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FAW JIEFANG GROUP CO., LTD
Annual Report 2024
March 2025
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Chairman and CPC Secretary
of FAW Jiefang
Li Sheng
2024 marks the 75th anniversary of the founding of the
People's Republic of China and represents a critical year in the
implementation of the 14th Five-Year Plan. FAW Jiefang has
thoroughly implemented the guiding principles from the 20th
National Congress of the CPC and the Second and Third
Plenary Sessions of the 20th Central Committee. Despite facing
multiple challenges including weak demand in the commercial
truck industry and profound market restructuring, our entire
workforce has confronted these difficulties head-on, persevered
through hardships, performed under pressure, and continued to
forge ahead. We have overcome numerous obstacles, achieved
remarkable results, and made breakthrough progress despite
adverse market conditions.
Boldly confronting markets, winning in retail sectors, and reinforcing our industry-leading
position. With extraordinary determination, exceptional measures, and remarkable effort, we
achieved annual vehicle sales of thousand units, representing a % year-on-year increase.
Our medium and heavy truck sales reached 214 thousand units with a market share of %,
maintaining our position as China's market leader for nine consecutive years. In overseas markets,
despite downturns in key regions, we exported 57 thousand vehicles - a % year-on-year increase
- achieving record-high sales with the industry's fastest growth rate. Our new energy vehicle segment
capitalized on market opportunities with sales of thousand units, growing by 121% and setting
a new record with the highest growth rate among premium brands. Our brand value has reached
billion yuan, ranking first in the industry for 13 consecutive years. We've also earned the
honorary title of "National Responsibility Bearer," showcasing Jiefang's leadership as the flagship of
China's automotive industry.
Accelerating transformation, driving reform, and building lasting business strength. We
Chairman’s Address
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have diligently promoted and implemented the principles from the Third Plenary Session of the 20th
CPC Central Committee and conducted thorough Party discipline education. Our efforts earned
recognition from China FAW as a "Pioneer Party Building Red List Unit" and "Merit Competition
Outstanding Unit." We have deeply implemented state-owned enterprise reform initiatives, completed
the integration of manufacturing and operations, officially established Jiefang International, and
launched our "SPRINT2030" internationalization strategy. We've also revitalized our aftermarket
services and UNID operations. Our quality management systems have matured significantly, supply
chain capabilities have substantially improved, and incentive mechanisms have been further
optimized. In 2024, FAW Jiefang completed a 2-billion-yuan targeted share issuance while
maintaining an industry-leading market capitalization. We were invited to share our reform
achievements with the State-owned Assets Supervision and Administration Commission, with our
practices highlighted in the Commission's official briefings. Additionally, we received an A-level
evaluation for information disclosure from the Shenzhen Stock Exchange for the fourth consecutive
year.
Self-reliance and innovation: building core competitive advantages. We have strengthened
our technological research and development with several innovative breakthroughs: completing the
Qingdao Commercial Vehicle R&D Center on schedule; establishing the Pioneering and Leading
Lantu Joint Research Center with Shell China; unveiling the industry-first "Xingyi" hydrogen engine
and liquid hydrogen fuel cell tractor; launching production at our 6DV engine super factory;
introducing China's first in-cylinder direct injection hydrogen engine for heavy commercial vehicles;
achieving new milestones in digital transformation; receiving national awards for our V2X cloud
platform; having our J7 intelligent factory recognized among the first "Excellence-level Intelligent
Factories" by the Ministry of Industry and Information Technology; launching over 150 new products
including the J7 Pioneering and Leading Version Edition; and achieving breakthroughs in more than
100 key technologies.
Reducing logistics costs and carbon emissions: setting new standards in green
manufacturing. Guided by green development principles, we have firmly implemented our "15333"
new energy strategy and accelerated upgrades to our new energy products. We've continuously
improved fuel efficiency technologies, reducing average fuel consumption by liters per 100
kilometers. This has helped users save over 300 million liters of fuel annually, substantially reducing
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societal logistics costs and saving users over 50 thousand yuan per vehicle annually. We've
aggressively pursued carbon reduction throughout our operations, implementing 31 megawatts of
photovoltaic power generation and trading million kilowatt-hours of green electricity, reducing
carbon emissions by 50 thousand tons.
Unified efforts and strategic collaboration: achieving mutual benefits with partners. We've
established cooperative agreements with Jiuzhou Hengchang Logistics Co., Ltd., Mahle, Farasis
Energy, Dalian New Energy Industry and other partners. Through our global partner conference,
we've continued to build momentum around "co-creation, co-progress, co-winning, and co-sharing."
We've actively implemented our "double care" culture, effectively executing our "7+100" key
initiatives, and resolving 173 urgent employee concerns. In 2024, FAW Jiefang was recognized as a
"National Advanced Collective in Creating Harmonious Labor Relations.
Fulfilling our responsibilities, leading with compassion, and deepening our commitment to
public service. We have consistently upheld our principle of "Harmonious Development of People,
Vehicles, and Society." Through our "Jiefang Cares" public welfare initiative, we have focused on
trucker support programs, educational advancement, environmental protection, and rural
revitalization. Partnering with 20 suppliers, we launched the "Truck Driver Support Project,"
providing assistance to 189 truckers in need and recognizing five exemplary drivers this year. These
efforts continue to strengthen our reputation as a national brand characterized by compassion and
social responsibility. In 2024, FAW Jiefang was listed in CCTV's "China ESG Listed Company
Pioneer 100" for the second consecutive year, selected for the State-owned Assets Supervision and
Administration Commission's "Top Ten ESG Cases among Central Enterprise Listed Companies,"
included in the "2024 Outstanding ESG Cases of Chinese Enterprises," named "2023 China Employee
Public Welfare Enterprise of the Year," and our "Jiefang Cares Truck Driver Support Project" was
recognized as the Public Welfare Project of the Year by the "Warm Journey Truck Driver Career
Development and Security Initiative."
Like gold that emerges only after countless refinements, excellence requires persistent effort. In
2025, FAW Jiefang will continue to be guided by Xi Jinping Thought on Socialism with Chinese
Characteristics for a New Era, maintaining our strategic focus and leadership confidence. Working
together with unwavering determination, we will achieve new breakthroughs, growth, and milestones.
We remain firmly committed to our strategic goal of being "China's First, World-Class" to
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technological and product leadership that drives market dominance, to deepening reforms, to
commercial success, and to cultural and talent development. We will dedicate our full efforts to
winning the final phase of the 14th Five-Year Plan, advancing powerfully toward our goal of
becoming a world-class enterprise, and striving to write a new chapter in our century-long journey of
excellence!
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Section I Important Notes, Contents and Definitions
The Board of Directors and Board of Supervisors, as well as directors,
supervisors and senior executives of the Company, guarantee that the contents of
the annual report are true, accurate and complete. There is no false record,
misleading statement or major omission, and shall bear individual and joint legal
responsibilities.
Li Sheng, the person in charge of the Company, Yu Changxin, the person in
charge of accounting, and Fan Chao, the person in charge of the accounting
organization (chief accountant), declare that they guarantee the authenticity,
accuracy and completeness of the financial report in this annual report.
All directors were present at the meeting of the Board of Directors at which
this report was considered.
This annual report includes prospective statements, such as future plans,
and does not constitute a substantial commitment of the Company to investors.
Investors and relevant persons should maintain sufficient risk awareness of this
and understand the differences between plans, forecasts, and commitments.
The Company has described in detail the possible risks and
countermeasures for its future development in the section of Management
Discussion and Analysis. Investors are kindly requested to pay attention to
relevant content. China Securities Journal, Securities Times and CNINFO
() are the information disclosure media selected by the
Company. All information about the Company is subject to being published in
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the above-selected media. Investors are kindly requested to pay attention to
investment risks.
The profit distribution plan approved by the Board of Directors of the
Company is as follows: Based on the 4,922,371,176 shares of the Company, a cash
dividend of yuan (tax inclusive) will be distributed to all shareholders for every
10 shares they hold. Additionally, no bonus shares (tax inclusive) will be
distributed. The Company does not convert reserves into share capital.
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Table of Contents
Section I Important Notes, Contents and Definitions .............................................. 6
Section II Company Profile and Main Financial Indicators ................................. 12
Section III Management Discussion and Analysis .................................................. 22
Section IV Corporate Governance ........................................................................... 77
Section V Environmental and Social Responsibilities ......................................... 132
Section VI Important Matters ................................................................................ 146
Section VII Changes in Shares and Shareholders ................................................ 175
Section VIII Preferred Shares ................................................................................ 195
Section IX Bonds...................................................................................................... 196
Section X Financial Report ..................................................................................... 197
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List of Documents for Future Reference
1. Financial statements signed and sealed by the person in charge of the
Company, the person in charge of accounting and the person in charge of the
accounting organization (chief accountant).
2. The original Auditor's Report sealed by Certified Public Accountants LLP and
sealed and signed by CPAs.
3. Originals of all company documents and announcements publicly disclosed on
the website designated by China Securities Regulatory Commission in the reporting
period.
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Interpretation
Item Refers to Definition
Company, the Company,
FAW Jiefang
Refers to FAW JIEFANG GROUP CO., LTD
Jiefang Limited Refers to FAW Jiefang Automotive Co., Ltd.
Jiefang Group
International
Refers to
FAW Jiefang Group International Automobile
Co., Ltd.
Tanzania Ltd. Refers to Jiefang Motors Tanzania Ltd.
FAW, FAW Group Refers to China FAW Group Co., Ltd.
FAW Refers to China FAW Co., Ltd.
FAW Car Refers to FAW Car Co., Ltd.
FAW Bestune Refers to FAW Bestune Auto Co., Ltd.
Finance company Refers to First Automobile Finance Co., Ltd.
Harbin Light Company Refers to FAW Harbin Light-Automobile Co., Ltd.
