Share’s name: Jiangling MotorsShare’s code: 000550 No.: 2017-015
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2017 First Quarter Report
§1 Important Note
1.1 The Board of Directors and its members, the Supervisory Board and its members, and the senior executives are jointly and severally liable for the truthfulness, accuracy and completeness of the information disclosed in the report and confirm that the information disclosed herein does not contain any false statement, misrepresentation or major omission.
1.2 The Directors, Supervisors, and Senior Management undertake and have no objection to the truthfulness, accuracy and completeness of the contents of the First Quarter Report.
1.3 All Directors were present at the Board meeting in person.
1.4 The financial statements in this Quarterly Report are not audited.
1.5 Chairman Qiu Tiangao, CFO Gong Yuanyuan and Chief of Finance Department, Ding Ni, confirm that the financial statements in this Quarterly Report are truthful and complete.
1.6 All financial data in this Quarterly Report are prepared under International Financial Reporting Standards (“IFRS”) unless otherwise specified.
§2 Brief Introduction
2.1 Main accounting data and financial indicators
Unit:RMB’000
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|-|-|-|-|
||2017First Quarter|2016First Quarter|Change (%)|
|Revenue|8,155,676|5,341,490|52.69|
|Profit Attributable to theEquity Holders of theCompany|228,608|413,564|-44.72|
|Net Cash GeneratedFrom Operating Activities|-879,487|-142,756|-516.08|
|Basic Earnings Per Share(RMB)|0.26|0.48|-44.72|
|Diluted Earnings PerShare (RMB)|0.26|0.48|-44.72|
|Weighted Average Returnon Net Asset Ratio (%)|1.83|3.39|Down 1.56percentage point|
||March 31,2017|December 31,2016|Change (%)|
|Total Assets|24,421,300|24,493,789|-0.30|
|Shareholders’ EquityAttributable to the EquityHolders of the Company|12,637,844|12,409,236|1.84|

2.2 Total number of shareholders and top ten shareholders at the end of reporting period
|||||||
|-|-|-|-|-|-|
|Total shareholders|JMC had 23,068 shareholders, including 17,933 A-share holders, and 5,135B-share holders, as of March 31, 2017.|||||
|Top ten shareholders||||||
|Shareholder Name|ShareholderType|ShareholdingPercentage(%)|Shares at theEnd of 2017First Quarter|Shares withTradingRestriction|Shares duetomortgageor frozen|
|Jiangling MotorHolding Co., Ltd.|State-ownedlegal person|41.03|354,176,000|0|0|
|Ford Motor Company|Foreign legalperson|32|276,228,394|0|0|
|China SecuritiesCorporation Limited|Other|2.64|22,743,584|0|0|
|Shanghai AutomotiveCo., Ltd.|State-ownedlegal person|1.51|13,019,610|0|0|
|Central HuijinInvestment Ltd.|State-ownedlegal person|0.83|7,186,600|0|0|

||||||||
|-|-|-|-|-|-|-|
|JPMBLSA RE FTIFTEMPLETON CHINAFUND GTI 5497|Foreign legalperson|0.68|5,848,450||0|0|
|GAOLING FUND,L.P.|Foreign legalperson|0.63|5,439,086||0|0|
|TEMPLETONDRAGON FUND,INC.|Foreign legalperson|0.57|4,916,708||0|0|
|Norges Bank|Foreign legalperson|0.51|4,380,414||0|0|
|INVESCO FUNDSSICAV|Foreign legalperson|0.51|4,372,630||0|0|
|Top ten shareholders holding unlimited tradable shares|||||||
|Shareholder Name||Shares without TradingRestriction||Share Type|||
|Jiangling Motor Holding Co., Ltd.||354,176,000||A share|||
|Ford Motor Company||276,228,394||B share|||
|China Securities Corporation Limited||22,743,584||A share|||
|Shanghai Automotive Co., Ltd.||13,019,610||A share|||
|Central Huijin Investment Ltd.||7,186,600||A share|||
|JPMBLSA RE FTIF TEMPLETON CHINAFUND GTI 5497||5,848,450||B share|||
|GAOLING FUND,L.P.||5,439,086||B share|||
|TEMPLETON DRAGON FUND,INC.||4,916,708||B share|||
|Norges Bank||4,380,414||A share|||
|INVESCO FUNDS SICAV||4,372,630||B share|||
|Notes on association amongabove-mentioned shareholders||No|||||

2.3 Stock buy-back of top ten shareholders or top ten shareholders holding
unlimited tradable shares in the reporting period
□Yes □√No
There was no Stock buy-back of top ten shareholders or top ten shareholders holding unlimited tradable shares in the reporting period.
