Share’s code： 000550 Share’s Name： Jiangling Motors No.： 2025-019

200550 Jiangling B

Jiangling Motors Corporation Ltd.2025 First Quarter Report

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

information disclosed herein is truthful accurate and complete and does

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

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

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

truthfulness accuracy and completeness of the information disclosed in the

Report and confirm that the information disclosed herein does not contain

any false statement misrepresentation or major omission.

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

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

truthful accurate and complete.

3. Whether the 2025 first report is audited

□Yes □No

§1 Brief Introduction

1. Main accounting data and financial indicators

Unit: RMB

Reporting Period Same Period YoY Change

(2025 First Quarter) Last Year (%)

Revenue 7967428172 7974792045 -0.09%

Net Profit Attributable to the

305997821482364920-36.56%

Equity Holders of the Company

Net Profit Attributable to

Shareholders of Listed Company

147214143420804103-65.02%

After Deducting Non-Recurring

Profit or Loss

Net Cash Generated From

-2297115303-614291227-273.95%

Operating Activities

Basic Earnings Per Share (RMB) 0.35 0.56 -36.56%

Diluted Earnings Per Share

0.350.56-36.56%

(RMB)

Weighted Average Return on Net

2.67%4.55%-1.88%

Asset Ratio (%)

1At the end of the At the end of the

Change (%)

reporting period previous year

Total Assets 27247466311 30839912640 -11.65%

Shareholder’s equity Attributable

to the Equity Holders of the 11597475688 11292579854 2.70%

Company

2. Non-recurring profit and loss items and amounts

□Applicable □Not Applicable

Unit: RMB

Reporting Period

(2025 First Quarter)

Profit and loss of non-current assets disposal (including

-1481340

the charge-off part of the asset impairment provision)

Government subsidies included in the current profit and

185252635

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 1239913

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

321536

enterprises included in the current profit and loss

Other non-operating income and expenses except the

782254

above

Less: Income tax impact amount 27330475

Influence of minority shareholders' equity (after-tax) 845

Total 158783678

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

profit and loss

□Applicable □Not Applicable

There is no any other profit and loss items that meet the definition of

non-recurring profit and loss in the Company.The description of that 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

2No.1 are defined as recurring profit and loss.

3. Causes and explanations on major changes of financial indicators of the

reporting period

□Applicable □Not Applicable

In the first quarter of 2025 JMC sold 76007 vehicles in total increased by

2.27% compared with the same period last year including 20101 light buses

16846 trucks 16323 pickups 22737 SUVs. Revenue and net profit

attributable to the equity holders of the Company during the reporting period

were RMB 7967 million and RMB 306 million decreased by 0.09% and by

36.56% respectively compared with the same period last year.

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

previous year cash and cash equivalents decreased by RMB 3813 million

down 30.39% mainly due to the operating cash expenditure and repayment of

short-term borrowings.As of the end of the first quarter of 2025 compared with the end of the

previous year financing receivables increased by RMB 94.34 million up

31.23% mainly reflecting the increase in notes receivable received from the

sales.As of the end of the first quarter of 2025 compared with the end of the

previous year development expenditures decreased by RMB 110 million

down 58.29% mainly due to the formation of intangible assets by development

expenditures.As of the end of the first quarter of 2025 compared with the end of the

previous year short-term borrowings decreased by RMB 1250 million down

83.33% mainly reflecting the repayment of short-term bank borrowings.

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

previous year taxes payable decreased by RMB 156 million down 58.65%

mainly reflecting the decrease of the taxes payable at the end of the period.In the first quarter of 2025 compared with the same period last year income

tax expenses increased by RMB 93.53 million up 115.98% mainly due to the

increase of total profit in the current period.In the first quarter of 2025 compared with the same period last year net profit

attributable to shareholders of the Company decreased by RMB 176 million

down 36.56% mainly reflecting the decrease of net profit attributable to

shareholders of the Company caused by the change of minority interests.

3In the first quarter of 2025 compared with the same period last year net cash

flows used in operating activities increased by RMB 1683 million up 273.95%

mainly due to the decrease of payments received from dealers and the

increase of payments for goods.In the first quarter of 2025 compared with the same period last year net cash

flows used in investing activities increased by RMB 122 million up 56.18%

mainly reflecting the increase in cash paid for the purchase and construction of

fixed assets and the impact of investments in structured deposits.§2 Shareholder Information

1. Total number of shareholders and top ten shareholders

Total shareholders JMC had 45524 shareholders including 39597 A-share holders and 5927

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

Shareholding Shares with Shares due to

Shareholder Shares at the

Shareholder Name Percentage Trading Mortgage or

Type End of Year

(%) Restriction Frozen or Mark

Nanchang Jiangling State-owned

41.03%35417600000

Investment Co. Ltd. legal person

Foreign legal

Ford Motor Company 32.00% 276228394 0 0

person

Hong Kong Securities

Foreign legal

Clearing Company Ltd. 2.55% 22005362 0 0

person

(HKSCC)