FAW-HONGTA Refers to FAW-HONGTA Yunnan Automobile Co., Ltd.
Board of Directors Refers to
Board of Directors of FAW JIEFANG GROUP
CO., LTD.
Shareholders' meeting Refers to
Shareholders' Meeting of FAW JIEFANG
GROUP CO., LTD.
Board of Supervisors Refers to
Board of Supervisors of FAW JIEFANG
GROUP CO., LTD.
SASAC Refers to
State-owned Assets Supervision and
Administration Commission of the State
Council
Ministry of Finance Refers to
Ministry of Finance of the People's Republic of
China
China Securities
Regulatory Commission
Refers to
China Securities Regulatory Commission
(CSRC)
SZSE Refers to Shenzhen Stock Exchange
China Securities
Depository and Clearing
Refers to
Shenzhen Branch, China Securities Depository
and Clearing Corporation Limited
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Corporation Limited
(CSDC)
Company Law Refers to
Company Law of the People's Republic of
China
Securities Law Refers to
Securities Law of the People's Republic of
China
Articles of Association Refers to
Articles of Association of FAW JIEFANG
GROUP CO., LTD.
Reporting Period Refers to January 1, 2024-December 31, 2024
CNY, CNY 10 thousand,
CNY 100 million
Refers to CNY, CNY 10 thousand, CNY 100 million
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Section II Company Profile and Main Financial Indicators
I. Company Information
Stock abbreviation FAW Jiefang Stock code 000800
Stock exchanges on
which shares are listed
Shenzhen Stock Exchange
Chinese name of the
Company
FAW JIEFANG GROUP CO., LTD
Chinese abbreviation
of the Company
FAW Jiefang
English name of the
Company
FAW Jiefang Group Co., Ltd.
English abbreviation
of the Company
FAW Jiefang
Legal representative
of the Company
Li Sheng
Registered address
, Dongfeng Street, Changchun Automobile Development Zone,
Jilin Province
Zip code of the
registered address
130011
History of changes in
the registered address
of the Company
In 2020, the Company carried out major asset restructuring, and the
registered address was changed from Weishan Road, High-tech
Industrial Development Zone, Changchun City, Jilin Province to
Dongfeng Street, Automobile Development Zone, Changchun City, Jilin
Province.
Office address
, Dongfeng Street, Changchun Automobile Development Zone,
Jilin Province
Postal code of office
address of the
Company
130011
Company Website
E-mail faw0800@
II. Contact Person and Contact Information
Secretary of the Board of Directors Securities Affairs Representative
Name Wang Jianxun Yang Yuxin
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Address
, Dongfeng Street, Changchun
Automobile Development Zone, Jilin
Province
, Dongfeng Street, Changchun
Automobile Development Zone, Jilin
Province
Tel. 0431-80918881 0431-80918882 0431-80918881 0431-80918882
Fax 0431-80918883 0431-80918883
E-mail faw0800@ faw0800@
III. Information Disclosure and Keeping Location
Website of the stock exchange disclosing the
annual report of the Company
Name and website of the media disclosing the
annual report of the Company
Securities Times, China Securities Journal and
CNINFO ()
Keeping the location of the Annual Report of
the Company
FAW Capital Operation Department
IV. Changes in Registration
Unified Social Credit Code 91220101244976413E
Changes in main business
since the Company went
public
In 2020, the Company completed major asset restructuring and
changed its main business from research, development,
production, and sales of passenger cars to research, development,
production, and sales of commercial vehicles.
Changes in controlling
shareholders in the past
1. In June 2011, FAW, the original controlling shareholder of the
Company, carried out major business restructuring and founded
China FAW Co., Ltd. as the main sponsor in order to improve the
corporate governance structure and establish a modern enterprise
system. FAW transferred all its shares from the Company into
FAW, and the two parties completed the equity registration and
transfer procedures in April 2012. After the equity transfer, the
total share capital of the Company did not change and remained at
1,627,500,000 shares. FAW Car Co., Ltd. holds 862,983,689
shares of the Company, accounting for % of the total shares,
and is the controlling shareholder of the Company. The actual
controller does not change and is still the SASAC.
2. In March 2020, the China Securities Regulatory Commission
approved a major asset restructuring project of the Company. The
Company issued 2,982,166,212 shares directly to FAW to pay the
price difference for the major asset restructuring. After the
issuance, the total share capital of the Company increased to
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4,609,666,212 shares. FAW Car Co., Ltd. holds 3,845,149,901
shares of the Company, accounting for % of the total shares,
and is the controlling shareholder of the Company. The Company's
actual controller is still SASAC.
V. Other relevant data
Accounting firm hired by the Company
Name of Accounting Firm
Grant Thornton Certified Public Accountants
(Special General Partnership)
Office address of the accounting firm
Scitech Place, Jianguomenwai Avenue,
Chaoyang District, Beijing, China
Name of the accountants Wu Songlin, Yang Dongmin
Sponsor institution employed by the Company to perform continuous supervision duties in the
reporting period
Applicable □Not applicable
Name of Sponsor
Institution
Office Address of Sponsor
Institution
Name of Sponsor
Representative
Continuous Supervision
Period
China
International
Capital
Corporation
Limited
27th and 28th Floor, China
World Office 2,
Jianguomenwai Avenue,
Chaoyang District,
Beijing, . China
Chen Yiliang, Luo
Wei
October 21, 2024 -
December 31, 2025
Financial consultant employed by the Company to perform continuous supervision duties in the
reporting period
□Applicable Not applicable
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VI. Main Accounting Data and Financial Indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
Yes □No
Reasons for the retroactive adjustment or restatement: Business combination under common control
2024
2023
Increase or
decrease
compared to
that of last
year
2022
Before adjustment After adjustment
After
adjustment
Before adjustment After adjustment
Operating income (Yuan) 58,581,106, 63,904,532, 64,324,640, % 38,331,747, 38,331,747,
Net profit attributable to
shareholders of the listed
company (Yuan)
622,427, 763,024, 806,096, % 367,745, 384,380,
Net profit attributable to
shareholders of the listed
company after deducting
non-recurring profits and
losses (Yuan)
-570,328, -83,315, -83,315, % -1,714,242, -1,714,242,
Net cash flows from
operating activities
(Yuan)
-5,850,286, 4,201,717, 4,089,673, % -5,135,243, -4,860,506,
Basic earnings per share
(Yuan/share)
%
Diluted earnings per
share (Yuan/share)
%
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Weighted average return
on equity
% % %
Reduced by
%
% %
End of 2024
End of 2023
Increase or
decrease
compared
with that at
the end of
last year
End of 2022
Before adjustment After adjustment
After
adjustment
Before adjustment After adjustment
Total assets (Yuan) 72,749,219, 65,873,387, 68,085,842, % 56,772,860, 58,747,700,
Net assets attributable to
shareholders of the listed
company (Yuan)
26,317,926, 24,486,759, 24,801,954, % 23,719,427, 24,211,027,
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The lower net profit of the Company before or after the deduction of non-recurring profits and
losses in the last three fiscal years is negative, and the audit report of the most recent year shows
that the going-concern ability of the Company is uncertain
□Yes No
The lower net profit before or after the deduction of non-recurring gains and losses is negative.
Yes □No
Item 2024 2023 Remarks
Operating income (Yuan) 58,581,106, 64,324,640,
Sales revenue of
complete vehicles,
parts and
components,
materials, purchased
semi-finished
products, etc.
Deducted amount of
operating income (Yuan)
356,109, 431,418,
Lease income and
revenue of
subsidiaries from the
beginning of the
period to the
combination date in
business
combinations under
common control
Amount after the deduction
of operating income (Yuan)
58,224,996, 63,893,222,
Excluding lease
income and revenue
of subsidiaries from
the beginning of the
period to the
combination date in
business
combinations under
common control
VII. Differences in Accounting Data under Domestic and Foreign Accounting Standards
1. Differences in net profits and net assets in the financial report disclosed simultaneously
according to the international accounting standards and Chinese accounting standards
□Applicable Not applicable
In the reporting period of the Company, there is no difference in net profits and net assets in the
financial report disclosed according to international accounting standards and Chinese accounting
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standards.
2. Differences in net profits and net assets in the financial report disclosed simultaneously
according to foreign accounting standards and Chinese accounting standards
□Applicable Not applicable
In the reporting period of the Company, there is no difference in net profits and net assets in the
financial report disclosed according to foreign accounting standards and Chinese accounting
standards.
VIII. Seasonal Main Financial Indicators
Unit: Yuan
Q1 Q2 Q3 Q4
Operating
income
18,980,934, 16,621,357, 9,533,068, 13,445,745,
Net profit
attributable to
shareholders
of the listed
company
169,293, 308,958, -114,603, 258,778,
Net profit
attributable to
shareholders
of the listed
company
after
deducting
non-recurring
profits and
losses
103,572, 180,303, -218,358, -635,845,
Net cash
flows from
operating
activities
969,975, 3,270,954, -6,206,332, -3,884,883,
Is there any significant difference between the above financial indicators or the sum and the
financial indicators in the quarterly and semi-annual financial reports disclosed by the Company?
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□Yes No
IX. Items and Amounts of Non-recurring Profit and Loss
Applicable □Not applicable
Unit: Yuan
Item Amount in 2024 Amount in 2023 Amount in 2022 Description
Profits or losses
on disposal of
non-current
assets (including
the write-off part
of the provision
for impairment of
assets made)
-2,556, 192,669, 871,031,
It refers to the net
gain on disposal of
non-current assets.
Government
subsidies
included in the
current profit or
loss (except those
closely related to
the Company's
normal
operations,
conforming to
the State policies
and regulations
and enjoyed in
line with the
specified
standards, and
having a
continuous
impact on the
profit or loss of
the Company)
618,258, 546,340, 1,635,846,
Reversal of
impairment
provision for
receivables
subject to
separate
impairment test
65,749, 9,205, 15,110,
The reversal of
impairment
provision for
receivables is subject
to a separate
impairment test.
