Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

GUANGZHOU AUTOMOBILE GROUP CO., LTD.

廣 州 汽 車 集 團 股 份 有 限 公 司

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2238)

OVERSEAS REGULATORY ANNOUNCEMENT

2021 FIRST QUARTERLY REPORT

This first quarterly report is published by Guangzhou Automobile Group Co., Ltd. (the "Company") pursuant to Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The first quarterly result of the Company and its subsidiaries (the "Group") contained in this report was prepared under the China Accounting Standards for Business Enterprises and was unaudited. The original text of this report is in Chinese.

1. IMPORTANT NOTICE

  1. The board of directors, the supervisory committee and the directors, supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of the contents contained herein, that there are no false representations or misleading statements contained in or material omissions from this quarterly report, and they jointly and severally accept responsibility.
  2. All directors of the Company attended the board meeting approving this quarterly report.
  3. ZENG Qinghong, the person in charge of the Company, FENG Xingya, the general manager of the Company, WANG Dan, the person in charge of accounting function and ZHENG Chao, the manager of the accounting department (Accounting Chief), warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.
  4. The first quarterly report of the Company was unaudited.

- 1 -

2. BASIC INFORMATION OF THE COMPANY 2.1 Major financial data

Unit: Yuan 

Currency: RMB

Increase/decrease

as at the end

of the reporting

period as

As at the end

compared with

of the reporting

As at the end of

the end of

period

last year

last year

(%)

Total assets

140,998,318,291

142,806,662,917

-1.27

Net assets attributable to shareholders of the listed

company

86,822,367,106

84,321,007,368

2.97

From the

From the

beginning of the

beginning of last

Increase/decrease

year to the end

year to the end of

as compared with

of the reporting

the last reporting

the same period

period

period

last year

(%)

Net cash flow from operating activities

-5,251,059,359

-6,473,241,577

18.88

From the

From the

beginning of the

beginning of last

Increase/decrease

year to the end

year to the end of

as compared with

of the reporting

the last reporting

the same period

period

period

last year

(%)

Revenue from operations

15,889,501,168

10,765,458,808

47.60

Net profit attributable to shareholders of the listed

company

2,365,891,862

118,493,097

1,896.65

Net profit attributable to shareholders of the listed

company after deduction of non-recurring profit

or loss

2,226,246,439

-79,595,179

2,896.96

Return on net assets (weighted average) (%)

2.76

0.15

Increased by 2.61

percentage points

Basic earnings per share (Yuan/share)

0.23

0.01

2,200

Diluted earnings per share (Yuan/share)

0.23

0.01

2,200

- 2 -

Non-recurring profit and loss items and amounts

Unit: Yuan 

Currency: RMB

Amount for the

Item

period

Gains/losses on disposal of non-current assets

-350,353

Government grants recognised in profit or loss for the current period (except for those

closely related to the enterprise's business and conferred based on standard amounts or

quantities in compliance with unified national standard)

154,657,752

Gain or loss from debt restructuring

69,502

Gain or loss from external entrusted loans

300,299

Other non-operating income and expense save as stated above

4,554,576

Impact on minority interests (after tax)

-2,447,755

Impact on income tax

-17,138,598

Total

139,645,423

- 3 -

2.2 Table of total number of shareholders and particulars of shareholdings of the top ten shareholders and the top ten circulating shareholders (or holders of tradable shares not subject to trading moratorium) as at the end of the reporting period

Unit: share

Total number of shareholders (Note 1)

122,338

Shareholdings of the top ten shareholders

Number of

Number of

shares held at

shares subject

the end

to trading

Under pledge or lock-up

Nature of

Name of shareholder (full name)

of the period

Percentage (%)

moratorium

Status of shares

Number

shareholder

Guangzhou Automobile Industry

5,499,140,069

53.13

0

Nil

0

State-owned legal

Group Co., Ltd. (Note 2)

person

HKSCC NOMINEES LIMITED (Note 3)

3,095,306,191

29.90

0

Unknown

-

Overseas legal

person

Guangzhou Huiyin Tianyue Equity

421,898,543

4.08

0

Pledged

210,949,271

State-owned legal

Investment Fund Management Co.,

person

Ltd.

