江铃汽车股份有限公司 独立董事 2024 年度述职报告 作为江铃汽车股份有限公司（以下简称"公司"）的独立董事，根据《公司 法》、《证券法》、《上市公司独立董事管理办法》《深圳证券交易所上市公司自律 监管指引第1号——主板上市公司规范运作》以及《公司章程》等相关规定，本 人在2024年度工作中，诚信、勤勉、尽责，忠实履行职务，积极出席相关会议， 认真审议董事会各项议案，切实维护了公司和股东尤其是中小股股东的利益。现 将2024年度履行职责的情况述职如下： 一、基本情况 本人余卓平，1960年出生，拥有同济大学机械工程学士学位及机械工程硕士 学位，清华大学汽车工程博士学位，现任同济大学智能型新能源汽车协同创新中 心主任，同济汽车设计研究院有限公司董事长，上海智能新能源汽车科创功能平 台有限公司董事长兼总经理，上海市人民政府参事，汽车工程学会副监事长，江 铃汽车股份有限公司独立董事，宁波圣龙汽车动力系统股份有限公司独立董事， 华域汽车系统股份有限公司独立董事。本人曾任同济大学机械工程学院主任、新 能源汽车工程中心常务副主任、汽车学院常务副院长、院长，同济大学校长助理。 报告期内，本人任职符合《上市公司独立董事管理 ...

江铃汽车股份有限公司 独立董事 2024 年度述职报告 作为江铃汽车股份有限公司（以下简称"公司"）的独立董事，根据《公司 法》、《证券法》、《上市公司独立董事管理办法》《深圳证券交易所上市公司自律 监管指引第1号——主板上市公司规范运作》以及《公司章程》等相关规定，本 人在2024年度工作中，诚信、勤勉、尽责，忠实履行职务，积极出席相关会议， 认真审议董事会各项议案，切实维护了公司和股东尤其是中小股股东的利益。现 将2024年度履行职责的情况述职如下： 一、基本情况 本人王悦，1978年出生，拥有河南大学会计学学士学位，中南财经政法大学 会计学硕士学位，上海财经大学会计学博士学位，现任上海财经大学会计学院教 授，江铃汽车股份有限公司独立董事，上海康鹏科技股份有限公司独立董事，上 海蒂螺医疗器械股份有限公司独立董事。本人先后在香港理工大学、中欧国际工 商学院担任研究助理，2012年-2013年赴美国伊利诺伊斯大学香槟分校（UIUC）， 在会计系齐默尔曼研究中心做访问学者。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、2024年度履职情况 1、董事会 ...

