[年报]苏常柴B(200570):2022年年度报告摘要(英文版)

时间:2023年04月12日 13:53:57 中财网
原标题:苏常柴B:2022年年度报告摘要(英文版)

Stock Code: 000570, 200570 Stock Name: Changchai, Changchai-B Announcement No. 2023-005
CHANGCHAI COMPANY, LIMITED
ANNUAL REPORT 2022 (SUMMARY)
Part I Important Notes
This Summary is based on the full Annual Report of Changchai Company, Limited (together with its consolidated
subsidiaries, the “Company”, except where the context otherwise requires). In order for a full understanding of the
Company’s operating results, financial position and future development plans, investors should carefully read the
aforesaid full text, which has been disclosed together with this Summary on the media designated by the China
Securities Regulatory Commission (the “CSRC”).
All the directors of the Company attended in person the board meeting for the approval of this Report.
Independent auditor’s modified opinion:
□ Applicable √ Not applicable
Board-approved final cash and/or stock dividend plan for ordinary shareholders for the Reporting Period:
√ Applicable □ Not applicable
Bonus issue from capital reserves:
□ Yes √ No
The Board has approved a final dividend plan for ordinary shareholders as follows: based on the 705,692,507 shares,
a cash dividend of RMB0.10 (tax inclusive) per 10 shares is to be distributed to the shareholders, with no bonus
issue from either profit or capital reserves.
Board-approved final cash and/or stock dividend plan for preferred shareholders for the Reporting Period:
□ Applicable √ Not applicable
This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese versions shall prevail.
Part II Key Corporate Information
1. Stock Profile

Stock nameChangchai, Changchai-BStock code000570, 200570
Stock exchange for stock listingShenzhen Stock Exchange  

Contact informationBoard SecretarySecurities Representative
NameHe Jianjiang 
Address123 Huaide Middle Road, Changzhou, Jiangsu, China 
Fax(86)519-86630954 
Tel.(86)519-68683155 
Email address[email protected] 
2. Principal Activities or Products in the Reporting Period 1. Principal Operations of the Company
We mainly specialize in the R&D, manufacture and sales of diesel engines under the brand "Changchai" and
gasoline engines under the brand "Robin". Our products are mainly used in agricultural machinery, small
engineering machinery, light commercial vehicles, generator sets and shipborne machinery and other fields closely
related to people's livelihood.
In the Reporting Period, there were no major changes in the Company's core business and main products.
2. Main Products of the Company
Our main products are divided into two categories: diesel engines and gasoline engines. The details are as follows:

Main productsGraphic displayProduct descriptionProduct featuresApplication fields
Diesel engine Our diesel engine products include single-cylinder diesel engines and multi-cylinder engines, covering power range from 1.62kW to 117.6kW, and cylinder diameters from 65mm to 135mm, with one or more cylinders. Besides sale in domestic market, our diesel engines are sold to Southeast Asia, South America, the Middle East and Africa.High power, low oil consumption, low noise, compact structure, low emission, good reliabilityAgricultural machinery, construction machinery, generator sets, shipborne machinery
Gasoline engine Our gasoline engines are mainly general-purpose small gasoline engines, covering the power range from 1.5kW to 7.0kW. Besides sale in domestic market, our gasoline engines are sold to Southeast Asia, the Middle East, Europe and America, Africa, Japan and other countries and regions.Simple structure, good reliability, easy maintenanceAgricultural machinery, small construction machinery
3. Industry Review
(1) Basic information on the industry
The internal combustion engine is an important support for China's manufacturing industry security, energy security
and national defense security, and an important basic industry of national economy and national defense
construction. The internal combustion engine is the most power-dense, thermally efficient and widely used heat
engine power unit.
In order to implement the national overall development strategy of energy conservation, emission reduction,
transformation, and upgrading, the internal combustion engine industry and agricultural machinery industry will
strengthen independent innovation and research and development, accelerate the construction of a common basic
technology platform, optimize the construction of the upstream and downstream industry chain, implement
intelligent manufacturing, and actively carry out international exchange and cooperation to accelerate the realization
of industrial technology upgrading.
(2) Development pattern and trend of the industry
In terms of policies, at the beginning of 2023, the 20th No. 1 Document guiding the work on agriculture, rural areas,
and farmers issued by the central government demonstrated the government’s intention to attach greater importance
to agriculture and strengthen agricultural development. In a bid to do so, the government will step up efforts to
enhance agricultural science and technology and provide more equipment, drive to tackle key problems of key and
core technologies in agriculture, and make agricultural machinery more intelligent and automated. In terms of
industry concerns, the upgrade and conversion to products that meet the National Emission Standard IV raise
challenges to enterprises. At the end of 2022, the central government appropriated RMB211.5 billion of
agriculture-related transfer payment funds for 2023 in advance, including RMB14.5 billion for subsidies of
agricultural machinery procurement and application. The central government allocated substantive funds for
subsidies and implemented policies to strengthen agriculture and benefit farmers, indicating that the state will
continue to attach great importance to agricultural mechanization. In terms of industrial development, after a ten-year golden period of development, since 2016, the entire agricultural
machinery industry has entered a period of deep adjustment that has lasted for years. Although short-term explosive
growth was seen in 2020, it went down again, entering a phase of updating existing machinery from the growth of
new machine procurement. 2022, the first year of switching to the National Emission Standard IV for Non-road
Vehicles, the agricultural machinery industry faced pressures such as the shrinking of the demand side, premature
market overdraft, participation of tycoons from other industries, and the impact of new energy market on the
traditional market. Currently, multiple segmented scenarios still require all-weather and continuous input and output,
which is an advantage of diesel engines that cannot be substituted in a short time. Furthermore, new development
opportunities have been brought about in the process of national strategic deployment and acceleration of
transformation and upgrade. Therefore, the traditional market of agricultural machinery still has a brilliant future.
China's diesel engine and gasoline engine industries present a pattern of multiple competitions. As the state adopts
increasingly strict environmental protection policy and the emission standards continue to upgrade, the core
technology and key parts of internal combustion engines will be rapidly developed and applied, and the research,
development, promoting and application of environmentally friendly and efficient diesel engines and gasoline
engines will become the mainstream trend, which promotes the wide use of the fuel injection system,
high-efficiency supercharger and high-efficiency after-treatment. In the new normal, the internal combustion engine
industry and agricultural machinery industry will improve the industry's capability of independent innovation,
support the whole machine development, and organize and implement green manufacturing and intelligent
manufacturing, so as to improve the overall strength of the industry. The market share of diesel and gasoline engines
is gradually concentrated in a few large-scale enterprises with technical and capital strength. The present development trend of internal combustion engine industry is as follows: (1) energy saving and emission
reduction; (2) intelligent manufacturing; (3) lightweight. Medium- and low-end internal combustion engines with
low technical content and low added value will be gradually squeezed out of the market. The upgrade of emission
standards and the market's demand for high-end products will eliminate those small enterprises with low level of
research and development or less technology reserves.
(3) Sales of internal combustion engine industry in 2022
The total volume of the market dropped significantly due to factors such as subsidy policy change, tight supply
chain, upgrading of the National Emission Standard IV for Non-road Vehicles, and intensified existing competition.
The total sales of internal combustion engines in 2022 were 43,154,700 units, a decrease of 14.51% compared to
2021. The total sales of diesel engines for the year were 4,286,600 units, down by 29.82% year on year. Specifically,
837,200 engines for construction machinery, 1,222,300 engines for agricultural machinery, 39,700 engines for
shipborne machinery, and 311,700 engines for electricity generation were sold. The sales of gasoline internal
combustion engines were 38,856,000, a drop of 12.39% year on year. On the whole, the internal combustion engine market showed a declining tendency for the whole year, with the
construction and agricultural machinery still showing an adjustment trend. The agricultural machinery industry
faced a major shakeout, focusing on the switching of products that meet the China IV emission standards for
non-road mobile machinery. According to the information on the subsidies of agricultural machinery procurement,
the main terminal products that need to be upgraded to meet China IV emission standards are large and medium
tractors, wheat harvesters, forage harvesters, and spray rod-type sprayers. The market paid more attention to
whether they can be adequately verified to meet China IV emission standards and whether mass production can be
realized. In the second half of 2022, the sales of large and medium tractors, wheat harvesters, and corn harvesters
peaked, showing that the traditional demand cycle was altered. In terms of the segments of the internal combustion engine market, in 2022, 897,300 units of construction
machinery were sold, down by 21.00% year on year; 4,141,300 units of agricultural machinery were sold, down by
22.87% year on year; 39,700 units of shipborne machinery were sold, down by 1.18% year on year; 1,253,000 units
of generator sets were sold, down by 19.02 year on year; and 1,645,400 units of horticultural machinery were sold,
down by 34.15% year on year. Compared with last year, the year-over-year growth of all kinds of machinery was
negative.
Due to the impact of international trade and the characteristics of the enterprise scale, the internal combustion
engine industry was steady and showed a positive trend on the whole. In 2022, the total volume of imports and
exports was USD30,086 million, down by 2.47% year on year; specifically, the import volume was USD8,803
million, down by 18.63% year on year and the export volume was USD21,284 million, up by 6.27% year on year.
4. The Company's position in the market
We mainly specialize in the R&D, manufacture and sales of diesel engines under the brand "Changchai" and
gasoline engines under the brand "Robin". Up to now, we have successfully developed a number of advanced core
technologies with independent intellectual property rights. In terms of diesel engine, according to the statistics of
China Internal Combustion Engine Industry Association (CICEIA), as the largest small- and medium-sized
single-cylinder diesel engine manufacturer in the agricultural machinery industry of China, we have maintained a
high market share of single-cylinder engines, and our market share of single-cylinder diesel engines of some power
ranges has ranked first in China. For many years, in the process of achieving steady economic development of the
enterprise, we developed in a sound manner and cultivated the "Changchai" brand, a famous small diesel engine
brand of China with independent intellectual property rights. 3. Key Financial Information
(1) Key Financial Information of the Past Three Years
Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Yes √ No
Unit: RMB