Net current profit 132,844, 65,274, 37,296, The current net profit
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and loss of the
subsidiary
acquired in
business
combination
involving entities
under common
control from the
beginning of the
period to the
combination date
and loss of the
subsidiary were
acquired in a
business
combination
involving entities
under common
control from the
beginning of the
period to the
combination date.
Trustee fee
earned from
entrusted
management
864,
Non-operating
income and
expenses other
than the above
76,695, 173,374, 127,429,
The net non-
operating income and
expenses.
Other losses and
profits
conforming to
the definition of
non-recurring
profit and loss
469,265, 100,996,
Other non-recurring
profits and losses.
Less: amount
affected by
income tax
130,656, 176,245, 568,294,
Amount
affected by
minority
shareholder's
equity (after-tax)
36,843, 22,203, 20,661,
Total 1,192,755, 889,412, 2,098,622, --
Specific conditions of other profit and loss items meeting the definition of non-recurring profit and
loss:
□Applicable Not applicable
There is no specific conditions of profit and loss items meeting the definition of non-recurring profit
and loss for the Company.
Explanation on defining the non-recurring profit and loss items listed in the Explanatory
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Announcement on Information Disclosure by Companies Issuing Securities Publicly - Non-
recurring Profit and Loss as recurring profit and loss items
□Applicable Not applicable
The Company does not define the non-recurring profit and loss items listed in the Explanatory
Announcement on Information Disclosure by Companies Issuing Securities Publicly - Non-
recurring Profit and Loss as recurring profit and loss items.
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Section III Management Discussion and Analysis
The Company strictly complies with the information disclosure requirements for listed
companies and discloses information in accordance with the automotive manufacturing industry
disclosure requirements specified in the " Guideline of Shenzhen Stock Exchange on Self-
Regulatory Supervision of Listed Companies - Industry Information Disclosure."
I. Industry of the Company in the Reporting Period
In 2024, the macroeconomic environment remained in a recovery period, with annual GDP
growth reaching %, meeting the expected target. However, domestic demand remained weak,
consumption lacked sufficient support, and investment continued at low levels. While exports showed
growth, the economy displayed a clear pattern of external strength and internal weakness, operating
at subdued levels with limited market stimulus. Highway freight and construction demand continued
to decline, with the logistics industry downturn further negatively impacting the commercial vehicle
market. Effects from previously front-loaded demand led to persistent transport capacity surplus,
while freight rates remained depressed, further squeezing vehicle owners' profit margins. Overall,
market conditions showed no significant improvement.
According to statistics from the China Association of Automobile Manufacturers (CAAM), the
production output and sales volume of commercial vehicles in 2024 were million and
million units, representing year-on-year decreases of % and %, respectively. Annual demand
for medium and heavy-duty trucks reached million units, up by % year on year. FAW Jiefang's
medium and heavy-duty truck sales reached 214 thousand units, increasing % year-on-year, while
market share rose to %, a gain of percentage points. Despite overall market demand falling
below expectations, the Company achieved steady growth in both sales volume and market share.
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Monthly Sales Volume of Commercial Vehicles
(10 thousand vehicles)
Monthly commercial vehicle sales and growth rate
Note: Industry data sourced from the China Association of Automobile Manufacturers
In 2024, the introduction of vehicle trade-in policies and subsidies for retiring National III and
0
10
20
30
40
50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022 2023 2024
-100%
-50%
0%
50%
100%
0
10
20
30
40
50
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IV emission standard vehicles stimulated replacement demand. Additionally, continued growth in the
natural gas market, strong export performance, and accelerating new energy adoption all contributed
to increased sales in these key market segments. FAW Jiefang's natural gas heavy truck retail sales
reached 57 thousand units, growing % year-on-year, with market share exceeding 30%,
maintaining its industry-leading position. New energy vehicle sales reached thousand units,
achieving exponential growth. Overseas exports totaled 57 thousand units, showing steady
improvement. Premium products such as the J7 and Yingtu series gained widespread market
recognition with significant sales growth.
In 2024, the government implemented several policies to support commercial vehicle industry
development: March 13: The State Council issued the "Action Plan for Promoting Large-scale
Equipment Renewal and Consumer Goods Trade-in," advocating for accelerated retirement of diesel
freight vehicles meeting National III or lower emission standards. May 31: The Ministry of Transport,
along with twelve other departments, issued the "Action Plan for Large-scale Equipment Renewal in
Transportation," further specifying the detailed measures for transportation equipment renewal
initiatives, including implementing trade-in programs with subsidies in the commercial vehicle sector;
July 31: The Ministry of Transport and Ministry of Finance issued the "Notice on Implementing the
Scrapping and Renewal of Aging Commercial Freight Vehicles," specifying subsidy rules to support
implementation. These policies collectively stimulated market demand, establishing a foundation for
industry sales recovery. FAW Jiefang achieved annual sales of 251 thousand units, representing a %
year-on-year increase.
Beyond the positive impact of vehicle replacement policies, the gradual implementation of tiered
environmental management standards also accelerated the industry's transition toward new energy
vehicles. The Ministry of Ecology and Environment together with four other departments, issued the
"Opinions on Promoting Ultra-low Emissions in the Cement Industry" and "Opinions on Promoting
Ultra-low Emissions in the Coking Industry." These regulations require that companies in both
industries maintain a clean transportation ratio of no less than 80%. Enterprises failing to meet this
requirement must use only new energy vehicles or those meeting National VI emission standards for
all automotive transport, which has helped drive sales growth in the new energy commercial vehicle
sector. Building on these favorable policies, FAW Jiefang achieved substantial growth in new energy
product sales, reaching thousand vehicles for the year.
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II. Main Businesses of the Company in the Reporting Period
The Company is a commercial vehicle manufacturer that produces heavy, medium and light
trucks, and buses, as well as core components such as engines, transmissions and axles, and has a
complete manufacturing system covering raw materials, core components, key large assemblies and
complete vehicles. The products of the Company are mainly used in market segments such as traction,
cargo carrying, dumping, special purposes, highway passenger transport, bus passenger transport, etc.,
and the Company also provides standardized and customized commercial vehicle products. The
Company is committed to becoming "China's first and world-class" provider of green and intelligent
transportation solutions, focusing on the main production lines, insisting on innovation-driven and
reform-driven, and creating a leading trend. The main business, products, and business model of the
Company did not change significantly during the reporting period.
As of 2024, FAW Jiefang has strategically established five major vehicle production bases
across China in Changchun, Qingdao, Guanghan, Liuzhou, and Foshan. This carefully designed
production network creates a "primary-secondary, flexibly complementary" capacity model, reaching
a total annual production capacity of 418 thousand vehicles. The annual production capacities of each
base are: Changchun (153 thousand vehicles), Qingdao (200 thousand vehicles), Guanghan (40
thousand vehicles), Liuzhou (20 thousand vehicles), and Foshan (5 thousand vehicles). In recent years,
the Company has consistently prioritized technological leadership and business innovation as key
strategic development directions, continually increasing its investments in these areas.
Simultaneously, the Company has proactively accelerated the optimization and restructuring of its
production capacity, focusing closely on critical development trends such as high-end product
development and new energy transformation, while continuously optimizing resource allocation and
implementing smart manufacturing upgrades. Through these comprehensive initiatives, the Company
has successfully established multiple industry-leading advanced manufacturing bases, demonstrating
not only exceptional production and manufacturing capabilities but also securing significant
technological and operational advantages in the commercial vehicle sector. This has established a
solid foundation for maintaining the Company's sustained market leadership position.
Manufacturing, production and operation of complete vehicle in the reporting period
Applicable □Not applicable
Production and sales of complete vehicles
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26
Unit: Vehicle
Production Sales Qty
This
Reporting
Period
Same Period
of Last Year
Year-on-year
Increase and
Decrease
This
Reporting
Period
Same
Period of
Last Year
Year-on-year
Increase and
Decrease
By vehicle type
Medium/Heavy
truck
209,830 214,256 % 214,037 205,162 %
Light-duty truck 38,227 35,101 % 36,462 35,199 %
Bus 614 1,283 % 579 1,301 %
Total 248,671 250,640 % 251,078 241,662 %
Reasons for year-on-year change of more than 30%
Applicable □Not applicable
Bus production and sales volumes decreased year-on-year, primarily due to public transit market
conditions, with target transit companies postponing vehicle renewals. The core bus market remains
limited, and significant challenges are faced when developing new markets. To mitigate operational
risks, while steadily developing our customer base, the Company deliberately declined orders with
potential accounts receivable risks.
Construction of parts and components supporting the system
Regarding the parts and components supply system, the Company continues to build "world-
class procurement competitiveness" for FAW Jiefang, focusing on market customers and various
industry needs while continuously improving the resource platform. Currently, the three major core
assemblies - engines, transmissions, and axles - for the company's main vehicle models are primarily
self-produced. Resource allocation for core components has been arranged in medium and heavy
trucks, new energy vehicles, light and micro trucks, and overseas markets, expanding the resource
network and fully participating in market competition. Additionally, the Company has strengthened
tiered supplier management, developed cooperation strategies for suppliers at different levels, and
enhanced coordination with outstanding domestic and international suppliers. The Company strictly
controls quality through rigorous evaluation of new suppliers, strengthens performance assessment
and capability reviews for existing suppliers, and effectively monitors supplier processes based on
principles of leading product technology quality and scientific process management, ensuring the
quality reputation of complete vehicles.
