[年报]苏威孚Ｂ:2020年年度报告（英文版）
原标题:苏威孚Ｂ:2020年年度报告（英文版） 无锡威孚高科技集团股份有限公司 Weifu High - Technology Group Co., Ltd. ANNUAL REPORT 2020 April 2021 Section I. Important Notice, Contents and Interpretation Board of Directors, Supervisory Committee, all directors, supervisors and senior executives of Weifu High-Technology Group Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are no any fictitious statements, mislead ing statements, or important omissions carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completion of the whole contents. Wang Xiaodong, Principal of the Company, Ou Jianbin, person in charger of accounting works and Ou Jianbin, person in charge of accounting organ (accounting principal) hereby confirm that the Financial Report of 2020 Annual Report is authentic, accurate and complete. All directors are attend the Meeting for the Report deliberation. Concerning the forward - looking statements with future planning involved in the Report, they do not constitute a substantial commitment for investors. Investors should be cautious with investment risks. China's economy has entered a critical period of transformation, and the main theme is to reduce speed and improve quality. China's auto market has also entered a period of transformation and adjustment. In a complex economic environment, weak consumption is still the main risk point that drags down the auto market. Investors are advised to pay attention to investment risks. The profit distribution plan that deliberated and approved by the Board is: based on total share capital o f 1,008,894,293 , di stribute d 15 Yuan (tax included) bonus in cash for every 10 - share hold by all shareholders, 0 share bonus issued (tax included) and no public reserve transfer into share capital either. Contents Section I Important Notice, Contents and Interp retation ................................ .............................. 2 Section II Company Profile and Main Finnaical Indexes ................................ ............................ 5 Section III Summary of Business ................................ ................................ ................................ .. 10 Section IV Discussion and Analysis of Operation ................................ ................................ ....... 15 Section V Material Matters ................................ ................................ ................................ ............. 3 8 Section VI Changes in shares and particular about shareholders ................................ ............... 52 Section VII Preferred Stock……………………………………………………………………… 6 0 Section VIII Convertible Bonds .............................................................................................. .......6 1 Section IX Particulars about Directors, Supervisors,SeniorExecu tives and Employees ........... 6 2 Section X Corporate Governance ................................ ................................ ................................ ... 7 3 Section XI Corporate Bond ................................ ................................ ................................ ............. 8 0 Section XII Financial Report ................................ ................................ ................................ .......... 8 1 Section XIII Documents Available for Reference ................................ ................................ ........ 25 3 Interpretation Items Refers to Contents Company, The Company, WFHT Refers to Weifu High - Technology Group Co., Ltd. Weifu Group Refers to Wuxi Weifu Group Co., Ltd. Industry Group Refers to Wuxi Industry Development Group Co., Ltd. Robert Bosch, Robert Bosch Company Refers to Robert Bosch Co., Ltd, ROBERT BOSCH GMBH Bosch Automobile Diesel, Bosch Diesel System Refers to Bosch Automobile Diesel System Co., Ltd. Weifu Leader Refers to Wuxi Weifu Leader Catalytic Converter Co., Ltd. Weifu Jinning Refers to Nanjing Weifu Jinning Co., Ltd. Weifu Tianli Refers to Ningbo Weifu Tianli Supercharging Technique Co., Ltd. Weifu Chang’an Refers to Wuxi Weifu Chang’an Co., Ltd. Weifu Mashan Refers to Weifu Mashan Pump Glib Co., Ltd. Weifu International Trade Refers to Wuxi Weifu International Trade Co. Ltd. Weifu Schmidt Refers to Wuxi Weifu Schmidt Power System Spare Parts Co., Ltd. Weifu Autocam Refers to Wuxi Weifu Autocam Fine Machinery Co. Ltd. Weifu Electric Drive Refers to Wuxi Weifu Electric Drive Technology Co., Ltd. A uto smart Seating Refers to Wuxi Weifu Autosmart Seating System Co., Ltd. SPV Refers to Weifu Holding ApS IRD Refers to IRD Fuel Cells A/S Borit Refers to Borit NV Weifu Environment Refers to Wuxi Weifu Environment Catalyst Co., Ltd. Weifu Precision Machinery Refers to Weifu Precision Machinery Manufacturing Co., Ltd. Zhonglian Electronic Refers to Zhonglian Automobile Electronic Co., Ltd. Shinwell Automobile Refers to