[年报]苏常柴Ｂ(200570):2025年年度报告摘要（英文版）
I.ImportantNotes This annual report abstract is derived from the full text of the annual report. To obtain a comprehensive understandingoftheCompany'soperatingresults,financialposition,andfuturedevelopmentplans,investorsshouldcarefullyreadthefulltextoftheannualreportonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission. Alldirectorsattendedtheboardmeetingtodeliberateonthisreport.Non-standardAuditOpinion ?Applicable ?NotApplicable ProfitDistributionProposalorCapitalReserveConversionProposalDeliberatedbytheBoardfortheReportingPeriod ?Applicable ?NotApplicable WhethertoConvertCapitalReserveintoShareCapital ?Yes ?No TheprofitdistributionproposalapprovedbytheBoardisasfollows: Base:705,692,507shares CashDividend:RMB0.22per10shares(taxinclusive) BonusShares:0shares(taxinclusive) CapitalReserveConversionintoShareCapital:Notapplicable ProfitDistributionProposalforPreferredSharesDeliberatedandApprovedbytheBoardfortheReportingPeriod ?Applicable ?NotApplicable II.CorporateInformation 1.CorporateInformation
(1)PrincipalOperationsoftheCompany WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasoline engines under the brand "Robin". Our products are mainly used in agricultural machinery, small engineeringmachinery,generatorsets andshipbornemachineryand otherfields closely relatedto people'slivelihood. IntheReportingPeriod,therewerenomajorchangesintheCompany'scorebusinessandmainproducts.(2)MainProductsoftheCompany Ourmainproductsaredividedintotwocategories:dieselenginesandgasolineengines.Thedetailsareasfollows:
Weareamanufacturerofinternalcombustionenginesandfittingsingeneralequipmentmanufacturing.Accordingtotheclassificationoffuelused,internalcombustionenginesaremainlydividedintodieselenginesandgasolineengines.Ourdieselenginesandgasolineenginesaremainlyusedinnon-roadmobilemachineryfieldssuchasharvesters,tractors,plantprotectionmachinery,smallengineeringmachinery,andshipbornemachinery.1)Basicinformationontheindustry TheinternalcombustionengineisanimportantsupportforChina'smanufacturingindustrysecurity,energysecurityandnationaldefensesecurity,andanimportantbasicindustryofnationaleconomyandnationaldefenseconstruction.Theinternalcombustionengineisthemostpower-dense,thermallyefficientandwidelyusedheatenginepowerunit. Inordertoimplementthenationaloveralldevelopmentstrategyofenergyconservation,emissionreduction,transformation,andupgrading,theinternalcombustionengineindustryandagriculturalmachineryindustrywillstrengthenindependentinnovationandresearchanddevelopment,acceleratetheconstructionofacommonbasictechnologyplatform, optimizetheconstruction oftheupstream and downstream industry chain,implementintelligent manufacturing, and actively carry out international exchange and cooperation to accelerate the internalcombustionengine(ICE)industryisenteringastrategicwindowfortransformationandreshaping.The"twonew"policiesof2026provideclearguidanceforthepromotionofgreenandintelligentproductsandthelow-carbonupgradingofindustries,makingenergyconservationandcarbonreductionthecoretaskforhigh-qualitydevelopmentinthesector.Drivenbybothpolicyguidanceandmarketdemand,theindustryisacceleratingitslayoutofadiversifiedfuelpowertechnologysystem,withtheapplicationoflow-carbonandzero-carbonfuelsbecominganimportantdirection.Hybridpower(includingextendedrange)servesasakeypathforthetransitionfrominternalcombustionpowertonewenergy,continuouslyplayinganirreplaceableroleinthecommercialvehicleandnon-roadsectors.Throughtheconcertedeffortsofcombustionoptimization,emissioncontrol,andintelligentmonitoring,ICEsareacceleratingtheirupgradetowardshighefficiency,intelligence,cleanliness,and lowcarbon.Thedeepintegrationofdigitaltechnologyandmanufacturingprocesses,coupledwithcontinuouslyenhancedsynergyacrosstheindustrialchain,isinjectingnewmomentumintotheindustry'sleaptowardshigh-enddevelopment.Relyingontechnologicalbreakthroughsandsystematicinnovations,theICEindustrywillcontinuetoconsolidateitsfoundationasadrivingforcefornationaleconomicanddefensesecurity.Inrecentyears,thecountryhasintroducedaseriesofpoliciestosupportthedevelopmentoftheagriculturalmachinery market, including policies on agricultural machinery purchase subsidies, scrapping