苏常柴Ｂ：2022年半年度报告（英文版）.PDF

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1、Changchai Company,LimitedInterim Report 20221CHANGCHAI COMPANY,LIMITEDINTERIM REPORT 2022August 2022Changchai Company,LimitedInterim Report 20222Part I Important Notes,Table of Contents and DefinitionsThe Board of Directors(or the“Board”),the Supervisory Committee as well as the directors,supervisor

2、s and senior management of Changchai Company,Limited(hereinafter referred toas the“Company”)hereby guarantee the factuality,accuracy and completeness of thecontents of this Report and its summary,and shall be jointly and severally liable for anymisrepresentations,misleading statements or material om

3、issions therein.Shi Xinkun,the Companys legal representative,Zhang Xin,the Companys General Manager,and Jiang He,head of the Companys financial department(equivalent to financial manager)hereby guarantee that the Financial Statements carried in this Report are factual,accurateand complete.All the Co

4、mpanys directors have attended the Board meeting for the review of this Reportand its summary.Any plans for the future or other forward-looking statements mentioned in this Report and itssummary shall NOT be considered as promises to investors.Investors and other stakeholdersshall be sufficiently aw

5、are of the risk and shall differentiate between plans/forecasts andpromises.The Company has no interim dividend plan,either in the form of cash or stock.Changchai Company,LimitedInterim Report 20223Table of ContentsPart I Important Notes,Table of Contents and Definitions.2Part II Corporate Informati

6、on and Key Financial Information.6Part III Business Summary.9Part IV Corporate Governance.32Part V Environmental and Social Responsibility.33Part VI Significant Events.35Part VII Share Changes and Shareholder Information.44Part VIII Preferred Shares.52Part IX Bonds.53Part X Financial Statements.54Ch

7、angchai Company,LimitedInterim Report 20224DocumentsAvailable for Reference(I)The financial statements signed and sealed by the Companys legal representative,General Manager and head of the financial department(accountant in charge).(II)The originals of all the Companys documents and announcements w

8、hich weredisclosed on the website designated by the CSRC during the Reporting Period.(III)The Interim Report disclosed in other securities markets.The above-mentioned documents available for reference are all kept in the Secretariatof the Board of Directors of the Company and the Shenzhen Stock Exch

9、ange.This Interim Report has been prepared in both Chinese and English.Should there beany discrepancies or misunderstandings between the two versions,the Chineseversion shall prevail.Changchai Company,LimitedInterim Report 20225DefinitionsTermDefinition“Changchai”,the“Company”or“we”ChangchaiCompany,

10、Limitedanditsconsolidatedsubsidiaries,except where the context otherwise requiresChangchai BenniuChangzhou Changchai Benniu Diesel Engine Fittings Co.,Ltd.Changchai WanzhouChangchai Wanzhou Diesel Engine Co.,Ltd.Horizon InvestmentChangzhou Horizon Investment Co.,Ltd.Horizon Agricultural EquipmentCha

11、ngzhou Changchai Horizon Agricultural EquipmentCo.,Ltd.Changchai RobinChangzhou Fuji Changchai Robin Gasoline Engine Co.,Ltd.Changchai MachineryJiangsu Changchai Machinery Co.,Ltd.Xingsheng Real Estate ManagementChangzhou Xingsheng Real Estate Management Co.,Ltd.Zhenjiang SiyangZhenjiang Siyang Dies

12、el Engine Manufacturing Co.,Ltd.RMB,RMB0,000Expressed in the Chinese currency of Renminbi,expressedin tens of thousands of RenminbiThe“Reporting Period”or“CurrentPeriod”The period from 1 January 2022 to 30 June 2022Changchai Company,LimitedInterim Report 20226Part II Corporate Information and Key Fi

13、nancial InformationI Corporate InformationStock nameChangchai,Changchai-BStock code000570,200570Stock exchange for listingShenzhen Stock ExchangeCompany name in Chinese常柴股份有限公司Abbr.(if any)苏常柴Company name in English(if any)CHANGCHAI COMPANY,LIMITEDAbbr.(if any)CHANGCHAI CO.,LTD.Legal representativeS

14、hi XinkunII Contact InformationBoard SecretarySecurities RepresentativeNameHe JianjiangOffice address123HuaideMiddleRoad,Changzhou,Jiangsu,ChinaTel.（86）519-68683155Fax（86）519-86630954Email III Other Information1.Contact Information of the CompanyIndicate by tick mark whether any change occurred to t

15、he registered address,office address and their zip codes,website address and email address of the Company in the Reporting Period.Applicable Not applicableNo change occurred to the said information in the Reporting Period,which can be found in the 2021 AnnualReport.2.Media for Information Disclosure

