[中报]苏常柴Ｂ(200570):2024年半年度报告（英文版）
原标题:苏常柴Ｂ:2024年半年度报告（英文版） INTERIMREPORT2024 August2024 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofChangchaiCompany,Limited(hereinafterreferredtoas the “Company”) hereby guarantee the factuality, accuracy and completeness of thecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.XieGuozhong,theCompany’slegalrepresentativeandGeneralManager,andJiangHe,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. Anyplansforthefutureorotherforward-lookingstatementsmentionedinthisReportanditssummaryshallNOTbeconsideredaspromisestoinvestors.Investorsandotherstakeholdersshallbesufficientlyawareoftheriskandshalldifferentiatebetweenplans/forecastsandpromises. TheCompanyhasdescribedindetailtherisksitmightfacein“XRisksFacingtheCompanyandCountermeasures”in“PartIIIManagementDiscussionandAnalysis”herein.TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis..............................................................................10 PartIVCorporateGovernance.......................................................................................................27 PartVEnvironmentalandSocialResponsibility..........................................................................28 PartVISignificantEvents...............................................................................................................31 PartVIIShareChangesandShareholderInformation................................................................36 PartVIIIPreferredShares..............................................................................................................41 PartIXBonds...................................................................................................................................42 PartXFinancialStatements............................................................................................................43 DocumentsAvailableforReference (I)ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,GeneralManagerandheadofthefinancialdepartment(accountantincharge). (II)TheoriginalsofalltheCompany’sdocumentsandannouncementswhichweredisclosedonthewebsitedesignatedbytheCSRCduringtheReportingPeriod. (III)TheInterimReportdisclosedinothersecuritiesmarkets. Theabove-mentioneddocumentsavailableforreferenceareallkeptintheSecretariatoftheBoardofDirectorsoftheCompany. ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.Definitions
ICorporateInformation
1.ContactInformationoftheCompany Indicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddressandemailaddressoftheCompanyintheReportingPeriod.□Applicable√Notapplicable NochangeoccurredtothesaidinformationintheReportingPeriod,whichcanbefoundinthe2023AnnualReport. 2.MediaforInformationDisclosureandPlacewherethisReportisLodgedIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforlodgingtheCompany’speriodicreportsintheReportingPeriod. Thewebsiteofthestockexchange,mediaandotherwebsiteswheretheCompany’speriodicreportsaredisclosed,aswellastheplaceforkeepingsuchreportsdidnotchangeintheReportingPeriod.Thesaidinformationcanbefoundinthe2023AnnualReport. 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. PartIIIManagementDiscussionandAnalysis IPrincipalActivityoftheCompanyintheReportingPeriod 1.Industryreview Weareamanufacturerofinternalcombustionenginesandfittingsingeneralequipmentmanufacturing.Accordingtotheclassificationoffuelused,internalcombustionenginesaremainlydividedintodieselenginesandgasolineengines.Ourdieselenginesandgasolineenginesaremainlyusedinnon-roadmobilemachineryfieldssuchasharvesters,tractors,plantprotectionmachinery,smallengineeringmachinery,andshipbornemachinery.Intermsofpolicies,thenationalstrategyof"MadeinChina2025"hastheR&Dandindustrializationofefficientinternalcombustionengineselevatedtothenationalstrategiclevel,andnewpoliciesonlarge-scaleequipmentrenewalandtrade-in