Guangzhou State-owned Assets

210,949,272

2.04

0

Nil

0

State-owned legal

Development Holdings Co., Ltd.

person

Guangzhou Finance Holdings Assets

210,900,271

2.04

0

Nil

0

Other

Management Co., Ltd. - GFHAM

Wealth Management Select No.3

Private Investment Fund

Guangzhou Light Industry & Trade

105,474,635

1.02

0

Nil

0

State-owned legal

Group Co., Ltd.

person

Shanghai Puxing Energy Limited

104,362,100

1.01

0

Nil

0

Domestic non-state-

owned legal

person

Suiyong Holdings Co., Ltd.

52,737,317

0.51

0

Pledged

52,737,317

State-owned legal

person

Ningbo Mei Shan Baoshuigang

41,852,306

0.40

0

Nil

0

Domestic non-state-

Area Jincheng Shazhou Equity

owned legal

Investment Co., Ltd.

person

Wei Zhaoqi

31,131,900

0.30

0

Nil

0

Domestic natural

person

- 4 -

Name of shareholder

Particulars of shareholdings of the top ten holders of tradable shares not subject to trading moratorium

Number of tradable

shares not subject to

Class of shares and number

trading moratorium

Class of share

Number

Guangzhou Automobile Industry Group Co., Ltd. (Note 2) HKSCC NOMINEES LIMITED (Note 3)

Guangzhou Huiyin Tianyue Equity Investment Fund Management Co., Ltd.

Guangzhou State-owned Assets Development Holdings Co., Ltd. Guangzhou Finance Holdings Assets Management Co., Ltd. - GFHAM Wealth Management Select No.3 Private Investment

Fund

Guangzhou Light Industry & Trade Group Co., Ltd. Shanghai Puxing Energy Limited

Suiyong Holdings Co., Ltd.

Ningbo Mei Shan Baoshuigang Area Jincheng Shazhou Equity Investment Co., Ltd.

Wei Zhaoqi

Related-party relationship or concerted party relationship among the above shareholders

5,499,140,069

A shares, H shares

5,499,140,069

3,095,306,191

Overseas listed foreign

3,095,306,191

shares

421,898,543

RMB ordinary shares

421,898,543

210,949,272

RMB ordinary shares

210,949,272

210,900,271

RMB ordinary shares

210,900,271

105,474,635

RMB ordinary shares

105,474,635

104,362,100

RMB ordinary shares

104,362,100

52,737,317

RMB ordinary shares

52,737,317

41,852,306

RMB ordinary shares

41,852,306

31,131,900

RMB ordinary shares

31,131,900

Guangzhou Automobile Industry Group Co., Ltd., the largest shareholder of the Company, is not related to any of the above shareholders, nor is it a party acting in concert with any of them, and it is not known to the Company whether other shareholders are related to each other or whether they are parties acting in concert.

Note 1: As at the end of the reporting period, the total number of shareholders was 122,338, of which the number of holders of A shares was 122,080 and number of holders of H shares was 258.

Note 2: Guangzhou Automobile Industry Group Co., Ltd. held 5,206,932,069 A shares of the Company in total, representing approximately 71.80% of the A shares of the Company. At the same time, it held 292,208,000 H shares of the Company through Southbound Trading of Shanghai - Hong Kong Stock Connect and its wholly-owned subsidiary in Hong Kong, Guangzhou Auto Group (Hong Kong) Limited, representing approximately 9.43% of the H shares of the Company. The total number of A and H shares of the Company held by Guangzhou Automobile Industry Group Co., Ltd. was therefore 5,499,140,069 shares, representing approximately 53.13% of the total share capital of the Company.

Note 3: H shares held by HKSCC NOMINEES LIMITED were held on behalf of a number of clients. H shares of the Company held by Guangzhou Auto Group (Hong Kong) Limited are also registered in trust with HKSCC NOMINEES LIMITED.

