|(in million yuan)
||FY ended Dec. 31, 2012
||FY ended Dec. 31, 2011
Rate of Change
-In addition to existing contracts with the FAW Group, Shanghai VW, Chery Automobile and Dongfeng Nissan, the Company expanded its business with other companies including GAMC and GAC Toyota in 2012. The Company also gained new customers in Beiqi Foton and Jinnan Heavy Duty Vehicle. In 2012, the top customers’ sales accounted for 68.55% of the Company’s income.
-The Company decided at a board meeting that it will establish a wholly-owned subsidiary at the Nanhai Economic and Development Zone in Foshan, Guangdong Province.
The new company, Xingyu Automotive Lighting Systems (Foshan) Co., Ltd., will be capitalized at 5 million yuan. It will manufacture and sell lighting products for automobiles and motorcycles, automotive electronic and plastic parts, and dies. The board of directors also agreed on acquiring rights to use a piece of land at the Changchun Economic and Technological Development Zone. (From an announcement by the company, November 30, 2012)
-The Company announced that it would establish a joint venture with Markus Munzenmaier in Melle, Germany. The new entity, tentatively named Xinyu Automotive Lighting Systems Europe GmbH, will be capitalized at 100,000 euro, of which 90 percent will be invested by the Company, and the remaining 10 percent by Markus Munzenmaier. The joint venture will function as the Chinese supplier’s European sales and development base. Its employees will gather local market information, cultivate new customers, and engineer new products. (From an announcement by the company, November 23, 2012)
-In March 2012, the Company received the C220 Activity Excellent Award and the 2011 Quality Effort Award from FAW Toyota. The Company also received the 2011 Good Price Award and the 2011 Good Quality Award from Sichuan FAW Toyota Changchun Fengyue. (From a press release on April 1, 2012)