[年报]苏常柴Ｂ(200570):2021年年度报告全文（英文版）（更新后）
原标题:苏常柴Ｂ:2021年年度报告全文（英文版）（更新后） ANNUALREPORT2021 April2022 TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................3 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis..............................................................................11 PartIVCorporateGovernance.......................................................................................................46 PartVEnvironmentalandSocialResponsibility..........................................................................67 PartVISignificantEvents...............................................................................................................68 PartVIIShareChangesandShareholderInformation................................................................79 PartVIIIPreferredShares..............................................................................................................89 PartIXBonds...................................................................................................................................90 PartXFinancialStatements............................................................................................................91 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofChangchaiCompany,Limited(hereinafterreferredtoas the “Company”) hereby guarantee the factuality, accuracy and completeness of thecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.ShiXinkun,theCompany’slegalrepresentative,ZhangXin,theCompany’sGeneralManager,andJiangHe,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete. AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. Anyplansforthefutureandotherforward-lookingstatementsmentionedinthisReportshallNOTbeconsideredasabsolutepromisesoftheCompanytoinvestors.Therefore,investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. TheCompanyhasdescribedindetailtherisksitmightfacein“XIProspects”in“PartIIIManagementDiscussionandAnalysis”herein. TheBoardhasapprovedafinaldividendplanasfollows:basedonthe705,692,507shares,acashdividendofRMB0.26(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves. DocumentsAvailableforReference 1.ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,GeneralManagerandheadofthefinancialdepartment. 2.TheoriginalcopyoftheIndependentAuditor’sReportsignedandsealedbytheCPAs,aswellassealedbytheCPAfirm. 3.TheoriginalsofalltheCompany’sdocumentsandannouncementswhichweredisclosedonSecuritiesTimeandTaKungPao(HK)(newspapersdesignatedbytheCSRCforinformationdisclosure)duringtheReportingPeriod. 4.TheAnnualReportdisclosedinothersecuritiesmarkets. Theabove-mentioneddocumentsavailableforreferenceareallkeptintheSecretariatoftheBoardofDirectorsoftheCompanyandtheShenzhenStockExchange. ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.Definitions
ICorporateInformation
TheindependentauditfirmhiredbytheCompany:
√Applicable□Notapplicable
□Applicable√Notapplicable VIKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes√No
Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegative. □Yes√No VII Accounting Data Differences under China’s Accounting Standards for BusinessEnterprises (CAS) and International Financial Reporting Standards (IFRS) and ForeignAccountingStandards 1.NetProfitandEquityunderCASandIFRS □Applicable√Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable√Notapplicable NodifferencefortheReportingPeriod. 3.ReasonsforAccountingDataDifferencesAbove □Applicable√Notapplicable VIIIKeyFinancialInformationbyQuarter Unit:RMB