- 5 -

2.3 Table of total number of preferred shareholders and particulars of shareholdings of the top ten preferred shareholders and the top ten preferred shareholders not subject to trading moratorium as at the end of the reporting period

Applicable 3 Not applicable

3. SIGNIFICANT EVENTS

3.1 Material changes in items of major accounting statements and financial indicators of the Company and the reasons thereof

Unit: 0'000  Currency: RMB

Balance as

at the end of

the period or

during the

Percentage

Item

period

change Reasons for change

Deposit taking

515,983.02

-33.59% Mainly due to the combined effect of the

and deposit

decrease in net increase amount of deposit

in interbank

at Guangzhou Automobile Group Finance

market

Co., Ltd. for non-consolidated enterprises,

etc. during the reporting period

Contractual

206,391.05

38.25% Mainly due to the significant year-on-year

liabilities

increase in sales volume, etc. leading to an

increase in contractual liabilities during the

reporting period

Revenue from

1,588,950.12

47.60% Mainly due to the combined effect of the

operations

significant year-on-year increase in sales

volume, etc. during the reporting period as

compared with that of the same period last

year due to the impact of the pandemic

Selling expenses

83,369.82

47.97% Mainly due to the combined effect of the

increase in sales volume leading to the year-

on-year increase in advertising and marketing

expenditures, etc. during the reporting period

- 6 -

Balance as

at the end of

the period or

during the

Percentage

Item

period

change Reasons for change

Gains on

344,257.00

263.02% Mainly due to the combined effect of the

investment

increase in profit in joint and associated

corporations, etc. during the reporting period

Cash received

1,825,090.37

49.73% Mainly due to the combined effect of the

from sales

increase in sales volume leading to an

of goods and

increase in cash received from sales, etc.

rendering

during the reporting period

labour services

Cash paid for

1,791,991.34

48.79% Mainly due to the combined effect of the

goods and

increase in sales volume leading to an

labour services

increase in cash paid for goods, etc. during

the reporting period

Cash paid for

221,158.59

48.78% Mainly due to the combined effect of the

investment

year-on-year increase in capital injection to

investee enterprises, etc. during the reporting

period

Cash received

252,870.81

163.91% Mainly due to the combined effect of the

from

increase in capital demand for the business

borrowings

development of certain enterprises, etc.

during the reporting period

Cash repayments

188,362.93

-34.06% Mainly due to the combined effect of the

of borrowings

repayment of RMB2 billion corporate bonds

during the same period last year leading to

a year-on-year decrease in repayments of

borrowings, etc. during the reporting period

- 7 -

3.2 Analysis and explanation of progress and impact of significant events and their solutions

Applicable 3 Not applicable

3.3 Undertakings which have not yet been performed during the reporting period

Applicable 3 Not applicable

3.4 Warning and explanation on the forecast of any possible loss in accumulated net profit from the beginning of the year to the end of the next reporting period or any material changes compared to the corresponding period of last year

Applicable 3 Not applicable

Guangzhou Automobile Group Co., Ltd.

Legal representative: ZENG Qinghong

29 April 2021

Guangzhou, the PRC, 29 April 2021

As at the date of this announcement, the executive directors of the Company are ZENG Qinghong and FENG Xingya, the non-executive directors of the Company are CHEN Xiaomu, CHEN Maoshan, CHEN Jun, DING Hongxiang and HAN Ying, and the independent non-executive directors of the Company are ZHAO Fuquan, XIAO Shengfang, WONG Hakkun and SONG Tiebo.

- 8 -

4. APPENDICES

4.1 Financial Statements

Consolidated Balance Sheet

31 March 2021

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan 

Currency: RMB  Type of audit: unaudited

31 March

31 December

Item

2021

2020

Current assets:

Monetary fund

20,505,630,118

28,500,073,385

Trading financial assets

1,744,078,689

1,595,011,473

Bills receivables

1,823,208,376

1,884,927,753

Trade receivables

4,740,085,323

4,317,202,521

Financing receivables

136,938,846

310,689,889

Prepayments

1,711,315,945

1,158,327,818

Other receivables

4,616,992,400

4,919,256,719

Including: Interests receivable

0

0

Dividends receivable

3,875,275,215

3,752,145,299

Inventories

7,094,029,972

6,621,579,731

Contractual assets

0

0

Non-current assets due within one year

2,271,447,028

2,385,821,958

Other current assets

4,738,562,694

4,950,017,895

Total current assets

49,382,289,391

56,642,909,142

- 9 -

31 March

31 December

Item

2021

2020

Non-current assets:

Loans and advances granted

1,592,268,215

1,453,872,939

Debt investments

441,030,090

511,626,261

Long-term receivables

2,755,370,535

1,923,277,497

Long-term equity investments

37,770,747,734

33,381,141,720

Other investments in equity instruments

630,703,201

630,703,201

Other non-current financial assets

4,357,191,928

4,375,256,001

Investment properties

1,423,034,783

1,387,544,913

Fixed assets

18,115,725,240

18,359,877,096

Construction in progress

1,430,829,157

1,451,675,595

Right-of-use assets

1,413,127,402

1,430,051,223

Intangible assets

14,326,140,750

13,887,259,125

Development expenses

3,608,932,322

3,716,537,135

Goodwill

104,504,775

104,504,775

Long-term deferred expenditures

381,708,116

353,303,956

Deferred income tax assets

2,372,190,048

2,123,603,919

Other non-current assets

892,524,604

1,073,518,419

Total non-current assets

91,616,028,900

86,163,753,775

Total assets

140,998,318,291

142,806,662,917

- 10 -

31 March

31 December

Item

2021

2020

Current liabilities:

Short-term borrowings

2,653,950,778

3,555,512,515

Bills payables

813,389,928

1,077,553,711

Trade payables

11,614,914,624

11,802,324,993

Receipts in advance

0

0

Contractual liabilities

2,063,910,451

1,492,858,502

Deposit taking and deposit in interbank market

5,159,830,223

7,770,011,413

Staff remuneration payable

1,714,608,036

2,413,050,946

Taxes payable

585,461,964

778,824,892

Other payables

7,795,697,748

8,948,709,209

Including: Interests payable

0

0

Dividends payable

13,211,628

7,234,428

Non-current liabilities due within one year

3,143,570,205

3,020,246,601

Other current liabilities

1,121,519,783

1,525,456,631

Total current liabilities

36,666,853,740

42,384,549,413

Non-current liabilities:

Long-term borrowings

3,702,710,484

2,878,882,393

Debentures payable

5,580,869,139

5,594,290,335

Including: Preference shares

0

0

Perpetual bonds

0

0

Lease liabilities

1,295,474,786

1,303,479,427

Long-term payables

0

0

Long-term staff remuneration payable

83,840,000

83,840,000

Estimated liabilities

847,798,458

602,579,289

Deferred income

2,749,990,477

2,714,460,250

Deferred income tax liabilities

212,344,028

138,031,841

Other non-current liabilities

714,068,565

446,945,975

Total non-current liabilities

15,187,095,937

13,762,509,510

Total liabilities

51,853,949,677

56,147,058,923

- 11 -

31 March

31 December

Item

2021

2020

Owners' equity (or shareholders' equity):

Paid-in capital (or share capital)

10,350,996,493

10,349,696,817

Other equity instruments

240,636,905

240,641,814

Including: Preference shares

0

0

Perpetual bonds

0

0

Capital reserve

23,168,936,708

23,029,972,713

Less: Treasury stock

509,485,637

509,485,637

Other comprehensive income

400,385,530

406,221,000

Special reserve

43,120,318

41,595,734

Surplus reserve

5,498,401,539

5,498,401,539

General risk provision

413,798,316

413,798,316

Undistributed profit

47,215,576,934

44,850,165,072

Total owners' equity (or shareholders' equity)

attributable to the parent company

86,822,367,106

84,321,007,368

Minority interests

2,322,001,508

2,338,596,626

Total owners' equity (or shareholders'

equity)

89,144,368,614

86,659,603,994

Total liabilities and owners' equity (or

shareholders' equity)

140,998,318,291

142,806,662,917

Person in charge of the

Principal accounting

Manager of the accounting

Company:

responsible person:

department:

ZENG Qinghong

WANG Dan

ZHENG Chao

- 12 -

Balance Sheet of the Parent Company

31 March 2021

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan 

Currency: RMB  Type of audit: unaudited

31 March

31 December

Item

2021

2020

Current assets:

Monetary fund

9,142,256,007

11,478,993,645

Bills receivables

0

0

Trade receivables

873,630,071

962,986,389

Prepayments

0

0

Other receivables

3,794,656,244

3,776,194,270

Including: Interests receivable

0

0

Dividends receivable

3,710,000,000

3,710,000,000

Inventories

25,923,811

29,420,494

Contractual assets

0

0

Assets classified as available-for-sale

0

0

Non-current assets due within one year

0

0

Other current assets

842,688,992

937,833,720

Total current assets

14,679,155,125

17,185,428,518

- 13 -

31 March

31 December

Item

2021

2020

Non-current assets:

Debt investments

0

0

Other debt investments

0

0

Long-term receivables

0

0

Long-term equity investments

64,257,877,982

59,834,091,694

Other investments in equity instruments

0

0

Other non-current financial assets

997,005,669

997,005,669

Investment properties

462,400,227

466,216,332

Fixed assets

2,737,463,731

2,774,834,649

Construction in progress

514,412,460

428,583,413

Right-of-use assets

6,775,946

9,486,557

Intangible assets

5,535,224,118

5,041,119,792

Development expenses

2,124,340,027

2,269,487,553

Goodwill

0

0

Long-term deferred expenditures

4,035,269

4,367,629

Deferred income tax assets

0

0

Other non-current assets

252,132,171

258,089,672

Total non-current assets

76,891,667,600

72,083,282,960

Total assets

91,570,822,725

89,268,711,478

Current liabilities:

Short-term borrowings

0

0

Bills payables

0

0

Trade payables

202,584,526

230,371,069

Receipts in advance

0

0

Contractual liabilities

52,862,884

28,888,976

Staff remuneration payable

667,282,468

903,849,676

Taxes payable

220,935,731

46,766,722

Other payables

4,906,238,554

4,945,344,800

Including: Interests payable

0

0

Dividends payable

0

0

Liabilities classified as available-for-sale

0

0

Non-current liabilities due within one year

43,451,731

157,933,624

Other current liabilities

45,538,696

46,745,260

Total current liabilities

6,138,894,590

6,359,900,127

- 14 -

31 March

31 December

Item

2021

2020

Non-current liabilities:

Long-term borrowings

0

0

Debentures payable

5,580,869,139

5,594,290,335

Including: Preference shares

0

0

Perpetual bonds

0

0

Lease liabilities

1,958,463

2,873,450

Long-term payables

0

0

Long-term staff remuneration payable

47,270,000

47,270,000

Estimated liabilities

0

0

Deferred income

545,210,376

567,970,707

Deferred income tax liabilities

0

0

Other non-current liabilities

0

0

Total non-current liabilities

6,175,307,978

6,212,404,492

Total liabilities

12,314,202,568

12,572,304,619

Owners' equity (or shareholders' equity):

Paid-in capital (or share capital)

10,350,996,493

10,349,696,817

Other equity instruments

240,636,905

240,641,814

Including: Preference shares

0

0

Perpetual bonds

0

0

Capital reserve

31,852,839,356

31,713,875,362

Less: Treasury stock

509,485,637

509,485,637

Other comprehensive income

-32,326

-32,326

Special reserve

0

0

Surplus reserve

5,498,401,539

5,498,401,539

Undistributed profit

31,823,263,827

29,403,309,290

Total owners' equity (or shareholders'

equity)

79,256,620,157

76,696,406,859

Total liabilities and owners' equity (or

shareholders' equity)

91,570,822,725

89,268,711,478

Person in charge of the

Principal accounting

Manager of the accounting

Company:

responsible person:

department:

ZENG Qinghong

WANG Dan

ZHENG Chao

- 15 -

Consolidated Income Statement

From January to March 2021

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan 

Currency: RMB  Type of audit: unaudited

First quarter of

First quarter of

Item

2021

2020

I. Total revenue from operations

16,023,651,985

10,877,703,889

Including: Revenue from operations

15,889,501,168

10,765,458,808

Interest income

134,150,817

112,245,081

II. Total cost of operations

17,255,911,794

11,960,711,856

Including: Cost of operations

15,007,868,369

10,339,533,789

Interest expenses

28,794,880

22,730,326

Taxes and surcharges

386,755,496

241,844,374

Selling expenses

833,698,229

563,430,230

Management expenses

683,824,199

635,766,208

Research and development

expenses

260,308,231

115,713,188

Financial expenses

54,662,390

41,693,741

Including: Interests expenses

117,814,163

104,038,434

Interest income

54,623,638

69,863,342

Add: Other income

154,502,294

208,547,767

Gains on investment (loss is represented

by "-")

3,442,570,034

948,301,221

Including: Gains from investment in

associated companies and

joint ventures

3,331,513,658

892,533,323

Income from derecognition of

financial assets at amortised

cost

0

0

Foreign exchange gains (loss is

represented by "-")

0

0

Net gains from hedging exposure (loss is

represented by "-")

0

0

Gains on change in fair value (loss is

represented by "-")

-69,676,489

-26,162,689

Impairment loss of credit (loss is

represented by "-")

