CMC — Interim / Quarterly Report 2021

May 26, 2021

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China Motor Corporation 2021/Q1 Investor Conference

(ticker symbol：2204)

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Agenda
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China Motor Corporation Investor Conference

5 Presenter：Cheng-Chang Huang Vice President

15:10

• Postponement of annual general meeting

• • 2021/Q1 Investor Conference

Opinion Exchange

15:50

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Safe Harbor Notice
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• This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of China Motor Corporation (“CMC”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.

 Forward-looking statements are subjects to significant risks and uncertainies which may vary from time to time and actual results may differ materially from those contained in the forward-looking statements, whether as result of new information, future events, or otherwise. CMC, its subsidiaries and representatives do not undertake any obligation to the damages resulted from the use, with or without negligence, of this presentation or other information related with it, except as required by law.

• Any part of this presentation can not be, on any purpose, directly or indirectly replicated, spread, transmitted or published.

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Postponement of Annual General Meeting
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• For the purpose of COVID-19 epidemic prevention, the Financial Supervisory Commission postpones annual general meetings of all listed companies to 7/1-8/31. CMC will convene interim board meeting to schedule the annual general meeting.

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Outline
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and Operating Results in 2021/Q1

1.2021 1~4 Sales Performance

2.2021/Q1 Financial Statements

CMC's Prospect in 2021/Q2

1.CMC ’ s Prospect in 2021/Q2

• 2.Launch Two New Energy Vehicles

• 3.Corporate Governance Evaluation: Top 5% of listed companies for 7 years

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CMC's Sales Performance from Jan. to Apr.
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1. 2021 1~4 Sales Performance

CMC ’ s sales performance was excellent in Jan, 2021~Apr, 2021, and it grew on a large scale by comapring to same period in 2020.

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(OEM, Imported Vehicles included)

15.7% YoY grows

83.4% YoY grows

34.6% YoY grows

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CMC's Operating Results in 2021/Q1
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2. 2021/Q1 Financial Statements: Consolidated Income Statement

unit：NTD in millions

	2021/Q1	2020/Q1	YoY
Revenues	8,645	7,662	13%
Gross Profit	1,625	1,325	23%
OperatingIncome	792	514	54%
Non-Op. Income and Expenses	752	187	302%
Income Before Tax	1,544	701	120%
CNIS	1,284	609	111%
Earnings Per Share（NTD）	2.35	1.12	110%

• In 2021/Q1, CMC's EPS was 2.35 NTD, and it grew over 110% relative to 1.12 NTD in 2020/Q1.

• In contrast to last year affected by COVID-19 pandemic, CMC‘s sales performance was excellent in 2021/Q1, and our investee companies performed well, too, so our earnings increased dramatically.

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CMC's Operating Results in 2021/Q1
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2. 2021/Q1 Financial Statements: Consolidated Income Statement

Operating Performance:

• The gross profit's yoy was 23% because domestic sales increased from 12,763 to 14,484 units, raising the capacity utilization and decreasing production costs.

• The operating income's yoy was 54%, aside from gross profit, because CMC's operating expenses did not increase proportionally to revenues.

Non-Operating Investment and Net Profit:

• The net profit's yoy was 111%, aside from operating profts, mainly because investee companies' profits increased due to the expansion of Taiwan and China auto markets.

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CMC's Operating Results in 2021/Q1
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2. 2021/Q1 Financial Statements: Consolidated Income Statement

Non-Operating Investment and Net Profit:

• CMC's long-term investment income increased 5.38 hundred million NTD in contrast to last year. In particular, investee companies' profits increased significantly due to the prosperity of Taiwan auto market.

• For investee companies in China, such as FBAC, Fujian Spicer Drivetrain, and Kian Shen's subsidiaries, earned more compared with last year because of the economic rebound after the pandemic slowed down.

unit： NTD in thousand

Company Period	Yulon	Fujian Spicer Drivetrain	FBAC	Kian Shen's subsidiaries
2021/Q1	207,453	22,672	252,752	100,613
2020/Q1	23,554	4,031	60,234	45,967
Growth Rate (%)	781%	462%	320%	119％

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CMC's Operating Results in 2021/Q1
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2. 2021/Q1 Financial Statements: Balance Sheet unit：NTD in millions

Account Title	2021/3/31	2020/12/31	QoQ
Cash, Cash Equivalent	9,459	10,404	-9%
Investments Accounted for Using the Equity Method	24,387	23,633	3%
Total Assets	55,234	54,598	1%
Total Liabilities	8,112	8,891	-9%
Total Equity	47,122	45,707	3%
AR Turnover Days	23	29
Inventory Days	49	59
AP Turnover Days	43	50
Cash Cycle	29	38
Debt Asset Ratio	15%	16%

• On 2021/3/31, CMC's cash and cash equivalent equals to 9,459 millions, and CMC at least has 5,584 millions cash and cash equivalent for new vehicles, new energy, and new business investment by excluding issuing cash dividend 7 NTD per share (3,875 millions in total).

• CMC's financial indicators improved in 2021/Q1, and the operating results were also outstanding.

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CMC's Prospect in 2021/Q2
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1. CMC's Prospect in 2021/Q2

• CMC's sales performance in 2021/Q2 is expeted to grow relative to 2020/Q2.

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Est. units
Domestic Sales Export Sales Electric Scooter
Baseline
2020/Q2
2021/Q1
Note
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Note：Because the Taiwan government did not announce whether the subsidy for new vehicles extends or not, a lot of orders were postponed to 2021/Q1, boosting the markets. Due to covid19 pandemic, CMC's sales performance of domestic sales is expected to shrink in 2021/Q2.

• China auto market was affected by covid-19 pandemic in 2020/Q1, the quantities of production and sales were low. In 2021/Q1, Due to market recovery, quantities of production and sales increase 81.7% and 75.6%, respectively. CAAM holds optimistic expectations for auto markets this year, and our investee companies's profits are also expected to grow.

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CMC's Prospect in 2021/Q2
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2.Launch Two New Energy Vehicles

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New Arrival April
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Originally Imported from Japan．PHEV SUV

First PHEV SUV Best-Seller in Europe Electric Max Mileage: 52km Electric Max Speed: 135km/h No Range Anxiety Battery as a Service

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6月改款上市
New Arrival June
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The Only Domestic, Electric Commercial Vehicles ． Safety Improvement

Safer e-VERYCA Safety Style Improvement Style Diversity for Cargo or People Five-Seater New Launch Battery as a Service

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CMC's Prospect in 2021/Q2
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3.Corporate Governance Evaluation: Top 5% of listed companies for 7 years

• 905 listed companies participated in the 7th Corporate Governance Evaluation, and 45 companies were in the top 5%.

• A total of 9 companies were new in the list (compared with the 6th Corporate Governance Evaluation), with the change rate of 20%.

• Since the first evaluation in 2014, CMC has earned the top 5% of listed companies for seven years, representing the automobile makers.

• To 5% com anies for seven consecutive ears! p p y

Top 5% of listed companies for sevenyears	Top 5% of listed companies for sevenyears	Top 5% of listed companies for sevenyears	Top 5% of listed companies for sevenyears	Top 5% of listed companies for sevenyears
TECO	Yulon	China Motor	United Microelectronics	TSMC
Uni- President	Taiwan Mobile	Global Unichip	FarEas	Sinyi Realty

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THANK YOU FOR WATCHING

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Opinion Exchange

(ticker symbol ：2204)