DOCSLIB.ORG

*仅供参考 * for Identification Purpose Only

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

*仅供参考 * For identification purpose only 2020年3月 Mar. 2020 1 声明 Disclaimer 本介绍片由长城汽车股份有限公司（「公司」）编制，只作企业通讯和一般参考之用。公司无意在任 何司法管辖区使用本介绍片作为出售和招揽他人购买公司任何证券的要约，或用作投资公司证券的决 定基础。未经咨询专业意见的情况下，不得使用或依赖此等全部资料。本介绍纯属简报性质，并非完 整地描述公司、公司业务、目前或过去的经营业绩或业务未来前景。 公司不会为本介绍片发出任何明文或隐含的保证或声明。公司特此强调，不会对任何人使用或依赖本 介绍片的任何资料（财务或其它资料）承担任何责任。 This presentation is prepared by Great Wall Motor Company Limited (the “Company”) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or form any basis of investment decision for any class of securities of the Company in any jurisdiction. All such information should not be used or relied on without professional advice. The presentation is a brief summary in nature and do not purport to be a complete description of the Company, its business, its current or historical operating results or its future prospects. This presentation is provided without any warranty or representation of any kind, either expressed or implied. The Company specifically disclaims all responsibilities in respect of any use or reliance of any information, whether financial or otherwise, contained in this presentation. 2 2 业绩摘要 Results Highlights 2019 VS 2018 962.11亿元 营业总收入 992.30亿元 RMB96.211 billion Total operating revenue RMB99.230 billion 105.86万辆 销量 104.37万辆 1,058,648 units Sales volume 1,043,707 units 45.31亿元 净利润 52.48亿元 RMB4.531 billion Net profit RMB5.248 billion 543.99亿元 净资产 526.89亿元 RMB54.399 billion Net assets RMB52.689 billion 33 目录 Contents 行业情况 Auto Industry Overview 公司经营情况 Operations Review 4 第一部分 Section 1 行业情况 Auto Industry Overview 55 行业运行情况 Auto Industry Overview 中国汽车市场正在经历至暗时刻 The PRC’s auto market faced its darkest hour 2018年及2019年全球销量前五国家 单位：百万台 Top 5 countries in terms of global car sales in 2018 and 2019 Mn units 千人保有量仍有增长空间 30 Room for growth for car ownership per 1,000 people 25.8 25 单位：台 units 1,000 20 900 837 17.0 800 700 15 591 589 600 500 10 400 373 5.2 300 5 3.8 3.6 200 173 100 22 0 0 中国 美国 日本 印度 德国 美国U.S. 日本Japan 德国Germany 俄罗斯Russia 中国China 印度India 2018 2019 消费不旺导致乘用车需求低迷，2019年中国车市呈现严重低迷特征，疫情过后预计汽车 销量会有所改善。 中国汽车保有量达173辆/千人，未来仍有空间；海外重点布局的俄罗斯和印度等市场也远 进入全球第四大，未来增长空间巨大的印度市场，全球化策略打开销量增长新模式。 逊于其他主流国家水平。 Low consumption led to low demand for passenger vehicles. In 2019, China's automobile market experienced a severe recession. Improvement in car sales volume is Car ownership in China reached 173 vehicles per 1,000 people. There is still room for expected after the epidemic ends. growth. The car ownership levels of Russia and India, the Company’s strategic Tapped into the world's fourth largest car market – India, which has huge growth overseas markets, were also far below those of other mainstream countries. potential; new approach to boost sales through globalization strategy. 