Xiangyang Automobile Bearing Co., Ltd.FY2011
|(In million yuan)|
|Operating profit||20.96||21.59||(2.92%)||- The profit increased as the sales increased.|
1) For domestic OEM market, the Company starts to supply auto parts to Chery Automobile and to supply hub bearings to 5 OEMs (including GAC Changfeng Liebao) in small quantities.
For foreign market, the sales of ZXY bearings in Europe and India keep increasing. Up to now, the Company have established stable cooperation relationship with 9 foreign OEMs.(From the Company's 2011 annual report)
2)The Company sold the 40% shareholding of Wuhan Boda Electric Co.,Ltd. and gained 6.85 million yuan.(From a press release on April 8, 2011)
-On May 28, 2011,the Company held a groundbreaking ceremony for its new plant at the Xian Fan Hi-Tech Industrial Development Zone. As a first phase of the construction project, the company will establish five new factories, including a commercial vehicle bearing factory and a universal joint factory, construction of which has already been started. The plant, which will have 74, 215 square meters of construction area, is planned to be completed on November 28, 2011 after 180 days of construction work. It is scheduled to go into production in early 2012. (From a press release, June 15, 2011)
-The Company cooperated with Guangdong Fuwa Engineering Manufacturing Co.Ltd. to build the bearing assembly line in Fuwa's assembly workshop.(From the Company's 2010 annual report.)
- On April 29, the Company announced that the State-owned Assets Supervision and Administration Commission of Xiangfang City, which is its de facto majority shareholder, will transfer 95% of the shares it owns in Xiangyang Automobile Bearing at no cost to the Tri-Ring Group, Co., which manufactures special vehicles and automotive parts. This is being done to reorganize the operations of both Xiangyang Automobile Bearing Co., Ltd. and Tri-Ring Group Co.(From a press release, April 30, 2009)
- The Company invested 61.42 million yuan in 2010 in its technical improvement, increased 118.6% year-on-year.
- The Company invested 95.33 million yuan in 2011 in its technical improvement, increased 58.3% year-on-year. The Company finished 28 items of technical improvement.
Capital investment projects for FY2011
|Project||Budget||Amount invested in 2011
|Constructing a production line to manufacture Constant Velocity Joints||79.76||18.50||-|
|Constructing the first stage of new plant at the Xian Fan Hi-Tech Industrial Development Zone||723.84||44.02||9%|
- The project of the production capacity expansion for the Drive Shaft Branch has finished and has been gradually put into operation in 2010;
- The equipment for improving production lines for bearings used for Chrysler transmissions and establishing production lines in Guangdong Fuwa Engineering Manufacturing Co.Ltd.has been procured in 2010.
- The Company added 24 equipment for the Drive Shaft Branch, expanded the annual capacity of CVJs to720,000 sets, and added 8 production lines and assembly lines for the Chrysler project and the Tapered Roller Bearing Branch— Guangdong Fuwa Engineering Manufacturing Co.Ltd. which ensured the Company produce 3 million sets of tapered roller bearings annually.(From the Company's 2011 annual report)