无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
Stock Code: 000581, 200581 Public Notice No: 2018-007
Short Form of the Stock: Weifu High- Tech, Su Weifu-B
Weifu High-Technology Group Co., Ltd.
Summary of Annual Report 2017
I. Important Notice
The summary is abstract from full-text of annual report, for more details of operating results, financial condition and future
development plan of the Company; investors should found in the full-text of annual report that published on media appointed by
CSRC.
Statement: no directors, supervisors or senior management declare the authenticity, accuracy and integrity of the report cannot be
guaranteed or there is objection.
Other directors attending the Meeting for annual report deliberation except for the followed
Name of director absent Title for absent director Reasons for absent Attorney
Rudolf Maier Director Travel for business Chen Xuejun
Chen Yudong Director Travel for business Chen Xuejun
Lou Diming Independent director Travel for business Xing Min
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 reporting
period
√Applicable □Not applicable
Whether has capitalizing of common reserves carried out
□Yes √ No
The profit distribution plan that deliberated and approved by the Board is: based on total stock issued 1,008,950,570 shares,
distributed 12.00 Yuan (tax included) bonus in cash for every 10-share hold by all shareholders, 0 shares bonus issued (tax included)
and no capitalizing of common reserves carried out.
Profit distribution pre-plan of preferred stock deliberated and approved by the Board in the reporting period
□ Applicable √ Not applicable
II. Company profile
1. Company Profile
Short form of the stock Weifu High- Tech, 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 Zhou Weixing Yan Guohong
Office add. No.5, Huashan Road, New District, Wuxi City No.5, Huashan Road, New District, Wuxi City
Fax. 0510-80505199 0510-80505199
Tel. 0510-80505999 0510-80505999
E-mail wfjt@public1.wx.js.cn wfjt@public1.wx.js.cn
无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
2. Main business or product introduction in the reporting period
(i) Main business of the Company
1. The Company belongs to auto parts industry, and its main business products include diesel fuel injection system
products, exhaust after-treatment system products and air management system products.
2. Main uses of the Company's products
(1) The diesel fuel injection system products are widely used in different power diesel engines supporting all types
of trucks, passenger cars, buses, construction machinery, marine, and generator sets. The company not only makes
products matching with the main engines used at home but also exports some products to the Americas, Southeast
Asia, and the Middle East. The products meet the needs of national emission standards.
(2) The auto exhaust after-treatment system products: mainly support the major manufacturers of automobile,
motorcycle and general machinery at home which meet the national emission standards.
(3) The intake system products (supercharger): matches with most of the domestic small-bore diesel engine plants
and some six-cylinder diesel engine manufacturers, and meet the needs of the light and heavy commercial
vehicles and some passenger cars, and meets the national emission standards.
3. Business model of the Company
The Company follows the operating philosophy of making competitive products, creating famous brands, striving
for first choices, and creating value for the users, implements the business model that parent company unifies the
management and subsidiaries decentralize the production. Namely, the group company is responsible for making
strategic development planning and operation targets, and making the unified management, instruction and
assessment for the finance, significant personnel management, core raw materials, quality control, and technology
of the subsidiaries. The subsidiaries arrange production based on the order management model of market, which
makes the subsidiaries keep the consistent quality with the company, helps keep abreast of customer needs and
saving logistics costs, maintain the timeliness of products production and supply, and improve the company’s
economic benefits.
During the reporting period, the Company’s main business and business model have no significant changes.
(II) Development stage and periodic characteristics of the industry the Company involves and the Company's
industry position during the reporting period
The Company belongs to the industry of auto parts, which is closely related to macro-economic situations, auto
industry policies and market demands. We always kept pace with the upgrading of national motor vehicle
emission standards over the years, and strive for the combination of self-innovation and international cooperation
with strategic disposition and promoted the stable development for three major systems business. The Company
has grown into one of key domestic enterprises for core auto (power engineering) parts after more than 60 years of
development, the existing products of fuel injection system has hold the leading position in China, the auto
exhaust after-treatment system products have taken the market quickly and we have come into the leading
enterprise domestically since the self-owned brand takes more and more market shares; moreover, the intake
无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
system products also have a certain market position in China. Presently, 80% of the products have matched with
the electronic control system and with electronically controlled achieved, which still in the leading position for
self-owned brand.
With transformation & upgrading of the automobile industry, development of the diversified in automotive fuel as
well as the requirement of energy-saving & emission-reduction, the auto driving force based on the internal
combustion engine industry needs mutual supports and promotion with the new energy technology in the future
(For quite a long time, the internal combustion engine, especially in field of large passenger transport, big freight
and large-scale agriculture etc. still have broad market demand in way of internal combustion engine or
independent drive or hybrid power). Therefore, we will try to adapt to the market demands, research and develop
direction of new technology in overall planning, actively promoted the adjustment for products structures,
accelerate the cultivation of new business growth points, and improve competition ability for further innovation.
