中期報告INTERIM REPORT2016
股份代號 : 305HKEx Stock Code
( )
(Incorporated in Bermuda with limited liability)
香港灣仔港灣道23號
鷹君中心24樓2403室
五菱汽車集團控股有限公司
23 Harbour Road, Wanchai, Hong Kong
Unit 2403, 24/F, Great Eagle Centre,
CORPORATE PROFILE
Wuling Motors Holdings Limited (“Wuling Motors Holdings” or the “Company”) and its
subsidiaries (collectively referred to as the “Wuling Group” or the “Group”) are principally
engaged in the businesses of trading and manufacturing of automotive components, engines
and specialized vehicles in China. Our Group’s corporate goal is to grasp the tremendous
business opportunities arising from the rapidly growing automobile industry in China. We
supply engines and automotive components to commercial-type mini-vehicles and passenger
vehicles. We are also a qualified enterprise for manufacturing electrical mini-truck in China.
The Group’s main production facilities are located in Liuzhou, Qingdao and Chongqing. Since
2011, it has been ranked as one of the Fortune China 500 Enterprises.
企業簡介
五菱汽車集團控股有限公司（「五菱汽車控股」或「本公司」）及其附屬公司（統稱「五菱
集團」或「本集團」）的主要業務為於中國從事汽車零部件、發動機及專用汽車之銷售
及製造業務，以把握中國市場迅速發展所帶來的重大商機為集團的經營發展目標。我
們為商用微車及乘用車提供發動機及汽車零部件。我們亦為擁有生產小型電動貨車資
質之企業，主要製造設施設於柳州、青島及重慶，並自二零一一年起已獲評為財富中
國500強企業之一。
2 Messages from the Board of Directors 董事會致辭
6 Management Discussion and Analysis 管理層討論及分析
17 Disclosure of Interests 權益披露
21 Other Information 其他資料
Interim Financial Information 中期財務資料
23 Report on Review of Condensed Consolidated
Financial Statements
簡明綜合財務報表審閱報告
25 Condensed Consolidated Statement of
Profit or Loss and Other Comprehensive
Income
簡明綜合損益及其他全面
收益報表
26 Condensed Consolidated Statement of
Financial Position
簡明綜合財務狀況表
27 Condensed Consolidated Statement of
Changes in Equity
簡明綜合權益變動表
29 Condensed Consolidated Statement of
Cash Flows
簡明綜合現金流量表
30 Notes to the Condensed Consolidated
Financial Statements
簡明綜合財務報表附註
51 Corporate Information 公司資料
CONTENTS 目錄
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
2
MESSAGES FROM THE BOARD OF DIRECTORS
董事會致辭
Results and Performances
We are pleased to present the unaudited results of Wuling Motors
Holdings Limited (the “Company” and together with its subsidiaries the
“Group” or “Wuling Motors”) for the six months ended 30 June 2016.
The first half of 2016 was full of opportunities and challenges for
automobile industry in China. As China’s economy entered a stage of
stable development, the automobile industry experienced stages of
moderate growth. Adhering to its operating policies of “Pursuing
Growth Amid Stability, Optimizing Business Structure, Promoting
Sustainable Development”, Wuling Motors managed to enhance quality
and efficiency, continued to adjust its enterprise structure and
promoted business transformation, successfully identifying new goals
for strategic development without compromising the long-standing
scale of operation and healthy growth. During the first six months of
2016, the Group recorded a turnover of RMB8,502,171,000, representing
an increase of % as compared to the corresponding period in last
year.
Gross profit for the period under review was RMB866,002,000,
representing an increase of %. Impressive growth of businesses in
the passenger vehicles segment from the new products of the engines
and parts and automotive components and other industrial services
divisions benefited the business performance of the Group for the
period, despite the keen competition business environment. Net profit
of the Group for the first half of 2016 was RMB134,670,000,
representing a significant increase of approximately % as compared
to the corresponding period in last year. Profits attributable to the
owners of the Company was RMB66,217,000, representing an impressive
increase of %.
In February 2016, the Company completed the capital injection of an
additional sum of RMB160,000,000 in cash to Liuzhou Wuling Motors
Industrial Company Limited (“Wuling Industrial”), our non-wholly
owned subsidiary, pursuant to a capital increase agreement entered
into between the Company and Guangxi Automobile Holdings Limited
(“Guangxi Automobile”), our ultimate controlling shareholder on 3
December 2015 (“WI Capital Increase”). Accordingly, the Company’s
equity interest in Wuling Industrial had been increased from
approximately % to approximately %. Details of the WI
Capital Increase were disclosed in the Company’s announcement dated
3 December 2015 and the Company’s circular dated 24 December 2015.
業績及表現
我們欣然提呈五菱汽車集團控股有限公司（「本
公司」連同其附屬公司統稱「本集團」或「五菱
汽車」）截至二零一六年六月三十日止六個月之
未經審核業績。
二零一六年上半年，中國汽車行業充滿機遇與
挑戰。隨著中國經濟步入平穩發展，汽車行業
溫和增長。秉持「穩中求進、優化結構、持續
發展」之經營方針，五菱汽車努力提升質素與
效益、持續調整企業架構及推動業務轉型，在
不影響其長期經營規模與健康發展的情況下成
功物色新的策略發展目標。本集團於二零一六
年首六個月錄得營業額人民幣8,502,171,000
元，較去年同期上升%。
回顧期內，毛利增加%至人民幣866,002,000
元。儘管營商環境競爭激烈，惟來自發動機及
部件以及汽車零部件及其他工業服務分部旗下
乘用車分部新產品所帶動之顯著業務增長利好
本集團期內業務表現。於二零一六年上半年，
本集團錄得淨利潤人民幣134,670,000元，較去
年同期大幅增加約%。本公司擁有人應佔
溢利為人民幣66,217,000元，顯著增加%。
根據本公司與最終控股股東廣西汽車集團有限
公司（「廣西汽車」）於二零一五年十二月三日所
訂立增資協議，本公司於二零一六年二月完成
對非全資附屬公司柳州五菱汽車工業有限公司
（「五菱工業」）的現金增資，金額為人民幣
160,000,000元（「五菱工業增資」）。因此，本公
司所持五菱工業股權從約%增至約
%。五菱工業增資的詳情披露於本公司日
期為二零一五年十二月三日的公佈及本公司日
期為二零一五年十二月二十四日的通函。
3
五菱汽車集團控股有限公司 / 二零一六年中期報告
MESSAGES FROM THE BOARD OF DIRECTORS
董事會致辭
Opportunities and Challenges
The economic environment in China continued to undergo certain
structural adjustments during the first half of 2016. As China’s economy
entered the stage of stable development, it was inevitable that
enterprises would face intensifying competition and new challenges in
their respective industries. Supported by the continuous growth in the
local economy and increasing demands from the consumers, the
automobile industry in China maintained its momentum of growth for
the first half of 2016. Total number of motor vehicles sold in China
increased moderately by % on a year-on-year basis and reached
million vehicles. Such increase was mainly attributable to the growth in
the segment of passenger vehicles, which comprised primarily sedans,
MPVs and SUVs, etc. Amongst which, the MPVs and SUVs continued to
be the most impressive growth segments, which are also the strategic
focus of the Group and our key customer.
During the period, in co-operation with customers and business
partners, new products were unremittingly developed and launched in
response to the dynamic market environment. We confidently expect
some of which would become the next growth drivers of revenue of the
Group in the years ahead. In addition, commencement of operations of
the new production plants and other ancillary facilities, such as the
completed Liuzhou Hexi Industrial Facilities, the extended Qingdao
Facilities, the newly established Liudong Facilities and the Chongqing
Facilities had also provided fundamental supports for our business
development. The establishment of these enhanced facilities would
also ensure our competitive strength in terms of scalability and
geographical locations for future business development and
transformation projects. Meanwhile, the Group has been actively
implementing the expansion programme of our first overseas
production base located in Indonesia to develop our overseas
businesses concurrently our key customer, which is expected to
commence operation in the second half of 2017.
In response to the specific business environment and the strategy of our
key customer, the Group had also initiated certain strategic changes in
our business operations. In particular for our engines and parts and
automotive components and other industrial services divisions, our
business focus had been gradually shifted from a high reliance on the
mini-vehicles segment to a balanced mix of contribution from the mini-
vehicles and the passenger vehicles segments. The remarkable
segmental performances of the engines and parts and the automotive
components and other industrial services divisions since last year, in
terms of the growth in revenue and operations, had continuously
demonstrated the importance and effectiveness of this business strategy
in fostering the business potential of the Group.
機遇及挑戰
於二零一六年上半年，中國營商環境繼續經歷
若干結構調整。由於中國經濟進入穩定發展階
段，企業難免面對各自行業競爭加劇及新挑
戰。受惠於本土經濟持續增長及消費者需求不
斷上升，中國汽車行業於二零一六年上半年保
持增長勢頭。中國汽車銷售總量按年穩步上升
%至百萬輛，主要歸功於乘用車（主要
包括轎車、多用途車輛 (MPVs)及運動型多用途
車 (SUVs)等）分部增長，其中多用途車輛及運動
型多用途車繼續蟬聯最高增長分部，同時亦為
本集團及主要客戶之策略重點。
期內，透過與客戶及業務夥伴合作，我們持續
開發及推出新產品以迎合多變市況，並深信其
中部分將於未來數年成為帶動本集團收益增長
之新動力。此外，新生產廠房及其他配套設施
（例如已落成之柳州河西工業基地、經擴展之
青島生產線、新設立之柳東基地及重慶基地）
投產亦為業務發展提供基礎支援。設立該等經
改進之設施亦將確保未來業務發展及轉型項目
在規模及地理位置方面獲得競爭優勢。同時，
本集團積極實施擴張，計劃在印尼籌建首個海
外生產基地（預期於二零一七年下半年投產）以
與大客戶同步發展我們的海外業務。
為配合特殊營商環境及主要客戶策略，本集團
亦著手改變若干業務營運策略，尤其就我們的
發動機及部件以及汽車零部件及其他工業服務
分部業務組成方面，我們將業務重點由高度依
賴小型車分部逐步轉移至以小型車與乘用車之
平衡組合。發動機及部件以及汽車零部件及其
他工業服務分部自去年起在收入及營運增長方
面表現卓越，持續彰顯此業務策略對促進本集
團業務潛力之重要性及成效。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
4
MESSAGES FROM THE BOARD OF DIRECTORS
董事會致辭
本集團於執行經營策略時密切注視營商環境變
化，從不低估產能過剩及市況波動帶來之風
險。因此，除實施適當產能擴充策略外，本集
團亦開展以優質服務為導向之技術改造方案，
務求進一步提高產品質量標準及技術能力，從
而保持在業界之競爭力。本集團相信，在這個
充滿挑戰之環境中，此雙管齊下策略對企業發
展而言不可或缺。
本集團對於中國汽車行業之長遠增長潛力充滿
信心，並深明在商業領域中，挑戰與機遇並
存。有效商業模式能夠將挑戰轉化為機遇，而
在很大程度上，這有賴於企業定立之明確目標
及有效策略。
為應對汽車行業之挑戰及把握機遇，本集團一
直認真實施以下策略及方案：
a. 推行技術改造方案，例如落實發動機及
汽車零部件分部專門化規劃工作，從而
為現有產品提供垂直整合之生產流程，
同時開發新產品提供予核心客戶及新客
戶；
b. 進行業務拓展計劃，目標為國內其他汽
車製造商，從而使 (1)發動機及部件及 (2)
汽車零部件及其他工業服務分部業務健
康多元化發展；
c. 實施汽車零部件及專用汽車分部產能擴
充計劃，透過建立位於柳州、青島及重
慶規模較大之新生產設施，以及其他位
於其他地區之較小型項目，提升生產效
率及增加產能，以應付來自核心客戶及
新客戶不斷增長之需求；
d. 加強技術研發與創新，以市場為導向加
大新產品開發力度，旨在改進技術知識
及提升本集團整體盈利能力；及
e. 若干系統營運提升及整合方案，目的在
於提高效率及績效標準，同時控制生產
成本以保持理想市場競爭力。
While the Group has been actively monitoring the changing business
environment when implementing business strategies, we have never
underestimated the risks associated with excessive capacities and
dynamic market situations. Therefore, apart from implementing
appropriate capacity expansion strategies, the Group has also
undertaken quality services oriented and technical re-engineering
programs to further strengthen our product quality standard and
technical capability so as to stay competitive in the industry. The Group
believes this combined strategy is essential for the corporate
development of an enterprise in this challenging environment.
The Group is full of confidence in the long term growth potential of the
China automobile industry and realizes in business, challenges and
opportunities are indistinguishable to each other. An effective business
model can translate challenges into opportunities, which to a great
extent, relies on the determined goals and effective strategies of the
enterprises.
To cope with the challenges as well as to grasp the opportunities in the
automobile industry, the Group has been conscientiously undertaken
the following strategies and programs:
a. Technical re-engineering projects such as the specialization
programs in our engines and automotive components divisions
for the purpose of implementing vertical integration of our
existing products, as well as to supplying new lines of products to
our core and new customers;
b. Business expansion programs aiming at other car manufacturers
in China to develop a healthy diversification of businesses of our
(1) engines and parts and (2) automotive components and other
industrial services divisions;
c. Various capacity expansion programs in our automotive
components and specialized vehicles divisions through the setup
of the new production facilities, such as the larger projects in
Liuzhou, Qingdao and Chongqing, as well as other minor scale
projects, in other geographical regions to enhance productivity
and to increase capacity to cope with the increasing demands
coming from our core and new customers;
d. Strengthening of the technical capability through research and
innovation with market oriented strategies to intensify new
product development projects aiming at improving our technical
know and enhancing the overall profitability of the Group; and
e. Certain upgrading and integration programs for the operations
with the objective to improve efficiency and performance
standard, as well as to contain cost of production in order to stay
highly competitive in the market.
5
五菱汽車集團控股有限公司 / 二零一六年中期報告
MESSAGES FROM THE BOARD OF DIRECTORS
董事會致辭
Outlook
The Group envisages business environment in China to be highly
competitive and challenging in this year and the years ahead. Keen
competitive business environment will continue to pressurize the
automobile related enterprises in formulating appropriate business and
market strategies responding to the dynamic market situation.
Meanwhile, cyclical fluctuations in the local economy will continue to
cause market sentiments to be more conservative and selective.
However, being the world largest automobile market, the Group is full
of confidence and considers the existing challenges can be overcome by
effective strategies and will be beneficial to the industry in the long run.
Despite the challenges and difficulties faced under the current market
environment, the Group expects the China economy will continue to
expand. Rising income of the general public attributable to the
sustained economic growth will necessarily encourage demands for
motor vehicles and provide promising business opportunities to the
Group.
Through conscientious plans and efforts of the Group, the management
is confident that our long term business potential in the China
automobile industry will continue to be strengthened. With the
continuous supports from Guangxi Automobile, our ultimate controlling
shareholder and joint venture partner, and our customers, we firmly
believe the business prospect of the Group is promising and will bring
rewards to our shareholders.
On behalf of the Board
WEI Hongwen
Chairman
30 August 2016
展望
本集團預期，中國今年及未來數年營商環境將
充滿競爭及極具挑戰性。競爭激烈的營商環境
將繼續迫使汽車相關企業就不斷變化的市況制
定合適業務及市場策略。同時，本土經濟週期
性波動將繼續令市場氣氛更趨審慎及選擇性。
然而，本集團對全球最大汽車市場充滿信心，
並認為可透過實行有效策略克服現有挑戰，長
遠而言將有利於行業發展。儘管目前市場環境
帶來挑戰及困難，本集團預期中國經濟仍可繼
續增長。經濟持續增長令廣大民眾更為富裕，
必然刺激汽車需求並為本集團帶來商機。
憑藉一絲不苟之計劃及努力，管理層相信本集
團在中國汽車行業之長遠業務潛力將繼續得到
加強。在最終控股股東兼合資夥伴廣西汽車及
一眾客戶之不懈支持下，我們深信本集團之業
務前景一片光明，日後定為股東帶來回報。
代表董事會
主席
韋宏文
二零一六年八月三十日
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
6
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
OPERATION REVIEW — BY KEY BUSINESS SEGMENTS
The business performance and evaluation of the Group’s three main
business segments namely (1) engines and parts; (2) automotive
components and other industrial services; and (3) specialized vehicles
for the first half of 2016 are detailed below:
Engines and Parts
Turnover (based on external sales) of the engines and parts division for
the six months ended 30 June 2016 was RMB2,437,442,000,
representing a significant increase of % as compared to the
corresponding period in last year. Operating profit for the respective
period was RMB75,760,000, representing an impressive increase of
% as compared to the corresponding period in last year.
Total number of engines sold by the subsidiary, Liuzhou Wuling Liuji
Motors Company Limited (“Wuling Liuji”), for the first half of 2016 was
approximately 280,000 units, representing an increase of approximately
12% as compared to corresponding period in last year. A shift in the
product mix with primary focus towards the higher end models drove
the satisfactory business performance since last year continued to
benefit the business results of the division.
During the period, sales to SGMW, our core customer, increased
substantially to approximately RMB1,980,000,000 and continued to
account for the majority portion of the division’s revenue. The increase
was mainly attributable to the contribution from the mass production
of NP18, the Group’s first self-propriety engine for commercial
passenger vehicles. NP18 was primarily installed in the Baojun 730 and
560 model of SGMW which had a higher selling price as compared to
the traditional models produced for commercial mini-vehicles.
Meanwhile, for further expansion and diversification of the Group’s
engines and parts businesses, Wuling Liuji has been actively pursuing
projects for other automobile manufacturers over the years. Sales,
primarily engine sets, to other customers amounted to approximately
RMB460,000,000 for the first half of 2016, representing approximately
% of the total revenue of this division.
