Share’s name: Jiangling MotorsShare’s code: 000550 No.: 2014-017
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2014 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 false statements, misrepresentations or major omissions.
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 Wang Xigao, President Yuan-Ching Chen, CFO Dennis Leu 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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||2014First Quarter|2013First Quarter|Change (%)|
|Revenue|6,190,539|4,900,875|26.31|
|Profit Attributable to theEquity Holders of theCompany|598,647|499,879|19.76|
|Net Cash GeneratedFrom Operating Activities|617,370|886,373|-30.35|
|Basic Earnings Per Share(RMB)|0.69|0.58|19.76|
|Diluted Earnings PerShare (RMB)|0.69|0.58|19.76|
|Weighted Average Returnon Net Asset Ratio (%)|6.32|6.00|Up 0.32percentage point|
||March 31,2014|December 31,2013|Change (%)|
|Total Assets|17,103,962|16,484,699|3.76|
|Shareholders’ EquityAttributable to the EquityHolders of the Company|9,772,646|9,173,999|6.53|

2.2 Total number of shareholders and top ten shareholders at the end of reporting period
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|Total shareholders|JMC had 18,851 shareholders, including 14,324 A-share holders and 4,527B-share holders as of March 31, 2014.|||||
|Top ten shareholders||||||
|Shareholder Name|ShareholderType|ShareholdingPercentage(%)|Shares at theEnd of 2014First Quarter|Shares withTradingRestriction|Shares duetomortgageor frozen|
|Jiangling MotorHolding Co., Ltd.|State-ownedlegal person|41.03|354,176,000|0|0|
|Ford Motor Company(“Ford”)|Foreign legalperson|32|276,228,394|0|0|
|Shanghai AutomotiveCo., Ltd.|State-ownedLegal person|1.51|13,019,610|0|0|
|Canada Pension PlanInvestment Board|Foreign legalperson|0.92|7,923,990|0|0|
|CICC (Hong Kong)Asset Management|Foreign legalperson|0.75|6,487,675|0|0|

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|-|-|-|-|-|-|-|
|Co., Ltd.|||||||
|Jpmblsa Re FtifTempleton China FundGti 5497|Foreign legalperson|0.70|6,071,850||0|0|
|National SocialSecurity Fund-Portfolio 418|Domesticnon-state-ownedlegal person|0.65|5,635,460||0|0|
|Morgan Stanley & Co.International Plc|Foreign legalperson|0.64|5,545,489||0|0|
|Bank ofCommunicationsSchroder SelectedSecurities InvestmentFund|Domesticnon-state-ownedlegal person|0.57|4,909,986||0|0|
|Bank ofCommunicationsSchroder Prudent &Mixed SecuritiesInvestment Fund|Domesticnon-state-ownedlegal person|0.55|4,785,584||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|||
|Shanghai Automotive Co., Ltd.||13,019,610||A share|||
|Canada Pension Plan Investment Board||7,923,990||A share|||
|CICC (Hong Kong) Asset ManagementCo., Ltd.||6,487,675||A share|||
|Jpmblsa Re Ftif Templeton China FundGti 5497||6,071,850||B share|||
|National Social Security Fund- Portfolio418||5,635,460||A share|||
|Morgan Stanley & Co. International Plc||5,545,489||A share|||
|Bank of Communications SchroderSelected Securities Investment Fund||4,909,986||A share|||
|Bank of Communications SchroderPrudent & Mixed Securities InvestmentFund||4,785,584||A share|||
|Notes on association amongabove-mentioned shareholders||Bank of Communications Schroder Selected SecuritiesInvestment Fund and Bank of Communications SchroderPrudent & Mixed Securities Investment Fund are in custodyof Bank of Communications Schroder Fund ManagementCo., Ltd.|||||