 202220212022-over-2021 change (%)2020
Operating revenue (RMB)2,182,043,095.612,452,430,515.60-11.03%2,296,464,711.24
Net profit attributable to the listed company’s shareholders (RMB)76,684,796.91103,006,232.54-25.55%52,432,443.05
Net profit attributable to the listed company’s-73,636,511.025,329,092.87——25,483,147.57
shareholders before exceptional gains and losses (RMB)    
Net cash generated from/used in operating activities (RMB)364,930,277.84-266,323,779.30——251,796,654.53
Basic earnings per share (RMB/share)0.10870.1657-34.40%0.0934
Diluted earnings per share (RMB/share)0.10870.1657-34.40%0.0934
Weighted average return on equity (%)2.51%3.86%-1.35%2.40%
 31 December 202231 December 2021Change of 31 December 2022 over 31 December 2021 (%)31 December 2020
Total assets (RMB)5,219,359,853.424,860,382,961.267.39%3,952,954,464.45
Equity attributable to the listed company’s shareholders (RMB)3,284,710,665.903,077,550,018.336.73%2,273,349,347.02
(2) Key Financial Information by Quarter
Unit: RMB

 Q1Q2Q3Q4
Operating revenue675,718,729.65502,503,762.39545,599,669.07458,220,934.50
Net profit attributable to the listed company’s shareholders-31,087,265.8316,491,996.22150,405,621.57-59,125,555.05
Net profit attributable to the listed company’s shareholders before exceptional gains and losses-12,317,891.456,508,531.38-5,566,500.16-62,260,650.79
Net cash generated from/used in operating activities-47,199,474.48-27,101,026.64-8,250,338.30447,481,117.26

Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs
materially from what have been disclosed in the Company’s quarterly or interim reports. □ Yes √ No
4. Share Capital and Shareholder Information at the Period-End (1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share