Operating margin slightly improved to % as compared to the
corresponding period in last year. During this period, continuous
improvement of the operations of the foundry facilities and the mass
production of the abovementioned N18 new model with higher selling
price and better profit margin provided an important driving force for
the improvement in profitability of the division. However, increase in
warranty expenses incurred for the launch of new products limited the
growth in net margin.
經營回顧 — 主要業務部門
本集團三個主要業務分部（即(1)發動機及部件；
(2)汽車零部件及其他工業服務；及(3)專用汽車）
於二零一六年上半年之業務表現及評估詳情如
下：
發動機及部件
截至二零一六年六月三十日止六個月，發動機
及部件分部之營業額（以對外銷售為基準）為人
民幣2,437,442,000元，較去年同期大幅增加
%。 相 應 期 間 之 經 營 溢 利 為 人 民 幣
75,760,000元，較去年同期顯著增加%。
附屬公司柳州五菱柳機動力有限公司（「五菱柳
機」）於二零一六年上半年出售發動機合共約
280,000台，較去年同期增加約12%。本分部業
務之表現，自去年藉著產品組合改以高檔次產
品為主所帶動之轉變，繼續造就本分部滿意之
業務表現。
期內，對核心客戶上汽通用五菱之銷售額大幅
增加至約人民幣1,980,000,000元，繼續為本分
部之主要收入來源。增幅主要受本集團首款擁
有自主專利之商務乘用車用發動機NP18投入
量產所帶動。NP18主要安裝於上汽通用五菱
旗下寶駿730及560型號之多用途車輛 (MPVs)及
運動型多用途車 (SUVs)，售價較商用小型車專
用傳統型號為高。
同時，為進一步擴展及多元化發展本集團之發
動機及部件業務，五菱柳機多年來一直積極尋
求與其他汽車生產商開展各種項目。於二零
一六年上半年，來自其他客戶之銷售額（以發
動機為主）約為人民幣460,000,000元，佔本分
部總收入約%。
經營溢利率較去年同期稍為改善至%。期
內，儘管鑄造設施經營情況持續改善，加上上
述售價與利潤較高之N18新型號量產為分部盈
利能力提升提供重要推動力，惟因應新產品之
推出致保養費用之增加，限制了經營淨溢利之
增長水平。
7
五菱汽車集團控股有限公司 / 二零一六年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
The production capacity of Wuling Liuji for the assembly functions at
present is about 800,000 units a year, whereas the foundry facilities of
cylinder block and cylinder head are having a capacity of 600,000 units.
Wuling Liuji will continue to monitor the growth of customers’
businesses volume in order to derive an optimum capacity and
utilization level for its operations.
In the past, engines produced by Wuling Liuji were mainly for the
commercial mini-vehicles which had been recognized as a trademark
product in this particular market segment. However, to further expand
the product range and to achieve higher technical capability, Wuling
Liuji has actively undertaken development projects, either in house or
in co-operation with other business partners, for the production of the
upgraded engine products in serving the different needs of the
customers, especially targeting at the passenger vehicles segment. As
mentioned above, Wuling Liuji has successfully launched NP18, its first
engine product for the passenger vehicles, in which mass production
orders from the main customer has gradually taken off since 2015. This
product marked a significant breakthrough of Wuling Liuji from which,
in term of revenue, the contribution from the passenger vehicles
products had surpassed the contribution from the traditional
commercial mini-vehicles products.
Meanwhile, Wuling Liuji is also making significant progress in our
owned proprietary V6 cylinder engine products which is undertaken by
a joint venture company formed with a technical partner, namely
Liuzhou Lingte Motor Technology Company Limited (“Liuzhou Lingte”).
Following the successful completion of the research and development
of the Advanced Model and entering into the planning stage of the
production facilities by Liuzhou Lingte, Liuzhou Lingte has recently
commenced the construction of the infrastructure and the main
assembly line which is expected to be completed and started
operational in early 2017. The successful development of the V6
products by Liuzhou Lingte will significantly enhance our products
range and capability in the industry.
The Group remains optimistic on the business outlook of the second
half of 2016 and believes our product competitiveness in the market
and the gradual positive impact from the on-going research and
development projects will be beneficial to the performance of this
division as well as to place the Group in a better position in facing with
the current keen competitive market situation.
五菱柳機目前裝配功能之生產能力約為每年
800,000台，而缸體及缸蓋鑄造設施之產能則為
600,000台。五菱柳機將繼續留意客戶業務增長
之情況，為其營運制定理想之產能及使用水
平。
過去，五菱柳機生產之發動機主要用於商用小
型車，並獲認定為該特定細分市場之商標產
品。然而，為進一步擴展產品範疇及提升技術
能力，五菱柳機透過內部或與其他業務夥伴合
作，為生產升級發動機產品積極進行開發專
案，滿足不同客戶需求，尤其針對乘用車分
部。誠如上文所述，五菱柳機成功推出首款乘
用車專用發動機產品NP18，並自二零一五年
以來陸續接獲主要客戶之批量生產訂單。此產
品見證五菱柳機取得重大突破，其中乘用車產
品所貢獻收入已超越傳統商用小型車產品。
同時，透過與技術夥伴組成合營企業 — 柳州
菱特動力科技有限公司（「柳州菱特」），五菱柳
機亦於開發擁有自主專利之V6（V形6缸）發動
機產品方面取得重大進展。隨著柳州菱特已成
功完成研發升進階型號產品並進入生產設
施計劃之階段，柳州菱特近期已開始興建基礎
設施及主裝配線，預期於二零一七年初完工投
產。柳州菱特成功研發之V6產品將大幅提升
本集團之產品範疇及業內水準。
本集團對二零一六年下半年之業務前景保持樂
觀，並相信旗下產品在市場上之競爭力結合進
行中研發專案所逐步產生之積極影響，不但有
利於本分部爭取表現，亦有助本集團在目前競
爭激烈之市況下佔據較有利位置。
* For identification purposes only
* 僅供識別
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
8
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
汽車零部件及其他工業服務
截至二零一六年六月三十日止六個月，汽車零
部件及其他工業服務分部之營業額（以對外銷
售為基準）為人民幣4,871,678,000元，較去年同
期增加%。受惠於推出新型號所帶來之正
面影響，相應期間之經營溢利顯著增加至人民
幣143,509,000元，較去年同期顯著增加%。
汽車零部件及其他工業服務分部繼續擔當上汽
通用五菱大部分關鍵汽車配件主要供應商之角
色。期內，來自上汽通用五菱之銷售總額（一
系列產品包括制動器及底盤系統組件、座椅、
不同類型塑料件與沖焊件及其他汽車附件）持
續攀升。上汽通用五菱各主要產品需求強勁，
加上市場佔有率不斷擴大，令本分部之期內業
務表現受惠。上汽通用五菱旗下五菱宏光及寶
駿系列等乘用車型號之市場表現理想，亦為本
分部之業務表現帶來莫大貢獻及優厚商業潛
力。
期內，儘管推出新型號以及各項產能擴充及提
升項目導致行政成本上漲，惟規模經營及成本
控制與整合措施所帶來之正面因素使得經營溢
利率繼續上升。
憑藉長久累積之豐富業界經驗，本集團旗下汽
車零部件及其他工業服務分部尤其擅於設計及
開發產品。本分部所供應產品範圍廣泛，可為
客戶提供一站式服務，而其生產設施可靈活擴
展以確保充分迎合主要客戶之特定需要。除商
用小型車產能發展成熟外，策略上，汽車零部
件及其他工業服務分部已逐步朝向發展其他高
附加值乘用車（例如轎車、多用途車輛 (MPVs)
及運動型多用途車（SUVs））分部以進一步提升
本集團之盈利表現。此策略部署於二零一五年
取得重大突破。按收入貢獻計，乘用車分部為
本分部所貢獻收入比例已成功超越商用小型車
分部。
Automotive Components and Other Industrial Services
Turnover (based on external sales) of the automotive components and
other industrial services division for the six months ended 30 June 2016
was RMB4,871,678,000, representing an increase of % as compared
to the corresponding period in last year. Benefited from the positive
effects from the launches of new models, operating profits for the
respective period increased to RMB143,509,000, representing an
impressive increase of % as compared to the corresponding period
in last year.
The automotive components and other industrial services division
continued to be the key supplier for supplying a majority portion of the
key automotive components to SGMW. During the period, total sales to
SGMW, comprised the range of products including the brake and the
chassis assembly components, seat sets, various plastic and welding
parts and other automotive accessories, continued to increase. Strong
demands for and the increasing market share achieved by the key
products of SGMW benefited the business performance of this division
during this period. The satisfactory market performance of the
passenger vehicles model such as Wuling Hongguang (五菱宏光 ) and
the Baojun series (寶駿) of SGMW essentially contributed to the business
performance and provide promising business potential to this division.
During the period, operating margin continued to improve resulting
from scale operations and the positive effects from the cost control and
integration exercises, despite higher administrative costs incurred for
the launches and new models and the various capacity expansion and
upgrading projects.
With its long and established industry experiences, the automotive
components and other industrial services division of the Group is
particularly strong in product design and development. Its capability in
supplying a wide range of products provides a one-stop shop services to
the customers, whereas, the scalability of its production facilities
ensures the particular needs of our key customer can be properly taken
care of. Apart from its traditional well and established commercial
mini-vehicles production capability, strategically, the automotive
components and other industrial services division has progressed
gradually to other higher value-added passenger vehicles, such as the
sedan, MPV and SUV segments to further the profitability performance
for the Group. This strategic move has triggered a significant
breakthrough in 2015. In term of revenue contribution, the division has
since successfully achieved a higher revenue share from the passenger
vehicles segment as compared to the commercial mini-vehicles
segment.
9
五菱汽車集團控股有限公司 / 二零一六年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
In view of the anticipated growth of business of SGMW from the existing
models and the launch of new models, the Group has been actively
undertaken capacity expansion and upgrading programmes. With
respect to the Liuzhou region, following the completion of the self-
owned primary production base in Hexi Industrial Park, Liuzhou, with a
site area of over 400,000 sqm., which is primarily for the mini-vehicles’
components businesses in 2014, in response to the business strategy
and the increasing orders of SGMW for the passenger vehicles, in
particular for the sedans and MPVs, the division has established
another production facility in the eastern district of Liuzhou (“Liudong
Facilities”), which is mainly targeted at the types of sedan and MPV
passenger vehicles’ components businesses. Liudong Facilities, which is
strategically located in adjacent to the passenger vehicles production
base of SGMW, has started operation in late 2014. In view of the future
demands from SGMW and other potential customers, the Group has
commenced construction of the second phase development of Liudong
Facilities last year to ensure adequate production capacity can be ready
on a timely basis.
Apart from the Liuzhou and Qingdao regions, the Group also further
expanded its production capacity in the western region of the PRC by
establishing the Group’s third key production facilities located in
Chongqing, for serving the needs of SGMW and other new customers in
this particular region. Construction of the first phase which commenced
in early 2015 has been progressed satisfactorily where part of the
production facilities has already started operational during the period.
The Group is currently reviewing the second phase development in line
with the expansion plan of SGMW and will initiate appropriate plans for
further expansion of this production facility in due course.
鑒於上汽通用五菱來自現有型號及新推型號之
預期業務增長，本集團一直積極開展產能擴充
及提升項目。就柳州地區，位於柳州河西工業
園佔地逾400,000平方米之自有主要生產基地
（主要應付小型車零部件業務）於二零一四年竣
工後，針對業務策略及上汽通用五菱之乘用車
（尤其是轎車及多用途車輛）訂單增長，本分部
已於柳州東區設立另一生產設施（「柳東設
施」），主要以轎車及多用途車輛之零部件業務
為目標。柳東設施已於二零一四年底投產，策
略性地鄰近上汽通用五菱之乘用車生產基地。
鑒於上汽通用五菱及其他潛在客戶之未來需
求，本集團已於去年啟動柳東設施之第二期發
展建設工程，確保適時提供充足產能。
除柳州及青島地區以外，本集團亦透過於重慶
設立第三個主要生產設施而進一步拓展其於中
國西部地區之產能，以應付上汽通用五菱及該
地區其他新客戶之需求。項目第一期已於二零
一五年初動工，進展令人滿意，部分生產設施
已於期內投產。本集團目前正考慮配合上汽通
用五菱之擴張計劃進行二期開發，並會於適當
時候就進一步擴充該生產設施啟動合適計劃。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
10
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
於最近幾年間，本集團於中國進行策略部署，
從柳州之單一生產據點，拓展至於廣西、山東
及重慶之跨省聯動產業集團，促使企業規模和
核心競爭力得到同步擴大和提高，同時為本集
團未來的業務增長與持續發展奠定了良好基
礎。此等策略部署，配合上汽通用五菱及其他
客戶業務於最近幾年間之良好增長，使本集團
之業務表現受益。除業務表現改善外，此等策
略部署於最近幾年間亦加強了本集團與上汽通
用五菱就進行現有業務及將來其他業務發展機
會之商業聯繫。由於上汽通用五菱已積極籌建
其位於印尼之生產設施以拓展其海外業務，本
集團緊隨上汽通用五菱此等發展步伐，決定通
過於印尼籌建首個海外生產基地（預期於二零
一七年下半年投產）與上汽通用五菱共同發展
海外業務。作為世界第四大人口之國家及考慮
其近期之經濟發展，本集團認為印尼汽車行業
具有龐大業務發展潛力，並認為本集團於印尼
發展汽車零部件業務這一地域擴張乃本集團適
當之拓展策略。
儘管市場環境競爭激烈，本集團認為，主要客
戶上汽通用五菱憑藉成功車輛型號及新推型號
而建立之市場競爭實力，於二零一六年下半年
及未來數年將繼續大力支持汽車零部件及其他
工業服務分部業務。
專用汽車
截至二零一六年六月三十日止六個月，專用汽
車分部之營業額（以對外銷售為基準）為人民幣
1,193,051,000元，較去年同期增加%。相應
期間之經營溢利增加%至人民幣15,734,000
元。
期內，本集團出售約28,000輛專用汽車，較去
年同期增加%。有關增加主要來自利潤率
較低之改裝廂式客貨車銷量上升，而小型校
車、小型客車及多用途小型客貨車等其他產品
之銷量則保持平穩。專用汽車分部一直積極推
廣新型號以擴大產品範疇及業務量以及提升盈
利能力。
Over the past few years, the Group has taken strategic steps in China to
transform from a single production point operation in Liuzhou into an
inter-provincial production group with facilities in Guangxi, Shandong
and Chongqing, accomplishing a synchronized expansion and
improvement in terms of corporate size and core competitiveness,
meanwhile establishing a sound foundation for the Group’s business
growth and sustainable development in the future. These strategic
steps, accompanied with the satisfactory growth in the business volume
of the SGMW and other customers over the past few years, have
benefited the business performance of the Group. Apart from the
improvement in business performance, these strategic steps over the
past few years have also strengthened the commercial collaboration
between the Group and SGMW in pursuing current businesses as well as
other future business opportunities. As SGMW has been actively
promoting its overseas business activities by establishing its production
plant in Indonesia, the Group has kept pace with such development of
SGMW and decided to develop its overseas businesses concurrently by
establishing our first overseas production base located in Indonesia,
which is expected to commence operation in the second half of 2017.
Being the fourth largest population country in the world and in
consideration of its recent economic development, the Group is of the
view that there is great business potential for the automobile industry
in Indonesia and consider that the geographical expansion of the
Group’s automotive components businesses in Indonesia is an
appropriate expansion strategy for the Group.
Notwithstanding the highly competitive market condition, the Group
considers the competitive strength of its key customer, SGMW, in the
market on the back of its successful models and the launch of new
models will continue to provide strong supports to the operation of the
automotive components and other industrial services division in the
second half of 2016 and the years onwards.
Specialized Vehicles
Turnover (based on external sales) of the specialized vehicles division
for the six months ended 30 June 2016 was RMB1,193,051,000,
representing an increase of % as compared to the corresponding
period in last year. Operating profit for the respective period was
RMB15,734,000, representing an increase of %.
During this period, the Group sold approximately 28,000 specialized
vehicles, representing an increase of % as compared to the
corresponding period in last year. The increase was mainly attributable
to an increase in the sale volume of redecorated vans, which have a
lower profit margin, whereas sale volume of other products such as
mini-school buses, mini-buses and multi-purpose mini-vans, etc, were
remained stable. The specialized vehicles division has been actively
promote new models to expand its product range and business volume,
as well as to enhancing its profitability.
11
五菱汽車集團控股有限公司 / 二零一六年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
期內，經營溢利率維持在%。低利潤產品比
例偏高、市場競爭及生產成本上漲繼續為本分
部首要關注之課題。同時，推出新產品導致研
發及保養成本上升，亦限制本分部之盈利表
現。為提升本分部之盈利能力，本集團已計劃
策略性減少生產低利潤之改裝廂式客貨車及微
型廂式運輸車，以預留更多產能生產小型校
車、觀光車及電動車等其他盈利能力較佳之產
品。最近，本集團重點發展之電動車產品已步
入突破階段，其中包括客車及物流車兩款電動
車已於月前獲得政府公告，本集團計劃以此兩
款電動車作技術平台延伸發展，短期內開發適
用於相關行業的純電動專用車系列產品。本集
團預期新型號產品業務之開發，將有利於本分
部之盈利表現。
與此同時，專用汽車分部亦已推行若干整合計
劃，旨在加強監控生產及市場推廣，從而提升
成本效益及生產效能。加上對新產品（尤其是
新能源汽車）進行基本研發項目及市場推廣計
劃，本集團相信，本分部已準備就緒進入突破
性階段，務求提升分部盈利能力。
展望未來，專用汽車分部將繼續推進新產品研
發、技術改進及產能提升等工作，尤其針對新
能源汽車。本集團相信，本分部仍面對多方面
挑戰，惟對本分部之長遠業務潛力依然充滿信
心。受惠於有效生產及管理成本監控計劃，本
集團將藉此機會繼續整合其現有業務，同時發
掘本土及海外商機，促進本分部之業務表現。
Operating margin maintained at % for the period. High portion of
low margin products, market competition and increasing production
costs continued to be the primary concerns for the division to tackle.
