent manufacturing and marketing services and
continuously improve customer experience and business operational efficiency.
(6) Continue to strengthen the awareness of cost reduction and efficiency
improvement among all employees carry out comprehensive cost reduction
and efficiency improvement initiatives strengthen the management of
operating cash flow and consolidate and improve operational quality.
(7) Strengthen corporate governance strictly comply with national laws and
regulations and improve risk assessment and control mechanisms.
18The Company consistently adheres to a customer-centric philosophy
advancing the launch of strategic new product projects actively exploring new
marketing models driving brand upgrades and channel renewal accelerating
the implementation of key measures in its new energy strategy increasing
sales and penetration rates of new energy products and continuing to solidify
its leadership position in the light commercial vehicle sector. Accelerate the new
energy transformation of passenger vehicles and continue to build an off-road
ecosystem; continuously enhance overseas market service capabilities
expand the overseas product portfolio and drive significant improvements in
export business; explore new business areas and profit models; steadfastly
advance the development of the ‘New Four Modernisations’ and accelerate
digital transformation. At the same time the Company will continue to
strengthen and improve quality standards promote comprehensive cost
reduction and efficiency improvements optimise cost structures enhance
profitability and generate sufficient cash flow to support the Company's high-
quality development.
11. Development and implementation of the market value management system
and valuation enhancement plan
Whether the Company has a market value management system in place.□Yes □No
Whether the Company has disclosed plans for valuation enhancement.□Yes □No
12. Implementation of the action plan of "Double Enhancement of Quality and
Return"
Whether the Company has disclosed the action plan of "Double Enhancement
of Quality and Return".□Yes □No
19Chapter IV Corporate Governance Structure Environment
and Social
1. Changes of Directors Supervisors and senior management
□Applicable □Not Applicable
Name Position Status Date Reason
Chen Lei VP Employment 2025.01.01 Appointment due to work need.
2. Proposal on profit distribution and converting capital reserve to share capital for
the reporting period
□Applicable □Not Applicable
The Company planned that neither cash dividend nor stock dividend was distributed
and not to convert capital reserve to share capital for the first half of 2024.
3. Implementation of Equity Incentive Plan Employee Stock Ownership Plan and
Other Employee Incentive Method
□Applicable □Not Applicable
There was neither equity incentive plan or ESOP nor other employee incentive
method during the reporting period.
4. Environmental Information Disclosure Status
Whether the listed company and its major subsidiaries are included in the list of
enterprises required to disclose environmental information in accordance with the
law.□Applicable □Not Applicable
Number of enterprises included in the accordance with the law
1
environmental information disclosure list (units)
Serial Environmental Information Disclosure Report
Company name
Number Index
1. National Pollutant Discharge Permit
Management Information Platform
https://permit.mee.gov.cn/permitExt/defaults/defa
ult-index!getInformation.action
Jiangling Motors
1 2. Nanchang Industrial Solid Waste Regulatory
Corporation Ltd.Platform
http://117.40.240.237:10086/index.jsp
3. Credit China
https://www.creditchina.gov.cn/
5. Social responsibility
The Company has thoroughly implemented the decisions and plans of the Party
Central Committee regarding consolidating poverty alleviation achievements and
comprehensively advancing rural revitalisation. In accordance with the work
requirements of the Jiangxi Provincial Party Committee and Provincial Government
under the leadership of JMCG the Company has implemented targeted poverty
alleviation efforts in Hongxing Village Liuhu Town Honggutan New District
Nanchang City. At the same time the Company actively fulfils its corporate socialresponsibility by continuously deepening its public welfare brand project “JMCXiqiao Project.” This project closely aligns with the national rural revitalisation
strategy with the brand slogan ‘Building Bridges in Rural Areas Connecting the
Path to Revitalisation’ further expanding the scope of its public welfare initiatives.
20Chapter V Major Events
1. Commitments of actual controlling parties shareholders related parties
acquirers and the Company finished in the reporting period or overdue unfinished
by the end of the reporting period
□Applicable □Not Applicable
There is no commitment of actual controlling parties shareholders related parties
acquirers and the Company finished in the reporting period or overdue unfinished
by the end of the reporting period.
2. Non-operating funding in the Company occupied by controlling shareholder and
its affiliates
□Applicable □Not Applicable
There was no non-operating funding in the Company occupied by controlling
shareholder and its affiliates.
3. Illegal outside guarantee
□Applicable □Not Applicable
The Company had no illegal outside guarantee during the reporting period.
4. Appointment or Dismissal of Accounting Firm
Whether the 2025 half-year report is audited
□Yes □No
JMC 2025 half-year report is not audited.
5. Explanation of the Board of Directors the Supervisory Board to abnormal
opinions from accounting firm for the reporting period
□Applicable □Not Applicable
6. Explanation of the Board of Directors to abnormal opinions from accounting firm
in 2024 report
□Applicable □Not Applicable
7. Related Matters regarding Bankruptcy
□Applicable □Not Applicable
There was no matter involving bankruptcy during the reporting period.
8. Litigation or arbitration
Major Litigation or Arbitration
□Applicable □Not Applicable
There was no major litigation or arbitration during the reporting period.Other litigation
□Applicable □Not Applicable
219. Punishment
□Applicable □Not Applicable
10. Honesty and credit of JMC and its controlling shareholder or actual controlling
party
□Applicable □Not Applicable
11. Major related transactions
I. Routine related party transactions
□Applicable □Not Applicable
Please refer to the note 8 “Related party Transactions” to the financial statements
in the Chapter VIII Financial Statements for details.Index of the announcement on forecast of the routine related party Transactions:
Website for
Name Disclosure Date
Disclosure
Public Announcement on Forecast of the
2024.12.12 www.cninfo.com.cn.
Routine Related Party Transactions in 2025
II. Major related party transaction concerning transfer of assets or equity
□Applicable □Not Applicable
There was no major related party transaction concerning transfer of assets or
equity in the reporting period.III. Related party transaction concerning outside co-investment
□Applicable □Not Applicable
There was no outside co-investment during the reporting period.IV. Related credit and debt
□Applicable □Not Applicable
Is there non-operating related credit and debt
□Yes □No
The Company had no non-operating related credit and debt in the reporting
period.V. Transaction with related financial companies or financial companies that the
company holds
□Applicable □Not Applicable
Deposit business
Balance at Current amount
Balance at
the
Maximum Deposit Take out the the end of
Related The related beginning of
daily deposit Deposit rate amount amount the period
party relationship the
limit (RMB (RMB (RMB
period(RMB
thousands) thousands) thousands)
thousands)
JMCG Wholly-owned
0.85%-
Finance Subsidiary of * 1407600 6925070 6972180 1360490
1.55% Company JMCG
* Note: JMC applies the consolidated deposit limit in JMCG Finance Company at
the end of each month to the lower of the following: 1) 25% of JMCG Finance
Company absorbed deposit in prior year end; or 2) 12% of JMC’s consolidated total
cash reserve.
22Loan business
Balance at Current amount
the Balance at
loan limit Loan beginning Loan Repayment the end of
Related The related
(RMB rate of the amount amount the period
party relationship
thousands) range period (RMB (RMB (RMB
(RMB thousands) thousands) thousands)
thousands)
JMCG Wholly-
owned
Finance 1300000 0% 0 0 0 0
Subsidiary of
Company JMCG
Granting credit or other financial business
The related Total (RMB Actual amount
Related party Type of business
relationship thousands) (RMB thousands)
JMCG Finance Wholly-owned
Granting credit 1300000 0
Company Subsidiary of JMCG
VI. The transactions between the financial company controlled by the company
and its related parties
□Applicable □Not Applicable
The Company has no controlling financial company.VII. Other major related party transactions
□Applicable □Not Applicable
The Company has no other major related party transaction in the reporting period.
12. Major Contracts and Execution
(1) Entrustment contract or lease
a. Entrustment
□Applicable □Not Applicable
There was no entrustment in the reporting period.b. Contract
□Applicable □Not Applicable
There was no contract in the reporting period.c. Lease
□Applicable □Not Applicable
Please refer to the Note 5 (13) note 5 (15) note 5 (30) note 5 (60) and note 8 (5)
(b) of the financial statements in the Chapter VIII Financial Statements for details.Project of which the profit and loss brought for the company reaches more than
10% of the total profit of the company during the reporting period
□Applicable □Not Applicable
There was no leasing project of which the profit and loss brought for the Company
reached more than 10% of the total profit of the Company during the reporting
period.II. Major guarantee
□Applicable □Not Applicable
The Company had no outside guarantee in the reporting period.
23III. Entrusted financial management
□Applicable □Not Applicable
There was no entrusted financial management in the reporting period.IV. Other Major Contracts
□Applicable □Not Applicable
There was no other major contract in the reporting period.
13. Other major events
□Applicable □Not Applicable
There was no other major event in the reporting period.
14. Major event of JMC subsidiary
□Applicable □Not Applicable
24Chapter VI Share Capital Changes & Shareholders
1. Changes of shareholding structure
I. Table of the changes of shareholding structure
Before the change Change (+ -) After the change
Proportion Reserve- Proportion
New Bonus Sub-
Shares of total converted Others Shares of total
shares Shares total
shares (%) shares shares (%)
I. Limited tradable
7508400.09%7508400.09%
A shares
1. Other domestic
7508400.09%7508400.09%
shares
Including:
Domestic legal
7451400.09%7451400.09%
person shares
Domestic natural
57000.00%57000.00%
person shares
II. Unlimited
86246316099.91%86246316099.91%
tradable shares
1. A shares 518463160 60.06% 518463160 60.06%
2. B shares 344000000 39.85% 344000000 39.85%
III. Total 863214000 100.00% 863214000 100.00%
Causes of shareholding changes
□Applicable □Not Applicable
Approval of changes of shareholding structure
□Applicable □Not Applicable
Shares Transfer
□Applicable □Not Applicable
Progress in the implementation of share repurchase
□Applicable □Not Applicable
As of July 31 2025 the Company has repurchased 8570478 JMC A-shares
through its dedicated securities account for share repurchases via centralized
bidding representing 0.9929% of the Company's total outstanding shares. The
highest transaction price was RMB 20 per share and the lowest transaction price
was RMB 18.86 per share with a transaction amount of RMB 168889440
(excluding transaction fees). The Company’s repurchase progress complies with
relevant laws and regulations and complies with the approved share repurchase
plan.The implementation progress of reducing the buyback shares by means of
centralized bidding
□Applicable □Not Applicable
Impact on accounting data such as the latest EPS diluted EPS shareholders’
equity attributable to the equity holders of the Company generated from shares
transfer
□Applicable □Not Applicable
Others to be disclosed necessarily or per the requirements of securities regulator
□Applicable □Not Applicable
25II. Changes of limited A shares
□Applicable □Not Applicable
2. Securities issuance and listing
□Applicable □Not Applicable
3. Shareholders and shareholding status
Total shareholders (as of JMC had 42757 shareholders including 36816 A-shareholders and 5941 B-shareholders.June 30 2025)
Shareholding status of shareholders holding more than 5% of shares or the top 10 shareholders (excluding shares lent
through securities lending)
Shares
Shareholding Shares at Shares with due to
Shareholder
Shareholder Name Percentage the End of Change (+-) Trading mortgage
Type
(%) Year Restriction or mark or
frozen
Nanchang Jiangling State-owned
41.03%354176000000
Investment Co. Ltd. legal person
Foreign legal
Ford Motor Company 32.00% 276228394 0 0 0
person
Hong Kong Securities
Foreign legal
Clearing Company Ltd. 1.78% 15323218 -10086791 0 0
person
(HKSCC)
Domestic natural
Jin Xing 0.66% 5731700 -105000 0 0
person
China Merchants Foreign legal
0.56%4795775-17180000
Securities (HK) Co. Ltd. person
Domestic natural
Zhou Jianqi 0.25% 2121300 0 0 0
person
Industrial and
Commercial Bank of
Domestic non-
China Limited - HTFTZ
State-owned 0.24% 2070624 2070624 0 0
Intelligent Manufacturing
legal persons
Stock Securities
Investment Fund
China Merchants Bank
Co. Ltd. - China
Domestic non-
Southern CSI 1000
State-owned 0.22% 1902230 185700 0 0
Exchange Traded Open-
legal persons
End Index Securities
Investment Fund
National Social Security Domestic non-
Fund - One One Seven State-owned 0.18% 1510670 1510670 0 0
Combinations legal persons
Domestic natural
Li Guilin 0.17% 1501420 1501420 0 0
person
Notes on association among above-mentioned None.shareholders
Description of the above shareholders' entrusted /
None.entrusted voting rights and waived voting rights
JMC Share Repurchase Special Securities Account holds
A special description of the special repurchase
8570478 A shares of the Company representing 0.9929% of
account among the top 10 shareholders
the total outstanding shares of the Company.Top ten shareholders holding unlimited tradable shares
Shareholder Name Shares without Trading Restriction Share Type
Nanchang Jiangling Investment Co. Ltd. 354176000 A share
Ford Motor Company 276228394 B share
Hong Kong Securities Clearing Company Ltd. (HKSCC) 15323218 A share
Jin Xing 5731700 B share
China Merchants Securities (HK) Co. Ltd. 4795775 B share
26Zhou Jianqi 2121300 A share
Industrial and Commercial Bank of China Limited - HTFTZ
2070624 A share
Intelligent Manufacturing Stock Securities Investment Fund
China Merchants Bank Co. Ltd. - China Southern CSI 1000
1902230 A share
Exchange Traded Open-End Index Securities Investment Fund
National Social Security Fund - One One Seven Combinations 1510670 A share
Li Guilin 2157624 A share
Explanation of the association or concerted
action between the top 10 unlimited tradable
shareholders and between the top 10 None.unlimited tradable shareholders and the top
10 shareholders
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
Stock buy-back by top ten shareholders or top ten shareholders holding unlimited
tradable shares in the reporting period
□Applicable □Not Applicable
The top 10 common shareholders of the Company and the top 10 common
shareholders with unlimited conditions of sale did not conduct agreed repurchase
transactions during the reporting period.
4. Changes of shares held by Directors Supervisors and senior management
□Applicable □Not Applicable
There was no change of shares held by Directors Supervisors and senior
management in the reporting period. Please refer to 2024 annual report for
details.
5. Change of controlling shareholders or actual controlling parties
Change of controlling shareholders
□Applicable □Not Applicable
There was no change of controlling shareholders during the reporting period.Change of actual controlling parties
□Applicable □Not Applicable
There was no change of actual controlling parties during the reporting period.
6. Preferred Shares
□Applicable □Not Applicable
JMC had no preferred shares in the reporting period.
27Chapter VII Bond related Information
□Applicable □Not Applicable
28Chapter VIII Financial Statements
JIANGLING MOTORS CORPORATION LTD.FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
[English translation for reference only. Should there be any inconsistency between the
Chinese and English versions the Chinese version shall prevail.]
29JIANGLING MOTORS CORPORATION LTD.
CONSOLIDATED AND COMPANY BALANCE SHEETS
AS AT 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
31 December 31 December
30 June 2025 30 June 2025
ASSETS Notes 2024 2024
Consolidated* Company*
Consolidated Company
Current assets
Cash and cash equivalents 5(1) 11840450248 12546295890 8812639341 9269593792
Derivative financial assets 5(2) 4568083 12612380 4568083 12612380
Notes receivable 5(3) 570313 226865 1000570313 1500226865
Accounts receivable 5(4)、14(1) 5685857715 4181008234 6715437913 5521047573
Financing receivables 5(5) 310302211 302065502 22005635 18070384
Advances to suppliers 5(6) 45567217 94749172 45567217 94749172
Other receivables 5(7)、14(2) 55829685 54013240 231205459 144617207
Inventories 5(8) 1590186600 2054517242 1582189364 2046549034
Current portion of non-current assets 5(10) 16089107 20784738 9271197 15161497
Other current assets 5(9) 1214078126 1228372977 782122256 777406955
Total current assets 20763499305 20494646240 19205576778 19400034859
Non-current assets
Long-term receivables 5(11) 17387215 18533908 - 1584891
Long-term equity investments 5(12)、14(3) 209494706 219298031 762148636 771951961
Fixed assets 5(13) 5972145854 5749474005 5118985576 5111224814
Construction in progress 5(14) 501719953 661911780 434498010 582757760
Right-of-use assets 5(15) 118011325 158485688 104359703 142207976
Intangible assets 5(16) 1753990312 1811454853 1537017915 1596623962
Development expenditures 5(17) 152800683 188103430 152800683 188103430
Goodwill 5(20) - - - -
Deferred tax assets 5(18) 1535803432 1530144365 - -
Other non-current assets 5(19) 6386526 7860340 6386526 7860340
Total non-current assets 10267740006 10345266400 8116197049 8402315134
TOTAL ASSETS 31031239311 30839912640 27321773827 27802349993
* Unaudited financial indexes
30JIANGLING MOTORS CORPORATION LTD.
CONSOLIDATED AND COMPANY BALANCE SHEETS
AS AT 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
31 December 31 December
30 June 2025 30 June 2025
LIABILITIES AND EQUITY Notes 2024 2024
Consolidated* Company*
Consolidated Company
Current liabilities
Short-term borrowings 5(21) 1400000000 1500000000 1000000000 1500000000
Accounts payable 5(22) 10276435013 10061223944 10271525911 10047585502
Contract liabilities 5(23) 635547682 467704291 272153347 536871795
Employee benefits payable 5(24) 638813703 780174574 557704024 672858988
Taxes payable 5(25) 127849617 265198389 117562476 256969632
Other payables 5(26) 5899601355 5739064167 2507594559 2130094497
Current portion of non-current liabilities 5(27) 83537908 86155114 77892029 81053594
Other current liabilities 5(28) 346008533 341548441 45182598 98829073
Total current liabilities 19407793811 19241068920 14849614944 15324263081
Non-current liabilities
Long-term borrowings 5(29) 703163 941453 703163 941453
Lease liabilities 5(30) 19244305 93752634 10506914 82241628
Provisions 5(31) 300621143 287165703 5487495 3553345
Deferred income 5(32) 65827527 61202010 65769194 61202010
Long-term employee benefits payable 5(33) 57627748 59342000 57276748 58991000
Deferred tax liabilities 5(18) 220032344 130301876 201632325 111616233
Other non-current liabilities 5(34) 415521158 370793523 - -
Total non-current liabilities 1079577388 1003499199 341375839 318545669
Total liabilities 20487371199 20244568119 15190990783 15642808750
Equity
Share capital 5(35) 863214000 863214000 863214000 863214000
Capital surplus 5(36) 839442490 839442490 839442490 839442490
Less: treasury shares 5(37) 168909971 - 168909971 -
Other comprehensive income 5(38) (26388000) (26388000) (26738000) (26738000)
Special reserve 3812986 5371093 3589087 5147194
Surplus reserve 5(39) 431607000 431607000 431607000 431607000
Retained earnings 5(40) 9297452950 9179333271 10188578438 10046868559
Total equity attributable to shareholders
11240231455112925798541213078304412159541243
of the Company
Minority interests (696363343) (697235333) - -
Total equity 10543868112 10595344521 12130783044 12159541243
TOTAL LIABILITIES AND EQUITY 31031239311 30839912640 27321773827 27802349993
* Unaudited financial indexes
Legal representative: Qiu Tiangao CFO: Joey Zhu Finance Department: Hu Hanfeng
31JIANGLING MOTORS CORPORATION LTD.
CONSOLIDATED AND COMPANY INCOME STATEMENTS
For six months ended 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
2024 First Half- 2025 First Half- 2024 First Half-
2025 First Half-year
Item Notes year year year
Consolidated*
Consolidated* Company* Company*
Revenue 5(41)、14(4) 18092386210 17920065801 17406169505 17885950058
Less: Cost of sales 5(41)、14(4) (15539656822) (15489880688) (15239926676) (15176367555)
Taxes and surcharges 5(42) (542573504) (673383353) (532041500) (651112639)
Selling and distribution expenses 5(43) (466792493) (617075751) (79713765) (63278732)
General and administrative expenses 5(44) (460681221) (460505827) (426432074) (420738982)
Research and development expenses 5(45) (652925801) (617237727) (652925801) (617237727)
Financial expenses 5(46) 55376687 87655467 46578703 61810235
Including: Interest expenses (8006883) (13395131) (3904430) (13169162)
Interest income 74461188 116562375 61200769 90256996
Add: Other income 5(49) 321265671 379965220 316023140 379781774
Investment income 5(50)、14(5) 679581 6108391 (594717) 3455680
Including: Share of loss of associates and
joint ventures (9803325) (2527255) (9803325) (2527255)
Gains on changes in fair value 5(51) (7003758) 4948826 (7182998) 4970251
Credit impairment losses 5(48) (2295627) 2387703 (2973269) (184716)
Asset impairment losses 5(47) 42736 4296473 42736 4296473
Gains on disposal of assets 5(52) 18372675 10657596 18587389 10372755
Operating profit 816194334 558002131 845610673 1421716875
Add: Non-operating income 5(53) 1697188 1134539 926403 205746
Less: Non-operating expenses 5(54) (206747) (5221095) (202738) (2565347)
Total profit 817684775 553915575 846334338 1419357274
Less: Income tax expenses 5(55) (84084738) 56969254 (90016091) (155090033)
Net profit 733600037 610884829 756318247 1264267241
Classified by continuity of operations
Net profit from continuing operations 733600037 610884829 756318247 1264267241
Net profit from discontinued operations - - - -
Classified by ownership of the equity
Minority interests 871990 (284595288) - -
Attributable to shareholders of the 732728047 895480117 756318247 1264267241
Company
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
5(38)----
of defined benefit plan
Attributable to minority interests - - - -
Total comprehensive income 733600037 610884829 756318247 1264267241
Attributable to shareholders of the Company 732728047 895480117 756318247 1264267241
Attributable to minority interests 871990 (284595288) - -
Earnings per share
Basic earnings per share (RMB Yuan) 5(56) 0.85 1.04 —— ——
Diluted earnings per share (RMB Yuan) 5(56) 0.85 1.04 —— ——
* Unaudited financial indexes
Legal representative: Qiu Tiangao CFO: Joey Zhu Finance Department: Hu Hanfeng
32JIANGLING MOTORS CORPORATION LTD.
CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS
For six months ended 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
2025 First Half- 2024 First Half- 2025 First Half- 2024 First Half-
year year year year
Item Note
Consolidated* Consolidated* Company* Company*
Cash flows (used in)/generated from operating activities
Cash received from sales of goods or rendering of
services 18065495131 18941092268 17662368377 18741276443
Refunds of taxes - 164581363 - 164581363
Cash received relating to other operating activities 5(57) 284304086 118884525 245989854 95504577
Sub-total of cash inflows 18349799217 19224558156 17908358231 19001362383
Cash paid for goods and services (14632015284) (14491870430) (14018348095) (13973193906)
Cash paid to and on behalf of employees (1489737422) (1478169089) (1380952099) (1350502965)
Payments of taxes and surcharges (1043908883) (1462969310) (1028058774) (1420869779)
Cash paid relating to other operating activities 5(57) (1248635412) (1058219650) (721703374) (642894199)
Sub-total of cash outflows (18414297001) (18491228479) (17149062342) (17387460849)
Net cash flows (used in)/generated from operating
5(58)
activities (64497784) 733329677 759295889 1613901534
Cash flows used in investing activities
Cash received from disposal of investments 55000000 400000000 3400000 -
Cash received from returns on investments 264648 6789112 - 4136400
Net cash received from disposal of fixed assets intangible
assets and other long-term assets 39374129 9005122 37584825 7544579
Cash received relating to other investing activities 5(57) 86306501 128144704 62942334 103696833
Sub-total of cash inflows 180945278 543938938 103927159 115377812
Cash paid to acquire fixed assets intangible assets and
other long-term assets (555808114) (832578865) (548027823) (835883605)
Cash paid to acquire investments (55000000) (400000000) (92750000) -
Cash paid relating to other investing activities (202957) (116333) (202957) (116333)
Sub-total of cash outflows (611011071) (1232695198) (640980780) (835999938)
Net cash flows used in investing activities (430065793) (688756260) (537053621) (720622126)
Cash flows used in financing activities
Cash received from borrowings 2933325556 995542778 2448764444 995542778
Cash received relating to other financing activities - 661625 - -
Sub-total of cash inflows 2933325556 996204403 2448764444 995542778
Cash repayments of borrowings (2950240906) (1802237020) (2950240906) (1802237020)
Cash payments for distribution of dividends profits or
interest expenses (315656) (4455249) (315656) (4455249)
Cash paid relating to other financing activities 5(57) (182377597) (12923965) (179521751) (8831429)
Sub-total of cash outflows (3132934159) (1819616234) (3130078313) (1815523698)
Net cash flows used in financing activities (199608603) (823411831) (681313869) (819980920)
Effect of foreign exchange rate changes on
cash and cash equivalents - - - -
Net (decrease)/ increase in cash and cash equivalents 5(58) (694172180) (778838414) (459071601) 73298488
Add: Cash and cash equivalents at beginning of year 5(58) 12475176009 11746518615 9214091023 8648791242
Cash and cash equivalents at end of period 5(58) 11781003829 10967680201 8755019422 8722089730
* Unaudited financial indexes
Legal representative: Qiu Tiangao CFO: Joey Zhu Finance Department: Hu Hanfeng
33JIANGLING MOTORS CORPORATION LTD.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For six months ended 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
Attributable to shareholders of the parent company
Less: Other Minority
Item Note Share Capital Special Surplus Retained Total equity
treasury comprehens interests
capital surplus reserve reserve earnings
shares ive income
Balance at 1 January 2024 863214000 839442490 - (20572000) 3821625 431607000 8232632623 (365273118) 9984872620
Movements for six months ended 30 June 2024* - - - - 780355 - 305041741 (284595288) 21226808
Total comprehensive income
Net profit/(loss) - - - - - - 895480117 (284595288) 610884829
Other comprehensive income - - - - - - - - -
Total comprehensive income for the period - - - - - - 895480117 (284595288) 610884829
Capital contributed by owners and capital
decreases
Capital invested by shareholders - - - - - - - - -
Profit distribution
Distribution to shareholders 5(40) - - - - - - (590438376) - (590438376)
Special reserves
Withdrawal this period - - - - 12307442 - - - 12307442
Used this period - - - - (11527087) - - - (11527087)
Balance at 30 June 2024* 863214000 839442490 - (20572000) 4601980 431607000 8537674364 (649868406) 10006099428
Balance at 1 January 2025 863214000 839442490 - (26388000) 5371093 431607000 9179333271 (697235333) 10595344521
Movements for six months ended 30 June 2025* - - 168909971 - (1558107) - 118119679 871990 (51476409)
Total comprehensive income
Net profit - - - - - - 732728047 871990 733600037
Other comprehensive income - - - - - - - - -
Total comprehensive income for the period - - - - - - 732728047 871990 733600037
Capital contributed by owners and capital
decreases
Repurchase of shares 5(37) - - 168909971 - - - - - (168909971)
Profit distribution
Distribution to shareholders 5(40)
------(614608368)-(614608368)
Special reserve
Withdrawal this period - - - - 10109653 - - - 10109653
Used this period - - - - (11667760) - - - (11667760)
Balance at 30 June 2025* 863214000 839442490 168909971 (26388000) 3812986 431607000 9297452950 (696363343) 10543868112
* Unaudited financial indexes
Legal representative: Qiu Tiangao CFO: Joey Zhu Finance Department: Hu Hanfeng
34JIANGLING MOTORS CORPORATION LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
For six months ended 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
Other
Less: treasury Special Surplus Retained
Share capital Capital surplus comprehensi Total equity
Item Note shares reserve reserve earnings
ve income
Balance at 1 January 2024 863214000 839442490 - (20979000) 3821625 431607000 8577966162 10695072277
Movements for six months ended 30 June 2024* - - - - 780355 - 673828865 674609220
Total comprehensive income
Net profit - - - - - - 1264267241 1264267241
Other comprehensive income - - - - - - - -
Total comprehensive income for the period - - - - - - 1264267241 1264267241
Profit distribution
Distribution to shareholders 5(40)
------(590438376)(590438376)
Special reserve
Withdrawal this period - - - - 12307442 - - 12307442
Used this period - - - - (11527087) - - (11527087)
Balance at 30 June 2024*
863214000839442490-(20979000)4601980431607000925179502711369681497
Balance at 1 January 2025 863214000 839442490 - (26738000) 5147194 431607000 10046868559 12159541243
Movements for six months ended 30 June 2025* - - 168909971 - (1558107) - 141709879 (28758199)
Total comprehensive income
Net profit - - - - - - 756318247 756318247
Other comprehensive income - - - - - - - -
Total comprehensive income for the period - - - - - - 756318247 756318247
Capital contributed by owners and capital decreases
Repurchase of shares 5(37) - - 168909971 - - - - (168909971)
Profit distribution
Distribution to shareholders 5(40) - - - - - - (614608368) (614608368)
Special reserve
Withdrawal this period - - - - 10109653 - - 10109653
Used this period - - - - (11667760) - - (11667760)
Balance at 30 June 2025* 863214000 839442490 168909971 (26738000) 3589087 431607000 10188578438 12130783044
* Unaudited financial indexes
Legal representative: Qiu Tiangao CFO: Joey Zhu Finance Department: Hu Hanfeng
35JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 General information
Jiangling Motors Corporation Ltd. (hereinafter “the Company”) is a Sino-foreign joint stock
enterprise established under the approval of Hong ban (1992) No. 005 of Nanchang
Revolution and Authorisation Group of Company’s Joint Stock on the basis of Jiangxi Motors
Manufacturing Factory on 16 June 1992. The address of its headquarters is Nanchang City
Jiangxi Province of the People’s Republic of China (“the PRC”).On 23 July 1993 with the approval of the China Securities Regulatory Commission
(hereinafter “CSRC”) (Zheng Jian Fa Shen Zi [1993] No. 22) and (Zheng Jian Han Zi [1993]
No. 86) the Company was listed on the Stock Exchange of Shenzhen on 1 December 1993
issuing 494000000 shares in total. On 8 April 1994 a total of 25214000 shares were
distributed for the 1993 dividend distribution programme with the approval of the
shareholders’ meeting and Jiangxi Securities Management Leading Group (Gan Securities
[1994] No. 02). In 1995 with the approval of CSRC (Zheng Jian Fa Zi [1995] No. 144) and
the Shenzhen Securities Management Office (Shen Zheng Ban Fu [1995] No. 92) the
Company issued 174000000 ordinary shares (“B shares”). In 1998 with the approval of
CSRC (Zheng Jian Guo Zi [1998] No. 19) the Company issued additional 170000000 B
shares.According to the resolution of the shareholders’ meeting regarding the split share structure
reform on 11 January 2006 the Company implemented the Scheme on Split Share Structure
Reform on 13 February 2006. After the implementation the Company’s total paid-in capital
remains the same. Related details are disclosed in Note 5(35).As at 30 June 2025 the Company’s paid-in capital totalled RMB863214000 with par value
of RMB1 per share.The actual principal business scope of the Company and its subsidiaries (hereinafter “theGroup”) includes production and sales of automobile assemblies such as automobiles
special (modified) vehicles engines and chassis and other automobile parts and provision
of related after-sales services; retail and wholesale of imported FORD E series automobiles
of Ford Motor (China) Co. Ltd. as the dealer; import and export of automobiles and parts;
dealership of used cars; provision of enterprise management and consulting services related
to production and sales of automobiles.These financial statements were authorised for issue by the Company's Board of Directors
on 25 August 2025.
2 Basis of preparation of the financial statement
(1) Basis of preparation
The financial statements are prepared in accordance with the Accounting Standard for
Business Enterprises - Basic Standard specific accounting standards and relevantregulations and in subsequent periods (hereinafter collectively referred to as “the AccountingStandards for Business Enterprises” or “CASs”) and the disclosure requirements in the
Preparation Convention of Information Disclosure by Companies Offering Securities to the
Public No.15 - General Rules on Financial Reporting issued by CSRC.
(2) Going concern
These financial statements have been prepared on a going concern basis.
36JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates
The Group determines specific accounting policies and estimates based on the features of
its production and operation which mainly comprise the measurement of expected credit
losses on receivables valuation of inventories Inventory write-down provision depreciation
of fixed assets and amortisation of intangible assets and right-of-use assets criteria for
capitalisation of development expenditures impairment of long-term assets recognition and
measurement of revenue and government grants etc.
(1) Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company for six months ended 30 June 2025 are in
compliance with the Accounting Standards for Business Enterprises and truly and
completely present the consolidated and company’s financial position of the Company as at
30 June 2025 and their financial performance cash flows and other information for the period
then ended.
(2) Accounting year
The Group's accounting year is a calendar year i.e. from 1 January to 31 December each
year.
(3) Functional currency
The base currency of the Company and its subsidiaries and the currency used in the
preparation of these financial statements are RMB. Unless otherwise specified they are
expressed in RMB.
(4) The determination method and selection basis of the material standard followed by financial
statement disclosure
Significant recovery or reversal of The amount of a single recovery or reversal
allowance for doubtful accounts exceeds 1% of the total amount of various
receivable receivables and is greater than RMB 15 million.Significant prepayments with an The amount of a single prepayment exceeds 10%
aging of over 1 year of the total amount of various prepayments and is
greater than RMB 15 million.Significant construction in progress The budget of a single project exceeds RMB 50
million.Significant non-wholly owned The net assets of the subsidiary account for more
subsidiaries than 5% of the group’s net assets or its net profit
impact reaches 10% or more of the group’s
consolidated net profit.Significant associated companies The carrying value of long-term equity investment
in a single investee exceeds 5% of the group’s
net assets or is greater than RMB 100 million or
the investment income/loss under the equity
method accounts for 10% or more of the group’s
consolidated net profit.
37JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(5) Preparation of consolidated financial statements
The scope of consolidation of the consolidated financial statements is determined on a control
basis including the financial statements of the Company and all of its subsidiaries."Subsidiary" refers to the entity controlled by the Company (including the divisible part of the
enterprise and the investee as well as the structured entity controlled by the Company etc.).An investor can control an investee if and only if the investor has the following three elements:
the investor has authority over the investee; Variable returns for participation in the investee's
related activities; Ability to use power over the investee to influence the amount of its return.If the accounting policies or accounting periods adopted by the subsidiary are inconsistent
with those adopted by the Company the financial statements of the subsidiary shall be
adjusted as necessary in accordance with the accounting policies and accounting periods of
the Company when preparing the consolidated financial statements. The assets liabilities
equity revenues expenses and cash flows arising from all transactions between companies
within the Group are fully offset at the time of the consolidation.If the current loss shared by the minority shareholders of the subsidiary exceeds the share of
the minority shareholders in the shareholders' equity at the beginning of the period the
balance shall still be offset against the minority shareholders' equity.For subsidiaries acquired through a business combination not under common control the
operating results and cash flows of the acquiree are included in the consolidated financial
statements from the date on which the Group acquires control until the termination of the
Group's control over them. In preparing the consolidated financial statements the financial
statements of subsidiaries are adjusted on the basis of the fair value of the identifiable assets
liabilities and contingent liabilities determined at the date of acquisition.For subsidiaries acquired through a business combination under the same control the
operating results and cash flows of the consolidated party are included in the consolidated
financial statements from the beginning of the current period of consolidation. When
compiling the comparative consolidated financial statements the relevant items of the
previous financial statements are adjusted to be deemed to have existed since the ultimate
controller began to exercise control.If changes in relevant facts and circumstances result in a change in one or more of the control
elements the Group will reassess whether to control the investee.Without loss of control a change in minority shareholders' interests is treated as an equity
transaction.
38JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(6) Cash and cash equivalents
Cash comprises the Group’s cash on hand and deposits that can be readily withdrawn on
demand. Cash equivalents are short-term highly liquid investments that are readily
convertible into known amounts of cash subject to an insignificant risk of changes in value.
(7) Foreign currency translation
The Group translates foreign currency transactions into its functional currency.At the time of initial recognition of a foreign currency transaction the amount in the foreign
currency is converted into the base currency of account using the spot exchange rate on the
date of the transaction but the capital invested by the investor in the foreign currency is
converted at the spot exchange rate on the date of the transaction. At the balance sheet
date the spot exchange rate at the balance sheet date is used for foreign currency monetary
items. The resulting differences in settlement and translation of monetary items shall be
included in profit or loss for the current period except for the differences arising from special
foreign currency borrowings related to the acquisition and construction of assets eligible for
capitalization which shall be treated in accordance with the principle of capitalization of
borrowing costs. Foreign currency non-monetary items measured at historical cost are still
translated using the exchange rate used at the time of initial recognition and the amount in
the base currency of accounting remains unchanged. Foreign currency non-monetary items
measured at fair value are translated at the spot exchange rate on the date of fair value
determination and the resulting difference is recognized in profit or loss or other
comprehensive income for the current period according to the nature of the non-monetary
items.Cash flows in foreign currencies are translated using the spot exchange rate on the date of
the cash flows. The effect of exchange rate changes on cash is presented separately in the
statement of cash flows as a reconciliation item.
(8) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity. A financial asset or a financial liability
is recognised when the Group becomes a party to the contractual provisions of the
instrument.
39JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(8) Financial instruments (Cont’d)
(a) Recognition and derecognition of financial instruments
The Group recognises a financial asset or financial liability when it becomes a party to a
contract for a financial instrument.If the following conditions are met the financial assets (or part of the financial assets or part
of a group of similar financial assets) shall be derecognized that is the previously recognized
financial assets shall be transferred out of the balance sheet:
(1) Expiration of the right to receive cash flows from financial assets;
(2) transferred the right to receive cash flows from financial assets or assumed an
obligation under a "transfer agreement" to promptly pay the cash flows received in full to a
third party; and substantially transfers substantially all of the risks and rewards of
ownership of a financial asset or while substantially neither transferring nor retaining
substantially all of the risks and rewards of ownership of a financial asset but relinquishes
control of that financial asset.If the obligation for the financial liability has been fulfilled cancelled or expired the financial
liability is derecognized. If an existing financial liability is replaced by another financial liability
by the same creditor with substantially almost entirely different terms or the terms of the
existing liability are substantially all modified such replacement or modification is treated as
a derecognition of the original liability and recognition of a new liability the difference in profit
or loss for the current period.The purchase and sale of financial assets in the conventional way is recognized and
derecognized according to the accounting of the transaction date. The purchase or sale of
financial assets in a conventional manner means the purchase or sale of financial assets in
accordance with a contract that provides for the delivery of financial assets in accordance
with a schedule normally determined by regulations or market practice. A trading day is the
date on which the Group commits to buy or sell a financial asset.(b) Classification and measurement of financial assets
At the time of initial recognition the Group's financial assets are classified according to the
Group's business model of managing financial assets and the contractual cash flow
characteristics of financial assets: financial assets measured at amortized cost investments
in debt instruments measured at fair value through other comprehensive income and
financial assets measured at fair value through profit or loss. All affected underlying financial
assets will be reclassified if and only when the Group changes its business model for
managing financial assets.Financial assets are measured at fair value at the time of initial recognition but if the accounts
receivable or notes receivable arising from the sale of goods or the provision of services
etc. do not contain a material financing component or do not consider the financing
component of no more than one year the initial measurement shall be carried out according
to the transaction price.For financial assets measured at fair value through profit or loss the relevant transaction
costs are directly recognized in the current profit or loss and the transaction costs related to
other types of financial assets are included in the initial recognition amount.
40JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(8) Financial instruments (Cont’d)
(b) Classification and measurement of financial assets (Cont’d)
The subsequent measurement of a financial asset depends on its classification:
Investments in debt instruments measured at amortized cost
If a financial asset meets the following conditions at the same time it is classified as a
financial asset measured at amortized cost: the business model for managing the financial
asset is to collect contractual cash flows as the goal; The contractual terms of the financial
asset provide that the cash flows generated on a specific date are only payments of principal
and interest based on the amount of principal not paid. Interest income is recognized using
the effective interest rate method for such financial assets and the gains or losses arising
from their derecognition modification or impairment are included in profit or loss for the
current period.Investments in debt instruments at fair value through other comprehensive income
A financial asset is classified as a financial asset measured at fair value through other
comprehensive income if it meets the following conditions: the Group's business model for
managing the financial asset is to collect both contractual cash flows and sell financial assets;
The contractual terms of the financial asset provide that the cash flows generated on a
specific date are only payments of principal and interest based on the amount of principal not
paid. Interest income is recognized for such financial assets using the effective interest rate
method. Except for interest income impairment losses and foreign exchange differences
which are recognized as gains or losses for the current period the remaining fair value
changes are recognized as other comprehensive income. When a financial asset is
derecognized the accumulated gains or losses previously included in other comprehensive
income are transferred out of other comprehensive income and included in profit or loss for
the current period.Financial assets at fair value through profit or loss
The above-mentioned financial assets measured at amortized cost and financial assets other
than those measured at fair value through other comprehensive income are classified as
financial assets measured at fair value through profit or loss. For such financial assets fair
value is used for subsequent measurement and all changes in fair value are recognized in
profit or loss for the current period.(c) Classification and measurement of financial liabilities
At the time of initial recognition the Group's financial liabilities are classified as follows:
financial liabilities at fair value through profit or loss and financial liabilities at amortized cost.For financial liabilities measured at fair value through profit or loss the relevant transaction
expenses are directly recognized in the current profit or loss and the relevant transaction
costs of the financial liabilities measured at amortized cost are included in their initial
recognition amount.The subsequent measurement of financial liabilities depends on their classification:
41JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(8) Financial instruments (Cont’d)
(c) Classification and measurement of financial liabilities (Cont’d)
Financial liabilities at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss including trading financial
liabilities (including derivatives that are financial liabilities) and financial liabilities designated
at fair value through profit or loss at the time of initial recognition. Trading financial liabilities
(including derivatives that are financial liabilities) are subsequently measured at fair value
and all changes in fair value are recognized in profit or loss for the current period except in
relation to hedge accounting. For financial liabilities designated as measured at fair value
through profit or loss subsequent measurement is carried out at fair value and other fair
value changes are included in profit or loss for the current period except for the fair value
changes caused by changes in the Group's own credit risk which are included in other
comprehensive income. If the inclusion of changes in fair value caused by changes in the
Group's own credit risk into other comprehensive income would cause or magnify the
accounting mismatch in profit or loss the Group will include all changes in fair value
(including the amount affected by changes in its own credit risk) in profit or loss for the current
period.Financial liabilities measured at amortized cost
For such financial liabilities the effective interest rate method is used and the subsequent
measurement is carried out according to the amortized cost.(d) Impairment of financial instruments
Methods for determining expected credit losses and accounting treatment methods
The Group conducts impairment treatment and recognizes loss provisions for financial assets
measured at amortized cost debt instrument investments measured at fair value with
changes recognized in other comprehensive income and lease receivables based on
expected credit losses.For receivables that do not contain significant financing components the Group applies a
simplified measurement method to measure the loss provision based on the expected credit
loss amount equivalent to the entire duration of the receivable.For lease receivables and receivables that contain significant financing components the
Group has chosen to apply a simplified measurement approach measuring the loss provision
based on the expected credit loss amount equivalent to the entire duration of the receivable.Apart from the aforementioned simplified measurement methods for financial assets the
Group assesses at each reporting date whether the credit risk has significantly increased
since initial recognition. If the credit risk has not significantly increased since initial
recognition it is classified as Stage 1 and the Group measures the loss allowance at an
amount equal to the expected credit losses over the next 12 months calculating interest
income based on the carrying amount and the effective interest rate. If the credit risk has
significantly increased since initial recognition but no credit impairment has occurred it is
classified as Stage 2 and the Group measures the loss allowance at an amount equal to the
expected credit losses over the entire lifetime calculating interest income based on the
carrying amount and the effective interest rate. If credit impairment occurs after initial
recognition it is classified as Stage 3 and the Group measures the loss allowance at an
amount equal to the expected credit losses over the entire lifetime calculating interest
income based on amortized cost and the effective interest rate. For financial instruments that
have only low credit risk at the reporting date the Group assumes that the credit risk has not
significantly increased since initial recognition.
42JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 SSuummmmaaryry o of fs sigignnifiifcicaannt ta acccoouunntitningg p poolilcicieiess a anndd a acccoouunntitningg e esstitmimaatetess ( C(Coonnt’td’d) )
(8) FFininaanncciaial li ninsstrturummeenntsts ( C(Coonnt’td’d) )
(d) ImImppaairimrmeennt to of ff ifninaanncciaial li ninsstrturummeenntsts ( C(Coonnt’td’d) )
The Group's methodology for measuring expected credit losses on financial instruments
reflects factors such as the weighted average amount of unbiased probabilities determined
by evaluating a range of possible outcomes the time value of money and reasonable and
evidence-based information on past events current conditions and projections of future
economic conditions that are available at the balance sheet date without unnecessary
additional cost or effort.The credit risk characteristics of various types of financial assets for which the expected credit
losses are calculated separately are significantly different from those of other financial assets
in this category. When the information of expected credit losses cannot be assessed at a
reasonable cost for a single financial asset the Group divides the receivables into several
portfolios based on the credit risk characteristics calculates the expected credit losses on
the basis of the portfolio and determines the basis and accrual method of the portfolio as
follows:
Banker's Acceptance State-owned banks and joint-stock banks
Portfolio
Commercial Acceptance Customers who purchase using commercial acceptance bills
Bill Portfolio
The domestic general For domestic general automobile procurement customers the
vehicle sales mix overdue date is used as the starting point of overdue aging
Export general vehicle For export general automobile procurement customers the
sales mix overdue date is used as the starting point of overdue aging
New energy vehicle sales For new energy vehicle procurement customers the overdue
mix date is used as the starting point of overdue aging
Component sales mix For parts procurement customers the overdue date is used as
the starting point of overdue aging
Other receivables Other receivables of the same nature
combinations
When the Group no longer reasonably expects to be able to recover all or part of the
contractual cash flows of financial assets the Group directly writes down the carrying balance
of such financial assets.(e) Financial Instrument Offset
If the following conditions are met at the same time the financial assets and financial liabilities
are presented in the balance sheet as net amounts after offsetting each other: they have the
legal right to offset the recognized amount and such legal right is currently enforceable; The
plan is to settle on a net basis or at the same time to realise the financial asset and settle the
financial liability.
43JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(8) Financial instruments (Cont’d)
(f) Derivative financial instruments
The Group uses derivative financial instruments. Derivative financial instruments are initially
measured at the fair value on the date of the signing of the derivative transaction contract
and subsequently measured at their fair value. A derivative financial instrument with a
positive fair value is recognized as an asset and a negative fair value is recognized as a
liability.Except in relation to hedge accounting gains or losses arising from changes in the fair value
of derivatives are directly recognized in profit or loss for the current period.(g) Transfer of financial assets
If the Group has transferred almost all of the risks and rewards in the ownership of financial
assets to the transferee the recognition of such financial assets shall be terminated; Where
almost all of the risks and rewards in the ownership of financial assets are retained the
recognition of the financial assets shall not be terminated.If the Group neither transfers nor retains almost all of the risks and rewards in the ownership
of the financial assets it shall be dealt with in the following cases: if it has relinquished
control of the financial assets the financial assets shall be terminated and the assets and
liabilities arising therefrom shall be recognized; If the financial asset is not relinquished the
relevant financial asset shall be recognized according to the extent to which it continues to
be involved in the transferred financial asset and the relevant liabilities shall be recognized
accordingly.
(9) Inventories
Inventory includes raw materials work-in-progress finished products low-value
consumables materials in transit and consignment materials.Inventory is initially measured at cost. Inventory costs include procurement costs processing
costs and other costs. Inventories are issued and their actual cost is determined using the
weighted average method. Low-value consumables are amortized using the one-time resale
method.The inventory system adopts a perpetual inventory system.At the balance sheet date inventories are measured at the lower of cost and net realizable
value and if the cost is higher than the net realizable value a provision for inventory decline
is made and included in profit or loss for the current period. Net realizable value is the
estimated selling price of inventory in the ordinary course of business less the estimated
costs to be incurred at completion estimated selling expenses and related taxes. Inventories
related to product lines manufactured and sold in the same region with the same or similar
end use or purpose and difficult to measure separately from other items are provided for
inventory decline on a consolidated basis.
44JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(10) Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its
subsidiaries and the Group’s long-term equity investments in its associates.Long-term equity investments are initially measured at the initial investment cost at the time
of acquisition. For a long-term equity investment obtained through a business combination
under the same control the initial investment cost shall be the share of the carrying amount
of the owner's equity of the merged party in the consolidated financial statements of the
ultimate controlling party on the date of consolidation; The difference between the initial
investment cost and the carrying amount of the consolidation consideration shall be adjusted
to the capital reserve (if it is insufficient to offset the retained earnings). For long-term equity
investments obtained through a business combination not under common control the initial
investment cost shall be the cost of the merger (if the business combination of enterprises
not under the same control is realized step by step through multiple transactions the sum of
the carrying amount of the equity investment of the acquiree held before the purchase date
and the cost of the new investment on the purchase date shall be the initial investment cost).For long-term equity investments obtained by means other than those formed by business
combinations the initial investment costs shall be determined in accordance with the
following methods: if they are obtained by paying cash the initial investment costs shall be
the purchase price actually paid and the expenses taxes and other necessary expenses
directly related to the acquisition of the long-term equity investment; If the issuance of equity
securities is obtained the fair value of the equity securities issued shall be used as the initial
investment cost.The long-term equity investments that the Company is able to control the investee are
accounted for using the cost method in the Company's individual financial statements.Control refers to having power over the investee enjoying variable returns by participating in
the relevant activities of the investee and having the ability to use the power over the investee
to influence the amount of returns.
45JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(10) Long-term equity investments (Cont’d)
When the cost method is used long-term equity investments are valued at the initial
investment cost. If the investment is increased or recovered the cost of long-term equity
investment shall be adjusted. The cash dividends or profits declared by the investee are
recognized as investment income for the current period.If the Group has a significant influence on the investee the long-term equity investment is
accounted for by the equity method. Significant influence refers to having the power to
participate in decision-making on the financial and operational policies of the investee but
not being able to control or jointly control the formulation of these policies with other parties.When the equity method is adopted if the initial investment cost of a long-term equity
investment is greater than the fair value share of the investee's identifiable net assets at the
time of investment it shall be included in the initial investment cost of the long-term equity
investment; If the initial investment cost of a long-term equity investment is less than the fair
value share of the investee's identifiable net assets at the time of investment the difference
shall be included in the profit or loss for the current period and the cost of the long-term
equity investment shall be adjusted at the same time.When the equity method is adopted after the long-term equity investment is obtained the
investment profit and loss and other comprehensive income shall be recognized separately
and the book value of the long-term equity investment shall be adjusted according to the
share of the net profit or loss and other comprehensive income realized by the investee that
should be enjoyed or shared. When recognizing the share of the investee's net profit or loss
the investee's net profit shall be recognized after adjustment based on the fair value of the
investee's identifiable assets at the time of acquisition of the investment in accordance with
the Group's accounting policies and accounting periods and offsetting the share attributable
to the investor in proportion to the internal transaction gains and losses incurred with
associates (except that if the internal transaction loss is an asset impairment loss it shall be
recognized in full) and the net profit of the investee shall be recognized after adjustment
except that the assets invested or sold constitute business. The carrying amount of the long-
term equity investment shall be reduced accordingly based on the profits or cash dividends
declared by the investee. The Group recognises that the net loss incurred by the investee is
limited to the carrying amount of the long-term equity investment and other long-term equity
that substantially constitutes a net investment in the investee to be written down to zero
unless the Group has the obligation to bear additional losses. For other changes in
shareholders' equity of the investee other than net profit or loss other comprehensive income
and profit distribution the book value of long-term equity investment shall be adjusted and
included in shareholders' equity.
46JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(11) Fixed assets
Fixed assets are recognised only when the economic benefits associated with them are likely
to flow into the Group and their costs can be reliably measured. Subsequent expenses
related to fixed assets that meet the recognition conditions shall be included in the cost of
fixed assets and the book value of the replaced part shall be derecognized; Otherwise it will
be included in the current profit or loss or the cost of related assets according to the
beneficiary object when it occurs.Fixed assets are initially measured at cost. The cost of acquiring a fixed asset includes the
purchase price relevant taxes and other expenses directly attributable to the asset incurred
before the fixed asset reaches its intended useable state.The depreciation of fixed assets is calculated using the average life method and the useful
life estimated net residual value rate and annual depreciation rate of various types of fixed
assets are as follows:
Estimated net
residual Annual depreciation
Estimated useful lives values rates
Buildings 35 to 40 years 4% 2.4% to 2.7%
Machinery and
equipment 10 to 15 years 4% 6.4% to 9.6%
Vehicles 2 to 10 years 4% to 22.32% 9.6% to 42.2%
Moulds 5 years - 20%
Electronic and other
equipment 5 to 7 years 4% 13.7% to 19.2%
The estimated useful life and the estimated net residual value of a fixed asset and the
depreciation method applied to the asset are reviewed and adjusted as appropriate at each
year-end.
(12) Construction in progress
Construction in progress is measured at actual cost. Actual cost comprises construction
costs installation costs borrowing costs that are eligible for capitalisation and other costs
necessary to bring the construction in progress ready for their intended use. Construction in
progress is transferred to fixed assets when the assets are ready for their intended use and
depreciation is charged starting from the following month. The carrying amount of
construction in progress is reduced to the recoverable amount when the recoverable amount
is below the carrying amount (Note 3(15)).The criteria for transferring construction in progress to fixed assets when they reach their
intended usable state are as follows:
The earlier of completion acceptance or actual
Buildings commencement of use.The earlier of completion of installation and
Machinery and equipment acceptance or actual commencement of use.The earlier of completion of installation and
Vehicles acceptance or actual commencement of use.The earlier of completion of installation and
Moulds acceptance or actual commencement of use.The earlier of completion of installation and
Electronic and other equipment acceptance or actual commencement of use.
47JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(13) Borrowing costs
The borrowing costs that can be directly attributable to the acquisition construction or
production of assets that meet the conditions for capitalization shall be capitalized and other
borrowing costs shall be included in the profit or loss for the current period.Borrowing costs are capitalized when capital expenditures and borrowing costs have been
incurred and the acquisition construction or production activities necessary to bring the asset
to its intended usable or marketable condition have commenced.When the acquisition construction or production of assets eligible for capitalization reaches
the intended usable or saleable state the borrowing costs shall cease to be capitalized.Borrowing costs incurred thereafter are included in profit or loss for the current period.During the capitalization period the amount of interest capitalization in each accounting
period shall be determined according to the following method: the amount of special
borrowings shall be determined by deducting the interest income or investment income of
temporary deposits actually incurred in the current period; The general borrowings occupied
shall be calculated and determined on the basis of the weighted average of the accumulated
asset expenditures exceeding the portion of special borrowings multiplied by the weighted
average real interest rate of the general borrowings occupied.In the process of acquisition construction or production of assets eligible for capitalization if
there is an abnormal interruption other than the procedures necessary to reach the intended
usable or saleable state and the interruption period exceeds 3 consecutive months the
capitalization of borrowing costs shall be suspended. Borrowing costs incurred during the
interruption period are recognized as expenses and are included in profit or loss for the
current period until the acquisition or construction of assets or production activities resume.
(14) Intangible assets
(a) Useful life of intangible assets
Intangible assets are amortized using the straight-line method over their useful lives and
their useful lives are as follows:
Estimated useful lives Basis for determination
Land use rights 50 years The term of the land use right
Software Usage Fees 5 years Estimated period of use
Non-patented Estimated period of use combined
5-7 years
technology with the product life span
48JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(14) Intangible assets (Cont’d)
(b) Research and development
The Group's R&D expenditure mainly includes the materials used by the Group in carrying out
R&D activities the remuneration of employees in the R&D department the depreciation and
amortization of assets such as equipment and software used in R&D R&D design expenses
and R&D testing.The expenses in the planned investigation evaluation and selection stages for the study of the
production process of automobile-related products are the expenses in the research stage and
are included in the profit or loss for the current period when incurred; Before large-scale
production the expenditure in the design and testing stages related to the final application of
the production process of automobile-related products is the expenditure in the development
stage and if the following conditions are met it shall be capitalized:
* The development of the production process of automobile-related products has been
fully demonstrated by the technical team;
* The management has the intention to complete the development use or sale of the
production process of automotive-related products;
* The research and analysis of the preliminary market research shows that the products
produced by the production process of automobile-related products have the ability to
be marketed;
* Sufficient technical and financial support for the development of production processes
for automotive-related products and subsequent large-scale production; and
* Expenditures on the development of production processes for automotive-related
products can be reliably aggregated.Expenses in the development stage that do not meet the above conditions shall be included
in the profit or loss for the current period when incurred. Development expenditures that have
been recognized in profit or loss in prior periods are not rerecognized as assets in subsequent
periods. Expenditures incurred in the development phase that have been capitalized are
shown on the balance sheet as development expenditures and are converted into intangible
assets from the date on which the project reaches its intended use.
49JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(15) Impairment of assets
The impairment of assets other than inventories deferred income tax and financial assets
shall be determined according to the following methods: whether there are signs of possible
impairment of assets at the balance sheet date and if there are signs of impairment the
Group will estimate the recoverable amount and conduct impairment tests; Impairment tests
shall be carried out at least at the end of each period for goodwill formed as a result of
business combinations intangible assets with indefinite useful lives and intangible assets
that have not yet reached a usable state regardless of whether there is any indication of
impairment.The recoverable amount is determined based on the higher of the fair value of the asset less
disposal costs and the present value of the asset's projected future cash flows. The Group
estimates its recoverable amount on a single asset basis; Where it is difficult to estimate the
recoverable amount of a single asset the recoverable amount of the asset group shall be
determined on the basis of the asset group to which the asset belongs. The determination of
the asset group is based on whether the main cash inflow generated by the asset group is
independent of other assets or the cash inflow of the asset group.When the recoverable amount of an asset or asset group is lower than its carrying amount
the Group writes down its carrying amount to the recoverable amount and the written down
amount is included in the profit or loss for the current period and the corresponding asset
impairment provision is made.For the impairment test of goodwill the carrying amount of goodwill is allocated to the
relevant asset group or combination of asset groups in a reasonable manner from the date
of purchase. The relevant asset group or combination of asset groups is the asset group or
combination of asset groups that can benefit from the synergies of the business combination
and is not larger than the operating segment determined by the Group.Compare the carrying amount and recoverable amount of the asset group or asset group
combination containing goodwill if the recoverable amount is lower than the book value the
impairment loss amount shall first be offset against the carrying amount of the goodwill
allocated to the asset group or asset group combination and then the carrying amount of
other assets shall be offset proportionally according to the proportion of the carrying amount
of other assets in the asset group or asset group portfolio except goodwill.Once the above-mentioned asset impairment loss is recognized it will not be reversed in
subsequent accounting periods.
50JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(16) Employee compensation
Employee remuneration refers to various forms of remuneration or compensation given by
the Group for the services provided by employees or for the termination of employment
relations including short-term remuneration post-employment benefits and severance
benefits.(a) Short-term compensation
Short-term remuneration includes wages bonuses allowances and subsidies employee
welfare expenses medical insurance premiums work-related injury insurance premiums
housing provident fund trade union and education funds short-term paid absences etc.During the accounting period in which employees provide services the Group recognises
the actual short-term remuneration as a liability and includes it in the profit or loss for the
current period or the cost of related assets. Among them non-monetary benefits are
measured at fair value.(b) Post-employment benefits
The Group classifies post-employment benefit plans into defined contribution plans and
defined benefit plans. A defined deposit and withdrawal plan is a post-employment benefit
plan in which the Group is no longer obligated to make further payments after depositing a
fixed fee into an independent fund; A defined benefit plan is a post-employment benefit plan
in addition to a defined contribution plan. During the reporting period the basic endowment
insurance and unemployment insurance paid for employees were all part of the set deposit
plan. Supplemental retirement benefits for employees are defined benefit plans.(i) Defined contribution plans
Basic pensions
The Group’s employees participate in the basic pension plan set up and administered by
local authorities of Ministry of Human Resources and Social Security. Monthly payments of
premiums on the basic pensions are calculated according to the bases and percentage
prescribed by the relevant local authorities. When employees retire the relevant local
authorities are obliged to pay the basic pensions to them. The amounts based on the above
calculations are recognised as liabilities in the accounting period in which the service has
been rendered by the employees with a corresponding charge to the profit or loss for the
current period or the cost of relevant assets.
51JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(16) Employee compensation (Cont’d)
(ii) Defined benefit plans
The Group also provides employees with supplementary retirement benefits in addition to the
insurance system prescribed by the State. Such supplementary retirement benefits belong to
defined benefit plans. The defined benefit liabilities recognised on the balance sheet
represent the present value of defined benefit obligations less the fair value of the plan assets.The defined benefit obligations are calculated annually by an independent actuary using
projected unit credit method at the interest rate of treasury bonds with similar obligation term
and currency. Service costs related to supplementary retirement benefits (including current
service costs historical service costs and settled gains or losses) and net interest are
recognised in profit or loss for the current period or the cost of related assets and changes
arising from remeasurement of net liabilities or net assets of defined benefit plans are
recognised in other comprehensive income.(c) Termination benefits
The Group provides compensation for terminating the employment relationship with
employees before the end of the employment contracts or as an offer to encourage
employees to accept voluntary redundancy before the end of the employment contracts. The
Group recognises a liability arising from compensation for termination of the employment
relationship with employees with a corresponding charge to profit or loss for the current
period at the earlier of the following dates: 1) when the Group cannot unilaterally withdraw an
employment termination plan or a curtailment proposal; 2) when the Group recognises costs
or expenses for a restructuring that involves the payment of termination benefits.Internal retirement benefits
The Group provides internal retirement benefits to employees who have received internal
retirement arrangements. Internal retirement benefits refer to the wages paid and social
insurance premiums paid to employees who have not reached the retirement age prescribed
by the state and who have voluntarily quit their jobs with the approval of the Group's
management. The Group pays internal retirement benefits to employees from the date of
commencement of the internal retirement arrangement until the employees reach the normal
retirement age. For the internal retirement benefits the Group will account for the retirement
benefits by comparison and when the conditions for the recognition of the retirement benefits
are met the wages and social insurance premiums to be paid by the employees during the
period from the date of cessation of the employee's services to the normal retirement date
will be recognized as liabilities and included in the profit or loss for the current period in a
lump sum. Changes in actuarial assumptions for retirement benefits and differences caused
by adjustments to benefit standards are recognized in profit or loss for the current period
when they occur.Severance benefits expected to be paid within one year from the balance sheet date are
shown as remuneration payable to employees.
52JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(17) Provisions
Provisions for product warranties compensation to suppliers etc. are recognised when the
Group has a present obligation it is probable that an outflow of economic benefits will be
required to settle the obligation and the amount of the obligation can be measured reliably.A provision is initially measured at the best estimate of the expenditure required to settle the
related present obligation. Factors on a contingency such as the risks uncertainties and the
time value of money are taken into account as a whole in reaching the best estimate of a
provision. Where the effect of the time value of money is material the best estimate is
determined by discounting the related future cash outflows. The increase in the discounted
amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to
reflect the current best estimate.The provisions expected to be settled within one year since the balance sheet date are
classified as other current liabilities.
(18) Revenue
The Group sells automobiles and automobile parts to distributors or end customers. In
addition the Group also provides customers with auto maintenance and additional quality
warranty services. The Group recognises revenue at the amount of the consideration that is
entitled to be charged by the Group as expected when the customer obtains control over
relevant goods or services.Where two or more obligations are included in a contract between the Group and the
customers at the beginning date of the contract the Group allocates the transaction price to
individual obligation in the relative proportion to the individual selling prices of products or
services committed in each individual obligation. When the individual selling price is
unobservable the Group makes reasonable estimates on the individual selling price with
comprehensive consideration to all available information and by using market adjustment
method cost plus method etc.(a) Sale of automobiles and automobile parts to distributors and end customers
The Group sells automobiles and automobile parts to distributors and end customers.According to the contract the delivery is completed after the products are delivered at the
contracted delivery location and acceptance by both parties. The Group recognises the
revenue at the timing of delivery completion.The credit periods granted by the Group to distributors and end customers are generally
within one year which is consistent with the industry practice and there is no significant
financing component. The Group provides product warranties for automobiles and
automobile parts as required by laws and regulations and recognises the corresponding
provisions (Note 3(17)).The Group provides distributors and end customers with sales discounts based on sales
volume and related revenue is recognised at contract consideration net of the discount
amount estimated based on historical experience and using the expected value method.
53JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(18) Revenue (Cont’d)
(b) Rendering of services
The Group provides customers with automobile transportation automobile maintenance and
additional quality warranty services and the revenue is recognised based on the progress
of service provision within a certain period. According to the nature of the service provided
the performance progress is determined in accordance with the value of the labour provided
to the customer.When the Group recognises revenue based on the stage of completion the amount with
unconditional collection right obtained by the Group is recognised as accounts receivable
and the rest is recognised as contract assets. Meanwhile loss provision for accounts
receivable is recognised on the basis of ECL (Note 3(8)). If the contract price received or
receivable exceeds the amount for the completed service the excess portion will be
recognised as contract liabilities. Contract assets and contract liabilities under the same
contract are presented on a net basis.
(19) Government grants
Government subsidies are recognized when the conditions attached to them can be met and
can be received. If the government subsidy is a monetary asset it shall be measured
according to the amount received or receivable. If the government subsidy is a non-monetary
asset it shall be measured at fair value; If the fair value cannot be reliably obtained it shall
be measured according to the nominal amount.If the government documents stipulate that it is used for the acquisition construction or other
formation of long-term assets it shall be regarded as a government subsidy related to the
assets; If the government documents are not clear the judgment shall be made on the basis
of the basic conditions that must be met to obtain the subsidy and the basic condition of the
formation of long-term assets through acquisition construction or other means shall be
regarded as the government subsidy related to the assets and the other shall be regarded
as the government subsidy related to the income.If the government subsidy related to the income is used to compensate for the relevant costs
expenses or losses in subsequent periods it shall be recognized as deferred income and
shall be included in the profit or loss for the current period or offset the relevant costs in the
period in which the relevant costs expenses or losses are recognized; If it is used to
compensate for the relevant costs expenses or losses that have been incurred it shall be
directly included in the profit or loss for the current period or offset the relevant costs.
54JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(19) Government grants (Cont’d)
Asset-related government subsidies to offset the carrying amount of the underlying assets; or
recognized as deferred income which shall be included in profit or loss in instalments in a
reasonable and systematic manner during the useful life of the relevant asset (except that the
government subsidy measured according to the nominal amount shall be directly included in
the profit or loss for the current period) and if the relevant asset is sold transferred scrapped
or damaged before the end of its useful life the balance of the relevant deferred income that
has not yet been distributed shall be transferred to the profit or loss of the current period of
asset disposal.If the finance department allocates the subsidized funds to the lending bank and the lending
bank provides loans to the Group at a preferential policy interest rate the actual amount of
the borrowed money received shall be used as the recorded value of the borrowing and the
relevant borrowing costs shall be calculated according to the principal of the loan and the
preferential interest rate of the policy.
(20) Deferred income tax
The Group adopts the balance sheet obligation method to provide deferred income tax based
on the temporary differences between the carrying amount of assets and liabilities at the
balance sheet date and the tax base as well as the difference between the carrying amount
and the tax basis of items that are not recognized as assets and liabilities but whose tax
basis can be determined in accordance with the provisions of the tax law.Deferred tax liabilities are recognized for all kinds of taxable temporary differences unless:
* A taxable temporary difference arises in the following transactions: the initial recognition
of goodwill or the initial recognition of assets or liabilities arising in a single transaction
that is not a business combination the transaction occurs that does not affect neither
the accounting profit nor the taxable income or deductible loss and the assets and
liabilities initially recognized do not result in the creation of an equal amount of taxable
temporary differences and deductible temporary differences;
* For taxable temporary differences related to investments in subsidiaries and associates
the timing of the reversal of the temporary difference is controllable and the temporary
difference is likely not to be reversed in the foreseeable future.For deductible temporary differences deductible losses and tax credits that can be carried
forward to future periods the Group recognises deferred tax assets to the extent that it is
likely to obtain future taxable income to offset the deductible temporary differences
deductible losses and tax credits unless:
* A deductible temporary difference arises in a single transaction that is not a business
combination the transaction does not affect the accounting profit or taxable income or
deductible loss at the time of the transaction and the assets and liabilities initially
recognized do not result in the creation of an equal amount of taxable temporary
difference and a deductible temporary difference;
* For deductible temporary differences related to investments in subsidiaries and
associates the temporary differences are likely to be reversed in the foreseeable future
and taxable income to be used to offset the temporary differences is likely to be obtained
in the future.
55JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(20) Deferred income tax (Cont’d)
The Group's deferred tax assets and deferred tax liabilities are measured at the applicable
tax rate during the period in which the assets are expected to be recovered or the liabilities
are liquidated in accordance with the provisions of the tax law and reflect the income tax
impact of the expected recovery of assets or the settlement of liabilities at the balance sheet
date.At the balance sheet date the Group reviews the carrying amount of deferred tax assets and
writes down the carrying amount of deferred tax assets if it is likely that sufficient taxable
income will not be available in future periods to offset the benefits of deferred tax assets. At
the balance sheet date the Group re-evaluates the unrecognised deferred tax assets to the
extent that it is likely to obtain sufficient taxable income to be able to reverse all or part of the
deferred tax assets.Deferred tax assets and deferred tax liabilities are presented on a net basis when the
following conditions are met: they have the legal right to settle current income tax assets and
current income tax liabilities on a net basis; Deferred tax assets and deferred tax liabilities
are related to the income tax levied by the same tax collection and administration department
on the same taxable entity.
(21) Leases
At the commencement date of the contract the Group assesses whether the contract is a
lease or an included lease and if a party to the contract relinquishes the right to control the
use of one or more identified assets for a certain period of time in exchange for consideration
the contract is a lease or a included lease.(a) As the lessee
In addition to short-term leases and leases of low-value assets the Group recognises right-
of-use assets and lease liabilities for leases.If the contract includes both lease and non-lease parts the Group shall apportion the contract
consideration according to the relative proportion of the individual prices of each part.At the commencement date of the lease term the Group recognises its right to use the leased
asset during the lease term as a right-of-use asset which is initially measured at cost. The
cost of a right-of-use asset includes: the initial measurement amount of the lease liability; the
amount of the lease payment paid on or before the start date of the lease term (less the
amount in relation to the lease incentive received); Initial direct expenses incurred by the
lessee; The costs that the lessee expects to incur in order to dismantle and remove the
leased asset restore the premises on which the leased asset is located or restore the leased
asset to the condition agreed in the terms of the lease. If the Group remeasures lease
liabilities due to changes in lease payments the carrying amount of right-of-use assets will
be adjusted accordingly. Subsequently the Group adopted the average life method to
provide depreciation for right-of-use assets. If it can be reasonably determined that the
ownership of the leased assets will be acquired at the end of the lease term the Group shall
accrue depreciation during the remaining useful life of the leased assets. If it is not
reasonably certain that the ownership of the leased assets can be obtained at the end of the
lease term the Group shall accrue depreciation during the period between the lease term
and the remaining useful life of the leased assets.
56JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(21) Leases (Cont’d)
At the commencement date of the lease term the Group recognises the present value of the
outstanding lease payments as lease liabilities excluding short-term leases and leases of
low-value assets. Lease payments include fixed payments and substantial fixed payments
net of lease incentives variable lease payments depending on the index or ratio expected
payments based on the residual value of the guarantee and the exercise price of the
purchase option or the exercise of the termination option provided that the Group reasonably
determines that the option will be exercised or the lease term reflects that the Group will
exercise the lease termination option. Variable lease payments that are not included in the
measurement of lease liabilities are recognized in profit or loss for the current period when
actually incurred unless otherwise specified in the cost of the relevant assets. The Group
remeasures lease liabilities based on the present value of the changed lease payments when
there is a change in the amount of the real fixed payment a change in the estimated amount
payable for the residual value of the guarantee a change in the index or ratio used to
determine the amount of the lease payment and a change in the evaluation result or actual
exercise of the option to purchase renew or terminate the option.The Group recognises a lease with a lease term of not more than 12 months and without a
purchase option as a short-term lease on the commencement date of the lease term; When
a single leased asset is a brand new asset a lease with a lower value is recognized as a
lease of a low-value asset. The Group chooses not to recognise right-of-use assets and
lease liabilities for short-term leases and leases of low-value assets. The cost of the relevant
asset or current profit or loss is recognized on a straight-line basis for each period of the
lease term.(b) As the lessor
Leases that transfer substantially all of the risks and rewards associated with ownership of
the leased assets at the lease commencement date are finance leases and all other leases
are operating leases.The rental income from operating leases is recognized as profit or loss for the current period
on a straight-line basis for each period of the lease term and the variable lease payments
that are not included in the lease receipts are recognized in the profit or loss for the current
period when actually incurred. Initial direct expenses are capitalised and amortized over the
lease term on the same basis as rental income recognition and are included in profit or loss
for the current period.On the commencement date of the lease term the Group recognized the financial lease
receivables for the financial lease and terminated the recognition of the financial lease
assets. When the Group initially measures the financial lease receivables the net lease
investment is used as the recorded value of the financial lease receivables. Net lease
investment is the sum of the unsecured residual value and the present value of lease receipts
not yet received at the start date of the lease term discounted at the interest rate embedded
in the lease including initial direct costs. The Group calculates and recognises interest
income for each period of the lease term at a fixed periodic interest rate. Variable lease
payments made by the Group that are not included in the measurement of net lease
investments are recognized in profit or loss for the current period when they are actually
incurred.
57JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(22) Safety production fee
The safety production fee withdrawn in accordance with the regulations shall be included in
the cost of the relevant product or the current profit or loss and shall be included in the
special reserve; When using distinguish whether fixed assets are formed and deal with them
separately: if it is an expense expenditure it will directly offset the special reserves; If fixed
assets are formed the expenses incurred shall be collected and the fixed assets shall be
recognized when they reach the intended usable state and the equivalent special reserves
shall be written off and the equivalent accumulated depreciation shall be recognized.
