[中报]苏威孚Ｂ(200581):2023年半年度报告（英文版）
原标题:苏威孚Ｂ:2023年半年度报告（英文版） SEMI-ANNUAL REPORT 2023 August 2023 Section I. Important Notice, Contents and Interpretation Board of Directors, Board of Supervisory, 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, and Rong Bin, person in charge of accounting works, as well as Wu Junfei, person in charge of accounting organ (accounting principal) hereby confirm that the Financial Report of this Semi-Annual Report is authentic, accurate and complete. All directors have attended 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”, and 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. Content Section I. Important Notice, Contents and Interpretation ............................................................. 2 Section II. Company Profile and Main Financial Indexes ............................................................. 6 Section III. Management Discussion and Analysis ......................................................................... 9 Section IV. Corporate Governance ................................................................................................. 22 Section V. Environmental and Social Responsibility .................................................................... 24 Section VI. Important Matters ....................................................................................................... 29 Section VII. Changes in Shares and Particulars about Shareholders ......................................... 39 Section VIII. Preferred Stock ......................................................................................................... 45 Section IX. Corporate Bonds .......................................................................................................... 46 Section X. Financial Report ............................................................................................................ 47 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 is published on China Securities Journal and Securities Times 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 information
1. Company contact information 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 The registered address, office address, postal code, website, and email address of the company remain unchanged during the reporting period. Please refer to the 2022 Annual Report for details. 2. Information disclosure and location Whether information disclosure and preparation place changed in reporting period or not □Applicable?Not applicable The website and media name and website of the stock exchange where the company disclosed its semi-annual report, and the place of placement of the company’s semi-annual report remain unchanged during the reporting period. Please refer to the 2022 Annual Report for details. 3. Other relevant information Whether other relevant information has changed in the reporting period or not □Applicable ?Not applicable IV. Main accounting data and financial indexes Whether it has retroactive adjustment or re-statement on previous accounting data or not □ 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 reporting 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 reporting period. VI. Items and amounts of extraordinary gains and losses ?Applicable □Not applicable In RMB
□Applicable ?Not applicable The Company does not have other items of gains and losses qualified the definition of extraordinary gains and losses Information on the definition of extraordinary gains and losses that listed in the Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Gains and Losses as the recurring gains/losses □Applicable ?Not applicable The Company does not have any extraordinary gains and losses listed under the Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Gains and Losses defined as recurring gains/losses Section III. Management Discussion and Analysis I. Major business of the company within the reporting period (I) Main business engaged by the Company The Company is engaged in R&D, production and sales of core automotive parts and components. During the reporting period, the main products are diesel fuel injection system products, exhaust gas post-processing system products and air intake system products. Meanwhile, the core components of the fuel cell products of the company have been produced and marketed in small batches. 1. The diesel fuel injection system products are widely applied to diesel engines of all grades of power, to support various types of trucks, buses, construction machinery, marine, agricultural machinery, generator sets, etc. The products can satisfy the National VI and Off-road Stage IV emission regulations for vehicles, and are in the leading position within the industry in terms of product variety, production scale, market share, etc. While making efforts to match with domestic main engines, some products have been exported to America, Southeast Asia, the Middle East and other regions. 2. Exhaust gas post-processing system products can satisfy the National VI and Off-road Stage IV emission regulations for vehicles. The products are in the leading position domestically in terms of technology level, market scale and production capacity, and are widely used in the fields of passenger cars, commercial vehicles, off-road machinery, etc., which can provide strong support for the product upgrading of main engine manufacturers. 