瓦轴B：2021年年度报告（英文版）.PDF
Wafangdian Bearing Company Limited 2021Annual Report1Wafangdian Bearing Company Limited2021Annual Report2022-07April 22, 2022Wafangdian Bearing Company Limited 2021Annual Report2Chapter I.Important Prompts, Table of Contents, and DefinitionsThe board of directors, board of supervisors, directors, supervisors and senior managers of thecompany shall guarantee that the contents of the annual report are true, accurate and completewithout false records, misleading statements or major omissions, and shall bear individual and jointlegal liabilities.Statement: Guarantee the truth, accuracy and completeness of the financial report in thisannual report.All directors have attended the board meeting at which this report was considered.The company describes in detail the possible risks and countermeasures in the operation of thecompany in section III Management Discussion and Analysis and Xi, The Companys FutureDevelopment Outlook. Please pay attention to the relevant contents.The company plans not to distribute cash dividend, not to send bonus shares, not to increasecapital by provident fundWafangdian Bearing Company Limited 2021Annual Report3Table of contentsI.Important notes, table of contents and definitions .4II.company profiles and key financial indicators .错误！未定义书签。错误！未定义书签。III.management discon and Analysis.错误！未定义书签。错误！未定义书签。IV. corporate governance .21V.environmental and Social Responsibility.37VI.important issue. 42VII.changes in shares and shareholders.46VIII.preferred stock-related information.50VIX. bonds-related information. 51X. financial reporting.51Wafangdian Bearing Company Limited 2021Annual Report4File directory for reference1. Financial statements (with the seals of the person in charge of the company, the person in charge ofaccounting and the person in charge of accounting institutions)2. Original audit report (with seal of accounting firm and signature of certified public accountant)Wafangdian Bearing Company Limited 2021Annual Report5GlossaryTermsDefined asDescriptionCompany,the CompanyDefined asWafangdian Bearing Company LimitedWazhou GroupDefined asWafangdian Bearing Group Companythe report period, the current period, thecurrent yearDefined asJanuary 1,2021December 31,2021Liaozhou Co.,LtdDefined asWazhou Liaoyang Bearing Manufacture Co.,LtdDalian motorDefined asDalian motor Bearing Co.,LtdThe Board of DirectorsDefined asWafangdian Bearing Company Limited The Board of DirectorsThe Supervisory CommitteeDefined asWafangdianBearingCompanyLimitedTheSupervisoryCommitteeWafangdian Bearing Company LimitedDefined asWafangdian Bearing Company Limited The ShareholdersMeetingShen Jiao SuoDefined asShen Zhen Stock ExchangeSRCDefined asChina Securities Regulatory CommissionWafangdian Bearing Company Limited 2021Annual Report6Chapter II. Company Profile and Financial HighlightsI. Company InformationAbbreviatednameofthestockWazhouBStockcode:200706ListinglocationoftheCompany”sstock:ShenzhenStockExchangeChinese name of the Company瓦房店轴承股份有限公司Abbreviation of Chinese name瓦轴股份公司English name of the CompanyWafangdian Bearing Company LimitedAbbreviation of English nameWBCLegal representative of theCompanyLiu JunRegistered addressNo. 1 Beigongji Street, Wafangdian City, Liaoning Province, China.P.C116300Historical change of registeredaddress of the companyDid not changeoffice addressNo. 1 Beigongji Street, Wafangdian City, Liaoning Province, China.office P.C116300Websitehttp/www.zwz-E-II.ContactsSecretary of the BoardRepresentative of StockAffairsNameSun NajuanKe XinCorrespondence addressNo. 1 Beigongji Street, Wafangdian City,Liaoning Province, China.No. 1 Beigongji Street, Wafangdian City,Liaoning Province, China.Consulting telephone0411-621980080411-62198236Fax0411-621983330411-62198333E-III.Place for information disclosureInformation disclosure newspapersSecurities Times and Hong Kong Commercial NewspaperWeb address for the annual report as assigned byCSRC.http:/Place for inquiry of the annual reportInvestmentandSecuritiesDepartmentoftheCompanyWafangdian Bearing Company Limited 2021Annual Report7IV.Change of Business RegistrationNo. of Taxation Registration912102002423997128Change of main business since listedNoneChange of controlling shareholder allprevious(if any)NoneV. Other relevant informationThe accounting firm employed by the companyName of accounting firmShine wing Certified PublicAccountantsAddress of the CPAFloor 9 ofAsection of Fu Hua mantion, No. 8, North Street of ChaoYang door, Dong Chengarea, Bei Jing.The name of accountantsLin Li, Zhang ShizhuoSponsoring institution hired by the Company, which is responsible to overseeing the Companys operation on a continuous basis: Applicable InapplicableFinancial consultancy institution hired by the Company, which is responsible to overseeing the Company s operation on a continuousbasis: Applicable InapplicableVI.Main accounting data and financial indicatorsWhether the company needs to retroactively adjust or restate the accounting data of previous