[中报]苏威孚Ｂ(200581):2022年半年度报告（英文版）
原标题:苏威孚Ｂ:2022年半年度报告（英文版） SEMI-ANNUAL REPORT 2022 August 2022 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, misleading 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 charge of accounting works and Ou Jianbin, person in charge of accounting organ (accounting principal) hereby confirm that the Financial Report of 2022 Semi-Annual Report is authentic, accurate and complete. All directors are attend the Meeting for the Report deliberation. The forward-looking statements with future plans involved in the Report do not constitute a substantial commitment for investors. Investors and related parties should maintain sufficient risk awareness and investors are advised to exercise caution of investment risks. The Company may face main risks in future operation and countermeasures are describes in the “Management Discussion and Analysis”, the investors are advised to check them out. The Company has no plan of cash dividend distributed, no cash bonus and capitalizing of common reserves either carried out. The Report is prepared in Chinese and English respectively. In the event of any discrepancy between the two versions, the Chinese version shall prevail. Contents Section I. Important Notice, Contents and Interpretation ............................................................. 1 Section II. Company Profile and Main Financial Indexes ............................................................. 5 Section III. Management Discussion and Analysis ......................................................................... 8 Section IV. Corporate Governance ................................................................................................. 22 Section V. Environmental and Social Responsibility .................................................................... 24 Section VI. Important Matters ....................................................................................................... 28 Section VII. Changes in Shares and Particulars about Shareholders ......................................... 38 Section VIII. Preferred Stock .......................................................................................................... 42 Section IX. Corporate Bonds .......................................................................................................... 43 Section X. Financial Report ............................................................................................................ 44 Documents Available for Reference I. Financial statement carrying the signatures and seals of person in charge of the company, principal of the accounting works and person in charge of accounting organ (accounting Supervisor); II. Original documents of the Company and manuscripts of public notices that disclosed in the website designated by CSRC during the reporting period; III. The Semi-Annual report summary published on China Securities Journal, Securities Times and Hong Kong Commercial Daily during the Period. IV. Place for preparation: Office of the BOD of the Company Interpretation
Section II Company Profile and Main Financial Indexes I. Company profile
1. Way of contact Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not □Applicable?Not applicable Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period, found more details in Annual Report 2021. 2. Information disclosure and preparation place Whether information disclosure and preparation place changed in reporting period or not □Applicable?Not applicable The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC and preparation place for semi-annual report have no change in reporting period, found more details in Annual Report 2021. 3.Other relevant information Whether other relevant information has changed in the reporting period □Applicable?Not applicable IV. Main accounting data and financial indexes Whether it has retroactive adjustment or re-statement on previous accounting data □Yes ?No
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 difference 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. VI. Items and amounts of extraordinary profit (gains)/loss ?Applicable □Not applicable Unit: RMB/CNY
□Applicable?Not applicable The Company does not have other items of profits/losses that qualified the definition of non-recurring profit(gain)/loss Information on the definition of non-recurring profit(gain)/loss that listed in theQ&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring) Profit(gain)/loss as the recurring profit(gain)/loss □Applicable?Not applicable The Company does not have any non-recurring profit(gain)/loss listed under theQ&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring) Profit(gain)/lossdefined as recurring profit(gain)/loss Section III Management Discussion and Analysis I. Main businesses of the company in the reporting period (1) Main business of the Company Main business of the Company including the R & D, production and sales of automotive core components. During the reporting period, the main products were diesel fuel injection system products, and exhaust gas treatment system products and air management system products. At the same time, the core component products of the fuel cell have been produced and sold in small quantities. 1. Diesel fuel injection system products are widely used for diesel engines of a variety of power, supporting various types of trucks, passenger cars, construction machinery, marine machinery, agricultural machinery, generator sets, etc., and satisfy the National VI and non-road National IV emissions regulations for vehicles. We have been taking a leading position in the industry in terms of product variety, manufacturing scale, market share, etc. While doing a good job in matching with domestic main engines, some products are exported to the Americas, Southeast Asia, the Middle East and other regions. 2. Exhaust gas treatment system products can meet the National VI and non-road National IV emission regulations for vehicles, of which the technical level, market scale and production capacity are in a leading position in China, and are widely used in passenger cars, commercial vehicles, non-road machinery, etc., and can provide strong support for the upgrading of the engine manufacturers' products. 