The chairman's annual income of 10 million ranks first in the industry? China Innovation Airlines clarified

"Chairman Liu Jingyu's actual pre-tax cash salary in 2022 totals 5.857 million yuan."

On December 1, the official Weibo of China Innovation Airlines (03931.HK) clarified the tens of millions of salaries of the company's executives who have been widely circulated on the Internet recently.

Previously, the self-media "24 Tide" released an article entitled "Salary Ranking of 1400 Lithium Battery Enterprise Executives", listing the salaries of 1409 directors, supervisors and senior core management of lithium battery companies in 2022.

Among them, the first place is Liu Jingyu, chairman and president of China Innovation Airlines, whose salary in 2022 is 22.152 million yuan. In addition, Luo Hongyong, supervisor of Sinomine Resources (002738.SZ), Tao Huiping, director and deputy general manager of Tianji Co., Ltd. (002759.SZ), Chen Xuehua, chairman of Huayou Cobalt (603799.SZ), and Chen Hongliang, director and general manager of Huayou Cobalt, had an annual salary of more than 10 million last year.

According to the clarification issued by China Innovation Airlines, in its 2022 annual report disclosed by the Hong Kong Stock Exchange, Chairman Liu Jingyu's remuneration information contains four parts: salary and allowances, discretionary bonuses, estimated monetary value of other benefits, and employer's contributions to retirement benefit plans.

China Innovation Airlines said that Liu Jingyu's actual pre-tax cash remuneration in 2022 is the first and second parts mentioned above, totaling 5.857 million yuan, and the third and fourth parts are not current income.

Among them, the third part is the fair book value given by an independent third-party appraisal agency on the estimated equity of individual equity incentive shares, with a total amount of 16.252 million yuan, and there is uncertainty about the time and amount of the final actual income, and the fourth part is the pension insurance paid by the company in accordance with the law, totaling 43,000 yuan. According to China Innovation Airlines, these two parts are not included in the composition of the disclosed remuneration of A-share listed companies.

The annual reports of Sinomine Resources, Tianji and Huayou Cobalt all show that the annual salaries of their executives are the total pre-tax remuneration received from the company. Based on this calculation, Liu Jingyu, chairman of China Innovation Airlines, earned less than Luo Hongyong and Tao Huiping lithium industry executives last year, and was not the first in the industry.

Liu Jingyu was born in 1970 with a master's degree in management from Dongbei University of Finance and Economics, and joined China Innovation Airlines in 2018 as secretary of the party committee, chairman and general manager of the company. In that year, the annual installed capacity of power batteries in China Innovation Airlines ranked ninth.

Under her leadership, China Innovation Airlines rose to fifth place in 2019 and officially entered the top three in the country in 2020. In 2022, China Innovation Airlines was officially listed on the Hong Kong Stock Exchange, becoming the first power battery company in Hong Kong, and its installed capacity ranked seventh in the world during the same period.

In September this year, the installed capacity of power batteries in a single month of China Innovation Airlines ranked among the top four in the world. In the first nine months of this year, the cumulative installed capacity of power batteries reached 22.5 GWh, with a market share of 4.6%, ranking sixth in the world.

At the 2023 Global Partner Conference held last month, Liu Jingyu said that the good trend of industry development is certain, and there is still a lot of room for market capacity in the future.

According to her, China Innovation Airlines currently delivers more than 1.2 million vehicles, which are in operation in 4 municipalities and 328 prefecture-level administrative regions across the country, covering 98.5% of the country's prefecture-level administrative regions. "I believe that in the future, we will definitely be able to enter, and we must also enter the top three in the world." Liu Jingyu said.