[年报]苏常柴B(200570):2021年年度报告全文(英文版)(更新后)

时间:2022年04月13日 21:42:11 中财网

原标题:苏常柴B:2021年年度报告全文(英文版)(更新后)

CHANGCHAICOMPANY,LIMITED
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

TermDefinition
“Changchai”, the “Company” or “we”Changchai Company, Limited and its consolidated subsidiaries,exceptwherethecontextotherwiserequires
ChangchaiBenniuChangzhouChangchaiBenniuDieselEngineFittingsCo., Ltd.
ChangchaiWanzhouChangchaiWanzhouDieselEngineCo.,Ltd.
HorizonInvestmentChangzhouHorizonInvestmentCo.,Ltd.
HorizonAgriculturalEquipmentChangzhouChangchaiHorizonAgriculturalEquipment Co.,Ltd.
ChangchaiRobinChangzhouFujiChangchaiRobinGasolineEngineCo., Ltd.
XingshengRealEstateManagementChangzhouXingshengRealEstateManagementCo.,Ltd.
ChangchaiMachineryJiangsuChangchaiMachineryCo.,Ltd.
RMB,RMB’0,000ExpressedintheChinesecurrencyofRenminbi,expressed intensofthousandsofRenminbi
The“ReportingPeriod”or“Current Period”Theperiodfrom1January2021to31December2021
PartIICorporateInformationandKeyFinancialInformation
ICorporateInformation

StocknameChangchai, Changchai-BStockcode000570,200570
StockexchangeforstocklistingShenzhenStockExchange  
CompanynameinChinese常柴股份有限公司  
Abbr.苏常柴  
CompanynameinEnglish(ifany)CHANGCHAICOMPANY,LIMITED  
Abbr.(ifany)CHANGCAHICO.,LTD.  
LegalrepresentativeShiXinkun  
Registeredaddress123HuaideMiddleRoad,Changzhou,Jiangsu,China  
Zipcode213002  
Officeaddress123HuaideMiddleRoad,Changzhou,Jiangsu,China  
Zipcode213002  
Companywebsitehttp://www.changchai.com.cn  
Emailaddress[email protected]  
IIContactInformation

 BoardSecretarySecuritiesRepresentative
NameHeJianjiang 
Address123 Huaide Middle Road, Changzhou,Jiangsu,China 
Tel.(86)519-68683155 
Fax(86)519-86630954 
Emailaddress[email protected] 
IIIMediaforInformationDisclosureandPlacewherethisReportIsLodged
Newspapers designated by the Company for informationdisclosureSecuritiesTimes,TaKungPao(HK)
Website designated by CSRC for publication of thisReporthttp://www.cninfo.com.cn
PlacewherethisReportislodgedBoard Secretariat of the Company and the Shenzhen StockExchange
IVChangetoCompanyRegisteredInformation

Unifiedsocialcreditcode91320400134792410W
Changetoprincipalactivityofthe CompanysincegoingpublicNochange
Every change of controlling shareholdersinceincorporationOn 22 November 2018, the State-owned Assets Supervision and Administration Commission of Changzhou Municipal People’s Governmenttransferreditsentireholdingsof170,845,236sharesinthe Company(astakeof30.43%)toChangzhouInvestmentGroupCo., Ltd.fornocompensation.Thesesharesarenon-restrictedpublicshares.
VOtherInformation
TheindependentauditfirmhiredbytheCompany:

NameGongzhengTianyeCertifiedPublicAccountantsLLP
OfficeaddressYingtongCommerceBuilding,Changzhou,Jiangsu,China
AccountantswritingsignaturesWangWenkai,QinZhijun
TheindependentsponsorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
√Applicable□Notapplicable

NameOfficeaddressRepresentativesSupervisionperiod
ChinaIndustrial SecuritiesCo.,Ltd.10/F,ChinaIndustrial SecuritiesPlaza,36 ChangliuRoad,Pudong NewDistrict,ShanghaiWangLingxiao,Li Lihong5July2021-31 December2022
DonghaiSecuritiesCo., Ltd.6/F,DonghaiSecurities Plaza,1928Dongfang Road,PudongNewDistrict, ShanghaiWangJiangqin,XuQin5July2021-31 December2022
TheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
□Applicable√Notapplicable
VIKeyFinancialInformation
Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes√No

 202120202021-over-2020 change(%)2019
Operatingrevenue(RMB)2,452,430,515.602,296,464,711.246.79%2,045,820,801.10
Net profit attributable to the listed company’s shareholders(RMB)103,006,232.5452,432,443.0596.46%24,966,526.85
Net profit attributable to the listed company’s shareholders before exceptional gains and5,329,092.8725,483,147.57-79.09%14,405,485.64
losses(RMB)    
Net cash generated from/used in operating activities(RMB)-266,323,779.30251,796,654.53---20,325,189.56
Basic earnings per share (RMB/share)0.16570.093477.41%0.0445
Dilutedearningspershare (RMB/share)0.16570.093477.41%0.0445
Weighted average return onequity(%)3.86%2.40%1.46%1.21%
 31December202131December 2020Changeof31 December2021 over31 December2020 (%)31December 2019
Totalassets(RMB)4,860,382,961.263,952,954,464.4522.96%3,488,820,324.60
Equityattributabletothe listed company’s shareholders(RMB)3,077,550,018.332,273,349,347.0235.38%2,110,892,767.58
Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicatedthattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern.□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

