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2019年12月09日 星期一

苏威孚B(200581)公告正文

苏威孚B:2016年年度报告摘要(英文版)

公告日期:2017-04-18

                                                                         无锡威孚高科技集团股份有限公司 2016 年年度报告摘要


Stock Code: 000581, 200581                                                                                Public Notice No: 2017-007
Short Form of the Stock: Weifu High- Tech, Su Weifu-B


                           Weifu High-Technology Group Co., Ltd.
                                 Summary of Annual Report 2016
I. Important Notice

The summary is abstract from full-text of annual report, for more details of operating results, financial condition and future
development plan of the Company; investors should found in the full-text of annual report that published on media appointed by
CSRC.

Statement
No directors, supervisors or senior management declare the authenticity, accuracy and integrity of the report cannot be guaranteed or
there is objection.
Other directors attending the Meeting for annual report deliberation except for the followed
       Name of director absent         Title for absent director             Reasons for absent                  Attorney
            Rudolf Maier                       Director            On a business trip                           Chen Xuejun
         Chen Yudong                           Director            On a business trip                           Chen Xuejun
Prompt of non-standard audit opinion
□ Applicable     √ Not applicable
Profit distribution pre-plan of common stock or capitalizing of common reserves pre-plan deliberated by the Board in the reporting
period
√Applicable □Not applicable
Whether has capitalizing of common reserves carried out
□Yes √ No
The profit distribution plan that deliberated and approved by the Board is: based on total stock issued 1,008,950,570 shares,
distributed 6 Yuan (tax included) bonus in cash for every 10-share hold by all shareholders, 0 shares bonus issued (tax included) and
no capitalizing of common reserves carried out.
Profit distribution pre-plan of preferred stock deliberated and approved by the Board in the reporting period
□ Applicable     √ Not applicable


II. Company profile

1. Company Profile
Short form of the stock                Weifu High- Tech, Su Weifu-B      Stock code                    000581, 200581
Stock exchange for listing             Shenzhen Stock Exchange
         Person/Way to contact                      Secretary of the Board                          Rep. of security affairs
Name                                   Zhou Weixing                                      Yan Guohong

Office add.                            No.5, Huashan Road, New District, Wuxi City       No.5, Huashan Road, New District, Wuxi City

Fax.                                   0510-80505199                                     0510-80505199

Tel.                                   0510-80505999                                     0510-80505999

E-mail                                 wfjt@public1.wx.js.cn                             wfjt@public1.wx.js.cn




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                                                              无锡威孚高科技集团股份有限公司 2016 年年度报告摘要



2. Main business or product introduction in the reporting period
(i) Main business of the company
1. The company belongs to auto parts industry, and its main business products include diesel fuel injection system
products, exhaust after-treatment system products and air management system products.
2. Main uses of the company's products
(1) The diesel fuel injection system products are widely used in different power diesel engines supporting all types
of trucks, passenger cars, buses, construction machinery, marine, and generator sets. The company not only makes
products matching with the main engines used at home but also exports some products to the Americas, Southeast
Asia, and the Middle East. The products meet the needs of national emission standards.
(2) The exhaust after-treatment system products mainly support the major manufacturers of automobile,
motorcycle and general machinery at home which meet the national emission standards.
(3) The wheel diameter range of air management system products (supercharger) covers 30mm to 125mm whole
series which matches with most of the domestic small-bore diesel engine plants and some six-cylinder diesel
engine manufacturers and meet the needs of the light and heavy commercial vehicles and some passenger cars.
The company has the vacuum valve control that meets the emission standards of Euro IV & Euro V, the
electronically controlled variable geometry turbochargers, the titanium-aluminum alloy superchargers, the electric
superchargers, the ceramic ball bearing superchargers and some kinds of gasoline engine turbochargers.


3. Business model of the Company
The company follows the operating philosophy of making competitive products, creating famous brands, striving
for first choices, and creating value for the users, implements the business model that parent company unifies the
management and subsidiaries decentralize the production. Namely, the group company is responsible for making
strategic development planning and operation targets, and making the unified management, instruction and
assessment for the finance, significant personnel management, core raw materials, quality control, and technology
of the subsidiaries. The subsidiaries arrange production based on the order management model of market, which
makes the subsidiaries keep the consistent quality with the company, helps keep abreast of customer needs and
saving logistics costs, maintain the timeliness of products production and supply, and improve the company’s
economic benefits.
During the reporting period, the Company’s main business and business model have no significant changes.


