Zhejiang Wanliyang Co., Ltd. Business Report FY ended Dec. 2015
Financial Overview
|
(in million CNY) |
| FY ended Dec. 31, 2015 | FY ended Dec. 31, 2014 | Rate of Change (%) |
Factors | |
| Sales | 1,972.65 | 1,382.03 | 42.74% |
-In 2015, the Company acquired transmission assets of Geely passenger car section and 70% shares of Jinxing Automotive Interior Co., Ltd, add them in its consolidated financial statements, thus, resulting in revenue growth. |
| Operating profit | 235.29 | 226.01 | 4.11% |
- |
| Ordinary profit | 255.24 | 234.47 | 8.86% | |
| Net profit | 211.83 | 198.81 | 6.55% |
Recent development
-The Company announced that it will change its corporate name to Zhejiang Wanliyang Co., Ltd. At the same time, the company that has specialized in development, production, and sales of transmissions and other components for automobiles, will expand its scope of business. New operations will include development and sales of slow-release fertilizers; leasing of facilities, housing and automobiles; consulting and technical services; export and import; and investment business. (From an announcement by the company on January 26, 2016)
Acquisition
-In September 2015,the Company signed Share Transfer Agreement with Liaoyang Guoyue Investment Co., Ltd. that Wanliyang will acquire 70% shares of Jinxing Automotive Interior Co., Ltd. at RMB 140 million from Liaoyang Guoyue Investment. With the completion of the acquisition, Wanliyang holds 70% shares of Jinxing Automotive, Liaoyang Guoyue Investment holds 27% shares of Jinxing Automotive and Han Bing holds the left 3% shares of Jinxing Automotive. Established in 1998, Jinxing Automotive Interior mainly produced interiors and exteriors such as auto parts molds, fixtures, steering wheels and instrument panels. Sales of Jinxing Automotive is CNY 306.27 million in first half of 2015. (From an announcement by the company on October 13, 2015)
-The Company and Geely Automotive Holding Co., Ltd held car transmission handover ceremony recently. Geely transfered 5MT and 6MT’s assets, product technology information and operating system to Wanliyang. It meaned that Zhejiang Wanliyang Co., Ltd. Ningbo Branch was established. After the establishment of the branch, Beilun 5MT transmission plant and Hanghouwan 6MT transmission plant will serve as manufacturing plant of Ningbo branch. It has annual production capacity of 600 thousand sets of transmission and will form annual capacity of 1 million units of transmission. (From a press release on July 20, 2015)
R&D Facilities
-The Company has Wanliyang Transmission Research Institute and provincial enterprise technology center.
-Shandong Menwo Transmission Co., Ltd., subsidiary of the Company, has Shandong provincial enterprise technology center, industrial design center, engineering technology research center, engineering laboratory and other research and development platform.
-The Company announced that its technical center has been designated as a nationally accredited technical center. (From an announcement by the company on January 28, 2016)
-The Company started using new technology building in November. The new building was located in the south of riverside plant. It covered area of 6,000 square meters. The building integrated functions of technology research, product design, prototype testing and product testing. (From a press release on November 25, 2015)
-The Company was awarded as provincial Enterprise Key Research Institute in January. (From a press release on January 31, 2015)
Strategic Cooperation
-The Company established strategic research cooperation with Zhejiang University and Zhejiang Normal University.
R&D Expenditure
| FY ended Dec. 31, 2015 (in million CNY) |
FY ended Dec. 31, 2014 (in million CNY) |
FY ended Dec. 31, 2013 (in million CNY) |
|
| R&D Expenditure | 71.40 | 52.22 | 53.28 |
| Ratio of R&D expenses to operating income | 3.62% | 3.78% | 3.74% |
Patent
-As of Dec. 31, 2015, the Company had obtained 141 authorized patents, 9 of them are invention patents, 114 of them are utility model patents and 18 of them are design patents.
-Shandong Menwo Transmission Co., Ltd., subsidiary of the Company, was authorized to invention patent. The patent was named as "grain refinement casting magnesium alloy and making method." (From a press release on April 29, 2015)
Capital investment project |
(in million CNY) |
| Project | Budget | Investment in 2015 | Project status |
| Passenger car transmission plant construction project | 30.00 | 8.26 | 100% |
| Tangshan infrastructure project | 30.00 | 23.64 | 100% |
| 500,000 sets of interior trim and seats production line construction project | 266.05 | 1.52 | 0.57% |