数据来源：中国汽车工业协会、国家信息中心/ Source: CAAM, SIC 数据来源：世界银行/ Source: World Bank 6 6 行业运行情况 Auto Industry Overview 俄罗斯与印度市场 Russia and India Markets 2019年俄罗斯销量前五品牌 2019年印度销量前五品牌 Top 5 brands in terms of sales volume in Russia in 2019 Top 5 brands in terms of sales volume in India in 2019 单位：辆 units 单位：辆 units 排名 品牌 2019累计销量 增速 排名 品牌 2019累计销量 增速Growth Rank Brand Cumulative sales in Growth rate Rank Brand Cumulative sales in rate 2019 2019 拉达 1 玛鲁蒂铃木 1,511,611 -13.7% 1 Lada 362,356 +0.6% Maruti Suzuki 起亚 2 塔塔 528,567 -22.6% 2 KIA 225,901 -0.7% Tata 现代 3 现代 510,260 -7.3% 3 Hyundai 178,809 +0.3% Hyundai 马辛德拉 雷诺 4 442,438 -7.2% 4 Renault 144,989 +5.8% Mahindra 5 大众 104,384 -1.6% 丰田 Volkswagen 5 Toyota 125,889 -16.9% 哈弗品牌2019全年在俄罗斯的销量达到12,284辆，同比增长282%， 受印度经济进一步放缓的影响，印度汽车市场也出现了一定下滑， 位列在俄销售自主品牌第1位，随着更多车型的导入，哈弗品牌仍有 但并不会改变因人口红利释放推动的印度汽车市场黄金发展期。 增长空间。 Affected by further slowdown of the Indian economy, the Indian In 2019, the sales volume of Haval brand in Russia reached 12,284 automobile market has also declined to some extent; nonetheless, units, up by 282% YOY, ranking the first among China’s self-owned the car market in India will still benefit from demographic dividend brands in Russia. With the introduction of more models, there is still and enjoy a golden age of development. room for growth for the Haval brand. 数据来源：欧洲企业协会/ Source: Association of European Businesses 数据来源：各类报道/ Source: news 7 7 行业运行情况 Auto Industry Overview 2019年中国汽车市场销量前十 2019 Top 10 auto makers in terms of sales volume in China 汽车行业销量前十 乘用车销量前十企业 Top 10 auto makers in terms of sales volume Top 10 auto makers in terms of sales volume of PV 单位：百万台 单位：千台 Mn units ‘000 units 7 30% 2,500 12% 销量 市占率 销量 市占率 24.0% 6 Sales volume Market share 9.5% 9.3% Sales volume Market share 10% 25% 2,000 5 7.5% 8% 20% 1,500 6.4% 6.0% 4 14.0% 5.8% 6% 13.4% 15% 4.2% 3 1,000 3.8% 3.7% 3.3% 8.8% 4% 8.0% 10% 2 6.8% 5.3% 500 4.1% 2% 3.1% 1 2.9% 5% 0 0% SAIC CCAG GAC GACHONDA GWM DF HONDA SGMW SAIC DFL FAW 0 0% 一 上 上 浙 Geely 东 上 长 重 东 广 汽 汽 汽 江 风 汽 城 庆 风 汽 上汽 东风 一汽 北汽 广汽 长安 吉利 长城 华晨 奇瑞 - - GM - VW 大 VW 大 通 吉 汽 通 汽 长 本 本 SAIC DFG FAW BAIC GAC CCAG Geely GWM Brilliance Chery 众 众 用 利 车 用 车 安 田 田 五 菱 汽车市场，公司销量排名第8，市场份额由3.8%提升至4.1% 乘用车市场，公司排名第7，市场份额由3.9%提升至4.2% The Company ranked eighth in the auto industry in terms of sales The Company ranked seventh in the PV market, with a market volume, with a market share rising from 3.8% to 4.1% share rising from 3.9% to 4.2% 数据来源：中国汽车工业协会数据来源：中国汽车工业协会/ Source:/ CAAMSource: CAAM 数据来源：中国汽车工业协会/ Source: CAAM 8 8 行业运行情况 Auto Industry Overview SUV占比及结构变化 Sales proportion of SUV and changes in PV market composition SUV占乘用车销量比例 SUV as a proportion of PV in terms of sales volume SUV销量增速 SUV sales volume growth rate 单位：百万台 Mn units 100% 12 52.4% 60% 