2.4 Total number of shareholders holding preferred shares and top ten shareholders holding preferred shares at the end of reporting period
□Applicable □√Not Applicable
§3 Major Events
3.1 Causes and explanations of major changes of financial indicators compared with those of previous reporting period
□√Applicable□Not Applicable
In the first quarter of 2017, JMC sold 79,553 vehicles in total, including 25,908 JMC-brand trucks, 277 JMC-brand light buses, 18,097 JMC-brand pickups, 20,398 SUVs, 13,133 Ford-brand commercial vehicles and 1,740 Transit CKDs. Total sales volume increased by31.99% compared with the same period last year. Revenue and net profit during the reporting period were RMB 8,156 million and RMB 229 million, increase52.69% and decrease44.72% respectively compared with the same period last year.
Trade, other receivables and prepayments at the end of the reporting period increased by RMB 787 million, or29.98% from the end of 2016, primarily reflecting the increase of dealer credit to support peak season sales and production balance, and the material purchasing increase due to higher production.
In the first quarter of 2017, compared with the same period last year, revenue increased by RMB 2,814 million, up52.69%, cost of sales increased by RMB 2,406 million, up59.28%, sales tax increased by RMB 116 million, up65.87%, distribution expenses increase by 248 million, up54.44%, primarily reflecting the increase of sales volume and the change of sales structure.
In the first quarter of 2017, other income decrease by RMB 142 million, down75.36% from the same period last year, primarily reflecting the decrease of government grants.
In the first quarter of 2017, compared with the same period last year, operating profit decreased by RMB 190 million, down49.07%, profit before income tax decreased by RMB 187 million, down41.85%, primarily reflecting the change of sales structure and the decrease of government grants.
In the first quarter of 2017, net cash generated from operating activities decreased by RMB 737 million, down516.08% from 2016, mainly due to cash paid for purchasing goods, accepting labor services and tax payments attributed to volume increase.
3.2 Analysis of major events, their impacts and resolutions
□Applicable □√Not Applicable
3.3 Overdue commitment of the Company, the shareholder, the actual controlling party, the acquirer, the Director, the Supervisor, the senior executive or other related party of the Company
□Applicable □√Not Applicable
There was no overdue commitment of the Company, the shareholder, the actual controlling party, the acquirer, the Director, the Supervisor, the senior executive or other related party of the Company in the reporting period.
3.4 Forecast on 2017 first half-year operating performance
Warning and explanations as to the situation that accumulated net profit during the period from year beginning to the end of next reporting period may be negative or, compared with the same period last year, may have a substantial change
□Applicable □√Not Applicable
3.5 Securities investment
□Applicable □√Not Applicable
There was no securities investment in the reporting period.
3.6 Securities derivates investment
□Applicable □√Not Applicable
There was no securities derivates investment in the reporting period.
3.7 External research and media interview to the Company in the reporting period
|||||
|-|-|-|-|
|Date|CommunicationMethod|Type ofObject|Information Discussed andMaterials offered|
|February9, 2017|On-the-spotresearch|Institution|JMC Operating highlights|
|February23, 2017|On-the-spotresearch|Institution|JMC Operating highlights|

3.8. Outside guarantee in breach of laws& regulations
□Applicable □√Not Applicable
There was no outside guarantee in breach of laws& regulations in the reporting period.
3.9 Non-operating funding in the Company occupied by controlling shareholder and its affiliates
□Applicable □√Not Applicable
There was no non-operating funding in the Company occupied by controlling
shareholder and its affiliates in the reporting period.