§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 2014, JMC sold 67,125 vehicles, including 21,758 JMC-brand trucks, 19,907 JMC-brand pickups, 8,183 Yusheng-brand SUVs, and 17,277 Ford-brand commercial vehicles. Total sales volume increased by19% compared with the same period last year. Revenue and net profit during the reporting period were RMB 6,191 million and RMB 599 million, up26.3% and19.8% respectively compared with the same period last year.
In the first quarter of 2014, JMC achieved24.6% gross profit margin, a decrease of 1.2 percent compared with the same period last year, mainly attributed to changes of product line mix.
Current income tax liabilities at the end of the reporting period increased by RMB 67 million, or78% from the end of 2013, primarily reflecting the increase of income tax payable.
Sales tax in the first quarter of 2014 increased by RMB 77 million, up46% compared with the same period last year, primarily reflecting the volume increasing and higher mixes of SUV and Transit vehicle.
Distribution costs in the first quarter of 2014 increased by RMB 170 million, up73% compared with the same period last year, primarily reflecting the growth of product volume.
Other income in the first quarter of 2014 increased by RMB 89 million compared with the same period last year, mainly reflecting government grants appropriated by Qingyunpu District, Nanchang City and Xiaolan Economy Development Zone, Nanchang County.
Finance income-net in the first quarter of 2014 increased by RMB 22 million, up65% compared with the same period last year, primarily reflecting higher bank deposit interests.
2014 year-to-date net cash used in operating activities was RMB 617 million, decreased by RMB 269 million, down30% compared with the same period of
2013, primarily reflecting the changes of operating activities.
2014 year-to-date net cash used in investing activities was RMB 175 million, decreased by RMB 218 million, down56% compared with the same period of 2013, primarily reflecting the payment for acquiring the equity of Taiyuan Changan Heavy Truck Company in the first quarter of 2013.
2014 year-to-date net cash used in financing activities was 0.16 million, decreased by RMB 550 million, down100% compared with the same period of 2013, primarily reflecting the repayment of borrowing of JMC Heavy Duty Vehicle Co., Ltd. in the first quarter of 2013.
3.2 Analysis of major events, their impacts and resolutions
□Applicable □√Not Applicable
3.3 Commitments made by the Company or the shareholder holding5% or more of the Company shares during the reporting period
□√Applicable□Not Applicable
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|-|-|-|-|-|-|
|Item|Promisor|Content ofCommitments|Time|Term ofCommitments|Implementation ofcommitments|
|Share reform||None|None|None|N/A|
|Acquisition report orStatement of changesin equity||None|None|None|N/A|
|Asset restructuring||None|None|None|N/A|
|Initial Public Offering orre-funding||None|None|None|N/A|
|Other commitments|Ford|*|December2, 2013|within 6 monthsas of November29, 2013|In the reporting period, Fordexercised its commitmentssincerely and did not breachthe promise.|

* Ford undertakes that the additional shares acquired by it within 12 months as of the First Shareholding Increase Date (January 21, 2013) will not exceed2% of the aggregate issued shares of the Company, and it will not reduce the shares it acquires in this Shareholding Increase within 6 months as of the completion date of this Shareholding Increase.
Ford acquired an aggregate of 17,264,194 B Shares of JMC by the method of centralized bidding and block transaction during the period from January 21,
2013 to November 29, 2013, representing2.000% of the aggregate issued
shares of JMC, and had finished this Shareholding Increase. After these
shareholding increases, the B Shares of JMC held by Ford are 276,228,394 shares (of which 100,000,000 shares are indirectly held by Ford through Citibank N.A. in the form of American Depositary Receipts), representing32.000% of the aggregate issued shares of JMC.
3.4 Forecast on 2014 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 investments
□Applicable □√Not Applicable
3.6 Securities derivates investment
□Applicable □√Not Applicable
3.6.1 Balance of securities derivates at the end of reporting period
□Applicable □√Not Applicable
3.7 External research and media interview to the Company in the reporting period
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|-|-|-|-|-|-|
|Date|Place|CommunicationMethod|Type ofObject|Object|Information discussedand sources offered|
|January9, 2014|In theCompany|OralCommunication|Institution|Seven analysts fromOrient SecuritiesCompany Limited,Bank ofCommunicationsSchroder FundManagement Co., Ltd.,China AssetManagement Co., Ltd.,First Capital SecuritiesCo., Ltd., EverbrightPramerica FundManagement Co., Ltd.,Minsheng TonghuiAsset ManagementCo., Ltd., IndustrialSecurities Co., Ltd.|JMC Operating highlights|
|January13, 2014|In theCompany|OralCommunication|Institution|Two analysts fromShanghai HeqiInvestment ConsultingCompany, Owl CreekAsset Management LP.|JMC Operating highlights|
|January20, 2014|In theCompany|OralCommunication|Institution|An analyst from CLSAAsia-Pacific Markets|JMC Operating highlights|
|February14, 2014|In theCompany|OralCommunication|Institution|Two analysts fromUBS Securities Co.,Ltd.|JMC Operating highlights|

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|February19, 2014|In theCompany|OralCommunication|Institution|Three analysts fromBeijing Runhui AssetManagement Co., Ltd.,China MerchantsSecurities Co., Ltd.,CITIC SecuritiesCompany Limited|JMC Operating highlights|
|March 17,2014|In theCompany|OralCommunication|Institution|An analyst fromChangjiang SecuritiesCompany Limited|JMC Operating highlights|
|March 25,2014|In theCompany|OralCommunication|Institution|An analyst from ChinaInternational CapitalCorporation Limited|JMC Operating highlights|
|March 27,2014|In theCompany|OralCommunication|Institution|Six analysts fromHeshi InvestmentConsulting Company,APS China ResearchPte Ltd., SoochowAsset ManagementCo., Ltd., EssenceFund ManagementCo., Ltd., UGInvestment AdvisersLimited, IndustrialSecurities Co., Ltd.|JMC Operating highlights|