16、 and Place where this Report is LodgedIndicate by tick mark whether any change occurred to the information disclosure media and the place for lodgingthe Companys periodic reports in the Reporting Period.Applicable Not applicableThe newspapers designated by the Company for information disclosure,the

17、website designated by the CSRC forChangchai Company,LimitedInterim Report 20227disclosing the Companys periodic reports and the place for lodging such reports did not change in the ReportingPeriod.The said information can be found in the 2021Annual Report.3.Other Relevant InformationIndicate by tick

18、 mark whether any change occurred to other relevant information in the Reporting Period.Applicable Not applicableIV Key Financial InformationIndicate by tick mark whether there is any retrospectively restated datum in the table below.Yes NoH1 2022H1 2021Change(%)Operating revenue(RMB)1,178,222,492.0

19、41,497,170,455.80-21.30%Net profit attributable to the listedcompanys shareholders(RMB)-14,595,269.61129,189,065.60Net profit attributable to the listedcompanysshareholdersbeforeexceptional gains and losses(RMB)-5,809,360.0727,160,414.58Netcashgeneratedfrom/usedinoperating activities(RMB)-74,300,501

20、.12-92,554,120.06Basic earnings per share(RMB/share)-0.02070.2301Dilutedearningspershare(RMB/share)-0.02070.2301Weighted average return on equity(%)-0.48%5.51%-5.99%30 June 202231 December 2021Change(%)Total assets(RMB)4,956,058,838.714,860,382,961.261.97%Equityattributabletothelistedcompanys shareh

21、olders(RMB)2,994,802,512.993,077,550,018.33-2.69%V Accounting Data Differences under Chinas Accounting Standards for Business Enterprises(CAS)and International Financial Reporting Standards(IFRS)and Foreign AccountingStandards1.Net Profit and Equity under CAS and IFRSApplicable Not applicableNo diff

22、erence for the Reporting Period.Changchai Company,LimitedInterim Report 202282.Net Profit and Equity under CAS and Foreign Accounting StandardsApplicable Not applicableNo difference for the Reporting Period.VI Exceptional Gains and LossesApplicable Not applicableUnit:RMBItemAmountNoteGain or loss on

23、 disposal of non-current assets(inclusive of impairment allowance write-offs)-361,395.36Government grants through profit or loss(exclusiveof government grants consistently given in theCompanys ordinary course of business at fixedquotas or amounts as per governmental policies orstandards)1,602,830.77

24、Gainorlossonfair-valuechangesonheld-for-trading financial assets and liabilities&income from disposal of held-for-trading financialassets and liabilities and available-for-sale financialassets(exclusive of the effective portion of hedgesthat arise in the Companys ordinary course ofbusiness)-19,744,1

25、06.00Decrease in the fair value of theshares held by wholly-ownedsubsidiary Horizon Investment inJiangsu Liance ElectromechanicalTechnology Co.,Ltd.,Kailong HighTechnology Co.,Ltd.,and GuilinStars Science and Technology Co.,Ltd.Non-operating income and expense other than theabove1,957,639.94Less:Inc

26、ome tax effects-7,756,677.28Non-controlling interests effects(net of tax)-2,443.83Total-8,785,909.54Particulars about other items that meet the definition of exceptional gain/loss:Applicable Not applicableNo such cases for the Reporting Period.Explanation of why the Company reclassifies as recurrent

27、 an exceptional gain/loss item listed in the ExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublicExceptional Gain/Loss Items:Applicable Not applicableNo such cases for the Reporting Period.Changchai Company,LimitedInterim Report 20229Part III Business Summ

28、aryI Principal Activity of the Company in the Reporting Period1.Principal Operations of the CompanyWe mainly specialize in the R&D,manufacture and sales of diesel engines under the brand Changchai andgasoline engines under the brand Changchai Robin.Our products are mainly used in agricultural machin

29、ery,small construction machinery,light commercial vehicles,generator sets and shipborne machinery and other fieldsclosely related to peoples livelihood.In the Reporting Period,there were no major changes in the Companys core business and main products.2.Main Products of the CompanyOur main products

30、are divided into two categories:diesel engines and gasoline engines.The details are as follows:MainproductsGraphic displayProduct descriptionProductfeaturesApplicationfieldsDieselengineOur diesel engine products includesingle-cylinder diesel engines andmulti-cylinder engines,coveringpower range from

31、 1.62kW to117.6kW,and cylinder diameters from65mm to 135mm,with one or morecylinders.Besides sale in domesticmarket,our diesel engines are sold toSoutheastAsia,South America,theMiddle East and Africa.High power,lowoil consumption,low noise,compactstructure,lowemission,goodreliabilityAgriculturalmach