Production and operation of automobile parts and components in the reporting period
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
27
□Applicable Not applicable
Automobile finance business performed by the Company
□Applicable Not applicable
Business related to new energy vehicles performed by the Company
Applicable □Not applicable
Production and operation of complete new energy vehicles and parts & components
Unit: Yuan
Product
category
Production
Capacity
Production Sales volume Sales revenue
Commercial
vehicles
61 thousand
vehicles
18,860 15,907 5,016,488,
III. Analysis of Core Competitiveness
The Company adheres to the corporate vision of "being the most proud commercial vehicle
enterprise and the most trustworthy commercial vehicle brand", and the mission of "becoming China's
first and world-class provider of green and intelligent transportation solutions and building a more
prosperous society", and the brand concept of "being trustworthy, intelligent and courageous, and
benefiting the world"; takes products and services as the main task, customers and employees as the
foundation, innovation and reform as the driving force; focuses on industry trends and customer needs,
and improves product competitiveness and service level rapidly.
1. Product research and development: Four major fields, heavy, medium, and light trucks and
passenger vehicles, are covered. The heavy truck sector includes eight major product platforms: J7,
J6P, J6V, J6E, Yingtu, JH6, Han V, and JH5; the medium truck sector includes four major product
platforms: J6G, J6L, JK6, and Dragon V; The light truck sector includes four major product platforms:
Lingtu, Tiger 6G, J6F, and Tiger V; The bus sector includes highway coaches, new energy public
buses, recreational vehicles, etc., with new energy products achieving comprehensive coverage across
mainstream scenarios in segmented markets. With the "Jiefang Pioneering and Leading" technology
brand as the flagship, and "Jiefang Zhitu," "Jiefang Lantu," and "Jiefang Yitu" as three independent
innovation technology routes, the company targets "world-class" R&D capabilities. The company has
established four core competencies in lean design, performance development, prototype verification,
and testing validation. Five major technology platforms have been created focusing on low-carbon
solutions, electrification, intelligence, connectivity, and high quality - referred to as the "four
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28
transformations and one high" approach. This forms a comprehensive development chain of styling-
design-simulation-prototyping-testing that spans all levels from "complete vehicle-system-assembly-
component-material," covering all R&D phases and application scenarios, fully supporting FAW
Jiefang's technological leadership and product pioneering position. The Company possesses an
efficient collaborative R&D team of over 3,000 personnel and is one of the commercial vehicle
enterprises mastering world-class complete vehicles and three major powertrain core technologies.
The company has obtained ISO9001 and IATF16949 quality system certifications and serves as a
national-level independent automotive product R&D and test certification base.
2. Marketing and procurement: Adhering to customer value orientation, the Company has
taken the lead in establishing a comprehensive marketing service system. The three sales companies
- Changchun Medium and Heavy-duty Vehicle, Qingdao Medium and Heavy-duty Vehicle and Light
Trucks - are supported by a nationwide marketing service network comprising nearly 1,000 dealers,
over 1,800 service providers, and more than 200 parts suppliers (parts centers). This network covers
over 260 prefecture-level cities, with a 99% coverage rate in cities with more than 1,000 vehicle
capacity, and an average national service radius of kilometers, representing an industry-leading
level and providing customers with 24-hour all-weather efficient and high-quality services. The
Company is committed to integrating high-quality global resources to provide a strong guarantee of
the high reliability of Jiefang trucks. In recent years, the Company has become strategic partners with
top enterprises at home and abroad successively, including Huawei, Knorr-Bremse, ZF, Shell,
BOSCH, CATL, VOSS, China Unicom, and CATARC.
3. Production and manufacturing: The Company has the most complete manufacturing system
in China, from raw materials to core components, from key assemblies to complete vehicles, and its
processing and manufacturing depth ranks at the top of the industry. The Company operates five
major vehicle manufacturing bases in Changchun, Qingdao, Guanghan, Liuzhou, and Foshan, with a
current planned production capacity of 418 thousand vehicles. The Company maintains three major
powertrain component manufacturing bases in Changchun, Wuxi, and Dalian, independently
controlling the core technologies and production capabilities for engines, transmissions, and axles
within the smart powertrain domain. The product competitiveness ranks at an advanced global level.
Among these facilities, the Wuxi Diesel Engine Factory features three major product series: Aowei,
Bowei, and Jinwei, achieving world-class manufacturing standards. The Company has deeply
developed four key areas: intelligent vehicles, new energy, V2X, and aftermarket services,
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
29
establishing six new business model bases in Suzhou, Nanjing, Tianjin, Shijiazhuang, Foshan, and
Wuxi.
4. Overseas export: The Company actively responds to the "Belt and Road" initiative,
accelerates its presence in overseas markets, and creates new avenues of growth for its business. In
2024, the Company comprehensively accelerated its commercial vehicle overseas business expansion
by establishing FAW Jiefang Group International Automobile Co., Ltd. and acquiring FAW Africa
Investment Co., Ltd. These strategic moves expedite the development of overseas industrial
capabilities and enhance both product competitiveness and brand influence in international markets.
Jiefang's products are exported to over 80 countries and regions, such as Southeast Asia, the Middle
East, Latin America, Africa and Eastern Europe, and the Company has more than 100 core dealers
and nearly 190 distributors in nearly 40 countries and regions around the world. Export products
include models such as J7, J6P, JH6, and Tiger V. Additionally, the Company leverages its system
advantages based on reality, and, through system collaboration, strives to build an overseas marketing
platform of "talent+ service+ automotive+ finance".
5. New energy: Its product portfolio covers five major lines: tractors, dump trucks, cargo trucks,
SPVs and passenger cars. These product lines encompass three major technological routes: EVs,
FCVs and hybrid vehicles, achieving full coverage of key segment markets for new energy
commercial vehicles, such as steel mills, coal and slag. The goal of product development is to meet
market demand and alleviate user pain points. It focuses on achieving the "three-low and one-high"
core competitiveness, which refers to low cost, low self-weight, low energy consumption and high
reliability. Additionally, the Company strives to differentiate its products through the attributes of
long endurance, low-temperature resistance, high intelligence, and high comfort. To achieve these
goals, the Company undertakes continual iteration and upgrading of its products and technologies. In
terms of core technology, the Company has achieved integration across three critical areas: vehicle
architecture, vehicle control software, and assembly interface. This integration significantly improves
development efficiency. The Company harnesses technologies such as efficient energy recovery and
scenario-based calibration to significantly reduce energy consumption. Moreover, the application of
assembly technology incorporates a dual-wheel drive system that combines independent core
assemblies with external high-quality social resources, enabling complementary advantages. By
continuously exploring and applying new products, technologies and processes, the Company aims
to maintain a leading position in both new energy technology and new energy products in the market.
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30
IV. Analysis of Main Business
1. Overview
2024 marks a significant milestone as FAW Jiefang builds upon its 70-year foundation,
representing the first year in its determined journey toward becoming a revitalized century-old
national brand. Throughout the year, despite challenges including sluggish demand in the commercial
vehicle industry and profound structural adjustments, the Company decisively implemented various
strategic initiatives. The entire Jiefang workforce confronted difficulties, overcame obstacles, and
persevered under pressure, effectively advancing all operational tasks and achieving commendable
business results. As of December 31, 2024, the Company's total assets reached billion yuan,
increasing by % year-on-year, while net assets attributable to shareholders of the listed company
totaled billion yuan, rising by % year-on-year. For January-December 2024, the Company
recorded operating revenue of billion yuan, representing an % year-on-year decrease. Net
profit attributable to shareholders of the parent company amounted to 622 million yuan, decreasing
by % year-on-year. Vehicle sales totaled thousand units, increasing by % year-on-
year, including 214 thousand medium and heavy trucks, a % year-on-year increase (excluding
FAW-HONGTA Yunnan Automobile Co., Ltd. and FAW Harbin Light-Automobile Co., Ltd. figures).
New energy vehicle sales reached thousand units, surging by % year-on-year. Overseas
exports totaled 57 thousand units, growing by % year-on-year.
Unit: 100 million yuan
In 2024, the project "Key Technologies and Industrialization of Digital Development for
Automotive Driving Experience," jointly conducted by the Company and the Automotive
Engineering College of Jilin University, received the first prize in the China Society of Automotive
2023 2023 2023 2023 2024 2024 2024 2024
Equity Attributable
to Owners
Total Assets Net Profit Attributable
to Owners
Revenue
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
31
Engineers Science and Technology Award. The Company's independently developed project,
"Commercial Vehicle V2X Big Data Cloud Platform Construction and Industrial Application", won
the "Business Value Award" jointly sponsored by the National Data Administration and 14 other
departments, making it the only vehicle manufacturer nationwide to be nominated and receive this
award. The Jiefang JH6 high-powered natural gas truck won the "Most Reputable and Profitable Gas
Heavy Truck" award, the JH6 560 horsepower natural gas tractor received the "2024 Most Reliable
Express Transport Vehicle" award, and the Aowei 13L engine model won the "2024 Most Reliable
Fuel-Efficient Heavy-Duty Engine" award. Additionally, the Company has been included in the
"China ESG Listed Company Pioneer 100" list for two consecutive years and has received an A-level
evaluation for information disclosure from the Shenzhen Stock Exchange for four consecutive years.
The Jiefang brand value has led the commercial vehicle industry for 13 consecutive years, while
tractor sales have maintained the industry's top position for nineteen consecutive years.
In 2024, the Company's priorities are as follows:
(1) Taking the brand as the leader, refreshing the brand core, and creating the leading
brand strength.
Strengthened brand strategy leadership, improved vehicle product brand architecture, upgraded
customer service brand, and launched the "Jiefang Yitu" aftermarket brand. Reinforced
comprehensive brand management, established brand asset protection mechanisms including
copyright protection, building a solid foundation for brand development. Cultivated a pioneering
brand image through activities including the 9 million vehicle milestone celebration, J7 Pioneering
and Leading Version Edition launch, and Xingyu Truck delivery events, generating significant
attention through multi-channel communication. Made prominent appearances at international
exhibitions including the Russian Machinery Industry Exhibition, and held a 30th anniversary
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32
celebration in South Africa, continuously enhancing international influence. The "Jiefang" brand
value reached billion yuan, maintaining the industry's top position for 13 consecutive years.