44.6% 50% 10 80% 36.4% 40% 29.5% 42.2% 43.6% 37.1% 41.5% 8 60% 30% 6 20% 40% 10% 4 55.4% -2.5% 49.8% 47.9% 48.6% 48.1% -6.3% 0% 20% 2 -10% 0% 0 -20% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 轿车 SUV MPV 交叉型 销量 SUV增速 乘用车增速 Sedan SUV MPV Cross type Sales volume SUV growth rate PV growth rate SUV占比稳步提升，达到43.6%，预计SUV占比将继续提升 SUV随乘用车销量下降而下降 The sales proportion of SUV had been growing steadily, reaching 43.6%. It is expected that SUV sales proportion will continue to Sales of SUV decreased with the decrease of PV’s sales. increase . 数据来源：中国汽车工业协会/ Source: CAAM 数据来源：中国汽车工业协会/ Source: CAAM 9 9 行业运行情况 Auto Industry Overview 不同价位SUV占比及销量前十 SUV sales by price and top 10 SUV makers in terms of sales volume 不同价位SUV销量占比 SUV前十企业 SUV sales volume by price range Top 10 SUV makers 单位：千台 ‘000 units 100% 1,000 9.4% 10.0% 8.4% 90% 900 9.0% 800 8.0% 80% 6.9% 700 7.0% 70% 20% 6.2% 6.2% 20% 22% 21% 600 6.0% 60% 4.9% 500 4.3% 5.0% 50% 4.2% 4.0% 3.7% 31% 27% 27% 400 4.0% 40% 30% 300 3.0% 30% 200 2.0% 20% 100 1.0% 10% 0.0% CCAG 0 GWM Geely DF DF DF HONDA Chery SAIC FAW SAIC 0% 长 吉 上 一 长 东 奇 东 上 SAIC 上 - 2016 2017 2018 2019 城 利 汽 汽 安 风 NISSAN 瑞 风 汽 汽 - - - VW VW 大 大 日 本 股 通 GM 众 众 产 田 份 用 8万以下Below 80K 8万-10万80K-100K 10万-15万100K-150K 15万-20万150K-200K 2019 2019年市占率 20万-25万200K-250K 25万以上Above 250K 2019 market share 虽受宏观经济下行的影响，但10-15万元区间车型仍是消費主力。 本公司SUV总销量继续保持第一。 Despite the impact of the macro economic downturn, SUV models priced from RMB100,000 to RMB150,000 were the major contributor to total The Company's total SUV sales volume continued to rank first. SUV sales. 数据来源：保险数/ Source: Insurance statistics 数据来源：中国汽车工业协会/ Source: CAAM 10 10 行业运行情况 Auto Industry Overview 皮卡市场前十车型及企业 Top 10 models and makers in the pick-up truck market 皮卡前十企业 皮卡前十车型 Top 10 pick-up truck makers Top 10 pick-up truck models 单位：千台 单位：千台 ‘000 units ‘000 units 80 75.7 20.0% 160 32.9% 35% 19.4% 140 30% 60 15.0% 120 25% 47.7 100 12.2% 20% 40 10.0% 80 13.1% 15% 25.2 25.0 60 10.1% 19.5 18.7 20 6.5% 6.4% 15.6 15.1 5.0% 10% 13.1 12.4 40 6.9% 5.0% 4.8% 5.9% 5.7% 5.3% 4.0% 3.9% 4.7% 3.4% 4.2% 3.5% 3.2% 20 5% 0 0.0% 风 风 域 瑞 域 纳 锐 神 大 长 6 RICH6 6 3 YU YU 3 3HU T60MAXUS T60 5 Wingle Wingle 5 5 Wingle 7 7 F30 Shenqi F30Shenqi F30 5 YU YU HU5 5 骏 骏 虎 迈RUI MAI 虎 瓦 骐 骐 通 城 NISSAN HUANGHAI ISUZU 0 JMC 0% JAC DORCEN GWM MAXUS FOTON ZX Greatwall Pao 拉NAWARA 炮 长 江 日 五 上 大 中 江 黄 福 城 铃 产 十 汽 乘 兴 淮 海 田 铃 大 通 2019 2018 2019 2019年市占率 2019年市占率 2019 market share 2019 market share 风骏5、风骏7持续蝉联销量冠亚军，上市仅两个月的长城炮强势杀入前十。 龙头地位凸显，未来市场增长可期。 Wingle 5 and Wingle 7 continued to rank first and second in terms of The Group’s leading position is entrenched, and there is room for sales volume respectively, and the Great Wall Pao, which has been growth in market share in future.
Recommended publications
  • Asia Pacific Daily

