[年报]苏常柴Ｂ(200570):2023年年度报告摘要（英文版）
CHANGCHAI COMPANY, LIMITED ANNUAL REPORT 2023 (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 RMB0.47 (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
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, 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:
(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 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, national regulations pertaining to internal combustion engine technology have considerably tightened, with a notable emphasis on energy conservation, emissions reduction, and reliability, thereby making them focal points of industrial development. The rigorous enforcement of national emission standards will expedite the development and deployment of core technologies and crucial components within internal combustion engines. The exploration and dissemination of efficient and clean internal combustion engine products will drive the widespread adoption of independent-brand electronic fuel injection systems, high-efficiency superchargers, and advanced after-treatment solutions. In recent years, the issuance of the No. 1 Document by the central government has underscored its commitment to elevating the importance of agriculture and bolstering agricultural development. In 2024, the No. 1 Document outlined a "road map" to vigorously and effectively propel comprehensive rural revitalization. To stimulate demand through industrial policies, it is imperative to enhance the research and application proficiency of agricultural machinery and equipment, promote the innovation framework for cutting-edge agricultural machinery, vigorously address the deficiencies in agricultural machinery and equipment, bolster the information-based capabilities and service provision of agricultural machinery and equipment, advance the intelligence and automation levels of agricultural machinery, reinforce the synergy between technology and reform, and intensify efforts in core technology research and development, all of which will delineate the trajectory for agricultural modernization. As a result of the national policy of subsidies for the purchase of machinery, industrial development policies and the impact of environmental regulations and requirements, overall market demand for single-cylinder diesel engines for small agricultural machinery remained low, causing intense competition. Despite the gradual increase in the use of single-cylinder engines in the non-agricultural sector, overall sales remained on a downward path. The year 2023 is the first year of upgrading the National Emission Standard III to IV, and the agricultural machinery industry has entered a drastic “reshuffle” period. From the point of view of the development of the industry as a whole, the sales of low-quality products continued to weaken, and high-quality products continued to take over more market share, which promoted the sustainable development of the industry as a whole. With the full-scale implementation of National Emission Standard IV for Non-road Vehicles and the evolving market dynamics, the pace of development for high-end agricultural machinery products in China has accelerated. High- end and intelligent trends of agricultural machinery catalyzed a fresh wave of structural transformation within the agricultural machinery industry. The sector has entered a phase of profound adjustments propelled by optimization and upgrading, with agricultural machinery enterprises concurrently embarking on a trajectory of high-quality development, hastening the integration and advancement of advanced technologies encompassing energy conservation and emissions reduction, intelligent manufacturing, and the enhancement of product quality and efficiency. As new opportunities for development arise in the national strategic deployment and the accelerated transformation and upgrading process, the agricultural machinery market has a broad space for growth. 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 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
Unit: RMB
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
□ Applicable √ Not applicable Changes in top 10 shareholders compared with the prior period √ Applicable □ Not applicable Unit: share
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. Expropriation of the Wuxing branch company’s properties on state-owned land and compensation On 25 May 2023, the Proposal on the Intention to Sign the Agreement on the Expropriation of the Properties of the Wuxing Branch Company on State-owned Land in Changzhou City and the Compensation was approved at the 17th Meeting of the Ninth Board of Directors. Later, the said matter was approved at the First Extraordinary General Meeting of Shareholders in 2023 dated 12 June 2023. As such, the Company was agreed to sign a contract with Changzhou Zhonglou District Housing and Urban-Rural Development Bureau on the expropriation of the Wuxing branch company’s properties on state-owned land and the compensation, with the contractual total compensation amount being RMB117 million. On 14 June 2023, the Company signed the Agreement on the Expropriation of the Properties of the Wuxing Branch Company on State-owned Land in Changzhou City and the Compensation with Changzhou Zhonglou District Housing and Urban-Rural Development Bureau, and received the first compensation payment of RMB70 million on 28 June 2023, and received the residual compensation payment of RMB47 million on 9 January 2024. 2. Housing expropriation on state-owned land and compensation of Sanjing Branch On 27 October 2023, the Company held the Third Meeting of the Tenth Board of Directors, deliberating on and approving the Proposal on Signing the Sanjing Branch's Agreement on Non-residential Housing Expropriation and Compensation in Xinbei District, Changzhou City. The matter was approved at the third extraordinary general meeting on 14 November 2023, approving that the Company would sign agreement with the Housing and Urban-Rural Development Bureau of Changzhou National High-tech Industrial Development Zone and the Housing Expropriation and Compensation Service Centre of Sanjing Street, Xinbei District, Changzhou City, regarding the housing expropriation on state-owned land and compensation of the Sanjing Branch. The total compensation amount under the agreement was RMB99,929,900. On 29 November 2023, the Company signed Development Bureau of Changzhou National High-tech Industrial Development Zone and the Housing Expropriation and Compensation Service Centre of Sanjing Street, Xinbei District, Changzhou City. The Company received the first compensation of RMB30 million until January 2024. 3. Acquisition of 7.5% equity held by natural person shareholders of Zhenjiang Siyang In December 2023, the Company acquired 7.5% equity held by three natural person shareholders of its partially- owned subsidiaries Zhenjiang Siyang with RMB7.17 million. As at 31 December 2023, the Company had held a total of 49% equity in Zhenjiang Siyang and remained its largest shareholder. 中财网
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