(2) Successfully implemented product leadership strategy with comprehensive
competitiveness improvements
Traditional vehicles: Successfully launched the Jiefang J7 Pioneering and Leading Version
Edition, introducing five breakthrough technologies that pioneer a new era in efficient logistics. The
headquarters' medium and heavy-duty division prepared over 50 new products for natural gas/diesel
tractors, comprehensively covering various market segments. The cargo division introduced over 30
specialized products for different market segments, incorporating more than 20 new technologies,
achieving absolute industry leadership. Qingdao medium and heavy-duty division accelerated
development of medium and long-term product portfolio, with JH6 upgraded models achieving
industry-leading fuel efficiency and weight reduction, while the Han V upgrade project reached
production readiness. Accelerated powertrain product upgrades, enhancing overall powertrain
competitiveness.
New energy products: Expanded medium and heavy-duty product portfolio, accelerated
proprietary component and model development verification, achieving coverage across ten major
market segments. Launched over 40 products across tractor, cargo, dump truck, and special-purpose
series. In small trucks, 12 new products were introduced, further enhancing competitiveness. For
buses, new public transport products, including 8-meter pure electric low-floor buses, were added,
meeting Changchun's public transport order requirements. Developed over 10 hybrid fuel-electric
models. For powertrain components, planned and developed multiple battery products supporting
new energy sales growth.
V2X products: Created high-value services, implemented predictive diagnostics and expanded
proactive service functions, covering over 90 service stations nationwide. Enhanced new energy user
interfaces, completing differentiated energy management, digital key, and other functional
capabilities. Achieved full coverage across conventional, new energy, and intelligent vehicle models,
with over-the-air updates for more than 40 thousand vehicles. Conducted preliminary research on
V2X communication terminals, effectively positioning vehicle-road-cloud integrated advanced
technologies.
Intelligent vehicle products: Launched L2-level intelligent vehicle platform for high-speed
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33
logistics scenarios. Thoroughly addressed labor reduction requirements, completing relevant project
planning and approvals. Completed L3 pilot certification project approval, improving advanced
autonomous driving product development processes. For low-speed freight scenarios, completed
planning and project approval for factory logistics tractors, enabling L4-level autonomous driving.
(3) Adhering to innovation and transformation as driving forces, continuously
strengthening core capabilities
①Innovation drive
Technological innovation: Made breakthroughs in three major areas - traditional vehicles, new
energy, and intelligent connectivity - achieving over 90 core technological advancements. Filed more
than 1,500 patent applications, with invention patents accounting for 82%. The "Automotive Driving
Experience Digitalization Project" won the first prize in the China Society of Automotive Engineers'
Science and Technology Progress Awards. Established the "Pioneering and Leading Lantu Joint
Research Center" with Shell, pioneering the industry's first "Xingyue" hydrogen engine tractor and
liquid hydrogen fuel-electric tractor. Launched five major technical features of the J7 Pioneering and
Leading Technology Platform, setting industry standards and deeply integrating innovation with the
application, injecting new momentum and vitality into the "Jiefang Pioneering and Leading"
technology brand.
②Transformation drive
Management transformation: Established a new energy vehicle product line, significantly
reallocating resources toward the new energy sector. Integrated vehicle manufacturing operations
across five locations, transitioning to a "capability center + operational units" business model.
Transformed the marketing system to focus on new energy, incorporating the new energy vehicle
sales company into marketing headquarters. Established FAW Jiefang Group International
Automobile Co., Ltd. to achieve end-to-end operations for overseas business. Deployed key personnel
across various levels, building a multi-tiered operational organization that efficiently supports
company performance improvement.
Personnel system transformation: Optimized and strengthened the management team,
reconfigured personnel in the manufacturing sector, and continuously enhanced the talent pool.
Transferred 350 personnel to key areas, reduced outsourced staff by 1,300, and recruited over 600
professional talents, systematically improving capabilities. Implemented a "two meetings + two
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34
reports" work review mechanism and assessment system, achieving a 100% task completion rate.
Optimized incentive and accountability mechanisms, eliminating hierarchical limitations to ensure
greater rewards for higher performance contributions.
(4) Four major strategic initiatives advancing effectively, achieving significant operational
progress
Traditional vehicle market leadership initiative: Firmly maintained traditional vehicle market
position. Changchun and Qingdao facilities leveraged complementary advantages and product
differentiation, intensified market efforts, addressed product gaps in high-horsepower models and
natural gas vehicles, accelerated adoption of automated manual transmission (AMT) products,
targeted high-potential markets and regions with precise marketing strategies, achieving
improvements in both domestic medium and heavy truck sales volume and market share. In the light
vehicle sector, focused on express logistics, resource transportation and other key markets, capitalized
on regional opportunities, implemented strategies to enhance strengths while addressing weaknesses,
and strengthened distribution channels, networks and service capabilities, achieving dual
improvements in sales volume and market share.
New energy vehicle growth acceleration initiative: Implemented company-wide marketing
efforts, focused on key scenarios, regions, and customers, strengthened market breakthrough
capabilities, and enhanced marketing system effectiveness. Strengthened new energy brand
promotion through the "Energy Efficiency Championship" campaign, highlighted large-capacity
battery products, improved customer engagement, and enhanced Jiefang's reputation for energy
efficiency. Developed a comprehensive communication strategy featuring leadership team product
presentations and influencer video competitions, increasing Jiefang's new energy market presence.
Throughout the year, new energy vehicle sales reached thousand units, increasing by %
year-on-year, achieving doubled growth for two consecutive years.
Overseas market expansion initiative: Advanced leadership in key markets, competed for
emerging and potential markets, achieved breakthroughs in export partnerships, and accelerated light
truck market penetration across four major strategic fronts, reaching annual sales of 57 thousand units,
a % year-on-year increase, achieving transformative export growth.
Cost reduction and profitability enhancement initiative: Used annual business objectives as
guidance, implemented comprehensive budgeting, conducted "N+X" rolling forecasts, established a
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35
"product line-business unit-functional system" interconnected budget matrix model, and streamlined
budget coordination processes. Focused on the primary value chain, continuously expanded revenue
sources while reducing costs, supporting the company's business development.
(5) Seven key work areas advancing systematically, with continuous improvement in
corporate governance effectiveness
Strategic management: Continuously enhanced insight capabilities, producing over 370
analytical reports. Advanced the JFSP07 planning cycle, establishing strategic planning units
organized across nine industrial sectors and four functional areas for the first time, forming Jiefang's
"531" strategic framework. Completed the launch of Jiefang International's "SPRINT2030"
globalization strategy, further clarifying Jiefang's development blueprint and pathway.
Quality management: Deepened reliability engineering initiatives, earning positive market
reception and customer satisfaction. Improved quality inspection systems and continuously enhanced
process capabilities. Accelerated quality assurance capability development and strengthened quality
control measures. Established multi-tiered quality operations organization, completed manufacturing
quality operations organizational structure, and further implemented quality accountability systems.
Digital transformation: Following the "1143" transformation framework, focused on
improving efficiency, effectiveness, quality, and customer experience by prioritizing architectural
asset iteration, IT system construction, and data value extraction, accelerating the development of
digital platform capabilities through strong project management.
Supply chain security: In procurement, continuously optimized competitive sourcing
strategies and implemented comprehensive cost control through nine major cost-reduction initiatives.
Strengthened quality control throughout the entire process to build competitive quality advantages.
Coordinated resources across multiple locations to ensure supply chain security and stability.
Improved procurement resource allocation, onboarded over 120 new suppliers, removed over 100
underperforming suppliers, and continuously strengthened the supplier network. In manufacturing
and logistics, closely tracked market demand fulfillment, implemented precise production planning,
and improved production line utilization rates. Practiced lean manufacturing principles, quickly
adapted to market changes, and implemented production rhythm adjustments across all facilities.
Enhanced production cost controls and mobilized company-wide improvement initiatives, reducing
costs by more than 50 million yuan.
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36
Manufacturing technology: Completed new energy production qualification certification for
Guanghan and Liuzhou factories. Prioritized over 10 investment projects in new energy and emerging
business areas, while systematically advancing medium and heavy engine upgrade projects and other
ongoing initiatives. Swiftly completed technology transfer projects including J6V to H-line and
JH6/JK6 to Liuzhou factory, achieving localization of over 400 components at Sichuan and Liuzhou
factories, contributing to improved factory profitability and efficiency.
Capital operations: Raised 2 billion yuan through private placement, introducing nine investors
including the National Manufacturing Industry Transformation and Upgrade Fund, achieving the
company's first A-share refinancing since its restructuring and listing, and providing financial support
for transformation, development, and investment. Completed acquisitions of overseas subsidiaries in
Tanzania, South Africa, and other locations, supporting rapid implementation of international strategy
and achieving breakthroughs in global expansion. Divested financial company equity, increasing
company cash flow by billion yuan. Enhanced management of over 10 companies in which the
Company holds equity investments, generating annual investment income of 311 million yuan.
Improved information disclosure quality, earning Shenzhen Stock Exchange A-level disclosure rating
for four consecutive years.
Safety, risk management, and security: In safety and environmental protection, focused on
"production safety" and "energy conservation and environmental protection" as dual priorities, fully
implementing accountability systems, achieving zero production accidents, fires, occupational
illnesses, pollution incidents, and security breaches. In risk management and compliance,
continuously strengthened corporate governance, enhanced internal control and compliance
management systems, balanced supervision with service, fully integrated "strengthened controls, risk
prevention, and compliance promotion" into corporate governance, with zero major risk incidents
throughout the year. In confidentiality management, reinforced information security responsibilities
at all levels, developed the "cubic framework" methodology, compiled commercial confidentiality
management guidelines, and enhanced security awareness and education, with no confidentiality
breaches occurring.
