Trade and other receivables

12 Months Ended

Dec. 31, 2022

15.	Trade and other receivables


	31.12.2021 RMB’000			31.12.2022 RMB’000			31.12.2022 US$’000
Trade receivables, gross		364,445			1,549,462			222,883
Less: Allowance for expected credit losses		(33,210	)		(33,247	)		(4,782	)

Net trade receivables (Note 6.2)		331,235			1,516,215			218,101
Bills receivable (i)		6,437,100			4,970,880			715,039

Total (Note 35, Note 36)		6,768,335			6,487,095			933,140

Amounts receivable:
- associates and joint ventures (trade)		243			125,489			18,051
- associates and joint ventures (non-trade)		11,959			11,230			1,615
- related parties (trade)		68,539			180,374			25,946
- related parties (non-trade)		459			3,476			500
Bills receivable in transit		22,360			8,172			1,176
Grant receivables		—			62,000			8,919
Interest receivables		11,788			15,437			2,221
Others		29,663			34,326			4,937
Less: Impairment losses – other receivables		(6,231	)		(5,754	)		(828	)

Other receivables carried at amortized cost (Note 35)		138,780			434,750			62,537
Tax recoverable		328,369			290,596			41,801
Advances paid to suppliers		66,474			81,861			11,775
Right of return assets		40,761			17,045			2,452

Net other receivables		574,384			824,252			118,565

Total trade and other receivables		7,342,719			7,311,347			1,051,705

Note:

(i)

As of December 31, 2022, bills receivable includes bills received from joint ventures and related parties amounted to RMB 0.1 million (US$ less than 0.1 million) (2021: RMB 0.7 million) and RMB 763.4 million (US$ 109.8 million) (2021: RMB 523.5 million) respectively.

As of December 31, 2022, bills receivable amounted to RMB 12.6 million (US$ 1.8 million) (2021: RMB 13.4 million) was pledged to secure bank facilities.

Trade receivables are non-interest bearing and are generally on 60 - 90 days’ term. They are recognized at their original invoice amounts, net of sales rebates in the financial year.

Non-trade

balance from associates, joint ventures and other related parties are unsecured, interest-free, and repayable on demand.

Movement in the allowance for expected credit losses of trade and other receivables is as follows:


	31.12.2021 RMB’000			31.12.2022 RMB’000			31.12.2022 US$’000
At January 1		50,260			39,441			5,674
Credit to consolidated statement of profit or loss (under “Selling, general and administrative expenses”)		(8,525	)		(459	)		(66	)
Written off		(2,278	)		(5	)		(1	)
Translation difference		(16	)		24			3

At December 31		39,441			39,001			5,610

As of December 31, 2021 and 2022, outstanding bills receivable discounted with banks for which the Group retained a recourse obligation totaled RMB 79.1 million and RMB 936.9 million (US$ 134.8 million) respectively. All bills receivable discounted have contractual maturities within 12 months at time of discounting.

As of December 31, 2021 and 2022, outstanding bills receivable endorsed to suppliers with recourse obligation were RMB 2,550.0 million and RMB 1,032.1 million (US$ 148.5 million) respectively.

As of December 31, 2021 and 2022, trade receivables due from a major customer, Dongfeng Automobile Co., Ltd. and its affiliates (the “Dongfeng companies”) were RMB

29.2 million and RMB 662.7 million (US$ 95.3 million), respectively. See Note 32 for further discussion of customer concentration risk.

For terms and conditions relating to related parties, refer to Note 29.