IXExceptionalGainsandLosses √Applicable□Notapplicable Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—ExceptionalGain/LossItems: □Applicable√Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IIndustryOverviewfortheReportingPeriod Weareamanufacturerofinternalcombustionenginesandfittingsingeneralequipmentmanufacturing.Accordingtotheclassificationoffuelused,internalcombustionenginesaremainlydividedintodieselenginesandgasolineengines.Ourdieselenginesandgasolineenginesaremainlyusedinnon-roadmobilemachineryfieldssuchasagricultureandengineeringrepresentedbytractors,plantprotectionmachinery,andsmallconstructionmachinery. (1)Basicinformationontheindustry TheinternalcombustionengineisanimportantsupportforChina'smanufacturingindustrysecurity,energysecurityandnationaldefensesecurity,andanimportantbasicindustryofnationaleconomyandnationaldefenseconstruction.Theinternalcombustionengineisthemostpower-dense,thermallyefficientandwidelyusedheatenginepowerunit.Forsometimetocome,theinternalcombustionenginewillstillbethedominantpowerforautomobiles, construction machinery, agricultural machinery, ships and generator sets, motorcycles, garden machinery,andmilitaryequipment. Inordertoimplementthenationaloveralldevelopmentstrategyofenergyconservation,emissionreduction,transformation,andupgrading,theinternalcombustionengineindustryandagriculturalmachineryindustrywillstrengthenindependentinnovationandresearchanddevelopment,acceleratetheconstructionofacommonbasictechnology platform, optimize the constructionof the upstream and downstreamindustry chain,implement intelligent manufacturing, and actively carry out international exchange and cooperation to accelerate the realizationofindustrialtechnologyupgrading. (2)Developmentpatternandtrendoftheindustry China'sdieselengineandgasolineengineindustriespresentapatternofmultiplecompetitions.Asthestateadopts increasinglystrictenvironmentalprotectionpolicyandtheemissionstandardscontinuetoupgrade,especiallyas ChinaVIemissionregulationsforgasolineenginesandChinaIVemissionregulationsfornon-roadmobilemachinerydieselenginesareorwillbeimplemented,thecoretechnologyandkeypartsofinternalcombustionengineswillberapidlydevelopedandapplied,andtheresearch,development,promotingandapplicationofenvironmentallyfriendlyandefficientdieselenginesandgasolineengineswillbecomethemainstreamtrend,whichpromotesthewideuseofthefuelinjectionsystem,high-efficiencysuperchargerandhigh-efficiencyafter-treatment.Inthenewnormal,theinternalcombustionengineindustryandagriculturalmachineryindustrywillimprovetheindustry'scapabilityofindependentinnovation,supportthewholemachinedevelopment,andorganizeandimplementgreenmanufacturingandintelligentmanufacturing,soastoimprovetheoverallstrengthoftheindustry.Themarketshareofdieselandgasolineenginesisgraduallyconcentratedinafewlarge-scaleenterpriseswithtechnicalandcapitalstrength. Thepresentdevelopmenttrendofinternalcombustionengineindustryisasfollows:(1)energysavingandemissionreduction;(2)intelligentmanufacturing;(3)lightweight.Medium-andlow-endinternalcombustionengineswithlowtechnicalcontentandlowaddedvaluewillbegraduallysqueezedoutofthemarket.Theupgrade of emission standards and the market's demand for high-end products will eliminate those small enterpriseswithlowlevelofresearchanddevelopmentorlesstechnologyreserves.Theindustryleaderswillshowthetrendofincreasingmarketshareandrisinggrossprofitmargincenter,andhavethepowertofixthemarketpriceofcoreproducts. Thetotalsalesofinternalcombustionenginesin2021were50,473,600units,anincreaseof7.82%comparedto2020 and 6.97% compared to 2019.The total powerforthe yearwas 2,752,177,900kilowatts, up 5.71%year-on-year.Thetotalsalesofdieselenginesfortheyearwere6,108,400units,down3.67%year-on-year.Specifically,1,048,100enginesforconstructionmachinery,1,464,800enginesforagriculturalmachinery,40,200 