Chongqing Changan Automobile
Company Limited
2024 Annual Report
April 2025Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 1 Important Notice Contents and Definitions
1. The Board of Directors (or the “Board”) the Supervisory Board as well as the directors supervisors
and senior managers of Chongqing Changan Automobile Co. Ltd. hereby guarantee the factuality
accuracy and completeness of the contents of this Report and its summary and shall be jointly and
severally liable for any misrepresentations misleading statements or material omissions therein.
2. Zhu Huarong the Company’s legal representative Zhang Deyong the Company’s Chief Financial
Officer and Shi Haifeng the person-in-charge of the accounting organ hereby guarantee that the
financial statements carried in this Report are factual accurate and complete.
3. Except the following directors all the directors have attended the board meeting for reviewing this
Report.Name of the
Positions Reasons for the absence Name of the Trustees
directors absent
Jia Lishan Director Reason for work Deng Wei
Li Keqiang Independent director Reason for work Yang Xinmin
Ding Wei Independent director Reason for work Tang Guliang
Zhang Ying Independent director Reason for work Li Zhenyu
4. Any prospective description such as future business plans and development strategies in this Report
shall not be considered as the Company’s commitment to investors. Investors and relevant persons
shall be sufficiently mindful of risks and undertake the difference in plans predictions and
commitment.
5. Chapter III “Management Discussion and Analysis” of this Report describes the possible risks and
countermeasures of the Company and investors shall pay attention to the relevant content.
6. The Board has approved a final dividend plan as follows: Based on 9914086060 shares a cash
dividend of RMB 2.95 (tax included) per 10 shares is to be distributed to all shareholders without
transferring capital reserve to share capital.This Report have been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions the Chinese version shall prevail.
1Chongqing Changan Automobile Company Limited 2024 Annual Report
CONTENTS
Chapter 1 Important Notice Contents and Definition... 1
Chapter 2 Company Profile and Main Financial Index... 4
Chapter 3 Management Discussion and Analysis ........ 8
Chapter 4 Corporate Governance ..................... 38
Chapter 5 Environmental and Social Responsibility .. 59
Chapter 6 Important Matters ........................ 68
Chapter 7 Share Changes and Shareholder Informatio.. 73
Chapter 8 Preference Shares ........................ 79
Chapter 9 Bonds .................................... 80
Chapter 10 Auditor’s Report ........................ 83
2Chongqing Changan Automobile Company Limited 2024 Annual Report
Documents Available for Reference
I. Financial statements carrying the signatures and seals of the Company’s legal representative the Chief Financial
Officer and the person-in-charge of the accounting organ.Ⅱ. The 2024 Auditor’s Report stamped by the accounting firm signed and stamped by chartered accountants.Ⅲ. During the reporting period the original copies of all company documents and announcements publicly
disclosed by the Company in China Securities Journal Securities Times Securities Daily Shanghai Securities News
and Hong Kong Commercial Daily.IV. Annual Reports disclosed in other securities markets.Definitions
Items Definitions
Changan Automobile
Refers to Chongqing Changan Automobile Co. Ltd.ChangAn the Company
China South Industries Group Corporation Ltd. the Company’s actual
CSG Refers to
controller
China Changan Automobile Group Co. Ltd. formerly known as China
China Changan Refers to
South Industries Automobile Co. Ltd. a subsidiary company of CSG
Chongqing Changan Industry (Group) Co. Ltd. formerly known as
Changan Industry Refers to
Changan Automobile (Group) Co. Ltd. a subsidiary company of CSG
Nanjing Changan Automobile Co. Ltd. a subsidiary company of the
Nanjing Changan Refers to
Company
Hebei Changan Automobile Co. Ltd. a subsidiary company of the
Hebei Changan Refers to
Company
Hefei Changan Automobile Co. Ltd. a subsidiary company of the
Hefei Changan Refers to
Company
Chongqing Changan Kaicheng Automotive Technology Co. Ltd. a
Changan Kaicheng Refers to
subsidiary company of the Company
Changan Ford Refers to Changan Ford Automobile Co. Ltd. a JV of the Company
Changan Mazda Refers to Changan Mazda Automobile Co. Ltd. a JV of the Company
CME Refers to Changan Mazda Engine Co. Ltd. a JV of the Company
Deepal Automotive Technology Co. Ltd. a subsidiary company of the
Deepal Auto Refers to
Company
Avatr Refers to Avatr Technology (Chongqing) Co. Ltd. an associate of the Company
3Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 2 Company Profile and Main Financial Indexes
I. Basic Information
Stock abbreviation Changan Automobile Changan B Stock Code 000625 200625
Listed on Shenzhen Stock Exchange
Company name in Chinese 重庆长安汽车股份有限公司
Chinese abbreviation 长安汽车
Company name in English Chongqing Changan Automobile Company Limited
Legal representative Zhu Huarong
Registered address No. 260 East Jianxin Road Jiangbei District Chongqing
Post code of the registered
400023
address
No. 260 East Jianxin Road Jiangbei District Chongqing.Office address Building T2 No. 2 Financial City No. 61 Dongshengmen Road Jiangbei District
Chongqing.Post code of the office address 400023
Website http://www.changan.com.cn
E-mail address cazqc@changan.com.cn
Ⅱ. Contact Information
Secretary of the Board of Directors Securities affairs representative
Name Zhang Deyong Li Jun Jie Zhonghua
Building T2 No. 2 Financial City Building T2 No. 2 Financial City No. 61
Contact address No. 61 Dongshengmen Road Dongshengmen Road Jiangbei District
Jiangbei District Chongqing Chongqing
TEL 023-67594008 023-67594008
FAX 023-67870261 023-67870261
E-mail address cazqc@changan.com.cn jiezh@changan.com.cn
Ⅲ. Information Disclosure and Filing Site
Stock exchange website where this Report is
http://www.szse.cn
disclosed
China Securities Journal Securities Times Securities Daily
Media and website where this Report is disclosed Shanghai Securities News Hong Kong Commercial Daily and
www.cninfo.com.cn
Place where this Report is lodged Board Office of the Company
IV. Changes of Registration Information
Organization Code 9150000020286320X6
Changes in the main
business since the Not applicable
Company’s listing
4Chongqing Changan Automobile Company Limited 2024 Annual Report
1. In December 2005 according to the restructuring program on automobile business the
Company’s actual controller CSG transferred all state-owned shares of Changan Automobile
(Group) Company Limited (“Changan Group”) as part of funding for China South Industries
Automobile Co. Ltd. In March 2006 all shares held by Changan Group have been
transferred to China South Industries Automobile Co. Ltd. China South Industries
Automobile Co. Ltd. became the majority shareholder of the Company and Changan Group
Changes of holds zero share since then.controlling
2. In July 2009 with the approval of State Administration for Industry and Commerce
shareholder since
“China South Industries Automobile Co. Ltd.” changed its name to “China Changanincorporation (if any)Automobile Group Co. Ltd.”. No change occurred in its property ownership and control of
the Company.
3. In February 2019 “China Changan Automobile Group LLC” changed its name to “ChinaChangan Automobile Group Co. Ltd.” with the approval of Beijing Administration for
Industry and Commerce. The company changed from a joint stock company to a limited
liability company.V. Other Relevant Information
The audit firm employed by the Company
Name Lixin Certified Public Accountants (Special General Partnership)
Office address 4th Floor No. 61 Nanjing East Road Huangpu District Shanghai China
Accountants writing signatures Zhu Yuqin Wang Kai
The independent sponsor employed by the Company to exercise constant supervision over the Company in the
reporting period
√ Applicable □Not applicable
Sponsor
Name Office address Supervision period
representative
21st Floor CITIC Securities Building
CITIC Securities He Yang Liu October 26 2020 -
No. 48 Liangmaqiao Road Chaoyang
Co. Ltd. Mengdi December 31 2021
District Beijing
Note: CITIC Securities Co. Ltd. is the recommendation institution for the continuous supervision of the company's
non-public offering of shares in 2020.The independent financial advisor employed by the Company to exercise constant supervision over the Company in
the reporting period
□ Applicable √ Not applicable
VI. Key Accounting Data and Financial Indexes
Does the Company need to retrospectively adjust or restate the accounting data of previous years
□Yes √ No
YoY change
202420232022
(%)
Operating revenue (RMB) 159733034213.25 151297706646.97 5.58% 121252864085.40
Net profit attributable to
shareholders of the 7321363897.24 11327463013.15 -35.37% 7798785367.38
Company (RMB)
Net profit after deduction
of non-recurring gains or
losses attributable to 2587271652.90 3781846729.11 -31.59% 3254790124.46
shareholders of the
Company(RMB)
Net cash flow from
operating activities 4849398813.14 19861466237.56 -75.58% 5666346858.52
(RMB)
Basic earnings per share
0.741.15-35.65%0.80
(RMB/share)
Diluted earnings per share 0.74 1.13 -34.51% 0.78
5Chongqing Changan Automobile Company Limited 2024 Annual Report
(RMB/share)
Weighted average ROE
9.69%16.55%-6.86%13.07%
(%)
YoY change
31 December 2024 31 December 2023 31 December 2022
(%)
Total assets (RMB) 208168160960.86 190171127138.27 9.46% 146049068075.25
Net assets attributable to
shareholders of the 76576224624.99 71853119985.49 6.57% 62858608356.06
Company (RMB)
The lower of the Company’s net profit before and after deduction of non-recurring gains and losses in the most
recent three fiscal years is negative and the audit’s report of last year shows that the Company’s ability to continue
operations is uncertain.□Yes √ No
The lower of the net profit before and after non-recurring gains and losses is negative.□Yes √ No
VII. The Differences between Chinese Accounting Standards and International
Financial Reporting Standards
1. Differences in net profit and net asset attributable to shareholders in financial report
disclosed in accordance with International Financial Reporting Standards and Chinese
Accounting Standards
□ Applicable √ Not applicable
No difference during the reporting period.
2. Differences of net profit and net assets disclosed in financial reports prepared under
Overseas Financial Reporting Standards and Chinese Accounting Standards
□ Applicable √ Not applicable
No difference during the reporting period.
3. Reasons for differences in accounting data under Chinese Accounting Standards and
International Financial Reporting Standards
□ Applicable √ Not applicable
VIII. Key Financial Indexes of 2024 by Quarter
Unit: RMB
First Quarter Second Quarter Third Quarter Forth Quarter
Operating revenues 37023223131.54 39699426592.25 34236946567.92 48773437921.54
Net profit attributable to
1158060683.941673682427.88748103820.933741516964.49
shareholders of the Company
Net profit attributable to
shareholders of the Company after
111699858.331056980198.54512051599.06906539996.97
deducting non-recurring gains and
losses
Net cash flow from operating
5247360763.49-1812260022.96958367399.79455930672.82
activities
Whether there are significant differences between the above-mentioned financial indexes or its total number and the
relevant financial indexes disclosed in the Company’s quarterly report and semi-annual report
□ Yes √ No
6Chongqing Changan Automobile Company Limited 2024 Annual Report
IX. Items and Amounts of Non-Recurring Gains and Losses
√ Applicable □Not applicable
Unit: RMB
Items 2024 2023 2022 Explanation
The main reason is that the
Gains or losses on disposal of non-current company recognized gains
assets (inclusive of impairment allowance 2550458320.83 441000628.40 74862481.00 from the disposal of fixed
write-offs) assets and intangible assets
this year.Government subsidies charged to current
gains or losses (exclusive of government
subsidies given in the Company’s ordinary
1627457923.141463381979.581134358181.32
course of business at fixed quotas or
amounts as per the government’s uniform
standards)
In addition to the effective hedging
business related to the normal operation of
the company the fair value change gains
and losses arising from the holding of
-16650665.50-955029.683570229.29
financial assets and financial liabilities by
non-financial enterprises and the gains and
losses arising from the disposal of
financial assets and financial liabilities
Income generated from mergers of
5021482128.74
enterprises not under the same control
Capital occupation fees charged to non-
financial enterprises through profit or loss 91188204.08 66074620.29 40505154.81
for the current period
Reversal of impairment provision for
accounts receivable subject to separate 4068950.07 21286713.50 2847641.57
impairment testing
Gains from remeasuring remaining equity
2128313646.36
at fair value after losing control
Other non operating income and expenses
133244432.31141715255.3577519377.00
other than the above items
Other profit and loss items that meet the
definition of non recurring gains and losses 1014345065.86 673232447.45 1204463464.00
(note)
Minus: influenced amount of income tax 592833534.16 255466128.30 94817746.44
Non-controlling interests effects
77186452.2926136331.2927627185.99
(after tax)
Total 4734092244.34 7545616284.04 4543995242.92
Particulars about other gains and losses that meet the definition of non-recurring gain/loss
√ Applicable □ Not applicableIn accordance with the implementation of “Explanatory Announcement No. 1 on Information Disclosure ofCompanies Offering Securities to the Public — Non-recurring Gains and Losses” the non-recurring gains and losses
of the investee company that the investor is entitled to in proportion are recognized in the investment income
accounted for using the equity method.Explanation of why the Company reclassifies non-recurrent gain/loss as a recurrent gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Extraordinary Gain/Loss Items
□ Applicable √ Not applicable
No such cases for the reporting period.
7Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 3 Management Discussion and Analysis
I．Industry Overview in 2024
1. The industry analysis
The year 2024 marked a pivotal stage in accomplishing the objectives outlined in China’s 14th Five-Year Plan.Confronted with escalating external pressures and increasingly complex domestic challenges the Chinese
government proactively implemented the “Dual Priorities” and “Dual Renewal Initiatives” at the national level.These measures substantially reinforced investment stability and unleashed consumption potential. Notably since
September 2024 a series of incremental policy packages have been progressively implemented yielding tangible
results in restoring market confidence and driving a distinct economic rebound. At the industry level the automotive
sector has taken the lead in innovation-driven development of advanced productive forces. Through accelerated new
product launches and enhanced product performance manufacturers have consistently met market demands.Concurrently the two-phase “Trade-in” policies with progressively intensified incentives implemented throughout
the year has effectively unlocked latent consumption potential in the automobile market. While expanding the market
share of new energy vehicles it has also promoted the green development of China's automobile industry laying a
solid foundation for the high-quality development of the automobile industry and becoming an important driving
force for economic growth. The specific situation of the automobile industry during the reporting period is as follows:
In 2024 China's automotive industry sold a cumulative total of 31.436 million vehicles with a year-on-year
increase of 4.5%. Following 2023 the market size once again surpassed the 30 million mark. The overall market
sales throughout the year showed a trend of “low at the beginning and high at the end”: at the start of the year due
to the official price cuts by multiple automakers industry competition intensified leading to the release of some
consumer demand. In the first quarter the industry’s sales volume rose by over 10% year-on-year. However
constrained by factors such as the macro-economic pressures weak domestic demandand consumer confidence
along with a wait-and-see attitude triggered by market competition the industry's growth momentum weakened
notably in the second quarter. In the second half of the year driven by multiple factors such as the strengthened
implementation of the “Trade-in” policy and the rising demand for self-driving trips during holidays the vitality of
the automotive market rebounded with demand being continuously released. The industry showed clear signs of
recoveryas sales climbed month by month through the end of the year. The main characteristics of the industry
throughout the year are as follows:
Firstly the industry has continued to expand in scale. Supported by a series of policies aimed at expanding
domestic demand and optimizing the economic structure China's automobile market maintained a scale of over 30
million vehicles in 2024 marking the fourth consecutive year of growth. The strong growth of new energy vehicles
has driven the market share of Chinese brand passenger cars to 65.2% indicating that Chinese brands have secured
a dominant position in the increasingly competitive automotive market.Secondly the transformation of new and old driving forces in the industry has accelerated accompanied by the
optimization and upgrading of the industrial structure. New energy vehicles and exports emerged as the primary new
drivers of the growth for China's automotive industry in 2024. The production and sales scale of new energy vehicles
has exceeded 10 million units for the first time demonstrating robust growth momentum. The domestic penetration
rate of NEVs exceeded 50% for four consecutive months starting from August. Meanwhile significant progress has
been made in expanding overseas markets with annual export reaching 5.859 million vehicles a record high. The
global automotive industry landscape is undergoing rapid transformation.Thirdly industry competition has intensified further. From “electric vehicle being priced lower than ICEvehicles” to “price reductions across both fuel and electric vehicles” traditional Chinese auto brands new energy
vehicle startups and even joint-venture brands have entered the frayfueling increasingly fierce price competition in
the industry and posing challenges to the profitability of enterprises. A full-scale rivalry is unfolding between
established automakers and new entrants with the latter rapidly gaining ground through innovative advantages
while traditional automakers are leveraging their brand heritage and supply chain strengths to stay competitive. In
addition digital traffic has emerged as a new factor of production and Internet-based social media platforms have
become a critical battleground for brand marketing. New players have significantly boosted product visibility
through innovative marketing strategies and diverse communication channels creating substantial pressure on
traditional brands.
8Chongqing Changan Automobile Company Limited 2024 Annual Report
Automobile sales and growth rate in China from 2004 to 2024 Unit: 10000 units
50.0% Sales Volume Growth Rate 3500
46.1%3144
3009
2888
40.0%280328083000
262726862577
2460253132.4%
30.0%23492500
2198
25.1%
21.8%1931
20.0%180618512000
15.5%
13.5%13.9%13.7%
12.00%
10.0%13641500
6.7%6.9%
4.3%4.7%
8799382.5%3.0%
3.8%4.50%
2.1%
0.0%1000
722-2.8%-1.9%
507576
-8.2%
-10.0%500
-20.0%0
200420052006200720082009201020112012201320142015201620172018201920202021202220232024Source: The above data/information is sourced from the “China Automobile Industry Production and SalesExpress” published by the China Association of Automobile Manufacturers(CAAM) and its industry information
releases
2. ChangAn’s performance
In 2024 ChangAn marked its fortieth year in the civilian automobile market and it was also a pivotal year for
the deepening of its digital and intelligent transformation. Confronted with the intricate internal and external
environment ChangAn fully embraced the new development philosophy steadfastly adhered to the overarching
direction of the “Third Business Venture- Innovation & Entrepreneurship Program” and dedicated itself to
promoting high-quality development of the enterprise. The “Three Major Plans” (namely Electrification-“MissionOf Shangri-La” Intelligence-“Dubhe Plan” and Globalization-“Vast Ocean Plan”) were advanced in a coordinated
manner. The Company actively addressed challenges such as intensified market competition achieving steady
growth in its Chinese-branded vehicle segment a turnaround in its joint-venture vehicle segment and robust
expansion in its new energy and export segments. These achievements injected fresh momentum into the Company
and significantly bolstered the steady increase of its market share. In 2024 ChangAn achieved annual sales of 2.684
million vehicles reaching a seven-year high with a year-on-year increase of 5.1%. This also marked the fifth
consecutive year of year-on-year positive growth. The Company’s new energy vehicle sales and export volume both
hit record highs. Specifically ChangAn’s new energy vehicles sold 0.735 million units throughout the year a year-
on-year increase of 52.8% and its overseas sales reached 0.536 million units a year-on-year increase of 49.6%.
3. Industrial policies
The automotive industry is a pillar of the national economy under the new development paradigm and an
important engine for driving high-quality development. To promote automobile consumption consolidate and
expand the development advantages of new energy vehicles the Chinese government has introduced a series of
supportive policies. In January 2024 the Ministry of Industry and Information Technology (MIIT) and otherdepartments jointly issued the “Notice on Launching Pilot Applications of ‘Vehicle-Road-Cloud Integration’ forIntelligent and Connected Vehicles” supporting city level pilot applications of vehicle-road-cloud integration and
further promoting the industrial development of ICVs. In February 2024 the Ministry of Commerce and otherdepartments jointly issued the “Opinions on Supporting the Healthy Development of Trade Cooperation in NewEnergy Vehicles” aiming to bolster the rapid global expansion of NEVs. In March 2024 the Ministry of Commerce
and other departments jointly released the “Action Plan for Promoting the Trade-in of Consumer Goods”. In Aprilthe Ministry of Commerce and other departments jointly issued the “Implementation Rules for Subsidies onAutomobile Trade-in”. In August the Ministry of Commerce and other departments jointly issued the “Notice onFurther Improving the Work Related to Automobile Trade-in” further raising subsidy standards intensifying efforts
to implement trade-in policies and promoting the further release of automobile consumption potential. In July 2024
the General Office of the State Council issued the "Work Plan for Accelerating the Construction of a Dual Control
System for Carbon Emissions". In August the Ministry of Ecology and Environment and other departments jointly
issued the “Implementation Plan for Establishing a Carbon Footprint Management System”. In November the MIITissued the “Guidelines for Formulating Carbon Footprint Accounting Rules and Standards for Key IndustrialProducts” accelerating the construction of a dual control system for total carbon emissions and intensity actively
and steadily promoting carbon peak and carbon neutrality and speeding up the green transformation of the
development model.In 2024 automotive market access regulations primarily focused on the field of ICVs. According to the “Noticeon Carrying out Pilot Work on the Access and On-Road Operation of Intelligent and Connected Vehicles” after the
voluntary application of consortia composed of automobile manufacturers and users approval from the local
9Chongqing Changan Automobile Company Limited 2024 Annual Report
governments where the vehicles are intended to operate and the review and recommendation by provincial
competent departments the MIITand four other departments organized experts to conduct preliminary reviews and
select the best from the first batch of centralized applications. On June 4 2024 the first batch of nine consortia that
entered the pilot was released with ChangAn ranked first on the list.II. Analysis of Core Businesses in 2024
The Company is an automobile manufacturing enterprise and its main businesses include vehicle R&D
manufacturing and sales as well as engine R&D and production. Simultaneously the Company actively develops
three-electric technologies represented by batteries motors and electronic controls intelligent technologies such as
smart cockpits and smart driving and new businesses such as automotive life services new marketing and battery
swap services. Furthermore the Company accelerates the exploration of future industries such as industrial finance
used cars humanoid robots and eVTOL aiming to build a comprehensive industrial ecosystem.The Company has always adhered to its mission of “leading sustainable mobility and benefit human life” and
firmly promoted ChangAn’s “Third Entrepreneurship-Innovation and Entrepreneurship Plan”. It is accelerating its
transformation into an intelligent low-carbon mobility technology company and striving to become a world-class
automobile brand. The Company has been actively developing intelligent connected new energy vehicles and has
built three major brands: CHANG-AN DEEPAL and AVATR. Among them CHANG-AN has built three major
brand sequences: CHANG-AN UNI CHANG-AN NEVO and CHANG-AN LCV forming a matrix of differentiated
independent brands. Additionally the Company has developed joint venture brands including CHANG-AN Ford and
CHANG-AN Mazda. In the field of internal combustion engine vehicles the Company has launched a series of
classic Chinese-branded models including the CS series EADO series and UNI series; its joint ventures have a
number of well-known products such as the new-generation Mondeo new-generation Navigator CX-5 and Axela.In the field of new energy sector it has created NEV models such as CHANG-AN NEVO E07 A07 A05 Q05
DEEPAL S07 S05 SL03 G318 L07 AVATR 11 12 07 and CHANG-AN Mazda EZ-6 CHANG-AN LCV V919
CHANG-AN HUNTER and LUMIN and is committed to providing consumers with superior products and service
experience.Changan adopts the business model of “equal emphasis on self-owned and joint venture brands” and carries
out entity operation of its own auto brand business such as UNI NEVO DEEPAL and Kaicheng and firmly builds
its own classic brands. We manage investment over joint ventures such as Changan Ford and Changan Mazda and
continue to deepen mutual trust and cooperation with partners.
1. ChangAn’s business development in 2024
(1) Strengthen strategic direction and comprehensively accelerate transformation and
upgrading
The “Mission of Shangri-La” for new energy development was advanced in depth. In the new energy vehicle
market the sales scale rapidly increased with monthly sales exceeding 100000 units for the first time and the
penetration rate steadily increasing. The sales structure further aligned with market demand. In terms of industrial
layout the Company signed a memorandum of comprehensive and in-depth cooperation with Contemporary
Amperex Technology Co. Ltd. (hereinafter referred to as “CATL”) and both parties would carry out all-round
cooperation in areas such as technological innovation and overseas market development. AVATR completed its Series
C financing with existing shareholders significantly increasing their capital contributions and new shareholders
actively joining indicating promising future development. AVATR signed a supplementary agreement to the
deepened strategic cooperation agreement with CATL which would further deepen cooperation in areas such as the
priority application of new technologies. The Company together with its partners established Chenzhi Anqi
(Chongqing) Recycling Technology Co. Ltd. to expand into the battery recycling and reuse industry further
improving the new energy industry chain ecosystem.The “Dubhe Plan” for intelligent development achieved new milestones. The Company fully upgraded its
strategic cooperation with Huawei Technologies Co. Ltd. (hereinafter referred to as “Huawei”) covering multiple
fields such as brand and ecosystem cloud and AI technology green energy and industrial chain. As the first
automaker to invest in Shenzhen Yinwang Intelligent Technology Co. Ltd. AVATR and Huawei jointly supported
its future development. The ChangAn Digital and Intelligent Factory a globally leading full-domain 5G digital and
intelligent factory was officially unveiled and awarded a plaque. It widely applied more than 40 advanced
technologies such as 5G AI and digital twin marking the manufacturing process’s full entry into a new stage of
digitalization and intelligence. The Company also signed a cooperation agreement with EHang Holdings Limited
with plans to jointly research and develop eVTOL promoting the development of the low-altitude industry and the
ecological growth of the future transportation sector.The “Vast Ocean Plan” for globalization entered the “fast lane”. The first batch of DEEPAL L07 and DEEPAL
S07 models were officially delivered to Thai customers. ChangAn established overseas subsidiaries in countries such
as Mexico and Germany to accelerate local operations. DEEPAL signed a strategic cooperation agreement with
Altayer Motors a renowned automobile distribution group in the United Arab Emirates to jointly promote the entry
of DEEPAL products into the UAE market. Moreover ChangAn’s smart factory passed the European Union E32
10Chongqing Changan Automobile Company Limited 2024 Annual Report
filing review at one go signifying that its overseas products meet the regulatory requirements for sales in the
European Union and laying a solid foundation for its global expansion.
(2) Persist in product innovation and break through key core technologies
The new product lineup was completed in an orderly manner. The mass production and delivery of
new/upgraded digital and intelligent products such as CHANG-AN NEVO E07 AVATR 07 the fourth-generation
CHANG-AN UNI CS75 PLUS DEEPAL S07 DEEPAL S05 and CHANG-AN Mazda EZ-6 were completed. The
dual-power versions of AVATR 11/12 and the new highly-appealing versions of CHANG-AN NEVO A07/A05/Q05
were launched. The physical models of future products like DEEPAL S09 CHANG-AN NEVO Q07 and AVATR
06 were unveiled fully demonstrating ChangAn’s strength in digital and intelligent products. Among them the first
digital and intelligent new car CHANG-AN NEVO E07 successfully integrated seven technological achievements
into mass production including the SDA TS architecture TS large model TS intelligent driving TY OS TY
intelligent cockpit TH intelligent chassis and TY intelligent range-extender providing a vivid explanation and new
practice for “Software-defined Vehicles”. Meanwhile the DEEPAL S07 standed out in its class with its advanced
technological features combining DEEPAL’s super range-extender and Huawei’s Qiankun intelligent
systemdelivering a high level of technological innovation.Key technological achievements were successfully translated into real-world applications. In the field of new-
energy batteries the Company jointly released the diaphragm-free solid-state lithium-battery technology with
Chongqing Tailan New Energy Co. Ltd. which had four advantages: high safety high energy density controllable
cost and large-scale mass-production feasibility. The series of products of CHANG-AN TH distributed electric drive
platform successfully rolled off the production line. It integrated 5 globally first-launched technologies and more
than 20 industry-advanced technologies and was the best power solution for achieving cross-domain integration of
the power chassis and supporting the super-perception decision-making and execution capabilities of intelligent
driving. In the field of intelligent software technology relying on the self-developed CHANG-AN TY OS operating
system CHANG-AN TS large model and full-scenario multi-modal AI cockpit the CHANG-AN TY intelligent
cockpit achieved industry-first functions such as AI voice programming multi-intention voice vehicle control and
“visible and speakable” interaction. The new intelligent BlueCore powertrain platform was launched enabling a
single power system to freely select and lock the plug-in hybrid and range-extender modes with one-key operation
achieving a globally-leading oil-to-electricity conversion rate of 3.63 kWh per liter of gasoline. In addition the
Company took the lead in formulating the national standard for autonomous driving classification and was approved
as one of the first pilot units for L3-level intelligent connected vehicles in China.
(3) Focus on user needs and quickly respond to market changes
Guided by the principle of “expanding existing markets and capturing new opportunities” the Company
remained committed to “dual enhancements”—improving both its new energy and traditional fuel vehicles—tosolidify its competitive edge in the market. Initiatives such as the “CHANG-AN Billion-Yuan Car PurchaseFestival” were launched to the impact of industry price fluctuations while targeted marketing campaigns such as
“National Subsidy Local Subsidy CHANG-AN Subsidy” capitalized on the national “Trade-in” policy to drive
sales growth. The Company actively revitalized its existing market share in the ICE vehicle market maintaining a
strong position in key segments. The EADO series secured the second spot in the Chinese brand compact sedan
market with a steady increase in market share. The CS75 series achieved cumulative sales of over 220000 units
ranking among the top in its segment. The monthly sales of CHANG-AN CS55 series exceeded 10000 units with
cumulative global sales surpassing one million units. In the new energy market multiple products rapidly gained
momentum and AVATR's annual sales doubled year-on-year with sales exceeding 10000 for three consecutive
months. The DEEPAL S05 garnered over 10000 orders within 10 days of its launch and the annual sales volume of
the DEEPAL S07/S7 exceeded 110000 units. Within the year DEEPAL Automobile celebrated the production of its
400000th vehicle setting a new record in its segment by reaching this milestone in just 29 months.The restructuring of the marketing system progressed steadily. The “Thousand Stores Ten ThousandTouchpoints” channel expansion plan was systematically implemented enhancing market coverage. The Cloud Atlas
service platform now fully operational serves as a multi-brand shared service platform built on the principles of
“lower costs higher efficiency and superior experiences.” It enabled intelligent marketing capabilities through
online platform integration offline scenario-based engagement and high-experience service delivery. In response to
the intense competition for digital traffic the Company pioneered innovative brand communication strategies. Senior
executives and employees actively engaged in livestreaming initiatives leveraging role-specific IP accounts to
amplify brand influence. Flagship user interaction platforms such as “Lao Zhu’s Talk” and “Jun Ge’s Auto Insights”
were launched fostering direct connections between the brand and diverse consumer segments.The service ecosystem underwent a comprehensive upgrade. Centered on a “customer-first” philosophy a
“smart proactive and professional” service identity was established across the full lifecycle of “purchase ownershipmaintenance and support.” The upgraded “Five Commitments to Smart Service” further elevated customer
satisfaction. Overseas operations achieved a milestone with the launch of the “withU” customer care program
marking the establishment of structured customer service capabilities in international markets. The Middle East
regional spare parts hub commenced operations advancing the phased deployment of a global service network.ChangAn achieved a historic breakthrough in the J.D. Power 2024 Sales Satisfaction Index (SSI) surpassing the
11Chongqing Changan Automobile Company Limited 2024 Annual Report
mainstream brand average for the first time and setting a new record.
2. Blockbuster products launched in 2024
AVATR 07 jointly developed by ChangAn Huawei andCATL is positioned as a “smart and luxurious urbanSUV” and stands as the third model built on CHN’s new
generation of intelligent electric vehicle technology
platform. The vehicle integrates five intelligent
technologies: Huawei Qiankun Intelligent Driving
Kunlun Intelligent Range extender Taihang Intelligent
Control Chassis CATL Shenxing Supercharged Battery
and HarmonyOS Intelligent Cockpit. With its futuristic
design premium urban luxury interior and top-tier
AVATR 07 safety features AVATR 07 redefines the standards for
intelligent electric mobility.The DEEPAL S07 a global strategic model fromDEEPAL Automobile is positioned as a “tech-drivennew mainstream mid-size SUV”. It combines two core
strengths: DEEPAL’s super range-extender and
Huawei’s Qiankun intelligent system along with three
standout features: sleek design superior performance
and precise control delivering a cutting-edge intelligent
mobility experience for users.DEEPAL S07
The DEEPAL S05 is the first compact SUV under the
DEEPAL brand positioned as a “colorful life recorder”
and an intelligent interactive vehicle with built-in
photography and projection capabilities. It comes
equipped with DEEPAL 4K intelligent PTZ camera
DEEPAL megapixel intelligent headlights and standard
DEEPAL AD PRO intelligent driving assistance
solution. Also it features a large die-casting body CTV
battery-body integration technology CATL battery cells
with 3C supercharging and dual power options (pure
DEEPAL S05 electric and range-extended) offering young buyers a
fresh and versatile choice.The DEEPAL G318 is a rugged SUV featuring air
suspension and dual motor four-wheel drive with 16
driving modes and a torsional stiffness of
45000N.m/deg which delivers exceptional off-road
capabilities. Powered by DEEPAL Super Range
Extender 2.0 it achieves a remarkably low fuel
consumption of just 6.1L/100km cutting the fuel
consumption of traditional rugged SUVs by half.Additionally it comes with a premium comfort package
including air suspension CDC and an active magic
carpet system along with a body length of over 5
DEEPAL G318 meters providing ample cargo space.
12Chongqing Changan Automobile Company Limited 2024 Annual ReportDEEPAL L07 is positioned as a “tech-savvy intelligentmid-size sedan” with a focus on intelligent technology.As the first sedan under 200000 yuan to feature Huawei
Qiankun Intelligent Driving ADS SE it combines
DEEPAL super range extender with Huawei Qiankun
Intelligent Driving delivering a fuel consumption of
3.8L per 100 kilometers in charge-sustaining mode and
a pure electric range of 300 kilometers. The entire lineup
comes standard with 3C supercharging. Equipped with
front dual zero gravity seats an intelligent electric
DEEPAL L07 spoiler and comfort-tuned suspension it delivers a
smooth and comfortable driving experience.The CHANG-AN NEVO E07 is an intelligent
transformer SUV with transformable body style
fantastic features and programmable software. Featuring
versatile functions and adaptable design it can switch
between 5 modes at the touch of a button: SUV sedan
coupe expansion and off-road. Built with integrated
die-casting technology and equipped with 9 safety
airbags it ensures peace of mind for every journey. As
an industry first model it features anthropomorphic
interaction and voice programming capabilities making
CHANG-AN NEVO E07 it the ultimate solution for “all scenario all purpose”
driving experiences.The new and highly-appealing CHANG-AN NEVO A07is positioned as a “premium mid-to-large digitalintelligent sedan” offering two powertrain options: pure
electric and extended-range versions. With an
impressive pure electric range of up to 710/625
kilometers 3C fast charging and L2+TS intelligent
driving as standard across the entire lineup it stands out
with five advanced strengths: power range digital
intelligence quality and safety. Whether it’ s long
drives quick charges or everyday versatility the NEVO
CHANG-AN NEVO A07 new and highly- A07 is built to excel.appealing version
The new and highly-appealing version of CHANG-AN
NEVO Q05 is the first plug-in hybrid SUV under
CHANG-AN NEVO brand sequence positioned as the
“Smart New BlueCore Five-Star SUV”. Powered by the
intelligent new BlueCore 3.0 hybrid engine and paired
with iEM advanced intelligent power control system it
delivers long range and robust performance. It has a pure
electric range of 125 kilometers and a combined range
of 1215 kilometers. Equipped with a 540 ° high-
definition panoramic imaging system and a dashcam
and sentry mode it provides comprehensive driving
s afety. Additionally it features L2 level intelligent
CHANG-AN NEVO Q05 new and highly-
driving assistance HiCar/Carlink smartphone
appealing version connectivity a hands-free tailgate offering both
convenience and cutting-edge technology..
13Chongqing Changan Automobile Company Limited 2024 Annual Report
The fourth generation CS75PLUS is positioned as the
“vehicle of tomorrow”. Featuring the world's first
500Bar high-pressure direct injection new BlueCore
engine an Aisin 8-speed automatic transmission as
standard across the lineup it delivers powerful and
efficient performance. It also comes standard with
practical intelligent driving features such as L2 level
intelligent driving assistance APA 5.0 remote parking
and a 540° high-definition panoramic imaging system.The fourth generation CS75PLUS
The second-generation CHANG-AN UNI-V is designed
to be the first sports coupe for young people. Featuring
a sleek and low fastback silhouetteand a standard
intelligent electric spoiler— unique in its class— it
delivers a fresh and exciting experience for young
consumers. The vehicle offers both fuel and hybrid
powertrain options. The new energy variant is equipped
with the Smart New BlueCore powertrain platform
supporting plug-in hybrid and extended range options
with a combined range of 1160 kilometers.The second generation CHANG-AN UNI-V
The third generation EADO is positioned as a premium-
quality new family sedan for millions of users. The
entire lineup comes standard with a 540 ° high-
definition panoramic image system a wrap-around
smart luxury cockpit an ark cage safety body structure
and a smart new BlueCore powertrain. With 12 years of
quality refinement it has become the trusted choice of
The third generation EADO 1.7 million users.CHANG-AN HUNTER is positioned as the world's first
super range-extended pickup truck. Equipped with a
2.0T BlueCore range extender a dual motor layout at the
front and rear it delivers a peak torque of 470N·m and
accelerates from 0 to100 km/h in just 7.9 seconds. It
features the industry's first “one click power boost”
mode “22kW full-scenario charging and discharging”
capability and ten driving modes pioneered in the
pickup segment. With its "powerful efficient and
versatile" value proposition it redefines the benchmark
for pickup truck technology and meets users' all scenario
travel needs.CHANG-AN HUNTER
14Chongqing Changan Automobile Company Limited 2024 Annual Report
3. Key models planned for 2025In 2025 ChangAn will further expand its global market presence and adhere to the principle of “strengtheningexisting markets and capturing new opportunities”. The Company plans to launch multiple new and upgraded
products including seven new energy vehicles accelerating its transformation into an intelligent low-carbon
mobility technology company.
(1) Complete NEV lineup and focus on creating digital intelligent vehicles. In 2025 the Company will seize
new opportunities in the digital intelligence market and plan to quickly launch seven new energy products including
AVATR 06 DEEPAL S09 and CHANG-AN NEVO Q07. At the same time the Company will accelerate the
revitalization of multiple products such as DEEPAL L07 DEEPAL G318 and CHANG-AN NEVO A07 further
consolidating ChangAn’s position in the NEV market.The AVATR 06 is positioned as a smart and stylish sports sedan. It is centered around three core values:
intelligent and elegant design a luxurious cockpit and an intelligent system. It is equipped with six cutting - edge
technologies including the Kunlun Extended - Range System dual 5C ultra - fast charging and the Taihang
Intelligent Control Chassis meeting the vehicle - using needs of young users. The DEEPAL S09 is positioned as a
full-size flagship SUV delivering industry-leading features such as a spacious and versatile interior advanced
intelligent driving super range extender 3.0 technology and over 10 best-in-class experiences meeting needs of
families for an enjoyable and comfortable living space. The Q07 is positioned as a family-oriented intelligent five-
seater SUV offering exceptional space leading energy efficiency and superior intelligence catering to the needs of
the new generation of mainstream family users.
(2) Equip ICE vehicles with versatile powertrain options and create classic products. In 2025 the
Company will continue to strengthen its ICE vehicle portfolio by revitalizing its IP products and diversifying
powertrain options to continuously create classic products. The Company plans to launch six major IP products
including CHANG-AN CS75PLUS CS55PLUS and EADO. These models will feature upgrades such as 500Bar
new BlueCore powertrain upgrade and expanded PHEV/HEV power options strengthening their competitive edge
and consolidating their position in the ICE vehicle market.
(3) Accelerate the layout of overseas products and implement the “Vast Ocean Plan”. In 2025 the
Company will accelerate its overseas product strategy planning to launch global products such as the DEEPAL S05
and introduce 12 products in high-growth regions such as Southeast Asia Europe the Middle East and Africa and
Central and South America. Meanwhile the Company will strengthen international partnerships jointly explore
global markets and expedite the entry into new overseas markets particularly in the NEV sector.Note: The features and configurations mentioned in “II. Analysis of Core Business in 2024” in Chapter 3 are
for reference only and do not represent actual vehicle specifications. The official product configuration table shall
prevail.Vehicle manufacturing production and operation during the reporting period
√ Applicable □ Not applicable
Production and sales of vehicles
Production Volume (Unit) Sales Volume (Unit)
YoY YoY
2024 2023 increase/decrease 2024 2023 increase/decrease
(%)(%)
By Region
Domestic 2625658 2583215 1.64% 2147602 2194598 -2.14%
Overseas 0 0 0 536196 358454 49.59%
Total 2625658 2583215 1.64% 2683798 2553052 5.12%
Note: 1. The above sales and production volume includes vehicles produced and sold by the Company and its JVs
and associates. The above-mentioned automobile production and sales data are the statistics of the company and its
affiliated joint ventures and associated enterprises. The aggregated revenue corresponding to the full - scope sales
volume mentioned above is approximately RMB 271.2 billion.
2. Production capacity status: In 2024 the designed production capacity was 2.25 million vehicles and the capacity
utilization rate reached 84%. In the past three years outdated production capacities of 510000 complete vehicles
and 840000 engines were shut down transferred or reorganized. The production capacities of 850000 intelligent
connected and new - energy complete vehicles were upgraded through renovation. New production capacities of
580000 sets of new - energy battery packs 750000 sets of electric drives and 500000 sets of electric controls were
established. The production capacity structure is gradually being adjusted towards new - energy vehicles.Cause description of over 30% year-on-year increase/decrease
√ Applicable □ Not applicable
Mainly due to the following reasons: Firstly the Chinese automotive industry is currently accelerating its all-
round expansion into overseas markets and vehicle exports have become a new growth point for automotive
15Chongqing Changan Automobile Company Limited 2024 Annual Report
enterprises. Secondly in 2024 Changan Automobile accelerated the implementation of its global “Vast Ocean Plan”
plan. It strengthened local operations by establishing three overseas subsidiaries in Mexico Germany and the
Netherlands and accelerated market expansion. The company successfully held brand launch events in the Middle
East and Africa Central and South America Southeast Asia etc. Meanwhile it strengthened channel construction
completed the formulation of global product and production capacity plans and established new overseas sales
outlets. As a result significant progress has been made in its globalization strategy.Construction of parts supply chain system
ChangAn's main models covers CHANG-AN UNI CHANG-AN NEVO DEEPAL AVATR CHANG-AN LCV
etc with parts sourced through a hybrid model of in-house production and strategic external procurement. The
Company is collaborating with CATL to accelerate breakthroughs and applications of next-generation battery
technologies. In addition it is engaging in joint R&D initiatives with Zhongguang Optics Huanan Optoelectronics
Huazhong Marelli and Qingshan Industrial to enhance supply chain capabilities. In terms of procurement principles
the Company adheres to “equality mutual trust transparency security and collaborative resilience” and
continuously implements the strategy of “one vehicle one policy; one product one policy; one partner one policy”
to build customer-centric strategic partnerships and achieve risk sharing. In terms of risk management the Company
has developed a “1+1+1” procurement strategy (1 primary+1 secondary+1 backup supplier) for standard parts toensure supply chain resilience. In terms of industrial chain construction the Company is building a “whole-zerocollaboration” industrial ecosystem leveraging its role as a “chain leader” to accelerate technological breakthroughs.It actively promotes a cooperation mode of “joint technology development cost sharing shared intellectual propertyand shared benefits” with partners safeguarding the rights and interests of both parties and achieving mutual benefit
and win-win results. In terms of transparent management ChangAn has launched a supplier service platform
providing partners with a seamless mobile channel for accessing business information.The production and operation of auto parts during the reporting period
□Applicable √ Not applicable
The company conducts auto finance business
□Applicable √ Not applicable
The company conducts NEV-related business
√ Applicable □ Not applicable
Production and operation of new energy vehicles and parts
Production Capacity
By Category Production Volume (unit) Sales Volume (unit)
(unit)
New Energy Passenger Vehicle 1450000 665843 674923
New Energy Commercial
1700006141659692
Vehicle
Total 1620000 727259 734615
Note: The revenue from the sales of new energy vehicles within the scope of the company's consolidated financial
statements is RMB 38545 million in the reporting period.III. Core Competence Analysis
(1) Strategies. The Company resolutely adheres to and implements its guiding strategies. Under its three-year
plan five-year outlook and ten-year vision substantial steps have been taken towards three strategic plans as it
promotes innovation and entrepreneurship and transforms into an intelligent low-carbon transportation technology
provider: in terms of new energy the Company accelerates the development of next-generation battery technology
and full lifecycle management. In terms of advanced intelligence the Company announced Dubhe Plan 2.0 as it
seeks to popularize autonomous driving while strengthening the forward-looking technologies such as humanoid
robots and electric vertical takeoff and landing (eVTOL). In terms of globalization the Company will accelerate its
efforts to go global build up local capabilities set up overseas subsidiaries hold multiple regional brand launch
events in the Middle East Africa Southeast Asia and other regions enter multiple markets and continuously
improve its production capacity and sales network abroad.
(2) Technological research and development capabilities. The Company always maintains a strategic focus
16Chongqing Changan Automobile Company Limited 2024 Annual Report
on technological innovation driving high-quality development with solid technological advantages. Improvements
have been made to the product development process which now features a four-tiered system. In the field of advanced
intelligence seven core technologies covering chassis large language model and autonomous driving (AD) have
been released. Breakthroughs have been made in over 70 technologies such as hydraulic suspension and steering by
wire. 45 innovative functions have been realized such as tank turn. The Company has mastered key technologies
such as the central computing platform and Ethernet ring network communication. It is the first in China to mass
produce unified DDS (Data Distribution Service) protocol stack making vehicle systems more secure and reliable.It has also developed an autonomous driving assist system whose door-to-door valet parking system premiered on
DEEPAL SL03i as another step towards popularizing AD. In the new energy field the Company has built a Golden
Shield battery system that has never caught fire. It has mass-produced the 5C high-voltage fast-charging technology
that replenishes the battery from 30% to 80% in less than 10 minutes. Other technologies include the New BlueCore
3.0 now available on CHANG-AN A07 and Q05 and multiple proprietary range-extending systems. It pioneered
the PREV technology. At the end of 2024 the Company held 11.7 thousand valid patents including 3881 invention
patents. Meanwhile it has won awards such as the Gold Award for Chinese Invention Patents and the Gold Award
for Design Patents.
(3) Product definition capabilities. The Company puts users at the center and stays innovation-driven as it
builds world-class product definition capabilities. It thoroughly investigates market and competition trends clarifies
the segmentation criteria for global product planning coordinates the formation of product action plans for key
countries and creates differentiated product definitions. It continues to form planning milestones and application
plans for company level hardware and system products as it enhances product planning and definition through both
demand and technology. It improves product operation and product portfolio strategy continuously clarifies the
target of each product pushes for regular renewal and substitutions and enhances market competitiveness. The
Company's key products in 2024 have performed well. CHANG-AN NEVO has totaled 150000 units in sales since
launch while monthly sales exceeded 30000 units for CS75 models. The Company will continue to focus on user
experience core scenarios and create products with competitive advantages.
(4) Intelligent manufacturing capabilities. The Company adheres to high-quality sustainable development by
upgrading intelligent manufacturing with digitalization and intelligent technologies. The application of intelligent
manufacturing technology is accelerating as ChangAn Digital Intelligent Factory entered operation. With CA-CPS
the Company’s efficient manufacturing system the factory fully applies over 40 advanced technologies such as
integrated software sealing and testing and uni-casting to 16 scenarios including scheduling dispatching and AI
visual inspections. It uses 5G end-to-end features to connect production equipment personnel materials and process
data on a large scale compatible with intensive production of DEEPAL S05 AVATR 07 and CHANG-AN E07.Intelligent manufacturing allows for high-quality delivery of products. The Company was awarded the title of
Automotive Manufacturing Super Factory by CATARC.
(5) Brand building capabilities. The Company is building a worldwide brand value system takes an
innovative approach to brand promotion so that its brands move up. On that note we have built a brand architecture
that works globally successfully held the 4th ChangAn Ecosystem Conference and released multiple technologies
such as New BlueCore 3.0. The Company is strengthening its brand imprint as a global pioneer in the popularization
of digital intelligent vehicles to significant effect. In terms of brand promotion the Company continues to be driven
by its globalization strategy as it held launch events in Latin America the Middle East and Africa with region-
specific products. CHANG-AN NEVO has worked with Jay Chou giant pandas and Yuhui Dong to promote its
products and increase favorability and popularity. DEEPAL targets young people with convincing technologies and
an international image. The Company has asked its senior managers and all other employees to tell its story.
(6) Cultural leadership. The Company adheres to cultural leadership and actively assumes corporate social
responsibility. 160 years since its founding the Company has innovated adapted and persisted in face of changing
environments. It has prioritized cultural leadership by holding events such as the story-telling event 40 Years as a
Carmaker and employee performances. The Company cares about its employees. It implemented an employee well-
being program 63 sessions of various mental health counseling the 8th Employee Sports Contest and a group
wedding to create a warm caring and positive cultural atmosphere. The Company fulfills its CSR by providing
targeted assistance to Luxi and Yanshan counties in Yunnan Province and Youyang in Chongqing. It strengthened
its ESG initiative and ranked among China ESG Listed Companies Top 100. It actively assisted the flood stricken
areas in northern Thailand and contributed to global public welfare undertakings. It participated in forming the Luban
Workshop and provided professional automotive training in Peru.
(7) Talent and organizational capabilities. The Company keeps improving the organizational structure and
human capital to stimulate vitality and motivation. It pushes for organizational transformation on a global scale under
the principles of small headquarters business group clusters independent brands and shared development.Resources are focused on products marketing branding foreign markets and other areas. The Company increases
efficiency with smaller meetings effective actions and minimal process. It looks for professionals on free markets
across the world as it steps up recruitment of leading talents in styling And battery big data and other areas. The
Company’s workforce consists of people from 31 countries and regions underpinning its strategic transformation.The Company explores innovative employee incentives to drive revenue and profitability growth by setting up
ambitious targets encouraging employees to have a stake in their projects and deferring bonus payout.
17Chongqing Changan Automobile Company Limited 2024 Annual Report
IV. Analysis of Main Business
1. Overview
Compared with 2023 the company's operating revenue was 159.733 billion yuan a year-on-year increase of
5.58%; The net operating cash flow was 4.849 billion yuan a year-on-year decrease of 75.58%. The net profit
attributable to shareholders of the listed company during the reporting period was 7.321 billion yuan a year-on-year
decrease of 35.37%. The net profit attributable to shareholders of the listed company after deducting non-recurring
gains and losses was 2.587 billion yuan a year-on-year decrease of 31.59%.Please refer to “II Analysis of Main Business” under this chapter.
2. Income and cost
(1) Revenue
20242023
Proportion Proportion YoY
of of increase/decrease
Amount (RMB) operating Amount (RMB) operating
(%)
revenue revenue
（%）(%)
Operating revenue 159733034213.25 100% 151297706646.97 100% 5.58%
By industry
Automotive
159733034213.25100%151297706646.97100%5.58%
business
By product
Vehicles 152192280870.19 95.28% 145303581062.21 96.04% 4.74%
Services and
7540753343.064.72%5994125584.763.96%25.80%
others
By region
China 127306652839.30 79.70% 130761245570.53 86.43% -2.64%
Overseas 32426381373.95 20.30% 20536461076.44 13.57% 57.90%
By sales model
Distribution 141742229183.09 88.74% 132864188744.96 87.82% 6.68%
Direct selling 10450051687.10 6.54% 12439392317.25 8.22% -15.99%
Others 7540753343.06 4.72% 5994125584.76 3.96% 25.80%
Note: The Company has 3743 dealers at the end of the reporting period.
(2) The business products regions and sales model accounting for over 10% of the Company’s
operating revenue or operating profit
√ Applicable □ Not applicable
YoY
YoY YoY
increase/dec
Operating Revenue Operating Cost Gross increase/decreas increase/decreas
rease of
(RMB) (RMB) margin e of operating e of operating
gross
income (%) cost (%)
margin (%)
By industry
Automotive
159733034213.25135869023071.4514.94%5.58%8.53%-2.32%
business
By product
Vehicles 152192280870.19 130209923466.53 14.44% 4.74% 7.79% -2.42%
By region
China 127306652839.30 111937529683.86 12.07% -2.64% 2.08% -4.07%
18Chongqing Changan Automobile Company Limited 2024 Annual Report
Overseas 32426381373.95 23931493387.59 26.20% 57.90% 54.01% 1.86%
By sales model
Distribution 141742229183.09 120691203475.00 14.85% 6.68% 10.34% -2.82%
Where the statistical caliber of the main business data of the Company is adjusted the data is subject to the main
business data after adjustment according to the caliber of the end of the report period in the latest year.□ Applicable √ Not applicable
(3) Whether revenue from physical sales is higher than service revenue
√ Yes □ No
YoY increase/decrease
By business Item 2024 2023
(%)
Sales volume (unit) 2683798 2553052 5.12%
Production volume
262565825832151.64%
Automotive business (unit)
Inventory volume
6181166387-6.89%
(unit)
Note: The above sales production and inventory volume includes vehicles produced and sold by the Company and
its JVs and associates. The analysis over market share is based on the data from China Automobile Industry
Association.Cause description of over 30% year-on-year increase/decrease
□ Applicable √ Not applicable
(4) Performance of major sales and purchase contracts as of the end of the reporting period
□ Applicable √ Not applicable
(5) Cost
20242023
Proportio Proportio YoY
By
Item n of n of increase/decreas
business Amount (RMB) operation Amount (RMB) operation e (%)
al cost al cost
(%)(%)
Product 130209923466. 120801040358.
95.83%96.49%7.79%
s 53 28
Automotiv
e business Service
s and 5659099604.92 4.17% 4389270038.41 3.51% 28.93%
others
135869023071.125190310396.
Total 100.00% 100.00% 8.53% 45 69
(6) Whether the scope of consolidation was changed during the reporting period
□ Applicable √ Not applicable
(7) Major changes or adjustment in business product or service of the Company in the
reporting period
□ Applicable √ Not applicable
(8) Major customers and suppliers
Major customers
19Chongqing Changan Automobile Company Limited 2024 Annual Report
Total sales revenue from top five customer (RMB) 13599639544.96
Proportion of total sales revenue from top 5 customers in annual
8.51%
total sales revenue (%)
Proportion of total sales revenue from affiliated parties in the top
5.00%
five customers in annual total sales revenue (%)
The top 5 customers
Proportion of annual total
No. Customer Revenue (RMB)
sales revenue (%)
1 Customer One 3545912925.84 2.22%
2 Customer Two 3044511084.13 1.91%
3 Customer Three 2560954240.83 1.60%
4 Customer Four 2300320803.84 1.44%
5 Customer Five 2147940490.32 1.34%
Total 13599639544.96 8.51%
Other information regarding major customers
√ Applicable □ Not applicable
One of the above customers is a joint venture of the Company and two customers are controlled by the same
ultimate holding company. Please refer to item 5 of Note 12 “Related Party Relationships and Transactions” in
Chapter 10.Major suppliers
Total purchase amount from top five suppliers (RMB) 26889268195.61
Proportion of total purchase amount from top five suppliers in annual
19.80%
total purchase amount (%)
Proportion of total purchase amount from affiliated parties of the top
10.00%
five suppliers in total annual total purchase amount (%)
Top 5 suppliers
Proportion of annual total
No. Supplier Purchase amount (RMB)
purchase amount (%)
1 Supplier One 8629997498.38 6.35%
2 Supplier Two 5553351208.06 4.09%
3 Supplier Three 5053358710.82 3.72%
4 Supplier Four 4804682273.47 3.54%
5 Supplier Five 2847878504.88 2.10%
Total 26889268195.61 19.80%
Other information regarding major suppliers
√ Applicable □ Not applicable
Two of these suppliers are associated enterprises of the company and two suppliers are controlled by the same
ultimate holding company. Please refer to item 5 of note 12 “Related Party Relationships and Transactions” in
Chapter 10.During the reporting period the proportion of trade business revenue in operating revenue exceeded
10%.
□Yes □No √ Not applicable
3. Expenses
YoY Change Explanation of
Item 2024 2023
(%) major changes
Selling expenses (RMB) 7538352413.16 5977551549.91 26.11%
Administrative expenses 4401226018.26 4097537529.67 7.41%
20Chongqing Changan Automobile Company Limited 2024 Annual Report
(RMB)
Financial costs (RMB) -934377313.05 -897343739.80 -4.13%
R&D expenses (RMB) 6505446679.24 5979844653.23 8.79%
4. Research and Development Investment
√Applicable □ Not applicable
Expected impact on
Main R&D Intended goals to be the future
Project Purpose project progress
project name achieved development of the
company
The Five - seat
Consolidate the Complete annual Complete the
Large SUV
mainstream SUV market development development of a new Develop new products
Offering
position of domestic tasks and fuel powered vehicle on to enhance market
Intelligent and
brands and enhance successfully go schedule and launch it for competitiveness
Comfortable
market competitiveness public sale as planned
Experiences
Based on the strategy of Complete the“stabilizing the Complete annual development of aThe Compactfoundation” achieve development compact SUV with both Develop new products
SUV Combining
product renewal and tasks and style and intelligent to enhance market
Style and
competitiveness successfully go features on schedule and competitiveness
Intelligence
enhancement and enter public launch and sell it as
the UNI brand sequence planned
Complete annual Complete the
High - end Product renewal value development development of advanced Develop new products
Comfortable upgrading and enhancing tasks and comfortable electric car to enhance market
Electric Sedan market competitiveness successfully go on schedule and launch it competitiveness
public for sale as planned
Acquiring new Complete the
Complete annual
mainstream audiences development of compact
New Mainstream development Develop new products
through technological and new mainstream electric
Compact Electric tasks and to enhance market
fashionable product SUV on schedule and
SUV successfully go competitiveness
positioning and laying launch it for sale as
public
out the Deepal brand plannedCarrying the “dualcarbon” strategic mission Complete annual
Reserve energy Meet the needs of
of the country and the research and
Research on New consumption technology maximizing benefits
company the overall development
Automotive shelves optimize energy such as mileage
electricity consumption tasks and
Power consumption and related improvement for
level has reached the top implement the
Consumption field development various products and
10% in the industry results for
Technology 2.0 processes and enterprise support the company's
enhancing the practical
standards “dual carbon” strategy
competitiveness of the application
company's products
Complete annual
Research on The
research and Complete the construction Improve
Full - Stack
development of integrated die-casting manufacturing
Capabilities of Establish integrated die-
tasks and process capability and efficiency and support
Aluminum Alloy casting full-stack
implement the achieve independent and the company's
Application in capability
results for controllable key core transformation and
The Whole
practical technologies upgrading
Vehicle
application
Forward looking Complete annual Explore the form of flying Responding to the
Research on Key
exploration creating research and cars develop functional development of the
Technologies of
differentiated development prototypes and conduct national low altitude
Flying Cars
competitiveness in the tasks flight tests economy strategy and
21Chongqing Changan Automobile Company Limited 2024 Annual Report
field of low altitude expanding
economy opportunities for
emerging industries
Conduct forward-looking Empowering the
research on multi system Golden Bell Cover
Developing solid-state
and multi technology brand and enhancing
Research on Key batteries around materials Complete annual
routes for solid-state the competitiveness of
Technologies of and battery cells to research and
batteries explore feasible the next generation
Solid-state enhance safety development
paths for solid-state battery industry
Battery Systems performance and energy tasks
batteries and achieve through research on
density
breakthroughs in solid- solid-state battery
state battery technology technology
R&D staff
2024 2023 Change over the previous year (%)
Number of R&D staff (person) 12141 10972 10.65%
Proportion of R&D personnel 22.03% 22.34% -0.31%
Education background -- -- --
High School diploma or below
20018011.11%
(person)
Bachelor’s degree (person) 8273 7794 6.15%
Master’s degree (person) 3550 2903 22.29%
Doctor’s degree (person) 118 95 24.21%
Age structure -- -- --
Aged below 30 (person) 4051 3718 8.96%
Aged 30 - 40 (person) 6596 6096 8.20%
Aged above 40 (person) 1494 1158 29.02%
R&D Input
Change over the previous year
20242023
(%)
Amount of R&D Input (RMB) 10159144236.45 9007550532.89 12.78%
Proportion of R&D Input in
6.36%5.95%0.41%
Operating Revenue (%)
Amount of Capitalized R&D
3653697557.21 3027705879.66 20.68% Expenditure (RMB)
Proportion of Capitalized R&D
35.96%33.61%2.35%
Expenditure in R&D Input (%)
Cause and effects of significant changes in composition of the R&D staff
□ Applicable √ Not applicable
Cause for significant changes in the proportion of total R&D investment in operating revenue from the
previous year
□ Applicable √ Not applicable
Cause and Reasonable Explanation of the major changes of the capitalization rate of R&D investment
□ Applicable √ Not applicable
5. Cash Flow
Unit: RMB
YoY Change
Item 2024 2023
(%)
Subtotal of cash inflows from operating activities 184043125806.47 174083254307.51 5.72%
Subtotal of cash outflows from operating
179193726993.33154221788069.9516.19%
activities
Net cash flows from operating activities 4849398813.14 19861466237.56 -75.58%
Subtotal of cash inflows from investing activities 9789745640.05 6989273666.33 40.07%
Subtotal of cash outflows from investing
14103043252.2713197419195.666.86%
activities
22Chongqing Changan Automobile Company Limited 2024 Annual Report
Net cash flows from investing activities -4313297612.22 -6208145529.33 30.52%
Subtotal of cash inflows from financing activities 3141384510.60 1018615006.28 208.40%
Subtotal of cash outflows from financing
4532782453.053146923971.8144.04%
activities
Net cash flows from financing activities -1391397942.45 -2128308965.53 34.62%
Net increase in cash and cash equivalents -651581388.11 11434522853.37 -105.70%
Description of major influence factors of significant change of relevant data on a year-on-year basis
√ Applicable □ Not applicable
In 2024 the net cash flow generated from operating activities decreased by 15.012 billion yuan compared to
the previous year mainly affected by the suppliers' payment policies payment terms and the increase in overseasexport customs duties and taxes resulting in an increase in “cash paid for the purchase of goods and acceptance ofservices” compared with the previous year.The net cash flow generated from investment activities increased by 1.895 billion yuan compared to the previous
year. First the receipt of the disposal proceeds for the land and buildings of the Yubei Factory and the disposalproceeds for the operating vehicles led to an increase in the “net cash received from the disposal of fixed assetsintangible assets and other long - term assets” compared with the previous year. Second the decrease in time deposits
that cannot be withdrawn in advance during the reporting period compared with the same period of the previous year
led to a decrease in the “other cash payments related to investment activities” compared with the previous year. Third
the company's capital increase in Avatr led to an increase in the “cash paid for investments” compared with the
previous year.The net cash flow generated from financing activities decreased by RMB 0.737 billion compared to the previousyear mainly due to Changan Kaicheng received external investments which led to an increase in the “cash receivedfrom absorbing investments” compared with the previous year.Cause for the significant difference between net cash flows from operating activities and net profit in the
reporting period
√ Applicable □ Not applicable
As for the significant difference between net cash flows from operating activities and net profit in the reporting
period please refer to the Item 66 Note 5 “Supplementary Information of the Cash Flow Statement” in the Auditor’s
Report.V. Analysis of Non-Main Business
√ Applicable □ Not applicable
Proportion of profits Whether it is
Amount (RMB) Explanation
(%) sustainable or not
Please refer to the Item
5 Note 56
Return on investment 187658837.46 2.78% “Investment income” Yes
in the Auditor’s
Report.Profits or losses of
-27460945.49 -0.41% No
fair value change
Please refer to the ItemImpairment losses on 5 Note 59 “Asset-214488935.20 -3.17% Noassets impairment loss” in
the Auditor’s Report.Non-operating
155290275.84 2.30% No
income
Non-operating
21912265.18 0.32% No
expenses
VI. Analysis of Assets and Liabilities
1. Major Changes in Asset Composition
31 December 2024 31 December 2023 Increase/
Decrease in Description of significant
Proportion of Proportion of
Amount (RMB) Amount (RMB) Proportion changes
total assets (%) total assets (%)
(%)
Monetary fund 64182095662.74 30.83% 64871042747.88 34.11% -3.28%
Receivables 3398477724.75 1.63% 2411796419.07 1.27% 0.36%
23Chongqing Changan Automobile Company Limited 2024 Annual Report
Contract assets 592426824.74 0.28% 1442876966.30 0.76% -0.48%
Inventories 17081370658.58 8.21% 13465847696.93 7.08% 1.13%
Investment
5969291.920.00%6196003.480.00%0.00%
property
Mainly due to the impact of
Long-term equity
18525675882.50 8.90% 13787391985.47 7.25% 1.65% capital increase in the
investment
associated enterprise Avatr.Fixed assets 21773526063.55 10.46% 19994084908.14 10.51% -0.05%
Construction in
1596384269.600.77%1914345359.831.01%-0.24%
progress
Right-of-use
273297841.750.13%209480676.040.11%0.02%
assets
Short-term loans 40036055.69 0.02% 30039416.74 0.02% 0.00%
Mainly due to the impact of
the increase in advance
Contract payments received from
10887896995.495.23%7923792852.774.17%1.06%
liabilities dealers as a result of the
strong demand for new -
energy vehicles.Long-term loans 36000000.00 0.02% 72000000.00 0.04% -0.02%
Lease liabilities 269211409.06 0.13% 134254398.07 0.07% 0.06%
Mainly due to the impact of
the increase in the amount
of commercial discounts
Other current and allowances to be
12507633539.966.01%8897936399.924.68%1.33%
liabilities refunded and the provision
for market development
expenses as sales volume
has increased.Foreign assets account for a relatively high proportion
□ Applicable √ Not applicable
2. Assets and liabilities measured at fair value
√ Applicable □ Not applicable
Unit: RMB
Accumulated Provision
Changes in Fair
Fair Value for Amount of Amount of Sales
Opening Value Gains
Item Changes Impairment Purchase in in Current Other Changes Closing Balance
Balance and Losses in
Included in in Current Current Period Period
Current Period
Equity Period
Financial assets
Financial assets
held for trading
(excluding 167519347.29 -9109215.38 3396977.46 155013154.45
derivative
financial assets)
Investments in
other equity 504190082.71 -7665809.18 496524273.53
instruments
Subtotal
671709430.00-9109215.38-7665809.183396977.46651537427.98
financial assets
Total 671709430.00 -9109215.38 -7665809.18 3396977.46 651537427.98
Financial
-18351730.1118351730.11
liabilitiesNote: The trading financial assets and investments in other equity instruments in the table above are detailed in “2.Trading Financial Assets” and “13. Investments in Other Equity Instruments” in Note 5 of Auditor’s Report .Whether there are major changes on measurement attributes for main assets of the Company in reporting period
□ Yes √ No
24Chongqing Changan Automobile Company Limited 2024 Annual Report
3. Limitation of asset rights as of the end of the reporting period
Unit: RMB
Book Value at the End of
Item Limitation Reason
Period
Monetary fund 907719149.74 Deposit and others
Bill receivable 6569473317.00 Bill pledge
Total 7477192466.74
VII. Analysis of Investments
1. Overall situation
√ Applicable □ Not applicable
Investment amount for the reporting Investment amount for the previous
YoY Change (%)
period (RMB) reporting period (RMB)
14917272291.638798279380.1069.55%
2. The major equity investment obtained in reporting period
√ Applicable □ Not applicable
Profit and
Progress Is it
Name of Term of loss of Disclosur Disclosur
Main Investme Investme Sharehol Source of Product as of the Projected involved
invested Partner investme current e date (if e index
business nt method nt ding ratio Funds type balance Revenue in
company nt investme any) (if any)
sheet date litigation
nt
Chongqin
g
Changan
Please
Automob
refer to
ile Co.the
Ltd.Announc
Southern
ement of
Industrial
Chongqin
Asset
g
Managem
Changan
ent Co.Automob
Ltd.ile Co.Chongqin
Complete Ltd. on
g Anyu
Avita New car the Capital
Private New
Technolo sales signing Increase
Equity energy Not Not Decembe
gy new Capital 4550582 Own of the and
40.99% Investme long-term vehicle Applicabl Applicabl No r 18th
(Chongqi energy increase 400 funds investme Related
nt Fund complete e e 2024
ng) Co. vehicle nt Transacti
Partnersh vehicle
Ltd sales etc agreemen ons to
ip
t Joint
Enterpris
Ventures
e
(Announc
(Limited
ement
Partnersh
No. 2024-
ip) Bank
82) on the
of
website
Communi
of Juchao
cations
Informati
Financial
on for
Asset
details
Investme
nt Co.Ltd. etc
Please
refer to
the
Announc
Complete ement on
Chongqin the Novembe the
Changan
Automoti g Yufu Automoti signing r 28 Proposed
Automob Not Not
ve Acquisiti 2300000 Own Capital ve of the 2024 Public
ile 20% long-term Applicabl Applicabl No
Financial on 000 funds Operation Financial equity Decembe Delisting
Finance e e
Services Group Services transfer r 31 of Part of
Co. Ltd
Co. Ltd agreemen 2024 the
t Equity
and
Related
Transacti
ons of
25Chongqing Changan Automobile Company Limited 2024 Annual Report
Changan
Automob
ile
Finance
Co. Ltd.