Domestic natural

Jin Xing 0.57% 4926700 0 0

person

China Merchants Foreign legal

0.56%486537500

Securities (HK) Co. Ltd. person

Shanghai Xinning Juxin

Private Equity Fund

Domestic

Management Co.non-State-owned 0.26% 2214795 0 0

Ltd.-Xinning Bowen No. 1

legal persons

Private Securities

Investment Fund

Domestic natural

Zhou Jianqi 0.25% 2121300 0 0

person

China Merchants Bank

Co. Ltd.-China Southern

Domestic

CSI 1000 Exchange

non-State-owned 0.18% 1547230 0 0

Traded Open-End Index

legal persons

Securities Investment

Fund

4Domestic natural

Li Wei 0.17% 1459101 0 0

person

Domestic natural

Huang Meihua 0.14% 1185600 0 0

person

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

executive lock-up shares)

Shareholder Name Shares without Trading Share Type

Restriction

Nanchang Jiangling Investment Co. Ltd. 354176000 A share

Ford Motor Company 276228394 B share

Hong Kong Securities Clearing Company Ltd.

22005362 A share

(HKSCC)

Jin Xing 4926700 B share

China Merchants Securities (HK) Co. Ltd. 4865375 B share

Shanghai Xinning Juxin Private Equity Fund

Management Co. Ltd.-Xinning Bowen No. 1 2214795 A share

Private Securities Investment Fund

Zhou Jianqi 2121300 A share

China Merchants Bank Co. Ltd.-China

Southern CSI 1000 Exchange Traded 1547230 A share

Open-End Index Securities Investment Fund

Li Wei 1459101 B share

Huang Meihua 1185600 A share

Notes on association among above-mentioned shareholders None.Description of shareholders participating in financing and securities financing business None.Participation of Shareholders holding more than 5% of shares top 10

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

shares in the refinancing business

□Applicable □Not Applicable

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

shareholders with unlimited shares from the previous period due to

lending/repatriation of refinancing business

□Applicable □Not Applicable

2.Total number of shareholders holding preferred shares and top ten

shareholders holding preferred shares

□Applicable □Not Applicable

§3. Other Major Events

□Applicable □Not Applicable

5§4 Financial Statements

Jiangling Motors Corporation Ltd.

1. CONSOLIDATED BALANCE SHEETS AS AT 31 MARCH 2025

(All amounts in RMB Yuan unless otherwise stated)

31 March 2025 31 December 2024

ASSETS

Consolidated* Consolidated

Current assets

Cash and cash equivalents 8733641653.00 12546295890.00

Financial assets held for trading 55011030.00 -

Derivative financial assets 8689844.00 12612380.00

Notes receivable 300132.00 226865.00

Accounts receivable 4209732396.00 4181008234.00

Financing receivables 396401448.00 302065502.00

Advances to suppliers 121605463.00 94749172.00

Other receivables 48603529.00 54013240.00

Inventories 1845623327.00 2054517242.00

Current portion of non-current

18058878.0020784738.00

assets

Other current assets 1436110081.00 1228372977.00

Total current assets 16873777781.00 20494646240.00

Non-current assets

Long-term receivables 16137564.00 18533908.00

Long-term equity investments 209155860.00 219298031.00

Fixed assets 6006138544.00 5749474005.00

Construction in progress 494371616.00 661911780.00

Right-of-use assets 138189144.00 158485688.00

Intangible assets 1866756061.00 1811454853.00

Development expenditures 78453689.00 188103430.00

Goodwill - -

Deferred tax assets 1557362619.00 1530144365.00

Other non-current assets 7123433.00 7860340.00

Total non-current assets 10373688530.00 10345266400.00

TOTAL ASSETS 27247466311.00 30839912640.00

Current liabilities

Short-term borrowings 250000000.00 1500000000.00

Accounts payable 8148189806.00 10061223944.00

Contract liabilities 490247877.00 467704291.00

Employee benefits payable 607557336.00 780174574.00

Taxes payable 109670942.00 265198389.00

Other payables 5325740500.00 5739064167.00

Current portion of non-current

84668927.0086155114.00

liabilities

Other current liabilities 341787532.00 341548441.00

Non-current liabilities 15357862920.00 19241068920.00

6Long-term borrowings 940117.00 941453.00

Lease liabilities 23652613.00 93752634.00

Long-term employee benefits

58598130.0059342000.00

payable

Provisions 295147278.00 287165703.00

Deferred income 60863702.00 61202010.00

Deferred tax liabilities 170397123.00 130301876.00

Other non-current liabilities 376380266.00 370793523.00

Total non-current liabilities 985979229.00 1003499199.00

Total liabilities 16343842149.00 20244568119.00

Equity

Share capital 863214000.00 863214000.00

Capital surplus 839442490.00 839442490.00

Other comprehensive income -26388000.00 -26388000.00

Special reserve 4269106.00 5371093.00

Surplus reserve 431607000.00 431607000.00

Retained earnings 9485331092.00 9179333271.00

Total equity attributable to

11597475688.0011292579854.00

shareholders of the Company

Minority interests -693851526.00 -697235333.00

Total equity 10903624162.00 10595344521.00

TOTAL LIABILITIES AND

27247466311.0030839912640.00

EQUITY

*: Unaudited financial indexes

72. CONSOLIDATED INCOME STATEMENTS FOR 2025 First Quarter

(All amounts in RMB Yuan unless otherwise stated)