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37
2. Revenues and costs
(1) Composition of Operating Income
Unit: Yuan
2024 2023 Year-on-
year
Increase
and
Decrease
Amount
Proportion
in
Operating
Income
Amount
Proportion
in
Operating
Income
Total operating
income
58,581,106, 100% 64,324,640, 100% %
By Industries
Automobile
industry
58,581,106, % 64,324,640, % %
By products
Commercial
vehicles
54,019,490, % 59,103,215, % %
Spare parts and
others
4,561,616, % 5,221,425, % %
By regions
Domestic 56,313,824, % 62,468,099, % %
Overseas 2,267,281, % 1,856,541, % %
(2) Information about industries, products, regions and sales models accounting for more than
10% of the Company's operating income or operating profit
Applicable □Not applicable
Unit: Yuan
Operating Income Operating costs
Gross
Profit
Rate
Increase/
Decrease
of
Operatin
g Income
over the
Same
Period of
Last Year
Increase/
Decrease
of
Operatin
g Cost
over the
Same
Period of
Last Year
Increase/De
crease of
Gross Profit
Rate over
the Same
Period of
Last Year
By Industries
Automob
ile
industry
56,781,606, 53,523,342, % % %
Reduced by
%
By products
Commer
cial
54,019,490, 51,214,832, % % %
Reduced by
%
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38
vehicles
Spare
parts and
others
2,762,116, 2,308,510, % % %
Increased
by %
By regions
Domesti
c
54,514,325, 51,507,768, % % %
Reduced by
%
Overseas 2,267,281, 2,015,573, % % %
Reduced by
%
(3) Whether the physical sales revenue of the Company is greater than the labor service
revenue
Yes □No
Industry
Classification
Item Unit 2024 2023
Year-on-year
Increase and
Decrease
Automobile
industry
Sales Qty Vehicle 251,078 241,662 %
Production
output
Vehicle 248,671 250,640 %
Storage
amount
Vehicle 19,226 22,126 %
Reasons for the year-on-year change of relevant data by more than 30%
□Applicable Not applicable
(4) Performance of major sales contracts and major procurement contracts signed by the
Company as of the reporting period
□Applicable Not applicable
(5) Composition of operating cost
Industry and Product Classification
Unit: Yuan
Industr
y
Classifi
cation
Item
2024 2023 Year-
on-year
Increas
e and
Decreas
e
Amount
Proportio
n in
Operatin
g Cost
Amount
Proporti
on in
Operatin
g Cost
Autom
obile
Mater
ial
48,826,962, % 53,650,304, % %
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39
industr
y
cost
Other
s
6,081,113, % 5,751,063, % %
Unit: Yuan
Product
Classifi
cation
Item
2024 2023 Year-on-
year
Increase
and
Decrease
Amount
Proportio
n in
Operatin
g Cost
Amount
Proporti
on in
Operati
ng Cost
Comme
rcial
vehicle
s
Comme
rcial
vehicle
s
51,214,832, % 55,031,133, % %
Spare
parts
and
others
Spare
parts
and
others
3,693,244, % 4,370,234, % %
Note: None
(6) Whether the consolidation scope is changed in the reporting period
Yes □No
On August 16, 2024, the Company invested in establishing FAW Jiefang Group International
Automobile Co., Ltd. By December 31, 2024, the Company completed the business combination of
Jiefang Motors Tanzania Ltd. and FAW (Africa) Investment Co., Ltd. under common control.
(7) Significant changes or adjustments in business, products or services of the Company in the
reporting period
□Applicable Not applicable
(8) Information about main customers and main suppliers
Information about the main customers of the Company
Total sales amount of the top five customers (Yuan) 16,271,900,
Proportion of total sales amount of the top five customers in
total annual sales amount
%
Proportion of sales of related parties in total annual sales of
the top five customers
%
Information about the top five customers of the Company
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40
S/N Customer name Sales (Yuan)
Proportion
in Total
Annual
Sales
1 China FAW Group Co., Ltd. 12,501,445, %
2 Customer 1 1,071,050, %
3
FAW Jiefang Fujie (Tianjin) Technology
Industry Co., Ltd.
1,070,399, %
4 Customer 2 834,076, %
5 Customer 3 794,929, %
Total -- 16,271,900, %
Other information about the main customers
□Applicable Not applicable
Information about the main suppliers of the Company
Total purchase amount of the top five suppliers (Yuan) 12,973,210,
Proportion of total purchase amount of the top five suppliers in
total annual purchase amount
%
Proportion of the purchase amount of related parties in the total
annual purchase amount of the top five suppliers
%
Information about the top five suppliers of the Company
S/N Name of Supplier Purchase Amount (Yuan)
Proportion
in Total
Annual
Purchase
Amount
1 Supplier 1 6,348,170, %
2 Supplier 2 2,223,126, %
3 China FAW Group Co., Ltd. 2,179,561, %
4 Fawer Auto Parts Co., Ltd. 1,393,565, %
5 Supplier 3 828,786, %
Total -- 12,973,210, %
Other information about the main suppliers
□Applicable Not applicable
3. Cost
Unit: Yuan
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
41
2024 2023
Year-on-year
Increase and
Decrease
Descripti
on of
Major
Changes
Sales expenses 1,273,327, 1,103,598, %
Administrative
expenses
1,780,652, 1,956,239, %
Financial
expenses
-805,971, -933,066, %
R&D expenses 2,409,485, 2,982,257, %
4. R&D investment
Applicable □Not applicable
Name of Main
R&D Projects
Project
purpose
Project
progress
Proposed Objectives
Expected Impact on the
Company's Future
Development
J7 series
expanded
models
development
project
Follow the
"domestic first-
class and
world-class"
enterprise
development
strategy, and
develop
domestic high-
end benchmark
heavy trucks
independently
to achieve a
new level of
domestic truck
quality.
Verificati
on phase
Maintain the high-end
positioning of products,
pursue excellent quality,
and improve product
quality continuously in the
efficient long-distance
trunk express market,
create greater value for
users, expand the market
capacity of high-end
vehicle products year by
year, realize double sales
volume, and lead the
industry development.
Support FAW Jiefang's
strategy of developing a
"domestic first-class
and world-class"
enterprise, and
contribute hard-core
products to the product
layout during the 14th
Five-Year Plan period.
JH6 series
expanded
models
development
In the current
situation where
JH6 products
have been on
Verificati
on phase
Maintain the mid-to-high-
end positioning of products
in the core markets such as
general freight, express
Enhance the
competitiveness of
FAW Jiefang's medium
and heavy vehicle
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
42
project the market for
eight years, it is
urgent to
upgrade the
JH6 platform
to ensure the
leading
competitivenes
s of the Jiefang
brand.
freight, green transport and
urban construction muck,
strengthen the advantages
of highway vehicles in the
mid-to-high-end market
and renew the brand image
of engineering vehicles by
optimizing the complete
vehicle reliability, comfort
and TCO.
product line and major
products, and
contribute hard-core
products to the product
layout in the 14th Five-
Year Plan period.
Next-
Generation
New Energy
Light Truck
Development
Project
Continuously
improve the
high-end
attributes of
FAW Jiefang
Light Truck
and develop a
new energy-
exclusive
platform.
Planning
stage
Complete the development
of a new energy-exclusive
platform in urban logistics,
medium and short-distance
transportation and other
relevant markets, which
covers both pure electric
and hybrid routes, aiming
to create an ultimate
driving and riding
experience while achieving
an industry-leading
electricity consumption
level.
Lay the foundation for
the overall realization
of new energy
transformation of FAW
Jiefang and assist in
completing the 14th
Five-Year
Development Plan.
Fuel Cell
Product
Development
Project
Develop fuel
cell products,
cover all three
major technical
routes, meet
the
requirements
of
demonstration
operation
subsidies, and
support the
Develop
ment
phase
Cover typical scenarios of
the three demonstration
city clusters of fuel cells,
develop a whole series of
products such as fuel-
electric traction, fuel-
electric dump, special fuel-
electric and fuel-electric
logistics, and apply for
demonstration operation
projects together with
mainstream fuel-electric
Complete the layout of
three major technical
routes, reserve the fuel
cell products
development
technology, support the
research and
development of
independent fuel cell
products, build a
benchmark image for
the new energy
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
43
increase of new
energy
products.
system partners to realize
the batch sales and
operation of fuel-electric
products.
industry, and support
FAW Jiefang to lead the
new energy industry
continuously.
Jiefang
intelligent
driving product
development
project
Develop aided
driving and
restricted-
region high-
level intelligent
driving
commercial
vehicle
products based
on customer
needs, so as to
help Jiefang
realize the
commercializat
ion of the
intelligent
vehicle
industry in a
short period.
Develop
ment
phase
Develop intelligent vehicle
series products, realize
aided driving in trunk
logistics scenarios and
high-level intelligent
driving in multiple
restricted-region scenarios
such as ports and plants,
and develop full-stack
intelligent driving software
and hardware core
technologies by themselves
to create independent core
competitiveness.
Through the
commercial operation
of emerging industries
in multiple scenarios,
the Company's
independent R&D
capability and
competitiveness in the
intelligent driving field
are improving
continuously. The rapid
accumulation of
operational experience
supports the Company's
strategic transformation
to become "China's first
and
world-class" provider
of green intelligent
transportation
solutions.
New Energy
V2X 2024
Annual Project
Iterative
upgrade of the
dedicated
Lantu app for
new energy
vehicles,
completing the
V2X products
functionality
matrix to meet
users' digital
Develop
ment
phase
Launch of the Jiefang
Drive Lantu App ,
featuring industry-leading
functionality in intelligent
driving assistance, remote
vehicle control, vehicle
purchase and leasing
options, charging and
battery swap management,
and community
information services.