and renewal subsidies,andsupportfortheagriculturalmachinerycirculationindustry.TheNo.1centraldocumentof2026focusesonagriculturalandruralmodernizationandcomprehensiveruralrevitalization.Withthecoreobjectivesofenhancingcomprehensiveagriculturalproductioncapacityandstabilizingfoodsecurity,itproposesthreemajor upgrading directions for agricultural machinery: high-end intelligence, green and low-carbon, and hillside adaptability.Byoptimizingsubsidiesandexpandingscenarios,itaimstoreleaseindustrialdividendsandpromote thetransformationofagriculturalmachineryequipmentintonewproductiveforces.In2025,influencedbyfactorssuchaslowgrainpricesandfrequentabnormalweather,China'sagriculturalmachinerymarketasawholeperformedbelowexpectations.Theindustryunderwentaccelerateddifferentiationamidstadjustments,withthetrendofstructuraltransformationbecomingincreasinglyevident.Intermsofproduct structure,traditionalmainstayproductsexhibitedsluggishperformance,buttherewasunevenperformanceindifferentsegments.Thetractormarketsawayear-on-yeardeclineinproduction,yetlargetractorsachievedgrowth,andhigh-endmodelssuchaspower-shifttractorsexperiencedleapfroggrowth,breakingthedominantposition of traditional mechanical-shift tractors. The harvesting machinery market declined overall, but its structure continued to be optimized, with an increase in the proportion of large-feed models, and tracked harvestersbuckedthetrendwiththeirexportadvantages.Thericetransplantermarketshoweddifferentiation,withhigh-speedridingmodelsexperiencingadeclineinproductionduetosubsidyadjustments,whilehand-guided models achieved growth dueto price advantagesand adjusted agronomicneeds.Micro-tillers, as arepresentativecategoryofmechanizationinhillyandmountainousareas,performedimpressively.From the perspective of competition, the industry reshuffle is accelerating, and market concentration is continuouslyincreasing.Leadingenterprises,leveragingtheirtechnological,channel,andbrandadvantages,have steadilyexpandedtheirmarketshareandoccupyadominantpositioninnicheareas.Mostsmallandmedium-sizedenterprisesoperateonasmallerscaleandfaceincreasedsurvivalpressures.Lookingatthetrendofupgrading,high-endandintelligentproductshavebecomethefocusofenterprises'efforts.High-endtractorssuch aspowershiftandinfinitelyvariablespeedhaveenteredlarge-scaleapplications;theintegrationofhigh-precision automaticdrivesystemswithBeidouisaccelerating;theindustrializationofnewenergyagriculturalmachineryis accelerating,withbreakthroughsinhybridtractorsandelectricdriveseeders.Intermsofexportperformance,agriculturalmachineryexportshavebecomeanimportantdrivingforceforindustrydevelopment,witharapidgrowthintotalvolume,withcountriesalongtheBeltandRoadcontributingthemajorityoftheshare.Lookingatpolicyorientation,2026,asthefirstyearofthe15thFive-YearPlan,willseecontinuedeffortsinlarge-scaleequipmentrenewalandsubsidiesforagriculturalmachinerypurchaseandapplication,withpoliciesorientedmachineryequipment,machineryforhillyandmountainousareasandspecialtyeconomiccrops,newenergyagricultural machinery, agricultural robots and unmanned systems, and agricultural machinery after-market services.Intheprocessofnationalstrategicdeploymentandtransformationandupgrading,theagriculturalmachinerymarketstillhasvastpotentialfordevelopment. (4)TheCompany'sMarketPosition TheCompanymainlyengagesinR&D,productionandsalesof"Changchai"branddieselenginesand"Robin"brand gasoline engines. Through its development, it has successfully developed multiple advanced core technologies with independent intellectual property rights. For diesel engines, according to China Internal CombustionEngineIndustryAssociationstatistics,theCompany'ssingle-cylinderengineproductsholdrelatively highmarketshares,rankingamongthetopnationallyforcertainpowerrangesingle-cylinderdieselengines.Overtheyears,whileachievingsteadycorporateeconomicdevelopment,theCompanyhascultivatedanddeveloped"Changchai"-a famous Chinese brand in the small diesel engine industry with independent IP anddomestic/internationalrecognition. 3.MajorAccountingDataandFinancialIndicators (1)MajorAccountingDataandFinancialIndicatorsforthePastThreeYearsWhethertheCompanyNeedstoRetrospectivelyAdjustorRestatePriorYears'AccountingData?Yes ?No Unit:RMB