Shinwell Automobile Technology (Wuxi) Co., Ltd. CSRC Refers to China Securities Regulatory Commission SZSE Refers to Shenzhen Stock Exchange Gongzheng Tianye Refers to Gongzheng Tianye Certified Public Accountants (Special General Partnership) The reporting period Refers to From 1 Jan. 2020 to 31 Dec. 2020 Section II Company Profile and Main Financial Indexes I. Company information Short form of the stock WFHT, Su Weifu - B Stock code 000581, 200581 Stock exchange for listing Shenzhen Stock Exchange Name of the Company (in Chinese) 无锡威孚高科技集团股份有限公司 Short form of the Company (in Chinese) 威孚高科 Foreign name of the Company (if applicable) WEIFU HIGH - TECHNOLOGY GROUP CO.,LTD. Short form of foreign name of the Company (if applicable) WFHT Legal representative Wang Xiaodong Registrations add. No.5 Huashan Road, Xinwu District, Wuxi Code for registrations add 214028 Offices add. No.5 Huashan Road, Xinwu District, Wuxi Codes for office add. 214028 Company’s Internet Web Site http://www.weifu.com.cn E - Web @ weifu.com.cn II. Person/Way to contact Secretary of the Board Rep. of security affairs Name Zhou Weixing Yan Guohong Contact add. No.5 Huashan Road, Xinwu District, Wuxi No.5 Huashan Road, Xinwu District, Wuxi Tel. 0510 - 80505999 0510 - 80505999 Fax. 0510 - 80505199 0510 - 80505199 E - [email protected] [email protected] III. Information disclosure and preparation place Newspaper appointed for information disclosure China Securities Journal; Securities Times; Hong Kong Commercial Daily Website for annual report publish appointed by CSRC http://www.cninfo.com.cn Preparation place for annual report Office of the Board of Directors IV. Registration changes of the Company Organization code 91320200250456967N Changes of main business since listing (if applicable) No change Previous changes for controlling shareholders (if applicable) Controlling shareholder of the Company was Weifu Group before 2009. and in 20 0 9, controlling shareholder changed to Industry Group since 31 May 2009 due to the merged of Industry Group a nd We ifu Group. Both Weifu Group and Industry Group were state-owned companies of Wuxi State - owned Assets Supervision & Administration Commission, therefore, actual controller of the Company turns to Wuxi State - owned Asset s Supervisi on & Administration Commission of State Council. V. Other relevant information CPA engaged by the Company Name of CPA Gongzheng Tianye Certified Public Accountants (Special General Partnership) Offices add. for CPA 10/F, No.5 Building, Jiakaicheng Fortune Center, Jingrong 3 rd Street, Taihu Xincheng, Binghu District, Wuxi, Jiangsu Province Signing Accountants Bai Lingjing, Zhang Qianqian Sponsor engaged by the Company for performing continuous supervision duties in reporting period □ Applicable √ Not applicable Financial consultant engaged by the Company for performing continuous supervision duties in reporting period □ Applicable √ Not applicable VI. Main accounting data and financial indexes Whether the Company is required to retrospectively adjust or restate prior year’s accounting data □ Yes √ No 2020 2019 Changes over last year (+, - ) 2018 Operation revenue (RMB) 12,883,826,306.60 8,784,356,960.30 46.67% 8,721,674,671.18 Net profit attributable to shareholders of the listed company(RMB) 2,772,769,377.96 2,268,026,432.78 22.25% 2,396,077,415.21 Net profit attributable to shareholders of the listed company after deducting non - recurring gains and losses(RMB) 2,089,986,086.10 1,947,408, 959.68 7.32% 2,014,800,714.20 Net cash flows arising from operating activities (RMB) 781,811,234.01 1,048,670,053.23 - 25.45% 874,381,526.63 Basic earnings per share (RMB/Share) 2.79 2.25 24.00% 2.37 Diluted earnings per share (RMB/Share) 2.79 2.25 24.00% 2.37 Weighted average ROE 15.78% 13.77% 2.01% 15.48% Year - end of 2020 Year - end of 2019 Changes over end of last year (+, - ) Year - end of 2018 Total assets (RMB) 27,350,695,388.21 23,958,348,185.78 14.16% 20,892,041,460.30 Net assets attributable to shareholder of listed company (RMB) 18,282,017,990.66 16,990,405,136.62 7.60% 15,913,828,778.82 The lower of the company’s net profit before or after deduction of non - recurring profit (gain)/loss for the last three financial years is negat ive, and the audit report for the latest year indicates that there is uncertainty about the company’s ability to continue as a going concern □Yes √No The lower of the net profit before or after deduction of non - recurring profit (gain)/loss is negative □Yes √No VII. Difference of the accounting data under accounting rules in and out of China 1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) □ Applicable √ Not applicable The Company had no difference of the net profit or net assets disclosed in financial report, under either IAS (International Accounting Standards) or Chinese GAAP (Generally Accepted Accounting Principles) in the period. 