    Asia Pacific Daily

    Asia Pacific Daily 30 October 2017 Company Roadshows Date Company Event Venue 30 Oct BOC Aviation (2588 HK) NDR Seoul 1-2 Nov BTS Group (BTS TB) NDR Tokyo 9 Nov Guangdong Investment NDR Beijing, (270 HK) China 20-21 Nov Guangdong Investment NDR Tokyo (270 HK) 23-24 Nov L'Occitane (973 HK) NDR SG Daiwa Asian Events Date Company Venue Major changes Analyst Rating Page 7-10 Nov Daiwa Investment Conference Hong Kong HK 2017 Samsung Engineering (028050 KS) Mike Oh Outperform P.4 20-21 Nov Daiwa Asia Communication Days 2017 London Solid new order recovery likely 7-8 Dec TWSE-Daiwa Taiwan Corporate Day Tokyo Tokyo Target price 21.7% to KRW14,000 2017 Other research 2-5 Jan Daiwa P.U.R.E. Energy Conference 2018 HK 2018 Discovery John Choi P.8 5-9 Mar Daiwa Investment Conference Tokyo 2018 Tokyo Asia Small-cap Weekly 2018 China Construction Bank (939 HK) Yan Li Outperform P.9 Source: Daiwa Starting point for further growth Daiwa: latest rating and target price revisions Ping An Insurance (2318 HK) Leon Qi Hold P.13 Rating Target price 3Q17 results: VNB growth moderates Company Ticker Latest Chg Latest Chg Date China Life Insurance (2628 HK) Leon Qi Buy P.17 Samsng Eng 028050 KS 2 14,000 27-10 2018 jumpstart headwinds may have been Ping An In 2318 HK 3 62.00 27-10 exaggerated Ch Unicom 762 HK 1 13.80 27-10 Ch Con Bk 939 HK 2 8.00 27-10 Baidu (BIDU US) John Choi Hold P.21 China Life 2628 HK 1 31.00 27-10 3Q17: a mixed quarter, feed ads shine, iQiyi Ch Telecom 728 HK 1 4.98 27-10 hiccup CDL REIT CDREIT SP 3 1.61 27-10 China Unicom (762
  • Automotive Industry Weekly Digest

    Automotive Industry Weekly Digest

    Automotive Industry Weekly Digest 25-29 January 2021 IHS Markit Automotive Industry Weekly Digest - Jan 2021 WeChat Auto VIP Contents [OEM Highlights] Great Wall to reshape brand image with new models 3 [OEM Highlights] VW begins sales of ID.4 CROZZ in China 4 [Sales Highlights] Chinese new vehicle sales contract 2% during 2020; demand rebound expected in 2021 6 [Sales Highlights] VW Group reports sales decline of 9.1% in China during 2020 8 [Technology and Mobility Highlights] Huawei develops smart roads in Wuxi that communicate with driverless vehicles 10 [Technology and Mobility Highlights] Geely teams up with Tencent to develop smart car technologies 10 [Supplier Trends and Highlights] DENSO collaborate with AEVA to develop next-generation FMCW lidar system 12 [Supplier Trends and Highlights] Freudenberg Sealing Technologies develops new DIAvent valves for safer lithium-ion batteries 12 [GSP] India/Pakistan Sales and Production Commentary -2020.12 14 [VIP ASSET] Stellantis: Scale Creates Opportunity 16 [VIP ASSET] Stellantis expects scale to support strong brand stable, investment into new tech 17 Confidential. ©2021 IHS Markit. All rights reserved. 2 IHS Markit Automotive Industry Weekly Digest - Jan 2021 WeChat Auto VIP [OEM Highlights] Great Wall to reshape brand image with new models IHS Markit perspective Implications Great Wall has delivered satisfactory sales results during 2020 despite the disruption from the coronavirus disease 2019 (COVID-19) pandemic. The automaker's sales rose by 5% to more than 1.11 million vehicles during 2020 on the back of strong demand for its new models, including the Haval H6 and the Pao pickup. The sales volumes of 1.11 million units exceeded the company’s target set for the year, which was 1.02 million units.
  • Olivetree Financial, NDR New York