ofconsumergoods willfurtherpromote thedevelopmentofmarket andscienceandtechnology.Nationalregulationspertainingtointernalcombustionenginetechnologyhaveconsiderablytightened, withanotableemphasisonenergyconservation,emissionsreduction,andreliability,therebymakingthemfocalpoints of industrial development. The rigorous enforcement of national emission standards expedites the developmentanddeploymentofcoretechnologiesandcrucialcomponentswithininternalcombustionengines.The exploration and dissemination of efficient and clean internal combustion engine products drive the widespreadadoptionofindependent-brandelectronicfuelinjectionsystems,high-efficiencysuperchargers,and advancedafter-treatmentsolutions. Inrecentyears,theissuanceoftheNo.1Documentbythecentralgovernmenthasunderscoreditscommitmenttoelevatingtheimportanceofagricultureandbolsteringagriculturaldevelopment.In2024,theNo.1Documentoutlineda"roadmap"tovigorouslyandeffectivelypropelcomprehensiveruralrevitalization.Tostimulatedemand throughindustrialpolicies, itis imperative toenhancethe researchandapplicationproficiencyofagriculturalmachineryandequipment,promotetheinnovationframeworkforcutting-edgeagriculturalmachinery, 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 automationlevelsofagriculturalmachinery,reinforcethesynergybetweentechnologyandreform,andintensifyeffortsincoretechnologyresearchanddevelopment,allofwhichwilldelineatethetrajectoryforagriculturalmodernization. Asaresultofthenationalpolicyofsubsidiesforthepurchaseofmachinery,industrialdevelopmentpoliciesandtheimpactofenvironmentalregulationsandrequirements,overallmarketdemandforsingle-cylinderdieselenginesforsmallagriculturalmachineryremainedlow,causingintensecompetition.Despitethegradualincreaseintheuseofsingle-cylinderenginesinthenon-agriculturalsectors,overallsalesvolumeremainedonadownwardpath.Fromthepointofviewofthedevelopmentoftheindustryasawhole,thesalesoflow-qualityproductscontinuedtoweaken,andhigh-qualityproductscontinuedtotakeovermoremarketshare,whichpromotedthesustainabledevelopmentoftheindustryasawhole.Withthefull-scaleimplementationofNationalEmissionStandardIVforNon-roadVehiclesandtheevolvingmarketdynamics,thepaceofdevelopmentforhigh-endagricultural machinery products in China has accelerated. High-end and intelligent trends of agricultural machinerycatalyzedafreshwaveofstructuraltransformationwithintheagriculturalmachineryindustry.Thesectorhasenteredaphaseofprofoundadjustmentspropelledbyoptimizationandupgrading,withagriculturalmachinery enterprises concurrently embarking on a trajectory of high-quality development, hastening the integration and advancement of advanced technologies encompassing energy conservation and emissionsreduction,intelligentmanufacturing,andtheenhancementofproductqualityandefficiency.Asnewopportunities fordevelopmentariseinthenationalstrategicdeploymentandtheacceleratedtransformationandupgradingprocess,theagriculturalmachinerymarkethasabroadspaceforgrowth.2.PrincipalOperationsoftheCompany WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasoline engines under the brand "Robin". Our products are mainly used in agricultural machinery, small engineering machinery,generatorsetsandshipbornemachineryandotherfields closelyrelated topeople'slivelihood. IntheReportingPeriod,therewerenomajorchangesintheCompany'scorebusinessandmainproducts.3.MainProductsoftheCompany Ourmainproductsaredividedintotwocategories:dieselenginesandgasolineengines.Thedetailsareasfollows:
(1)R&Dmodel Wehaveestablishedaninnovativetechnologymanagementsystemforinternalcombustionenginebasedonmarketdemandandforward-lookingtechnologies.Priortothenewproductsornewtechnologiesdevelopment,themarketingdepartmentfirstconductsmarketassessmentandcustomerresearch,andtheninitiatesaprojectaccordingtotheforecastedmarketdemand;thetechnologydepartmentconductsdevelopmentaccordingtotheprojectmaterials,andcollectsfeedbackinformationfromthemarketandcustomersinrealtimeduringthedevelopmentprocesstoensuretechnologyleadershipandproductsuitability.(2)Purchasingmodel Weadoptthe"purchase-to-order"purchasingmodel.TheERPsystemconvertsthesalesorders,thesalesplanandtheproductionplansintothedemandofpartsneeded,andthepurchasingdepartmentorganizesthepurchaseaccordingtosuchdemand.Meanwhile,thepurchasingdepartmentmakesaplantoguidepartsprocurementaccordingtothesalesplan,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,thesalesplanandthereserveinventorydemand,andorganizestheproductiontaskinstrictaccordancewiththeplan.Duringtheproductionprocess,thequalityassurancedepartmentarrangesregularinspectiontoensuretheproductquality.(4)Salemodel Weadoptthesalesmodelof"directselling+distribution",i.e.thedirectsellingmodelforthemainenginefactory, andthedistributionmodelfortheindividualcirculationmarketrepresentedbyfarmersandoverseasmarket.5.TheCompany'spositioninthemarket WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasolineenginesunderthebrand"Robin".Uptonow,wehavesuccessfullydevelopedanumberofadvancedcoretechnologieswithindependentintellectualpropertyrights.Intermsofdieselengine,accordingtothestatisticsof China InternalCombustion EngineIndustryAssociation (CICEIA), asthe largestsmall-andmedium-sizedsingle-cylinderdieselenginemanufacturerintheagriculturalmachineryindustryofChina,wehavemaintainedahighmarketshareofsingle-cylinderengines,andourmarketshareofsingle-cylinderdieselenginesofsomepowerrangeshasrankedfirstinChina.Formanyyears,intheprocessofachievingsteadyeconomicdevelopmentoftheenterprise,wedevelopedinasoundmannerandcultivatedthe"Changchai"brand,afamoussmalldieselenginebrandofChinawithindependentintellectualpropertyrights.6.KeyPerformanceDrivers (1)Nationalpolicydriver Inrecentyears,theNo.1Documentissuedbythecentralgovernmenthasdemonstratedthegovernment'sintentiontoattachgreaterimportancetoagricultureandstrengthenagriculturaldevelopment,soastopromotethe developmentofagricultureandruraleconomyandsociety,andstrengthenthesupportofagriculturaltechnologyandequipment.China'sagriculturalmachineryandequipmentindustrylayouthasalwaysbeenbasedonthemainlineofinnovation,focusedoncoretechnology,strengthenedtheconstructionofinnovationcapacity,andstroveto makeupfortheshortcomingsandweaknesses.ThefullimplementationofNationalEmissionStandardIVandthehigh-endandintelligenttrendsofagriculturalmachineryhavelettheagriculturalmachineryindustrytowardsanewstageofdevelopment.TheActionPlanforPromotingLarge-scaleEquipmentRenewalsandConsumerGoodsTrade-insin2024clarifiesthatoldagriculturalandindustrialmachinerywillberenewed,subsidypolicieswillbecontinuouslyimplementedforagriculturalmachineryscrappingandrenewal,thescrappingandrenewalofoldagriculturalmachinerywillbepromoted,andthestructuraladjustmentofagriculturalmachinerywillbeaccelerated.Theaccelerationofthereplacementprocessofoldequipmentofengineeringmachineryhascreatedafavourablepolicyenvironmentfortheapplicationofinternalcombustionengines.