2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting rules and Chinese GAAP (Generally Accepted Accounting Principles) □ Applicable √ Not applicable The Company had no diff erence of the net profit or net assets disclosed in financial report, under either foreign accounting rules or Chinese GAAP (Generally Accepted Accounting Principles) in the period. VIII. Quarterly main financial index In RMB Q 1 Q 2 Q 3 Q 4 Operation revenue 2,772,108,717.43 3,822,294,907.13 3,324,132,346.07 2,965,290,335.97 Net profit attributable to shareholders of the listed company 549,996,717.72 776,347,707.26 903,901,365.25 542,523,587.73 Net profit attributable to shareholders of the listed company after deducting non - recurring gains 495,225,376.36 680,349,352.50 572,795,992.17 341,615,365.07 and losses Net cash flows arising from operating activities 319,204,809.86 118,452,262.55 624,71 7,046.92 - 280,562,885.32 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 IX. Items and amounts of extraordinary(non-recurring) profit (gains)/loss √Applicable □ Not applicable In RMB Item 2020 2019 2018 Note Gains/losses from the disposal of non - current asset (including the write - off that accrued for impairment of assets) 10,719,959. 77 28,992,604.71 96,162,222.57 Governmental subsidy reckoned into current gains/losses (not including the subsidy enjoyed in quota or ration according to national standards, which are closely relevant to enterprise’s business) 146,475,795.26 91,170,663.57 48,811,314.99 Fund possession fees reckoned in current gains/losses that charged to non - financial enterprises 1,608,477.64 Profit and loss of assets delegation on others’ investment or management 271,684,174.09 236,832,172.54 311,261,918.65 Gains/losses of fair value changes from holding the transaction financial asset, derivative financial assets, transaction financial liability and derivative financial liability and investment earnings obtained from disposing the transactio n financial asset, derivative financial assets, transaction financial liability, derivative financial liability and other debt investment, except for the effective hedging business related to normal operation of the Company 375,102,546.00 24,394,637.95 16 ,880,487.62 Switch back of provision for depreciation of account receivable and contractual assets which were singly taken depreciation test 3,078,424.43 1,700,000.00 466,200.00 Other non - operating income and expenditure except for the aforementioned items - 3,090,715.87 2,183,276.39 - 597,126.12 Other gain/loss qualify the definition of non - recurring gains/losses 353,111.39 Less: Impact on income tax 116,175,046.47 57,345,714.82 70,234,077.14 Impact on minority shareholders’ equity (post - tax) 5,011,845.35 8,918,644.88 21,827,350.95 Total 682,783,291.86 320,617,473.10 381,276,701.01 -- Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss , and the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss , explain reasons □ Applicable √ Not applicable In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/l oss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss Section III Summary of Business I. Main businesses of the company in the reporting period (i) Main business of the Company According to the data released by China Association of Automobile Manufacturers: the production and sales volume of automobiles for year of 2020 in the country amounted to 25.22 million and 25.31 million respectively, with 2% and 1.9% down from a year earlier respectively; of which, the production and sales volume of passenger vehicles were 19.99 million and 20.18 million respectively, with 6.5% and 6% declined over same period of last year respectively. In 2020, driven by the elimination of National III vehicles, the tightening of overload/over-speed and infrastructure investment, the annual production and sales of commercial vehicles showed significant growth. The production and sales volume of commercial vehicles in 2020 were respectively amounted as 5.23 million and 5.13 million, exceeding 5 million for the first time and reaching a record high. The production and sales of commercial vehicle increasing by 20.0% and 18.7% on a y-o-y basis respectively. During the reporting period, the company's main business was the production and sales of auto mobile components. The main products included diesel fuel management system products, after - treatment system products and air management system products. Since the beginning of the year, the company has actively seized market opportunities, seized key products and key customers, and achieved a steady increase in market share. The business of the three major systems has grown rapidly, and achieved the company's goal of over ten s of billions of operating income. Main uses of the Company's products: 1.The fuel management 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. Products can meet the national emission regulation standards. 