Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Business Report FY ended Dec. 2016
|(in million yuan)|
|FY ended Dec. 31, 2016||FY ended Dec. 31, 2015||Rate of Change||Factors|
-Steady growth of China passenger car production and sales;
-Growth of the Company's major customers' new car production.
-Changzhou Xingyu Automotive Intelligent Electronic Technology Co., Ltd., which is a wholly owned subsidiary of the Company, announced that it will acquire a 20% stake in Jiangsu IoT Technology Development Co., Ltd. for CNY 20 million. Jiangsu IoT Technology Development is an Internet business company established in Nanjing in 2010. With this acquisition, Changzhou Xingyu is aiming to expand business in the areas of automotive artificial intelligence, the Internet of Things, Vehicle-to-Everything (V2X) communications, and in-vehicle electronics. As of end of 2016, the project has not signed a formal agreement and not been invested yet. (From an announcement by the company on July 27, 2016 and the Company's 2016 annual report)
-The Company uses its own funds to set up wholly-owned subsidiary "Changzhou Xingyu Intelligent Automotive Electronic Technology Co., Ltd." The new companyis registered at RMB 150. It will mainly produce and sell automotive electronic products, civilian electronic products and special areas of electronic products. (From an announcement by the company on June 30, 2016)
-The Company announced that it has signed a strategic agreement with Cowin Automobile Co., Ltd. In accordance with this agreement, the two companies will jointly develop LED intelligent headlamps, which are expected to offer added driving safety to Cowin’s next generation cars at night. (From an announcement by the company on May 24, 2016)
-The Company announced that the company and Panasonic China signed a memorandum of agreement to form a strategic partnership. The two companies plan to collaborate on application and marketing of LED drive technologies, sensor technologies, radiator technologies, and in-vehicle electronics technologies. (From an announcement by the company on May 10, 2016)
-In 2016, the Company undertook 138 new lights project, including 19 headlamps project, 45 combination rear lamps project and 118 batches of new lights project.
-The Company announced that it has been chosen by BMW as a global supplier of rear combination lamps for the F45/F46 (development code). The company will deliver the products to Germany. (From an announcement by the company on August 4, 2016)
-The Company announced that it has liquidated and delisted Changzhou Patelong Automotive Safety Systems Co., Ltd. before August 26. The decision to liquidate the subsidiary had been decided at a board meeting on April 14, 2016. (From news releases issued by multiple sources on August 26, 2016)
-In 2016, the Company announced that it has won the following awards from car makers.
- "Top Ten Supplier of the Year" from FAW-VW
- "Quality Improvement Award" from GAC Toyota;
- "Special Contribution Award" from FAW Car;
- "Excellent Cooperation Award" from Chery Automobile.
-The Company has a R&D Technology Center.
-In 2016, the Company established wholly-owned subsidiary "Changzhou Xingyu Intelligent Automotive Electronic Technology Co., Ltd." to conduct intelligent driving technology.
-In 2016, the Company has 679 R&D staff, 15.51% of total employees.
|FY ended Dec. 31, 2016
|FY ended Dec. 31, 2015
|FY ended Dec. 31, 2014
|Ratio of R&D expenses to operating income||4.05%||4.16%||3.45%|
Capital investment project
|(in million yuan)|
|Project||Budget||Investment in 2016||Project status|
|Annual production of 500,000 LED lamps and supply project||588.00||-||-|
|Building in Jilin Xingyu||50.00||20.33||20.93%|
|Automotive lamps production and supply in Foshan Xingyu||300.00||20.49||13.67%|