3. Air management system products (turbochargers) can meet the National VI and non-road National IV emission regulations for vehicles, covering commercial vehicles, passenger vehicles, construction machinery, agricultural machinery, generator sets and other fields, and supporting major domestic engine manufacturers and OEMs. 4. The fuel cell core components include "one membrane and two plates" (membrane electrode, graphite bipolar plate, metal bipolar plate) and BOP key components, etc., supporting domestic and foreign fuel cell stacks and system manufacturers. (2) Business model of the Company The Company follows the operating philosophy of “making competitive products, creating famous brands, and achieving joint value growth”, implements the business model that parent company unifies the management and subsidiaries decentralize the production. The parent 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 the R&D of technologies.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. (3) Development of the industry The industry in which the company operates belongs to the automotive components manufacturing industry, which is closely related to the development of the auto industry. In the first half of 2022, China's auto industry faced with triple pressures from supply shock, demand contraction, and weakening expectations. The shortage of chip and the rise in the price of raw materials for power batteries, especially the outbreaks of the pandemic in Jilin, Shanghai and other regions, caused a serious impact on the supply chain of China's automobile industry chain. From mid to late March to April, the production and sales of automobiles had a sharp decline, posing severe challenges to the steady growth of the industry. From January to June 2022, China produced 12.117 million automobiles and sold 12.057 million automobiles, a year-on-year decrease of 3.7% and 6.6% respectively. 1. Commercial vehicle market From January to June 2022, produced 1.683 million commercial vehicles and sold 1.702 million commercial vehicles, a year-on-year decrease of 38.5% and 41.2% respectively. In terms of production and sales of different models, produced 176,000 passenger cars and sold 180,000 passenger cars, declined by 31.8% and 30.5% on a year- on-year basis, respectively; produced 1.507 million trucks and sold 1.522 million trucks, a year-on-year decrease of 39.3% and 42.2% respectively. The first half of last year, driven by environmental protection policies, enterprises seized the opportunity for switching emission standards between the National V and the National VI, resulting in a long-term truck purchase peak, the high production of heavy-duty National V diesel vehicles, which caused insufficient demand, there were still a small number of vehicles to be sold, in addition, the sales of blue-plate light truck inventory vehicles was also relatively slow. Moreover, in the first half of this year, due to the impact of the pandemic, the start of infrastructure construction was slow, and the construction speed was lower than expected, so the production and sales of trucks fell sharply on a year-on-year basis. At the same time, the pandemic in the first half of the year had a great impact on the demand for tourism, passenger cars and city buses, and the passenger car market continued to be sluggish. 2. Passenger car market From January to June 2022, produced 10.434 million passenger vehicles and sold 10.355 million passenger vehicles, an increase of 6.0% and 3.4% on a year-on-year basis, respectively. Production and sales ended a decline, and the overall level returned to normal. In terms of vehicle models, sedans and SUVs increased slightly on a year-on-year basis, while other models still had a decline. Judging from the performance of the passenger car market in the first half of the year, consumer demand has been suppressed to a certain extent due to the pandemic. Since the end of May, the state and local governments have successively issued a series of powerful policies to stimulate consumption, providing obvious supports for the rapid recovery and improvement of consumer confidence. 3. New energy vehicle market From January to June 2022, produced 2.661 million new energy vehicles and sold 2.6 million new energy vehicles, both a year-on-year increase of 1.2 times, and a market share of 21.6%. Among them, the sales of new energy passenger vehicles accounted for 24.0% of the total sales of passenger vehicles, and the proportion of new energy vehicles in Chinese brand passenger vehicles has reached 39.8%. 4. Off road market In the first half of 2022, the market demand for construction machinery and agricultural machinery will decrease due to the slowdown of macroeconomic growth, repeated COVID-19, insufficient effective commencement rate of projects, adjustment of agricultural machinery subsidy policies and other factors. From January to June 2022, the sales volume of diesel internal combustion engines for construction machinery was 450000, a year-on-year decrease of 23.8%; The sales volume of diesel internal combustion engines for agricultural machinery was 650000, a year- on-year decrease of 24.8%. (Note: the above industry data are from CAAM and CICEIA.) (4) Business of the Company in reporting period Since this year, facing the rigorous macroeconomic and downward pressure of the auto industry, the Company has implemented the annual work targets conscientiously, we achieved a performance better than the industry standard by actively carried out various measures to cope with the challenges. During the reporting period, operation revenue from the Company was 7.322 billion yuan, down 18.99% from the same period of last year; the net profit attributable to shareholder of listed company amounted to 1.233 billion yuan, 25.08% drop from the same period of previous year. Main work carried out by the company during the reporting period: 1. Improved marketing management and accelerated market expansion. Exhaust gas treatment system: steadily expanded the hybrid market, and key platform projects had a high acquisition rate. Air