32、inery,constructionmachinery,generator sets,shipbornemachineryGasolineengineOur gasoline engines are mainlygeneral-purpose small gasolineengines,covering the power rangefrom 1.5kW to 7.0kW.Besides sale indomestic market,our gasoline enginesare sold to SoutheastAsia,the MiddleEast,Europe andAmerica,Af

33、rica,Japan and other countries and regions.Simple structure,good reliability,easymaintenanceAgriculturalmachinery,smallconstructionmachinery3.Major Business Models(1)R&D modelWe have established an innovative technology management system for internal combustion engine based onChangchai Company,Limit

34、edInterim Report 202210market demand and forward-looking technologies.Prior to the new products or new technologies development,the marketing department first conducts market assessment and customer research,and then initiates a projectaccording to the forecasted market demand;the technology center

35、conducts development according to the projectmaterials,and collects feedback information from the market and customers in real time during the developmentprocess to ensure technology leadership and product suitability.(2)Purchasing modelWe adopt the purchase-to-order purchasing model.The ERP system

36、converts the sales orders,the sales plandeveloped by the sales department and the production plan drawn up by the production department into thedemand of parts needed,and the purchasing department organizes the purchase according to such demand.Meanwhile,the purchasing department makes a plan to gui

37、de parts procurement according to the salesdepartments sales plan,and provide it to the supplier,and urge the supplier to prepare for the goods.(3)Production modelWe adopt the make-to-order production management model.The sales department makes sales plans fordifferent stages according to the orders

38、 in hand,sales data in previous years,market demand judgment andfeedback of existing customers purchasing intentions.The Companys production department makes theproduction plan according to the sales orders displayed in the ERP system,the sales plan made by the salesdepartment and the reserve invent

39、ory demand,and organizes the production task in strict accordance with the plan.During the production process,the quality assurance department arranges regular inspection to ensure the productquality.(4)Sale modelWe adopt the sales model of direct selling+distribution,i.e.the direct selling model fo

40、r the main engine factory,and the distribution model for the individual circulation market represented by farmers and overseas market.4.Industry FactsWe are a manufacturer of internal combustion engines and fittings in general equipment manufacturing.Accordingto the classification of fuel used,inter

41、nal combustion engines are mainly divided into diesel engines and gasolineengines.Our diesel engines and gasoline engines are mainly used in non-road mobile machinery fields such asagriculture and engineering represented by tractors,plant protection machinery,and small construction machinery.(1)Deve

42、lopment pattern and trend of the industryChinas diesel engine and gasoline engine industries present a pattern of multiple competitions.As the state adoptsChangchai Company,LimitedInterim Report 202211increasingly strict environmental protection policy and the emission standards continue to upgrade,

43、especially asChina VI emission regulations for gasoline engines and China IV emission regulations for non-road mobilemachinery diesel engines are or will be implemented,the core technology and key parts of internal combustionengines will be rapidly developed and applied,and the research,development,

44、promoting and application ofenvironmentally friendly and efficient diesel engines and gasoline engines will become the mainstream trend,which promotes the wide use of the fuel injection system,high-efficiency supercharger and high-efficiencyafter-treatment.In the new normal,the internal combustion e

45、ngine industry and agricultural machinery industrywill improve the industrys capability of independent innovation,support the whole machine development,andorganize and implement green manufacturing and intelligent manufacturing,so as to improve the overall strengthof the industry.The market share of

46、 diesel and gasoline engines is gradually concentrated in a few large-scaleenterprises with technical and capital strength.Currently,the agricultural machinery industry is moving towardsslowing down development speed and increasing development quality,upgrading and transformation,as well asshoring u

47、p weak spots.The present development trend of internal combustion engine industry is as follows:(1)energy saving andemission reduction;(2)intelligent manufacturing;(3)lightweight.Medium-and low-end internal combustionengines with low technical content and low added value will be gradually squeezed o

48、ut of the market.Theupgrade of emission standards and the markets demand for high-end products will eliminate those smallenterprises with low level of research and development or less technology reserves.Concentration is increasing inthe industry and top manufacturers are growing stronger.The indust

49、ry leaders will show the trend of increasingmarket share and rising gross profit margin center,and have the power to fix the market price of core products.(2)Industry sales in the first half of 2022From January to June 2022,the total sales of internal combustion engines were 21,452,000 units,a decli

50、ne of14.42%year on year;the accumulative power was 1,27,7,057,900 kW,a decrease of 18.85%year on year.FromJanuary to June,2,289,500 diesel engines were sold,a decrease of 30.05%year on year.Specifically,450,400engines for construction machinery were sold,a decrease of 23.84%from the same period last