2.After-treatment system products,which mainly support the major manufacturers of automobile, motorcycle and general machinery at home and meet the national emission standards. 3.Air management system products (supercharger),matches with most of the domestic small-bore diesel engine plants and some 6-cyl diesel engine manufacturers, and meet the needs of the light and heavy commercial vehicles, some passenger cars and engineering machinery. Products can meet the national emission regulation standards. 4. Key parts of the fuel cell, including membrane electrodes, graphite bipolar plates, metal bipolar plates and BOP key components for domestic and foreign fuel cell reactor and system manufacturers. (ii) During the reporting period, development stage and periodical characteristics of the industry to which the company belongs, as well as the company’s position in the industry 2021 is the first year for the development of the "14 th Five - Year Plan", and is also the year to embark on a new journey of building a socialist modern country in an all - round way and march towards the second centenary goal. It is a milestone in our country's development process. As the epidemic prevention and control becomes normal, the economy as a whole will maintain growth under the influence of a low base and recovery resonance. Standing at the historical intersection of the "two centenary" goals, the auto industry will fully enter a new stage of transform ation and upgrading with high - quality development. The new development pattern, which is dominated by the domestic large - scale cycle and the mutual promotion of the international and domestic double cycles, has given China's auto industry more significant responsibilities. During the "14 th Five - Year Plan" period, our country's auto industry will maintain a steady development trend. From the perspective of the development situation, promoting automobile consumption is the main task of stabilizing growth and expanding domestic demand; enhancing the independent controllability of the supply chain of the industrial chain is the main means to achieve high - quality industrial development; the upgrading of emission regulations and the new dual - slope policy are compe lling companies to carry out more stringent reforms to reduce consumption and emissions; carbon peaking and carbon neutrality promote the further development of new energy vehicles; intelligent networking, rapid penetration of ADAS and smart cockpits, and 5G promote the development of the Internet of Vehicles. In the new round of technological revolution and industrial transformation, the company will respond to industry challenges with a positive attitude, seize industry development opportunities, and stri ve to jointly create a better tomorrow for the auto industry. After more than 60 years of hard work, the company has become a backbone enterprise of key parts of domestic auto, 80% products of the existing Automobile components core business are matched with the electronic control systems and electronically controlled. The company will actively respond to the national new energy and intelligent network strategy, take the Automobile components industry chain as the core and other related fields as supplements, lay out new energy auto drive technology, and promote the hydrogen fuel cell technology and intelligent network technology research and development capacity building. Market objectives: consolidate the existing business market position and take a position in the new business potential market. Technical objectives: strengthen the technical strength of the pillar business, lay out the new business frontier technology, and actively expand new areas based on the existing business. Strive to achieve the goal of becoming a leader in the auto core parts enterprises. II. Major changes in main assets 1. Major changes in main assets Major assets Cause of major changes Equity assets No major change Fixed assets No major change Intangible assets No major change Construction in progress No major change Other non - current financial assets Other non - current financial assets at period - end has major changes over that of year - begin, mainly because the number of financial products held for more than one year increased. Goodwill Goodwill at period - end has major changes over that of year - begin, mainly because the Company acquir ed 100% equity of Borit by way of equity acquisition in cash in the Period, cost of consolidation is greater than the fair value of the identifiable net assets of Borit’s 2. Main overseas assets √Applicable □ Not applicable Specific content of the asse t Cause of formation Asset size