苏威孚B：2024年半年度报告摘要(英文版)
Stock Code: 000581, 200581 Public Notice No: 2024-053Short Form of the Stock: WFHT, Su Weifu-B
Weifu High-Technology Group Co., Ltd.
Summary of Semi-Annual Report 2024I. Important NoticeThe summary is abstract from the full-text of Semi-Annual Report, for more details of operating results, financial condition andfuture development plan of the Company; investors should found in the full-text of Semi-Annual Report that published on mediaappointed by CSRC.
All directors have attended the Meeting for the Report deliberation.
Prompt of non-standard audit opinion
□Applicable ?Not applicable
Profit distribution pre-plan of common stock or capitalizing of common reserves pre-plan deliberated by the Board in the reportingperiod?Applicable □Not applicableWhether to transfer of capital reserve into share capital or not
□Applicable ?Not applicable
The profit distribution plan that was deliberated and approved by the Board Meeting is: based on total share capital of 971,986,293,distributed 2.20 yuan (tax included) bonus in cash for every 10-share held by all shareholders, 0 share bonus issued (tax included)and no transfer of capital reserve into share capital. When the profit distribution plan is implemented, if there is a change in the totalamount of shares entitled to profit distribution, on the basis of the total amount of shares entitled to profit distribution on the equityregistration date at the time of implementation of the distribution plan, the distribution amount shall be adjusted according to theprinciple of unchanged distribution proportion.
Profit distribution pre-plan of preferred stock deliberated and approved by the Board in the reporting period
□Applicable ?Not applicable
II. Company information
1. Company Profile
| Short form of the stock | WFHT, Su Weifu-B | Stock code | 000581, 200581 | |
| Stock exchange for listing | Shenzhen Stock Exchange | |||
| Person/Way to contact | Secretary of the Board | Rep. of security affairs | ||
| Name | Liu Jinjun | Xu Kan | ||
| Contact add. | No.5 Huashan Road, Xinwu District, Wuxi | No.5 Huashan Road, Xinwu District, Wuxi | ||
| Tel. | 0510-80505999 | 0510-80505999 | ||
| Web@weifu.com.cn | Web@weifu.com.cn | |||
2. Main financial data and indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes ?No
| Current period | Last period | Year-on-year increase(+)/decrease(-) | |
| Operation income (RMB) | 5,694,233,552.72 | 6,129,649,047.40 | -7.10% |
| Net profit attributable to shareholders of the listed company(RMB) | 954,341,269.90 | 948,760,859.55 | 0.59% |
| Net profit attributable to shareholders of the listed company after deducting extraordinary gains and losses(RMB) | 975,076,832.34 | 830,878,251.37 | 17.35% |
| Net cash flows arising from operating activities (RMB) | 887,892,317.37 | 1,089,961,237.42 | -18.54% |
| Basic earnings per share (RMB/Share) | 0.98 | 0.98 | 0.00% |
| Diluted earnings per share (RMB/Share) | 0.98 | 0.98 | 0.00% |
| Weighted average ROE | 4.84% | 5.24% | -0.40% |
| Ending balance of current period | Ending balance of last period | Year-on-year increase(+)/decrease(-) | |
| Total assets (RMB) | 27,864,965,288.97 | 28,081,087,791.81 | -0.77% |
| Net assets attributable to shareholders of listed company (RMB) | 19,363,215,440.23 | 19,399,892,671.78 | -0.19% |
3. Amount of shareholders of the Company and particulars about shares holding
Unit: share
| Total common stock shareholders at end of the reporting period | 62,203 | Total preference shareholders with voting rights recovered at end of reporting period (if applicable) | 0 | ||||
| Top 10 shareholders | |||||||
| Full name of Shareholders | Nature of shareholder | Proportion of shares held | Amount of shares held | Amount of restricted shares held | Information of shares pledged, tagged or frozen | ||
| State of share | Amount | ||||||
| Wuxi Industry Development Group Co., Ltd. | State-owned corporate | 20.47% | 204,059,398 | 0 | N/A | 0 | |
| Robert Bosch Co., Ltd | Foreign corporate | 14.33% | 142,841,400 | 0 | N/A | 0 | |
| Hong Kong Securities Clearing Company | Foreign corporate | 2.90% | 28,944,043 | 0 | N/A | 0 | |
| CCB Life Insurance Co., Ltd. - Traditional Insurance | Other | 1.24% | 12,359,918 | 0 | N/A | 0 | |
| NSSF-413 | Other | 1.06% | 10,590,000 | 0 | N/A | 0 | |
| Dongwu Securities Co., Ltd | State-owned corporate | 0.80% | 7,999,900 | 0 | N/A | 0 | |
| FIDELITY INVMT TRT FIDELITY INTL SMALL CAP FUND | Foreign corporate | 0.80% | 7,955,075 | 0 | N/A | 0 | |