3. Main accounting data and financial indexes
(1) Main accounting data and financial indexes for recently three years
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes √ No
In RMB
Changes over
2017 2016
last year
Operating income 9,017,280,159.80 6,422,700,399.27 40.40% 5,741,643,746.42
Net profit attributable to shareholders of the listed
2,571,339,490.04 1,672,224,317.05 53.77% 1,515,388,285.71
company
Net profit attributable to shareholders of the listed
company after deducting non-recurring gains and 2,322,218,596.99 1,435,963,836.76 61.72% 1,232,371,453.62
losses
Net cash flow arising from operating activities 957,697,901.07 527,344,364.04 81.61% 542,045,770.17
Basic earnings per share (RMB/Share) 2.55 1.66 53.61% 1.49
Diluted earnings per share (RMB/Share) 2.55 1.66 53.61% 1.49
Weighted average ROE 18.52% 13.53% 4.99% 13.32%
Changes over
End of 2017 End of 2016 End of 2015
end of last year
Total assets 20,231,006,224.36 17,263,771,897.78 17.19% 15,704,093,069.04
Net assets attributable to shareholder of listed
14,835,673,669.75 12,927,344,292.47 14.76% 11,783,228,273.39
company
无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
(2) Quarterly main financial index
In RMB
1st Q 2nd Q 3rd Q 4th Q
Operating income 2,457,239,285.84 2,270,886,313.18 1,832,997,683.30 2,456,156,877.48
Net profit attributable to shareholders of the listed
645,645,422.01 680,276,607.55 527,771,783.49 717,645,676.99
company
Net profit attributable to shareholders of the listed
company after deducting non-recurring gains and 574,207,149.77 634,057,139.04 481,368,893.14 632,585,415.04
losses
Net cash flow arising from operating activities 92,118,223.65 260,283,017.87 103,261,454.18 502,035,205.37
Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the company’s quarterly report and semi-annual report
□Yes √ No
4. Shares and shareholders
(1) Particulars about common stock shareholders, preference shareholders with voting rights recovered and
top ten shareholders
In Share
Total preference Total preference
Total common Total common stock
shareholders with shareholders with voting
stock shareholders shareholders at end of last
62,600 63,190 voting rights 0 rights recovered at end of
in reporting month before annual
recovered at end of last month before annual
period-end report disclosed
reporting period report disclosed
Top ten shareholders
Proporti Number of shares
Amount of pledged/frozen
Nature of on of Amount of
Full name of Shareholders restricted
shareholder shares shares held State of
shares held Amount
held share
State-owned
Wuxi Industry Development Group Co., Ltd 20.22% 204,059,398
corporate
ROBERT BOSCH GMBH Foreign corporate 14.16% 142,841,400
Hong Kong Securities Clearing Company Foreign corporate 1.93% 19,498,342
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD Foreign corporate 1.46% 14,759,494
State-owned
Central Huijin Assets Management Co., Ltd. 1.27% 12,811,200
corporate
Kangjian Assets Management Company –Client’s
Foreign corporate 1.11% 11,150,800
fund
RBC EMERGING MARKETS EQUITY FUND Foreign corporate 0.80% 8,038,335
Huatai Securities Co., Ltd. Other 0.75% 7,559,720
无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
State-owned
AHCOF Xingye Co., Ltd. 0.65% 6,541,348
corporate
Ping An Property & Casualty Insurance Company of
Other 0.61% 6,106,625
China, Ltd. – traditional- common insurance products
Among the top ten shareholders, there has no associated relationship between
Wuxi Industry Development Croup Co., Ltd. and other shareholders, the first
Explanation on associated relationship among the
largest shareholder of the Company; and they do not belong to the consistent
aforesaid shareholders
actionist regulated by the Management Measure of Information Disclosure on
Change of Shareholding for Listed Company.
Explanation on shareholders involving margin
Not applicable
business (if applicable)
(2) Total preferred stock shareholders of the Company and shares held by top ten shareholders with
preferred stock held
□ Applicable √ Not applicable
The Company had no shareholders with preferred stock held in the reporting.
(3) Property right and controlling relationships between the actual controllers of the Company and the
Company is as follows:
State-owned Assets Supervision & Administration
Commission of Wuxi Municipality of Jiangsu Province
100%
Wuxi Industry Development Croup Co., Ltd.
20.22%
Weifu High-Technology Group Co., Ltd.
5. Corporate bonds
Whether the Company has a corporation bonds that issuance publicly and listed on stock exchange and without
due on the date when annual report approved for released or fail to cash in full on due
No
III. Discussion and analysis by the Management Team
1. Introduction of operation in the reporting period
(I) General introduction
In 2017, the macro economic situation in our country is better than expected, auto market shows a steady growth
无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
trend in production and marketing in the whole year. According to the numbers from CAAM: in 2017, the whole
national has a production and sales of vehicle amounts of 29.02 million and 28.88 million respectively, a y-o-y
growth 3.19% and 3.04%,of which the growth of passenger cars slowed down obviously, production and sales of
passenger cars have 24.81 million and 24.72 million respectively with y-o-y growth of 1.58% and 1.40%; growth
of commercial vehicle is much more than expected with 4.21 million produced in the whole year and 4.16 million
sales, a 13.81% and 13.95% growth on a y-o-y basis.