(II) Development stage and periodic characteristics of the industry the company involves and the company's
industry position during the reporting period
The Company belongs to the industry of auto parts, which is closely related to macro-economic situations, auto
industry policies and market demands. The Company has grown into one of key domestic enterprises for
providing core auto (power engineering) parts after more than 60 years of development, and has formed a distinct
advantage within industry since it has always kept pace with the upgrading of national motor vehicle emission
standards, been busy with strategic disposition and enhanced its technical reserves these years. The Company
features a full line of diesel fuel injection systems as well as excellent exhaust gas after-treatment system



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                                                                            无锡威孚高科技集团股份有限公司 2016 年年度报告摘要



technology. As a major provider for domestic self-owned motor after-treatment market, the Company takes a
leading position in domestic market in terms of technical level, market size and production capability with high
superiority in its integrated technology of catalyst and after-treatment system. The Company also has a full line of
air intake systems (supercharger) and its technical strength is a lead in domestic market with the production in line
with national emission standard. At present, the Company has finished the whole industry chain layout in terms of
air intake system, diesel fuel injection system and exhaust gas after-treatment system, which is able to provide
systematic integration solution for the customers, and it is also one of the companies which have the most
complete product reserves and can satisfy the national emission standard.


From the perspective of development history of Chinese auto market, it has stepped into a mature stage with
stable growth after rapid growth in past decades of years, and the sales growth will be slowing down every year in
future and the core technologies will be changing with each passing day. Nowadays, the problems regarding
pollution and haze have become serious social issues concerned by the public, therefore, the government shall
take a further step to strengthen the implement of emission regulation as well as the supervision and improvement
on motor vehicle exhaust emissions, meanwhile, the government shall be dedicated to promote the development
of new energy automobiles. In order to meet the upgrading requirements of emission regulation, the Company
shall be planning research and development direction for new technologies, actively promoting the adjustment of
product structures, accelerating to cultivate new growth point of sales, keeping enhancing competitive capacity,
and building a new development pattern.


3. Main accounting data and financial indexes

(1) Main accounting data and financial indexes for recently three years


Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
error correction or not
□Yes √ No
                                                                                                                          In RMB

                                                                                                Changes over
                                                            2016                  2015                             2014
                                                                                                  last year

Operating income                                        6,422,700,399.27 5,741,643,746.42             11.86%    6,354,480,020.38

Net profit attributable to shareholders of the listed
                                                        1,672,224,317.05 1,515,388,285.71             10.35%    1,539,439,686.81
company
Net profit attributable to shareholders of the listed
company after deducting non-recurring gains and         1,435,963,836.76 1,232,371,453.62             16.52%    1,404,877,811.26
losses
Net cash flow arising from operating activities          527,344,364.04        542,045,770.17          -2.71%    889,899,654.79

Basic earnings per share (RMB/Share)                                 1.66                1.49         11.41%                1.51

Diluted earnings per share (RMB/Share)                               1.66                1.49         11.41%                1.51

Weighted average ROE                                               13.53%             13.32%           0.21%              15.05%



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                                                                        无锡威孚高科技集团股份有限公司 2016 年年度报告摘要



                                                                                                 Changes over
                                                        End of 2016          End of 2015                              End of 2014
                                                                                                end of last year

Total assets                                         17,263,771,897.78 15,704,093,069.04                  9.93%      14,488,589,167.90

Net assets attributable to shareholder of listed
                                                     12,927,344,292.47 11,783,228,273.39                  9.71%      10,859,034,688.96
company


(2) Quarterly main financial index

                                                                                                                               In RMB

                                                              1st Q                2nd Q               3rd Q               4th Q


Operating income                                        1,533,288,775.97 1,833,187,676.52 1,522,896,852.89 1,533,327,093.89

Net profit attributable to shareholders of the listed
                                                          405,471,329.51       538,097,206.21      366,126,109.76       362,529,671.57
company
Net profit attributable to shareholders of the listed
company after deducting non-recurring gains and           331,616,138.91       498,016,578.22      307,178,949.97       299,152,169.66
losses

Net cash flow arising from operating activities            42,831,760.61       150,709,254.34        55,521,302.20      278,282,046.89

Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the company’s quarterly report and semi-annual report
□Yes √ No


4. Shares and shareholders

(1) Particulars about common stock shareholders, preference shareholders with voting rights recovered and
top ten shareholders
                                                                                                                               In Share

                                                                                                  Total preference
                              Total common                      Total preference
Total common                                                                                      shareholders with
                              stock                             shareholders
stock                                                                                             voting rights
                              shareholders at                   with voting
shareholders in        44,781                            44,711                                 0 recovered at end of                    0
                              end of last month                 rights recovered
reporting                                                                                         last month before
                              before annual                     at end of
period-end                                                                                        annual report
                              report disclosed                  reporting period
                                                                                                  disclosed
                                                        Top ten shareholders