Enhancing the
company's vehicle
product
competitiveness and
supporting new energy
vehicle sales growth
initiatives.
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
44
service needs
for vehicle
management
and
maintenance.
Intelligent
Diagnosis and
Repair System
Upgrade
Project in 2024
The intelligent
diagnosis and
repair platform
establishes
end-to-end
digitalization
of the complete
vehicle
maintenance
process. This
upgrade project
focuses on
three core
values -
economy,
efficiency, and
usability - to
enhance
onboard
diagnostic
capabilities and
improve
service center
repair
management
efficiency.
Develop
ment
phase
Completed development of
12 primary functions and
29 secondary functions.
Achieved 100% coverage
for controllers in remote
diagnostic capabilities.
The intelligent
diagnosis and repair
platform focuses on
vehicle maintenance
processes, delivering
end-to-end digitalized
integrated service
throughout the repair
workflow. The platform
serves as a data center,
algorithm center,
capability aggregation
platform, and digital
solution carrier for
fault-related events,
effectively enhancing
diagnostic design
capabilities and
improving management
efficiency.
Network
Security
Management
System
Consulting
Address
compliance
requirements
of domestic
and
Construct
ion stage
By the end of 2025, the
corresponding
management system
should be established
according to national
Ensure that beginning
January 1, 2026, all
new platform vehicle
models submitted for
type approval will meet
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
45
Project international
regulations
regarding
vehicle
information
security and
software
update
management
systems.
standards while meeting
domestic and international
certification requirements.
vehicle certification
requirements.
Vehicle
Infotainment
System
Standardizatio
n Project
Standardize the
vehicle
infotainment
system to
reduce
redundant
adaptation
costs and
improve
product update
efficiency.
Planning
stage
Develop premium
infotainment system
platforms targeting high-
end retail customers to
enhance the vehicle's
intelligent experience
features. Create a unified
family-style human-
machine interface (HMI),
integrated application
software suite, and
standardized interfaces that
can be extended to mid and
entry-level product
platforms.
Establish user
engagement
touchpoints through the
infotainment system,
support premium
vehicle value
proposition metrics,
reinforce FAW Jiefang's
intelligent experience
brand image, and
improve customer
brand loyalty.
AI Large
Language
Model Voice
Assistant
Development
Project
Develop an AI
voice assistant
for premium
infotainment
systems, focus
on customized
scenarios for
high-end retail
customers,
provide
proactive
Planning
stage
Target a 90% user intent
comprehension rate, focus
on user satisfaction, and
ensure efficient interaction
to create an industry-
leading product.
Position FAW Jiefang
to create an industry
benchmark AI voice
assistant product,
rapidly transforming
existing connected
products into AI-
powered intelligent
voice interaction
systems.
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
46
interaction
services, and
enhance the
intelligent user
experience and
interaction
efficiency.
Vehicle-Road-
Cloud
Integration
Pilot Project
Respond to
national
vehicle-road-
cloud
integration
pilot initiatives
by actively
participating in
pilot city
implementatio
n plans and
developing
FAW Jiefang's
vehicle-road-
cloud
integration
product
portfolio.
Develop
ment
phase
Complete vehicle-road-
cloud integration V2X
(Vehicle-to-Everything)
terminal verification,
demonstrate intelligent
cleaning vehicles within
factory areas, and deploy
operational vehicles in
environmental
maintenance scenarios.
Enhance FAW Jiefang's
intelligent connected
product
competitiveness and
brand influence.
Upgraded
transmission
product
development
project
Develop
transmission
products
complying
with noise
regulations and
fuel
consumption
regulations to
improve the
competitivenes
Develop
ment
phase
Complete the development
of drive axle and AMT
products. Improve the
comprehensive
competitiveness of
assembly products to make
sure that the
comprehensive index is
higher than that of main
competitive products at
home and abroad.
Provide competitive
drive axle and AMT
transmission products
for FAW Jiefang's
vehicle platform,
improve the
competitiveness of
vehicle products, and
support Jiefang in
leading the industry
continuously.
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
47
s of complete
vehicles.
Research on
55% thermal
efficiency
power system
technology of
diesel engine
Break through
55% thermal
efficiency
technology of
diesel engine.
Closed
Break through high
compression ratio fast
dual-zone combustion
system and other
technologies to challenge
the 55% thermal efficiency
of commercial vehicle
diesel engines.
Improve the effective
thermal efficiency of
diesel engines, achieve
the goal of producing
low carbon emissions,
and reserve
technologies to comply
with the fuel
consumption
regulations in the next
stage.
Fuel cell
system
integration
technology
development
Break through
the integration
and control
technology of
commercial
vehicle fuel
cell systems.
Closed
Reach the system power of
100 kW.
Build the technical
competitiveness of the
Company's first-class
fuel cell products and
fill the technical gap of
the independent fuel
cell system.
Information about R&D personnel of the Company
2024 2023 Change ratio
Number of R&D
personnel (person)
3,318
3,151
%
Proportion of R&D
personnel
%
%
Increased by %
Educational background structure of R&D personnel
Doctor's degree 48 49 %
Master's degree 1,075 1,027 %
Bachelor's degree 2,183 2,059 %
Junior college degree 12 16 %
Age structure of R&D personnel
Under 30 years old 1,316 1,171 %
30-40 years old 1,284 1,299 %
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
48
41-50 years old 524 483 %
51~60 years old 194 198 %
Information about the R&D investment of the Company
2024 2023 Change ratio
Amount of R&D Investment (Yuan) 2,800,223, 3,104,963, %
Proportion of R&D Investment in
Operation Income
% %
Reduced by
%
Capitalization amount of R&D
investment (Yuan)
390,738, 122,705, %
Proportion of capitalized R&D
investment in total R&D investment
% % %
Reasons and influence of major changes in the composition of the R&D personnel
□Applicable Not applicable
Reasons for significant changes in the proportion of total R&D investment in operating income
compared with the previous year
□Applicable Not applicable
Reasons for and the rationality of great change in the capitalization rate of R&D investment
Applicable □Not applicable
Primarily due to the addition of new vehicle and powertrain development projects during the
current period, as well as the ongoing development costs of R&D projects carried over from the
previous period.
5. Cash flow
Unit: Yuan
Item 2024 2023
Year-on-year
Increase and
Decrease
Subtotal of cash inflows from
operating activities
56,111,632, 64,574,069, %
Subtotal of cash outflows from
operating activities
61,961,918, 60,484,396, %
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
49
Net cash flows from operating
activities
-5,850,286, 4,089,673, %
Subtotal of cash inflows from
investment activities
5,099,293, 404,942, 1,%
Subtotal of cash outflows from
investment activities
4,139,412, 2,799,009, %
Net cash flows from investment
activities
959,880, -2,394,067, %
Subtotal of cash inflows from
financing activities
1,999,915, 16,400, 12,%
Subtotal of cash outflows from
financing activities
830,253, 28,987, 2,%
Net cash flows from financing
activities
1,169,661, -12,587, 9,%
Net increase in cash and cash
equivalents
-3,717,512, 1,679,972, %
Description of main factors influencing major changes in relevant data on a year-on-year basis
Applicable □Not applicable
(1) "Net cash flow from operating activities" decreased by % compared to the previous year,
primarily due to an increase in trade receivables.
(2) "Total cash inflows from investing activities" increased by 1,% compared to the previous
year, mainly attributable to increased cash recovered from investments.
(3) "Total cash outflows from investing activities" increased by % compared to the previous
year, primarily due to increased payments for other investment-related activities during the current
period.
(4) "Net cash flow from investing activities" increased by % compared to the previous year,
mainly resulting from increased cash recovered from investments.
(5) "Total cash inflows from financing activities" increased by 12,% compared to the previous
year, primarily attributable to raised funds from the issuance of shares during the current period.
(6) "Total cash outflows from financing activities" increased by 2,% compared to the previous
year, mainly due to cash dividend distributions during the current period.
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
50
(7) "Net cash flow from financing activities" increased by 9,% compared to the previous year,
primarily resulting from raised funds from the issuance of shares during the current period.
(8) "Net increase in cash and cash equivalents" decreased by % compared to the previous year,
mainly attributable to the reduction in net cash from operating activities.
Description of reasons for the significant difference between the net cash flows generated from the
operating activities in the reporting period and the net profit of this year
Applicable □Not applicable
Refer to Section X - "Financial Report VII", Notes to Items in Consolidated Financial Statements
and Section 60 "Supplementary Information to Cash Flow Statement" for details.
V. Analysis of Non-main Business
□Applicable Not applicable
VI. Analysis of Assets and Liabilities
1. Major changes in asset composition
Unit: Yuan
End of 2024 Early 2024
Increas
e/Decre
ase in
Proport
ion
Desc
ripti
on
of
Maj
or
Cha
nges
Amount
Proportio
n in Total
Assets
Amount
Proporti
on in
Total
Assets
Monetary
capital
19,852,961, % 23,545,580, % %
Accounts
receivable
7,067,296, % 2,343,108, % %
Contract assets 14,455, % 17,582, % %
Inventories 10,117,213, % 10,056,641, % %
Investment
properties
52,835, % 47,049, % %
Long-term 1,176,288, % 5,469,591, % %
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
51
equity
investments
Fixed assets 11,198,300, % 11,480,849, % %
Project under
construction
688,181, % 816,484, % %
Right-of-use
assets
104,360, % 150,436, % %
Contract
liabilities
2,430,554, % 2,320,672, % %
Lease
liabilities
27,431, % 37,973, % %
High proportion of overseas assets
□Applicable Not applicable
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
52
2. Assets and liabilities measured at fair value
Applicable □Not applicable
Unit: Yuan
Item Beginning balance
Profits and
losses from
changes in
fair value
for the
current
period
Accumulated
changes in fair
value through
equity
Provision
for
impairment
in the
current
period
Purchas
e
amount
in the
current
period
Sales
amount
in the
current
period
Other
changes
Closing balance
Financial assets
1. Investment in other
equity instruments
480,780, 59,286, 540,066,
Total 480,780, 59,286, 540,066,
Financial liabilities
Content of other changes
Whether the measurement attribution of the Company's main assets within the Reporting Period was significantly changed or not
□Yes No
3. Restrictions on asset rights as of the end of the reporting period
For details, please refer to Note 22"Assets with restricted ownership or use right" in Part VII "Notes to Items in Consolidated Financial
Statements" of Section X - Financial Report.