The Company firmly grasps the market opportunity, three business of the Company are advanced side by side,
and the economic indicators are beyond expectations in all. The fuel injection system has obvious growth with its
production and sales of common rail pump break to 2 million sets in total, more than 80% goes up from a year
earlier; VE pump continue to dominate in non-road T3 market. The exhaust after-treatment system business
increase steadily. The supercharger in intake system business goes rapidly in total with almost 50% up from a year
earlier and further promotion is also achieved by parts manufacturing business.
During the Period, the Company achieved operation revenue of 9.017 billion Yuan with a y-o-y growth of 40.40%;
total profit amounting to 2.83 billion Yuan, a 55.64% growth on a y-o-y basis; total assets amounting to 20.231
billion Yuan, a 17.19% up from a year earlier; and the equity attributable to owners of parent company amounting
to14.836 billion Yuan, a 14.76% growth on a y-o-y basis.
(II) Works implemented
1. Customer demand oriented, seized market opportunity to achieved more sales
Insist on the market strategy as “Customer demand oriented, and creating value for customer”, consolidate the
existing market positively, strengthening market segmentation and achieved more operation revenue and
promoted market shares;
2. Adapt to the new situation, pay more attention and promoted the technological innovation for competitive
strength improvement
Seized the development trend in the industry, based on the technical advantage of three systems, focus on the
research of technical innovation for internal combustion power products with high efficiency, energy saving and
emission reduction concerned, pay more attention and promoted the technical innovation on internal combustion
and new technology, speed up the layout in new energy and intelligent network technology, improving the
future’s core competitiveness of the Company in an all-round way;
3. Improve risk management, guarantee operation safety and enhance the operating efficiency
Improved the management and control mechanism in line with the regulations, optimized organization structure,
established excellent operation management system and guarantee the compliance of mechanism procedures.
Making full use of the support of information system technology, maintain a safety in operation and develop
steadily, and improve operation efficiency;
4. Push forward the lean production, improving competitiveness of the enterprise
Promoting lean manufacturing capacity effectively, continues to optimized the FMS (Flexible Manufacturing
System) and enterprise production system, guarantee the product cost, quality and delivery ability as well as the
无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
improvement of stock, strengthening the ability of enterprise resource allocation, and achieved a upgrading in
product’s quality and production efficiency;
5. Optimized the talent selection mechanism, building an excellent talents team
Push forward the talent strategy, improve mechanism of selection and incentive guarantee mechanism, attracting
high quality talents, established long effective mechanism, and stimulate the vitality of human resources, building
an excellent expert team and technical personnel team with good quality, rich in innovation and which has the
ability to adapt to the needs of the development in new period.
2. Whether the main business had major change in the reporting period
□ Yes √ No
3. The industries, products, or regions accounting for over 10% of the company’s operating income or
operating profit
√Applicable □Not applicable
In RMB
Gross Increase/decrease Increase/decrease Increase/decrease
Name Operating revenue Operating cost profit of operating of operating cost of gross profit
ratio revenue y-o-y y-o-y ratio y-o-y
Auto fuel injection system 5,588,110,745.38 1,704,746,314.47 30.51% 54.60% 62.90% 1.55%
Intake system 380,600,452.78 95,118,864.97 24.99% 48.36% 60.04% 1.82%
Exhaust after-treatment
2,566,888,306.57 314,752,040.03 12.26% 18.17% -10.16% -3.87%
system
4. Whether the characteristics of management seasonal or cyclical need special attention
□ Yes √ No
5. In the reporting period, note of major changes in operating income, operating cost, total net profit
attributable to common stock shareholders of listed company or composing the previous reporting period
□ Applicable √ Not applicable
6. Particular about suspended and delisting
□ Applicable √ Not applicable
7 Relevant items involving financial report
(1) Particulars about the changes in aspect of accounting policy, estimates and calculation method compared with the
financial report of last year
√ Applicable □Not applicable
Change of major accounting policy in the period found more in the Note V-(29) carried in Section XI in Annual Report 2017
无锡威孚高科技集团股份有限公司 2017 年年度报告摘要
(2) Major accounting errors within reporting period that needs retrospective restatement
□ Applicable √ Not applicable
No major accounting errors within reporting period that needs retrospective restatement for the Company in the period.
(3) Compare with last year’s financial report; explain changes in consolidation statement’s scope
√Applicable □Not applicable
①Weifu Tianshi cancellation in 2017, the profit and cash flow from beginning of the year to cancellation date
reckoned into consolidate statement;
②Kunming Xitong cancellation in 2017, the profit and cash flow from beginning of the year to cancellation date
reckoned into consolidate statement
Board of Directors of
Weifu High-Technology Group Co., Ltd.
17 April 2018
