2016-04-24-深交所-深中华B_2015年年度报告（英文版）_166页_1mb

Shenzhen China Bicycle Company (Holdings) Limited 2015 Annual Report Summary

Core Content Overview

This document is the 2015 Annual Report of Shenzhen China Bicycle Company (Holdings) Limited, issued in April 2016. It includes key information about the company's financial performance, business operations, shareholder structure, management analysis, and corporate governance.

Main Financial Highlights

• Operating Income (RMB): 170,990,030.10

  • Change YoY: -19.37%
  • 2014: 212,070,585.77
  • 2013: 271,111,736.07

• Net Profit Attributable to Shareholders (RMB): -138,355.58

  • Change YoY: -102.83%
  • 2014: 4,885,678.56
  • 2013: 1,575,223,894.89

• Net Profit After Non-Recurring Gains/Losses (RMB): -416,262.14

  • Change YoY: -87.06%
  • 2014: -6,073,439.70
  • 2013: 4,360,002.01

• Net Cash Flow from Operating Activities (RMB): -3,029,023.82

  • Change YoY: -177.25%
  • 2014: 3,921,048.18
  • 2013: -28,210,167.86

• Total Assets (RMB): 45,869,094.97

  • Change YoY: -10.92%
  • 2014: 51,489,647.55
  • 2013: 151,511,429.85

• Net Assets Attributable to Shareholders (RMB): 11,765,046.11

  • Change YoY: -1.16%
  • 2014: 11,903,347.67
  • 2013: 7,003,335.40

Key Financial Indicators Analysis

Company Profile

• Stock Code: 000017 (A), 200017 (B)
• Stock Exchange: Shenzhen Stock Exchange
• Chinese Name: 深圳中华自行车(集团)股份有限公司
• Short Name: 深中华 A、B
• Foreign Name: China Bicycle Company (Holdings) Limited
• Short Foreign Name: CBC
• Legal Representative: Li Hai
• Registered Address: No. 3008, Buxin Rd., Shenzhen
• Postal Code: 518020
• Office Address: Room 1201, Wantong Building, No.3002, Sungang East Road, Shenzhen
• Postal Code for Office: 518030
• Website: www.cbc.com.cn
• Email: dmc@szcbc.com

Shareholder Changes

• Controlling Shareholders:
  • 2002: China Huarong Asset Management Co., Ltd. acquired 13.58% A-shares through court auction.
  • 2006: Shenzhen Guosheng Energy Investment Development Co., Ltd. acquired 65,098,412 legal shares, becoming the first majority shareholder.
  • 2011: Shenzhen Guosheng Energy Investment Development Co., Ltd. transferred 100% equity to Ji Hanfei for 70 million yuan.
  • 2015: Shenzhen Guosheng Energy holds 63,508,747 A-shares (11.52% of total share capital).

Directors and Supervisors

• Director Absent: Kong Na (reason: due to work), with trustee: Yang Fenbo
• Accounting Principal Confirmation: Li Hai, Sun Longlong, Zhong Xiaojin confirmed the financial report's authenticity, accuracy, and completeness.

Management Discussion and Analysis

• The company faced intense market competition and rising costs (labor, manufacturing, materials).
• It focused on business stability, e-commerce development, and product innovation.
• By the end of 2015, the company had completed the basic layout of e-commerce and established flagship stores on major platforms.
• It recovered production permits and ISO9000 certification for electric bikes and improved product lines.
• The company paid 2014 operating expenses in 2015, contributing to a significant decrease in management expenses.
• Financial expenses increased due to interest income.

Business Overview

• Main Business: Production, assembly, procurement, and sales of bicycles and electric bicycles.
• No major changes in main assets (equity, fixed, intangible, or construction in progress).
• No significant non-recurring profit or loss in 2015.
• Sales and Suppliers:
  • Top 5 Clients: Total sales = 155,272,692.64 RMB (90.81% of total sales).
  • Top 5 Suppliers: Total purchase = 144,625,287.99 RMB (90.73% of total purchase).

Corporate Governance and Compliance

• The company is fully compliant with accounting standards (both IAS and Chinese GAAP).
• Auditor: Ruihua Certified Public Accountant (LLP), issued an unqualified report with an explanatory paragraph.
• Contact Information:
  • Board Secretary: Sun Longlong
  • Security Affairs Representative: Cui Hongxia
  • Address: Room 1201, Wantong Building, No.3002, Sungang East Road, Shenzhen
  • Phone: 0755-25516998, 28181666
  • Fax: 0755-28181009
  • Email: dmc@szcbc.com

Summary of Business Strategy

• Focus: Maintaining traditional business models, expanding e-commerce, and enhancing product quality.
• Challenges: Economic downturn, increased costs, and intensified market competition.
• Reorganization: The company restructured to improve continuing operations and profitability.
• Key Goals: Maintain market competitiveness, adapt to economic changes, and develop sustainable business practices.

Summary of Key Financial Changes

• Operating Income: Declined by 19.37% due to sales decline.
• Net Profit: Negative in 2015 (-138,355.58 RMB), compared to positive in 2014 (4,885,678.56 RMB).
• Net Cash Flow from Operations: Dropped by 177.25% due to receiving 2014 working capital.
• Cash and Cash Equivalent: Net decrease of 202.47% due to receiving 2014 working capital.

Conclusion

The 2015 Annual Report of Shenzhen China Bicycle Company (Holdings) Limited highlights financial challenges, market competition, and the transition to e-commerce as key factors affecting the company's performance. The company has made efforts to maintain operations, improve product lines, and enhance corporate governance. Despite a decline in profitability, the report emphasizes strategic restructuring and sustainable development as long-term goals.