Number of ordinary shareholder s at the period-end50,886Number of ordinary shareholders at the month-end prior to the disclosure of this Report49,998Number of preferred shareholders with resumed voting rights at the period-end0Number of preferred shareholders with resumed voting rights at the month-end prior to the disclosure of this Report0
Top 10 shareholders       
Name of shareholderNature of shareholderSharehold ing percentag eTotal shares held at the period-endRestricted shares heldShares in pledge or frozen  
     StatusShares 
Changzhou Investment Group Co., LtdState-owned legal person32.26%227,663,41756,818,181   
Chen JianDomestic natural person0.71%4,979,900    
MORGAN STANLEY & CO. INTERNATIONAL PLC.Foreign legal person0.45%3,146,392    
KGI ASIA LIMITEDForeign legal person0.44%3,101,695    
Yang XueeDomestic natural person0.37%2,611,500    
China Minsheng Bank-Goldstate Yuanqi Dynamic Asset Allocation Mixed Type Securities Investment FundOther0.36%2,530,800    
CLSA Asset Management Limited-Clients’ CapitalForeign legal person0.25%1,780,068    
Dai WenpingDomestic natural person0.25%1,776,200    
Li SuinanDomestic natural person0.22%1,569,100    
Huang GuoliangDomestic natural person0.22%1,528,891    
Related or acting-in-concert parties among the shareholders aboveIt is unknown whether there is among the top 10 public shareholders and the top 10 unrestricted public shareholders any related parties or acting-in-concert parties as defined in the Administrative Measures for Information Regarding Shareholding Alteration.      

Top 10 shareholders involved in securities margin trading (if any)Shareholders Chen Jian and Dai Wenping held 3,320,000 and 1,610,200 shares respectively in the Company through their margin accounts.
(2) Number of Preferred Shareholders and Shareholdings of Top 10 of Them □ Applicable √ Not applicable No preferred shareholders in the Reporting Period. (3) Ownership and Control Relations between the Actual Controller and the Company 5. Outstanding Bonds at the Date when this Report Was Authorized for Issue □ Applicable √ Not applicable
Part III Significant Events
(1) The Sixth Extraordinary Meeting of the Board of Directors in 2021 held by the Company on 28 October 2021
deliberated on and approved the Proposal on Participation in Bidding for 41.5% Equity Interests in Zhenjiang
Siyang Diesel Engine Manufacturing Co., Ltd., authorizing the Management of the Company to participate in
bidding for 41.5% equity interest in Zhenjiang Siyang Diesel Engine Manufacturing Co., Ltd. (hereinafter referred
to as "Zhenjiang Siyang") that had been put out for sale by Jiangsu Keda Assets Marketing Co., Ltd. (hereinafter,
“Keda Assets”). On 12 January 2022, Jiangsu Assets and Equity Exchange Co., Ltd. issued the Confirmation of
Transaction on the Transfer of 41.5% Equity Interests (Corresponding to Capital Contribution of RMB830,000) in
Zhenjiang Siyang Diesel Engine Manufacturing Co., Ltd. The Company won the bid for the 41.5% equity interests
in Zhenjiang Siyang at a price of RMB33,520,800.00. On 23 February 2022, the Company signed the Contract on
Transfer of State-owned Property Rights with Keda Assets. On 9 March 2022, Zhenjiang Siyang has completed the
relevant registration alteration formalities with the competent industrial and commercial administration. On 16 May
2022, Zhenjiang Siyang held meetings of shareholders, the Board of Directors and the Supervisory Committee to
elect and appoint new members for the Board of Directors, the Supervisory Committee and management, with the
Company taking over half of the seats in the Board of Zhenjiang Siyang. As such, Zhenjiang Siyang has been
included in the consolidated financial statements of the Company. (2) On 25 August 2022, the Company held the Fourth Interim Meeting of the Board of Directors and the Fourth
Interim Meeting of the Supervisory Committee in 2022 and deliberated and approved the Proposal on Planning to
Participate in Capital Increase and Share Expansion and Related Transactions of Jiangsu Horizon New Energy
Technology Co., Ltd., agreeing to increase RMB75 million capital to Horizon New Energy for the subscription of
its newly registered capital of RMB18,844,200 and authorizing Shi Xinkun, the Company’s Chairman, to sign
capital increase agreements with related parties. In August 2022, Horizon New Energy and its shareholders signed
the Capital Increase Agreement of Jiangsu Horizon New Energy Technology Co., Ltd., agreeing that the registered
capital of Horizon New Energy was increased from RMB1,405,622,491 to RMB1.75 billion. In October 2022,
Horizon New Energy completed the industrial and commercial change registration procedures according to the
aforesaid capital increase agreement and obtained the new business license.


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