庆铃汽车股份2023年报

CONTENTS 2Overview of the Company3Chairman’s Statement7Biographical Details of Directors, Supervisors andSenior Management13Supervisory Committee’s Report14Directors’ Report49Corporate Governance Report69Independent Auditor’s Report74Consolidated Statement of Profit or Loss and OtherComprehensive Income75Consolidated Statement of Financial Position77Consolidated Statement of Changes in Equity78Consolidated Statement of Cash Flows80Notes to the Consolidated Financial Statements192Financial Summary193Notice of Annual General Meeting195Corporate Information OVERVIEW OF THE COMPANY PRINCIPAL ACTIVITIES 2.59% Qingling Motors Co. Ltd (the “Company”) and its subsidiaries (the“Group”) is principally engaged in the production and sale of Isuzu light,medium and heavy-duty trucks, pick-up trucks, automobile parts andaccessories. All of the production facilities of the Group are located in thePeople’s Republic of China (the “PRC”) and substantially all the sales ofthe Group are also made in the PRC. The Group had exported sales tooverseas countries during the year, which accounted for approximately2.59% of the Group’s turnover for the year. NUMBER OF EMPLOYEES 2,877 The Group had 2,877 employees as at 31 December 2023. CHAIRMAN’S STATEMENT DEAR SHAREHOLDERS, I am pleased to present the annual report of Qingling Motors Co. Ltd (the“Company”) and its subsidiaries (together, the “Group”) for the yearended 31 December 2023 for your review. 2023 RESULTS 31,08928,8537.75%35.9732.4810.73%45.414.98 As at 31 December 2023, the Company sold 31,089 vehicles,representing an increase of 7.75% over 28,853 vehicles sold last year.Revenue was approximately RMB3,597 million, representing an increaseof 10.73% over approximately RMB3,248 million as recorded last year.For the year ended 31 December 2023, the Company recorded a lossafter tax for the year of approximately RMB45.41 million, while it was aloss after tax of approximately RMB4.98 million for the last year. REVIEW OF RESULTS 3.109 2023 is the year when the spirit of the 20th National Congress ofthe Communist Party of China was fully implemented, and it is alsothe year of economic recovery and development after transition incontrolling and preventing the 3-year COVID-19 pandemic. Althoughconsumer confidence is still insufficient and purchasing power is weak,the economy has begun to steadily recover, with favorable conditionsoutweighing adverse factors. The domestic automobile market hasshown strong endogenous power, with total sales reaching approximately31.09 thousand vehicles, setting a new historical record and exceedingmarket expectations. The Company has earnestly implemented thenew development concept, the spirit of the Central Economic WorkConference, and the work plans of the municipal party committee andgovernment. Focusing on the goal of high-quality development, we havesystematically promoted key projects, improved product innovation,optimised marketing mechanisms, and strengthened basic management,achieving stable and growing business operations. CHAIRMAN’S STATEMENT 1.EVB 1.Working together to tackle challenges and accelerating productinnovation and technological innovation.Three new products,including electric vehicles, pick-up trucks, and light trucks, haveachieved stable mass production and were launched on schedule.We have also upgraded the technology of fuel vehicles, acceleratedcompliance with new regulations, achieved the China VI-B EmissionStandard four years ahead of schedule for all series of fuel vehicles,and basically completed the research and development on 4-stageoil consumption for light, medium, and heavy-truck vehicles. Wehave made progress in improving the performance and reducingthe cost of our main selling products, further enhancing our corecompetitiveness in the market. 2.5+5++ 2.Closing sales through marketing system.We have deepened thereform of our marketing organization, stimulated marketing vitality,and implemented monthly evaluations or special evaluations aroundthe “race competition” for annual marketing tasks. We have alsostrengthened our marketing foundation, improved our marketingcapabilities, and mobilized the joint efforts of our distributors. Wehave utilized new media effectively and strengthened marketpromotion. We have implemented our maintenance commitmentsand improved the quality of our services. With focused ongovernment and large customers, we strengthened servicesfor large customers to stabilize our marketing foundation, andenhanced the capability to export complete vehicles. We havestarted building an integrated system to support and ensurethe daily operation of “5+5”. We have also focused on thetransformation and upgrade of traditional dealers in terms of oil andelectricity, cooperated with Internet and freight operation platforms,and built a new energy marketing solution in the style of Qingling,opening up new prospects. CHAIRMAN’S STATEMENT 3.QCD 3.Focusing on QCD capabilities, continuously stren