(2)IndustrialchainsynergyempowersthesustainabledevelopmentoftheCompanyWehavebuiltourowncastingmanufacturingandprocessingplantstomeettheuserequirementsofsomedieselengineparts.Intermsofproductionandquality,wehaveformedasignificantsynergywithourowninternalcombustionengineassemblydepartment.OurcastingmanufacturingdepartmentandinternalcombustionengineassemblydepartmentworktogethertoformamutuallyreinforcingpositivefeedbacklooptoassisttheCompanyinintegratingtheinternalcombustionengineindustrychainandbuildingdifferentiatedindustrybarriers.Interms ofcollaborativeproduction,thereductionofexternalpurchaseisofgreatsignificancefortheCompanytoreduceprocess flow, reduce intermediate loss, improve production efficiency, shorten delivery time and increase purchasingbargainingpower.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.Ourdieselandgasolineengines,aspowersourcesofagriculturalmachinery,andconstructionmachinery,showexcellentperformanceinpowerrange,reliability,powerperlitre,noisecontrolandemissionstandards,andhavebeenrecognizedbycustomers.Wemaintainedalong-termpartnershipwithmajorcustomers,withcumulativepartnership time exceeding15 years. Many main engine plantcustomers ofthe Companyare well-knownenterprisesintheagriculturalmachineryindustry,withtheirmarketsharesbeingattheforefrontofthemarket.7.PerformanceoftheCompany'sPrincipalOperationsintheReportingPeriodInthefirsthalfof2024,themacroeconomymaintainedamoderaterecoveryandsteadyprogressoverall.ThejointinfluenceofsuchfactorsasthefullentryofproductsthatmeettheNationalEmissionStandardIVintothemarket,thedeclineinoperatingincome,andtheadjustmentofsubsidiesmademarketcompetitionincreasinglyfierce,andthereforethetraditionalagriculturalmachineryindustryisslowingdown.Meanwhile,newmarketandindustrysegmentsmaintainedgrowthmomentum,accompaniedbytheincreasingdemandforhigh-endproductsandthetransformationoftheagriculturalmachineryindustrytowardshigh-qualitydevelopment.Centringarounditsannualpoliciesandobjectives,theCompanyasawholefocusedoncoreareassuchasproduct,marketandquality,andrespondedtochallengesthroughprecisestrategies,thusachievingsteadygrowthofthemainbusiness. DuringtheReportingPeriod,theCompanysoldapproximately325,400dieselengines,gasolineenginesandgeneratorsets,generatingtotalsalesrevenueofRMB1,496million,anincreaseof10.77%yearonyear.Intermsofproductdevelopmentandapplication,theCompanyintensifiedeffortsonthedevelopmentandapplicationoflightenginesinsegmentedfields,completedthesupportingroadtestforCC12dieselengineforthree-wheeledmotorcycle,andmadesteadyprogressintheinstallationandapplicationaswellastestingandverificationofmulti-cylinderproductsthatmeettheNationalEmissionStandardIVforNon-roadVehiclesandterminalproductsofmainengineplantcustomers.TheCompanyalsoupgradedtheproductpost-processingconfiguration,andcompletedthemarketverificationandemissioncertificationtesttoeffectivelyimprovetheemission reduction capacity of products and continuously develop green power. The Company constantly improvedtheassemblyandpowerperformanceofoutboardengines,promotedthecompletionofinstallationdebuggingandmarketapplicationforproductsofmultiplepowerranges,andobtainedshipinspectioncertificateforD25outboardenginesandexportedthemoverseas. Intermsofsalesandservices,theCompanystrengthenedchannelmanagementforsingle-cylinderengines,andconsolidated the market application share of single-cylinder engines in the industrial cluster. In terms of multi-cylinderengines,theCompanyintensifiedthecollaborationeffortsattheterminalmarket,consolidatedmarketapplicationshareintraditionaladvantageousfields,andexpandedtheincrementalmarketofharvestingmachinery.Moreover,theCompanyfurtherboostedmarketdevelopmentinnon-agriculturalfields, withitsintelligentintegratedchargingstationssuccessfullyenteringtheflightdefencemarketalready.Additionally, foreigntradesalesjumpedinemergingmarkets.TheCompanyalsocontinuouslyoptimizedtheallocationofserviceresources,strengthenedservicecollaboration,andcompletedvariousmarketservicetasksduringbusyagricultural periods, while increasing the publicity by new media to improve the