(Announc
ement
No. 2024-
67) on the
website
of Juchao
Informati
on for
details
Announc
ement on
the
Progress
of
Purchasin
g Partial
Equity of
Changan
Automob
ile
Finance
Co. Ltd.through
Public
Delisting
(Announc
ement
No. 2024-
91)
3. The ongoing major non-equity investment in reporting period
□ Applicable √ Not applicable
4. Financial assets investment
(1) Security investments
√ Applicable □ Not applicable
Accumula
Gains and Purchase Sales
ted fair Gains and Book value at
Book value at the losses from amount amount
Initial Accounting value losses of the the end of the Account
Security Stock beginning of the changes in fair during the during the Source
Abbreviation i nvestment cost measurement changes reporting reporting ing
type code reporting period value during reporting reporting of funds（RMB） model included period period subject（RMB） the period period period
in equity （RMB） （RMB）（RMB） （RMB） （RMB）（RMB）
China
Trading Self-
Automotive Fair value
Stock 301215 98999997.80 160744733.27 -5731578.82 0.00 0.00 0.00 -3100263.10 155013154.45 financial owned
Group Co. measurement
assets funds
Ltd
Total 98999997.80 -- 160744733.27 -5731578.82 0.00 0.00 0.00 -3100263.10 155013154.45 -- --
(2) Derivative investments
√ Applicable □ Not applicable
1） Derivative investments for hedging purposes during the reporting period
√ Applicable □ Not applicable
Unit: 10000 RMB
Investment Proportion of
Profit and loss
Initial Accumulated Amount of Amount of amount at investment amount
Initial from changes
derivatives changes in fair purchase in sales in the the end of at the end of the
Investment type of derivatives investment in fair value in
investment value included in the reporting reporting the reporting period to
amount the current
amount equity period period reporting net assets of the
period
period Company
Forward foreign exchange - USD 91973 91973 -2211 -1116 35623 127596 - -
Forward foreign exchange -
--382421762176--
Japanese yen
26Chongqing Changan Automobile Company Limited 2024 Annual Report
Total 91973 91973 -2173 -1092 37799 129772 - -
Explanation of changes of the
accounting policies and accounting
principles of the Company’s
Not applicable
hedging during the reporting period
compared with the previous
reporting period
Description of actual gains/losses
During the reporting period RMB 1297.72 million was sold and the actual transaction profit was RMB 10.81 million.during the reporting period
Changan Automobile adheres to the principle of risk neutrality in carrying out forward foreign exchange settlement and
sales business based on normal production and operation locks in income and cost through forward foreign exchange
Description of hedging effect
transactions avoids the risk of exchange rate fluctuations reduces the uncertainty of operating profits and ensures the
realization of annual operating objectives.Source of funds Self-owned funds
Risk analysis
1. Market risk: In the event of significant fluctuations in exchange rates the difference between the forward foreign exchange
contract exchange rate and the actual exchange rate on the maturity date may result in exchange losses for the company.
2. Liquidity risk: Due to inaccurate predictions the delivery date of forward foreign exchange contracts signed does not
match the actual delivery date resulting in insufficient funds available for delivery and causing liquidity risk leading to the
inability to deliver on schedule.
3. Credit risk: Due to inaccurate predictions the delivery date of forward foreign exchange contracts signed does not match
the actual delivery period resulting in delayed delivery risks caused by the inability to deliver forward foreign exchange
transactions at the agreed time.
4. Operational risk: Risks may arise due to inadequate internal control mechanisms and unprofessional operators.
5. Legal risk: If the terms of the transaction contract are unclear there may be legal risks.
Risk analysis and control measures Risk control measures
for derivatives investment during 1. The company and its subsidiaries will pay attention to changes in the exchange rate market strengthen research on
the reporting period (including but exchange rates assess future exchange rate trends improve their ability to make judgments on exchange rates and reduce
not limited to market risk liquidity the impact of exchange rate fluctuations on the company.risk credit risk operational risk 2. To prevent delayed delivery of forward foreign exchange transactions the business management departments of the
legal risk etc.) company and its subsidiaries will track the progress of payments and receipts avoid overdue situations and minimize risks
as much as possible.
3. The company and its subsidiaries have established a foreign exchange research group and a foreign exchange trading risk
control group and established a forward foreign exchange trading mechanism for foreign exchange research trading risk
control and scheme approval. The setting of foreign exchange trading positions should ensure that personnel in the front
middle and back office positions are separated from each other and rotated regularly.
4. The company has formulated the “Management Measures for Forward Foreign Exchange Trading Business (Trial) “which provides clear regulations on management principles management systems operational procedures risk control etc.and must strictly follow the requirements of the system during operation.
5. The company and its subsidiaries choose financial institutions with legal qualifications good credit and long-term
business dealings with the company as their counterparties for conducting forward foreign exchange trading business with
low default risk.Changes in market price or fairvalue of invested derivatives during The Company’s measurement of Financial Instruments follows the “Accounting Standard for Business Enterprises Articlethe reporting period (the specific 22 - Recognition and Measurement of Financial Instruments” and the fair value is basically measured and recognized with
methods relevant assumptions and reference to bank pricing. During the reporting period the gain on the change in fair value of forward exchange contracts
parameters used in the analysis of was RMB -21.73 million.the fair value should be disclosed)
Whether it is involved in a lawsuit Not applicable
Disclosure date of derivatives
investment approval board February 23 2024
announcement
Disclosure date of derivatives
investment approval shareholders May 11 2024
meeting announcement
2） Derivative investment for the purpose of speculation during the reporting period
□ Applicable √ Not applicable
During the reporting period there was no derivative investment for the purpose of speculation.
5. Use of raised funds
√ Applicable □ Not applicable
(1) Overall use of raised funds
√ Applicable □ Not applicable
Unit: 10000 RMB
Securitie The
Types of Total funds Net The used Total The total Cumulativ Proporti The total The Amount
Year s listing utilization
raise raised amount of amount of accumulat amount of e total on of amount purpose of funds
date raised total ed use of ratio of raised amount of total of and raised idle
27Chongqing Changan Automobile Company Limited 2024 Annual Report
funds funds funds raised funds raised raised unused placement for more
（1） raised in raised funds at with funds with funds funds of the than two
the （2） the end of purpose purpose with unused years
current the changed changed purpose funds
period reporting in changed
period reporting
（3）= period
（2）/
（1）
Deposited
Non- in a
October
public 598608.4 604055.0 dedicated
2020 26th 0 160545.86 26.82% 0
offering 600000.00 6928.38 100.02% 4116.63 account
202017
of shares for raised
funds
598608.4604055.0
Total -- -- 600000.00 6928.38 100.02% 0 160545.86 26.82% 4116.63 -- 0
17
Description of the overall use of raised funds
1. The board of directors of the Company believes that the Company has disclosed the storage and actual use of the Company’s raised funds in a timely true
accurate and complete manner in accordance with the “Guidelines for the Standardized Operation of Listed Companies on the Shenzhen Stock Exchange” and
relevant format guidelines. There are no violations in the management of raised funds. The Company has faithfully fulfilled its obligation to disclose the
investment direction and progress of the raised funds.
2. The net amount of raised funds after deducting other issuance expenses is RMB 5986.08 million the actual net amount of raised funds after adjustment is
RMB 6039.30 million. The Company used the raised funds of RMB 3252.08 million RMB 747.22 million RMB 693.30 million RMB 1278.67 million and
RMB 69.28 million respectively in 2020 2021 2022 2023 and 2024. As of December 31 2024 the Company has used a total of RMB 6040.55 million of
the raised funds.
3. The fact that the cumulative amount of the raised funds used has exceeded the total amount of the raised funds is mainly affected by the interest income.
(2) Use of the raised funds in committed projects
√ Applicable □ Not applicable
Unit: 10000 RMB
Cumulati Investme Whether The Whe Whether
Whet
Total ve nt the cumulativ ther the
her
Committed committ investme progress project e benefits it feasibility
Financi Securiti the Adjusted Amount
projects and ed nt as of the has Benefits realized meet of the
ng es Projec proje total investe
placement investme amount end of reached realized as of the s the project
project listing t type ct has investme d this
of extra nt of as of the the the this year end of the expe has
name date been nt (1) year
funds raised raised end of period% intended reporting cted changed
chang
funds the (3) = usable period. retur significan
ed
period (2) (2)/(1) state n tly
Committed projects
H series fifth
phase NE1
Produ
series first
ction
phase engine 141568. 103313.6 103922.7 363714.and Yes 1416.27 100.59% Yes 904914.25 Yes No
production
constr 38 8 8 25
capacity
uction
construction
project
Crash
Laboratory Not Not
11505.7 Not
Capacity R&D Yes 8251.85 - 8342.63 101.10% Yes applicab appli No applicable
Upgrade 5 le cable
Issuance Project
of
shares to October CD569 Produ
specific 26th production ction 15576.2 35225.1
investor 2020 line and Yes 9418.59 - 9616.70 102.10% Yes 81935.19 Yes No
construction constr 2 9 s in
2020 project uction
Hefei
Changan Produ
Automobile ction
249958.142399.7139413.827899.4
Co. Ltd. and Yes 5512.11 97.90% Yes 157829.42 No No
adjustment constr 06 8 3 2
and upgrade uction
project
Supplementa Not Not Not
180000. 180000.0 180000.0 Not
ry working R&D No - 100.00% applicab applicab appli No applicable
capital 00 0 0 le le cable
New R&D No - 160545.8 - 162759.1 101.38% Yes Not Not Not No
28Chongqing Changan Automobile Company Limited 2024 Annual Report
generation 6 3 applicab applicable appli
energy- le cable
saving
product
transformati
on and
upgrading
project
Total 598608. 603929.7 604055.0
--6928.38100.02%--------
4167
The reasons for not reaching the The reasons why the adjustment and upgrading project of Hefei Changan Automobile Co. Ltd. did not
planned progress or expected benefits achieve the expected revenue are as follows: the penetration rate of new energy continued to increase in
(by specific projects) 2024 the sales of traditional fuel passenger vehicles declined and industry competition intensified.Description of major changes in the
N/A
feasibility of the project
The amount use and progress of extra
Not applicable
raised funds
Change in implementation location of
N/A
the committed projects
Adjustment to implementation method
N/A
of committed project
On November 18th 2020 the Ninth Meeting of the Eighth Session of the Board of Directors of theCompany reviewed and approved the “Proposal on the Use of Raised Funds to Replace Early InvestmentUpfront investment and replacement of in Self-Own Funds” and agreed to use raised funds of RMB 1378818553.05 to replace pre-invested sell-
committed projects raised funds for the project. The replacement of the raised funds has been verified by the Ernst & Young
Hua Ming (2020) Special Zi No. 60662431_D05 special report issued by Ernst & Young Hua Ming
Certified Public Accountants (special general partnership).Use of idle raised funds for temporary
N/A
supplement of working capital
The company's original plan for four fundraising projects including the H-series Phase V and NE1 series
Phase I engine production capacity construction project collision testing laboratory capacity upgrading
construction project CD569 production line construction project and Hefei Changan Automobile Co. Ltd.adjustment and upgrading project resulted in some savings compared to the previous plan. The main reason
is that the company reduced the actual investment amount through the localization of imported equipment
during the project implementation process; At the same time in order to continuously improve the quality
Amount and cause of surplus of funds
of operation the company has continuously optimized the plan during the project construction process and
raised for project implementation
implemented lean investment process management achieving control over investment scale and pace.Based on the company's long-term strategic planning and current development needs and after
comprehensive analysis in order to further improve the efficiency of the use of raised funds the company
has adjusted the investment scale of the original raised funds investment project and allocated the remaining
funds of RMB 1605.46 million to the company's new generation energy-saving product transformation and
upgrading project.The purpose and placement of the
Deposited in a dedicated account by the Company for raised funds.unused raised funds
Defects and other problems in
utilization and disclosure of the raised N/A
funds
(3) Changes of projects supported by raised funds
√ Applicable □ Not applicable
Unit: 10000 RMB
Total Significant
The amount Actual Investment The date when
amount of Benefits changes in
actually cumulative progress as the project Whether the
Financing funds to be achieved the
Method Changed The commitment of invested investment of the end reached the expected
project invested in during the feasibility
of fund- project the original project during the amount as of of the intended benefits have
name the project reporting of the
raising reporting the end of the period (%) availability been achieved
after the period project after
period period (2) (3)=(2)/(1) status
change (1) the change
Issuance A new 1. H series fifth phas
of shares generation e NE1 series first ph
to Private of energy- ase engine productio In the year of Not Not
101.38% No
specific offering saving n capacity constructi 160545.86 - 162759.13 2024 applicable applicable
investors products on project
in 2020 transformat 2. Crash Laboratory
29Chongqing Changan Automobile Company Limited 2024 Annual Report
ion and Capacity Upgrade C
upgrading onstruction Project
projects 3. CD569 production
line construction pro
ject
4. Hefei Changan
Automobile Co. Ltd.adjustment and upgr
ade project
Total -- -- -- 160545.86 - 162759.13 101.38% -- -- -- --
1. The company's original plan for four fundraising projects including the H-series Phase V and NE1 series Phase I engine production
capacity construction project collision testing laboratory capacity upgrading construction project CD569 production line construction
project and Hefei Changan Automobile Co. Ltd. adjustment and upgrading project resulted in some savings compared to the previous plan.The main reason is that the company reduced the actual investment amount through the localization of imported equipment during the project
implementation process; At the same time in order to continuously improve the quality of operation the company has continuously
optimized the plan during the project construction process and implemented lean investment process management achieving control over
Reasons for change decision-
investment scale and pace. Based on the company's long-term strategic planning and current development needs and after comprehensive
making procedures and
analysis in order to further improve the efficiency of the use of raised funds the company has adjusted the investment scale of the original
information disclosure (by
raised funds investment project and allocated the remaining funds of RMB 1605.46 million to the company's new generation energy-saving
specific project)
product transformation and upgrading project.
2. Decision-making procedure: The Company held the 38th meeting of the 8th Board of Directors on April 26th 2022 and approved the
proposal of “Adjusting and Changing the Use of Part of the Raised Funds”. The proposal has yet to be submitted to the Company’s General
Meeting of Shareholders for consideration.
3. Information disclosure: Please refer to the announcement of “Adjusting and Changing the Use of Part of the Raised Funds” on
http://www.cninfo.com.cn (Announcement Number: 2022-23).Reasons for failure to meet the
planned schedule or projected Not applicable
benefits (by project)
Description of significant
changes in the feasibility of the Not applicable
project after the change
VIII. Sale of significant Assets and Equity
1. Sale of significant assets
□ Applicable √ Not applicable
2. Sale of significant equity
□ Applicable √ Not applicable
IX. Analysis of Major Shareholding and Joint Stock Companies
√ Applicable □ Not applicable
Major subsidiaries and joint stock companies that affect the Company’s net profit by more than 10%
Unit: 10000 RMB
Main Registered Total Net Operating Operating Net
Name Type
businesses capital assets assets income profit profit
Export and
Chongqing Changan services of
Subsidiary
Automobile International automobiles 142276 963365 219566 2922744 132953 110324
Company
Sales and Service Co. Ltd. auto parts and
technologies
Automobile
Chongqing Changan
Subsidiary spare parts-
Automobile Customer 3000 230333 98267 480697 114575 97560 Company related
Service Co. Ltd.business
Production and
Chongqing Lingyao Subsidiary sales of
13376468157216701012612527547376636
Automobile Co. Ltd. Company vehicles and
parts
Production and
Deepal Automobile Subsidiary sales of
32811 3429500 -350269 3722488 -158865 -157156 Technology Co. Ltd. Company vehicles and
parts
30Chongqing Changan Automobile Company Limited 2024 Annual Report
Production and
Joint
Changan Ford Automobile sales of
Stock USD24100 2814060 166187 4830580 212396 208957
Co. Ltd. vehicles and
Company
parts
Production and
Joint
Avatr Technology sales of
Stock 199496 2 915403 859013 1534767 -400489 -401799
(Chongqing) Co. Ltd. vehicles and Company
parts
Subsidiaries acquired and sold in the reporting period
□ Applicable √ Not applicable
Description of major holding and participating companies
During the reporting period the profit of Chongqing Changan Automobile International Sales and Service Co.Ltd. increased year-on-year due to the growth of its export business. In recent years as the sales volume of
automobiles has gradually increased and the end - user vehicle ownership has risen Chongqing Changan Automobile
Customer Service Co. Ltd.’s automobile repair maintenance and related after - market businesses have increased
accordingly. Meanwhile the increasing penetration rate of new energy vehicles and the exploration of overseas
markets have driven up the overall sales scale of spare parts further improving the company's efficiency. Chongqing
Lingyao Automobile Co. Ltd.'s income from asset disposal improved year - on - year mainly because Factory one
of Lingyao was included in the government's land acquisition and storage project. Due to the improvement of the
product mix and the increase in sales volume and Deepal Auto’s active efforts in cost reduction and efficiency
improvement the year - on - year profit loss has decreased. Driven by the increase in exports and the reduction of
fixed expenses Changan Ford's overall efficiency has been improved. With the launch of new products and product
upgrades the sales volume has increased and the product profitability has gradually improved. However in order to
further enrich the product portfolio Avatr has continued to make high - level investments in product R & D brand
promotion channel construction etc. resulting in losses.X. Information of main shareholding and joint stock companies
□ Applicable √ Not applicable
XI. Future Outlook
1. Industrial Landscape and Trends
In 2024 driven by the Trade-in and Replacement policy the Chinese automobile market achieved positive
annual sales growth stimulating retail sales of broader consumer goods. The following trends are expected to
emerge in the automotive industry:
(1) Overall Trend: As the Trade-in and Replacement policy continues and expands the Chinese automobile
market is expected to maintain steady growth. In terms of the competitive landscape the market will experience
increasing concentration of automobile companies. Coupled with the high R & D investment in intelligent
technologies which raises the industry entry barriers domestic brands will maintain their dominant position in the
new energy market through technological leadership and cost-control abilities. Foreign brands will continue to face
pressure with lackluster performance in the new energy market. It is expected that competition will intensify in the
future.
(2) Electrification: As domestic automakers further improve their product portfolios of new energy vehicles
the share of gasoline-only vehicles will decline further. In particular the Trade-in and Replacement policy should
help new energy vehicles gain more market share and drive broader market growth.
(3) Advanced intelligence: With the accelerated development of intelligent technologies in the automotive
industry especially the popularization of autonomous driving technologies L3 AD functions are expected to be
rolled out more rapidly in multiple regions and the market penetration will increase quickly. The price of L3
Navigation on Autopilot (NOA) is expected to gradually drop to around 100000 yuan.
(4) Globalization: In 2024 China's auto exports continued to grow with new energy vehicle exports being
particularly prominent. The export volume of electric vehicles reached a new high. Although the new energy vehicle
market has slowed down in some developed countries and is facing challenges such as countervailing duties
domestic brands will not slow down their expansion in foreign markets and will actively seek differentiated
opportunities in the global market.
2. Corporate Growth Strategy
Looking towards the future the Company will proactively recognize adapt to and drive change. It will adopt
a strategic mindset to plan for the overall situation embrace transformation and reform to meet challenges. The
Company will continuously update and improve its Third Venture. It will maintain strategic focus accelerate its
transformation into an intelligent and low-carbon mobility technology company and strive to build a world-class
31Chongqing Changan Automobile Company Limited 2024 Annual Report
automotive brand.By 2030 the Company aims to achieve annual sales of five million vehicles. Among them the proprietary
brands are expected to sell four million vehicles including 3 million digital intelligent vehicles and overseas sales
to reach 1.2 million vehicles. The three major plans—Mission of Shangri-La Dubhe Plan and Vast Ocean Plan—are
key to its fundamentals and achievement of strategic goals.Mission of Shangri-La: The Company will build upon AVATR DEEPAL and CHANG-AN NEVO—three
digital intelligent EV brands—competitive advantages and create global best-sellers. AVATR EVs focus on new
luxury and high-end emotional value. DEEPAL continues to appeal to young-at-heart users while CHANG-AN
NEVO focuses on family users in the mainstream new energy vehicle market. The Company will continue to develop
differentiated strengths in new energy technologies around the New BlueCore and the Golden Shield Battery.Dubhe Plan: The Company will promote digital intelligence in four aspects: products manufacturing
operations and ecosystems. In products the Company will continue to deepen its core capabilities in its proprietary
AD features cabin interfaces and chassis technology and rapidly apply and update these technologies.Breakthroughs in key core technologies such as semiconductors controllers maps OS cloud connectivity and
networks. In manufacturing the Company will accelerate the transformation of all its factories into intelligent and
digital ones to offer customized products to customers. In operations the Company will strengthen its AI
development strategy and reshape R & D production supply sales and service with AI. In ecosystems the Company
will work more closely with industry leaders and share results with developers.Vast Ocean Plan: The Company will work in harmony with the global community coordinate its efforts in
markets such as Europe the Middle East and Africa. It will firmly implement its global strategies and accelerate
localized operation systems and capabilities.
3. Operation Plan
In 2024 the Company sold 2.684 million vehicles achieving the target set by the board of directors. The target
from the Company's board of directors for 2025 is to produce and sell over 2.8 million vehicles. The Company
adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era focuses on
implementing the Innovation and Entrepreneurship Plan 8.0 and will stick to the strategy deepen reforms center on
products innovate marketing aim high and execute efficiently. Its employees will be guided by products and
resolutely achieve the target for 2025. The following key tasks should be completed: first establish strategic direction
and strengthen implementation. Second improve business quality and strengthen operation efficiency. Third assert
leadership of technological innovation with leading technologies and products. Fourth enhance digital
manufacturing and continuously accumulate new manufacturing momentum. Fifth strengthen supply chain security
and resilience to ensure cost leadership. Sixth continue innovative marketing and enhance marketing capabilities.Seventh deepen reform and improve management and operational efficiency. Eighth put customers first and
implement the No.1 Project. Ninth strengthen global brands and make every effort to enhance brand image. Tenth
adhere to two-way empowerment and create a new era of joint venture cooperation. Eleventh deepen the
organizational reforms and provide a world-class talent team guarantee for the Company's strategic transformation.Twelfth adhere to bottom line thinking and comprehensively enhance safety quality compliance and risk
management systems. Thirteenth adhere to and strengthen the comprehensive leadership of the Party and to ensure
high-quality development through high-quality Party initiatives.
4. Capital Expenditure Plan for 2025
To achieve the Company's strategic goals the planned investment of the Company and its controlled
subsidiaries for 2025 is 10742.11 million yuan. Of the total fixed-asset investment amounts to 3942.36 million
yuan and equity investment stands at 6799.75 million yuan. Fixed-asset investment is mainly concentrated in areas
such as adjustment of production capacity structure product structure upgrade enhancement of R & D and digital
transformation. Equity investment mainly focuses on aspects like the transformation of new energy brands
intelligent capabilities expansion of overseas business in-depth industrial chain development and strategic
emerging industries. The Company will based on the progress of projects and in combination with the business and
financing environment explore and formulate plans for capital raising and utilization through multiple channels to
improve the efficiency of capital utilization and reduce capital costs.
5. Possible Risks
(1) In terms of the domestic market
China's economy is running steadily with progress and the total economic output has jumped to a new level.Macro policies are being implemented faster. Add that to existing policies and the economy is expected to perform
well. Dual Renewal Initiatives have been effectively carried out. Consumer spending continues to grow and market
confidence has increased. The overall spending in the domestic automobile market is stable. Trade-in and
Replacement policies encourage people to spend. On the other hand the gasoline-vehicle market is shrinking and
new energy vehicles are gaining market share posing risks and challenges in terms of price competition.Countermeasures: Under the guidance of the Company's Third Venture—Innovation and Entrepreneurship Plan
32Chongqing Changan Automobile Company Limited 2024 Annual Report
the Company will continue to promote the Mission of Shangri-La and the Dubhe Plan. New energy and advanced
intelligence will drive the Company's growth. The Company will build a new product platform promote
technological innovation product upgrading and brand enhancement and continuously launch a series of products
with stronger competitiveness and greater consumer appeal.
(2) In terms of markets overseas
The global economy is moderately recovering but uncertain factors still exist. Anti-globalization has led to an
increase in costs of global trade affecting supply chains. As China's share in the global auto market increases some
countries have significantly raised import tariffs on automobiles weakening competitiveness of Chinese automobiles
and leading to global trade tensions. In addition some countries have implemented stricter non-tariff barriers such
as technical standards and environmental requirements which further increases the difficulty for Chinese cars to
enter Western countries.Countermeasure: The Company is comprehensively promoting the Vast Ocean Plan with five regional business
units further setting up production facilities overseas taking supply chains global and enhancing its overall
competitiveness in markets overseas. It works closely with the Belt and Road Initiative building brands while
moving some R & D production supply sales and transportation abroad to achieve a win-win solutions for all
parties.XII. Reception Research Communication Interviews and Other Activities during
the Reporting Period
√ Applicable □ Not applicable
Reception Reception Reception
Reception method Index of Basic Research Information
Date location object type
For details please refer to the announcement on
February 2 2024 on the Shenzhen Stock Exchange's
February 2
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
2024
Changan Automobile: Investor Relations Activity Record
Form for February 2 2024
For details please refer to the announcement on
February 22 2024 on the Shenzhen Stock Exchange's
February
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
222024
Changan Automobile: Investor Relations Activity Record
Form for February 22 2024
For details please refer to the announcement on March
14 2024 on the Shenzhen Stock Exchange's Interactive
March 14
Chongqing Field research Institution Easy platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for March 14 2024
For details please refer to the announcement on March
15 2024 on Interactive Easy of Shenzhen Stock
March 15
Chongqing Field research Institution Exchange(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for March 15 2024
Changan
Automobile Video For details please refer to the announcement on April 23
Account 2024 on the Shenzhen Stock Exchange's Interactive Easy
April 19 Network All
Panoramic platform(http://irm.cninfo.com.cn) Changan
2024 platform investors
Roadshow Automobile: Investor Relations Activity Record Form
Entrance Finance for April 19 2024
and Economics
For details please refer to the announcement on May 9
2024 on the Shenzhen Stock Exchange's Interactive Easy
May 9
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for May 9 2024
For details please refer to the announcement on May 16
2024 on the Shenzhen Stock Exchange's Interactive Easy
May 16
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form on
May 16 2024
For details please refer to the announcement on May 30
2024 on Interactive Easy of Shenzhen Stock
May 30
Chongqing Field research Institution Exchange(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form as
of May 30 2024
For details please refer to the announcement on June 5
June 5 2024 on the Shenzhen Stock Exchange's Interactive Easy
Chongqing Field research Institution
2024 platform(http://irm.cninfo.com.cn) Changan
Automobile: Investor Relations Activity Record Form
33Chongqing Changan Automobile Company Limited 2024 Annual Report
for June 5 2024
For details please refer to the announcement on June 7
2024 on the Shenzhen Stock Exchange's Interactive Easy
June 7
Thailand Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for June 7 2024
For details please refer to the announcement on June 19
2024 on the Shenzhen Stock Exchange's Interactive Easy
June 19
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for June 19 2024
For details please refer to the announcement on June 20
2024 on the Shenzhen Stock Exchange's Interactive Easy
June 20
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for June 20 2024
For details please refer to the announcement on June 27
2024 on the Shenzhen Stock Exchange's Interactive Easy
June 27
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for June 27 2024
For details please refer to the announcement on July 2
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 2
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 2 2024
For details please refer to the announcement on July 9
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 9
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 9 2024
For details please refer to the announcement on July 10
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 10
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 10 2024
For details please refer to the announcement on July 12
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 11
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 11 2024
For details please refer to the announcement on July 16
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 16
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 16 2024
For details please refer to the announcement on July 17
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 17
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 17 2024
For details please refer to the announcement on July 18
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 18
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 18 2024
For details please refer to the announcement on July 26
2024 on the Shenzhen Stock Exchange's Interactive Easy
July 26
Chongqing Field research Institution platform(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form
for July 26 2024
For details please refer to the announcement on July 31
2024 on Interactive Easy of Shenzhen Stock
July 31
Chongqing Field research Institution Exchange(http://irm.cninfo.com.cn) Changan
2024
Automobile: Investor Relations Activity Record Form as
of July 31 2024
For details please refer to the announcement on
September 3 2024 on the Shenzhen Stock Exchange's
September network Panoramic All
Interactive Easy platform(http://irm.cninfo.com.cn)
2 2024 platform Roadshow investors
Changan Automobile: Investor Relations Activity Record
Form for September 2 2024
September For details please refer to the announcement on
Chongqing Field research Institution
3 2024 September 3 2024 on the Shenzhen Stock Exchange's
34Chongqing Changan Automobile Company Limited 2024 Annual Report
Interactive Easy platform(http://irm.cninfo.com.cn)
Changan Automobile: Investor Relations Activity Record
Form for September 3 2024
For details please refer to the announcement on
September 4 2024 on the Shenzhen Stock Exchange's
September
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
42024
Changan Automobile: Investor Relations Activity Record
Form for September 4 2024
For details please refer to the announcement on
September 11 2024 on the Shenzhen Stock Exchange's
September
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
112024
Changan Automobile: Investor Relations Activity Record
Form for September 11 2024
For details please refer to the announcement on
September 12 2024 on the Shenzhen Stock Exchange's
September
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
122024
Changan Automobile: Investor Relations Activity Record
Form for September 12 2024
For details please refer to the announcement on
Shanghai Stock September 20 2024 on the Shenzhen Stock Exchange's
September
Shanghai Exchange Institution Interactive Easy platform(http://irm.cninfo.com.cn)
202024
Roadshow Center Changan Automobile: Investor Relations Activity Record
Form for September 20 2024
For details please refer to the announcement on
September 23 2024 on the Shenzhen Stock Exchange's
September
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
232024
Changan Automobile: Investor Relations Activity Record
Form for September 23 2024
For details please refer to the announcement on October
17 2024 on the Shenzhen Stock Exchange's Interactive
October
Chongqing Field research Institution Easy platform(http://irm.cninfo.com.cn) Changan
172024
Automobile: Investor Relations Activity Record Form
for October 17 2024
For details please refer to the announcement on October
31 2024 on Interactive Easy of Shenzhen Stock
October network Panoramic All
Exchange(http://irm.cninfo.com.cn) Changan
29 2024 platform Roadshow investors
Automobile: Investor Relations Activity Record Form
for October 29 2024
For details please refer to the announcement on October
31 2024 on Interactive Easy of Shenzhen Stock
October
Chongqing Field research Institution Exchange(http://irm.cninfo.com.cn) Changan
312024
Automobile: Investor Relations Activity Record Form as
of October 31 2024
For details please refer to the announcement on
November 7 2024 on Interactive Easy of Shenzhen
November
Chongqing Field research Institution Stock Exchange(http://irm.cninfo.com.cn) Changan
72024
Automobile: Investor Relations Activity Record Form
for November 7 2024
For details please refer to the announcement on
November 8 2024 on Interactive Easy of Shenzhen
November
Chongqing Field research Institution Stock Exchange(http://irm.cninfo.com.cn) Changan
82024
Automobile: Investor Relations Activity Record Form
for November 8 2024
For details please refer to the announcement on
November 11 2024 on Shenzhen Stock Exchange's
November
Chongqing Field research Institution Interactive Easy(http://irm.cninfo.com.cn) Changan
112024
Automobile: Investor Relations Activity Record Form
for November 11 2024
For details please refer to the announcement on
November 13 2024 on Shenzhen Stock Exchange's
November
Chongqing Field research Institution Interactive Easy(http://irm.cninfo.com.cn) Changan
132024
Automobile: Investor Relations Activity Record Form
for November 13 2024
For details please refer to the announcement on
November 15 2024 on Shenzhen Stock Exchange's
November
Chongqing Field research Institution Interactive Easy(http://irm.cninfo.com.cn) Changan
152024
Automobile: Investor Relations Activity Record Form
for November 15 2024
For details please refer to the announcement on
November 21 2024 on the Shenzhen Stock Exchange's
November
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
212024
Changan Automobile: Investor Relations Activity Record
Form for November 21 2024
35Chongqing Changan Automobile Company Limited 2024 Annual Report
For details please refer to the announcement on
November 26 2024 on the Shenzhen Stock Exchange's
November
Chongqing Field research Institution Interactive Easy platform(http://irm.cninfo.com.cn)
262024
Changan Automobile: Investor Relations Activity Record
Form for November 26 2024
For details please refer to the announcement on
November 27 2024 on Shenzhen Stock Exchange's
November
Chongqing Field research Institution Interactive Easy(http://irm.cninfo.com.cn) Changan
272024
Automobile: Investor Relations Activity Record Form
for November 27 2024
For details please refer to the announcement on
Panoramic Network
November 29 2024 on Shenzhen Stock Exchange'sNovember network “Investor Relations AllInteractive Easy（http://irm.cninfo.com.cn) Changan
28 2024 platform Interactive investors
Automobile: Investor Relations Activity Record FormPlatform”
for November 28 2024
For details please refer to the announcement on
December 3 2024 on Interactive Easy of Shenzhen
DecemberChongqing Field research Institution Stock Exchange（http://irm.cninfo.com.cn) Changan
32024
Automobile: Investor Relations Activity Record Form
for December 3 2024
For details please refer to the announcement on
December 5 2024 on the Shenzhen Stock Exchange's
DecemberChongqing Field research Institution Interactive Easy platform（http://irm.cninfo.com.cn)
52024
Changan Automobile: Investor Relations Activity Record
Form for December 5 2024
For details please refer to the announcement on
December 6 2024 on the Shenzhen Stock Exchange's
DecemberChongqing Field research Institution Interactive Easy platform（http://irm.cninfo.com.cn)
62024
Changan Automobile: Investor Relations Activity Record
Form for December 6 2024
For details please refer to the announcement on
December 12 2024 on the Shenzhen Stock Exchange's
DecemberChongqing Field research Institution Interactive Easy platform（http://irm.cninfo.com.cn)
122024
Changan Automobile: Investor Relations Activity Record
Form for December 12 2024
For details please refer to the announcement on
December 19 2024 on the Shenzhen Stock Exchange's
DecemberChongqing Field research Institution Interactive Easy platform（http://irm.cninfo.com.cn)
192024
Changan Automobile: Investor Relations Activity Record
Form for December 19 2024
XIII Implementation status of market value management system and valuation
enhancement plan
Has the company established a market value management system.√ Yes □ No
Has the company disclosed a plan to increase its valuation.□ Yes √ No
On April 9 2025 the 40th meeting of the 9th Board of Directors of the Company reviewed and approved the
Proposal on Formulating the Market Value Management System. To strengthen the Company's market value
management further standardize its market value management practices and effectively enhance the Company's
investment value and the return - generating ability for shareholders in accordance with relevant laws regulations
and regulatory documents such as the Company Law of the People's Republic of China the Securities Law of the
People's Republic of China the Several Opinions of the State Council on Strengthening Supervision Preventing
Risks and Promoting High - quality Development of the Capital Market the Several Opinions on Improving and
Strengthening the Market Value Management of Listed Companies Controlled by Central Enterprises the Regulatory
Guidelines for Listed Companies No. 10 - Market Value Management as well as the relevant provisions of the
Company's Articles of Association the Company has formulated the Market Value Management System of
Chongqing Changan Automobile Co. Ltd.XIV Implementation of the “Dual Improvement in Quality and Returns” Initiative
Whether the company has disclosed the “Dual Improvement in Quality and Returns” Initiative.√ Yes □ No
In order to implement the guiding ideology of “revitalizing the capital market and boosting investor confidence”
proposed by the Politburo meeting of the Communist Party of China Central Committee better play the “three roles”
36Chongqing Changan Automobile Company Limited 2024 Annual Report
of central enterprises in scientific and technological innovation industrial control and security support safeguard
the interests of all shareholders enhance investor confidence and promote the long-term healthy and sustainable
development of the company the company has formulated the “Dual Improvement in Quality and Returns” action
plan. The specific measures include firmly guiding the strategy to accelerate the transformation into an intelligent
low-carbon travel technology company improving the standard operation level of corporate governance
strengthening information disclosure to enhance transparency and valuing shareholder returns to improve investorsatisfaction. For specific details please refer to the Announcement on the Action Plan for “Dual Improvement inQuality and Returns” (Announcement No.: 2024-13) disclosed by the company on the website of Juchao Information
(www.cninfo.com.cn) on March 7 2024. In addition the company disclosed the Announcement on the Progress of
the Action Plan for “Dual Improvement in Quality and Returns” (Announcement No.: 2024-26) on April 18 2024.In accordance with the provisions of the Company Law and the Articles of Association regarding profit
distribution policies combined with the actual situation and development needs of the company and in order to fully
repay shareholders the company's profit distribution plan for 2024 is as follows: based on the total share capital of
9914086060 shares a cash dividend of RMB 2.95 (including tax) will be distributed to all shareholders for every
10 shares. The company plans to distribute a total of RMB 2924655387.70 (including tax) in cash accounting for
40% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for
this year. No bonus shares will be issued and no share capital will be converted from reserve funds. The Company's
cash dividend ratio has increased compared with the same period of last year fully sharing the company's
development achievements with a large number of investors.The company will hold its 2024 annual performance briefing on Friday April 11 2025 from 15:00 to 16:40
through professional roadshow platforms such as "Changan Automobile's official video account" "Panorama
Roadshow" "Eastmoney Roadshow Center" "Huatai Securities Xingzhi" "Value Online" "Roadshow China"
"Flush Roadshow Platform" and "Wind 3C Conference". All investors are warmly welcome to actively participate.
37Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 4 Corporate Governance
I. The Basic Situation of Corporate Governance
During the reporting period the Company strictly complied with the requirements of the Company Law the
Securities Law and relevant regulatory documents issued by the China Securities Regulatory Commission (CSRC)
and the Shenzhen Stock Exchange. It continuously followed up and sorted out the requirements of laws regulations
and regulatory rules regarding the governance of listed companies and promptly improved the corporate governance
system. The Company continuously optimized its corporate governance structure established and improved internal
management and control systems and continuously promoted the improvement of the Company's standardized
operation level. The actual situation of the Company's corporate governance met the requirements of relevant
regulatory documents of the CSRC regarding the governance of listed companies.During the reporting period in accordance with the newly issued regulatory documents of the CSRC and the
Shenzhen Stock Exchange and in light of the actual situation the Company continuously optimized the construction
of the institutional system and management processes related to corporate governance advanced and implemented
them in an orderly manner and focused on enhancing the Company's decision - making efficiency and governance
effectiveness.The Board of Directors made scientific decisions and all directors fulfilled their duties diligently and werepromptly informed of the Company's production and operation situation. According to the Company's “WorkingSystem for Independent Directors” all independent directors fulfilled their on - site duties for 15 days. In accordance
with the provisions of the Company's Articles of Association and considering the expiration of directors' terms the
Company accurately depicted the profiles of independent directors quickly matched connected with and introduced
professional talents in the innovation field to serve as independent directors. Based on factors such as the regular
jobs and areas of expertise of all directors the Company timely adjusted the composition of the members of each
special committee to ensure the implementation of all the powers and functions of the Board of Directors. The
Company systematically integrated the division of responsibilities and appointment requirements of each special
committee improved the personnel composition and main responsibilities of the special committees. The Company's
governance was stable and standardized which contributed to the stable and healthy development of production and
operation.The company has established an effective internal control system for financial reporting strictly implemented
the Enterprise Accounting Standards and improved accounting basic management according to the characteristics
of the company's business management. It has established a sound financial system continuously optimized
accounting and report preparation processes continuously strengthened financial supervision and deeply
implemented financial control. It has established financial management systems for accounting basic work
management financial management authorization monetary fund management guarantees liabilities financing
procurement and payment fixed assets construction in progress accounting policies accounting estimates
consolidated statement preparation cost management inventory management financial analysis etc. ensuring the
safety of the company's assets and the quality of accounting information. According to the criteria for identifying
internal control deficiencies in financial reporting the company did not have any significant or significant
deficiencies in internal control of financial reporting during the reporting period. The full text of the internal control
evaluation report was published on April 11 2025 on the website of Juchao Information (http://www.cninfo.com.cn).Whether there are differences between corporate governance and the related requirements of “Company Law”
and China Securities Regulatory Commission.□ Yes √ No
There is no difference between corporate governance and the related requirements of “Company Law” and China
Securities Regulatory Commission.II. The Independence of the Company in Terms of Assets Personnel Finance
Organization And Business Relative to Controlling Shareholders and Actual
Controllers
The Company is completely independent from the controlling shareholders and actual controllers in terms of
business assets personnel institutions and finance.
1. Business: The business of Changan Automobile is independent of controlling shareholders and actual
controllers. It makes independent decisions operates independently and is responsible for its own profits and losses.It has a complete business and industrial system including procurement production sales and research and
development. The controlling shareholders and actual controllers do not directly or indirectly interfere in the
production and business activities of Changan Automobile.
2. Personnel: The controlling shareholder and the actual controller are completely independent from the
personnel labor and personnel of Changan Automobile. They have independent staff teams complete labor
38Chongqing Changan Automobile Company Limited 2024 Annual Report
management performance appraisal and other systems and salary systems and independently sign the Labor
Contract with employees according to law.
3. Assets: The assets of controlling shareholders and actual controllers are strictly separated from Changan
Automobile and the property rights are clearly defined. There is no direct or indirect interference in the production
and operation of Changan Automobile. Changan Automobile has independent production system auxiliary
production system supporting facilities land use rights and other assets legally owns land real estate machinery
and equipment trademarks related to production and operation and has an independent raw material procurement
and product sales system.
4. Organization: The controlling shareholder the actual controller and Changan Automobile have independent
production operation and office places. There is no mixed operation.
5. Finance: The controlling shareholder the actual controller and Changan Automobile have independent
finance and accounting departments with independent finance and accounting personnel and have established
independent accounting system and financial management system. They make financial decisions independently
open bank accounts and pay taxes independently and do not share bank accounts. Changan Automobile handles tax
registration independently and pays tax independently according to law.Ⅲ. Competition Situation
□ Applicable √ Not applicable
IV. Annual Shareholders Meeting and Extraordinary General Meeting during the
Reporting Period
1. Shareholders meeting during the reporting period
Investor
types of
Meeting Session participatio Date of Meeting Disclosure Date Resolution Index
meeting
n ratio
Please refer to the Changan
Automobile: The Resolution of the
The first
Extraordinary First Extraordinary General Meeting
extraordinary
general meeting 41.201% January 5 2024 January 6 2024 of Shareholders in 2024
general meeting of
of stockholders (Announcement No. 2024-01) on the
shareholders in 2024
website of Juchao Information for
details
Please refer to the Changan
The Second Automobile: The Resolution of the
Extraordinary Extraordinary Second Extraordinary General
General Meeting of general meeting 41.254% January 30 2024 January 31 2024 Meeting of Shareholders in 2024
Shareholders in of stockholders (Announcement No. 2024-05) on the
2024 website of Juchao Information for
details
Please refer to the Changan
Automobile: The Resolution of 2023
2023 Annual Annual general
Annual General Meeting of
General Meeting of meeting of 48.395% May 10 2024 May 11 2024
Shareholders (Announcement No.Shareholders shareholders
2024-32) on the website of Juchao
Information for details
Please refer to the Changan
Automobile: The Resolution of the
The third
Extraordinary Third Extraordinary General
extraordinary
general meeting 39.912% September 19 2024 September 20 2024 Meeting of Shareholders in 2024
general meeting of
of stockholders (Announcement No. 2024-58) on the
shareholders in 2024
website of Juchao Information for
details
Please refer to the Changan
The Fourth Automobile: The Resolution of the
Extraordinary Extraordinary Fourth Extraordinary General
General Meeting of general meeting 11.983% December 30 2024 December 31 2024 Meeting of Shareholders in 2024
Shareholders in of stockholders (Announcement No. 2024-89) on the
2024 website of Juchao Information for
details
39Chongqing Changan Automobile Company Limited 2024 Annual Report
2. The shareholders of preferred shares with voting right restored request to convene an
extraordinary general meeting
□ Applicable √ Not applicable
V. Directors Supervisors and Senior Management Personnel
1. Basic information
Number of
shares held Number of Number of Other Number of
Reasons for
at the shares shares increase/ shares held at
Employme Starting date Termination changes in
Name Gender Age Position beginning increased in reduced in decrease the end of the
nt status of term date of term shares increase
of the this period this period changes period
or decrease
period (shares) (shares) (stock) (shares)
(shares)
Chairman
Zhu June 22 July 27
Male 59 And Party Current 500864 500864
huarong 2020 2026
Secretary
September July 27
Deng wei Male 53 Director Current
1520232026
Shi January 30 July 27
Male 44 Director Current
yaoxiang 2024 2026
July 27 July 27
Jia lishan Male 54 Director Current
20232026
July 27 July 27 Repurchase and
Zhao fei Male 50 Director Current 353080 -139467 213613
2023 2026 cancellation
Director
Chief
Zhang Financial June 22 July 27
Male 49 Current 353080 353080
deyong Officer 2020 2026
Board
Secretary
Yang Independent September July 27
Male 64 Current 30000 30000
xinmin Director 17 2021 2026
Independent June 15 July 27
Li keqiang Male 61 Current
Director 2022 2026
Independent June 15 July 27
Ding wei Male 64 Current
Director 2022 2026
Tang Independent June 15 July 27
Male 62 Current
guliang Director 2022 2026
Independent June 15 July 27
Zhang ying Male 46 Current
Director 2022 2026
Independent September July 27
Li zhenyu Male 48 Current
Director 19 2024 2026
Supervisory
July 27 July 27
Wenhong Male 58 Board Current
20232026
Chairman
June 22 July 27
Sun dahong Male 58 Supervisor Current
20202026
Shi Employee November July 27
Male 53 Current
shengwei Supervisor 8 2021 2026
Employee June 19 July 27
Luo yan Female 50 Current 500 500
Supervisor 2020 2026
Chief Human
Tan October 24 July 27
Male 49 Resources Current 353080 353080
benhong 2023 2026
Officer
Pu Chief Risk March 3 July 27
Male 53 Current
xingchuan Officer 2023 2026
Executive
July 13 July 27
Ye pei Male 49 Vice Current 353080 353080
20202026
President
Executive
January 28 July 27
Li mingcai Male 43 Vice Current 353080 353080
20222026
President
Executive
Yang December July 27
Male 50 Vice Current 252200 252200
dayong 28 2022 2026
President
Executive December July 27
Peng tao Male 46 Current 248612 248612
Vice 28 2022 2026
40Chongqing Changan Automobile Company Limited 2024 Annual Report
President
Klaus Vice October 7 July 27
Male 63 Current
zyciora President 2023 2026
Executive
Zhang December July 27
Male 45 Vice Current 248612 248612
xiaoyu 1 2023 2026
President
Executive
Wang January 12 July 27
Male 42 Vice Current 171990 171990
xiaofei 2022 2026
President
Vice September July 27
Wang hui Male 43 Current 171990 171990
President 22 2022 2026
Vice January 5 July 27
Zhang fatao Male 42 Current 248612 248612
President 2023 2026
Deng Vice December July 27
Male 38 Current
chenghao President 1 2023 2026
Not serving as
vice president of
Vice January 3 July 27
He gang Male 39 Current 80282 32598 47684 the company
President 2025 2026
during the
reporting period
Board July 13 July 12 Repurchase and
Li jun Female 55 Outgoing 248612 -84528 164084
Secretary 2020 2024 cancellation
Executive
Vice
July 13 August 15
Chen wei Male 52 President Outgoing 353080 353080
20202024
General
Counsel
Cao Independent May 18 September
Male 53 Outgoing
xingquan Director 2018 19 2024
Director June 22 April 9
Wang jun Male 52 Outgoing 364000 364000
President 2020 2025
Total -- -- -- -- -- -- 4684754 32598 -223995 4428161 --
Whether there are any outgoing directors and supervisors and the dismissal of senior management personnel
during the reporting period
√Yes □ No
See “V. 1. Changes in Directors Supervisors and Senior Management Personnel” in Chapter 4.Changes in Directors Supervisors and Senior Management Personnel
√ Applicable □ Not applicable
Name Position Type Date Reason
Shi Yaoxiang Director Be elected January 30 2024 Appointment
Li Zhenyu Independent Director Be elected September 19 2024 Appointment
Wang Xiaofei Executive Vice President Appointed December 17 2024 Appointment
He Gang Vice President Appointed January 3 2025 Appointment
Li Jun Board Secretary Dismiss July 12 2024 Reaching the statutory retirement age
Executive Vice President
Chen Wei Dismiss August 15 2024 Job changes
General Counsel
Cao Xingquan Independent Director Outgoing September 19 2024 Resignation after serving for six years
Wang Xiaofei Vice President Dismiss December 17 2024 Job changes
Wang jun Director Outgoing April 9 2025 Job changes
Wang jun President Dismiss April 9 2025 Job changes
2. Incumbency
Professional background work experience and duties and responsibilities of incumbent Directors Supervisors
and Senior Manager Personnel
(1) Directors
Mr. Zhu Huarong Chairman and Party Secretary Chairman of Changan Ford Motor Co. Ltd. Chairman of
Avatr Technology (Chongqing) Co. Ltd. Director of Nanchang Jiangling Investment Co. Ltd and Vice Chairman
of Shenzhen Yinwang Intelligent Technology Co. Ltd.. Born in 1965 Master's degree currently a senior engineer.Formerly served as the deputy director of the Technology Department of Changan Company the chief engineer of
the automobile manufacturing plant the assistant to the company's president and the director of the Technology
Center the director of the Science and Technology Committee the deputy general manager of the company the dean
of the Engineering Research Institute the vice president and the secretary of the Party Committee of Changan
Automobile the deputy secretary of the Party Committee of China Changan the president of Changan Automobile
and a director of China Changan.Mr. Deng Wei Director. Born in 1971 Master's degree currently a senior engineer. The current Director of the
41Chongqing Changan Automobile Company Limited 2024 Annual Report
Strategic Development Department of CSG Chairman of Fujian Chengguang Qiming Technology Co. Ltd. and
Chairman of the Advanced Technology Innovation Research Institute of China CSG Fuzhou University. Formerly
served as the Deputy Director of the CSG Development Planning Department Deputy Director of the Strategic
Development Department Director of the Science and Technology Information Department and a temporary
member of the Standing Committee and Deputy Governor of the Honghe Hani and Yi Autonomous Prefecture in
Yunnan Province. Also served as a director of Chongqing Changan Wangjiang Industrial Group Co. Ltd. Xi'an
Kunlun Industrial (Group) Co. Ltd. and Executive Director of China South Industries Group Information Center
Co. Ltd.Mr. Shi Yaoxiang Director. Born in 1980 Master's degree senior accountant. The current Director of the
Finance Department of CSG Director of Southern Industrial Asset Management Co. Ltd. and Director of South
Industries Group Finance Co. Ltd. Formerly served as a director and chief accountant of Sichuan Huachuan Industry
Co. Ltd. a director and chief accountant of Changan Industry a chief accountant of Chongqing Changan Wangjiang
Industrial Group Co. Ltd. deputy director of the finance department of CSG director general manager and deputy
secretary of the party committee of Southern Industrial Asset Management Co. Ltd.Mr. Jia Lishan Director. Born in 1970 Ph.D. currently a senior engineer. The current Director of the Industry
Promotion Department of CSG and Chairman of Jinan Qingqi Suzuki Motorcycle Co. Ltd. Formerly served as the
Director of the Industrial Development Department the Director of the Comprehensive Department of the General
Office and the Deputy Director of the Development Planning Department of CSG Optoelectronics Department. Also
served as the Chairman and Party Secretary of Chongqing Dajiang Industrial Co. Ltd. and the Deputy Director of
the Promotion Department of CSG.Mr. Zhao Fei Director. Born in 1974 Master's degree Senior Engineer. Current Chairman and Party Secretary
of China Changan Automobile Group Co. Ltd. Formerly served as the Director of the Engine Technology Institute
at Changan Automobile Research Institute Deputy Director of Engine Factory 4 Deputy General Manager of the
Science and Technology Development Department of China Changan Group Director General Manager Party
Secretary and Chairman of Harbin Dong'an Automotive Engine Manufacturing Co. Ltd. Assistant to the President
and Director of the Strategic Planning Department and Party Branch Secretary of Changan Automobile Vice
President and Executive Vice President of the company Party Secretary and Executive Vice President of Changan
Ford President and Deputy Secretary of the Party Committee of China Changan Automobile.Mr. Zhang Deyong Director Chief Accountant Secretary of the Board Director of Changan Ford Motor Co.Ltd. Director of Nanchang Jiangling Investment Co. Ltd. Director of Changan Automobile Finance Co. Ltd. and
Director of South Industries Group Finance Co. Ltd. Born in 1975 Master of Accounting (MPAcc) Senior
Accountant. Formerly served as the Director and Assistant Director of the Finance Department at the Automation
Research Institute of the CSG Deputy Director of the Finance Department of the China South Industries Group
Finance Department (on secondment) Director Chief Accountant and Party Committee Member of Chongqing
Changjiang Electric Co. Ltd. Deputy Director of the Finance Department of CSG (on secondment) Director Chief
Accountant and Party Committee Member of Changan Industry Executive Vice President and General Legal
Advisor of Changan Automobile.Mr. Yang Xinmin independent director. Born in 1960 PhD in Applied Mathematics. Current professor at the
School of Mathematical Sciences Chongqing Normal University director of the Chongqing National Center for
Applied Mathematics and director of the Key Laboratory of Optimization and Control of the Ministry of Education;
Also serves as a director of the Chongqing Instant Science and Technology Development Foundation. Mainly
engaged in systematic research in the field of operations research (mathematics) awarded the title of National
Excellent Science and Technology Worker in 2012 National Outstanding Professional and Technical Talent in 2014
and elected as an academician of the International Academy of Systems and Control Sciences in 2016. Hosted over
10 projects funded by the National Natural Science Foundation of China including 1 major project 2 key projects
and 1 international (regional) project and won multiple awards such as the Second Prize of National Natural Science
the First Prize of the Ministry of Education's Natural Science and the Chongqing Highest Science and Technology
Outstanding Contribution Award. Formerly served as Vice Chairman of the Chinese Mathematical Society and Vice
Chairman of the Chinese Society of Systems Engineering.Mr. Li Keqiang independent director. Born in 1963 PhD in Automotive Engineering. He is currently a
professor and doctoral supervisor of the School of Vehicles and Transportation of Tsinghua University director of
the National Key Laboratory of Intelligent Green Vehicles and Transportation of Tsinghua University and an
academician of the CAE Member; Simultaneously serving as an independent director of listed company NavInfo
(002405) and non listed company GAC Aion New Energy Vehicle Co. Ltd. Formerly served as the head of the
Department of Automotive Engineering at Tsinghua University.Mr. Ding Wei independent director. Born in 1960 Bachelor of Finance. Current founder and chairman of
Xiamen Borun Capital Investment Management Co. Ltd; Serving as an independent director of listed companies
Guotai Junan (601211) and Heng Seng Electronics (600570). Formerly served as an economist and department head
at the World Bank and the International Monetary Fund President of Deutsche Bank China Chairman of the
Investment Banking Management Committee and Head of the Investment Banking Department at China
International Capital Corporation member of the Temasek Global Senior Management Committee member of the
Global Investment Decision Committee and concurrently serving as President of China President and Chairman of
CICC Capital Operations Limited and independent non-executive director of China Car Rental Limited.Mr. Tang Guliang independent director. Born in 1962 with a PhD in Finance. Current Professor of Finance at
the School of International Business University of International Business and Economics. An independent director
for listed companies Jiuzhou Tong (600998) and Fosun Pharma (600196) as well as non listed companies Three
42Chongqing Changan Automobile Company Limited 2024 Annual Report
Gorges Capital Holding Co. Ltd. and China Construction Investment Leasing Co. Ltd. Mainly engaged in teaching
and research of management accounting and financial management with unique and influential achievements in
budget management group control performance evaluation financial strategy capital operation and other aspects.We have published 4 monographs and 40 works and have published over 120 papers in high-end academic journals
such as Accounting Review TAR and Management World. Formerly served as an independent director of listed
companies such as Minmetals Development (600058) Changjiang Securities (000783) and Guangfeng Technology
(688007).
Mr. Zhang Ying an independent director. Born in 1978 with a PhD in Management. Current Professor and Vice
Dean of Guanghua School of Management Peking University; Serving as an independent director of listed
companies China Film (600977) and Meiyin Gene (06667. HK). The research focuses on the intersection of
psychology and economics and excels in using experimental and data methods to study how individual behavioral
decisions and social attitudes affect corporate strategy and policy-making. Received awards such as the Outstanding
Young Scholar Award from the American Academy of Marketing Sciences and the “Global Top Marketing Schola”
Award from the American Marketing Association. He has been selected as a national top young talent by the
Organization Department of the CPC Central Committee awarded the Outstanding Youth Fund by the National
Natural Science Foundation of China and recognized as a cultural expert and “four batches” talent by the Propaganda
Department of the CPC Central Committee. Previously taught at the University of Texas in the United States.Mr. Li Zhenyu independent director. Born in 1976 with a Master's degree in Engineering. The current
Chairman of Shanghai Tashi Zhihang Technology Co. Ltd. Formerly served as Executive Vice President General
Manager and President of the Intelligent Driving Business Group at Baidu Online Network Technology (Beijing)
Co. Ltd. General Manager of the Autonomous Driving Business Unit at Baidu Online Network Technology (Beijing)
Co. Ltd. Vice President Senior Vice President and CEO Assistant at Baidu Online Network Technology (Beijing)
Co. Ltd.
(2) Supervisors
Mr. Wenhong Chairman of the Supervisory Board. Born in 1966 Master's degree holder Senior Engineer.Currently serving as a senior specialist in the Southwest region of CSG a director of Hunan Yunjian Group Co. Ltd.and a director of Chongqing Qingshan Industrial Co. Ltd. Formerly served as Deputy Director of the Office of
Chongqing Construction Industry (Group) Co. Ltd. Deputy Secretary of the Party Committee Secretary of the
Discipline Inspection Commission and Deputy General Manager of Chongqing Construction Motorcycle Co. Ltd.Deputy Secretary of the Party Committee and Deputy General Manager of Chongqing Construction
Electromechanical Co. Ltd. Chairman and Party Secretary of Baoding Tianwei Baobian Co. Ltd. Chairman and
General Manager of Baoding Tongyi Electrical Equipment Co. Ltd. and Deputy Director of the Southwest Region
of CSG.Mr. Sun Dahong Supervisor. Born in 1966 Master's degree holder Senior Economist. Currently serving as the
Deputy Director and Senior Specialist of the Risk Control and Legal Department of CSG Audit and a Director of
Southern Industrial Technology Trading Co. Ltd. Formerly served as the Deputy Director of the Legal Department
Deputy Director and Director of the Legal Advisory Department Director of the Legal Affairs Department Director
of the Security and Confidentiality Bureau Deputy Director of the General Office and Deputy Director of the Legal
Department of the CSG.Mr. Shi Shengwei Employee Supervisor. Born in 1971 with a bachelor's degree working as a political engineer.Current Discipline Inspection Officer in the Supervision Department of the Discipline Inspection Department.Formerly worked as a workshop group and machining worker in ChangAn 131 workshop a machine repair and fitter
in the engine branch's machining class a publicity officer and director of the Party and Mass Studio in the
Comprehensive Management Office of the Fourth Factory a director of the Party and Mass Studio in the
Comprehensive Management Office of Changan Automobile Jiangbei Engine Factory a discipline inspection and
supervision officer in the Discipline Inspection Department of the Discipline Inspection and Supervision Department
and the manager of the Changan Mazda Integrity Office.Ms. Luo Yan Employee Supervisor. Born in 1974 undergraduate assistant economist. Current Senior Manager
of the Jiangbei Branch of the Shared Services Center in the Human Resources Department. Formerly served as a
maintenance electrician engineering surveyor labor technical quota officer and planner in Workshop 232 of
Changan Automobile's Third Factory. Also served as the director of the Employee Welfare Office and the supervisor
of the Salary and Welfare Management Third Office in Changan Automobile's Human Resources Department.