Financial Performance - The company's operating revenue for 2024 reached ¥38,374,160,748, representing a 15.70% increase compared to ¥33,167,325,081 in 2023[17]. - Net profit attributable to shareholders for 2024 was ¥1,537,139,024, a 4.17% increase from ¥1,475,597,266 in 2023[17]. - The net profit after deducting non-recurring gains and losses was ¥1,356,329,085, marking a significant 36.28% increase from ¥995,236,837 in 2023[17]. - Basic earnings per share for 2024 were ¥1.78, up 4.17% from ¥1.71 in 2023[18]. - The company reported a net profit of 180,809,939 yuan for the year, a decrease from 480,360,429 yuan in the previous year[24]. - The company's revenue for 2024 was 38.374 billion yuan, representing a 15.7% increase compared to the previous year[41]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[96]. Cash Flow and Assets - The net cash flow from operating activities decreased by 42.35% to ¥2,633,384,217 from ¥4,567,539,866 in 2023[18]. - Total assets at the end of 2024 amounted to ¥30,839,912,640, a 5.83% increase from ¥29,141,187,886 in 2023[18]. - The total cash and cash equivalents increased by ¥728.66 million, a decline of 77.25% compared to the previous year[57]. - As of the end of 2024, cash and cash equivalents amounted to ¥12,546,295,890, representing 40.68% of total assets, an increase of 0.08% compared to the beginning of 2024[59]. - The company’s financing activities generated a net cash outflow of ¥545.38 million, a significant increase of 183.97% compared to the previous year[57]. Production and Sales - In 2024, the company achieved a total vehicle production and sales of 3,128.2 million and 3,143.6 million units, representing year-on-year growth of 3.7% and 4.5% respectively[27]. - The company achieved total vehicle sales of 341,208 units, a year-on-year increase of 10.06%[40]. - The total production volume for 2024 was 344,841 units, reflecting a 12.17% increase from the previous year[40]. - The production and sales of new energy vehicles reached 1,288.8 million and 1,286.6 million units, with year-on-year growth of 34.4% and 35.5% respectively, accounting for 40.9% of total new vehicle sales[28]. - The company’s light truck production increased by 23.60% year-on-year, while SUV production rose by 11.35%[31]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥7.12 per 10 shares, based on a total of 863,214,000 shares[5]. - The company plans to distribute a cash dividend of 7.12 yuan per 10 shares, totaling 614,608,368 yuan, which represents 100% of the profit distribution[135]. - The company has a total distributable profit of 9,179,333,271 yuan for the reporting period[135]. Research and Development - The company reported a research and development expenditure of 1.315 billion yuan, an increase of 2.21% year-on-year[41]. - The number of R&D personnel increased by 6.10% to 2,628, with a higher proportion of staff holding master's degrees[55]. - The company plans to launch a new electric SUV platform in the second half of 2025, aiming to enhance competitiveness and meet future policy requirements[54]. - A strategic acquisition of a technology firm was completed for $200 million, aimed at enhancing R&D capabilities[101]. Market Strategy and Expansion - The company is focusing on digital transformation to improve operational efficiency and customer-centric solutions, including the launch of the Jiangling Lexing system for logistics collaboration[30]. - The company plans to enhance its technological investment in new products, smart connectivity, and lightweight solutions, aiming for a production capacity of 320,000 units with a utilization rate of 108%[30]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of the fiscal year[100]. - The company plans to launch new electric light commercial vehicles and SUVs to enhance market competitiveness[73]. Governance and Management - The company has established an independent financial department with a standardized accounting system and independent bank accounts[81]. - The company’s governance structure complies with relevant laws and regulations, with no significant discrepancies noted[80]. - The company has appointed a new director, Ms. Zhong Junhua, to the board during the second extraordinary general meeting of 2024[84]. - The company has seen a management change with the resignation of Liu Rangpo and Yang Shenghua as vice presidents effective December 31, 2024, due to job changes[88]. - The company emphasizes the importance of leadership stability in driving future growth and operational efficiency[88]. Environmental Initiatives - The company is committed to completing low-nitrogen combustion retrofitting for its gas (oil) boilers by 2025, aiming to secure a 50% funding subsidy[145]. - The company achieved a 14% reduction in hazardous waste disposal volume per unit in 2024 compared to 2023, saving 800,000 yuan annually in hazardous waste disposal costs[149]. - The company invested a total of 19.13 million yuan in environmental protection initiatives, including 4.33 million yuan for wastewater treatment station operations and 6.83 million yuan for waste disposal[153]. - The company received a funding subsidy of 50,000 yuan after successfully passing the clean production audit for its 2,000-acre base[145]. Risk Management - The company has identified potential risks and corresponding measures in its management discussion and analysis section[5]. - The company maintains a risk-neutral approach in its foreign exchange hedging activities, focusing on financial stability and avoiding currency fluctuation risks[66]. - The internal control system is regularly updated to adapt to changes in internal and external environments, ensuring its effectiveness[138]. Shareholder Structure - The total number of shares outstanding is 863,214,000, with 99.91% being unrestricted shares[193]. - The largest shareholder, Nanchang Jiangling Investment Co., Ltd., holds 41.03% of the shares, totaling 354,176,000 shares[196]. - Ford Motor Company is the second-largest shareholder, owning 32.00% of the shares, which amounts to 276,228,394 shares[196]. - The total number of shareholders at the end of the reporting period was 44,853, a slight decrease from 44,853 at the previous month-end[195].

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—005 200550 江铃 B 近日，公司收到政府扶持资金合计 1.8 亿元人民币。上述政府补助与公司日 常经营活动相关，但不具有可持续性。根据《企业会计准则第 16 号—政府补助》 相关规定，上述政府扶持资金与收益相关，将计入公司 2025 年第一季度损益。 特此公告，敬请投资者注意投资风险。 江铃汽车股份有限公司 董事会 2025 年 3 月 22 日 1 江铃汽车股份有限公司获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

Investment Rating - The investment rating for Jiangling Motors (000550) is "Buy" [1]. Core Views - Jiangling Motors achieved a sales volume of 21,568 vehicles in February 2025, representing a year-on-year increase of 8.15%. Notably, light commercial vehicles saw a significant increase of 59.78%, while truck sales rose by 42.05% [2][4]. - The company is optimistic about future growth driven by exports and the acceleration of electric and intelligent vehicle development. In 2024, total sales reached 341,200 units, with export sales of 116,600 units, both setting historical records [4]. - New product launches, including the Ford Leima and plug-in hybrid models, are expected to contribute positively to sales. Additionally, Jiangling Motors is collaborating with WeRide for autonomous driving technology, marking significant advancements in the industry [4]. Summary by Sections Sales Performance - In February 2025, Jiangling Motors sold 21,568 vehicles, with light commercial vehicles at 5,899 units (up 59.78%) and trucks at 4,371 units (up 42.05%). Cumulative sales for January-February 2025 reached 42,927 units, a 5.11% increase year-on-year [2][4]. Future Outlook - The company anticipates continued growth in exports and electric vehicle sales, with a total sales target of 341,200 units for 2024, including 116,600 units for exports [4]. The introduction of new models and advancements in autonomous driving technology are expected to enhance market competitiveness [4].