Board of Directors
Jiangling Motors Corporation, Ltd.
April 26, 2014
Appendix
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
March 31, 2014
(Prepared under International Financial Reporting Standards) (All amounts in RMB thousands unless otherwise stated)
31 March2014* 31 December 2013RMB’000 RMB’000 ASSETS
Non-current assets
Property, plant and equipment (“PPE”) 5,215,287 5,149,137 Lease prepayment 601,281 604,831 Intangible assets 107,778 108,035 Investments accounted for using the equity method 38,851 34,682 Deferred income tax assets 328,178 302,351 6,291,375 6,199,036 Current assets
Financial assets at fair value through profit or loss 44 469 Inventories 1,596,029 1,745,927 Trade and other receivables 2,293,919 2,059,295 Cash and cash equivalents 6,922,595 6,479,972 10,812,587 10,285,663 Total assets 17,103,962 16,484,699 EQUITY
Capital and reserves attributable to
theCompany’s equity holders
Share capital 863,214 863,214 Share premium 816,609 816,609 Other reserves 456,451 456,451 Retained earnings 7,636,372 7,037,725 9,772,646 9,173,999 Non-controlling interests - - Total equity 9,772,646 9,173,999 LIABILITIES
Non-current liabilities
Borrowings 5,237 5,190 Deferred income tax liabilities 30,256 30,535 Retirement benefit obligations 46,556 48,788 Provisions for warranty and other liabilities 213,588 191,095 Other non-current liabilities 5,540 5,560 301,177 281,168 Current liabilities
Trade and other payables 6,868,643 6,934,919 Current income tax liabilities 152,880 86,001 Borrowings 403 399 Retirement benefits obligations 8,213 8,213 7,030,139 7,029,532 Total liabilities 7,331,316 7,310,700 Total equity and liabilities 17,103,962 16,484,699*: Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
2014 First quarter
(Prepared under International Financial Reporting Standards) (All amounts in RMB thousands unless otherwise stated)
2014 firstquarter* 2013 firstquarter*RMB’000 RMB’000 Revenue 6,190,539 4,900,875 Sales tax (241,923) (165,247) Cost of sales (4,669,023) (3,635,962) Gross profit 1,279,593 1,099,666 Distribution costs (402,069) (231,767) Administrative expenses (328,119) (306,221) Other income 89,730 239 Operating profit 639,135 561,917 Finance income 57,013 38,861 Finance costs (262) (4,569) Finance income -net 56,751 34,292 Share of profit of investments
accounted for using the equity method 4,170 3,218 Profit before income tax 700,056 599,427 Income tax expense (101,409) (80,288) Profit for the period 598,647 519,139 Other comprehensive income - - Total comprehensive income for the period 598,647 519,139 Profit attribute to:
Equity holders of the Company 598,647 499,879 Non-controlling interests - 19,260 598,647 519,139 Total comprehensive income attributable to:
Equity holders of the Company 598,647 499,879 Non-controlling interests - 19,260 598,647 519,139 Earnings per share for profit attributable to
the equity holders of the Company
(expressed in RMB per share)
- Basic and diluted 0.69 0.58*: Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
2014 First Quarter
(Prepared under International Financial Reporting Standards) (All amounts in RMB thousands unless otherwise stated)
2014 firstquarter* 2013 firstquarter*RMB’000 RMB’000 Cash flows from operating activities
Cash generated from operations 678,267 1,030,289 Interest paid (260) (5,165) Income tax paid (60,637) (138,751) Net cash generated from operating activities 617,370 886,373 Cash flows from investing activities
Purchase of held-to-maturity investments - (100,000) Purchase of PPE (276,244) (220,865) Acquisition of a subsidiary, net of cash acquired - (166,168) Other cash paid relating to investing activities (70) - Proceeds from disposal of PPE
-
1,416 1,142 Interest received 100,308(7 0)
92,901 Other cash received from investing activities 1,4- 16 153 Net cash used in investing activities (174,590) (392,837) Cash flows from financing activities
Repayments of borrowings - (424,000) Dividends paid to minority shareholders of a subsidiary - (125,638 ) Other cash paid relating to financing activities (157) (245 ) Net cash used in financing activities (157) (549,883) Net increase/(decrease) in cash and cash equivalents 442,623 (56,347) Cash and cash equivalents at beginning of year 6,479,972 5,559,693 Effects of exchange rate changes - - Cash and cash equivalents at end of period 6,922,595 5,503,346*: Unaudited financial indexes