management system: air intake products have entered the supply system of many new customers and gradually acquired projects; gasoline superchargers achieved mass production, and the sales had a rapid growth. Diesel fuel injection system: the T4 Off- road market of dispensing pump expanded vigorously, with a high coverage rate of major customers and projects. seized the export order market, mechanical products grew rapidly, and Inline pump exports far exceeded expectations. New business products: continued to expand the leading enterprise customers of the electric drive parts business; accelerated the hydrogen fuel cell business, and newly acquired a number of domestic and foreign customer projects such as "one membrane and two plates", hydrogen circulating pumps, and valve BOP products; promoted 3D radar mass production projects in an orderly manner, and focused on expanding 4D radar customer projects; reached cooperation intentions with some customers in wheel motor business. 2.Strengthened technological innovation and promoted new product research and development. Diesel fuel injection system: dual-fuel direct injection products jointly developed localization projects with customers, and completed the first round of customer engine performance tests; developed platform projects such as methanol pumps and methanol injectors; carried out research on hydrogen internal combustion engine injection and other projects. Exhaust gas treatment system: in terms of passenger vehicles, completed the development of the light-duty diesel vehicle purifier platform stage has been , and the batch production of key projects of several key customers has been completed; in terms of commercial vehicles, completed the development and production conversion of a number of National VI platforms and customer projects; for non-road, completed the announcement certification of customers and the development of key projects for many customers. Air intake system: National VI diesel engine and natural gas projects were progressing in an orderly manner; the gasoline supercharger products achieved SOPs for several projects, and successfully obtained the hybrid projects of major customers; the 48V electric supercharger completed the A sample review. At the same time, key R&D projects such as hydrogen fuel cells and intelligent network connections were progressing steadily as planned. 3. Optimized strategic planning and promoted investment cooperation. Optimized the company's new strategic blueprint, and formed a new strategic pattern for the comprehensive development of the four major sectors of "energy saving and emission reduction", "green hydrogen energy", "smart electric" and "other core components"; completed the global capacity planning and production capacity investment planning of hydrogen fuel cells, formulated strategic development planning for PEM water electrolysis hydrogen production system equipment, and carried out new energy industrial park project planning. Completed the strategic business product planning for the electric drive core parts business, thermal management system and core parts business, and continued to optimize the development planning for the millimeter-wave radar business. Comprehensively promoted global capacity building investment in hydrogen energy business, completed investment in R&D and capacity expansion of IRD and Borit; successively established hydrogen energy divisions and hydrogen fuel cell joint ventures, and accelerated capacity building in the Asia-Pacific region; implemented thermal management system and parts business investment cooperation, and VH M&A projects were progressing in an orderly manner; participated in the investment of industrial funds related to automobiles, and sought cooperation opportunities in the upstream and downstream industry chains. In the fields of water electrolysis for hydrogen production from renewable energy sources, intelligent network connection and other fields, we investigated potential cooperation projects, and actively planned for cooperation possibilities. 4.Strengthened quality management and promoted information construction. Deepened the effective implementation of Q11 on site, built a Q11 training base; established development quality management capabilities, improved the identification of quality valves for software evaluation needs, introduced positive development quality tools, improved software FMEA and special feature management maturity; created a special follow-up re- examinations mechanism for quality improvement; organized the product review of 17 types of core products; promoted the launch of the measuring instrument management system in the business department, and unified and standardized the management requirements for measuring instruments. The project management system was released to promote the point-to-point connection of the whole process of engineering projects; the construction of R&D building, new energy industry bases and other projects were steadily advanced. The SAP S4 HANA upgrade project was officially launched, realizing the upgrade of application version and the migration of historical data, and optimizing the system capabilities; the process management system project was launched, realizing the systematic application of products from design to process management, and standardizing the management process of process data.; the IT service platform has been operating online. 