(3) Senior Management other than Directors and Supervisors
Mr. Tan Benhong Chief Human Resources Officer Chairman of the Trade Union and General Manager of
ChangAn Learning Center. Born in 1975 Master's degree Senior Engineer. Formerly served as the Director of the
Technical Planning Research Institute Deputy Chief Engineer and Director of the Technical Planning Research
Institute at Changan Automobilemotive Engineering Research Institute Vice President of Changan
Automobilemotive Engineering Research Institute President of Beijing Research Institute Minister of Marketing
Brand Public Relations and Product Planning Executive Vice President and Party Secretary of Changan
Automobilemotive Research Institute Company Spokesperson General Manager of the Design Institute Executive
Vice President of the company and CEO of Avatr Technology (Chongqing) Co. Ltd.Mr. Pu Xingchuan Secretary of the Discipline Inspection Commission and Director of the Office of the Leading
Group for Inspection Work. Born in 1971 Master's degree currently a senior economist. Formerly served as Deputy
Secretary of the Party Committee Secretary of the Discipline Inspection Commission and Chairman of the Trade
Union of Chongqing Qingshan Industrial Co. Ltd. Director of the Office of Southwest Ordnance Industry Bureau
Secretary of the Party Committee Secretary of the Discipline Inspection Commission and Chairman of the Trade
43Chongqing Changan Automobile Company Limited 2024 Annual Report
Union of Southwest Ordnance Industry Co. Ltd. Director General Manager and Deputy Secretary of the Party
Committee of Wanyou Automobile Investment Co. Ltd. and Chairman and Party Secretary of Southwest Ordnance
Industry Co. Ltd.Mr. Ye Pei Executive Vice President and General Manager of Changan Brand Business Unit. Born in 1975
master's degree engineer. He used to be the assistant to the general manager of Changan Nanjing the deputy director
of Changan Automobile Quality Department the deputy director of the company's office the general manager and
secretary of the party committee of Changan Nanjing the deputy general manager of the commercial vehicle
business department the assistant to the president the director of the strategic planning department the secretary of
the party branch of the company the general manager and secretary of the party committee of the car sales business
department the general manager and secretary of the party committee of the passenger vehicle marketing business
department the vice president of Changan Automobile the director of the passenger vehicle operation management
committee and the director of the Auchan operation management committee.Mr. Li Mingcai Executive Vice President and General Manager of European Business Unit (Changan
Automobile Netherlands Co. Ltd.) General Manager and Executive Director of Changan Germany Co. Ltd. and
General Manager and Executive Director of Changan Netherlands Co. Ltd. Born in 1981 with a master's degree.Formerly served as Assistant General Manager and Sales Region Manager of Changan Automobile's Overseas
Business Development Department Deputy General Manager of Overseas Business Development Department
General Manager of International Company Executive Deputy General Manager of Overseas Business Development
Department Project Director of Russian JV Project Team Manager of Brazil General Manager of Overseas Business
Department Vice President and General Legal Advisor of Changan Automobile.Mr. Yang Dayong Executive Vice President Director Executive Vice President and Party Secretary of
Changan Ford Motor Co. Ltd. Chairman President and Product Vice President of Changan Ford New Energy
Vehicle Technology Co. Ltd. Born in 1974 Bachelor's degree. Formerly served as the Deputy Minister of Marketing
Department Deputy Minister and Minister of Commercial Vehicle Business Management Department Minister of
Brand Public Relations Department Party Branch Secretary Company Press Spokesperson Senior Project Director
of High end Car Brand Project Group Senior Project Director of Intelligent Industry Development Project Group
General Manager and Party Secretary of Chongqing Changan New Energy Vehicle Technology Co. Ltd. and Vice
President of Changan Automobile.Mr. Peng Tao Executive Vice President Chairman of Chongqing Changan Kaicheng Automotive Technology
Co. Ltd. Chairman of Chongqing Changan Kuayuan Vehicle Co. Ltd. Chairman of Chongqing Changan Kuayuan
Vehicle Marketing Co. Ltd. Director of Nanjing Lingxing Technology Co. Ltd. Director of the Board of Directors
and Member of the Investment Committee of Nanjing Lingxing Equity Investment Management Co. Ltd. Born in
1978 Bachelor's degree Senior Engineer. Formerly served as Deputy Director Executive Deputy General Manager
and Party Branch Secretary of Changan Automobile's Product Planning Department Executive Deputy General
Manager General Manager and Party Secretary of the Passenger Vehicle Marketing Division and Vice President of
Changan Automobile.Mr. Klaus Zyciora Vice President and General Manager of Changan Global Design Center. Born in 1961
German. Formerly served as an interior designer exterior director and design leader at Volkswagen as well as the
design leader at Volkswagen Group.Mr. Zhang Xiaoyu Executive Vice President Chairman of the Company's Science and Technology Association
Director of the National Key Laboratory of Intelligent Vehicle Safety Technology Chairman of Chongqing
Changxian Intelligent Technology Co. Ltd. and Director of the Board of Directors of China Automotive Chuangzhi
Technology Co. Ltd. Born in 1979 Ph.D. currently a senior engineer. Formerly served as the Deputy General
Manager and General Manager of the UK R&D Center at Changan Automobile Power Research Institute Deputy
General Manager of the Power Research Institute Director of the H13T Project and NE Series Powertrain Project
of the company General Manager of the Power Research Institute General Manager of Product Development
Department 2 General Manager of ChangAn Forward Technology Research Institute and Vice President of the
company.Mr. Wang Xiaofei Executive Vice President. Born in 1982 Bachelor's degree engineer. He used to be the
Deputy Director of the Product Department of ChangAn Commercial Vehicle Business Unit the Deputy Director of
the Product Department of Oushang Automotive Business Unit the Deputy General Manager and Product Marketing
Director of the Passenger Car Marketing Business Unit the Deputy General Manager of the Product Planning
Department the General Manager of Oushang Automotive Business Unit and the Company's Vice President.Mr. Wang Hui Vice President Chairman of Jiangling Motors Limited and Director of Changan Ford Motor
Co. Ltd. Born in 1981 Bachelor's degree engineer. Formerly served as the Director of Changan Automobile's New
Business Coordination Project Group Director of the Company Office and Party Branch Secretary Executive Vice
President and Party Secretary of Changma Engine Head of Changan Mazda New Energy Cooperation Project
Executive Vice President and Party Secretary of Changan Mazda General Manager of Overseas Business
Development Department and Southeast Asia Business Unit.Mr. Zhang Fatao Vice President Director of Safety Production of the company. Born in 1982 Bachelor's degree.Formerly served as Deputy Director of the Office General Manager of the Technology and Project Management
Department Party Branch Secretary Executive Vice Chairman of the Association for Science and Technology PDS
Project Director Director of the Office Party Branch Secretary Director of the Party Committee Office Director of
the Board of Directors Office General Manager of the Human Resources Department Director of the Party
Committee Organization Department and Director of the Talent Management Department of ChangAn Learning
Center at Changan Automobile Company.Mr. Deng Chenghao Vice President President and Party Secretary of Deep Blue Automotive Technology Co.
44Chongqing Changan Automobile Company Limited 2024 Annual Report
Ltd. and Director of the Board of Directors of Era Changan Power Battery Co. Ltd. Born in 1986 Ph.D. currently
a senior engineer. Formerly served as Assistant General Manager and Deputy General Manager of Power
Development Department at Chongqing Changan New Energy Vehicle Technology Co. Ltd. Project Director of
C385EV-E series General Manager and Party Secretary of Chongqing Changan New Energy Vehicle Technology
Co. Ltd.Mr. He Gang Vice President General Manager of Changan Automobile Intelligent Research Institute (Chip
Application Center) General Manager of Operations and Platform Planning Expert of Chongqing Changan
Technology Co. Ltd. Secretary of the Party Committee of the Science and Technology Industry. Born in 1985
Master's degree holder currently a senior engineer. He used to be the Deputy General Manager of wutong Chelian
Technology Co. Ltd. the Deputy General Manager and Executive Deputy General Manager of Changan Automobile
Intelligent Research Institute the Director of Limited Automatic Driving (Level III) Technology Research Project
the General Manager of Intelligent Research Institute the General Manager of wutong Chelian Technology Co. Ltd.and the COO of Chongqing Changan Technology Co. Ltd.Employment in shareholders’ work unit
√Applicable □ Not applicable
Whether having
renumeration or
Name of shareholders’ work Position in shareholders’ work
Name Term start date Term end date allowance in
unit unit
shareholders’
work unit
China South Industries Group Director of Strategic
Deng Wei Y
Corporation Ltd. Development Department
China South Industries Group
Shi Yaoxiang Director of Finance Department Y
Corporation Ltd.China South Industries Group Director of Industry Promotion
Jia Lishan Y
Corporation Ltd. Department
China South Industries Group
Zhao Fei Chairman and Party Secretary Y
Corporation Ltd.Senior Special Affairs
China South Industries Group
Wenhong Department of Southwest Y
Corporation Ltd.Region
Deputy Director and Senior
China South Industries Group
Sun Dahong Specialist of Audit Risk Control Y
Corporation Ltd.and Legal Department
Explanation of
employment in None
other units
Employment status in other units
√Applicable □ is not applicable
Do you receive
Name of the Starting Terminat
remuneration
appointed Other unit names Positions held in other units date of ion date
allowances in
personnel term of term
other units
Professor at the School of Mathematical Sciences
Chongqing Normal University Director of the
Chongqing Normal
Yang Xinmin Chongqing National Center for Applied Mathematics Y
University
and Director of the Key Laboratory of Optimization and
Control of the Ministry of Education
Professor and doctoral supervisor of the School of
Vehicle and Transportation of Tsinghua University
Li Keqiang Tsinghua University director of the National Key Laboratory of Intelligent Y
Green Vehicles and Transportation of Tsinghua
University and academician of the CAE Member
Xiamen Borun
Capital Investment Founder and Chairman of Xiamen Borun Capital
Ding Wei Y
Management Co. Investment Management Co. Ltd
Ltd
University of
Professor of Finance at the School of International
International
Tang Guliang Business University of International Business and Y
Business and
Economics
Economics
Professor and Deputy Dean of Guanghua School of
Zhang Ying Peking University Y
Management Peking University
Shanghai Tashi Chairman of Shanghai Tashi Zhihang Technology Co.Li Zhenyu Y
Zhihang Ltd
45Chongqing Changan Automobile Company Limited 2024 Annual Report
Technology Co.Ltd
Explanation of
employment in None
other units
Securities regulator’s punishment to the current and former directors supervisors and senior management
during the reporting period in recent three years.□ Applicable √ Not applicable
3. Remuneration of directors supervisors and senior management personnel
Decision-making process basis the actual payment of remuneration for directors supervisors and senior
management personnel
Decision-making process: the annual remuneration of the company's directors supervisors and senior
executives except for independent directors is issued in accordance with the relevant remuneration management
regulations and standards of the company and based on the achievement of performance targets submitted to the
company's board of directors for approval before distribution.The basis: the senior management evaluation is divided into annual appraisal and term assessment. The salary
of employee supervisors shall be paid by position in accordance with the company's salary system. Payment of
company independent directors is prescribed by the board of directors and submitted to the board of directors of the
company and approved by the shareholders' general meeting.Actual payments: Since June 2022 Mr. Li Keqiang an independent director has voluntarily waived receiving
allowances Other independent directors receive allowances in accordance with the allowance standards. Due to the
salary management requirements of the State - owned Assets Supervision and Administration Commission (SASAC)
the company's senior management received their salaries in accordance with the regulations of SASAC in 2024. As
a result the overall salary level decreased compared with that in 2023. The total amount of payable remuneration
received by the directors supervisors and senior management who receive salaries from the company is RMB
31737855.
Remuneration of Directors Supervisors and Senior Management Personnel during the reporting period
Unit: RMB
Whether
Total pre-tax
remunerated
remuneration
Name Gender Age Position Office status by related-
from the
parties of the
Company
company
Chairman and
Zhu Huarong Male 59 Current 2257419 No
Party Secretary
Deng Wei Male 53 Director Current Yes
Shi
Male 44 Director Current Yes
Yaoxiang
Jia Lishan Male 54 Director Current Yes
Zhao Fei Male 50 Director Current Yes
Director
Zhang Chief Financial
Male 49 Current 1818133 No
Deyong Officer
Board Secretary
Yang Independent
Male 64 Current 200000 No
Xinmin director
Independent
Li Keqiang Male 61 Current No
director
Independent
Ding Wei Male 64 Current 200000 No
director
Tang Independent
Male 62 Current 200000 No
Guliang director
Independent
Zhang Ying Male 46 Current 200000 No
director
Independent
Li Zhenyu Male 48 Current 50000 No
director
Supervisory
Wenhong Male 58 Current Yes
board chairman
Sun Dahong Male 58 Supervisor Current Yes
Shi Employee
Male 53 Current 231107 No
Shengwei supervisor
46Chongqing Changan Automobile Company Limited 2024 Annual Report
Employee
Luo Yan Female 50 Current 362491 No
supervisor
Tan Chief human
Male 49 Current 1650976 No
Benhong resources officer
Pu
Male 53 Chief risk officer Current 1616914 No
Xingchuan
Executive vice
Ye Pei Male 49 Current 1856396 No
president
Executive vice
Li Mingcai Male 43 Current 1805942 No
president
Yang Executive vice
Male 50 Current 1851874 No
Dayong president
Executive vice
Peng Tao Male 46 Current 1849524 No
president
Klaus
Male 63 Vice president Current 2950000 No
Zyciora
Zhang Executive vice
Male 45 Current 1836888 No
Xiaoyu president
Wang Executive vice
Male 42 Current 1647271 No
Xiaofei president
Wang Hui Male 43 Vice president Current 1916247 No
Zhang Fatao Male 42 Vice president Current 1737582 No
Deng
Male 38 Vice president Current 760117 No
Chenghao
Li Jun Female 55 Board secretary Outgoing 832673 No
Executive vice
Chen Wei Male 52 president Outgoing 1498882 Yes
general counsel
Cao Independent
Male 53 Outgoing 150000 No
Xingquan director
Director and
Wang Jun Male 52 Outgoing 2257419 No
President
Total -- -- -- -- 31737855 --
Explanation of other situations.□ Applicable √ Not applicable
VI. Performance of Directors during the reporting period
1. Board of Directors in the reporting period
Meeting session Date of Meeting Disclosure Date Meeting resolutionPlease refer to the “Resolution of the 15th Meeting of theThe 15th Meeting of the 9thJanuary 12 2024 January 13 2024 9th Board of Directors” (Announcement No.: 2024-03) on
Board of Directors
the website of Juchao Information for details
The 16th Meeting of the 9th
January 29 2024 Not involving matters that should be disclosed
Board of DirectorsPlease refer to the “Resolution of the 17th Meeting of theThe 17th Meeting of the 9thFebruary 22 2024 February 23 2024 9th Board of Directors” (Announcement No.: 2024-07) on
Board of Directors
the website of Juchao Information for detailsPlease refer to the “Resolution of the 18th Meeting of theThe 18th Meeting of the 9thMarch 8 2024 March 9 2024 9th Board of Directors” (Announcement No. 2024-14) on
Board of Directors
the website of Juchao Information for detailsPlease refer to the “Resolution of the 19th Meeting of theThe 19th Meeting of the 9thApril 16 2024 April 18 2024 9th Board of Directors” (Announcement No. 2024-17) on
Board of Directors
the website of Juchao Information for details
Please refer to the “2024 First Quarter Report”
The 20th Meeting of the 9th
April 29 2024 April 30 2024 (Announcement No. 2024-29) on the website of Juchao
Board of Directors
Information for details
The 21st Meeting of the 9th Board
May 10 2024 Not involving matters that should be disclosed
of DirectorsThe 22nd Meeting of the 9th Please refer to the “Resolution of the 22nd Meeting of theJuly 12 2024 July 13 2024Board of Directors 9th Board of Directors” (Announcement No. 2024-39) on
47Chongqing Changan Automobile Company Limited 2024 Annual Report
the website of Juchao Information for details
The 23rd Meeting of the 9th
July 15 2024 Not involving matters that should be disclosed
Board of DirectorsPlease refer to the “Resolution of the 24th Meeting of theThe 24th Meeting of the 9thAugust 15 2024 August 16 2024 9th Board of Directors” (Announcement No. 2024-42) on
Board of Directors
the website of Juchao Information for details
The 25th Meeting of the 9th
August 19 2024 Not involving matters that should be disclosed
Board of DirectorsPlease refer to the “Resolution of the 26th Meeting of theThe 26th Meeting of the 9thAugust 30 2024 August 31 2024 9th Board of Directors” (Announcement No. 2024-45) on
Board of Directors
the website of Juchao Information for detailsPlease refer to the “Resolution of the 27th Meeting of theThe 27th Meeting of the 9th September 19 September 20
9th Board of Directors” (Announcement No. 2024-57) on
Board of Directors 2024 2024
the website of Juchao Information for detailsPlease refer to the “Resolution of the 28th Meeting of theThe 28th Meeting of the 9th September 25 September 26
9th Board of Directors” (Announcement No. 2024-60) on
Board of Directors 2024 2024
the website of Juchao Information for details
Please refer to the “2024 Third Quarter Report”
The 29th Meeting of the 9th
October 28 2024 October 29 2024 (Announcement No.: 2024-63) on the website of Juchao
Board of Directors
Information for details
The 30th Meeting of the 9th November 14
Not involving matters that should be disclosed
Board of Directors 2024Please refer to the “Resolution of the 31st Meeting of theThe 31st Meeting of the 9th Board November 27 November 28
9th Board of Directors” (Announcement No. 2024-66) on
of Directors 2024 2024
the website of Juchao Information for detailsPlease refer to the “Resolution of the 32nd Meeting of theThe 32nd Meeting of the 9thDecember 6 2024 December 7 2024 9th Board of Directors” (Announcement No. 2024-69) on
Board of Directors
the website of Juchao Information for detailsPlease refer to the “Resolution of the 33rd Meeting of theThe 33rd Meeting of the 9th December 17 December 18
9th Board of Directors” (Announcement No. 2024-81) on
Board of Directors 2024 2024
the website of Juchao Information for details
2. Attendance of directors at the board of directors and shareholders’ meeting
Attendance at BOD meetings and shareholders' meeting
Number of
Absent from
BOD meetings Number of Attendance by
meetings for Attendance at
that should be BOD meeting means of Attendance by
Name Absence two shareholders’
attended in this attendance at communicatio proxy
consecutive meetings
reporting spot n
times
period
Zhu Huarong 19 10 8 1 No 3
Deng Wei 19 6 8 5 No 0
Shi Yaoxiang 17 5 6 6 No 0
Jia Lishan 19 11 8 0 No 2
Zhao Fei 19 5 8 6 No 0
Zhang Deyong 19 10 8 1 No 5
Yang Xinmin 19 11 8 0 No 3
Li Keqiang 19 6 8 5 No 1
Ding Wei 19 10 8 1 No 3
Tang Guliang 19 10 8 1 No 3
Zhang Ying 19 9 8 2 No 3
Li Zhenyu 6 4 1 1 No 0
Cao Xingquan 13 6 7 0 No 2
Wang Jun 19 10 8 1 No 4
Explanation of the members of the Board who failed to attend Board meetings in person for two consecutive times
Not applicable
3. The directors’ objections to the relevant matters of the company
Disagreement of the directors on matters related to the Company
□Yes √ No
During the reporting period the directors did not raise objections to the relevant matters of the company.
48Chongqing Changan Automobile Company Limited 2024 Annual Report
4. Other statement of the directors performance of duties
Whether the directors' suggestions on the company are adopted
√Yes □ No
Description of the directors on the adoption or non-adoption of relevant suggestions of the company
During the reporting period the Company's directors fulfilled their duties diligently carried out work in strict
accordance with relevant regulations such as the Company Law and the Articles of Association of the Company. The
Company's directors paid attention to the company's standardized operation and business conditions made scientific
and prudent decisions on various matters reviewed by the Company. At the same time they put forward valuable
professional opinions or suggestions in areas such as technological innovation brand building and talent cultivation
all of which were adopted or responded to effectively improving the company's standardized operation and scientific
decision - making level and safeguarding the legitimate rights and interests of the company and all shareholders.VII. Duty Performance of Specialized Committees of the Board of Directors
during the Report Period
Specific
Important
Members Numbe Details
Opinions Other
Committ hip r of Date of of the
Contents and Performanc
ee Name Informati Meetin Meeting Objectio
Suggestions e of Duties
on gs held n (if
put forward
any)
Tang
Guliang January 2024 Audit Plan; 2023 Audit Work Unanimousl
and Cao 31 2024 Report y passed
Xingquan
Communication on important
March Unanimousl
matters during the review of the
14 2024 y passed
2023 financial report
Proposal on the provision
reversal and cancellation of asset
impairment reserves; 2023
Financial Report; 2023 Internal
Control Evaluation Report;
April Unanimousl
Communication on audit results
15 2024 y passed
and important issues for the year
2023; Proposal on the
Tang Appointment of 2024 Financial
Guliang Reporting Auditor and Internal
Shi Control Reporting Auditor
Yaoxiang Q1 2024 report; Report on Internal
April Unanimousl
Cao Audit Work for the First Quarter of
Audit 29 2024 y passed
Xingquan 2024
Committ 7 times
Proposal on the provision
ee
reversal and cancellation of asset
impairment reserves; 2024 Half
Year Financial Report; Audit Work
Report for the Second Quarter of
August Unanimousl
2024; Report of the Audit
29 2024 y passed
Committee of the Board of
Directors on the Evaluation of the
Performance of Accounting Firms
in 2023 and the Performance of
Supervisory Responsibilities
Financial report for the third
quarter of 2024; Report on the
Tang Rectification of Opinions and
October Unanimousl
Guliang Suggestions from the Management
28 2024 y passed
Shi of the Company in 2023; Internal
Yaoxiang Audit Work Report for the Third
Yang Quarter of 2024
Xinmin Decemb
Overall Audit Strategy and Key Unanimousl
er 26
Audit Matters for 2024 y passed
2024
49Chongqing Changan Automobile Company Limited 2024 Annual Report
January Unanimousl
Proposal on Adding Directors
12 2024 y passed
Proposal on the Second Release of
Februar Restricted Stock Incentive Plan for
Unanimousl
y 21 A-shares and the Achievement of
y passed
2024 Release of Restricted Conditions
during the Second Release Period
Term based and Contractual
April Unanimousl
Evaluation Results for 2023 and
16 2024 y passed
Implementation Plan for 2024
Nominati Proposal on adding independent
on and Zhang directors; Proposal on Adjusting
Salary Ying the Repurchase Price of A-share
Assessme Tang 6 times Restricted Stock Incentive Plan
nt Guliang August and Repurchasing and Cancelling Unanimousl
Committ Ding Wei 29 2024 Some Restricted Stocks; Proposal y passed
ee on the Initial Determination of
Basic Annual Salary for 2024 for
Members of the Company's
Management Team
2023 Leadership Team Incentive
Septemb Allocation Plan; Revision Plan for
Unanimousl
er 25 Term System and Contractual
y passed
2024 Management Measures for
Management Members
Decemb
Proposal on the Appointment of Unanimousl
er 17
Senior Management Personnel y passed
2024
Proposal on the 2024 Financing
Plan; Proposal on carrying out bill
Februar
pool business; Proposal on the Unanimousl
y 21
Company and its Subsidiaries y passed
2024
Engaging in Foreign Exchange
Hedging Business
2023 Financial Report and 2024
Financial Budget Explanation;
2024 Investment Plan; Proposal on
establishing a joint venture
April Unanimousl
company for battery recycling
16 2024 y passed
through equity participation;
Proposal on Establishing a German
Company; Proposal on
Establishing a Dutch Company
Strategy August Unanimousl
Three year business rolling plan
and Wang Jun 29 2024 y passed
Investme Deng Wei
7 times
nt Li Septemb Proposal on the actual controller Unanimousl
Committ Keqiang er 25 providing entrusted loans to the y passed
ee 2024 company; Proposal on Investment
Proposal to purchase a portion of
the equity of Changan Automobile
Finance Co. Ltd. through public
Novemb delisting; Proposal on Investment
Unanimousl
er 26 for the Global R&D Center
y passed
2024 Construction Project (Phase II);
Proposal on Land Acquisition and
Storage and Signing of Formal
Agreements
Proposal on the company's
compliance with the conditions for
Decemb issuing A-shares to specific
Unanimousl
er 6 targets; Proposal on the issuance of
y passed
2024 A-shares by the company to
specific targets in 2024 involving
related party transactions;
50Chongqing Changan Automobile Company Limited 2024 Annual Report
Proposal on the company's plan to
issue A-shares to specific targets in
2024; Proposal on the Plan for
Issuing A-shares to Specific
Targets by Chongqing Changan
Automobile Co. Ltd. in 2024;
Proposal on the Feasibility
Analysis Report on the Use of
Funds Raised by Chongqing
Changan Automobile Co. Ltd.'s
Issuance of A-shares to Specific
Targets in 2024; Proposal on the
Analysis Report of the Plan for
Chongqing Changan Automobile
Co. Ltd. to Issue A-shares to
Specific Objects in 2024; Proposal
to request approval from the
shareholders' meeting of the
company to exempt the CSG and
its concerted action parties from
issuing offers; Proposal on the
signing of a conditional and
effective share subscription
agreement between the company
and the subscribed parties
regarding the issuance of A-shares
to specific parties; Proposal on the
Company's issuance of A-shares to
specific targets in 2024 to dilute
immediate returns take remedial
measures and make commitments
to relevant entities; Proposal on the
Shareholders' Return Plan for
Chongqing Changan Automobile
Co. Ltd. in the Next Three Years
(2024-2026); Proposal on
Requesting the Shareholders'
Meeting of the Company to
Authorize the Board of Directors
to Fully Handle Matters Related to
the Issuance of A-shares to
Specific Targets
Proposal on increasing capital to
joint venture enterprises; Proposal
on increasing capital and
expanding shares of the holding
Decemb subsidiary through public listing;
Unanimousl
er 17 Proposal on the Disposal of Land
y passed
2024 and Housing Assets of Yubei
Factory and Signing of Acquisition
Agreement; Proposal on the
Disposal of Chongqing Lingyao
Equipment Assets
VIII. The work of the board of supervisors
Whether the company was at risk during the report period according to the supervision of the board of supervisors
□Yes √ No
The Board of Supervisors supervised and inspected the legal compliance of the company's financial situation
measurement of managing major affairs of the company operation and management activities and the
implementation of major strategies.The Board of Supervisors has no objection to the supervision matters during the reporting period.
51Chongqing Changan Automobile Company Limited 2024 Annual Report
IX. The Employees of the Company
1. The number of employees professional field and education level
Number of incumbent employees in the parent company 36299
Number of incumbent employees in major subsidiaries 18820
Total number of incumbent employees 55119
Total number of incumbent salaried employees 55119
Number of retired employees for whom parent company and
2995
major subsidiary bear the costs
Professional composition
Professional fields Number
Production 33296
Sales 2067
Technology 14645
Finance 445
Administration 1037
Management 3629
Total 55119
Educational Background
Degree Number
PhD 144
Master 4981
Bachelor 16758
Junior college 16814
Technical secondary school and high school 15359
Middle school and below 1063
Total 55119
2. Compensation policy
The Company adheres to co-creating and profit sharing and continuously deepens the reform of its
compensation system. It is performance-driven and result-oriented so that compensation reflects company earnings.The Company improves organizational vitality through rigorous performance management and enhances business
operations through better labor cost management. It continuously improves the compensation system strengthens
the benchmarking of performance-based compensation and improves the effectiveness of distribution. It also
continuously improves the medium- and long-term incentive and restraint mechanisms closely linking the interests
of crucial employees with the Company's medium- and long-term operations to support the Company's strategic
development.
3. Training plan
In 2025 employee training programs will focus on strategy reform products marketing hard work and
effectiveness so that the Company transforms into an intelligent and low-carbon mobility technology provider. In
2025 it will continue to focus on the Vast Ocean Plan and quickly build up global capabilities by giving its Chinese
workforce more international perspectives and assimilate its foreign hires culturally. It will strengthen employee
empowerment carry out tiered and targeted training in areas such as brand customer service and product planning
and reserve a group of strategic talents with great potentials. It attaches importance to production launches projects
such as the Blue Whale Plan to train versatile talents and enable breakthroughs.
4. Outsourcing of services
□ Applicable √ Not applicable
X. Distribution of profits and capital reserve
The formulation implementation or adjustment of profit distribution policies especially the formulation
implementation or the adjustment situation of cash dividend policy.√ Applicable □Not applicable
In accordance with the relevant regulations of the China Securities Regulatory Commission (CSRC) and the
52Chongqing Changan Automobile Company Limited 2024 Annual Report
Shenzhen Stock Exchange and considering the actual situation of the company the Company's Articles of
Association clearly stipulate the scope of distributable profits dividend distribution methods principles forms
conditions and ratios for cash dividends conditions for stock dividends procedures for formulating and reviewing
profit distribution plans implementation of the plans conditions for adjusting the distribution policy and the decision
- making procedures etc. This strengthens the institutional guarantee for investors' dividend returns. For the
company's specific profit distribution policy please refer to the Company's Articles of Association. The profit
distribution plan of the company during the reporting period complies with relevant regulations such as the
Company's Articles of Association.Special statement for cash dividend policy
Whether it comply with the Articles of Association or the resolutions of the
Yes
shareholders' general meeting:
Are the standard and the proportion of distribution clear: Yes
Are the related decision-making process and mechanism thorough: Yes
Have independent directors fulfilled their duties and performed their due roles: Yes
If the company does not distribute cash dividends specific reasons should be
Not Applicable
disclosed as well as the measures to be taken next to enhance investor returns:
Whether medium and minority shareholders have the chance to fully express their
views and demands and whether the legitimate rights and interests are fully Yes
protected:
Whether cash dividend policy is adjusted or changed and whether the conditions
Not Applicable
and procedures are compliant and transparent:
During the reporting period the company made profits and the parent company could distribute profits to
shareholders but did not put forward the dividend distribution plan
□ Applicable √ Not applicable
Plans of profit distribution and increase of capital stock by transfer of capital reserve during the reporting period
√ Applicable □Not applicable
Number of bonus shares per ten shares (share) 0
Dividend per ten shares (RMB) (tax included) 2.95
Increased shares through transfer for per 10 shares
0
(shares)
Equity base of distribution plan (shares) 9914086060
Cash dividends (RMB) (tax included) 2924655387.70
Cash dividend (RMB) of other means (such as
0.00
repurchase)
Total cash dividend (RMB) (including other means) 2924655387.70
Distributable profits (RMB) 47158746846.13
Proportion (%) of cash dividends (including other
100%
means) to total profit distribution
Cash dividend policy：
Others
Detailed description of profit distribution or increase of capital stock by transfer of capital reservesThe 40th meeting of the 9th - session board of directors of the Company reviewed and approved the “2024 AnnualProfit Distribution Plan”. This proposal still needs to be submitted to the company's 2024 annual general meeting
of shareholders for deliberation. It complies with the provisions of the company's articles of association. The
relevant decision - making procedures and mechanisms are complete which fully protects the legitimate rights and
interests of small and medium - sized investors.XI. Implementation of company equity incentive plans employee stock incentive
plans or other incentive measures
√ Applicable □ Not applicable
1. Equity incentive
On July 13 2020 the 2nd meeting of the 8th Session of Board of Directors and the 2nd meeting of the 8thSession of Board of Supervisors reviewed and approved proposals such as “Proposal on
53Chongqing Changan Automobile Company Limited 2024 Annual Report
On February 1 2021 the 11th meeting of the 8th Session of Board of Directors and the 7th meeting of the 8thSession of Board of Supervisors reviewed and approved proposals such as “Proposal on
directors expressed their independent agreement on the incentive plan revision.On February 18 2021 the Company held the first extraordinary general meeting in 2021 and reviewed andapproved proposals such as “Proposal on
shares was March 5 2021.On August 30 2021 the Company held the 25th meeting of the 8th Session of Board of Directors and the 12thmeeting of the 8th Session of Board of Supervisors which reviewed and approved the “Proposal on Adjusting theRepurchase Price of A-Share Restricted Stock Incentive Plan” and “Proposal on Repurchase and Cancellation ofCertain Restricted Shares Granted to Incentive Objects but still with Sales Restriction”. The independent directors
expressed independent agreement.On September 17 2021 the Company held the second extraordinary general meeting in 2021 and reviewedand approved the “Proposal on Repurchase and Cancellation of Certain Restricted Shares Granted to IncentiveObjects but still with Sales Restriction”.On November 19 2021 the Company held the 29th meeting of the 8th Session of Board of Directors and the
15th meeting of the 8th Session of Board of Supervisors and reviewed and approved the “Proposal on Adjusting theAmount of Reserved A-Share Restricted Stock Incentive Plan” and “Proposal on Granting Reserved RestrictedStocks to the Incentive Objects of the A-Share Restricted Stock Incentive Plan”. The independent expressed
independent agreement.On December 21 2021 the Company completed the repurchase and cancellation of all 1.036 million restricted
shares that had been granted to the original 11 incentive objects but still had sales restrictions.On December 30 2021 the Company completed the registration of the reserved restricted stock and disclosed
the “Announcement on the Completion of the Grant of the Reserved A-Share Restricted Stock of the Incentive Plan”;
356 people were granted with 17761200 reserved restricted stocks. The listing date of reserved restricted stocks
was December 31th 2021.On August 2 2022 the company held the 43rd meeting of the 8th Board of Directors and the 18th meeting of
the 8th Board of Supervisors and reviewed and approved the Proposal on Adjusting the Repurchase Price of A-share
Restricted Stock Incentive Plan and Repurchasing and Cancelling Some Restricted Stocks. The independent directors
of the company have expressed independent opinions that they agree with.On August 18 2022 the company held the third extraordinary general meeting of shareholders in 2022 and
reviewed and approved the Proposal on Adjusting the Repurchase Price of the A-share Restricted Stock Incentive
Plan and Repurchase and Cancellation of Some Restricted Stocks.On February 17 2023 the company held the 52nd meeting of the 8th Board of Directors and the 21st meeting
of the 8th Board of Supervisors and reviewed and approved the Proposal on the Achievements of the First Release
of Restriction Conditions during the First Grant Period of the A-share Restricted Stock Incentive Plan. The
independent directors of the company have expressed independent opinions that they agree with.On March 3 2023 the company disclosed the “Indicative Announcement on the Release of Restricted Sharesfrom Listing and Circulation during the First Release Period of the First Grant Part of the A-share Restricted StockIncentive Plan” and the date of release of restricted shares from listing and circulation was March 6th 2023.On March 3 2023 the company disclosed the “Notice on the First Release of Restricted Shares during the FirstRelease Period of the A-share Restricted Stock Incentive Plan”. The date for the release of restricted shares is March
62023.
On June 20 2023 the company completed the repurchase and cancellation of a total of 2.476422 million
restricted shares that had been granted to some of the original incentive recipients but had not yet been released from
restrictions.On July 27 2023 the company held the first meeting of the ninth board of directors and the first meeting of the
ninth board of supervisors and approved the proposal on revising the company's A-share restricted stock incentive
plan. The independent directors of the company have expressed a unanimous independent opinion.On August 30 2023 the company held the third meeting of the ninth board of directors and the second meeting
of the ninth board of supervisors and approved the proposal on adjusting the repurchase price of the A-share
restricted stock incentive plan and repurchasing and canceling some restricted stocks. The independent directors of
54Chongqing Changan Automobile Company Limited 2024 Annual Report
the company have expressed a unanimous independent opinion.On September 15 2023 the company held its second extraordinary general meeting of shareholders and
approved the proposals on revising the company's A-share restricted stock incentive plan and adjusting the
repurchase price of the A-share restricted stock incentive plan and repurchasing and canceling some restricted stocks.On December 5 2023 the company completed the repurchase and cancellation of a total of 2033967 restricted
stocks that had been granted to some of the original incentive objects but had not yet been released from restrictions.On December 8 2023 the company held the 12th meeting of the 9th Board of Directors and the 4th meeting of
the 9th Board of Supervisors and approved the proposal on the achievement of lifting the lock up conditions of the
A-share restricted stock incentive plan. The company's nomination and salary assessment committee has issued a
unanimous opinion.On December 27 2023 the company disclosed the “Notice on the Release of Restricted Shares from the A-share Restricted Stock Incentive Plan” with the date of release of restricted shares being January 2 2024.On February 22 2024 the company held the 17th meeting of the 9th Board of Directors and the 5th meeting ofthe 9th Board of Supervisors and approved the “Proposal on the Achievement of the Second Release of RestrictedPeriod and Release of Restricted Conditions for the A-share Restricted Stock Incentive Plan”. The company's
nomination and salary assessment committee has issued a unanimous opinion.On March 2 2024 the company disclosed the “Notice on the Second Release of Restricted Shares during theSecond Release Period of the First Grant of the A-share Restricted Stock Incentive Plan” with the date of the release
of restricted shares being March 5 2024.On August 30 2024 the company held the 26th meeting of the 9th Board of Directors and the 8th meeting of
the 9th Board of Supervisors and approved the proposal on adjusting the repurchase price of the A-share restricted
stock incentive plan and repurchasing and canceling some restricted stocks. The company's nomination and salary
assessment committee has issued a unanimous opinion.On September 19 2024 the company held its third extraordinary general meeting of shareholders and approved
the proposal on adjusting the repurchase price of the A-share restricted stock incentive plan and repurchasing and
canceling some restricted stocks.On December 20 2024 the company completed the repurchase and cancellation of a total of 3.202973 million
restricted shares that had been granted to some of the original incentive objects but had not yet been released from
restrictions.On December 26 2024 the company disclosed the “Notice on the Second Release of Restricted Shares duringthe Second Release Period of the Reserve Grant for the A-share Restricted Stock Incentive Plan” and the date for
the release of restricted shares for listing and circulation is December 31 2024.On February 21 2025 the company held the 38th meeting of the 9th Board of Directors and the 11th meeting
of the 9th Board of Supervisors and approved the proposal on the achievement of the third unlocking period and
unlocking conditions for the A-share restricted stock incentive plan. The company's nomination and salary
assessment committee has issued a unanimous opinion.On March 4 2025 the company disclosed the “Notice on the Third Release of Restricted Shares during theThird Release Period of the First Grant of the A-share Restricted Stock Incentive Plan” with the date of release of
restricted shares being March 5 2025.Equity incentives for directors and senior management
√ Applicable □ Not applicable
Unit: share
Price of Number of
Exercisab Shares Grant price
shares Market price Number of Number of newly Number of
le shares exercised of
exercised at the end of restricted shares granted restricted
during during restricted
Name Position during the the reporting shares held at unlocked in restricted shares held at
the the shares
reporting period the beginning the current shares during the end of the
reporting reporting (RMB/shar
period (RMB/share) of the period period the reporting period
period period e)
(RMB/share) period
Zhu Chairman and Party
13.363048501501502.73154700
Huarong Secretary
Zhao Fei Director 13.36 236564 97097 -139467 2.73 0
Director chief
Zhang
accountant board 13.36 236564 116516 2.73 120048
Deyong
secretary
Tan Chief human
13.362365641165162.73120048
Benhong resources officer
Executive vice
Ye Pei 13.36 236564 116516 2.73 120048
president
Li Executive vice
13.362365641165162.73120048
Mingcai president
Yang Executive vice
13.36168974832266.8885748
Dayong president
Executive vice
Peng Tao 13.36 166570 82042 2.73 84528
president
Zhang Executive vice
13.36166570820422.7384528
Xiaoyu president
Wang Executive vice 13.36 115233 56757 2.73 58476
55Chongqing Changan Automobile Company Limited 2024 Annual Report
Xiaofei president
Wang Hui Vice president 13.36 115233 56757 2.73 58476
Zhang
Vice president 13.36 166570 82042 2.73 84528
Fatao
He Gang Vice president 13.36 76822 37838 2.73 38984
Board secretary
Li Jun 13.36 166570 82042 -84528 2.73 0
(resigned)
Executive vice
Chen Wei president 13.36 236564 116516 2.73 120048
(resigned)
Director president
Wang Jun 13.36 243880 120120 2.73 123760
(resigned)
Total -- -- -- 3110656 1512693 -223995 -- 1373968
1. As of the disclosure date of this report the above-mentioned personnel and their positions are as follows:;
2. The original initial grant price of the company's A-share restricted stock was 6.66 yuan/share and the reserved grant price
was 9.93 yuan/share. The number of shares and grant prices mentioned above have been adjusted accordingly based on the
Remarks (if any)
implementation of the company's equity distribution plans from 2020 to 2023.
3. During the reporting period the number of newly granted restricted stocks subject to repurchase and cancellation totaled
223995 shares.
Evaluation mechanism and incentives for senior managers
For details please refer to “V. 3. Remuneration of Directors Supervisors and Senior Management” in Chapter 4.
2. Implementation of employee stock ownership plans
□ Applicable √ Not applicable
3. Other employee incentives
□ Applicable √ Not applicable
XII. Internal Control System and Implementation during the Reporting Period
1. Internal Control and Implementation
The Company has improved the organizational structure of internal control and enhanced effectiveness. A team
of corporate internal control specialists has been assembled to form a working mechanism with clear accountability
and smooth communication between different levels and improve cross-department communication. Key processes
received internal control supervision throughout their execution. Said team provided risk consultation whenever and
wherever processes took place participated in internal control process design and expressed opinions on important
occasions to strengthen the effectiveness of internal control.Management systems have been improved so that the internal control system is more binding. A professional
team was assembled to manage institutional documents objectives basic requirements and implementation plans
to improve business efficiency. Design of internal control systems has been strengthened. Internal Control Evaluation
Management Procedure and the Internal Control Evaluation Manual has been reviewed and revised. Scope of work
and accountability in internal control have been made clear. Scope criteria and steps of internal control evaluation
have been organized for closed-loop management of control evaluation and rectification.The Company has strengthened authorization management to cement the foundation of internal control. The
Company's internal authorization management system has been reviewed authorization levels refined authorization
matters clarified and authorization tables covering all businesses and organizational structures continuously updated.The Company has been assiduously assigning the right person to the right job and making roles and responsibilities
clear.Internal control system has also been set up overseas to prevent risks. A systemic list detailing important
management elements in each business area has been made to help units abroad at all levels improve management
and documentations. Organizational structures and documentations have been set up in accordance with local laws
regulations and realities. Professional teams have been assembled to supervise and oversee internal control overseas
help identify and solve problems.Internal control evaluations have taken place for the system’s own betterment. All levels closely reference the
Internal Control Evaluation Manual as they evaluate the effectiveness of internal control implementation identify
problems formulate measures make improvements and ensure effective and disciplined operation of the Company's
internal control system.
56Chongqing Changan Automobile Company Limited 2024 Annual Report
2. Details of significant defects in internal control during the reporting period
□ Yes √ No
XIII. Management and control of subsidiaries of the company during the
reporting period
Problems
Integration Integration Follow-up
Name encountered in Solutions taken Progress
plan progress solution plan
the integration
Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
Note: During the reporting period the company did not make any new purchases of subsidiaries.XIV. Internal control self-evaluation report or internal control audit report
1. Self-evaluation report of internal control
Date of Full-text disclosure of internal
April 11 2025
control evaluation report
Inquiry index of internal control evaluation
www.cninfo.com.cn
report full text disclosure
The proportion of the total assets of units
included in the evaluation scope to the total
100%
assets in the company's consolidated
financial statements
The proportion of the operating income of
the unit in the evaluation scope to the total
100%
operating income of the company's
consolidated financial statements
Defect identification standard
Type Financial reports Non-financial report
1. Lack of or violation of democratic
1. Fraud of the directors supervisors and
decision-making procedures;
senior managers of the Company.
2. Violation against state laws and
2. The Company shall correct the published
regulations with serious punishment;
financial report to correct major
3. Large loss of medium and senior
misstatements caused by fraud or errors or
management personnel and senior
major misstatements in the current financial
technical personnel;
Qualitative standards report found by certified public accountants
4. Frequent and serious negative media
but not identified by the company's internal
coverage that spread far;
control of the Company.
5. Lack of institutional control or
3. The Audit Committee has ineffective
institutional system failure of important
supervision over the company’s external
business;
financial reports and financial report internal
6. Major defects in internal control not
control.rectified.The misstatement amount in the financial Identification according to the internal
Quantitative standards statements in the following range: control defect quantitative standard in
Misstated 1% of the total assets financial report.Number of material defects in financial
0
reports
Number of material defects in non-
0
financial reports
Number of important defects in financial
0
reports
Number of important defects in non-
0
financial reports
2. Internal control audit report
√ Applicable □ Not applicable
Review opinions of the internal control audit report
57Chongqing Changan Automobile Company Limited 2024 Annual Report
The audit opinion in the internal control audit report issued by Lixin Certified Public Accountants (Special General Partnership) is
as follows: Chongqing Changan Automobile Co. Ltd. maintained effective internal control over financial reporting in all material
aspects as of December 31 2024 in accordance with the Basic Standards for Enterprise Internal Control and relevant regulations.Disclosure of the internal control
Disclosed
audit report
Date of full text disclosure of the
April 11 2025
internal control audit report
Inquiry index of Internal Control
www.cninfo.com.cn
Audit Report
Opinion type of internal control
Standard without reservations
audit report
Material defects in non-financial
None
reports
Whether the accounting firm issues a non-standard opinion internal control audit report
□Yes √ No
Whether the internal control audit report issued by the accounting firm is consistent with the self-evaluation report
of the board of directors
√Yes □No
XV. Rectification of self-inspection problems in the Special Action of Listed
Companies
According to the company’s self-inspection the company’s overall compliance operation shows that there are
no issues requiring rectification.
58Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 5 Environmental and Social Responsibility
Ⅰ. Major Environment Concerns
Whether the listed company and its subsidiaries are reckoned as major pollutant discharging units by environment
protection department or not
√Yes □No
Environmental protection-related policies and industry standards
The company strictly implements the laws regulations standards and requirements for environmental
protection in its production and operation. The regulatory standards include Environmental Protection Law of the
People’s Republic of China Law on Air Pollution Prevention and Control Law of the People’s Republic of China
on Prevention and Control of Water Pollution Law of the People’s Republic of China on Prevention and Control of
Environmental Pollution by Solid Waste Law of People’s Republic of China on Environmental Impact Assessment
etc.Administrative regulations or rules include Measures for the Administration of Environmental Monitoring
Measures for the Administration of the List of Key Units of Environmental Supervision Administrative Measures
for the Legal Disclosure of Enterprise Environmental Information Contingency Plan for Environmental
Emergencies etc.National standards include Integrated Wastewater Discharge Standard Integrated Emission Standard of Air
Pollutants Standard for Fugitive Emission of Volatile Organic Compounds Technical Requirement for Low-
Volatile-Organic-Compound-Content Coatings Product Technical specification for operation of wastewater online
monitoring system (CODCr NH3-N et al.) Technical Specification for Continuous Monitoring of Non-Methane
Total Hydrocarbons in Waste Gas from Stationary Pollution Sources Technical guide for leak detection and repair
of volatile organic compounds in industriesetc Technical Specifications for the Setting of Hazardous Waste
Identification Signs etc. Industry standards include Technical Specification for Application and Issuance of Pollutant
Permit Automotive Industry Foundry Industry Air Pollutant Emission Standards Technical Guidelines for Self-
monitoring of Pollutant Discharging Units etc.Local standards include Emission standard of Air Pollutants for Surface Coating of Automobile Manufacturing
Industry Emission Standard of Air Pollutants for Catering Industry Emission Standard of Air Pollutants for Boilers
etc.The company collects and interprets the newly released and implemented regulations and standards quarterly
and conducts compliance evaluations to ensure that the company’s production and operation are always legally
compliant. In 2024 a total of 49 environmental protection regulations including the Catalogue of Solid Waste
Classification and Code Management Measures for Pollutant Discharge Permits and National Hazardous Waste
List (2025 Edition) were collected including 29 at the national level and 20 at the local level.Environmental Protection Administrative License
——Administrative License Information for Construction Projects
During the reporting period a total of nine environmental impact assessment approval documents for
construction projects were involved as follows:
Name and document number of environmental Approval
Name of construction project Approval Authority
impact assessment approval document acquisition time
Approval Letter for Environmental Impact
Chongqing Lingyao Production Line Chongqing Municipal
Assessment Documents of Construction Projects
Leveling and Completing Technical Bureau of Ecology and January 5 2024
in Chongqing City
Renovation Project Environment
(YSHZ [2024] No. 3)
Approval Letter for Environmental Impact Liangjiang New Area
Jiangbei Engine Factory Capacity
Assessment of Construction Projects in Branch of Chongqing
Adjustment Efficiency Improvement January 25 2024
Chongqing City Ecological Environment
Project
(YLJHZ [2024] No. 13) Bureau
Approval Letter for Environmental Impact Liangjiang New Area
Changan Automobile HE Series Engine
Assessment of Construction Projects in Branch of Chongqing
Production Line Technical Renovation May 10 2024
Chongqing City Ecological Environment
Project (Phase II)
(YLJHZ [2024] No. 57) Bureau
Technical Renovation Project of E16 Approval Letter for Environmental Impact Liangjiang New Area
C385MAC Series Electric Passenger Assessment Document of Construction Projects Branch of Chongqing
August 6 2024
Vehicle Production Line in the First in Chongqing Ecological Environment
Factory Area of Liangjiang Factory (YLJHZ [2024] No. 86) Bureau
59Chongqing Changan Automobile Company Limited 2024 Annual Report
Chongqing Changan Automobile Co. Approval Letter for Environmental Impact
Chongqing
Ltd. Yubei Factory Replacement and Assessment Documents of Construction Projects
environmental protection August 6 2024
Green Intelligent Upgrade Construction in Chongqing City
bureau
Project (YSHZ [2024] No. 47)
Chongqing Changan Automobile Co.Ltd. Intelligent Electric Vehicle Super
Digital Platform Development Approval Letter for Environmental Impact Liangjiang New Area
Verification Capability and Production Assessment of Construction Projects in Branch of Chongqing
October 24 2024
Line Upgrade Construction Project Chongqing City Ecological Environment
(EDS2 Series Electric Drive Controller (YLJHZ [2024] No. 114) Bureau
Assembly Production Line Industrial CT
Project)
Chongqing Lingyao Production Line Approval Letter for Environmental Impact
Chongqing Municipal
Leveling and Completing Technical Assessment Documents of Construction Projects
Bureau of Ecology and November 1 2024
Renovation Project (Re submitted for in Chongqing City
Environment
Approval) (YSHZ [2024] No. 64)
Approval of the Environmental Impact
Assessment Report for the Intelligent Upgrade
Beijing Changan Automobile Company
and Renovation Project of Beijing Changan Beijing Municipal
D587 Series Electric Passenger Vehicle
Automobile Company's D587 Series Electric Bureau of Ecology and November 14 2024
Production Line Intelligent Upgrade and
Passenger Vehicle Production Line by the Beijing Environment
Transformation Project
Municipal Bureau of Ecology and Environment
(JHS [2024] No. 118)
Approval Letter for Environmental Impact
Chongqing Lingyao Automobile Co. Banan District
Assessment Documents of Construction Projects
Ltd. Factory Acquisition Storage Ecological Environment December 24 2024
in Chongqing City
Relocation and Reconstruction Project Bureau
(YBHS (2024) No. 080)
——Information on administrative permission for pollutant discharge
During the reporting period the original Jiangbei Engine Factory was renamed as the New Power Factory and
the focus of pollutant discharge permit management was changed to simplified management. Each base involves a
total of 25 pollutant discharge permit documents including 1 initial application 13 reapplication 10 changes 1continuation and 0 others. Please refer to the “National Pollutant Discharge Permit Management InformationPlatform” for details website: http://permit.mee.gov.cn.——Other administrative licensing information
None.Industry emission standards and specific conditions of pollutant emissions involved in
production and business activities
Total
Name of the Number of Distribution of Discharge Total
Main pollutants and specific Discharge approved Excessive
company or discharge discharge concentration Pollutant discharge standards discharge
pollutants means discharge emissions
subsidiary outlets outlets (mg/L) (Tons/year)
(Tons/year)
Codcr 47.61 20.43 116.20 —
Ammonia
1.42 Integrated Wastewater Discharge 0.61 5.80 —
nitrogen Two workshop
Standard (GB8978-1996);
Intermittent facility outlets
Waste water Total nickel 3 0.02 Requirements for influent water 0.001 0.06 —
emissions one factory
quality of Chengbei sewage
main outlet
Total zinc 0.03 treatment plant 0.01 - —
Phosphate 0.32 0.14 - —
Chongqing Emission Standards for Air
So2 0.48 1.50 5.15 —
Changan Pollutants from Surface Coating
Automobile of Automobile Manufacturing (DB
Nox 4.19 13.13 45.63 —
Co. Ltd. 50/577-2015) Emission Standards
Yubei Surrounding for Air Pollutants from Industrial
Particulate Organized Factory 0.05 0.15 — — Exhaust gas 34 the factory Kilns (DB 50/659-2016)
emissions
building Comprehensive Emission
Vocs 5.64 23.02 111.30 —
Standards for Air Pollutants (DB
50/418-2016) and Emission
Toluene+Xylene 1.19 Standards for Air Pollutants from 3.74 — —
Boilers (DB 50/658-2016)
During the reporting period Chongqing Changan Automobile Co. Ltd. Yubei Factory was included in the list of key
environmental supervision units (atmospheric environment environmental risk monitoring) in Yubei District Chongqing for
Soil 2024. A total of 2412.17 tons of hazardous waste were generated in this period and 2412.17 tons have been legally utilized —
and disposed of by manufacturers with hazardous waste management qualifications; 23652.26 tons of general industrial solid
waste were generated and 23652.26 tons were utilized and disposed of.Chongqing Integrated Wastewater Discharge
Codcr 37.94 6.29 30.97 —
Changan A factory's Standard (GB8978-1996);
Intermittent
Automobile Waste water 1 main exhaust Requirements for Inlet Water
Ammonia emissions
Co. Ltd. outlet 7.98 Quality of Shiping Sewage 1.53 2.81 —
nitrogen
Yubei Treatment Plant
Factory
So2 Surrounding 1.35 Emission Standards for Air 0.84 1.38 —
New Organized
Exhaust gas 40 the factory Pollutants from Surface Coating
Factory emissions
Nox building 34.66 of Automobile Manufacturing (DB 7.85 12.17 —
Area
60Chongqing Changan Automobile Company Limited 2024 Annual Report
50/577-2015); Emission Standards
Particulate 0.15 0.17 —
for Air Pollutants from Industrial
Kilns (DB 50/659-2016);
Comprehensive Emission
Standards for Air Pollutants (DB
Vocs 0.47 0.01 29.67 —
50/418-2016); Emission Standards
for Air Pollutants from Boilers
(DB 50/658-2016)
During the reporting period the new factory area of Chongqing Changan Automobile Co. Ltd. in Yubei obtained its pollutant
discharge permit for the first time on February 24 2024 and has not yet been included in the list of key environmental
Soil supervision units. A total of 1753.29 tons of hazardous waste were generated in this period which have been legally utilized —
and disposed of by manufacturers with hazardous waste management qualifications; 6546.92 tons of general industrial solid
waste were generated and utilized for disposal.Codcr 73.12 7.93 14.02 —
Integrated Wastewater Discharge
Ammonia One workshop
1.74 Standard (GB8978-1996); 0.79 1.4 —
nitrogen Intermittent facility outlet
Waste water 2 Requirements for Inlet Water
emissions one factory
Total nickel 0.16 Quality of Guoyuan Port Sewage 0.01 0.04 —
main outlet
Treatment Plant
Total zinc 0.13 0.02 0.28 —
Emission Standards for Air
Chongqing So2 0 0.00 1.23 —
Pollutants from Surface Coating
Changan
of Automobile Manufacturing (DB
Automobile Nox 73.8 13.76 18.23 —
50/577-2015); Emission Standards
Co. Ltd.for Air Pollutants from Industrial
(Two Rivers Particulate Surrounding 0 0.00 36.14 —
Organized Kilns (DB 50/659-2016);
Factory Exhaust gas 32 the factory
emissions Comprehensive Emission
One Factory Vocs building 4.03 7.70 63.06 —
Standards for Air Pollutants (DB
Area)
50/418-2016);
Emission Standards for Air
Toluene+Xylene 0.22 0.65 2.68 —
Pollutants from Boilers (DB
50/658-2016)
During the reporting period the Liangjiang Factory of Chongqing Changan Automobile Co. Ltd. was included in the list of
key environmental supervision units (water environment atmospheric environment environmental risk monitoring) in
Soil Liangjiang New Area Chongqing in 2024. A total of 1778.44 tons of hazardous waste were generated in this period and —
1780.44 tons have been legally utilized and disposed of by manufacturers with hazardous waste management qualifications;
16929.87 tons of general industrial solid waste were generated and 16929.87 tons were utilized and disposed of.
Codcr 59 34.20 46.00 —
Integrated Wastewater Discharge
Ammonia One workshop
2.67 Standard (GB8978-1996); 1.53 4.60 —
nitrogen Intermittent facility outlet
Waste water 2 Requirements for Inlet Water
emissions one factory
Total nickel 0.01 Quality of Guoyuan Port Sewage 0.001 0.14 —
main outlet
Treatment Plant
Total zinc 0.05 0.03 1.38 —
Chongqing Emission Standards for Air
So2 1.35 0.16 4.12 —
Changan Pollutants from Surface Coating
Automobile of Automobile Manufacturing (DB
Nox 63.30 29.74 34.72 —
Co. Ltd. 50/577-2015); Emission Standards
(Second Surrounding for Air Pollutants from Industrial
Particulate Organized 1.85 1.70 50.61 —
Factory Exhaust gas 47 the factory Kilns (DB 50/659-2016);
emissions
Area of building Comprehensive Emission
Liangjiang Vocs 0.24 5.63 543.23 — Standards for Air Pollutants (DB
Factory) 50/418-2016); Emission Standards
Toluene+Xylene 0.32 for Air Pollutants from Boilers 1.31 5.49 —
(DB 50/658-2016)
During the reporting period the second plant area of Chongqing Changan Automobile Co. Ltd.'s Liangjiang Factory was
included in the list of key environmental supervision units (water environment atmospheric environment environmental risk
monitoring) in Liangjiang New Area Chongqing in 2024. A total of 2799.83 tons of hazardous waste were generated in this
Soil —
period and 2800.34 tons have been legally utilized and disposed of by manufacturers with hazardous waste management
qualifications; 31373.60 tons of general industrial solid waste were generated and 31373.60 tons were utilized and disposed
of.Codcr 57.9 11.46 148.68 —
Integrated Wastewater Discharge
One workshop
Total nickel 0.11 Standard (GB8978-1996); 0.002 0.16 —
Intermittent facility outlet
Waste water 2 Requirements for Inlet Water
Ammonia emissions one factory
3.33 Quality of Guoyuan Port Sewage 0.64 6.68 —
nitrogen main outlet
Treatment Plant
Total zinc 0.14 0.03 0.8 —
Chongqing Emission Standards for Air
Particulate 0.13 0.02 25.96 —
Changan Pollutants from Surface Coating
Automobile of Automobile Manufacturing (DB
Vocs 2.91 1.21 130.93 —
Co. Ltd. 50/577-2015); Emission Standards
(Three Surrounding for Air Pollutants from Industrial
SO2 Organized 0.38 0.02 1.85 —
Factory Exhaust gas 42 the factory Kilns (DB 50/659-2016);
emissions
Areas of building Comprehensive Emission
Liangjiang Toluene+Xylene 0.08 0.04 0.31 — Standards for Air Pollutants (DB
Factory) 50/418-2016); Emission Standards
Nox 57.11 for Air Pollutants from Boilers 9.73 23.92 —
(DB 50/658-2016)
During the reporting period the third plant area of Chongqing Changan Automobile Co. Ltd.'s Liangjiang Factory was
included in the list of key environmental supervision units (water environment atmospheric environment environmental risk
monitoring) in Liangjiang New Area Chongqing in 2024. A total of 1146.84 tons of hazardous waste were generated in this
Soil —
period and 1150.21 tons have been legally utilized and disposed of by manufacturers with hazardous waste management
qualifications; 14064.41 tons of general industrial solid waste were generated and 14064.41 tons were utilized and disposed
of.Chongqing Waste water Codcr Intermittent 2 One domestic 111.89 Integrated Wastewater Discharge 13.99 26.13 —
61Chongqing Changan Automobile Company Limited 2024 Annual Report
Changan emissions sewage outlet Standard (GB8978-1996);
Automobile Ammonia one factory Requirements for Inlet Water
9.141.402.61—
Co. Ltd. nitrogen main outlet Quality of Guoyuan Port Sewage
(New Power Treatment Plant
Factory HE
Particulate 10.73 9.14 — —
Plant Area) Emission Standards for Air
Pollutants from Industrial
SO2 6.19 5.27 — —
Surrounding Furnaces and Kilns (DB 50/659-
Organized
Exhaust gas Non methane 74 the factory 2016) ;
emissions
total building 3.08 Comprehensive Emission 2.63 — —
hydrocarbons Standards for Air Pollutants (DB
50/418-2016)
Nox 8.05 6.86 — —
During the reporting period the HE plant area of Chongqing Changan Automobile Co. Ltd.'s new power factory was included
in the list of key environmental supervision units (environmental risk monitoring) in Liangjiang New Area Chongqing in
Soil 2024. A total of 6048.62 tons of hazardous waste were generated in this period and 6048.62 tons have been legally utilized —
and disposed of by manufacturers with hazardous waste management qualifications; 1766.41 tons of general industrial solid
waste were generated and 1766.41 tons were utilized and disposed of.Integrated Wastewater Discharge
Codcr 98.53 7.23 11.08 —
Standard (GB8978-1996);
Intermittent Factory
Waste water 1 Requirements for Inlet Water
Ammonia emissions exhaust outlet
9.85 Quality of Guoyuan Port Sewage 0.72 1.11 —
nitrogen
Treatment Plant
Non methane
Chongqing
total 11.28 Emission Standards for Air 3.15 — —
Changan
hydrocarbons Pollutants from Industrial
Automobile
Surrounding Furnaces and Kilns (DB 50/659-
Co. Ltd. Nox Organized 12.08 3.37 — —
Exhaust gas 39 the factory 2016);
(NE Factory emissions
building Comprehensive Emission
Area of Particulate 61.33 17.12 — —
Standards for Air Pollutants (DB
New Power
50/418-2016)
Factory) SO2 6.79 1.90 — —
During the reporting period the NE plant area of Chongqing Changan Automobile Co. Ltd.'s new power factory was included
in the list of key environmental supervision units (environmental risk monitoring) in Liangjiang New Area Chongqing in
Soil 2024. A total of 6543.08 tons of hazardous waste were generated in this period which have been legally utilized and disposed —
of by manufacturers with hazardous waste management qualifications; 438.46 tons of general industrial solid waste were
generated and 438.46 tons were utilized and disposed of.Codcr 24.74 6.26 23.40 —
Ammonia
1.77 Integrated Wastewater Discharge 0.51 3.00 —
nitrogen One workshop
Standard (GB8978-1996);
Intermittent facility outlet
Waste water Total nickel 3 0.05L Requirements for Inlet Water 0 0.003 —
emissions two factory
Quality of Banan Drainage Co.main outlets
Total zinc 0.10 Ltd 0.01 — —
Phosphate 0.08 0.03 0.13 —
Chongqing Particulate 4.96 Emission Standards for Air 18.8 38.03 —
Lingyao Pollutants from Surface Coatings
Automobile Vocs 3.36 in Automobile Manufacturing (DB 10.57 111.40 —
Co. Ltd Surrounding 50/577-2015);
Organized
Exhaust gas Toluene+Xylene 40 the factory 0.2 Comprehensive Emission 0.45 6.46 —
emissions
building Standards for Air Pollutants (DB
SO2 3L 50/418-2016); 0 7.12 —
Boiler Air Pollutant Emission
Nox 9.46 Standards (DB 50/658-2016) 0.58 16.26 —
During the reporting period Chongqing Lingyao Automobile Co. Ltd. was included in the list of key environmental
supervision units (atmospheric environment environmental risk control) in Banan District Chongqing for 2024. A total of
Soil 2603.37 tons of hazardous waste were generated in this period and 2603.37 tons have been legally utilized and disposed of by —
manufacturers with hazardous waste management qualifications; 18388.50 tons of general industrial solid waste were
generated and 18388.50 tons were utilized and disposed of.Codcr 52.94 8.74 63.68 —
One workshop
Ammonia
facility exit 4.47 Comprehensive Emission 0.73 3.81 —
nitrogen Intermittent
Waste water 2 one factory Standards for Water Pollutants
emissions
Total nickel main exhaust 0.07 (DB11/307-2013) 0.001 0.01 —
outlet
Phosphate 2.15 0.34 5.09 —
Chongqing
Changan Emission Standards for Air
Nox 28.23 1.33 3.18 —
Automobile Pollutants in the Automotive
Co. Ltd. Manufacturing Industry
Vocs 9.21 22.15 458.76 —
Beijing Surrounding (DB11/1227-2023);
Organized
Changan Exhaust gas 52 the factory Comprehensive Emission
SO2 emissions — — —
Automobile building Standards for Air Pollutants
Co. Ltd (DB11/501-2017);
Particulate Boiler Air Pollutant Emission — — —
Standards (DB11/139-2015)
During the reporting period Chongqing Changan Automobile Co. Ltd. and Beijing Changan Automobile Co. Ltd. were
included in the list of key environmental supervision units (water environment atmospheric environment environmental risk
Soil monitoring) in Beijing for 2024. A total of 527.18 tons of hazardous waste were generated in this period which have been —
legally utilized and disposed of by manufacturers with hazardous waste management qualifications; 6013.42 tons of general
industrial solid waste were generated and utilized for disposal.Two workshop Integrated Wastewater Discharge
Hefei Codcr 32.07 29.99 169.55 —
facility exits Standard GB8978-1996;
Changan Intermittent
Waste water Total nitrogen 3 one factory Standard for takeover of sewage
Automobile emissions
(calculated as main exhaust 9.73 treatment plants in western 9.33 43.98 —
Co. Ltd
N) outlet clusters
62Chongqing Changan Automobile Company Limited 2024 Annual Report
Total nickel 0.03 0.002 0.09 —
Total
phosphorus 0.21 0.19 — —
(calculated as P)
Ammonia
0.910.8816.96—
nitrogen
Non methane
Emission Control Standards for
total 6.77 14.08 65.03 —
Volatile Organic Compounds in
hydrocarbons
Industrial Enterprises DB12/524-
Surrounding
SO2 Organized 27 2020; Comprehensive Emission 8.67 — —
Exhaust gas 76 the factory
emissions Standards for Air Pollutants
building
Particulate 5.63 DB31/933-2015; 24.50 — —
Boiler Air Pollutant Emission
Nox 66.04 Standards (GB 13271-2014) 30.62 — —
During the reporting period Hefei Changan Automobile Co. Ltd. was included in the list of key environmental supervision
units (water environment atmospheric environment environmental risk monitoring) in Hefei City in 2024. A total of 2089.34
Soil tons of hazardous waste were generated in this period and 2093.88 tons have been legally utilized and disposed of by —
manufacturers with hazardous waste management qualifications; 30064.53 tons of general industrial solid waste were
generated and 30064.53 tons were utilized and disposed of.Codcr 35.82 6.84 43.08 —
Total nitrogen
(calculated as 4.62 Integrated Wastewater Discharge 0.92 1.20 —
N) A factory's Standard (GB8978-1996); Intermittent
Waste water 1 main exhaust Takeover Standard of Nanjing
Total emissions
outlet Lishui Qinyuan Wastewater
phosphorus 0.56 0.09 0.39 —
Treatment Co. Ltd
(calculated as P)
Ammonia
0.940.290.86—
nitrogen
Nanjing Emission Standards for Volatile Nox 0 0.22 — —
Changan Organic Compounds from Surface
Automobile Coating (Automotive Particulate 1.96 3.52 — —
Co. Ltd Manufacturing Industry) Surrounding
Organized (DB32/2862-2016);
Exhaust gas Vocs 8 the factory 8.5 17.69 26.23 —
emissions Comprehensive Emission
building
Standards for Air Pollutants
(DB32/4041-2021); Boiler Air
SO2 0 0 — —
Pollutant Emission Standards
(DB32/4385-2022)
During the reporting period Nanjing Changan Automobile Co. Ltd. was included in the list of key environmental supervision
units (water environment atmospheric environment environmental risk monitoring) in Jiangsu Province for 2024. A total of
Soil 1251.66 tons of hazardous waste were generated in this period and 1256.03 tons have been legally utilized and disposed of by —
manufacturers with hazardous waste management qualifications; 10485.65 tons of general industrial solid waste were
generated and 10485.65 tons (including the old factory area) were utilized and disposed of.Ammonia
2.520.588.94—
nitrogen
Codcr 74.52 17.06 136.42 —
Two workshop Integrated Wastewater Discharge
Total nitrogen
facility exits Standard GB8978-1996;
(calculated as Intermittent 11.25 2.58 12.83 —
Waste water 4 and two Requirements for Inlet Water
N) emissions
factory main Quality of Gezhouba Water
Total exhaust outlets Management Dingzhou Branch
phosphorus 1.48 0.34 1.92 —
(calculated as P)
Total nickel 0.02 0.005 0.09 —
Hebei Comprehensive Emission So2 0.071 0.87 118.24 —
Changan Standards for Air Pollution
Automobile Non methane GB16297-1996 Emission
Co. Ltd total 4.64 Standards for Air Pollutants from 78.18 1450.96 —
hydrocarbons Industrial Furnaces DB1640-2012;
Surrounding
Organized Emission Control Standards for
Exhaust gas Particulate 142 the factory emissions 0.49 Volatile Organic Compounds in 8.14 904.20 —
building
Industrial Enterprises DB13/2322-
2016;
Nox 0.45 Emission Standards for Air 5.56 65.22 —
Pollutants from Boilers
DB13/5161-2020
During the reporting period Hebei Changan Automobile Co. Ltd. was included in the list of key environmental supervision
units (water environment atmospheric environment soil pollution supervision) in Dingzhou City for 2024. A total of 1820.49
Soil tons of hazardous waste were generated in this period and 1850.90 tons have been legally utilized and disposed of by —
manufacturers with hazardous waste management qualifications; 23805.03 tons of general industrial solid waste were
generated and 23805.03 tons were utilized and disposed of.During the reporting period all units of the company met the emission standards for various pollutants and
there were no cases of exceeding the standard or total emissions.Treatment of pollutants
Types of pollutants Main processing techniques Processing method
Venturi wet paint mist treatment/dry paper box paint
Spray VOCs exhaust gas mist treatment+zeolite wheel adsorption+incineration Discretion
Exhaust gas low-temperature plasma treatment
Drying VOCs waste gas TNV or RTO incineration Discretion
63Chongqing Changan Automobile Company Limited 2024 Annual Report
Activated carbon adsorption activated carbon filter
Other VOCs waste gases Discretion
cotton adsorption
Test exhaust gas (nitrogen
Automotive three-way catalytic converter Discretion
oxides)
Casting dust Bag filter Discretion
Casting Odor Alkali solution adsorption or biological adsorption Discretion
Aircraft fuel mist Mechanical filtration Discretion
Self handling or outsourced
Phosphating wastewater Coagulation sedimentation triple effect evaporation
operation
Self handling or outsourced
Waste water Oily wastewater Oil separation+emulsion breaking+air flotation
operation
Self handling or outsourced
Comprehensive wastewater Coagulation sedimentation+aerobic biochemistry
operation
Outsourced utilization and
Waste solvent Utilize or incinerate
disposal
Outsourced utilization and
Wet metal shavings Utilize
disposal
Aluminum ash residue Outsourced utilization and
Utilize
packaging drums disposal
Solid waste
Wastewater treatment Outsourced utilization and
Landfill
sludge disposal
Recyclable general Outsourced utilization and
Utilize
industrial solid waste disposal
Outsourced utilization and
Other Burning or landfilling
disposal
Noise Mechanical noise Vibration reduction and sound insulation Discretion
During the reporting period 52 sets of waste gas treatment facilities and 8 sets of wastewater treatment facilities
were added Specifically there are 46 sets of VOCs waste gas welding smoke and other waste gas treatment facilities
and 8 sets of painting waste gas and domestic sewage treatment facilities in the new factory area of Yubei. In addition
five sets of activated carbon adsorption waste gas treatment facilities have been added to the hazardous waste room
and tooling cleaning room of Liangjiang Factory. Moreover one set of activated carbon adsorption waste gas
treatment facility has been added to the tooling cleaning room and laundry room in Nanjing Changan. Pollution
control facilities are included in the preventive maintenance management of equipment just like production
equipment. Operation and maintenance operation manuals preventive maintenance procedures and preventive
maintenance plans have been established. Equipment inspection dosing slag removal consumables replacement
and other operation and maintenance records are complete. Key environmental supervision units (water environment
atmospheric environment) have installed automatic monitoring facilities for wastewater and exhaust gas in
accordance with the requirements of the local ecological environment department and commissioned third-party
professional companies to operate and maintain them. During the reporting period pollution control facilities and
automatic monitoring facilities were operating normally.Contingency Plan for environmental emergencies
Each base has conducted risk assessments and emergency resource investigations for sudden environmental
incidents in accordance with regulations formulated (revised) emergency plans for sudden environmental incidents
and environmental risk units have developed on-site disposal plans and continuously carried out hidden danger
investigation and treatment. During the reporting period the new factory area of Yubei completed the risk assessment
of sudden environmental incidents emergency resource investigation and the preparation and filing of emergency
plans for sudden environmental incidents. Beijing Changan and Hebei Changan completed the revision and filing.Each base shall develop emergency drill plans in accordance with regulatory requirements and carry out
emergency drills as planned continuously improving the practicality of emergency plans and the emergency
response capabilities of employees. There were no sudden environmental incidents during the reporting period.Environmental self-monitoring plan
During the reporting period all key units of the company's environmental supervision have prepared self-
monitoring plans and carried out self-monitoring in accordance with the requirements of laws and regulations and
disclosed monitoring information on self-monitoring data release platforms of various provinces as required by local
ecological environment authorities. See the following table for the public websites.Environmental Self-Monitoring Plan
Unit Name Website
Disclosure Platform
Yubei Factory Liangjiang Factory
Key Pollution Source Monitoring Data Release http://119.84.149.34:20003/publish2/dataSearc
Jiangbei Engine Factory Chongqing
Platform hPub/entList.aspx
Lingyao
National Pollutant Discharge Permit https://permit.mee.gov.cn/perxxgkinfo/syssb/x
Beijing Changan Automobile Company
Management Information Platform Open End kgg/xkgg!licenseInformation.action
64Chongqing Changan Automobile Company Limited 2024 Annual Report
Anhui Province Pollutant Discharge Unit Self
Hefei Changan Automobile Co. Ltd https://wryjc.cnemc.cn/gkpt/mainZxjc/340000
Monitoring Information Release PlatformJiangsu Province Enterprise “Environmentalhttp://218.94.78.61:8080/newPub/web/home.htNanjing Changan Automobile Co. Ltd Protection Facebook” Information Disclosure
m
Platform
Hebei Province Pollutant Discharge Unit Self
Hebei Changan Automobile Co. Ltd https://wryjc.cnemc.cn/gkpt/mainZxjc/130000
Monitoring Information Disclosure Platform
Investment in environmental treatment and protection and payment of environmental
protection tax
The company’s environmental protection investment mainly includes: the construction of environmental
protection facilities operation and maintenance of environmental protection facilities solid waste transportation and
disposal (hazardous waste included) sewage treatment monitoring revision of contingency plans purchase of
emergency materials environmental protection tax etc.The company paid environmental protection tax of RMB 1096900 in 2024.Measures taken to reduce carbon emissions during the reporting period and effects
√ Applicable □Not applicable
The Company's dual-carbon goals: Achieve peak carbon by 2027 carbon neutrality by 2045 reduce carbon
dioxide emissions per 10000 yuan of output value by 30% by 2030 and reduce carbon emissions in the supply chain
by 30% by 2030.The Company's manufacturing department has taken various carbon-reduction initiatives effectively achieving
a 2.2% year-on-year decrease in carbon emissions per vehicle manufactured and a 10% year-on-year decrease in
carbon emissions per engine. Specifically:
(1) The Company has taken every opportunity to decarbonize its production and manufacturing process. 41
carbon-reduction measures have been taken such as energy-efficiency process improvement efficient start-stop
and improved production scheduling resulting in carbon reduction of 13000 tons.
