苏常柴Ｂ：2016年年度报告（英文版）.PDF

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1、The 2016 Annual Report of Changchai Company,Limited 1 CHANGCHAI COMPANY,LIMITED ANNUAL REPORT 2016 April 2017The 2016 Annual Report of Changchai Company,Limited 2 Table of Contents Section I Important Statements,Contents and Definitions.3 Section II Corporate Profile and Financial Results.5 Section

2、III Business Profile.8 Section IV Performance Discussion and Analysis.10 Section V Significant Events.21 Section VI Share Changes and Shareholders Profile.33 Section VII Preference Shares.37 Section VIII Directors,Supervisors,Executive Officers and Staff.38 Section IX Corporate Governance.47 Section

3、 X Corporate Bonds.53 Section XI Financial Report.54 Section XII Documents Available for Reference.158 Changchai Company,Limited Annual Report 2016 3 Section I Important Statements,Contents and Definitions The board of directors(the“Board”),the supervisory board(the“Supervisory Board”),as well as th

4、e directors,supervisors and executive officers of Changchai Company,Limited(the“Company”)hereby guarantee the factuality,accuracy and completeness of the contents of this Report,and shall be jointly and severally liable for any false representation,misleading statements or material omissions in this

5、 Report.Shi Xinkun,head of the Company,Zhang Xin,accounting head for this Report,and Jiang He,head of the accounting department(head of accounting),hereby guarantee that the Financial Report carried in this Report is factual,accurate and complete.All directors attended the board meeting for the revi

6、ew of this Report.Any plans for the future and other forward-looking statements mentioned in this Report shall NOT be considered as virtual promises of the Company to investors.Therefore,investors are kindly reminded to pay attention to possible investment risks.The Company has described in detail t

7、he risks it might face in“IX 4.Possible risks in the future”under“Section IV Performance Discussion and Analysis”in this Report.The Board has considered and approved the following proposal for profit distribution:Based on the total shares of 561,374,326,a cash dividend of RMB0.3(tax inclusive)per 10

8、 shares will be distributed to all shareholders of the Company.No bonus shares will be granted,nor will any capital reserve be converted into share capital.This Annual Report and its abstract have been prepared in both Chinese and English.Should there be any discrepancies or misunderstandings betwee

9、n the two versions,the Chinese version shall prevail.Changchai Company,Limited Annual Report 2016 4 Definitions Term Refers to Definition Company,the Company,Changchai Refers to Changchai Company,Limited Changchai Benniu Refers toChuangzhou Changchai Benniu Diesel Engine Fittings Co.,Ltd.Changchai W

10、anzhou Refers to Changchai Wanzhou Diesel Engine Co.,Ltd.Housheng Investment Refers to Changzhou Housheng Investment Co.,Ltd.Housheng Agricultural Equipment Refers toChangzhou Changchai Housheng Agricultural Equipment Co.,Ltd.Changchai Robin Refers to Changzhou Fuji Changchai Robin Gasoline Engine C

11、o.,Ltd.RMB,RMB0,000 Refers to RMB,RMB Ten thousand Reporting Period Refers to January 1,2016-December 31,2016 Changchai Company,Limited Annual Report 2016 5 Section II Corporate Profile and Financial Results I Corporate information Stock name Changchai A,Changchai B Stock code 000570,200570 Stock ex

12、change Shenzhen Stock Exchange Company name in Chinese 常柴股份有限公司 Abbr.苏常柴 Company name in English CHANGCHAI COMPANY,LIMITED Abbr.CHANGCHAI CO.,LTD.Legal representative Shi Xinkun Registered address 123 Huaide Middle Road,Changzhou,Jiangsu,China Zip code 213002 Office address 123 Huaide Middle Road,Ch

13、angzhou,Jiangsu,China Zip code 213002 Company website http:/ Email II Contact information Board Secretary Securities Representative Name He Jianjiang Address 123 Huaide Middle Road,Changzhou,Jiangsu,China Tel.(86)519-68683155 Fax(86)519-86630954 E-mail III Information disclosure and place where this

14、 Report is kept Newspapers designated by the Company for information disclosure Securities Times,Ta Kung Pao(HK)Website designated by the China Securities Regulatory Commission(CSRC)for the publication of this Report http:/ Place where this Report is kept Board Secretariat of the Company and the She

15、nzhen Stock Exchange Changchai Company,Limited Annual Report 2016 6 IV Company registration and alteration Credibility code 91320400134792410W Changes in main business activities of the Company after going public No changes Changes of controlling shareholder No changes V Other information The CPAs f

