2016-04-29-深交所-建摩B_2015年年度报告（英文版）_219页_4mb

报告摘要

Summary of Chongqing Jianshe Motorcycle Co., Ltd. Annual Report 2015

Core Content of the Report

The annual report of Chongqing Jianshe Motorcycle Co., Ltd. (JSMC-B, Stock Code: 200054) for the year 2015 provides a comprehensive overview of the company's financial performance, business structure, and strategic adjustments. The report highlights the company's shift from the motorcycle business to the vehicle air-conditioning business due to the declining motorcycle industry and the implementation of a major asset restructuring. It also outlines the company's financial data, management analysis, and key changes in its operations.

Main Business and Strategic Adjustments

Main Business

The company's primary business operations are divided into two main segments:

Motorcycle and Parts: This segment experienced a significant decline, with sales and production volumes dropping by 26.62% and 26.16% respectively, compared to 2014. The decline is attributed to the ongoing contraction in the motorcycle industry and the company's heavy reliance on this segment.
Vehicle Air Conditioner: This became the company's main business after the restructuring. The sales of this segment increased from 1.35 million units in 2012 to 1.85 million units in 2015, with an average annual growth rate of 12.52%. The company's market share in the air-conditioning compressor industry remained around 10%, and it continued to maintain a stable development trend.

Asset Restructuring

In 2015, the company underwent a major asset restructuring, which involved the sale of its motorcycle business assets and liabilities to the Military Equipment Group. This restructuring led to a significant reduction in the company's fixed and intangible assets, and a notable increase in current assets. As a result, the company's asset structure was optimized, and its financial risk was reduced.

Financial Performance

Key Financial Indicators (in RMB)

Indicator	2015	2014	Change over last year (%)	2013
Operating Gross Income	1,341,331,910.93	1,763,619,804.97	-23.94%	1,885,831,544.85
Net Profit	240,735,112.20	-133,593,949.98	280.20%	11,589,364.53
Net Profit After Non-recurring Items	-255,598,353.81	-153,898,341.02	-66.09%	-99,416,477.62
Net Cash Flow from Operating Activities	82,306,010.61	94,598,651.91	-12.99%	162,848,662.04
Net Assets	256,116,085.51	17,321,196.61	1,378.63%	150,915,146.59

Financial Ratios

Current Ratio: Increased from 0.37 to 0.77
Quick Ratio: Increased from 0.25 to 0.62
Asset Liability Ratio: Decreased from 99.25% to 80.42%

The company's financial stability improved significantly after the restructuring.

Key Changes and Developments

Changes in Shareholding

The company was initially established by Jianshe Group and China North Industries Corp Shenzhen Company in 1995, with Jianshe Group as the controlling shareholder.
On August 31, 2005, Jianshe Group transferred its 71.13% stake to the Military Equipment Group.
On March 3, 2016, the Military Equipment Group transferred its stake to Jianshe Mechanical and Electric Company, making it the new controlling shareholder.

Business Structure and Market Strategy

The company optimized its market structure by maintaining stability in large client markets and increasing its market share through joint venture brands.
It also accelerated the development of potential strategic customers and achieved substantial growth in foreign trade sales, with a year-on-year increase of 96.7%.

Technology and Product Development

The company focused on independent innovation and collaboration, continuously optimizing its product platforms.
It developed new projects for the 140-iron machine and 120-aluminum machine and expanded its electric product line to include low-speed electric vehicles, electric passenger cars, and electric buses.
The company implemented the design and verification of performance optimization for iron machines, with good results in NVH analysis and improvement.

Summary of Key Financial Data by Quarter

Quarter	Operating Income	Net Profit	Net Profit After Non-recurring Items	Net Cash Flow from Operating Activities
Q1	355,351,388.28	-16,904,008.56	-17,459,103.30	5,981,111.44
Q2	364,304,314.19	-53,984,680.11	-54,303,443.79	26,480,631.62
Q3	303,960,771.84	-64,918,870.00	-72,484,859.14	-33,188,489.57
Q4	317,715,436.62	376,542,670.87	111,255,147.57	83,032,757.12

Conclusion

The report emphasizes the company's transition from the motorcycle industry to the vehicle air-conditioning business, driven by the need to adapt to market changes and improve profitability. The major asset restructuring significantly improved the company's financial health and asset structure, and the company is optimistic about the future development of its air-conditioning business. However, the report also notes the uncertainties in the future due to the reliance on market conditions and management performance.

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