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2019 Annual Report 3 Corporate Profile and Summary of Business (Continued)

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東風汽車集團股份有限公司 DONGFENG MOTOR GROUP COMPANY LIMITED * For identification purposes only Contents Corporate Profile and Summary of Business 2 Chairman’s Statement 6 Report of Directors 9 Management Discussion and Analysis 41 Profiles of Directors, Supervisors and Senior Management 50 Report of the Supervisory Committee 57 Corporate Governance Report 60 Independent Auditor’s Report 83 Consolidated Income Statement 93 Consolidated Statement of Comprehensive Income 94 Consolidated Statement of Financial Position 95 Consolidated Statement of Changes in Equity 98 Consolidated Statement of Cash Flows 100 Notes to the Financial Statements 104 Five Year Financial Summary 220 Definitions 222 Corporate Profile and Summary of Business I. CORPORATE INFORMATION COMPANY NAME Dongfeng Motor Group Company Limited REGISTERED ADDRESS Special No. 1 Dongfeng Road Wuhan Economic and Technology Development Zone Wuhan, Hubei PRC PRINCIPAL PLACE OF BUSINESS IN THE PRC Special No. 1 Dongfeng Road Wuhan Economic and Technology Development Zone Wuhan, Hubei PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong AUDITOR PricewaterhouseCoopers Certified Public Accountants and Registered Public Interest Entity Auditor 2 Dongfeng Motor Group Company Limited Corporate Profile and Summary of Business (Continued) II. STOCK PROFILE OF THE COMPANY LISTING DATE 7 December 2005 PLACE OF LISTING The Stock Exchange of Hong Kong Limited STOCK CODE 00489 TOTAL ISSUED SHARE CAPITAL RMB8,616,120,000 III. OTHER RELATED INFORMATION COMPANY WEBSITE www.dfmg.com.cn JOINT COMPANY SECRETARIES Lu Feng Yuen Wing Yan, Winnie (FCIS, FCS (PE)) HONG KONG H SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712–1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wan Chai Hong Kong SAR 2019 Annual Report 3 Corporate Profile and Summary of Business (Continued) IV. SUMMARY OF BUSINESS Dongfeng Motor Group Company Limited was listed on the Stock Exchange of Hong Kong on 7 December 2005. The Company is principally engaged in a full range of passenger vehicles, commercial vehicles, new energy vehicles, key assembly, auto parts, vehicle manufacturing equipment and other automotive-related businesses, with industrial bases spreading over more than 20 cities across the country, such as Wuhan, Shiyan, Xiangyang and Guangzhou, etc. In addition, it has formed a global presence and is one of the three largest shareholders ranking pari passu of PSA Group with overseas research and development bases in Sweden, overseas sales companies in Russia and overseas factories in Iran, South Africa and other countries. Leveraging on the compound development system with the Technical Center as the core and the coordinated operations of research and development departments of its subsidiaries, Dongfeng Motor Group holds a leading position in technological innovation capacity, applications and possessions of patents in the industry. As at 31 December 2019, the Company had 26 subsidiaries, jointly-controlled entities and other companies in which the Company has direct equity interests, comprising Dongfeng Motor Group. Dongfeng Motor Group is primarily engaged in the manufacture and sale of commercial vehicles, passenger vehicles and auto engines and parts, equipment manufacturing business, finance businesses as well as other automotive related businesses. As at the end of 2019, the commercial vehicle business of the Dongfeng Motor Group was mainly operated by Dongfeng Commercial Vehicle Co., Ltd. (a joint venture between the Company and Volvo Cars), Dongfeng Motor Co., Ltd. (a joint venture between the Company and Nissan Motor Co., Ltd. (through Nissan (China) Investment Co., Ltd.)), Dongfeng Liuzhou Motor Co., Ltd. and Dongfeng Special Commercial Vehicle Co., Ltd. (東風特種商用車有限公司). Dongfeng Motor Group’s passenger vehicle business is currently operated by Dongfeng Passenger Vehicle Company, Dongfeng Liuzhou Motor Co., Ltd. and Dongfeng Motor Co., Ltd. (through Dongfeng Nissan Passenger Vehicle Company, Dongfeng Infiniti Motor Co., Ltd. and Dongfeng Venucia Motor Co., Ltd. (東風啟 辰汽車公司)), Dongfeng Peugeot Citroën Automobile Co., Ltd. (a joint venture between the Company and the PSA Peugeot Citroën Group), Dongfeng Honda Automobile Co., Ltd. (a joint venture between the Company and Honda Motor Co., Ltd.), Dongfeng Renault Automobile Co., Ltd. (a joint venture between the Company and Renault S.A.). In recent years, Dongfeng Motor Group has strengthened its new energy vehicle business, which is principally operated by Dongfeng Motor Co., Ltd., Dongfeng Special Commercial Vehicle Co., Ltd. (東風特種商用車有 限公司), Dongfeng Passenger Vehicle Company and Dongfeng Electric Vehicle Co., Ltd.. eGT New Energy Automotive Co., Ltd. (易捷特新能源汽車有限公司) will also be actively engaged in new energy vehicle business. 