五菱汽車集團控股有限公司 (Incorporated in Bermuda with Limited Liability) CORPORATE PROFILE
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五菱汽車集團控股有限公司 (Incorporated in Bermuda with limited liability) 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. 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 electric logistic vehicles in China. The Group’s main production facilities are located in Liuzhou, Qingdao, Chongqing and Indonesia. Since 2011, we have been ranked as one of the Fortune China 500 Enterprises. GROUP STRUCTURE WULING MOTORS GUANGXI DRAGON HILL AUTOMOBILE 13.7%HOLDINGS 60.6% HKEx:305 60.9% 39.1% WULING INDUSTRIAL ENGINES AND AUTOMOTIVE SPECIALIZED RELATED PARTS COMPONENTS VEHICLES AND (INCLUDING NEW OTHER INDUSTRIAL ENERGY VEHICLES) SERVICES WULING MOTORS HOLDINGS LIMITED ANNUAL REPORT 2O18 CONTENTS Corporate Profile Group Structure 2 Chairman’s Statement 8 Report of the CEO 14 Operation Review Main Business Segments Automotive Specialized Engines and Components Vehicles Related Parts and Other (including Industrial New Energy Services Vehicles) 32 Financial Review 38 Directors’ and Senior Management’s Biographies 46 Corporate Governance Report 65 Report of the Directors 84 Independent Auditor’s Report 90 Consolidated Statement of Profit or Loss and Other Comprehensive Income 91 Consolidated Statement of Financial Position 93 Consolidated Statement of Changes in Equity 94 Consolidated Statement of Cash Flows 96 Notes to the Consolidated Financial Statements Corporate Information CHAIRMAN’S STATEMENT Inn Pursuit of a Balanced andanandd Sustainable Growth for the Group and Shareholders Mr. Yuan Zhijun Chairman 2 WULING MOTORS HOLDINGS LIMITED ANNUAL REPORT 2O18 CHAIRMAN’S STATEMENT PREFACE cooperation with external parties was speeding up. We aimed to achieve a win-win situation 2018 is the inauguration year of the through the cooperation with premium implementation of the spirit of 19th CPC National enterprises. To ehance management, the Congress. It also marks the 40th anniversary of the attention to detail was what we always treasure, reform and opening-up of China and the 60th from which measures for improving quality and anniversary of the establishment of Guangxi efficiency were carried out to stimulate Zhuang Autonomous Region. Facing with the development and ensuring our Group’s business tough environment caused by the increasing principle of “Pursuing Growth Amid Stability complexity of the world economy, a declining Progressing with Determined Goals”. The details of growth rate of the domestic market and a the Group’s business in 2018 are as follows: significant slow down of the growth in our industry, Wuling Motors Holdings Limited (“Wuling Motors 1. Understanding Market Trend, Adjusting Holdings” or the “Group”) adheres to the Product Mix and Working Hard for a management principle of “Pursuing Growth Amid Steady Growth of Our Major Business Stability Progressing with Determined Goals”. We have been dedicated to taking our management a. Seizing the opportunity to explore market measures to the next level aiming at making and pursuing high-quality development breakthroughs in development, and continuously of components and parts business promoting our automotive components business to a new horizon. Under an extremely competitive Our passion for the development of business environment of the automobile industry, passenger vehicles can be manifested the industry entered into a stage of consolidation by our technological innovation and after a speedy growth over the past few years. production standard enhancement. The Group recorded an annual revenue of We are expanding our components RMB15,120,119,000 in 2018, representing a year- and parts business to passenger vehicle on-year decrease of 6.2%. Net profit of the Group market. The Group took the opportunity in 2018 was RMB125,195,000, representing a year- of the surging of the planned on-year decrease of 55.6%. Profit attributable to manufacturing output of the key the owners of the Company in 2018 was products of our major customer in 2018 RMB70,673,000, representing a year-on-year seriously. At the back of our current decrease of 59.2%. facilities, well-adjusted manufacturing strategies were implemented and well- REVIEW OF MAJOR ACHIEVEMENTS IN prepared manufacturing resources 2018 were delegated to provide components and parts to our customers. We coordinated our manufacturing bases In 2018, raw material prices and competition to guarantee both supply and quality. remained high. In the second half of 2018, the We also took in the orders of the business