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ANNUAL REPORT 2016 Hkex Stock Code : 305 CORPORATE PROFILE 五菱汽車集團控股有限公司 (Incorporated in Bermuda with limited liability) ANNUAL REPORT 2016 HKEx Stock Code : 305 CORPORATE PROFILE Wuling Motors Holdings Limited (“Wuling Motors Holdings” or the “Company”) and its subsidiaries (collectively referred to as the “Wuling Group” or the “Group”) are principally engaged in the businesses of trading and manufacturing of automotive components, engines and specialized vehicles in China. Our Group’s corporate goal is to grasp the tremendous business opportunities arising from the rapidly growing automobile industry in China and Asia. We supply engines and automotive components to commercial-type mini-vehicles and passenger vehicles. We are also a qualified enterprise for manufacturing electrical mini-truck in China. The Group’s main production facilities are located in Liuzhou, Qingdao and Chongqing. Since 2011, we have been ranked as one of the Fortune China 500 Enterprises. GROUP STRUCTURE GUANGXI DRAGON HILL WULING MOTORS AUTOMOBILE 15.3% HOLDINGS 56.0% HKEx:305 54.9% 45.1% WULING INDUSTRIAL AUTOMOTIVE SPECIALIZED ENGINES AND COMPONENTS VEHICLES RELATED PARTS AND (INCLUDING NEW OTHER INDUSTRIAL ENERGY VEHICLES) SERVICES Wuling Motors Holdings Limited / Annual Report 2016 CONTENTS Corporate Profile Group Structure 2 Chairman’s Statement 8 Report of the CEO 13 Operation Review Main Business Segments Engines and Related Parts Automotive Components and Other Industrial Services Specialized Vehicles (including New Energy Vehicles) 24 Financial Review 27 Environmental, Social and Governance Review 38 Directors’ and Senior Management’s Biographies 46 Corporate Governance Report 60 Report of the Directors 73 Independent Auditor’s Report 77 Consolidated Statement of Profit or Loss and Other Comprehensive Income 78 Consolidated Statement of Financial Position 80 Consolidated Statement of Changes in Equity 81 Consolidated Statement of Cash Flows 83 Notes to the Consolidated Financial Statements Corporate Information 01 Wuling Motors Holdings Limited / Annual Report 2016 CHAIRMAN’SAIRMAN’S SSTATEMENTTATEMENT Mr. Yuanan ZhijunZhijun Chairmanan PREFACE 2016 marked the inaugural year of the China’s “13th Five Year Plan”. With the market undergoing structural changes and the supply side also taking on fundamental reform measures, Wuling Motors Holdings Limited PURSUING (hereinafter referred to as the “Company” or the Growth Amid Stability “Group”) had steadfastly upheld our operation principle motto of “Pursuing Growth Amid Stability, Progressing With Determined Goals, Enhancing Quality And PROGRESSING Efficiency, Promoting Sustainable Development”. We endeavored to enhance operational efficiency through With Determined Goals continued upgrading and transforming our products as well as intensifying our effort on market expansion. The Group managed to withstand the tough challenges ENHANCING arising from the market conditions in an industry that Quality and Efficiency had been progressing into a stage of minimal growth from a macro point of view. Our initiative to upgrade and transform had yielded remarkable results for the year ended 31 December 2016 with Group’s revenue, PROMOTING Group’s net profit and profit attributable to owners of Sustainable Development the Company amounted to RMB16,677,695,000, RMB280,273,000 and RMB140,462,000 respectively representing respective increases of approximately 24%, 65% and 71% over the previous year. 02 Wuling Motors Holdings Limited / Annual Report 2016 CHAIRMAN’S STATEMENT REVIEW OF MAJOR ACHIEVEMENTS IN structure of the parts and components 2016 products for the passenger vehicles and the increase in supplying services of the new In 2016 the Group made ongoing and conscious effort in model engine products. In 2016, sales of the re-engineering the industry structure, pursued automotive components and other industrial transformation and upgrade of our enterprises, services division exceeded our annual target consistently quested for adding more values to our which amounted to RMB10,542,987,000, products. Research and development capabilities of representing a year-on-year growth of core products had been strengthened for enhancing our 37.1%. During the year, the percentage product competitiveness in expanding our markets. share of the supplying businesses for the Considerable effort had also been committed towards passenger vehicles had continued to rise. setting up of management system automation with With bulk supply of parts and components, smart features to instill momentum into the new which covered the rear structure of vehicle business model in a new market environment. We had body, fully assembled cockpit, sub-frame also continued working on the “Three Restraining etc, being progressively and eventually Measures” with