Meanwhile, increasing costs of research and development and warranty
incurred for the launches of new products also limited the profitability
performance of this division. To enhance the profitability of this
division, strategically, the Group has planned to reduce the production
of the lower margin redecorated vans and mini-container wagons
products so as to reserve more capacity to other more profitable
models, such as the mini-school buses, sight-seeing cars and electrical
vehicles. Being the primary focus of development of the Group,
electrical vehicle product has recently reached a stage of breakthrough.
Two products, including an electrical passenger mini-bus and an
electrical logistic vehicle have obtained notifications of government
approval in recent month. The Group plans to adopt the technical
knowhow as developed from these two electrical vehicles as the
platform to explore and develop a series of electrical specialized
vehicles suitable for these particular business segments The Group
expects the business development of these new models will benefit the
profitability performance of the division.
At the same time, the specialized vehicles division is also undertaking
certain integration programmes aiming at a better control over the
production and marketing which helps to promote cost effectiveness
and production efficiency. Together with the undertaking of the
essential research and development projects as well as the marketing
programmes for new product, with specific focus on the new energy
vehicles, the Group believes the division is better positioned in entering
into the breakthrough stage for improving the profitability of the
division.
Going forward, the specialized vehicles division will continue to
undertake research and development projects for new product,
technical and capability improvement with specific focus on the new
energy vehicles. Whilst the Group envisages the challenges facing this
division, it remains confident in the long term business potential of this
business segment. With the benefits of an effective cost control
programmes in production and management, the Group will take this
chance to continuously consolidate its existing business and at the
same time explore opportunities both locally and overseas so as to
fostering the business performance to this division.
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
12
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
財務回顧
綜合損益及其他全面收益報表
截至二零一六年六月三十日止六個月，本集團
之營業額為人民幣8,502,171,000元，較去年同
期上升%。來自發動機及部件以及汽車零
部件及其他工業服務分部旗下乘用車分部新產
品所帶動之顯著業務增長，利好本集團期內業
務表現。整體而言，強大的市場優勢及主要客
戶對產品需求不斷上升，確保本集團在中國汽
車行業得以穩定增長。
回顧期內，毛利為人民幣866,002,000元，較去
年同期上升%。儘管營商環境競爭激烈，
惟收入增加及利潤較高之新高檔次產品的規模
化生產為本集團毛利表現作出貢獻。
期內，本集團之毛利率稍為下降至%。毛
利率相對較低繼續反映中國汽車行業競爭激
烈。
於二零一六年上半年，本集團之淨利潤為人民
幣134,670,000元，較去年同期大幅增加約
%。本公司擁有人應佔溢利為人民幣
66,217,000元，顯著增加%。
於二零一六年二月，本公司完成對五菱工業金
額為人民幣160,000,000元的現金增資。因此，
本公司所持五菱工業股權從約%增至約
%。增持五菱工業股權亦使本公司擁有人
應佔溢利增加。
截至二零一六年六月三十日止六個月，其他收
入（主要包括銀行利息收入、政府補助及其他
服務收入）合計為人民幣41,340,000元，較去年
同期增加%，主要由於期內銀行利息收入
增加。
截至二零一六年六月三十日止六個月，其他收
益合計為人民幣4,859,000元，主要來自期內出
售若干固定資產發生之利潤。
FINANCIAL REVIEW
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
Group’s turnover for the six months ended 30 June 2016 was
RMB8,502,171,000, representing an increase of % as compared to
the corresponding period in last year. Impressive growth of businesses
in the passenger vehicles segment from the new products of the engines
and parts and automotive components and other industrial services
divisions benefited the business performance of the Group for the
period. Overall, strong market presence and increasing demands to the
products of our key customer ensured a steady growth of the Group in
the automobile industry in China.
Gross profit for the period under review was RMB866,002,000,
representing an increase of % as compared to the corresponding
period in last year. Increases in revenue and scale operation of the new
higher end products with better profit margins contributed to the
margin performance of the Group, despite the keen competition
business environment.
Gross margin of the Group declined moderately to % during the
period. The relatively low gross margin condition continued to reflect
the keen competition environment in the automobile industry in China.
Net profit of the Group for the first half of 2016 was RMB134,670,000,
representing a significant increase of approximately % as compared
to the corresponding period in last year. Profits attributable to the
owners of the Company was RMB66,217,000, representing an impressive
increase of %.
In February 2016, the Company completed the capital injection of an
additional sum of RMB160,000,000 in cash to Wuling Industrial.
Accordingly, the Company’s equity interest in Wuling Industrial had
been increased from approximately % to approximately %.
The increase in the equity interests in Wuling Industrial also led to an
increase in profits attributable to the owners of the Company.
Other income comprised primarily bank interest income, government
subsidies and other services income was in aggregate RMB41,340,000
for the six months ended 30 June 2016, representing an increase of
% as compared to the corresponding period in last year primarily as
a result of increases in bank interest income during the period.
Other gains amounted to RMB4,859,000 in total for the six months
ended 30 June 2016, which comprised primarily gain on disposals of
certain fixed assets during the period.
13
五菱汽車集團控股有限公司 / 二零一六年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
截至二零一六年六月三十日止六個月，本集團
之銷售及分銷成本（主要包括運輸成本、保養
開支及其他市場推廣開支）合計為人民幣
167,358,000元，較去年同期增加%，此乃由
於保養開支因推出新產品而增加所致。
截至二零一六年六月三十日止六個月，本集團
之一般及行政開支（主要包括薪金及津貼、各
項保險費、租金開支及其他行政開支）合計為
人民幣522,206,000元，較去年同期增加%，
主要是由於期內經營規模增加所致。
截至二零一六年六月三十日止六個月，研發開
支較去年同期增長%至人民幣189,115,000
元。本集團將配合未來業務發展機遇之策略計
劃，繼續審慎進行研發項目。
截至二零一六年六月三十日止六個月，融資成
本較去年同期增加%至人民幣48,916,000
元，主要由於期內經營規模增加所致。該等融
資成本結餘亦包括應付予廣西汽車的利息支出
人民幣17,259,000元，為了控制本集團之融資
成本，廣西汽車透過借貸及╱或票據貼現按優
於市場之條款向本集團提供各類融資。
截至二零一六年六月三十日止六個月，每股基
本盈利為人民幣分，較去年同期顯著增加
%；同時，按全面攤薄基準計算之每股盈
利為人民幣分，增加%。由於本公司
在二零一五年七月三十日完成股份公開發售
（其詳情披露於本公司日期為二零一五年七月
二十九日之公佈），故截至二零一五年六月
三十日止六個月之相關每股盈利已作調整，以
作比較用途。
Selling and distribution costs of the Group comprised primarily
transportation costs, warranty expenses and other marketing expenses
were in aggregate RMB167,358,000 for the six months ended 30 June
2016, representing an increase of % as compared to the
corresponding period in last year attributable to increases in warranty
expenses resulting from launch of new products.
General and administrative expenses of the Group comprised primarily
salary and allowances, various insurance expenses, rental expenses and
other administrative expenses were in aggregate RMB522,206,000 for
the six months ended 30 June 2016, representing an increase of %
as compared to the corresponding period in last year due to the
expanding scale of operation during the period.
Research and development expenses for the six months ended 30 June
2016 amounted to RMB189,115,000, representing an increase of %
as compared to the corresponding period in last year. The Group will
continue to prudently carry out research and development projects in
accordance with the strategic plan in furthering its future business
opportunities.
Finance costs for the six months ended 30 June 2016 amounted to
RMB48,916,000, representing an increase of % as compared to the
corresponding period in last year, which was in line with the increasing
scale of operation during the period. The balances had also included
the finance cost of RMB17,259,000 which were interest expenses
payable to Guangxi Automobile. To contain finance costs of the Group,
Guangxi Automobile provided various sources of finance to the Group
through borrowings and/or bills discounting activities at terms
favourable than the market.
Basic earnings per share for the six months ended 30 June 2016 was
cents, representing an impressive increase of % as
compared to corresponding period in last year, whereas, earnings per
share on fully diluted basis was cents, representing an
increase of %. Respective earnings per share for the six months
ended 30 June 2015 were adjusted for comparison purpose as a result
of the completion of an open offer of shares by the Company on 30 July
2015, details of which were disclosed in the Company’s announcement
dated 29 July 2015.
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
14
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
綜合財務狀況表
於二零一六年六月三十日，本集團之總資產及
總負債分別為人民幣14,237,377,000元及人民幣
12,224,802,000元。
非流動資產為人民幣3,005,114,000元，主要包
括物業、廠房及設備、預付租賃款項、收購非
流動資產之已付訂金及於合營企業之權益等。
流動資產為人民幣11,232,263,000元，主要包括
存貨人民幣1,329,645,000元、應收賬項及其他
應收款項與附追索權之已貼現應收票據人民幣
7,241,771,000元（包括附追索權之已貼現應收票
據所提取墊款人民幣3,240,343,000元）、已質押
銀行存款人民幣1,472,586,000元及銀行及現金
結餘人民幣1,182,173,000元。應收關聯公司兼
本集團發動機與汽車零部件業務主要客戶上汽
通用五菱款項人民幣2,604,267,000元於綜合財
務狀況表列作應收賬項及其他應收款項。該等
應收款項結餘受一般商業結算條款約束。
流動負債為人民幣12,008,383,000元，主要包括
應付賬項及其他應付款項人民幣8,430,431,000
元、保養撥備人民幣194,137,000元、應付稅項
人民幣81,445,000元、應付廣西汽車款項人民
幣24,846,000元、於一年內到期之銀行借貸人
民幣55,496,000元及附追索權之已貼現應收票
據所提取墊款人民幣3,222,028,000元。有關墊
款之相應附追索權之已貼現應收票據人民幣
3,240,343,000元已記錄為應收賬項及其他應收
款項，並將於到期日抵銷。
本集團於二零一六年六月三十日錄得淨流動負
債人民幣776,120,000元，較二零一五年十二月
三十一日錄得之淨流動負債人民幣835,503,000
元有所減少。
非流動負債為人民幣216,419,000元，主要包括
應付廣西汽車款項人民幣178,697,000元、遞延
收入人民幣17,539,000元及遞延稅項負債人民
幣20,183,000元。
Consolidated Statement of Financial Position
As at 30 June 2016, total assets and total liabilities of the Group stood at
RMB14,237,377,000 and RMB12,224,802,000 respectively.
Non-current assets amounted to RMB3,005,114,000 comprised mainly
property, plant and equipment, prepaid lease payments, deposits paid
for acquisition of non-current assets and interests in joint ventures, etc.
Current assets amounted to RMB11,232,263,000 comprised mainly
inventories of RMB1,329,645,000, trade and other receivables and bill
receivables discounted with recourse of RMB7,241,771,000 (inclusive of
advances drawn on bills receivables discounted with recourse
amounting to RMB3,240,343,000), pledged bank deposits of
RMB1,472,586,000 and bank balances and cash of RMB1,182,173,000.
Amount due from SGMW, a related company and a key customer in the
engines and automotive components businesses of the Group
amounted to RMB2,604,267,000 was recorded as trade and other
receivables in the statement of financial position. These receivables
balances were subject to normal commercial settlement terms.
Current liabilities amounted to RMB12,008,383,000, comprised mainly
trade and other payables of RMB8,430,431,000, provision for warranty
of RMB194,137,000, tax payable of RMB81,445,000, amount due to
Guangxi Automobile of RMB24,846,000, bank borrowings — due within
one year of RMB55,496,000 and advances drawn on bills receivables
discounted with recourse of RMB3,222,028,000. The corresponding bills
receivables discounted with recourse to these advances amounting to
RMB3,240,343,000 were recorded as trade and other receivables which
would be offset against upon maturity.
The Group recorded net current liabilities of RMB776,120,000 as at 30
June 2016, which had been decreased as compared to the net current
liabilities of RMB835,503,000 as at 31 December 2015.
Non-current liabilities amounted to RMB216,419,000 comprised mainly
amount due to Guangxi Automobile of RMB178,697,000, deferred
income of RMB17,539,000 and deferred tax liability of RMB20,183,000.
15
五菱汽車集團控股有限公司 / 二零一六年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
流動資金及資本結構
截至二零一六年六月三十日止六個月，本集團
之經營活動錄得現金淨流出共計人民幣
1,410,800,000元，此乃由於貼現應收票據之融
資活動，致使於二零一六年六月三十日結算日
止計之應收賬項及其他應收款項金額大幅增加
所致。撇除此項因素，本集團經營活動項下之
各項流動資產及流動負債均處相對穩定之水
平。
與此同時，截至二零一六年六月三十日止六個
月，本集團之投資活動仍然維持現金淨流出狀
況，因應貼現應收票據之融資活動致使已質押
銀行存款之增加為主要原因。此外，因應本集
團持續擴張及提升項目而發生之資本支出亦為
其他原因，惟有關金額較去年同期減少。
期內，本集團主要透過貼現應收票據之融資活
動償付經營及投資活動。從融資成本方面考
慮，本集團視票據貼現活動為期內本集團可用
之有效融資渠道。於二零一六年六月三十日未
到期之附追索權之已貼現應收票據所提取墊款
為人民幣3,222,028,000元，較二零一五年十二
月三十一日之先前報告結餘有所增加。有關墊
款之相應附追索權已貼現應收票據人民幣
3,240,343,000元入賬列作應收賬項及其他應收
款項，並將於到期時抵銷。
於二零一六年六月三十日，本集團有銀行及現
金結餘合共人民幣1,182,173,000元。此外，已
質押銀行存款合共人民幣1,472,586,000元，主
要作為本集團獲授銀行融資之擔保，其中以附
追索權之已貼現應收票據所提取墊款為主。已
質押銀行存款較二零一五年十二月三十一日之
先前報告結餘大幅增加，與上述未到期之附追
索權之已貼現應收票據所提取墊款增加之情況
一致。
於二零一六年六月三十日，扣除附追索權之已
貼現應收票據所提取墊款之銀行借貸為人民幣
55,496,000元，較二零一五年十二月三十一日
之結餘人民幣2,895,000元有所增加。
Liquidity and Capital Structure
The operating activities of the Group registered a net cash outflow of
RMB1,410,800,000 for the six months ended 30 June 2016. The net cash
outflow was mainly attributable to the financing activities of bills
receivables discounted which resulted in a substantial increase in the
amount of trade and other receivables as at the reporting date of 30
June 2016. Other than that, the individual items of current assets and
current liabilities under the operating activities of the Group were all
maintained at relatively stable level.
Meanwhile, the investing activities of the Group remained in a net cash
outflow situation for the six months ended 30 June 2016 which was
primarily due to the increase in pledged bank deposits arising from the
financing activities of bills receivables discounted. Besides, capital
expenditures incurred for on-going expansion and upgrading projects
implemented by the Group were also another contributing factor,
despite the fact that such amounts had been reduced as compared to
the corresponding period in last year.
During the period, the operating and investing activities were mainly
satisfied by the financing activities of the Group through bills
receivables discounted. The Group considers bill discounting activities
an effective means of financing available to the Group during the
period in terms of finance cost consideration. The outstanding advances
drawn on bills receivables discounted with recourse as at 30 June 2016
were RMB3,222,028,000 which was increased as compared to the
previous report ing balances as at 31 December 2015. The
corresponding bills receivables discounted with recourse to these
advances amounting to RMB3,240,343,000 were recorded as trade and
other receivables which would be offset against upon maturity.
As at 30 June 2016 total bank balances and cash maintained by the
Group amounted to RMB1,182,173,000. Besides, pledged bank deposits
amounting to RMB1,472,586,000 were maintained to secure the
banking facilities offered to the Group, which related primarily to the
advances drawn on bills receivables discounted with recourse. The
substantial increase in pledged bank deposits as compared to previous
reporting balances as at 31 December 2015 was in line with the
increase in outstanding advances drawn on bills receivables discounted
with recourse as abovementioned.
Bank borrowings other than advances drawn on bills receivables
discounted with recourse amounted to RMB55,496,000 as at 30 June
2016, which was increased as compared to the balances of
RMB2,895,000 as at 31 December 2015.