4 Dongfeng Motor Group Company Limited Corporate Profile and Summary of Business (Continued) 5 Dongfeng Automobile Trade Co., Ltd. Dongfeng Peugeot Citroën Sales Co., Ltd. Dongfeng Peugeot Citroën Auto Financial Co., Ltd. Dongfeng Motor Investment (Wuhan) Co., Ltd. Dongfeng Peugeot Citroën Financial Leasing Co., Ltd. Dongfeng Changxing (Wuhan) Technology Co., Ltd. Zhixin Technology Co., Ltd. China Dongfeng Motor Industry Import & Export Co., Ltd. Chuange Financial Leasing Co., Ltd. Dongfeng Nissan Auto Finance Co., Ltd. Dongfeng Motor Finance Co., Ltd. Dongfeng Getrag Automobile Transmission Co., Ltd. Dongfeng Honda Auto Parts Co., Ltd. Limited Dongfeng Honda Engine Co., Ltd. Dongfeng Honda Automobile Co., Ltd. eGT New Energy Automotive Co., Ltd. Dongfeng Renault Automobile Co., Ltd. Dongfeng Peugeot Citroën Automobile Co., Ltd. Dongfeng Commercial Vehicle Co., Ltd. Dongfeng Liuzhou Motor Co., Ltd. Motor Group Company Dongfeng Special Commercial Vehicle Co., Ltd. Dongfeng Electric Vehicle Co., Ltd. Dongfeng Dongfeng Nengdi (Hangzhou) Auto Co., Ltd. Dongfeng Off-road Vehicle Co., Ltd. Dongfeng Passenger Vehicle Company (Branch) Dongfeng Research & Development Centre (Branch) Dongfeng Venucia Motor Co., Ltd. Zhengzhou Nissan Automobile Co., Ltd. Dongfeng Nissan Passenger Vehicle Company Equipment Company of Dongfeng Motor Co., Ltd. Co., Ltd. Dongfeng Infiniti Motor Co., Ltd. Dongfeng Motor Dongfeng Automobile Co., Ltd. Dongfeng Motor Group’s finance business is currently operated by the following companies: Dongfeng Motor (a Ltd. Co., Finance Auto Nissan Dongfeng Company), the of subsidiary wholly-owned (a Ltd. Co., Finance (China) Nissan and Ltd. Co., Motor Nissan Ltd., Co., Motor Dongfeng Company, the between venture joint the between venture joint (a Ltd. Co., Finance Auto Citroën Peugeot Dongfeng and Ltd.) Co., Investment Co., Automobiles Citroën Peugeot Dongfeng and Ltd. Co., Finance Netherlands Citroën Peugeot Company, Ltd.). Dongfeng Parts and Components (Group) Co., Ltd. 2019 Annual Report Chairman’s Statement Dear Shareholders, On behalf of the Board of Directors, I hereby present the annual report of the Group for 2019 for your review. In 2019, under the complex situation of obvious rise in internal and external risk challenges, China’s economic operation was generally stable, with steady improvement in development quality and obvious effect of economic transformation and upgrade, and the GDP recorded a year-on-year increase of 6.1%. After the first negative growth in the PRC automobile market in 28 years from 2018, the automobile market in the PRC experienced another significant decline in 2019, weaker than expected at the beginning of the year. In 2019, the production and sales volumes of vehicles in the PRC automobile industry amounted to approximately 25,721,000 units and 25,769,000 units, respectively, representing a year-on-year decrease of 7.5% and 8.2%. Among which the production and sales volumes of passenger vehicles were approximately 21,360,000 units and 21,444,000 units, respectively, representing a year-on-year decrease of 9.2% and 9.6%. The production and sales volumes of commercial vehicles were approximately 4,360,000 units and 4,324,000 units respectively, representing a year-on-year increase of 1.9% and a year-on-year decrease of 1.1%. The development of the automobile industry throughout the year showed the following characteristics: I. The performance of the automobile market throughout the year was weaker than that was generally expected at the beginning of the year, and the decline in production and sales volumes throughout the year was larger than that in 2018. II. The performance of the passenger and commercial vehicles sectors varied. The performance of commercial vehicles market was obviously better than that of the automobile industry. III. The market structure of passenger vehicles was sharply divided, and the number of self-owned brands declined significantly. Japanese and German vehicles delivered well performance, with market share increasing by 2.5 percentage points and 2.8 percentage points respectively, while American, French and Korean vehicles delivered poor performance, with market share decreasing by 1.6 percentage points, 0.7 percentage point and 0.3 percentage point, respectively. Self-owned brands withstood the highest pressure, with market share down 2.9 percentage points. IV. The commercial vehicle market fluctuates significantly due to policy changes, and the performance of the heavy, medium and light truck market varied. V. Affected by the reduction of subsidies, the new energy vehicle market experienced negative growth for the first time in recent years showing a trend of high before and low after throughout
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    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Schwabe, Julian Article — Published Version From “obligated embeddedness” to “obligated Chineseness”? Bargaining processes and evolution of international automotive firms in China's New Energy Vehicle sector Growth and Change Provided in Cooperation with: John Wiley & Sons Suggested Citation: Schwabe, Julian (2020) : From “obligated embeddedness” to “obligated Chineseness”? Bargaining processes and evolution of international automotive firms in China's New Energy Vehicle sector, Growth and Change, ISSN 1468-2257, Wiley, Hoboken, NJ, Vol. 51, Iss. 3, pp. 1102-1123, http://dx.doi.org/10.1111/grow.12393 This Version is available at: http://hdl.handle.net/10419/230143 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
  • Renault Will Produce Locally in China