Location Operation model Control measures to guarantee asset security Inco me status The proportion of overseas assets in the company’s net assets Whether there are significant risks of impairment (Y/N) IRD Fuel Cells A/S Enterprise combine under the different control RMB 64.9628 million Denmark Wholly - owne d subsidiary of the company, R&D, production and sale of the fuel cell component products The Company will pay full attention to the changes in the industry and markets, strengthen corporate governance, personnel management, financial management, audit supervision and performance assessment N/A 0.36% N Borit NV Enterprise combine under the different control RMB 114.6663 million Belgium Wholly - owne d subsidiary of the company, production and sale of the The Company will pay full attention to the changes in the industry and markets, strengthen corporate governance, personnel N/A 0.63% N fuel cell component products management, financial management, audit supervision and performance assessment III. Core Competitiveness Analysis 1. Technology and product advantages. The company is a national high-tech enterprise. It has scientific research platforms such as "National Enterprise Technology Center", "National High-tech Research and Development Plan Achievement Industrialization Base", "Post-Doctoral Scientific Research Workstation", and "Jiangsu Postgraduate Workstation". Its subsidiaries have established a number of provincial-level engineering and technological research centers, provincial-level engineering laboratories, and other research and development institutions, mainly focus on fuel injection systems, exhaust after-treatment systems, and air management systems to conduct technical research and product development. At present, the company has mastered a number of core patented technologies, the main product technical indicators are at the leading level in the industry, and have strong market competitiveness. In recent years, the company has made arrangements in the fields of new energy and intelligent network technology, and strengthened the development of new business research and development capabilities. The company’s technology center has established a new energy and network technology research institute, built a new energy core component test center, and initially achieved the research and development capabilities for the core parts and components of hydrogen fuel cell and intelligent network technology products. 2. Industry and brand advantages. After more than 60 years of development, the company has become a well-known enterprise in the domestic automobile components industry, and has established long-term and stable supporting relationships with major domestic OEMs. 80% of the existing automobile components core business products are matched with electronic control systems and realize electronic control, and take a leading position among independent brands. The company is a pioneer in China's internal combustion engine industry and one of China's top 100 automobile components companies. 3. Advantages in marketing and service. The company has a stable, professional and experienced marketing team that can provide targeted support and services according to customer needs, and customer relationships are harmonious. For long-term strategic customers, the company has established a four-in-one marketing collaboration organization composed of leaders, key account managers, marketing departments, and business departments. The company’s management exchanges regular visits to promote exchanges and cooperation. Over the years, the company has won many honors such as "Excellent Quality Award", "Excellent Supplier", "Outstanding Supplier" and "Win-Win Cooperation Award" awarded by customers with its stable product quality and timely delivery. The company has a relatively complete after-sales service system, and has built after-sales service networks, intelligent service platforms, and has established special maintenance technical service stations across the country to regularly conduct maintenance and fault analysis and judgment training for end users, which can provide customers with fast, timely, and professional all-round after-sales services. 