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
16
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
本集團之銀行借貸總額（扣除附追索權之已貼
現應收票據所提取墊款）自去年起一直處於較
低水平，此情況與本集團以票據貼現活動作為
本集團之主要融資策略相符。本公司將密切監
察本集團之財務及流動資金狀況以及不時之金
融市場情況，以便制定適合本集團之融資策
略。
期內，因行使14,230,270份購股權，本公司共
發行總數14,230,270股本公司普通股，所得款
項為6,774,000港元（相當於人民幣5,697,000
元）。因此，已發行股本由二零一五年十二月
三十一日的人民幣6,600,000元增至二零一六年
六月三十日的人民幣6,648,000元。於二零一六
年六月三十日，本公司股東應佔權益總額（主
要包括股份溢價、中國一般儲備、實繳盈餘、
資本儲備、其他儲備及保留溢利）為人民幣
1,101,593,000元。於二零一六年六月三十日，
每股資產淨值為人民幣60分。
資產抵押
於二零一六年六月三十日，本集團於香港持有
總值人民幣4,658,000元之物業已抵押，作為本
集團獲授銀行貸款之擔保。此外，人民幣
1,472,586,000元 之 銀 行 存 款 及 人 民 幣
3,240,343,000元之附追索權之已貼現應收票據
均已抵押予銀行，主要作為本集團獲提供若干
銀行融資之擔保。
匯率波動風險
於二零一六年六月三十日，本集團有港元銀行
貸款及其他應付款項共計人民幣3,670,000元及
港元銀行存款及其他應收款項共計人民幣
7,454,000元。與本集團以人民幣計值之資產、
負債及主要交易之相對規模相比，本集團認為
所承受匯率及貨幣波動風險輕微。
承擔
於二零一六年六月三十日，本集團就收購在建
工程以及物業、廠房及設備有已訂約但未在財
務報表撥備之未償還承擔人民幣693,174,000元。
或然負債
於二零一六年六月三十日，本集團並無任何或
然負債。
The Group’s bank borrowings other than advances drawn on bills
receivables discounted with recourse were maintained at a relatively
low level since last year, which was consistent with the financing
strategy of the Group by using bills receivables discounted as the main
source of finance. The Company will closely monitor the financial and
liquidity position of the Group, as well as the situation of the financial
market from time to time in arriving at an appropriate financing
strategy for the Group.
During the period, total number of 14,230,270 ordinary shares of the
Company were issued upon the exercise of 14,230,270 share options
with proceeds of HKD6,774,000 (equivalent to RMB5,697,000).
Accordingly, issued capital increased from RMB6,600,000 as at 31
December 2015 to RMB6,648,000 as at 30 June 2016. Total equity
attributable to the shareholders of the Company, comprised primarily
the share premium, PRC general reserve, contributed surplus, capital
reserve, other reserves and retained prof i ts , amounted to
RMB1,101,593,000 as at 30 June 2016. Net asset value per share was
RMB60 cents as at 30 June 2016.
Pledge of Assets
At 30 June 2016, a property held by the Group in Hong Kong with an
aggregate value of RMB4,658,000 was pledged to secure the bank loans
g ran ted to G roup . Bes ides , bank depos i t s amount ing to
RMB1,472,586,000 and bills receivables discounted with recourse
amounting to RMB3,240,343,000 were pledged to the banks mainly to
secure certain banking facilities offered to the Group.
Exposure to Fluctuation in Exchange Rates
At 30 June 2016, the Group maintained Hong Kong dollar bank loans
and other payables of an aggregate amount of RMB3,670,000 and Hong
Kong dollar bank deposits and other receivables of an aggregate
amount of RMB7,454,000. In comparison with the relative size of the
Group’s assets, liabilities and main transactions which are denominated
in RMB, the Group regarded its exposure to fluctuations in exchange
rates and currencies to be minimal.
Commitments
At 30 June 2016, the Group has outstanding commitments, contracted
but not provided for in the financial statements, in respect of the
acquisitions of construction in progress and property, plant and
equipment amounting to RMB693,174,000.
Contingent Liabilities
At 30 June 2016, the Group did not have any contingent liabilities.
17
五菱汽車集團控股有限公司 / 二零一六年中期報告
DISCLOSURE OF INTERESTS
權益披露
DIRECTORS’ INTERESTS IN SHARES, UNDERLYING SHARES
AND DEBENTURES
At 30 June 2016, the interests of the directors of the Company
(“Director(s)”) and their associates in the shares and underlying shares
of the Company and its associated corporations, as recorded in the
register maintained by the Company pursuant to Section 352 of the
Securities Future Ordinance (the “SFO”), or as otherwise notified to the
Company and the Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) pursuant to the Model Code for Securities Transactions by
Directors of Listed Issuers (the “Model Code”), contained in the Rules
Governing the Listing of Securities (“Listing Rules”) were as follows:
Long positions
好倉
Name of Director
董事姓名
Capacity
身份
Number of
Shares held
所持股份數目
Approximate %
of the issued
share capital*
所佔已發行股本
概約百分比 (%)*
Mr. Lee Shing (“Mr. Lee”) Interest in controlled corporation (Note) 281,622,914 %
李誠先生（「李先生」） 受控制公司之權益（附註）
Beneficial owner 3,090,900 %
實益擁有人
Interest held by spouse 1,648,480 %
配偶權益
Sub-total 286,362,294 %
小計
Ms. Liu Yaling Beneficial owner 2,060,600 %
劉亞玲女士 實益擁有人
Mr. Ye Xiang Beneficial owner 1,030,300 %
葉翔先生 實益擁有人
Note: This represents the shares of the Company (“Shares”) held by Dragon Hill
Development Limited (“Dragon Hill”), a company wholly-owned by Mr. Lee.
* The percentage has been adjusted (if any) based on the total number of Shares
in issue as at 30 June 2016 (. 1,835,821,841).
Save as disclosed above and the interests as disclosed in the following
section under the heading “SHARE OPTION SCHEME”, none of the
Directors nor their associates had any interests or short positions in any
shares, underlying shares or debentures of the Company or any of its
associated corporations as 30 June 2016 which had been entered in the
register kept by the Company pursuant to Section 352 of the SFO or as
otherwise notified to the Company and the Stock Exchange pursuant to
the Model Code.
董事於股份、相關股份及債券之權益
於二零一六年六月三十日，按本公司根據證券
及期貨條例（「證券及期貨條例」）第352條規定
存置之登記冊所記錄，或根據證券上市規則
（「上市規則」）所載上市發行人董事進行證券交
易的標準守則（「標準守則」）另行知會本公司及
香港聯合交易所有限公司（「聯交所」），本公司
董事（「董事」）及其聯繫人於本公司及其相聯法
團之股份及相關股份中之權益如下：
附註： 指由俊山發展有限公司（「俊山」，由李先生全資
擁有之公司）所持本公司股份（「股份」）。
* 有關百分比已根據於二零一六年六月三十日之已
發行股份總數（即1,835,821,841股）作出調整（如
有）。
除上文所披露者及下文「購股權計劃」一節內
所披露之權益外，於二零一六年六月三十日，
各董事或其聯繫人於本公司或其任何相聯法團
之任何股份、相關股份或債券中，概無任何須
記錄於本公司根據證券及期貨條例第352條存
置之登記冊內或須根據標準守則另行知會本公
司及聯交所之權益或淡倉。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
18
DISCLOSURE OF INTERESTS
權益披露
DIRECTORS’ RIGHTS TO ACQUIRE SHARES AND DEBENTURES
As at 30 June 2016, the number of outstanding share options granted
by the Company under the option scheme adopted on 28 May 2012 (the
“Share Option Scheme”) for the Directors to subscribe the Shares, as
recorded in the register required to be kept under Section 352 of the
SFO or as otherwise notified to the Company and the Stock Exchange
pursuant to the Model Code is set in the following section under the
heading “SHARE OPTION SCHEME”.
Save as disclosed herein, at no time during the period was the
Company, its subsidiaries, its fellow subsidiaries or its holding
companies a party to any arrangement to enable the Directors to
acquire benefits by means of the acquisition of shares in, or debentures
of, the Company or any other body corporate.
SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT
POSITIONS IN SHARES AND UNDERLYING SHARES OF THE
COMPANY
The register of substantial shareholders maintained by the Company
pursuant to Section 336 of the SFO shows that, as at 30 June 2016, the
following shareholders of the Company (“Shareholder(s)”) (other than
the Directors) had notified the Company of their relevant interests in
the issued share capital of the Company:
Long positions
好倉
Name of Shareholder
股東姓名╱名稱
Capacity
身份
Nature of
interest
權益性質
Number of
Shares held
所持股份數目
Approximate %
of the issued
share capital*
所佔已發行股本
概約百分比 (%)*
Dragon Hill (Note 1) Beneficial owner Corporate 281,622,914 %
俊山（附註1） 實益擁有人 公司
Wuling (Hong Kong) Holdings
Limited (“Wuling HK”) (Note 2)
Beneficial owner
實益擁有人
Corporate
公司
1,028,846,806 %
五菱（香港）控股有限公司
（「五菱香港」）（附註2）
Wuling Motors (Hong Kong) Company
Limited (“Wuling Motors”) (Note 2)
Interest in controlled
corporation
Corporate 1,028,846,806 %
公司
五菱汽車（香港）有限公司
（「五菱汽車」）（附註2）
受控制公司之權益
Guangxi Automobile Holdings Limited*
(“Guangxi Automobile”) (Note 2)
Interest in controlled
corporation
Corporate 1,028,846,806 %
公司
廣西汽車集團有限公司
（「廣西汽車」）（附註2）
受控制公司之權益
董事購買股份及債券之權利
於二零一六年六月三十日，按照證券及期貨條
例第352條須存置之登記冊所記錄或根據標準
守則另行知會本公司及聯交所，本公司根據於
二零一二年五月二十八日採納之購股權計劃
（「購股權計劃」）授予董事認購股份之尚未行使
購股權數目載於下文「購股權計劃」一節。
除本文所披露者外，於期內任何時間，本公
司、其附屬公司、其同系附屬公司或其控股公
司概無訂立任何安排，致使董事可透過購買本
公司或任何其他法人之股份或債券而獲利。
主要股東於本公司股份及相關股份之
權益及淡倉
本公司根據證券及期貨條例第336條存置之主
要股東登記冊顯示，於二零一六年六月三十
日，下列本公司股東（「股東」）（董事除外）已向
本公司知會彼等於本公司已發行股本中之有關
權益：
* For identification purposes only
* 僅供識別
19
五菱汽車集團控股有限公司 / 二零一六年中期報告
DISCLOSURE OF INTERESTS
權益披露
附註：
(1) 由李先生全資擁有之公司俊山實益持有
281,622,914股股份。該批股份亦於上文「董事於
股份、相關股份及債券之權益」一節內披露為李
先生之好倉。
(2) 五菱香港全部已發行股本現時由五菱汽車持有，
而五菱汽車之全部已發行股本現時則由廣西汽車
持有。故此，五菱汽車及廣西汽車根據證券及期
貨條例被視作於五菱香港擁有權益之股份中擁有
權益。
* 有關百分比已根據於二零一六年六月三十日之已
發行股份總數（即1,835,821,841股）作出調整（如
有）。
於二零一六年六月三十日，除上述所披露者
外，本公司並無獲知會已記錄於根據證券及期
貨條例第336條存置之登記冊內之本公司或其
任何相聯法團股份及相關股份中任何其他有關
權益及淡倉。
購股權計劃
於二零一六年六月三十日及至本中期報告日期
止，並無購股權根據購股權計劃尚未行使。
根據上市規則第條，於截至二零一六年
六月三十日止期間購股權計劃之變動詳情如
下：
Notes:
(1) Dragon Hill, a company wholly-owned by Mr. Lee, is beneficially interested in
281,622,914 Shares. This parcel of Shares has also been disclosed as long
position of Mr. Lee under the above section of “DIRECTORS’ INTERESTS IN
SHARES, UNDERLYING SHARES AND DEBENTURES”.
(2) The entire issued share capital of Wuling HK is currently held by Wuling
Motors, whereas the entire issued share capital of Wuling Motors is currently
held by Guangxi Automobile. Accordingly, Wuling Motors and Guangxi
Automobile are deemed to be interested in the Shares in which Wuling HK is
interested under the SFO.
* The percentage has been adjusted (if any) based on the total number of Shares
in issue as at 30 June 2016 (. 1,835,821,841).
Other than as disclosed above as at 30 June 2016, the Company has not
been notified of any other relevant interests and short position in the
shares and underlying shares of the Company or any of its associated
corporation, which had been recorded in the register required to be
kept under section 336 of the SFO.
SHARE OPTION SCHEME
As at 30 June 2016 and up to date of this interim report, nil share
options were outstanding under the Share Option Scheme.
Movements of the Share Option Scheme during the period ended 30
June 2016 are listed below in accordance with Rule of the Listing
Rules:
During the period (Note 6)
於期內（附註6）
Category
As at
1 January 2016
Granted
(Exercised)
(Lapsed)/
Cancelled
As at
30 June 2016
Note (Note 7)
類別
於二零一六年
一月一日
已授出
（已行使）
（已失效）╱
已註銷
於二零一六年
六月三十日
附註 （附註7）
Directors
董事
Mr. Wei Hongwen 1 3,090,900 – (3,090,900) 0
韋宏文先生
Mr. Lee Shing 1 3,090,900 (3,090,900) – 0
李誠先生
Mr. Sun Shaoli 1 3,090,900 – (3,090,900) 0
孫少立先生
Mr. Zhong Xian Hua 1 2,060,600 – (2,060,600) 0
鍾憲華先生
Ms. Liu Yaling 1 2,060,600 (2,060,600) – 0
劉亞玲女士
Mr. Zuo Duofu 1 1,030,300 – (1,030,300) 0
左多夫先生
Mr. Ye Xiang 1 1,030,300 (1,030,300) – 0
葉翔先生
15,454,500 (6,181,800) (9,272,700) 0
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
20
DISCLOSURE OF INTERESTS
權益披露
During the period (Note 6)
於期內（附註6）
Category
As at
1 January 2016
Granted
(Exercised)
(Lapsed)/
Cancelled
As at
30 June 2016
Note (Note 7)
類別
於二零一六年
一月一日
已授出
（已行使）
（已失效）╱
已註銷
於二零一六年
六月三十日
附註 （附註7）
Former Directors
前任董事
Mr. Yu Xiumin 1&2 1,030,300 – (1,030,300) 0
于秀敏先生
Mr. Zhou Sheji 1&2 2,060,600 (2,060,600) – 0
周舍己先生
3,090,900 (2,060,600) (1,030,300) 0
Employees (continuous contracts)
僱員（持續合約）
1 & 3 75,613,717 (5,987,870) (69,625,847) 0
4 463,635 – (463,635) 0
5 13,806,020 – (13,806,020) 0
89,883,372 (5,987,870) (83,895,502) 0
Notes:
1. All of the share options was granted on 16 June 2012 and vested on the date
immediately after three months from the date of acceptance and are
exercisable from 6 October 2012 to 30 June 2016 (both days inclusive) at
adjusted exercise price of HK$ per share, details of which adjustment
may refer to the announcement of the Company on 29 July 2015.
2. Mr. Yu Xiumin and Mr. Zhou Sheji have resigned as the Directors with effect
from 20 March 2015 and 17 July 2015, respectively.
3. Included in the share options granted to employees were 1,648,480 share
options which was granted to an employee who is the spouse of Mr. Lee Shing,
an executive Director.
4. All of the share options were granted on 29 June 2012 and vested on the date
immediately after three months from the date of acceptance and are
exercisable from 6 October 2012 to 30 June 2016 (both days inclusive) at
adjusted exercise price of HK$ per share, details of which adjustment
may refer to the announcement of the Company on 29 July 2015.
5. All of The share options were granted on 20 January 2015 and were vested on
the date immediately after three months from the date of acceptance and
exercisable from 6 May 2015 to 30 June 2016 (both days inclusive) at exercise
price of HK$ per Share, details of which adjustment may refer to the
announcement of the Company on 29 July 2015.
6. During the period, no share option was granted or cancelled under the Share
Option Scheme.
7. The number of Shares entitled to be subscribed for under the outstanding
options have been adjusted, details of which may refer to the announcement
of the Company on 29 July 2015.
附註：
1. 所有購股權於二零一二年六月十六日授出並於緊
隨接納日期後三個月當日即時歸屬，可自二零
一二年十月六日至二零一六年六月三十日（包括
首尾兩日）按經調整行使價每股港元予以行
使，該調整詳情可參閱本公司於二零一五年七月
二十九日之公佈。
2. 于秀敏先生及周舍己先生已辭任董事，分別於二
零一五年三月二十日及二零一五年七月十七日生
效。
3. 授予僱員之購股權包括1,648,480份向一名僱員（執
行董事李誠先生之配偶）授出之購股權。
4. 所有購股權於二零一二年六月二十九日授出並於
緊隨接納日期後三個月當日即時歸屬，可自二零
一二年十月六日至二零一六年六月三十日（包括
首尾兩日）按經調整行使價每股港元予以行
使，該調整詳情可參閱本公司於二零一五年七月
二十九日之公佈。
5. 所有購股權於二零一五年一月二十日授出並於緊
隨接納日期後三個月當日即時歸屬，可自二零
一五年五月六日至二零一六年六月三十日（包括
首尾兩日）按行使價每股港元予以行使，有
關調整之詳情請參閱本公司日期為二零一五年七
月二十九日之公佈。
6. 於期內並無購股權根據購股權計劃而授出或註銷。
7. 尚未行使購股權之可供認購股份數目已作出調
整，有關詳情請參閱本公司日期為二零一五年七
月二十九日之公佈。
21
五菱汽車集團控股有限公司 / 二零一六年中期報告
OTHER INFORMATION
其他資料
INTERIM DIVIDEND
The Board did not recommend the declaration of an interim dividend
for the six months ended 30 June 2016 (Period ended 30 June 2015:
Nil).
PURCHASE, REDEMPTION AND SALE OF LISTED
SECURITIES OF THE COMPANY
Neither the Company, nor any of its subsidiaries has purchased,
redeemed or sold any of the Company’s listed securities during the
period ended 30 June 2016 (Period ended 30 June 2015: Nil).
CORPORATE GOVERNANCE PRACTICES
The Company recognizes the importance of good corporate governance
to the Company’s healthy growth and has devoted considerable efforts
to identifying and formulating corporate governance practices
appropriate to the Company’s needs. The Company has applied the
Corporate Governance Code (“CG Code”) contained in Appendix 14 of
the Rules Governing the Listing of Securities (“Listing Rules”) on the
Stock Exchange sets out the principles of good corporate governance
and the code provisions as set out in the CG Code.
