[年报]苏常柴Ｂ(200570):2024年年度报告（英文版）
原标题:苏常柴Ｂ:2024年年度报告（英文版） ANNUALREPORT2024 April2025 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. Anyplansforthefutureandotherforward-lookingstatementsmentionedinthisReportshallNOTbeconsideredasabsolutepromisesoftheCompanytoinvestors.Therefore,investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. TheCompanyhasdescribedindetailtherisksitmightfacein“XIProspects”in“PartIIIManagementDiscussionandAnalysis”herein. TheBoardhasapprovedafinaldividendplanasfollows:basedonthe705,692,507shares,acashdividendofRMB0.1(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves. TableofContents PartIImportantNotes,TableofContentsandDefinitions....................................2PartIICorporateInformationandKeyFinancialInformation............................6PartIIIManagementDiscussionandAnalysis.......................................................11PartIVCorporateGovernance................................................................................36 PartVEnvironmentalandSocialResponsibility...................................................56PartVISignificantEvents.........................................................................................57 PartVIIShareChangesandShareholderInformation.........................................66PartVIIIPreferenceShares......................................................................................73 PartIXBonds.............................................................................................................73 PartXFinancialStatements.....................................................................................74 DocumentsAvailableforReference 1.ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,GeneralManagerandheadofthefinancialdepartment. 2.TheoriginalcopyoftheIndependentAuditor’sReportsignedandsealedbytheCPAs,aswellassealedbytheCPAfirm. 3.TheoriginalsofalltheCompany’sdocumentsandannouncementswhichweredisclosedonSecuritiesTimeandTaKungPao(HK)(newspapersdesignatedbytheCSRCforinformationdisclosure)duringtheReportingPeriod. 4.TheAnnualReportdisclosedinothersecuritiesmarkets. Theabove-mentioneddocumentsavailableforreferenceareallkeptintheSecretariatoftheBoardofDirectorsoftheCompany. ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.Definitions
ICorporateInformation
TheindependentauditfirmhiredbytheCompany:
□Applicable√Notapplicable TheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod: □Applicable√Notapplicable VIKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes√No
Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegative. □Yes√No VIIAccountingDataDifferencesunderChina’sAccountingStandardsforBusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards1.NetProfitandEquityunderCASandIFRS □Applicable√Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable√Notapplicable NodifferencefortheReportingPeriod. VIIIKeyFinancialInformationbyQuarter Unit:RMB
IXExceptionalGainsandLosses √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 IIndustryOverviewfortheReportingPeriod Weareamanufacturerofinternalcombustionenginesandfittingsingeneralequipmentmanufacturing.Accordingtotheclassificationoffuelused,internalcombustionenginesaremainlydividedintodieselenginesandgasolineengines.Ourdieselenginesandgasolineenginesaremainlyusedinnon-roadmobilemachineryfieldssuchasharvesters,tractors,plantprotectionmachinery,smallengineeringmachinery,andshipbornemachinery.(1)Basicinformationontheindustry TheinternalcombustionengineisanimportantsupportforChina'smanufacturingindustrysecurity,energysecurityandnationaldefensesecurity,andanimportantbasicindustryofnationaleconomyandnationaldefenseconstruction.Theinternalcombustionengineisthemostpower-dense,thermallyefficientandwidelyusedheatenginepowerunit. Inordertoimplementthenationaloveralldevelopmentstrategyofenergyconservation,emissionreduction,transformation,andupgrading,theinternalcombustionengineindustryandagriculturalmachineryindustrywillstrengthenindependentinnovationandresearchanddevelopment,acceleratetheconstructionofacommonbasictechnologyplatform, optimizethe constructionofthe upstreamanddownstreamindustrychain,implementintelligent manufacturing, and actively carry out international exchange and cooperation to accelerate the realizationofindustrialtechnologyupgrading. (2)Developmentpatternandtrendoftheindustry