years Yes No20212020Compare with lastyear(+/-)2019Operating income (yuan)2,318,704,350.351,859,176,415.5824.72%1,855,489,141.65Net profit attributable to shareholders ofthe listed company (yuan)-205,737,685.42-380,228,430.5645.89%-123,201,977.73Net profit attributable to shareholders ofthe listed company after deductingnon-recurring profit and loss (yuan)-218,739,881.32-390,440,462.2543.98%-135,336,054.17Net cash flow from operating activities(yuan)77,678,162.4861,224,927.7326.87%157,914,340.86Basic earnings per share (yuan/share)-0.511-0.9445.64%-0.31Diluted earnings per share (yuan/share)-0.511-0.9445.64%-0.31Weighted average return on equity-28.93%-36.69%7.76%-9.34%At the end of 2021At the end of 2020More or less at theend of this yearthan at the end ofthe previous yearAt the endof2019Total assets (yuan)3,220,126,105.013,133,942,842.942.75%2,961,477,469.55Net assets attributable to shareholders ofthe listed company (yuan)608,267,282.47814,004,967.89-25.27%1,226,441,398.45Wafangdian Bearing Company Limited 2021Annual Report8The companys net profit before and after deducting non-recurring gains and losses in the last three fiscal years is negative, and theaudit report of the last year shows that the companys ability to continue operating is uncertain Yes NoAfter the net profit before deducting the non-recurrent gains and losses and the net profit after deducting the non-recurrent gains andlosses are compared, who is low who is negative Yes Noitem20212020noteOperating Income (Yuan)2,318,704,350.351,859,176,415.58252,619,851.66Amount of Deduction fromOperating Income (Yuan)252,619,851.66265,479,347.010Amount of Business Incomeafter Deduction (Yuan)2,066,084,498.691,593,697,068.570VII. Differences in accounting information under IAS and domestic accounting standard1. Differences in net profit and net asset under domestic and international accounting standards Applicable Inapplicable2. Differences in net profit and net asset under domestic and overseas accounting standards Applicable InapplicableVIII. Financial Data Summary based on QuartersIn RMB YuanIn the first quarterIn the second quarterIn the third quarterIn the forth quarterOperating revenue413,507,921.87667,556,931.79641,570,596.17596,068,900.52Net profit attributable to theCompanys shareholders2,486,349.891,705,793.35-8,428,274.25-201,501,554.41Net profit attributable to theCompanys shareholders lessthe non-recurring profit and loss1,463,602.32-215,132.65-12,361,343.82-207,627,007.17Net cash flows arising fromoperating activities-27,699,435.5759,101,779.06-36,921,948.2483,197,767.23Does there exist significant difference in the foregoing financial data or their total sum from the relevant financial data as disclosed inthe quarterly reports and/or semi-annual report. Yes NoIX. Non-recurring gain/loss items and amountsApplicable InapplicableIn RMB YuanitemAmount of 2021Amount of 2020Amount of 2019instructionsGains and losses on disposal ofnon-current assets (including charge-offportion of impairment provisions forassets already provided)2,349,507.64-1,221,382.961,662,685.28Government subsidies included in currentprofits and losses (except governmentsubsidies that are closely related to the8,117,365.449,520,190.489,474,928.76Wafangdian Bearing Company Limited 2021Annual Report9business of the enterprise and enjoy inaccordance with the unified nationalstandard quota or quantitative amount)Debt restructuring gains and losses1,808,922.831,226,811.33-2,753,960.82In addition to the normal business of thecompany effective hedging relatedbusiness, tradable financial assets,derivative financial assets, tradablefinancial liabilities, changes in the fairvalue of the derivative financial liabilitiesto generate profits and losses, as well asthe disposal of tradable financial assets,derivative financial assets, tradablefinancial liabilities, derivative financialliabilities and other creditors rightsinvestment returns612,813.05-57,011.50-13,867.66The receivables and contract assets forwhich the impairment test is conductedseparately will be turned back2,341,773.02Other non-operating income and expensesother than those mentioned above2,694,297.363,056,476.103,733,384.42Minus: income tax impact2,580,710.422,313,051.762,310,866.56Acombined13,002,195.9010,212,031.6912,134,076.44-Details of other profit and loss items that meet the definition of non-recurring profit and loss: Applicable InapplicableThe Company does not have any other profit and loss items that meet the definition of non-recurring profit and loss.Define the non-recurring profit and loss items listed in the Explanatory Notice of Information Disclosure of Companies publiclyissuing Securities No. 1 - Non-recurring Profit and loss items as the statement of the current profit and loss items Applicable InapplicableThe Company does not define the non-recurring profit and loss items listed in the Explanatory Notice of Information Disclosure forPublicly Issued Securities No. 1 - Non-recurring Profit and loss items as recurring