reinforcement in risk control on made by the Group to customers in respect properties safety and reinforcement in assets quality of their newly launched passenger vehicles, and their utilization efficiency. In such comprehensive the percentage share of parts and way to fully prepare the Group under a new frame of components for passenger vehicles, as a enterprise structure, so as to attain a model that result had raised to approximately 63% of features “Multiple Growth Drivers With Diverse Profit the total revenue of the automotive Streams”, thereby ensuring the Company to realize the components and other industrial services motto of “Pursuing Growth Amid Stability, Progressing division. Meanwhile, the product added With Determined Goals”. The salient aspects of the value of the Group’s parts and components Company’s results in 2016 were as follow: products had also increased consistently. I. Strategically Re-engineering Product Structure According to Market Trend in Quest for Continued Growth of the Automobile Manufacturing Business 1. Steady growth in the proportion of sales of the parts and components for passenger vehicles attributable to increases in the order allocations driven by technological innovation The Group had worked diligently on reshuffling our parts and components product structure targeted at expanding our supplying businesses of parts and components for the passenger vehicles. The core competitive strength within such leading products as rear axles, rear torsion beam of passenger vehicles had been formed through innovation in technical standards, modification to standard production processes and application of robotic automated production lines and resulted in an optimization of the weighted 03 Wuling Motors Holdings Limited / Annual Report 2016 CHAIRMAN’S STATEMENT 2. Cautiously pursuing expansion with a 3. Meticulous effort in identifying market reviving business trend of the engine opportunity and further breakthrough in division under the tough market situation car assembly operation For the engine division, the Company sought The Group took initiative to redefining the to expand this market with a prudent and sale strategy and product mix of its car cautious manner and a customer-oriented assembly segment in accordance with approach. In 2016, capitalizing on a thriving changing market demand. Coupled with passenger vehicles market, the Group development of new sales channel and registered a steady growth in the passenger optimization of after-sales service, we had vehicle engines segment. Taking the effectively propelled the improvement in advantage of legislations such as on sales performance of the car assembly petroleum consumption, etc, the Group was segment. In 2016, our specialized vehicle able to sustain growth in revenue and division achieved sales of RMB2,265,526,000, gained additional orders for the passenger representing a year-on-year increase of vehicles. Sales of engine sets and other 5.8%. Sales of redecorated vehicles related parts amounted to continued to account for the majority RMB3,869,040,000, representing a year-on- portion of the division, with sales volume at year increase of 6.9%. Sales volume reached approximately 43,000 units. As for the other 410,000 units, among which the new 1.8L vehicles segment, during the year, the engine which was specifically developed by Group had been actively launched new the Group for the passenger vehicles had models which included the 23-seated been put into mass production and supplied gasoline tourist vehicle and the new M100 to customers in their new model electric patrol cars, etc. Through the automobiles during the year. Besides, introduction of dealership as the sale prototype of the large and high power V6 channel, the division accomplished annual model engines has also been built and target and recorded full year sale volume of production is scheduled to commence in approximately 7,000 units, which was also a 2017. The Company intended to supply this new sale record for the other vehicles product for mini-buses, MPV and SUV. segment. In addition, 82 units of “infantry carrier vehicles for emergency and riot control” (ICV) modified and manufactured based on the chassis of S100 highway bus had been delivered to the Guangxi Armed Police Corps in August 2016. This ICV represented the first domestic brand ICV in China that successfully obtained certification from the defense industry regime, overturning the long term dominance of the joint venture brands in this market. We anticipate more opportunities would be presented to Wuling brand vehicles from the defense industry system. 04 Wuling Motors Holdings Limited / Annual Report 2016 CHAIRMAN’S STATEMENT II. Exploring Opportunities Abroad and III. Establishing an Intelligent Production Creation of a New Frame
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