    Olivetree Financial, NDR New York

    AMBARELLA.COM AMBARELLA.COM January 15, 2020 COPYRIGHT COPYRIGHT AMBARELLA 2019 Olivetree Financial, NDR New York Louis Gerhardy, Corporate Development 1 Forward-Looking Statements This presentation contains forward-looking statements that are subject to many risks and uncertainties. All statements made in this presentation other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding Ambarella’s strategy, future operations, financial targets, future revenues, projected costs, prospects, plans and objectives for future operations, future product introductions, future rate of our revenue growth, the size of markets addressed by the company's solutions and the growth rate of those markets, technology trends, our ability to address market and customer demands and to timely develop new or enhanced solutions to meet those demands, our ability to achieve design wins, and our ability to retain and expand our customer and partner relationships. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology intended to identify forward-looking statements. We have based forward-looking statements largely on our estimates of our financial results and our current expectations and projections about future events, markets and financial trends that we believe
  • GREAT WALL MOTOR COMPANY LIMITED (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 2333)

    GREAT WALL MOTOR COMPANY LIMITED (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 2333)

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 長 城 汽 車 股 份 有 限 公 司 * GREAT WALL MOTOR COMPANY LIMITED (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2333) ANNOUNCEMENT OF AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 The board of directors (the “Board”) of Great Wall Motor Company Limited (the “Company”) is pleased to announce the audited results of the Company and its subsidiaries for the year ended 31 December 2019. This announcement, containing the full text of the 2019 Annual Report of the Company, is prepared with reference to the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to preliminary announcements of Annual Results. The Company’s 2019 Annual Report will be available for viewing on the websites of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and of the Company at www.gwm.com.cn. Printed version of the Company’s 2019 Annual Report will also be delivered to the Company’s shareholders. By order of the Board Great Wall Motor Company Limited Xu Hui Company Secretary IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the contents of this annual report are true, accurate and complete and do not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents.
  • Morgan Stanley NDR

    Morgan Stanley NDR

    AMBARELLA.COM AMBARELLA.COM December 6th & 9th, 2019 COPYRIGHT COPYRIGHT AMBARELLA 2019 Morgan Stanley NDR Frankfurt, Germany and Milan, Italy Dr. Alberto Broggi, GM Ambarella Italy Casey Eichler, CFO Louis Gerhardy, Corporate Development 1 Forward-Looking Statements This presentation contains forward-looking statements that are subject to many risks and uncertainties. All statements made in this presentation other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding Ambarella’s strategy, future operations, financial targets, future revenues, projected costs, prospects, plans and objectives for future operations, future product introductions, future rate of our revenue growth, the size of markets addressed by the company's solutions and the growth rate of those markets, technology trends, our ability to address market and customer demands and to timely develop new or enhanced solutions to meet those demands, our ability to achieve design wins, and our ability to retain and expand our customer and partner relationships. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology intended to identify forward-looking statements. We have based forward-looking statements largely on our estimates of our financial results and our current expectations
  • Corporate, Social and Responsibility Report