(2) Green and low-carbon transformation of the energy structure gathered pace. Plants in Chongqing Hefei
Nanjing Beijing and other places have added 95MW of distributed photovoltaic power stations to provide clean
energy for their own use. Total green electricity consumption throughout the year exceeded 100 million kWh with
photovoltaic power contributing 17.4% reducing 91000 tons in emissions.
(3) The Company actively assumes its responsibilities as a major emitter and met its obligations in carbon quota
pilot programs. Both the Beijing and Chongqing facilities ended the period within quota limits totaling 23000 tons.Meanwhile the Company actively built demonstration programs for green factories. Liangjiang Factory has won the
national green factory title and Chongqing Lingyao Factory has won the provincial green factory title. By the end
of 2024 The Company had had two national green factories and two provincial green factories. All its production
facilities are expected to be certified green before 2030.The Company works hard to decarbonize its products as it relentlessly researches low-carbon technologies. In
2024 the Company reduced carbon footprint on its available models by an average of 1.94% year on year.
Specifically:
(1) It developed the New BlueCore HE-series engine dedicated to hybrid powertrains featuring 44.39% in peak
thermal efficiency. A P13 dual-motor hybrid electric drive has been developed with P3 motor generating 158kW of
power and a drive efficiency of 97.3%. An EDS3 electric drive came out with rated efficiency of 90.5% (Si)
compatible with vehicles of A class and above. Hydrogen engine (HICE) technology is also in the works. When
paired with electrified components it is expected to achieve a raw NOx emission of ≤3.4mg/km under WLTC with
charge depleted or near-zero emissions.
(2) The Company’s proprietary CTV battery has completed the onboard pilot program and is ready for mass
production with an integrated efficiency of over 76%. Liquid-state batteries with 4C fast-charging technology are in
full production while a prototype solid-state Ah-level battery cell has been produced. The EDS2-B electric drive
system entered mass production with a rated efficiency of 92.5%.
(3) Key technologies such as ultra-low wind resistance low-drag calipers low-friction bearings and low-
rolling-resistance tires are in the pipeline. A high-precision all-scene energy-flow simulation and breakdown system
has been established.
(4) The Company is researching 15 low-carbon and low-density materials such as 30% recycled aluminum alloy
and low-density PET fiber felt. It is learning the effect of recycling on material performance ways to regulate said
effect and pre-treatment technology for recycled materials. 12 materials such as bio-based PU and 30% recycled PP
have been used on an industrial scale.
65Chongqing Changan Automobile Company Limited 2024 Annual Report
Administrative penalties imposed for environmental reasons during the reporting period
None.Other environmental information that should be made public
During the reporting period the environmental information of each unit of the company was disclosed on the
“Environmental Information Disclosure System” in various provinces and cities where it is located. The public
website is detailed in the table below.Legal Disclosure System for Enterprise
Unit Name Public website
Environmental Information
Yubei Factory Liangjiang Factory
Legal Disclosure System for Enterprise
Jiangbei Engine Factory http://183.66.66.47:10001/eps/index/enterprise -search
Environmental Information (Chongqing)
Chongqing Lingyao
Beijing Changan Automobile Legal Disclosure System for Enterprise
https://hjxxpl.bevoice.com.cn:8002/home
Company Environmental Information (Beijing)
Hefei Changan Automobile Co. Legal Disclosure System for Enterprise
https://www.ahzwfw.gov.cn/wqt-web/index.html#/reportInfo
Ltd Environmental Information (Anhui)
http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive -
Nanjing Changan Automobile Co. Legal Disclosure System for Enterprise webapp/web/viewRunner.html viewId=
Ltd Environmental Information (Jiangsu) http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive -
webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js
Hebei Changan Automobile Co. Legal Disclosure System for Enterprise
http://121.29.48.71:8080/#/guide
Ltd Environmental Information (Hebei)
Other environmental protection-related information
1. Environmental credit evaluation
During the reporting period production bases such as Liangjiang Factory New Power Factory Yubei Factory
and Chongqing Lingyao conducted environmental credit evaluations for the year 2023 in accordance with the
requirements of the local ecological and environmental authorities. Liangjiang Factory New Power Factory Yubei
Factory Chongqing Lingyao and Hefei Changan have been rated as environmental integrity enterprises.
2. Information on Green Supply Chains
The Company actively exerts its influence over the industry. Supply chain decarbonization and sustainability
are among its top concerns. It is committed to building a management system to regulate a green low-carbon and
sustainable supply chain through sound strategies green procurement and supplier management green production
recycling green information platforms and disclosure. The Company champions green design and green production
through elimination of energy-hungry equipment and dynamic supply chain management.The Company collects carbon emission data of suppliers' products and works with its suppliers to decarbonize.It has drafted the ChangAn Business Partner Code of Conduct the Carbon Emission Data Management Model and
Guidelines for Supplier Carbon Emission Accounting Methods and set up a carbon target management system.Through VOC control restricted substance management special supply requirements green procurement ratings
and other methods the Company collaborates with suppliers to improve environmental protection encourages
suppliers to save energy and reduce emissions and regulates the IATF16949 quality management system certificates
and ISO14001 environmental certification certificates. 99% of the suppliers have passed the IATF16949 certification
98% have passed the ISO14001 certification and 22% have been short-listed as national green factories or green
supply chain management companies. In 2024 the Company won titles and awards such as National Demonstration
Company for Supply Chain Innovation and Application Chinese Industrial Leader for Peak Carbon and Excellent
Case of Green Supply Chain Management.Regarding hazardous substance management the Company declares and releases data through CAMDS and
does comprehensive analysis and data accounting through the ELV compliance system. This collects and regulates
information including automotive material data and energy consumption.The recycling service outlets for the Company's scrapped vehicles can be queried through
http://www.cagds.org.cn (or CAGDS). Qualifying recyclers and dismantlers can log in to http://www.cagds.org.cn
to access dismantling manuals for passenger cars of category M1. Users can obtain relevant information of the
vehicle's dismantling manual through the WeChat mini-program Automobile Dismantling Manual Identification and
Analysis Tool.Information on the battery recycling service outlets can be obtained through the Company’s Official Website
(https://www.changan.com.cn).II. Social Responsibility
The full text of the company's 2024 environmental social and governance (ESG) report has been published on
the same day as the company's annual report on http://www.cninfo.com.cn.
66Chongqing Changan Automobile Company Limited 2024 Annual Report
III. Efforts to Enhance Poverty Alleviation and Rural Revitalization Programs
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era the Company fully
implements the spirit of the 20th National Congress of the Communist Party of China and all subsequent plenary
sessions. It thoroughly studies and comprehends a series of new ideas viewpoints and assertions of the CPC Central
Committee and the State Council on promoting all-around rural revitalization earnestly implements the
government's work arrangements strictly adheres to the requirement of four Non-removals learns and applies the
experience of the Ten-million Project. It organically combines the Company's strengths with local characteristics
anchors the target tasks and steadily and orderly conducts targeted assistance work to promote a dual improvement
in quantity and quality contributing its strength to promoting all-around rural revitalization.(I) Strengthening organizational leadership
The Company held nine leadership meetings for Targeted Assistance Work to formulate systematic work plans.It also held 12 special work meetings on targeted assistance for rural revitalization to identify key assistance projects
make plans and formulate measures before getting down to work. Company leaders visited Luxi and Yanshan in
Yunnan and Youyang in Chongqing for inspections and research and advanced the implementation of targeted
assistance projects on-site.(II) Securing assistance funds
The Company allocated a total of 10.6 million yuan in assistance funds including 2.5 million yuan for Luxi
County in Yunnan and 8.1 million yuan for Yanshan County in Yunnan. These funds are used for the all-around
revitalization of rural businesses human capital culture ecology and organizations in the two counties to help rural
businesses prosper preserve ecological environment advocate civilized rural customs promote effective governance
and bring prosperity.(III) Promoting industrial assistance
The Company continues to carry out the targeted assistance project for Youyang tea-oil. First it assisted in
marketing and expanding sales channels. Through the Company's sales channels it helped Chongqing Youzhou
Camellia Oil Technology Co. Ltd. achieve sales of 31.72 million yuan. Second the Company helped enhance the
brand and corporate image of the tea oil maker. The Company launched many far-reaching public-service activities
where Youyang tea-oil was presented such as partner conferences Chongqing Marathon and international auto
shows like the one in Chongqing to broaden the impact of said public-service activities and set up a model for other
companies to fulfill their social responsibilities. Third the Company improved the operation and management system
of Chongqing Youzhou Camellia Oil Technology Co. Ltd. It assisted in shaping the corporate culture to improve the
management system. Fourth the Company researched carbon-sink methods. It researched the basic situation of
Youyang tea-oil both locally and nationwide and drafted a Methodology for Carbon Sequestration and Emission
Reduction Projects in Camellia Oil Production to aid the sustainable development of Chongqing Youzhou Camellia
Oil Technology Co. Ltd.(IV) Implementing consumer assistance
Focusing on promoting the stable sales of assistance products the Company widely guided all its units and
employees to purchase specialty agricultural products from the assisted areas. The Company actively participated in
activities such as the Spring Festival Action for Central Enterprises' Consumer Assistance and the Week of Central
Enterprises' Consumer Assistance for Rural Revitalization and provided assistance worth 2.12 million yuan
including 1.57 million yuan for the two counties in Yunnan and 0.55 million yuan for other regions practically aiding
the industrial development in poverty-stricken areas and the stable income increase for people who recently escaped
poverty.(V) Providing skills-based assistance
Leveraging the advantages of its main automotive business and focusing on skills training the Company
established two ChangAn Automobile Classes in Luxi County and Yanshan County in Yunnan Province and Youyang
County in Chongqing. It held two lectures by workers and experts in schools and four recruitment events in the
assisted areas. A total of 300 students were hired demonstrating the effectiveness of skills-based assistance while
bringing a steady increase in of local people.(VI) Summarizing and publicizing
The Company submitted a rural revitalization practice case titled A Grove of Camellia Trees Paves the Way for
Revitalization to the Publicity Bureau of the State-owned Assets Supervision and Administration Commission
(SASAC) and People's Daily Online publicizing and promoting its effective and distinctive rural revitalization
practices. It won the Centralized Exhibition Award at the 7th Exhibition of Excellent Stories and AIGC Creative
Communication Works of Central Enterprises. It also submitted a rural revitalization practice case titled ChangAn
Automobile: Assisting Youyang Tea-Oil in Rural Revitalization to the Social Responsibility Bureau of the SASAC
which was included in the Blue Book on Overseas Environment Social and Governance (ESG) of Central
Enterprises.
67Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 6 Important Matters
I. The implementation status of commitments
1. Commitment items that have been fulfilled during the reporting period and those that
remain unfulfilled as of the end of the reporting period made by relevant commitment parties
such as the company's actual controllers shareholders related parties acquirers and the
company itself.√ Applicable □Not applicable
Type of
Undertakings Undertaking party Description Date Duration Performance
undertaking
China South Industries Group From November 7th 2023 within 6
Co. Ltd.; China Changan Sales months the company will not reduce
Other November 6 Fulfillment
Automobile Group Co. Ltd.; restrictions its holdings through centralized
commitments 2023 Months completed
Southern Industry Asset for shares bidding or bulk trading in the
Management Co. Ltd. secondary market.Whether the
promise is
Yes
fulfilled as
scheduled
2. Explanation on whether assets or projects reach the earnings forecast and reasons when
there is earning forecast for asset or projects and the reporting period is within the forecast
period.□ Applicable √ Not applicable
II. Non-operating funds the listed company occupied by controlling shareholders
and their related parties
□ Applicable √ Not applicable
During the reporting period there was no non-operating funds of the listed company occupied by the controlling
shareholder and related parties.III. Irregular external guarantee
□ Applicable √ Not applicable
The Company has no irregular external guarantee during the reporting period.IV. Explanation of the Board of Directors on the latest “Non-standard AuditReport”
□ Applicable √ Not applicable
V. Explanation of the “Non-Standard Audit Report” issued by the accounting firm
during the reporting period by the BOD BOS and independent directors (if any)
□ Applicable √ Not applicable
68Chongqing Changan Automobile Company Limited 2024 Annual Report
VI. Explanation of changes in accounting policies accounting estimates and
remedies for significant accounting errors
√ Applicable □ Not applicable
Please refer to “(31) Changes in Significant Accounting Policies and Accounting Estimates” in Note 3 to
the financial statements for details.VII. Explanation of changes in the consolidated statement scope compared to the
last annual report
□ Applicable √ Not applicable
There was no change in the scope of the company's consolidated financial statements during the reporting period.VIII. Appointment and dismissal of the accounting firm
The appointed accounting firm
Lixin Certified Public Accountants (Special General
The name of the domestic accounting firm
Partnership)
Payment (RMB: 10000) 324.90(Excluding tax)
Years of audit services 2
Names of Certified Public Accountants Zhu Yuqin Wang Kai
Years of services provided by Certified Public
2
Accountants
Whether to re-appoint the accounting firms
□Yes √ No
Description of hiring the internal control accounting firm financial adviser or sponsor
√Applicable □ Not applicable
After the 19th meeting of the 9th Board of Directors and the 2023 Annual General Meeting of Shareholders
the proposal on appointing auditors for the 2024 financial report and internal control report has been approved. The
company has hired Lixin Certified Public Accountants (Special General Partnership) as the auditor for the 2024
internal control report. The internal control audit fee paid by the company for the internal control audit services
provided by Lixin Certified Public Accountants (Special General Partnership) in 2024 is RMB 949800 (excluding
tax).IX. Facing delisting after annual report disclosure
□ Applicable √ Not applicable
X. Bankruptcy and restructuring
□ Applicable √ Not applicable
During the report period there is no bankruptcy or restructuring.XI. Crucial litigation and arbitration
□ Applicable √ Not applicable
During the reporting period the company has no crucial litigation and arbitration.XII. Punishment and rectification
□ Applicable √ Not applicable
During the reporting period there’s no punishment and rectification.
69Chongqing Changan Automobile Company Limited 2024 Annual Report
XIII. The integrity of company its controlling shareholder and actual controller
□ Applicable √ Not applicable
XIV. Significant related-party transactions
1. Related-party transactions related to daily operation
For details please refer to Note 12 “Related Party Relationships and Transactions” under the Chapter 10.
2. Related-party transactions of acquisition or sales of assets or equity
□ Applicable √ Not applicable
3. Related-party transactions of common foreign investment
□ Applicable √ Not applicable
4. Related rights and debt relations
√Applicable □Not applicable
For details please refer to Note 12 “Related Party Relationships and Transactions” under the Chapter 10.Whether there is any non-business related credits and debts
□Yes √ No
There is no non-operating associated credits and debts during the reporting period.
5. Transactions with associated financial companies
√ Applicable □Not applicable
Deposit
Amount incurred in the current
Maximum period
Beginning
daily deposit Total Ending balance
Related party Relationship Interest rate balance (RMB: Total deposit
limit (RMB: withdrawal (RMB: 10000)
10000) amount (RMB:
10000) amount (RMB:
10000)
10000)
A company
China South controlled by
Industries the actual
20000000.1%-3.5%199260215248059152427911997870
Group Finance controller of
Co. Ltd. Changan
Automobile
A company
Changan controlled by
Automobile the actual
20000001.85%-2.25%1499000141500015490001365000
Financing Co. controller of
Ltd. Changan
Automobile
Loan
Amount incurred in the current
period
Beginning
Loan amount Total Ending balance
Related party Relationship Interest rate balance (RMB: Total amount
(RMB: 10000) repayment (RMB: 10000)
10000) of loan (RMB:
amount (RMB:
10000)
10000)
China South A company
Industries controlled by
1000001%-2.8%76005100040058200
Group Finance the actual
Co. Ltd. controller of
70Chongqing Changan Automobile Company Limited 2024 Annual Report
Changan
Automobile
Credit granting or other financial business
Total amount (RMB: Actual amount incurred
Related party Relationship Business
10000) (RMB: 10000)
A company controlled by
China South Industries
the actual controller of Credit granting 1700000 273115
Group Finance Co. Ltd.Changan Automobile
6. Transactions between the financial company controlled by the company and related parties
□ Applicable √ Not applicable
7. Other significant related-party transactions
√ Applicable □Not applicable
Interim announcement of major related-party transactions on the website
Interim
Interim announcement announcement Wsebsite
date
Expected Announcement of Daily Related Transactions for 2024 April 18 2024
Announcement on Related Transactions Signing the Financial Service
April 18 2024
Agreement with China South Industries Group Finance Co. Ltd.Announcement on Related Transactions Signing the Financial Service
April 18 2024
Agreement with Changan Automobile Financing Co. Ltd.Announcement on the Proposed Purchase of Partial Equity and Related
November 28
Transactions of Changan Automobile Financing Co. Ltd. through http://www.cninfo.com.cn
2024
Public Delisting
Announcement on the Signing of a Conditional and Effective Share
December 7
Subscription Agreement and Related Transactions between the
2024
Company and the Subscription Object
Announcement on Capital Increase of an Associated Enterprise and December 18
Related - Party Transactions 2024
XV. Major contracts and their performance
1. Custody contracting and leasing
（1）Custody
□ Applicable √ Not applicable
Custody information
There is no custody during the reporting period.
（2）Contracting
□ Applicable √ Not applicable
Contracting information
There is no contracting during the reporting period.
（3）Leasing
√ Applicable □Not applicable
Leasing informationLeasing of related parties can be found in Item 5 (2) of Note 12 of Financial Statements “Related Party andRelated Transactions”.Projects whose profit and loss to the company account for more than 10% of total profits during the reporting
period.□ Applicable √ Not applicable
71Chongqing Changan Automobile Company Limited 2024 Annual Report
During the reporting period the Company did not have any leasing projects that contributed to profits or losses
amounting to over 10% of the Company's total profit for the reporting period.
2. Guarantee
□ Applicable √ Not applicable
There is no guarantee during the report period.
3. Entrustment of cash asset management
(1) Entrust wealth management
□ Applicable √ Not applicable
There is no entrusting wealth management during the reporting period.
(2) Entrusted loans
□ Applicable √ Not applicable
There is no entrusted loan during the reporting period.
4. Other major contracts
□ Applicable √ Not applicable
There are no other major contracts of the Company during the reporting period.XVI. Other important events
√ Applicable □ Not applicable
On February 9 2025 the company received a notice from its indirect controlling shareholder CSG stating that
it is planning a restructuring with other state-owned and central enterprise groups. This restructuring may result in a
change in the controlling shareholder of our company but it will not lead to a change in the actual controller. For
specific details please refer to the “Advisory Announcement on the Proposed Change of Controlling Shareholder”
(Announcement No.: 2025-05) disclosed by the company on February 10 2025 on the website of Juchao
Information Network (www.cninfo. com. cn).XVII. Important matters of the Company’s subsidiary
□ Applicable √ Not applicable
72Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 7 Share Changes and Shareholder Information
Ⅰ. Change in shareholdings
1. Change in shareholdings
Unit: One share
Before change Changes (+ -) After change
Additional Stock Provident
Quantity Ratio Other Subtotal Quantity Ratio
issued dividend fund transfer
Shares with sales restrictions 104805899 1.06% -51646644 -51646644 53159255 0.54%
1. State-owned legal person
shares
2. Other domestic shares 104192889 1.05% -51223958 -51223958 52968931 0.54%
Including: domestic legal
person shares
domestic natural person
1041928891.05%-51223958-51223958529689310.54%
shares
3. Foreign shares 613010 0.01% -422686 -422686 190324 0.00%
Including: foreign legal
persons shares
foreign natural person
6130100.01%-422686-4226861903240.00%
shares
Shares without sales
981248313498.94%4844367148443671986092680599.46%
restrictions
1.Ordinary shares
817086835782.39%4844367148443671821931202882.90%
denominated in RMB
2. Domestic listed foreign
164161477716.55%164161477716.56%
shares
Total shares 9917289033 100.00% -3202973 -3202973 9914086060 100.00%
Reasons for share change
√ Applicable □ Not applicable
(1) A-share restricted stock incentive plan lifting restricted shares for listing and circulation
On March 5 2024 the company lifted its restricted shares and listed them for circulation with a total of
43135948 shares. For specific details please refer to the “Announcement on the Second Release of RestrictedShares during the Second Release Period of the First Grant of the A-share Restricted Stock Incentive Plan”. On
December 31 2024 the company lifted the restrictions on the listing and circulation of shares with a total of
6961746 shares. For specific details please refer to the “Announcement on the Second Release of Restricted Sharesduring the Second Release Period of the A-share Restricted Stock Incentive Plan”. The above-mentioned incentive
targets for lifting restrictions include some directors and senior management personnel of the company and the
stocks obtained will be locked in accordance with relevant laws and regulations.
(2) Partial A-share restricted stock repurchase and cancellation
On December 20 2024 the company completed the repurchase and cancellation of a total of 3202973
restricted stocks that had been granted to some of the original incentive objects but had not yet been released fromrestrictions. For specific details please refer to the “Announcement on the Completion of Partial Restricted StockRepurchase and Cancellation”. The total share capital of the company was reduced from 9917289033 shares to
9914086060 shares.
(3) Other reasons for changes
Other changes in the company's limited selling condition shares are due to changes in executive lock up shares.Approval of share change
√ Applicable □ Not applicable
(1) The A-share restricted stock incentive plan has lifted the restrictions on the sale of shares and listed them
for circulation
The release of restricted shares from the A-share restricted stock incentive plan was approved by the 17th
meeting of the 9th Board of Directors and the 5th meeting of the 9th Supervisory Board of the company on February
222024.
(2) Partial A-share restricted stock repurchase and cancellation
The repurchase and cancellation of some restricted A-shares were approved by the 26th meeting of the 9th
Board of Directors and the 8th meeting of the 9th Supervisory Board of the company on August 30 2024 and by
the third extraordinary general meeting of shareholders of the company on September 19 2024.
73Chongqing Changan Automobile Company Limited 2024 Annual Report
Transfer of shares
√ Applicable □ Not applicable
See Chapter 7 I 1 “Reasons for share change” for details.Impact of share changes on financial indicators such as basic earnings per share and diluted
earnings per share in the latest year and the latest period and net assets per share attributable
to ordinary shareholders of the company
√ Applicable □ Not applicable
The change in shares has no significant impact on financial indicators such as basic earnings per share and
diluted earnings per share for the most recent year and the most recent period as well as net assets per share
attributable to common shareholders of the company.Other information deemed necessary by the company or required by securities regulators to
disclose
□ Applicable √ Not applicable
2. Changes in restricted shares
√ Applicable □ Not applicable
Unit: share(s)
Number of
Number of Number of
Increase shares with
restricted restricted
during the sales restriction Reasons for Date of removal of sales
Name of shareholders shares at the shares at the
reporting removed during restrictions restriction
beginning of end of the
period the reporting
the period period
period
1. On March 5 2024 43135948
shares were listed and became
tradable.
2. On December 31 2024
6961746 shares were listed and
became tradable.A-shares restricted 3. On March 5 2025 41323353
104266260 -3202973 50097694 50965593 Equity incentive
stocks shares were listed and became
tradable.
4. The remaining restricted shares
of the company that have not had
their restrictions lifted are expected
to have their restrictions removed
before January 2026.Locked in shares of
directors supervisors
Lift the sales restriction according
Other Shareholders 539639 1654398 375 2193662 and former executives
to relevant rules
excluding restricted
stocks
Total 104805899 -1548575 50098069 53159255 -- --
Note: The “increase in restricted shares for the current period” in A-share restricted stocks refers to the repurchase
and cancellation of a total of 3202973 shares.II. Issuing and listing of securities
1. Securities issuance (excluding preference shares) during the reporting period
□ Applicable √ Not applicable
2. Changes in the company’s total shares and shareholding structure and changes in the
company's asset and liability structure
√ Applicable □ Not applicable
Please see Chapter 7 I 1 “Reasons for share change” for the changes in the total number of ordinary shares
and shareholder structure of the Company during the reporting period.At the beginning of the reporting period the total assets were RMB 190171127138.27 the total liabilities
were RMB 115487870299.24 and the asset-liability ratio was 60.73%. At the end of the period the total assets
74Chongqing Changan Automobile Company Limited 2024 Annual Report
were RMB 208168160960.86 the total liabilities were RMB 129087561718.76 and the asset-liability ratio was
62.01%.
3. Existing employee shares
□ Applicable √ Not applicable
III. Shareholders and actual controllers
1. Number of shareholders and shareholding
Unit: share(s)
Number of
Number of Number of
shareholders
ordinary shareholders holding
holding preference
shareholders at preference shares with
At the end of the report period the shares with
632105 the month-end 650364 0 restored voting rights 0
total number of shareholders restored voting
prior to the at the month-end prior
rights at the end of
disclosure date to the disclosure date
the reporting
of this Report of this Report
period
Shareholders holding more than 5% of the shares or top 10 shareholders (Excludes shares lent through refinancing)
Increase/ Condition of
Number of Number of Number of
decrease shares (pledged
Percentag shares held as of shares held shares held
Name Nature during the labeled or frozen)
e the end of the with sales without sales
Reporting
reporting period restrictions restrictions Status Amount
Period
China Changan Automobile Group State-owned legal
17.99%178309014301783090143
Co. Ltd. person
China South Industries Group Co. State-owned legal
14.23%141074715501410747155
Ltd. person
Southern Industry Asset Management State-owned legal
4.60%4562532570456253257
Co. Ltd. person
Domestic general
China Securities Finance Co. Ltd. 4.30% 426362905 0 426362905
legal entity
United Prosperity Investment Co. Ltd. Overseas legal entity 2.83% 280498832 0 280498832
Hong Kong Securities Clearing Co.Overseas legal entity 1.20% 119271834 -116115120 119271834
Ltd.Industrial and Commercial Bank of Not
Funds wealth
China Limited - Huatai-PineBridge pledged
management 0.86% 85668944 51382400 85668944
CSI 300 Exchange-Traded Open-End labeled or
products etc
Index Securities Investment Fund frozen
China Construction Bank Corporation
Funds wealth
- E Fund CSI 300 Exchange-Traded
management 0.60% 59124605 46436769 59124605
Open-End Index Initiated Securities
products etc
Investment Fund
Industrial and Commercial Bank of
Funds wealth
China Limited - Huaxia CSI 300
management 0.40% 39305292 30125590 39305292
Exchange-Traded Open-End Index
products etc
Securities Investment Fund
Bank of China Limited - Harvest CSI Funds wealth
300 Exchange-Traded Open-End management 0.38% 37240958 27132182 37240958
Index Securities Investment Fund products etc
Among the top 10 shareholders the actual controller China South Industries Group Co. Ltd. and its
wholly-owned subsidiary Southern Industry Asset Management Co. Ltd. the controlling shareholder
Description of the related party relationship or acting in
China Changan Automobile Group Co. Ltd. and its wholly-owned subsidiary United Prosperity
concert among the above shareholdersInvestment Co. Ltd. are parties acting in concert by “Measures for the Administration of Takeover ofListed Companies”.Description of the above-mentioned shareholders
entrusting/being entrusted with voting rights and waiver of None
voting rights
Shareholdings of the top 10 ordinary shareholders of unrestricted shares
Number of shares without sales Shares type
Shareholders restrictions at the end of the
Type Number
reporting period
China Changan Automobile Group Co. Ltd. 1783090143 RMB ordinary shares 1783090143
China South Industries Group Co. Ltd. 1410747155 RMB ordinary shares 1410747155
Southern Industry Asset Management Co. Ltd. 456253257 RMB ordinary shares 456253257
China Securities Finance Co. Ltd. 426362905 RMB ordinary shares 426362905
United Prosperity Investment Co. Ltd. 280498832 Domestic listed foreign shares 280498832
75Chongqing Changan Automobile Company Limited 2024 Annual Report
Hong Kong Securities Clearing Co. Ltd. 119271834 RMB ordinary shares 119271834
Industrial and Commercial Bank of China Limited - Huatai- RMB ordinary shares
PineBridge CSI 300 Exchange-Traded Open-End Index 85668944 RMB ordinary shares
Securities Investment Fund
China Construction Bank Corporation - E Fund CSI 300 RMB ordinary shares
Exchange-Traded Open-End Index Initiated Securities 59124605 RMB ordinary shares
Investment Fund
Industrial and Commercial Bank of China Limited - Huaxia RMB ordinary shares
CSI 300 Exchange-Traded Open-End Index Securities 39305292 RMB ordinary shares
Investment Fund
Bank of China Limited - Harvest CSI 300 Exchange-Traded RMB ordinary shares 37240958 RMB ordinary shares
Open-End Index Securities Investment Fund
Among the top 10 shareholders the actual controller China South Industries Group Co. Ltd. and its
Description of the related relationship or acting in concert
wholly-owned subsidiary Southern Industry Asset Management Co. Ltd. the controlling shareholder
among the top 10 shareholders of unrestricted circulating
China Changan Automobile Group Co. Ltd. and its wholly-owned subsidiary United Prosperity
shares and between the top 10 shareholders of unrestrictedInvestment Co. Ltd. are parties acting in concert as stipulated in the “Measures for the Administrationtradable shares and the top 10 shareholdersof Takeover of Listed Companies”.Description of the participation of the top 10 ordinary
None.shareholders in margin trading business
The top 10 shareholders participated in the refinancing business and lent shares
√ Applicable □ Not applicable
Unit: share(s)
Participation of shareholders holding more than 5% of the shares top 10 shareholders and top 10 shareholders with unlimited
tradable shares in the lending of shares through the refinancing business
The shares lent at the At the end of the
Initial ordinary account Ordinary account and
beginning of the period period the shares
and credit account credit account holdings
were refinanced and were loaned and have
holdings at the end of the period
Shareholder have not been returned not been returned
Name Proportion Proportion Proportion Proportion
Total of total Total of total Total of total Total of total
quantity share quantity share quantity share quantity share
capital capital capital capital
Industrial and
Commercial
Bank of
China
Limited -
Huatai-
PineBridge
342865440.35%27957000.03%856689440.86%00.00%
CSI 300
Exchange-
Traded Open-
End Index
Securities
Investment
Fund
China
Construction
Bank
Corporation -
E Fund CSI
300
Exchange- 12687836 0.13% 1251500 0.01% 59124605 0.60% 0 0.00%
Traded Open-
End Index
Initiated
Securities
Investment
Fund
Industrial and
Commercial
Bank of
China
Limited -
Huaxia CSI
91797020.09%15634000.02%393052920.40%00.00%
300
Exchange-
Traded Open-
End Index
Securities
Investment
76Chongqing Changan Automobile Company Limited 2024 Annual Report
Fund
Bank of
China
Limited -
Harvest CSI
300
Exchange- 10108776 0.10% 1657800 0.02% 37240958 0.38% 0 0.00%
Traded Open-
End Index
Securities
Investment
Fund
The top 10 shareholders changed from the previous period
□ Applicable √ Not applicable
Did the top 10 ordinary shareholders and the top 10 unrestricted ordinary shareholders of the company
engage in agreed repurchase transactions during the reporting period
□ Yes √ No
The top 10 ordinary shareholders and the top 10 unrestricted ordinary shareholders of the company did not
engage in any agreed repurchase transactions during the reporting period.
2. Information on the controlling shareholder of the company
Nature of the controlling shareholder: the central state-owned
Type of the controlling shareholder: legal person
Date of
Name Legal /Representative Organization code Business scope and major products:
establishment
Design development manufacturing and sales of car
motorcycle and engine and parts; sales of optical products
electronic and optoelectronic products night vision device
information and communication equipment; technical
China Changan Automobile December
Zhao Fei 911100007109339484 development transfer consultation technical training and
Group Co. Ltd. 26th 2005
other technical service related to the operation mentioned
above; imports and exports; merge and acquisition and
asset restructuring consultation; telecommunications
services and agency bookkeeping.Equity of other domestic
and overseas listed As of the end of the reporting period controlling shares of listed companies: Harbin Dongan Auto Engine Co. Ltd.companies where he has (stock code 600178); Hunan Tianyan Machinery Co. Ltd. (stock code 600698) Chongqing Changan Minsheng APLL
controlled and participated Logistics Co. Ltd (stock code 01292.HK)
during the reporting period
The change of controlling shareholder during the reporting period
□ Applicable √ Not applicable
During the reporting period there was no change in the controlling shareholder of the company.
3. The actual controller and its parties acting in concert
Nature of the actual controller: the central state-owned asset management institution
Type of the actual controller: legal person
Date of
Name Legal Representative Organization code Businesses
establishment
Investment and management of state-owned assets
operation and management R&D manufacturing
guarantee and services of vehicles electrical equipment
optoelectronic information products and equipment
China South Industries
Xu Xianping Jun 29th1999 91110000710924929L mechanical equipment engineering and construction
Group Corp.machinery chemical materials (except hazardous
chemicals) fire-fighting equipment medical and
environmental protection equipment metal and non-metal
materials and products.As of the end of the reporting period the listed companies directly or indirectly controlled by the actual controller are as
Other domestic and
follows:Harbin Dongan Auto Engine Co. Ltd. (Stock code: 600178); Baoding Tianwei Baobian Electric Co. Ltd. (Stock
overseas listed companies
code: 600550); Jiangling Motors Co. Ltd. (Stock code: 000550); Hunan Tianyan Machinery Co. Ltd. (Stock code:
controlled by the actual
600698); Zhongguangxun Group Co. Ltd. (Stock code: 002189); Jianshe Industry Group (Yunnan) Co. Ltd. (Stock code:
controller during the report
002265); Chongqing Changan Minsheng Logistics Co. Ltd. (Stock code: 01292); Hubei Huaqiang Technology Co. Ltd.
period
(Stock code: 688151); Anhui Great Wall Military Industry Co. Ltd. (Stock code: 601606)
The change of the actual controller during the reporting period
□ Applicable √ Not applicable
77Chongqing Changan Automobile Company Limited 2024 Annual Report
No changes in the actual controller during the reporting period.The equity and control relationship between the company and the actual controller:
Actual controlling through trust or other asset management.□ Applicable √ Not applicable
4. Pledged shares held by controlling shareholder or the largest shareholder and its parties
acting in concert account for 80% of the shares.□ Applicable √ Not applicable
5. Other corporate shareholders holding over 10% shares.
□ Applicable √ Not applicable
6. Shareholding restriction and reduction of controlling shareholder actual controller
restructuring party and other commitment entities
□ Applicable √ Not applicable
IV. Share repurchase during the reporting period
Progress in the Implementation of Share Repurchase
□ Applicable √ Not applicable
During the reporting period the company had no other share repurchases except for some A-share restricted
stock repurchases and cancellations (see Chapter 7 Ⅰ 1. “Changes in shareholdings”).Progress of implementing centralized bidding to reduce holdings and repurchase shares
□ Applicable √ Not applicable
78Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 8 Preference Shares
□ Applicable √ Not applicable
There was no preferred share in the Company during the reporting period.
79Chongqing Changan Automobile Company Limited 2024 Annual Report
Chapter 9 Bonds
√Applicable □ Not applicable
I. Enterprise Bonds
□Applicable √ Not applicable
During the reporting period the company did not have any corporate bonds.II. Corporate Bonds
√Applicable □ Not applicable
1. Basic Information of the Corporate Bonds
Unit: 10000 RMB
Bond Date of Value Bonds Interest Trading
Bond Name Abbreviation Maturity Way of redemption
Code issue date balance rate place
Single interest is
Chongqing Changan
calculated on an
Automobile Co.annual basis
Ltd. publicly issued
excluding compound
science and
December interest. The interest is Shenzhen
technology 22 Changan 148147 December December
20th 100000 3.00% paid once a year and Stock
innovation corporate K1 .SZ 19th 2022 20th 2027
2022 the principal is repaid Exchange
bonds to
once due. The last
professional
interest is paid with
investors in 2022
the payment of the
( Phase I )
principal.This bond is issued to professional institutional investors who open A-share securities accounts in
Appropriate arrangement of the investors (if any) Shenzhen Branch of China Securities Depository and Clearing Co. Ltd. (excluding purchasers prohibited
by laws and regulations).Applicable trading mechanism Centralized bidding trade and block trading
Risk of termination of listing transactions (if any)
None
and countermeasures
Overdue bonds
□ Applicable √ Not applicable
2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the Investor
Protection Clause
□Applicable √ Not applicable
3. Intermediary
Signature Contact person of
Bond Intermediary Office address Contact number
accountant intermediary
Chongqing Lead underwriter 22nd Floor CITIC Securities
Hu Yan
Changan and bond trustee: Building No. 48 Jiang Haotian
Qiao Chun 010-60837490
Automobile CITIC Securities Liangmaqiao Road Jiang jiarong
Yuan Yong
Co. Ltd. Co. Ltd. Chaoyang District Beijing
80Chongqing Changan Automobile Company Limited 2024 Annual Report
publicly issued Joint lead 27th and 28th Floors Block
science and underwriter: China 2 Guomao Building No. 1 Qi Qin Yan
010-65051166
technology International Capital Jianguomenwai Street Runan Li Cong
innovation Corporation Limited Chaoyang District Beijing
corporate Floor 8-10 Building A
Law Firm: Beijing
bonds to Rongchao Business Center
ZhongLun Law Xu Zhigang 0755-33256902
professional 6003 Yitian Road Futian
Firm
investors in District Shenzhen
2022 (Phase I ) Accounting firm: 17th Floor Ernst & Young
Ernst & Young Hua Tower Oriental Plaza No. 1
Qiao Chun Yuan
Ming LLP (Special East Chang An Avenue Dong 023-62736177
Yong
General Cheng District Beijing
Partnership) China
17th Floor PICC
Rating agency: Property&Casualty Insurance
Sun Changzheng
United Credit Building No. 2 010-85679696
Li Jingyun
Rating Co. Ltd. Jianguomenwai Street
Chaoyang District Beijing
Indicate by tick mark whether above intermediary changed in the Reporting Period
□ Yes √ No
4. List of the Usage of the Raised Funds
Unit: 10000 RMB
Is it
Actual use of consistent
raised funds Operation with the
Actual
Total (classified by status of the Rectification purpose
Bond use of
amount Agreed purpose Used purpose Unused special of illegal use usage plan
Bond code abbreviat funds for
of raised of raised funds amount excluding amount account for of raised and other
ion each
funds temporary fundraising funds (if any) agreements
category
replenishment (if any) promised in
) the
prospectus
The relevant
Exchange the Exchange the
fundraising
relevant funds relevant funds
special
previously previously
22 accounts are There is no
invested in invested in
148147.SZ Changan 100000 100000 100000 0.00 being used illegal use of correct
Avatr Avatr
K1 normally in raised funds
Technology Technology
accordance
(Chongqing) (Chongqing)
with
Co. Ltd Co. Ltd
regulations
The raised funds were used for project construction
□ Applicable √ Not applicable
The Company changed the usage of above funds raised from bonds during the Reporting Period.□ Applicable √ Not applicable
5. Adjustment of Credit Rating Results during the Reporting Period
□ Applicable √ Not applicable
6. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee
Measures as well as Influence on Equity of Bond Investors during the Reporting Period
□ Applicable √ Not applicable
81Chongqing Changan Automobile Company Limited 2024 Annual Report
III. Debt Financing Instruments of Non-financial Enterprises
□ Applicable √ Not applicable
No such cases in the Reporting Period.IV. Convertible Corporate Bonds
□ Applicable √ Not applicable
No such cases in the Reporting Period.V. Losses of Scope of Consolidated Financial Statements during the Reporting
Period Exceeding 10% of Net Assets up the Period-end of Last Year
□ Applicable √ Not applicable
VI. Matured Interest-bearing Debt excluding Bonds up the Period-end
□ Applicable √ Not applicable
VII. Whether there was any Violation of Rules and Regulations during the
Reporting Period
□ Yes √ No
VIII. The Major Accounting Data and the Financial Indicators of the Recent 2
Years of the Company up the Period-end
Unit: 10000 RMB
Items 31 December 2024 31 December 2023 Increase/decrease
Current ratio 1.20 1.27 -5.51%
Debt/asset ratio 62.01% 60.73% 1.28%
Quick ratio 1.05 1.14 -7.89%
31 December 2024 31 December 2023 Increase/decrease
Net profit after deducting
258727.17378184.67-31.59%
non-recurring profit or loss
Debt/EBITDA ratio 9.75% 13.76% -4.01%
Interest cover (times) 49.25 147.61 -66.64%
Cash-to-interest cover (times) 41.01 302.50 -86.44%
EBITDA-to-interest cover
106.45241.90-55.99%
(times)
Loan repayment rate 100% 100% 0.00%
Interest coverage 100% 100% 0.00%
82Chapter 10 Auditor’s Report
Xin Kuai Shi Bao Zi [2025]No. ZG10913
All shareholders of Chongqing Changan Automobile Co. LTD：
I. Audit Opinion
We have audited the financial statements of Chongqing Changan
Automobile Co. LTD. (hereinafter referred to as “Changan Automobile”)
which include the consolidated and parent company's balance sheets as of
December 31 2024 the consolidated and parent company's income
statements consolidated and parent company's cash flow statements
consolidated and parent company's statements of changes in owners' equity
for the year ended December 31 2024 and the related notes to the financial
statements.In our opinion the accompanying financial statements have been
prepared in all material respects in accordance with the Accounting
Standards for Enterprises and fairly present the consolidated and parent
company's financial position as of December 31 2024 and the
consolidated and parent company's results of operations and cash flows for
the year ended December 31 2024 of Changan Automobile.II. Basis for the Audit Opinion
We conducted our audit in accordance with the Chinese Certified
Public Accountants Auditing Standards. The section of the audit report
titled "Responsibilities of the Certified Public Accountants for the Audit of
the Financial Statements" further explains our responsibilities under these
standards. In accordance with the Code of Professional Ethics for Chinese
Certified Public Accountants we are independent of Changan Automobile
and have fulfilled our other ethical responsibilities. We believe that the
83audit evidence we have obtained is sufficient and appropriate providing a
basis for our audit opinion.III. Key Audit Matters
Key audit matters are those matters that in our professional judgment
were of most significance in our audit of the financial statements for the
current period. The responses to these matters were conducted in the
context of our audit of the financial statements as a whole and forming our
audit opinion. We do not express a separate opinion on these matters.The key audit matters identified in our audit are summarized as
follows:
Key Audit Matters How This Matter Was
Addressed in the Audit
(I) Recognition of Operating Revenue
The operating revenue of Changan Audit Response：
Automobile mainly comes from 1. Understand evaluate and test
automobiles automotive parts and the design and effectiveness of
related products and other the internal controls related to
outputs. In 2024 the amount of operating revenue.operating revenue of Changan 2. Select samples of major sales
Automobile was RMB contracts read and analyze the
159733034213.25 yuan contract terms related to the
representing a growth rate of transfer of control rights and
5.58% compared with the previous revenue recognition and evaluate
year. Since revenue is one of the whether the revenue recognition
key performance indicators of complies with the requirements of
Changan Automobile there is an the company's accounting
inherent risk that the management policies.may manipulate the timing of 3. Select samples to perform
revenue recognition to achieve detailed tests of revenue
specific targets or expectations. recognition and inspect
Therefore we have identified supporting documents such as
84Key Audit Matters How This Matter Was
Addressed in the Audit
revenue recognition as a key audit delivery slips logistics waybills
matter. and sales invoices.
4. In combination with the
procedures of accounts receivable
and revenue confirmation by
correspondence perform detailed
tests of revenue recognition and
inspect supporting documents
such as delivery slips logistics
waybills and sales invoices.
5. For the revenues recognized
around the balance sheet date
select samples to inspect
supporting documents such as
delivery slips and logistics
waybills and evaluate whether
the relevant revenues are recorded
in the appropriate accounting
period.
6. Check whether there are
significant revenue reversals or
large-scale returns after the
reporting period.（II）Product Quality Assurance Deposit
According to the after-sales Audit Response：
service agreement or relevant 1、Understand the process and
national laws and regulations internal controls related to the
Changan Automobile is obligated product quality guarantee
to provide after-sales repairs or provision test the effectiveness of
replacements for sold vehicles key controls and validate the
within a specified period. reliability of automated system
Additionally to address quality controls.
85Key Audit Matters How This Matter Was
Addressed in the Audit
and safety issues in sold vehicles 2、Evaluate the reasonableness
Changan Automobile may of the current methodology for
periodically initiate voluntary estimating the product quality
recalls. Changan Automobile must guarantee provision assess and
estimate the expenses incurred in test the key assumptions used in
fulfilling these quality assurance the estimation. Perform sample
obligations and the costs testing on actual warranty claims
associated with voluntary recalls incurred during the year and
and accordingly recognize product inspect/recalculate the provision
quality guarantee expenses and the balance.corresponding provision. 3、Review the adequacy of the
The provision for product quality related disclosures in the financial
guarantees is primarily based on statement notes.historical claim experience taking
into account changes in related
parts and labor costs to estimate
future claims required for vehicles
currently under the three-
guarantee service period. For
additional voluntary recalls a
recall plan is formulated and the
total expected costs are estimated
based on the relevant parts labor
costs and the number of affected
vehicles. This estimation process
involves multiple assumptions and
judgments and changes in these
factors may have a material impact
on the financial statements.IV. Other Information
86The management of Changan Automobile (hereinafter referred to as
the management) is responsible for other information. Other information
includes the information covered in Changan Automobile 's 2024 annual
report but excludes the financial statements and our audit report.Our audit opinion on the financial statements does not cover other
information and we do not issue any form of assurance conclusion on other
information.In conjunction with our audit of the financial statements our
responsibility is to read the other information. During this process we
consider whether there are any material inconsistencies between the other
information and the financial statements or the circumstances we have
learned during the audit process or whether there appear to be material
misstatements in the other information.Based on the work we have performed if we determine that there are
material misstatements in the other information we should report such
facts. In this regard we have no matters to report.V. Responsibility of Management and Governance for the
Financial Statements
Management is responsible for preparing the financial statements in
accordance with the Accounting Standards for Enterprises presenting them
fairly and designing implementing and maintaining the necessary internal
controls to ensure that the financial statements are free from material
misstatements arising from fraud or error.When preparing the financial statements management is responsible
for assessing the going concern ability of Changan Automobile disclosing
matters related to going concern (if applicable) and applying the going
concern assumption unless there are plans for liquidation termination of
operations or there are no other realistic alternatives.Those charged with governance are responsible for overseeing the
financial reporting process of Changan Automobile.
87VI. Responsibilities of the Certified Public
Accountants for the Audit of the Financial
Statements
Our objective is to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement
whether due to fraud or error and to issue an audit report that includes our
audit opinion. Reasonable assurance is a high level of assurance but is not
a guarantee that an audit conducted in accordance with auditing standards
will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if individually or
in aggregate they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.In conducting the audit in accordance with auditing standards we
exercise professional judgment and maintain professional skepticism.Furthermore we:
(1)Identify and assess the risks of material misstatement of the
financial statements due to fraud or error design and perform audit
procedures responsive to those risks and obtain sufficient appropriate audit
evidence to provide a basis for our audit opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting
from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal controls.
(2)Obtain an understanding of internal control relevant to the audit in
order to design appropriate audit procedures.
(3)Evaluate the appropriateness of accounting policies used by
management and the reasonableness of accounting estimates and related
disclosures made by management.
(4)Conclude on the appropriateness of management’s use of the going
concern basis of accounting. Based on the audit evidence obtained we
conclude whether a material uncertainty exists related to events or
conditions that may cast significant doubt on Changan Automobile’s
ability to continue as a going concern. If we conclude that a material
uncertainty exists auditing standards require us to draw users’ attention to
88the related disclosures in the financial statements or if such disclosures are
inadequate to modify our opinion. Our conclusions are based on the
information available up to the date of the audit report. However future
events or conditions may cause Changan Automobile to no longer be able
to continue as a going concern.
(5) Evaluate the overall presentation (including disclosures) structure
and content of the financial statements and assess whether they fairly
represent the underlying transactions and events.
(6) Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within Changan
Automobile to express an audit opinion on the consolidated financial
statements. We are responsible for directing supervising and performing
the group audit and remain solely responsible for our audit opinion.We communicate with those charged with governance regarding
among other matters the planned scope and timing of the audit and
significant audit findings including any significant deficiencies in internal
control that we identify during our audit.We also provide those charged with governance with a statement that
we have complied with relevant ethical requirements regarding
independence and communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence and
where applicable related safeguards.From the matters communicated with those charged with governance we
determine those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the key audit
matters. We describe these matters in our audit report unless law or
regulation precludes public disclosure or in extremely rare
circumstances we determine that a matter should not be communicated in
the audit report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits.
89BDO China Shu Lun Pan CPA of China:
Certified Public Accountants LLP (Engagement Partner)
CPA of China：
China*Shanghai April 9th 2025
90Chongqing Changan Automobile Company Limited.
Consolidated Balance Sheet
December 31 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Balance at the end of
Asset Notes V Closing balance
the previous year
Current Assets：
Cash and Cash Equivalents (I) 64182095662.74 64871042747.88
Provision for Settlement
Funds Lent
Trading Financial Assets (II) 155013154.45 167519347.29
Derivative Financial Assets
Notes Receivable (III) 45580904582.72 37658391214.01
Accounts Receivable (IV) 3398477724.75 2411796419.07
Financial Assets Secured by Receivables
Advances to Suppliers (V) 507313682.07 287711010.62
Premiums Receivable
Reinsurance Receivables
Provision for Reinsurance Contracts Receivable
Other Receivables (VI) 2386898598.92 894268431.82
Reverse Repurchase of Financial Assets
Inventories (VII) 17081370658.58 13465847696.93
Among which: Data Resources
Contract Assets (VIII) 592426824.74 1442876966.30
Assets Held for Sale
Non-current Assets Due within One Year (IX) 309148116.22
Other Current Assets (X) 2174955833.01 9735453361.32
Total Current Assets 136368604838.20 130934907195.24
Non-current Assets:
Loans and Advances
Debt Investments
Other Debt Investments
Long-term Receivables (XI) 1528927601.39
Long-term Equity Investments (XII) 18525675882.50 13787391985.47
Other Equity Instrument Investments (XIII) 496524273.53 504190082.71
Other Non-current Financial Assets
Investment Real Estate (XIV) 5969291.92 6196003.48
Fixed Assets (XV) 21773526063.55 19994084908.14
Construction in Progress (XVI) 1596384269.60 1914345359.83
Productive Biological Assets
Oil and Gas Assets
Right-of-use Assets (XVII) 273297841.75 209480676.04
Intangible Assets (XVIII) 16771849926.23 15045563649.79
Among which: Data Resources
Development Expenditure VI 1729932488.67 2241820556.70
Among which: Data Resources
Goodwill (XIX) 1810730443.16 1810730443.16
Long-term Prepaid Expenses (XX) 16732447.77 24162220.06
Deferred Income Tax Assets (XXI) 3564260247.57 3248254057.65
Other Non-current Assets (XXII) 3705745345.02 450000000.00
Total Non-current Assets 71799556122.66 59236219943.03
Total Assets 208168160960.86 190171127138.27
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
91Chongqing Changan Automobile Company Limited.
Consolidated Balance Sheet (Continued)
December 31 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Balance at the end of the
Liabilities and Owners' Equity Notes V Closing balance
previous year
Current Liabilities：
Short-term Borrowings (XXIV) 40036055.69 30039416.74
Borrowings from the Central Bank
Funds Borrowed
Trading Financial Liabilities
Derivative Financial Liabilities
Notes Payable (XXV) 34810605512.61 37456669928.07
Accounts Payable (XXVI) 43835671129.12 38289947321.45
Advances from Customers (XXVII) 477390.93 686755.00
Contract Liabilities (XXVIII) 10887896995.49 7923792852.77
Proceeds from Sale and Repurchase of Financial Assets
Deposits from Customers and Deposits from Financial
Institutions
Funds for Agency Securities Trading
Funds for Agency Securities Underwriting
Employee Benefits Payable (XXIX) 3209780953.87 2750661337.26
Taxes and Levies Payable (XXX) 1528582531.63 1928723907.38
Other Payables (XXXI) 6407775538.76 5880882512.97
Handling Fees and Commissions Payable
Reinsurance Payables
Liabilities Held for Sale
Non-current Liabilities Due within One Year (XXXII) 128914461.78 80077042.88
Other Current Liabilities (XXXIII) 12507633539.96 8897936399.92
Total Current Liabilities 113357374109.84 103239417474.44
Non-current Liabilities：
Provision for Insurance Contracts
Long-term Borrowings (XXXIV) 36000000.00 72000000.00
Bonds Payable (XXXV) 999705660.36 999607547.16
Among which：Preferred Shares
Perpetual Bonds
Lease Liabilities (XXXVI) 269211409.06 134254398.07
Long-term Payables (XXXVII) 2456527871.71 952446118.57
Long-term Employee Benefits Payable (XXXVIII) 26693372.65 30414000.00
Provision (XXXIX) 7704647749.44 6277041416.79
Deferred Income (XL) 184197219.64 718840543.52
Deferred Income Tax Liabilities (XXI) 1834714931.18 1566074982.00
Other Non-current Liabilities (XLI) 2218489394.88 1497773818.69
Total Non-current Liabilities 15730187608.92 12248452824.80
Total Liabilities 129087561718.76 115487870299.24
Owners' Equity：
Share Capital (XLII) 9914086060.00 9917289033.00
Other Equity Instruments
Among which：Preferred Shares
Perpetual Bonds
Capital Reserve (XLIII) 8925798850.14 8251287637.70
Less: Treasury Shares (XLIV) 169261662.73 382277095.96
Other Comprehensive Income (XLV) 7523358.77 118318784.04
Special Reserves (XLVI) 95013488.38 54323330.34
Surplus Reserve (XLVII) 4957043030.00 4276245864.64
General Risk Provision
Undistributed Profits (XLVIII) 52846021500.43 49617932431.73
Total Owners' Equity Attributable to the Parent Company 76576224624.99 71853119985.49
Minority Interests 2504374617.11 2830136853.54
Total Owners' Equity 79080599242.10 74683256839.03
Total Liabilities and Owners' Equity 208168160960.86 190171127138.27
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
92Chongqing Changan Automobile Company Limited.
Parent Company's Balance Sheet
December 31 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Notes Balance at the End
Assets Closing Balance
XVIII of the Previous Year
Current Assets：
Cash and Cash Equivalents 34684680303.59 44029520088.62
Trading Financial Assets 155013154.45 160744733.27
Derivative Financial Assets
Notes Receivable 34679567316.79 33788748503.90
Accounts Receivable (I) 13835150844.52 8579504025.23
Financial Assets Secured by Receivables
Advances to Suppliers 291292231.28 112547088.73
Other Receivables (II) 1487531844.07 237247787.26
Inventories 5903242163.27 5615873258.35
Among which: Data Resources
Contract Assets 18337637.01 128498871.61
Assets Held for Sale
Non-current Assets Due within One Year 254821266.90
Other Current Assets 39949461.19 5522797370.57
Total Current Assets 91349586223.07 98175481727.54
Non-current Assets：
Debt Investments
Other Debt Investments
Long-term Receivables 1528927601.39
Long-term Equity Investments (III) 25382337768.46 19435450021.37
Other Equity Instrument Investments 496524273.53 504190082.71
Other Non-current Financial Assets
Investment Real Estate
Fixed Assets 16112971408.48 13453515476.81
Construction in Progress 599924628.01 1407521918.44
Productive Biological Assets
Oil and Gas Assets
Right-of-use Assets 159654100.14 168093468.85
Intangible Assets 6240969022.09 3312017680.07
Among which: Data Resources
Development Expenditure 915541696.35 2017011508.06
Among which: Data Resources
Goodwill
Long-term Prepaid Expenses 15077519.40 21709036.17
Deferred Income Tax Assets 2906828175.57 2774652958.37
Other Non-current Assets 3700000000.00 450000000.00
Total Non-current Assets 58058756193.42 43544162150.85
Total Assets 149408342416.49 141719643878.39
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
93Chongqing Changan Automobile Company Limited.
Parent Company's Balance Sheet (Continued)
December 31 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Notes Balance at the End
Liabilities and Owners' Equity Closing Balance
XVIII of the Previous Year
Current Liabilities:
Short - term Borrowings
Financial Liabilities Held for Trading
Derivative Financial Liabilities
Notes Payable 24761621056.89 25950782831.24
Accounts Payable 23248117139.04 23842258668.42
Advances from Customers
Contract Liabilities 5284514173.87 4606921633.17
Employee Benefits Payable 2129521947.83 1919102689.66
Taxes Payable 493489648.34 1300178990.13
Other Payables 4633406485.36 3236371408.79
Liabilities Held for Sale
Current Portion of Non - current Liabilities 72638886.85 56170742.39
Other Current Liabilities 8053792954.91 6286218965.50
Total Current Liabilities 68677102293.09 67198005929.30
Non - current Liabilities：
Long - term Borrowings 36000000.00 72000000.00
Bonds Payable 999705660.36 999607547.16
Among which: Preferred Stocks
Perpetual Bonds
Lease Liabilities 195441528.85 117490288.82
Long - term Payables 1590666539.68 120081551.85
Long - term Employee Benefits Payable 18086000.00 17659000.00
Provision for Liabilities 4766761846.88 4402025046.54
Deferred Income 100000000.00 603864707.08
Deferred Tax Liabilities 619798441.29 197625245.62
Other Non - current Liabilities 1983668025.04 1287646146.69
Total Non - current Liabilities 10310128042.10 7817999533.76
Total Liabilities 78987230335.19 75016005463.06
Owners' Equity：
Share Capital 9914086060.00 9917289033.00
Other Equity Instruments
Among which: Preferred Stocks
Perpetual Bonds
Capital Reserve 8353032903.95 8406226198.82
Less: Treasury Shares 169261662.73 382277095.96
Other Comprehensive Income 162659055.80 169049829.02
Special Reserve 44805848.15 19514786.95
Surplus Reserve 4957043030.00 4276245864.64
Undistributed Profits 47158746846.13 44297589798.86
Total Owners' Equity 70421112081.30 66703638415.33
Total Liabilities and Owners' Equity 149408342416.49 141719643878.39
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
94Chongqing Changan Automobile Company Limited.