4.Management and manufacturing advantages. The company has a complete organizational structure, continues to optimize management systems and processes, and has built five major information systems such as financial sharing platforms and IOS & Android applications to realize the effective migration and stable operation of organization and personnel, business and accounting. The company has established human resources information system platforms, and realized the timely and accurate standardization of basic data of organization, personnel, salary, and attendance; the procurement sharing system has opened the information interconnection between the enterprises and the suppliers, and realized the closed-loop management to the procurement requirements, sourcing, supplier management, and payment settlement process. The company fully implements the Weifu Production System (WPS) with lean concepts, and promotes continuous improvement of the system and the workshop, which effectively improves production efficiency and reduces manufacturing costs. The company has built a quality management system for the whole process, and guaranteed the product quality level through a transparent, intelligent, and lean quality control platform. The company focuses on intelligent manufacturing, continues to build intelligent factories with Weifu characteristics, builds MES, ERP, data center cloud platform, SRM and other systems, and promotes the application of cloud computing and 5G networks, which will strongly support future business development needs. 5. Talent advantage. The company's management team has extensive experience and a good industry reputation in the Automobile components industry. The company pays attention to the growth of employees and the construction of a core talent team. After years of accumulation, it has accumulated a group of professional and high-quality management and technical personnel, established a reasonable talent echelon, and provided strong manpower resource guarantee for the company's long-term and stable development. The company's human resource management system is relatively complete, focusing on strategy, business, and employees, and continuously optimizing various human resource management systems to provide a fair value realization platform for employees' career development. The company pays attention to the service and care of employees, improves the service experience of employees in a mobile, intelligent and self-service way through the establishment of employee self-service platform,and creates a working environment with warmth and sense of belonging. Section IV Discussion and Anal ysis of the Operation I. Introduction (i) Overall situation Since the beginning of the year, the market environment has been complex and changeable. In the face of the severe challenges brought by the epidemic, the government quickly introduced a series of policy measures to deal with the epidemic and promote the resumption of work and production, so that the macro economy has shown a rapid recovery after the COVID-19 epidemic was effectively controlled, realizing the economy from falling to rising, maintaining the overall economic and social stability. The performance of the automobile industry was much better than expected. Although the production and sales of the whole year were stable and slightly decreased, the overall performance presented strong development resilience and driving force.According to the data released by China Association of Automobile Manufacturers: the production and sales volume of automobiles for the whole year amounted to 25.22 million and 25.31 million respectively, with 2% and 1.9% down from a year earlier respectively; of which, the production and sales volume of passenger vehicles were 19.99 million and 20.18 million respectively, with 6.5% and 6% declined over same period of last year respectively, the production and sales volume of commercial vehicles were respectively amounted as 5.23 million and 5.13 million, a y-o-y growth of 20.0% and 18.7% respectively. Facing the complex and changeable external environment, the company’s board of directors actively responded to the national epidemic prevention requirements, actively did a good job in the epidemic prevention and control and the resumption of work and production, had the courage to fulfill social responsibilities, seized the policy opportunities of national economic recovery, and concentrated on forging ahead in concert, the company outperformed the annual various operating performance indicators established at the beginning of the year.During the reporting period, operating revenue achieved 12.884 billion Yuan with 46.67% up on a y-o-y basis; total profit amounted to 3.003 billion Yuan with 22.54% increase on a y-o-y basis; total assets of the Company was 27.351billion Yuan with 14.16% up from a year earlier; and the owners interest attributable to parent company was 18.282 billion Yuan, a y-o-y growth of 7.60% achieved. (ii) Main work carried out 1. Seize market opportunities and achieve a new breakthrough in operating income of tens of billion yuan. Since the beginning of the year, the company actively responds to the complex market environment, seized opportunities, seized key products and key customers, and achieved a steady increase in market share. The three major system businesses grew rapidly, achieving the company's goal of over tens of billion yuan in revenue