庆铃汽车股份2024年报

CONTENTS 2Overview of the Company3Chairman’s Statement6Biographical Details of Directors, Supervisors andSenior Management11Supervisory Committee’s Report12Directors’ Report44Corporate Governance Report64Independent Auditor’s Report69Consolidated Statement of Profit or Loss and OtherComprehensive Income70Consolidated Statement of Financial Position72Consolidated Statement of Changes in Equity73Consolidated Statement of Cash Flows75Notes to the Consolidated Financial Statements178Financial Summary179Corporate Information OVERVIEW OF THE COMPANY PRINCIPAL ACTIVITIES 3.22% 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 approximately3.22% of the Group’s turnover for the year. NUMBER OF EMPLOYEES 2,863 The Group had 2,863 employees as at 31 December 2024. 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 2024 for your review. 2024 RESULTS 33,17831,0896.72%41.2435.9714.66%4,8004,500 For the year ended 31 December 2024, the Company sold 33,178vehicles, representing an increase of 6.72% over 31,089 vehicles soldlast year. Revenue was approximately RMB4,124 million, representingan increase of 14.66% over approximately RMB3,597 million as recordedlast year. For the year ended 31 December 2024, the Company recordeda loss after tax for the year of approximately RMB48 million, while it wasa loss after tax of approximately RMB45 million for the last year. REVIEW OF RESULTS 753,0003306.7%168%42.56%10% The year 2024 marked the 75th anniversary of the founding of thePeople’s Republic of China and was a crucial year for achieving the goalsof the 14th Five-Year Plan. China has focused on deepening reform andopening-up, expanding domestic demand, and maintaining overall stableand progressive economic performance. The domestic automotive markethas continued to recover, with annual production and sales remainingabove 30 million vehicles, driven by rapid growth in new energy vehiclesand exports. However, commercial truck sales declined to 3.3 millionunits, a year-on-year decrease of 6.7%. In the face of challenges suchas weak overall demand in the commercial truck industry, a year-on-year market decline, and intense market competition, the Companyfocused on its core responsibilities and principal business, and prioritizedthe development of new energy and export markets. By acceleratingthe development of new productive forces and implementing multiplemeasures to improve operations, the Company achieved growth acrossits light-duty, medium-duty, and heavy-duty truck segments. Of which,new energy vehicle sales surged by 168%, exports sales increased by42.56% and operating profit increased by 10%, demonstrating an upward“scissors difference ()”. CHAIRMAN’S STATEMENT The Company has accelerated its five transformations and promotedindustrial upgrades in 2024. The major achievements include: 1.VAN 1.Significant growth in the new energy and accelerated electrificationtransformation. Firstly, the independent innovation has beenstrengthened. The Company has completed the research anddevelopment of electric VANs, small trucks, and high-capacityrechargeable heavy-duty trucks, filling in the product gaps.Secondly, the marketing model has been innovated. The Companyjoined hands with financial institutions to provide convenient andfast financing services, removing market barriers and bottlenecks. 2.KD 2.Significant increase in vehicle exports and accelerated marketingglobalisation. Firstly, “going out” for our brands. The Companyregistered dozens of products in many countries throughout theyear, and registered Qingling trademarks in nearly 50 countries,registering nearly 200 products. Secondly, “going in” for marketingpersonnel. The Company sent a number of teams to expand theoverseas market, with a presence in countries like Vietnam andthe Philippines, launching the first year of marketing globalisation.Thirdly, “going up” for sales volume. The Company built several KDfactories and marketing centres in Southeast Asia and Central Asia. 3. 3.Significant increase in export sales of parts and components, andthe marketisation was accelerated. The Company has increasedthe assessment of export sales, with the revenue from exportsales of parts and components and the assembly and proportion ofexport sales both increased, and the export market has continuedto expand. 4. 4.Integration of industrial resources and accelerated developmenttransformation. Firstly,