-10,066,487

-33,671,028

Impairment loss of assets (loss is

represented by "-")

-8,565,761

1,029,977

Gains on disposal of assets (loss is

represented by "-")

2,234,210

372,038

- 16 -

First quarter of

First quarter of

Item

2021

2020

III. Operating profit (loss is represented by "-")

2,278,737,992

15,409,319

Add: Non-operating income

5,628,283

7,266,758

Less: Non-operating expenses

1,031,108

13,163,421

IV. Total profit (total loss is represented by "-")

2,283,335,167

9,512,656

Less: Income tax expenses

-65,961,577

-102,135,445

V. Net profit (net loss is represented by "-")

2,349,296,744

111,648,101

(I) Classified by continuity of operations

1. Net profit from continuing operations

(net loss is represented by "-")

2,349,296,744

111,648,101

2. Net profit from discontinued

operations (net loss is represented

by "-")

0

0

(II) Classified by ownership of the equity

1. Net profit attributable to shareholders

of the parent company (net loss is

represented by "-")

2,365,891,862

118,493,097

2. Minority interests (net loss is

represented by "-")

-16,595,118

-6,844,996

VI. Other comprehensive income (net of tax)

-5,835,470

-123,136,865

(I) Other comprehensive income (net of tax)

attributable to owners of the parent

company

-5,835,470

-123,136,865

1. Other comprehensive income not to

be reclassified into profit or loss

0

-125,106,326

(1)

Changes arising from the re-

measurement of defined

benefit plans

0

0

(2)

Other comprehensive income not

to be reclassified to profit or

loss under the equity method

0

0

(3)

Changes in fair value arising

from other equity instruments

investments

0

-125,106,326

(4)

Changes in fair value arising

from corporate credit risk

0

0

- 17 -

First quarter of

First quarter of

Item

2021

2020

2. Other comprehensive income to be

reclassified into profit or loss

-5,835,470

1,969,461

(1)

Other comprehensive income to

be reclassified into profit or

loss under the equity method

0

0

(2)

Change in fair value of other

debt investments

0

0

(3)

Financial assets reclassified into

other comprehensive income

0

0

(4)

Credit impairment provision for

other debt instruments

0

0

(5)

Reserve for cash flow hedging

0

0

(6)

Exchange differences on foreign

currency financial statements

translation

-5,835,470

1,969,461

(7)

Others

0

0

(II)

Other comprehensive income (net of tax)

attributable to minority interests

0

0

VII.Total comprehensive income

2,343,461,274

-11,488,764

(I) Total comprehensive income attributable

to the owners of the parent company

2,360,056,392

-4,643,768

(II)

Total comprehensive income attributable

to minority interests

-16,595,118

-6,844,996

VIII. Earnings per share:

(I)

Basic earnings per share (Yuan/share)

0.23

0.01

(II)

Diluted earnings per share (Yuan/share)

0.23

0.01

Person in charge of the

Principal accounting

Manager of the accounting

Company:

responsible person:

department:

ZENG Qinghong

WANG Dan

ZHENG Chao

- 18 -

Income Statement of the Parent Company

From January to March 2021

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan  Currency: RMB  Type of audit: unaudited

First quarter of

First quarter of

Item

2021

2020

I. Revenue from operations

75,578,286

80,430,287

Less: Cost of operations

64,789,370

36,831,689

Taxes and surcharges

3,692,842

3,978,596

Selling expenses

0

0

Management expenses

208,567,665

6,795,093

Research and development expenses

515,201,864

314,747,181

Financial expenses

-25,259,123

5,629,981

Including: Interests expenses

48,157,350

41,912,490

Interest income

60,048,468

51,032,307

Add: Other income

46,567,283

39,255,648

Gains on investment (loss is represented

by "-")

3,064,806,744

915,984,901

Including: Gains from investment in

associated companies and

joint ventures

3,064,782,910

915,984,901

Income from derecognition of

financial assets at amortised

cost

0

0

Net gain from hedging exposure (loss is

represented by "-")

0

0

Gains on change in fair value (loss is

represented by "-")

0

0

Impairment loss of credit (loss is

represented by "-")

0

0

Impairment loss of assets (loss is

represented by "-")

0

0

Gains on disposal of assets (loss is

represented by "-")