3. Intake system products (superchargers), can satisfy the National VI and Off-road Stage IV emission regulations for vehicles, the application range covers multiple fields such as commercial vehicles, passenger cars, construction machinery, agricultural machinery and generator sets, providing support for major domestic OEMs and vehicle manufacturers. 4. The core components of fuel cells, including membrane electrode, graphite bipolar plate, metal bipolar plate and key BOP components, are used for supporting domestic and overseas fuel cell reactor and system manufacturers. (II) Business model of the Company The Company follows the business philosophy of “Making Fine Products, Creating Famous Brands and Achieving Common Growth in Values” and implements the business model of unified management by the parent company and decentralized production by the subsidiaries. The parent company is responsible for formulating strategic development plans and business objectives, and providing unified management, guidance and assessment to the subsidiaries in terms of finance, major personnel management, core raw materials, quality control, technology development, etc. Subsidiaries arrange production based on the order management model of the market, which not only enables the subsidiaries to maintain uniform product quality, but also facilitates timely understanding of customer demands and saving logistics costs, so as to improve the economic efficiency of the Company by maintaining the timeliness of product production and supply. (III) Development of the industry The industry of the Company is auto parts manufacturing industry, which is closely related to the development of the auto industry. In the first half of 2023, Chinese economy maintained a sustained recovery trend, the accumulation of positive factors increased, and the long-term trend to a good prospect was still stable. In this context, the overall development of auto industry maintained steady in the first half of the year, the domestic market continued to recover, and the main economic indicators continued to improve. From January to June 2023, automobile production and sales were 13.248 million and 13.239 million, respectively, with the year-on-year 1. Market of commercial vehicles From January to June 2023, the production and sales of commercial vehicles were 1.967 million and 1.971 million, respectively, with the year-on-year increase of 16.9% and 15.8%. The output and sales of freight cars were 1.74 million and 1.748 million, respectively, with the year-on-year increase of 15.5% and 14.8%; the output and sales of passenger cars were 227,000 and 223,000, respectively, with the year-on-year increase of 28.9% and 24.3%. In the first half of 2023, along with gradual recovery of consumption, continuous investment in infrastructure and increasing demand for logistics and transportation, sales of commercial vehicles such as engineering heavy trucks, transportation heavy trucks, and urban logistics vehicles continued to grow, and the commercial vehicle market went up from bottom. 2. Market of passenger vehicles From January to June 2023, the output and sales of passenger vehicles were 11.281 million and 11.268 million, respectively, with the year-on-year increase of 8.1% and 8.8%. From the perspective of the performance of passenger vehicle market in the first half of the year, the issuance of national and local sales promotion policies, the momentum of auto enterprises at the end of the quarter, and the continuous growth of sales and exports of new energy vehicle have jointly promoted the growth of both the output and sales of the passenger vehicle market in the first half of the year. 3. Market of new energy vehicles From January to June 2023, the output and sales of new energy vehicles were 3.788 million and 3.747 million, respectively, with the year-on-year increase of 42.4% and 44.1%, and market share of 28.3%. Among them, the sales of pure electric vehicles rose by 31.9% YOY to 2.719 million; the sales of plug-in hybrid electric vehicles rose by 91.1% to 1.025 million; and the sales of fuel cell vehicles rose by 73.5% YOY to 2,000. With enrichment of variety of new energy passenger vehicles, the marketing of a large number of new models and the decline in prices of vehicle modes, compared with sales in the same period of last year, sales of A00 - grade vehicles decreased significantly, while the sales of other grade vehicles rose to varying degree. 4. Market of non-road vehicles In the first half of 2023, the domestic economy and society fully returned to normal, and the market got warm. However, affected by the weakening demand for infrastructure, the real estate investment still in the deep adjustment period, and insufficient commencement, construction machinery industry is still under greater pressure, while the agricultural machinery industry was significantly improved due to the recovery of agricultural demand. From January to June 2023, the sales of diesel internal combustion engines for construction machinery was 480,000, rising by 1.4% YOY; the sales of diesel internal combustion engines for agricultural machinery was 860,000, rising by 14.6% YOY. (Note: The above industry data sources are from China Association of Automobile Manufacturers and China Internal Combustion Engine Industry Association.) (IV) Business of the company in reporting period Since the beginning of this year, the Company has earnestly implemented the annual work objectives and plans, and actively grasped and responded to the opportunities and challenges of the industry. During the reporting period, operation revenue from the Company was 6.130 billion yuan, down