Consolidated Income Statement
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Amount for the
Items Notes V
Current Period Previous Period
I、Total operating revenue 159733034213.25 151297706646.97
Among which: Operating revenue (XLIX) 159733034213.25 151297706646.97
Interest income
Earned premiums
Handling fees and commission income
II、Total operating costs 157730142295.46 145106326671.40
Among which: Operating costs (XLIX) 135869023071.45 125190310396.69
Interest expense
Handling fees and commission expense
Surrender value
Net claim payments
Net change in insurance liability reserves
Policy dividends paid
Reinsurance expenses
Taxes and surcharges (L) 4350471426.40 4758426281.70
Selling expenses (LI) 7538352413.16 5977551549.91
General and administrative expenses (LII) 4401226018.26 4097537529.67
R & D expenses (LIII) 6505446679.24 5979844653.23
Financial expenses (LIV) -934377313.05 -897343739.80
Among which: Interest expense (LIV) 118238961.52 65658308.92
Interest income (LIV) 1160421476.17 1172272116.20
Plus: Other income (LV) 2125703705.22 1644319505.04
Investment income (loss is indicated by a “-” sign) (LVI) 187658837.46 3050413045.10
Among which: Investment income from associates and joint ventures (LVI) 36975796.30 -2201515632.81
Income from derecognition of financial assets measured at
amortized cost
Exchange gain (loss is indicated by a “-” sign)
Net gain on hedging of net open positions (loss is indicated by a “-” sign)
Fair - value change gain (loss is indicated by a “-” sign) (LVII) -27460945.49 -19061189.53
Credit impairment loss (loss is indicated by a “-” sign) (LVIII) -613004.02 -46742115.91
Asset impairment loss (loss is indicated by a “-” sign) (LIX) -214488935.20 -813828346.53
Gain on disposal of assets (loss is indicated by a “-” sign) (LX) 2550458320.83 440995737.23
III、Operating profit (loss is indicated by a “-” sign) 6624149896.59 10447476610.97
Plus: Non - operating income (LXI) 155290275.84 169793538.35
Less: Non - operating expenses (LXII) 21912265.18 28073391.83
IV、Total profit (total loss is indicated by a “-” sign) 6757527907.25 10589196757.49
Less: Income tax expense (LXIII) 653353379.40 1087297716.52
V、Net profit (net loss is indicated by a “-” sign) 6104174527.85 9501899040.97
(I)Classified by business continuity 6104174527.85 9501899040.97
1．Net profit from continuing operations (net loss is indicated by a “-” sign) 6104174527.85 9501899040.97
2．Net profit from discontinued operations (net loss is indicated by a “-” sign)
(II)Classified by ownership 6104174527.85 9501899040.97
1．Net profit attributable to shareholders of the parent company
7321363897.2411327463013.15
(net loss is indicated by a “-” sign)
2．Minority interest income (net loss is indicated by a “-” sign) -1217189369.39 -1825563972.18
VI、Net Amount of Other Comprehensive Income after Tax -109658591.17 19477168.62
Net Amount of Other Comprehensive Income after Tax Attributable to Owners of the
-110795425.2719477168.62
Parent Company
(I)Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss -7502784.88 11190018.39
1．Amount of Changes in the Remeasurement of Defined Benefit Plans -2180000.00 540000.00
2．Other Comprehensive Income That Cannot Be Transferred to Profit or Loss
1193152.92-1454051.91
under the Equity Method
3．Changes in the Fair Value of Other Equity Instrument Investments -6515937.80 12104070.30
4．Changes in the Fair Value of the Enterprise's Own Credit Risk
(II)Other Comprehensive Income That Will Be Reclassified into Profit or Loss -103292640.39 8287150.23
1．Other Comprehensive Income That Can Be Transferred to Profit or Loss under
-5806125.95
the Equity Method
2．Changes in the Fair Value of Other Debt Investments
3．Amounts Recognized in Other Comprehensive Income upon the
Reclassification of Financial Assets
4．Credit Impairment Provisions for Other Debt Investments
5．Cash Flow Hedge Reserves
6．Exchange Differences on the Translation of Foreign Currency Financial
-97486514.448287150.23
Statements
7．Others
Net Amount of Other Comprehensive Income after Tax Attributable to Minority
1136834.10
Shareholders
VII、Total Comprehensive Income 5994515936.68 9521376209.59
Total Comprehensive Income Attributable to Owners of the Parent Company 7210568471.97 11346940181.77
Total Comprehensive Income Attributable to Minority Shareholders -1216052535.29 -1825563972.18
VIII、Earnings per Share：
(I)Basic Earnings per Share (Yuan per Share) (LXIV) 0.74 1.15
(II)Diluted Earnings per Share (Yuan per Share) (LXIV) 0.74 1.13
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
95Chongqing Changan Automobile Company Limited.
Parent Company's Income Statement
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Notes Amount for the Amount for the
Items
XVIII Current Period Previous Period
I. Operating Revenue (IV) 111908716676.01 118698033782.77
Less: Operating Costs (IV) 98055163152.00 99639629621.95
Taxes and Surcharges 2211783851.82 2918130753.90
Selling Expenses 2553003753.28 2409262258.22
Administrative Expenses 2945013642.26 2766449647.21
Research and Development Expenses 4203285856.16 3822529677.53
Financial Expenses -725860845.47 -809080245.53
Among which: Interest Expenses 73133299.94 40655362.11
Interest Income 814288583.72 865820973.86
Plus: Other Income 1730788908.09 1564577278.73
Investment Income (Loss is indicated by “-”) (V) 851239258.25 -1224231437.03
Among which: Investment Income from Associates and Joint Ventures (V) 133847483.26 -2157754465.24
Income from Derecognition of Financial Assets Measured at
Amortized Cost
Net Gain on Net Open Position Hedging (Loss is indicated by “-”)
Fair Value Change Gain (Loss is indicated by “-”) -5731578.82 41019998.59
Credit Impairment Loss (Loss is indicated by “-”) 1493992.56 10927568.37
Asset Impairment Loss (Loss is indicated by “-”) -114861215.24 -477092984.70
Gain on Disposal of Assets (Loss is indicated by “-”) 2157913805.49 397686430.93
II. Operating Profit (Loss is indicated by “-”) 7287170436.29 8263998924.38
Plus: Non-operating Income 91375675.04 111413858.23
Less: Non-operating Expenses 12197091.83 22524889.94
III. Total Profit (Total Loss is indicated by “-”) 7366349019.50 8352887892.67
Less: Income Tax Expense 411917143.69 872079268.95
IV. Net Profit (Net Loss is indicated by “-”) 6954431875.81 7480808623.72
(I) Net Profit from Continuing Operations
6954431875.817480808623.72
(Net Loss is indicated by “-”)
(II) Net Profit from Discontinued Operations
(Net Loss is indicated by “-”)
V. Net Amount of Other Comprehensive Income after Tax -6390773.22 11633018.39
(I) Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss -6551784.88 11633018.39
1．Amount of Changes in the Remeasurement of Defined Benefit Plans -1229000.00 983000.00
2．Other Comprehensive Income That Cannot Be Transferred to Profit or Loss
1193152.92-1454051.91
under the Equity Method
3．Changes in the Fair Value of Other Equity Instrument Investments -6515937.80 12104070.30
4．Changes in the Fair Value of the Enterprise's Own Credit Risk
(II) Other Comprehensive Income That Will Be Reclassified into Profit or Loss 161011.66
1．Other Comprehensive Income That Can Be Transferred to Profit or Loss
161011.66
under the Equity Method
2．Changes in the Fair Value of Other Debt Investments
3．Amounts Recognized in Other Comprehensive Income upon the
Reclassification of Financial Assets
4．Credit Impairment Provisions for Other Debt Investments
5．Cash Flow Hedge Reserves
6．Exchange Differences on the Translation of Foreign Currency Financial
Statements
7．Others
VI. Total Comprehensive Income 6948041102.59 7492441642.11
VII. Earnings per Share：
(I) Basic Earnings per Share (Yuan per Share)
(II) Diluted Earnings per Share (Yuan per Share)
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
96Chongqing Changan Automobile Company Limited.
Consolidated Statement of Cash Flows
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Amount for the
Items Notes V
Current Period Previous Period
I. Cash Flows from Operating Activities
Cash Received from the Sale of Goods and the Rendering of Services 175823903478.47 168499172064.84
Net Increase in Customer Deposits and Deposits from Financial Institutions
Net Increase in Borrowings from the Central Bank
Net Increase in Funds Borrowed from Other Financial Institutions
Cash Received from Premiums of Original Insurance Contracts
Net Cash Received from Reinsurance Business
Net Increase in Policyholders' Deposits and Investment Funds
Cash Received from Interest Handling Fees and Commissions
Net Increase in Funds Borrowed
Net Increase in Funds from Repurchase Business
Net Cash Received from Agency Securities Trading
Tax Refunds Received 4676232646.34 2225768807.06
Other Cash Received Related to Operating Activities (LXV) 3542989681.66 3358313435.61
Subtotal of Cash Inflows from Operating Activities 184043125806.47 174083254307.51
Cash Paid for the Purchase of Goods and the Acceptance of Services 144122642090.77 122454193548.07
Net Increase in Customer Loans and Advances
Net Increase in Deposits with the Central Bank and Other Financial Institutions
Cash Paid for Claim Settlements of Original Insurance Contracts
Net Increase in Funds Lent Out
Cash Paid for Interest Handling Fees and Commissions
Cash Paid for Policy Dividends
Cash Paid to and on Behalf of Employees 12157994148.54 11126200718.40
Various Taxes and Fees Paid 12537731682.83 11570501390.34
Other Cash Paid Related to Operating Activities (LXV) 10375359071.19 9070892413.14
Subtotal of Cash Outflows from Operating Activities 179193726993.33 154221788069.95
Net Cash Flow from Operating Activities 4849398813.14 19861466237.56
II. Cash Flows from Investing Activities
Cash Received from the Recovery of Investments 10810279.99 131461810.72
Cash Received from Investment Income 133704425.53 344832879.75
Net Cash Received from the Disposal of Fixed Assets Intangible Assets and Other
1575204509.73296034699.57
Long-term Assets
Net Cash Received from the Disposal of Subsidiaries and Other Business Units
Other Cash Received Related to Investing Activities (LXV) 8070026424.80 6216944276.29
Subtotal of Cash Inflows from Investing Activities 9789745640.05 6989273666.33
Cash Paid for the Acquisition and Construction of Fixed Assets Intangible Assets and
4868110296.052824057426.66
Other Long-term Assets
Cash Paid for Investments 5930805734.00 2373361769.00
Net Increase in Pledged Loans
Net Cash Paid for the Acquisition of Subsidiaries and Other Business Units
Other Cash Paid Related to Investing Activities (LXV) 3304127222.22 8000000000.00
Subtotal of Cash Outflows from Investing Activities 14103043252.27 13197419195.66
Net Cash Flow from Investing Activities -4313297612.22 -6208145529.33
III. Cash Flows from Financing Activities
Cash Received from Investment Absorption 1610958613.68 35190000.00
Among which: Cash Received from Minority Shareholders' Investment in
1610958613.6835190000.00
Subsidiaries
Cash Received from Borrowings 1060422300.00 120000000.00
Other Cash Received Related to Financing Activities (LXV) 470003596.92 863425006.28
Subtotal of Cash Inflows from Financing Activities 3141384510.60 1018615006.28
Cash Paid for Debt Repayment 554422300.00 683000000.00
Cash Paid for the Distribution of Dividends Profits or the Payment of Interest 3450483881.48 2380851402.08
Among which: Dividends and Profits Paid by Subsidiaries to Minority Shareholders 150000.00
Other Cash Paid Related to Financing Activities (LXV) 527876271.57 83072569.73
Subtotal of Cash Outflows from Financing Activities 4532782453.05 3146923971.81
Net Cash Flow from Financing Activities -1391397942.45 -2128308965.53
IV. Effects of Exchange Rate Changes on Cash and Cash Equivalents 203715353.42 -90488889.33
V. Net Increase in Cash and Cash Equivalents -651581388.11 11434522853.37
Plus: Beginning Balance of Cash and Cash Equivalents 63925957901.11 52491435047.74
VI. Ending Balance of Cash and Cash Equivalents 63274376513.00 63925957901.11
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
97Chongqing Changan Automobile Company Limited.
Parent Company Statement of Cash Flows
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Amount for the Previous
Items Notes
Period Period
I. Cash Flows from Operating Activities
Cash received from the sale of goods and the rendering of services 114258602282.10 121118712751.06
Tax refunds received 262217291.05 30303650.49
Other cash received related to operating activities 2193487589.05 3109565404.95
Subtotal of cash inflows from operating activities 116714307162.20 124258581806.50
Cash paid for the purchase of goods and the acceptance of services 97679832869.90 91573495374.62
Cash paid to and on behalf of employees 7508599383.38 6959713091.69
Various taxes and fees paid 4341100981.41 5715167820.29
Other cash paid related to operating activities 6666981391.62 6649843596.91
Subtotal of cash outflows from operating activities 116196514626.31 110898219883.51
Net cash flow from operating activities 517792535.89 13360361922.99
II. Cash Flows from Investing Activities
Cash received from the recovery of investments 131461810.72
Cash received from investment income 729945763.53 324982879.75
Net cash received from the disposal of fixed assets intangible assets and
790788347.5910480609.45
other long - term assets
Net cash received from the disposal of subsidiaries and other business units
Other cash received related to investing activities 5640500000.00
Subtotal of cash inflows from investing activities 7161234111.12 466925299.92
Cash paid for the acquisition and construction of fixed assets intangible
3576390245.192008243647.99
assets and other long - term assets
Cash paid for investments 7074579955.65 4026183368.63
Net cash paid for the acquisition of subsidiaries and other business units
Other cash paid related to investing activities 3340000000.00 5500000000.00
Subtotal of cash outflows from investing activities 13990970200.84 11534427016.62
Net cash flow from investing activities -6829736089.72 -11067501716.70
III. Cash Flows from Financing Activities
Cash received from investment absorption
Cash received from borrowings 500000000.00 40000000.00
Other cash received related to financing activities
Subtotal of cash inflows from financing activities 500000000.00 40000000.00
Cash paid for debt repayment 4000000.00 604000000.00
Cash paid for the distribution of dividends profits or the payment of
3444300329.832375052447.79
interest
Other cash paid related to financing activities 82169455.31 62453603.64
Subtotal of cash outflows from financing activities 3530469785.14 3041506051.43
Net cash flow from financing activities -3030469785.14 -3001506051.43
IV. Effects of exchange rate changes on cash and cash equivalents
V. Net increase in cash and cash equivalents -9342413338.97 -708645845.14
Plus: Beginning balance of cash and cash equivalents 44023772482.14 44732418327.28
VI. Ending balance of cash and cash equivalents 34681359143.17 44023772482.14
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
98Chongqing Changan Automobile Company Limited.
Consolidated Statement of Changes in Owners' Equity
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Period
Owners' Equity Attributable to Shareholders of the Parent Company
Items Other Equity Instruments Other
General Risk Minority Interests Total Owners' Equity
Share Capital Preferred Perpetual Capital Reserve Less: Treasury Shares Comprehensive Special Reserve Surplus Reserve Undistributed Profits Subtotal
Others Provision
Stocks Bonds Income
I. Balance at the End of the Previous Year 9917289033.00 8251287637.70 382277095.96 118318784.04 54323330.34 4276245864.64 49617932431.73 71853119985.49 2830136853.54 74683256839.03
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Business Combinations under the Same Control
Others
II. Balance at the Beginning of the Current Year 9917289033.00 8251287637.70 382277095.96 118318784.04 54323330.34 4276245864.64 49617932431.73 71853119985.49 2830136853.54 74683256839.03
III. Amount of Changes during the Current Period
-3202973.00674511212.44-213015433.23-110795425.2740690158.04680797165.363228089068.704723104639.50-325762236.434397342403.07
(A decrease is indicated by a “-” sign)
(1) Total Comprehensive Income -110795425.27 7321363897.24 7210568471.97 -1216052535.29 5994515936.68
(2) Capital Contributed by and Reduced by Owners -3202973.00 674511212.44 -192047736.22 863355975.66 883255492.96 1746611468.62
1．Common Stocks Contributed by Owners -3202973.00 -3202973.00 1610960000.00 1607757027.00
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based
81714852.5481714852.5481714852.54
Payments
4．Others 592796359.90 -192047736.22 784844096.12 -727704507.04 57139589.08
(3) Profit Distribution -20967697.01 680797165.36 -4093274828.54 -3391509966.17 -3391509966.17
1．Appropriation of Surplus Reserves 680797165.36 -680797165.36
2．Appropriation of General Risk Reserves
3．Distribution to Owners (or Shareholders) -20967697.01 -3412477663.18 -3391509966.17 -3391509966.17
4．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to
Retained Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 40690158.04 40690158.04 7034805.90 47724963.94
1．Appropriation during the Current Period 122922799.10 122922799.10 12142772.98 135065572.08
2．Utilization during the Current Period 82232641.06 82232641.06 5107967.08 87340608.14
(6) Others
IV. Balance at the End of the Current Period 9914086060.00 8925798850.14 169261662.73 7523358.77 95013488.38 4957043030.00 52846021500.43 76576224624.99 2504374617.11 79080599242.10
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
99Chongqing Changan Automobile Company Limited.
Consolidated Statement of Changes in Owners' Equity (Continued)
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Previous Period
Owners' Equity Attributable to Shareholders of the Parent Company
Items
Other Equity Instruments Minority Interests Total Owners' Equity
Share Capital Capital Reserve Less: Treasury Shares Other Comprehensive Income Special Reserve Surplus Reserve General Risk Provision Undistributed Profits Subtotal
Preferred Stocks Perpetual Bonds Others
I. Balance at the End of the Previous Year 9921799422.00 8532806685.77 627060416.52 98841615.42 24090898.05 3528165002.27 41379965149.07 62858608356.06 90708328.76 62949316684.82
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Business Combinations under the Same Control
Others
II. Balance at the Beginning of the Current Year 9921799422.00 8532806685.77 627060416.52 98841615.42 24090898.05 3528165002.27 41379965149.07 62858608356.06 90708328.76 62949316684.82
III. Amount of Changes during the Current Period (A decrease is indicated by a “-” sign) -4510389.00 -281519048.07 -244783320.56 19477168.62 30232432.29 748080862.37 8237967282.66 8994511629.43 2739428524.78 11733940154.21
(1) Total Comprehensive Income 19477168.62 11327463013.15 11346940181.77 -1825563972.18 9521376209.59
(2) Capital Contributed by and Reduced by Owners -4510389.00 -281519048.07 -218038971.73 -67990465.34 4557548599.34 4489558134.00
1．Common Stocks Contributed by Owners -4510389.00 -4510389.00 35190000.00 30679611.00
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based Payments 348509207.00 348509207.00 348509207.00
4．Others -630028255.07 -218038971.73 -411989283.34 4522358599.34 4110369316.00
(3) Profit Distribution -26744348.83 748080862.37 -3089495730.49 -2314670519.29 -150000.00 -2314820519.29
1．Appropriation of Surplus Reserves 748080862.37 -748080862.37
2．Appropriation of General Risk Reserves
3．Distribution to Owners (or Shareholders) -26744348.83 -2341414868.12 -2314670519.29 -150000.00 -2314820519.29
4．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to Retained Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 30232432.29 30232432.29 7593897.62 37826329.91
1．Appropriation during the Current Period 126209917.06 126209917.06 9354725.09 135564642.15
2．Utilization during the Current Period 95977484.77 95977484.77 1760827.47 97738312.24
(6) Others
IV. Balance at the End of the Current Period 9917289033.00 8251287637.70 382277095.96 118318784.04 54323330.34 4276245864.64 49617932431.73 71853119985.49 2830136853.54 74683256839.03
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
100Chongqing Changan Automobile Company Limited.
Statement of Changes in Owners' Equity of the Parent Company
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Period
Other Equity Instruments
Items Less: Treasury Other Comprehensive Special Undistributed Total Owners'
Share Capital Preferred Perpetual Capital Reserve Surplus Reserve
Others Shares Income Reserve Profits Equity
Shares Bonds
I. Balance at the End of the Previous Year 9917289033.00 8406226198.82 382277095.96 169049829.02 19514786.95 4276245864.64 44297589798.86 66703638415.33
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Others
II. Balance at the Beginning of the Current Year 9917289033.00 8406226198.82 382277095.96 169049829.02 19514786.95 4276245864.64 44297589798.86 66703638415.33
III. Amount of Changes during the Current Period (A decrease is indicated by a
-3202973.00-53193294.87-213015433.23-6390773.2225291061.20680797165.362861157047.273717473665.97
“-” sign)
(1) Total Comprehensive Income -6390773.22 6954431875.81 6948041102.59
(2) Capital Contributed by and Reduced by Owners -3202973.00 -53193294.87 -192047736.22 135651468.35
1．Common Stocks Contributed by Owners -3202973.00 -3202973.00
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based Payments 81714852.54 81714852.54
4．Others -134908147.41 -192047736.22 57139588.81
(3) Profit Distribution -20967697.01 680797165.36 -4093274828.54 -3391509966.17
1．Appropriation of Surplus Reserves 680797165.36 -680797165.36
2．Distribution to Owners (or Shareholders) -20967697.01 -3412477663.18 -3391509966.17
3．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to
Retained Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 25291061.20 25291061.20
1．Appropriation during the Current Period 72435388.20 72435388.20
2．Utilization during the Current Period 47144327.00 47144327.00
(6) Others
IV. Balance at the End of the Current Period 9914086060.00 8353032903.95 169261662.73 162659055.80 44805848.15 4957043030.00 47158746846.13 70421112081.30
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
101Chongqing Changan Automobile Company Limited.
Statement of Changes in Owners' Equity of the Parent Company (Continued)
For the Year 2024
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Period
Other Equity Instruments
Items Less: Treasury Other Comprehensive Special Undistributed Total Owners'
Share Capital Preferred Perpetual Capital Reserve Surplus Reserve
Others Shares Income Reserve Profits Equity
Shares Bonds
I. Balance at the End of the Previous Year 9921799422.00 8047195325.61 627060416.52 157416810.63 10285640.79 3528165002.27 39906276905.63 60944078690.41
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Others
II. Balance at the Beginning of the Current Year 9921799422.00 8047195325.61 627060416.52 157416810.63 10285640.79 3528165002.27 39906276905.63 60944078690.41
III. Amount of Changes during the Current Period (A decrease is indicated by a
-4510389.00359030873.21-244783320.5611633018.399229146.16748080862.374391312893.235759559724.92
“-” sign)
(1) Total Comprehensive Income 11633018.39 7480808623.72 7492441642.11
(2) Capital Contributed by and Reduced by Owners -4510389.00 354030873.21 -218038971.73 567559455.94
1．Common Stocks Contributed by Owners -4510389.00 -4510389.00
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based Payments 348509207.00 348509207.00
4．Others 5521666.21 -218038971.73 223560637.94
(3) Profit Distribution -26744348.83 748080862.37 -3089495730.49 -2314670519.29
1．Appropriation of Surplus Reserves 748080862.37 -748080862.37
2．Distribution to Owners (or Shareholders) -26744348.83 -2341414868.12 -2314670519.29
3．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to
Retained Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 9229146.16 9229146.16
1．Appropriation during the Current Period 65743690.42 65743690.42
2．Utilization during the Current Period 56514544.26 56514544.26
(6) Others 5000000.00 5000000.00
IV. Balance at the End of the Current Period 9914086060.00 8406226198.82 382277095.96 169049829.02 19514786.95 4276245864.64 44297589798.86 66703638415.33
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
102重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Chongqing Changan Automobile Company Limited.Notes to the Financial Statements For the Year 2024
(Unless otherwise specified the monetary unit is Renminbi yuan)
I、 Basic Information of the Company
Chongqing Changan Automobile Company Limited. (hereinafter referred to as the
"Company" or "our Company") is a joint stock limited company registered in Chongqing
in October 1996. It was listed on the Shenzhen Stock Exchange in June 1997. As of
December 31 2024 the total cumulative number of shares issued by the Company is
9914086060. The registered address is: No. 260 Jianxin East Road Jiangbei District
Chongqing China and the business address is: Building T2 No. 2 Financial City No. 61
Dongshengmen Road Jiangbei District Chongqing China. The main business activities
actually engaged in by the Company include: the manufacturing and sales of automobiles
(including cars) automotive engine series products supporting parts and components etc.The parent company of the Company is China Changan Automobile Group Company
Limited. and the ultimate controlling party of the Company is China South Industries
Group Corporation.These financial statements have been approved for issue by the Company's board of
directors.II、 Basis for Preparation of Financial Statements
(I) Preparation Basis
These financial statements are prepared in accordance with the "Accounting Standards for
Enterprises - Basic Standards" promulgated by the Ministry of Finance various specific
accounting standards application guidelines for accounting standards for enterprises
interpretations of accounting standards for enterprises and other relevant regulations
(collectively referred to as the "Accounting Standards for Enterprises" hereinafter) as well
as the relevant provisions of the "Regulations on the Preparation and Reporting of
Information Disclosure by Companies Publicly Issuing Securities No. 15 - General
Provisions for Financial Reports" of the China Securities Regulatory Commission.(II) Going Concern
These financial statements are prepared on a going concern basis.
103重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
III、 Significant Accounting Policies and Accounting Estimates
(I) Statement of Compliance with Accounting Standards for Enterprises
These financial statements comply with the requirements of the Accounting Standards for
Enterprises promulgated by the Ministry of Finance and truthfully and completely reflect
the consolidated and parent company's financial position as of December 31 2024 as well
as the consolidated and parent company's operating results and cash flows for the year 2024.(II) Accounting Period
An accounting year is from January 1st to December 31st of the Gregorian calendar year.(III) Operating Cycle
The operating cycle of the Company is 12 months.(IV) Functional Currency
The functional currency of the Company and the currency used for preparing these financial
statements are both Renminbi. Unless otherwise specified all amounts are presented in
Renminbi yuan. The Company's subsidiaries joint ventures and associated enterprises
determine their respective functional currencies according to the main economic
environments in which they operate and convert them into Renminbi when preparing
financial statements.(V) Accounting Treatment Methods for Business Combinations under the Same Control
and Business Combinations not under the Same Control
Business Combinations under the Same Control: The assets and liabilities (including the
goodwill formed by the ultimate controlling party's acquisition of the combined party)
obtained by the combining party in a business combination are measured based on the
carrying values of the assets and liabilities of the combined party in the consolidated
financial statements of the ultimate controlling party as of the combination date. The
difference between the carrying value of the net assets obtained in the combination and the
carrying value of the consideration paid for the combination (or the total face value of the
issued shares) is adjusted against the share premium in capital reserve. If the share premium
in capital reserve is insufficient to cover the difference the retained earnings are adjusted.Business Combinations under the Same Control: The assets and liabilities (including the
104重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
goodwill formed by the ultimate controlling party's acquisition of the combined party)
obtained by the combining party in a business combination are measured based on the
carrying values of the assets and liabilities of the combined party in the consolidated
financial statements of the ultimate controlling party as of the combination date. The
difference between the carrying value of the net assets obtained in the combination and the
carrying value of the consideration paid for the combination (or the total face value of the
issued shares) is adjusted against the share premium in capital reserve. If the share premium
in capital reserve is insufficient to cover the difference the retained earnings are adjusted.(VI) Judgment Criteria for Control and Preparation Methods of Consolidated Financial
Statements
1、 Judgment Criteria for Control
The consolidation scope of the consolidated financial statements is determined based
on control and the consolidation scope includes the Company and all its subsidiaries.Control refers to the power that the Company has over the investee the ability to
obtain variable returns by participating in the relevant activities of the investee and
the ability to use the power over the investee to affect the amount of its returns.
2、 Consolidation Procedures
The Company regards the entire enterprise group as an accounting entity prepares
consolidated financial statements in accordance with unified accounting policies
and reflects the overall financial position operating results and cash flows of the
enterprise group. The effects of internal transactions between the Company and its
subsidiaries and among subsidiaries are offset. Where internal transactions indicate
that there are impairment losses on relevant assets the full amount of such losses is
recognized. If the accounting policies and accounting periods adopted by
subsidiaries are inconsistent with those of the Company necessary adjustments shall
be made in accordance with the Company's accounting policies and accounting
periods when preparing consolidated financial statements.The shares of minority shareholders in the owners' equity current net profit and
current comprehensive income of subsidiaries are separately presented under the
owners' equity item in the consolidated balance sheet under the net profit item in the
consolidated income statement and under the total comprehensive income item
respectively. The balance formed when the current losses borne by the minority
105重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
shareholders of a subsidiary exceed the share of the minority shareholders in the
beginning owners' equity of the subsidiary shall be offset against the minority
shareholders' equity.
（1）Addition of Subsidiaries or Businesses
During the reporting period if a subsidiary or business is added due to a business
combination under the same control the operating results and cash flows of the
subsidiary or business from the beginning of the current period of combination to the
end of the reporting period shall be included in the consolidated financial statements.At the same time the beginning figures of the consolidated financial statements and
the relevant items of the comparative statements shall be adjusted as if the reporting
entity after combination has existed since the starting point of control by the ultimate
controlling party.。
If the investor is able to exercise control over the investee under the same control
due to additional investment and other reasons for the equity investment held before
obtaining the control right of the combined party the recognized relevant profits and
losses other comprehensive income and other net asset changes from the later date
of the date of obtaining the original equity and the date when the combining party
and the combined party are under the same control to the combination date shall be
offset against the beginning retained earnings during the comparative statement
period or the current profit or loss respectively.During the reporting period if a subsidiary or business is added due to a business
combination not under the same control it shall be included in the consolidated
financial statements from the acquisition date based on the fair values of the
identifiable assets liabilities and contingent liabilities determined on the acquisition
date.If the investor is able to exercise control over the investee not under the same control
due to additional investment and other reasons for the equity of the acquiree held
before the acquisition date it shall be re-measured at its fair value on the acquisition
date and the difference between the fair value and its carrying value shall be included
in the current investment income. The other comprehensive income that can be
reclassified into profit or loss in the future and other changes in the owners' equity
under the equity method accounting related to the equity of the acquiree held before
the acquisition date shall be converted into the investment income of the current
period to which the acquisition date belongs.
106重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
（2）Disposal of Subsidiaries
* General Treatment Method
When the control over the investee is lost due to the disposal of part of the equity
investment or for other reasons the remaining equity investment after the disposal
shall be re-measured at its fair value on the date of loss of control. The difference
between the sum of the consideration obtained from the disposal of the equity and
the fair value of the remaining equity and the sum of the share of the net assets of
the original subsidiary that should be enjoyed calculated according to the original
shareholding ratio and continuously calculated from the acquisition date or
combination date and the goodwill shall be included in the investment income of
the current period when the control is lost. The other comprehensive income that can
be reclassified into profit or loss in the future related to the equity investment in the
original subsidiary and other changes in the owners' equity under the equity method
accounting shall be converted into the current investment income when the control
is lost.* Step-by-step Disposal of Subsidiaries
When the equity investment in a subsidiary is disposed of step by step through
multiple transactions until the control is lost the terms conditions and economic
impacts of each transaction of the disposal of the equity investment in the subsidiary
meet one or more of the following situations which usually indicates that the
multiple transactions are a package of transactions:
ⅰ．These transactions are concluded simultaneously or under the consideration of
their mutual influences；
ⅱ．These transactions as a whole can achieve a complete business result；
ⅲ．The occurrence of one transaction depends on the occurrence of at least one
other transaction；
ⅳ．One transaction is uneconomical when viewed separately but it is economical
when considered together with other transactions.If each transaction belongs to a one block deal each transaction shall be accounted
for as a transaction of disposing of a subsidiary and losing control; the difference
between the consideration received from each disposal before the loss of control and
the share of the net assets of the subsidiary corresponding to the disposed investment
shall be recognized as other comprehensive income in the consolidated financial
statements and shall be transferred to the profit or loss of the current period when
107重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
the control is lost.If each transaction does not belong to a one block deal before the loss of control the
accounting treatment shall be carried out in accordance with the partial disposal of
the equity investment in the subsidiary without losing control; when the control is
lost the accounting treatment shall be carried out in accordance with the general
treatment method for the disposal of the subsidiary.
（3）Purchase of Minority Interests in Subsidiaries
The difference between the newly acquired long-term equity investment due to the
purchase of minority interests and the share of the net assets of the subsidiary that
should be enjoyed calculated according to the newly increased shareholding ratio
and continuously calculated from the acquisition date or combination date shall be
adjusted against the share premium in capital reserve in the consolidated balance
sheet. If the share premium in capital reserve is insufficient to cover the difference
the retained earnings shall be adjusted.
（4）Partial Disposal of Equity Investments in Subsidiaries without Losing Control
The difference between the consideration received from the disposal and the share
of the net assets of the subsidiary that should be enjoyed corresponding to the
disposed long-term equity investment and continuously calculated from the
acquisition date or combination date shall be adjusted against the share premium in
capital reserve in the consolidated balance sheet. If the share premium in capital
reserve is insufficient to cover the difference the retained earnings shall be adjusted.(VII) Criteria for Determining Cash and Cash Equivalents
Cash refers to the Company's cash on hand and deposits that can be used for payment at
any time. Cash equivalents refer to the investments held by the Company that have a short
term to maturity strong liquidity are readily convertible to a known amount of cash and
have insignificant risk of changes in value.(VIII) Foreign Currency Transactions and Translation of Foreign Currency Financial
Statements
1、 Foreign Currency Transactions
For foreign currency transactions the spot exchange rate on the transaction date is
108重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
used as the conversion rate to convert the foreign currency amount into Renminbi
for accounting purposes.The balances of foreign currency monetary items on the balance sheet date are
converted at the spot exchange rate on the balance sheet date. The resulting exchange
differences except for those arising from foreign currency specific borrowings
related to the acquisition and construction of assets that meet the capitalization
conditions which are accounted for in accordance with the principles of capitalizing
borrowing costs are all included in the current profit or loss.
2、 Translation of Foreign Currency Financial Statements
For the assets and liabilities items in the balance sheet they are translated at the spot
exchange rate on the balance sheet date; for the items of owners' equity except for
the "undistributed profits" item other items are translated at the spot exchange rate
on the date of occurrence. For the revenue and expense items in the income statement
they are translated at the spot exchange rate on the transaction date.When disposing of a foreign operation the translation differences of the foreign
currency financial statements related to the foreign operation are transferred from
the owners' equity items to the profit or loss of the current period of disposal.(IX) Financial Instruments
The Company recognizes a financial asset a financial liability or an equity instrument when
it becomes a party to a financial instrument contract.
1、 Classification of Financial Instruments
Based on the Company's business model for managing financial assets and the
contractual cash flow characteristics of the financial assets financial assets are
classified upon initial recognition as: financial assets measured at amortized cost
financial assets measured at fair value through other comprehensive income and
financial assets measured at fair value through profit or loss.The Company classifies a financial asset that meets the following conditions
simultaneously and is not designated as a financial asset measured at fair value
through profit or loss as a financial asset measured at amortized cost：
－ The business model is aimed at collecting contractual cash flows；
－ The contractual cash flows are solely payments of principal and interest on the
109重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
principal amount outstanding.The Company classifies a financial asset that meets the following conditions
simultaneously and is not designated as a financial asset measured at fair value
through profit or loss as a financial asset measured at fair value through other
comprehensive income (debt instrument):
－ The business model is both aimed at collecting contractual cash flows and selling
the financial asset；
－ The contractual cash flows are solely payments of principal and interest on the
principal amount outstanding.For non-trading equity instrument investments the Company may irrevocably
designate them as financial assets measured at fair value through other
comprehensive income (equity instruments) upon initial recognition. This
designation is made on a single investment basis and the related investment meets
the definition of an equity instrument from the perspective of the issuer.Except for the above financial assets measured at amortized cost and financial assets
measured at fair value through other comprehensive income the Company classifies
all remaining financial assets as financial assets measured at fair value through profit
or loss.Financial liabilities are classified upon initial recognition as: financial liabilities
measured at fair value through profit or loss and financial liabilities measured at
amortized cost.
2、 Recognition Basis and Measurement Methods for Financial Instruments
（1）Financial Assets Measured at Amortized Cost
Financial assets measured at amortized cost include notes receivable accounts
receivable other receivables long - term receivables debt investments etc. They are
initially measured at fair value and the related transaction costs are included in the
initial recognition amount. Accounts receivable that do not contain a significant
financing component and accounts receivable for which the Company decides not to
consider the financing component of no more than one year are initially measured at
the contract transaction price.
110重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
During the holding period the interest calculated using the effective interest method
is included in the current profit or loss.When the financial asset is recovered or disposed of the difference between the
proceeds received and the carrying amount of the financial asset is included in the
current profit or loss.
（2）Financial Assets Measured at Fair Value through Other Comprehensive Income
(Debt Instruments)
Financial assets measured at fair value through other comprehensive income (debt
instruments) include accounts receivable financing other debt investments etc.They are initially measured at fair value and the related transaction costs are
included in the initial recognition amount. These financial assets are subsequently
measured at fair value. Except for the interest calculated using the effective interest
method impairment losses or gains and exchange gains or losses all fair - value
changes are included in other comprehensive income.Upon derecognition the cumulative gains or losses previously included in other
comprehensive income are transferred from other comprehensive income to the
current profit or loss.
（3）Financial Assets Measured at Fair Value through Other Comprehensive Income
(Equity Instruments)
Financial assets measured at fair value through other comprehensive income (equity
instruments) include other equity instrument investments etc. They are initially
measured at fair value and the related transaction costs are included in the initial
recognition amount. These financial assets are subsequently measured at fair value
and the fair - value changes are included in other comprehensive income. Dividends
received are included in the current profit or loss.Upon derecognition the cumulative gains or losses previously included in other
comprehensive income are transferred from other comprehensive income to retained
earnings.
（4） Financial Assets Measured at Fair Value through Profit or Loss
Financial assets measured at fair value through profit or loss include trading financial
assets derivative financial assets other non - current financial assets etc. They are
111重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
initially measured at fair value and the related transaction costs are included in the
current profit or loss. These financial assets are subsequently measured at fair value
and the fair - value changes are included in the current profit or loss.
（5）Financial Liabilities Measured at Fair Value through Profit or Loss
Financial liabilities measured at fair value through profit or loss include trading
financial liabilities derivative financial liabilities etc. They are initially measured at
fair value and the related transaction costs are included in the current profit or loss.These financial liabilities are subsequently measured at fair value and the fair - value
changes are included in the current profit or loss.Upon derecognition the difference between the carrying amount and the
consideration paid is included in the current profit or loss.
（6）Financial Liabilities Measured at Amortized Cost
Financial liabilities measured at amortized cost include short - term borrowings
notes payable accounts payable other payables long - term borrowings bonds
payable long - term payables. They are initially measured at fair value and the
related transaction costs are included in the initial recognition amount.During the holding period the interest calculated using the effective interest method
is included in the current profit or loss.Upon derecognition the difference between the consideration paid and the carrying
amount of the financial liability is included in the current profit or loss.
3、 Recognition Criteria and Measurement Methods for the Derecognition of
Financial Assets and the Transfer of Financial Assets
The Company derecognizes a financial asset when one of the following conditions
is met:
－ The contractual right to receive cash flows from the financial asset expires;
－ The financial asset is transferred and almost all the risks and rewards associated
with the ownership of the financial asset are transferred to the transferee;
－ The financial asset is transferred and although the Company has neither
transferred nor retained almost all the risks and rewards associated with the
ownership of the financial asset it has not retained control over the financial asset.
112重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
If the Company modifies or renegotiates the contract with the counterparty and the
modification is substantial the original financial asset is derecognized and a new
financial asset is recognized in accordance with the modified terms.When a financial asset is transferred if the Company retains almost all the risks and
rewards associated with the ownership of the financial asset the financial asset is not
derecognized.In determining whether a financial asset transfer meets the above - mentioned
financial asset derecognition conditions the principle of substance over form is
applied.The Company classifies financial asset transfers into overall transfers and partial
transfers of financial assets. When an overall transfer of a financial asset meets the
derecognition conditions the difference between the following two amounts is
recognized in the current profit and loss:
（1）The carrying amount of the transferred financial asset;
（2）The sum of the consideration received from the transfer and the cumulative
amount of changes in fair value that have been directly recognized in the owner's
equity (in the case where the transferred financial asset is a financial asset measured
at fair value with its changes recognized in other comprehensive income (debt
instrument)).When a partial transfer of a financial asset meets the derecognition conditions the
carrying amount of the entire transferred financial asset is allocated between the
derecognized part and the non - derecognized part based on their respective relative
fair values and the difference between the following two amounts is recognized in
the current profit and loss:
（1）The carrying amount of the derecognized part;
（2） The sum of the consideration for the derecognized part and the amount of the
cumulative changes in fair value that have been directly recognized in the owner's
equity corresponding to the derecognized part (in the case where the transferred
financial asset is a financial asset measured at fair value with its changes recognized
in other comprehensive income (debt instrument)).
113重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
If a financial asset transfer does not meet the derecognition conditions the financial
asset is continued to be recognized and the consideration received is recognized as
a financial liability.
4、 Derecognition of Financial Liabilities
When all or part of the current obligations of a financial liability have been
discharged the financial liability or a part of it is derecognized. If the Company
enters into an agreement with the creditor to replace the existing financial liability
by assuming a new financial liability and the contractual terms of the new financial
liability are substantially different from those of the existing financial liability the
existing financial liability is derecognized and a new financial liability is recognized
simultaneously.When the contractual terms of all or part of the existing financial liability are
substantially modified the existing financial liability or a part of it is derecognized
and at the same time the financial liability with the modified terms is recognized as
a new financial liability.When all or part of a financial liability is derecognized the difference between the
carrying amount of the derecognized financial liability and the consideration paid
(including the transferred non-cash assets or the assumed new financial liability) is
included in the current profit or loss.If the Company repurchases part of a financial liability on the repurchase date the
carrying amount of the entire financial liability is allocated according to the relative
fair values of the part that continues to be recognized and the part that is
derecognized. The difference between the carrying amount allocated to the
derecognized part and the consideration paid (including the transferred non-cash
assets or the assumed new financial liability) is included in the current profit or loss.
5、 Methods for Determining the Fair Values of Financial Assets and Financial
Liabilities
For financial instruments with an active market their fair values are determined
based on the quoted prices in the active market. For financial instruments without an
active market valuation techniques are used to determine their fair values. When
conducting valuation the Company applies valuation techniques that are applicable
under the current circumstances and are supported by sufficient available data and
other information. It selects input values that are consistent with the characteristics
114重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
of the assets or liabilities considered by market participants in transactions of the
relevant assets or liabilities and gives priority to using relevant observable input
values. Only when relevant observable input values cannot be obtained or are not
practically obtainable will unobservable input values be used.
6、 Testing Methods and Accounting Treatment Methods for the Impairment of
Financial Instruments
The Company conducts impairment accounting treatment based on expected credit
losses for financial assets measured at amortized cost financial assets measured at
fair value through other comprehensive income (debt instruments) financial
guarantee contracts etc.The Company considers reasonable and well-founded information such as relevant
past events current conditions and forecasts of future economic conditions and
calculates the probability-weighted amount of the present value of the difference
between the contractually receivable cash flows and the expected receivable cash
flows weighted by the risk of default to recognize expected credit losses.For accounts receivable and contract assets arising from transactions governed by
Accounting Standards for Enterprises No. 14 - Revenue regardless of whether they
contain a significant financing component the Company always measures their loss
allowances at an amount equivalent to the expected credit losses over their entire
remaining lives.For lease receivables arising from transactions governed by Accounting Standards
for Enterprises No. 21 - Leases the Company chooses to always measure their loss
allowances at an amount equivalent to the expected credit losses over their entire
remaining lives.For other financial instruments the Company assesses the changes in the credit risks
of the relevant financial instruments since their initial recognition at each balance
sheet date.The Company determines the relative change in the risk of default over the expected
remaining life of the financial instrument by comparing the risk of default of the
financial instrument at the balance sheet date with the risk of default at the initial
recognition date so as to evaluate whether the credit risk of the financial instrument
has increased significantly since its initial recognition. Generally if the overdue
115重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
period exceeds 30 days the Company deems that the credit risk of the financial
instrument has increased significantly unless there is conclusive evidence to prove
that the credit risk of the financial instrument has not increased significantly since
its initial recognition.If the credit risk of a financial instrument is low at the balance sheet date the
Company deems that the credit risk of the financial instrument has not increased
significantly since its initial recognition.If the credit risk of a financial instrument has increased significantly since its initial
recognition the Company measures its loss allowance at an amount equivalent to the
expected credit losses over the entire remaining life of the financial instrument; if
the credit risk of the financial instrument has not increased significantly since its
initial recognition the Company measures its loss allowance at an amount equivalent
to the expected credit losses over the next 12 months of the financial instrument. The
increase or reversal amount of the loss allowance thus formed is recognized as an
impairment loss or gain in the current profit or loss. For financial assets measured at
fair value through other comprehensive income (debt instruments) the loss
allowance is recognized in other comprehensive income and the impairment loss or
gain is recognized in the current profit or loss and the carrying amount of the
financial asset presented in the balance sheet is not reduced.(X) Inventories
1、 Classification and Cost of Inventories
Inventories are classified as goods in transit raw materials turnover materials
finished goods work in progress goods shipped but not yet delivered goods
entrusted for processing etc.Inventories are initially measured at cost and the cost of inventories includes the
purchase cost processing cost and other expenditures incurred to bring the
inventories to their present location and condition..
2、 Valuation Method for Issued Inventories
The weighted average method is adopted.
3、 Inventory Recording System
The perpetual inventory system is adopted.
116重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
4、 Amortization Methods for Low-value Consumables and Packaging Materials
（1）Low-value consumables are amortized using the one-time write-off method
（2）Packaging materials are amortized using the one-time write-off method.
5、 Recognition Criteria and Provision Methods for Inventory Write-down
Provisions
At the balance sheet date inventories shall be measured at the lower of cost and net
realizable value. When the cost of inventories is higher than their net realizable value
inventory write-down provisions shall be made. The net realizable value refers to the
amount obtained by deducting the estimated costs to be incurred until completion
estimated selling expenses and relevant taxes and fees from the estimated selling
price of the inventories in the ordinary course of business.For finished goods goods in stock and materials directly for sale the net realizable
value is determined by deducting the estimated selling expenses and relevant taxes
and fees from the estimated selling price of the inventories in the normal production
and operation process; for materials that need to be processed the net realizable
value is determined by deducting the estimated costs to be incurred until completion
estimated selling expenses and relevant taxes and fees from the estimated selling
price of the finished products produced in the normal production and operation
process; for inventories held for the execution of sales contracts or labor contracts
the net realizable value is calculated based on the contract price. If the quantity of
inventories held is more than the quantity ordered in the sales contract the net
realizable value of the excess part of the inventories is calculated based on the
general selling price
After the inventory write-down provisions are made if the factors that previously
caused the decrease in the value of the inventories have disappeared resulting in the
net realizable value of the inventories being higher than their carrying amount the
write-down shall be reversed within the amount of the previously provided inventory
write-down provisions and the reversed amount shall be included in the current
profit or loss.(XI) Contract Assets
1、 Recognition Methods and Criteria for Contract Assets
117重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The Company presents contract assets or contract liabilities in the balance sheet
based on the relationship between the performance of performance obligations and
customer payments. The right of the Company to receive consideration for the
transfer of goods or provision of services to customers (and this right depends on
factors other than the passage of time) is presented as a contract asset. Contract assets
and contract liabilities under the same contract are presented on a net basis. The
Company's unconditional right (depending only on the passage of time) to receive
consideration from customers is presented separately as accounts receivable.
2、 Determination Methods and Accounting Treatment Methods for Expected
Credit Losses of Contract Assets
The determination methods and accounting treatment methods for the expected
credit losses of contract assets are detailed in "III. (9) 6. Testing Methods and
Accounting Treatment Methods for the Impairment of Financial Instruments" of
these notes.(XII) Held - for - Sale and Discontinued Operations
1、 Held - for - Sale
Non - current assets or disposal groups that are recovered through sale (including
non - monetary asset exchanges with commercial substance) rather than through
continuous use are classified as held - for - sale.The Company classifies non - current assets or disposal groups as held - for - sale if
they meet the following conditions simultaneously:
（1）They are immediately available for sale in their present condition in accordance
with the customary practices for selling such assets or disposal groups in similar
transactions.
（2）The sale is highly probable meaning that the Company has made a decision
on a sale plan and has obtained a firm purchase commitment and it is expected that
the sale will be completed within one year. Where relevant regulations require the
approval of the Company's relevant authority or regulatory department before the
sale can be made such approval has been obtained.For non - current assets (excluding financial assets deferred tax assets and assets
formed by employee compensation) or disposal groups classified as held - for - sale
if their carrying amount is higher than the net amount of fair value less selling costs
118重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
the carrying amount is written down to the net amount of fair value less selling costs.The amount of the write - down is recognized as an asset impairment loss which is
included in the current profit or loss and at the same time an impairment provision
for held - for - sale assets is made.(XIII) Long-term Equity Investments
1、 Judgment Criteria for Joint Control and Significant Influence
Joint control refers to the shared control over an arrangement in accordance with
relevant agreements and the relevant activities of this arrangement must be decided
upon with the unanimous consent of the participating parties sharing the control
rights. When the Company together with other joint venturers exercises joint control
over an investee and has rights to the net assets of the investee the investee is a joint
venture of the Company.Significant influence refers to the power to participate in the financial and operating
decision-making of an investee but without the ability to control or jointly control
together with other parties the formulation of these policies. When the Company is
able to exert significant influence on an investee the investee is an associate of the
Company.
2、 Determination of the Initial Investment Cost
（1）Long-term Equity Investments Formed through Business Combinations
For long-term equity investments in subsidiaries formed through business
combinations under the same control on the combination date the share of the
carrying value of the owners' equity of the combined party in the consolidated
financial statements of the ultimate controlling party is taken as the initial investment
cost of the long-term equity investment. The difference between the initial
investment cost of the long-term equity investment and the carrying value of the
consideration paid is adjusted against the share premium in capital reserve; if the
share premium in capital reserve is insufficient to cover the difference the retained
earnings are adjusted. When the Company is able to exercise control over the
investee under the same control due to additional investment and other reasons the
difference between the initial investment cost of the long-term equity investment
confirmed in accordance with the above principles and the sum of the carrying value
of the long-term equity investment before the combination and the carrying value of
119重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
the additional consideration paid for the newly acquired shares on the combination
date is adjusted against the share premium. If the share premium is insufficient to
cover the difference the retained earnings are reduced.For long-term equity investments in subsidiaries formed through business
combinations not under the same control the combination cost determined on the
acquisition date is taken as the initial investment cost of the long-term equity
investment. When the Company is able to exercise control over the investee not
under the same control due to additional investment and other reasons the sum of
the carrying value of the original equity investment and the cost of the newly added
investment is taken as the initial investment cost.
（2）Long-term Equity Investments Obtained through Other Means than Business
Combinations
For long-term equity investments obtained by paying cash the actual purchase price
paid is taken as the initial investment cost.For long-term equity investments obtained by issuing equity securities the fair value
of the issued equity securities is taken as the initial investment cost.
3、 Subsequent Measurement and Profit or Loss Recognition Methods
（1） Long-term Equity Investments Accounted for under the Cost Method
The Company's long-term equity investments in subsidiaries are accounted for under
the cost method unless the investment meets the conditions for being classified as
held for sale. Except for the declared but unpaid cash dividends or profits included
in the actual payment price or consideration when the investment is acquired the
Company recognizes the current investment income according to the cash dividends
or profits declared and distributed by the investee that the Company is entitled to.
（2）Long-term Equity Investments Accounted for under the Equity Method
Long-term equity investments in associates and joint ventures are accounted for
under the equity method. If the initial investment cost is greater than the share of the
fair value of the identifiable net assets of the investee that the Company is entitled to
at the time of investment the initial investment cost of the long-term equity
investment is not adjusted; if the initial investment cost is less than the share of the
fair value of the identifiable net assets of the investee that the Company is entitled to
at the time of investment the difference is included in the current profit or loss and
at the same time the cost of the long-term equity investment is adjusted.
120重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The Company respectively recognizes investment income and other comprehensive
income according to the share of the net profit or loss and other comprehensive
income realized by the investee that the Company is entitled to or should bear and
at the same time adjusts the carrying value of the long-term equity investment;
calculates the share it is entitled to according to the profits or cash dividends declared
and distributed by the investee and correspondingly reduces the carrying value of
the long-term equity investment; for other changes in the owners' equity of the
investee other than net profit or loss other comprehensive income and profit
distribution (referred to as "other changes in owners' equity" for short) adjusts the
carrying value of the long-term equity investment and includes it in the owners'
equity.When confirming the share of the net profit or loss other comprehensive income and
other changes in owners' equity of the investee that the Company is entitled to based
on the fair value of the identifiable net assets of the investee at the time of investment
and in accordance with the Company's accounting policies and accounting periods
the Company adjusts the net profit and other comprehensive income of the investee
before confirmation.The portion of the unrealized internal transaction profits and losses that occur
between the Company and its associates or joint ventures and that belongs to the
Company calculated according to the proportion the Company is entitled to is offset
and on this basis the investment income is recognized except when the invested or
sold assets constitute a business. The unrealized internal transaction losses that occur
with the investee if they are asset impairment losses are fully recognized.The Company's share of the net losses incurred by a joint venture or an associate is
limited to reducing the carrying value of the long-term equity investment and other
long-term interests that substantially constitute a net investment in the joint venture
or the associate to zero except for the obligation to bear additional losses. When the
joint venture or the associate realizes a net profit in the future the Company resumes
recognizing the share of the profit after the share of the profit offsets the
unrecognized share of the losses.
（3）Disposal of Long-term Equity Investments
The difference between the carrying value of a long-term equity investment and the
actual proceeds obtained from its disposal is included in the current profit or loss.When disposing of part of a long-term equity investment accounted for under the
121重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
equity method and the remaining equity is still accounted for under the equity
method the other comprehensive income recognized under the original equity
method accounting is transferred out in proportion based on the same basis as that
for the investee's direct disposal of the relevant assets or liabilities and the other
changes in owners' equity are transferred into the current profit or loss in proportion.When the Company loses joint control or significant influence over the investee due
to the disposal of equity investments and other reasons the other comprehensive
income recognized due to the equity method accounting for the original equity
investment is accounted for based on the same basis as that for the investee's direct
disposal of the relevant assets or liabilities when the equity method accounting is
terminated and the other changes in owners' equity are all transferred into the current
profit or loss when the equity method accounting is terminated.When the Company loses control over the investee due to the disposal of part of the
equity investment and other reasons when preparing individual financial statements
if the remaining equity enables the Company to exercise joint control or significant
influence over the investee the accounting method is changed to the equity method
and the remaining equity is adjusted as if the equity method had been applied since
its acquisition. The other comprehensive income recognized before obtaining control
over the investee is transferred out in proportion based on the same basis as that for
the investee's direct disposal of the relevant assets or liabilities and the other changes
in owners' equity recognized due to the equity method accounting are transferred
into the current profit or loss in proportion; if the remaining equity cannot enable the
Company to exercise joint control or significant influence over the investee it is
recognized as a financial asset and the difference between its fair value and carrying
value on the date of losing control is included in the current profit or loss and the
other comprehensive income and other changes in owners' equity recognized before
obtaining control over the investee are all transferred out.When disposing of the equity investment in a subsidiary step by step through
multiple transactions until the control is lost if it is a package of transactions each
transaction is accounted for as a transaction of disposing of the equity investment in
the subsidiary and losing control; before losing control the difference between the
consideration received from each disposal and the carrying value of the long-term
equity investment corresponding to the disposed equity is in individual financial
statements first recognized as other comprehensive income and then transferred
122重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
into the current profit or loss of the period when the control is lost. If it is not a
package of transactions each transaction is accounted for separately.(XIV) Investment Real Estate
Investment real estate refers to real estate held for the purpose of earning rental income or
capital appreciation or both including leased land use rights land use rights held and
intended to be transferred after appreciation and leased buildings (including buildings used
for lease upon the completion of self-construction or development activities as well as
buildings under construction or development that will be used for lease in the future).Subsequent expenditures related to investment real estate are included in the cost of
investment real estate when it is highly probable that the relevant economic benefits will
flow in and the cost can be reliably measured; otherwise they are included in the current
profit or loss when they occur.The Company measures existing real estate investment using the cost model. For
investment real estate measured using the cost model the depreciation policy for leased
buildings is the same as that for the Company's fixed assets and the amortization policy for
leased land use rights is implemented in the same way as that for intangible assets.(XV) Fixed Assets
1、 Recognition and Initial Measurement of Fixed Assets
Fixed assets refer to tangible assets held for the production of goods the provision
of labor services lease or for business management purposes and with a useful life
exceeding one accounting year. Fixed assets are recognized when the following
conditions are simultaneously met:
（1）It is highly probable that the economic benefits related to the fixed asset will
flow into the enterprise.
（2）The cost of the fixed asset can be reliably measured.
Fixed assets are initially measured at cost (taking into account the impact of
estimated disposal expenses).Subsequent expenditures related to fixed assets are included in the cost of fixed
assets when it is highly probable that the economic benefits related to them will flow
in and their costs can be reliably measured; for the replaced parts their carrying
values are derecognized; all other subsequent expenditures are included in the
current profit or loss when they occur.
123重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Depreciation Methods
Depreciation of fixed assets is calculated and provided for by category using the
straight-line method. The depreciation rate is determined according to the categories
of fixed assets their estimated useful lives and the estimated residual value rates.For fixed assets for which impairment provisions have been made the depreciation
amount in future periods is determined based on the carrying value after deducting
the impairment provisions and the remaining useful life. If the useful lives of the
various components of a fixed asset are different or they provide economic benefits
to the enterprise in different ways different depreciation rates or depreciation
methods are selected to calculate and provide for depreciation separately.The depreciation methods useful lives residual value rates and annual depreciation
rates of various types of fixed assets are as follows:
Estimated residual
Category Service life Annual depreciation rate
value rate
Buildings and structures 20-35 years 3% 2.77-4.85%
Machinery and equipment 5-20 years 3% 4.85-19.40%
Transportation vehicles 4-10 years 3% 9.70-24.25%
Other equipment 3-21 years 3% 4.62-32.33%
Note: For the molds among the machinery and equipment depreciation is calculated
using the units-of-production method.
3、 Disposal of Fixed Assets
When a fixed asset is disposed of or it is expected that no economic benefits can be
generated through its use or disposal the fixed asset is derecognized. The amount
obtained by deducting the carrying value and relevant taxes and fees from the
disposal proceeds of a fixed asset from its sale transfer scrapping or damage is
included in the current profit or loss.(XVI) Construction in Progress
Construction in progress is measured at the actual cost incurred. The actual cost includes
construction costs installation costs borrowing costs that meet the capitalization conditions
and other necessary expenditures incurred before the construction in progress reaches the
intended usable state. When the construction in progress reaches the intended usable state
124重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
it is transferred to fixed assets and depreciation is provided starting from the following
month.(XVII) Borrowing Costs
1、 Recognition Principles for the Capitalization of Borrowing Costs
Borrowing costs incurred by the Company can be directly attributed to the
acquisition construction or production of assets that meet the capitalization
conditions are capitalized and included in the cost of the relevant assets; other
borrowing costs are recognized as expenses based on the amount incurred when they
occur and are included in the current profit or loss.Assets that meet the capitalization conditions refer to fixed assets investment real
estate inventories and other assets that require a substantial period of acquisition
construction or production activities to reach the intended usable or salable state.
2、 Capitalization Period of Borrowing Costs
The capitalization period refers to the period from the starting point of capitalizing
borrowing costs to the stopping point of capitalizing borrowing costs excluding the
period during which the capitalization of borrowing costs is suspended.The capitalization of borrowing costs begins when the following conditions are
simultaneously met:
（1）Asset expenditures have occurred. Asset expenditures include expenditures
made in the form of cash payments transfer of non-cash assets or assumption of
interest-bearing debts for the acquisition construction or production of assets that
meet the capitalization conditions;
（2）Borrowing costs have occurred;
（3）The acquisition construction or production activities necessary for the asset
to reach the intended usable or salable state have started.When the asset that meets the capitalization conditions and is under acquisition
construction or production reaches the intended usable or salable state the
capitalization of borrowing costs stops.
3、 Period of Suspended Capitalization
If there is an abnormal interruption during the acquisition construction or
production of assets that meet the capitalization conditions and the interruption
125重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
period exceeds 3 months continuously the capitalization of borrowing costs is
suspended; if this interruption is a necessary procedure for the asset that meets the
capitalization conditions and is under acquisition construction or production to
reach the intended usable or salable state the capitalization of borrowing costs
continues. The borrowing costs incurred during the interruption period are
recognized as current profit or loss until the acquisition construction or production
activities of the asset resume and the capitalization of borrowing costs continues.
4、 Calculation Methods for the Capitalization Rate and Capitalized Amount of
Borrowing Costs
For specific borrowings borrowed for the acquisition construction or production of
assets that meet the capitalization conditions the capitalized amount of borrowing
costs is determined by subtracting the interest income obtained from depositing the
unused borrowing funds in the bank or the investment income obtained from
temporary investments from the borrowing costs actually incurred in the current
period for the specific borrowings.For general borrowings used for the acquisition construction or production of assets
that meet the capitalization conditions the amount of borrowing costs that should be
capitalized for the general borrowings is calculated and determined by multiplying
the weighted average of the asset expenditures exceeding the specific borrowings by
the capitalization rate of the general borrowings used. The capitalization rate is
calculated and determined based on the weighted average actual interest rate of the
general borrowings.During the capitalization period the exchange differences on the principal and
interest of specific foreign currency borrowings are capitalized and included in the
cost of assets that meet the capitalization conditions. The exchange differences on
the principal and interest of other foreign currency borrowings other than specific
foreign currency borrowings are included in the current profit or loss.(XVIII) Intangible Assets
1、 Valuation Methods of Intangible Assets
（1）The Company initially measures intangible assets at cost when it obtains them；
The cost of externally purchased intangible assets includes the purchase price
relevant taxes and fees as well as other expenditures directly attributable to bringing
126重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
the asset to its intended use.
（2）Subsequent Measurement
When obtaining an intangible asset the Company analyzes and determines its useful
life.For intangible assets with a finite useful life they are amortized over the period
during which they bring economic benefits to the enterprise. For intangible assets
for which it is not possible to foresee the period during which they will bring
economic benefits to the enterprise they are regarded as intangible assets with an
indefinite useful life and are not amortized.
2、 Estimation of the Useful Life of Intangible Assets with a Finite Useful Life
Project Estimated Useful Life Amortization Method
Right to Use Land 33 - 50 years Straight-line Method
Right to Use Software 2 years Straight-line Method
Right to Use Trademark 10 years Straight-line Method
Non-patented Technology 5 - 11 years Straight-line Method
Patented Technology 10 years Straight-line Method
3、 Specific Criteria for Distinguishing between the Research Stage and the
Development Stage
The expenditures of the Company's internal research and development projects are
divided into research stage expenditures and development stage expenditures.Research Stage: It refers to the stage of original and planned investigations and
research activities carried out to acquire and understand new scientific or technical
knowledge etc.Development Stage: It refers to the stage of activities in which research
achievements or other knowledge are applied to a certain plan or design before
commercial production or use in order to produce new or substantially improved
materials devices products etc.
4、 Specific Conditions for the Capitalization of Development Stage Expenditures
Expenditures incurred in the research stage are recognized as current profit or loss
127重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
when they occur. Development stage expenditures that simultaneously meet the
following conditions are recognized as intangible assets and development stage
expenditures that do not meet the following conditions are recognized as current
profit or loss:
(1) It is technically feasible to complete the intangible asset so that it can be used or
sold;
(2) There is the intention to complete the intangible asset and use or sell it；
(3) The way in which the intangible asset generates economic benefits including
being able to prove that there is a market for the products produced by applying the
intangible asset or that there is a market for the intangible asset itself. If the intangible
asset will be used internally it is necessary to be able to prove its usefulness；
(4) There are sufficient technical financial and other resources to support the
completion of the development of the intangible asset and there is the ability to use
or sell the intangible asset；
(5) The expenditures attributable to the development stage of the intangible asset can
be reliably measured.If it is impossible to distinguish between research stage expenditures and
development stage expenditures all the research and development expenditures
incurred will be recognized as current profit or loss.(XIX) Impairment of Long-term Assets
Long-term assets such as long-term equity investments investment real estate measured
using the cost model fixed assets construction in progress right-of-use assets and
intangible assets with a finite useful life are subject to an impairment test if there are
indications of impairment at the balance sheet date. If the results of the impairment test
indicate that the recoverable amount of an asset is lower than its carrying amount an
impairment provision is made for the difference and recognized as an impairment loss. The
recoverable amount is the higher of the net amount of the fair value of the asset less disposal
costs and the present value of the expected future cash flows of the asset. Impairment
provisions for assets are calculated and recognized on the basis of individual assets. If it is
difficult to estimate the recoverable amount of an individual asset the recoverable amount
of the asset group to which the asset belongs is determined. An asset group is the smallest
combination of assets that can generate cash inflows independently.For goodwill formed through business combinations intangible assets with an indefinite
128重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
useful life and intangible assets that have not yet reached the usable state an impairment
test is carried out at least at the end of each year regardless of whether there are indications
of impairment.When the Company conducts an impairment test on goodwill the carrying amount of the
goodwill formed through business combinations is allocated to the relevant asset groups in
a reasonable manner since the acquisition date; if it is difficult to allocate it to the relevant
asset groups it is allocated to the relevant asset group combinations. The relevant asset
groups or asset group combinations are those that can benefit from the synergistic effects
of the business combination.When conducting an impairment test on the relevant asset groups or asset group
combinations that include goodwill if there are indications of impairment in the asset
groups or asset group combinations related to the goodwill an impairment test is first
carried out on the asset groups or asset group combinations that do not include goodwill
the recoverable amount is calculated and it is compared with the relevant carrying amount
to recognize the corresponding impairment loss. Then an impairment test is carried out on
the asset groups or asset group combinations that include goodwill and their carrying
amount is compared with the recoverable amount. If the recoverable amount is lower than
the carrying amount the amount of the impairment loss first offsets the carrying amount of
the goodwill allocated to the asset groups or asset group combinations and then according
to the proportion of the carrying amount of each of the other assets in the asset groups or
asset group combinations except for the goodwill the carrying amounts of the other assets
are offset proportionally. Once the above-mentioned asset impairment losses are recognized
they will not be reversed in subsequent accounting periods.(XX) Long-term Prepaid Expenses
Long-term prepaid expenses refer to various expenses that have already been incurred but
should be borne by the current period and subsequent periods with an amortization period
of more than one year.(XXI) Contract Liabilities
The Company presents contract assets or contract liabilities in the balance sheet based on
the relationship between the fulfillment of performance obligations and customers'
payments. The obligation to transfer goods or provide services to customers for which the
Company has received or is entitled to receive consideration from customers is presented
129重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
as contract liabilities. Contract assets and contract liabilities under the same contract are
presented on a net basis.(XXII) Employee Salaries and Benefits
1、 Accounting Treatment Methods for Short-term Employee Benefits
During the accounting period when employees provide services to the Company the
Company recognizes the actual short-term employee benefits incurred as liabilities
and includes them in the current profit or loss or the cost of relevant assets.The social insurance premiums and housing provident funds paid by the Company
for employees as well as the trade union funds and employee education funds
withdrawn according to regulations are calculated and determined as the
corresponding employee salary and benefit amounts during the accounting period
when employees provide services to the Company based on the specified accrual
basis and accrual ratio.The employee welfare expenses incurred by the Company are included in the current
profit or loss or the cost of relevant assets according to the actual amount incurred at
the time of occurrence. Among them non-monetary welfare benefits are measured
at fair value.
