Jiangling Motors intends to start the JX4D30 engine project. In the downturn of the industry, the company has continuously increased its investment in engine parts and other key components, fully embodying its consistent pursuit of integration of the industrial chain. Jiangling Motors announced on December 27 that the company’s board of directors approved the start-up and development costs of the JX4D30 engine project at a cost of RMB 11 million. The JX4D30 engine project is a project to upgrade Jiangling Motors' existing 4JB1 engine to meet future emission requirements. The preliminary development cost of the project approved this time is mainly the project development fee. The company is currently carrying out the construction of the second phase of the JX4D24 project. After the completion of the three-year project, the total production capacity of the company's JX4D24 engine will reach 100,000 units/year. The complete industrial chain for the realization of the engine manufacturing and the realization of “integration of locomotives†has always been the core competitiveness of Jiangling Motors in the domestic commercial vehicle market. The company's diesel engine can better meet the development of the Transit V348 model and the next-generation pickup N350. The increase in the localization rate will help stabilize the company's product gross margin. At present, the domestic commercial vehicle industry is in a downturn cycle due to the impact of macroeconomic downturns and investment growth slowdowns. Jiangling Motors has also changed its steady growth since 2007, and the decline in production and sales is very clear. Judging from the available data, the company's cumulative sales for the January-November period was slightly higher than the same period in 2007, but due to the fact that the company's sales volume in the fourth quarter is very likely to be significantly lower than the level for the same period in 2007, the interim report discloses that sales revenue will be realized in the RMB in the second half of the year. The 50-60 billion yuan plan is not expected to be realized, and the possibility of a year-on-year drop in net profit is greater. In terms of sales volume, the company's automobile production and sales in November 2008 were 5,963 units and 6,233 units respectively, down 29.89% and 14.79% year-on-year, respectively. From January to November, cumulative production and sales were 88,795 units and 88,649 units respectively, an increase of 4.03% and 5.11% year-on-year respectively. On a monthly basis, Jiangling Motors’ monthly sales and sales have been at a level of about 7,000 units since the third quarter and continued to decline. Among the major products, sales volume of the Ford Transit commercial vehicles, Baowei SUVs, and transporter vans declined sharply year-on-year. Compared with the sales performance of pickup trucks, the JMC series light trucks performed best, but there was still a 6% decline. This shows that the rapid slowdown in macroeconomic growth has caused a great blow to the consumption of the commercial vehicle industry, and this short-term improvement of the negative factors is basically hopeless, and Jiangling Motors has been prepared for the lack of future demand, manifested in recent months The output is less than the sales volume, which shows the company's prudence on the future market and the handling of the increase in inventory. On the whole, the slowdown in sales growth of Jiangling Motors in the first three quarters led to flat performance. At the same time, raw material cost pressure and fierce market competition have squeezed its profitability to a certain extent. The company's gross margin slightly declined in the first three quarters of 2008. . Therefore, non-operating income has become an important driving force for the growth of net profit. In June, the company received RMB 16,441.7 million in supporting funds from the Xiaolan Economic Development Zone of Nanchang County. The company included the full amount of government subsidies in the current profits and losses of the company. The treatment became the main driver of the company's net profit in the first three quarters to avoid negative growth. In addition, from 2008 until 2012, the company's tax rate will gradually transition from 15% to a statutory tax rate of 25%, which will affect the company's performance growth to a certain extent. However, in spite of short-term sales and poor overall economic environment, while still faced with strong challenges from competitors such as Iveco in the high-end light passenger market, Jiangling Motors, as a representative of profit-oriented companies in the automotive industry, also possesses With a good balance sheet structure and clear technical upgrade path and product upgrade capabilities, it is believed that once the market recovers in the future, the R&D and launch of new products will likely become the company's new profit growth point. The third quarterly report shows that the company achieved operating income of RMB 6.705 billion from January to September 2008, an increase of 8.11% year-on-year; net profit of RMB 638 million, a year-on-year increase of 1.70%; the first three quarters of earnings per share were RMB 0.74, and net assets per share were RMB 4.53. The return on net assets was 16.34%. 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