    Renault Will Produce Locally in China

    STORY April 15th, 2013 Renault will produce locally in China "China is a new frontier for Renault”, declared Carlos Ghosn, Chairman and Chief Executive Officer of Renault, on February 14, 2013 at the presentation of 2012 financial results. China, which recorded 600,000 car sales in 1999, has become the world’s largest car market, with about 18.5 million units sold: a key market. Renault is already stepping up its presence on the market for imported vehicles in this country and plans to start producing locally in China, before 2016, by benefiting from the Alliance with its partner Nissan. China is already Nissan's largest market. Renault and Dongfeng, the Chinese Nissan partner, signed a Memorandum Of Understanding (MOU) on the 1st semester 2012. The approbation from the Chinese Government should come in 2013. Koleos in Beijing - May 2012 Rights: internal and external use / media and general public excluding for commercial and advertising. Information and Image Department – Editorial Desk Isabelle Behar : +33 1 76 84 53 92 Page 1 of 4 Renault has long-standing presence and interest in China. It produced range-topping minibuses in China between 1995 and 2003, launched several joint ventures and started importing vehicles in 1999. In 2012, Renault sold 29,724 vehicles in China (+22.4%), thanks to the success of Koleos and a full range of Sedans, from Fluence to Talisman. At Shanghai motor show in april 2013, Renault presents New Fluence, a modern and dynamic sedan with a valorizing front face and a refreshed interior styling. The Group is also developping its network, set to grow from 95 dealers in 2012 to 170 dealers by 2014, and the strength of a brand image that emphasizes motor sports.
  • Press Kit February 1, 2016