by 14.12% YOY; the net profit attributable to shareholder of listed company amounted to 0.949 billion yuan, down by 13.05% YOY. Main work carried out by the Company during the reporting period: 1. Strengthened collaborative marketing management and accelerated the expansion of new industry markets. Since the beginning of this year, the Company has strengthened the collaborative marketing of existing business and emerging business, and accelerated the expansion of key customer markets at home and abroad. Existing business: The market shares of post-processing system purifier products kept rising, of which the year-on-year sales increase of gasoline purifier has exceeded 20%; batch production of diesel purifier T4 has been achieved in multiple key customer projects in non-road vehicle market. Batch production of gasoline supercharger has been achieved or PPAP has been completed in some customer projects; a number of new customer projects have been obtained for six cylinder diesel supercharger products, and small batch supply of methanol supercharger to key customers has been realized. The non-road vehicle market of distribution pump T4 was vigorously developed, and the installation in 51 major agricultural machinery customers have been completed. The generator and loader markets were actively expanded; the overseas export market of products such as in-line pumps grew rapidly. Emerging business: The sales of electric drive parts maintained high growth, among which sales of motor shaft products rose by 2.6 times YOY; the first announced model of wheel hub motor was released, and a number of new model customer projects were carried out simultaneously; the construction of domestic production line, debugging or trial production of a number of hydrogen fuel cell products such as membrane electrode, metal bipolar plate, alloy catalyst, electronic water pump, thermostat, hydrogen circulation pump and exhaust vent valve have been completed, and domestic and foreign customer projects are successfully expanded. The OTS engineering recognition documents for electronic oil pump products have been submitted to the head customers, and the products have been designated for a number of customer projects. The tripartite strategic cooperation has been reached with KargoBot and Arbe for 4D imaging radar products, and the first round of sample delivery and road testing have been completed; strategic cooperation has been reached with Shanxi Anshu Intelligent Technology to jointly promote the research and development and commercial application in the smart mine industry; testing and verification are actively carried out with a number of Oems customers. 2. Strengthened technology R&D, and accelerated the development of new products. Existing business: Successfully carried out the product reliability test of electronic fuel injection system 2200bar platform; Completed the sample functional verification and batch production manufacturing planning of dual-fuel direct injection product; Smoothly proceeded the development of low- carbon alternative fuel injection system. Completed the development and mass production of post-processing system platforms for light diesel vehicles, heavy diesel vehicles and non-road mobile machinery; Completed the development of post-processing systems for several plug-in hybrid vehicle models; Carried out the technical pre-research on products that meet national VII emission standard and alternative fuel post-processing products. The development of diesel and natural gas supercharger projects that meet national VI emission standard was stably in progress. Completed the small batch verification of several key customer projects; Completed the development and small batch supply of gasoline supercharger in the hybrid models of head new energy vehicle customers, which was in the ramp stage of mass production; Actively promoted the use of 48V electric supercharger in customer pre-research projects. Emerging business: Completed the production consistency verification of the pile core materials such as platinum-carbon catalyst and alloy catalyst production lines, as well as the commissioning and trial production of 1.1 million pieces/year membrane electrode domestic production line; Achieved stable production of hydrogen ejector, hydrogen isolation valve and hydrogen safety valve; Completed production preparation for hydrogen exhaust valve, electronic water pump and proportional three-way valve for batch production; Completed partial reliability tests for key BoP components such as 35/70 Mpa pressure relief valve and bottle valve, hydrogen circulating pump and air bearing. Achieved the demonstration operation for electrolytic water hydrogen production system, and launched the development of platform product. Completed sample review and trial production of scatter radar and in-cabin radar C; Continuously promoted the customer project development and industrialization capacity building for 4D imaging radar products. 