COMPLIANCE WITH MODEL CODE FOR SECURITIES
TRANSACTIONS BY DIRECTORS
The Company has adopted its own code of conduct regarding directors’
dealings in the Company’s securities (the “Own Code”) on terms no less
exacting than the Model Code, as amended from time to time. Specific
enquiry has been made of all the directors and the directors have
confirmed that they have complied with the Own Code and the Model
Code throughout the period ended 30 June 2016.
AUDIT COMMITTEE
The Audit Committee of the Company, comprising the three
independent non-executive directors, namely Mr. Ye Xiang (the
Chairman), Mr. Zuo Duofu and Mr. Wang Yuben, has been established
in accordance with the requirements of the Listing Rules, for the
purpose of reviewing and providing, inter alia, supervision over the
Group’s financial reporting, internal controls and risk management
systems. The terms of reference of the Audit Committee are disclosed
on the website of the Company.
中期股息
董事會不建議宣派截至二零一六年六月三十日
止六個月之中期股息（截至二零一五年六月
三十日止期間：無）。
購買、贖回及出售本公司之上市證券
於截至二零一六年六月三十日止期間內，本公
司或其任何附屬公司概無購買、贖回或出售本
公司任何上市證券（截至二零一五年六月三十
日止期間：無）。
企業管治常規
本公司深明優良企業管治對本公司健康發展之
重要性，故致力尋求及釐定切合本公司需要之
企業管治常規。本公司已應用聯交所證券上市
規則（「上市規則」）附錄14所載企業管治守則
（「企業管治守則」，當中載列良好企業管治原
則）及企業管治守則之守則條文。
遵守董事進行證券交易之標準守則
本公司已就董事買賣本公司證券採納行為守則
（「本身守則」），其條款不遜於標準守則（經不
時修訂）。本公司已向全體董事作出具體查
詢，董事確認彼等於截至二零一六年六月三十
日止期間一直遵守本身守則及標準守則。
審核委員會
本公司審核委員會已按上市規則之規定成立，
由三名獨立非執行董事葉翔先生（主席）、左多
夫先生及王雨本先生組成，以審閱及監察（其
中包括）本集團之財務申報、內部監控及風險
管理系統。審核委員會之職責範圍已於本公司
網站披露。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
22
OTHER INFORMATION
其他資料
At the request of the Audit Committee, the Company’s auditors, Deloitte
Touche Tohmatsu, had carried out a review of the unaudited interim
financial information for the six months ended 30 June 2016 in
accordance with Hong Kong Standard on Review Engagements 2410
“Review of Interim Financial Information Performed by the
Independent Auditor of the Entity” issued by the Hong Kong Institute of
Certified Public Accountants. The independent interim financial
information for the six months ended 30 June 2016 has also been
reviewed by the Audit Committee.
HUMAN RESOURCES AND REMUNERATION POLICY
At 30 June 2016, the Group had approximately 12,300 employees,
including approximately 7,650 staff members and 4,650 workers. Total
staff costs for the six months ended 30 June 2016 were approximately
RMB361,823,000, representing an increase of approximately % as
compared to the corresponding period in last year. The remuneration
policy was reviewed in line with the current applicable legislation,
market conditions as well as the performance of the Group and the
individual.
Besides, the Remuneration Committee of the Company, comprising the
three independent non-executive directors, namely Mr. Zuo Duofu (the
Chairman), Mr. Ye Xiang and Mr. Wang Yuben, has been established
under the Board, did and would also make recommendations on and
give approval to the remuneration policy, structure and remuneration
packages of the executive directors and the senior management. The
terms of reference of the Remuneration Committee of the Company are
disclosed on the website of the Company.
The Group regards human resources as an essential element for the
growth of a corporation and therefore pays serious attention to its
human resources management. The Group maintains a set of
established and comprehensive management policy aiming at
promoting common corporate goals among employees. The policy
which covers the remuneration structure, training and staff
development encourages healthy competitive environment which did
and would bring mutual benefits to both the Group and the employees.
APPROVAL OF INTERIM REPORT
The interim report and the unaudited condensed consolidated financial
statements for the six months ended 30 June 2016 were approved and
authorized for issue by the Board on 30 August 2016.
應審核委員會要求，本公司核數師德勤 •關黃
陳方會計師行已按香港會計師公會頒佈之香港
審閱工作準則第2410號「實體之獨立核數師對
中期財務資料之審閱」審閱截至二零一六年六
月三十日止六個月之未經審核中期財務資料。
截至二零一六年六月三十日止六個月之獨立中
期財務資料亦已由審核委員會審閱。
人力資源及薪酬政策
於二零一六年六月三十日，本集團約有12,300
名僱員，包括約7,650名員工及4,650名勞務人
員。截至二零一六年六月三十日止六個月之員
工成本總額約為人民幣361,823,000元，較去年
同期增加約%。薪酬政策已按現行適用法
律、市況、本集團業績及個別員工表現加以檢
討。
此外，董事會轄下由三名獨立非執行董事左多
夫先生（主席）、葉翔先生及王雨本先生組成之
本公司薪酬委員會已經及將就執行董事及高級
管理層之薪酬政策、架構及薪酬組合提出建議
並加以批准。本公司薪酬委員會之職責範圍已
於本公司網站披露。
本集團視人力資源為企業發展重要元素，故極
為關注人力資源管理。本集團維持一套明確而
全面之管理政策，宗旨為於僱員間培養共同目
標。有關政策涵蓋薪酬架構、培訓及員工發展
各方面，鼓勵良性競爭環境，已經及將為本集
團及僱員帶來共同利益。
批准中期報告
本中期報告及截至二零一六年六月三十日止六
個月未經審核簡明綜合財務報表經董事會於二
零一六年八月三十日批准及授權刊發。
23
五菱汽車集團控股有限公司 / 二零一六年中期報告
REPORT ON REVIEW OF CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
簡明綜合財務報表審閱報告
TO THE BOARD OF DIRECTORS OF
WULING MOTORS HOLDINGS LIMITED
(incorporated in Bermuda with limited liability)
INTRODUCTION
We have reviewed the condensed consolidated financial statements of
Wuling Motors Holdings Limited (the “Company”) and its subsidiaries
(collectively referred to as the “Group”) set out on pages 25 to 50, which
comprises the condensed consolidated statement of financial position
as of 30 June 2016 and the related condensed consolidated statement
of profit or loss and other comprehensive income, statement of changes
in equity and statement of cash flows for the six-month period then
ended, and certain explanatory notes. The Listing Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited
require the preparation of a report on interim financial information to
be in compliance with the relevant provisions thereof and the Hong
Kong Accounting Standard 34 “Interim Financial Reporting” (“HKAS 34”)
issued by the Hong Kong Institute of Certified Public Accountants. The
directors of the Company are responsible for the preparation and
presentation of these condensed consolidated financial statements in
accordance with HKAS 34. Our responsibility is to express a conclusion
on these condensed consolidated financial statements based on our
review, and to report our conclusion solely to you, as a body, in
accordance with our agreed terms of engagement, and for no other
purpose. We do not assume responsibility towards or accept liability to
any other person for the contents of this report.
致五菱汽車集團控股有限公司董事會
（於百慕達註冊成立之有限公司）
緒言
我們已審閱刊載於第25至50頁之五菱汽車集
團控股有限公司（「貴公司」）及其附屬公司（統
稱「貴集團」）之簡明綜合財務報表，包括於二
零一六年六月三十日之簡明綜合財務狀況表及
截至該日止六個月期間之相關簡明綜合損益及
其他全面收益報表、權益變動表及現金流量
表，以及若干說明附註。香港聯合交易所有限
公司主板證券上市規則規定，須遵照其有關條
文及香港會計師公會頒佈之香港會計準則第34
號「中期財務報告」（「香港會計準則第34號」）
就中期財務資料編製報告。 貴公司董事負責
按照香港會計準則第34號編製及呈報本簡明
綜合財務報表。我們之責任為遵照我們已同意
之受聘條款，根據我們之審閱結果就本簡明綜
合財務報表作出總結，並僅向全體董事報告。
除此之外，本報告不作其他用途。我們不會就
本報告內容向任何其他人士負上或承擔任何責
任。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
24
REPORT ON REVIEW OF CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
簡明綜合財務報表審閱報告
SCOPE OF REVIEW
We conducted our review in accordance with the Hong Kong Standard
on Review Engagements 2410 “Review of Interim Financial Information
Performed by the Independent Auditor of the Entity” issued by the
Hong Kong Institute of Certified Public Accountants. A review of these
condensed consolidated financial statements consists of making
inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review
is substantially less in scope than an audit conducted in accordance
with Hong Kong Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes us
to believe that the condensed consolidated financial statements are not
prepared, in all material respects, in accordance with HKAS 34.
Deloitte Touche Tohmatsu
Certified Public Accountants
Hong Kong
30 August 2016
審閱範圍
我們按照香港會計師公會頒佈之香港審閱工作
準則第2410號「實體之獨立核數師對中期財務
資料之審閱」進行審閱。該等簡明綜合財務報
表之審閱包括作出查詢，而主要查詢對象為負
責財務及會計事宜之人士，以及運用分析及其
他審閱程序。由於審閱範圍遠小於按照香港審
核準則進行審核之範圍，故未能保證我們能知
悉審核可辨識之所有重大事宜。因此，我們並
不發表審核意見。
總結
根據我們之審閱結果，我們並不知悉任何事
宜，致使我們相信簡明綜合財務報表於所有重
大方面未有按照香港會計準則第34號編製。
德勤 •關黃陳方會計師行
執業會計師
香港
二零一六年八月三十日
25
五菱汽車集團控股有限公司 / 二零一六年中期報告
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
簡明綜合損益及其他全面收益報表
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
Six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Revenue 收入 3 8,502,171 6,716,275
Cost of sales 銷售成本 (7,636,169) (5,987,806)
Gross profit 毛利 866,002 728,469
Other income 其他收入 41,340 31,283
Other gains and losses 其他收益及虧損 4 4,859 (1,286)
Selling and distribution costs 銷售及分銷成本 (167,358) (156,420)
General and administrative expenses 一般及行政開支 (522,206) (470,507)
Share of results of joint ventures 應佔合營企業之業績 (3,741) (3,463)
Finance costs 融資成本 (48,916) (34,963)
Profit before taxation 除稅前溢利 169,980 93,113
Income tax expense 所得稅開支 5 (35,310) (22,193)
Profit for the period 期內溢利 6 134,670 70,920
Other comprehensive (expense) income: 其他全面（開支）收益：
Items that may be subsequently
reclassified to profit or loss
日後可能重新歸類至
損益之項目
Exchange differences arising from
translation of foreign operations
換算海外業務所產生之
匯兌差額 (44) 2,636
Total comprehensive income for the period 期內全面收益總額 134,626 73,556
Profit for the period attributable to: 以下各方應佔期內溢利：
Owners of the Company 本公司擁有人 66,217 28,601
Non-controlling interests 非控股權益 68,453 42,319
134,670 70,920
Total comprehensive income for
the period attributable to:
以下各方應佔期內全面
收益總額：
Owners of the Company 本公司擁有人 66,173 31,237
Non-controlling interests 非控股權益 68,453 42,319
134,626 73,556
Earnings per share 每股盈利
— Basic — 基本 8 cents
人民幣分
cents
人民幣分
— Diluted — 攤薄 cents
人民幣分
cents
人民幣分
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
26
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
簡明綜合財務狀況表
At 30 June 2016 於二零一六年六月三十日
30 June
2016
31 December
2015
二零一六年
六月三十日
二零一五年
十二月三十一日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 9 2,292,753 2,154,838
Prepaid lease payments 預付租賃款項 247,928 250,961
Premium on prepaid lease payments 預付租賃款項之溢價 860 873
Investment properties 投資物業 9 8,546 8,610
Intangible assets 無形資產 628 628
Interests in joint ventures 於合營企業之權益 76,600 80,341
Deposits paid for acquisition of property,
plant and equipment
已付收購物業、廠房及
設備之訂金 355,799 433,437
Available-for-sale investment 可供出售投資 22,000 22,000
3,005,114 2,951,688
CURRENT ASSETS 流動資產
Inventories 存貨 1,329,645 1,778,552
Trade and other receivables 應收賬項及其他應收款項 10 7,241,771 5,007,701
Prepaid lease payments 預付租賃款項 6,088 6,088
Pledged bank deposits 已質押銀行存款 1,472,586 718,130
Bank balances and cash 銀行結餘及現金 1,182,173 1,175,393
11,232,263 8,685,864
CURRENT LIABILITIES 流動負債
Trade and other payables 應付賬項及其他應付款項 11 8,430,431 8,397,991
Amount due to a shareholder 應付一名股東款項 13 24,846 28,608
Provision for warranty 保養撥備 14 194,137 151,353
Tax payable 應付稅項 81,445 58,644
Bank borrowings 銀行借貸 12 55,496 2,895
Advances drawn on bills receivable
discounted with recourse
附追索權之已貼現
應收票據已提取墊款 15 3,222,028 881,876
12,008,383 9,521,367
NET CURRENT LIABILITIES 流動負債淨額 (776,120) (835,503)
TOTAL ASSETS LESS CURRENT LIABILITIES 總資產減流動負債 2,228,994 2,116,185
NON-CURRENT LIABILITIES 非流動負債
Amount due to a shareholder 應付一名股東款項 13 178,697 191,314
Deferred income 遞延收入 17,539 18,272
Deferred tax liabilities 遞延稅項負債 20,183 16,939
216,419 226,525
2,012,575 1,889,660
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 16 6,648 6,600
Reserves 儲備 1,094,945 1,034,913
Equity attributable to owners of the Company 本公司擁有人應佔權益 1,101,593 1,041,513
Non-controlling interests 非控股權益 910,982 848,147
2,012,575 1,889,660
27
五菱汽車集團控股有限公司 / 二零一六年中期報告
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
簡明綜合權益變動表
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
Attributable to owners of the Company
本公司擁有人應佔
Share
capital
Share
premium
Exchange
reserve
Contributed
surplus
Share
option
reserve
PRC
general
reserves
Capital
reserve
Retained
profits Total
Non-
controlling
interests
Total
equity
股本 股份溢價 匯兌儲備 實繳盈餘 購股權儲備
中國
一般儲備 資本儲備 保留溢利 總計
非控股
權益 總權益
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(note (i)) (note (ii)) (note (iii))
（附註 (i)） （附註 (ii)） （附註 (iii)）
At 1 January 2015 (audited) 於二零一五一月一日（經審核） 5,627 162,167 10,341 35,763 16,549 205,532 18,505 339,854 794,338 818,854 1,613,192
Profit for the period 本期間溢利 – – – – – – – 28,601 28,601 42,319 70,920
Other comprehensive income
for the period
本期間其他全面收益
– – 2,636 – – – – – 2,636 – 2,636
Total comprehensive income
for the period
本期間全面收益總額
– – 2,636 – – – – 28,601 31,237 42,319 73,556
Acquisition of additional interest in
a subsidiary (note 20)
收購一間附屬公司額外權益
（附註20） – – – – – – – 1,240 1,240 (5,080) (3,840)
Forfeiture of share options 沒收購股權 – – – – (620) – – 620 – – –
Recognition of equity settled
share-base payment
確認股本結算以股份
為基礎之付款 – – – – 882 – – – 882 – 882
Dividend paid 已付股息 – – – – – – – (5,957) (5,957) – (5,957)
Dividend recognized as distribution to
non-controlling interests
確認為分派予非控股權益
之股息 – – – – – – – – – (50,289) (50,289)
Subtotal 小計 – – – – 262 – – (4,097) (3,835) (55,369) (59,204)
At 30 June 2015 (unaudited) 於二零一五年六月三十日
（未經審核） 5,627 162,167 12,977 35,763 16,811 205,532 18,505 364,358 821,740 805,804 1,627,544
At 1 January 2016 (audited) 於二零一六年一月一日（經審核） 6,600 331,441 11,295 35,763 17,166 251,102 18,505 369,641 1,041,513 848,147 1,889,660
Profit for the period 本期間溢利 – – – – – – – 66,217 66,217 68,453 134,670
Other comprehensive income
for the period
本期間他全面收益
– – (44) – – – – – (44) – (44)
Total comprehensive income
for the period
本期間全面收益總額
– – (44) – – – – 66,217 66,173 68,453 134,626
Lapse of share options 購股權到期 – – – – (14,712) – – 14,712 – – –
Exercise of share options 行使購股權 48 8,103 – – (2,454) – – – 5,697 – 5,697
Dividend paid 已付股息 – – – – – – – (11,790) (11,790) – (11,790)
Dividend recognized as distribution to
non-controlling interests
確認為分派予非控股權益之股息
– – – – – – – – – (5,618) (5,618)
Transfer 轉撥 – – – – – 15,495 – (15,495) – – –
Subtotal 小計 48 8,103 – – (17,166) 15,495 – (12,573) (6,093) (5,618) (11,711)
At 30 June 2016 (unaudited) 於二零一六年六月三十日
（未經審核） 6,648 339,544 11,251 35,763 – 266,597 18,505 423,285 1,101,593 910,982 2,012,575
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
28
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
簡明綜合權益變動表
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
Notes:
(i) The Group’s contributed surplus represents (a) the difference between the
nominal value of the shares of the subsidiaries acquired pursuant to a group
reorganization on 30 October 1992, over the nominal value of the Company’s
shares issued in exchange therefore; (b) the transfer of the credit arising from
a capital reduction on 19 June 2006, and (c) the transfer of the share premium
and the absorption of accumulated losses on 27 May 2011.