(23) Fair value measurement
Assets and liabilities measured or disclosed at fair value in the financial statements are
determined based on the lowest level of inputs that are material to the fair value measurement
as a whole: Level 1 inputs which are unadjusted quotes in active markets for the same assets
or liabilities that can be obtained at the measurement date; Level 2 inputs which are directly
or indirectly observable inputs for related assets or liabilities other than Level 1 inputs; The
third level of input value the unobservable input value of the relevant asset or liability.At each balance sheet date the Group re-evaluates the assets and liabilities recognized in
the financial statements at fair value on an ongoing basis to determine whether there is a
transition between the levels of fair value measurement.
(24) Critical accounting estimates and judgements
The preparation of financial statements requires management to make judgments estimates
and assumptions that affect the amounts and disclosures of income expenses assets and
liabilities as well as the disclosure of contingent liabilities at the balance sheet date. The
results of these uncertainties in assumptions and estimates may result in significant
adjustments to the carrying amounts of the assets or liabilities affected in the future.(a) Critical judgements in applying the accounting policies
In applying the Group's accounting policies management has made the following judgments
that have a material impact on the amounts recognized in the financial statements:
Business model
The classification of financial assets at the time of initial recognition depends on the Group's
business model for managing financial assets and in determining the business model the
Group considers the manner in which the performance of financial assets is evaluated and
reported to key management personnel the risks affecting the performance of financial
assets and how they are managed and the manner in which relevant business managers
are remunerated. In assessing whether the objective is to collect contractual cash flows the
Group needs to analyze and determine the reason timing frequency and value of the sale
of financial assets before the maturity date.
58JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(24) Critical accounting estimates and judgements (Cont’d)
Characteristics of contractual cash flows
The classification of financial assets at the time of initial recognition depends on the
contractual cash flow characteristics of the financial assets and it is necessary to determine
whether the contractual cash flows are only the payment of principal and interest based on
the outstanding principal whether there is a significant difference compared with the
benchmark cash flow when the time value of money is included in the assessment of the
time value of money and whether the fair value of the prepayment feature is very small in
the case of financial assets containing prepayment features.Judgment of a significant increase in credit risk and credit impairment that has occurred
In distinguishing the different stages of financial instruments the Group's judgment on the
significant increase in credit risk and the credit impairment that has occurred is as follows:
The Group's main criteria for judging a significant increase in credit risk are that the number
of overdue days exceeds 30 days or there is a significant change in one or more of the
following indicators: the debtor's business environment internal and external credit ratings
significant changes in actual or expected operating results and a significant decline in the
value of collateral or the credit rating of the guarantor that will affect the probability of default.The Group's main criteria for judging that credit impairment has occurred are that the number
of overdue days exceeds 90 days (i.e. default has occurred) or one or more of the following
conditions are met: the debtor has significant financial difficulties undergoes other debt
restructuring or is likely to go bankrupt.(b) Uncertainty in the estimate
The following are key assumptions about the future at the balance sheet date and other key
sources of uncertainty in the estimates that may result in significant adjustments to the
carrying amounts of assets and liabilities in future periods.Impairment of financial instruments
The Group uses an expected credit loss model to assess the impairment of financial
instruments and the application of the expected credit loss model requires significant
judgment and estimation taking into account all reasonable and substantiated information
including forward-looking information. In making these judgments and estimates the Group
inferred the expected changes in the debtor's credit risk based on historical repayment data
combined with economic policies macroeconomic indicators industry risks and other
factors. Different estimates may affect the provision for impairment and the provision for
impairment may not be equal to the actual amount of impairment losses in the future.
59JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Summary of significant accounting policies and accounting estimates (Cont’d)
(24) Critical accounting estimates and judgements (Cont’d)
Impairment of non-current assets other than financial assets (other than goodwill)
The Group determines whether there is any indication of possible impairment of non-current
assets other than financial assets at the balance sheet date. For intangible assets with an
indefinite useful life in addition to the impairment test conducted annually when there are
signs of impairment the impairment test is also conducted. Other non-current assets other
than financial assets are tested for impairment when there are indications that their book
value is not recoverable. Impairment occurs when the carrying amount of an asset or group
of assets is higher than the recoverable amount i.e. the higher of the fair value less disposal
costs and the present value of the projected future cash flows. The fair value net of disposal
costs is determined by reference to the agreed sale price or observable market price of a
similar asset in an arm's length transaction less incremental costs directly attributable to the
disposal of the asset. When estimating the present value of future cash flows management
must estimate the projected future cash flows of the asset or group of assets and select an
appropriate discount rate to determine the present value of future cash flows.Development expenditures
When determining the amount to be capitalized management must make assumptions
regarding the estimated future cash flows of the asset the applicable discount rate and the
expected benefit period.Deferred tax assets
To the extent that there is likely to be sufficient taxable income to cover the deductible loss
deferred tax assets should be recognised for all unutilised deductible losses. This requires
management to use a great deal of judgment to estimate the timing and amount of taxable
income to be obtained in the future combined with a tax planning strategy to determine the
amount of deferred tax assets to be recognized.Warranty
For a portfolio of contracts with similar characteristics the Group makes a reasonable
estimate of the warranty rate based on historical warranty data current warranty situation
and all relevant information such as product improvement and market changes. The
estimated warranty rates may not be equal to the actual future warranty rates and the Group
has re-evaluated the warranty rates at least at each balance sheet date and determined the
projected liabilities based on the re-assessed warranty rates.
60JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Taxation
(1) The main categories and rates of taxes applicable to the Group are set out below:
Category Taxation basis Tax rate
Value-added tax The difference between the sales amount and the 13% 9% and
(“VAT”) output tax calculated at the applicable tax rate 6%
after deducting the input tax amount for which
the credit is granted
Consumption tax Taxable sales amount 9% 5% and
3%
City maintenance and The payment amount of VAT and consumption 7% and 5%
construction tax tax
Enterprise income tax Taxable income 25% and 15%
(2) Tax preference
According to the relevant regulations of the national high-tech certification and related
preferential tax policies the company has passed the certification of high-tech enterprises in
2024 and is valid for three years. The corporate income tax rate applicable to the Company
in the six months ended 30 June 2025 is 15% (the six months ended 30 June 2024：15%).As at 30 June 2025 except for the Company the Company’s wholly-owned companies
including JMC Heavy Duty Vehicle Co. Ltd. (“JMCH”) Jiangling Motor Sales Co. Ltd.(“JMCS”) Shenzhen Fujiang New Energy Automobile Sales Co. Ltd. (“SZFJ”) Guangzhou
Fujiang New Energy Automobile Sales Co. Ltd. (“GZFJ”) and Jiangling Ford Automobile
Technology (Shanghai) Co. Ltd. (“Jiangling Ford (Shanghai)”) were subject to the enterprise
income tax at the rate of 25% (the six months ended 30 June 2024：25%).Pursuant to the Announcement on Clarifying the Additional Value-added Tax Credit Policy for
the Advanced Manufacturing Enterprises (Cai Shui [2023] No. 43) jointly issued by the
Ministry of Finance and the State Taxation Administration the Company as an advanced
manufacturing enterprise from January 1 2023 to December 31 2027 the Company will add
5% of the deductible input tax for the current period to offset the VAT payable.
61JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements
(1) Cash at bank and on hand
30 June 2025 31 December 2024
Cash at bank 10420513196 11067571593
Cash at finance company (a) (Note
8(6))13604906331407604416
Other cash and cash equivalents (b) 8856058 18692687
Interest receivable 50590361 52427194
1184045024812546295890
(a) As at 30 June 2025 the group's bank deposit with Jiangling Automobile Group Finance Co
Ltd. was RMB1360490633. The Group's bank deposits placed with Jiangling Motor Group
Finance Company Limited(“JMCF”) bear interest at the bank's annual interest rate of 0.85%-
1.55% (31 December 2024: 1.35%-2.25%) on RMB deposits for the same period.
JMCF a holding subsidiary of Jiangling Motors Group Co. Ltd (“JMCG”) is a non-banking
financial institution. JMCG holds 50% equity capital of Nanchang Jiangling Investment Co.Ltd. (“JIC”) a main shareholder of the Company.(b) Other cash and cash equivalents of RMB 8856058 (31 December 2024：18692687) were
the frozen funds of the Group's litigation.
(2) Derivative financial assets
30 June 2025 31 December 2024
Derivative financial assets -
Forward exchange contracts 4568083 12612380
62JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(3) Notes receivable
30 June 2025 31 December 2024
Trade acceptance notes 570399 226932
Less: Provision for bad debts (86) (67)
570313226865
(a) As at 30 June 2025 there were no notes receivable pledged.(b) Provision for bad debts
For notes receivable arising from sales of goods and rendering of services in the ordinary
course of operating activities the Group measures the loss provision based on the lifetime
ECL regardless of whether there is a significant financing component.The provision for bad debts of notes receivable is analysed by category as follows:
30 June 2025
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on
the grouping basis (i) 570399 100% 86 0.02%
31 December 2024
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
grouping basis (i) 226932 100% 67 0.03%
(i) Notes receivable for which the provision for bad debts is provided on the grouping basis are
analysed as follows:
Grouping - Trade acceptance notes:
As at 30 June 2025 the Group’s provision for bad debts for trade acceptance notes of the
grouping was measured based on the lifetime ECL and the related amount was RMB86 (31
December 2024: RMB67) of which RMB19 was accrued As at 30 June 2025 .(ii) There was no provision for bad debts actually written off during the period.
63JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(4) Accounts receivable
30 June 2025 31 December 2024
Accounts receivable 5806454271 4299293681
Less: Provision for bad debts (120596556) (118285447)
56858577154181008234
(a) The aging of accounts receivable was analysed as follows:
30 June 2025 31 December 2024
Within 1 year 5674116013 4168893653
1 to 2 years 5821338 1812248
Over 2 years 126516920 128587780
58064542714299293681
As at 30 June 2025 accounts receivable with individually significant amounts and aged over
three years were analyzed as follows:
Balance Reasons and risk of collection
Company 1 66796993 As the debtor had difficulties in operation and was
involved in several lawsuits the Group
considered that the receivable was difficult to be
recovered and therefore a provision for bad debts
had been made in full.Company 2 37924214 The Group considered that the new energy
subsidy amount was difficult to be recovered from
relevant subsidy distribution departments over a
long period of time and therefore a provision for
bad debts had been made in full.Company 3 13874400 Due to the cash flow arrangement of the debtor
the accounts receivable had a long aging but the
debtor has a good historical collection situation
and still has normal business dealings with the
Group and the Group considered that the
receivables were likely to be recovered so a
provision for bad debts was made in the grouping
- sales of general automobiles.
64JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(4) Accounts receivable (Cont’d)
(b) As at 30 June 2025 the top five accounts receivable ranked by the balances of the debtors
are analysed as follows:
Amount of provision % of total
Balance for bad debts balance
The total accounts receivable of
the top five balances 4398524799 75277591 75.75%
(c) Provision for bad debts
For accounts receivable the Group measures the loss provision based on the lifetime ECL
regardless of whether there is a significant financing component.The provision for bad debts of accounts receivable was analysed by category as follows:
30 June 2025
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
individual basis (i) 104721207 2% 104721207 100.00%
Provision for bad debts on the
grouping basis (ii) 5701733064 98% 15875349 0.28%
5806454271100%1205965562.08%
31 December 2024
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
individual basis (i) 104721207 2% 104721207 100.00%
Provision for bad debts on the
grouping basis (ii) 4194572474 98% 13564240 0.32%
4299293681100%1182854472.75%
(i) Accounts receivable for which the provision for bad debts was provided on the individual
basis were analysed follows:
30 June 2025
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
New energy subsidies
receivable 37924214 100% 37924214
Receivables for
automobiles 66796993 100% 66796993
104721207104721207
65JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(4) Accounts receivable (Cont’d)
(c) Provision for bad debts (Cont’d)
(i) Accounts receivable for which the provision for bad debts is provided on the individual basis
are analysed follows (Cont’d):
31 December 2024
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
New energy subsidies
receivable 37924214 100% 37924214
Receivables for
automobiles 66796993 100% 66796993
104721207104721207
As at 30 June 2025 The Group assessed the expected credit losses on the related accounts
receivable the Group considered the receivables cannot be collected therefore full
provision was made for those receivables. The related amount was RMB104721207(31
December 2024: RMB104721207) no impact on profit or loss for the current period (the
six months ended 30 June 2024: no impact on profit or loss for the current period) .(ii) Accounts receivable for which provision for bad debts is made on the grouping basis are
analysed as follows:
Grouping - Domestic sales of general automobiles:
30 June 2025
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Not overdue 1292095722 0.02% 194061
Overdue for 1 to 30 days 23237765 0.48% 110893
Overdue for 31 to 60 days 9348928 1.19% 111090
Overdue for 61 to 90 days 7439342 2.52% 187831
Overdue over 90 days 23969449 9.00% 2157250
13560912062761125
66JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(4) Accounts receivable (Cont’d)
(c) Provision for bad debts (Cont’d)
(ii) Accounts receivable for which provision for bad debts is made on the grouping basis are
analysed as follows (Cont’d):
Grouping - Domestic sales of general automobiles:
31 December 2024
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Not overdue 812797881 0.03% 241763
Overdue for 1 to 30 days 109449671 0.55% 600056
Overdue for 31 to 60 days 5621317 0.99% 55441
Overdue for 61 to 90 days 4434000 2.50% 110948
Overdue over 90 days 25539010 9.00% 2298511
9578418793306719
Grouping - Export sales of general automobiles:
30 June 2025
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Not overdue 4085275267 0.20% 8170551
31 December 2024
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Not overdue 2933133292 0.20% 5866267
Grouping - Sales of new energy automobiles:
30 June 2025
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Overdue over 90 days 4122180 80.00% 3297744
31 December 2024
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Overdue over 90 days 4123260 80.00% 3298608
67JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(4) Accounts receivable (Cont’d)
(c) Provision for bad debts (Cont’d)
(ii) Accounts receivable for which provision for bad debts is made on the grouping basis are
analysed as follows (Cont’d):
Grouping – Automobile parts:
30 June 2025
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Not overdue 210521900 0.30% 631566
Overdue for 1 to 30 days 11139819 0.30% 33419
Overdue for 31 to 60 days 11101048 0.50% 55505
Overdue for 61 to 90 days 5650986 0.60% 33906
Overdue over 90 days 17830658 5.00% 891533
2562444111645929
31 December 2024
Book balance Provision for bad debts
Lifetime ECL
Amount (%) Amount
Not overdue 270418629 0.30% 811256
Overdue for 1 to 30 days 10276006 0.30% 30828
Overdue for 31 to 60 days 9423011 0.50% 47115
Overdue for 61 to 90 days 6008481 0.60% 36051
Overdue over 90 days 3347916 5.00% 167396
2994740431092646
(iii) The accrued amount of provision for bad debts for the period was RMB 2311109.(d) There was no provision for bad debts actually written off during the period.(e) As at 30 June 2025 and 31 December 2024 there were no accounts receivable pledged.
68JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(5) Financing receivables
30 June 2025 31 December 2024
Bank acceptance notes 310302211 302065502
The Group considers the need for its daily fund management to discount and endorse a
portion of bank acceptance bills and the business model for managing these bills aims both
at receiving contractual cash flows and at selling them; therefore all bank acceptance bills
of the Group are classified as financial assets measured at fair value with changes
recognized in other comprehensive income. For the six months ended 30 June 2025 the
Group endorsed and discounted bank acceptance notes and almost all risks and rewards of
ownership have been transferred to other parties accordingly the carrying amounts of bank
acceptance notes that were derecognised by the Group were RMB524875268 and
RMB3232573819 ( 31 December 2024: RMB1098017761 and RMB2029290040)
respectively and the related losses on discount of RMB234105 ( for the six months ended
30 June 2024: Nil) were included in investment income (Note 5(50)).
As at 30 June 2025 and 31 December 2024 as the credit risk characteristics of these bank
acceptance notes were similar no provision for impairment was made individually. In
addition the Group considered that its bank acceptance notes were not exposed to
significant credit risk and the probability of default of these banks was very low.As at 30 June 2025 and 31 December 2024 the Group had no pledged bank acceptance
notes receivable presented in financing receivables.As at 30 June 2025 the Group's bank acceptance notes had been endorsed or discounted
but not yet matured were RMB 3564724876 which had been derecognised.There was no significant write-offs of financing receivables for the Group As at 30 June 2025
(the six months ended 30 June 2024：Nil).
69JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(6) Advances to suppliers
(a) The aging of advances to suppliers is analysed as follows:
30 June 2025 31 December 2024
% of total % of total
Amount balance Amount balance
Within 1 year 42564557 93% 907027 06 96%
Over 1 year 3002660 7% 40464 66 4%
45567217100%94749172100%
(b) As at 30 June 2025 the top five advances to suppliers by the balances of the debtors are
analysed as follows:
Amount % of total balance
Total prepayments of the top five
balances 45556195 99.98%
(8) Other receivables
30 June 2025 31 December 2024
Gas and electricity bills 8799782 18531901
Guarantees 6426024 7604290
Import working capital 5000000 3900523
Platform utilization fee 4788230 5525739
Bills for R&D projects 3952445 4723933
Sales service fee 3156146 -
Stock repurchase securities funds 1099623 -
Receivables from refund of social
insurance - 1297367
Others 22896531 12690526
5611878154274279
Less: Provision for bad debts (289096) (261039)
5582968554013240
The Group did not have any fund deposited at other parties under the centralised fund
management and represented in other receivables.(a) The aging of other receivables is analysed as follows:
30 June 2025 31 December 2024
Within 1 year 49911898 49055878
Over 1 year 6206883 5218401
5611878154274279
70JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(7) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements:
The provision for bad debts of other receivables is analysed by category as follows:
30 June 2025
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the individual
basis 1099623 2% - -
Provision for bad debts on the
grouping basis 55019158 98% 289096 0.53%
56118781100%2890960.52%
31 December 2024
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
Individual basis 1297367 2% - -
Provision for bad debts on the
grouping basis 52976912 98% 261039 0.49%
54274279100%2610390.48%
Stage 1
12-month ECL
12-month ECL (grouping) (individual) Total
Provision Provision Provision
Book for bad Book for bad for bad
balance debts balan ce debts debts
31 December 2024 52976912 261039 1297 367 - 261039
Decrease in the
current period - - (197 744) - -
Increase in the
current period 2042246 - - - -
Provision for bad
debts accrued
during the period - 28057 - - 28057
30 J une 2025 55019158 289096 1099 623 - 289096
As at 30 June 2025 and 31 December 2024 the Group had no other receivables at Stage 2
and Stage 3. The analysis of other receivables at Stage 1 was stated below:
(i) As at 30 June 2025 the Group’s other receivables with provision for bad debts were analysed
below:
71JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(7) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements (Cont’d):
12-month Provision for
Book balance ECL rates bad debts Reason
Provision on the individual basis:
Stock repurchase securities funds i) 1099623 - - ECL
Provision on the grouping basis:
Gas and electricity bills 8799782 0.53% 46238 ECL
Guarantees 6426024 0.53% 33765 ECL
Import working capital 5000000 0.53% 26272 ECL
Platform utilization fee 4788230 0.53% 25160 ECL
Bills for R&D projects 3952445 0.53% 20768 ECL
Sales service fee 3156146 0.53% 16584 ECL
Others 22896531 0.53% 120309 ECL
56118781289096
i)The Group assessed the Stock repurchase securities funds individually and based on the
judgment of credit risk the receivables were not subject to significant credit risk and were
not overdue and impaired.(i) As at 31 December 2024 the Group’s other receivables with provision for bad debts on the
grouping basis are analysed as follows:
12-month Provision for
Book balance ECL rates bad debts Reason
Provision on the individual basis:
Receivables from refund of social
insurance i) 1297367 - - ECL
Provision on the grouping basis:
Gas and electricity bills 18531901 0.49% 91314 ECL
Guarantees 7604290 0.49% 37469 ECL
Platform utilization fee 5525739 0.49% 27228 ECL
Bills for R&D projects 4723933 0.49% 23277 ECL
Import working capital 3900523 0.49% 19219 ECL
Others 12690526 0.49% 62532 ECL
54274279261039
(c) As at 30 June 2025 the Group accrued the provision for bad debts amounting to
RMB28057.(d) There was no provision for bad debts actually written off during the period.(e) As at 30 June 2025 the top five other receivables by the balances of the debtors are listed
as follows:
% of Provision
total for bad
Nature Balance Aging balance debts
Company 1 Gas bills 8799782 within 1 year 16% 46238
Import working
Company 2 Capitaletc. 7754132 within 1 year 14% 40744
Platform utilization
Company 3 fee 4788230 within 1 year 9% 25160
Company 4 Sales service fee 3156146 within 1 year 6% 16584
Claim for
Company 5 compensation 2166155 within 1 year 4% 11382
2666444549%140108
72JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(8) Inventories
(a) Inventories were summarised by category as follows:
30 June 2025 31 December 2024
Provision for Provision for
decline in the decline in the
value of Carrying value of Carrying
Book balance inventories amount Book balance inventories amount
Raw materials 1159931052 87208653 1072722399 1297887283 89113586 1208773697
Finished goods 204694453 1812453 202882000 416054999 9124198 406930801
Work in progress 162929070 282318 162646752 208385421 282318 208103103
Low value consumables 69190012 741914 68448098 74927505 8943729 65983776
Materials in transit 64213199 - 64213199 85555538 - 85555538
Materials consigned for processing 19274152 - 19274152 79170327 - 79170327
168023193890045338159018660021619810731074638312054517242
(b) Provision for decline in the value of inventories was analysed as follows:
Increase in the
current period Decrease in the current period
31 December 2024 Provision Reversal Write-off 30 June 2025
Raw materials 89113586 - - (1904933) 87208653
Finished goods 9124198 - - (7311745) 1812453Low value consumables 8943729 - （42736) (8159079) 741914Work in progress 282318 - - - 282318107463831-（42736)(17375757)90045338
73JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(8) Inventories (Cont’d)
(c) Provision for decline in the value of inventories was analysed as follows:
The Group uses whether the cost is higher than the net realizable value as the basis for the
provision for inventory decline. Net realizable value is determined by the estimated selling
price of the inventory less the estimated costs to be incurred at completion estimated
contract performance costs and selling expenses and related taxes. The reason for the
reversal or resale of the provision for inventory decline in the current period is the increase
in the net realizable value of the inventory for which the provision for inventory decline has
been made in previous periods or the sales realized in the current period.
(9) Other current assets
30 June 2025 31 December 2024
Taxes prepaid input VAT to be
deducted and to be verified 1177906926 1200018920
Others 36171200 28354057
12140781261228372977
(10) Current portion of non-current assets
30 June 2025 31 December 2024
Current portion of long-term
receivables (Note 5(11)) 16089107 20784738
(11) Long-term receivables
30 June 2025 31 December 2024
Long-term receivables 34918655 41474312
Less: Unearned financing income (1383690) (2053465)
Provision for bad debts (58643) (102201)
Current portion of long-term
receivables (Note 5(10)) (16089107) (20784738)
1738721518533908
As at 30 June 2025 the Group's long-term receivables were formed by instalment receipts
from disposal of fixed assets and instalment sales etc. and the payments will be recovered
from 2025 to 2029.
74JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(12) Long-term equity investments
30 June 2025 31 December 2024
Associates
- Shanxi Yunnei Power Co. Ltd. (“The Power Company”) 182325974 19439324 6
- Hanon Systems (Nanchang) Co. Ltd. (“Hanon Systems”) 27168732 2490478 5
Less: Provision for impairment of long-term equity investments - -
209494706219298031
Associates
Movements for the current period Impairment provision
Share of net
Increase/ profit/(loss) Cash Provision 31
31 December Decrease in under equity dividends for 30 June Shareholding Voting 30 June December
2024 investment method declared impairment 2025 (%) rights (%) 2025 2024
The Power
Company 194393246 - (12067272 ) - - 182325974 40% 40% - -
Hanon
Systems 24904785 - 226394 7 - - 27168732 19.15% 33.33% - -
Total 219298031 - (9803325 ) - - 209494706 - -
Related information of equity in associates is set forth in Note 6(2).
75JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(13) Fixed assets
30 June 2025 31 December 2024
Fixed assets (a) 5972042966 5749363332
Fixed assets pending for disposal (b) 102888 110673
59721458545749474005
(a) Fixed assets
Electronic
Machinery and and other. Buildings equipment Vehicles Moulds equipment Total
Cost
31 December 2024 2367665155 3233162193 1000446605 4420796705 4447547715 15469618373
Increase in the current
period
Transfers from
construction in
progress 1401975 386951 287199046 424121056 125601584 838710612
Decrease in the current
period
Disposal or
retirement (2648470) (238891707) (26909471) (66384345) (166118002) (500951995)
Others - (7579508) - - (61725722) (69305230)
30 June 2025 2366418660 2987077929 1260736180 4778533416 4345305575 15738071760
Accumulated
depreciation
31 December 2024 528036598 2057309021 389467170 2945591662 3171243383 9091647834
Increase in the current
period
Provision 26438806 87688561 75453217 203689658 159559544 552829786
Decrease in the current
period
Disposal or
retirement (1386199) (220620354) (20921987) (59043618) (153879527) (455851685)
Others - (714358) - - (22162635) (22876993)
30 June 2025 553089205 1923662870 443998400 3090237702 3154760765 9165748942
Provision for
impairment
31 December 2024 172020613 39433710 6937087 350150126 60065671 628607207
Increase in the current
period
Provision - - - - - -
Decrease in the current
period
Disposal or
retirement - (12391459) (778693) (7254855) (7902348) (28327355)
30 June 2025 172020613 27042251 6158394 342895271 52163323 600279852
Carrying amount
30 June 2025 1641308842 1036372808 810579386 1345400443 1138381487 5972042966
31 December 2024 1667607944 1136419462 604042348 1125054917 1216238661 5749363332
As at 30 June 2025 depreciation charged to fixed assets amounted to RMB552829786 (the
six months ended 30 June 2024：RMB485221314) of which the depreciation expenses
charged in the cost of sales selling and distribution expenses general and administrative
expenses and research and development expenses were RMB492673591 RMB2314697
RMB26170440 and RMB31671058 (the six months ended 30 June 2024 ：
RMB413536440 RMB3897033 RMB29315200 and RMB38472641) respectively.The costs of fixed assets transferred from construction in progress amounted to
RMB838710612 (the six months ended 30 June 2024：RMB574864185).
76JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(13) Fixed assets(Cont’d)
(a) Fixed assets (Cont’d)
(i) Temporarily idle fixed assets
As at 30 June 2025 the fixed assets with a carrying amount of approximately RMB157121026
(a cost of RMB1277164465) (31 December 2024: a carrying amount of approximately
RMB166048112 and a cost of RMB1419765179) were idle due to the termination of the
equity transfer transaction of JMCH and the change of product process of the Group. The
analysis was as follows:
Accumulated Provision for Carrying
Cost depreciation impairment amount
Buildings 409162422 1120979 62 1720206 13 1250438 47
Machinery and
equipment 126045578 859510 59 261484 68 139460 51
Vehicles 57471069 489323 13 60295 18 25092 38
Moulds 428029716 1119024 46 3159779 00 1493 70
Electronic and
other equipment 256455680 1962664 08 447167 52 154725 20
1277164465555150188564893251157121026
(ii) Operating lease of fixed assets:
As at 30 June 2025 the Cost was RMB790120592 the accumulated depreciation was RMB
95879504 and the carrying amount at the end of the period was RMB694241088.
(ii) Fixed assets with pending certificates of ownership:
Reason for not obtaining
Carrying amount certificates of ownership
Buildings 8681792 Pending procedures
(b) Fixed assets pending for disposal
30 June 2025 31 December 2024
Electronic and other equipment 85891 85891
Machinery and equipment 16997 24782
102888110673
77JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(14) Construction in progress
30 June 2025 31 December 2024
Provision Provision
for Carrying Book for Carrying
Book balance impairment amount balance impairment amount
Projects for
passenger
vehicles 182738290 4460314 178277976 134553481 4460314 130093167
Projects for
commercial
vehicles 152406753 1284000 151122753 364639322 1284000 363355322
Projects for
automobile parts
factory 70892849 - 70892849 64627414 - 64627414
Projects for
automobiles
factory 4560522 - 4560522 5625803 - 5625803
Others 97557499 691646 96865853 98901720 691646 98210074
50815591364359605017199536683477406435960661911780
78JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(14) Construction in progress (Cont’d)
(a) Movement of significant projects of construction in progress
Transfer to Accumulative Including:
Transfer to fixed intangible assets % of project capitalised Borrowing costs
Budget (In 31 December Increase in the assets in the in the current investment in Progress of borrowing capitalised in the
Project name RMB0’000) 2024 current period current period period 30 June 2025 budget project costs current period Source of fund
Projects for passenger
vehicles 85572 1 34553481 117603562 (694187 53) - 182738290 65 % 65% - - Self-owned funds
Projects for commercial
vehicles 273349 3 64639322 256334290 (4685668 59) - 152406753 74 % 74% - - Self-owned funds
Projects for automobiles
factory 50023 5625803 187078 (12523 59) - 4560522 75 % 75% - - Self-owned funds
Projects for automobile
parts factory 14752 64627414 15675692 (94102 57) - 70892849 58 % 58% - - Self-owned funds
Self-owned funds
Others 98901720 296065063 (2900623 84) (734690 0) 97557499 292 897 - and borro wings
668347740685865685(838710612)(7346900)508155913292897-
(b) Provision for impairment of construction in progress
Increase in the Decrease in the
31 December 2024 current period current period 30 June 2025 Reason for provision
The recoverable amount is lower than the
Projects for commercial vehicles 1284000 - - 128 4000 carrying amount
The recoverable amount is lower than the
Projects for passenger vehicles 4460314 - - 446 0314 carrying amount
The recoverable amount is lower than the
Others 691646 - - 69 1646 carrying amount
6435960--6435960
79JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(15) Right-of-use assets
Buildings
Cost
31 December 2024 375793465
Increase in the current period
New lease contracts 117970
Decrease in the current period
Expiration of lease contract (136110)
30 June 2025 375775325
Accumulated depreciation
31 December 2024 217307777
Increase in the current period
Provision 40592333
Decrease in the current period
Expiration of lease contract (136110)
30 June 2025 257764000
Provision for impairment
31 December 2024 -
Increase in the current period -
Decrease in the current period -
30 June 2025 -
Carrying amount
30 June 2025 118011325
31 December 2024 158485688
80JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(16) Intangible assets
Land use Software Non-patent
rights use fees technologies Others Total
Cost
31 December 2024 625299326 446450261 2320595061 38578700 3430923348
Increase in the
current period
Transfers from
construction in
progress - 7346900 - - 7346900
Internal research
and development - - 167668180 - 167668180
Decrease in the
current period
Disposal (2369411) (782409) - - (3151820)
30 June 2025 622929915 453014752 2488263241 38578700 3602786608
Accumulated
amortisation
31 December 2024 164471284 285873146 1078128739 38578700 1567051869
Increase in the
current period
Provision 6568314 27601062 197243548 - 231412924
Decrease in the
current period
Disposal (1302714) (782409) - - (2085123)
30 June 2025 169736884 312691799 1275372287 38578700 1796379670
Provision for
impairment
31 December 2024 - - 52416626 - 52416626
Increase in the
current period
Provision - - - - -
30 June 2025 - - 52416626 - 52416626
Carrying amount
30 June 2025 453193031 140322953 1160474328 - 1753990312
31 December 2024 460828042 160577115 1190049696 - 1811454853
As at 30 June 2025 the intangible assets developed by the Group accounted for 62% (31
December 2024: 61%) of the carrying amount of intangible assets.
81JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(17) Expenditure on research and development
The Group's total expenditure on research and development activities As at 30 June 2025
and 2024 is presented by nature as follows:
Six months ended 30 June
20252024
Employee benefits 449540890 371085867
Design fee 121218012 195801929
Consumed materials 77767929 95215493
Depreciation and amortisation 37108953 42867809
Others 99655450 97106716
785291234802077814
Wherein expenditure on research
and development on the
research phase (Note 5(45)) 652925801 617237727
(a) The changes in the Group's development expenditures eligible for capitalisation As at 30
June 2025 is analysed as follows:
Transfer to intangible
31 December Increase in the assets in the current 30 June
2024 current period period 2025
Projects for
passenger
vehicles 27277985 93171433 - 120449418
Projects for
commercial
vehicles 160825445 39194000 167668180 32351265
188103430132365433167668180152800683
The capitalization of the vehicle project started when the product was ready and the R&D
data was frozen and it had passed the Group's technical review meeting. After the
completion of the development of the project it is expected to be ready for mass production
of vehicle products with marketing capabilities with a progress of approximately 71% as of
30 June 2025 and is expected to be completed by 2025.
As at 30 June 2025 there was no impairment of the Group's development expenditure items
(the six months ended 30 June 2024：nil).
82JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(18) Deferred tax assets and deferred tax liabilities
(a) Deferred tax assets before offsetting
30 June 2025 31 December 2024
Deductible Deductible
temporary temporary
differences and Deferred tax differences and Deferred tax
deductible losses assets deductible losses assets
Accrued expenses and
provisions 4693645985 1066620321 5243226986 1202834659
Recoverable losses 3416095086 762925165 3007086847 645511957
Provision for asset
impairment 580297581 87610318 622528655 94016209
Non-patent technology 516378804 122008757 440753948 100999156
Lease liability 102200325 20562469 179407961 27067280
Employee education
funds unpaid 50863636 8092589 53619310 8554549
Deferred income 65769194 9865379 61202010 9180301
Retirement benefits
plan 9573915 2107187 10153000 2194050
Others 172388013 22437888 122815039 20274065
9607212539210223007397407937562110632226
(b) Deferred tax liabilities before offsetting
30 June 2025 31 December 2024
Taxable Taxable
temporary Deferred tax temporary Deferred tax
differences liabilities differences liabilities
Depreciation of fixed assets 3277206567 703454256 3045807585 624476184
Right-of-use assets 117893355 19216896 158457332 25571835
Equity transactions between
parent and subsidiary 187000000 28050000 166600000 24990000
Differences between the fair
value of the identifiable net
assets and carrying amount
arising from business
combinations involving
enterprises not under
common control 73600076 18400019 74742572 18685643
Amortisation of intangible
assets 87867813 16790393 88274866 15312010
Others 3649471 547421 11693768 1754065
37472172827864589853545576123710789737
83JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(18) Deferred tax assets and deferred tax liabilities (Cont’d)
(c) Deductible temporary differences and deductible losses for which no deferred tax asset was
recognised were analysed as follows:
30 June 2025 31 December 2024
Deductible temporary differences 2592011848 25985784 25
Deductible losses 242042829 2316109 85
28340546772830189410
(d) Deductible losses for which no deferred tax asset was recognised will be expired in following
years:
30 June 2025 31 December 2024
2025594567594567
2026136794136794
2027109138616109138616
20288088535480885354
20294089481040855654
203010392688-
242042829231610985
(e) The net balances of deferred tax assets and deferred tax liabilities after offsetting were as
follows:
30 June 2025 31 December 2024
Offsetting Balance after Offsetting Balance after
amount offsetting amount offsetting
Deferred tax assets (566426641) 1535803432 (580487861) 1530144365
Deferred tax liabilities (566426641) 220032344 (580487861) 130301876
(19) Other non-current assets
30 June 2025 31 December 2024
Prepayment for molds 6386526 7860340
84JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(20) Provision for asset impairment and losses
Decrease in the current period
31 December Increase in the Write-off
2024 current period Reversal /Disposal 30 June 2025
Provision for bad debts of notes receivable (Note
5(3))6719--86
Provision for bad debts of accounts receivable (Note
5(4))1182854472311109--120596556
Including: Provision for bad debts on the
individual basis 104721207 - - - 104721207
Provision for bad debts on the
grouping basis 13564240 2311109 - - 15875349
Provision for bad debts of other receivables (Note
5(7))26103928057--289096
Provision for bad debts of long-term receivables
(Note 5(11)) 102201 - (43558) - 58643
Sub-total 118648754 2339185 (43558) - 120944381
Provision for decline in the value of inventories
(Note 5(8)) 107463831 - (42736) (17375757) 90045338
Provision for impairment of fixed assets (Note 5(13)) 628607207 - - (28327355) 600279852
Provision for impairment of construction in progress
(Note 5(14)) 6435960 - - - 6435960
Provision for impairment of goodwill (i) 89028412 - - - 89028412
Provision for impairment of intangible assets (Note
5(16))52416626---52416626
Sub-total 883952036 - (42736) (45703112) 838206188
10026007902339185(86294)(45703112)959150569
(i) As at 31 December 2019 the Group had made full provision for impairment of goodwill.
85JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(21) Short-term borrowings
30 June 2025 31 December 2024
Credit loan 1400000000 15000000 00
As at 30 June 2025 the Group had no overdue short-term borrowings and the interest rates
ranged from 0.5% to 0.85% (31 December 2024: 0.55% to 0.95%).
(22) Accounts payable
30 June 2025 31 December 2024
Payable for automobile parts 9946234021 9785507 926
Payable for raw and auxiliary
materials 330200992 275716 018
1027643501310061223944
As at 30 June 2025 accounts payable with aging over one year amounted to
RMB195886018 (31 December 2024: RMB170590008) which mainly represented
payables for materials for which a settlement price had not yet been determined and such
payables had not been finally settled yet.
86JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(23) Contract liabilities
30 June 2025 31 December 2024
Advances for maintenance and warranty
services etc. 894196338 632287355
Advances for automobiles and automobile
parts 156872502 206210459
1051068840838497814
Less: Contract liabilities carried forward
to revenue after 1 year (Note 5(34) Note
5(41)(c)(i)) (415521158) (370793523)
635547682467704291
(24) Employee benefits payable
30 June 2025 31 December 202 4
Short-term employee benefits payable (a) 615939366 771878485
Defined contribution plans payable (b) 18716337 2799913
Defined benefit plans payable (c) 3015000 3015000
Termination benefits payable (d) 1143000 2481176
638813703780174574
(a) Short-term employee benefits
31 December Increase in the Decrease in the
2024 current period current period 30 June 2025
Wages and salaries
bonus allowances
and subsidies 692017542 1017543497 (1173988578) 535572461
Staff welfare 21071704 32981927 (38638307) 15415324
Social security
contributions 812921 74730146 (65495192) 10047875
Including: Medical
insurance 729653 66384072 (58137714) 8976011
Work injury
insurance 83268 8346074 (7357478) 1071864
Housing funds 492198 101007398 (101121179) 378417
Labour union funds
and employee
education funds 57484120 23310486 (26269317) 54525289
Other short-term
employee benefits - 3891043 (3891043) -
7718784851253464497(1409403616)615939366
87JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(24) Employee benefits payable (Cont’d)
(b) Defined contribution plans
Decrease in
31 December Increase in the the current
2024 current period period 30 June 2025
Basic pensions 2698067 143857338 (128432540) 18122865
Unemployment
insurance 101846 4554161 (4062535) 593472
2799913148411499(132495075)18716337
(c) Defined benefit plans
Increase in Decrease in
31 December the current the current
2024 period period 30 June 2025
Post-retirement
benefits payable
(Note 5(33)) 3015000 1135167 (1135167) 3015000
(d) Termination benefits payable
30 June 2025 31 December 2024
Early retirement benefits payable
(Note 5(33)) 1143000 1143000
Other termination benefits (i) - 1338176
11430002481176
(i) As at 30 June 2025 other termination benefits paid by the Group for termination of the
employment relationship were RMB2458544 (the six months ended 30 June 2024 ：
RMB908195).
(25) Taxes payable
30 June 2025 31 December 2024
Consumption tax payable 85683878 103965331
Land use tax payable 4703203 4753390
Unpaid VAT 2021791 117211162
Others 35440745 39268506
127849617265198389
88JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(26) Other payables
30 June 2025 31 December 2024
Promotion expenses 2574908038 27271554 25
Research and development project
expenses 803756032 962540747
Ordinary share dividends payable 620436482 6463836
Construction payment 393475959 466886864
Transportation expenses 221004714 256166660
Guarantees 143365491 134483995
Advertising and new product
planning fees 88109227 117665807
Trademark license fee 81116480 61000949
Consulting fees 33037236 42367665
Technological transformation project
expenses 13271106 13301266
Others 927120590 951030953
58996013555739064167
As at 30 June 2025 other payables with aging over one year of RMB1691750001 (31
December 2024: RMB1594877126) mainly comprised guarantees collected from
distributors and repair stations payables for promotion payables for research and
development expenses and payables for construction projects. Such payables had not been
finally settled yet in view of the continuing business transactions with distributors and service
providers and engineering projects and research and development projects that had not yet
been accepted and completed.
(27) Current portion of non-current liabilities
30 June 2025 31 December 2024
Current portion of lease liabilities
(Note 5(30)) 83069133 85684387
Current portion of long-term
borrowings (Note 5(29)) 468775 470727
8353790886155114
(28) Other current liabilities
30 June 2025 31 December 2024
Provisions expected to be settled
within 1 year (Note 5(31)) 325555076 314682704
Others 20453457 26865737
346008533341548441
89JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(29) Long-term borrowings
30 June 2025 31 December 2024
Guaranteed loans(a) 1171938 1412180
Less: Current portion of long-term
borrowings (Note 5(27)) (468775) (470727)
703163941453
(a) As at 30 June 2025 the above guaranteed loans were long-term borrowings amounting to
USD163710 guaranteed by JMCF (note 8(5)(c)) borrowed from Industrial and Commercial
Bank of China (“ICBC”) Nanchang Ganjiang Sub-branch with interests paid every half year
and the principal paid in instalments between 10 December 2007 and 27 October 2027.
30 June 2025 31 December 2024
Amount in Amount in
Starting Maturity Interest foreign RMB foreign RMB
date date Currency rate (%) currency equivalent currency equivalent
ICBC
Nanchang
Ganjiang Sub 27 February 27 October
- branch 1998 2027 USD 1.5% 163710 1171938 196453 1412180
(b) As at 30 June 2025 the Group had no overdue long-term borrowings at an interest rate of
1.5% (31 December 2024: 1.5%).
(30) Lease liabilities
30 June 2025 31 December 2024
Lease liabilities (a) 102313438 179437021
Less: Current portion of non-
current liabilities (Note 5(27)) (83069133) (85684387)
1924430593752634
(a) As at 30 June 2025 the Group had no leases that were not included in lease liabilities but
will result in potential future cash outflows.
90JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(31) Provisions
Increase in Decrease in
31 December the current the current 31 December
2024 period period 2024
Product warranties 601848407 179196025 (154868213) 626176219
Less: Provisions expected to
be settled within 1
year (Note 5(28)) (314682704) (325555076)
287165703300621143
Product warranties are expenses expected to be incurred during the warranty period from free
after-sales services product warranty and other services for the vehicles sold.
(32) Deferred income
Increase in Decrease in
31 December the current the current
2024 period period 30 June 2025
Government grants 61202010 6321000 (1695483) 6582752 7
(a) Government grants
Decrease in the
current period
31 December Increase in the Recognised in
2024 current period other income 30 June 202 5
Government grants
related to assets 7113989 1556000 (998881) 76711 08
Government grants
related to income 54088021 4765000 (696602) 581564 1 9
612020106321000(1695483)65827527
91JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(33) Long-term employee benefits payable
30 June 2025 31 December 2024
Supplementary retirement benefits
and early-retirement benefits
eligible for recognition of
provisions 61785748 6350000 0
Less: Payable within 1 year (4158000) (41580 00)
5762774859342000
The retirement and early-retirement benefits payable within one year are included in
employee benefits payable (Note 5(24)(c) Note 5(24)(d)).For retired and early-retired employees the Group provides them with a certain amount of
supplementary benefits during their retirement or early-retirement period. The amount of
benefits depends on the employee’s position length of service and salary at the time of
retirement or early-retirement and is adjusted in accordance with inflation rate and other
factors. The Group’s obligations for supplementary retirement and early-retirement benefits
as at the balance sheet date were calculated using projected unit credit method and were
reviewed by an external independent actuary.(a) Movements of retirement and early-retirement benefits of the Group are as follows:
Present value of the obligations of the defined
benefit plan
30 June 2025 31 December 2024
Opening balance 63500000 56916000
Cost of defined benefit plans
recognised in profit or loss for
the current period
- Current service cost - 1237000
- Past service cost - 1131000
- Actuarial gains or losses -
recognised immediately 610000
- Net interest - 1378000
Remeasurement of net liabilities for
defined benefit plans
- Actuarial losses(Note 5(38)) - 5816000
Other movements
- Benefits paid (1714252) (3588000)
Ending balance 61785748 63500000
92JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(33) Long-term employee benefits payable (Cont’d)
(b) The major actuarial assumptions used to determine the present value of defined benefit plan
obligations of the Group
30 June 2025 31 December 2024
Discount rate 1.75% 1.75%
Inflation rate 2.00% 2.00%
Salaries and benefits growth rates 0%-6% 0%-6%
Future mortality assumptions were determined based on the China Life Insurance Mortality
Table (2010-2013) which is publicly available statistical information for the Chinese region.
(34) Other non-current liabilities
30 June 2025 31 December 2024
Contract liabilities carried forward to
revenue after 1 year (Note 5(23)) 415521158 370793523
93JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(35) Share capital
Movements for the current period
31 December Shares newly Bonus Transfer from
2024 issued share capital surplus Others Sub-total 30 June 2025
Shares subject to trading restriction -
Other domestic shares
Including: Shares held by domestic
non-state-owned legal
persons 745140 - - - - - 745140
Shares held by domestic
natural persons 5700 - - - - - 5700
750840-----750840
Shares not subject to trading restriction -
Ordinary shares denominated in RMB 518463160 - - - - - 518463160
Domestically listed foreign shares 344000000 - - - - - 344000000
862463160-----862463160
863214000-----863214000
Since the implementation of the Company’s Scheme on Share Split Reform on 13 February 2006 as at 30 June 2025 there were 750840 shares
currently unavailable for trading. During the reporting period there was no shares with trading restrictions released from the restricted conditions.
94JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(35) Share capital (Cont’d)
Movements for the current year
Transfer
31 December Shares Bonus from capital
2023 newly issued share surplus Others Sub-total 31 December 2024
Shares subject to trading restriction -
Other domestic shares
Including: Shares held by domestic
non-state-owned legal
persons 745140 - - - - - 745140
Shares held by domestic
natural persons 5700 - - - - - 5700
750840-----750840
Shares not subject to trading restriction -
Ordinary shares denominated in RMB 518463160 - - - - - 518463160
Domestically listed foreign shares 344000000 - - - - - 344000000
862463160-----862463160
863214000-----863214000
95JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(36) Capital surplus
31 December Increase in the Decrease in the
2024 current period current perio d 30 June 20 25
Share premium 816609422 - - 816609422
Other capital surplus 22833068 - - 22833068
839442490--839442490
31 December Increase in the Decrease in the 31 December
2023 current year current year 2024
Share premium 816609422 - - 81660942 2
Other capital surplus 22833068 - - 2283306 8
839442490--839442490
(37) Treasury shares
31 December Increase in the Decrease in the
2024 current period current perio d 30 June 20 25
Treasury shares - 168909971 - 168909971
The increase in treasury shares during the current period was due to the repurchase of A-shares issued
by the Company which shall be allotted for implementing the Employee Stock Ownership Plan (ESOP)
or share incentive schemes.
96JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(38) Other comprehensive income
Other comprehensive income in the balance Other comprehensive income in the income statement for six months
sheet ended 30 June 2025
Less: Transfer-
Amount out of previous
Attributable to incurred other Attributable to
the parent before income comprehensive the parent Attributable to
31 December company after tax for the income in the Less: Income company after the subsidiary
2024 tax 30 June 2025 current period current period tax expenses tax after tax
Other comprehensive income that will
not be reclassified to profit or loss
Actuarial gains on defined benefit
plans (26388000) - (26388000) - - - - -
Other comprehensive income in the balance Other comprehensive income in the income statement for six months
sheet ended 31 December 2024
Less: Transfer-
Amount out of previous
Attributable to incurred other Attributable to
the parent before income comprehensive the parent Attributable to
31 December company after 31 December tax for the income in the Less: Income company after the subsidiary
2023 tax 2024 current year current year tax expenses tax after tax
Other comprehensive income that will
not be reclassified to profit or loss
Actuarial gains on defined benefit
plans (20572000) (5816000) (26388000) (5816000) - - (5816000) -
97JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(39) Surplus reserve
31 December Increase in the Decrease in the
2024 current period current period 30 June 2025
Statutory surplus reserve 431607000 - - 431607000
31 December Increase in the Decrease in the 31 December
2023 current year current year 2024
Statutory surplus reserve 431607000 - - 431607000
In accordance with the Company Law of the People’s Republic of China the Company’s
Articles of Association and the resolution of the Board of Directors the Company should
appropriate 10% of net profit for the period to the statutory surplus reserve and the
Company can cease appropriation when the statutory surplus reserve accumulated to more
than 50% of the registered capital. The statutory surplus reserve can be used to make up
for the loss or increase the share capital upon approval from the appropriate authorities. As
the accumulated appropriation to the statutory surplus reserve exceeded 50% of the
registered capital no appropriation was made in the current period (the six months ended
30 June 2024：Nil).
The Company reserves the discretionary surplus reserve after the shareholders’ meeting
approves the proposal from the Board of Directors. The discretionary surplus reserve can
be used to compensate for the losses incurred in prior periods or increase the share capital
upon approval from appropriate authorities.
