Weifu High-Technology Group., Ltd. FY 2009
Business Highlights
Financial Overview
(million yuan)
| FY2009 | FY2008 | Rate of Change (%) |
Factors | |
| Sales | 3,080.62 | 3,033.29 | 1.56% | Sales increased for the following reasons: -Growth of fuel injection system products which meet Euro III - Delivering a steady supply of common rail pumps - Rapid growth of post-processing system products |
| Operating profit | 464.49 | 245.19 | 89.44% | -Huge demand in the domestic market resulted in increased production volume. -The company carried out the following initiatives, which increased profit: 1. Controlled costs 2. Rationalized logistics 3. Improved efficiencies |
| Ordinary profit | 482.76 | 215.69 | 123.82% | |
| Net profit | 463.70 | 206.81 | 124.22% |
Acquisition
-The Company which owned 70% percent of the shares in Wuxi Weifu Automotive Diesel Systems Co., Ltd., one of its subsidiaries, purchased the remaining 30% of the shares from Wuxi Industry Development Group Co., Ltd. As a result, Wuxi Weifu was made into a wholly owned subsidiary of Weifu High-Technology. (From an announcement by the company, January 27, 2009)
Joint-venture
-Schmitter Group AG of Germany, and Shanghai Weishi Auto Science & Technology Development Co., Ltd. and the Company will jointly establish Wuxi Weifu Schmitter Powertrain Components Co., Ltd., which will engage in the fuel rail business. (From an announcement by the company, August 29, 2009)Change of Parent Company
-Wuxi Weifu Group Co., Ltd., which owns a majority share in Weifu High-Technology Co., Ltd., was merged into Wuxi Industry Development Group Co., Ltd. under the national reorganization project for state-owned companies. (From a press release, June 26, 2009)R&D
Gasoline Direct Injection and Common Rail System
-In the "clean and economical" area of (CIAPE) , the company displayed its gasoline direct injection (GDI) and common rail system CRS1.3 which was developed jointly with Wuxi Weifu, specifically for use in passenger vehicles and light-duty commercial vehicles marketed in China. . (From a press release, September 24, 2009)-During Auto Shanghai 2009, several leading automakers such as Chery, Great Wall Motor, Jiangling Motors, Huatai Automobile, and Dongfeng Liuzhou Motor exhibited their latest vehicles equipped with Bosch's Common Rail System (CRS). It is designed to meet CN3 emission standards and can also be upgraded to meet CN4 standards. The high-pressure pump used in this system was jointly developed by Bosch and its joint-venture partner Wuxi Weifu, which manufactures the pump. (From a press release, April 22, 2009)
Investment Activities
Capital Investment Projects for FY2009
(in million yuan)
| Project | Total amount of investment | Amount invested in 2009 | |
| 1. | High-pressure common rail fuel injection system project | 49.95 | 8.25 |
| 2. | Second phase of plant construction project at Nanjing Weifu Jinning Co., Ltd. | 173.32 | 30.19 |
| 3. | Establishing production facilities in the Wuxi Huishan Economic Development Zone | 36.58 | 2.02 |
| 4. | Expanding injector plant | 35.00 | 15.37 |
| 5. | Weifu Automotive Diesel Systems Co., Ltd. acquired Bosch Automotive Diesel Systems Co. Ltd.'s injector assembly production facilities and equipment | - | 64.22 |