3. Improved the operation quality of the strategic system, and promoted the investment layout of new business. Completed the review and evaluation of business strategic planning and strengthened the thermal management business and VH business capability planning, completed the strategic resource audit of hydraulic business, launched and promoted the strategic thematic studies on catalysts, coating technology and chassis; Acquired the land of hydrogen energy industrial park, and completed the preliminary design scheme and land application. Implemented the construction and investment of three global bases for hydrogen energy business, completed R&D and capacity expansion investment to graphite bipolar plate in IRD Europe and North America base and the metal bipolar plate in Borit Europe base, and accelerated the localization capacity building of Asia-Pacific base Weifu Qinglong joint venture; Finished the integration and collaboration after VH business acquisition; Carried out the research and wheel hub motor business. Jointly carried out market research with strategic partners, and actively promoted the research on technical path of PEM water-electrolytic hydrogen production business. Established post-investment management system and regulated the post-investment governance of subsidiaries. 4. Strengthened intelligent quality management, and steadily promoted engineering construction. Launched FMS tooling management system and pilot implemented the phase I of WMS warehouse management system; Developed and tested MOM phase I manufacturing operation system; Completed the preliminary research on the iteration of TMS tool management system, EMS energy management system and PMS equipment management system; Deployed IoT platform in the pilot units to achieve full connectivity of equipment interconnection. Completed the process planning of new platform products of the technology center, promoted the standardization of process modules and launched phase II PLM development. Implemented Q11 quality criteria and continuously improve the development quality management capability; Deepened the quality improvement review mechanism, audited core products and estimated the hierarchical evaluation of all elements of the process on a regular basis. Constructed R&D building according to the milestone, finished the project planning and foundation construction of plant and station building on the lot 103, and proceeded the construction of the hydrogen energy industrial park as planned. 5. Strengthened operation quality, and improved operation efficiency. Improved the standardized management of tax-related terms of contracts is improved promoted the tax early warning analysis in an orderly manner, and optimized accounting process to improve operation efficiency; Strengthened business risk prevention, refine business data analysis, optimized product and improved profitability. Improved and optimized the existing systems and processes, invited external risk control experts for evaluation and training, continuously improved the risk control and management ability, and strengthened the risk detection and control at all levels of the Company. Improved business monitoring and analysis of lines and divisions, intensified deviation management and corrective action tracking; Set up overseas project offices and investigated on overseas subsidiary management and control mode; Developed and applied the phase II process operation analysis platform and document control platform. Evaluated status of procurement business, identified core problems and formulated optimization measures; Completed the basic development of warehouse standardization system of the Group. Optimized the talent structure, implement internal transfer and improved and the suitability of talents; Promoted the establishment of talent sharing mechanism with high-skilled positions as a pilot; Explored the international talent work exchange mechanism and business ability training program to build a sound international talent teams. II. Analysis on core competitiveness 1. Industry and brand advantages. Established in 1958, with more than sixty years of development, the Company has become a renowned manufacturer of auto parts in China and has established long-term and stable cooperation with major domestic OEMs and vehicle manufacturers. The existing core auto parts products such as automotive fuel injection system, exhaust gas post- processing system, air intake system and core parts of hydrogen fuel cell have strong market competitiveness and high market shares. The Company is a leading enterprise in the internal combustion engine industry in China as well as a Top 30 Enterprise in the auto parts industry in China. 2. Technology and product advantages. The Company is a national high-tech enterprise with scientific research platforms such as National Enterprise Technology Center, National High Technology Research and Development Program Achievement Industrialization Base, Postdoctoral Research Station, Jiangsu Provincial Postgraduate Workstation, as well as several provincial engineering technology research centers, provincial engineering laboratories and other R&D institutions, which mainly focus on fuel injection system for vehicles, exhaust gas post-processing system, air intake system, hydrogen fuel cell, intelligent network, thermal management system and other businesses for technological innovation and product development. The Company has acquired a number of key core technologies, with the technical indicators of its main products at the leading level in the industry. In recent years, the Company has made key strategic layout in the fields of green hydrogen energy and intelligent electric power, established the Institute of New Energy and Netlink Technology, and formed product technology R&D capabilities in core parts of hydrogen fuel cell, intelligent netlink, new energy thermal management system components, etc. 3. Management and manufacturing advantages. The Company features a perfect organizational structure, management system and process, as well as a financial