profit and loss items.Wafangdian Bearing Company Limited 2021Annual Report10Chapter III.Management discussion and analysisI. The industry situation of the company during the reporting periodAs a leading bearing manufacturer in China, the company has participated in the formulation of a number of industry standards. Thecompany faces multiple challenges and new development opportunities in 2021. Under the impact of the epidemic in the 21st century,the century-old changes are accelerating, and the external environment is becoming more complex, severe and uncertain. From theindustry level, the high-end bearing market is still occupied by foreign enterprises, and the domestic investment of multinationalcompanies is further grabbing the domestic market share. Structural adjustment and industry reshuffle are opportunities for theindustry. Under the epidemic situation, the extension of the import cycle of foreign bearings for Chinas bearing industry? has comea rare domestic alternative market. Uncertainties brought by various non-economic laws are increasing at the same time. Bearingproducts focus on high-end and professional, which also brings great development space to the company.II. Main business of the Company during the reporting periodThe business scope of the company is licensed items: inspection and testing services, import and export of goods, import and exportof technology (items subject to approval according to law, business activities can be carried out only after approval by relevantdepartments, specific business items subject to approval results) general items: Bearing manufacturing, bearings, gears andtransmission components manufacturing, high speed precision heavy-duty bearing sales, sales bearings, gears and transmission parts,bearing sales, general equipment manufacturing (excluding special equipment manufacturing), high-speed rail equipment, partsmanufacturing, machinery and equipment sales, rail transportation equipment, key system and parts sales, sales of lubricating oil,high-speed rail equipment and accessories sales, Wind generators and spare parts sales, machinery parts, spare parts sales, railwaylocomotive vehicle accessories manufacturing, railway locomotive vehicle accessories sales, auto parts and accessoriesmanufacturing, auto parts wholesale and retail auto parts, metal products repair, sales metal materials, metal products sales, metalsurface treatment and heat treatment processing, quenching process, Mechanical parts and spare parts processing, land use rightleasing, housing leasing, non-residential real estate leasing, mechanical equipment leasing, computer and communication equipmentleasing, transportation equipment leasing service, office equipment leasing service, storage equipment leasing service, specialequipment leasing, labor service (excluding labor dispatch), Technical services, technology development, technology consultation,technology exchange, technology transfer and technology popularization (except for projects subject to approval according to law,independently carry out business activities according to law with business license)The company has strong manufacturing capacity and quality assurance ability, widely serve railway, metallurgy, mining and otherindustries and fields.III.Analysis of core competitivenessAs the largest bearing technology and product r&d and manufacturing base in China, the company has accumulated years of practicalexperience in bearing and related fields, established a perfect bearing technology innovation system, and maintained closecooperation with domestic scientific research institutes and universities. As the main drafter of several standards in the bearingindustry, it grasps the latest technical trend of the development of the industry. In technology research and development, productmanufacturing, marketing and user services have established a significant advantage.Wafangdian Bearing Company Limited 2021Annual Report11The companys personalized design and manufacturing process for customers can take into account cost, delivery time and customerdemand, improve the response ability to market and customer personalized demand.The company has a complete product service system, with all-weather dynamic service ability for product operation site. And tenvalue-added services by the good image of the majority of customers praise. The company has a strong manufacturing capacity andquality assurance ability, widely serve railway, metallurgy, mining and other industries and fields.At present, the company has established strategic cooperative relations with key customers in the field of domestic equipmentapplication. By engaging in customer value engineering to carry out in-depth marketing, the company has firmly established its brandand influence in the domestic bearing market. In the international market, the company has obtained the certification qualification ofimportant target markets, and the international popularity has been preliminarily establis