enginesforshipbornemachinery,and317,500enginesforelectricitygenerationweresold.Thesalesofgasolineinternalcombustionengineswere44,350,600,anincreaseof9.67%year-on-year.Theoverallsituationofgasolineengineswasgood.SinceSeptember,theautomotivemarketwhichaccountsforalargerproportionhasgraduallyrebounded,leadingtoanoverallimprovementintheindustry.However,duetothecontradictionbetweensupplyanddemandofrawmaterials,recurrentepidemicsandotherfactors,themarketdemandwasstillsuppressed.Also,dieselengineshavedecreasedyear-on-yearforeightconsecutivemonths.Intermsofthesegmentsoftheinternalcombustionenginemarket,in2021,1,135,800unitsforconstructionmachineryweresold,up12.64%year-on-year;5,369,200unitsforagriculturalmachineryweresold,up27.44%year-on-year;40,200unitsforshipbornemachineryweresold,up19.69%year-on-year;1,547,300unitsforgeneratorsetsweresold,up30.24%year-on-year;2,498,800unitsforgardenmachineryweresold,up18.35%year-on-year.Enginesforgeneratorsetsandagriculturalmachineryperformedwell,bothwithanincreaseofaround30%.Construction,shipborne,andgardenmachineryalsogrewby10-20%.IIPrincipalActivityoftheCompanyintheReportingPeriod 1.PrincipalOperationsoftheCompany WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasoline engines under the brand "Robin". Our products are mainly used in agricultural machinery, small constructionmachinery,lightcommercialvehicles, generatorsetsandshipbornemachineryandotherfieldscloselyrelatedtopeople'slivelihood. IntheReportingPeriod,therewerenomajorchangesintheCompany'scorebusinessandmainproducts.2.MainProductsoftheCompany Ourmainproductsaredividedintotwocategories:dieselenginesandgasolineengines.Thedetailsareasfollows:
(1)R&Dmodel Wehaveestablishedaninnovativetechnologymanagementsystemforinternalcombustionenginebasedonmarketdemandandforward-lookingtechnologies.Priortothenewproductsornewtechnologiesdevelopment,themarketingdepartmentfirstconductsmarketassessmentandcustomerresearch,andtheninitiatesaprojectaccordingtotheforecastedmarketdemand;thetechnologycenterconductsdevelopmentaccordingtotheprojectmaterials,andcollectsfeedbackinformationfromthemarketandcustomersinrealtimeduringthedevelopmentprocesstoensuretechnologyleadershipandproductsuitability. (2)Purchasingmodel Weadoptthe"purchase-to-order"purchasingmodel.TheERPsystemconvertsthesalesorders,thesalesplandevelopedbythesalesdepartmentandtheproductionplandrawnupbytheproductiondepartmentintothedemandofpartsneeded,andthepurchasingdepartmentorganizesthepurchaseaccordingtosuchdemand.Meanwhile, the purchasing department makes a plan to guide parts procurement according to the salesdepartment'ssalesplan,andprovideittothesupplier,andurgethesuppliertoprepareforthegoods.(3)Productionmodel Weadopt the "make-to-order" production management model.The sales department makes sales plans fordifferentstagesaccordingtotheordersinhand,salesdatainpreviousyears,marketdemandjudgmentandfeedback of existing customers' purchasing intentions. The Company's production department makes the productionplanaccordingtothesalesordersdisplayedintheERPsystem,thesalesplanmadebythesalesdepartmentandthereserveinventorydemand,andorganizestheproductiontaskinstrictaccordancewiththeplan.Duringtheproductionprocess,thequalityassurancedepartmentarrangesregularinspectiontoensuretheproductquality. (4)Salemodel Weadoptthesalesmodelof"directselling+distribution",i.e.thedirectsellingmodelforthemainenginefactory, andthedistributionmodelfortheindividualcirculationmarketrepresentedbyfarmersandoverseasmarket.4.TheCompany'spositioninthemarket WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasolineenginesunderthebrand"ChangchaiRobin".Uptonow,wehavesuccessfullydevelopedanumberofadvancedcoretechnologieswithindependentintellectualpropertyrights.Intermsofdieselengine,accordingtothestatisticsofChinaInternalCombustionEngineIndustryAssociation(CICEIA),asthelargestsmall-andmedium-sizedsingle-cylinderdieselenginemanufacturerintheagriculturalmachineryindustryofChina,wehavemaintainedahighmarketshareofsingle-cylinderengines,andourmarketshareofsingle-cylinderdieselenginesofsomepowerrangeshasrankedfirstinChina.Formanyyears,intheprocessofachievingsteadyeconomicdevelopmentoftheenterprise,wedevelopedinasoundmannerandcultivatedthe"Changchai"brand,afamoussmalldieselenginebrandofChinawithindependentintellectualpropertyrights.5.KeyPerformanceDrivers (1)Nationalpolicydriver Inrecentyears,variousdepartmentsofthestatehaveintroducedaseriesofpreferentialpoliciestoencouragethedevelopmentofinternalcombustionengineindustry.Intermsofagriculturalmachinery,thecentralgovernmenthastakensolvingtheproblemsrelatingto"agriculture,ruralareasandfarmers"asthetoppriorityoftheworkofthePartyandthegovernment,andissuedaseriesofpoliciestobenefitfarmers,creatingagoodatmosphereforpromotingthedevelopmentofagricultureandeconomyandsocietyinruralareas;intermsofconstructionmachinery,thestrategyof"westerndevelopment",the"eightverticalandeighthorizontal"high-speedrailwaynetworkplanandthepolicyof"newruralconstruction"haveallcreatedagoodpolicyenvironmentfortheapplicationofinternalcombustionengineindownstreamconstructionmachinery.(2)IndustrialchainsynergyempowersthesustainabledevelopmentoftheCompanyWehavebuiltourowncastingmanufacturingandprocessingplantstomeettheuserequirementsofsomedieselengineparts.Intermsofproductionandquality,wehaveformedasignificantsynergywithitsowninternalcombustionengineassemblyteam.OurcastingmanufacturingteamandinternalcombustionengineassemblyteamworktogethertoformamutuallyreinforcingpositivefeedbacklooptoassisttheCompanyinintegratingtheinternalcombustionengineindustrychainandbuildingdifferentiatedindustrybarriers.Intermsofcollaborative production,thereductionofexternalpurchaseisofgreatsignificancefortheCompanytoreduceprocessflow,reduceintermediateloss,improveproductionefficiency,shortendeliverytimeandincreasepurchasingbargaining power.Intermsofqualitycoordination,theself-builtfoundrycanimproveourqualitycontrolofpartstoimprovetheyieldandreliabilityofinternalcombustionengines. (3)StableandefficientR&Dteam Wehaveexperiencedtechnicalmanagementteamandperfecttechnicalsupportteam.OurkeytechnicalpersonnelandR&DmanagementpersonnelhavebeenengagedininternalcombustionengineR&Ddesign,productionandmanufacturingforalongtime.Withprofoundprofessionalknowledgeandrichpracticalexperience,theycanmakestrongforward-lookingandscientificjudgmentinthemarketdirectionandtechnicalroute.Also,wehaveestablishedaneffectivetrainingmechanismtofostertalentedpersonsforthefollow-upR&D.(4)Well-knownbrandwithmanywell-knowncustomers TheCompany,formerlyknownasChangzhouDieselEngineFactory,isanationalindustrialenterprisewithahistoryofahundredyearsandoneoftheearliestprofessionalinternalcombustionenginemanufacturersinChina.Our diesel and gasoline engines, as power sources of agricultural machinery, construction machinery and commercialvehicles,showexcellentperformanceinpowerrange,reliability,powerperlitre,noisecontrolandemissionstandards,andhavebeenrecognizedbycustomers.Wemaintainedalong-termpartnershipwithmajorcustomers,withcumulativepartnershiptimeexceeding15years.ManymainengineplantcustomersoftheCompanyarewell-knownenterprisesintheagriculturalmachineryindustry,withtheirmarketsharesbeingattheforefrontofthemarket. IIICoreCompetitivenessAnalysis 1.AdvantagesinBrand Changchaiisanationalindustrialenterprisewithahistoryofoveronehundredyears.Itisoneoftheearliestprofessionalmanufacturers of internalcombustion engines in China.The brand"Changchai" is the earliest domestic trademark of production goods known as China's well-known trademarks. The diesel engine of"Changchai"brandisChina'sbrand-nameproduct.TheenterprisehasbeencertifiedbyISO9001andIATF16949quality