2、 Accounting Treatment Methods for Post-employment Benefits
（1）Defined Contribution Plan
The Company pays basic endowment insurance and unemployment insurance for
employees in accordance with the relevant regulations of the local government.During the accounting period when employees provide services to the Company the
payable amount is calculated according to the local specified payment base and ratio
recognized as a liability and included in the current profit or loss or the cost of
relevant assets. In addition the Company also participates in the enterprise annuity
plan approved by the relevant national departments. The Company contributes to the
annuity plan at a certain percentage of the total employee salaries and the
corresponding expenditures are included in the current profit or loss or the cost of
relevant assets.
（2）Defined Benefit Plan
The Company attributes the welfare obligations arising from the defined benefit plan
to the period when employees provide services according to the formula determined
130重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
by the projected unit credit method and includes them in the current profit or loss or
the cost of relevant assets.The deficit or surplus formed by subtracting the fair value of the defined benefit plan
assets from the present value of the defined benefit plan obligations is recognized as
a net defined benefit liability or net asset. When there is a surplus in the defined
benefit plan the Company measures the net defined benefit plan asset at the lower
of the surplus of the defined benefit plan and the asset ceiling.All defined benefit plan obligations including those expected to be paid within
twelve months after the end of the annual reporting period during which employees
provide services are discounted based on the market yield of national bonds or high-
quality corporate bonds in an active market that match the term and currency of the
defined benefit plan obligations as of the balance sheet date.The service cost arising from the defined benefit plan and the net interest on the net
defined benefit liability or net asset are included in the current profit or loss or the
cost of relevant assets; the changes arising from the remeasurement of the net defined
benefit liability or net asset are included in other comprehensive income and will not
be reversed to profit or loss in subsequent accounting periods. When the original
defined benefit plan is terminated the part originally included in other
comprehensive income is all transferred to the undistributed profit within the scope
of equity.When settling the defined benefit plan the settlement gain or loss is recognized
based on the difference between the present value of the defined benefit plan
obligations determined on the settlement date and the settlement price.
3、 Accounting Treatment Methods for Termination Benefits
When the Company provides termination benefits to employees it recognizes the
employee salary and benefit liability arising from the termination benefits at the
earlier of the following two dates and includes it in the current profit or loss: when
the Company cannot unilaterally withdraw the termination benefits provided due to
the labor relationship termination plan or the downsizing proposal; when the
Company recognizes the costs or expenses related to the restructuring involving the
payment of termination benefits.(XXIII) Provision Liabilities
131重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The Company recognizes a provision liability when the obligations related to a contingent
event simultaneously meet the following conditions:
（1）The obligation is a present obligation that the Company undertakes；
（2）It is highly probable that the performance of this obligation will result in an outflow
of economic benefits from the Company；
（3）The amount of the obligation can be reliably measured。
Provision liabilities are initially measured at the best estimate of the expenditure required
to settle the relevant present obligation.When determining the best estimate factors such as risks uncertainties and the time value
of money related to the contingent event are comprehensively considered. For those with a
significant impact of the time value of money the best estimate is determined by
discounting the relevant future cash outflows.If all or part of the expenditure required to settle the provision liability is expected to be
compensated by a third party the compensation amount when it is virtually certain to be
received is recognized as an asset separately and the recognized compensation amount
shall not exceed the carrying value of the provision liability.The Company reviews the carrying value of the provision liability at the balance sheet date.If there is conclusive evidence indicating that the carrying value does not reflect the current
best estimate the carrying value is adjusted according to the current best estimate.(XXIV) Share-based Payments
The share-based payments of the Company refer to transactions in which equity instruments
are granted or liabilities determined based on equity instruments are assumed in order to
obtain services provided by employees or other parties. The share-based payments of the
Company are divided into share-based payments settled in equity and share-based payments
settled in cash.
1、 Share-based Payments Settled in Equity and Equity Instruments
For share-based payments settled in equity in exchange for services provided by
employees they are measured at the fair value of the equity instruments granted to
employees. For share-based payment transactions that can be exercised immediately
upon grant on the grant date the fair value of the equity instruments is included in
132重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
the relevant costs or expenses and the capital reserve is increased accordingly. For
share-based payment transactions that can only be exercised after the completion of
the vesting period and the satisfaction of the specified performance conditions at
each balance sheet date during the vesting period the Company based on the best
estimate of the number of exercisable equity instruments includes the services
obtained during the current period in the relevant costs or expenses according to the
fair value on the grant date and increases the capital reserve accordingly.If the terms of the share-based payment settled in equity are modified the services
obtained are recognized at least in accordance with the situation where the terms
have not been modified. In addition any modification that increases the fair value of
the granted equity instruments or any change that is favorable to employees on the
modification date shall result in the recognition of an increase in the services
obtained.During the vesting period if the granted equity instruments are cancelled the
Company treats the cancellation of the granted equity instruments as an accelerated
exercise of rights immediately includes the amount that should be recognized during
the remaining vesting period in the current profit or loss and recognizes the capital
reserve at the same time. However if new equity instruments are granted and it is
determined on the grant date of the new equity instruments that the granted new
equity instruments are used to replace the cancelled equity instruments the granted
replacement equity instruments shall be treated in the same way as the modification
of the terms and conditions of the original equity instruments.
2、 Share-based Payments Settled in Cash and Equity Instruments
Share-based payments settled in cash are measured at the fair value of the liabilities
calculated and determined by the Company based on shares or other equity
instruments. For share-based payment transactions that can be exercised
immediately upon grant on the grant date the Company includes the fair value of
the assumed liabilities in the relevant costs or expenses according to the fair value of
the assumed liabilities and increases the liabilities accordingly. For share-based
payment transactions that can only be exercised after the completion of the vesting
period and the satisfaction of the specified performance conditions at each balance
sheet date during the vesting period the Company based on the best estimate of the
exercisability situation includes the services obtained during the current period in
133重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
the relevant costs or expenses according to the fair value of the liabilities assumed
by the Company and includes them in the liabilities accordingly. At each balance
sheet date before the settlement of the relevant liabilities and on the settlement date
the fair value of the liabilities is remeasured and the changes are included in the
current profit or loss.If the Company modifies the terms and conditions in the share-based payment
agreement settled in cash to make it a share-based payment settled in equity on the
modification date (whether it occurs during the vesting period or after the end of the
vesting period) the Company measures the share-based payment settled in equity at
the fair value of the granted equity instruments on that day includes the services
already obtained in the capital reserve and at the same time terminates the
recognition of the liabilities already recognized for the share-based payment settled
in cash on the modification date. The difference between the two is included in the
current profit or loss. If the vesting period is extended or shortened due to the
modification the Company shall conduct accounting treatment according to the
modified vesting period.(XXV) Revenue
1、 Accounting policies for revenue recognition and measurement
The Company recognizes revenue when it fulfills its performance obligations under
a contract i.e. when the customer obtains control of the relevant goods or services.Control of goods or services refers to the ability to direct the use of and obtain
substantially all the economic benefits from the goods or services
For contracts containing two or more performance obligations the Company allocates the
transaction price to each separate performance obligation at the inception of the contract
based on the relative stand-alone selling prices of the goods or services promised under
each obligation. Revenue is measured based on the transaction price allocated to each
separate performance obligation.The transaction price is the amount of consideration the Company expects to be
entitled to in exchange for transferring goods or services to customers excluding
amounts collected on behalf of third parties or expected to be refunded to customers.The Company determines the transaction price based on the contract terms and its
past practices taking into account factors such as variable consideration significant
134重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
financing components in the contract non-cash consideration and consideration
payable to customers. The Company determines the transaction price including
variable consideration to the extent that it is highly probable that a significant
reversal of cumulative revenue recognized will not occur when the uncertainty is
resolved. For contracts with significant financing components the Company
determines the transaction price as the amount the customer would have paid if
control of the goods or services had been transferred at the time of payment in cash
and amortizes the difference between the transaction price and the contract
consideration over the contract term using the effective interest method.A performance obligation is satisfied over time if it meets one of the following
criteria; otherwise it is satisfied at a point in time:
* The customer simultaneously receives and consumes the economic benefits of
the Company’s performance as the Company performs.* The customer controls the goods being created or enhanced during the
Company’s performance.* The goods produced by the Company’s performance have no alternative use
and the Company has an enforceable right to payment for performance completed to
date.For performance obligations satisfied over time the Company recognizes revenue
over the period of performance based on the progress toward completion unless the
progress cannot be reasonably measured. The Company determines the progress
toward completion using either an output or input method depending on the nature
of the goods or services. If the progress cannot be reasonably determined revenue is
recognized to the extent of costs incurred that are expected to be recoverable until
the progress can be reasonably measured.For performance obligations satisfied at a point in time the Company recognizes
revenue when the customer obtains control of the goods or services. In determining
whether the customer has obtained control the Company considers the following
indicators:
* The Company has a present right to payment for the goods or services i.e. the
customer has a present obligation to pay.* The Company has transferred legal title of the goods to the customer.* The Company has physically transferred the goods to the customer.
135重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
* The Company has transferred the significant risks and rewards of ownership of
the goods to the customer.* The customer has accepted the goods or services.The Company determines whether it acts as a principal or an agent in a transaction
based on whether it controls the goods or services before they are transferred to the
customer. If the Company controls the goods or services before transfer it acts as a
principal and recognizes revenue based on the gross amount of consideration
received or receivable; otherwise it acts as an agent and recognizes revenue based
on the amount of commission or fee it expects to be entitled to.
2、 Disclosure of specific revenue recognition methods and measurement
approaches by business type
The Company recognizes revenue when it fulfills its performance obligations under
a contract i.e. when the customer obtains control of the relevant goods or services.Control of goods or services refers to the ability to direct the use of and obtain
substantially all the economic benefits from the goods or services.
（1）Sales contracts
Sales contracts between the Company and its customers typically include
performance obligations such as the transfer of goods. The Company generally
recognizes revenue at the point in time when each performance obligation is satisfied
considering factors such as the present right to payment transfer of significant risks
and rewards of ownership transfer of legal title physical transfer of goods and
customer acceptance.
（2）Service contracts
For service contracts the performance obligations are satisfied over time because
the customer simultaneously receives and consumes the economic benefits of the
Company’s performance and the Company has an enforceable right to payment for
performance completed to date. Revenue is recognized based on the progress toward
completion unless the progress cannot be reasonably measured. The Company uses
the output method determining progress based on products completed or delivered.If the progress cannot be reasonably determined revenue is recognized to the extent
of costs incurred that are expected to be recoverable until the progress can be
136重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
reasonably measured.
（3）Variable consideration
Some contracts with customers include sales rebate arrangements resulting in
variable consideration. The Company estimates the variable consideration using
either the expected value or the most likely amount but the transaction price
including variable consideration does not exceed the amount for which it is highly
probable that a significant reversal of cumulative revenue recognized will not occur
when the uncertainty is resolved.
（4）Warranty obligations
In accordance with contractual terms or legal requirements the Company provides
quality assurance for sold goods. For service-type warranties that provide a separate
service beyond ensuring that the goods comply with agreed-upon standards the
Company treats them as a separate performance obligation. The transaction price is
allocated between the goods and the service-type warranty based on their relative
stand-alone selling prices and revenue is recognized when the customer obtains
control of the service. In assessing whether a warranty provides a separate service
the Company considers factors such as whether the warranty is a legal requirement
the warranty period and the nature of the tasks the Company promises to perform.
（5）Loyalty points program
When selling goods or providing services the Company grants customers loyalty
points that can be redeemed for free or discounted goods or services. The loyalty
points program provides customers with a material right which the Company treats
as a separate performance obligation. The transaction price is allocated between the
goods or services and the loyalty points based on their relative stand-alone selling
prices and revenue is recognized when the customer redeems the points or when the
points expire.
（6）Principal/agent considerations
For arrangements where the Company directs a third party to provide services on its
behalf and has the right to determine the price of the goods or services traded i.e.the Company controls the goods before they are transferred to the customer the
137重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Company acts as a principal and recognizes revenue based on the gross amount of
consideration received or receivable. Otherwise the Company acts as an agent and
recognizes revenue based on the amount of commission or fee it expects to be
entitled to which is determined as the net amount after deducting amounts payable
to other parties or based on a predetermined commission rate or amount.(XXVI) Contract Costs
Contract costs include costs to fulfill a contract and costs to obtain a contract.Costs incurred by the Company to fulfill a contract that are not within the scope of other
standards (e.g. inventories fixed assets or intangible assets) are recognized as an asset if
the following conditions are met:
* The costs are directly related to a current or anticipated contract.* The costs increase the Company’s resources for fulfilling performance obligations in
the future.* The costs are expected to be recovered.Incremental costs incurred to obtain a contract that are expected to be recovered are
recognized as an asset.Assets related to contract costs are amortized on the same basis as the recognition of
revenue from the related goods or services. However if the amortization period of costs to
obtain a contract does not exceed one year the Company recognizes them as an expense
when incurred.If the carrying amount of an asset related to contract costs exceeds the difference between:
1、The remaining consideration expected to be received for transferring the related goods
or services;
2、The estimated costs to transfer the related goods or services
the Company recognizes an impairment loss for the excess amount. If factors leading to
prior impairment subsequently change resulting in the difference exceeding the carrying
amount the Company reverses the impairment loss to the extent that the carrying amount
does not exceed what it would have been had no impairment been recognized.(XXVII) Government Grants
1、 Types
Government grants are monetary or non-monetary assets received by the Company
from the government without compensation. They are classified into grants related
138重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
to assets and grants related to income.Grants related to assets are those received for the purchase or construction of long-
term assets. Grants related to income are all other government grants.
2. Timing of recognition
Government grants are recognized when the Company meets the attached conditions
and can receive the grants.
3. Accounting treatment
The Company accounts for government grants using the net method.Grants related to assets are deducted from the carrying amount of the related asset or
recognized as deferred income. If recognized as deferred income they are amortized
to profit or loss over the useful life of the related asset using a systematic and rational
method.Grants related to income that compensate for future related costs or losses are
recognized as deferred income and amortized to profit or loss or deducted from
related costs or losses when the costs or losses are recognized. Grants that
compensate for already incurred costs or losses are directly recognized in profit or
loss or deducted from related costs or losses.For preferential loan interest subsidies received the Company accounts for them as
follows:
（1）If the subsidy is disbursed to the lending bank which then provides loans to
the Company at a preferential interest rate the Company records the loan at the
actual amount received and calculates interest expense based on the principal and
preferential interest rate
（2）If the subsidy is disbursed directly to the Company the Company offsets the
subsidy against the related interest expense.(XXVIII) Deferred Tax Assets and Deferred Tax Liabilities
Income tax includes current tax and deferred tax. Except for income tax arising from
business combinations or transactions directly recognized in equity (including other
comprehensive income) the Company recognizes current tax and deferred tax in profit or
139重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
loss.Deferred tax assets and deferred tax liabilities are recognized based on temporary
differences between the tax bases and carrying amounts of assets and liabilities.Deferred tax assets are recognized for deductible temporary differences to the extent that it
is probable that taxable profit will be available against which the temporary differences can
be utilized. For deductible losses and tax credits that can be carried forward deferred tax
assets are recognized to the extent that it is probable that future taxable profit will be
available.Deferred tax liabilities are recognized for taxable temporary differences except in certain
circumstances.Deferred tax assets or liabilities are not recognized in the following circumstances:
* Initial recognition of goodwill;
* Transactions or events that are not business combinations and do not affect accounting
profit or taxable profit (or deductible losses) at the time of occurrence and for which the
initial recognition of assets and liabilities does not create equal taxable and deductible
temporary differences.Deferred tax liabilities are recognized for taxable temporary differences related to
investments in subsidiaries associates and joint ventures unless the Company can control
the timing of the reversal and it is probable that the temporary differences will not reverse
in the foreseeable future. Deferred tax assets are recognized for deductible temporary
differences related to such investments if it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available.At the balance sheet date the Company reviews the carrying amount of deferred tax assets.If it is no longer probable that sufficient taxable profit will be available to utilize the
deferred tax asset the carrying amount is reduced. Any reduction is reversed if it becomes
probable that sufficient taxable profit will be available.When the Company has the legal right to settle current tax assets and liabilities on a net
basis and intends to do so they are presented net in the balance sheet.Deferred tax assets and liabilities are presented net in the balance sheet if the following
conditions are met:
* The Company has the legal right to settle current tax assets and liabilities on a net basis;
* The deferred tax assets and liabilities relate to income tax levied by the same tax
140重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
authority on the same taxable entity or different entities that intend to settle current tax
assets and liabilities on a net basis or simultaneously realize the assets and settle the
liabilities in each future period.(XXIX) Leases
A lease is a contract that conveys the right to use an asset for a period of time in exchange
for consideration. At the inception of a contract the Company assesses whether the contract
is or contains a lease. If the contract transfers the right to control the use of one or more
identified assets for a period of time in exchange for consideration it is or contains a lease.If a contract contains multiple leases the Company separates the contract and accounts for
each lease separately. If a contract contains both lease and non-lease components the
Company separates the lease and non-lease components.
1、 The Company as a lessee
（1）Right-of-use assets
At the commencement date of the lease the Company recognizes a right-of-use asset
for leases other than short-term leases and leases of low-value assets. The right-of-
use asset is initially measured at cost which includes:
* The initial measurement amount of the lease liability;
* Lease payments made at or before the commencement date less any lease
incentives received;
* Initial direct costs incurred by the Company;
* Estimated costs of dismantling removing or restoring the leased asset or the
site unless incurred to produce inventories.Subsequently the Company depreciates the right-of-use asset on a straight-line basis.If the Company is reasonably certain to obtain ownership of the leased asset by the
end of the lease term the asset is depreciated over its remaining useful life; otherwise
it is depreciated over the shorter of the lease term and the remaining useful life.
（2）Lease liability
At the commencement date of the lease the Company recognizes a lease liability for
leases other than short-term leases and leases of low-value assets. The lease liability
is initially measured at the present value of unpaid lease payments which include:
* Fixed payments (including in-substance fixed payments) less any lease
141重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
incentives;
* Variable lease payments that depend on an index or rate;
* Amounts expected to be payable under residual value guarantees;
* The exercise price of purchase options if the Company is reasonably certain
to exercise the option;
* Termination penalties if the lease term reflects the Company’s exercise of a
termination option.The Company uses the interest rate implicit in the lease as the discount rate but if
this cannot be readily determined it uses the incremental borrowing rate.Interest expense on the lease liability is calculated using the periodic interest rate and
recognized in profit or loss or capitalized into the cost of related assets.Variable lease payments not included in the measurement of the lease liability are
recognized in profit or loss or capitalized into the cost of related assets when incurred.After the commencement date the Company remeasures the lease liability and
adjusts the right-of-use asset in the following circumstances:
If the assessment of purchase renewal or termination options changes or if the
actual exercise of such options differs from the original assessment the
Company remeasures the lease liability based on the revised lease payments
and discount rate;
If in-substance fixed payments residual value guarantees or the index or rate
used to determine lease payments change the Company remeasures the lease
liability based on the revised lease payments and the original discount rate
unless the change is due to a floating interest rate in which case the revised
discount rate is used.
（3）Short-term leases and leases of low-value assets
For short-term leases and leases of low-value assets where the Company chooses not
to recognize a right-of-use asset and lease liability lease payments are recognized in
profit or loss or capitalized into the cost of related assets on a straight-line basis over
the lease term. A short-term lease is one with a lease term of 12 months or less at the
commencement date and no purchase option. A low-value asset lease is one for
which the underlying asset is of low value when new. If the Company subleases or
expects to sublease the asset the original lease is not a low-value asset lease.
（4）Lease modifications
A lease modification is accounted for as a separate lease if it meets both of the
142重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
following conditions:
* It increases the scope of the lease by adding one or more underlying assets;
* The increase in consideration is commensurate with the stand-alone price of
the added scope adjusted for the circumstances of the contract.If the modification is not accounted for as a separate lease the Company reassigns
the consideration redetermines the lease term and remeasures the lease liability
based on the revised lease payments and discount rate at the effective date of the
modification.If the modification reduces the scope or shortens the lease term the Company
reduces the carrying amount of the right-of-use asset and recognizes a gain or loss.Other modifications that require remeasurement of the lease liability result in
corresponding adjustments to the right-of-use asset.
2、 The company as a lessor
At the commencement date of the lease the Company classifies leases as finance
leases or operating leases. A finance lease is one that transfers substantially all the
risks and rewards incidental to ownership of the underlying asset regardless of legal
ownership. An operating lease is any lease other than a finance lease. When acting
as an intermediate lessor the Company classifies the sublease based on the right-of-
use asset arising from the head lease.
（1）Operating lease accounting
Lease receipts from operating leases are recognized as rental income on a straight-
line basis over the lease term. Initial direct costs incurred are capitalized and
amortized to profit or loss on the same basis as rental income recognition. Variable
lease payments not included in lease receipts are recognized in profit or loss when
incurred. If an operating lease is modified the Company accounts for it as a new
lease from the effective date treating any prepaid or accrued lease receipts as receipts
under the new lease
（2）Finance lease accounting
At the commencement date of a finance lease the Company recognizes a finance
lease receivable and derecognizes the leased asset. The finance lease receivable is
initially measured at the net investment in the lease which is the sum of the present
143重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
value of unguaranteed residual value and lease receipts not yet received at the
commencement date discounted using the interest rate implicit in the lease.Interest income is recognized over the lease term using the periodic interest rate.Derecognition and impairment of finance lease receivables are accounted for in
accordance with the policies in Note 3(9) "Financial Instruments."
Variable lease payments not included in the net investment in the lease are
recognized in profit or loss when incurred.A finance lease modification is accounted for as a separate lease if it meets both of
the following conditions:
It increases the scope of the lease by adding one or more underlying assets;
The increase in consideration is commensurate with the stand-alone price of the
added scope adjusted for the circumstances of the contract.If the modification is not accounted for as a separate lease the Company accounts
for it as follows:
If the modified lease would have been classified as an operating lease had it
been in effect at the commencement date the Company accounts for it as a new
operating lease from the effective date using the net investment in the lease as
the carrying amount of the leased asset;
If the modified lease would still have been classified as a finance lease the
Company accounts for it in accordance with the policies in Note 3(9) "Financial
Instruments" for contract modifications or reassessments.
3、 Sale and leaseback transactions
The Company assesses whether a sale has occurred in a sale and leaseback
transaction based on the principles in Note 3(25) "Revenue."
（1）As a lessee
If the transfer of the asset in a sale and leaseback transaction qualifies as a sale the
Company measures the right-of-use asset arising from the leaseback at the portion
of the carrying amount of the asset related to the right of use retained and recognizes
only the gain or loss related to the rights transferred to the lessor.If the transfer does not qualify as a sale the Company continues to recognize the
transferred asset and recognizes a financial liability equal to the transfer proceeds.The accounting for financial liabilities is detailed in Note 3(9) "Financial
Instruments."
144重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
（2）As a lessor
If the transfer qualifies as a sale the Company accounts for the purchase of the asset
and leases it out in accordance with the policies above for lessors. If the transfer does
not qualify as a sale the Company does not recognize the transferred asset but
recognizes a financial asset equal to the transfer proceeds. The accounting for
financial assets is detailed in Note 3(9) "Financial Instruments."
(XXX) Materiality Standards and Selection Basis
Item Materiality Standard
Subsidiary’s net assets accounting for over 5% of the Company’s
Significant non-wholly owned subsidiaries consolidated net assets or net profit accounting for over 10% of the
Company’s consolidated net profit
Investment income under the equity method accounting for over 10% of
Significant joint ventures and associates
the Company’s consolidated net profit
Single write-off amount exceeding 5% of the total bad debt provision
Significant write-offs of receivables
for receivables or exceeding RMB 15 million
Significant recoveries or reversals of bad debt Single recovery or reversal amount exceeding 5% of the total bad debt
provisions for receivables provision for receivables or exceeding RMB 15 million
Single amount exceeding 5% of total prepayments or exceeding RMB 15
Significant prepayments aged over 1 year
million
Significant payables aged over 1 year or Single amount exceeding 5% of total payables or exceeding RMB 15
overdue million
Significant construction in progress Project balance exceeding RMB 50 million
(XXXI) Changes in Significant Accounting Policies and Estimates
1、 Changes in significant accounting policies
Implementation of "Accounting Standards for Business Enterprises Interpretation
No. 18" regarding the accounting treatment for warranty-type quality assurance that
does not constitute a separate performance obligation
On December 6 2024 the Ministry of Finance issued "Accounting Standards for
Business Enterprises Interpretation No. 18" (Cai Kuai [2024] No. 24 hereinafter
referred to as "Interpretation No. 18") which came into effect on the date of issuance
and allows companies to adopt it early in their annual reports.Interpretation No. 18 stipulates that when accounting for estimated liabilities arising
from warranty-type quality assurance that does not constitute a separate performance
obligation companies should debit "Cost of Sales" or "Other Operating Costs" and
credit "Estimated Liabilities" in accordance with "Accounting Standards for
145重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Business Enterprises No. 13—Contingencies" and present the amounts in "Cost of
Sales" in the income statement and "Other Current Liabilities" "Non-current
Liabilities Due Within One Year" or "Estimated Liabilities" in the balance sheet.When first applying the interpretation if the original provision for warranty-type
quality assurance was recorded in "Selling Expenses" the Company retrospectively
adjusts the accounting policy change. The main impact of adopting this interpretation
from 2024 is as follows:
Content and
Affected financial Consolidated Parent Company
reason for
statement items
accounting policy
change 2024 2023 2024 2023
Implementation
of "Accounting
Standards for Cost of Sales 2097922084.25 1667654042.97 891328215.46 1129775535.65
Business
Enterprises
Interpretation No. Selling Expenses -2097922084.25 -1667654042.97 -891328215.46 -1129775535.65
18"
IV、 Tax Items
(I) Major taxes and tax rates
Tax rate
Tax type Tax basis
（%）
Calculated based on output tax on sales of goods and taxable
Value-added tax 6、7、9、13
services minus input tax deductible in the current period
Consumption tax Based on taxable sales revenue 1、3、5
Urban maintenance
Based on actual VAT and consumption tax paid 5、7
and construction tax
Corporate income tax Based on taxable income 15-41
Education surcharge Based on actual VAT and consumption tax paid 3
Based on actual VAT
and consumption tax
Based on actual VAT and consumption tax paid 2
paid
(II) Tax incentives
1、 In accordance with national high-tech enterprise certification regulations and related
tax incentives the Company and the following subsidiaries are recognized as high-tech
enterprises and enjoy a preferential corporate income tax rate of 15% during specified
146重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
periods: the Company (2024–2026) Hebei Changan Automobile Co. Ltd. (2023–2025)
and Shenlan Automobile Technology Co. Ltd. (2023–2025)Beijing Changan Automobile
Engineering Technology Research Co. Ltd. (from 2022 to 2024).
2、According to the "Announcement on Continuing the Corporate Income Tax Policy for
Western Development" (Announcement [2020] No. 23) jointly issued by the Ministry of
Finance the State Taxation Administration and the National Development and Reform
Commission from January 1 2021 to December 31 2030 encouraged industrial
enterprises in western regions are subject to a reduced corporate income tax rate of 15%.The Company’s subsidiaries including Chongqing Changan Automobile International
Sales Service Co. Ltd. Chongqing Changan Special Purpose Vehicle Co. Ltd. Chongqing
Changan Automobile Customer Service Co. Ltd. Chongqing Changan Automobile
Software Technology Co. Ltd. Chongqing Changan Technology Co. Ltd. Chongqing
Lingyao Automobile Co. Ltd. and Chongqing Chehemei Technology Co. Ltd. meet the
requirements and calculate corporate income tax at the 15% rate.
3、According to the "Announcement on Further Supporting the Development of Small and
Micro Enterprises and Individual Businesses" (Announcement [2023] No. 12) small and
micro-profit enterprises are taxed at 20% on 25% of taxable income. The Company’s
subsidiaries including Chongqing Xingzhi Technology Co. Ltd. Shanghai Changan
Zhixing Technology Co. Ltd. Nanjing Changan New Energy Vehicle Sales Service Co.Ltd. Xiamen Changan New Energy Vehicle Sales Service Co. Ltd. Shenlan Automobile
Nanjing Research Institute Co. Ltd. Chongqing Changanxing Automobile Co. Ltd.and
Shenlan Automobile Marketing Service (Shenzhen) Co. Ltd. are recognized as small and
micro-profit enterprises and enjoy this tax incentive.
4、According to the "Announcement on the VAT Additional Deduction Policy for Advanced
Manufacturing Enterprises" (Announcement [2023] No. 43) from January 1 2023 to
December 31 2027 advanced manufacturing enterprises are allowed to deduct an
additional 5% of deductible input tax from payable VAT. The Company、Hebei Changan
Automobile Co. Ltd.and Shenlan Automobile Technology Co. Ltd. met the conditions in
2024 and applied this additional deduction policy.
147重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
V、 Notes to Consolidated Financial Statement Items
(I) Cash and Cash Equivalents
Item Ending balance Beginning balance
Cash on hand 17882.93 35257.05
Bank deposits 31420742183.93 29493854273.50
Other cash and cash equivalents 632635145.29 461131970.31
Deposits with finance companies 32128700450.59 34916021247.02
Total 64182095662.74 64871042747.88
Including: Amounts held overseas 1700478478.22 1797894384.53
Note: Cash and cash equivalents deposited with related-party finance companies are
detailed in Note 12(5)4.(II) Financial Assets at Fair Value Through Profit or Loss
Beginning
Item Ending balance
balance
Financial assets at fair value through profit or loss
Including: Equity instrument investments 155013154.45 160744733.27
Others 6774614.02
Total 155013154.45 167519347.29
(III) Notes Receivable
1、 Classification of notes receivable
Balance at the end of last
Items Closing balance
year
Bank acceptance bills 32432000085.43 28588687367.75
Commercial acceptance bills 13148904497.29 9069703846.26
Total 45580904582.72 37658391214.01
148重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Notes receivable by bad debt provision method
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount （%） Amount （%） Amount （%） Amount （%）
Provision based on
credit risk 45580904582.72 100.00 45580904582.72 37658391214.01 100.00 37658391214.01
characteristics
Total 45580904582.72 100.00 45580904582.72 37658391214.01 100.00 37658391214.01
149重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Provision based on credit risk characteristics:
Ending balance
Name
Notes receivable Bad debt provision Provision rate (%)
Bank acceptance
32432000085.43
bills
Commercial
13148904497.29
acceptance bills
Total 45580904582.72
3、 Pledged notes receivable as of the end of the period
Item Ending pledged amount
Bank acceptance bills 6569473317.00
Total 6569473317.00
4、 Notes receivable endorsed or discounted but not yet due as of the balance sheet
date
Ending derecognized Ending unrecognized
Item
amount amount
Bank acceptance bills 4260987044.04
Total 4260987044.04
(IV) Accounts Receivable
1、 Accounts receivable by aging
Aging Ending balance Beginning balance
Within 1 year (inclusive) 3446137716.23 2455130606.98
1–2 years (inclusive) 16222867.47 9231834.37
2–3 years (inclusive) 2555202.33 436370.13
Over 3 years 182615371.52 196256136.33
Subtotal 3647531157.55 2661054947.81
150重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Aging Ending balance Beginning balance
Less: Bad debt provision 249053432.80 249258528.74
Total 3398477724.75 2411796419.07
151重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Classification and disclosure of accounts receivable according to the bad debt provision method
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount （%） Amount （%） Amount （%） Amount （%）
Specific
1812991314.0349.70138066311.497.621674925002.541155752310.5543.43139066311.4912.031016685999.06
provision
Provision
based on
1834539843.5250.30110987121.316.051723552722.211505302637.2656.57110192217.257.321395110420.01
credit risk
characteristics
Total 3647531157.55 100.00 249053432.80 3398477724.75 2661054947.81 100.00 249258528.74 2411796419.07
152重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Provision based on credit risk characteristics:
Ending balance
Name
Accounts receivable Bad debt provision Provision rate (%)
Within 1 year
1707573111.15427972.980.03
(inclusive)
1–2 years (inclusive) 1668290.97 124237.19 7.45
2–3 years (inclusive) 2342330.57 283365.05 12.10
Over 3 years 122956110.83 110151546.09 89.59
Total 1834539843.52 110987121.31
3、 Changes in bad debt provision during the period
Changes during the period
Beginning Ending
Category Recoveries or Write- Other
balance Provision balance
reversals offs changes
Specific
139066311.491000000.00138066311.49
provision
Provision
based on
110192217.2515423392.8814628488.82110987121.31
credit risk
characteristics
Total 249258528.74 15423392.88 15628488.82 249053432.80
4、 Top five accounts receivable and contract assets by debtor
As of December 31 2024 the top five accounts receivable totaled RMB1938829371.56
accounting for 53.15% of the total ending balance.(V) Prepayments
1、 Prepayments by aging
153重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Ending balance Beginning balance
Aging
Amount % Amount %
Within 1 year
502483902.5999.05281522043.6997.86
(inclusive)
1–2 years (inclusive) 4504672.39 0.89 1248976.74 0.43
2–3 years (inclusive) 56190.44 0.01 128513.87 0.04
Over 3 years 268916.65 0.05 4811476.32 1.67
Total 507313682.07 100.00 287711010.62 100.00
2、 Top five prepayments by prepayment object
As of December 31 2024 the top five prepayments totaled RMB 383792311.56
accounting for 75.65% of the total prepayments.(VI) Other Receivables
Item Ending balance Beginning balance
Other receivables 2386898598.92 894268431.82
Total 2386898598.92 894268431.82
1、 Other receivables
（1）By aging
Aging Ending balance Beginning balance
Within 1 year (inclusive) 2317334638.91 832441463.15
1–2 years (inclusive) 16154702.56 7857497.78
2–3 years (inclusive) 2166618.01 50952225.85
Over 3 years 59730163.91 10686669.55
Subtotal 2395386123.39 901937856.33
Less: Bad debt provision 8487524.47 7669424.51
Total 2386898598.92 894268431.82
154重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
（2）By bad debt provision method
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision Carrying
Carrying value
Amount % Amount % Amount % Amount % value
Specific provision 1515498434.73 63.27 7376768.78 0.49 1508121665.95 720811020.18 79.92 7256494.25 1.01 713554525.93
Provision based on
credit risk 879887688.66 36.73 1110755.69 0.13 878776932.97 181126836.15 20.08 412930.26 0.23 180713905.89
characteristics
Total 2395386123.39 100.00 8487524.47 2386898598.92 901937856.33 100.00 7669424.51 894268431.82
155重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Provision based on credit risk characteristics:
Ending balance
Name
Other receivables Bad debt provision Provision rate (%)
Within 1 year
813515334.2923504.390.00
(inclusive)
1–2 years
14630470.40658091.154.50
(inclusive)
2–3 years
1237782.060.00
(inclusive)
Over 3 years 50504101.91 429160.15 0.85
Total 879887688.66 1110755.69
（3）Bad debt provision details
Stage 1 Stage 2 Stage 3
Lifetime Lifetime
12-month
Bad debt provision expected credit expected credit Total
expected credit
loss (not credit- loss (credit-
loss
impaired) impaired)
Beginning balance 412930.26 7256494.25 7669424.51
-Transfers to Stage2
-Transfers to Stage3
-Return to Stage2
-Return to Stage1
Provision 697825.43 261893.60 959719.03
Recoveries or reversals 141619.07 141619.07
Write-offs
Other changes
Ending balance 1110755.69 7376768.78 8487524.47
Other receivables carrying amount changes:
156重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Stage 1 Stage 2 Stage 3
Lifetime Lifetime
12-month expected expected
Carrying amount Total
expected credit credit loss credit loss
loss (not credit- (credit-
impaired) impaired)
Beginning balance 894681362.08 7256494.25 901937856.33
-Transfers to Stage2
-Transfers to Stage3
-Return to Stage2
-Return to Stage1
New additions 6673837082.65 261893.60 6674098976.25
Derecognitions 5180509090.12 141619.07 5180650709.19
Other changes
Ending balance 2388009354.61 7376768.78 2395386123.39
（4）Changes in bad debt provision during the period
Changes during the period
Beginning Ending
Category Recoveries Other
balance Provision Write-offs balance
or reversals changes
Specific
7256494.25261893.60141619.077376768.78
provision
Provision
based on
412930.26697825.431110755.69
credit risk
characteristics
Total 7669424.51 959719.03 141619.07 8487524.47
（5）By nature
Nature Ending carrying amount Beginning carrying amount
Prepaid equity investment 1207100000.00 95100000.00
157重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Nature Ending carrying amount Beginning carrying amount
Land acquisition receivables 557988400.00
Subsidy receivables 287383193.00 586119720.60
Deposits and guarantees 90018699.02 15176743.46
Petty cash 58038264.36 74416322.72
Others 194857567.01 131125069.55
Total 2395386123.39 901937856.33
（6）Top five other receivables by debtor
As of December 31 2024 the top five other receivables totaled RMB
2093721633.00 accounting for 87.41% of the total ending balance.
158重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(VII) Inventories
1、 Inventory classification
Ending balance Beginning balance
Provision for Provision for
Category decline/contract decline/contract
Carrying amount Carrying value Carrying amount Carrying value
fulfillment cost fulfillment cost
impairment impairment
Raw materials 350940520.59 74247850.42 276692670.17 748776600.96 378040520.19 370736080.77
Goods in transit 64421443.50 64421443.50 81586613.21 81586613.21
Consigned processing
15916979.5015916979.5027617777.3727617777.37
materials
Work in progress 1148535803.86 43894048.28 1104641755.58 1291990811.53 63870083.00 1228120728.53
Finished goods 15493584058.93 129017809.55 15364566249.38 11890690577.52 202418376.89 11688272200.63
Others 255131560.45 255131560.45 69514296.42 69514296.42
Total 17328530366.83 247159708.25 17081370658.58 14110176677.01 644328980.08 13465847696.93
159重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Inventory impairment and contract fulfillment cost impairment
Increase during the period Decrease during the period
Category Beginning balance Reversals or write- Ending balance
Others Others
Provision offs
Raw materials 378040520.19 23429415.18 327222084.95 74247850.42
Work in progress 63870083.00 18873154.75 38849189.47 43894048.28
Finished goods 202418376.89 77059558.23 150460125.57 129017809.55
Total 644328980.08 119362128.16 516531399.99 247159708.25
The Company assesses whether the cost of inventories exceeds their net realizable value to determine the provision for inventory impairment. Net
realizable value is the estimated selling price in the ordinary course of business less estimated costs to complete and sell the inventory. The reversal or
write-off of inventory impairment this year is due to an increase in the net realizable value of inventories previously impaired or the sale of such
inventories during the year.
160重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(VIII) Contract Assets
1、 Contract assets
Ending balance Beginning balance
Item Carrying Impairment Carrying Carrying Impairment
Carrying value
amount provision value amount provision
Contract
1275581683.29683154858.55592426824.742104221673.68661344707.381442876966.30
assets
Total 1275581683.29 683154858.55 592426824.74 2104221673.68 661344707.38 1442876966.30
2、 Significant changes in carrying value during the reporting period
Item Change amount Reason for change
New energy subsidies 828639990.39 Partial recovery of payments
Total 828639990.39
161重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
3、 Contract assets by impairment provision method
Ending balance Beginning balance
Category Carrying amount Impairment provision Carrying Carrying amount Impairment provision
Carrying value
Amount % Amount % value Amount % Amount %
Specific provision 1275581683.29 100.00 683154858.55 53.56 592426824.74 2104221673.68 100.00 661344707.38 31.43 1442876966.30
Total 1275581683.29 100.00 683154858.55 592426824.74 2104221673.68 100.00 661344707.38 1442876966.30
162重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Specific provision for contract assets:
Ending balance
Name Impairment
Carrying amount Provision rate (%) Basis for provision
provision
Contract
assets 1275581683.29 683154858.55 53.56 Specific provision
Total 1275581683.29 683154858.55
4、 Contract asset impairment provision changes during the period
Change amount
Balance at the Closing
Items Reversals or
end of last year Provision Reversals Others balance
write-offs
Contract
661344707.3824737482.172927331.00683154858.55
assets
Total 661344707.38 24737482.17 2927331.00 683154858.55
(IX) Non-current Assets Due Within One Year
Item Ending balance Beginning balance
Long-term receivables due within one year 254821266.90
Large-denomination certificates of deposit
54326849.32
due within one year
Total 309148116.22
(X) Other Current Assets
Item Ending balance Beginning balance
Deductible input VAT 1691898079.82 1393763691.38
Prepaid taxes 443749745.68 336795620.72
Time deposits and others 39308007.51 8004894049.22
Total 2174955833.01 9735453361.32
163重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XI) Long-term Receivables
1、 Long-term receivables
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Long-term receivables 1783748868.29 1783748868.29
Subtotal 1783748868.29 1783748868.29
Less: Portion due within one
254821266.90254821266.90
year
Total 1528927601.39 1528927601.39
(XII) Long-term Equity Investments
1、 Long-term equity investments
Impairment provision Changes during the period Impairment provision
Investment income
Investee Beginning balance Additional Other comprehensive Other equity Ending balance
Disposal under equity Dividends declared Impairment provision Others
investment income adjustment changes
at beginning method at end
1．Joint
ventures
Nanchang
Jiangling
Holding Co. Ltd. 2106206520.20 313351270.08 1193152.92 2420750943.20
Changan Mazda
Automobile Co.Ltd. 878239492.13 -144273889.67 733965602.46
164重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Impairment provision Changes during the period Impairment provision
Investment income
Investee Beginning balance Additional Other comprehensive Other equity Ending balance
Disposal under equity Dividends declared Impairment provision Others
investment income adjustment changes
at beginning method at end
Changan Mazda
Engine Co. Ltd.
805005706.401506045.10806511751.50
Changan Ford
Automobile Co.Ltd. 712215024.57 712215024.57
Subtotal
3789451718.73882798450.081193152.924673443321.73
2．Associates
Chongqing
Changan Kuayue
Automobile Co.Ltd. 228765251.64 15760452.33 -3430000.00 241095703.97
Changan
Automobile
Financing
Co.Ltd 3041392973.86 352498662.97 -94588250.82 3299303386.01
Nanjing Chelai
Travel
Technology Co.Ltd. 584824.65 -258011.64 326813.01
Hunan Guoxin
Semiconductor
Technology Co.Ltd. 28502232.09 731114.48 -1064179.49 28169167.08
Nanjing Leading
Equity
Investment
Management
Co. Ltd. 2645793326.69 473124694.92 3118918021.61
(LimitedPartnership) ）
Nanjing Leading
Equity
Investment
Partnership 1107400.12 -6679.24 1100720.88
Zhongqi
Chuangzhi
Technology Co.Ltd. 448515220.54 -18766519.68 429748700.86
Chongqing
Changxin Zhiqi
Private Equity
Investment Fund
Partnership 204518396.38 20090000.00 51626019.73 276234416.11
(Limited
Partnership)
Anhe
(Chongqing)
Equity
Investment Fund
Management 61692352.41 369799.56 62062151.97
Co. Ltd.Avatr
Technology
(Chongqing) Co.
Ltd. 2295710259.79 4300474961.00 -1707608134.64 161011.66 9130235.56 4897868333.37
165重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Impairment provision Changes during the period Impairment provision
Investment income
Investee Beginning balance Additional Other comprehensive Other equity Ending balance
Disposal under equity Dividends declared Impairment provision Others
investment income adjustment changes
at beginning method at end
Chongqing
Chang'an
Chuangxin
Private Equity
Investment Fund
Partnership 70104473.99 68813333.00 24104733.13 163022540.12
(Limited
Partnership)
Chongqing
Changyu Private
Equity
Investment Fund
Partnership 69600000.00 -926505.88 68673494.12
(Limited
Partnership)
Hangzhou
Chelizi
Intelligent
Technology Co. 1111663.20 -340002.08 771661.12
Ltd.Western Car
Network
(Chongqing) Co.
Ltd. 5183910.52 379540.80 5563451.32
Anhe
(Chongqing)
Private Equity
Investment Fund
Management 5970815.86 923653.89 6894469.75
Co. Ltd.Chongqing
Changxian
Intelligent
Technology Co. 105033367.07 11044986.33 116078353.40
Ltd
Changan Ford
Automobile Co.Ltd. 67713664.93 64331740.38 132045405.31
Chenzhi Anqi
(Chongqing)
Recycling
Technology Co. 10800000.00 4724.73 10804724.73
Ltd.Master Changan
Motors Limited
43377199.666052059.91-5967137.6143462121.96
Chongqing Anda
Semiconductor
Co. Ltd. 45009157.18 -427699.09 44581458.09
Chongqing
Wutong Chelian
Technology Co.Ltd. 79781303.57 99438.95 79880742.52
Times FAW
Power Battery
Co. Ltd. 276006999.87 58974934.18 334981934.05
Era Chang'an
Power Battery
Co. Ltd 342065472.72 343000000.00 -194420683.31 490644789.41
166重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Impairment provision Changes during the period Impairment provision
Investment income
Investee Beginning balance Additional Other comprehensive Other equity Ending balance
Disposal under equity Dividends declared Impairment provision Others
investment income adjustment changes
at beginning method at end
Subtotal 9997940266.74 4812778294.00 -862727679.27 -5806125.95 9130235.56 -99082430.31 13852232560.77
Total 13787391985.47 4812778294.00 20070770.81 -4612973.03 9130235.56 -99082430.31 18525675882.50
167重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XIII) Other equity instrument investments
1、 Other equity instrument investment situation
The cumulative gains The cumulative losses
Losses included in Reasons for designating
Gains included in other included in other included in other The dividend income
Balance at the other comprehensive as financial assets at
Items Closing balance comprehensive income comprehensive income comprehensive income recognized in this
end of last year income for the current fair value through other
for the current period as of the end of this as of the end of this period
period comprehensive income
period period
China South Industries
Unlisted equity
Group Finance Co. 351900000.00 335540000.00 16360000.00 194879200.00
instruments
Ltd.National Innovation
Unlisted equity
Center of Intelligent 58000000.00 83000000.00 25000000.00 8000000.00
instruments
and connected Vehicles
Guolian Automobile
Unlisted equity
Power Battery Research 30390000.00 39590000.00 9200000.00 9610000.00
instruments
Institute Co.Ltd.China South Industries
Unlisted equity
Financial Leasing Co. 38180000.00 28300000.00 9880000.00 7628000.00
instruments
Ltd.
168重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The cumulative gains The cumulative losses
Losses included in Reasons for designating
Gains included in other included in other included in other The dividend income
Balance at the other comprehensive as financial assets at
Items Closing balance comprehensive income comprehensive income comprehensive income recognized in this
end of last year income for the current fair value through other
for the current period as of the end of this as of the end of this period
period comprehensive income
period period
Zhong Fa Lian Unlisted equity
14801858.7214801858.726198141.2831916267.50
Investment Co. Ltd. instruments
CAERI(Beijing)
automobile Lightweight Unlisted equity
3252414.812958223.99294190.82252414.8174412.00
Technology Research instruments
Institution Co. Ltd.Total 496524273.53 504190082.71 26534190.82 34200000.00 210759614.81 15808141.28 31990679.50
169重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XIV) Investment property
1、 Investment properties using the cost measurement model
Items Buildings Total
1．Original cost
（1）Balance at the end of last year 10050100.00 10050100.00
（2）Increase in the current period
（3）Decrease in the current period
（4）Balance at the end of the period 10050100.00 10050100.00
2．Accumulated depreciation and accumulated amortization
（1）Balance at the end of last year 3854096.52 3854096.52
（2）Increase in the current period 226711.56 226711.56
—Provision or amortization 226711.56 226711.56
（3）Decrease in the current period
（4）Balance at the end of the period 4080808.08 4080808.08
3．Impairment provision
（1）Balance at the end of last year
（2）Increase in the current period
（3）Decrease in the current period
（4）Balance at the end of the period
4．Carrying amount
（1）Closing balance of carrying amount 5969291.92 5969291.92
（2）Carrying amount at the end of last year 6196003.48 6196003.48
(XV) Fixed assets
1、 Fixed assets and disposal of fixed assets
Balance at the end of last
Items Closing balance
year
Fixed assets 21773526063.55 19994084908.14
Total 21773526063.55 19994084908.14
170重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Details of fixed assets
Transportation
Items Buildings Machinery and equipment Other Equipment Total
equipment
1．Original carrying amount
（1）Balance at the end of last
10402849881.7028090256805.161669155485.7910398235511.8650560497684.51
year
（2）Increase in the period 1940690306.29 2929384604.41 13997105.98 993256897.88 5877328914.56
—Purchase 1729510417.60 336994592.30 9809628.36 15891677.45 2092206315.71
—Transferred from
205884145.632592003163.114187477.62977358585.733779433372.09
construction in progress
—Exchange rate
5295743.06386849.006634.705689226.76
fluctuation
（3）Decrease in the period 1049094368.27 2792863817.74 1390322451.97 962747632.54 6195028270.52
—Disposal or scrapping 1049094368.27 2357563890.46 1390322451.97 943296238.22 5740276948.92
—Government grants 434613697.28 19251009.80 453864707.08
—Exchange rate
686230.00200384.52886614.52
fluctuation
（4）Closing balance 11294445819.72 28226777591.83 292830139.80 10428744777.20 50242798328.55
2．Accumulated depreciation
171重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Transportation
Items Buildings Machinery and equipment Other Equipment Total
equipment
（1）Balance at the end of last
3252045432.7317904036679.47770934918.455827737532.1027754754562.75
year
（2）Increase in the period 584512771.19 1749750305.93 185359886.78 502063712.65 3021686676.55
—Provision 584458172.59 1748904015.77 185359886.78 502057179.96 3020779255.10
—Exchange rate
54598.60846290.166532.69907421.45
fluctuation
（3）Decrease in the period 676950793.66 2409721699.09 783070455.12 820262796.95 4690005744.82
—Disposal or scrapping 676950793.66 2409078704.12 783070455.12 820141927.47 4689241880.37
—Exchange rate
642994.97120869.48763864.45
fluctuation
（4）Closing balance 3159607410.26 17244065286.31 173224350.11 5509538447.80 26086435494.48
3．Provision for impairment
（1）Balance at the end of last
63168825.182319193144.5033357247.40395938996.542811658213.62
year
（2）Increase in the period 299928.06 47876023.65 74144.87 18910751.54 67160848.12
—Provision 299928.06 47876023.65 74144.87 18910751.54 67160848.12
（3）Decrease in the period 1222757.40 321022414.63 32240600.40 141496518.79 495982291.22
—Disposal or scrapping 1222757.40 321022414.63 32240600.40 141496518.79 495982291.22
172重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Transportation
Items Buildings Machinery and equipment Other Equipment Total
equipment
（4）Closing balance 62245995.84 2046046753.52 1190791.87 273353229.29 2382836770.52
4．Carrying amount
（1）Closing balance of carrying
8072592413.628936665552.00118414997.824645853100.1121773526063.55
amount
（2）Carrying amount at the end
7087635623.797867026981.19864863319.944174558983.2219994084908.14
of last year
Note: In the year 2024 the company adjusted certain production lines and discontinued vehicle production lines that are at the end of their life cycles.The relevant assets have shown signs of impairment after assessment. Given that the recoverable amount of these assets is lower than their carrying
value an impairment charge of 671608 million yuan has been made for this period.
173重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
3、 Temporarily idle fixed assets
As of December 31 2024 fixed assets with a Carrying amount of RMB
136677753.98 (December 31 2023: RMB 187074047.38) are temporarily idle
due to product upgrading and other reasons.
4、 The situation of fixed assets leased out through operating leases
Original carrying Provision for
Items Accumulated depreciation Carrying amount l
amount impairment
Bulidings 3152745145.40 974059306.67 13971205.80 2164714632.93
5、 Fixed assets situation without property rights certificate
As of December 31 2024 the Company has no fixed assets with uncompleted
property rights certificates.(XVI) Construction in progress
1、 Construction in progress and construction materials
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Construction
1624245622.4727861352.871596384269.601944108183.5629762823.731914345359.83
in progress
Total 1624245622.47 27861352.87 1596384269.60 1944108183.56 29762823.73 1914345359.83
2、 Details of construction in progress
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Production line
construction and 1070073195.24 1070073195.24 626139410.60 626139410.60
technical
174重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
transformation
project
engineering
construction 101071006.57 101071006.57 750986351.54 750986351.54
project
Engine technical
transformation 30174549.42 20921684.06 9252865.36 204550269.22 20921684.06 183628585.16
project
relocation for
environmental 59586596.48 59586596.48
protection project
Others 422926871.24 6939668.81 415987202.43 302845555.72 8841139.67 294004416.05
Total 1624245622.47 27861352.87 1596384269.60 1944108183.56 29762823.73 1914345359.83
175重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
3、 Movements of significant construction in progress for the period
Accumulated
investment in Of which: amount Interest
Amount transferred Project Accumulated
Budgeted Balance at the end Increase in the Other decreases project as a of interest capitalized rate
Items in fixed Assets for Closing balance progress amount of interest Sources of fund
amount of last year period for the period percentage of capitalized for the for the period
the period （%） capitalized
total budget period （%）
（%）
Production line
construction and
Self-raised funds
technical 6843112449.78 626139410.60 1978146484.29 1534212699.65 1070073195.24 68.88 68.88
and financing
transformation
project
engineering
construction 6291360000.00 750986351.54 798353027.46 1448268372.43 101071006.57 88.06 88.06 Self-raised fund
project
Engine technical
transformation 444200000.00 204550269.22 139797669.34 314173389.14 30174549.42 70.73 70.73 Self-raised fund
project
176重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Accumulated
investment in Of which: amount Interest
Amount transferred Project Accumulated
Budgeted Balance at the end Increase in the Other decreases project as a of interest capitalized rate
Items in fixed Assets for Closing balance progress amount of interest Sources of fund
amount of last year period for the period percentage of capitalized for the for the period
the period （%） capitalized
total budget period （%）
（%）
relocation for
environmental 1912510000.00 59586596.48 18930945.62 78517542.10 100.00 100.00 Self-raised fund
protection project
Self-raised funds
Others 302845555.72 524342684.29 404261368.77 422926871.24
and financing
Total 1944108183.56 3459570811.00 3779433372.09 1624245622.47
177重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
4、 The movement of impairment for construction in progress
Balance at the changes in the current period
Closing reason for
Items end of last
Provision Write-off Others balance provision
year
Engine
technical
20921684.0620921684.06
transformation
project
Others 8841139.67 1901470.86 6939668.81
Total 29762823.73 1901470.86 27861352.87
(XVII) Right-of-use assets
1、 Details of construction in progress right-of-use assets
Machinery and
Items Buildings Total
equipment
1．Original carrying amount
（1）Balance at the end of
338339110.19338339110.19
last year
（2）Increase in the period 166609758.77 14150442.47 180760201.24
—Additional lease 166609758.77 14150442.47 180760201.24
（3）Decrease in the period 91719147.28 91719147.28
—Disposal 91719147.28 91719147.28
（4）Closing balance 413229721.68 14150442.47 427380164.15
2．Accumulated
depreciation
（1）Balance at the end of
128858434.15128858434.15
last year
（2）Increase in the period 99922444.15 2721238.94 102643683.09
—Provision 99922444.15 2721238.94 102643683.09
（3）Decrease in the period 77419794.84 77419794.84
—Disposal 77419794.84 77419794.84
178重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Machinery and
Items Buildings Total
equipment
（4）Closing balance 151361083.46 2721238.94 154082322.40
3．Provision for impairment
（1）Balance at the end of
last year
（2）Increase in the period
—Provision
（3）Decrease in the period
—Disposal
（4）Closing balance
4．Carrying amount
（1）Closing balance of
261868638.2211429203.53273297841.75
carrying amount
（2）Opening balance of
209480676.04209480676.04
carrying amount
179重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XVIII) Intangible assets
1、 Details of construction in intangible assets
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
1．Original carrying
amount
（1）Balance at the
2337635635.46882238600.762624669183.7818444521672.2785581514.7024374646606.97
end of last year
（2）Increase in the
379320000.0043434638.153110914.024126898912.994552764465.16
period
—Purchase 379320000.00 43387043.91 3110914.02 19031915.14 444849873.07
—Internal
research and 4107866997.85 4107866997.85
development
—Exchange
47594.2447594.24
rate fluctuation
（3）Decrease in the
237125400.5823978198.009907.85228712530.19489826036.62
period
—Disposal 237125400.58 23602922.58 228712530.19 489440853.35
180重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
—Exchange
375275.429907.85385183.27
rate fluctuation
（4）Closing
2479830234.88901695040.912627770189.9522342708055.0785581514.7028437585035.51
balance
2．Accumulated
amortization
（1）Balance at the
513880306.26762030686.88432976863.447107014737.0515685994.988831588588.61
end of last year
（2）Increase in the
57920199.7747643604.17241330428.212327331382.718558151.452682783766.31
period
—Provision 57920199.77 47598182.01 241330428.21 2327331382.71 8558151.45 2682738344.15
—Exchange
45422.1645422.16
rate fluctuation
（3）Decrease in the
121038001.3124042208.264245.06208478077.32353562531.95
period
—Disposal 121038001.31 23602922.58 208478077.32 353119001.21
—Exchange
439285.684245.06443530.74
rate fluctuation
181重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
（4）Closing
450762504.72785632082.79674303046.599225868042.4424244146.4311160809822.97
balance
3．Provision for
impairment
（1）Balance at the
23617923.1719916416.63453960028.77497494368.57
end of last year
（2）Increase in the
2464800.008749717.5911214517.59
period
—Provision 2464800.00 8749717.59 11214517.59
（3）Decrease in the
3783599.853783599.85
period
—Disposal 3783599.85 3783599.85
（4）Closing
23617923.1722381216.63458926146.51504925286.31
balance
4．Carrying amount
（1）Closing
balance of carrying 2029067730.16 92445034.95 1931085926.73 12657913866.12 61337368.27 16771849926.23
amount
182重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
（2）Opening
balance of carrying 1823755329.20 96589990.71 2171775903.71 10883546906.45 69895519.72 15045563649.79
amount
Note: After evaluation for the year 2024 considering the recoverable amount of the related assets is lower than the carrying value of the assets this
period Provision impairment amounts to 112145 million yuan.
183重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XIX) Goodwill
1、 Movements in goodwill
Names of investees or Increase for the period Decrease for the period
Balance at the
items By business Closing balance
end of last year Others Disposal Others
resulting in goodwill combination
Original carrying amount
Nanjing Changan
73465335.0073465335.00
Automobile Co. Ltd.Hebei Changan
9804394.009804394.00
Automobile Co. Ltd.Deep Blue Automotive
1800926049.161800926049.16
Technology Co. Ltd.Subtotal 1884195778.16 1884195778.16
Provision for impairment
Nanjing Changan
73465335.0073465335.00
Automobile Co. Ltd.Subtotal 73465335.00 73465335.00
Carrying amount 1810730443.16 1810730443.16
Note: During the impairment test for goodwill the Company compares the Carrying
amount of the related assets or asset groups (including goodwill) with their
recoverable amounts. If the recoverable amount is lower than the Carrying amount
the relevant difference is recognized in the current period's profit or loss.In 2024 when conducting an impairment test on the goodwill formed from the
business combination of Shenlan Automobile Technology Co. Ltd. our company
regarded the asset group containing the goodwill as a whole. At the end of the year
the present value of the expected future cash flows of such asset group was taken as
its recoverable amount. The management engaged an independent third party
Sichuan Tianjian Huaheng Assets Appraisal Co. Ltd. to assess the recoverable
amount of such asset group. The future cash flows were calculated based on the
financial budgets for the years from 2025 to 2032 approved by the management. The
key assumptions used for calculating the present value of the expected future cash
184重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
flows include: based on the past performance of the asset group and market
expectations the growth rate of sales revenue during the forecast period and the
growth rate of sales revenue during the stable period are both 0%; and the pre-tax
discount rate is 11.37%. According to the relevant assessments and tests at the end
of the year the recoverable amount of such asset group was greater than its carrying
value and there were no indications of impairment.(XX) Long-term deferred expenses
Balance at the
Increase in the Amortisation Other Closing
Items end of last
period for the period decreases balance
year
Premium for
extended 21709036.17 6631516.77 15077519.40
warranty
Others 2453183.89 1022005.83 1178595.41 641665.94 1654928.37
Total 24162220.06 1022005.83 7810112.18 641665.94 16732447.77
(XXI) Deferred tax assets and deferred tax liabilities
1、 Deferred tax assets which are not offset
Closing balance Balance at the end of last year
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
Provision for
2812780308.55427610261.043326010289.07505667423.10
asset impairment
Accrued expenses
and contingent 11361903139.00 1720368405.84 9745432595.40 1478634793.00
liabilities
Unpaid tech
development 201717814.00 30257672.10 108882829.52 16332424.43
expense
185重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
andadvertisement
expense
deferred income 3015492016.33 492368621.35 3143730047.41 516280314.00
Unpaid salary and
6164872452.88936046685.595069078308.78762158961.20
bonus and others
Total 23556765730.76 3606651645.92 21393134070.18 3279073915.73
2、 Deferred tax liabilities which are not offset
Closing balance Balance at the end of last year
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
liabilities liabilities
differences differences
Available-for-sale
financial assets
on the changes in
250964630.1837644694.53271136632.2240670494.83
fair value
recorded in
capital reserve
Fair value
adjustment of
business
8068028361.061210204254.169077843422.401361676513.36
combination not
under common
control
Long-term equity
1596988035.55239548205.331053139619.28157970942.89
investment
Others 2572489279.25 389709175.51 234662947.30 36576889.00
Total 12488470306.04 1877106329.53 10636782621.20 1596894840.08
186重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
3、 Deferred tax assets or liabilities presented at the net amount after offsetting
Closing balance Balance as at the end of last year
Offset amount of Balance of deferred
Offset amount of Balance of deferred
Items deferred income income tax assets or
deferred income tax income tax assets or
tax assets and liabilities after
assets and liabilities liabilities after offset
liabilities offset
Deferred tax assets 42391398.35 3564260247.57 30819858.08 3248254057.65
Deferred tax
42391398.351834714931.1830819858.081566074982.00
liabilities
4、 Details of unrecognized deferred income tax assets
Balance at the end of
Items Closing balance
last year
The deductible temporary difference 1537577954.97 1764330466.02
The deductible tax loss 11267351181.99 10207352860.58
Total 12804929136.96 11971683326.60
5、 Deductible tax losses that are not recognized as deferred tax assets will expire
in the following years
Balance at the end of
Year Closing balance Notes
last year
20241026714782.44
20251675980498.871484227541.07
20262469603797.302622637735.99
20272020139471.492162063388.55
20282888007630.832911709412.53
2029 and beyond 2213619783.50
Total 11267351181.99 10207352860.58
187重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XXII) Other non-current assets
Closing balance Balance at the end of last year
Provision Provision
Items Carrying
Book balance for Carrying amount Book balance for
amount
impairment impairment
Certificates
of deposit
3250000000.003250000000.00
and time
deposit
Advance
payment for
455745345.02455745345.02450000000.00450000000.00
project
construction
Total 3705745345.02 3705745345.02 450000000.00 450000000.00
188重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XXIII) Assets with restricted ownership or use rights
Closing The end of last year
Items Type of Circumstances Type of Circumstances
Book balance Carrying amount Book balance Carrying amount
restriction of restriction restriction of restriction
Security deposit Security deposit Security deposit Security deposit
Monetary funds 907719149.74 907719149.74 945084846.77 945084846.77
and others and others and others and others
Notes receivable 6569473317.00 6569473317.00 Bill pledge Bill pledge 7309419058.87 7309419058.87 Bill pledge Bill pledge
Total 7477192466.74 7477192466.74 8254503905.64 8254503905.64
189重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XXIV) Short-term loans
1、 Classification of short-term loans
Balance at the end of last
Items Closing balance
year
Credit loan 40036055.69 30039416.74
Total 40036055.69 30039416.74
Note: As of December 31 2024 the annual interest rate for the aforementioned loan
is 1.90%-3.30%.As of December 31 2024 there are no overdue short-term loans.(XXV) Notes payable
Balance at the end of last
Category Closing balance
year
Commercial acceptance bill 32776976747.35 34512997041.12
Bank acceptance bill 2033628765.26 2943672886.95
Total 34810605512.61 37456669928.07
(XXVI) Accounts payable
1、 Accounts payable
Balance at the end of last
Items Closing balance
year
Accounts payable for goods 43835671129.12 38289947321.45
Total 43835671129.12 38289947321.45
Notes：As of December 31 2024 there were no significant accounts payable with
an aging period of more than one year.(XXVII) Advances from customers
1、 Advances from customers
190重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Advance rental receipts 477390.93 686755.00
Total 477390.93 686755.00
(XXVIII) Contract liabilities
1、 Contract liabilities
Balance at the end of last
Items Closing balance
year
Advance payment 9559537581.14 6780177101.71
Advance service payment 1328359414.35 1143615751.06
Total 10887896995.49 7923792852.77
(XXIX) Payroll payable
1、 Payroll payable
Balance at the end Increase for Decrease for
Items Closing balance
of last year the period the period
Short-term benefits 2645581324.21 11932353304.02 11468077163.24 3109857464.99
Post-employment
benefits –
87255844.661039909849.661032851021.4294314672.90
defined contribution
scheme
Termination
17824168.3953249792.2965465144.705608815.98
benefits
Total 2750661337.26 13025512945.97 12566393329.36 3209780953.87
2、 Short term salary benefits
191重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Balance at the end
Items Increase for Decrease for Closing balance
of last year
（1）Salary bonus
2170965985.999433071770.279068075354.912535962401.35
allowance and subsidy
（2）Staff welfare 20125393.92 437190415.28 436127006.44 21188802.76
（3）Social insurance 32862900.03 699183608.62 697677931.78 34368576.87
Including: Medical
20183997.44616492485.11615087107.5421589375.01
insurance
Work-related
10754834.2663586546.3363615879.8910725500.70
injury insurance
Maternity
1924068.333698410.323680410.321942068.33
insurance
Others 15406166.86 15294534.03 111632.83
（4）Housing provident
22920911.36750161578.62751937048.3121145441.67
fund
（5）Labour union
expenses and employee 398706132.91 612745931.23 514259821.80 497192242.34
education expenses
Total 2645581324.21 11932353304.02 11468077163.24 3109857464.99
3、 Defined contribution scheme
Balance at the Closing
Items Increase for Decrease for
end of last year balance
Basic pension insurance 77888132.00 1008206277.46 1001149133.00 84945276.46
Unemployment
9367712.6631703572.2031701888.429369396.44
insurance
Total 87255844.66 1039909849.66 1032851021.42 94314672.90
(XXX) Taxes payable
192重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Value-added tax 651591146.50 366815941.84
Consumption tax 320098460.23 307949880.80
Corporate income tax 197097687.96 1136075075.53
Urban maintenance and construction
75909710.2551726243.42
tax and educational surtax
Others 283885526.69 66156765.79
Total 1528582531.63 1928723907.38
(XXXI) Other payables
Balance at the end of last
Items Closing balance
year
Other payables 6407775538.76 5880882512.97
Total 6407775538.76 5880882512.97
1、 Other payables
Presented by nature of the payments
Items Closing balance Balance at the end of last year
Purchase and construction of fixed assets
1763288908.261550681604.04
intangible assets and engineering deposits
Customer and supplier margin 919342648.61 874043416.71
Storage fees and freight 740108278.96 488072948.00
Advertisement fees 623231036.19 648229494.43
Maintenance fees 267001396.64 295480247.86
Treasury stock repurchase 169261662.73 382277095.96
Advance appropriation of national subsidies 124313570.00 138398550.00
Advanced receipt of land and factory building
150000000.00
disposal fees
Others 1801228037.37 1353699155.97
Total 6407775538.76 5880882512.97
193重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XXXII) Non-current liability within 1 year
Balance at the end of last
Items Closing balance
year
Long-term loan within 1 year 36000000.00 4000000.00
A defined benefit plan maturing within
972000.001190000.00
1 year
Lease liabilities within 1 year 91942461.78 74887042.88
Total 128914461.78 80077042.88
(XXXIII) Other current liabilities
Balance at the end of last
Items Closing balance
year
Accrued commercial discount payable 7251765781.00 5277859952.56
Accrued market development expense 1931380802.93 1229871896.85
Accrued technical transfer and
834962725.87712779170.48
development fees
Accrued transportation fee 414807693.98 428540512.92
Accrued negative points for fuel
63506766.6976611049.98
consumption
Accrued maintenance cost 56134938.45 52021714.94
Others 1955074831.04 1120252102.19
Total 12507633539.96 8897936399.92
(XXXIV) Long-term Loan
Balance at the end of last
Items Closing balance
year
Credit loan 36000000.00 72000000.00
Total 36000000.00 72000000.00
Notes：As of December 31 2024 the interest rate for the aforementioned loan is 1.00%
194重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(December 31 2023: 1.00%).