5. Promoted management upgrade and improved operating efficiency. Completed the performance review and signing of the company’s organization at all levels, cooperated with the budget management to complete the business plan and budget succession, and formed an optimization plan; promoted the inspection, tracking and correction of business monitoring, analysis, and performance of the business department. Optimized the procurement system, improved the procurement system documents, upgraded the supplier classification, and refined the supplier performance management plan, so as to ensure the continuous and efficient operation of the procurement business. Strengthened the management of inventory and slow-moving materials, strictly reviewed the production scheduling plan of slow-moving products and conducted regular inspections. Continued to promote the operation of the company's risk control compliance internal audit trinity and three risk prevention and control management mechanisms. Strengthened the introduction of talents related to strategic new businesses, and optimized the allocation of talent teams; multi-dimensionally promoted the "San Hang Yi Jiang” talent capacity development project, continued to carry out school-enterprise cooperation, and strengthened the training of industrial workers. II. Core Competitiveness Analysis 1. Industry and brand advantages. The company was established in 1958, after more than 60 years of development, it has become a famous manufacturer of auto parts at home, and has established long-term and stable cooperative relations with major domestic main engine factories and vehicle manufacturers, the existing automobile core components main products (including diesel fuel injection system, exhaust gas treatment system, air management system) have strong market competitiveness and higher market share. The company is a pacesetter enterprise in China's internal combustion engine industry, and ranks in the top 30 enterprises in China’s auto parts industry. 2. 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", "Jiangsu Postgraduate Workstation" and 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 gas treatment systems, and air management systems to conduct technical research and product development. The Company has mastered a number of core patented technologies, the main product technical indicators are at the leading level in the industry. In recent years, the Company focuses on the strategic layout in the fields of green hydrogen and smart electric, established a new energy and network technology research institute, built a hydrogen energy fuel cell test center, and formed technical research and development capabilities of hydrogen fuel cell core components and intelligent network vehicle products. 3.Management and manufacturing advantages. The Company has a complete organizational structure and management systems process, and has built a financial sharing platforms, which can realize the effective migration and stable operation of organization & personnel, business & accounting; The established human resources information system platforms can ensure the timely and accurate standardization of organization, personnel, salary and attendance; built a purchase sharing system, opened up the information interconnection of enterprises and suppliers, and achieved the closed-loop management of the procurement process; carried out the Weifu Production System (WPS) with lean philosophy, established the quality management system with the whole process, and has strong capabilities in production and manufacturing, quality assurance, cost control and product delivery.The Company focuses on intelligent manufacturing, continues to build intelligent factories with Weifu characteristics, and promotes the application of cloud computing and 5G networks, which can strongly support the Company’s future business development. 4. 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.The Company has a relatively perfect after-sales service system, has built after-sales service network and intelligent service platform, established special maintenance technology service stations nationwide to regularly provide end users with the training of operation and maintenance, fault analysis and judgment and provide customers with fast, timely and professional comprehensive after-sales services. 5.Talent team 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, 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 through the establishment of employee self-service platform,and creates a working environment with warmth and sense of belonging. 6. Advantages of international cooperation. The Company is committed to the core auto parts industry, and has continued to carry out in-depth cooperation with domestic and foreign strategic partners for a long time. The Company began to cooperate with the industry giant Robert Bosch Company in 1984, established a long-term and stable cooperative relationship, and continued to expand cooperation in new business areas, the cooperation model between the two parties has become a model in the industry. At the same time, the Company has established joint ventures with Autocam Corporation of the United States and Schmidt Corporation of Germany, and has cooperated closely in the field of high-end precision manufacturing. Through long-term cooperation with well-known European and American enterprises, the Company has cultivated a group of middle and senior management and technical personnel who have international communication skills, international vision, and familiarity with international standards and have mastered the international advanced R&D process design, quality control and production management capabilities, which accelerated the sound development of the Company's business and promoted the development in international business and market. 7. Excellent corporate culture. The Company takes “quality and intelligence driving a better life”as a mission and "100-year Weifu auto core parts industry expert" as a vision, fulfills the core value of "focus, innovation, responsibility, integration", insists on the enterprise spirit of "doing practical things, daring to act, being good at cooperation, bravely contending for the first". Created a cultural system of "quality and intelligence", "quality" and "intelligence" is the Company's cultural double engine, reflecting the persistence of the original aspiration and the pursuit of the future. The excellent corporate culture makes a sustainable operation for the Company, provides strong support for the Company to become a trustworthy and respected industrial experts, and plays a positive role in achieving the Company's strategic objectives. III. Main business analysis Overview See the “I. Main businesses of the company in the reporting period” Change of main financial data on a y-o-y basis Unit: RMB/CNY
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