0

0

II. Operating profit (loss is represented by "-")

2,419,959,695

667,688,296

Add: Non-operating income

33,808

17,494

Less: Non-operating expenses

38,965

3,196,000

- 19 -

First quarter of

First quarter of

Item

2021

2020

III. Total profit (total loss is represented by "-")

2,419,954,538

664,509,790

Less: Income tax expenses

0

0

IV. Net profit (net loss is represented by "-")

2,419,954,538

664,509,790

(I) Net profit from continuing operations (net

loss is represented by "-")

2,419,954,538

664,509,790

(II) Net profit from discontinued operations

(net loss is represented by "-")

0

0

V. Other comprehensive income (net of tax)

0

0

(I) Other comprehensive income not to be

reclassified into profit or loss

0

0

(II) Other comprehensive income to be

reclassified into profit or loss

0

0

1. Other comprehensive income to be

reclassified into profit or loss under

the equity method

0

0

2. Change in fair value of other debt

investments

0

0

3. Financial assets reclassified into other

comprehensive income

0

0

VI. Total comprehensive income

2,419,954,538

664,509,790

Person in charge of the

Principal accounting

Manager of the accounting

Company:

responsible person:

department:

ZENG Qinghong

WANG Dan

ZHENG Chao

- 20 -

Consolidated Cash Flow Statement

From January to March 2021

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan  Currency: RMB  Type of audit: unaudited

First quarter of

First quarter of

Item

2021

2020

I. Cash flow generated from operating

activities:

Cash received from sales of goods and

rendering labour services

18,250,903,698

12,189,120,263

Net increase in deposits from customer and

other banks

-2,584,766,879

-2,952,038,914

Net increase in borrowings from PBOC

218,472,430

0

Cash received from interest, handling fees and

commissions

138,004,022

126,814,467

Tax rebates

12,543,729

103,156,621

Other cash received from activities related to

operation

2,252,344,392

1,191,460,179

Sub-total of cash inflows from operating

activities

18,287,501,392

10,658,512,616

Cash paid for goods and labour services

17,919,913,406

12,043,734,760

Net increase in customer loans and advances

403,030,329

897,369,846

Net increase in deposit in PBOC and interbank

deposits

-289,908,362

-206,500,000

Cash paid for interest, handling fees and

commissions

22,865,768

13,143,539

Cash paid to and on behalf of employees

2,184,865,223

1,996,872,274

Tax payments

1,036,429,086

535,344,526

Other cash payments related to operating

activities

2,261,365,301

1,851,789,248

Sub-total of cash outflows from operating

activities

23,538,560,751

17,131,754,193

Net cash flow from operating activities

-5,251,059,359

-6,473,241,577

- 21 -

First quarter of

First quarter of

Item

2021

2020

II. Cash flow generated from investing

activities:

Cash received from redemption of investments

1,249,763,530

846,704,586

Cash received from gains on investment

57,968,486

31,461,030

Net cash received from disposal of fixed

assets, intangible assets and other long-term

assets

33,989,492

10,378,966

Net cash received from disposal of subsidiaries

and other operating entities

0

0

Other cash received from activities related to

investment

21,326,964

89,956,081

Sub-total of cash inflows from investing

activities

1,363,048,472

978,500,663

Cash paid for purchase and construction of

fixed assets, intangible assets and other long-

term assets

1,680,211,233

1,962,515,161

Cash paid for investment

2,211,585,906

1,486,491,243

Net cash paid for acquiring subsidiaries and

other operating entities

0

0

Other cash paid for activities related to

investment

575,100

255,350,722

Sub-total of cash outflows from investing

activities

3,892,372,239

3,704,357,126

Net cash flow generated from investing

activities

-2,529,323,767

-2,725,856,463

- 22 -

First quarter of

First quarter of

Item

2021

2020

  1. Cash flow generated from financing activities:

Cash received from capital contributions

14,889,434

2,000,000

Including: Cash received by subsidiaries from

minority shareholders' investment

750,000

2,000,000

Cash received from borrowings

2,528,708,095

958,156,571

Cash received from issuing bonds

0

0

Other cash received from activities related to

financing activities

182,511,514

97,957,883

Sub-total of cash inflows from financing

activities

2,726,109,043

1,058,114,454

Cash repayments of borrowings

1,883,629,266

2,856,621,985

Dividends paid, profit distributed or interest

paid

281,943,741

354,789,418

Including: Dividends and profit paid

  by subsidiaries to minority

shareholders

0

9,798,431

Other cash paid for activities related to

financing activities

126,167,554

107,795,595

Sub-total of cash outflows from financing

activities

2,291,740,561

3,319,206,998

Net cash flow generated from financing

activities

434,368,482

-2,261,092,544

IV. Effects of changes in exchange rate on cash

and cash equivalents

-27,308,056

10,346,014

V. Net increase in cash and cash equivalents

-7,373,322,700

-11,449,844,570

Add: Cash and cash equivalents at the

beginning of the period

26,291,285,566

30,564,910,372

VI. Cash and cash equivalents at the end of the

period

18,917,962,866

19,115,065,802

Person in charge of the

Principal accounting

Manager of the accounting

Company:

responsible person:

department:

ZENG Qinghong

WANG Dan

ZHENG Chao

- 23 -

Cash Flow Statement of the Parent Company

From January to March 2021

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan 

Currency: RMB  Type of audit: unaudited

First quarter of

First quarter of

Item

2021

2020

I. Cash flow generated from operating

activities:

Cash received from sales of goods and

rendering labour services

191,362,834

119,274,499

Tax rebates

0

0

Other cash received from activities related to

operation

110,483,749

74,768,479

Sub-total of cash inflows from operating

activities

301,846,583

194,042,978

Cash paid for goods and labour services

31,631,610

13,077,293

Cash paid to and on behalf of employees

263,307,991

222,232,008

Tax payments

646,173

3,466,027

Other cash payments related to operating

activities

99,399,284

132,949,229

Sub-total of cash outflows from operating

activities

394,985,058

371,724,557

Net cash flow from operating activities

-93,138,475

-177,681,579

- 24 -

First quarter of

First quarter of

Item

2021

2020

II. Cash flow generated from investing

activities:

Cash received from redemption of investments

0

0

Cash received from gains on investment

25,265

231,439,965

Net cash received from disposal of fixed

assets, intangible assets and other long-term

assets

0

0

Net cash received from disposal of subsidiaries

and other operating entities

0

0

Other cash received from activities related to

investing activities

8,293,861

0

Sub-total of cash inflows from investing

activities

8,319,126

231,439,965

Cash paid for purchase and construction of

fixed assets, intangible assets and other long-

term assets

1,007,240,249

1,048,027,508

Cash paid for investment

1,080,229,186

380,692,520

Net cash paid for acquiring subsidiaries and

other operating entities

0

0

Other cash paid for activities related to

investing activities

0

250,000,000

Sub-total of cash outflows from investing

activities

2,087,469,435

1,678,720,028

Net cash flow from investing activities

-2,079,150,309

-1,447,280,063

- 25 -

First quarter of

First quarter of

Item

2021

2020

  1. Cash flow generated from financing activities:

Cash received from capital contributions

14,139,434

0

Cash received from borrowing

0

1,000,000,000

Other cash received from financing-related

activities

0

0

Sub-total of cash inflows from financing

activities

14,139,434

1,000,000,000

Cash repayments of borrowings

0

2,000,000,000

Dividends paid, profit distributed or interest

paid

191,133,412

292,709,405

Other cash paid for financing-related activities

348,292

150,619

Sub-total of cash outflows from financing

activities

191,481,704

2,292,860,024

Net cash flows generated from financing

activities

-177,342,270

-1,292,860,024

IV. Effects of changes in exchange rate on cash

and cash equivalents

0

0

V. Net increase in cash and cash equivalents

-2,349,631,054

-2,917,821,666

Add: Cash and cash equivalents at the

beginning of the period

11,477,791,020

9,734,366,397

VI. Cash and cash equivalents at the end of the

period

9,128,159,966

6,816,544,731

Person in charge of the

Principal accounting

Manager of the accounting

Company:

responsible person:

department:

ZENG Qinghong

WANG Dan

ZHENG Chao

- 26 -

4.2 Information on adjustment on financial statements at the beginning of the year of first implementation in respect of the first implementation of new lease standards starting from 2021

Applicable 3 Not applicable

4.3 Details of retrospective adjustment on the comparative figures in the previous period in respect of the first implementation of new lease standards starting from 2021

Applicable 3 Not applicable

4.4 Audited report

Applicable 3 Not applicable

- 27 -

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Guangzhou Automobile Group Co. Ltd. published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 09:44:05 UTC.