 Q1Q2Q3Q4
Operatingrevenue774,218,489.69722,951,966.11484,183,670.58471,076,389.22
Net profit attributable to the listedcompany’sshareholders24,571,254.83104,617,810.77-23,478,352.18-2,704,480.88
Net profit attributable to the listed company’s shareholders before exceptional gains and losses23,604,960.003,555,454.58-9,073,885.20-12,757,436.51
Netcashgeneratedfrom/usedin operatingactivities-184,484,392.4591,930,272.39-223,631,620.0549,861,960.81
IndicatebytickmarkwhetheranyofthequarterlyfinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorinterimreports.□Yes√No
IXExceptionalGainsandLosses
√Applicable□Notapplicable
Unit:RMB

Item202120202019Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs)155,515.49263,408.531,914,137.47 
Government grants through profit or loss (exclusive of government grants consistently given in the Company’sordinarycourseof business at fixed quotas or amountsaspergovernmental policiesorstandards)4,268,950.187,763,215.655,312,295.51 
Capitaloccupationchargeson non-financial enterprises that arerecognizedinprofitorloss 344,842.86536,504.84 
Gain or loss on fair-value changes on held-for-trading financialassets andliabilities114,738,153.5427,526,935.85-49,255.00Increaseinthefair valueofwholly-owned subsidiaryHorizon
& income from disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets (exclusive of the effective portion of hedges that arise in the Company’s ordinarycourseofbusiness)   Investment’sinterests inJiangsuLiance Electromechanical TechnologyCo.,Ltd., andGuilinStars Scienceand TechnologyCo.,Ltd., aswellasofthe Company’sinterestin JiangsuHorizonNew EnergyTechnology Co.,Ltd.
Impairment of receivables testedseparatelyisreadytobe rolledback147,611.25   
Non-operating income and expenseotherthantheabove2,400,863.71-1,571,453.49375,943.68 
Reversed portions of impairment allowances for entrustment loans which are tested individually for impairment  4,000,000.00 
Less:Incometaxeffects24,027,164.567,122,148.631,521,028.42 
Non-controlling interestseffects(netoftax)6,789.94255,505.297,556.87 
Total97,677,139.6726,949,295.4810,561,041.21--
Particularsaboutotheritemsthatmeetthedefinitionofexceptionalgain/loss:□Applicable√Notapplicable
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:
Main productsGraphicdisplayProductdescriptionProduct featuresApplication fields
Diesel engine Ourdieselengineproductsinclude single-cylinderdieselenginesand multi-cylinderengines,covering powerrangefrom1.62kWto 117.6kW,andcylinderdiametersfrom 65mmto135mm,withoneormore cylinders.Besidessaleindomestic market,ourdieselenginesaresoldto SoutheastAsia,SouthAmerica,the MiddleEastandAfrica.Highpower,low oilconsumption, lownoise, compact structure,low emission,good reliabilityAgricultural machinery, construction machinery, generatorsets, shipborne machinery
Gasoline engine Ourgasolineenginesaremainly general-purposesmallgasoline engines,coveringthepowerrange from1.5kWto7.0kW.Besidessalein domesticmarket,ourgasolineengines aresoldtoSoutheastAsia,theMiddle East,EuropeandAmerica,Africa, Japanandothercountriesandregions.Simplestructure, goodreliability, easy maintenanceAgricultural machinery,small construction machinery
3.MajorBusinessModels
(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

 2021 2020 Change(%)
 OperatingrevenueAs%oftotal operating revenue(%)OperatingrevenueAs%oftotal operating revenue(%) 
Total2,452,430,515.60100%2,296,464,711.24100%6.79%
Byoperatingdivision     
Internal combustion engines2,404,119,747.0698.03%2,252,479,553.5198.08%6.73%
Other48,310,768.541.97%43,985,157.731.92%9.83%
Byproductcategory     
Dieselengines2,241,032,641.0591.38%2,112,251,290.7391.98%6.10%
Gasoline engines149,717,934.826.10%132,735,777.755.78%12.79%
Other61,679,939.732.52%51,477,642.762.24%19.82%
Byoperatingsegment     
Domestic2,038,317,678.9783.11%1,922,972,122.7483.74%6.00%
Overseas414,112,836.6316.89%373,492,588.5016.26%10.88%
Bymarketingmodel     
Distribution689,413,386.9728.11%617,839,609.2026.90%11.58%
Directsales1,763,017,128.6371.89%1,678,625,102.0473.10%5.03%
(2)OperatingDivision,ProductCategory,OperatingSegmentorMarketingModelContributingover10%ofOperatingRevenueorOperatingProfit
√Applicable□Notapplicable
Unit:RMB

 Operating revenueCostofsalesGrossprofit marginYoYchange inoperating revenue(%)YoYchange incostof sales(%)YoYchange ingross profitmargin (%)
Byoperatingdivision      
Internal combustion engines2,404,119,74 7.062,051,932,67 7.4214.65%6.73%6.96%-0.18%
Byproductcategory      
Diesel engines2,241,032,64 1.051,925,495,24 5.1914.08%6.10%7.02%-0.74%
Gasoline engines149,717,934. 82128,977,618. 8613.85%12.79%19.13%-4.58%
Byoperatingsegment      
Domestic2,038,317,67 8.971,685,403,46 0.0017.31%6.00%6.15%-0.12%
Overseas414,112,836. 63402,517,677. 202.80%10.88%10.93%-0.05%
Bymarketingmodel      
Distribution689,413,386. 97572,431,613. 4316.97%11.58%11.95%-0.27%
Directsales1,763,017,12 8.631,515,489,52 3.7714.04%5.03%5.30%-0.22%
CorebusinessdataoftheprioryearrestatedaccordingtothechangedstatisticalcaliberfortheReportingPeriod:□Applicable√Notapplicable
(3)WhetherRevenuefromPhysicalSalesIsHigherthanServiceRevenue√Yes□No(未完)
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