Share’s code：
| Share’s code： | 000550 | Share’s Name： | Jiangling Motors | No.： | 2025-045 |
| 200550 | Jiangling B |
Jiangling Motors Corporation, Ltd.
2025 Third Quarter Report
Jiangling Motors Co., Ltd. and its Board members undertake that theinformation disclosed herein is truthful, accurate and complete and doesnot contain any false statement, misrepresentation or major omission.
Important Note
1. The Board of Directors and its members, the Supervisory Board and itsmembers, and the senior executives are jointly and severally liable for thetruthfulness, accuracy and completeness of the information disclosed in theReport, and confirm that the information disclosed herein does not containany false statement, misrepresentation or major omission.
2. Chairman Qiu Tiangao, CFO Joey Zhu and Chief of Finance Department,Hu Hanfeng, confirm that the financial statements in this Quarter Report aretruthful, accurate and complete.
3. Whether the 2025 third quarter report is audited?
□Yes ?No
1 Brief Introduction
(1) Main accounting data and financial indicators
Unit: RMB
| Reporting period (2025 Third Quarter) | YoY Change (%) | Beginning of Year to End of Reporting Period | YoY Change (%) | |
| Revenue | 9,196,139,182 | -6.26% | 27,288,525,392 | -1.59% |
| Net Profit Attributable to the Equity Holders of the Company | 16,405,954 | -93.94% | 749,134,001 | -35.76% |
| Net Profit Attributable to the Equity Holders of the Company After Deducting Non-Recurring Profit or Loss | -72,929,211 | -126.67% | 466,986,995 | -56.95% |
| Net Cash Generated From Operating Activities | —— | —— | 201,904,797 | -88.30% |
| Basic Earnings Per Share (RMB) | 0.02 | -93.55% | 0.87 | -35.56% |
Diluted Earnings Per Share(RMB)
| Diluted Earnings Per Share (RMB) | 0.02 | -93.55% | 0.87 | -35.56% | |
| Weighted Average Return on Net Asset Ratio (%) | 0.16% | -2.49% | 6.58% | -4.28% | |
| At the End of the Reporting Period | At the End of the Previous Year | Change (%) | |||
| Total Assets | 29,616,572,234 | 30,839,912,640 | -3.97% | ||
| Shareholder’s Equity Attributable to the Equity Holders of the Company | 11,256,826,427 | 11,292,579,854 | -0.32% | ||
(2) Non-recurring profit and loss items and amounts
?Applicable □Not Applicable
Unit: RMB
| Reporting period (2025 Third Quarter) | Beginning of Year to End of Reporting Period | |
| Profit and loss of non-current assets disposal (including the charge-off part of the asset impairment provision) | -1,620,371 | 16,794,091 |
| Government subsidies included in the current profit and loss | 66,557,059 | 268,799,241 |
| In addition to the effective hedging business related to the normal operating business of the Company, holding the gains and losses of fair value changes arising from trading financial assets and trading financial liabilities, as well as the investment income obtained from the disposal of trading financial assets, trading financial liabilities and available for sale financial assets | -588,329 | 3,124,924 |
| Capital occupation fee charged for non-financial enterprises included in the current profit and loss | 534,175 | 1,774,183 |
| Reversal of impairment allowance for individually assessed receivables | 1,872,395 | 1,872,395 |
| Other non-operating income and expenses except the above | -1,287,919 | 160,734 |
| Other profit and loss items that meet the definition of non-recurring profit and loss | -14,072,157 | -14,158,730 |
| Less: Income tax impact amount | 42,313,758 | 75,958,546 |
| Influence of minority shareholders' equity (after-tax) | -80,254,070 | -79,738,714 |
| Total | 89,335,165 | 282,147,006 |
Details of other profit and loss items that meet the definition of non-recurringprofit and loss
□Applicable ?Not Applicable
There is no other profit and loss items that meet the definition of non-recurringprofit and loss in the Company.The description of the non-recurring profit and loss items listed in CorporateInformation Disclosure of Public Issuing Securities No.1 is defined as recurringprofit and loss items
□Applicable ?Not Applicable
The Company does not have a situation in which the non-recurring profit andloss items listed in No.1 of Corporate Information Disclosure AnnouncementNo.1 are defined as recurring profit and loss.
