[中报]苏常柴Ｂ(200570):2022年半年度报告（英文版）
原标题:苏常柴Ｂ:2022年半年度报告（英文版） INTERIMREPORT2022 August2022 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. Anyplansforthefutureorotherforward-lookingstatementsmentionedinthisReportanditssummaryshallNOTbeconsideredaspromisestoinvestors.Investorsandotherstakeholdersshallbesufficientlyawareoftheriskandshalldifferentiatebetweenplans/forecastsandpromises. TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIBusinessSummary...............................................................................................................9 PartIVCorporateGovernance.......................................................................................................32 PartVEnvironmentalandSocialResponsibility..........................................................................33 PartVISignificantEvents...............................................................................................................35 PartVIIShareChangesandShareholderInformation................................................................44 PartVIIIPreferredShares..............................................................................................................52 PartIXBonds...................................................................................................................................53 PartXFinancialStatements............................................................................................................54 DocumentsAvailableforReference (I)ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,GeneralManagerandheadofthefinancialdepartment(accountantincharge).(II)TheoriginalsofalltheCompany’sdocumentsandannouncementswhichweredisclosedonthewebsitedesignatedbytheCSRCduringtheReportingPeriod.(III)TheInterimReportdisclosedinothersecuritiesmarkets. Theabove-mentioneddocumentsavailableforreferenceareallkeptintheSecretariatoftheBoardofDirectorsoftheCompanyandtheShenzhenStockExchange.ThisInterimReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeany discrepancies or misunderstandings between the two versions, the Chineseversionshallprevail. Definitions
ICorporateInformation
1.ContactInformationoftheCompany Indicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddressandemailaddressoftheCompanyintheReportingPeriod.□Applicable√Notapplicable NochangeoccurredtothesaidinformationintheReportingPeriod,whichcanbefoundinthe2021AnnualReport. 2.MediaforInformationDisclosureandPlacewherethisReportisLodgedIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforlodgingtheCompany’speriodicreportsintheReportingPeriod. □Applicable√Notapplicable disclosingtheCompany’speriodicreportsandtheplaceforlodgingsuchreportsdidnotchangeintheReportingPeriod.Thesaidinformationcanbefoundinthe2021AnnualReport. 3.OtherRelevantInformation IndicatebytickmarkwhetheranychangeoccurredtootherrelevantinformationintheReportingPeriod.□Applicable√Notapplicable IVKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.?Yes√No
1.NetProfitandEquityunderCASandIFRS □Applicable√Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable√Notapplicable NodifferencefortheReportingPeriod. VIExceptionalGainsandLosses √Applicable□Notapplicable Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—ExceptionalGain/LossItems: □Applicable√Notapplicable NosuchcasesfortheReportingPeriod. PartIIIBusinessSummary IPrincipalActivityoftheCompanyintheReportingPeriod 1.PrincipalOperationsoftheCompany WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasolineenginesunderthebrand"ChangchaiRobin".Ourproductsaremainlyusedinagriculturalmachinery,smallconstructionmachinery,lightcommercialvehicles,generatorsetsandshipbornemachineryandotherfieldscloselyrelatedtopeople'slivelihood. IntheReportingPeriod,therewerenomajorchangesintheCompany'scorebusinessandmainproducts.2.MainProductsoftheCompany Ourmainproductsaredividedintotwocategories:dieselenginesandgasolineengines.Thedetailsareasfollows:
(1)R&Dmodel marketdemandandforward-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 Weadoptthe"make-to-order" production managementmodel.The sales departmentmakes sales plansfordifferentstagesaccordingtotheordersinhand,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.IndustryFacts Weareamanufacturerofinternalcombustionenginesandfittingsingeneralequipmentmanufacturing.Accordingtotheclassificationoffuelused,internalcombustionenginesaremainlydividedintodieselenginesandgasolineengines.Ourdieselenginesandgasolineenginesaremainlyusedinnon-roadmobilemachineryfieldssuchasagricultureandengineeringrepresentedbytractors,plantprotectionmachinery,andsmallconstructionmachinery. (1)Developmentpatternandtrendoftheindustry increasinglystrictenvironmentalprotectionpolicyandtheemissionstandardscontinuetoupgrade,especiallyas ChinaVIemissionregulationsforgasolineenginesandChinaIVemissionregulationsfornon-roadmobilemachinerydieselenginesareorwillbeimplemented,thecoretechnologyandkeypartsofinternalcombustionengineswillberapidlydevelopedandapplied,andtheresearch,development,promotingandapplicationofenvironmentallyfriendlyandefficientdieselenginesandgasolineengineswillbecomethemainstreamtrend,whichpromotesthewideuseofthefuelinjectionsystem,high-efficiencysuperchargerandhigh-efficiencyafter-treatment.Inthenewnormal,theinternalcombustionengineindustryandagriculturalmachineryindustrywillimprovetheindustry'scapabilityofindependentinnovation,supportthewholemachinedevelopment,andorganizeandimplementgreenmanufacturingandintelligentmanufacturing,soastoimprovetheoverallstrengthoftheindustry.Themarketshareofdieselandgasolineenginesisgraduallyconcentratedinafewlarge-scaleenterpriseswithtechnicalandcapitalstrength.Currently,theagriculturalmachineryindustryismovingtowards slowingdowndevelopmentspeedandincreasingdevelopmentquality,upgradingandtransformation,aswellasshoringupweakspots. 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.Concentrationisincreasingintheindustryandtopmanufacturersaregrowingstronger.Theindustryleaderswillshowthetrendofincreasingmarketshareandrisinggrossprofitmargincenter,andhavethepowertofixthemarketpriceofcoreproducts.(2)Industrysalesinthefirsthalfof2022 FromJanuarytoJune2022,thetotalsalesofinternalcombustionengineswere21,452,000units,adeclineof14.42%yearonyear;theaccumulativepowerwas1,27,7,057,900kW,adecreaseof18.85%yearonyear.FromJanuarytoJune,2,289,500dieselenginesweresold,adecreaseof30.05%yearonyear.Specifically,450,400enginesforconstructionmachineryweresold,adecreaseof23.84%fromthesameperiodlastyear;652,900enginesforagriculturalmachineryweresold,adecreaseof24.81%fromlastyear;20,600enginesforshipbornemachineryweresold,adecreaseof7.69%fromlastyear;155,300enginesforgeneratorsetsweresold,anincreaseof9.29%fromlastyear.Inthefirsthalf,19,155,400gasolineinternalcombustionenginesweresold,down10.71%yearonyear. Intermsofthesegmentsoftheinternalcombustionenginemarket,fromJanuarytoJune,482,900enginesforconstructionmachineryweresold,down23.79%yearonyear;2,414,700enginesforagriculturalmachineryweresold,down8.38%yearonyear;20,600enginesforshipbornemachineryweresold,down8.26%yearonyear;640,200enginesforgeneratorsetsweresold,down4.74%yearonyear. (3)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. 