Fromapolicyperspective,thereisastrongemphasisonprioritizingenergyconservationandemissionsreduction,promoting green, circular, low-carbon, and environmentally friendly practices. Energy efficiency, emission reduction,andreliabilityhavebecomethemainthemesinthedevelopmentofinternalcombustionengines.Theindustry is gradually transitioning toward greener and smarter solutions, leveraging optimized combustion technology, emission control, and intelligent monitoring to minimize environmental impact and enhance operationalefficiency. Inrecentyears,thegovernmenthasintroducedaseriesofpoliciestosupporttheagriculturalmachinerymarket,includingpurchasesubsidies, scrappageandrenewalincentives, andsupportfortheagriculturalequipmentdistributionsector.The2025CentralNo.1Documentoutlinesgoalsforruralrevitalizationandbuildingastrongagriculturalsector,callingforhigh-qualitydevelopmentofagriculturalmachinery,acceleratedR&Dandadoption ofadvanced domestic farm equipment, andthe phasing outofoutdated machinery.It also supports smartagriculture,expandingtheapplicationofAI,bigdata,andlow-altitudetechnologies.Theseinitiativespresentnew growth opportunities for the agricultural machinery sector while demanding higher levels of technological innovationandindustrialupgrading. In2024,thesingle-cylinderenginemarketcontinuedtodeclineduetoweakeningagriculturaldemand,remainingonadownwardtrend.Meanwhile,multi-cylinderenginescompliantwithChinaIVemissionsstandardshavefullyenteredthemarket.Theoverallagriculturalmachinerymarketremainedstable,butlowlivestock,agriculturalproduct,andgrainprices,reducedoperationalincome,andsubsidyadjustmentshavedampenedpurchasingpower,leadingtoinsufficientdemand.Whilethetraditionalagriculturalmachineryindustryisindecline,emergingsegmentsandnewapplicationscontinuetogrow,withrisingdemandformid-to-high-endproducts.Leadingcompaniesarestrengtheningtheircompetitiveadvantages,furtherconsolidatingmarketshareanddrivingindustry concentration. Fromanindustrydevelopmentstandpoint,technologicalinnovationisfuelingindustrialupgrades,whilepolicysupportisexpandingmarketpotential.WiththerapidadvancementofAI,bigdata,newenergy,andenergy-savingtechnologies,agriculturalmachineryisevolvingfromtraditionalmechanizationtowardhigh-end,intelligent,digital, and green solutions, ushering in a new wave of structural transformation. Agricultural machinery companiesareenteringahigh-qualitydevelopmentphase,acceleratingtheadoptionofadvancedtechnologiesandproducts in energy efficiency,smart manufacturing, and productivity enhancement.Amid national strategic initiativesandacceleratedindustrialtransformation,newgrowthopportunitiesareemerging,pavingthewayforexpansiveprospectsintheagriculturalmachinerymarket. IIPrincipalActivityoftheCompanyintheReportingPeriod 1.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.2.MainProductsoftheCompany Ourmainproductsaredividedintotwocategories:dieselenginesandgasolineengines.Thedetailsareasfollows:
(1)R&Dmodel Wehaveestablishedaninnovativetechnologymanagementsystemforinternalcombustionenginebasedonmarketdemandandforward-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.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.5.KeyPerformanceDrivers (1)Nationalpolicydriver Inrecentyears,theNo.1Documentissuedbythecentralgovernmenthasdemonstratedthegovernment'sintentiontoattachgreaterimportancetoagricultureandstrengthenagriculturaldevelopment,soastopromotethe developmentofagricultureandruraleconomyandsociety,andstrengthenthesupportofagriculturaltechnologyandequipment.China'sagriculturalmachineryandequipmentindustrylayouthasalwaysbeenbasedonthemainlineofinnovation,focusedoncoretechnology,strengthenedtheconstructionofinnovationcapacity,andstroveto makeupfortheshortcomingsandweaknesses.ThefullimplementationofNationalEmissionStandardIVandthenewstageofdevelopment.TheActionPlanforPromotingLarge-scaleEquipmentRenewalsandConsumerGoodsTrade-insin2024clarifiesthatoldagriculturalandindustrialmachinerywillberenewed,subsidypolicieswillbecontinuouslyimplementedforagriculturalmachineryscrappingandrenewal,thescrappingandrenewalofoldagriculturalmachinerywillbepromoted,andthestructuraladjustmentofagriculturalmachinerywillbeaccelerated.Theaccelerationofthereplacementprocessofoldequipmentofengineeringmachineryhascreatedafavorablepolicyenvironmentfortheapplicationofinternalcombustionengines.