证券研究报告 -163 68 1,076 272 366 公司研究 806.5 % 1. 4% 12.8% 10 % .7 14.6% 18.4 % -4.3% 1. 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 % 8% -0.16 0. 07 1.07 0.27 0.37 [Table_StockAndRank] 江铃汽车(000550) — 11 2.05 2. 3 投资评级 35.85 69 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅大厦 B座 邮编：100031 [Table_Title] 江铃汽车（000550.SZ）：二月份轻客、卡车 同比实现高增，看好未来出口+电动智能化持 续提速 [Table_ReportDate] 2025 年 3 月 4 日 [Table_S 事件：ummary] 3 月 4 日，江铃汽车发布 2025 年 2 月产、销数据。公告显示，2025 年 2 月，江铃汽车销售各类车型 21568 辆，同比增长 8.15%。其中，轻型 客车 5899 辆，同比大 ...

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025-004 200550 江铃 B 江铃汽车股份有限公司 2025 年 2 月产、销情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 | | | | 同比 | 产量（辆） | | 同比 | | | 同比 | 销量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 本月数 | 去年 | | 本年 | 去年同期 | | | 去年 | | 本年 | 去年同期 | 同比 | | | | 同月数 | 变化 | 累计数 | 累计数 | 变化 | 本月数 | 同月数 | 变化 | 累计数 | 累计数 | 变化 | | | | | （%） | | | （%） | | | （%） | | | （%） | | 轻型客车 | 6,271 | 4,239 | 47.94% | 11,832 | 8,577 | 37.95% | 5,899 | 3,692 | ...

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025-003 200550 江铃 B 江铃汽车股份有限公司 2025 年 1 月产、销情况的自愿性信息披露公告 | | | | 同比 | 产量（辆） | | 同比 | | | 同比 | 销量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 本月数 | 去年 | | 本年 | 去年同期 | | | 去年 | | 本年 | 去年同期 | 同比 | | | | 同月数 | 变化 | 累计数 | 累计数 | 变化 | 本月数 | 同月数 | 变化 | 累计数 | 累计数 | 变化 | | | | | （%） | | | （%） | | | （%） | | | （%） | | 轻型客车 | 5,561 | 4,338 | 28.19% | 5,561 | 4,338 | 28.19% | 5,088 | 4,115 | 23.65% | 5,088 | 4,115 | 23.65% | | 卡车 | 3,468 | ...

Financial Performance - Total revenue for 2024 reached 38,374 million RMB, an increase of 15.70% compared to the previous year[2] - Operating profit for 2024 was 1,263 million RMB, up 58.87% from the previous year[2] - Total profit for 2024 amounted to 1,258 million RMB, reflecting a 57.64% increase compared to the prior year[2] - Net profit attributable to shareholders was 1,537 million RMB, a growth of 4.20% year-over-year[2] - Net profit after deducting non-recurring gains and losses was 1,356 million RMB, up 36.28% from the previous year[2] - Basic earnings per share for 2024 were 1.78 RMB, an increase of 4.20% compared to the previous year[2] Sales Performance - The company sold 341,208 vehicles in 2024, representing a 10.06% increase in total sales year-over-year[4] Assets and Equity - Total assets at the end of 2024 were 30,839 million RMB, a 5.83% increase from the beginning of the year[2] - Shareholders' equity attributable to the company was 11,292 million RMB, reflecting a 9.10% increase[2] Return on Equity - The weighted average return on equity was 14.20%, down from 15.06% in the previous year, a decrease of 0.86%[2]

Core Viewpoint - The application of 3D printing technology in automotive component development has led to significant advancements, including a reduction of approximately 80% in design issues during the R&D phase and a decrease in assembly costs by over 5% [1][14]. Group 1: 3D Printing Technology in Automotive Industry - 3D printing is categorized as additive manufacturing, contrasting with traditional stamping processes that are subtractive in nature [2]. - The integration of 3D printing with traditional mechanical manufacturing has shortened the development cycle for vehicle interior and exterior designs by about 4 months, saving the company approximately 6.5 million yuan [3]. - 3D printing allows for rapid production of customized components, significantly reducing the time and cost associated with new product development [14][19]. Group 2: Challenges and Innovations - The automotive industry demands high precision in component manufacturing, necessitating meticulous attention to detail in design [4]. - The absence of traditional tooling prompted the team to utilize 3D printing technology to create substitute parts, demonstrating innovation in overcoming manufacturing challenges [5][10]. - The development of a light-curing forming process for 3D printing has been successfully applied in automotive component design and manufacturing [20]. Group 3: Skills Development and Knowledge Transfer - The company emphasizes the importance of skill enhancement among employees, with over 300 engineering personnel trained in various fields including design and manufacturing [18]. - The mentorship approach adopted by experienced professionals has led to the emergence of multi-skilled talents within the organization [16]. - Continuous learning and adaptation to new technologies are crucial for maintaining competitiveness in the evolving automotive landscape [15].