| Guolian An Fund - China Pacific Life Insurance Co., Ltd. - Dividend Insurance - Guolian An Fund - China Pacific Life Equity Relative Yield (Guaranteed Dividend) Single Asset Management Plan | Other | 0.71% | 7,123,179 | 0 | N/A | 0 | |
| Basic Pension Insurance Fund- 1003 | Other | 0.67% | 6,698,993 | 0 | N/A | 0 | |
| Xie Zuogang | Domestic natural person | 0.51% | 5,132,967 | 0 | N/A | 0 | |
| Explanation on associated relationship concerted action among the aforesaid shareholders | Among the aforesaid shareholders, there has no associated relationship between Wuxi Industry Development Croup Co., Ltd., the first largest shareholder of the Company, and other shareholders; and they do not belong to the persons acting in concert regulated by the Management Measure of Information Disclosure on Change of Shareholding for Listed Company. | ||||||
| Explanation on the shareholders involved in margin trading (if applicable) | Nil | ||||||
Shareholders holding more than 5% of the shares, top 10 shareholders or top ten unrestricted shareholders participating in thelending of shares through refinancing business
□Applicable ? Not applicable
Top 10 shareholders or top ten unrestricted shareholders participating in the lending/returning of shares through refinancingbusiness
□Applicable ? Not applicable
4. Changes in controlling shareholders or actual controllers
Change of controlling shareholder during the reporting period
□Applicable ? Not applicable
The Company had no change of controlling shareholder during the reporting period
Change of actual controller during the reporting period
□Applicable ? Not applicable
The Company had no change of actual controller during the reporting period
5. Total preferred shareholders and top 10 shares held by preferred shareholders
□Applicable ? Not applicable
The Company has no preferred shareholders
6. Bonds in existence as of the approval date of the semi-annual report
□Applicable ?Not applicable
III. Important Matters
(1) The Company’s business conditions during the reporting period
Since the beginning of this year, the Company has diligently implemented its annual work goals and actively addressed industryopportunities and challenges. During the reporting period, the Company achieved operating income of 5.694 billion yuan, a decreaseof 7.10% year-on-year, while net profit attributable to shareholders of the listed Company was 954 million yuan, an increase of 0.59%year-on-year.
(2) Main work carried out by the Company during the reporting period
1. Seizing market opportunities, traditional and emerging businesses developed synergistically.Energy-saving and Emission Reduction Products: Post-treatment system products seizing rapid growth opportunities in hybridpassenger vehicles and natural gas commercial vehicles, sales of gasoline purifiers exceeded 1.87 million units, up 48% year-on-year; sales of natural gas purifiers reached 55,000 units, up 384% year-on-year. At the same time, post-treatment system productssecured projects from several joint venture brands and leading passenger vehicle customers, achieving mass production formultiple commercial vehicle projects, and steadily increasing market share in both passenger and commercial vehicle markets. Air
intake system products: Gasoline turbocharger sales exceeded 310,000 units, up 308% year-on-year, maintaining rapid growth,with major passenger vehicle customer projects gradually entering mass production. Sales of four-cylinder diesel turbochargersincreased by over 12% year-on-year, continuing to lead the industry, while natural gas turbocharger sales doubled year-on-year.Green Hydrogen and Smart Electric Products: Core components of hydrogen fuel cells, such as metal bipolar plates, havecompleted mass delivery for domestic customer projects. Key BOP products, including thermostats, proportional valves, andelectronic water pumps, have secured multiple customer projects. PEM (proton exchange membrane) water electrolysis hydrogenproduction systems and equipment have achieved project cooperation with some customers in scientific research anddemonstration. Radar products have accelerated several intelligent driving customer projects, with client testing and new sampledevelopment actively underway. Electronic oil pump products have achieved mass production supply for multiple new energypassenger vehicle projects, with capacity expansion accelerating. Existing commercial vehicle customer projects for automotiveseats remain stable, with breakthroughs achieved in passenger vehicle projects. The Fuzhou Lianhua base has been completed,with key customer projects gradually entering mass production.