Unit:RMB
4.ShareCapitalandShareholders'Information (1)TableofOrdinaryShareholdersandShareholderswithRestoredVotingRightsofPreferredShares,andShareholdingDetailsoftheTop10Shareholders Unit:share
Thetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedfromthepreviousperiodduetorefinancinglending/returnreasons □Applicable√Notapplicable (2)TableofTotalNumberofPreferredShareShareholdersandShareholdingDetailsoftheTop10PreferredShareShareholders □Applicable√Notapplicable TheCompanyhadnopreferredshareshareholdersduringthereportingperiod.ControllingPartyinDiagramForm5.BondInformationOutstandingasoftheDateofAnnualReportApproval?Applicable ?NotApplicable III.SignificantEvents 1.Expropriationandcompensationforsomebuildings(street-sideshops)atthecompanyheadquartersOnFebruary26,2025,thecompanyreceivedthe"AnnouncementonthePublicationofthe'ChangzhouCityUrbanRailTransitLine5ProjectXihengStreetStationProjectHousingExpropriationCompensationPlan'andSolicitationofOpinions"issuedbythePeople'sGovernmentofZhonglouDistrict,ChangzhouCity.Duetopublic interest requirements, the People's Government of Zhonglou District, Changzhou City intends to expropriate part of the houses at No. 123 Huaide Middle Road, Changzhou City (i.e., the company'sheadquartersstreet-sideshops).OnJuly21,2025,thecompanyheldthefourthextraordinarymeetingoftheboardofdirectorsandthethirdextraordinarymeetingoftheboardofsupervisorsin2025,anddeliberatedandapproved the "Proposal on Signing the 'Changzhou City State-owned Land Housing ExpropriationCompensationAgreement'fortheheadquartersstreet-sideshops".Thismatterwasdeliberatedandapprovedbythesecondextraordinaryshareholders'meetingin2025onAugust6,2025,agreeingtothecompanysigningacompensationagreementwiththeZhonglouDistrictHousingandUrban-RuralDevelopmentBureau.Thetotalcompensationamountagreeduponintheagreementis48.7877millionyuan.OnAugust7,2025,thecompanysignedthe"ChangzhouCityState-ownedLandHousingExpropriationCompensationAgreement"withtheHousingandUrban-RuralDevelopmentBureauofZhonglouDistrict,ChangzhouCity,andreceivedthefirstinstallmentofcompensationtotaling14.6363millionyuaninSeptember2025.InNovember2025,thecompanyreceivedtheremainingcompensationamountof34.1514millionyuan.Asoftheendofthereportingperiod,thecompanyhasreceivedthefullamountofcompensationfortheheadquartersstreet-sideshops.2.Expropriationandcompensationforthecompany'sfoundrybuildingOnMarch6,2025,thecompanyreceivedthe"DecisionontheExpropriationofHousesonState-ownedLandbythePeople'sGovernmentofXinbeiDistrict,ChangzhouCity"(ChangxinZheng[2025]No.1)issuedbythePeople'sGovernmentofXinbeiDistrict,ChangzhouCity.Duetothepublicinterestinthereconstructionoftheoldurbanarea,thePeople'sGovernmentofXinbeiDistrict,ChangzhouCity,decidedtoexpropriatethehouseswithin the scope of the old urban area reconstruction project (Phase I) of the company's foundry and ExpropriationCompensationAgreement'".Thismatterwasdeliberatedandapprovedbythefirstextraordinaryshareholders'meetingin2025onMay26,2025,agreeingtothecompanysigningcompensationagreementswith the Xinbei District Housing and Urban-Rural Development Bureau and Sanjing Street. The totalcompensation amount agreed upon in the agreement is 346.8569 million yuan, and the expropriationcompensationagreementisyettobesigned. 3.The subsidiary company, Horizon Investment, participated in the establishment of ChangzhouChangtouXinhuiNo.1EquityInvestmentFund(LimitedPartnership) OnNovember5,2025,thecompanyheldtheeighthextraordinarymeetingoftheboardofdirectorsin2025,which deliberated and approved the "Proposal on Jointly Establishing an Equity Investment Fund withChangzhouInvestmentGroupCo.,Ltd."Thewholly-ownedsubsidiary,ChangzhouHorizonInvestmentCo.,Ltd.,servedasalimitedpartner,contributing30millionyuantojointlyestablishtheChangzhouChangtouXinhuiNo.1EquityInvestmentFund(LimitedPartnership)(hereinafterreferredtoas"XinhuiNo.1Fund")withthecompany's controllingshareholder,ChangzhouInvestmentGroupCo.,Ltd.(hereinafterreferredtoas"InvestmentGroup"),andthecontrollingshareholder'swholly-ownedsubsidiary,ChangzhouXinhuiPrivateEquityFundManagementCo.,Ltd.