(40) Retained earnings
Six months ended 30 June
20252024
Retained earnings at the beginning
of the year 9179333271 8232632623
Add: Net profit attributable to shareholders of the
parent company for the current period 732728047 895480117
Less: Ordinary share dividends payable (a) (614608368) (590438376)
Retained earnings at the end of the
period 9297452950 8537674364
(a) On June 24 2025 the Company's 2024 Annual General Meeting examined and approved
the Company's 2024 Profit Distribution Proposal. Cash dividends will be distributed at RMB
0.71914 per share amounting to RMB 614608368 in total based on the total share capital
as of the record date for the distribution less the total number of shares held in the
Company's special repurchase securities account.
98JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(41) Revenue and cost of sales
Six months ended 30 June
20252024
Revenue from main operations 17647624305 174358442 13
Revenue from other operations 444761905 4842215 88
1809238621017920065801
Six months ended 30 June
20252024
Cost of sales from main operations 15234142089 15079623428
Cost of sales from other operations 305514733 410257260
1553965682215489880688
(a) Revenue and cost of sales from main operations
Six months ended 30 June
20252024
Revenue from Cost of sales from Revenue from Cost of sales from
main operations main operations main operations main operations
(Restated)
Sales of
automobiles 16473174098 14334899112 16234132009 14124912768
Sales of
automobile
parts 879700380 604581639 858699049 615732277
Automobile
maintenance
services etc. 294749827 294661338 343013155 338978383
17647624305152341420891743584421315079623428
(b) Revenue and cost of sales from other operations
Six months ended 30 June
20252024
Revenue from Cost of sales from Revenue from Cost of sales from
other operations other operations other operations other operations
Sales of
materials 219681704 197278683 326730729 312885452
Others 225080201 108236050 157490859 97371808
444761905305514733484221588410257260
99JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(41) Revenue and cost of sales (Cont’d)
(c) The breakdown of the Group’s revenue by product and service transfer time was as follows:
Six months ended 30 June 2025
Automobile
Automobile maintenance Materials and
Automobiles parts services etc. others Total
Revenue from main operations 16473174098 879700380 294749827 - 17647624305
Including: Recognised at a
time point 16473174098 879700380 - - 17352874478
Recognised
within a certain
period - - 294749827 - 294749827
Revenue from other
operations (i) - - - 444761905 444761905
1647317409887970038029474982744476190518092386210
Six months ended 30 June 2024
Automobile
Automobile maintenance Materials and
Automobiles parts services etc. others Total
Revenue from main operations 16234132009 858699049 343013155 - 17435844213
Including: Recognised at a
time point 16234132009 858699049 - - 17092831058
Recognised
within a certain
period - - 343013155 - 343013155
Revenue from other
operations (i) - - - 484221588 484221588
1623413200985869904934301315548422158817920065801
(i) The Group's revenue from other operations includes sales of materials and technical service
provided. Revenue from sales of materials is recognised at a certain time point and revenue from
technical service provided is recognised within a certain period.As at 30 June 2025 the amount of revenue corresponding to the performance obligations that
the Group had contracted but had not commenced or completed was RMB1051068840 of
which the Group expects that RMB156872501 and RMB478675181 will be recognised as
revenue from the sales of automobiles and parts and revenue from the sales of automobile
maintenance services respectively in 2025 RMB415521158 will be recognised as revenue from
automobile maintenance services from 2026 to 2030(Note 5(23)).
(42) Taxes and surcharges
Six months ended 30 June
20252024
Consumption tax 435046919 524126267
City maintenance and construction tax 35278515 49997854
Educational surcharge 35050903 49882499
Stamp tax 16794959 29026562
Real estate tax 10106318 9909327
Land use tax 10097811 10228561
Others 198079 212283
542573504673383353
100JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(43) Selling and distribution expenses
Six months ended 30 June
20252024
Promotion expenses 203844392 279009783
Employee benefits 106794037 119214306
Advertising and new product planning fees 39306864 54490620
Storage expenses 22792774 24921332
Packaging material expenses 18726471 15610119
Depreciation and amortisation expenses 6365515 8566421
Others 68962440 115263170
466792493617075751
(44) General and administrative expenses
Six months ended 30 June
20252024
Employee benefits 278702135 257247147
Depreciation and amortisation expenses 59481750 60085504
Trademark license fee 33660541 52181119
Repair expenses 6888317 10219241
General office expenses 6048357 5334911
Consulting fees 4691161 7170257
Others 71208960 68267648
460681221460505827
(45) Research and development expenses
Six months ended 30 June
20252024
Employee benefits 389317458 300676533
Materials expenses 73513933 82212567
Design fee 70720348 124951201
Depreciation and amortisation expenses 37108953 42867809
Others 82265109 66529617
652925801617237727
101JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(46) Financial expenses
Six months ended 30 June
20252024
Interest costs 5017907 8911864
Add: Interest costs on lease liabilities 2988976 4483267
Interest expenses 8006883 13395131
Less: Interest income from cash at bank (72870258) (112657246)
Other interest income (1590930) (3905129)
Interest income (74461188) (116562375)
Exchange gains or losses 10477168 15075445
Others 600450 436332
(55376687)(87655467)
(47) Asset impairment losses
Six months ended 30 June
20252024
Losses on decline in the value of inventories (42736) (4296473)
(48) Credit impairment losses
Six months ended 30 June
20252024
Losses on bad debts of accounts receivable 2311109 (2199927)
Losses on bad debts of other receivables 28057 (155303)
Losses on bad debts of notes receivable 19 (17564)
Losses on bad debts of long-term receivables (43558) (14909)
2295627(2387703)
(49) Other income
Six months ended 30 June Asset related/
2025 2024 Income related
Government grants
- Supporting funds by government 191600000 50000000 Income related
- Research and development
activities related subsidies 596602 13820858 Income related
- Equipment purchasing-related
subsidies 998881 805357 Asset related
- Other subsidies related with daily
operation 9046699 11752761 Income related
Additional deduction of input
VAT etc. 119023489 303586244 —
321265671379965220
102JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(50) Investment income
Six months ended 30 June
20252024
Losses on discount of financing receivables
eligible for derecognition (Note 5(5)) (234105) -
Losses on long-term equity investments
under equity method(Note 5(12)) (9803325) (2527255)
Investment income from forward exchange
settlement 10631603 5982935
Investment income from financial assets held
for trading 85408 2652711
6795816108391
There is no significant restriction on the remittance of investment income of the Group.
(51) Gains on changes in fair value
Six months ended 30 June
20252024
Derivative financial assets and derivative
financial liabilities -
(Losses) /Gains on forward exchange
contracts (7182998) 4970251
Financial assets at fair value through profit
or loss -
Structural deposits 179240 (21425)
(7003758)4948826
(52) Gains on disposal of assets
Six months ended 30 June Amount recognised
2025 2024 in non-recurring profit
or loss As at 30 June
2025
Gains on disposal of assets 18372675 10657596 18372675
103JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(53) Non-operating income
Six months ended 30 June Amount recognised in
2025 2024 non-recurring profit or
loss As at 30 June
2025
Penalty income and
Others 1697188 11345 39 1697188
(54) Non-operating expenses
Six months ended 30 June Amount recognised in
2025 2024 non-recurring profit or
loss As at 30 June
2025
Losses on scrapping of
assets - 656 98 -
Donations 5032 27926 88 5032
Others 201715 23627 09 201715
2067475221095206747
(55) Income tax expenses
Six months ended 30 June
20252024
Current income tax calculated based
on tax law and related regulations 13337 4274
Deferred income tax 84071401 (56973528)
84084738(56969254)
104JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(55) Income tax expenses (Cont’d)
The reconciliation from income tax calculated based on the applicable tax rates and total
profit presented in the consolidated income statement to the income tax expenses is listed
as follows:
Six months ended 30 June
20252024
Total profit 817684775 553915575
Income tax calculated at applicable tax rates 122652716 83087336
Effect of different applicable tax rates 33360309 (71290587)
Additional deductions (75507128) (72828094)
Deductive loss and temporary differences of
the unrecognised deferred tax asset in the
current period 966317 3135138
Non-deductible investment losses 1470498 379088
Costs expenses and losses not deductible for
tax purposes 1142025 547865
Income tax expenses 84084738 (56969254)
(56) Earnings per share
(a) Basic earnings per share
Basic earnings per share are calculated by dividing consolidated net profit attributable to
ordinary shareholders of the parent company by the weighted average number of
outstanding ordinary shares of the parent company:
Six months ended 30 June
20252024
Consolidated net profit attributable to ordinary
shareholders of the parent company 732728047 895480117
Weighted average number of ordinary shares
outstanding issued by the Company 860455004 863214000
Basic earnings per share 0.85 1.04
(b) Diluted earnings per share are calculated by dividing consolidated net profit attributable to
ordinary shareholders of the parent company adjusted based on the dilutive potential
ordinary shares by the adjusted weighted average number of outstanding ordinary shares of
the Company. As there were no dilutive potential ordinary shares as at 30 June 2025 (the
six months ended 30 June 2024：Nil) diluted earnings per share equalled to basic earnings
per share.
105JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(57) Notes to the cash flow statement
The Group does not present cash flows on a net basis and the significant cash flow items
are presented as follows:
(a) Cash received relating to other operating activities
Six months ended 30 June
20252024
Government grants 208694864 751178 34
Guarantees 43240153 180179 68
Others 32369069 257487 23
284304086118884525
(b) Cash paid relating to other operating activities
Six months ended 30 June
20252024
Research and development expenses 391730406 2795449 73
Promotion expenses 383162063 2627827 14
Advertising expenses 73585126 1068785 73
Maintenance expenses 44922284 341022 49
Guarantees 35780586 290754 64
Consulting fees 31116397 246081 24
Trademark royalties 10261304 324477 57
Others 278077246 2887797 96
12486354121058219650
(c) Cash received relating to other investing activities
Six months ended 30 June
20252024
Interest from cash at bank 74707091 118380474
Other interest 11599410 9764230
86306501128144704
(d) Cash paid relating to other financing activities
Six months ended 30 June
20252024
Lease liabilities 12377597 12923965
Stock repurchases 170000000 -
18237759712923965
106JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(58) Supplementary information to the cash flow statement
(a) Supplementary information to the cash flow statement
Reconciliation from net profit to cash flows from operating activities
Six months ended 30 June
20252024
Net profit 733600037 610884829
Add: Asset impairment losses (Note 5(47)) (42736) (4296473)
Credit impairment losses (Note 5(48)) 2295627 (2387703)
Depreciation of fixed assets (Note 5(13)) 552829786 485221314
Amortisation of intangible assets (Note 5(16)) 231412924 200787127
Depreciation of right-of-use assets (Note 5(15)) 40592333 41568134
Gains on disposal of long-term assets (18414462) (10591898)
Financial income (56039252) (88092019)
Investment income (Note 5(50)) (679581) (6108391)
Losses/ (Gains) on changes in fair value (Note
5(51))7003758(4948826)
Increase in deferred tax assets (5659067) (56687904)
Increase/ (Decrease) in deferred tax liabilities 89730468 (285624)
Decrease/(Increase) in inventories 149005794 (788821169)
Increase in provisions 24327812 30899260
Increase in operating receivables (1474752408) (719744780)
(Decrease) /Increase in operating payables (349545446) 1043839882
Decrease in other cash and cash equivalents 9836629 2093918
Net cash flows from operating activities (64497784) 733329677
Net increase in cash and cash equivalents
Six months ended 30 June
20252024
Cash and cash equivalents at the end of
the period 11781003829 10967680201
Less: Cash and cash equivalents at the
beginning of the year (12475176009) (11746518615)
Net increase in cash and cash equivalents (694172180) (778838414)
107JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(58) Supplementary information to the cash flow statement (Cont’d)
(b) Changes in liabilities arising from financing activities
Bank borrowings Lease liabilities
(including the (including the current
current portion) portion) Other Payables Total
31 December 2024 1501412180 179437021 125419835 1806269036
Cash inflows from financing activities 2847575556 - 85750000 2933325556
Cash outflows from financing activities (2950194385) (12377597) (362177) (2962934159)
Interest accrued in the current period 2377923 2988976 2639982 8006881
Dividends accrued in the current period - - 614608368 614608368
Changes that do not involve cash
receipts and payments 664 (67734962) 70873804 3139506
30 June 2025 1401171938 102313438 898929812 2402415188
108JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(58) Supplementary information to the cash flow statement (Cont’d)
(c) Cash and cash equivalents
30 June 2025 31 December 2024
Cash at bank available for payment at any
time 10420513196 11067571593
Cash at finance company available for
payment at any time 1360490633 1407604416
1178100382912475176009
(i) As in Note 5(1) other cash and cash equivalents of RMB8856058 as at 30 June 2025(31
December 2024: RMB18692687) was not included in cash and cash equivalents.
(59) Foreign currency monetary items
30 June 2025
Amounts in
foreign Translation
currencies exchange rate Amounts in RMB
Long-term borrowings-
USD 163710 7.1586 1171938
Other payables-
USD 14271673 7.1586 102165197
103337135
109JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Notes to the consolidated financial statements (Cont’d)
(60) Lease
(a) As a lessee
Six months ended 30 June
20252024
Interest expense on lease liabilities 2988976 4483267
Short-term lease expenses with simplified 2047029 43810
treatment through profit or loss for the period
Total cash outflows related to leases 14424626 12967775
The leased assets leased by the Group include houses and buildings used in the course of
operation and the lease term of houses and buildings is usually 1-5 years.R ight-of-use assets see note 5(15); For lease liabilities see note 5(30).(b) As a lessor
The Group leases out its premises buildings and means of transport for lease terms ranging
from 1 to 3 years to form an operating lease.Operating leases
G ains and losses related to operating leases are presented as follows:
Six months ended 30 June
20252024
Rental income 98802662 14847056
According to the lease contract with the lessee the undiscounted minimum lease collection
amount is as follows:
30 June 2025 31 December 2024
Within 1 year (including 1 year) 175489359 131603273
1 to 2 years (inclusive) 45380806 43748470
2 years to 3 years (inclusive) 9595672 18874242
230465837194225985
F or fixed assets leased out of operation see Note 5(13).
110JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Equity in other entities
(1) Equity in subsidiaries
Structure of the Group
Main place of Place of Registered Method of
Subsidiaries business registration capital Nature of business Shareholding (%) acquisition
Direct Indirect
Nanchang Nanchang Retail wholesale and lease of Set up by
JMCS Jiangxi Jiangxi 50000000 automobiles 100% - investment
Business
combinations
involving
enterprises not
Taiyuan Taiyuan Manufacture and sales of under common
JMCH Shanxi Shanxi 1323793174 automobiles 100% - control
Shenzhen Shenzhen Retail wholesale and lease of Set up by
SZFJ Guangdong Guangdong 10000000 automobiles 100% - investment
Guangzhou Guangzhou Retail wholesale and lease of Set up by
GZFJ Guangdong Guangdong 10000000 automobiles 100% - investment
Jiangling Ford Sales of automobiles technical and Set up by
(Shanghai)(a) Shanghai Shanghai 200000000 business information consultation 51% - investment
111JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Equity in other entities (Cont’d)
(1) Equity in subsidiaries (Cont’d)
(a) Subsidiaries with significant minority interests
The Group determines the subsidiaries with significant minority interests by taking into account whether the subsidiaries are listed companies the proportion
of minority interests in the Group’s consolidated shareholders’ equity and the proportion of profit or loss attributable to minority shareholders in the Group’s
consolidated net profit as follows:
Total profit or loss
attributable to minority Dividends paid to
Shareholding of shareholders for six minority shareholders for
minority months ended 30 June six months ended 30 Minority interests as
Subsidiaries shareholders 2025 June 2025 at 30 June 2025
Jiangling Ford (Shanghai) 49% 871990 - (6963633 43)
Key financial information of the above significant non-wholly owned subsidiaries is presented below.
30 June 2025
Current Non-current Current Non-current
assets assets Total assets liabilities liabilities Total liabilities
Jiangling Ford (Shanghai) 307387580 567957831 875 345411 2257 478972 39 016117 2296 495089
Six months ended 30 June 2025
Total
comprehensive Cash flows from
Revenue Net loss loss operating activities
Jiangling Ford (Shanghai) 1667276790 1779572 1779572 （388582257）
112JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Equity in other entities (Cont’d)
(2) Equity in associates
(a) General information of significant associates
The Group determines the significant associates by taking into account factors such as
whether the associates are listed companies the proportion of their carrying amounts to the
Group’s consolidated total assets and the proportion of the investment income from long-
term equity investments under equity method to the Group’s consolidated net profit as set
out below:
Place of Shareholding (%)
registration Direct Indirect
Associate -
The Power Company Taiyuan Shanxi 40% -
(b) Summarised financial information for significant associates
30 June 2025 31 December 2024
The Power
Company The Power Company
Current assets 153401579 170083868
Non-current assets 414720626 437139815
Total assets 568122205 607223683
Current liabilities 130340579 139059465
Non-current liabilities 390039 697
Total liabilities 130730618 139060162
Equity 437391587 468163521
Share of net assets based on
shareholding (i) 174956635 187265408
Adjustments
- Unrealised profits arising from internal
transactions (13483984) (13725485)
- Others (ii) 20853323 20853323
Carrying amount of equity investments in
associates 182325974 194393246
113JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Equity in other entities (Cont’d)
(2) Equity in associates (Cont’d)
(b) Summarised financial information for significant associates (Cont’d)
The six months ended 30 June
20252024
The Power Company The Power Company
Revenue 42666259 27275105
Net loss (6102629) (10982624)
Other comprehensive income - -
Total comprehensive loss (6102629) (10982624)
Dividends received from
associates by the Group - -
(i) The Group calculated the shares of net assets in proportion of the shareholdings and based
on the amount attributable to the parent company of the associates in their consolidated
financial statements. The amount in the consolidated financial statements of associates
considers the fair value of identifiable assets and liabilities at the time of acquisition of the
investments and the impact of adjustments to uniform accounting policies. None of the assets
involved in transactions between the Group and associates contribute to business.(ii) Other adjustments were mainly the remeasurement of fair value of remaining equity in the
consolidated financial statements which resulted from the loss of control over the original
subsidiary due to the disposal of part of the equity investment.(c) Summarised information of insignificant associates
The six months ended 30 June
20252024
Aggregated carrying amount of investments 27168732 28773014
Aggregate of the following items based on
shareholding
Net loss(i) 2263947 1438671
Other comprehensive income (i) - -
Total comprehensive loss 2263947 1438671
(i) Net profit and other comprehensive income have taken into account the fair value of
identifiable assets and liabilities at the time of acquisition of the investments and the impact of
adjustments to uniform accounting policies.
114JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
7 Segment information
Revenue and profits of the Group mainly arise from production and domestic sales of
automobiles and the primary assets of the Group are all located in China. Management of the
Group assesses the operating performance of the Group as a whole. Therefore no segment
report is prepared for the current period.The six months ended 30 June 2025 the revenue obtained from a single customer of the
Group accounted for more than 10% of the Group’s revenue amounting to
RMB6014014463 or 33.24% (the six months ended 30 June 2024：28.22% ) of the
Group’s revenue.
8 Related parties and related party transactions
(1) Information of major shareholders
(a) General information of major shareholders
Type of Place of Legal
enterprise registration representative Nature of business Code of organisation
State-owned Nanchang Investment and asset
JIC enterprise China Qiu Tiangao management 91360125MA38LUR91F
Foreign United William Clay Ford Manufacture and sales
Ford enterprise States Jr. of automobiles N/A
(b) Registered capital and changes in major shareholders
31 December Increase in the Decrease in the
2024 current period current period 30 June 2025
JIC 1000000000 - - 1000000000
Ford USD 42000000 - - USD 42000000
(c) The percentages of shareholding and voting rights in the Company held by major shareholders
30 June 2025 31 December 2024
Shareholding Voting rights Shareholding Voting rights
(%)(%)(%)(%)
JIC 41.03% 41.03% 41.03% 41.03%
Ford 32% 32% 32% 32%
(2) Information of subsidiaries
The general information and other related information of subsidiaries are set out in Note 6(1).
(3) Information of associates
The information of associates is set out in Note 5(12).
115JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(4) Information of other related parties
Relationship with the Group
JMCG Shareholder of JIC
Chongqing Changan Automobile Co. Ltd.(hereinafter
referred to as “Chongqing Changan”) Shareholder of JIC
Jiangling Automobile Group (Nanchang) Fushan
Energy Co. Ltd. Controlled by JMCG
Jiangxi JMCG Industry Co. Ltd. Controlled by JMCG
JMCF Controlled by JMCG
Jiangxi JMCG Specialty Vehicles Co. Ltd. Controlled by JMCG
Jiangxi Jiangling Lear Interior System Co. Ltd. Controlled by JMCG
Jiangxi Lingrui Recycling Resources Development
Corporation Controlled by JMCG
Jiangxi Jiangling Chassis Co. Ltd. Controlled by JMCG
Nanchang Jiangling HuaXiang Auto Components Co.Ltd. Controlled by JMCG
JMCG Property Management Co. Controlled by JMCG
JMCG Jiangxi Engineering Construction Co. Ltd. Controlled by JMCG
Nanchang JMCG Liancheng Auto Component Co. Controlled by JMCG
Ltd.Jiangling Aowei Automobile Spare Part Co. Ltd. Controlled by JMCG
Nanchang JMCG Shishun Logistics Co. Ltd. Controlled by JMCG
Nanchang Lianda Machinery Co. Ltd. Controlled by JMCG
JMCG Jingma Motors Co. Ltd. Controlled by JMCG
Jiangxi JMCG Shangrao Industrial Co.Ltd. Controlled by JMCG
Nanchang Unistar Electric & Electronics Co. Ltd. Controlled by JMCG
Jiangxi ISUZU Engine Co. Ltd. Controlled by JMCG
Jiangxi ISUZU Co. Ltd. Controlled by JMCG
Nanchang Hengou Industry Co. Ltd. Controlled by JMCG
Nanchang Jiangling Group Frame Co. Ltd Controlled by JMCG
Jiangxi Jiangling Special Purpose Vehicle Co. Ltd. Controlled by JMCG
Jiangling Motor Electricity Vehicle Co. Ltd. Controlled by JMCG
Jiangxi Lingge Non-ferrous Metal Die-casting Co. Ltd. Controlled by JMCG
Jiangxi Jiangling Motors Imp. & Exp. Co. Ltd. Controlled by JMCG
Jiangxi JMCG Specialty Vehicles Sales Corporation Controlled by JMCG
Ltd.Nanchang Gear Forging Co.Ltd. Controlled by JMCG
Jiangxi JMCG Boya brake system Co. Ltd. Controlled by JMCG
Jiangxi Mingfang Auto Parts Industry Co. Ltd. Controlled by JMCG
Jiangxi Jiangling group Fuxin Auto Parts Co. Ltd. Controlled by JMCG
Ford Motor (China) Co. Ltd. Controlled by Ford
Ford Trading Company LLC Controlled by Ford
Ford Motor Research & Engineering (Nanjing) Co.Ltd. Controlled by Ford
Ford Global Technologies LLC Controlled by Ford
Ford Vietnam Limited Controlled by Ford
Ford Motor Co. Thailand Ltd. Controlled by Ford
Auto Alliance (Thailand) Co. Ltd. Controlled by Ford
Ford Electric Mach Technology (Nanjing) Co. Ltd. Controlled by Ford
Changan Ford Automobile Co. Ltd. Joint venture of Ford
116JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(4) Information of other related parties
Relationship with the Group
Controlled by Ultimate Holding Company
China Changan Group Tianjin Sales Co. Ltd.of Chongqing Changan
Controlled by Ultimate Holding Company
Chongqing Anfu Vehicle Marketing Co. Ltd.of Chongqing Changan
Controlled by Ultimate Holding Company
Chengdu Wanxing Vehicle Sales & Service Co. Ltd. of Chongqing Changan
Controlled by Ultimate Holding Company
Guizhou Wanfu Vehicle Sales & Service Co. Ltd.of Chongqing Changan
Beijing Baiwang Changfu Vehicle Sales & Service Co. Controlled by Ultimate Holding Company
Ltd. of Chongqing Changan
Beijing Beifang Changfu Vehicle Sales & Service Co. Controlled by Ultimate Holding Company
Ltd. of Chongqing Changan
Guizhou Wanjia Automobile Sales and Service Co. Controlled by Ultimate Holding Company
LTD of Chongqing Changan
Harbin Dongan Automotive Engine Manufacturing Co. Controlled by Ultimate Holding Company
Ltd. of Chongqing Changan
Nanchang Yinlun Heat-exchanger Co. Ltd. Joint venture of JMCG
Jiangling Motor Holdings Co. Ltd. Associate of JMCG
Magna PT Powertrain (Jiangxi) Co. Ltd. Associate of JMCG
Nanchang Baojiang Steel Processing Distribution Co.Ltd. Associate of JMCG
Faurecia Emissions Control Technologies (Nanchang)
Co. Ltd. Associate of JMCG
Jiangxi Jiangling Group Special Vehicle Co. Ltd. Associate of JMCG
Nanchang JMCG SMR Huaxiang Mirror Co. Ltd. Associate of JMCG
Jiangxi Lingyun Automobile Industry Technology Co.Ltd. Associate of JMCG
Jiangxi Zhonglian Intelligent Logistics Co. Ltd. Associate of JMCG
Nanchang JMCG Xinchen Auto Component Co. Ltd. Associate of JMCG
Dibao transportation equipment (Nanchang) Co. Ltd. Associate of JMCG
Bosch Electric Drive Systems (Nanchang) Co. Ltd. Associate of JMCG
Jiangxi Jingwei Hirain Technologies Co. Inc. Associate of JMCG
117JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions
(a) Purchase and sales of goods provision and receipt of services
Purchase of goods:
Six months ended 30 June
Nature of related
party transactions 2025 202 4
Magna PT Powertrain (Jiangxi) Co. Purchase of
615426603600584838
Ltd. automobile parts
Nanchang Jiangling HuaXiang Auto Purchase of
475708044590768738
Components Co. Ltd. automobile parts
Purchase of
Jiangxi Jiangling Chassis Co. Ltd. 456223430 393178316
automobile parts
Nanchang Baojiang Steel Processing Purchase of raw
393721342405780356
Distribution Co. Ltd. materials
Jiangxi Zhonglian Intelligent Logistics Purchase of
356907375377760824
Co. Ltd. automobile parts
Jiangxi Jiangling Lear Interior Purchase of
351786847347400376
System Co. Ltd. automobile parts
Jiangxi Jiangling Special Purpose Purchase of
324790233264589567
Vehicle Co. Ltd. automobile parts
Nanchang JMCG Liancheng Auto Purchase of
178172213177941031
Component Co. Ltd. automobile parts
Faurecia Emissions Control Purchase of
109443670108646612
Technologies (Nanchang) Co. Ltd. automobile parts
Purchase of
Ford 105699063 780177730
automobile parts
Nanchang Unistar Electric & Purchase of
102115941116897654
Electronics Co. Ltd. automobile parts
Jiangxi Lingyun Automobile Industry Purchase of
9958379097543965
Technology Co. Ltd. automobile parts
Nanchang JMCG Shishun Logistics Purchase of
9831128387848436
Co. Ltd. automobile parts
Harbin Dongan Automotive Engine Purchase of
97181277-
Manufacturing Co. Ltd. automobile parts
Jiangxi Jingwei Hirain Technologies Purchase of
72032364-
Co. Inc. automobile parts
Purchase of
Hanon Systems 61455877 66928237
automobile parts
Nanchang JMCG SMR Huaxiang Purchase of
5949485360847557
Mirror Co. Ltd. automobile parts
Nanchang Yinlun Heat-exchanger Purchase of
5894923558593286
Co. Ltd. automobile parts
Purchase of
Changan Ford Automobile Co. Ltd. 51634635 68157110
automobile parts
Dibao transportation equipment Purchase of
3940635635165670
(Nanchang) Co. Ltd. automobile parts
Jiangxi Lingge Non-ferrous Metal Purchase of
3494106733360233
Die-casting Co. Ltd. automobile parts
Jiangxi JMCG Specialty Vehicles Co. Purchase of
2902405728757183
Ltd. automobile parts
Jiangxi Jiangling Group Special Purchase of
1922773323270189
Vehicle Co. Ltd. automobile parts
118JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions
(a) Purchase and sales of goods provision and receipt of services
Purchase of goods(Cont’d):
Jiangxi JMCG Boya brake system Purchase of
1812376511236000
Co. Ltd. automobile parts
Nanchang Lianda Machinery Co. Purchase of
1668245815348196
Ltd. automobile parts
Jiangling Automobile Group
Purchase of raw
(Nanchang) Fushan Energy Co. 14399011 15562142
materials
Ltd.Jiangxi JMCG Shangrao Industrial Purchase of
1409608313577892
Co.Ltd. automobile parts
Jiangxi Mingfang Auto Parts Industry Purchase of
110207265908983
Co. Ltd. automobile parts
Jiangxi Jiangling group Fuxin Auto Purchase of
851095310743777
Parts Co. Ltd. automobile parts
Bosch Electric Drive Systems Purchase of
7826726-
(Nanchang) Co. Ltd. automobile parts
Jiangling Aowei Automobile Spare Purchase of
52645245562150
Part Co. Ltd. automobile parts
Nanchang JMCG Xinchen Auto Purchase of
31570043127958
Component Co. Ltd. automobile parts
Purchase of
JMCG 2511812 22525005
automobile parts
Nanchang Jiangling Group Frame Purchase of
1831595-
Co. Ltd automobile parts
Purchase of
Jiangxi ISUZU Engine Co. Ltd. 1429344 40104
automobile parts
Purchase of
Ford Motor Co. Thailand Ltd. 1406550 68314885
automobile parts
Purchase of
Jiangling Motor Holdings Co. Ltd. 1315804 1126880
automobile parts
Jiangxi Lingrui Recycling Resources Purchase of raw
1747916477867
Development Corporation materials
Purchase of
Auto Alliance (Thailand) Co. Ltd. 625550 2915565
automobile parts
Purchase of
Nanchang Gear Forging Co.Ltd. 939798 1061737
automobile parts
Purchase of
JMCG Jingma Motors Co. Ltd. 18478 1038886
automobile parts
43004149484918765935
The products purchased by the Group from related parties are divided into two categories:
purchase of imported parts and purchase of domestic parts.The pricing on imported parts purchased from Ford or its suppliers is based on the agreed
price by both parties;
The pricing on domestic accessories purchased from other related parties is determined
through quotation cost accounting and negotiation between the two parties and is
adjusted regularly.
119JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(a) Purchase and sales of goods provision and receipt of services (Cont’d)
Receipt of services:
Six months ended 30 June
Nature of related party
transactions 2025 2 024
Nanchang JMCG Shishun Transportation
155311266147357676
Logistics Co. Ltd. removal fee etc.Trademark
management fees
Ford Global Technologies LLC 86110654 1304372 53
technology
development
Ford Motor Research & Design fee Personnel
6618211073479037
Engineering (Nanjing) Co. Ltd. costs
Technical services and
Ford 41545223 27438900
personnel costs
Jiangxi Zhonglian Intelligent Cartage fee storage
2965151545941842
Logistics Co. Ltd. fee etc.Design fee Personnel
Ford Motor (China) Co. Ltd. 36140632 27098764
costs etc.Jiangxi JMCG Industry Co. Ltd. Meals 16289997 16543562
Jiangxi Jiangling Motors Imp. & Agency fee
67406429290495
Exp. Co. Ltd . advertising fee etc.JMCG Property Management Co. Property fees etc. 6669045 7073104
JMCG Jiangxi Engineering Engineering
4742946117416875
Construction Co. Ltd. construction
Labour fee rental fee
JMCG 3371580 349520
etc.Jiangxi Jingwei Hirain
Design fees 2298200 -
Technologies Co. Inc.Chongqing Anfu Vehicle
Promotion 1936652 1604135
Marketing Co. Ltd.Magna PT Powertrain (Jiangxi) Design fee
1914618190790
Co. Ltd. experimental costs
China Changan Group Tianjin
Promotion 1864600 500867
Sales Co. Ltd.Chongqing Changan Automobile
Personnel costs 1285866 1287423
Co. Ltd.Guizhou Wanfu Vehicle Sales &
Promotion 1027748 276632
Service Co. Ltd.Jiangxi JMCG Specialty Vehicles
Promotion - 1180264
Sales Corporation Ltd.
463083294607467139
The Group’s pricing on services received from related parties is based on the agreed price by both parties.
120JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(a) Purchase and sales of goods provision and receipt of services (Cont’d)
Sales of goods and provision of services:
Six months ended 30 June
Nature of related
party transactions 2025 202 4
Jiangxi Jiangling Motors Imp. & Sales of vehicles
60112638975042910917
Exp. Co. Ltd. and accessories etc.Jiangxi JMCG Specialty Vehicles
Sales of vehicles 103335709 49551991
Sales Corporation Ltd.Jiangxi JMCG Specialty Vehicles Sales of vehicles
6186187135660121
Co. Ltd. and accessories
Chongqing Anfu Vehicle Sales of vehicles
6032906155047669
Marketing Co. Ltd. and accessories
Sales of vehicles
JMCG Jingma Motors Co. Ltd. 51445265 67278640
and accessories
Jiangxi Lingrui Recycling
Sales of accessories
Resources Development 35741568 33437495
and waste materials
Corporation
Chengdu Wanxing Vehicle Sales Sales of vehicles
2867630943979176
& Service Co. Ltd. and accessories
China Changan Group Tianjin Sales of vehicles
2337798945621776
Sales Co. Ltd. and accessories
Guizhou Wanfu Vehicle Sales & Sales of vehicles
2109232525337145
Service Co. Ltd. and accessories
Jiangxi Jiangling Chassis Co. Sales of
1833926017336576
Ltd. accessories etc.Nanchang Hengou Industry Co.Sales of accessories 15439211 8697566
Ltd.Nanchang Jiangling HuaXiang Sales of
1322721510562548
Auto Components Co. Ltd. accessories etc.Nanchang JMCG SMR Huaxiang Sales of
1279369814319726
Mirror Co. Ltd. accessories etc.Jiangxi Jiangling Group Special Sales of vehicles
1084929214599239
Vehicle Co. Ltd. and accessories
Jiangxi Zhonglian Intelligent Sales of
1053386233330915
Logistics Co. Ltd. accessories etc.Jiangxi Jiangling Lear Interior Sales of
84782288935487
System Co. Ltd. accessories etc.Sales of
Jiangxi ISUZU Engine Co. Ltd. 7991895 16335938
accessories etc.Nanchang JMCG Liancheng Auto Sales of
71081148093548
Component Co. Ltd. accessories etc.Sales of
Jiangxi ISUZU Co. Ltd. 7060132 8510068
accessories etc.
121JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(a) Purchase and sales of goods provision and receipt of services (Cont’d)
Sales of goods and provision of services(Cont’d):
Six months ended 30 June
Nature of related party
transactions 2025 2024
Sales of accessories
Jiangxi JMCG Industry Co. Ltd. 4011751 1704763
and waste materials
Jiangxi Jiangling Special Sales of vehicles
24468762800546
Purpose Vehicle Co. Ltd. and accessories
Beijing Baiwang Changfu
Sales of vehicles
Vehicle Sales & Service Co. 193894 11027317
and accessories
Ltd.Guizhou Wanjia Automobile Sales of vehicles
213187248862
Sales and Service Co. LTD and accessories
Beijing Beifang Changfu Vehicle Sales of vehicles
2308574420133
Sales & Service Co. Ltd. and accessories
65158495975566748162
The Group’s pricing on goods sold to related parties is based on the agreed price by both parties.(b) Leases
(i) The lease income recognised in the current period with the Group as the lessor:
Six months ended 30 June
Name of the lessee Type of the leased asset 2025 2024
Jiangling Motor Holdings Co. Ltd. Buildings 8935 14727
Jiangxi ISUZU Co. Ltd. Buildings 2945 -
1188014727
(ii) Increase of right-of-use assets in the current period with the Group as the lessee
Six months ended 30 June
Name of the lessee Type of the leased asset 2025 2024
Jiangxi Jiangling Motors Imp. &
Exp. Co. Ltd. Buildings - 37552314
(iii) Interest costs on lease liabilities in the current period with the Group as the lessee:
Six months ended 30 Jun e
Name of the lessee
Name of the lessee Type of the leased asset 2025 2024
Jiangxi Jiangling Motors Imp. &
Buildings 455655 426978
Exp. Co. Ltd.JMCG Buildings 84749 301701
Ford Motor (China) Co. Ltd Buildings 10804 -
551208728679
122JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(c) Guarantee received
Guaranteed
Guarantor amount Starting date Ending date Fully performed or not
JMCF 1171938 5 March 2001 30 October 2029 Not fully performed
As at 30 June 2025 JMCF provided guarantees for some bank borrowings of the Group with
a maximum guarantee limit of USD2282123. As at 30 June 2025 JMCF provided borrowing
guarantee to the bank borrowing of USD163710 equivalent to RMB1171938 (31 December
2024: USD196453 equivalent to RMB1412180) for the Group.
(d) Transfer of assets
Six months ended 30 June
Nature of related party
transactions 2025 2024
Shanxi Yunnei Power Group Co. Ltd. Sales of fixed assets 8340 -
Jiangxi JMCG Industry Co. Ltd. Sales of fixed assets 3658 4442
JMCG Jingma Motors Co. Ltd. Sales of fixed assets - 44381
1199848823
The pricing on transfer of assets between the Group and related parties is based on the agreed
price by both parties.(e) Purchase of assets
Six months ended 30 June
Nature of related party
transactions 2025 2024
Jiangxi Jiangling Special Purpose Purchase of fixed assets
192111552140583
Vehicle Co. Ltd.Nanchang JMCG Liancheng Auto Purchase of fixed assets
3890000-
Component Co. Ltd.Jiangxi Jiangling Chassis Co. Purchase of fixed assets
2100000-
Ltd.Magna PT Powertrain (Jiangxi) Purchase of fixed assets
1712116738376
Co. Ltd.Nanchang Jiangling HuaXiang Purchase of fixed assets
-11714950
Auto Components Co. Ltd.JMCG Jingma Motors Co. Ltd. Purchase of fixed assets
-3928253
Jiangxi Jiangling Special Purpose Purchase of fixed assets
-2079737
Vehicle Co. Ltd.
2691327120601899
The pricing on purchase of assets between the Group and related parties is based on the agreed
price by both parties.
123JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(f) Provision of technology sharing and distribution service
Six months ended 30 June
Nature of related party
transactions 2025 2024
Ford Electric Mach Technology Technical service 72814268 55406177
(Nanjing) Co. Ltd.Ford Global Technologies LLC Technical service 15853895 -
Distribution and technical 13355759 12653421
Ford Motor (China) Co. Ltd. service
Jiangxi Jiangling Motors Imp. & Technical service 2750566 13958000
Exp. Co. Ltd.Ford Vietnam Limited Technical service 1452183 7250000
Ford Motor Research & Technical service - 19141233
Engineering (Nanjing) Co. Ltd.Ford Trading Company LLC Technical service - 2450000
106226671110858831
The Group’s pricing on technology sharing provided to related parties is based on the agreed
price by both parties.(g) Remuneration of key management
Six months ended 30 June
20252024
Remuneration of key management 7897859 9376278
(h) Interest income
Six months ended 30 June
20252024
JMCF 7873071 8461182
Cash at bank of the Group deposited with JMCF was calculated based on the bank annual
interest rate for RMB deposit of 0.85% to 1.55% over the same period (the six months ended
30 June 2024：1.35% to 2.25%).
(i) Interest expenses
Six months ended 30 June
20252024
Ford Motor (China) Co. Ltd. 2629588 -
Jiangxi Zhonglian Intelligent Logistics Co. Ltd. - 120000
Nanchang JMCG Shishun Logistics Co. Ltd. - 30000
2629588150000
(j) Funds borrowed in
Six months ended 30 June
20252024
Ford Motor (China) Co. Ltd. 85750000 -
124JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties
30 June 2025 31 December 2024
Provision Provision
for bad for bad
Accounts receivable Amount debts Amount debts
Jiangxi Jiangling Motors Imp. &
4168764395845612329841383016078032
Exp. Co. Ltd.JMCG Jingma Motors Co. Ltd. 36989454 120370 330137 73 99416
Jiangxi JMCG Specialty
18114890272164551211920
Vehicles Sales Corporation Ltd.Jiangxi JMCG Specialty
1532269829085545293617776
Vehicles Co. Ltd.Ford Motor (China) Co. Ltd. 8400157 25200 63040 28 18912
Jiangxi ISUZU Co. Ltd. 7986005 25935 37201 30 11160
Nanchang Jiangling HuaXiang
705475721164518280815548
Auto Components Co. Ltd.Jiangxi Zhonglian Intelligent
5849606175491987149659614
Logistics Co. Ltd.Jiangxi Jiangling Lear Interior
396139411884475389114262
System Co. Ltd.Jiangxi ISUZU Engine Co. Ltd. 3660181 10981 73148 39 21945
Nanchang JMCG Liancheng
27632438290376428811293
Auto Component Co. Ltd.Jiangxi Jiangling Group Special
1017884153
Vehicle Co. Ltd. - -
Ford Electric Mach Technology
230000690767317623020
(Nanjing) Co. Ltd.Ford Vietnam Limited 483022 1449 38500 00 11550
4280597686870541731414947876384448
Other recei vables
Jiangxi Jiangling Motors Imp. &
Exp. Co. Ltd. 7754132 40744 4959843 24439
30 June 2025 31 December 2024
Advances to suppliers
Nanchang Baojiang Steel Processing Distribution Co. Ltd. 41393500 8297 2689
Prepayment for projects
-
Jiangxi Jiangling Motors Imp. & Exp. Co. Ltd. 152334
Financing receivables
Jiangxi JMCG Specialty Vehicles Co. Ltd. 28000979 48401766
JMCG Jingma Motors Co. Ltd. 13800036 8972230
Jiangxi ISUZU Engine Co. Ltd. 1254500 5496370
Jiangxi Jiangling Special Purpose Vehicle Co. Ltd. - 2079413
Jiangxi ISUZU Co. Ltd. - 110000
4305551565059779
Cash at bank
JMCF 1360490633 1407604416
125JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties (Cont’d)
30 June 2025 31 December 2024
Accounts payable
Nanchang Jiangling HuaXiang Auto Components Co.
450560485 636898853 Ltd.
Jiangxi Jiangling Lear Interior System Co. Ltd. 443558046 360356137
Jiangxi Zhonglian Intelligent Logistics Co. Ltd. 396990666 327079328
Jiangxi Jiangling Chassis Co. Ltd. 303987652 255072881
Jiangxi Jiangling Special Purpose Vehicle Co. Ltd. 262264048 178167668
Magna PT Powertrain (Jiangxi) Co. Ltd. 234145249 213711414
Nanchang JMCG Liancheng Auto Component Co. Ltd. 171641834 185528237
Harbin Dongan Automotive Engine Manufacturing Co.
102693126 - Ltd.
Nanchang JMCG Shishun Logistics Co. Ltd. 95141108 63592060
Ford 77776252 250461509
Jiangxi Lingyun Automobile Industry Technology Co. Ltd. 67672870 48459492
Faurecia Emissions Control Technologies (Nanchang) Co.
67624600 66628906 Ltd.
Hanon Systems 58401360 50706474
Dibao transportation equipment (Nanchang) Co. Ltd. 57297461 55834503
Jiangxi JMCG Specialty Vehicles Co. Ltd. 52249719 26610602
Nanchang JMCG SMR Huaxiang Mirror Co. Ltd. 42186306 43878807
Nanchang Unistar Electric & Electronics Co. Ltd. 41013865 30195971
Nanchang Yinlun Heat-exchanger Co. Ltd. 39297207 37417773
Jiangxi Lingge Non-ferrous Metal Die-casting Co. Ltd. 26574147 28707639
Changan Ford Automobile Co. Ltd. 22302340 23802841
Jiangxi Jingwei Hirain Technologies Co. Inc. 19743709 -
Jiangxi Jiangling Group Special Vehicle Co. Ltd. 15138677 19674440
Jiangxi JMCG Boya brake system Co. Ltd. 12041807 9558647
Jiangxi JMCG Shangrao Industrial Co.Ltd. 11784964 7115719
Nanchang Lianda Machinery Co. Ltd. 9784545 10731546
Jiangxi Jiangling group Fuxin Auto Parts Co. Ltd. 9671830 3726062
Jiangxi Mingfang Auto Parts Industry Co. Ltd. 8692279 8944064
Bosch Electric Drive Systems (Nanchang) Co. Ltd. 8319791 -
JMCG 5927040 39486926
Jiangling Aowei Automobile Spare Part Co. Ltd. 4131291 6042853
Nanchang JMCG Xinchen Auto Component Co. Ltd. 3275783 2979179
JMCG Jingma Motors Co. Ltd. 2624506 2606028
Nanchang Jiangling Group Frame Co. Ltd 1831595 1091724
Jiangxi ISUZU Engine Co. Ltd. 1611664 2758942
Ford Motor Co. Thailand Ltd. 1422765 6940038
Jiangxi Lingrui Recycling Resources Development
- 11463008 Corporation
Jiangxi Jiangling Motors Imp. & Exp. Co. Ltd. - 11243955
Jiangling Automobile Group (Nanchang) Fushan Energy
951806 2922507 Co. Ltd.
31303323933030396733
126JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties (Cont’d)
30 June 2025 31 December 2024
Other payables
Ford Motor (China) Co. Ltd. 233311158 144907458
Ford 95852918 69903294
Ford Global Technologies LLC 78524824 57533353
Jiangxi Jiangling Motors Imp. & Exp. Co. Ltd. 59039752 51837372
Ford Motor Research & Engineering (Nanjing) Co. Ltd. 53627396 61846021
Jiangxi Jiangling Special Purpose Vehicle Co. Ltd. 33479182 27838079
JMCG Jiangxi Engineering Construction Co. Ltd. 26411601 25905249
Nanchang Jiangling HuaXiang Auto Components Co. Ltd. 26258673 35565451
Nanchang JMCG Shishun Logistics Co. Ltd. 16440167 26831215
JMCG Property Management Co. 12055102 8466756
Jiangxi JMCG Specialty Vehicles Sales Corporation Ltd. 9439472 8431243
JMCG 6050389 7636166
Jiangxi JMCG Specialty Vehicles Co. Ltd. 5620020 5772611
Jiangxi Jiangling Chassis Co. Ltd. 5145999 1681716
Jiangxi JMCG Industry Co. Ltd. 2643705 3000344
Jiangxi Jingwei Hirain Technologies Co. Inc. 2533557 -
Magna PT Powertrain (Jiangxi) Co. Ltd. 1978748 1488027
Nanchang JMCG Liancheng Auto Component Co. Ltd. 1769818 1908156
Faurecia Emissions Control Technologies (Nanchang) Co.
1728294558188
Ltd.Jiangxi Jiangling Lear Interior System Co. Ltd. 1705670 1518633
Chongqing Changan Automobile Co. Ltd.(hereinafter
14045002574845
referred to as “Chongqing Changan”)
Jiangxi Zhonglian Intelligent Logistics Co. Ltd. 903531 5703062
Guizhou Wanfu Vehicle Sales & Service Co. Ltd. 71929 2937977
675996405553845216
Contract liabilities
Ford Global Technologies LLC 160155205 -
Ford Electric Mach Technology (Nanjing) Co. Ltd. 68285785 62310452
Jiangxi Jiangling Motors Imp. & Exp. Co. Ltd. 5550816 3930000
Guizhou Wanjia Automobile Sales and Service Co. LTD 1323814 1318467
JMCG Jingma Motors Co. Ltd. 1001327 632699
Nanchang Hengou Industry Co. Ltd. - 1860835
Jiangxi Jiangling Special Purpose Vehicle Co. Ltd. - 1506350
Jiangxi Jiangling Group Special Vehicle Co. Ltd. - 1436028
23631694772994831
Lease liabilities
Jiangxi Jiangling Motors Imp. & Exp. Co. Ltd. 24268140 30593850
JMCG 1180864 5862186
Ford Motor (China) Co. Ltd. 510405 589853
2595940937045889
127JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(7) Commitments in relation to related parties
Capital commitments
30 June 2025 31 December 2024
JMCG Jiangxi Engineering Construction
Co. Ltd. 1897200 66401 00
Guarantee of commitments in relation to related parties is set out in Note 8(5)(c).
9 Contingencies
As at 30 June 2025 the Group had no contingencies that needed to be disclosed in the notes
to the financial statements.
10 Commitments
Capital expenditure commitments
Capital expenditures contracted for by the Group but are not yet necessary to be recognised on
the balance sheet as at the balance sheet date are as follows:
30 June 2025 31 December 2024
Buildings machinery and equipment 395073000 477562000
128JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instrument and risk
The Group’s activities expose it to a variety of financial risks which mainly comprise market
risk (primarily including foreign exchange risk and interest rate risk) credit risk and liquidity
risk. The above financial risks and the Group’s risk management policies to mitigate the risks
are as follows:
The Board of Directors is responsible for planning and establishing the Group’s risk
management framework formulating the Group’s risk management policies and related
guidelines and supervising the implementation of risk management measures. The Group
has established risk management policies to identify and analyse the risks faced by the Group.These risk management policies specify the risks such as market risk credit risk and liquidity
risk management. The Group regularly evaluates the market environment and changes in the
Group’s operating activities to determine whether to update the risk management policies and
systems or not. The Group’s risk management is carried out by the Risk Management
Committee under policies approved by the Board of Directors. The Risk Management
Committee works closely with other business departments of the Group to identify evaluate
and avoid relevant risks. The internal audit department of the Group conducts periodical audit
to the controls and procedures for risk management and reports the audit results to the Audit
Committee of the Group.