systems, ISO14001 environmental management system, IATF16949 automotive product qualitymanagementsystem,andaccessedtothenationalexport-freeenterprisequalification.Changchaiwashonorablyranked among “theTopOne Hundred Chinese Enterprises in Engineering Industry” and“China Pacesetter EnterpriseofIndustrialIndustry”forseveraltimes,andwasawardedthehonorarytitleof“State-levelEnterprise ofObservingContractsandKeepingPromise”,“China'sAgriculturalMachineryPartsandComponentsLeadingEnterprises”,“China'sAgriculturalMachineryAAACreditEnterprise”,“QualityManagementExcellenceAward ofJiangsuProvince”and“MayorQualityAwardofChangzhouCity”.TheCompanyhasbeenamongthe10users’mostsatisfiedleadingbrandsin“JingGeng”competitionformanyyears.In2021,theCompanywasawardedhonorarytitlessuchasNationalTop100EnterprisesofMachineryIndustry,NationalDemonstrationEnterpriseofProductandServiceQualityIntegrity,NationalQualityLeaderofInternalCombustionEngineIndustry, National Quality Leading Brand of Internal Combustion Engine Industry, Top 100 InnovativeEnterprisesofJiangsuProvince,DemonstrationInstitutionofIntelligentAgriculturalMachineryManufacturingof JiangsuProvince,"Five-starEnterpriseintheCloud"ofJiangsuProvince.Formanyyears,intheprocessofachievingsteadyeconomicdevelopmentoftheenterprise,wedevelopedinasoundmannerandcultivatedthe“Changchai”brand,afamoussmalldieselenginebrandofChinawithindependentintellectualpropertyrights.2.AdvantagesinTechnology TheCompanyhasastate-leveltechnologycenterandpost-doctoralresearchstation,andaresearchcenterofsmallandmedium-powerinternalcombustionengineengineeringandtechnologyinJiangsuProvince.Currently,itismainlyengagedinproductionofsmallandmedium-powersingle-cylinderandmulti-cylinderdieselengine.Ithasacompleteproductrange,awidepowerlevelcoverage,ahighreputationandintellectualpropertyrightsforitsmainproducts.DuringtheReportingPeriod,twoQCachievementswonthefirstandsecondprizesoftheAchievementsof2021ExcellentNationalQualityControlTeam'sActivityofNationalMachineryIndustry,the4G33V16dieselenginewasawardedthetitleofNationalMachineryIndustryCustomerSatisfactionProduct,theprojectofKeyTechnologyandEquipmentforDesignandManufactureofLowFrictionFunctionalSurfaceofPowerAssemblywonthesecondprizeofScienceandTechnologyAwardofJiangsuProvince,the4G33Tand4G33V16 diesel engines were recognized as High-tech Products of Changzhou City, the project ofDiesel OutboardEnginePowerandAssemblyDevelopmentwaslistedinScienceandTechnologyPlanofChangzhouCityin2021,andtheprojectofDevelopmentofLightweightLowEmissionDieselEngineofCommonRailSerieswonthethirdprizeinthecity'sinnovationandentrepreneurshipcompetitionin2021.DuringtheReportingPeriod,atotalof22patentsweredeclaredand19patentsweregranted.Currently,theCompanyhasatotalof152patentsgrantedbyauthoritiesathomeandabroad,including12inventionpatents.3.AdvantagesinMarketing Changchaihasbuiltupasalesservicenetworkcoveringthewholecountry,with5salesbusinessunits,26salesservicecenters,and709designatedmaintenancestations.Inaddition,inordertomeettheNationalEmissionStandardIVforNon-RoadVehiclesandprovidebetterafter-salesserviceforcustomers,aservicemonitoringplatformwithChangchaicharacteristicshasbeenputinplace.Withaperfectdieselsalesservicenetworksystem,theCompanyisabletoprovidehighquality,efficientandtimelyservicesforcustomers.IVCoreBusinessAnalysis 1.Overview