visibility and quality of marketing. Intermsofqualitymanagement,theCompanycontinuouslyoptimizedthequalitysystem,strengthenedqualitycontrol,andstrictlycontrolledtheproductinspectionandproductionprocesses.Moreover,theCompanyactivelyrespondedtomarketfeedback,furthermanagedthestabilizationandenhancementofthesupplychain,andimprovedthequalitylevelofproductsthroughprecisemeasures. Intermsofinternalmanagement,theCompanycomprehensivelyimprovedtheestablishmentoftheinternalcontrolsystem,andtookmultiplemeasurestoreducecostsandimprovetheCompany'soperatingefficiencyandgovernance level. Moreover, the Company further improved its assessment and incentive mechanism, and strengthenedtheintroductionandcultivationoftalentsandthebuildingofcadreteamtoforgeatalentteamwelladaptingtothedevelopmentoftheCompany.TheCompanyalsocarriedoutsafeproductionactivitiesandfiresecuritydrills,organizedvariousculturalandsportsactivities,workedtocreateasafe,stableandcohesivework environmentandcorporateatmosphere,whilestrengtheningthepublicityofcorporateimageandproductsthroughmultiplechannelstoenhancetheCompany'sbrandinfluence. DuringtheReportingPeriod,theCompanyobtained25%equityofHorizonAgriculturalEquipmentoriginallyheldbyHorizonInvestment,enablingittodirectlyhold100%equityofHorizonAgriculturalEquipment.AsoftheendoftheReportingPeriod,theCompanyhadreceivedatotalofRMB117millionincompensationforhousingexpropriationfromWuxingBranchandRMB30millioninthefirstphaseofcompensationforhousingexpropriationfromSanjingBranch. 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,theCompanywasawardedthetitlesofNationalDemonstrationEnterpriseofProductandServiceQualityIntegrity,LargeKeyOutstandingEnterpriseintheChineseMechanicalIndustry,ExcellentBrandintheAgriculturalMachineryEquipmentIndustryofJiangsuProvince,etc.Formanyyears,intheprocessofachievingsteadyeconomicdevelopmentoftheenterprise,wedevelopedinasoundmannerandcultivatedthe“Changchai”brand,afamoussmalldieselenginebrandofChinawithindependentintellectualpropertyrights.2.AdvantagesinTechnology TheCompanyhasastate-leveltechnologycenterandpost-doctoralresearchstation,andaresearchcenterofsmallandmedium-powerinternalcombustionengineengineeringandtechnologyinJiangsuProvince.Currently,itismainlyengagedinproductionofsmallandmedium-powersingle-cylinderandmulti-cylinderdieselengine.Ithasacompleteproductrange,awidepowerlevelcoverage,ahighreputationandintellectualpropertyrightsforitsmainproducts.DuringtheReportingPeriod,theCompanyappliedforandobtained12patentsacceptedbytheChinaNationalIntellectualPropertyAdministration,andobtained11patentauthorizations.Asof30June2024,theCompanyhadatotalof164domesticandforeignpatents,including17inventionpatents.3.AdvantagesinMarketing Changchaihasbuiltupasalesservicenetworkcoveringthewholecountry,with24salesservicecentersand716designatedmaintenancestations.Inaddition,inordertomeettheNationalEmissionStandardIVforNon-RoadVehiclesandprovidebetterafter-salesserviceforcustomers,aservicemonitoringplatformwithChangchaicharacteristicshasbeenputinplace.Withaperfectdieselsalesservicenetworksystem,theCompanyisabletoprovidehighquality,efficientandtimelyservicesforcustomers. IIICoreBusinessAnalysis Overview Seecontentsundertheheading“IPrincipalActivityoftheCompanyintheReportingPeriod”.Year-on-yearchangesinkeyfinancialdata:
NosuchcasesintheReportingPeriod. Breakdownofoperatingrevenue: Unit:RMB
operatingprofit: √Applicable□Notapplicable Unit:RMB
□Applicable√Notapplicable IVAnalysisofNon-CoreBusinesses √Applicable□Notapplicable Unit:RMB
1.SignificantChangesinAssetComposition Unit:RMB
□Applicable√Notapplicable 3.AssetsandLiabilitiesatFairValue √Applicable□Notapplicable Unit:RMB
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