(ii) According to the relevant requirement in the memorandum of association of
the subsidiaries established in the People’s Republic of China (the “PRC”), a
portion of their profits after taxation, as determined by the board of directors
of those subsidiaries, is transferred to PRC general reserves, with certain PRC
subsidiaries may stop such transfer when the reserve balance reaches 50% of
their registered capital. The transfer to these reserves must be made before
the distribution of a dividend to equity owners. The general reserves fund can
be used to offset the losses of the previous years, if any.
(iii) The capital reserve represents the deemed capital contribution arising on
acquisition of a subsidiary, Liuzhou Wuling Motors Industrial Company Limited
(“Wuling Industrial”), from Guangxi Automobile Holdings Limited (“Guangxi
Automobile”), which is the ultimate holding company of the Company by
virtue of its 100% equity interest in Wuling (Hong Kong) Holdings Limited
(“Wuling HK”).
附註：
(i) 本集團之實繳盈餘指 (a)根據一九九二年十月三十
日進行之集團重組，所收購附屬公司之股份面值
與本公司發行以作交換之股份面值之差額；(b)於
二零零六年六月十九日削減股本產生之進賬額之
轉撥；及 (c)於二零一一年五月二十七日轉撥股份
溢價及確認累計虧損。
(ii) 根據中華人民共和國（「中國」）境內成立之附屬公
司組織章程大綱之有關規定，該等公司須將部分
除稅後溢利轉撥至中國一般儲備，轉撥款額由有
關附屬公司之董事會釐定，而若干中國附屬公司
可能於儲備結餘達其註冊資本50%後停止轉撥。
該等公司必須向該儲備作出轉撥後，方可向股權
擁有人分派股息。一般儲備基金可用作抵銷以往
年度之虧損（如有）。
(iii) 資本儲備指向廣西汽車集團有限公司（「廣西汽
車」）收購附屬公司柳州五菱汽車工業有限公司
（「五菱工業」）所產生之視作資本出資，廣西汽車
因擁有五菱（香港）控股有限公司（「五菱香港」）
100%股權而為本公司之最終控股公司。
29
五菱汽車集團控股有限公司 / 二零一六年中期報告
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
簡明綜合現金流量表
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
Six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Net cash used in operating activities 經營業務所用現金淨額 (1,410,800) (220,393)
Net cash used in investing activities 投資活動所用現金淨額
Placement of pledged bank deposits 存放已質押銀行存款 (1,297,547) (1,231,680)
Deposits paid for acquisition of property,
plant and equipment
已付收購物業、廠房
及設備之訂金 (141,855) (280,234)
Purchase of property, plant and equipment 購買物業、廠房及設備 (55,904) (25,223)
Withdrawal of pledged bank deposits 提取已質押銀行存款 543,091 647,524
Proceeds from disposal of property,
plant and equipment
出售物業、廠房及設備
所得款項 34,516 48,322
Other investing cash flows 其他投資現金流 19,743 (20,996)
其他投資現金流
(897,956) (862,287)
Net cash from financing activities 融資活動所得現金淨額
Bills receivables discounted with recourse 附追索權之已貼現
應收票據 (881,876) (238,234)
(Repayment to) advance from shareholders （償還一名股東之款項）
來自一名股東之墊款 (21,997) 46,565
Interest paid 已付利息 (48,916) (13,372)
Dividend paid 已付股息 (11,790) (5,957)
Repayment of bank borrowings 償還銀行借貸 (48) (294,332)
Advances drawn on bills receivables 應收票據之墊款 3,222,028 1,660,730
Bank borrowings raised 新增銀行借貸 51,627 352,477
Issue of shares upon exercise of
share options
行使購股權後發行
股份 5,697 –
Acquisition of additional interest in
a subsidiary
收購一間附屬公司
額外權益 20 – (3,840)
Dividends paid to non-controlling
interests of subsidiaries
支付予附屬公司
非控股權益之股息 – (2,450)
Other financing cash flows 其他融資現金流 – 6,975
其他融資現金流
2,314,725 1,508,562
Net increase in cash and cash equivalents 現金及現金等值項目
增加淨額 5,969 425,882
Cash and cash equivalents at 1 January 於一月一日之現金及
現金等值項目 1,175,393 201,752
Effect of foreign exchange rate changes, net 外幣匯率變動之影響，
淨額 811 161
Cash and cash equivalents at 30 June,
represented by bank balances and cash
於六月三十日之現金及
現金等值項目，指：
銀行結餘及現金 1,182,173 627,795
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
30
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
1. BASIS OF PREPARATION
The condensed consolidated financial statements have been
prepared in accordance with Hong Kong Accounting Standard 34
“Interim Financial Reporting” issued by the Hong Kong Institute
of Certified Public Accountants (“HKICPA”) as well as with the
applicable disclosure requirements of Appendix 16 to the Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited.
The Group’s principal operations are conducted in the PRC. The
condensed consolidated financial statements are presented in
Renminbi (“RMB”), which is also the functional currency of the
Company.
In preparing the interim financial information, the directors of
the Company have given careful consideration to the future
liquidity and going concern of the Group in light of the Group’s
current liabilities exceed its current assets by approximately
RMB776 million at as 30 June 2016 (31 December 2015: RMB836
million). The directors of the Company are satisfied that the
Group will have sufficient financial resources to meet its financial
obligations as they fall due for the foreseeable future, after
taking into consideration the available borrowing facilities of
approximately RMB54 million (31 December 2015: RMB104
million), estimated future cash flows of the Group and assets
available to pledge for obtaining further banking facilities.
In addition, Guangxi Automobile Holdings Limited (“Guangxi
Automobile”), the ultimate holding company, has agreed to
provide adequate funds to enable the Group to meet in full its
financial obligations as and when they fall due in the foreseeable
future.
Accordingly, the directors of the Company believe that it is
appropriate to prepare the interim condensed consolidated
financial statements on a going concern basis without including
any adjustments that would be required should the Group fail to
continue as a going concern.
1. 編製基準
簡明綜合財務報表乃根據香港會計師公
會（「香港會計師公會」）所頒佈香港會計
準則第34號「中期財務報告」及香港聯合
交易所有限公司證券上市規則附錄16之
適用披露規定編製。
本集團於中國經營主要業務。簡明綜合
財務報表以人民幣（「人民幣」）計值，而
人民幣亦為本公司之功能貨幣。
編製中期財務資料時，本公司董事已就
於二零一六年六月三十日本集團流動負
債超出其流動資產約人民幣776,000,000
元（二零一五年十二月三十一日：人民幣
836,000,000元），審慎考慮未來流動資金
及本集團持續經營問題。經考慮可用借
貸額度約人民幣54,000,000元（二零一五
年十二月三十一日：人民幣104,000,000
元）、本集團估計未來現金流量及可供質
押資產以進一步取得銀行融資，本公司
董事信納本集團將有足夠財務資源於可
見未來在財務承擔到期時履行責任。
此外，最終控股公司廣西汽車集團有限
公司（「廣西汽車」）已同意向本集團提供
充裕資金以於可見將來如期悉數履行其
財務責任。
因此，本公司董事相信以持續經營基礎
編製中期簡明綜合財務報表屬恰當，毋
須包括任何於本集團在未能滿足持續經
營條件下所需計入之調整。
31
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
2. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been
prepared on the historical cost basis, except for certain financial
instruments and investment properties, which are measured at
fair values.
The accounting policies and methods of computation used in the
condensed consolidated interim financial statements for the six
months ended 30 June 2016 are the same as those followed in
the preparation of the annual financial statements of the Group
for the year ended 31 December 2015.
In the current interim period, the Group has applied the
following new amendments to Hong Kong Financial Reporting
Standards (“HKFRSs”) issued by the HKICPA for the first time in
current year.
HKFRS 14 Regulatory Deferral Accounts
Amendments to HKFRS 11 Accounting for Acquisitions of Interests in
Joint Operations
Amendments to HKAS 1 Disclosure Initiative
Amendments to HKAS 16 and HKAS 38 Clarification of Acceptable Methods of
Depreciation and Amortisation
Amendments to HKAS 16 and HKAS 41 Agriculture: Bearer Plants
Amendments to HKAS 27 Equity Method in Separate Financial Statements
Amendments to HKFRS 10,
HKFRS 12 and HKAS 28
Investment Entities: Applying the
Consolidation Exception
Amendments to HKFRSs Annual Improvements to HKFRSs 2012–2014 Cycle
The directors of the Company anticipate that the application of
these new and revised HKFRSs did not have any material impact
on the Group’s condensed consolidated interim financial
information.
2. 主要會計政策
簡明綜合財務報表乃根據歷史成本基準
編製，惟若干金融工具及投資物業按公
平值計量除外。
截至二零一六年六月三十日止六個月之
簡明綜合中期財務報表所採用會計政策
及計算方法與編製本集團截至二零一五
年十二月三十一日止年度之全年財務報
表所遵循者一致。
於本中期期間，本集團於本年度首次應
用以下由香港會計師公會頒佈之香港財
務報告準則（「香港財務報告準則」）新修
訂。
香港財務報告準則第14號 監管遞延賬戶
香港財務報告準則第11號
（修訂本）
收購合營業務權益之
會計處理
香港會計準則第1號（修訂本） 披露計劃
香港會計準則第16號及
香港會計準則第38號（修訂本）
澄清可接受之折舊及
攤銷方法
香港會計準則第16號及
香港會計準則第41號（修訂本）
農業：生產性植物
香港會計準則第27號（修訂本） 獨立財務報表之權益法
香港財務報告準則第10號、
香港財務報告準則第12號及
香港會計準則第28號（修訂本）
投資實體：應用綜合
入賬之例外情況
香港財務報告準則（修訂本） 二零一二年至二零一四年
週期之香港財務報告
準則年度改進
本公司董事預期應用此等新訂及經修訂
香港財務報告準則對本集團之簡明綜合
中期財務資料並無任何重大影響。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
32
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
3. SEGMENT INFORMATION
Information reported to the Board of Directors of the Company,
being the chief operating decision maker, for the purposes of
resource allocation and assessment of segment performance
focuses on types of goods or services delivered or provided. This
is also the basis upon which the Group is organized. No operating
segments identified by the chief operating decision maker have
been aggregated in arriving at the reportable segments of the
Group.
The Group’s reportable and operating segments under HKFRS 8
are as follows:
• Engines and related parts — Manufacture and sale of engines and related
parts
• Automotive components and
other industrial services
— Manufacture and sale of automotive
components and accessories, trading of
raw materials (mainly metals and other
consumables), and provision of water and
power supply services
• Specialized vehicles — Manufacture and sale of specialized vehicles
• Others — Property investment and others
3. 分部資料
向本公司董事會（即主要經營決策者）呈
報以供分配資源及評估分部表現之資料
集中於所交付或所提供之貨物或服務類
型。此亦為本集團業務組織之基準。概
無主要經營決策者可辨識之經營分部於
達致本集團之可報告分部時被合併列賬。
根據香港財務報告準則第8號，本集團之
可報告及經營分部劃分如下：
• 發動機及相關
部件
— 製造及銷售發動機及相關
部件
• 汽車零部件及
其他工業服務
— 製造及銷售汽車零部件及
附件、買賣原材料（主要為
金屬及其他消耗品）及提供
用水及動力供應服務
• 專用汽車 — 製造及銷售專用汽車
• 其他 — 物業投資及其他
33
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
The following is an analysis of the Group’s revenue and results by
reportable operating segments for the period under review:
Engines
and
related
parts
Automotive
components
and other
industrial
services
Specialized
vehicles Others Elimination Consolidated
發動機及
有關部件
汽車零部件
及其他工業
服務 專用汽車 其他 抵銷 綜合
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Six months ended 30 June 2016 截至二零一六年
六月三十日止六個月
REVENUE 收入
External sales 對外銷售 2,437,442 4,871,678 1,193,051 – – 8,502,171
Inter-segment sales 分部間銷售 45,648 7,726 394 – (53,768) –
Total 總計 2,483,090 4,879,404 1,193,445 – (53,768) 8,502,171
Segment profit (loss) 分部溢利（虧損） 75,760 143,509 15,734 (6,611) 228,392
Bank interest income 銀行利息收入 19,243
Central administration costs 中央行政成本 (24,998)
Share of results of joint ventures 應佔合營企業之業績 (3,741)
Finance costs 融資成本 (48,916)
Profit before taxation 除稅前溢利 169,980
Six months ended 30 June 2015 截至二零一五年
六月三十日止六個月
REVENUE 收入
External sales 對外銷售 1,500,443 4,214,940 1,000,831 61 – 6,716,275
Inter-segment sales 分部間銷售 26,540 5,001 – – (31,541) –
Total 總計 1,526,983 4,219,941 1,000,831 61 (31,541) 6,716,275
Segment profit (loss) 分部溢利（虧損） 45,086 103,844 11,162 (9,346) 150,746
Bank interest income 銀行利息收入 10,365
Central administration costs 中央行政成本 (28,690)
Share-based payment expenses 以股份為基礎付款開支 (882)
Share of results of joint ventures 應佔合營企業之業績 (3,463)
Finance costs 融資成本 (34,963)
Profit before taxation 除稅前溢利 93,113
以下為本集團於回顧期內按可報告經營
分部劃分之收入及業績分析：
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
34
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
4. 其他收益及虧損
5. 所得稅開支
中國
根據中國企業所得稅法（「企業所得稅
法」）及企業所得稅法實施條例，自二零
零八年一月一日起，本集團旗下中國附
屬公司之稅率為25%，惟以下除外：
(i) 柳州五菱汽車工業有限公司（「五菱
工業」）獲認可為高新技術企業，為
期3年，可於二零一五年及二零
一六年享有15%之優惠稅率。
4. OTHER GAINS AND LOSSES
For the six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
RMB’000 RMB’000
人民幣千元 人民幣千元
Gain (loss) on disposal of property,
plant and equipment
出售物業、廠房及設備之
收益（虧損） 5,133 (1,314)
Loss on revaluation of investment properties 投資物業之重估虧損 (252) –
Net exchange (loss) gain 匯兌（虧損）收益淨額 (22) 28
Other gains and losses 其他收益及虧損 4,859 (1,286)
5. INCOME TAX EXPENSE
For the six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
RMB’000 RMB’000
人民幣千元 人民幣千元
Tax charge represents: 稅項支出指：
PRC Enterprise Income Tax (“EIT”) 中國企業所得稅
（「企業所得稅」）
Current period 本期間 31,774 20,095
Withholding tax on dividend distribution 股息分派之預扣稅 292 –
Deferred tax 遞延稅項
Current period 本期間 3,244 2,098
35,310 22,193
The PRC
Under the Law of the PRC on Enterprise Income Tax (the “EIT
Law”) and Implementation Regulation of the EIT Law, the tax rate
of the Group’s PRC subsidiaries is 25% from 1 January 2008
onwards except that:
(i) Liuzhou Wuling Motors Industrial Company Limited
(“Wuling Industrial”) is approved for 3 years as enterprise
that satisfied as High-New Technology Enterprise and
entitles the preferential tax rate of 15% in 2015 and 2016.
35
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
(ii) Pursuant to the tax notice, Caishui [2011] No. 58 issued in
2011, companies located in specified provinces of Western
China and engaged in a specific state-encouraged
industries as defined under the “Catalogue of Encouraged
Industries in the Western Region” (the “Catalogue”), were
subject to a preferential tax rate of 15% during the period
from 2011 to 2020 when the annual revenue from the
encouraged business exceeded 70% of its total revenue in a
fiscal year. In 2012, confirmation notice from the relevant
authority on the 15% EIT rate had been obtained by the
enterprises including 柳州五菱柳機動力有限公司
(Liuzhou Wuling Liuji Motors Company Limited) (“Liuji
Motors”) . As a result, Liuji Motors is entitled the
preferential tax rate of 15% in 2015. During the period
ended 30 June 2016, Liuji Motors is approved as an
enterprise that satisfy as a High-New Technology Enterprise
and entitles the preferential tax rate of 15%.
The EIT Law also requires withholding tax of 5% or 10% upon
distribution of profits by the PRC subsidiaries since 1 January
2008 to its overseas (including Hong Kong) shareholders. In July
2013, the Group received confirmation from the relevant tax
authority that it was entitled to a withholding tax rate of 5%
effective from October 2009. Accordingly, the Group had accrued
withholding tax at 5%.
During the period, deferred tax of RMB3,681,000 (2015:
RMB2,054,000) has been provided in respect of the undistributed
earnings of the Group’s PRC subsidiaries and charge to profit or
loss accordingly.
Hong Kong
Hong Kong Profits Tax is calculated at % of the estimated
assessable profit for both periods.
No provision for taxation has been made as the Group has no
assessable profits in Hong Kong, for both periods.