(XXXV) Bonds Payable
1、 Details of Bonds Payable
Balance at the end of last
Items Closing balance
year
Corporate Bonds 999705660.36 999607547.16
Total 999705660.36 999607547.16
195重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Changes in bonds payable
Issue for Whether
Coupon Accrue interest Amortization of
Name of Issue Bond Balance at the the Repayment in Closing there is a
Face value rate Issue amount based on the face premium or
Bond date maturity end of last year current this period balance breach of
（%） value discount
period contract
Science
and
Technology 1000000000.00 3.00 2022.12 5years 1000000000.00 999607547.16 30000000.00 98113.20 30000000.00 999705660.36 No
Innovation
Bond
Total 1000000000.00 999607547.16 30000000.00 98113.20 30000000.00 999705660.36
196重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XXXVI) Lease liabilities
Balance at the end of last
Items Closing balance
year
Lease liabilities 361153870.84 209141440.95
Less：Lease liabilities within 1 year 91942461.78 74887042.88
Total 269211409.06 134254398.07
(XXXVII) Long-term payables
Balance at the end of last
Items Closing balance
year
Long-term payables 2028479306.93 804264787.97
Special payables 428048564.78 148181330.60
Total 2456527871.71 952446118.57
1、 Long-term payables
Balance at the end of last
Items Closing balance
year
Accounts payable for entrusted
2028479306.93804264787.97
construction project fees
Total 2028479306.93 804264787.97
2、 Special payables
Balance at the end of
Items Increase for Decrease for Closing balance
last year
Intelligent
manufacturing 79118517.26 315407614.00 41603692.93 352922438.33
project
Lightweight
6769952.6350000.004957143.271862809.36
design of
197重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Balance at the end of
Items Increase for Decrease for Closing balance
last year
automobile
structure
Others 62292860.71 48994085.32 38023628.94 73263317.09
Total 148181330.60 364451699.32 84584465.14 428048564.78
(XXXVIII) Long-term payroll payable
1、 Long-term payroll payable
Balance at the end of last
Items Closing balance
year
I. Post-employment benefits- Defined
23599000.0026880000.00
net liabilities of benefit scheme
II. Termination benefits 3094372.65 3534000.00
Total 26693372.65 30414000.00
2、 Defined benefit plan changes
（1）Present Value of Defined Benefit Plan Obligations
Amount for the current Amount for the previous
Items
period period
1．Balance at the end of last year 26880000.00 29227000.00
2．Defined benefit costs recognized in the
-3310000.00-908000.00
current period's profit or loss
（1）Current service cost 61000.00 313000.00
（2）Past service cost -4168000.00
（3）Settlement gains (losses are indicated
55000.00-2161000.00
by “-”)
（4）Net interest 742000.00 940000.00
3．Defined benefit costs recognized in other
2180000.00-540000.00
comprehensive income
198重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
（1）Actuarial gains (losses are indicated by
2180000.00-540000.00
“-”)
4．Other changes -2151000.00 -899000.00
（1）Benefits paid -2151000.00 -899000.00
5．Closing balance 23599000.00 26880000.00
Note: In addition to participating in the endowment insurance and unemployment
insurance plans managed by the local government our company also provides extra-
plan pensions of varying monthly standards and annual condolence money to some
retired employees until their death; provides hardship subsidies to retired employees
who participated in combat operations; and pays internal early retirement salaries of
varying monthly standards to employees on internal early retirement and contributes
to their social insurance premiums and housing provident funds until they reach the
official retirement age. The contribution amounts for various social insurances and
housing provident funds are determined according to the contribution base and
contribution rate and the enterprise contribution rate is determined in accordance
with the local social insurance contribution policies.The present value of the obligation of this defined benefit plan as of December 31
2024 was determined by Aon Enterprise Solutions(Shanghai) Co. Ltd. using the
projected unit credit method.
（2）Defined benefit plan net liability (net asset)
Amount for the current Amount for the previous
Items
period period
1．Balance at the end of last year 26880000.00 29227000.00
2．Defined benefit costs included in the
-3310000.00-908000.00
current period's profit and loss
3．Defined benefit costs included in Other
2180000.00-540000.00
Comprehensive Income
4．Other changes -2151000.00 -899000.00
5．Closing balance 23599000.00 26880000.00
199重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XXXIX) Provision
Balance at the end Reasons for
Items Increase for Decrease for Closing balance
of last year formation
Product quality
5976561810.092334670155.87900131885.297411100080.67
assurance
Estimated liability
for contract 300479606.70 30349098.49 37281036.42 293547668.77
performance
Total 6277041416.79 2365019254.36 937412921.71 7704647749.44
(XL) Deferred income
Balance at the end of
Items Increase for Decrease for Closing balance
last year
Related to assets 610407171.08 558273427.08 52133744.00
Among which: Production and
610407171.08558273427.0852133744.00
construction subsidy
Related to gains 108433372.44 114408720.00 90778616.80 132063475.64
Among which: R&D
77651164.121356274.1776294889.95
technology subsidy
Other
30782208.32114408720.0089422342.6355768585.69
government subsidies
Total 718840543.52 114408720.00 649052043.88 184197219.64
(XLI) Other non-current liabilities
Balance at the end of last
Items Closing balance
year
Advance received for services 1718489394.88 1497773818.69
Entrusted Loan of China South
500000000.00
Industries Group Finance Co. Ltd.
200重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Total 2218489394.88 1497773818.69
(XLII) Share capital
Increase(+)/decrease (-) for the period Shares
Balance at the transferred
Items Issue of Bonus Closing balance
end of last year from Others Subtotal
new shares issue
reserve
Total shares 9917289033.00 -3202973.00 -3202973.00 9914086060.00
Note: In 2024 the change in the company's share capital was due to the cancellation of
equity.(XLIII) Capital reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Share premium 6804368521.99 323301160.98 8253379.94 7119416303.03
Others 1446919115.71 682764592.38 323301160.98 1806382547.11
Total 8251287637.70 1006065753.36 331554540.92 8925798850.14
Note: In 2024 the increase in Other Capital Reserve was mainly due to the equity changes
of Chongqing Chang'an Kaicheng Automotive Technology Co. Ltd.(XLIV) Treasury stock
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Treasury stock 382277095.96 213015433.23 169261662.73
Total 382277095.96 213015433.23 169261662.73
Note: In 2024 the decrease in treasury stock is due to the unlocking of equity incentives
and the distribution of dividends to the incentive recipients by the company.
201重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XLV) Other comprehensive income
Amount for the current period
Deduct: amounts
Deduct: amounts transferred transferred to
Attributable
Balance at the end of last to income statement which Attributable to retained earnings which
Items Amount before tax for the Less: to minority Closing balance
year were recognized in other the Company were
period Income tax interests
comprehensive income in after tax recognized in other
after tax
prior period comprehensive
income in prior period
1．Other comprehensive income that
will not be reclassified to profit 168360416.57 -8652656.26 -1149871.38 -7502784.88 160857631.69
or loss
Among which: Changes in the re - measurement of the
355000.00-2180000.00-2180000.00-1825000.00
defined benefit plan
Other comprehensive income that cannot be
-4219273.731193152.921193152.92-3026120.81
reclassified to profit or loss under the equity method
Changes in the fair value of other equity
172224690.30-7665809.18-1149871.38-6515937.80165708752.50
instrument investments
202重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the current period
Deduct: amounts
Deduct: amounts transferred transferred to
Attributable
Balance at the end of last to income statement which Attributable to retained earnings which
Items Amount before tax for the Less: to minority Closing balance
year were recognized in other the Company were
period Income tax interests
comprehensive income in after tax recognized in other
after tax
prior period comprehensive
income in prior period
2． Other comprehensive income that will be reclassified to
-50041632.53-102155806.29-103292640.391136834.10-153334272.92
profit or loss
Among which: Other comprehensive income that can be
-75815.98-5806125.95-5806125.95-5881941.93
reclassified to profit or loss under the equity method
Exchange differences on translating foreign
-49965816.55-96349680.34-97486514.441136834.10-147452330.99
currency financial statements
Total 118318784.04 -110808462.55 -1149871.38 -110795425.27 1136834.10 7523358.77
203重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(XLVI) Special reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Safety fund 54323330.34 122922799.10 82232641.06 95013488.38
Total 54323330.34 122922799.10 82232641.06 95013488.38
(XLVII) Surplus reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Statutory surplus 4276245864.64 680797165.36 4957043030.00
Total 4276245864.64 680797165.36 4957043030.00
(XLVIII) Undistributed profits
Amount for the current Amount for the previous
Items
period period
Undistributed profits at end of last year before
49617932431.7341379965149.07
adjustment
Adjustment for undistributed profits at beginning of
year (“+” for plus; “-” for less)
Undistributed profits at beginning of year after
49617932431.7341379965149.07
adjustment
Add: N et profit attributable to owners of the
7321363897.2411327463013.15
Company during the period
Less: Withdrawal of statutory surplus reserves 680797165.36 748080862.37
Withdrawal of discretionary surplus reserve
Withdrawal of general risk reserve
Dividend payable on ordinary shares 3412477663.18 2341414868.12
Ordinary shares dividends transferred to share
capital
204重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Undistributed profits at end of period 52846021500.43 49617932431.73
(XLIX) Operating revenue and cost
1、 Operating revenue and cost
Amount for the current period Amount for the previous period
Items
Revenue Costs Revenue Costs
Main
155996379529.44133423991672.62148183136224.90123320905353.48
businesses
Other
3736654683.812445031398.833114570422.071869405043.21
businesses
Total 159733034213.25 135869023071.45 151297706646.97 125190310396.69
Details of operating revenue：
Amount for the current Amount for the previous
Items
period period
Revenue from customer contracts 159490083620.53 150837473020.25
Lease income 242950592.72 460233626.72
Total 159733034213.25 151297706646.97
2、 Revenue situation generated by the contract
The revenue situation generated from customer contracts is as follows：
Operating revenue
Category
Amount for the current period Amount for the previous period
Type of business：
Sales of goods 152192280870.19 145303581062.21
Provision of services and others 7297802750.34 5533891958.04
Total 159490083620.53 150837473020.25
205重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Operating revenue
Category
Amount for the current period Amount for the previous period
Classification by the time of goods
transfer：
Recognition at a specific point in time 158046027665.88 149806264812.48
Recognition over a specific period of
1444055954.651031208207.77
time
Total 159490083620.53 150837473020.25
Classification by region：
Domestic 127063702246.58 130301011943.81
Overseas 32426381373.95 20536461076.44
Total 159490083620.53 150837473020.25
(L) Tax and surcharges
Amount for the current Amount for the previous
Items
period period
Consumption tax 3321502858.56 3689083562.44
City maintenance and construction tax 383677349.65 416207782.33
Educational surcharge 172951765.77 180693475.51
Others 472339452.42 472441461.42
Total 4350471426.40 4758426281.70
(LI) Operating expenses
Amount for the current Amount for the previous
Items
period period
Sales service fee 3261764821.64 1767688363.84
Promotion advertising fee 2456180404.33 2685049398.19
Payroll and welfare 985056908.38 754840131.95
Transportation and storage fees 378551852.64 426167063.06
Travelling expenses 172055226.26 128037954.91
Package expenses 84599624.41 34279133.27
206重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Consulting fee 21558374.68 25208016.75
Training fee 11796111.41 37558797.59
Others 166789089.41 118722690.35
Total 7538352413.16 5977551549.91
(LII) General and administrative expenses
Amount for the current Amount for the previous
Items
period period
Payroll and welfare 3032419886.90 2510857635.06
Administrative expenses 551242661.67 533464030.04
Depreciation and amortization 548417580.78 506232270.50
Share-based payments 89968232.48 362576400.00
Traffic expenses 54560945.74 50337862.88
Travelling expenses 32015557.72 31365995.19
Others 92601152.97 102703336.00
Total 4401226018.26 4097537529.67
(LIII) Research and development expenses
Amount for the current Amount for the previous
Items
period period
Depreciation and amortization 2571685965.24 2235391711.61
Payroll and welfare 1975412543.02 1751875403.13
Subcontract fee 829642591.23 844870793.73
Material fee 662579044.45 617867191.88
Test fee 153698592.98 186414711.98
Others 312427942.32 343424840.90
Total 6505446679.24 5979844653.23
(LIV) Finance costs
207重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Interest income 118238961.52 65658308.92
Less: Foreign exchange gain or loss 1160421476.17 1172272116.20
Interest expense 61276842.30 169367527.65
Others 46528359.30 39902539.83
Total -934377313.05 -897343739.80
(LV) Other income
Items Amount for the current period Amount for the previous period
Government subsidies related to daily
activities
Among which：Production and
1250740318.87935787265.00
construction subsidies
Other government subsidies 874963386.35 708532240.04
Total 2125703705.22 1644319505.04
(LVI) Investment income
Amount for the Amount for the
Items
current period previous period
Long-term equity investment gains measured under
36975796.30-2201515632.81
equity method
Investment gains from disposal of long-term equity
1.00
investment
The investment income of financial asset
2631315.721406842.07
held for trading during its holding period
Investment income from disposal of financial assets
10810279.9918106159.85
at fair value through profit and loss of the period
Dividend income from remaining investments
31990679.50206042574.04
in other equity instruments
208重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Items
current period previous period
Investment income arising from business combinations under
5021482128.74
non - common control
Others 105250765.95 4890972.21
Total 187658837.46 3050413045.10
(LVII) Fair value change
Amount for the Amount for the
The source of gains from changes in fair value
current period previous period
Trading financial assets -27460945.49 -19061189.53
Total -27460945.49 -19061189.53
(LVIII) Impairment loss of credit
Amount for the current Amount for the previous
Items
period period
Bad debt for account receivable -205095.94 48168990.90
Bad debt for other receivables 818099.96 -1426874.99
Total 613004.02 46742115.91
(LIX) Impairment loss on assets
Amount for the current Amount for the previous
Items
period period
Loss on decline in value of inventories
and Loss on impairment of contract 114303418.32 248550585.56
performance costs
Impairment of fixed assets 67160848.12 252935096.10
Impairment of contract assets 21810151.17 236406130.60
Impairment of intangible assets 11214517.59 70593040.66
Impairment of construction in progress 5343493.61
209重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Total 214488935.20 813828346.53
(LX) Gain on disposal of assets
Amount included in non-
Amount for the Amount for the
Items recurring profit or loss for the
current period previous period
period
Gain on disposal of
2466246635.27431533750.492466246635.27
fixed-assets
Gain on disposal of
114903423.819461986.74114903423.81
intangible assets
Others -30691738.25 -30691738.25
Total 2550458320.83 440995737.23 2550458320.83
(LXI) Non-operating income
Amount included in
Amount for the Amount for the
Items non-recurring profit
current period previous period
or loss for the period
Penalty income and others 155290275.84 169793538.35 155290275.84
Total 155290275.84 169793538.35 155290275.84
(LXII) Non-operating expenses
Amount included in
Amount for the Amount for the non-recurring profit
Items
current period previous period or loss for the
period
Donation 11611789.67 23663690.00 11611789.67
Fines and penalties 6451303.37 4073147.35 6451303.37
Others 3849172.14 336554.48 3982750.49
210重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount included in
Amount for the Amount for the non-recurring profit
Items
current period previous period or loss for the
period
Total 21912265.18 28073391.83 22045843.53
(LXIII) Income tax expense
1、 Table of income tax expenses
Amount for the current Amount for the previous
Items
period period
Current income tax expense 699569748.76 1450814903.31
Deferred income tax expense -46216369.36 -363517186.79
Total 653353379.40 1087297716.52
2、 Adjustment of accounting profit and income tax expenses
Amount for the current
Items
period
Total profit 6757527907.25
Tax at the legal [or applicable] tax rate 1013629186.09
Impact of different tax rates of subsidiaries 30963597.11
Impact of income tax for the period before adjustment -7107931.81
Impact of non-taxable income -116547569.91
Impact of cost expenses and losses not deductible for tax 17096187.50
Impact of deductible loss of deferred income tax assets not
-95890139.63
recognized at the beginning of the period
Impact of deductible temporary differences and deductible loss of
538109449.95
deferred income tax assets not recognized for the period
Additional deduction for technical development expenses -756608114.92
Others 29708715.02
Income tax expenses 653353379.40
211重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(LXIV) Earnings per share
1、 Basic earnings per share
Basic earnings per share is calculated by dividing the consolidated net profit
attributable to the parent company's ordinary shareholders by the weighted average
number of ordinary shares issued and outstanding by the company.Amount for the current Amount for the previous
Items
period period
Consolidated net profit attributable to holders
7303882698.8411302856175.79
of ordinary shares of the Company（after adjustment）
Weighted average number of ordinary shares
9848634846.839797771495.70
in issue of the Company（after adjustment）
Basic earnings per share 0.74 1.15
Including: Basic earnings per share relating to
0.741.15
continuing operations
Basic earnings per share relating to
discontinued operations
2、 Diluted earnings per share
Diluted earnings per share is calculated by dividing the consolidated net profit
attributable to the parent company's ordinary shareholders (diluted) by the weighted
average number of ordinary shares outstanding (diluted)：
Amount for the Amount for the
Items
current period previous period
Consolidated net profit attributable to holders
7321363897.2411327463013.15
of ordinary shares of the Company (diluted)
Weighted average number of ordinary shares
9952993354.129985130465.45
in issue of the Company (diluted)
Diluted earnings per share 0.74 1.13
Including: Basic diluted earnings per share
0.741.13
relating to continuing operations
212重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Items
current period previous period
Basic diluted earnings per
share relating to discontinued
operations
(LXV) Cash Flow Statement Items
1、 Cash related to operating activities
（1）Other cash received related to operating activities
Amount for the Current Amount for the Previous
Items
Period Period
Interest Income 1160421476.17 1172272116.20
Government Subsidies 2045217580.13 1841460063.44
Others 337350625.36 344581255.97
Total 3542989681.66 3358313435.61
（2）Other cash paid related to operating activities
Amount for the Current Amount for the Previous
Items
Period Period
Selling Expenses 6527630896.94 5015550964.65
Administrative Expenses 730420318.10 717871224.11
Research and Development Expenses 1958348170.98 1992577538.50
Others 1158959685.17 1344892685.88
Total 10375359071.19 9070892413.14
2、 Cash related to investing activities
（1）Other cash received related to investing activities
Amount for the Current Amount for the Previous
Items
Period Period
Time deposits and interest 8070026424.80
213重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the Current Amount for the Previous
Items
Period Period
Business combination of Shenlan Automobile
6216944276.29
under non - same - control
Total 8070026424.80 6216944276.29
（2）Other cash paid related to investing activities
Amount for the Current Amount for the Previous
Items
Period Period
Time deposits and large - value deposits 3304127222.22 8000000000.00
Total 3304127222.22 8000000000.00
3、 Cash related to financing activities
（1）Other cash received related to financing activities
Amount for the Current Amount for the Previous
Items
Period Period
Cash received from the recovery of acceptance
470003596.92863425006.28
bill margin
Total 470003596.92 863425006.28
（2）Other cash paid related to financing activities
Amount for the Current Amount for the Previous
Items
Period Period
Cash paid for acceptance bill margin and
384604266.3017925527.40
others
Others 143272005.27 65147042.33
Total 527876271.57 83072569.73
（3）Changes in various liabilities arising from financing activities
214重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Increase in the Current Period Decrease in the Current Period
Balance at the
End - of -
Items end of the Non -
Non - cash period balance
previous year Cash Chang Cash Chang cash
Changes
Changes
Bank
borrowings
and 106039416.74 1060422300.00 38002857.25 592428518.30 612036055.69
interest
Other
3412477663.183412477663.18
payables
Lease
209141440.95251355989.5999343559.70361153870.84
liabilities
(LXVI) Supplementary Information for the Cash Flow Statement
1、 Supplementary Information for the Cash Flow Statement
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
1、Adjusting Net Profit to Cash Flows from
Operating Activities
Net profit 6104174527.85 9501899040.97
Add: Credit impairment losses 613004.02 46742115.91
Asset impairment provisions 214488935.20 813828346.53
Depreciation of fixed assets. 3020779255.10 2991918878.33
Depreciation and amortization of investment
226711.56226711.56
property
Depreciation of right - of - use assets 102643683.09 70896183.37
Amortization of intangible assets 2682738344.15 2232311060.45
Amortization of long -term prepaid expenses 7810112.18 3570664.27
Loss on disposal of fixed assets intangible assets and
other long - term assets (gains are presented with a -2550458320.83 -440995737.23
“-” sign)
Loss on scrapping of fixed assets (gains are
217084.914891.17
presented with a “-” sign)
Loss on fair value changes (gains are presented with
27460945.4919061189.53
a “-” sign)
Financial expenses (gains are presented with a “-”
-85476391.90156147198.25
sign)
215重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
Investment losses (gains are presented with a "_"
-187658837.46-3050413045.10
sign)
Decrease in deferred income tax assets (increases are
-316006189.92-219254747.14
presented with a "_" sign)
Increase in deferred income tax liabilities (decreases
269789820.56-144262439.65
are presented with a "_" sign)
Decrease in inventories (increases are presented with
-3218353689.82-7706466368.68a “_" sign)Decrease in operating receivables (increases are
-9086489039.97-1687114693.11presented with a “_" sign)Increase in operating payables (decreases are
7862898858.9317273366988.13
presented with a "_" sign)
Others
Net cash flow from operating activities 4849398813.14 19861466237.56
2、Significant investment and financing activities
not involving cash receipts and payments
Debt converted into capital
Convertible corporate bonds maturing within one
yea!
Obtaining right -of-use assets by assuming lease
liabilities
3、Net changes in cash and cash equivalents
End - of - period balance of cash 63274376513.00 63925957901.11
Less: Beginning -of- period balance of cash 63925957901.11 52491435047.74
Add: End - of - period balance of cash equivalents
Less: Beginning - of - period balance of cash
equivalents
Net increase in cash and cash equivalents -651581388.11 11434522853.37
2、 Composition of Cash and Cash Equivalents
216重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
End - of - period Balance at the end of
Items
balance the previous year
一、Cash 63274376513.00 63925957901.11
Including: Cash on hand 17882.93 35257.05
Digital currency available for immediate payment
Bank deposits available for immediate payment 63267781756.86 63902699987.48
Other monetary funds available for immediate
6576873.2123222656.58
payment
Funds deposited with the central bank available for
payment
Deposits with other financial institutions
Loans to other financial institutions
二、Cash Equivalents
Including: Bond investments maturing within three
months
三、End -of _ period balance of cash and cash
63274376513.0063925957901.11
equivalents
Including: Cash and cash equivalents held but not
available for use by the parent company or
othersubsidiaries within the group
Monetary funds that are not classified as cash and cash equivalents:
Balance at the end of the Reason for not being cash
Items End - of - period balance
previous year or cash equivalents
Bill margin and others Restricted funds unable
907719149.74945084846.77
to be freely withdrawn
Total 907719149.74 945084846.77
(LXVII) Foreign Currency Monetary Items
1、 Foreign Currency Monetary Items
217重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
End - of - period End - of - period RMB
Exchange rate
Items foreign currency balance after conversion
for conversion
balance
Monetary funds 2024896344.06
Including: US dollars 28852509.98 7.1884 207403382.74
British pounds 3323867.79 9.0765 30169086.00
Euros 21244685.52 7.5257 159881129.82
Japanese yen 170632224.00 0.0462 7888839.61
Russian rubles 257590107.35 0.0661 17015338.66
United Arab Emirates
902893.121.97111779692.63
dirhams
Mexican pesos 907319905.75 0.3498 317355685.82
Thai baht 6035588516.20 0.2126 1283403188.78
Accounts receivable 235604230.93
Including: US dollars 30343831.17 7.1884 218123595.98
British pounds 309924.14 9.0765 2813026.46
Mexican pesos 41934692.67 0.3498 14667608.49
Other receivables 95527937.46
Including: US dollars 2560.00 7.1884 18402.30
British pounds 2484169.53 9.0765 22547564.74
Euros 9588095.67 7.5257 72157131.56
Japanese yen 17408320.00 0.0462 804838.86
Accounts payable 433143471.74
Including: US dollars 2179.04 7.1884 15663.81
British pounds 8415.16 9.0765 76380.20
Euros 4432167.94 7.5257 33355166.27
Japanese yen 5903582.00 0.0462 272940.31
Russian rubles 6046749831.37 0.0661 399423321.15
Accounts payable 59903027.97
Including: US dollars 3530.00 7.1884 25375.05
British pounds 870667.50 9.0765 7902613.56
Mexican pesos 148596637.53 0.3498 51975039.36
218重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(LXVIII) Leases
1、 As a Lessee
Amount for the Current Amount for the
Items
Period Previous Period
Interest expense on lease liabilities 42623899.74 9034012.98
Simplified short - term lease expenses
recoanized in the cost of related assets or current 68173260.47 78849902.44
- period profit or loss
Simplified low - value asset lease expenses
recognized in the cost of related assets or current
5964651.75920517.27
- period profit or loss (excluding short - term
lease expenses for low - value assets)
Total cash outflows related to leases 122150467.13 98885795.36
The following is the situation of the estimated future annual cash outflows for leases
that the Company has committed to but have not yet commenced:
Remaining lease term Undiscounted lease payments
Within 1 year 152983976.87
1 - 2 years 137414287.00
2 - 3 years 83007712.15
More than 3 years 6378610.46
Total 379784586.48
2、 As a Lessor
（1）Operating Leases
Amount for the Current Amount for the
Period Previous Period
Operating lease income 242950592.72 460233626.72
The following is the amount of undiscounted lease receivables that will be received
219重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
after the balance sheet date:
Amount for the Current Amount for the
Remaining lease term
Period Previous Period
Within 1 year 8675240.58 388255072.48
1 - 2 years 17881254.12 260689384.89
2 - 3 years 18120545.58 130967274.89
3 - 4 years 22168456.50 34577303.73
4 - 5 years 24141151.06 26810816.32
More than 5 years 7000144.32 1506050.47
Total 97986792.16 842805902.78
VI、 R & D Expenditure
(I) R & D Expenditure
Items Amount for the Current Period Amount for the Previous Period
Employee compensation 4108202495.09 3556084891.96
Depreciation and
2577828804.032237878184.31
amortization
Outsourcing fees 1436710996.83 1216189214.55
Material costs 818426341.74 749129534.46
Testing fees 592734950.61 557428126.11
Other expenses 625240648.15 690840581.50
Total 10159144236.45 9007550532.89
Including: Expensed R & D
6505446679.245979844653.23
expenditure
Capitalized R & D
3653697557.213027705879.66
expenditure
(II) Development expenditure
220重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Amount of increase in the Amount of decrease in the current
current period period
Balance at the end End -of - period
Items Internal
of the previous year Recognized as balance
development Others Others
intangible assets
expenditure
Automobile
2241820556.703653697557.214107866997.8557718627.391729932488.67
development
Sub - total 2241820556.70 3653697557.21 4107866997.85 57718627.39 1729932488.67
Less: Impairment
provisions
Total 2241820556.70 3653697557.21 4107866997.85 57718627.39 1729932488.67
VII、 Changes in the Scope of Consolidation
None
VIII、 lnterests in Other Entities
(I) Interests in Subsidiaries
1、 Composition of the Enterprise Group
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands Direct Indirect
of yuan)
Chongqing Changan
Automobile
142275.64 Chongqing Chongqing Sales 100.00 Establishment
International Sales
&Service Co. Ltd.Chongqing Changan
Vehicle Connectivity 8850.00 Chongqing Chongqing Leasing 100.00 Establishment
Technology Co. Ltd.Chongqing Changan
2000.00 Chongqing Chongqing Sales 50.00 Establishment
Special-Purpose
221重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands Direct Indirect
of yuan)
Vehicle Co. Ltd.(Note
1)
Chongqing Changan
Automobile Customer 3000.00 Chongqing Chongqing Sales 99.00 1.00 Establishment
Service Co. Ltd.Chongqing Zhilaidao Research and
2900.00 Chongqing Chongqing 100.00 Establishment
New Energy Co. Ltd. Development
Chongqing Changan
Bologna Research and
European Design 1738 Euros Bologna Italy 100.00 Establishment
Italy Development
Center Co. Ltd.Changan Automobile
2639 Nottingham Nottingham Research and
UK R & D Center Co. 100.00 Establishment
Pounds UK UK Development
Ltd.Beijing Changan
Automobile
Research and
Engineering 100.00 Beijing Beijing 100.00 Establishment
Development
TechnologyResearch
Co. Ltd.
1000
Changan Japan Design Hamamatsu Hamamatsu Research and
Japanese 100.00 Establishment
Center Co. Ltd. Japan Japan Development
Yen
Changan USA R & D 154 US Research and
Novi USA Novi USA 100.00 Establishment
Center Inc. Dollars Development
Changan Automobile
Investment (Shenzhen) 76488.95 Shenzhen Shenzhen Sales 100.00 Establishment
Co. Ltd.Nanjing Changan New
5000.00 Nanjing Nanjing Sales 100.00 Establishment
Energy Automobile
222重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands Direct Indirect
of yuan)
Sales & Service Co.Ltd.Chongqing Anyi
Automobile
200.00 Chongqing Chongqing Sales 100.00 Establishment
Technology Service
Co. Ltd.Xiamen Changan New
Energy Automobile
200.00 Xiamen Xiamen Sales 100.00 Establishment
Sales &
ServiceCo.Ltd.Shanghai Changan
Intelligent Mobility 400.00 Shanghai Shanghai Sales 100.00 Establishment
Technology Co.Ltd.Chongqing Chehemei
1000.00 Chongqing Chongqing Sales 100.00 Establishment
Technology Co. Ltd.Chongqing Changan
Kaicheng Automobile 142371.45 Chongqing Chongqing Sales 65.90 Establishment
Technology Co. Ltd.Chongqing Changan
Research and
Automobile Software 9900.00 Chongqing Chongqing 100.00 Establishment
Development
Technology Co. Ltd.Chongqing Xingzhi
4900.00 Chongqing Chongqing Sales 100.00 Establishment
Technology Co. Ltd.Chongqing Changan Research and
9000.00 Chongqing Chongqing 100.00 Establishment
Technology Co. Ltd. Development
Chongqing
Changanxing 2000.00 Chongqing Chongqing Leasing 100.00 Establishment
Automobile Co. Ltd.
223重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands Direct Indirect
of yuan)
Business
Nanjing Changan
combination under
Automobile Co. Ltd. 60181.00 Nanjing Nanjing Manufacturing 84.73
non - common
(Note 2)
control
Business
Chongqing Lingyao combination under
133764.00 Chongqing Chongqing Manufacturing 100.00
Automobile Co. Ltd. non - common
control
Business
Deep Blue Automobile combination under
32810.83 Chongqing Chongqing Manufacturing 50.9960
Technology Co. Ltd. non - common
control
Business
Hefei Changan
227500.00 Hefei Hefei Manufacturing 100.00 combination under
Automobile Co. Ltd.common control
Note 1: The remaining shareholders of Chongqing Changan Special - Purpose Vehicle Co.Ltd. have respectively signed concerted action agreements with our company agreeing to
vote in accordance with the voting intention of our company. Therefore our company can
exercise control over it and thus it is included in the scope of the consolidated financial
statements.Note 2: Our company holds a voting rights proportion of 91.53% in Nanjing Changan
Automobile Co. Ltd. The reason for the discrepancy between the shareholding proportion
and the voting rights proportion is that some minority shareholders have entrusted our
company to exercise their voting rights.
2、 Important non - wholly - owned subsidiaries
224重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Profit or Loss Dividends Declared Balance of
Minority Attributable to and Distributed to Minority
Name of Subsidiary Shareholding Minority Minority Shareholders'
Ratio Shareholders in the Shareholders in the Equity at the End
Current Period Current Period ofthe Period
Deep Blue Automobile
49.0040%-769628814.17-1716458428.95
Technology Co. Ltd
225重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
3、 Key financial information of important non - wholly - owned subsidiaries
End - of - Period Balance Previous Year - end Balance
Name of
Non -current Non -current Non -current Non -current
Subsidiary Current Assets Total Assets Current Liabilities Total Liabilities Current Assets Total Assets Current Liabilities Total Liabilities
Assets Liabilities Assets Liabilities
Deep Blue
Automobile
30719707226.073575291477.0034294998703.0735434906672.982362782481.7837797689154.7619532107979.293335776374.1622867884353.4523372178834.611464812108.7424836990943.35
Technology Co.Ltd
Amount for the Current Period Amount for the Previous Period
Total Cash Flow from Total Cash Flow from
Name of Subsidiary
Operating Revenue Net Profit Comprehensive Operating Operating Revenue Net Profit Comprehensive Operating
lncome Activities lncome Activities
Deep Blue Automobile
37224879706.79-1571558701.01-1571558701.014535241604.7525882512213.36-2998926405.37-2998926405.373338314121.63
Technology Co. Ltd
(II) Interests in Joint Arrangements or Associated Enterprises
1、 lmportant Joint Ventures or Associated Enterprises
226重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Shareholding Ratio (%) Accounting Treatment for
Whether It Has a Strategic
Main Place of Place of Nature of Investments in Joint
Name of Joint Venture or Associated Enterprise Impact on the Company's
Operation Registration Business Direct Indirect Ventures or Associated
Activities
Enterprises
Research and
Avita Technology (Chongqing) Co. Ltd. Chongqing Chongqing 40.99 Equity Method Yes
Development
227重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Key Financial Information of lmportant Joint ventures Enterprises
End-of-Period Balance/Current Period Previous Year-end Balance/Previous Period
Amount Amount
Changan Ford Automobile Co. Ltd. Changan Ford Automobile Co. Ltd.Current Assets 16377739563.80 12331898432.45
Non -current Assets 11762860932.34 13881353746.59
Total Assets 28140600496.14 26213252179.04
Current Liabilities 20644064530.01 21314464718.72
Non-current Liabilities 5834665675.53 5328845420.37
Total Liabilities 26478730205.54 26643310139.09
Minority Shareholders'
132045405.3167713664.93
Equity
Shareholders' Equity
Attributable to Parent 1529824885.29 -497771624.98
Company
Share of Net Assets
Calculated Based on 764912442.65 -248885812.49
Shareholding Ratio
Adjustment Items -52697418.08 248885812.49
Carrying Value of Equity
Investment in Joint 712215024.57
ventures Enterprises
Fair Value of Equity
Investment in Joint
ventures Enterprises with
Public Quotations
Net Profit 2089573046.44 -2060381529.37
Net Profit from
Discontinued Operations
Other Comprehensive
Income
Total Comprehensive
2089573046.44-2060381529.37
Income
Dividends Received from
Joint ventures Enterprises
during the Current Period
3、 Key Financial Information of lmportant Associated Enterprises
End-of-Period Balance/Current Period Previous Year-end Balance/Previous Period
Amount Amount
Avita Technology (Chongqing) Co. Ltd. Avita Technology (Chongqing) Co. Ltd.Current Assets 25259977421.04 10513768163.43
Non -current Assets 3894054546.85 2130278114.28
Total Assets 29154031967.89 12644046277.71
Current Liabilities 18470162928.20 9864279866.61
Non-current Liabilities 2093739703.07 685987794.52
228重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
End-of-Period Balance/Current Period Previous Year-end Balance/Previous Period
Amount Amount
Avita Technology (Chongqing) Co. Ltd. Avita Technology (Chongqing) Co. Ltd.Total Liabilities 20563902631.27 10550267661.13
Minority Shareholders'
Equity
Shareholders' Equity
Attributable to Parent 8590129336.62 2093778616.58
Company
Share of Net Assets
Calculated Based on 3521609422.84 858321512.30
Shareholding Ratio
Adjustment Items 1376258910.53 1437388747.49
Carrying Value of Equity
Investment in Associated 4897868333.37 2295710259.79
Enterprises
Fair Value of Equity
Investment in Associated
Enterprises with Public
Quotations
Net Profit -4017985149.27 -3692504949.03
Net Profit from
Discontinued Operations
Other Comprehensive
647952.32
Income
Total Comprehensive
-4017337196.95-3692504949.03
Income
Dividends Received from
Associated Enterprises
during the Current Period
4、 Aggregated Financial Information of Insignificant Joint Ventures and
Associated Enterprises
Previous Year-end
End-of-Period Balance/Current
Balance/Previous Period
Period Amount
Amount
Joint Ventures:
Total Carrying Value of Investments 3961228297.16 3789451718.73
Total Amounts Calculated Based on
Shareholding Ratiofor the Following
ltems
-Net Profit 170583425.51 -247570379.59
-Other Comprehensive Income 1193152.92 -1454051.91
-Total Comprehensive lncome 171776578.43 -249024431.50
229重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous Year-end
End-of-Period Balance/Current
Balance/Previous Period
Period Amount
Amount
Associated Enterprises:
Total Carrying Value of Investments 8954364227.40 7702230006.95
Total Amounts Calculated Based on
Shareholding Ratiofor the Following
ltems
-Net Profit 844880455.37 341248476.30
-Other Comprehensive Income -5967137.61
-Total Comprehensive lncome 838913317.76 341248476.30
5、 Excess Losses Incurred by Joint Ventures or Associated Enterprises
Our company has no obligation to bear additional losses for Chongqing Changan
Cross - Vehicle Marketing Co. Ltd. and Jiangling Holdings Co. Ltd. Therefore
when excess losses occur only the long - term equity investments are written down
to zero and the excess losses related to the investments in the above - mentioned
companies are not recognized.IX、 Government Grants
(I) TypesAmounts and Presentation ltems of Government Grants
1、 Government Grants Recognized in Current - Period Profit or Loss
Government Grants Related to Assets
Offset the carrying value of relevant assets ltem of Amount
Recognized in Current -
Balance Sheet Presentation Amount of
Current - Period Period Profit or Loss or
ltems Government Grants Prior - Period Amount
Amount Offset Against Relevant
Cost Expense or Loss
Offset against fixed
Deferred Income 52133744.00 453864707.08 175548473.12
assets/intangible assets
Total 52133744.00 453864707.08 175548473.12
Government Grants Related to Income
230重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Presentation ltems for Amounts Recognized Amount Recognized in Current - Period Profit or Loss orOffset
in Current -Period Profit or Loss or Offset Against Relevant Cost Expense or Loss
Against Relevant CostExpense or Loss Current - Period Amount Prior - Period Amount
Offset against Cost of Goods Sold 155062062.07 170360460.12
Offset against Selling Expenses 105264180.00 46703658.08
Offset against Administrative Expenses 17515503.85 13512686.32
Offset against Research and Development
10090801.9086393841.24
Expenses
Total 287932547.82 316970645.76
231重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Liability ltems Involving Government Grants
Amount
Amount Amount Offset
Amount of New Recognized in
Previous Year - Transferred to Against Cost and End - of - Period Related to Assets/
Liability ltems Grants in Current Non -operating Other Changes
end Balance Other Income in Expenses in Balance Related to Income
Period Income in
Current Period Current Period
Current Period
Deferred
610407171.08 453864707.08 -104408720.00 52133744.00 Related to Assets
Income
Deferred
108433372.44 10000000.00 90778616.80 104408720.00 132063475.64 Related to Income
Income
232重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
X、 Risks Related to Financial Instruments
(I) Types of Risks Arising from Financial Instruments
Our company faces various financial risks in the course of its operations: credit risk
liquidity risk and market risk (including foreign exchange risk interest rate risk and other
price risks). The above - mentioned financial risks and the risk management policies
adopted by our company to mitigate these risks are described as follows:
1、 Credit Risk
Credit risk refers to the risk that a counter - party fails to fulfill its contractual
obligations resulting in financial losses for our company. Our company's credit risk
mainly stems from monetary funds notes receivable accounts receivable
receivables financing other receivables as well as debt instrument investments
measured at fair value through profit or loss that are not included in the scope of
impairment assessment.Most of our company's monetary funds are bank deposits placed in state - owned
banks and other large - and medium - sized listed banks with good reputations and
high credit ratings. We believe that there are no significant credit risks and there is
almost no chance of significant losses caused by bank defaults.In addition for notes receivable accounts receivable receivables financing contract
assets and other receivables our company has established relevant policies to
control credit risk exposure. We assess the creditworthiness of customers based on
their financial conditions the likelihood of obtaining guarantees from third parties
credit records and other factors such as the current market situation and set
appropriate credit periods. We regularly monitor customers' credit records. For
customers with poor credit records we will take measures such as sending written
collection letters shortening credit periods or canceling credit periods to ensure that
the overall credit risk of our company remains within a controllable range.
2、 Liquidity Risk
Liquidity risk refers to the risk that an enterprise may experience a shortage of funds
when fulfilling its obligations to settle in the form of delivering cash or other
financial assets.Our company's policy is to ensure that there is sufficient cash to repay maturing debts.
233重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Liquidity risk is centrally controlled by our company's finance department. The
finance department ensures that the company has sufficient funds to repay debts
under all reasonably foreseeable circumstances by monitoring cash
balancesmarketable securities that can be readily liquidated and a rolling forecast
of cash flows over the next 12months. At the same time it continuously monitors
whether the company complies with the provisions of borrowing agreements and
obtains commitments from major financial institutions to provide sufficient standby
funds to meet short - term and long - term funding requirements.The financial liabilities of our company are presented below by due date based on
undiscounted contractual cash flows:
End - of - Period Balance
Total
ltems Repayable
Within 1 Year 1 -2 Years 2 -5 Years Over 5 Years Undiscounted Carrying Amount
lmmediately
Contract Amount
Short -term
40442694.5840442694.5840036055.69
Loans
Notes
34810605512.6134810605512.6134810605512.61
Payable
Accounts
43835671129.1243835671129.1243835671129.12
Payable
Other
6238513876.036238513876.036407775538.76
Payables
Non -current
Liabilities
188983976.87188983976.87128914461.78
Due within
One Year
Long -term
451000.0036065000.0036516000.0036000000.00
Loans
Lease
137414287.0089386322.61226800609.61269211409.06
Liabilities
Long -term
2998964516.852998964516.852028479306.93
Payables
234重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
End - of - Period Balance
Total
ltems Repayable
Within 1 Year 1 -2 Years 2 -5 Years Over 5 Years Undiscounted Carrying Amount
lmmediately
Contract Amount
Bonds
30000000.0030000000.001030000000.001090000000.00999705660.36
Payable
Total 85144668189.21 203479287.00 1119386322.61 2998964516.85 89466498315.67 88556399074.31
Previous Year - end Balance
Total
ltems Repayable
Within 1 Year 1 -2 Years 2 -5 Years Over 5 Years Undiscounted Carrying Amount
lmmediately
Contract Amount
Short -term
30862587.5730862587.5730039416.74
Loans
Notes Payable 37456669928.07 37456669928.07 37456669928.07
Accounts
38289947321.4538289947321.4538289947321.45
Payable
Other Payables 5592483962.97 5592483962.97 5880882512.97
Non -current
Liabilities Due
85021520.1785021520.1780077042.88
within One
Year
Long -term
772666.6736462000.0036076000.0073310666.6772000000.00
Loans
Lease
58380494.0186883614.74145264108.75134254398.07
Liabilities
Long -term
970485209.92970485209.92804264787.97
Payables
Bonds Payable 30000000.00 30000000.00 1060000000.00 1120000000.00 999607547.16
Total 81485757986.90 124842494.01 1182959614.74 970485209.92 83764045305.57 83747742955.31
3、 Market Risk
Market risk of financial instruments refers to the risk that the fair value or future cash
235重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
flows of financial instruments fluctuate due to changes in market prices including
foreign exchange risk interest rate risk and other price risks.
（1）Interest Rate Risk
Interest rate risk refers to the risk that the fair value or future cash flows of financial
instruments fluctuate due to changes in market interest rates.Interest - bearing financial instruments with fixed and floating interest rates expose
our company to fair - value interest - rate risk and cash - flow interest - rate risk
respectively. Our company determines the proportion of fixed - and floating - rate
instruments based on market conditions and maintains an appropriate mix of fixed -
and floating - rate instruments through regular reviews and monitoring. When
necessary our company uses interest - rate swap instruments to hedge interest - rate
risk.The income and operating cash flows of our company are basically unaffected by
fluctuations in market interest rates. As of December 31 2024 all of our company's
bank borrowings and bonds payable accrue interest at fixed interest rates. Our
company does not currently hedge interest - rate risk.
（2）Foreign Exchange Risk
Foreign exchange risk refers to the risk that the fair value or future cash flows of
financial instruments fluctuate due to changes in foreign exchange rates.Our company continuously monitors the scale of foreign currency transactions
foreign currency assets and liabilities to minimize the foreign exchange risks it faces.In addition the company may enter into forward foreign exchange contracts or
currency swap contracts to hedge foreign exchange risks. During the current and
previous periods our company did not enter into any forward foreign exchange
contracts or currency swap contracts.The foreign exchange risks faced by our company mainly stem from financial assets
and liabilities denominated in US dollars. The amounts of foreign currency financial
assets and liabilities translated into RMB are shown as follows:
236重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
End - of - Period Balance Previous Year - end Balance
ltems Other Foreign Other Foreign
US Dollar Total US Dollar Total
Currencies Currencies
Monetary Funds 207403382.74 1817492961.31 2024896344.06 196000760.10 579542997.66 775543757.76
Accounts Receivable 218123595.98 17480634.95 235604230.93 227291127.63 227291127.63
Other Receivables 18402.30 95509535.16 95527937.46 712229.23 52299249.49 53011478.72
Accounts Payable 15663.81 433127807.93 433143471.74 27130.85 134344595.24 134371726.09
Other Payables 25375.05 59877652.92 59903027.97 194566.44 2126996.89 2321563.33
Total 425586419.89 2423488592.27 2849075012.16 424225814.25 768313839.28 1192539653.53
As of December 31 2024 assuming all other variables remain unchanged if the
RMB appreciates or depreciates against the US dollar by 5% the company's net
profit will increase or decrease by 18087422.85yuan (as of December 31 2023:
18029597.10 yuan). Management believes that 5% reasonably reflects the
reasonable range within which the RMB may fluctuate against the US dollar in the
next fiscal year.
（3）Other Price Risks
Other price risks refer to the risks that the fair value or future cash flows of financial
instruments fluctuate due to market price changes other than foreign exchange rate
risks and interest rate risks.The other price risks of our company mainly stem from various equity instrument
investments and there is a risk of price fluctuations in equity instruments.As of December 31 2024 assuming all other variables remain unchanged if the
value of equity instruments rises or falls by 5% the company's net profit will increase
or decrease by 5115434.10 yuan (as of December 31 2023: net profit of
6831651.16 yuan). Management believes that 5% reasonably reflects the
reasonable range within which the value of equity instruments may fluctuate in the
next fiscal year.XI、 Disclosure of Fair Value
The inputs used in fair - value measurement are classified into three levels:
237重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or
liabilities available at the measurement date.Level 2 inputs are inputs other than Level 1 inputs that are directly or indirectly observable
for the related assets or liabilities.Level 3 inputs are unobservable inputs for the related assets or liabilities.The level to which a fair - value measurement result belongs is determined by the lowest -
level input that is significant to the fair - value measurement as a whole.(I) The ending fair values of assets and liabilities measured at fair value
Ending Fair Value
Level 1 Fair - Level 2 Fair - Level 3 Fair -
ltems
Value Value Value Total
Measurement Measurement Measurement
一、Continuous Fair -
Value Measurement
◆Trading Financial Assets 155013154.45 155013154.45
（1） Equity Instrument
155013154.45155013154.45
Investments
◆Other Equity Instrument
496524273.53496524273.53
Investments
238重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(II) For items measured at fair value on a continuous basis at Level 3 reconciliation information between the carrying amounts at the end of the previous
year and the end of the current period and sensitivity analysis of unobservable parameters.
1、 Reconciliation Information for ltems Measured at Fair Value on a Continuous Basis at Level 3
Total Gains or Losses in the For assets
Purchase lssuance Sale and Settlement
Current Period held at the
end of the
reporting
period
Previous Year - Transfer to Transfer from Included in End - of - Period
ltems Included in unrealized
end Balance Level 3 Level 3 Other Balance
Profit or Purchase lssuance Sale Settlement gains or losses
Comprehensive
Loss recognized in
Income
profit or loss
in the current
period
◆Other equity
504190082.71-7665809.18496524273.53
instrument investments
239重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
XII、 Related Parties and Related -Party Transactions
(I) Information about the Parent Company of Our Company
Equity -
Holding Voting - Right
Proportion of Proportion of
Registered Registered
Name of Parent Company Business Nature Parent Parent Company
Place Capital
Company in in Our Company
Our Company (%)
(%)
Manufacturing and sales
China Changan Automobile
Beijing of automobiles their 6092273400.00 20.81 20.81
Group Co. Ltd.engines and spare parts
Note: The ultimate controlling party of our company is China South industries Group
Corporation.(II) Information about Subsidiaries of Our Company
Details about the subsidiaries of our company can be found in Note "VIII. interests in Other
Entities".(III) Information about Joint Ventures and Associates of Our Company
Details about the significant joint ventures and associates of our company can be found in
Note "VIII. Interests in Other Entities".(IV) Information about Other Related Parties
Name of Other Related Party Relationship with Our Company
Chongqing Changan Intelligent Industrial Technology Under the control of the same ultimate
Service Co. Ltd. holding company
Under the control of the same ultimate
Chongqing Changan Industry (Group) Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Yihong Defense Technology Co. Ltd.holding company
240重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Chongqing Wanfuzunda Automobile Sales and Service Under the control of the same ultimate
Co. Ltd. holding company
Chongqing Wanyou Zhicheng Automobile Sales and Under the control of the same ultimate
Service Co. Ltd. holding company
Chongqing Wanyou Xingjian Automobile Sales and Under the control of the same ultimate
Service Co. Ltd. holding company
Under the control of the same ultimate
Chongqing Wanyou Economic Development Co. Ltd.holding company
Chongqing Wanyou Ducheng Automobile Sales and Under the control of the same ultimate
Service Co. Ltd. holding company
Chongqing Wanyou Chengxing Automobile Sales and Under the control of the same ultimate
Service Co. Ltd. holding company
Chongqing Changan Smart City Operation and Under the control of the same ultimate
Management Co. Ltd. holding company
Under the control of the same ultimate
Chongqing Qingshan Transmission Sales Co Ltd.holding company
Under the control of the same ultimate
Chongqing Shangfang Automobile Parts Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Qingshan Industry Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Jianshe Quanda industrial Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Jianshe Transmission Technology Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Jianshe Vehicle Air - Conditioner Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Fujitsu Supply Chain Management Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Dajiang Jixin Forging Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Anfu Automobile Marketing Co. Ltd.holding company
241重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
China Changan Automobile Group Tianjin Sales Co. Under the control of the same ultimate
Ltd. holding company
China Changan Automobile Group Hefei Investment Under the control of the same ultimate
Co. Ltd. holding company
China South Industries Group Commercial Factoring Under the control of the same ultimate
Co. Ltd. holding company
Under the control of the same ultimate
China South industries Group Leasing Co. Ltd.holding company
Yunnan Wanyou Automobile Sales and Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Ya'an Wanyou Automobile Sales and Service Co. Ltd.holding company
Southwest Ordnance Chongqing Environmental Under the control of the same ultimate
Protection Research Institute Co. Ltd. holding company
Under the control of the same ultimate
Wanyou Automobile Investment Co.. Ltd.holding company
Under the control of the same ultimate
Sichuan Ningjiangshanchuan Machinery Co. Ltd.holding company
Under the control of the same ultimate
Sichuan Jian'an Industry Co. Ltd.holding company
Panzhihua Wanyou Automobile Sales and Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Luzhou Wanyou Automobile Service Co. Ltd.holding company
Under the control of the same ultimate
Longchang Shanchuan Machinery Co. Ltd.holding company
Jiangsu Wanyou Automobile Sales and Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Jianshe Industrial Group (Yunnan) Co. Ltd.holding company
Under the control of the same ultimate
Hubei Xiaogan Huazhong Automobile Lamp Co. Ltd.holding company
242重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Hubei Huazhong Magneti Marelli Automotive Lighting Under the control of the same ultimate
Co. Ltd. holding company
Harbin Dongan Automobile Engine Manufacturing Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Harbin Dongan Automobile Power Co. Ltd.holding company
Guizhou Wanyou Automobile Sales and Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Dali Wanfu Automobile Sales and Service Co. Ltd.holding company
Chengdu Wanyou Xiangyu Automobile Sales and Under the control of the same ultimate
Service Co. Ltd. holding company
Under the control of the same ultimate
Chengdu Wanyou Automobile Trade Service Co. Ltd.holding company
Chengdu Wanyou Automobile Sales and Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Chengdu Wanyou Trading Co. Ltd.holding company
Under the control of the same ultimate
Chengdu Wanyou Filter Machine Co. Ltd.holding company
Under the control of the same ultimate
Chengdu Lingchuan Vehicle Fuel Tank Co. Ltd.holding company
Chengdu Jialing Huaxi Optical Precision Machinery Under the control of the same ultimate
Co. Ltd. holding company
Under the control of the same ultimate
Chengdu Huachuan Electrical Equipment Co. Ltd.holding company
Under the control of the same ultimate
Chenzhi (Chongqing) Braking System Co. Ltd.holding company
Under the control of the same ultimate
China South Industries Group Finance Co. Ltd.holding company
Under the control of the same ultimate
Beijing Beiji Mechatronics Industry Co. Ltd.holding company
243重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Under the control of the same ultimate
Beijing North Changfu Automobile Sales Co. Ltd.holding company
Under the control of the same ultimate
Anhui Wanyou Automobile Sales and Service Co. Ltd.holding company
Under the control of the same ultimate
Chenzhi (Chengdu) Intelligent Suspension Co. Ltd.holding company
Chengdu Zhongzi Guangming Catalytic Technology Under the control of the same ultimate
Co. Ltd. holding company
Under the control of the same ultimate
Chongqing Changan Minsheng Logistics Co. Ltd.holding company
Human Resources Development Center of China South Under the control of the same ultimate
Industries Group holding company
Under the control of the same ultimate
China Ordnance Press
holding company
Under the control of the same ultimate
Nanfang Yite Air - Conditioning Co. Ltd.holding company
Under the control of the same ultimate
Nanfang Faurecia Automotive Components Co. Ltd.holding company
Under the control of the same ultimate
Hunan Tianyan Machinery Co. Ltd.holding company
Under the control of the same ultimate
Beijing Zhongbing Insurance Brokers Co. Ltd.holding company
Under the control of the same ultimate
Harbin Hafei Automobile Industry Group Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Wanyou Talent Service Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Southwest Inspection and Testing Co. Ltd.holding company
Chongqing Changxiang Supply Chain Technology Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Nanyang Lida Optoelectronics Co. Ltd.holding company
244重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Chongqing Saimei Digital Intelligence Technology Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
China Academy of Ordnance Science
holding company
China South Industries Group Automation Research Under the control of the same ultimate
Institute Co. Ltd. holding company
Under the control of the same ultimate
Zhejiang Zhongbing Health Care Co. Ltd.holding company
Under the control of the same ultimate
Chenzhi Technology Co. Ltd.holding company
China South Industries Group Information Center Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Chongqing Xiyi Automobile Connecting Rod Co. Ltd.holding company
Chongqing Jianshe Mechanical & Electrical Equipment Under the control of the same ultimate
Co. Ltd. holding company
Under the control of the same ultimate
Chongqing Jianshe Industry (GROUP) Co. Ltd.holding company
Chongqing Jialing Yimin Special Type Equipment Co. Under the control of the same ultimate
Ltd. holding company
Chongqing Dajiang Xinda VEHICLE SHARE Limited Under the control of the same ultimate
Company holding company
Under the control of the same ultimate
Yunnan Wanhang Automobile Sales Service Co. Ltd.holding company
Under the control of the same ultimate
Chengdu Lingchuan SPECIAL Industries Co. Ltd.holding company
Under the control of the same ultimate
Bazhong Wanyou Automotive Sales Service Co. Ltd.holding company
Under the control of the same ultimate
Hunan Tyen Machinery Co. Ltd.holding company
Hubei Huazhong Yangtze Optoelectronic Technology Under the control of the same ultimate
Co. Ltd. holding company
245重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Under the control of the same ultimate
Zhongguangxi Group Co. Ltd.holding company
Companies in which the ultimate holding
Hafeimotor Co. Ltd.company holds shares
Companies in which the ultimate holding
Chongqing Nexteer Steering System Co. Ltd.company holds shares
Chongqing Lingchuan Automobile Parts Manufacturing Companies in which the ultimate holding
Technology Co Ltd. company holds shares
Chongqing Jianshe Hanon Automotive Thermal Companies in which the ultimate holding
Management System Co. Ltd. company holds shares
Companies in which the ultimate holding
Chongqing Dajiang Yuqiang Plastic Products Co. Ltd.company holds shares
Companies in which the ultimate holding
Chongqing Dajiang Aprus Automotive Parts Co. Ltd.company holds shares
Chongqing Dajiang Guoli Precision Machinery Companies in which the ultimate holding
Manufacturing Co. Ltd. company holds shares
Chongqing Dajiang Dongyang Plastic Products Co. Companies in which the ultimate holding
Ltd. company holds shares
Companies in which the ultimate holding
United Automotive Electronics (Chongqing) Co. Ltd.company holds shares
Lear Changan (Chongqing) Automotive Systems Co. Companies in which the ultimate holding
Ltd. company holds shares
Changan St?ubli (Chongqing) Robot Intelligent Companies in which the ultimate holding
Equipment Co. Ltd. company holds shares
Tenneco Lingchuan (Chongqing) Exhaust System Co. Companies in which the ultimate holding
Ltd. company holds shares
Companies in which the ultimate holding
NTN Driveshaft (Chongqing) Co. Ltd.company holds shares
(V) Related -Party Transaction Information
1、 Related - Party Transactions of Purchasing and Selling Goods and Providing
and Receiving Labor Services
246重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Table of Goods Purchased/Labor Services Received
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Chongqing Purchase components and
TSINGSHAN Industrial parts and Receive labor 8629997498.38 7909257881.61
Co. Ltd. services
Purchase components and
Jiangling MOTOR
parts and Receive labor 5553351208.06 2501907444.50
Holding Co. Ltd.services
Times Chang'an Power Purchase components and
5053358710.8295181872.65
Battery Co. Ltd. parts
Chongqing Changan Purchase components and
Minsheng Logistics Co. parts and Receive labor 4804682273.47 5165658104.43
Ltd. services
Hubei Huazhong
Purchase components and
Magneti Marelli
parts and Receive labor 1491140208.55 1123367388.13
Automotive Lighting
services
Co. Ltd.Purchase components and
Chenzhi (Chongqing)
parts and Receive labor 1216704909.45 1169593423.84
Brake System Co. Ltd.services
Purchase components and
Sichuan Jian'an Industry
parts and Receive labor 1176754243.23 1189789519.57
Co. Ltd.services
Chongqing Nexteer Purchase components and
Steering System Co. parts and Receive labor 1167443271.72 1057076294.06
Ltd. services
United Automotive Purchase components and
Electronic Systems parts and Receive labor 963566695.41 1010229555.68
(Chongqing) Co. Ltd. services
247重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Harbin Dongan Purchase components and
Automobile Engine parts and Receive labor 954360785.84 821839603.40
Manufacturing Co. Ltd. services
Purchase components and
Nanfang Yite Air -
parts and Receive labor 840457740.62 802270183.24
Conditioning Co. Ltd.services
Sichuan Purchase components and
Ningjiangshanchuan parts and Receive labor 734780452.06 432815652.22
Machinery Co. Ltd. services
Chongqing Dajiang Purchase components and
Dongyang Plastic parts and Receive labor 688184221.32 618976091.63
Products Co. Ltd. services
Nanfang Faurecia Purchase components and
Automotive Components parts and Receive labor 680243436.60 461695054.62
Co. Ltd. services
Purchase components and
Nanfang Yite Air -
parts and Receive labor 657155505.27 706168677.33
Conditioning Co. Ltd.services
Chongqing Wutong Purchase components and
Chelian Technology Co. parts and Receive labor 565801798.21 343192676.83
Ltd. services
Chongqing Dajiang
Purchase components and
Guoli Precision
parts and Receive labor 444406535.18 496995640.59
Machinery
services
Manufacturing Co. Ltd.Chengdu Zhongzi
Purchase components and
Guangming Catalytic 419639817.19 688149261.93
parts
Technology Co. Ltd.GKN HUAYU Driveline Purchase components and
Systems(Chongqing) parts and Receive labor 412259857.54 389817223.54
Co. Ltd. services
248重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Chongqing Changxian Purchase components and
Intelligent Technology parts and Receive labor 392912027.47 93604392.49
Co. Ltd. services
Chongqing Dajiang Purchase components and
Aprus Automotive Parts parts and Receive labor 354395826.81 452268436.90
Co. Ltd. services
Chongqing Jianshe Purchase components and
Transmission parts and Receive labor 298484894.36 280512432.69
Technology Co. Ltd. services
Harbin Dongan Purchase components and
Automobile Power Co. parts and Receive labor 269628465.00 395901799.55
Ltd. services
China Changan Purchase components and
Automobile Group Co. parts and Receive labor 254893589.14 3001862.66
Ltd. services
Lear Changan
Purchase components and
(Chongqing) Automotive 250856034.67 336686106.50
parts
System C O. Ltd
Chongqing Lingchuan
Automobile Parts Purchase components and
193123964.60213630757.24
Manufacturing parts
Technology Co. Ltd.Chongqing Shangfang Purchase components and
Automobile Parts Co. parts and Receive labor 174460101.56 129114128.66
Ltd. services
Chongqing Jianshe
Purchase components and
Vehicle Air - Conditioner 171970343.84 55811393.01
parts
Co. Ltd.Hunan Tyen Machinery Purchase components and
157002932.22143867189.64
Co. Ltd. parts
249重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Hubei Xiaogan Purchase components and
Huazhong Automotive parts and Receive labor 155709252.63 137367855.66
Lighting Co. Ltd. services
Construction Industry
Purchase components and
Group (Yunnan) Co. 147187109.84 7389085.00
parts
Ltd.Purchase components and
Chengdu Wanyou Filter
parts and Receive labor 123078320.69 131715230.00
Co. Ltd.services
Avita Technology Purchase components and
110515542.2342227013.92
(Chongqing) Co. Ltd. parts
Chongqing Qingshan
Purchase components and
Transmission Sales Co. 93176772.64 174129034.27
parts
Ltd.Tenneco Lingchuan Purchase components and
(Chongqing) Exhaust parts and Receive labor 90654991.96 75305544.57
System Company Ltd. services
Harbin Hafei
Automobile Industry Receive labor services 59136548.68
Group Co. Ltd.Chongqing Yihong
Purchase components and
Defense Technology Co. 58913150.80 75489406.20
parts
Ltd.Chengdu Lingchuan
Purchase components and
Vehicle Fuel Tank Co. 57515999.70 49988528.24
parts
Ltd.Purchase components and
Beijing Wutong Chelian
parts and Receive labor 54401495.14 66771769.32
Technology Co. Ltd.services
250重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Purchase components and
Chongqing Wanyou
parts and Receive labor 46102199.93 53578718.07
Development Co. Ltd.services
Purchase components and
Avita Technology
parts and Receive labor 45560794.65 517327.44
(Chongqing) Co. Ltd.
services
ChongQing Tsingshan
Purchase components and
Transmission Sale Co. 44442269.68 67569783.88
parts
Ltd.Chongqing Chang'an
Purchase components and
Intelligent Industrial
parts and Receive labor 42151655.08 15950070.92
Technology Service Co.services
Ltd.Yunnan Wanyou
Automobile Sales Receive labor services 34796059.38 39341743.95
Service Co. Ltd.Chongqing Wanyou
Receive labor services 31062986.46
Talent Service Co. Ltd.Chongqing DAJIANG- Purchase components and
29589566.671404946.66
JIEXIN Forging Co. Ltd. parts
Chengdu Wanyou Purchase components and
Xiangyu Auto Sales parts and Receive labor 28224481.68 32444290.19
Service Co.Ltd. services
Guizhou Wanyou
Automotive Sales Receive labor services 24755324.21 25147910.62
Service Co.Ltd.Chenzhi (Chengdu)
Purchase components and
Intelligent Suspension 23358495.90 329060.27
parts
Co. Ltd
251重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Jiangsu Wanyou
Automobile Sales and Receive labor services 23344020.90 47556715.66
Service Co. Ltd
Changan Auto Finance
Receive labor services 20382386.87 203900716.83
Co.ltd.Long Chang Shan Chuan
Purchase components and
Precision Welded Tube 19656326.97 24200356.23
parts
Co.Ltd.Southwest Ordnance
Industry Chongqing
Environmental Receive labor services 17758031.18 445897.62
Protection Research
Institute Co. Ltd
Purchase components and
Chang'an Mazda Engine
parts and Receive labor 13983620.07 3237665.14
Co. Ltd
services
Purchase components and
Chongqing Chang'an
parts and Receive labor 12988800.43 13270362.89
Industry(Group)Co.Ltd.services
Chenzhi Technology Co. Purchase components and
12923678.84
Ltd parts
Chang'an Automotive
Receive labor services 12114410.55 9516199.15
Sales Tianjin Co.Ltd.Anhui Wanyou
Automobile Sales and Receive labor services 10385865.27 8013949.98
Service Co. Ltd
Chengdu Wanyou Auto
Receive labor services 10356719.32 11285463.97
Trade Service Co. Ltd
Chongqing Chang'an
Real Estate Management Receive labor services 9208950.03 15428001.25
Co.Ltd.
