Share’s name: Jiangling MotorsShare’s code: 000550 No.: 2019-055
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2019 Third 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 All Directors were present at the Board meeting in person.
1.3 Chairman Qiu Tiangao, CFO Li Weihua and Chief of Finance Department, Xie Wanzhao, confirm that the financial statements in this Quarterly Report are truthful, accurate and complete.
1.4 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
||||||||
|-|-|-|-|-|-|-|
||At the end ofreporting period||At the end of theprevious year||Change (%)||
|Total Assets|22,840,343||23,396,529||-2.38%||
|Shareholder’s equityAttributable to the EquityHolders of the Company|10,507,642||10,384,498||1.19%||
||Reportingperiod(2019 thirdquarter)|YoY Change(%)||Beginning ofyear toend ofreportingperiod||YoY Change(%)|
|Revenue|6,686,321|13.28%||20,408,275||1.08%|
|Profit Attributable to theEquity Holders of theCompany|98,811|198.65%||157,673||-27.93%|
|Net Cash Generated FromOperating Activities|-|-||1,283,215||156.06%|
|Basic Earnings Per Share(RMB)|0.11|198.65%||0.18||-27.93%|
|Diluted Earnings Per Share(RMB)|0.11|198.65%||0.18||-27.93%|
|Weighted Average Return onNet Asset Ratio (%)|0.95%|Increase 1.84percentagepoint||1.51%||Down 0.43percentagepoints|

 2.2 Total number of shareholders and top ten shareholders at the end of reporting period
2.2.1 Total number of shareholders and top ten shareholders
|||||||
|-|-|-|-|-|-|
|Total shareholders|JMC had 23,713 shareholders as of September 30, 2019, including 18,476 A-shareholders and 5,237 B-share holders.|||||
|Top ten shareholders||||||
|Shareholder Name|ShareholderType|ShareholdingPercentage(%)|Shares as ofSeptember 30,2017|Shares withTradingRestriction|Sharesdue tomortgageor frozen|
|Nanchang JianglingInvestment Co.,Ltd.|State-ownedlegal person|41.03|354,176,000|0|0|
|Ford MotorCompany|Foreign legalperson|32.00|276,228,394|0|0|
|China SecuritiesCorporation Limited|Domesticnon-state-ownedlegal person|2.72|23,458,066|0|0|
|ShanghaiAutomotive Co.,Ltd.|State-ownedLegal person|1.51|13,019,610|0|0|

||||||||
|-|-|-|-|-|-|-|
|HarvestEnvironmentalProtection LowCarbon StockInvestment Fund|Other|0.98|8,465,988||0|0|
|National SocialSecurity Fund 602Portfolio|Other|0.91|7,851,964||0|0|
|Central HuijinInvestment Ltd.|State-ownedLegal person|0.83|7,186,600||0|0|
|GAOLING FUND,L.P.|Foreign legalperson|0.63|5,453,086||0|0|
|National SocialSecurity Fund 504Portfolio|Other|0.61|5,250,455||0|0|
|JPMBLSA RE FTIFTEMPLETONCHINA FUND GTI5497|Foreign legalperson|0.61|5,239,550||0|0|
|Top ten shareholders holding unlimited tradable shares|||||||
|Shareholder Name||Shares without TradingRestriction||Share Type|||
|Nanchang Jiangling Investment Co.,Ltd.||354,176,000||A share|||
|Ford Motor Company||276,228,394||B share|||
|China Securities Corporation Limited||23,458,066||A share|||
|Shanghai Automotive Co., Ltd.||13,019,610||A share|||
|Harvest Environmental Protection LowCarbon Stock Investment Fund||8,465,988||A share|||
|National Social Security Fund 602Portfolio||7,851,964||A share|||
|Central Huijin Investment Ltd.||7,186,600||B share|||
|GAOLING FUND, L.P.||5,453,086||B share|||
|National Social Security Fund 504Portfolio||5,250,455||B share|||
|JPMBLSA RE FTIF TEMPLETONCHINA FUND GTI 5497||5,239,550||B share|||
|Notes on association amongabove-mentioned shareholders||None.|||||

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.