from its main business. Fuel management system business achieved annual sales of 2.1 million sets of common rail pumps, hitting a record high; VE distribution pumps increased their share in the off-road market, with sales exceeding 350,000 sets, an increase of nearly 20% on a year-on-year basis; in terms of after-treatment system business, gasoline purifiers achieved annual sales volume exceeding 2 million sets, diesel purifiers achieved annual sales volume exceeding 500,000 sets, both year-on-year increase of over 50%. The overall market share of passenger vehicles continued to rise. The commercial vehicle market was actively expanding its core customers' National VI projects. In the off-road market, a customer base for key projects has been established. In terms of air management system business, the four-cylinder turbocharger has been deployed in the gasoline engine market to acquire key project customer groups. The company has maintained a leading position in the diesel engine market share. Sales volume of six-cylinder turbochargers increase of over 50%，and it successfully acquired important customers in the National-VI projects. Meanwhile，the company's manufacturing capabilities for precision manufacturing and parts processing have been rapidly improved. 2. Intensify technological research and development and promote the development of new products.Continued to tap the technical potential of fuel injection system products and expand key customer project products. The company has gradually achieved mass production in major customer projects for gasoline turbocharger products, six-cylinder turbochargers have won a full range of natural gas projects from important customers, four-cylinder gasoline turbocharger passenger car projects have successively obtained new National-VI B projects, and four-cylinder diesel turbocharger successfully obtained National-VI projects in key markets. The company has completed the packaging development of the National-VI GPF catalyst products of core customers on passenger vehicles for exhaust after-treatment system products, and realized mass supply. The WSP2.0 packaging platform is being developed on commercial vehicles, and each stage of the test has been completed on schedule; completed the design, trial production and testing of functional samples of core components for new energy products, and mastered the basic research and development capabilities. In terms of hydrogen fuel cell products, the company has completed the fully independent development of core materials for the fuel cell core materials from catalyst, gas diffusion layer (GDL) to membrane electrode (MEA); completed the full water-based ink formulation optimization and catalyst layer leveling optimization of catalyst coating membrane (CCM), and the performance is greatly improved. For extended field products, the first smart seat has left the production line, and commercial vehicle seats have officially started mass production. 3. Layout new business in an orderly manner. Continued to promote the strategic planning of fuel cells and core components of the intelligent network, newly increased and defined planning for key strategic products such as metal bipolar plates, auxiliary components (BOP), situational awareness systems, automotive smart seats. Focused on the two major fields of hydrogen fuel cell and intelligent network connection for new business layout. The company has continued to increase the layout and investment of hydrogen fuel cells, acquired 100% equity of Belgian Borit Company, and focused on developing IRD's business in the Chinese market, and accelerated the construction of the core competitiveness of bipolar plates with dual technology routes (metal, graphite). In the field of intelligent network connection, the environmental situation awareness system has won a number of customer projects, and the current focus is on intelligent security and industrial intelligent manufacturing to actively carry out product development, manufacturing and market capacity building. The company has completed the establishment of a joint venture of Weifu Autosmart Seating System Co., Ltd. (WFAS) and started operations. 4. Continuously improve operation and management capabilities. Information construction: the company continued to promote projects such as intelligent manufacturing, supply chain collaboration, and process management through information technology’s strong supports to the optimization and upgrading of the company's management level. Completed the high-level planning and design of the supply chain, data collection and preliminary analysis; completed the construction of the Aris process management platform and the unified process management portal, which provided a guarantee for the efficient operation of the long-term mechanism of （未完）  |