16、irm hired by the Company Name Jiangsu Gongzheng Tianye Certified Public Accountants LLP Office address 10/F,Yingtong Commerce Building,Changzhou,Jiangsu,China Accountants writing signatures Dai Weizhong,He Taifeng VI Accounting and financial results 2016 2015+/-%2014 Operating revenues(RMB)2,283,028

17、,855.522,519,799,547.29-9.40%2,489,792,063.33Net profit attributable to shareholders of the Company(RMB)62,539,896.1771,102,792.49-12.04%64,202,144.29Net profit attributable to shareholders of the Company before exceptional profit and loss(RMB)56,835,566.2861,588,462.29-7.72%58,685,034.57Net cash fl

18、ows from operating activities(RMB)99,473,944.04127,926,882.95-22.24%-51,507,355.52Basic earnings per share(RMB/share)0.110.13-15.38%0.11Diluted earnings per share(RMB/share)0.110.13-15.38%0.11Weighted average return on equity(%)3.00%3.53%-0.53%3.28%December 31,2016 December 31,2015+/-%December 31,20

19、14Total assets(RMB)3,724,857,266.713,232,406,102.2015.23%3,166,783,758.18Net assets attributable to shareholders of the Company(RMB)2,323,712,892.922,002,910,311.0116.02%1,936,936,835.27Changchai Company,Limited Annual Report 2016 7 VII Differences in accounting data under domestic and foreign accou

20、nting standards The net profit and net assets of this Reporting Period under Chinas accounting standards are the same with those under the international or any applicable foreign accounting standards.VIII Financial results by quarter Unit:RMB 1Q 2Q 3Q 4Q Operating revenues 654,517,225.08509,143,496.

21、61605,182,860.65 514,185,273.18Net profit attributable to shareholders of the Company 24,282,056.9910,736,085.3720,090,608.28 7,431,145.53Net profit attributable to shareholders of the Company before exceptional profit and loss 24,946,954.153,563,547.4619,718,706.88 8,606,357.79 Net cash flows from

22、operating activities-5,947,696.22123,983,609.51-46,874,591.45 28,312,622.20IX Exceptional profit/loss Unit:RMB Item 2016 2015 2014 Profit/loss on disposal of non-current assets(including offset asset impairment provisions)6,254,028.26211,929.61 118,901.99Government subsidies charged to the profit/lo

23、ss for this Reporting Period(except for the government grants closely related to the business of the Company and given at a fixed quota or amount in accordance with the States uniform standards)7,948,135.6511,903,636.62 10,344,073.62Capital occupation charges on non-financial enterprises that are ch

24、arged to the profit/loss for this Reporting Period 1,340,364.821,523,155.52 1,505,666.68Profit/loss on fair value changes of transactional financial assets and liabilities&investment income from disposal of transactional financial assets and liabilities as well as financial assets available for sale

25、,except for effective hedges related to routine operations of the Company 1,058,569.811,793,021.58 572,812.70Impairment provision reversal for accounts receivable on which the impairment test is carried out separately Non-operating income and expense other than the above-9,328,953.27-4,109,778.32-6,

26、029,012.72Less:Corporate income tax 1,294,119.501,747,894.80 995,341.14Minority interests(after tax)273,695.8859,740.01-8.59Total 5,704,329.899,514,330.20 5,517,109.72Changchai Company,Limited Annual Report 2016 8 Section III Business Profile I Main business scope for this Reporting Period As a manu

27、facturer,we specialize in the manufacture and sale of diesel engines,diesel engine fittings and castings,gasoline engines,gasoline engine fittings,cereal harvesting machinery,rotovators,walking tractors,molds and jigs as well as the assembly and sale of diesel engine and gasoline engine supporting s

28、ets.We mainly manufacture and sell small and medium-sized single-cylinder and multi-cylinder diesel engines under the brand of“Changchai”,which are often used in tractors,combine-harvesters,light commercial vehicles,agriculture equipment,small-sized engineering machinery,generator sets,ship machines

29、,etc.II Significant changes in main assets Main assets Reason for any significant change Available-for-sale financial assets The closing amount stood at RMB820,072,500.00,up 63.04%from the opening amount,mainly because the Bank of Jiangsu,where the Company holds shares,went public during this Report

30、ing Period,and the cost method which had been adopted in the measurement of these shares changed to the fair value method.Other current assets The closing amount stood at RMB39,669,983.12,down 34.22%from the opening amount,mainly because some wealth management products became due in this Reporting P

31、eriod.III.Core competitiveness analysis 1.Brand advantage Changchai is a national industrial enterprise with a history of over one hundred years.It is one of the earliest professional manufacturers of internal combustion engines in China.The brand Changchai is the earliest domestic trademark of prod