sharing platform, which can realize the effective migration and stable operation of organization and personnel, business and accounting; The Company has built a human resource information system platform, so as to guarantee the timely and accurate standardization of basic data of organization, personnel, salary and attendance; The Company has established a procurement sharing system, which enables the interconnection of information between enterprises and suppliers that enables closed-loop management of the procurement process; The Company has implemented the Weifu Production System (WPS) with lean concept and established an overall process quality management system with relatively strong manufacturing, quality assurance, cost control and product delivery capabilities. With the focus on smart manufacturing, the Company has continued to build a smart factory with Weifu characteristics and promote the application of cloud computing and 5G network, which can strongly support the future business development of the Company. 4. Marketing and service advantages. The Company features a stable, professional and experienced marketing team, which can provide targeted support and services based on customer demands, as well as cordial customer relationships. With regard to long- term strategic customers, the Company has established a four-in-one marketing coordination group consisting of responsible leaders, key account managers, marketing departments and business divisions, and regular visits among the management of the companies to promote communication and cooperation. The Company has a relatively complete after-sales service system, and has built an after-sales service network, intelligent service platform, and set up special maintenance technical service stations nationwide to regularly train end-users in the use of maintenance and fault analysis and judgment, so as to provide customers with fast, timely and professional all-round after-sales services. 5. Talent team advantages. The management team of the Company has extensive experience in the auto parts industry with excellent industry reputation. The Company attaches importance to the growth of employees as well as the development of core talents. With years of accumulation, the Company has deposited a group of professional and high-quality management and technical talents and established a reasonable talent echelon, which provides a strong guarantee of human resources for the long- term and stable development of the Company. The human resource management system of the Company is relatively comprehensive, and the continuously optimized human resource management system has provided a fair platform for career development of employees to realize their values. The Company attaches importance to the service and care for employees, and aims to enhance the service experience of employees through the construction of employee self-help platform to create a working environment with warmth and a sense of belonging. 6. International cooperation advantages. The Company is committed to the core automotive parts industry and has long been cooperating with strategic partners at home and abroad in depth. The Company has been cooperating with industry giant Robert Bosch Company since 1984, and has established a long-term and stable cooperation relationship with Bosch and continuously expanded cooperation in new business areas, and the cooperation model between the two sides has become an industry model. Meanwhile, the Company has built joint ventures with Autocam in the United States and Schmidt in Germany, and cooperates closely in the field of high-end precision manufacturing. By long-term cooperation with renowned enterprises in Europe and the United States, the Company has cultivated a group of middle and senior management and technical personnel with international communication abilities, international visions and familiarity with international standards, and has mastered R&D process design, quality control and production management capabilities with international advanced levels, which has promoted favorable development of the business of the Company as well as international business and market development. 7. Excellent corporate culture with the mission of “Better Life Powered by Quality and Intelligence” and the vision of “Centennial Weifu Expert in Core Auto Parts Industry”, the Company has practiced the core values of “Focus, Innovation, Commitment and Integration” while adopting the enterprise spirit of “Being Practical, Being Courageous, Being Cooperative and Being Pioneering”. The Company has been building a culture system of “Quality and Intelligence”, with “Quality” and “Intelligence” as the twin engines of the corporate culture, which reflect the adherence to the original intention and the pursuit of the future. The excellent corporate culture has provided strong support for the continued operational excellence of the Company and its growth into a trustworthy and respected industrial expert, thereby playing an active role in the achievement of the strategic goals of the III. Analysis of the main businesses Summary Please refer to the relevant content of “I. Major business of the company within the reporting period”. Year-on-year changes in major financial data In RMB
□ Applicable ?Not applicable There have been no significant changes in the composition or source of profits of the company during the reporting period. Composition of operation revenue In RMB
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