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
53
VII. Investment Analysis
1. Overall situation
Applicable □Not applicable
Investment Amount in the
Reporting Period (Yuan)
Investment Amount in the
Same Period of Previous Year
(Yuan)
Variation range
790,649, 725,139, %
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
54
2. Major equity investments acquired in the reporting period
Applicable □Not applicable
Unit: Yuan
Name of
Investee
Company
Main
busine
ss
Investm
ent
method
Investment
amount
Share
proportion
Capita
l
source
Partne
rs
Inve
stm
ent
hori
zon
Pro
duct
type
Progress
as of
Balance
Sheet
Date
Estim
ated
Reven
ue
Profit
and
Loss
of
Invest
ment
in the
Curren
t
Period
Invo
lved
in
Litig
ation
or
not
Date
of
Discl
osure
Disclosure
Index
FAW
(Africa)
Investment
Co., Ltd.
Vehicl
e sales
Purchas
e
327,948, %
Own
Funds
China
-
Africa
Devel
opme
nt
Fund
Co.,
Ltd.
Lon
g-
ter
m
Veh
icle
sale
s
Equity
transfer
finalized
No
Dece
mber
21,
2024
http://www
.
isclosure/st
ock?stockC
ode=00080
0&orgId=g
ssz0000800
&sjstsBond
=false#late
stAnnounc
ement
Total -- -- 327,948, -- -- -- -- -- -- -- -- --
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
55
3. Major non-equity investments in progress in the reporting period
□Applicable Not applicable
4. Financial assets investment
(1) Securities investment
□Applicable Not applicable
The Company has no securities investment in the reporting period.
(2) Derivatives investment
□Applicable Not applicable
The Company has no derivative investment in the reporting period.
5. Use of raised funds
Applicable □Not applicable
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
56
(1) Use of raised funds
Applicable □Not applicable
Unit: 10 thousand yuan
Fundr
aising
year
Fundr
aising
meth
od
Secur
ities
listing
date
Gross of
raised
funds
Net of raised
funds (1)
Gross of
raised funds
utilized
during the
current
reporting
period
Cumulative
raised funds
utilized (2)
Utilizatio
n rate as
of the
end of
the
reporting
period
(3) =
(2)/(1)
Gross
raised
funds
repurpose
d during
the
reporting
period
Cumul
ative
gross
of
raised
funds
repurp
osed
Percentage
of the
cumulative
gross of
raised
funds
repurposed
Total unused
gross raised
funds
Allocation
and intended
use of unused
raised funds
Amou
nt of
raised
funds
unutili
zed for
over
two
years
2024
Priva
te
place
ment
of
share
s
Octo
ber
21,
2024
200,000 199, 185, 185, % 0 0 % 14,
The funds
are held in a
dedicated
fundraising
account,
with a
segment
currently
allocated for
cash
management
.
0
Total -- -- 200,000 199, 185, 185, % 0 0 % 14, -- 0
Description of use of raised funds
As approved by the China Securities Regulatory Commission in its "Reply on Approving FAW Jiefang Group Co., Ltd.'s Private Placement of Shares
Registration" (CSRC Permit [2024] ) and with consent from the Shenzhen Stock Exchange, the Company issued 298,507,462 ordinary shares (A shares)
to specific investors through the Shenzhen Stock Exchange system via the lead underwriter China International Capital Corporation Limited (hereinafter "CICC"),
at an issue price of yuan per share. The gross raised funds totaled 1,999,999, yuan, and after deducting issuance expenses of 2,186, yuan
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
57
(excluding VAT), the net raised funds amounted to 1,997,813, yuan. The above net raised funds have been verified by Grant Thornton Certified Public
Accountants (Special General Partnership) in their "Verification Report."
As of December 31, 2024, the Company has utilized 1,855,615, yuan of the raised funds, with a remaining balance of 143,767, yuan (including
pending payment of issuance expenses and interest income). Of this balance, 80,000, yuan has been allocated for temporary cash management, while
63,767, yuan remains in dedicated raised fund accounts.
As of December 31, 2024, the following projects have been completed with no surplus funds: FAW Jiefang Commercial Vehicle 2022 New Energy Intelligent
Connected R&D Capability Enhancement Project; FAW Jiefang Qingdao Base R&D Capability Enhancement Project; FAW Jiefang Qingdao Vehicle Division
Light Vehicle Frame Business Integration and Technology Upgrade Project; FAW Jiefang Qingdao Vehicle Division Jimo Factory Sheet Metal Stamping Capacity
Expansion Project; FAW Jiefang Qingdao Vehicle Division Cab Painting Line Environmental Protection Technology Upgrade Project; FAW Jiefang
Transmission Division Integrated Heavy-duty AMT Transmission Technology Transformation Project; and New 13L and M Series Engine Shared Production
Line Technology Transformation Project. These completions have been disclosed in the Company's 2024 Special Report on the Deposit and Actual Use of Raised
Fund.
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
58
(2) Raised fund allocation to committed projects
□Applicable Not applicable
(3) Changes to raised funds-funded projects
□Applicable Not applicable
The Company had no changes to raised funds-funded projects during the reporting period.
VIII. Sale of Major Assets and Equity
1. Sale of major assets
□Applicable Not applicable
The Company did not sell major assets during the reporting period.
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
59
2. Sale of major equity
Applicable □Not applicable
Counterp
arty
Saled
Equity
Interest
Date of
Sale
Transaction
Price (10
thousand
yuan)
Net Profit
Contributed
by the
Equity to
the Listed
Company
from the
Beginning
of the
Current
Period to
the Date of
Sale (10
thousand
yuan)
Effect
of Sale
on the
Compa
ny
Proportio
n of Net
Profit
Contribu
ted by
Equity
Sales to
the
Listed
Compan
y in the
Total Net
Profit
Pricin
g
Princi
ple of
Equit
y Sale
Rela
ted
Part
y
Tran
sacti
on
or
Not
Relati
onship
with
the
Count
erpart
y
Whet
her
All
Prope
rty
Right
s of
the
Equit
y
Invol
ved
Have
been
Trans
ferred
Whethe
r
Implem
ented as
Schedul
ed. If
Not,
Provide
the
Reason
s and
the
Measur
es
Taken
by the
Compa
ny
Date
of
Disclo
sure
Disclosure
Index
China
FAW
Co., Ltd.
3%
Equity
of the
First
Autom
obile
Decem
ber 24,
2024
492, 74,
The
Compa
ny
remains
commit
ted to
its core
%
Asset
apprai
sal
pricin
g
Yes
Parent
compa
ny of
the
Comp
any
Yes Yes
Octob
er 29,
2024
n/new/disclo
sure/stock?st
ockCode=00
0800&orgld
=gssz00008
Full Text of 2024 Report of FAW JIEFANG GROUP CO., LTD.
60
Finance
Co.,
Ltd.
busines
s,
which
will see
ongoin
g
develop
ment of
its
flagship
product
s.
00&sjstsBon
d=false#late
stAnnounce
ment
IX. Analysis of main holding and joint-stock companies
Applicable □Not applicable
Major Subsidiaries and Joint-stock Companies Affecting over 10% Net Profit of the Company
Unit: Yuan
Company
Name
Compa
ny Type
Main
Business
Registered Capital Total Assets Net Assets Operating Income Operating Profit Net Profit
FAW
Jiefang
Automotiv
e Co., Ltd.
Subsidi
aries
Development
,
manufacturin
g and sales of
vehicles and
parts
10,803,012, 69,849,115, 19,342,373, 58,139,826, -589,042, -155,382,
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61
Acquisition and disposal of subsidiaries in the reporting period
Applicable □Not applicable
Company Name
Methods of acquisition and disposal of
subsidiaries in the reporting period
Impact on overall production, operation and performance
FAW (Africa) Investment Co., Ltd. Business merger under common control
Expand avenues for overseas capital operations to boost the growth
of export sales to Africa
Jiefang Motors Tanzania Ltd. Business merger under common control
Enhance Tanzania's local export sales and expand market reach in
neighboring regions.
FAW Jiefang Group International
Automobile Co., Ltd.
Establishment by investment Boost overseas export sales growth
Description of main holding and joint-stock companies: none
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62
X. Structured Entities Controlled by the Company
□Applicable Not applicable
XI. Outlook for Future Development of the Company
1. Competition pattern and development trend of the Company's industry
Over the next three years, the commercial vehicle industry will continue to undergo a profound
transformation.
With the progression of economic restructuring and upgrading, GDP growth is expected to
gradually decelerate, weakening support for medium and heavy-duty truck market demand, with
industry demand generally maintaining low operational levels. However, consumer spending is
projected to increase under the stimulus of trade-in policies for consumer goods, boosting freight
turnover volumes and benefiting highway long-haul transport vehicles. Additionally, the continued
issuance of ultra-long-term special treasury bonds will improve investments in new infrastructure
projects, somewhat stimulating demand for construction transport vehicles.
The medium and heavy-duty truck market structure has entered a period of deep realignment.
Natural gas vehicles have entered a phase of sustainable development as product offerings continue
to diversify and infrastructure gradually improves, with demand remaining robust. With multi-policy
support, new energy products continue to gain momentum, with market scale and penetration rates
expected to increase further. Export growth wil