32、uction goods known as Chinas well-known trademarks.The diesel engine of Changchai brand is Chinas brand-name product.The enterprise has been certified by ISO9000 quality system,ISO14001 environmental management system,ISO/TS16949 automotive product quality management system,and accessed to the natio

33、nal export-free enterprise qualification.Changchai was honorably ranked among“the Top One Hundred Chinese Enterprises in Engineering Industry”and“China Pacesetter Enterprise of Industrial Industry”for several times,and was awarded the honorary title of“State-level Enterprise of Observing Contracts a

34、nd Keeping Promise”,“Chinas Agricultural Machinery Parts and Components Leading Enterprises”,“Chinas Agricultural Machinery AAA Credit Enterprise”,“Jiangsu Independent Industries Brand Top 50”,“Quality Management Excellence Award of Jiangsu Province”,“Mayor Quality Award of Changzhou City”,also our

35、company won as the 10 users most satisfied leading brands in“Jing Geng”competition in the last five years.In 2016,Changchai was entitled honors of My Favorite Jiangsu Trademark in 2016 awarded the Administration for Industry and Commerce of Jiangsu Provincial,China Agricultural Machinery Parts and C

36、omponents Leading Enterprises awarded by China Agricultural Machinery Industry Association,and“Most Influential Brand of China Agricultural Machinery Industry in 2016 awarded jointly by China Agricultural Machinery Industry Association,China Agricultural Mechanization Association,and China Agricultu

37、ral Machinery Circulation Association.For the past many years,in the process of achieving steady Changchai Company,Limited Annual Report 2016 9 economic development of the enterprise,we developed in a sound manner and cultivated the“Changchai”brand,a famous small diesel engine brand of China with in

38、dependent intellectual property rights 2.Technology advantage Changchai has a state-level technology center and post-doctoral research station,and a research center of small and medium-power internal combustion engine engineering and technology in Jiangsu Province.Currently,Changchai is mainly engag

39、ed in production of small and medium-power single-cylinder and multi-cylinder diesel engine.It has a complete product range,a wide power level coverage,a high reputation and intellectual property rights for its main products.Changchais product research and development and scientific research project

40、s have won the second prize of National Machinery Industry Science and Technology Progress Award,the second prize of Science and Technology Award of Jiangsu Province,and the first prize of Science and Technology Progress Award of Changzhou City etc.So far,we have obtained 130 patents granted home an

41、d abroad in total,including 6 invention patents.3.Sales advantage Changchai has built up a sales service network covering the whole country,with 11 sales business units,31 sales service centers,over 400 service stations and 600 designated maintenance stations.With a perfect diesel sales service netw

42、ork system,our company is able to provide high quality,efficient and timely services for our customers.Changchai Company,Limited Annual Report 2016 10 Section IV Performance Discussion and Analysis I.Summary In the year 2016,facing difficulties such as the continuous downward trend of the macro-econ

43、omy,stricter emission laws and regulations,and the enormous pressure from safety and environmental protection requirements,we took core competitiveness improvement as the most important measure,by speeding product upgrades,optimizing the product structure,improving product quality,continuously promo

44、ting important technological transformation projects,making full use of the resource advantage,seizing opportunities in domestic and overseas markets,and expanding the advantages of superior products and business segments.As a result,we managed to maintain a stable and orderly development.In 2016,we

45、 sold about 724,400 engines and engine units,of which about 116,600 were multi-cylinder engines,and about 607,800 are single-cylinder engines.We exported about 124,600 engines and engine units;and we achieved sales revenue of RMB2.283 billion,a yearly decline of 9.4%.The net profit attributable to s

46、hareholders of the Company was RMB62.5714 million,a yearly decline of 12.00%.Under the grim overall situation of the national small diesel engine industry,although our companys total sales of products went down from last year,our overall market share was stable,maintaining a leading position in the

47、industry.In terms of single-cylinder engines,our company adapted to new changes in the market,stabilize the main supporting enterprise market share,integrate A dealer team and continuously promote the secondary network construction.At the same time,we also accelerated the pace of product and market

48、structure optimization,increased the proportion of superior products,and fully involved in bidding projects and the development of key customers.Concerning multi-cylinder engines,on the one hand,our company stabilized the existing supporting system to enhance the supporting market share,speed up the

49、 agricultural market support of 4G33 and 4L88 series of middle and high ranking new products,as well as the promotion of resources of national standard III.Our company also accelerated the support of end products such as light engines and rice transplanters,but the supporting sales of commercial veh

50、icles decreased significantly.Facing a more severe situation of foreign trade market in the past two years,our companys export business maintained stable and rapid development.Both export volume and export income of our company increased.As for market service,we focused on national standard III trai