                                                                                                                Number of shares
                                                                       Proportion                Amount of       pledged/frozen
                                                          Nature of               Amount of
               Full name of Shareholders                                of shares             restricted shares State of
                                                         shareholder              shares held
                                                                          held                       held                Amount
                                                                                                                 share

                                                        State-owned
Wuxi Industry Development Group Co., Ltd                                    20.22% 204,059,398
                                                         corporate
                                                           Foreign
ROBERT BOSCH GMBH                                                           14.16% 142,841,400
                                                          corporate
                                                        State-owned
China Securities Finance Corporation Limited                                 2.63%    26,555,515
                                                         corporate
                                                           Foreign
UBS      AG                                                                  2.61%    26,373,988
                                                          corporate



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                                                                       无锡威孚高科技集团股份有限公司 2016 年年度报告摘要



Kangjian Assets Management Company –Client’s           Foreign
                                                                         1.52%   15,339,892
fund                                                    corporate
                                                       State-owned
Central Huijin Assets Management Co., Ltd.                               1.27%   12,811,200
                                                        corporate
                                                         Foreign
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD                                 1.23%   12,382,279
                                                        corporate
                                                         Foreign
Puxin Investment Company- Client’s fund                                 1.01%   10,225,177
                                                        corporate
                                                         Foreign
RBC EMERGING MARKETS EQUITY FUND                                         0.95%    9,626,264
                                                        corporate
                                                         Foreign
MERRILL LYNCH INTERNATIONAL                                              0.88%    8,915,000
                                                        corporate

                                                 Among the top ten shareholders, there has no associated relationship between
                                                 Wuxi Industry Development Croup Co., Ltd. and other shareholders, the first
Explanation on associated relationship among the
                                                 largest shareholder of the Company; and they do not belong to the consistent
aforesaid shareholders
                                                 actionist regulated by the Management Measure of Information Disclosure on
                                                 Change of Shareholding for Listed Company.

Explanation on shareholders involving margin
                                                      Not applicable
business (if applicable)

(2) Total preferred stock shareholders of the Company and shares held by top ten shareholders with
preferred stock held
□ Applicable   √ Not applicable
The Company had no shareholders with preferred stock held in the reporting.

(3) Property right and controlling relationships between the actual controllers of the Company and the
Company is as follows:



                               State-owned Assets Supervision & Administration
                             Commission of Wuxi Municipality of Jiangsu Province
                                                              100%

                                       Wuxi Industry Development Croup Co., Ltd.


                                                            20.22%
                                           Weifu High-Technology Group Co., Ltd.




III. Discussion and analysis by the Management Team

1. Introduction of operation in the reporting period
(I) General introduction
Under the influence of the purchase tax reduced by 50% in 2016, car market gets aormer greately with saels
volume over the prediction at beginning of the Year. Production and sales of the vehicles in the whole year has a
growth trends of steady rise overall. According to the numbers from CAAM: in 2016, the whole national has a
production and sales of vehicle amounts of 28.12 million and 28.03 million repectively, a y-o-y growth 14.46%



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                                                              无锡威孚高科技集团股份有限公司 2016 年年度报告摘要



and 13.65%, including 24.42 million and 24.38 million respectively for passenger cars, with a 15.50% and
14.93% growth on a y-o-y basis, passenger cars is still the main driving force for the development of automotive
industry. The Country put more investment in key areas in the Year, and increased spending on efforts of
governance overload, as the continuse growth in logistic industry, the commercial vehicle, medium and heavy
commercial vehicle in particular has a strong recovery, the declining tendency for two consecutive years in
negative growth is over.


Benefited from the stable growth of automobile market and the recovery of commercial vehicles, the Company
has achieved a sound development in various businesses and all the economic indexes have exceeded the goals set
at the beginning of the year.


Fuel injection systems have seized the opportunity of non-road T3 emission upgrading to accelerate the expansion
of non-road market and captured the market quickly; automotive common-rail high-pressure pump products have
taken the market opportunities and achieved stable growth of sales at month-on-month basis, completed the tasks
delivered by the customers with quantity and quality guaranteed; after-treatment systems have maintained a sound
momentum of sales growth benefited from the implementation of national purchase tax halve policy and the
increase of market share of Chinese brand passenger vehicles; the business of air intake systems (superchargers)
has a good development momentum; diesel superchargers have seized key customers and its market share
maintains stable growth; gas superchargers have been ready for bulk supply after preliminary technical
development and customer authentication and will become a new highlight for development of auto core parts.
Regarding the parts manufacture business, the Company has drastically boosted its production capacity with
nearly zero-defect quality guaranteed, able to meet the delivery requirement.