volume of automobile industry development of new components and experienced a drastic decline. Meanwhile, the parts for new passenger vehicles. We percentage share of our supply of engines to our were able to supply components and clients tumbled down and the vehicle production parts for over 20 types of finished of the Group’s major customer declined. These assembled components. The mass multiple unfavorable factors had provided serious production of the Group’s first challenges to the business operation of the Group. passenger vehicle rear suspension Under these circumstances, the Group persisted in component, namely CN120S rear transforming and improving our main business and suspension was ready for scale increasing the added value of our products. With production, which would not only take resource planning in mind, we paved the track of our products to a higher level, but also our development. New momentum had also been established a solid foundation for our built up to foster enterprise development. The future development. We were keen on 3 WULING MOTORS HOLDINGS LIMITED ANNUAL REPORT 2O18 CHAIRMAN’S STATEMENT cooperating with mainstream domestic extending the lifespan of our product passenger vehicle brands and platforms, we continuously promoted succeeded in getting the access to the the application of our prime engine business of another renowned car products NP18 to other models of manufacturer in China. For the time SGMW (e.g. Baojun 530/N350). In terms being, we are also actively working with of product and market innovation, our some other potential customers for engine division planned to establish a diversifying and promoting our business programme for hybrid/pure electric potential. The revenue from the sale of new energy car in response to China’s the Group’s components and parts policies for new energy vehicles, aiming business reached RMB9,348,788,000 to ensure the Group with a steady (without counting the revenue development. generated from the associated companies amounted to c. Exploring the market, subdividing products RMB1,061,016,000). The percentage and developing electric vehicles and share of the Group’s passenger vehicle redecorated vehicles intensively components and parts was over 70% in 2018, and the Group played a much The Group’s car assembly business in more important role in the market of 2018 presented a quick response to passenger vehicle components and market demands. We adjusted our parts than ever. marketing strategies according to our experience. We expanded our product b. Adjusting management and line by launching a comprehensive development strategies and pursuing range of products including for breakthroughs in engine business redecorated vehicles, electric shuttles, electric logistics vehicle and other The increasing application of the own models. We promoted our brand by produced engines by our major exhibiting EN300P electric container customer provided a shock to our logistic wagon, EV100 electric cruiser, engine business, which caused a serious M100 car-sharing shuttle and other decline in the number of sales of models at China International Energy- engines. The Group conducted the R&D saving and New Energy Vehicles of its high-end passenger vehicle Exhibition, Guangxi Logistics Event, engines in line with market demands ASEAN Exposition and other expositions. and industrial development. The Through programmes of North-South commercialisation of our new 2.0T linkage tour and Spring Breeze Action, engine had been sped up. We also we had vigorously promoted our actively developed our 1.5L to 1.8L refrigerated vehicle, mobile store, engines. The contribution of the external desirable microvan. Our car assembly market to our business increased in 2018 business sold 110,200 vehicles during the with an annual engine sale revenue of year, in which 1,800 vehicles were new approximately RMB690,000,000. energy vehicles, including electric Meanwhile, the Group also worked shuttles, electric logistics vehicles, etc. hard on engines without ancillaries, key The year-on-year increase rate of the engine components and parts and sales of our redecorated vehicles was other businesses and expanding the 53%. The market share of our market share of its 3C products (i.e. redecorated vehicles was 65%. Thus, we cylinder block, cylinder head and ranked as the leading redecorated crankshaft components), in which the vehicle manufacturer in the industry. sales volume of castings products in 2018 achieved 1,043,000 units, surpassing annual sales target. For 4 WULING MOTORS HOLDINGS LIMITED ANNUAL REPORT 2O18