2.2.2 Total number of shareholders holding preferred shares and top ten shareholders holding preferred shares
□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 three quarters of 2019, JMC sold 202,201 vehicles in total, down0.89%, compared with the same period last year; including 67,371 trucks, 40,391 pickups, 38,697 SUVs, 50,971 light buses and 4,771 CKDs. Revenue and net profit during the reporting period were RMB 20,408 million and RMB 158 million, increase1.08% and decrease27.93% respectively compared with the same period last year.
Distribution costs in the first three quarters of 2019 increased by RMB 362 million, up49.11% from the same period last year, primarily reflecting the expense increase for Territory launch.
Other income in the first three quarters of 2019 increased by RMB 56 million, up30.02% from the same period last year, primarily reflecting the increase of government subsidy.
Profit before income tax in the first three quarters of 2019 decreased by RMB 89 million, down47.37% from the same period last year, primarily reflecting the change of sales structure and investment on new product, technology and regulation.
Net cash inflow from operating activities in the first three quarters of 2019 increased by RMB 3,572 million, up156.06% from the same period last year, primarily reflecting the payment to suppliers decrease.
Net cash outflow from investing activities in the first three quarters of 2019 increased by RMB 341 million, up47.50% from the same period last year, primarily reflecting the investment increase of Fushan Plant.
Net cash outflow from financing activities in the first three quarters of 2019 decreased by RMB 2,245 million, down98.48% from the same period last year, primarily reflecting payment of special dividend for the middle of 2017 paid in 2018.
Net increase in cash and cash equivalents at end of the first three quarters of 2019 increased by RMB 5,476 million, up103.58% from the same period last year, primarily reflecting the net cash inflow from operating activities increase
and payment of special dividend for the middle of 2017 paid in 2018.
3.2 Analysis of major events, their impacts and resolutions
□Applicable□√Not Applicable
Progress of Share Repurchase
□Applicable□√Not Applicable
Progress of the implementation of the centralized bidding method to reduce the share repurchases
□Applicable□√Not Applicable
3.3 Commitments of the Company actual controlling party, the shareholders,
the related parties, the acquirer, or the Company
□Applicable□√Not Applicable
3.4 Forecast on 2019 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 during the reporting period.
3.6 Entrust asset management
□Applicable□√Not Applicable
There was no entrust asset management during the reporting period.
3.7 Securities derivates investment
□Applicable□√Not Applicable
There was no securities derivates investment during the reporting period.
3.8 External research and media interviews with the Company during the reporting period
□√Applicable □Not Applicable
|||||
|-|-|-|-|
|Date|Communication|Type of Object|Information Discussed and|
||Method||Materials offered|
|July 11,2019|On-the-spot research|Other|JMC Operating highlights|
|July 17,2019|On-the-spot research|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 during 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.
§4 Financial Statements
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
(All amounts in RMB thousands unless otherwise stated)
30 September2019* 31 December 2018 Assets
Non-current assets
Property, plant and equipment 7,138,526 6,941,292 Lease prepayment 589,580 601,260 Intangible assets 309,278 246,026 Deferred income tax assets 800,631 743,096 Investments accounted for using the
39,838 40,112 equity method
Total non-current assets 8,877,853 8,571,786 Current assets
Inventories 2,096,766 2,522,354 Trade and other receivables and
3,886,791 4,678,284 prepayments
Derivative financial instruments - 979 Financial assets at fair value through
155,087 6,246 other comprehensive income
Cash and cash equivalents 7,806,246 7,616,880 Restricted cash 17,600 - Total current assets 13,962,490 14,824,743 Total assets 22,840,343 23,396,529
Jiangling Motors Corporation, Ltd.