(3) Causes and explanations on major changes of financial indicators of thereporting period?Applicable □Not Applicable
In the first three quarters of 2025, JMC sold 260,957 vehicles in total,increased by 7.73% compared with the same period last year, including 70,773light buses, 52,726 trucks, 45,404 pickups, 92,054 SUVs. Revenue was RMB27,289 million, decreased by 1.59% compared with the same period last year.
During the first three quarters of 2025, net profit attributable to the equityholders of the Company was RMB 749 million, decreased by RMB 417 millionand down 35.76% compared with the same period last year, and net profitattributable to the equity holders of the Company after deducting non-recurringprofit or loss decreased by RMB 618 million and down 56.95% compared withthe same period last year. In the third quarter of 2025, compared with the sameperiod last year, net profit attributable to the equity holders of the Companydecreased by RMB 254 million, down 93.94%, and net profit attributable to theequity holders of the Company after deducting non-recurring profit or lossdecreased by RMB 346 million, down 126.67%. The above changes weremainly due to the corresponding reversal of the recognized deferred incometax assets, resulting from the business adjustment of Jiangling FordAutomotive Technology (Shanghai) Co., Ltd., a controlling subsidiary of theCompany, in this quarter.
As of the end of the third quarter of 2025, compared with the end of theprevious year, accounts receivable increased by RMB 1,536 million, up
36.75%, mainly due to the growth in whole vehicle export operations.
As of the end of the third quarter of 2025, compared with the end of theprevious year, financing receivables decreased by RMB 148 million, down
48.96%, mainly because the payments to suppliers were made by means ofbills of exchange.
As of the end of the third quarter of 2025, compared with the end of theprevious year, deferred income tax assets decreased by RMB 555 million,down 36.30%, mainly due to the impact of the reversal of deferred income taxassets of the subsidiary.
As of the end of the third quarter of 2025, compared with the end of theprevious year, short-term borrowings decreased by RMB 700 million, down
46.67%, mainly due to the repayment of short-term bank borrowings.
As of the end of the third quarter of 2025, compared with the end of theprevious year, contract liabilities increased by RMB 323 million, up 69.03%,mainly due to the increase in advance payments for technical services.
As of the end of the third quarter of 2025, compared with the end of theprevious year, minority interests decreased by RMB 293 million, down 42.02%,mainly due to the impact of changes in the profit and loss of the subsidiary.
During the first three quarters of 2025, compared with the same period lastyear, selling and distribution expenses decreased by RMB 317 million, down
32.73%, mainly due to the significant expenditure in the launch of new modelsduring the same period last year.
During the first three quarters of 2025, compared with the same period lastyear, income tax expenses increased by RMB 713 million, up 1152.86%,mainly due to the impact of the reversal of deferred income tax assets of thesubsidiary.
During the first three quarters of 2025, compared with the same period lastyear, net cash flows generated from operating activities decreased by RMB1,524 million, down 88.30%, mainly due to the decrease of cash received fromsales of goods.
During the first three quarters of 2025, compared with the same period lastyear, net cash flows used in investing activities decreased by RMB 360 million,down 35.43%, mainly due to the decrease of cash paid for the acquisition andconstruction of fixed assets during the period.
2 Shareholder Information
(1) Total number of shareholders and top ten shareholders
| Total shareholders (as at September 31, 2025) | JMC had 39,356 shareholders, including 33,537 A-share holders and 5,819 B-share holders. | |||||
| Top ten shareholders (excluding lending of shares through refinancing) | ||||||
| Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Shares at the End of Year | Shares with Trading Restriction | Shares due to Mortgage or Frozen or Mark | |
| Nanchang Jiangling Investment Co., Ltd. | State-owned legal person | 41.03% | 354,176,000 | 0 | 0 | |
| Ford Motor Company | Foreign legal person | 32.00% | 276,228,394 | 0 | 0 | |
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | Foreign legal person | 1.30% | 11,229,724 | 0 | 0 | |
| Jin Xing | Domestic natural person | 0.65% | 5,573,000 | 0 | 0 | |
| China Merchants Securities (HK) Co., Ltd. | Foreign legal person | 0.54% | 4,652,775 | 0 | 0 | |
| Bank of China Limited - Yi Fangda Hong Kong Stock Connect Dividend Flexible Allocation Hybrid Securities Investment Fund | Domestic non-State-owned legal persons | 0.37% | 3,155,600 | 0 | 0 | |
| Zhou Jianqi | Domestic natural person | 0.25% | 2,121,300 | 0 | 0 | |
| Industrial and Commercial Bank of China Limited - HTFTZ Intelligent Manufacturing Stock Securities Investment Fund | Domestic non-State-owned legal persons | 0.24% | 2,069,224 | 0 | 0 | |
| China Merchants Bank Co., Ltd. - China Southern CSI 1000 Exchange Traded Open End Index Securities Investment Fund | Domestic non-State-owned legal persons | 0.22% | 1,896,530 | 0 | 0 | |
| Li Wei | Domestic natural person | 0.19% | 1,628,200 | 0 | 0 | |
| Top ten shareholders holding unlimited tradable shares (excluding lending of shares through refinancing and executive lock-up shares) | ||||||
| Shareholder Name | Shares without Trading Restriction | Share Type | ||||
Nanchang Jiangling Investment Co., Ltd.