(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.Ourdieselandgasolineengines,aspowersourcesofagriculturalmachineryandcommercialvehicles,showexcellentperformanceinpowerrange,reliability,powerperliter,noisecontrolandemissionstandards,andhavebeenrecognizedbycustomers.Wemaintainedalong-termpartnershipwithmajorcustomers,withcumulativepartnership time exceeding15 years. Many main engine plantcustomers ofthe Companyare well-knownenterprisesintheagriculturalmachineryindustry,withtheirmarketsharesbeingattheforefrontofthemarket.IIICoreCompetitivenessAnalysis 1.AdvantagesinBrand Changchaiisacentury-oldnationalindustrialenterpriseandoneofChina’searliestspecializedmanufacturersof internalcombustionengines.The"Changchai"brandisrecognizedasaChinaFamousTrademark,anditsdieselenginesareChinaBrandNameProducts.ThecompanyhasobtainedcertificationsincludingISO9001,IATF16949 (Quality Management System), ISO 14001 (Environmental Management System), and IATF 16949(AutomotiveProductQualityManagementSystem),aswellasthenationalqualificationforexportproductexemptionfrominspection. Changchaihasbeenrepeatedlylisted amongChina’sTop100Machinery Industry Enterprises andChina’sIndustryLeadingEnterprises.Ithasbeenhonoredwithtitlessuchas:? NationalContract-Honoring&CreditworthyEnterprise ? LeadingAgriculturalMachineryComponentsEnterpriseinChina ? AAACredit-RatedAgriculturalMachineryEnterprise ? JiangsuProvincialQualityManagementExcellenceAward ? ChangzhouMayor’sQualityAward "FineFarmingCup"AwardforTop10MostSatisfactoryAfter-SalesServiceBrands(multipleyears)? Duringthereportingperiod,thecompanywasfurtherrecognizedas: ? NationalProduct&ServiceQualityIntegrityDemonstrationEnterprise? ChinaAgriculturalMachineryAnnualTOP50+SupportingSupplierAward? KeyLarge-ScaleMachineryIndustryEnterprise ? OutstandingBrandinJiangsuAgriculturalEquipmentIndustry ? JiangsuContract-Honoring&CreditworthyEnterprise Over the years, while achieving steady economic growth, Changchai has cultivated and developed the"Changchai" brand—a renowned national brand in China’s small diesel engine industry with independent intellectualpropertyrightsandastrongreputationathomeandabroad.2.TechnologicalAdvantages Changchai operates a National-Level Technical Center, a Postdoctoral Research Station, and the Jiangsu ProvincialSmall-andMedium-PowerInternalCombustionEngineEngineeringResearchCenter.Thecompanyspecializesinmanufacturingsingle-andmulti-cylinderdieselenginesinthesmall-to-mediumpowerrange,offeringthemostcomprehensiveproductportfolioandbroadestpowercoverageinChina’ssmalldieselenginesector,withindependentIPrightsforallcoreproducts. Duringthereportingperiod,Changchai: ? WontheFirstPrizeforOutstandingQualityManagementAchievementsinChina’smachineryindustry(2024). ? Obtained24newpatents,bringingitstotalto172validpatents(including18domesticand3internationalinventionpatents)bytheendof2024. 3.Marketing&ServiceAdvantages Changchai adopts a market-centric approach, continuously innovating its sales strategies. It implements an integrated"Five-in-One"managementsystemcovering: ? Whole-machinesales ? Sparepartssupply ? Warrantyservices ? Paymentcollection ? Customerfeedback Thecompanyhasbuiltanextensivenationwidesalesandservicenetwork,including:24salesservicecenters ? ? 736authorizedservicestations ? Coverageextendingtobothurbanandruralareas ThisnetworkranksamongthemostcomprehensiveinChina’ssmall-to-mediumdieselengineindustry.ThroughitsChangchaiCustomerCallCenter,thecompanydeliversproactive,rapid,convenient,andprecisepre-sales,in-sales,andafter-salesservices. developedacustomizedservicemonitoringplatform,furtherstrengtheningitscompetitiveedgeincustomersupport. IVCoreBusinessAnalysis 1.Overview In2024,theglobaleconomicsituationcontinuedtodecline,withheightenedinternationalgeopoliticaltensionsandcomplexglobaltraderelations.Domestically,China'seconomymaintainedstablegrowth,butstructuralsupply-demandimbalancesandinsufficienteffectivedemandpersisted.WiththefullmarketizationofNon-RoadChinaStageIVproductsandfactorssuchaslowgrainpricesandsubsidyadjustments,marketdemanddecreasedandcompetitionintensified.Whiletheoverallsituationremainedstable,minorfluctuationswereobserved.Thetraditional agricultural machinery industry operated at a slower pace, while emerging segments and new applications continued to grow, driving the industry toward high-quality development with broad market