    Corporate, Social and Responsibility Report

    (a joint stock company Incorporated in the People's Republic of China with limited liability) H Share Stock Code: 2333 A Share Stock Code: 601633 2 019 Corporate, Social and Responsibility Report * For identification purpose only CONTENTS About This Report 02 Message from Executives 04 A Close Look at Great Wall Motor 06 Corporate Governance 22 Responsibility Management 30 Product Responsibility 34 Responsibility for Employees 49 Social Responsibility 53 Environmental Responsibility 63 ESG Reporting Guide 72 Feedback Form 78 CSR Report 2019 1 About This Report About This Report I. REPORTING PERIOD: V. DEFINITIONS IN THE REPORT This report is the 9th annual corporate social responsibility report issued by Great Wall Motor Company “Great Wall Motor” or Great Wall Motor Company Limited Limited since 2011. This report covers the period from 1 January 2019 to 31 December 2019, with the “Company” or “we” certain information extending to the previous or subsequent years where appropriate. the “Group” the Company and its subsidiaries II. SCOPE OF REPORT: “Great Wall Holdings” Baoding Great Wall Holdings Company Limited (the indirect The scope of report covers the Company and its subsidiaries. Some contents involve Baoding Great Wall controlling shareholder of the Company) and its subsidiaries Holdings Co., Ltd and its subsidiaries. Please refer to the annual report of Great Wall Motor Company Limited for detailed corporate information. VI. NOTE TO THE REPORT III. CONTENTS OF REPORT: Data in this report are sourced from the Company’s audit report, annual report or other statistical documents. This report contains uncertainties about future plan or forecast. This report has not been This report discloses the Company’s information on economic, social and environmental performance reviewed by any independent source and investors are advised to be aware of the risks involved.
  • Great Wall Motor GM to Reach 20% As Haval Recovers and WEY Beats

    Great Wall Motor GM to Reach 20% As Haval Recovers and WEY Beats

    Equity Research January 2, 2018 Great Wall Motor GM to reach 20% as Haval recovers and WEY beats Investment Focus Upgrade to BUY Ticker 601633.SH 02333.HK Action CICC investment rating BUY BUY We stated that Great Wall Motor’s GM will likely recover in our report Last close Rmb11.49 HK$8.95 published on November 27, 2017, after we surveyed GWM’s dealers. CICC target Rmb13.50 HK$11.40 Recently, we notice further improvement in GWM’s operation. The destocking of old models, better-than-expected sales volume of WEY 52wk price range Rmb14.74~10.50 HK$12.08~6.78 models in November and strong MoM growth in Haval sales volume Market cap (bn) Rmb92 HK$111 prompt us to expect a 20% GM in 4Q17. We upgrade GWM-A/H to Daily value (mn) Rmb83.61 HK$324.47 BUY, and lift TP to Rmb13.5/HK$11.4. Shares outstanding (mn) 9,127 9,127 Free float (%) 66 34 What’s changed? Daily volume (mn sh) 7.16 36.66 Business sector Auto & Parts ► WEY models: Sales volume will likely top 300,000 units in 2018 02333.HK HSCEI and boost GWM’s GM. The two WEY models both recorded over 168 10,000 units of sales volume in November, driven by oppotunity in medium SUV market, WEY’s high product competiveness and 151 new design. 4S stores for WEY models reached 100 as of 134 end-2017, and the figure will likely reach 300 in 2018. 117 Relative Value (%) Value Relative ► Haval models: GWM is streamlining Haval’s production and will 100 83 differentiate red and blue label models; the new powertrain Jan-2017 Apr-2017 Jun-2017 Sep-2017 Dec-2017 enhances products’ price premium and lowers production cost.
  • Interim Report 2018

    Interim Report 2018

    (a joint stock company Incorporated in the People's Republic of China with limited liability) H Share Stock Code: 2333 A Share Stock Code: 601633 Interim Report 2018 * For identification purpose only IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the information in this interim report is true, accurate and complete and does not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents. II. All the directors of the Company attended the Board meeting. III. This interim report of the Company has not been audited. The financial information in this interim report was prepared in accordance with China Accounting Standards for Business Enterprises and the relevant laws and regulations. IV. Wei Jian Jun, person-in-charge of the Company, Li Feng Zhen, person-in-charge of the accounting affairs and Lu Cai Juan, person-in-charge of the accounting department (head of the accounting department), declare that they warrant the truthfulness, accuracy and completeness of the financial report in this interim report. V. Proposal of profit distribution or capitalisation of capital reserve during the Reporting Period considered by the Board None VI. Risks relating to forward-looking statements √ Applicable Not applicable Forward-looking statements, such as future plans described in this interim report do not constitute an actual commitment of the Company to investors. Investors should be aware of the relevant investment risks. VII. Was there any non-operational appropriation of the Company’s funds by its controlling shareholders and related parties? No VIII.
  • Great Wall Motors Showed up at Saudi International Motor Show with Several Star Models

