|(in million yuan)
||FY ended Dec. 31, 2013
||FY ended Dec. 31, 2012
||-In 2013, the Company acquired Fabryka o ysk Tocznych-Kra nik S.A.(FLT), thus, the Company's consolidated financial statements increased.
-In May 2013, the Company announced that it would acquire the 89.15% share of Fabryka o ysk Tocznych-Kra nik S.A.(FLT), a roller bearing maker, from Agencja Rozwoju Przemys u S.A. (ARP) in Poland. The acquisition price is PLN 103,128,000 (appox. RMB 203.27 million). FLT would be acquired through ZXY Luxembourg Investment S.àr.l. (Xiangyang’s subsidiary in Luxemburg) which was established in March 2013 by ZXY Hong Kong Investment Co., Ltd.(Xiangyang’s another subsidiary in Hong Kong). The Xiangyang’s subsidiary in Luxemburg and ARP has already concluded the agreement on the obligation of selling the shares, but the Memorandum of Understanding for the transfer of stock would also be concluded soon. The subsidiary in Luxemburg would procure the acquisition cost through loans from financial institutions in and outside Luxemburg. In August 2013, the Company announced that it acquired 89.15 percent in Poland-based bearing supplier FLT and completed transfer of securities. (From a press release, August 13, 2013)
-The Company announced that it has won the following awards for 2013:
- The Excellent Supplier Award from Dongfeng Dana Axle Co., Ltd.
- The Excellent Supplier Award from Shaanxi Hande Axle Co., Ltd.
- The Best Quality Award from Sanhuan Axle Co., Ltd.
- The Excellent Supplier Award from Dongfeng Liuzhou Motor
- The Excellent Supplier Award and the Zero defect Award from GAC Hino Motors Co., Ltd.
- The Excellent Supplier Award from Chongqing Lifan Automobile Co., Ltd.
- The Best Supplier Award from BYD Automobile Co., Ltd.
- The qualified supplier for China Heavy Duty Truck Group Jinan Axle Co., Ltd. (From a press release on February 21, 2014)
-The Company was awarded the Global Strategic Supplier Award from Magna International at Magna’s supplier meeting held on October 10, 2013. The company is the sole bearing manufacturer that has received this award. (From a press release on November 4, 2013)
-The Company announced that it has received Tata Motors’ Excellent Supplier Award at the Indian automaker’s global supplier meeting held in Macau. The company is the sole bearing supplier that won this award. Xiangyang Automobile Bearing was designated as Tata’s supplier in 2006, and started small-lot production for the company in 2008. Xiangyang Automobile Bearing says it is currently supplying 40 percent of all bearings required by Tata. (From a press release, October 23, 2013)
-The Company has a technical center, Wuhan R&D center and Polish plant R&D center.
-In 2013, the Company's R&D expenses is CNY 39.80 million, 4.33% of the Company's total sales.
-In 2013, the Company announced that it obtained 15 patents, which included 1 patent for invention. (From a press release on February 17, 2014)
-In 2013, the Company completed more than 170 new product designs, including finishing 142 new product trials, completing 46 new products identification, increasing 9 new product development projects and 37 regular new product trials. The Company redesigned 23 cones and thrust bearings for Dongfeng Dana Axle Co., Ltd. (From the Company's 2013 annual report)
R&D Activities in 2014
-In 2014, the Company will focus on research and development in the following areas：
- have breakthrough in the key technology of hub bearing units uesd in commercial vehicles and passenger vehicles;
- develop passenger bridge bearings;
- deliver high-quality products of small and medium ball bearings;
- upgrade technology of clutch bearings and needle roller bearings;
- perfect designs of constant velocity universal joint assembly;
- develop energy-saving and lightweight automotive bearings. (From 2013 Annual Report)
Capital investment projects for FY2013
||Amount invested in 2013
|Constructing the first stage of new plant at the Xian Fan Hi-Tech Industrial Development Zone
Investment in China
-Inn April 2014, the Company held a groundbreaking ceremony for its new lathe center, a forging press facility, and a warehouse to store steel materials. The total floor area of these facilities will reach 48,383 square meters. The company will spend approximately CNY 69 million in these facilities that are scheduled to be completed and open in April 2015. (From a press release on April 24, 2014)