(ii) 根據於二零一一年發佈之財稅
[2011]第58號稅務通告，位於中國
西部特定省區並從事「西部地區鼓
勵類產業目錄」（「目錄」）所界定之
特定國家鼓勵類產業，均可於二零
一一年至二零二零年間享有15%之
優惠稅率，前提為來自鼓勵類產業
之年度收益必須佔該財政年度總收
益超過70%。於二零一二年，多間
企業（包括柳州五菱柳機動力有限
公司（「柳機動力」））已就15%企業
所得稅率獲相關機構發出確認通
知。因此，柳機動力可於二零一五
年享有15%之優惠稅率。截至二零
一六年六月三十日止期間，柳機動
力獲認可為高新技術企業，可享有
15%之優惠稅率。
企業所得稅法亦規定，自二零零八年一
月一日起，中國附屬公司向其海外（包括
香港）股東分派溢利須按5%或10%繳納預
扣稅。於二零一三年七月，本集團接獲
相關稅務機關確認，其自二零零九年十
月起可按5%之稅率繳納預扣稅。因此，
本集團產生按5%稅率繳納之預扣稅。
期內已就本集團中國附屬公司之未分派
盈利之遞延稅項人民幣3,681,000元（二零
一五年：人民幣2,054,000元）作出撥備，
並計入損益。
香港
香港利得稅乃根據兩個期間之估計應課
稅溢利按稅率%計算。
由於該兩個期間並無香港應課稅溢利，
故本集團並無作出稅項撥備。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
36
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
6. 期內溢利
7. 股息
於本中期期間，本公司就截至二零一五
年十二月三十一日止年度向本公司擁有
人宣派及派付末期股息每股港仙（二
零一五年：就截至二零一四年十二月
三十一日止年度派付每股港仙）。於
本 中 期 期 間 已 派 付 末 期 股 息 總 額
13,769,000港 元（ 或 相 當 於 人 民 幣
11,790,000元）（二零一五年：7,590,000港
元或相當於人民幣5,957,000元）。
本公司董事決定不會就本中期期間派付
任何股息（二零一五年：無）。
6. PROFIT FOR THE PERIOD
For the six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
RMB’000 RMB’000
人民幣千元 人民幣千元
Profit for the period has been arrived at after
charging (crediting) the following items:
期內溢利經扣除（計入）
下列各項後得出：
Directors’ emoluments 董事酬金 1,592 1,930
Other staff costs 其他員工成本 301,114 281,837
Equity-settled share based payments 股本結算以股份為基礎之
付款 – 882
Retirement benefit scheme contributions,
excluding directors
退休福利計劃供款
（不包括董事） 59,117 57,784
Total staff costs 員工成本總額 361,823 342,433
Property rental income 物業租金收入 (66) (198)
Cost of inventories recognized as an expense 確認為開支之存貨成本 7,636,169 5,987,806
Depreciation of property, plant and equipment 物業、廠房及設備折舊 107,602 83,242
Impairment loss on trade receivables 應收賬項減值虧損 7,623 6,650
Reversal of impairment loss on trade receivables 撥回應收賬項減值虧損 (4,254) –
Release of prepaid lease payments (included in
general and administrative expenses)
預付租賃款項撥回（包括
在一般及行政開支） 3,033 4,798
Release of premium on prepaid lease
payments (included in general and
administrative expenses)
預付租賃款項之溢價撥回
（包括在一般及行政開支）
13 12
Research and development expenses (included
in general and administrative expenses)
研發開支（包括在一般及
行政開支） 189,115 163,462
Bank interest income 銀行利息收入 (19,243) (10,365)
7. DIVIDEND
During the current interim period, a final dividend of
cent per share in respect of the year ended 31 December 2015
(2015: cent per share in respect of the year ended 31
December 2014) was declared and paid to the owners of the
Company. The aggregate amount of the final dividend paid in
the current interim period amounted to HK$13,769,000 (or
equivalent to RMB11,790,000) (2015: HK$7,590,000 or equivalent
to RMB5,957,000).
The directors of the Company have determined that no dividend
will be paid in respect of the current interim period (2015: Nil).
37
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
8. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share
attributable to the owners of the Company is based on the
following data:
For the six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
RMB’000 RMB’000
人民幣千元 人民幣千元
Earnings: 盈利：
Earnings for the purpose of basic earnings
per share
用於計算每股基本盈利之
盈利
Profit for the period attributable to owners
of the Company
本公司擁有人應佔期內
溢利 66,217 28,601
For the six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
’000 ’000
千股 千股
Number of shares: 股份數目：
Weighted average number of ordinary shares for
the purpose of basic earnings per share
用於計算每股基本盈利之
普通股加權平均數 1,832,659 1,553,713
Effect of dilutive potential ordinary shares: 攤薄潛在普通股之影響：
Share options 購股權 20,411 27,303
Weighted average number of ordinary shares for
the purpose of diluted earnings per share
用於計算每股攤薄盈利之
普通股加權平均數 1,853,070 1,581,016
The weighted average number of ordinary shares for the purpose
of basic and diluted earnings per share for the six months ended
30 June 2015 have been adjusted for the bonus element of the
Open Offer (as defined in note 16) on 30 July 2015.
8. 每股盈利
本公司擁有人應佔每股基本及攤薄盈利
乃根據以下數據計算：
截至二零一五年六月三十日止六個月用
於計算每股基本及攤薄盈利之普通股加
權平均數已於二零一五年七月三十日就
公開發售（定義見附註16）紅利成份作出
調整。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
38
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
9. 投資物業以及物業、廠房及設備
之變動
投資物業
本集團名下投資物業於二零一六年六月
三十日之公平值由與本集團並無關連之
合資格專業估值師行威格斯資產評估顧
問有限公司（「威格斯」）評估。
估值乃參考地點及條件類似之物業之市
場成交價憑證而達致。
估計物業公平值時，物業之最有效用途
為其現時用途。
投資物業估值所用其中一項主要輸入數
據為每平方呎價格，介乎人民幣4,328元
至人民幣5,153元及人民幣1,600元至人
民幣2,057元。所用每平方呎價格微升會
導致各投資物業公平值計量大幅上升，
反之亦然。
於二零一六年六月三十日及二零一五年
十二月三十一日，本集團投資物業之公
平值級別為第三級。
期內，概無第三級轉入或轉出。
於本中期期間，本集團就其投資物業於
損益確認公平值虧損人民幣252,000元（二
零一五年：無）。
本集團所有投資物業均位於香港並按長
期租約持有。
物業、廠房及設備
於本中期期間，本集團添置物業、廠房
及設備人民幣275,397,000元（二零一五
年：人民幣305,062,000元）。此外，本集
團出售賬面總值為人民幣29,383,000元（二
零一五年：人民幣49,636,000元）之若干
物業、廠房及設備，所得現金款項為人
民幣34,516,000元（二零一五年：人民幣
48,322,000元），產生出售收益人民幣
5,133,000元（二零一五年：出售虧損人民
幣1,314,000元）。
9. MOVEMENTS IN INVESTMENT PROPERTIES AND
PROPERTY, PLANT AND EQUIPMENT
Investment Properties
The Group’s investment properties on 30 June 2016 were fair
valued by Vigers Appraisal and Consulting Limited (“Vigers”), a
firm of qualified professional valuers not connected with the
Group.
The valuation was arrived at by reference to market evidence of
transaction prices for similar properties in the similar locations
and conditions.
In estimating the fair value of the properties, the highest and
best use of the properties is their current use.
One of the key inputs used in valuing the investment properties
was the price per square feet, which ranged from RMB4,328 to
RMB5,153 and RMB1,600 to RMB2,057. A slight increase in the
price per square feet used would result in a significant increase
in fair value measurement of the respective investment property
and vice versa.
The fair value hierarchy of the Group’s investment properties as
at 30 June 2016 and 31 December 2015 are categorized as level 3.
There were no transfers into or out of Level 3 during the period.
For the current interim period, the Group recognized a fair value
loss of RMB252,000 attributable to its investment properties in
profit or loss (2015: Nil).
All the Group’s investment properties are situated in Hong Kong
and held under long term leases.
Property, plant and equipment
During the current interim period, additions to the Group’s
property, plant and equipment amounted to RMB275,397,000
(2015: RMB305,062,000). In addition, the Group disposed of
certain property, plant and equipment with an aggregate carrying
amount of RMB29,383,000 (2015: RMB49,636,000) for a cash
proceeds of RMB34,516,000 (2015: RMB48,322,000), resulting in a
gain on disposal of RMB5,133,000 (2015: loss on disposal of
RMB1,314,000).
39
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
10. TRADE AND OTHER RECEIVABLES
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Trade and bills receivables 應收賬項及應收票據
— SAIC-GM-Wuling Automobile Co.,
Limited (“SGMW”)
— 上汽通用五菱汽車
股份有限公司
（「上汽通用五菱」） (i) 2,604,267 2,666,890
— Guangxi Automobile Group — 廣西汽車集團 (ii) 79,041 85,062
— Guangxi Weixiang Machinery Company
Limited (“Guangxi Weixiang”)
— 廣西威翔機械有限
公司（「廣西威翔」） (iii) 5,013 3,915
— third parties — 第三方 1,045,403 1,113,625
3,733,724 3,869,492
Less: Allowance for doubtful debts 減：呆賬撥備 (57,771) (55,334)
3,675,953 3,814,158
Other receivables: 其他應收款項：
Prepayments for expenses 開支之預付款項 4,084 3,927
Prepayments for purchase of
raw materials
購買原材料之預付款項
(iv) 226,022 206,073
Value-added tax recoverable 可收回增值稅 – 8,945
Others 其他 95,369 87,383
325,475 306,328
Bills receivables discounted with recourse 附追索權之已貼現
應收票據 (v) 3,240,343 887,215
Total trade and other receivables 應收賬項及其他應收
款項總額 7,241,771 5,007,701
Notes:
(i) Guangxi Automobile has significant influence over SGMW.
(ii) Being Guangxi Automobile and its subsidiaries and associates other
than the Group and SGMW (collectively referred to as the “Guangxi
Automobile Group”).
(iii) Guangxi Weixiang is a joint venture of the Group.
(iv) Included in the balance were amounts of RMB6,867,000 (2015:
RMB3,507,000) paid to SGMW.
(v) The amount represents bills receivables discounted to banks with
recourse with a maturity period of less than 180 days (2015: less than
180 days). The Group recognizes the full amount of the discount
proceeds as liabilities as disclosed in the condensed consolidated
statement of financial position and in note 15.
10. 應收賬項及其他應收款項
附註：
(i) 廣西汽車對上汽通用五菱有重大影響力。
(ii) 即廣西汽車以及其附屬公司及聯營公司（本
集團及上汽通用五菱除外）（統稱「廣西汽
車集團」）。
(iii) 廣西威翔為本集團之合營企業。
(iv) 有關結餘包括已付上汽通用五菱之款項人
民幣6,867,000元（二零一五年：人民幣
3,507,000元）。
(v) 該金額指給予銀行附追索權之已貼現應收
票據，將於180日內（二零一五年：180日
內）到期。誠如簡明綜合財務狀況表及附
註15所披露，本集團將貼現所得款項全數
確認為負債。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
40
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
本集團就銷售貨物給予其貿易客戶平均
90至180日之信貸期。
按發票日期或票據發行日期呈列之應收
賬項及應收票據（扣除呆賬撥備）賬齡分
析如下：
11. 應付賬項及其他應付款項
附註：
(i) 青島點石為本集團之合營企業。
(ii) 該金額指預收客戶款項、員工成本及其他
經營開支之應計費用、收購物業、廠房及
設備之應付款項以及其他雜項應付款項。
The Group allows its trade customers an average credit period of
90 days to 180 days for sale of goods.
An aged analysis of trade and bills receivables (net of allowance
for doubtful debts) based on the invoice date or bills issue date
are presented as follows:
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
0 to 90 days 0至90日 2,575,171 3,080,580
91 to 180 days 91至180日 1,007,256 645,850
181–365 days 181至365日 47,530 78,748
Over 365 days 超過365日 45,996 8,980
3,675,953 3,814,158
11. TRADE AND OTHER PAYABLES
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Trade and bills payables: 應付賬項及應付票據：
— SGMW — 上汽通用五菱 888,253 528,693
— Guangxi Automobile Group — 廣西汽車集團 129,745 114,247
— Qingdao Dianshi Motors
Accessories Company Limited
(“Qingdao Dianshi”)
— 青島點石汽車
配件有限公司
（「青島點石」） (i) 17,764 12,358
— Guangxi Weixiang — 廣西威翔 720 –
— third parties — 第三方 6,268,360 6,648,712
7,304,842 7,304,010
Other payables and accruals 其他應付款項及應計
費用 (ii) 1,125,589 1,093,981
Total trade and other payables 應付賬項及其他應付
款項總額 8,430,431 8,397,991
Notes:
(i) Qingdao Dianshi is a joint venture of the Group.
(ii) The amount represents receipt in advance from customers, accrued
staff costs and accruals for other operating expenses, payables for
acquisition of property, plant and equipment and other miscellaneous
payables.
41
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
An aged analysis of trade and bills payables based on the invoice
date or bills issue date is as follows:
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
0 to 90 days 0至90日 5,064,047 5,325,527
91 to 180 days 91至180日 2,131,782 1,888,502
181 to 365 days 181至365日 54,463 37,770
Over 365 days 超過365日 54,550 52,211
7,304,842 7,304,010
12. BANK BORROWINGS
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Secured — Amount due on demand or
within one year
有抵押 — 按要求或一年內
到期之款項 55,496 2,895
The Group’s bank loans carry interest at variable market rates
based on Hong Kong Inter-bank Offered Rate or the People’s
Bank of China Benchmark Interest Rate, ranging from % to
% (2015: % to %) per annum and are repayable in
installments over a period of 1 to 8 years (2015: 1 to 8 years).
按發票日期或票據發出日期呈列之應付
賬項及應付票據賬齡分析如下：
12. 銀行借貸
本集團之銀行貸款以香港銀行同業拆息
或中國人民銀行基準利率為準之浮動市
場年利率介乎%至%（二零一五年：
%至%）計息，並可於一至八年（二
零一五年：一至八年）內分期償還。
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
42
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
13. AMOUNT DUE TO A SHAREHOLDER
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Carrying amount repayable: 須償還賬面值：
On demand or within one year 應要求或一年內 24,846 28,608
More than one year, but not exceeding
two years
一年以上但不超過兩年
178,697 191,314
203,543 219,922
Less: Amount due within one year shown
under current liabilities
減：流動負債項下於一年內到期
之款項 (24,846) (28,608)
Amount shown under non-current liabilities 非流動負債項下款項 178,697 191,314
The entire balance is due to Guangxi Automobile. It is unsecured
and interest-free.
14. PROVISION FOR WARRANTY
RMB’000
人民幣千元
At 1 January 2015 於二零一五年一月一日 164,179
Additional provision in the year 本年度增提撥備 20,333
Utilization of provision 動用撥備 (33,159)
At 31 December 2015 於二零一五年十二月三十一日 151,353
Additional provision for the period 本期間增提撥備 59,467
Utilization of provision 動用撥備 (16,683)
At 30 June 2016 於二零一六年六月三十日 194,137
The warranty provision represents management’s best estimate
under its 2-3 years’ product warranty granted to its specialized
vehicles, automotive components and engines customers.
However, based on prior experience and industry averages for
defective products, it is expected that the majority of this
expenditure will be incurred in the next two years.
13. 應付一名股東款項
該結餘全部為應付廣西汽車之款項，屬
無抵押及免息。
14. 保養撥備
保養撥備指管理層對本集團給予兩至三
年產品保養期予其專用汽車、汽車零部
件及發動機客戶而承擔之責任所作最佳
估計。然而，根據過往經驗及業內不良
產品之平均數，預期該筆開支大部分將
於下兩個年度內產生。
43
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
15. 附全面追索權之已貼現應收票據
所提取墊款
該金額指本集團以向銀行貼現附追索權
應收票據抵押之其他借貸（見附註10(v)）。
以下為本集團於二零一六年六月三十日
及二零一五年十二月三十一日通過將該
等應收款項按附有全面追索權之基準貼
現而轉讓予銀行。由於本集團並無將該
等應收款項之相關重大風險及回報轉
讓，其繼續確認該等應收款項之全部賬
面值，並已將因轉讓而收到之現金確認
於簡明綜合財務狀況表披露。此等金融
資產在本集團之簡明綜合財務狀況表按
攤銷成本列賬。
向銀行貼現附全面追索權應收票據：
15. ADVANCES DRAWN ON BILLS RECEIVABLE
DISCOUNTED WITH FULL RECOURSE
The amount represents the Group’s other borrowings secured by
the bills receivables discounted to banks with recourse (see note
10(v)).
The following were the Group’s financial assets as at 30 June 2016
and 31 December 2015 that were transferred to banks by
discounting those receivables on a full recourse basis. As the
Group has not transferred the significant risks and rewards
relating to these receivables, it continues to recognize the full
carrying amount of the receivables and has recognized the cash
received on the transfer as disclosed in the condensed
consolidated statement of financial position. These financial
assets are carried at amortized cost in the Group’s condensed
consolidated statement of financial position.
Bills receivables discounted to banks with full recourse:
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Carrying amount of transferred assets
(note 10(v))
所轉讓資產賬面值（附註10(v)）
3,240,343 887,215
Carrying amount of associated liabilities 相關負債賬面值 (3,222,028) (881,876)
Net position 淨頭寸 18,315 5,339
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
44
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
16. SHARE CAPITAL
Number of
shares Amount
股份數目 金額
HK$’000
千港元
Authorized: 法定：
Ordinary shares of HK$ each 每股面值港元之普通股 25,000,000,000 100,000
Convertible preference shares of
HK$ each
每股面值港元之可換股
優先股 1,521,400,000 1,521
Balance at 1 January 2015,
31 December 2015 and 30 June 2016
於二零一五年一月一日、
二零一五年十二月三十一日
及二零一六年六月三十日
之結餘 101,521
Ordinary shares issued and fully paid: 已發行及已繳足普通股：
As at 1 January 2015 於二零一五年一月一日 1,517,992,976 6,072
Issue of shares upon Open Offer (note 1) 於公開發售時發行股份（附註1） 303,598,595 1,214
As at 31 December 2015 於二零一五年十二月三十一日 1,821,591,571 7,286
Exercises of share options (note 2) 行使購股權（附註2） 14,230,270 57
As at 30 June 2016 於二零一六年六月三十日 1,835,821,841 7,343
30 June 31 December
2016 2015
二零一六年
六月三十日
二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Shown in the condensed consolidated
financial statements as at
於簡明綜合財務報表中列示
6,648 6,600
note 1: On 30 July 2015, the Company completed an open offer of 303,598,595
offer shares of HK$ each at a subscription price of HK$ per
offer share on the basis of one offer share for every five existing shares
of the Company (“Open Offer” ) . An aggregate proceeds of
HK$212,519,000 (equivalent to RMB170,247,000), of which
HK$1,214,000 (equivalent to RMB973,000) was credited to share capital
and the remaining balance of HK$211,305,000 (equivalent to
RMB169,274,000) was credited to share premium.
note 2: During the period ended 30 June 2016, 14,230,270 ordinary shares of
the Company of HK$ each were issued upon exercises of
14,230,270 share options with proceeds of HK$6,774,000 (equivalent
to RMB5,697,000).