    Great Wall Motors Showed up at Saudi International Motor Show with Several Star Models

    NEWS Great Wall Motors Showed up at Saudi International Motor Show with Several Star Models On December 10, 2019, the 41st Saudi International Motor Show（SIMS） kicked off at Jeddah Center for Forums & Events in Jeddah, Saudi Arabia. As a new force in auto market of the Kingdom, Great Wall Motors (GWM) exhibited at the Motor Showed three of its brands HAVAL, Great Wall Pickup and ORA with 6 models in total. At the presence of Mr. Faisal, the chairman of ADMC-GWM’s distributor in KSA and Mr. Li Zhixiong, representative of GWM and Senior Manager of the Middle East and Africa as well as other main members of both sides, New HAVAL H2 and WINGLE 7 Pickup, the two models were officially launched on the Motor Show. With the launch of new models and product upgrades, it would do GWM great favor in completing its product line-up and layout in Saudi Arabia. SIMS is the largest and most influential motor show in Saudi Arabia, attracting well-known auto brands from the United States, Japan, South Korea and China. HAVAL, amid total 14 auto brands like Toyota, Hyundai and KIA, was one of the shining brands at this motor show, which lasted 5 days and was expected to attract more than 100,000 visitors, providing an auto visual feast for Saudi consumers. 1 NEWS At SIMS 2019, GWM set up both indoor and outdoor booths, and HAVAL booth was located in the center of the indoor exhibition, adjacent to Toyota and Hyundai. HAVAL family inclusive of new HAVAL H2, ALL New H6, HAVAL H9 and the fully electric car ORA IQ were all on display as expected, attracting the eyes of people touring the show.
  • Annual Report

    Annual Report

    (a joint stock company incorporated in the People's Republic of China with limited liability) H Share Stock Code: 2333 A Share Stock Code: 601633 2 019 ANNUAL REPORT * For identification purpose only IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the contents of this annual report are true, accurate and complete and do not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents. II. All the directors of the Company attended the Board meeting. III. Deloitte Touche Tohmatsu Certified Public Accountants LLP has issued the standard audited report for the Company without qualified opinion. The financial information in the annual report was prepared in accordance with China Accounting Standards for Business Enterprises and the relevant laws and regulations. IV. Wei Jian Jun, person-in-charge of the Company, Liu Yu Xin, person-in-charge of the accounting affairs and Lu Cai Juan, person-in-charge of the accounting department (head of the accounting department), declare that they warrant the truthfulness, accuracy and completeness of the financial report in this annual report. V. Proposal of profit distribution or capitalization of capital reserve during the Reporting Period reviewed by the Board As audited by Deloitte Touche Tohmatsu Certified Public Accountants LLP, the net profit of the Group and net profit attributable to shareholders of the Company in 2019 amounted to RMB4,530,732,870.30 and RMB4,496,874,893.92 respectively. The Company proposed to declare a cash dividend of RMB2,281,817,250.00, (representing RMB0.25 per share) (tax inclusive) to the shareholders of the Company for the year ended 31 December 2019.
  • Win Semiconductors (Initiating Coverage with Outperform) 3 Pegatron (Downgrade to Neutral) 4 Wharf Holding (Outperform) 5 Sunny

    Win Semiconductors (Initiating Coverage with Outperform) 3 Pegatron (Downgrade to Neutral) 4 Wharf Holding (Outperform) 5 Sunny