    Press Kit February 1, 2016

    Press Kit February 1, 2016 Qin Yanli, Powertrain Assembly Engineer © Chloé Feng Xiao Hui/ICONE WUHAN PLANT OPENING DONGFENG RENAULT AUTOMOTIVE COMPANY (DRAC) Dongfeng Renault Automotive Company (DRAC) opens its first plant in China and starts local production of Renault‟s latest SUV – Renault Kadjar – just two years after the joint venture‟s start. 1 Introduction On December 16, 2013, in the weeks building up to the 50th anniversary celebrations of France‟s recognition of the People‟s Republic of China, Renault and Dongfeng Group signed a landmark agreement which saw the two groups form a pioneering bond. The result – DRAC (Dongfeng Renault Automotive Company) – was Groupe Renault‟s first equal-equity joint venture and one of very few in the Chinese automobile industry. The Board immediately approved a 10+10 management structure whereby the 10 most senior positions would be filled by an equal number of executives from Renault and from Dongfeng (Presidency, Projects and Programs, Product Planning, R&D, Production, Finance, Purchasing, Human Resources, Sales & Marketing and IT). Three weeks later, on January 9, 2014, the groundebraking ceremony was held and building work went on to be completed in record time. 东风雷诺汽车有限公司 DONGFENG RENAULT AUTOMOTIVE CO. Groupe Renault is a dynamic French company founded more than 115 years ago. It is a global player and active in more than 125 countries. Renault is the world‟s leading French car brand, with strong positions in many countries such as Brazil, Argentina, Russia, North Africa and Turkey. Together with Nissan, the Renault-Nissan Alliance is ranked fourth in the global car industry.
  • Geely Auto 吉利汽车 (175 HK) ACCUMULATE

    Geely Auto 吉利汽车 (175 HK) ACCUMULATE

    Hong Kong Equity | Automobile Company in-depth Geely Auto 吉利汽车 (175 HK) ACCUMULATE Sales Rebound Following Mid-2019 Weak Performance Share Price Target Price Geely ranked No. 7 among Chinese auto makers in 2018, according to CAAM. HK$15.36 HK$16.7 Though Geely’s sales volume declined in 2Q2019, it has recovered gradually since 9/2019 and sold 143,234 units (+1.1%/10% YoY/MoM) in 11/2019. We believe the launch of 6-8 new models in 2020E and fuel vehicles sales pick-up in China may China / Automobile / Auto Maker continue to boost its sales volume. Combined with rising contribution from mid-to-high end vehicles to support ASP, we estimate 2020E profit to improve by 9 December 2019 26% YoY to RMB11.3 bn. We initiate Accumulate with TP of HK$16.7, suggesting 9% upside potential. Alison Ho (SFC CE:BHL697) Sales decline narrowed down: Geely sales dropped significantly in 2Q2019 & 3Q2019 (852) 3519 1291 mainly due to 1) the implementation of China VI vehicle emission standard from [email protected] 1/Jul/2019 in some cities resulting in customers squeezing demand for new cars in 1H2019; 2) the uncertainties on relations between China and US; 3) economic downturn to drag consumer’s purchasing power. However, we saw Geely’s auto sales decline has Latest Key Data narrowed since 9/2019 and recorded a growth of 1.1% yoy in 11/2019. Under Total shares outstanding (mn) 9,146 consideration that December and January are regarded as the high season for auto sales, Market capitalization (HK$mn) 140,476 with customers traditionally making purchases before Chinese New Year, we therefore Enterprise value (HK$mn) 126,335 believe Geely’s auto sales growth will keep improving in the near future.