Consolidated BalanceSheet（continued）
(All amounts in RMB thousands unless otherwise stated)
30 September2019* 31 December 2018 Equity
Share capital 863,214 863,214 Share premium 816,609 816,609 Other reserves 447,472 447,472 Retained earnings 8,380,347 8,257,203 Total equity 10,507,642 10,384,498 Liabilities
Non-current liabilities
Contract liabilities 59,948 38,382 Borrowings 3,474 3,595 Deferred income tax liabilities 25,506 26,024 Retirement benefit obligations 59,829 63,425 Provisions for statutory warranty 182,163 151,492 Other non-current liabilities 93,280 60,160 Total non-current liabilities 424,200 343,078 Current liabilities
Trade and other payables 11,468,341 12,195,966 Contract liabilities 220,358 266,702 Current income tax liabilities - 179 Borrowings 463 449 Derivative financial instruments 553 - Retirement benefit obligations 4,595 4,595 Provisions for statutory warranty 214,191 201,062 Total current liabilities 11,908,501 12,668,953 Total liabilities 12,332,701 13,012,031 Total equity and liabilities 22,840,343 23,396,529* Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
(All amounts in RMB thousands unless otherwise stated)
2019.7.1-2019.9.30*2018.7.1-2018.9.30*2019.1.1-2019.9.30*2018.1.1-2018.9.30* Revenue from contracts with
customers 6,686,321 5,902,627 20,408,275 20,190,124 Taxes and surcharges (173,476) (151,333) (542,451) (520,125) Cost of sales (5,498,651) (5,043,969) (17,182,620) (17,321,693) Gross profit 1,014,194 707,325 2,683,204 2,348,306 Distribution costs (393,404) (284,296) (1,099,279) (737,230) Administrative expenses (594,892) (619,009) (1,869,477) (1,757,539) Net expected credit losses on
(725) 1,581 331 663 financial assets
Net impairment losses on
property,plant and equipment - - (3,126) (3,607) Other income 8,152 (7,877) 243,757 187,483 Operating profit/(loss) 33,325 (202,276) (44,590) 38,076 Finance income 55,591 45,499 148,356 152,153 Finance costs (1,464) (1,349) (4,088) (4,611) Finance income -net 54,127 44,150 144,268 147,542 Share of profit of investments
accounted for using the equity
method (608) 650 (274) 3,261 Profit before income tax 86,844 (157,476) 99,404 188,879 Income tax credit 11,967 57,312 58,269 29,908 Profit for the period 98,811 (100,164) 157,673 218,787 Profit attributable to:
Shareholders of the Company 98,811 (100,164) 157,673 218,787 Total comprehensive income
for the period 98,811 (100,164) 157,673 218,787 Total comprehensive income
attributable to:
Shareholders of the Company 98,811 (100,164) 157,673 218,787 Earnings per share for profit
attributable to the
shareholders of the Company
for the period
(expressed in RMB per share)
- Basic and diluted 0.11 (0.12) 0.18 0.25
* Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
(All amounts in RMB thousands unless otherwise stated)
2019.1.1-2019.9.30*2018.1.1-2018.9.30* Cash flows from operating activities
Cash generated from operations 1,283,538 (2,191,311) Interest paid (150) (151) Income tax paid (173) (97,410) Net cash inflow/(outflow) from operating activities 1,283,215 (2,288,872) Cash flows from investing activities
Payment for property, plant and equipment ("PPE") (1,242,287) (869,822) Purchase of financial assets at fair value through profit or loss (6,500,000) (6,703,000) Other cash paid relating to investing activities (10,205) (15,447) Proceeds from disposal of PPE 3,000 2,179 Proceeds from disposal of financial assets at fair value
through profit or loss 6,500,000 6,703,000 Investment income from financial assets at fair value through
profit or loss 31,185 14,195 Interest received 155,742 146,676 Other cash received from investing activities 3,463 4,169 Net cash outflow from investing activities (1,059,102) (718,050) Cash flows from financing activities
Repayments of borrowings (220) (207) Dividends paid to shareholders of the Company (34,508) (2,278,417) Other cash paid relating to financing activities (19) (1,260) Net cash outflow from financing activities (34,747) (2,279,884) Net increase/(decrease) in cash and cash equivalents 189,366 (5,286,806) Cash and cash equivalents at beginning of year 7,616,880 11,137,723 Effects of exchange rate changes - - Cash and cash equivalents at end of period 7,806,246 5,850,917* Unaudited financial indexes
Board of Directors
Jiangling Motors Corporation, Ltd.
October 23, 2019