(1) Market risk
(a) Foreign exchange risk
The Group’s major operational activities are carried out in the mainland China and a majority
of the transactions are denominated in RMB. The Group is exposed to foreign exchange risk
arising from the recognised assets and liabilities and future transactions denominated in
foreign currencies primarily with respect to USD. The Group continuously monitors the
amount of assets and liabilities and transactions denominated in foreign currencies to
minimise the foreign exchange risk. As at 30 June 2025 the Group’s borrowings denominated
in foreign currencies were USD163710 equivalent to RMB1171938. The Group's other
accounts payable denominated in foreign currencies was USD14271673 equivalent to
RMB102165197. The Group signed forward exchange contracts to mitigate the foreign
exchange risk(Note 5(2) Note 5(29)).
129JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instrument and risk (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
The financial assets and financial liabilities denominated in foreign currencies which were
held by the Group were expressed in RMB as at 30 June 2025 and 31 December 2024 as
follows:
30 June 2025
USD EUR Total
Financial asset
denominated in foreign
currency -
Derivative financial
assets 4568083 - 4568083
Financial liabilities
denominated in foreign
currency -
Current portion of long- 468775 - 468775
term borrowings
Long-term borrowings 703163 - 703163
Other payables 102165197 - 102165197
103337135-103337135
31 December 2024
USD EUR Total
Financial asset
denominated in foreign
currency -
Derivative financial
assets 12612380 - 12612380
Financial liabilities
denominated in foreign
currency -
Current portion of long-
term borrowings 470727 - 470727
Long-term borrowings 941453 - 941453
Other payables 78220386 - 78220386
79632566-79632566
130JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instrument and risk (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
As at 30 June 2025 for various types of foreign currency financial assets and foreign
currency financial liabilities if RMB appreciates or depreciates by 10% against the US dollar
and other factors remain unchanged the Group will increase or decrease its total profit by
approximately RMB9876905 (31 December 2024: approximately RMB6702019)
(b) Interest rate risk
The Group’s interest rate risk mainly arises from interest-bearing debts such as short-term
borrowings and long-term borrowings. The financial liabilities of floating interest rate expose
the Group to cash flow interest rate risk and the financial liabilities of fixed interest rate
expose the Group to fair value interest rate risk. The Group determines the relative
proportions of fixed-rate and floating-rate contracts based on the prevailing market
environment. As at 30 June 2025 the Group’s short-term borrowings of RMB1400000000
(31 December 2024: RMB1500000000) were fixed-rate borrowings and long-term
borrowings of USD163710 (31 December 2024: USD196453) were fixed-rate contracts
therefore there was no significant cash flow interest rate risk.The Group continuously monitors the interest rate position of the Group. Increases in interest
rates will increase the cost of new borrowing and therefore could have a material adverse
effect on the Group’s financial performance. Management makes adjustments timely with
reference to the latest market conditions and may enter into interest rate swap agreements
to mitigate its exposure to interest rate risk. During the six months ended 30 June 2025 and
2024 the Group did not enter into any interest rate swap agreements.
As at 30 June 2025 and 31 December 2024 there was no significant difference between the
fair value and the carrying amount of the Group’s bank borrowings with fixed rates.
(2) Credit risk
The Group’s credit risk mainly arises from cash at bank and on hand notes receivable
accounts receivable financing receivables other receivables long-term receivables and
derivative financial assets at fair value through profit or loss that are not included in the
impairment assessment scope. The carrying amount of the Group’s financial assets reflects
its maximum credit exposure at the balance sheet date.The Group expects that there is no significant credit risk associated with cash at bank and
on hand since they are deposited at state-owned banks and other large or medium size
banks with good reputation and high credit rating. The Group does not expect that there will
be significant losses from non-performance by these banks.
131JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instrument and risk (Cont’d)
(2) Credit risk (Cont’d)
The Group has policies to limit the credit exposure on notes receivable accounts receivable
financing receivables other receivables and long-term receivables. The Group assesses the
credit quality of and sets credit limits on its customers by taking into account their financial
position the availability of guarantee from third parties their credit history and other factors
such as current market conditions. The credit history of the customers is regularly monitored
by the Group. In respect of customers with a poor credit history the Group will use written
payment reminders or shorten or cancel credit periods to ensure the overall credit risk of
the Group is limited to a controllable extent.As at 30 June 2025 the Group had no significant collateral or other credit enhancements
held as a result of the debtor’s mortgage (31 December 2024: Nil).
(3) Liquidity risk
Cash flow forecasting is performed by each subsidiary of the Group and aggregated by the
Group. The Group monitors rolling forecasts of the Group’s short-term and long-term liquidity
requirements to ensure it has sufficient cash while maintaining sufficient headroom on its
undrawn committed borrowing facilities from major financial institutions so that the Group
does not breach borrowing limits or covenants on any of its borrowing facilities to meet the
short-term and long-term liquidity requirements.As at the balance sheet date the financial liabilities of the Group were analysed by their
maturity date below at their undiscounted contractual cash flows:
30 June 2025
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
Short-term
borrowings 1400000000 - - - 1400000000
Accounts
payable 10276435013 - - - 10276435013
Other payables 5902281454 - - - 5902281454
Lease liabilities 86286511 16217736 3464182 - 105968429
Long-term
borrowings 484596 477564 236146 - 1198306
17665487574166953003700328-17685883202
31 December 2024
1 to 2
Within 1 year years 2 to 5 years Over 5 years Total
Short-term
borrowings 1500000000 - - - 1500000000
Accounts
payable 10061223944 - - - 10061223944
Other payables 5742026472 - - - 5742026472
Lease liabilities 90725324 84460529 10891131 - 186076984
Long-term
borrowings 490144 483082 476023 - 1449249
173944658848494361111367154-17490776649
132JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Financial instrument and risk (Cont’d)
(3) Liquidity risk (Cont’d)
(i) As at 30 June 2025 the Group did not have lease contracts that had been signed but had not
yet been performed.
12 Fair value estimates
The level in which fair value measurement is categorised is determined by the level of the
fair value hierarchy of the lowest level input that is significant to the entire fair value
measurement:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability either directly or indirectly.Level 3: Unobservable inputs for the asset or liability.
(1) Assets and liabilities measured at fair value on a recurring basis
As at 30 June 2025 the assets measured at fair value on a recurring basis by the above
three levels were analysed below:
Level 1 Level 2 Level 3 Total
Financial assets
Derivative financial asset-
Forward foreign exchange
contracts - 4568083 - 4568083
Financing receivables -
Notes receivable - 31030221 1 - 3103022 11
-314870294-314870294
As at 31 December 2024 the assets measured at fair value on a recurring basis by the
above three levels were analysed below:
Level 1 Level 2 Level 3 Total
Financial assets
Derivative financial asset-
Forward foreign exchange
contracts - 12612380 - 12612380
Financing receivables -
Notes receivable - 30206550 2 - 30206550 2
-314677882-314677882
133JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Fair value estimates (Cont’d)
(1) Assets and liabilities measured at fair value on a recurring basis (Cont'd)
As at 30 June 2025 the Group had no continuing liabilities at fair value.The Group takes the date on which events causing the transfers between the levels take
place as the timing specific for recognising the transfers. There was no transfer between
Level 1 and Level 2 As at 30 June 2025.The fair value of financial instruments traded in an active market is determined at the quoted
market price; and the fair value of those not traded in an active market is determined by the
Group using valuation technique.
(2) Assets measured at fair value on a non-recurring basis
As at 30 June 2025 and 31 December 2024 the Group had no assets measured at fair value
on a non-recurring basis.
(3) Assets and liabilities not measured at fair value but for which the fair value is disclosed
The Group’s financial assets and liabilities measured at amortised cost mainly comprise
notes receivable accounts receivable other receivables long-term receivables short-term
borrowings payables lease liabilities and long-term borrowings.The carrying amount of the Group’s financial assets and liabilities not measured at fair value
is a reasonable approximation of their fair value.
13 Capital management
The Group’s capital management policies aim to safeguard the Group’s ability to continue
as a going concern in order to provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure the Group may adjust the amount of
dividends paid to shareholders refund capital to shareholders issue new shares or sell
assets to reduce debts.The Group's total capital is calculated as “shareholders’ equity” as shown in the consolidated
balance sheet. The Group is not subject to external mandatory capital requirements and
monitors capital on the basis of equity ratio.As at 30 June 2025 and 31 December 2024 the Group’s equity ratio was as follows:
30 June 2025 31 December 2024
Total borrowings 1401171938 1501412180
Total shareholders’ equity 10543868112 10595344521
Equity ratio 13% 14%
134JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements
(1) Accounts receivable
30 June 2025 31 December 2024
Accounts receivable 6792485882 5595070789
Less: Provision for bad debts (77047969) (74023216)
67154379135521047573
(a) The aging of accounts receivable was analysed as follows:
30 June 2025 31 December 2024
Within 1 year 6460195786 54151076 19
Over 1 year 332290096 1799631 70
67924858825595070789
As of December 31 2024 accounts receivable with significant individual amounts and aging
exceeding three years was analysed as follows:
Balance Reason and collection risk
SZFJ 34049026 The Company evaluates the receivables from its
subsidiary SZFJ on an individual basis. Based on
the judgment of credit risk these receivables were
not subject to significant credit risk and were not
impaired.Company1 66796993 Due to the operating difficulties of the defaulting
company and several lawsuits involved the
Company considered that the receivables were
difficult to collect and had therefore made full
provision for bad debts.(b) As at 30 June 2025 the top five accounts receivable ranked by the balances of the debtors
were analysed as follows:
Amount of
provision for bad
Balance debts % of total balance
The total amount of
accounts receivable
in the top five 6519537469 75045090 95.98%
135JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(1) Accounts receivable (Cont’d)
(c) Provision for bad debts
For accounts receivable the Company measures the loss provision based on the lifetime
ECL regardless of whether there is a significant financing component.The provision for bad debts of accounts receivable was analysed by category as follows:
30 June 2025
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
individual basis (i) 2415852597 36% 66796993 2.76%
Provision for bad debts on the
grouping basis (ii) 4376633285 64% 10250976 0.23%
6792485882100%770479691.13%
31 December 2024
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
individual basis (i) 2294478118 41% 66796993 2.91%
Provision for bad debts on the
grouping basis (ii) 3300592671 59% 7226223 0.22%
5595070789100%740232161.32%
(i) Accounts receivable for which the provision for bad debts was provided on the individual
basis were analysed follows:
30 June 2025
Book balance Provision for bad debts
Amount Lifetime ECL (%) Provision for bad debts
Receivables from related parties
within the Group i) 2349055604 - -
Receivables for
automobiles ii) 66796993 100% 66796993
241585259766796993
31 December 2024
Book balance Provision for bad debts
Amount Lifetime ECL (%) Provision for bad debts
Receivables from related parties
within the Group i) 2227681125 - -
Receivables for
automobiles ii) 66796993 100% 66796993
229447811866796993
i) As at 30 June 2025 the Company’s accounts receivable from subsidiary Jiangling Ford
(Shanghai) SZFJ GZFJ and JMCS were RMB1280618554 RMB1015100113
RMB6960300 and RMB46376637 (31 December 2024: RMB1453456415
RMB767264410 RMB6960300 and Nil). The Company assessed the receivables from
subsidiaries individually and based on the judgment of credit risk the receivables from
subsidiaries were not subject to significant credit risk and were not overdue and impaired.
136JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(1) Accounts receivable (Cont’d)
(c) Provision for bad debts (Cont’d)
(i) Accounts receivable for which the provision for bad debts was provided on the individual
basis were analysed follows (Cont’d):
ii) As at 30 June 2025 the Company assessed the expected credit losses of the relevant
accounts receivable which were expected to be unrecoverable and therefore made a
provision for bad debts in full amounting to RMB66796993 (31 December 2024:
RMB66796993) which no impact on profit or loss for the current period (the six months
ended 30 June 2024：no impact on profit or loss for the current period).(ii) Accounts receivable for which provision for bad debts was made on the grouping basis were
analysed as follows:
Grouping – Domestic sales of general automobiles:
30 June 2025
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Not overdue 109066194 0.02% 16380
Overdue for 1 to 30 days 1136000 0.48% 5421
Overdue for 31 to 60 days 4562828 1.19% 54218
Overdue for 61 to 90 days 3124000 2.52% 78876
Overdue over 90 days 1691800 9.00% 152262
119580822307157
31 December 2024
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Not overdue 136590607 0.03% 40628
Overdue for 1 to 30 days 840000 0.55% 4605
Overdue for 31 to 60 days - - -
Overdue for 61 to 90 days - - -
Overdue over 90 days 1074500 9.00% 96705
138505107141938
Grouping – Export sales of general automobiles:
30 June 2025
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Not overdue 4085275267 0.20% 8170551
137JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(1) Accounts receivable (Cont’d)
(c) Provision for bad debts (Cont’d)
(ii) Accounts receivable for which provision for bad debts is made on the grouping basis are
analysed as follows (Cont’d):
Grouping – Export sales of general automobiles(Cont’d):
31 December 2024
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Not overdue 2933133292 0.20% 5866267
Grouping - Sales of new energy automobiles:
30 June 2025
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Overdue over 90 days 562680 80.00% 450144
31 December 2024
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Overdue over 90 days 563760 80.00% 451008
Grouping – Automobile parts:
30 June 2025
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Not overdue 129315319 0.30% 387946
Overdue for 1 to 30 days 10742088 0.30% 32226
Overdue for 31 to 60 days 9434791 0.50% 47174
Overdue for 61 to 90 days 5234958 0.60% 31410
Overdue over 90 days 16487360 5.00% 824368
1712145161323124
31 December 2024
Book balance Provision for bad debts
Amount Lifetime ECL (%) Amount
Not overdue 202384142 0.30% 607153
Overdue for 1 to 30 days 10256078 0.30% 30768
Overdue for 31 to 60 days 8788453 0.50% 43942
Overdue for 61 to 90 days 5976016 0.60% 35856
Overdue over 90 days 985823 5.00% 49291
228390512767010
138JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(1) Accounts receivable (Cont’d)
(c) Provision for bad debts (Cont’d)
(iii) The accrued amount of provision for bad debts for the period was RMB3024753.(d) There was no provision for bad debts actually written off during the period.(e) As at 30 June 2025 and 31 December 2024 there were no accounts receivable pledged.
(2) Other receivables
30 June 2025 31 December 2024
Receivables from Jiangling Ford
(Shanghai) 181236919 89250000
Receivables from JMCH 12858981 14542410
Gas and electricity bills 8799782 18531901
Import working capital 5000000 3900523
Stock repurchase securities funds 1099623 -
Receivables from refund of social
insurance - 1297367
Others 22402496 173153 30
231397801144837531
Less: Provision for bad debts (192342) (2203 24)
231205459144617207
The Company did not have any fund deposited at other parties under the centralised fund
management and represented in other receivables.(a) The aging of other receivables was analysed as follows:
30 June 2025 31 December 2024
Within 1 year 219141862 1316543 49
Over 1 year 12255939 131831 82
231397801144837531
139JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements
The provision for bad debts of other receivables were analysed by category as follows:
30 June 2025
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
individual basis (i) 195195523 84% - -
Provision for bad debts on the
grouping basis (ii) 36202278 16% 192342 0.53%
231397801100%1923420.08%
31 December 2024
Book balance Provision for bad debts
% of total Provision
Amount balance Amount ratio
Provision for bad debts on the
individual basis (i) 105089777 73% - -
Provision for bad debts on the
grouping basis (ii) 39747754 27% 220324 0.55%
144837531100%2203240.15%
140JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements (Cont’d):
Stage 1
12-month ECL (grouping) 12-month ECL (individual) Total
Provision
Book Provision for for bad Provision for
balance bad debts Book balance debts bad debts
31 December 2024 39747754 220324 105089777 - 220324
Increase in the
current period - - 90105746 - -
Decrease in the
current period (3545476) - - - -
Bad debt provision
decreased in the
current period - (27982) - - (27982)
30 June 2025 36202278 192342 195195523 - 192342
As at 30 June 2025 and 31 December 2024 the Company did not have any other receivables at
Stage 2 or Stage 3. Other receivables at Stage 1 were analysed below:
(i) As at 30 June 2025 and 31 December 2024 the Company’s other receivables with provision for
bad debts on the individual basis were analysed below:
30 June 2025
12-month ECL Provision for
Stage 1 Book balance rates bad debts Reason
Receivables from Jiangling Ford
(Shanghai) 181236919 - - i)
Receivables from JMCH 12858981 - - ii)
Stock repurchase securities
funds 1099623 - -
195195523--
The Company assessed the receivables from subsidiary and stock repurchase securities funds
based on the judgment of credit risk the receivables were not subject to significant credit risk
and were not overdue and impaired.
31 December 2024
12-month ECL Provision for
Stage 1 Book balance rates bad debts Reason
Receivables from Jiangling
Ford (Shanghai) 89250000 - - i)
Receivables from JMCH 14542410 - - ii)
Receivables from refund of
social insurance 1297367 - -
105089777--
141JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements (Cont’d):
(ii) As at 30 June 2025 and 31 December 2024 the Company’s other receivables with provision for
bad debts on the grouping basis were analysed below:
Other receivables with provision on the grouping basis at Stage 1:
As at 30 June 2025 the Company’s other receivables with provision for bad debts on the
grouping basis were analysed below:
Book 12-month Provision for
balance ECL rates bad debts Reason
Provision on the grouping basis:
Gas and electricity bills 8799782 0.53% 46238 ECL
Import working capital 5000000 0.53% 26 272 ECL
Others 22402496 0.53% 119 832 ECL
36202278192342
As at 31 December 2024 the Company’s other receivables with provision for bad debts on the
grouping basis were analysed below:
Book 12-month ECL Provision for
balance rates bad debts Reason
Provision on the grouping basis:
Gas and electricity bills 18531901 0.49% 91314 ECL
Import working capital 3900523 0.49% 19219 ECL
Others 17315330 0.63% 109791 ECL
39747754220324
(c) The reversed provision for bad debts in the current period amounted to RMB27982.(d) There was no provision for bad debts written off during the period.
142JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(e) As at 30 June 2025 the top five other receivables ranked by remaining balances
were analysed as follows:
Provisio
% of total n for bad
Nature Balance Aging balance debts
Receivables from
Company 1 subsidiaries 181236919 within 1 year 78% -
Receivables from
Company 2 subsidiaries 12858981 Over 1 year 6% -
Company 3 Gas bills 8799782 within 1 year 4% 46238
Import
Company 4 working capitaletc 7754132 within 1 year 3% 40744
Claim for
Company 5 compensation 2166155 within 1 year 1% 11382
21281596992%98364
(3) Long-term equity investments
30 June 2025 31 December 2024
Subsidiaries (a) 2858943493 2858943493
Associates (b) 204645696 214449021
30635891893073392514
Less:Provision for impairment of long-term
equity investments for subsidiaries (2301440553) (2301440553 )
Provision for impairment of long-term
equity investments for associates - -
(2301440553)(2301440553)
762148636771951961
143JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries
Movements for
the current period
Ending balance Cash dividends
31 December Additional of provision for declared this
2024 investments 30 June 2025 impairment period 30 June 2025
Carrying
Gross amount Gross amount amount
JMCH 2686943493 - 2686943493 (2301440553) - 385502940
JMCS 50000000 - 50000000 - - 50000000
SZFJ 10000000 - 10000000 - - 10000000
GZFJ 10000000 - 10000000 - - 10000000
Jiangling Ford
(Shanghai) 102000000 - 102000000 - - 102000000
2858943493-2858943493(2301440553)-557502940
(b) Associates
Movements for the current period Impairment provision
Share of net
Increase in profit/(loss) Cash Voting 31
31 December the current under equity dividends Provision for Shareholding rights 30 June December
2024 period method declared impairment 30 June 2025 (%) (%) 2025 2024
The Power
Company 189544236 - (120672 72) - - 17747696 4 4 0% 40% - -
Hanon
Systems 24904785 - 2263 947 - - 2716873 2 19.1 5% 33.33% - -
Total 214449021 - (98033 25) - - 20464569 6 - -
144JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(4) Revenue and cost of sales
The six months ended 30 June
20252024
Revenue from main operations 17063223739 168280924 23
Revenue from other operations 342945766 10578576 35
1740616950517885950058
The six months ended 30 June
20252024
Cost of sales from main operations 15018996560 147668628 77
Cost of sales from other operations 220930116 4095046 78
1523992667615176367555
(a) Revenue and cost of sales from main operations
The six months ended 30 June
20252024
Cost of sales Cost of sales
Revenue from from main Revenue from from main
main operations operations main operations operations
(Restated)
Sales of
automobiles 16289695231 14433831338 16001794796 14131205491
Sales of
automobile
parts 766519823 578156537 787392775 596752534
Automobile
maintenance
services and
others 7008685 7008685 38904852 38904852
17063223739150189965601682809242314766862877
(b) Revenue and cost of sales from other operations
The six months ended 30 June
20252024
Cost of sales Cost of sales
Revenue from from other Revenue from from other
other operations operations other operations operations
Sales of
materials 219772653 197371409 326770645 312926556
Others 123173113 23558707 731086990 96578122
3429457662209301161057857635409504678
145JIANGLING MOTORS CORPORATION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Notes to the Company’s financial statements (Cont’d)
(4) Revenue and cost of sales (Cont’d)
(c) The breakdown of the Company’s revenue by product and service transfer time was as follows:
The six months ended 30 June 2025
Automobile
Automobile maintenance Materials
Automobiles parts services etc. and others Total
Revenue from main
operations 16289695231 766519823 7008685 - 17063223739
Including: Recognised at a
time point 16289695231 766519823 - - 17056215054
Recognised within
a certain period - - 7008685 - 7008685
Revenue from other
operations (i) - - - 342945766 342945766
16289695231766519823700868534294576617406169505
The six months ended 30 June 2024
Automobile
Automobile maintenance Materials
Automobiles parts services and others Total
Revenue from main
operations 16001794796 787392775 38904852 - 16828092423
Including: Recognised at a
time point 16001794796 787392775 - - 16789187571
Recognised
within a certain
period - - 38904852 - 38904852
Revenue from other
operations (i) - - - 1 057857635 1057857635
1600179479678739277538904852105785763517885950058
(i) The Company’s revenue from other operations includes sales of materials and technical
service provided. Revenue from sales of materials is recognised at a certain time point and
revenue from technical service provided is recognised within a certain period.As at 30 June 2025 the amount of revenue corresponding to the performance obligations
that the Company had contracted but had not commenced or completed was
RMB272153347 which the Company expected that would be recognised as revenue in
2025.
(5) Investment income
The six months ended 30 June
20252024
Investment gain from forward exchange
settlement 10631603 5982935
Losses on discount of financing receivables
eligible for derecognition (1422995) -
Losses on long-term equity investments under
equity method (9803325) (2527255)
(594717)3455680
There is no significant restriction on the remittance of investment income to the Company.
146JIANGLING MOTORS CORPORATION LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 Statement of non-recurring profit or loss
The six months ended 30 June
20252024
Government grants recognised in profit or loss for
the current period except those that are closely
related to ordinary activities and conform to the
national policies and regulations and are
granted in accordance with certain standards
and have a continuous impact on the
Company’s profit or loss 202242182 7637897 6
Gains or losses on disposal of non-current assets 18414462 1059189 8
Fund occupation fees received from non-financial
institutions 1240008 323060 4
Gains or losses arising from changes in fair value
of financial assets and liabilities held and gains
or losses on disposal of related financial assets
and liabilities except for the effective hedging
business related to the normal operation 3713253 1358447 3
Net amount of other non-operating income and
expenses 1448653 (402085 8)
One-off expenses incurred due to discontinuation
of related business activities (86573) (52309 3)
22697198599242000
Effect of i ncome tax (33644788) (1563903 9)
Effect of gains or losses on minority interests (net
of tax) (515356) 70466 8
19281184184307629
(1) Basis for preparation of statement of non-recurring profit or loss
In 2023 the CSRC issued the Explanatory Announcement No. 1 on Information Disclosure
by Companies Offering Securities to the Public - Non-recurring Profit or Loss (Revised in
2023) (hereinafter “2023 Explanatory Announcement No. 1 ”) which came into effect from
the date of promulgation.Under the requirements in the 2023 Explanatory Announcement No. 1 non-recurring profit
or loss refers to those arises from transactions and events that are not directly relevant to
ordinary activities or that are relevant to ordinary activities but are extraordinary and not
expected to happen frequently that would have an influence on the financial statements
users’ making economic decisions based on the financial performance and profitability of an
enterprise.
147JIANGLING MOTORS CORPORATION LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 June 2025
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Return on net assets and earnings per share
Weighted average Earnings per share
return on net assets Basic earnings per Diluted earnings
(%) share per share
The six months ended 30 June
202520242025202420252024
Net profit attributable to
ordinary shareholders
of the Company 6.30% 8.29% 0.85 1.04 0.85 1.04
Net profit attributable to
ordinary shareholders
of the Company net of
non-recurring profit or
loss 4.64% 7.51% 0.63 0.94 0.63 0.94
148
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