252重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Chongqing Construction Purchase components and
Tongda Industrial Co. parts and Receive labor 5441277.04 52480106.10
Ltd services
Chongqing Wanyou
Chengxing Automobile
Receive labor services 3860376.79 3773979.88
Sales and Service Co.Ltd
Chongqing Wanyou
Ducheng Automotive Receive labor services 3812996.54 6717354.59
Sales Service Co.Ltd.Wanyou Automobile
Receive labor services 3780185.72
Investment Co. Ltd
Purchase components and
Changan Ford Motor
parts and Receive labor 3449926.34 203.40
Co. Ltd
services
Chongqing Wanyou
Xingjian Automobile
Receive labor services 2874074.26 3832530.21
Sales and Service Co.Ltd
Chengdu Wanyou Auto
Receive labor services 2581405.61 2176652.22
Sales Service Co.Ltd.Ya'an Wanyou Purchase components and
Automotive Sales parts and Receive labor 2360293.73 2761315.77
Service Co.Ltd. services
Chongqing Southwest
Inspection and Testing Receive labor services 1800862.37
Co. Ltd
Chongqing Chang'an
Kuayue Vehicles Co. Receive labor services 983394.36
Ltd.
253重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Chongqing Wanyou Purchase components and
Zunda Automobile Sales parts and Receive labor 954339.01 76401.73
and Service Co. Ltd services
Panzhihua Wanyou
Automobile Sales and Receive labor services 745707.44 672314.14
Service Co. Ltd
Beijing Beifang Changfu
Receive labor services 723218.80
Auto Sales Co.Ltd.Chongqing Changxiang
Supply Chain Receive labor services 719921.32
Technology Co. Ltd
NANYANG LIDA
Purchase components and
OPTIC-ELECTRONICS 482340.66
parts
CO.LTD.Chongqing Changan
Minsheng Fuyong Receive labor services 355000.00
Logistics Co.Ltd.Chengdu Jialing Huaxi
Purchase components and
Optical & Precision 275250.53 931742.59
parts
Machinery Co. Ltd.Beijing Zhongbing Purchase components and
Insurance Brokerage parts and Receive labor 247724.61 226367.35
Co. Ltd services
Changan Mazda
Automobile Corporation Receive labor services 212576.11 3645821.90
Ltd.China Ordnance
Equipment Group
Receive labor services 159245.28
Information Center Co.Ltd
254重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Luzhou Wanyou
Automotive Service Receive labor services 139830.99 1343676.63
Co.Ltd.Dajiang YuQiang Purchase components and
90868.64284403.78
Plastics Co.Ltd. parts
Purchase components and
Nanjing Leading
parts and Receive labor 86621.45 59006.16
Technology Co.Ltd.services
CHONGQING
FUTURE SUPPLY
CHAIN Receive labor services 76965.09
MANAGEMENT
CO.LTD.Weaponry Equipment
Receive labor services 42358.49
Property Co. Ltd
Human Resources
Development Center of
Receive labor services 41971.70 23113.20
China South Industries
Group Corporation。
Chengdu Wanyou Trade
Receive labor services 36741.44 109105.05
Co. Ltd.Beijing Beiji Mechanical
Purchase components and
& Electric Industry Co. 24494.80 181057.41
parts
Ltd
Purchase components and
China Ordnance News
parts and Receive labor 12311.32 22467.73
Agency
services
China Automotive
Purchase components and
Innovation and
parts and Receive labor 11628.90 480000.00
Intelligence Technology
services
Co. Ltd.
255重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Shanghai Jiahang
Automotive Service Co. Receive labor services 11151.69 80043.15
Ltd.China Ordnance
Equipment Group
Receive labor services 1698.11
Automation Research
Institute Co. Ltd.Zhejiang Zhongbing
Health and Elderly Care Receive labor services 849.06
Co. Ltd.Chongqing Changan Purchase components and
New Energy Vehicles parts and Receive labor 666172597.14
Technology Co. Ltd. services
China Ordnance
Equipment Group
Receive labor services 93693.30
Commercial Factoring
Co. Ltd
Nanjing Chelai Travel
Receive labor services 15222.66
Technology Co. Ltd
Chongqing Chang'an Pay the comprehensive service
67891580.5686759331.24
Industry(Group)Co.Ltd. fee
Chongqing
Purchase engineering materials
TSINGSHAN Industrial 36186.02
and supplies
Co. Ltd.Chongqing Chang'an
Intelligent Industrial Purchase engineering materials
2049697.68
Technology Service Co. and supplies
Ltd.Changan Reis Purchase engineering materials
1756066.31
(Chongqing) Robotic and supplies
256重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Content of Related - Party
Related Party Current - Period Amount Prior - Period Amount
Transaction
Intelligent Equipment
Co.Ltd
Statement of Goods Sold/ Labor Services Provided
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Sell complete vehicle parts and
Avita Technology (Chongqing) Co. Ltd. components and provide labor 3545912925.84 3005944066.62
services
Chongqing Wanyou Zunda Automobile Sell parts and components and
3044511084.132615879134.66
Sales and Service Co. Ltd. provide labor services
Sell complete vehicle parts and
Chengdu Wanyou Xiangyu Automobile
components and provide labor 2560954240.83 1737535522.44
Sales and Service Co. Ltd.services
Sell complete vehicle parts and
Guizhou Wanyou Automobile Sales and
components and provide labor 1703466813.81 1311607201.25
Service Co. Ltd.services
Sell complete vehicle parts and
Chongqing Wanyou Economic
components and provide labor 1669176840.92 1767117262.72
Development Co. Ltd.services
Sell complete vehicle parts and
Jiangsu Wanyou Automobile Sales and
components and provide labor 1287150633.14 1328878775.22
Service Co. Ltd.services
Sell complete vehicle parts and
Yunnan Wanyou Automobile Sales and
components and provide labor 1228151892.06 1105265913.83
Service Co. Ltd.services
Chongqing Wanyou Zhicheng Sell complete vehicles and parts and
1135629281.7879500.96
Automobile Sales and Service Co. Ltd. components
257重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Sell complete vehicle parts and
Wanyou Automobile Investment Co.. Ltd. components and provide labor 691951708.66 584399985.39
services
Sell complete vehicle parts and
Master Changan Automobile Co. Ltd. components and provide labor 685011995.56 279656730.41
services
Sell complete vehicle parts and
Changan Mazda Automobile Co.. Ltd. components and provide labor 442265277.20 288828348.49
services
Sell complete vehicle parts and
Anhui Wanyou Automobile Sales and
components and provide labor 405366552.77 306169916.41
Service Co. Ltd.services
Sell parts and components and
Changan Ford Automobile Co. Ltd. 291965933.06 9082666.28
provide labor services
Sell complete vehicle parts and
China Changan Automobile Group
components and provide labor 225284281.97 304080496.29
Tianjin Sales Co. Ltd.services
Chongqing Fujie Supply Chain Sell complete vehicles and parts and
109212762.45538716791.96
Management Co. Ltd. components
Chongqing Changan Kuayue Vehicles Sell parts and components and
89649785.6293017748.87
Co. Ltd. provide labor services
Sell parts and components and
Jiangling Holdings Co. Ltd. 79780337.37 1243519.20
provide labor services
Changan Automobile Finance Co. Ltd. Provide labor services 74923741.22 354417122.66
Sell complete vehicle parts and
Chengdu Wanyou Automobile Trade
components and provide labor 69393399.93 597327672.80
Service Co. Ltd.services
Sell complete vehicle parts and
Chongqing Anfu Automobile Marketing
components and provide labor 47716725.76 58386460.13
Co. Ltd.services
258重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Sell parts and components and
Changan Mazda Engine Co Ltd. 31823562.00 4748723.27
provide labor services
Sell complete vehicle parts and
Chengdu Wanyou Automobile Sales and
components and provide labor 19512442.80 1731121.33
Service Co. Ltd.services
China South Industries Group Finance
Provide labor services 19485773.58 2065012.08
Co. Ltd.Sell complete vehicle parts and
Chongqing Qingshan Industry Co. Ltd. components and provide labor 16224015.54 31157207.00
services
Chongqing Changan Intelligent Industrial
Provide labor services 12658659.67 1656676.95
Technology Service Co. Ltd.China South Industries Group Financial
Provide labor services 6745494.75 25691328.80
Leasing Co. Ltd.Chongqing Changxian Intelligent
Provide labor services 5095395.18
Technology Co. Ltd.Sell complete vehicle parts and
Chongqing Wanyou Ducheng Automobile
components and provide labor 4204247.18 3605914.02
Sales and Service Co. Ltd.services
Chongqing Changan Minsheng Logistics Sell parts and components and
3498850.353088120.79
Co Ltd. provide labor services
Southwest Ordnance Chongqing
Environmental Protection Research Provide labor services 2299226.01
Institute Co Ltd.Sell complete vehicle parts and
Chongqing Wanyou Chengxing
components and provide labor 2203892.78 18983.24
Automobile Sales and Service Co. Ltd.services
Sell complete vehicle parts and
Ya'an Wanyou Automobile Sales and
components and provide labor 2064820.56 2547798.92
Service Co. Ltd.services
259重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Beijing North Changfu Automobile Sales Sell complete vehicles and provide
1906219.88
Co. Ltd. labor services
Changan Ford New Energy Automobile
Provide labor services 1905273.58
Technology Co. Ltd.Sell complete vehicle parts and
Chongqing Wanyou Xingjian Automobile
components and provide labor 1428543.28 2366433.23
Sales and Service Co. Ltd.services
Sell complete vehicle parts and
Panzhihua Wanyou Automobile Sales and
components and provide labor 834324.62 671997.23
Service Co. Ltd.services
Chongqing Wutong Chelian Technology
Provide labor services 706691.17 1096933.00
Co. Ltd.China South Industries Group Corporation Provide labor services 656603.77
Chongqing Changan Kuayue Vehicles
Sell parts and components 552228.25 704862.14
Marketing Co. Ltd.Chenzhi Technology Co. Ltd. Provide labor services 438207.54
Western Auto Network (Chongqing) Co.Provide labor services 297054.72
Ltd.Chongqing Nexteer Steering System Co. Sell parts and components and
226415.09995304.99
Ltd. provide labor services
Sell complete vehicle parts and
Chengdu Wanyou Trading Co. Ltd. components and provide labor 154902.13 167458.36
services
Sichuan Jian'an Industry Co. Ltd. Provide labor services 147924.52 228618.74
Dali Wanfu Automobile Sales and
Sell parts and components 143213.28 59084.14
Service Co. Ltd.China South Industries Group
Provide labor services 141509.43
Information Center Co. Ltd.Nanjing Linghang Technology Co. Ltd. Provide labor services 140962.77 1947663.55
Sichuan Ningjiangshanchuan Machinery
Provide labor services 139211.60 632600.17
Co. Ltd.
260重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Times Changan Power Battery Co. Ltd. Provide labor services 112400.00
Chengdu Huachuan Electrical Equipment Sell complete vehicles and provide
95928.49164961.79
Co. Ltd. labor services
Hubei Huazhong Yangtze River
Provide labor services 84905.66
Optoelectronics Technology Co. Ltd.Zhongguang Optical Group Co. Ltd. Provide labor services 84905.66
Chongqing Dajiang Guoli Precision Sell parts and components and
62135.77114266.17
Machinery Manufacturing Co. Ltd. provide labor services
Sell complete vehicle parts and
Luzhou Wanyou Automobile Service Co.components and provide labor 54476.22 1009690.18
Ltd.services
Chongqing Shangfang Automobile Parts
Provide labor services 35221.24 1252080.34
Co. Ltd.Chongqing Changan Smart City
Provide labor services 32839.77
Operation and Management Co. Ltd.Chongqing Dajiang Dongyang Plastic Sell parts and components and
31710.5218867.92
Products Co. Ltd. provide labor services
Chenzhi (Chongqing) Braking System
Provide labor services 30081.15 214511.78
Co. Ltd.Chengdu Lingchuan Vehicle Fuel Tank
Provide labor services 30053.10
Co. Ltd.Nanfang Yite Air - Conditioning Co. Ltd. Provide labor services 14063.55 1651787.03
China South Industries Group Human
Provide labor services 13207.55
Resources Development Center
Avita (Chongqing) Automobile Sales and
Provide labor services 13132.10
Service Co. Ltd.Hubei Xiaogan Huazhong Automobile
Provide labor services 9433.96 340.99
Lamp Co. Ltd.Nanfang Faurecia Automotive
Provide labor services 5886.80 498120.79
Components Co. Ltd.
261重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Lear Changan (Chongqing) Automotive
Provide labor services 5886.79
Systems Co. Ltd.Chongqing Jianshe Transmission Sell parts and components and
5882.83187996.19
Technology Co. Ltd. provide labor services
Chongqing Dajiang Aprus Automotive
Provide labor services 5554.41
Parts Co. Ltd.Chongqing Lingchuan Automobile Parts Sell parts and components and
2588.6232454.14
Manufacturing Technology Co. Ltd. provide labor services
Chongqing Jianshe Vehicle Air - Sell parts and components and
1083.608490.57
Conditioner Co. Ltd. provide labor services
Chongqing Dajiang Yuqiang Plastic
Provide labor services 17.94
Products Co. Ltd.Sell complete vehicle parts and
Deep Blue Automobile Technology Co.components and provide labor 111103766.19
Ltd
services
Harbin Dongan Automobile Engine
Sell parts and components 3358934.35
Manufacturing Co. Ltd.Chongqing Changan Industry (Group)
Provide labor services 3283373.72
Co. Ltd.China South Industries Group
Provide labor services 358584.46
Commercial Factoring Co. Ltd.China Changan Automobile Group Hefei
Sell complete vehicles 230752.22
Investment Co. Ltd.Hunan Tianyan Machinery Co. Ltd. Provide labor services 169811.32
China Changan Automobile Group Co.Provide labor services 85080.76
Ltd.NTN Driveshaft (Chongqing) Co. Ltd. Provide labor services 52739.15
Hubei Huazhong Magneti Marelli
Provide labor services 1313.00
Automotive Lighting Co. Ltd.Chongqing Jianshe Tongda Industrial
Provide labor services 1070.21
Co. Ltd.
262重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
China Automotive Technology and
Provide labor services 0.94
Innovation Co. Ltd.Jiangsu Wanyou Automobile Sales and Interest income from deferred
2883287.511380.53
Service Co. Ltd. payment of funds
China South lndustries Group Finance Interest income from deferred
2419885.65
Co. Ltd. payment of funds
Guizhou Wanyou Automobile Sales and Interest income from deferred
1944074.93
Service Co. Ltd. payment of funds
Chengdu Wanyou Xiangyu Automobile Interest income from deferred
1639633.40
Sales and Service Co. Ltd. payment of funds
Yunnan Wanyou Automobile Sales and Interest income from deferred
693090.36374716.09
Service Co. Ltd. payment of funds
Chongqing Wanyou Economic Interest income from deferred
652912.2214602.59
Development Co. Ltd. payment of funds
Anhui Wanyou Automobile Sales and Interest income from deferred
333282.09
Service Co. Ltd. payment of funds
Chengdu Wanyou Automobile Trade Interest income from deferred
226030.6154859.95
Service Co. Ltd. payment of funds
Chengdu Lingchuan Vehicle Fuel Tank Interest income from deferred
17969.51
Co. Ltd. payment of funds
China Changan Automobile Group Interest income from deferred
4846.907601.77
Tianjin Sales Co. Ltd. payment of funds
Interest income from deferred
Wanyou Automobile Investment Co. Ltd. 4141.59
payment of funds
Provide personnel and technical
Changan Mazda Automobile Co. Ltd. 53908116.64 19654432.21
support
Provide personnel and technical
Changan Ford Automobile Co. Ltd. 14796508.84 22556634.55
support
Provide personnel and technical
Changan Mazda Engine Co. Ltd. 12315939.07 13114270.22
support
263重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Provide personnel and technical
Jiangling Holdings Co. Ltd. 10914746.19 16029196.23
support
Changan Ford New Energy Automobile Provide personnel and technical
6198392.30
Technology Co. Ltd support
Provide personnel and technical
Jiangling Motors Corporation Limited 3293728.39 2003201.96
support
Chongqing Changan Kuayue Vehicles Provide personnel and technical
2379061.743633857.52
Co. Ltd. support
Provide personnel and technical
Times Changan Power Battery Co. Ltd. 1853256.70
support
Chongqing Changxian Intelligent Provide personnel and technical
1738755.43
Technology Co. Ltd. support
Chongqing Changan Minsheng Logistics Provide personnel and technical
868472.641271925.14
Co. Ltd. support
Chongqing Wutong Chelian Technology Provide personnel and technical
550738.60208063.02
Co. Ltd. support
China Changan Automobile Group Co. Provide personnel and technical
59003.39169811.32
Ltd. support
Provide personnel and technical
Times FAW Power Battery Co. Ltd. 1234091.00
support
Provide personnel and technical
Avita Technology (Chongqing) Co. Ltd. 682780.43
support
Chongqing Anda Semiconductor Co. Provide personnel and technical
291666.67
Ltd. support
China South Industries Group Finance Provide personnel and technical
143990.86
Co. Ltd. support
Chongqing Shangfang Automobile Parts Provide personnel and technical
115392.25
Co. Ltd. support
Chongqing Jianshe Transmission Provide personnel and technical
27872.04
Technology Co. Ltd. support
264重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Previous - period
Related Party Related Party Transaction Content Current - period Amount
Amount
Chongqing Nexteer Steering System Co. Provide personnel and technical
18026.66
Ltd. support
Chongqing Dajiang Guoli Precision Provide personnel and technical
2520.00
Machinery Manufacturing Co. Ltd. support
2、 Related lease situation
Our company acts as the lessor:
Types of leased Lease income recognized Lease income recognized
Name of the lessee
assets in the current period in the previous period
Shanghai Jiaxing Automobile
Vehicle 14030159.79 45796707.70
Service Co. Ltd.Chongqing changan Industry
Building 6566747.42 3283373.72
(Group) Co. Ltd.Chongqing Wanyou Development Buildings and
674311.92660932.72
Co. Ltd. lands
Chongqi Changan Mingshen
Building 672559.62 541948.47
Logistics Co. Ltd.Avatr Technology (Chongqing) Co.Vehicle 245268.68 364393.81
Ltd.Nanjing Linghang Technology Co.Vehicle 2605067.26
Ltd.South Air International Co. Ltd. Vehicle 48849.56
Chongqing Changan Real Estate
Vehicle 24424.78
Development Co. Ltd.
265重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Our company acts as the lessee:
Amount for the current period Amount for the previous period
Rental expenses for Rent expense for short Variable lease
Variable lease Interest
short - term leases Interest - term leases and low - payments not
Type of payments not expense Increased
Name of the lessor and low - value expense on Increased right - value asset leases included in the
leased asset included in the Rent paid Rent paid incurred on the right - of -
asset leases that are lease liabilities of - use asset accounted for under measurement
measurement of lease liability use asset
simply accounted assumed the simplified of lease
lease liabilities assumed
for approach liabilities.Chongqing Chang an Min
warehouse 19688242.43 10059282.58 23575546.64 1159658.59 12749740.81 27741456.55 21347779.20
sheng Logistics Co. Ltd.Chongqing Chang an
Intelligent City Operation and Lands 5955322.40 5955322.40 5955322.40 3245650.70
Management Co. Ltd.Chongqing Wan you Zhicheng
Automobile Sales and Service Vehical 177300.00 177300.00
Co. Ltd.
266重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
3、 Compensation of key management personnel
Amount for Amount for
item
the current period the previous period
Compensation of key management
31737855.0034385715.00
personnel
4、 Other related-party transactions
（1）Matters regarding deposits and loans with China South Industries Group
Finance Co. Ltd.:
Contents of related - party
Related party 2024.12.31/2024.1-12
transactions
China South Industries Group Finance Co. Ltd. Deposit in the bank 18478700450.59
China South Industries Group Finance Co. Ltd. Receive interest 287291384.56
China South Industries Group Finance Co. Ltd. Commercial acceptance bill 185000000.00
China South Industries Group Finance Co. Ltd. Fixed deposit 1500000000.00
China South Industries Group Finance Co. Ltd. Short-term borrowing 10000000.00
China South Industries Group Finance Co. Ltd. Entrusted loan 500000000.00
Long - term loans due within
China South Industries Group Finance Co. Ltd. 36000000.00
one year
China South Industries Group Finance Co. Ltd. Long - term loan 36000000.00
China South Industries Group Finance Co. Ltd. Pay interest and handling fees 3032611.11
（2）Matters regarding deposits and loans with Changan Automobile Finance Co.
Ltd.:
Contents of related - party
Related party 2024.12.31/2024.1-12
transactions
Chang an Auto Finance Co. Ltd. Deposit in the bank 13650000000.00
Chang an Auto Finance Co. Ltd. Receive interest 303368750.00
(VI) Related party unsettled items such as accounts receivable and accounts payable
1、 Receivable Items
267重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Balance at the end
Ending balance
of last year
Project Name RelaAted party
Book balance ledger balance
Accounts
receivable
Avita Technology (Chongqing) Co.
777209315.29674602846.19
Ltd.Changan Mazda Automobile Co.
394684921.38177061948.01
Ltd.Changan Ford Automobile Co. Ltd. 309006186.36 9976923.10
Master Chang an Automobile Co.
66120525.0016553872.36
Ltd
Chongqing Chang an Kuayue
41454930.0423099903.46
Vehicle Co. Ltd
Changan Mazda Engine Co. Ltd. 37151442.58 15886858.18
Jiangling Holdings Co. Ltd. 10737001.40 9791503.74
Changan Auto Finance Co. Ltd. 9540270.17 21019909.48
China South Industries Group
8410150.94
Finance Co. Ltd.Chongqing Changxian Intelligent
4140425.78
Technology Co. Ltd.Jiangling Motors Co. Ltd. 2400000.00
Changan Ford New Energy Vehicle
2019590.00
Technology Co. Ltd.Chongqing Changan Minsheng
1032148.063269852.16
Logistics Co. Ltd.Times Changan Power Battery Co.
530000.00
Ltd.Times FAW Power Battery Co.
477000.00
Ltd.China South Industries Group
455400.005186975.56
Financial Leasing Co. Ltd.Nanjing Linghang Technology Co.
336623.98321563.47
Ltd.Western Car Network (Chongqing)
314878.00
Co. Ltd.Chongqing Changan Intelligent
Industrial Technology Service Co. 276804.16
Ltd.Chongqing TINNOVE Technology
271992.261210700.00
Co. Ltd.China South Industries Group Co.
260000.00
Ltd
Chongqing Changan Kuayue
170712.14
Vehicle Marketing Co. Ltd. 26019.30
Yunnan Wanyou Auto Sales Service
100070.00121200.00
Co. Ltd.Jiangsu Wanyou Automobile Sales
88001.636117845.18
and Service Co. Ltd.China Changan Automobile Group
Co. Ltd. 62543.59
Chengdu Wanyou Xiangyu
Automobile Sales and Service Co. 55328.00
368.00
Ltd.Chongqing Tsingshan Industrial
Co. Ltd. 40000.00
CSM Faurecia Automotive Parts
3120.00
Co. Ltd
268重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Chongqing Wanyou Economic
Development Co. Ltd. 350.00
Chongqing Fujit Supply Chain
Management Co. Ltd. 13934855.12
Chongqing Chang'an Industry
(Group) Co. Ltd. 7139838.45
Shanghai Jiaxing Automotive
Service Co. Ltd. 4300560.00
Chenzhi (Chengdu) Intelligent
Suspension Co. Ltd. 497845.97
Chongqing Anfu Automobile
Marketing Co. Ltd. 278200.00
Notes
Receivable
Wanyou Automobile Investment
3547990000.002618900000.00
Co. Ltd.Avita Technology (Chongqing) Co.
781817170.731162667212.07
Ltd.Jiangsu Wanyou Automobile Sales
455000000.00
and Service Co. Ltd.Guizhou Wanyou Automobile Sales
165080000.00
and Service Co. Ltd. 14200000.00
Chengdu Wanyou Xiangyu
Automobile Sales and Service Co. 60000000.00
Ltd.Chongqing Changan Kuayue
10800000.00
Vehicle Marketing Co. Ltd.Chongqing Tsingshan Industrial
9798141.24
Co. Ltd. 48163692.11
Chongqing Changan Minsheng
790456.20
Logistics Co. Ltd.Harbin Dongan Automotive
142620.83
Engine Manufacturing Co. Ltd. 272292.05
Chongqing Fujit Supply Chain
70015971.00
Management Co. Ltd.Yunnan Wanyou Auto Sales Service
46000000.00
Co. Ltd.Chongqing Changan Kuayue
37033400.00
Vehicle Co. Ltd.Chongqing Wanyou Economic
31000000.00
Development Co. Ltd.Chengdu Wanyou Auto Trade
22500000.00
Service Co. Ltd.Other
receivables
Chongqing Changxin Zhiqi Private
Equity Investment Fund Partnership 2100000.00
25500000.00
Enterprise (Limited Partnership)
Chongqing Changyu Private Equity
Investment Fund Partnership
69600000.00
Enterprise (Limited Partnership)
Jiangling Holdings Co. Ltd.
70.00
2、 Items Payable
269重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Accounts
Payable
Times Changan Power Battery Co.
3678801613.6495181872.65
Ltd.Jiangling Holdings Co. Ltd. 2478593080.08 1354996530.62
Chongqing Tsingshan Industrial Co.
1470629556.191161486369.43
Ltd.Chongqing Nexteer Steering System
540536765.59460868914.97
Co. Ltd.Hubei Huazhong Marelli Automotive
506902783.87304497612.19
Lighting Co. Ltd.Chenzhi (Chongqing) Brake System
287792573.82146361112.11
Co. Ltd.South Air International Co. Ltd. 286068717.64 218167579.17
Chengdu Sinocat Guangming
263138498.64288969832.65
Catalytic Technology Co. Ltd.China Changan Automobile Group
261353608.251040003.18
Co. Ltd.Harbin Dongan Automotive Engine
204125073.84112601705.64
Manufacturing Co. Ltd.Sichuan Jian'an Industry Co. Ltd. 202374745.73 209471637.23
Chongqing Dajiang Guoli Precision
182319446.3880230007.07
Machinery Manufacturing Co. Ltd.Chongqing Dajiang Dongyang Plastic
171950496.78160704720.85
Products Co. Ltd.CSM Faurecia Automotive Parts Co.
171077248.65133412554.27
Ltd
Chengdu huachuan ELECTRIC
170985575.26133533197.37
PARTS CO. LTD.GKN HUAYU Driveline Systems
157896846.84131979852.57
(Chongqing) Co. Ltd.
270重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Sichuan Ningjiang Shanchuan
149468056.13217032427.38
Machinery Co. Ltd.Chongqing Dajiang YAPP
149388962.40188849804.56
Automotive Parts Co. Ltd.United Automotive Electronic
134936529.32175204866.08
Systems (Chongqing) Co. Ltd.Chongqing Jianshe Transmission
103763728.5353190098.24
Technology Co. Ltd.Chongqing TINNOVE Technology
90746489.673636473.60
Co. Ltd.LEAR CHANGAN (CHONGQING)
AUTOMOTIVE SYSTEM CO. 82691521.99 41271.92
LTD.Chongqing Jianshe Automotive Air -
76171906.3315466830.30
Conditioner Co. Ltd.Chongqing Shangfang Auto Parts
75558624.6032922573.42
Co. Ltd.Chongqing Lingchuan Automotive
Parts Manufacturing Technology Co. 63969231.26 44644512.83
Ltd.HUNAN TYEN MACHINERY CO.
57356290.4162751647.18
LTD.Chengdu Wanyou Filter Co. Ltd. 40463626.12 23915398.04
Hubei Xiaogan Huazhong
39519253.3130315072.22
Automobile Lighting Co. Ltd.Harbin Dongan Auto Engine Co.
38544239.6182269854.10
Ltd.Chongqing Changan Minsheng
34393559.1012682710.95
Logistics Co. Ltd.Construction Industry Group
32673654.73327412.94
(Yunnan) Co. Ltd.
271重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Chenzhi (Chengdu) Intelligent
24669839.131220521.72
Suspension Co. Ltd.Chongqing Hanon Jianshe
Automotive Thermal Systems Co. 23380378.94 5633908.16
Ltd.Chengdu Lingchuan Automobile Fuel
21860214.7118306736.20
Tank Co. Ltd.Tenneco Lingchuan (Chongqing)
16641882.8193157.04
Exhaust System Company Ltd.Chongqing Yihong Defense
16396833.5022446756.72
Technology Co. Ltd.Chongqing DAJIANG-JIEXIN
14617501.70421518.30
Forging Co. Ltd.Chenzhi Technology Co. Ltd. 13309661.05
Changan Mazda Engine Co. Ltd. 9404278.40
Beijing Phoenix Auto Intelligence
8158071.161781815.70
Co. Ltd.Chongqing Wanyou Economic
4441680.857393900.62
Development Co. Ltd.Longchang Shanchuan Machinery
4276276.974292608.83
Co. Ltd.Dajiang Yuchyang Plastics Co. Ltd. 3520886.79 3588068.59
Avita Technology (Chongqing) Co.
3404083.46914385.00
Ltd.ChongQing Tsingshan Transmission
2516240.5211834165.78
Sale Co. Ltd.Chongqing Construction Tongda
1755247.0421293902.87
Industrial Co. Ltd.Chongqing Chang'an Intelligent
Industrial Technology Service Co. 1443978.00 1443978.00
Ltd.
272重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Avita (Chongqing) Automobile Sales
1338148.04587070.80
Service Co. Ltd.Chongqing Jianshe Industry
575587.79575587.79
(GROUP) Co. Ltd.Chongqing Chang`an Industry
477500.98601675.65
(GROUP) Co. Ltd.Hafeimotor Co. Ltd. 287996.57 344.04
Chengdu Jialing Huaxi Optical &
276099.19242083.74
Precision Machinery Co. Ltd.Chongqing Wanyou Talent Service
142239.90
Co. Ltd.Chongqing Changxiang Supply
118377.21
Chain Technology Co. Ltd.NanyangLIDA OPTIC-
105044.95
ELECTRONICS Co. Ltd.Chengdu Lingchuan Special
101585.16101585.16
Industries Co.Ltd.Chongqing Changjiang Electrician
40143.79
Industry Group Co.Ltd.Hangzhou Chelizi Intelligent
12350.0012350.00
Technology Co. Ltd
HARBIN BOTONG AUTOMOBILE
6222.12
PARTS CO.LTD.Beijing Beiji Mechanical and
141911.64
Electronic Industry Co.Ltd.Chongqing Jialing Yimin Special
104496.50
Type Equipment Co.Ltd.Chongqing Construction
47265.91
Electromechanical Co. Ltd
Chongqing Xiyi Automobile
38422.14
Connecting Rod Co. Ltd.
273重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Shanghai Jiaxing Automotive Service
32771.36
Co. Ltd.Chongqing Wanyou Xingjian
Automobile Sales and Service Co. 20842.80
Ltd
Notes Payable
Jiangling Holdings Co. Ltd. 2508252356.10 1047608994.41
Chongqing Tsingshan Industrial Co.
1536670062.861723679349.53
Ltd.Times Changan Power Battery Co.
658593414.62
Ltd.Chongqing Changan Minsheng
411048880.83443503065.10
Logistics Co. Ltd.Chongqing Dajiang Dongyang Plastic
223260000.00241360000.00
Products Co. Ltd.South Air International Co. Ltd. 212005855.60 243848518.33
Chongqing Dajiang YAPP
172602914.11215540000.00
Automotive Parts Co. Ltd.Hubei Huazhong Marelli Automotive
163506022.00122400000.00
Lighting Co. Ltd.GKN HUAYU DRIVELINE
114248089.68122855842.38
SYSTEMS(CHONGQING)CO.LTD.Hunan Tianyan Machinery Co. Ltd 106130000.00
Sichuan Ningjiang Shanchuan
91509988.2180902422.85
Machinery Co. Ltd.Harbin Dongan Automotive Engine
85330000.00234620000.00
Manufacturing Co. Ltd.Chongqing Nexteer Steering System
75120000.00403879297.14
Co. Ltd.
274重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Chongqing Lingchuan Automotive
Parts Manufacturing Technology Co. 72490000.00 113510000.00
Ltd.Chongqing Jianshe Automotive Air -
71180000.0014260000.00
Conditioner Co. Ltd.Tenneco
Lingchuan(Chongqing)Exhaust 49811353.74 44930000.00
System Co.Ltd.Chenzhi (Chongqing) Brake System
40529388.3673980457.72
Co. Ltd.CSM Faurecia Automotive Parts Co.
39579745.73107251528.51
Ltd
Hubei Xiaogan Huazhong
37590000.0035788907.01
Automobile Lighting Co. Ltd.Chongqing Shangfang Auto Parts
36905405.6841023156.32
Co. Ltd.CDGM TANAKA
ENVIRONMENTAL CATALYST 34844697.82 102880000.00
CO.LTD.Chengdu Wanyou Filter Co. Ltd. 33120000.00 51120000.00
Chongqing Hanon Jianshe
Automotive Thermal Systems Co. 28230000.00 77160000.00
Ltd.Chongqing Yihong Defense
18460000.0026870000.00
Technology Co. Ltd.Harbin Dongan Auto Engine Co.
18120000.0011090000.00
Ltd.Chongqing DAJIANG-JIEXIN
15470000.00340000.00
Forging Co. Ltd.司
Chongqing Construction Tongda
12403245.3315579467.79
Industrial Co. Ltd.
275重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Chengdu Lingchuan Automobile Fuel
8200000.002640000.00
Tank Co. Ltd.Chongqing Jianshe Transmission
7661891.735667059.25
Technology Co. Ltd.Southwest Ordnance Industry
Chongqing Environmental Protection 7431987.51 10355405.72
Research Institute Co. Ltd
Changan Reis (Chongqing) Robotic
6985797.37
Intelligent Equipment Co.Ltd
Chongqing Dajiang Guoli Precision
5413950.00
Machinery Manufacturing Co. Ltd.Longchang Shanchuan Machinery
4800000.006670000.00
Co. Ltd.Chengdu Huachuan Electric Parts
2380000.00
Co.Ltd.Sichuan Jian'an Industry Co. Ltd. 2170000.00 4757300.00
Nanyang LIDA OPTIC-
440000.00
ELECTRONICS Co. Ltd.Chongqing Wanyou Economic
377400.96
Development Co. Ltd.Chongqing Chang'an Intelligent
Industrial Technology Service Co. 327000.49
Ltd.Hunan Tianyan Machinery Co. Ltd 97750000.00
Other Payables
Chongqing Changan Minsheng
852862018.72500998344.99
Logistics Co. Ltd.Chongqing Changxian Intelligent
55384464.59
Technology Co. Ltd
Times Changan Power Battery Co.
42857507.55
Ltd.
276重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Chongqing Tsingshan Industrial Co.
22153385.8918225258.51
Ltd.Jiangsu Wanyou Automobile Sales
10001282.0012433698.10
and Service Co. Ltd.Chengdu Wanyou Xiangyu
Automobile Sales and Service Co. 8774856.00 9558725.84
Ltd.Yunnan Wanyou Auto Sales Service
7371200.007847297.00
Co. Ltd.Chongqing Wanyou Talent Service
7338194.24
Co. Ltd.Chongqing Dajiang Guoli Precision
6617050.0099087.65
Machinery Manufacturing Co. Ltd.Chongqing Wanyou Economic
6499209.009733185.00
Development Co. Ltd.Chang'an Automotive Sales Tianjin
5452253.104967547.10
Co.Ltd.China Changan Automobile Group
4697870.54
Co. Ltd.Guizhou Wanyou Automobile Sales
4624832.004854300.00
and Service Co. Ltd.Chongqing Chang'an Intelligent
Industrial Technology Service Co. 4021249.68 4000701.62
Ltd.Sichuan Jian'an Industry Co. Ltd. 3939084.64 1670420.64
Chongqing Chang'an Real Estate
3815050.704291910.22
Management Co.Ltd.Chongqing Nexteer Steering System
3670690.241238092.98
Co. Ltd.Chengdu Wanyou Auto Sales Service
3130000.003200000.00
Co.Ltd.
277重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Southwest Ordnance Industry
Chongqing Environmental Protection 2500147.84 6567229.16
Research Institute Co. Ltd
Chongqing Wanyou Zunda
Automobile Sales and Service Co. 2333117.83 213235.41
Ltd
South Air International Co. Ltd. 1963075.46 3885605.94
Avita Technology (Chongqing) Co.
1898924.58
Ltd.Chongqing Chang`an Industry
1074923.61875856.10
(GROUP) Co. Ltd.Chengdu Wanyou Filter Co. Ltd. 873484.00 939532.50
Chengdu Wanyou Auto Trade Service
792364.002041261.84
Co. Ltd.Wanyou Automobile Investment Co.
778154.00
Ltd.Anhui Wanyou Automobile Sales and
748157.00938180.00
Service Co. Ltd
Chongqing Wanyou Xingjian
Automobile Sales and Service Co. 470000.00 441740.00
Ltd
Chenzhi (Chongqing) Brake System
459501.9081873.02
Co. Ltd.Changan Ford Motor Co. Ltd 459267.98 752549.61
Shanghai Jiaxing Automotive Service
448272.5010098882.10
Co. Ltd.GKN HUAYU Driveline Systems
415865.9989598.75
(Chongqing) Co. Ltd.
Chongqing Wanyou Ducheng
336100.00737780.00
Automotive Sales Service Co.Ltd.
278重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Ya'an Wanyou Automobile Sales and
314830.002100513.14
Service Co. Ltd
Beijing North Changfu Automobile
300000.00200000.00
Sales Co. Ltd
Harbin Dongan Automotive Engine
290749.0012665.04
Manufacturing Co. Ltd.Chongqing Wanyou Advertising
250174.50
Co.Ltd.Jiangling Holdings Co. Ltd. 232185.41
Chenzhi Technology Co. Ltd. 203400.00
Chongqing TINNOVE Technology
173532.45
Co. Ltd.Baoding Tianwei Group Tebian
150000.00
Electric Co.Ltd.China Weapon Equipment Group
150000.0044850.00
Co.ltd.Chongqing Wanyou Chengxing
Automobile Sales and Service Co. 117097.00 120000.00
Ltd
Chongqing Shangfang Auto Parts
115745.90215604.00
Co. Ltd.Luzhou Wanyou Automotive Service
100000.00221800.00
Co.Ltd.Sichuan Ningjiang Shanchuan
89719.3084283.54
Machinery Co. Ltd.Chongqing Changxiang Supply
60000.00
Chain Technology Co. Ltd.United Automotive Electronic
56500.00159089.20
Systems (Chongqing) Co. Ltd.
279重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
China Ordnance Equipment Group
Automation Research Institute Co. 54000.00
Ltd.Dali Wanfu Automotive Sales Service
47538.001691.00
Co.Ltd.Hubei Huazhong Marelli Automotive
42810.00411875.16
Lighting Co. Ltd.Chongqing Changan Minsheng
40115.00
Fuyong Logistics Co.Ltd.Chongqing Dajiang YAPP
27653.3617514.74
Automotive Parts Co. Ltd.Changan Mazda Engine Co. Ltd. 20982.88
Chenzhi (Chengdu) Intelligent
16624.56
Suspension Co. Ltd.Chongqing Chang'an Real Estate
12425.01
Management Co.Ltd.Hubei Xiaogan Huazhong
4483.80
Automobile Lighting Co. Ltd.Changan Reis (Chongqing) Robotic
7439420.93
Intelligent Equipment Co.Ltd
CSM Faurecia Automotive Parts Co.
2292829.98
Ltd
Chongqing Lingchuan Automotive
Parts Manufacturing Technology Co. 681921.10
Ltd.Chengdu Huachuan Electric Parts
237375.50
Co.Ltd.CDGM TANAKA
ENVIRONMENTAL CATALYST 229627.31
CO.LTD.
280重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
CHONGQING DAJIANG XINDA
VEHICLE SHARE LIMITED 100000.00
COMPANY
Chongqing Jianshe Transmission
88358.88
Technology Co. Ltd.Hunan Tianyan Machinery Co. Ltd 21696.00
Chongqing Construction Tongda
1343.94
Industrial Co. Ltd.Chongqing Yihong Defense
159.91
Technology Co. Ltd.Contract
Liabilities
Jiangsu Wanyou Automobile Sales
460178281.2826589072.67
and Service Co. Ltd.Chengdu Wanyou Xiangyu
Automobile Sales and Service Co. 330410033.39 110584225.04
Ltd.Guizhou Wanyou Automobile Sales
266786932.6468070242.12
and Service Co. Ltd.Wanyou Automobile Investment Co.
256445461.5023183182.96
Ltd.Chongqing Wanyou Economic
135302227.6262975674.47
Development Co. Ltd.Chongqing Wanyou Zunda
Automobile Sales and Service Co. 93816530.50 89057725.73
Ltd
Yunnan Wanyou Auto Sales Service
80298461.0555836423.36
Co. Ltd.Anhui Wanyou Automobile Sales and
31250458.319994433.27
Service Co. Ltd
281重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Chang'an Automotive Sales Tianjin
21790090.238118237.92
Co.Ltd.Master Changan Automobile Co. Ltd. 9876498.33 6452463.66
Chongqing Fujit Supply Chain
8940530.23
Management Co. Ltd.Nanchang Jiangling Group Tianren
6065663.72
Auto Parts Co. Ltd.Avita Technology (Chongqing) Co.
5060580.84970882.61
Ltd.Chengdu Wanyou Auto Trade Service
4566319.9316498448.61
Co. Ltd.Changan Auto Finance Co. Ltd. 2174120.64 606371.68
Institute of Ordnance Equipment
China South Industries Group 672005.97
Corporation
Chengdu Wanyou Trade Co.Ltd. 392425.29 15049.38
Beijing Beifang Changfu Auto Sales
233663.00
Co.Ltd.Chongqing Wanyou Ducheng
188446.30207654.20
Automotive Sales Service Co.Ltd.Chongqing Changan Minsheng
180446.22271047.12
Logistics Co. Ltd.Chongqing Wanyou Chengxing
Automobile Sales and Service Co. 79366.08
Ltd
Chongqing Wanyou Xingjian
Automobile Sales and Service Co. 71314.96 66275.60
Ltd
Panzhihua Wanyou Automobile Sales
25980.3932689.44
and Service Co. Ltd
282重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Chongqing Chang`an Industry
12585.75
(GROUP) Co. Ltd.Ya'an Wanyou Automotive Sales
10596.14112302.96
Service Co.Ltd.Changan Mazda Automobile
5595.44
Corporation Ltd.Luzhou Wanyou Automotive Service
4678.5654775.96
Co.Ltd.Chongqing Shangfang Auto Parts
3522.123522.12
Co. Ltd.Dali Wanfu Automotive Sales Service
2914.2046416.87
Co.Ltd.Changan Ford Motor Co. Ltd 0.32 0.32
Chongqing Wanyou Advertising
9803782.94
Co.Ltd.Hafeimotor Co. Ltd. 417648.22
Chengdu Wanyou Auto Sales Service
345372.38
Co.Ltd.Bazhong Wanyou Automotive Sales
44625.20
Service Co.Ltd.China Changan Automobile Group
9091.15
Hefei Investment Co. Ltd
Yunnan Wanxing Automobile Sales
87.61
and Service Co. Ltd.
283重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
XIII、 Share-based Payment
(I) Overall Situation of Share - based Payment
The equity instruments granted in All types of equity instruments All equity instruments exercised in All equity instruments that became
Grantee the current period unlocked in the current period the current period invalid in the current period
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Employee 50097694.00 180583638.20 3202973.00 11464098.02
Total 50097694.00 180583638.20 3202973.00 11464098.02
284重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(II) Share - based payment expense
Amount for the current period Amount for the previous period
Grant Equity - Cash-settled Equity - settled Cash-settled
recipient settled share - share-based Total share - based share-based Total
based payment payment payment payment
Employee 89968232.48 89968232.48 362576400.00 362576400.00
Total 89968232.48 89968232.48 362576400.00 362576400.00
XIV、 Commitments and Contingencies
(I) Material Commitment Items
1、 Significant commitments as of the balance sheet date
contracted but not provided for
Balance at the end of the
Ending balance
previous year
Capital commitment 9375924598.30 11619677925.31
Investment commitment 1326750000.00 1132500000.00
Total 10702674598.30 12752177925.31
285重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
XV、 Events occurring after the balance sheet date
(I) Profit distribution situation
The profit distribution proposal reviewed and approved by the company's current board of
directors is as follows: Based on the total share capital of 9914086060 shares a cash
dividend of 2.95 yuan (including tax) will be distributed to all shareholders for every 10
shares and no share capital will be increased by capital reserve.(II) Matters regarding the proposed change of the controlling shareholder
On February 9 2025 our company received a notice from China South Industries Group
Corporation (hereinafter referred to as "CSGC") our indirect controlling shareholder.CSGC is currently planning restructuring matters with other state-owned central enterprises
groups. This restructuring may lead to a change in the controlling shareholder of our
company but it will not result in a change in the actual controller. The relevant
arrangements still need to go through the required procedures and obtain the approval of
the relevant competent authorities. This restructuring will not have a significant impact on
the normal production and business operations of our company.XVI、 Capital Management
Balance at the end of the
Ending balance
previous year
Total liabilities 129087561718.76 115487870299.24
Less: Cash and cash equivalents 63274376513.00 63925957901.11
Adjusted net debt 65813185205.76 51561912398.13
Owner's Equity 79080599242.10 74683256839.03
Adjusted debt - to - capital ratio 83.22% 69.04%
XVII、 Other Important matters
On November 7 2024 the People's Government of Yubei District Chongqing issued an
announcement confirming the "Housing Expropriation Project on State-Owned Land at
Changan Yubei Old Factory". On December 25 2024 the Housing and Urban-Rural
Development Committee of Yubei District Chongqing signed the "Expropriation
Agreement for Housing on State-Owned Land in Yubei District Chongqing" with Changan
Automobile. The agreement stipulated:
286重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(1) The expropriation compensation fee is a comprehensive compensation cost totaling
25.58 billion yuan. The payment will be made in installments: 30% (7.64 billion yuan) will
be paid to Changan Automobile within five working days after the agreement takes effect
and the final payment will be completed within 15 working days after Changan Automobile
vacates and delivers the expropriated houses and land by September 30 2027.
(2) After this agreement takes effect Changan Automobile shall cooperate with the Housing
and Urban-Rural Development Committee of Yubei District to complete the cancellation of
the housing property rights within two working days. Changan Automobile shall vacate and
deliver the expropriated houses and land by September 30 2027. Changan Automobile
completed the cancellation of the property rights certificate on December 26 2024.Changan Automobile negotiated with Chongqing Zhanxin Technology & Industry Group
Company Limited the government-designated asset reception and management unit after
the expropriation of the land and houses at the Yubei Old Factory. Both parties agreed that
during the vacating period Changan Automobile would use the land and houses of the
Yubei Old Factory through a lease agreement. In the housing expropriation project on state-
owned land at the Yubei Old Factory Changan Automobile confirmed asset disposal gains
of 22.08 billion yuan.XVIII、 Notes to the main items in the financial statements of the parent company
(I) Accounts receivable
1、 Accounts receivable disclosure by age of accounts
Balance at the end of the
Account age Ending balance
previous year
Less than 1 year (including 1 year) 13241984905.86 7757039345.74
1 to 2 years (including 2 years) 6270173.42 4629777.82
2 to 3 years (including 3 years) 440347.77 713934590.78
Over 3 years 653299180.59 172295427.89
Subtotal 13901994607.64 8647899142.23
Less：Provision 66843763.12 68395117.00
Total 13835150844.52 8579504025.23
287重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
2、 Accounts receivable disclose according to the classification of bad debt provision methods
Ending balance Balance at the end of the previous year
Balance Provision Balance Provision
Category
Provision Provision Carrying value Provision Provision Carrying value
Amount Amount Amount Amount
（%）（%）（%）（%）
Make provisions
on an individual
13684986268.6498.4437652846.200.2813647838031.508521036971.3598.5337652846.200.448483384125.15
item
basisProvision
Provision for
bad debts is
made by
217008339.001.5629190916.9213.45187312813.02126862170.881.4730742270.8024.2396119900.08
combining
credit risk
characteristics
Total 13901994607.64 100.00 66843763.12 13835150844.52 8647899142.23 100.00 68395117.00 8579504025.23
288重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Provision for bad debts is made by combining according to the characteristics of
credit risk
Ending balance
Name
Accounts receivable bad debt provision provision ratio（%）
Less than 1 year
183909138.6733.160.00
(including 1 year)
1 to 2 years (including 2
1288642.5717.150.00
years)
2 to 3 years (including 3
227476.01194.610.09
years)
Over 3 years 31583081.75 29190672.00 92.43
合计217008339.0029190916.92
3、 The provision reversal or recovery of bad debt provisions in the current period
Balance at the Amount of change in the current period
Ending
Category end of the Provide Recover or Write - off or
Other changes balance
previous year for reverse cancel
Make
provisions on an 37652846.2
37652846.20
individual item 0
basis Provision
Make
provisions for
bad debts based 29190916.9
30742270.801551353.88
on combinations 2
of credit risk
characteristics.
66843763.1
Total 68395117.00 1551353.88
2
289重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
4、 The information on the accounts receivable and contract assets of the top five
debtors in terms of the ending balance by debtor - by - debtor aggregation is as
follows:
As of December 31 2024 the total balance of the top five accounts receivable
amounted to 10664617393.91 yuan accounting for 76.71% of the total ending
balance of accounts receivable.(II) Other receivables
Balance at the end of
Item Ending balance
the previous year
Other receivables item 1487531844.07 237247787.26
Total 1487531844.07 237247787.26
1、 Other receivables item
（1）disclosure by age of accounts
Balance at the end of the
Account age Ending balance
previous year
Less than 1 year (including 1 year) 1466768959.69 231794668.72
1 to 2 years (including 2 years) 19739543.35 3543202.13
2 to 3 years (including 3 years) 1987846.67
Over 3 years 8089565.38 6930932.77
Subtotal 1494598068.42 244256650.29
Less：Provision 7066224.35 7008863.03
Total 1487531844.07 237247787.26
290重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
（2）disclose according to the classification of bad debt provision methods
Ending balance Balance at the end of the previous year
Balance Provision Balance Provision
Category
Provision Provision Carrying value Provision Provision Carrying value
Amount Amount Amount Amount
（%）（%）（%）（%）
Make provisions on an
individual item 1376142201.42 92.07 6842932.77 0.50 1369299268.65 173323245.26 70.96 6842932.77 3.95 166480312.49
basisProvision
Provision for bad debts
is made by combining
according to the 118455867.00 7.93 223291.58 0.19 118232575.42 70933405.03 29.04 165930.26 0.23 70767474.77
characteristics of credit
risk
Total 1494598068.42 100.00 7066224.35 1487531844.07 244256650.29 100.00 7008863.03 237247787.26
291重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Make provisions for bad debts by grouping according to credit risk characteristics
Ending balance
Designation Other
Provision Provision（%）
receivables
Less than 1 year (including 1
111198467.1923504.390.02
year)
1 to 2 years (including 2 years) 5530337.90 17627.04 0.32
2 to 3 years (including 3 years)
Over 3 years 1727061.91 182160.15 10.55
Total 118455867.00 223291.58
（3）The provisioning situation for bad debts
Stage 1 Stage 2 Stage 3
Expected credit Expected credit
losses over the losses over the
Expected credit
Provision entire expected entire expected Total
losses in the next
life (no credit life (credit
12 months
impairment has impairment has
occurred) occurred)
Balance at the end of the
165930.266842932.777008863.03
previous year
Balance at the end of the
previous yearin this
period
--Transfer to Stage 2
--Transfer to Stage 3
--Reverse to Stage 2
-Reverse to Stage 1
Provision made in this
57361.3257361.32
period
Reversal in this period
292重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Stage 1 Stage 2 Stage 3
Expected credit Expected credit
losses over the losses over the
Expected credit
Provision entire expected entire expected Total
losses in the next
life (no credit life (credit
12 months
impairment has impairment has
occurred) occurred)
Write - off in this period
Write-off during the current
period
Other changes
Ending balance 223291.58 6842932.77 7066224.35
The changes in the book balance of other receivables are as follows:
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
losses over the
Expected credit losses over the
Balance entire expected Total
losses in the next entire expected life
life (no credit
12 months (credit impairment
impairment has
has occurred)
occurred)
Balance at the end of
237413717.526842932.77244256650.29
the previous year
Balance at the end of
the previous year in
this period
--Transfer to Stage 2
--Transfer to Stage 3
--Reverse to Stage 2
--reverse to Stage 1
new addition in the
1494191261.041494191261.04
current period
293重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
losses over the
Expected credit losses over the
Balance entire expected Total
losses in the next entire expected life
life (no credit
12 months (credit impairment
impairment has
has occurred)
occurred)
derecognized in the
243849842.91243849842.91
current period
Other changes
Ending balance 1487755135.65 6842932.77 1494598068.42
（4）The situation of provision reversal or recovery of bad debt provisions in the
current period
Balance at the end Amount of change in the current period
Category of the previous recovery or Write - off or Ending balance
provide for Other changes
year reversal cancel
Make
provisions on
an individual 6842932.77 6842932.77
item basis
Provision
Provide for
bad debts by
combining
according to 165930.26 57361.32 223291.58
the
characteristics
of credit risk
Total 7008863.03 57361.32 7066224.35
（5）Classification of amounts according to their nature
294重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Book balance at the end of the
Nature of the funds Ending balance of the account
previous year
Pre - paid equity investment
1276200803.10109286581.45
funds
Subsidy receivable 76563193.00 31782936.00
Petty cash 44505591.24 69048305.62
Internal transactions 16535272.55 25410795.04
others 80793208.53 8728032.18
Total 1494598068.42 244256650.29
（6）Information on the top five other receivables by ending balance grouped by
debtors at the end of the period.As of December 31 2024 the total ending balance of the top five other receivables
amounted to 1400384406.77 yuan accounting for 93.70% of the total ending
balance of other receivables.(III) long - term equity investment
Ending balance Balance at the end of the previous year
Item impairment impairment
Balance Carrying value Balance Carrying value
provision provision
Investment in
9021409139.1249194195.008972214944.127722549139.1249194195.007673354944.12
subsidiaries
Investment in associated
and joint venture 16410122824.34 16410122824.34 11762095077.25 11762095077.25
enterprises
Total 25431531963.46 49194195.00 25382337768.46 19484644216.37 49194195.00 19435450021.37
295重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
1、 Investment in associated and joint venture enterprises
Increase or decrease changes in the current period
impairment
Investment income Adjustment of Declare the impairment
Balance at the end provisionBalance
Investee Additional Reduce and losses other distribution of cash impairment Ending balance provisionEnding
of the previous year at the end of the Other equity changes others
investment investment recognized under comprehensive dividends or provision balance
previous year
the equity method income profits
1、Joint venture
Changan Ford
Automobile Co. 712215024.57 712215024.57
Ltd.Changan Mazda
Automobile Co. 878239492.13 -144273889.67 733965602.46
Ltd.Changan Mazda
805005706.401506045.10806511751.50
Engine Co. Ltd.Nanchang
Jiangling
2106206520.20313351270.081193152.922420750943.20
Investment Co.Ltd.
296重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Increase or decrease changes in the current period
impairment
Investment income Adjustment of Declare the impairment
Balance at the end provisionBalance
Investee Additional Reduce and losses other distribution of cash impairment Ending balance provisionEnding
of the previous year at the end of the Other equity changes others
investment investment recognized under comprehensive dividends or provision balance
previous year
the equity method income profits
Subtotal 3789451718.73 882798450.08 1193152.92 4673443321.73
2、Associated
enterprise
Chongqing
Changan Kuayue 228765251.64 15760452.33 -3430000.00 241095703.97
Vehicle Co. Ltd.Changan Auto
3041392973.86352498662.97-94588250.823299303386.01
Finance Co. Ltd.Nanjing CheLai
Mobility
584824.65-258011.64326813.01
Technology Co.Ltd.Hunan Guoxin
28502232.09731114.48-1064179.4928169167.08
Semiconductor
297重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Increase or decrease changes in the current period
impairment
Investment income Adjustment of Declare the impairment
Balance at the end provisionBalance
Investee Additional Reduce and losses other distribution of cash impairment Ending balance provisionEnding
of the previous year at the end of the Other equity changes others
investment investment recognized under comprehensive dividends or provision balance
previous year
the equity method income profits
Technology Co.Ltd.Nanjing Linghang
Equity Investment
Partnership 2645793326.69 473124694.92 3118918021.61
(Limited
Partnership)
Nanjing Linghang
Equity Investment
1107400.12-6679.241100720.88
Management Co.Ltd.China Automotive
Technology and
448515220.54-18766519.68429748700.86
Research Institute
Co. Ltd.
298重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Increase or decrease changes in the current period
impairment
Investment income Adjustment of Declare the impairment
Balance at the end provisionBalance
Investee Additional Reduce and losses other distribution of cash impairment Ending balance provisionEnding
of the previous year at the end of the Other equity changes others
investment investment recognized under comprehensive dividends or provision balance
previous year
the equity method income profits
Chongqing
Changxin Zhiqi
Private Equity
Investment Fund 204518396.38 20090000.00 51626019.73 276234416.11
Partnership
(LimitedPartnership)”。
Anhe Chongqing
Dingfeng
Automotive
61692352.41369799.5662062151.97
Contract - type
Private Equity
Investment Fund
299重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Increase or decrease changes in the current period
impairment
Investment income Adjustment of Declare the impairment
Balance at the end provisionBalance
Investee Additional Reduce and losses other distribution of cash impairment Ending balance provisionEnding
of the previous year at the end of the Other equity changes others
investment investment recognized under comprehensive dividends or provision balance
previous year
the equity method income profits
Avita Technology
(Chongqing) Co. 938097973.56 4300474961.00 -1646857046.27 161011.66 9130235.56 3601007135.51
Ltd.Chongqing
Chang'an
Chuangxin Private
Equity Investment 70104473.99 68813333.00 24104733.13 163022540.12
Fund Partnership
(Limited
Partnership)
Chongqing
Changyu Private
69600000.00-926505.8868673494.12
Equity Investment
Fund Partnership
300重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Increase or decrease changes in the current period
impairment
Investment income Adjustment of Declare the impairment
Balance at the end provisionBalance
Investee Additional Reduce and losses other distribution of cash impairment Ending balance provisionEnding
of the previous year at the end of the Other equity changes others
investment investment recognized under comprehensive dividends or provision balance
previous year
the equity method income profits
(Limited
Partnership)
Chongqing
Changxian
Intelligent 103217635.38 10696347.64 113913983.02
Technology Co.Ltd.Chang'an Ford
New Energy
Vehicle 67713664.93 64331740.38 132045405.31
Technology Co.Ltd
Chenzhi Anqi
(Chongqing) 10800000.00 4724.73 10804724.73
Recycling
301重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Increase or decrease changes in the current period
impairment
Investment income Adjustment of Declare the impairment
Balance at the end provisionBalance
Investee Additional Reduce and losses other distribution of cash impairment Ending balance provisionEnding
of the previous year at the end of the Other equity changes others
investment investment recognized under comprehensive dividends or provision balance
previous year
the equity method income profits
Technology Co.Ltd.Times Changan
Power Battery 132637632.28 133000000.00 -75384493.98 190253138.30
Co. Ltd.Subtotal 7972643358.52 4602778294.00 -748950966.82 161011.66 9130235.56 -99082430.31 11736679502.61
Total 11762095077.25 4602778294.00 133847483.26 1354164.58 9130235.56 -99082430.31 16410122824.34
302重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
(IV) Operating revenue and cost
1、 The situation of operating revenue and operating cost
Amount for the current periodt Amount for the previous periodt
Item
Revenue Cost Revenue Cost
Primary
103756091138.7793855900221.80111283143529.6496187998062.72
Operation
Other
8152625537.244199262930.207414890253.133451631559.23
Operation
Total 111908716676.01 98055163152.00 118698033782.77 99639629621.95
(V) Investment income
Amount for the Amount for the
Item
current periodt previous periodt
Investment income from long - term equity - accounted
133847483.26-2157754465.24
investments
Investment income arising from the disposal of long-
1.00
term equity investments
Investment income from long - term equity
594000000.00722850000.00
investments accounted for under the cost method
Investment income obtained during the holding period
2631315.721406842.07
of transactional financial assets
Dividend income from other equity instrument
31990679.50206042574.04
investments that are still held
Fixed - term deposit interest and others 88769779.77 3223611.10
Total 851239258.25 -1224231437.03
XIX、 Supplementary Information
(一) Schedule of Non - recurring Gains and Losses for the Current Period
303重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Item Amount Explanation
Gain or loss on disposal of non - current assets including
the reversal of the provision for asset impairment that has 2550458320.83
been made.Government subsidies recognized in the current profit and
loss excluding those government subsidies that are closely
related to the company's normal business operations
1627457923.14
comply with the provisions of national policies are
enjoyed according to certain standards and have a
continuous impact on the company's profit and loss.Except for the effective hedging operations related to the
company's normal business operations the fair value
change gains and losses arising from the non - financial
-16650665.50
enterprise's holding of financial assets and financial
liabilities as well as the gains and losses arising from the
disposal of financial assets and financial liabilities.Fund occupation fees charged to non - financial
91188204.08
enterprises recognized in the current profit and loss.Reversal of impairment provision for accounts receivable
4068950.07
that is tested for impairment individually.Other non - operating income and expenses other than the
133244432.31
above items
Other profit and loss items that meet the definition of non
1014345065.86
- recurring profit and loss.Subtotal 5404112230.79
The amount of impact from income tax 592833534.16
The impact amount of minority shareholders' equity (after
77186452.29
tax)
Total 4734092244.34
(I) Return on Net Assets and Earnings per Share
304重庆长安汽车股份有限公司（合并）
Notes to the Financial Statements
For the Year 2024
Earnings per Share (yuan)
Weighted average
Diluted
Profit for the reporting period return on net assets Basic Earnings
Earnings per
（%） per Share (EPS)
Share (EPS)
Net profit attributable to common
9.690.740.74
shareholders of the company
Net profit attributable to common
3.430.260.26
shareholders of the company
305
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