Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Business Report FY ended Dec. 2015

Financial Overview

(in million yuan)
FY ended Dec. 31, 2015 FY ended Dec. 31, 2014
Rate of Change
Sales 2,467.52 2,016.02 22.40% -Stable development of automotive industry.

-Increase of customers and orders.
Operating profit 321.17 310.33 3.49%

-The profit increase less due to the decrese of gross margin, the increase of employee compensation and R&D expense.

Ordinary profit 338.66 315.78 7.25%
Net profit 293.75 272.41 7.83%

Recent development

-In 2015, the lamp factory in Changzhou has annual production capacity of 39.87 million units (the design capacity is 45 million units), and the capacity utilization is 88.60%..

-By the end of 2015, the Company made the proposal to expand the Changchun factory and set up a R&D center.

Strategic cooperation

-In October 2015, the Company signed the framework agreement with Hungarian Academy of Sciences and European Academy of Sciences to establish the workshop for foreign academicians, and then work together on the manufacturing process improvement, the accuracy of products increasing, and the automation transformation of production line. (From news releases issued by multiple sources on October 23, 2015)


-In 2015, the Company announced that it has won the following awards from car makers:

  • "2015 Top10 suppliers Award" from FAW-VW, and selected as the core supplier.
  • "Excellent Development Award" from FAW Car, and selected as the core supplier.
  • "Quality Assurance Award" from FAW Jinlin.

R&D Facility
-The Company has a R&D Technology Center.

-By the end of 2015, the Company made the plan to set up a "automotive eletronic and lighting R&D center".

R&D Expenditure

FY ended Dec. 31, 2015
(million yuan)
FY ended Dec. 31, 2014
(million yuan)
FY ended Dec. 31, 2013
(million yuan)
R&D Expenditure 102.69 69.46 61.41
Ratio of R&D expenses to operating income 4.16% 3.45% 3.76%

Capital investment project

(in million yuan)
Project Budget Investment in 2015 Cumulative investment Estimated production times Full production capacity
Jilin Xingyu: annual production capacity of 1 million sets of lamps 500 43.60 116.18 Mar. 2016 (Phase 1) 100 million sets of headlamps, 100 million sets of rear combination lamps, 0.1 million sets of front fog lamps
Foshan Xingyu: lamp production and supply 300 11.14 11.14 Jan. 2017 (Phase 1) 0.5 million sets of headlamps, 0.8 million sets of rear combination lamps