(hereinafterreferredtoas"XinhuiPrivateEquity").Thefundinvestsinadvancedmanufacturingprojects,focusingonstrategicemergingindustriesandfutureindustriessuchashigh-endmanufacturing,intelligentagriculturalmachinery,newenergy,andnewpower.InNovember2025,HorizonInvestment, Investment Group, and Xinhui Private Equity jointly signed the "Partnership Agreement for ChangzhouChangtouXinhuiNo.1EquityInvestmentFund(LimitedPartnership)".Theinitialcontributionof3.91millionyuanhasbeenpaidinfull;XinhuiNo.1Fundhascompletedthebusinessregistrationprocedures,obtained a business license issued by the Zhonglou District Government Service Management Office ofChangzhouCity,completedtheprivateequityfundfilingprocedureswiththeAssetManagementAssociationofChina,andobtainedthe"PrivateEquityFundFilingCertificate". 4.Thesubsidiarycompany,HorizonInvestment,participatedintheestablishmentofYuanzhiChangtouXingyu(Changzhou)EquityInvestmentPartnership(LimitedPartnership)OnDecember4,2025,thecompanyheldtheninthextraordinarymeetingoftheboardofdirectorsin2025,anddeliberated and approved the "Proposal on the Subsidiary Participating in the Establishment of Equity Investment Funds and Related Transactions". Changzhou Housen Investment Co., Ltd., a wholly-ownedsubsidiary, contributed 50 million yuan as a limited partner to establish the Yuanzhi Changtou Xingyu (Changzhou)EquityInvestmentPartnership(LimitedPartnership)togetherwithChangzhouInvestmentGroupCo.,Ltd.,acontrollingshareholder,ChangzhouXinhuiPrivateEquityFundManagementCo.,Ltd.,awholly-ownedsubsidiaryofthecontrollingshareholder,ShenzhenYuanzhiVentureCapitalCo.,Ltd.,ChangzhouXingyu IndustrialInvestmentCo., Ltd.,Changzhou XingyuInvestmentManagementCo., Ltd.,ShenzhenCapitalOperationGroupCo.,Ltd.,ShanghaiZhuguangJulianHardTechnologyVentureCapitalPartnership(LimitedPartnership),andChangzhouZhonglouScienceandTechnologyInnovationInvestmentPartnership(LimitedPartnership).Thepartnershipfocusesontheupstreamanddownstreamindustrialchainofnewenergyvehiclesandnewenergy,includingbutnotlimitedtoequipment,materials,andcomponents.5.ChangchaiRobin’sMergerwithHorizonAgriculturalEquipment OnNovember22,2024,theCompanyheldtheFifthInterimBoardMeetingof2024andpassedtheProposalontheMergerbetweenChangzhouChangchaiHorizonAgriculturalEquipmentCo.,Ltd.andChangzhouFujiChangchaiRobinGasolineEngineCo.,Ltd.TheBoardapprovedthewholly-ownedsubsidiaryChangzhouFujiChangchaiRobinGasolineEngineCo.,Ltd.toabsorbandmergeanotherwholly-ownedsubsidiary,ChangzhouChangchaiHorizonAgriculturalEquipmentCo.,Ltd.,inheritingallassets,liabilities,businessoperations,and other rights and obligations. Post-merger, Changchai Robin continues normal operations, while Horizon AgriculturalEquipment’slegalentitystatushasbeenderegistered.InFebruary2025,theCompanyreceivedthe6.ChangniuCompanyhasmergedwithChangbenCompany OnJune9,2025,thecompanyheldthethirdextraordinarymeetingoftheboardofdirectorsin2025,whichdeliberatedandapprovedthe"ProposalontheMergerofChangzhouChangchaiBenniuDieselEnginePartsCo.,Ltd.andChangzhouChangniuMachineryCo.,Ltd.".TheboardofdirectorsagreedthatChangzhouChangniuMachineryCo.,Ltd.(hereinafterreferredtoas"ChangniuCompany")wouldmergewithChangzhouChangchaiBenniuDieselEnginePartsCo.,Ltd.(hereinafterreferredtoas"ChangbenCompany")throughanoverallmerger,incorporatingallassets,liabilities,businesses,andallotherrightsandobligationsofChangben Company,andinheritingtheoriginalregisteredcapital,equitystructure,andgovernancestructureofChangbenCompany.InSeptember2025,thecompanyreceivedthe"RegistrationNotice"(DengZi[2025]No.09080200)and"RegistrationNotice"(DengZi[2025]No.09080101)issuedbytheGovernmentServiceManagementOfficeofChangzhouHigh-techIndustrialDevelopmentZone(XinbeiDistrict).ChangbenCompanycompletedtheindustrialandcommercialderegistration,andChangniuCompanycompletedtheindustrialandcommercialchangeregistration,markingthecompletionofthemerger. 7.Acquisitionof3%equityheldbyindividualshareholdersofZhenjiangSiyangInAugust2025,thecompanyacquireda3%equitystakeheldbysixindividualshareholdersofZhenjiangSiyang,acontrollingsubsidiary,forapriceofRMB3.06million.Asoftheendofthereportingperiod,thecompanyheldatotalof52%equityinZhenjiangSiyang,remainingitslargestshareholder. 中财网
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