| Nanchang Jiangling Investment Co., Ltd. | 354,176,000 | A share | |
| Ford Motor Company | 276,228,394 | B share | |
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | 11,229,724 | A share | |
| Jin Xing | 5,573,000 | B share | |
| China Merchants Securities (HK) Co., Ltd. | 4,652,775 | B share | |
| Bank of China Limited - Yi Fangda Hong Kong Stock Connect Dividend Flexible Allocation Hybrid Securities Investment Fund | 3,155,600 | A share | |
| Zhou Jianqi | 2,121,300 | A share | |
| Industrial and Commercial Bank of China Limited - HTFTZ Intelligent Manufacturing Stock Securities Investment Fund | 2,069,224 | A share | |
| China Merchants Bank Co., Ltd. - China Southern CSI 1000 Exchange Traded Open End Index Securities Investment Fund | 1,896,530 | A share | |
| Li Wei | 1,628,200 | B share | |
| Notes on association among above-mentioned shareholders | None. | ||
| Description of shareholders participating in financing and securities financing business | None. | ||
Participation of Shareholders holding more than 5% of shares, top 10shareholders and top 10 shareholders with unlimited shares in the lending ofshares in the refinancing business
□Applicable ?Not Applicable
Change in the top 10 shareholders of the Company and the top 10shareholders with unlimited shares from the previous period due tolending/repatriation of refinancing business
□Applicable ?Not Applicable
(2) Total number of shareholders holding preferred shares and top tenshareholders holding preferred shares
□Applicable ?Not Applicable
3. Other Major Events
□Applicable ?Not Applicable
4. Financial Statements
Jiangling Motors Corporation, Ltd.
(1) CONSOLIDATED AND COMPANY BALANCE SHEETS AS AT 30 SEPTEMBER2025(All amounts in RMB Yuan unless otherwise stated)
| Item | 30 September 2025 Consolidated* | 31 December 2024 Consolidated |
| Current assets | ||
| Cash and cash equivalents | 10,658,995,228 | 12,546,295,890 |
| Derivative financial assets | 2,392,110 | 12,612,380 |
| Notes receivable | 270,110 | 226,865 |
| Accounts receivable | 5,717,394,342 | 4,181,008,234 |
| Financing receivables | 154,179,199 | 302,065,502 |
| Advances to suppliers | 68,621,538 | 94,749,172 |
| Other receivables | 44,020,263 | 54,013,240 |
| Inventories | 1,878,644,028 | 2,054,517,242 |
| Current portion of non-current assets | 13,236,381 | 20,784,738 |
| Other current assets | 1,528,559,277 | 1,228,372,977 |
| Total current assets | 20,066,312,476 | 20,494,646,240 |
| Non-current assets | ||
| Long-term receivables | 17,352,040 | 18,533,908 |
| Long-term equity investments | 207,435,992 | 219,298,031 |
| Fixed assets | 5,825,152,824 | 5,749,474,005 |
| Construction in progress | 528,328,529 | 661,911,780 |
| Right-of-use assets | 88,516,881 | 158,485,688 |
| Intangible assets | 1,678,170,087 | 1,811,454,853 |
| Development expenditures | 224,887,560 | 188,103,430 |
| Goodwill | - | - |
| Deferred tax assets | 974,766,226 | 1,530,144,365 |
| Other non-current assets | 5,649,619 | 7,860,340 |
| Total non-current assets | 9,550,259,758 | 10,345,266,400 |
| TOTAL ASSETS | 29,616,572,234 | 30,839,912,640 |
| Current liabilities | ||
| Short-term borrowings | 800,000,000 | 1,500,000,000 |
| Notes payable | 139,132,013 | - |
| Accounts payable | 10,202,559,849 | 10,061,223,944 |
| Contract liabilities | 790,551,331 | 467,704,291 |
| Employee benefits payable | 643,587,581 | 780,174,574 |
| Taxes payable | 154,076,459 | 265,198,389 |
| Other payables | 5,177,565,980 | 5,739,064,167 |
| Current portion of non-current liabilities | 79,541,084 | 86,155,114 |
