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Wuling Motors Holdings Limited CORPORATE PROFILE Wuling Motors Holdings Limited (formerly known as Dragon Hill Wuling Automobile Holdings Limited) is principally engaged in the businesses of trading and manufacturing of automotive components, engines and specialized vehicles in China. Partnered with Liuzhou Wuling Motors Company Limited, a reputable state-owned enterprise with extensive industry experiences, our Group’s corporate goal is to grasp the tremendous business opportunities arising from the rapidly growing automobile industry in China. The Group is the leading commercial-type mini-vehicle’s engines and automotive Wuling Motors Holdings Limited Wuling components manufacturer as well as a qualied enterprise for manufacturing electrical Wuling Motors mini-truck in China. The Group’s main production facilities are located in Liuzhou and Holdings Limited Qingdao. In 2011, it was ranked as one of the Fortune China 500 Enterprises. (Incorporated in Bermuda with limited liability) (formerly known as Dragon Hill Wuling Automobile Holdings Limited) Stock Code: 305 GROUP STRUCTURE Wuling Motors Holdings Limited Unit 2805-06, 28/F, Wuling Motors Ofce Tower, Convention Plaza, Dragon Hill Holdings Liuzhou 1 Harbour Road, Wanchai Development 24% HKEx:305 37% Wuling Hong Kong www.wuling.com.hk 2 0 1 1 51% 49% A R Wuling Industrial Annual Report 2011 Engines and Automotive Specialized Trading and Parts Components Vehicles Supply Services Wuling Liuji Wuling United Wuling Wuling Industrial Specialized Vehicles CORPORATE PROFILE Wuling Motors Holdings Limited (formerly known as Dragon Hill Wuling Automobile Holdings Limited) is principally engaged in the businesses of trading and manufacturing of automotive components, engines and specialized vehicles in China. Partnered with Liuzhou Wuling Motors Company Limited, a reputable state-owned enterprise with extensive industry experiences, our Group’s corporate goal is to grasp the tremendous business opportunities arising from the rapidly growing automobile industry in China. The Group is the leading commercial-type mini-vehicle’s engines and automotive Wuling Motors Holdings Limited Wuling components manufacturer as well as a qualied enterprise for manufacturing electrical Wuling Motors mini-truck in China. The Group’s main production facilities are located in Liuzhou and Holdings Limited Qingdao. In 2011, it was ranked as one of the Fortune China 500 Enterprises. (Incorporated in Bermuda with limited liability) (formerly known as Dragon Hill Wuling Automobile Holdings Limited) Stock Code: 305 GROUP STRUCTURE Wuling Motors Holdings Limited Unit 2805-06, 28/F, Wuling Motors Ofce Tower, Convention Plaza, Dragon Hill Holdings Liuzhou 1 Harbour Road, Wanchai Development 24% HKEx:305 37% Wuling Hong Kong www.wuling.com.hk 2 0 1 1 51% 49% A R Wuling Industrial Annual Report 2011 Engines and Automotive Specialized Trading and Parts Components Vehicles Supply Services Wuling Liuji Wuling United Wuling Wuling Industrial Specialized Vehicles MAJOR PROJECTS AUTOMOTIVE COMPONENTS AND SPECIALIZED VEHICLES DIVISIONS New Production Facilities in Qingdao The project is established in accordance with the development plan of the core customer, SGMW, Business Strategy of New Energy Vehicles and with spare capacity to satisfy the specic needs of certain New energy vehicle has become the main focus of the Chinese automobile industry in the components for potential Twelfth Five-Year-Plan. In 2009, the Group became the rst qualied enterprise in China for customers. Annual production manufacturing small electrical trucks and began to export new energy vehicles to overseas capacity of 600,000 units of markets. In October 2010, a milestone of the Group in the new energy vehicles business automotive components and development was achieved through the sale of Wuling new energy vehicles in Guangxi. The 50,000 vehicles will be provided Group has included new energy vehicles into the overall development strategy of the Group when completed in 2013. and aims at becoming the market leader in this business segment. 