In2021,infaceofcomplexandseveresituationssuchasadjustmentstotheagriculturalmachinerysubsidypolicy,recurrentdomesticandoverseasepidemics,priceincreaseofrawmaterials,impactonthesupplychainandindustrychain,andshrinkingmarketdemand,theCompanyfocusedontheimplementationofannualpolicyandtarget,andpromotedworkinallrespectswiththemainlineof"strengtheningthemainbusiness,acceleratingtransformation,expandingtheareas,andimprovingqualityandefficiency".TheCompanymaintainedgoodeconomicoperation,achievedgoodbusinessperformance,andwonaseriesofhonorsbyfocusingontechnologyinnovationandqualityimprovementandadheringtothedualdrivebymainbusinessandcapitaloperation.DuringtheReportingPeriod,theCompanysold749,300dieselengines,gasolineenginesandrelatedgeneratorsets,including153,000gasolineengines,generatingtotalsalesrevenueofRMB2,452million,anincreaseof6.79%year-on-year. Intermsofproductdevelopmentandsupport,theCompanymadeeffortsinsegments,developedtheCC12Mdieselengineforthemotorcyclearea,andmettheemissionrequirementsthroughtheplanofcommonrail,EGR,andDOC.Lightpowermadeabreakthroughincoldchainandconstructionmachinerysupport,andmultiplevarietiesofdieselenginescompletedtheperformancetestsandreliabilityverification,withorderlycarryingand supporting;intheareaofshipbornegeneratorsets,carryingofnewproductswasconductedinsmallbatches.Foradvantageous products, adaptive quality improvement and optimization and development of supportingcomponentswerecarriedout. Intermsofmarketservices,theCompanymademulti-dimensionaleffortsinbothinternalandexternalmarkets,continuouslyoptimizedthedistributionnetwork,activelyrespondedtotheforeigntrademarketenvironment,andimplementedadual-brandandintegratedsalesstrategyforwholemachinesandaccessories,fullyguaranteeingthecontinuousgrowthofproductsales.Themarketservicesatisfactionof2021was85.36%,asteadyincreaseyear-on-year.Theserviceresponseandtimelinessduringthefarmingseasonwerebasicallythesameaslastyear.Ayear-on-yearincreaseinrevenuefromsalesofaccessoriesandoilwasachieved.Intermsofqualitymanagement,theCompanystrictlyenforcedthequalityresponsibilitysystem,strengthenedthequalitycontrolprocessmanagement,andeffectivelyreducedqualitylosswhileimprovingproductreliability.The Companyconductedqualityimprovementfocusingonqualityproblemsofkeyproductsandmajormarketfailureproblems,improvedtherapidresponsemechanismandprocedureforbatchproblems,andcontinuouslyreducedtheon-sitezero-kilometerfailurerateofthewholevehicleenterprise.In terms of internal management, the Company continuously strengthened refined management andcomprehensivelyimprovedtheefficiencyofproduction,operationandmanagement.TheCompanymadesolidefforts to reduce costs and cutexpenses, strengthened standardized, normalized and institutionalized safety management,andcontinuedtocarryoutthethree-yearactionofspecialsafetyrectificationofsafetyproduction,with an overall stable safety production situation. The Company strengthened environmental protection rectificationwork.Theenvironmentalmanagementwaseffective,andtheCompanysuccessfullypassedtheISO14001environmentalsystemsupervisionandreviewduringtheyear.DuringtheReportingPeriod,theCompany'snon-publicshareissuanceprojectwassuccessfullyissued,theraisedfundswereremittedtotheCompany'sspecialaccountforfundraisingandunderwentcapitalverification,andtheadditionalshareswerelistedonJuly5.ChangchaiMachinery,theimplementationentityoftherelocationprojectof light engines and casting in the fund-raising project, is currently in the equipment installation and commissioningstage,andisexpectedtohaveconditionsforpilotproductioninMay2022.Thedevelopmentprojectofthedieseloutboardenginefortheinnovationcapacitybuildingprojectofthetechnicalcenterisprogressingsmoothly.Thereliabilityverificationoftheoutboardengineassemblyhasbeenimplemented,andtheusercarryingtestoftheprototypehasbeenorganized,whichwasrecognizedbyusers.Smallbatchproductionhasbeenarrangedtoexpandtheusertestandfurtherexpandthemarketofdieseloutboardengine.2.RevenueandCostAnalysis (1)BreakdownofOperatingRevenue Unit:RMB
√Applicable□Notapplicable Unit:RMB
(3)WhetherRevenuefromPhysicalSalesIsHigherthanServiceRevenue√Yes□No（未完）  |