6.MainBusinessOperationsintheReportingPeriod Inthefirsthalfof2022,theinternationalenvironmentwascomplexandchangeable, ChinasawrecurrentoutbreaksoftheCOVID-19pandemic,andsupplyandlogisticsdisruptionswereexperienced.Inaddition,pricesofrawmaterialskeptrising,withbulkmaterialsremainingathighlevelsofprices.ThesefactorsaffectedtheCompany’s production and operation. Balancing pandemic prevention and control with operation anddevelopment,theCompanymovedforwardinasteadymanner.Accordingtotheoperationalobjectivessetfortheyear,theCompanysoughtprogressamidstabilitybyconsolidatingthecorebusinessandmakingtargetedeffortsinimprovingmarketingquality.IntheReportingPeriod,theCompanysoldatotalof317.5thousanddieselengines,gasolineenginesandrelatedgeneratorsets,including75.2thousandgasolineengines,generatingsalesrevenueofRMB1.178billion,adecreaseof21.30%yearonyear. Intermsofproductdevelopmentandapplication,theCompanycompletedthedevelopmentandcertificationforlightenginesandmechanicalpumpsingle-cylinderenginesthatmeettheNationalEmissionStandardIVforNon-RoadEngines,aswellastheapplicationexperimentsofavarietyofmulti-cylinderdieselenginesthatmeetthe National Emission Standard IV for Non-Road Engines on terminal products of customers. In thenon-agriculturalfield, theCompanyspedup efforts inproductdevelopmentandapplication,madesmoothprogress inshipborneproducts, andcompleted most experiments fortheEuropeanUnion certification andclassificationsocietycertification. Intermsofmarketservices,onthedomesticmarket,theCompanydeepeneditsexpansioninmarketsegmentsandnon-agriculturalfields;ontheoverseasmarket,theCompanypaidattentiontothecultivationanddevelopmentofemergingandcoremarketsegments,maintainedastableshareoftraditionalapplicationfieldsandmainmarkets,andachievedgrowthinsalesofkeyproducts.Intheforeigntrademarket,affectedbythepandemic,internationalsituationandfinancialenvironment,theexportvolumedecreased,butthebusinessvolumeintheemergingcoremarketsegmentsincreased. In terms of quality management, the Company passed the supervision and verification by ISO9001 andIATF16949qualitysystemsduringtheReportingPeriod.Throughthequalityimprovementproject,theCompanyenhancedthesupplierqualitylevel,strengthenedtheprocessqualitycontrolandreducedqualityloss.Multiplemeasuresweretakentoreducecostsandincreaseefficiencytocopewiththecontinuousriseinrawmaterialpricesathomeandabroad.Greateffortsweremadetoresolutelycrackdownoninfringementsinthemarkettoprotectthebrandmarketimage. Intermsofsafety,environmentalprotectionandpandemicpreventionandcontrol,theCompanyrepeatedlycarriedoutspecialandcomprehensiveemergencyplandrillsandfielddisposalplandrillsforkeypositionstoimprovescientificrescueandaccidentemergencyrescueability,strengthenoccupationalhealtheducationforemployees,andeffectivelysafeguardthelifeandpropertysafetyofemployeesandenterprises.TheCompanyincreasedits investmentin theinformation construction ofthe Companyas theparentandsubsidiaries toeffectivelyguaranteethesecurityofthenetworkinformationsystem.Allemployeeswereorganizedtoparticipateinnucleicacidtesting.Throughmeasuressuchastransferbyspecialpersonsandvehicles,afirmfreightpandemicpreventionbarrierwasbuilttoeffectivelyensurethesafetyandstabilityoftheCompany'ssupplychainandsaleschannels. In the Reporting Period, the Company acquired 41.5% of the equity of Zhenjiang Siyang Diesel EngineManufacturing Co., Ltd. by bidding. On 16 May 2022, Zhenjiang Siyang convened a general meeting ofshareholders,ameetingoftheBoardofDirectorsandameetingoftheSupervisoryCommitteetore-electmembersfortheBoardofDirectors,theSupervisoryCommitteeandmanagement.ZhenjiangSiyanghasbeenincludedintheconsolidatedfinancialstatementsoftheCompany. IICoreCompetitivenessAnalysis 1.AdvantagesinBrand