、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、、 Hexi Industrial Park in Liuzhou Construction project of the 622 acres industrial land located in Hexi Industrial Park, Liuzhou is progressing satisfactorily. Project to be completed in two stages from late 2012 onwards and is expected to contribute to the performance of the Group from 2013 onwards. Apart from RE-ENGINEERING PROJECT OF ENGINES DIVISON coordinating with the development plan of the core customer, SGMW, additional Key project – the new foundry facilities for 600,000 units capacities will also be in place for potential cylinder blocks has been completed since May 2011 and customers for automotive components and undertook trial run for the main models of existing the manufacturing of motor vehicles. customers. Total units produced in 2011 accumulated to Besides, the project can also cater the 70,000 units and are expected to be increased in multiples needs for the gradual urban development when become operational for the full year of 2012. plan advocated by the Liuzhou Government Completion of the foundry facilities can promote business by relocating some of the existing facilities growth by expanding the business potential and enhancing from the urban district to the planned the technical knowhow of the engines’ business of the industrial zones. Group. CONTENT Corporate Profile Group Structure Major Projects 2 Chairman’s Statement 6 Report of the CEO 10 Management Discussion and Analysis Engines and Parts Automotive Components Specialized Vehicles Trading and Supply Services 18 Financial Review 23 Directors' and Senior Management's Biographies 30 Corporate Governance Report 37 Report of the Directors 51 Independent Auditor’s Report 53 Consolidated Statement of Comprehensive Income 54 Consolidated Statement of Financial Position 56 Consolidated Statement of Changes in Equity 58 Consolidated Statement of Cash Flows 60 Notes to the Financial Statements Corporate Information Chairman’s STATEMENT In Pursuit of a Healthy and Stable Growth for the Group 2011 was a challenging year for the automotive industry in China. After more than a decade of rapid growth, the industry entered a thorny year with the exit of encouraging government policies, continuing rise in The specialized vehicles segment was able to achieve raw material prices and labor costs and other full-year sales of over 37,000 units driven by the unfavorable factors. As a major supplier of mini-vehicle Group’s tireless marketing endeavor, even in the face automotive components in China, Wuling Motors of adverse market environment. The Group also tackled these challenges in a determined and confident launched a strategic program to adjust product mix by manner by upholding its corporate strategies of means of sales process management and control, “adjusting business structure, enhancing product which aimed to reduce the portion of the less profitable quality, boosting corporate competitiveness and redecorated wagons in the highly competitive market, promoting the development of the Twelfth Five-Year- while strengthening other higher margin products such Plan”. Accordingly, the Group has been accelerating as sight-seeing vehicles, mini-van, as well as those new new product research and development, intensifying products such as school bus which were explored in new market development and enforcing new business response to government measures implemented breakthroughs, while implementing its ongoing across the country for improving district facilities, so as innovation management, optimization in management to enhance profit of the specialized vehicles segment. structure and acceleration of product structural Notwithstanding the market downturn last year and adjustments. As a result, we are glad to see that the that the predicted results of the strategic program are Group was able to maintain the same scale of yet to be realized, some products such as petrol sight- operations as that of the previous year with total seeing vehicles and school bus that are 6 meters or revenue amounting to RMB10,908,602,000 in 2011. The less in vehicle-length already achieved impressive Group’s net profit stood at RMB136,455,000 and profit market shares in respective markets last year. The attributable to owners of the Company was Group is confident that in the long run, the program will RMB69,813,000. be conducive to the development of the specialized 2 Wuling Motors Holdings Limited Annual Report 2011 engine products, the Group has just begun rendering a new service of casting semi-finished parts for customers for their own self-assembly of engine components, which forms a new growth point of the vehicles operations. In addition, the Group is also Group’s engines business. actively expanding new energy vehicle products. Apart from developing the domestic market, the Group also Production and sales of the automotive components exported ED150 electrical trucks, C1 electrical segment were maintained at last year’s level, which community cars and other vehicles in bulk to the United was attributable to the Group’s provision of key States and Thailand last year. The Group also components to its core customer SGMW, the largest established its product sales and service systems in mini-van manufacturer in China. The Group also these markets through local distributor networks, launched its passenger model vehicle components which accelerated its business development. production and sales operations, and managed to tailor-make specific components for Baojun
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