| Other current liabilities | 313,600,315 | 341,548,441 |
Total current liabilities
| Total current liabilities | 18,300,614,612 | 19,241,068,920 |
| Non-current liabilities | ||
| Long-term borrowings | 697,947 | 941,453 |
| Lease liabilities | 9,066,870 | 93,752,634 |
| Long-term employee benefits payable | 56,852,211 | 59,342,000 |
| Provisions | 270,874,862 | 287,165,703 |
| Deferred income | 62,917,703 | 61,202,010 |
| Deferred tax liabilities | 225,700,884 | 130,301,876 |
| Other non-current liabilities | 423,207,186 | 370,793,523 |
| Total non-current liabilities | 1,049,317,663 | 1,003,499,199 |
| Total liabilities | 19,349,932,275 | 20,244,568,119 |
| Equity | ||
| Share capital | 863,214,000 | 863,214,000 |
| Capital surplus | 839,442,490 | 839,442,490 |
| Less: treasury shares | 170,214,887 | - |
| Other comprehensive income | -26,388,000 | -26,388,000 |
| Special reserve | 5,306,894 | 5,371,093 |
| Surplus reserve | 431,607,000 | 431,607,000 |
| Retained earnings | 9,313,858,930 | 9,179,333,271 |
| Total equity attributable to shareholders of the Company | 11,256,826,427 | 11,292,579,854 |
| Minority interests | -990,186,468 | -697,235,333 |
| Total equity | 10,266,639,959 | 10,595,344,521 |
| TOTAL LIABILITIES AND EQUITY | 29,616,572,234 | 30,839,912,640 |
| * Unaudited financial indexes |
(2) CONSOLIDATED AND COMPANY INCOME STATEMENTS FOR 1stJANUARY 2025 TO 30th SEPTEMBER 2025(All amounts in RMB Yuan unless otherwise stated)
| Item | 2025.1.1-2025.9.30 Consolidated* | 2024.1.1-2024.9.30 Consolidated* |
| Total Revenue | 27,288,525,392 | 27,730,616,481 |
| Including: Revenue | 27,288,525,392 | 27,730,616,481 |
| Total Cost of sales | 26,574,464,198 | 27,317,394,616 |
| Including: Cost of sales | 23,456,492,984 | 23,887,027,088 |
| Taxes and surcharges | 874,428,587 | 1,097,433,569 |
| Selling and distribution expenses | 652,178,361 | 969,535,546 |
| General and administrative expenses | 714,087,246 | 647,793,534 |
| Research and development expenses | 964,149,878 | 855,560,334 |
| Financial expenses | -86,872,858 | -139,955,455 |
| Including: Interest expenses | 13,491,216 | 17,036,093 |
| Interest income | -111,644,594 | -163,857,921 |
| Add: Other income | 387,822,730 | 423,291,899 |
| Investment income | -1,667,833 | 4,763,043 |
| Including: Share of profit of associates and joint ventures | -11,862,039 | -3,872,852 |
| Gains on changes in fair value | -7,314,033 | -9,979,484 |
| Credit impairment losses | -2,892,795 | 8,320,548 |
| Asset impairment losses | 107,070 | 4,564,039 |
| Gains on disposal of assets | 17,397,780 | 4,941,898 |
| Operating profit | 1,107,514,113 | 849,123,808 |
| Add: Non-operating income | 2,790,940 | 2,060,583 |
| Less: Non-operating expenses | 3,233,896 | 7,712,894 |
| Total profit | 1,107,071,157 | 843,471,497 |
| Less: Income tax expenses | 650,888,291 | -61,820,694 |
| Net profit | 456,182,866 | 905,292,191 |
| Classified by continuity of operations | ||
| Net profit from continuing operations | 456,182,866 | 905,292,191 |
| Net profit from discontinued operations | - | - |
| Classified by ownership of the equity | ||
| Attributable to shareholders of the Company | 749,134,001 | 1,166,091,015 |
| Minority interests | -292,951,135 | -260,798,824 |
| Other comprehensive income, net of tax | - | - |
| Attributable to shareholders of the Company | ||
| Other comprehensive income items which will not be reclassified to profit or loss | ||
| Changes arising from remeasurement of defined benefit plan | - | - |
| Attributable to minority interests | - | - |
Total comprehensive income