During the Period, the Company achieved operation revenue of 6423 million Yuan with a y-o-y growth of 11.86%;
total profit amounting to 1819 million Yuan, a 9.32% growth on a y-o-y basis; total assets amounting to 17264
million Yuan, a 9.93% up from a year earlier; and the equity attributable to owners of parent company amounting
to 12927 million Yuan, a 9.71% growth on a y-o-y basis.
(II) Works implemented
1. The Company has continued to promote the construction of management accounting, further strengthened
budget control; the Company also completed the preparation for building a group foreign currency cash pool,
made a plan for the business of purchasing and exchanging foreign currencies, reduced use cost of foreign
currency and boosted capital efficiency. In 2016, the group has sound financial incomes by optimizing structure
configuration of financial products.
2. The Company has carried out continuous improvement activities and in 2016, the employee participation rate
has reached up to 80%. In the face of drastic growth of market demands and the increasing of customer delivery
requirements of this year, the Company has taken an active role in efforts to production and quality control,
maintained a good operation of the Company. Various indexes have reached the predetermined targets in the year
of 2016, and the customer satisfaction has been enhanced drastically. At the same time, the company has



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                                                                    无锡威孚高科技集团股份有限公司 2016 年年度报告摘要



introduced Q11 manufacturing principle in the group, also promoted to build one-in-one-out firewall for 22 core
products, and strengthened employee training and internal mistake-proofing ability.
3. The Company has completed the online of second phase and the third phase of ERP project of the group, and
the first phase of MES system has already been staged online for related business divisions. The first phase of
SRM has been successfully online and the group supercomputing center has performed preliminary operation.
4. The Company has completed the reengineering audit for ERP-SAP flow for six modules of the related
subsidiaries, which has lay a solid flow basis for the company blue print design; meanwhile, The Company has
also followed up the operation of risk assets of various business divisions based on the actual, taken a further step
to control risks.
5. The Company has continued to promote safety and environmental protection target-oriented responsibility
system to build safety enterprise, introduced normalized management of ISO14001 environmental management
system, completed the construction of safety production standardization system and safe environmental protection
organization network, ensuring the effective operation and control of the whole system and providing guarantees
for sustainable and stable operation and management.
6. The Company has further deepened talent development strategy and promoted medium and long term incentive
mechanism. The Company has also strengthened the construction of human resources integration and internal
recruitment deployment platform. The Company has focused on strategy development goal of the Company and
optimized the structural adjustment of human resources, promoted potential talents cultivation mechanism and
enhanced the promotion of core talents incentive and management mechanism, ensuring the Company will share
the development result together with the employees and the employee income will be increased steadily.


2. Whether the main business had major change in the reporting period
□ Yes √ No


3. About the industries, products, or regions accounting for over 10% of the company’s operating income or
operating profit
√Applicable □Not applicable
                                                                                                                      In RMB
                                                               Gross    Increase/decrease Increase/decrease Increase/decrease
          Name            Operating revenue   Operating cost   profit      of operating    of operating cost of gross profit
                                                               ratio      revenue y-o-y         y-o-y          ratio y-o-y
Auto fuel injection
                          3,614,457,127.38 1,046,476,848.28    28.95%       19.19%            21.51%             0.55%
system

Intake system              256,544,008.85     59,433,595.62    23.17%       19.97%            13.37%             -1.35%

Exhaust after-treatment
                          2,172,222,471.77    350,352,821.50   16.13%       -0.05%             -7.67%            -1.33%
system



4. Whether the characteristics of management seasonal or cyclical need special attention
□ Yes √ No




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                                                                        无锡威孚高科技集团股份有限公司 2016 年年度报告摘要



5. In the reporting period, note of major changes in operating income, operating cost, total net profit
attributable to common stock shareholders of listed company or composing the previous reporting period
□ Applicable √ Not applicable


6. Particular about suspended and delisting


□ Applicable √ Not applicable


7 Relevant items involving financial report


(1) Particulars about the changes in aspect of accounting policy, estimates and calculation method compared with the
financial report of last year
□ Applicable    √ Not applicable
No particulars about the changes in aspect of accounting policy, estimates or calculation method in Period.


(2) Major accounting errors within reporting period that needs retrospective restatement


□ Applicable    √ Not applicable
No major accounting errors within reporting period that needs retrospective restatement for the Company in the period.


(3) Compare with last year’s financial report; explain changes in consolidation statement’s scope


□Applicable    √Not applicable
The consolidation range of the Company has no changes in the Period




                                                                                Board of Directors of

                                                                    Weifu High-Technology Group Co., Ltd.

                                                                                    18 April 2017




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