2025 First 2024 First

Item Quarter Quarter

Consolidated* Consolidated*

Total Revenue 7967428172.00 7974792045.00

Revenue 7967428172.00 7974792045.00

Total Cost of sales 7938917337.00 8118408806.00

including: Cost of sales 7026678337.00 7072521132.00

Taxes and surcharges 220477781.00 296137616.00

Selling and distribution expenses 206935409.00 279069512.00

General and administrative expenses 233118499.00 207787589.00

Research and development expenses 286230316.00 319007229.00

Financial expenses -34523005.00 -56114272.00

Including: Interest expenses 4581629.00 6798858.00

Interest income -45901253.00 -67248417.00

Add: Other income 303719670.00 292403020.00

Investment income -4990750.00 2536711.00

Including: Share of profit of associates

-10142171.00-1150934.00

and joint ventures

Gains on changes in fair value -3911506.00 3794038.00

Credit impairment losses -357720.00 2142893.00

Asset impairment losses - 2055096.00

Gains on disposal of assets -1481340.00 -494104.00

Operating profit 321489189.00 158820893.00

Add: Non-operating income 820017.00 640409.00

Less: Non-operating expenses 37763.00 1029466.00

Total profit 322271443.00 158431836.00

Less: Income tax expenses 12889815.00 -80637754.00

Net profit 309381628.00 239069590.00

Classified by continuity of operations

Net profit from continuing operations 309381628.00 239069590.00

Net profit from discontinued

--

operations

Classified by ownership of the equity

Attributable to shareholders of the

305997821.00482364920.00

Company

Minority interests 3383807.00 -243295330.00

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

8Changes arising from remeasurement

--

of defined benefit plan

Attributable to minority interests - -

Total comprehensive income 309381628.00 239069590.00

Attributable to shareholders of the

305997821.00482364920.00

Company

Attributable to minority interests 3383807.00 -243295330.00

Earnings per share

Basic earnings per share (RMB Yuan) 0.35 0.56

Diluted earnings per share (RMB

0.350.56

Yuan)

*: Unaudited financial indexes

93. CONSOLIDATED CASH FLOW STATEMENTS FOR 2025 First Quarter

(All amounts in RMB Yuan unless otherwise stated)

2025 First Quarter 2024 First Quarter

Item

Consolidated* Consolidated*

Cash flows (used in)/generated from

operating activities

Cash received from sales of goods or

8486465921.009429271287.00

rendering of services

Cash received relating to other

233583856.0079100802.00

operating activities

Sub-total of cash inflows 8720049777.00 9508372089.00

Cash paid for goods and services 8798857074.00 8145373016.00

Cash paid to and on behalf of

827598134.00826937839.00

employees

Payments of taxes and surcharges 613654707.00 560994519.00

Cash paid relating to other operating

777055165.00589357942.00

activities

Sub-total of cash outflows 11017165080.00 10122663316.00

Net cash flows (used in)/generated

-2297115303.00-614291227.00

from operating activities

Cash flows used in investing

activities

Cash received from disposal of

-200000000.00

investments

Cash received from returns on

-1326356.00

investments

Net cash received from disposal of

fixed assets intangible assets and 2487411.00 5962459.00

other long-term assets

Cash received relating to other

44139550.0061769345.00

investing activities

Sub-total of cash inflows 46626961.00 269058160.00

Cash paid to acquire fixed assets

intangible assets and other long-term 330053827.00 285684769.00

assets

Cash paid to acquire investments 55000000.00 200000000.00

Cash paid relating to other investing

27661.0083305.00

activities

Sub-total of cash outflows 385081488.00 485768074.00

Net cash flows used in investing

-338454527.00-216709914.00

activities

Cash flows used in financing

activities

Cash received from borrowings 1784325555.00 498714444.00

10Cash received from other financing

-171814.00

activities

Sub-total of cash inflows 1784325555.00 498886258.00

Cash repayments of borrowings 2950000000.00 1400000000.00

Cash payments for distribution of

-3088694.00

dividends profits or interest expenses

Cash paid relating to other financing

7629534.004312407.00

activities

Sub-total of cash outflows 2957629534.00 1407401101.00

Net cash flows used in financing

-1173303979.00-908514843.00

activities

Effect of foreign exchange rate

changes on cash and cash - -

equivalents

Net increase in cash and cash

-3808873809.00-1739515984.00

equivalents

Add: Cash and cash equivalents at

12475176009.0011746518615.00

beginning of year

Cash and cash equivalents at end of

8666302200.0010007002631.00

perior

*: Unaudited financial indexes

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

adjustment and the situation of first implementation of the financial statements

at the beginning of the year related items

□Applicable □Not Applicable

3. Whether the 2025 first quarter report is audited

□Yes □No

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

Jiangling Motors Corporation Ltd.April 24 2025

11