Changchaiisanationalindustrialenterprisewithahistoryofoveronehundredyears.Itisoneoftheearliestprofessionalmanufacturersofinternalcombustionengines inChina.Thebrand"Changchai" is theearliestdomestic 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 HundredChineseEnterprises inEngineeringIndustry”and“ChinaPacesetterEnterpriseofIndustrialIndustry”forseveraltimes,andwasawardedthehonorarytitleof“State-levelEnterprise ofObservingContractsandKeepingPromise”,“China'sAgriculturalMachineryPartsandComponentsLeadingEnterprises”,“China'sAgriculturalMachineryAAACreditEnterprise”,“QualityManagementExcellenceAward ofJiangsuProvince”and“MayorQualityAwardofChangzhouCity”.TheCompanyhasbeenamongthe10users’mostsatisfiedleadingbrandsin“JingGeng”competitionformanyyears.DuringtheReportingPeriod,theCompanywasawardedhonorarytitlessuchastheNationalModelEnterpriseforTrustworthyProductandServiceQuality,ProductwithGuaranteedQualityandReputationinChina,NationalBrandLeadinginProductandServiceQualityIntegrity,andTrustworthyandCreditOrientedEnterpriseinJiangsu.Formanyyears,intheprocessofachievingsteadyeconomicdevelopmentoftheenterprise,wedevelopedinasoundmannerandcultivatedthe“Changchai”brand,afamoussmalldieselenginebrandofChinawithindependentintellectualpropertyrights. 2.AdvantagesinTechnology TheCompanyhasastate-leveltechnologycenterandpost-doctoralresearchstation,andaresearchcenterofsmallandmedium-powerinternalcombustionengineengineeringandtechnologyinJiangsuProvince.Currently,itismainlyengagedinproductionofsmallandmedium-powersingle-cylinderandmulti-cylinderdieselengine.Ithasacompleteproductrange,awidepowerlevelcoverage,ahighreputationandintellectualpropertyrightsforitsmainproducts.DuringtheReportingPeriod,atotalof19patentswereappliedforand12newpatentsweregranted.Currently,theCompanyhasatotalof150patentsgrantedbyauthoritiesathomeandabroad,including10inventionpatents. 3.AdvantagesinMarketing Changchaihasbuiltupasalesservicenetworkcoveringthewholecountry,with5salesbusinessunits,26salesservicecenters,and698designatedmaintenancestations.Inaddition,inordertomeettheNationalEmissionStandardIVforNon-RoadVehiclesandprovidebetterafter-salesserviceforcustomers,aservicemonitoringplatformwithChangchaicharacteristicshasbeenputinplace.Withaperfectdieselsalesservicenetworksystem,theCompanyisabletoprovidehighquality,efficientandtimelyservicesforcustomers.IIICoreBusinessAnalysis Overview Seecontentsundertheheading“IPrincipalActivityoftheCompanyintheReportingPeriod”.Year-on-yearchangesinkeyfinancialdata: Unit:RMB
IntheReportingPeriod,theCompanyrecordedanetloss,mainlyduetothefollowingreasons:1.IntheReportingPeriod,duringthepeakseasonoftheagriculturalmachineryindustry,thepandemichadanegativeimpactontheCompany'sproductionorganization,rawmaterialsupplyandlogisticstransportation.Someordersweredelayedinproduction,deliveryorevencanceled,whichdirectlyledtothedeclineoftheCompany'sproductionandsalesvolumes,salesrevenueandcorebusinessprofit.2.IntheReportingPeriod,thefairvalueofLianceTechnology(688113),KailongHighTechnology(300912),StarsScienceandTechnology(832885)andotherstocksheldbyChangzhouHorizonInvestmentCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,decreasedcomparedwiththebeginningoftheperiod.Breakdownofoperatingrevenue: Unit:RMB
operatingprofit: √Applicable□Notapplicable Unit:RMB
□Applicable√Notapplicable Anyover30%YoYmovementsinthedataaboveandwhy: □Applicable√Notapplicable IVAnalysisofNon-CoreBusinesses □Applicable√Notapplicable VAnalysisofAssetsandLiabilities 1.SignificantChangesinAssetComposition Unit:RMB
□Applicable√Notapplicable 3.AssetsandLiabilitiesatFairValue √Applicable□Notapplicable Unit:RMB
4.RestrictedAssetRightsasatthePeriod-End
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