    Wednesday, 10 May 2017 Win Semiconductors (Initiating coverage with Outperform) 3 Winner expanding its arms Lynn Luo We initiate coverage on Win Semi with an Outperform rating and a target price of NT$155 (15x 2018E P/E). We believe Win Semi is expanding its addressable market beyond RF (radio frequency) components. Pegatron (Downgrade to Neutral) 4 Downgrading into recent strength Jeffrey Ohlweiler After the recent share price outperformance (up 23.4% off its 2017 lows vs up 9.7% for TWSE over same period) and our downward earnings revisions, we are downgrading Pegatron to Neutral. Wharf Holding (Outperform) 5 Recovery on the fast lane David Ng Harbour City (HC) is recovering faster than our expectation with 1.4% YoY sales growth for 1Q17, versus the overall HK retail market down 1.3%. The outperformance was driven by a luxury sales recovery, which was even more pronounced at its mainland China malls. Sunny Optical (Outperform) 6 Handset Lens continue to beat Allen Chang April shipments beat despite weak smartphone seasonality: 1) Handset lens at 44m (+9% MoM, +111% YoY), vs. Largan rev at +2% MoM, +19% YoY. January-April tracking our 1H17 estimates by 80%, 2) Vehicle lens at 3m (-4% MoM, +39% YoY). AUO (Underperform) 7 Inventory correction just beginning Louis Cheng AUO's ADR (NYSE: AUO) share price slumped by 8.2% overnight, reaffirming our concern on 1) weaker-than-expected Apr sales (-11% MoM), 2) inventory correction happening (2Q panel shipments revised down to 15m units from 16.3m units in 1Q), and 3) TV brands switching their focus back to 32” from ultra large-sized (55-65”) on cost efficiency.
  • DEVELOPMENT LIST December 2020 Maxisys Maxisys Region Software Make Description ADAS ADAS PRO

    DEVELOPMENT LIST December 2020 Maxisys Maxisys Region Software Make Description ADAS ADAS PRO

    示例 DEVELOPMENT LIST December 2020 MaxiSys MaxiSys Region Software Make Description ADAS ADAS PRO Ultra Version: V1.50 908 Version: V9.02 Highlights: China, 1. Supports calibration function on ACC and FFCM Europe, system for LX, KL, MP, WD, WK, K8 and RU (2020). America, 2. Supports calibration function on DASM system for ADAS Chrysler √ √ Japan, JT, DT, DJ, D2, and JL (2020). Korea, 3. Supports calibration function on DASM system for Australia DT, DJ, D2, DP and JL (2019). 4. Supports online safety diagnostic solutions for 44 models, including DT, BV, K8 and so on in Europe (2018+). China, Ultra Version: V1.20 Europe, 908 Version: V8.40 America, ADAS Mazda Highlights: √ √ Japan, Adds calibration function on ACC, LDW, AVM and BSM Korea, system for Mazda3 and CX-30. Australia Ultra Version: V1.20 908 Version: V14.70 Highlights: 1. Adds calibration function on ACC, LDW, RCW system for 2020 Buick Enclave, Encore, Envision and Regal. China, 2. Adds calibration function on ACC, LDW, RCW Europe, system for 2020 Calidic XT5, CT6, Escalade, Escalade America, ESV, XT4, XT6 and XTS. ADAS GM √ √ Japan, 3. Adds calibration function on ACC, LDW, RCW Korea, system for 2020 Chevrolet S10, Trailblazer, Blazer, Bolt, Australia Malibu, Suburban, Tahoe, Tracker, Traverse and Trax. 4. Adds calibration function on ACC, LDW, RCW system for 2020 GMC Acadia, Sierra, Yukon and Yukon XL. 5. Adds calibration function on ACC, LDW, RCW system for 2020 Holden Colorado, Trailblazer, Acadia, Trax, Commodore, Astra, etc. China, Ultra Version: V1.20 Europe, 908 Version: V8.72 America, Highlights: ADAS Fiat √ √ Japan, Adds online safety diagnosis solution for 18 models in Korea, European region such as GA, BG, GU, FD, TO, NU, 6H, Australia FB, FF, RE, MM, BA, etc.