2016-04-13-深交所-苏常柴Ｂ_2015年年度报告（英文版）_120页_854kb

Changchai Company, Limited 2015 Annual Report Summary

Core Content Overview

The 2015 Annual Report of Changchai Company, Limited provides a comprehensive overview of the company's performance, financial status, and strategic developments during the reporting period from 1 January 2015 to 31 December 2015. The report is prepared in both Chinese and English, with the Chinese version taking precedence in case of discrepancies.

Key Information

• Company Name: Changchai Company, Limited (常柴股份有限公司)
• Stock Abbreviation: Changchai A, Changchai B
• Stock Code: 000570, 200570
• Stock Exchange: Shenzhen Stock Exchange
• Registered Address: 123 Huaide Middle Road, Changzhou, Jiangsu, China
• Zip Code: 213002
• Company Website: http://www.changchai.com.cn
• Email Address: cctqm@public.cz.js.cn

Financial Highlights

Profit Distribution Plan

• A cash dividend of RMB0.23 per 10 shares is proposed for all shareholders.
• No bonus shares or capital reserves conversion.

Financial Performance

• Operating Revenues: RMB2,519,799,547.29 (up 1.21% YoY)
• Net Profits (attributable to shareholders): RMB71,102,792.49 (up 10.75% YoY)
• Net Profits after extraordinary gains and losses: RMB61,588,462.29 (up 4.95% YoY)
• Net Cash Flows from Operating Activities: RMB127,926,882.95
• Basic EPS: RMB0.13 (up 18.18% YoY)
• Diluted EPS: RMB0.13 (up 18.18% YoY)
• Weighted Average ROE: 3.53% (up 0.25% YoY)

Assets

• Total Assets: RMB3,232,406,102.20 (up 2.07% YoY)
• Net Assets (attributable to shareholders): RMB2,002,910,311.01 (up 3.41% YoY)

Main Business Overview

• The company is a manufacturer of diesel engines, diesel engine fittings, gasoline engines, agricultural machinery, and related products.
• It operates under the "Changchai" brand, which is recognized as a "Famous Trademark of China" and has a 100-year history.
• It maintains a domestic and international sales network with 11 marketing units, 31 service centers, over 400 service locations, and 600 maintenance stations.

Core Competitiveness

1. Brand Advantage

• The "Changchai" brand is a well-known small diesel engine brand in China with independent intellectual property rights.
• It has received multiple awards, including recognition in export quality and safety, and has been acknowledged as a leading brand in the agricultural machinery industry.

2. Product Advantage

• The company has a complete product range covering single-cylinder and multi-cylinder diesel engines.
• It has passed EU and EPA certifications for many of its multi-cylinder engines.
• It has the capacity to produce products meeting national emission standard IV.

3. Sales Network Advantage

• The company has a nationwide sales and service network.
• It provides quality, efficient, and timely services to its customers.

Management Discussion & Analysis

Summary

• In 2015, the company faced challenges such as a slowing macro-economy and decreasing diesel engine sales.
• Despite these challenges, it maintained a good business performance through market analysis, product mix adjustment, and management optimization.
• The company sold 907,700 units of various engines and machine sets, achieving RMB2.52 billion in sales revenue.
• Net profits attributable to shareholders increased by 10.75% to RMB71.1 million.

Revenues and Costs

• Operating Revenues: RMB2,519,799,547.29 (up 1.21% YoY)
• Operating Costs: RMB2,094,368,998.80
• Gross Profit Margin: 16.07% (up 0.95% YoY)
• Domestic Sales: RMB2,288,815,564.77 (up 3.65% YoY)
• Overseas Sales: RMB230,983,982.52 (down 17.98% YoY)

Sales Volume

• Single-cylinder engines: 776,300 units (down 6.58% YoY)
• Multi-cylinder engines: 131,400 units (up 5.04% YoY)
• Total Engine Sales: 907,700 units

Expenses

• Selling Expenses: RMB98,122,345.71 (up 6.38% YoY)
• Management Expenses: RMB197,678,915.43 (down 0.01% YoY)
• Financial Expenses: RMB-15,723,785.00 (up 43.83% YoY due to exchange rate gains)

R&D Investment

• R&D Personnel: 363 (up 11.69% YoY)
• R&D Investment: RMB77,961,271.34 (down 13.43% YoY)
• R&D Investment Ratio to Operating Income: 3.09% (down 0.53% YoY)
• Capitalized R&D Investment: RMB0.00

Cash Flow

• Operating Cash Flow: RMB127,926,882.95
• Investing Cash Flow: RMB-50,533,641.25 (down 31.46% YoY)
• Financing Cash Flow: RMB-15,438,823.99 (down 26.18% YoY)
• Net Increase in Cash and Cash Equivalents: RMB61,954,417.71

Significant Events and Shareholder Changes

• No significant changes in the main business or controlling shareholder during the reporting period.
• No extraordinary gains or losses were classified as recurrent.
• No changes in the consolidation scope.
• Major trade debtors: Top 5 customers accounted for RMB975,317,914.69 (38.71% of total sales).
• Major suppliers: Top 5 suppliers accounted for RMB288,333,190.50 (13.70% of total purchases).

Accounting and Standards

• No material differences between financial indicators in quarterly or semi-annual reports and those in the annual report.
• No differences in financial data under Chinese and international accounting standards.
• No changes in the company's accounting policy or corrections of accounting errors that required retrospective adjustments.

Conclusion

In 2015, Changchai Company, Limited maintained a stable business performance despite a challenging market environment. The company focused on product development, technical innovation, and sales optimization, which helped solidify its position in the diesel engine industry. It also enhanced its sales and service network and improved its brand and product competitiveness, ensuring sustainable and stable development.