Transcript Document 7416922

Merrill Lynch China Investment Summit
Beijing
October 14th-16th, 2008
1
China Still Remains to be the most Attractive Auto Market Globally
0，000 unit
110
105.66
100
92.26
90
85.94
84.72
83.68
80.87 83.55
72.15
71.71
71.36 72.69
67.29
66.35
66.59
64.09
58.2
56.75 55.76
53.7
53.01 55.34
51.6
47.99
46.9
46.71
43.3
36.6
31.9
80
70
60
50
40
30
83.93
80.09
77.28
75.86
75.13
69.23 68.9
67.16
62.9 63.5
62.39
57.63 55.14
52.81
49.61
45.19
41.89
20
Jan
Feb
Mar
April
May
2005
June
2006
2
July
Aug
2007
Sep
2008
Oct
Nov
Dec
Remarkable DFG Sales Record, Above-Industry Growth Rate
DFG Growth Rate Significantly
Higher than Industry Average
DFG Sales Increase Rapidly
0’000 unit
100
90
80
70
60
50
40
30
20
10
0
800
700
31.2
600
27.5
25.6
500
24.4
24.6
35.1
400
49.5
63.8
300
53.9
200
17.7
2004
722.91
645.8
65.9
100
2005
2006
PV volume
2007
81.48
0
1-9 2008
行业
DFG
1H2007
CV volume
3
1H2008
DFG Sales Revenue Continues to Maintain a Strong Growth Momentum
Strong Growth of Sales Revenue
PV Sales Revenue
25000
24000
RMB mn
24649
RMB mn
23000
22000
21000
70000
50000
20000
59318
60000
20727
19000
48264
41735
18000
37896
40000
1H07
28809
30000
1H08
PV revenue
20000
10000
CV Sales Revenue
0
2005
2006
2007
1H2007
1H2008
14000
revenue
12000
12785
RMB mn
10000
8000
7637
6000
4000
2000
0
1H07
4
1H08
CV revenue
Strong DFG Recurring Net Profit YoY Growth of 56.7%
Gross Profit and Gross Margin
EBIT and EBIT Rate
RMB:mn
12000
10000
8000
6000
4000
2000
0
RMB:mn
18.0%
17.3%17.0%
16.5% 6539
16.0%
15.0%
9815
6096
8206
17.0%
14.6%
14.0%
13.0%
2005
2006
Gross profit
5000
4000
3000
2000
1000
0
2007
1H08
Gross profit margin
6.4%
2670
6.3%
3029
4131
7.0%
2005
2006
2007
EBIT
3000
2000
3770
6.4%
RMB:mn
3.8%
6.5%
2472
2081
4.3%
1601
1000
0
2005
2006
Net profit
2007
EBIT Rate
ROE
Net Profit and NP Margin
4000
8.4% 9.0%
8.0%
3178
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
1H08
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
1H2008
NP margin
5
RMB:mn
30000
20000
10000
12207
13.10%
14288
15.70%
23.60%
17713
26.40% 30.0%
19797
20.0%
10.0%
0
0.0%
2005
2006
2007
Shareholders` Equity
1H08
ROE
PRC Auto Industry Faces Great Challenges
0’000 unit
Total industry sales volume
1200
＜1000
1000
879.2
721.6
800
600
575.8
400
200
0
2005
2006
2007
6
2008
DFG Business Arrangement for 2H08
0,000units
DFG Sales Volume
120
110
95
100
75.1
80
60
59.5
40
20
0
2005
2006
2007
7
2008
Q＆A
8
8