| Total comprehensive income | 456,182,866 | 905,292,191 |
| Attributable to shareholders of the Company | 749,134,001 | 1,166,091,015 |
| Attributable to minority interests | -292,951,135 | -260,798,824 |
| Earnings per share | ||
| Basic earnings per share(RMB Yuan) | 0.87 | 1.35 |
| Diluted earnings per share(RMB Yuan) | 0.87 | 1.35 |
*: Unaudited financial indexes
(3) CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS FOR 1stJANUARY 2025 TO 30th SEPTEMBER 2025(All amounts in RMB Yuan unless otherwise stated)
| Item | 2025.1.1-2025.9.30 Consolidated* | 2024.1.1-2024.9.30 Consolidated* |
| Cash flows generated from operating activities | ||
| Cash received from sales of goods or rendering of services | 28,285,096,504 | 29,880,646,804 |
| Refunds of taxes | - | 164,581,363 |
| Cash received relating to other operating activities | 365,842,336 | 160,129,899 |
| Sub-total of cash inflows | 28,650,938,840 | 30,205,358,066 |
| Cash paid for goods and services | 22,758,076,662 | 22,533,597,108 |
| Cash paid to and on behalf of employees | 2,144,384,139 | 2,115,699,297 |
| Payments of taxes and surcharges | 1,864,060,966 | 2,256,297,011 |
| Cash paid relating to other operating activities | 1,682,512,276 | 1,573,390,998 |
| Sub-total of cash outflows | 28,449,034,043 | 28,478,984,414 |
| Net cash flows generated from operating activities | 201,904,797 | 1,726,373,652 |
| Cash flows used in investing activities | ||
| Cash received from disposal of investments | 55,000,000 | 600,000,000 |
| Cash received from returns on investments | 264,648 | 8,000,784 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 40,750,669 | 26,414,906 |
| Cash received relating to other investing activities | 118,320,297 | 170,025,631 |
| Sub-total of cash inflows | 214,335,614 | 804,441,321 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 814,672,096 | 1,217,399,820 |
| Cash paid to acquire investments | 55,000,000 | 600,000,000 |
| Cash paid relating to other investing activities | 533,226 | 2,805,783 |
| Sub-total of cash outflows | 870,205,322 | 1,820,205,603 |
| Net cash flows used in investing activities | -655,869,708 | -1,015,764,282 |
| Cash flows used in financing activities | ||
| Cash received from borrowings | 3,730,381,417 | 1,993,735,139 |
| Cash received from other financing activities | - | 1,332,309 |
| Sub-total of cash inflows | 3,730,381,417 | 1,995,067,448 |
| Cash repayments of borrowings | 4,350,240,906 | 2,802,237,020 |
| Cash payments for distribution of dividends, profits or interest expenses | 617,395,698 | 599,149,627 |
| Cash paid relating to other financing activities | 190,177,199 | 21,178,345 |
| Sub-total of cash outflows | 5,157,813,803 | 3,422,564,992 |
| Net cash flows used in financing activities | -1,427,432,386 | -1,427,497,544 |
| Effect of foreign exchange rate changes on cash and cash equivalents | - | - |
| Net decrease in cash and cash equivalents | -1,881,397,297 | -716,888,174 |
| Add: Cash and cash equivalents at beginning of year | 12,475,176,009 | 11,746,518,615 |
| Cash and cash equivalents at end of period | 10,593,778,712 | 11,029,630,441 |
* Unaudited financial indexes
2. In 2025, the first implementation of the new accounting standardsadjustment and the situation of first implementation of the financial statementsat the beginning of the year related items
□Applicable ?Not Applicable
3. Whether the 2025 Third quarter report is audited?
□Yes ?No
JMC 2025 Third Quarter Report is not audited.
Board of DirectorsJiangling Motors Corporation, Ltd.October 22, 2025