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
March 31, 2017
(All amounts in RMB thousands unless otherwise stated)
31 March2017* 31 December 2016 ASSETS
Non-current assets
Property, plant and equipment 6,624,928 6,688,530 Lease prepayment 628,514 632,408 Intangible assets 153,090 158,160 Investments accounted for using the equity method 41,588 39,893 Other non-current assets 97,368 97,549 Deferred income tax assets 589,323 554,488 8,134,811 8,171,028 Current assets
Financial assets at fair value through profit or loss 3,652 8,539 Inventories 2,169,722 1,934,092 Trade, other receivables and prepayments 3,413,152 2,625,808 Cash and cash equivalents 10,612,326 11,666,222 Restricted cash - 463 Assets classified as held for sale 87,637 87,637 16,286,489 16,322,761 Total assets 24,421,300 24,493,789 EQUITY
Equity attributable to shareholders
of the Company
Share capital 863,214 863,214 Share premium 816,609 816,609 Other reserves 452,126 452,126 Retained earnings 10,505,895 10,277,287 Total equity 12,637,844 12,409,236 LIABILITIES
Non-current liabilities
Borrowings 4,518 4,543 Deferred income tax liabilities 27,192 27,383 Retirement benefit obligations 51,416 53,627 Provisions for warranty and other liabilities 143,724 130,987 Other non-current liabilities 300 320 227,150 216,860 Current liabilities
Trade and other payables 11,316,001 11,605,178 Current income tax liabilities 66,584 98,860 Borrowings 452 454 Retirement benefits obligations 4,561 4,561 Provisions for warranty and other liabilities 168,708 153,640 Other current liabilities - 5,000 11,556,306 11,867,693 Total liabilities 11,783,456 12,084,553 Total equity and liabilities 24,421,300 24,493,789*: Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
2017 First quarter
(All amounts in RMB thousands unless otherwise stated)
2017 firstquarter* 2016 firstquarter* Revenue 8,155,676 5,341,490 Sales tax (292,971) (176,622) Cost of sales (6,465,003) (4,058,811) Gross profit 1,397,702 1,106,057 Distribution expenses (704,191) (455,960) Administrative expenses (542,735) (451,486) Other income 46,501 188,728 Operating profit 197,277 387,339 Finance income 62,173 58,050 Finance expenses (979) (157) Finance income -net 61,194 57,893 Share of profit of investments
accounted for using the equity method 1,695 2,172 Profit before income tax 260,166 447,404 Income tax expense (31,558) (33,840) Profit for the period 228,608 413,564 Total comprehensive income for the period 228,608 413,564 Profit attribute to:
Shareholders of the Company 228,608 413,564 Total comprehensive income attributable to:
Shareholders of the Company 228,608 413,564 Earnings per share for profit attributable to
the shareholders of the Company for the period
(expressed in RMB per share)
- Basic and diluted 0.26 0.48*: Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
2017 First Quarter
(All amounts in RMB thousands unless otherwise stated)
2017 firstquarter* 2016 firstquarter* Cash flows from operating activities
Cash generated from operations (780,507) (92,169) Interest paid (120) (282) Income Tax paid (98,860) (50,305) Net cash generated from operating activities
(879,487) (142,756) Cash flows from investing activities
Purchase of property, plant and equipment (PPE) (205,503) (276,560) Other cash paid relating to investment activities (2,479) - Proceeds from disposal of PPE 2 1,518 Interest received 36,735 59,807 Dividends received - 5,745 Other cash received from investing activities 2,729 137 Net cash used in investing activities (168,516) (209,353) Cash flows from financing activities
Repayments of borrowings (5,000) - Dividends paid to shareholders of the Company (893) - Net cash used in financing activities (5,893) - Net decrease in cash and cash equivalents (1,053,896) (352,109) Cash and cash equivalents at beginning of year 11,666,222 8,848,040 Effects of exchange rate changes - - Cash and cash equivalents at end of period 10,612,326 8,495,931*: Unaudited financial indexes