prospects. Adheringtoitsdevelopmentstrategyandannualoperationalobjectives,thecompanyactivelyadaptedtomarketconditions.Throughtheunitedeffortsofallemployees,itachievedsteady,orderly,andhealthydevelopment,maintainingitsleadingpositioninthesmallagriculturaldieselengineindustry.Duringthereportingperiod,the companysold604,600dieselengines,gasolineengines,andgeneratorsets,generatingRMB2.416billioninrevenue,representinga12.07%year-on-yearincrease. InproductR&Dandsupportingapplications,thecompanycontinuouslyoptimizeditscoreproductsbasedonmarketdemand,strengtheningtheintegrationofNon-RoadChinaStageIVmulti-cylinderengineswithnewOEMequipment. The installation volume of lightweight diesel engines increased significantly year-on-year. The companyacceleratedproductdevelopmentandexpandeditsproductline,speedingupthemassproductionofChinaStageIVsingle-cylinderdieselengines,whichenteredthemarketinbulkandgaineduserrecognition.Phasedprogresswasmadeinthedevelopmentandsupportingworkformulti-cylinderproducts.Meanwhile,thecompanyincreasedinvestmentintechnologicalreserves,steadilyadvancinghybridpowerR&Dprojects.TheD25 outboard engine obtained ship inspection certification and completed production and supply chain integration. Insalesandservices,thedomesticmarketadoptedmultiple measurestoconsolidateitsmainmarkets andstrengthen competitive products across various sectors, solidifying the company's share in the traditional agriculturalmachinerymarketwhileacceleratingexpansionintonewfieldssuchasconstruction,cropprotection, electromechanical, low-altitude, and marine applications. The international market optimized its layout, significantly increasing sales in core and emerging markets. Leveraging synergies between domestic and internationalmarkets, the companyrefinedits customernetwork, improved service resourceallocation and coordination,andfurtherenhancedservicequality.Italsoexpandednewmediaapplicationstoboostmarketingeffectivenessandcustomerengagementthroughmultiplechannels. Inqualitymanagement,thecompanyimplementedmeasuressuchascomponentupgradesandproductionprocessimprovementstoaddressmarketqualityissues.Itstrengthenedtechnicalandqualityexchangeswithsuppliersanddeepenedqualityengineeringinitiatives,effectivelyimprovingoverallqualitystandards.Thecompanycontinued itssupplychainassuranceefforts,focusingonstrengthening,supplementing,andextendingthesupplychaintobuildastable,efficient,andreliablesupplysystem.Byoptimizingproductionprocessesandmanagementmodels,it reduced production and operational costs while continuously improving efficiency. Safety training, risk identification,hazardrectification,emergencydrills,andoccupationalhealthmeasureswereincorporatedinto routine institutional management, and the environmental management system operated in an orderly and controlledmanner.Duringthereportingperiod,thecompanypassedexternalauditsforISO9001andIATF16949qualitymanagementsystems. Ininternalmanagement,thecompanyfurtherstrengthenedoversightofsubsidiaries,comprehensivelyimproveditsinternalcontrolsystem,andimplementedmultiplecost-reductionandefficiency-boostingmeasurestoenhance operationalperformanceandgovernance.Intalentdevelopment,itintensifiedcadretrainingandrejuvenationefforts,refinedperformanceevaluationandincentivemechanisms,andmotivatedemployeestoboostcorporatevitality.Safetytraining,firedrills,andotheractivitieswereconducted,withincreasedemphasisoninspections andhazardrectificationtoensureasafefoundationforstableandhealthydevelopment.Variousculturalandsportsactivitieswereorganizedtocreateasecure,stable,andcohesiveworkenvironmentandcorporateculture.Externally,thecompanystrengtheneditscorporateimageandproductpromotiontoenhancebrandinfluence.Duringthereportingperiod,wholly-ownedsubsidiaryChangchaiRobinabsorbedandmergedwithwholly-ownedsubsidiaryHorizonAgriculturalEquipment,inheritingallassets,liabilities,businessoperations,andotherrights and obligations. By February 2025, HorizonAgricultural Equipment's legal entity status was deregistered, completing the merger.Additionally, the company increased capital in wholly-owned subsidiary Changchai MachinerybyRMB291.8359millionthrougha"debt-to-capitalreserveconversion,"withtheentireamountrecordedascapitalsurplus. 2.RevenueandCostAnalysis (1)BreakdownofOperatingRevenue Unit:RMB
□Applicable√Notapplicable Unit:RMB
(3)WhetherRevenuefromPhysicalSalesIsHigherthanServiceRevenue√Yes□No（未完）  |