16. 股本
附註1： 於二零一五年七月三十日，本公司完成按
每五股本公司現有股份獲發售一股發售股
份之基準以認購價每股發售股份港元
公開發售每股港元之303,598,595股
發售股份（「公開發售」）。所得款項共為
212,519,000港元（相當於人民幣170,247,000
元），其中1,214,000港元（相當於人民幣
973,000元）撥入股本而餘額211,305,000港
元（相當於人民幣169,274,000元）則撥入股
份溢價賬。
附註2： 於截至二零一六年六月三十日止期間，於
行使14,230,270份購股權時已發行每股
港元之14,230,270股本公司普通股，所得
款 項 為6,774,000港 元（ 相 當 於 人 民 幣
5,697,000元）。
45
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
17. SHARE OPTION SCHEME
Pursuant to an ordinary resolution passed by the shareholders of
the Company on 28 May 2012, a share option scheme with an
expiry date on 27 May 2022 was adopted by the Company (“Share
Option Scheme”).
The table below discloses movement of the Company’s share
options held by the directors and the employees of the Group
under the Share Option Scheme:
For the period ended 30 June 2016
Number of share options
購股權數目
Directors
Former
directors Employees Total
董事 前任董事 僱員 總計
(note ii)
(Continuous
Contracts)
（附註 ii） （持續合約）
Outstanding at 1 January 2016
(note i)
於二零一六年一月一日
尚未行使（附註 i） 15,454,500 3,090,900 89,883,372 108,428,772
Exercised during the period
(note iii) 期內行使（附註 iii） (6,181,800) (2,060,600) (5,987,870) (14,230,270)
Lapsed during the period 期內失效 (9,272,700) (1,030,300) (83,895,502) (94,198,502)
Outstanding at 30 June 2016 於二零一六年六月三十日
尚未行使 – – – –
For the period ended 30 June 2015
Number of share options
購股權數目
Directors
Former
director Employees Total
董事 前任董事 僱員 總計
(note ii)
(Continuous
Contracts)
（附註 ii） （持續合約）
Outstanding at 1 January 2015 於二零一五年一月一日
尚未行使 18,000,000 – 78,690,000 96,690,000
Reclassification 重新分類 (1,000,000) 1,000,000 – –
Granted during the period 期內授出 – – 13,400,000 13,400,000
Forfeited during the period 期內沒收 – – (4,100,000) (4,100,000)
Outstanding at 30 June 2015 於二零一五年六月三十日
尚未行使 17,000,000 1,000,000 87,990,000 105,990,000
17. 購股權計劃
根據本公司股東於二零一二年五月
二十八日通過之普通決議案，本公司採
納屆滿日為二零二二年五月二十七日之
購股權計劃（「購股權計劃」）。
下表披露本集團董事及僱員根據購股權
計劃所持本公司購股權之變動：
截至二零一六年六月三十日止期間
截至二零一五年六月三十日止期間
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
46
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
Notes:
(i) The number of shares options held by the directors and the employees
of the Group have been adjusted upon completion of the Open Offer,
details of which may refer to the announcement of the Company
dated 29 July 2015.
(ii) The 1,000,000 share options for the period ended 30 June 2015 were
held by Mr. Yu Xiumin who resigned as director on 20 March 2015. Mr.
Zhou Sheji also resigned as director on 17 July 2015. Accordingly, the
number of share options held for the period ended 30 June 2016
under this category represents share options held by Mr. Yu Xiumin
and Mr. Zhou Sheji.
(iii) In respect of the share options exercised during the period ended 30
June 2016, the weighted average share price at the date of exercise is
HK$.
18. CAPITAL AND OTHER COMMITMENTS
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Capital expenditure contracted for but not
provided in the condensed consolidated
financial statements in respect of
acquisition of:
就收購以下各項已簽約但未在
簡明綜合財務報表撥備之
資本開支：
— construction in progress — 在建工程 264,924 186,499
— property, plant and equipment — 物業、廠房及設備 428,250 452,046
693,174 638,545
附註：
(i) 本集團的董事及僱員所持購股權數目已於
公開發售完成時被作出調整，詳情可參閱
本公司日期為二零一五年七月二十九日之
公佈。
(ii) 截至二零一五年六月三十日止期間的
1,000,000份購股權由于秀敏先生持有，彼
於二零一五年三月二十日辭任董事。周舍
己先生亦於二零一五年七月十七日辭任董
事。因此，截至二零一六年六月三十日止
期間此分類項下持有之購股權數目指于秀
敏先生及周舍己先生所持的購股權。
(iii) 關於截至二零一六年六月三十日止期間已
行使的購股權，於行使日期之加權平均股
價是港元。
18. 資本及其他承擔
47
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
19. 經營租賃
本集團作為承租方
期內，根據經營租賃支付之最低租賃款
項為人民幣22,757,000元（二零一五年：
人民幣22,983,000元）。
於報告期末，本集團根據不可撤銷經營
租賃承擔之未來最低租賃款項於下列期
間到期：
經營租賃付款指本集團就其若干生產設
施、辦公室及倉庫物業應付之每月定額
租金，平均租期為三年。
19. OPERATING LEASES
The Group as lessee
Minimum lease payments made under operating leases during
the period was RMB22,757,000 (2015: RMB22,983,000).
At the end of the reporting period, the Group had commitments
for future minimum lease payments under non-cancellable
operating leases which fall due as follows:
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Within one year 一年內 38,070 37,749
In the second to fifth year inclusive 第二至第五年（包括首尾兩年） 54,991 73,365
93,061 111,114
Operating lease payments represent rental payable by the Group
for certain of its production facilities, office and warehouse
properties with fixed monthly rentals for an average term of
three years.
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
48
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
20. 收購一間附屬公司額外權益
於二零一五年四月三十日，本公司非全
資附屬公司五菱工業向獨立第三方重慶
長鵬工業（集團）有限公司收購柳州長鵬
汽車部件有限公司（「柳州長鵬」）餘下
49%股本權益，代價為人民幣3,840,000
元。於進行收購事項後，柳州長鵬由五
菱工業全資擁有。
21. 關連方披露資料
(i) 關連方交易
20. ACQUISITION OF ADDITIONAL INTERESTS IN A
SUBSIDIARY
On 30 April 2015, Wuling Industrial, a non-wholly owned
subsidiary of the Company acquired the remaining 49% equity
interest in Liuzhou Chang-peng Automobile Parts Co. Limited
(“Liuzhou Chang- peng”) from Chongqing Chang-peng Industrial
(Group) Co. Limited, an independent third party, at a
consideration of RMB3,840,000. After the acquisition, Liuzhou
Chang-peng is wholly owned by Wuling Industrial.
21. RELATED PARTY DISCLOSURES
(i) Related party transactions
For the six months
ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
Company Relationship Transactions RMB’000 RMB’000
公司 關係 交易 人民幣千元 人民幣千元
SGMW
上汽通用五菱
Related party (note 10(i))
關連方（附註10(i)）
Sales by the Group
本集團銷售
6,680,830 5,571,201
Purchase of materials by the Group
本集團購買材料
2,901,570 999,328
Warranty costs incurred by the Group
本集團所產生保養成本
693 1,507
Guangxi Automobile
Group
廣西汽車集團
Guangxi Automobile being
ultimate holding company of
the Company, and its affiliates
(note 10(ii))
廣西汽車（作為本公司之最終
控股公司）及其聯屬公司
（附註10(ii)）
Sales of raw materials and automotive
components by the Group
本集團銷售原材料及汽車零部件
121,750 115,347
Purchase of:
購買：
Automotive components and other
accessories by the Group
本集團購買汽車零部件及其他組件
38,109 47,164
Mini passenger buses by the Group
本集團購買小型客車
182,377 125,807
Electronic devices and components by
the Group
本集團購買電子設備及零件
1,433 5,086
Air-conditioning parts and accessories
by the Group
本集團購買空調部件及其配件
1,583 2,256
Subtotal
小計
223,502 180,313
49
五菱汽車集團控股有限公司 / 二零一六年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
(ii) 關連方結餘
本集團與關連方之未償還結餘詳情
載於附註10及11。
(iii) 提供擔保
本集團於二零一六年六月三十日之
應付票據由廣西汽車所給予之公司
擔保達人民幣2,390,000,000元（二零
一五年十二月三十一日：人民幣
3,000,000,000元）作支持。
For the six months
ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
Company Relationship Transactions RMB’000 RMB’000
公司 關係 交易 人民幣千元 人民幣千元
Guangxi Automobile
Group
廣西汽車集團
Guangxi Automobile being
ultimate holding company of
the Company, and its affiliates
(note 10(ii))
廣西汽車（作為本集團之
主要股東）及其聯屬公司
（附註10(ii)）
License fee paid by the Group
本集團支付特許權費用
433 –
Rental expenses paid by the Group
本集團支付租金開支
16,326 12,177
Interest expenses paid by the Group on
本集團支付利息開支
— Amounts due to a shareholder
— 應付股東款項
– 16
— Advances drawn on bills receivables
— 應收票據墊款
17,259 10,312
Qingdao Dianshi
青島點石
Joint venture
合營企業
Sales of raw materials and automotive
components by the Group
本集團銷售原材料及汽車零部件
9,670 –
Purchase of automotive component and
other accessories by the Group
本集團購買汽車零部件及其他配件
70,792 50,213
Guangxi Weixiang
廣西威翔
Joint venture
合營企業
Sales of raw materials and automotive
components by the Group
本集團銷售原材料及汽車零部件
6,142 24,384
Purchase of automotive component and
other accessories by the Group
本集團購買汽車零部件及其他配件
896 –
Jenpoint Limited
聚剛有限公司
An entity controlled by Mr. Lee
Shing, an executive Director
of the Company
本公司執行董事李誠先生控制
之實體
Interest expense paid by the Group
本集團支付利息開支
– 160
(ii) Related party balances
Details of the Group’s outstanding balances with related
parties are set out in notes 10 and 11.
(iii) Guarantees provided
The Group’s bills payables at 30 June 2016 were supported
by corporate guarantee to the extent of RMB2,390,000,000
(31 December 2015: RMB3,000,000,000) given by Guangxi
Automobile.
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
50
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
簡明綜合財務報表附註
For the six months ended 30 June 2016 截至二零一六年六月三十日止六個月
(iv) 主要管理人員之薪酬
期內，本集團主要管理層成員之薪
酬如下：
(v) 提供融資
廣西汽車同意向本集團提供融資額
度，據此，本集團可在人民幣
2,390,000,000元（二零一五年：人民
幣3,000,000,000元）上限以內向廣西
汽車貼現其應收票據而不附帶任何
追索權。貼現率為市場貼現率之
90%或固定貼現率%之較低者。
於本中期期間，本集團已向廣西汽
車 貼 現 應 收 票 據 人 民 幣
1,747,000,000元（於二零一五年十二
月三十一日：人民幣1,860,000,000
元），票據於180日內到期，平均貼
現率為%。
(vi) 承擔
於報告期末，本集團根據與廣西汽
車集團訂立之不可撤銷經營租賃承
擔之未來最低租賃款項於下列期間
到期：
(iv) Compensation of key management personnel
The remuneration of the Group’s key management in
respect of the period are as follows:
For the six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
RMB’000 RMB’000
人民幣千元 人民幣千元
Short-term benefits 短期福利 1,475 1,807
Post-employment benefits 離職福利 117 123
1,592 1,930
(v) Provision of facility
Guangxi Automobile agreed to provide a facility to the
Group, whereby the Group could discount, without
recourse, its bill receivables to Guangxi Automobile to the
extent of RMB2,390,000,000 (2015: RMB3,000,000,000).
The discounting rate was the lower of 90% of market
discounting rate or a fixed rate of %. During the current
interim period, the Group discounted bills receivables of
R M B 1 , 7 4 7 , 0 0 0 , 0 0 0 ( a s a t 3 1 D e c e m b e r 2 0 1 5 :
RMB1,860,000,000) to Guangxi Automobile with a maturity
period less than 180 days and at an average discount rate
of %.
(vi) Commitments
At the end of the reporting period, the Group had
commitments for future minimum lease payments under
non-cancellable operating leases with Guangxi Automobile
Group which fall due as follows:
At At
30 June 31 December
2016 2015
於二零一六年
六月三十日
於二零一五年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Within one year 一年內 37,824 36,655
In the second to fifth year inclusive 第二至第五年
（包括首尾兩年） 54,983 73,311
92,807 109,966
51
五菱汽車集團控股有限公司 / 二零一六年中期報告
CORPORATE INFORMATION
公司資料
BOARD OF DIRECTORS
Executive Directors
Mr. Wei Hongwen (Chairman)
Mr. Lee Shing (Vice-chairman and Chief Executive Officer)
Mr. Sun Shaoli
Mr. Zhong Xianhua
Ms. Liu Yaling
Independent Non-Executive Directors
Mr. Zuo Duofu
Mr. Ye Xiang
Mr. Wang Yuben
AUDIT COMMITTEE
Mr. Ye Xiang (Chairman)
Mr. Zuo Duofu
Mr. Wang Yuben
REMUNERATION COMMITTEE
Mr. Zuo Duofu (Chairman)
Mr. Ye Xiang
Mr. Wang Yuben
NOMINATION COMMITTEE
Mr. Wei Hongwen (Chairman)
Mr. Zuo Duofu
Mr. Ye Xiang
Mr. Lee Shing
Mr. Wang Yuben
COMPANY SECRETARY
Mr. Lai Shi Hong Edward
PRINCIPAL BANKERS
Hong Kong
Bank of China (Hong Kong) Limited
Hang Seng Bank Limited
PRC
Bank of China Limited
Industrial and Commercial Bank of China Limited
China Construction Bank Corporation
Agricultural Bank of China Limited
China Everbright Bank Co., Limited
Hua Xia Bank Co., Limited
China Citic Bank
Industrial Bank Co., Limited
董事會
執行董事
韋宏文先生（主席）
李誠先生（副主席兼行政總裁）
孫少立先生
鍾憲華先生
劉亞玲女士
獨立非執行董事
左多夫先生
葉翔先生
王雨本先生
審核委員會
葉翔先生（主席）
左多夫先生
王雨本先生
薪酬委員會
左多夫先生（主席）
葉翔先生
王雨本先生
提名委員會
韋宏文先生（主席）
左多夫先生
葉翔先生
李誠先生
王雨本先生
公司秘書
黎士康先生
主要往來銀行
香港
中國銀行（香港）有限公司
恒生銀行有限公司
中國
中國銀行股份有限公司
中國工商銀行股份有限公司
中國建設銀行股份有限公司
中國農業銀行股份有限公司
中國光大銀行股份有限公司
華夏銀行股份有限公司
中信銀行
興業銀行股份有限公司
WULING MOTORS HOLDINGS LIMITED / INTERIM REPORT 2016
52
CORPORATE INFORMATION
公司資料
AUDITORS
Deloitte Touche Tohmatsu
SOLICITOR
Sidley Austin
HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS IN HONG KONG
Unit 2403
24/F, Great Eagle Centre
23 Harbour Road
Wanchai
Hong Kong
REGISTERED OFFICE
Canon’s Court
22 Victoria Street
Hamilton HM12
Bermuda
PRINCIPAL SHARE REGISTRAR AND
TRANSFER AGENT IN BERMUDA
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM08
Bermuda
HONG KONG BRANCH SHARE
REGISTRAR AND TRANSFER OFFICE
Tricor Tengis Limited
Level 22, Hopewell Centre
183 Queen’s Road East
Hong Kong
STOCK CODE
Stock Exchange of Hong Kong: 305
核數師
德勤 •關黃陳方會計師行
律師
盛德律師事務所
總辦事處及香港主要營業地點
香港
灣仔
港灣道23號
鷹君中心24樓
2403室
註冊辦事處
Canon’s Court
22 Victoria Street
Hamilton HM12
Bermuda
百慕達股份過戶登記總處
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM08
Bermuda
香港股份過戶登記分處
卓佳登捷時有限公司
香港
皇后大道東183號
合和中心22樓
股份代號
香港聯合交易所：305
中期報告INTERIM REPORT2016
股份代號 : 305HKEx Stock Code
( )
(Incorporated in Bermuda with limited liability)
香港灣仔港灣道23號
鷹君中心24樓2403室
五菱汽車集團控股有限公司
23 Harbour Road, Wanchai, Hong Kong
Unit 2403, 24/F, Great Eagle Centre,
封面
內封面
目錄
董事會致辭
管理層討論及分析
權益披露
其他資料
中期財務資料
簡明綜合財務報表審閱報告
簡明綜合損益及其他全面收益報表
簡明綜合財務狀況表
簡明綜合權益變動表
簡明綜合現金流量表
簡明綜合財務報表附註
公司資料
內封底
封底