2. Accelerating product iteration and upgrading, increasing R&D efforts.
Energy-saving and Emission Reduction Products: Completed the A-sample development of high-pressure fuel pumps and injectorsfor ultra-high-pressure electronic control fuel injection systems, as well as engine performance matching tests for key customers.Developed the B-sample for natural gas dual-fuel injectors and pressure regulation modules, and completed the initial round oftrial production. Finished performance tests for methanol dual-fuel in-cylinder direct injection systems and initiated pre-researchon methanol single-fuel in-cylinder direct injection technology and hydrogen engine injection technology. Developed multiplepost-treatment products for hybrid passenger vehicles and export projects, expanded product development into commercial andoff-road sectors, and advanced methanol engine product development. Conducted pre-research on technologies for productsmeeting future emission standards. Accelerated the development of turbocharger products for gasoline hybrid passenger vehiclesand diesel/natural gas commercial vehicles, with key customer projects reaching mass production. Launched methanol engineturbocharger projects in the market and actively promoted the use of 48V electric turbochargers in customer pre-research projects.Green Hydrogen and Smart Electric Products: Completed B-sample development for 35 MPa pressure relief valves; continued toexpand applications for low-pressure hydrogen valve products and completed C-sample development for exhaust valves.Continued development and industrialization of key BOP components, including electronic water pumps, thermostats, andhydrogen circulation pumps. Achieved production validation for alloy catalysts and multiple rounds of production validation forfuel cell membrane electrode production lines, while establishing project interfaces for single-cell batteries. Completed the overalldesign of the 100 kW PEM water electrolysis hydrogen production system platform and began integrating and assembling variousmodules. Finished functional development and customer validation for barrier radar products and continued developing andbuilding customer projects and industrialization capabilities for 4D imaging radar, focusing on cost reduction.
3. Strengthening strategic planning and execution, and continuously promoting new business investments and cooperation.Strategic Planning: Implement and refine the mid-term review and improvement plan of the 14th Five-Year Plan. Advance in-depth planning for new business areas such as VH and hydraulic systems. Progress with the mid- to long-term planning, review,and updating of hydrogen fuel cell strategies. Promote the business planning for the Huishan Intelligent Industrial Park. Conductmarket research and analysis on hydrogen storage, and actively advance annual strategic research on automotive seats, humanoidrobots, and air suspension components. Strengthen local government collaboration on radar and hydrogen storage projects.Investment and Cooperation: Completed the signing of an investment cooperation agreement with Germany's Voith Group forhigh-pressure hydrogen storage. Finalized the spin-off of Weifu Intelligent Sensing business and established an independent jointventure. Continued the development of three major global hydrogen energy bases, investing in the R&D and capacity expansion ofIRD's European and North American bases, as well as Borit’s European base. Focused on enhancing domestic capabilities of theWFQL joint venture and constructing the hydrogen energy industrial park in the Asia-Pacific region. Introduced partners for theautomotive seat business and established a new joint venture. Collaborated with WFEC shareholders to form a new joint venture,extending the value chain of precious metal compounds.
4. Strengthen the quality operation system and continue advancing intelligent manufacturing.Develop and promote a comprehensive annual quality management roadmap covering five areas: quality systems, qualityprevention, process quality, problem-solving, and quality team building, with 16 sub-items. Establish an external auditimprovement experience repository and optimize updates to the quality manual. Promote the comprehensive application of specialcharacteristics and development quality valves in 22 development projects. Plan and complete special characteristics re-identification and re-control evaluations for 13 business units/subsidiaries and 22 core products. Enhance and train manufacturingquality engineers on quality tools and methods. Improve quality improvement information sharing and communication. Completethe iteration of the FMS tooling management system and pilot its launch. Expand the application of the TMS tool managementsystem and WMS warehousing management system. Continuously optimize and promote the EMS energy management platform,actively advancing energy-saving and consumption-reduction measures. Complete the design of the digital factory project business,application, and data architecture for WFAC. Progress is smooth for engineering projects such as the R&D building, Phase VI ofthe 103 plot factory, the hydrogen energy industrial park, and the Huishan Chang'an industrial park, which are advancing asplanned.
5. Strengthening Operational Quality and Enhancing Management Efficiency
Refine the monitoring and analysis dimensions for business lines and departments, and enhance tracking of key products andprojects. Standardize the functional responsibilities of business units. Develop and implement management solutions for newdepartment control models, organizational functions, and system processes. Optimize financial procedures, update relevantsystems and processes, identify business risks, and improve process efficiency. Strengthen financial risk management byaddressing capital needs and current management status, and continue advancing product redemption. Optimize procurementmanagement and core operational capabilities, and continue developing the SRM procurement platform. Enhance the analysis anddisposal of slow-moving inventory, creating specialized optimization projects for such stock. Continuously improve riskmanagement capabilities, strengthen the review, control, and response to risk issues at all levels, provide various internal controlmanagement training, and enhance the risk management awareness and skills of key personnel. Recruit talent for strategic newbusinesses and key projects, optimize and adjust the talent structure, and improve talent fit. Implement a performance managementinformation system to align individual performance goals with organizational performance. Promote international talentdevelopment by planning and establishing international dispatch policies, optimizing international talent competency models,setting talent selection standards, and advancing specialized training.
BOD of WEIFU HIGH-TECHNOLOGY GROUP CO., LTD.
22 August 2024