Zhejiang Vie Science & Technology Co., Ltd. Business Report FY ended Dec. 2017
|(in million CNY)|
|FY ended Dec. 31, 2017||FY ended Dec. 31, 2016||Rate of change (%)||Factors|
-On November 24, 2017, the Company announced a plan to acquire all the business and property of Evatran Group, Inc. or 83.86% shares in the U.S. company. The Company currently owns 16.14% shares in Evatran. Evatran develops technology for wireless high-power charging systems for EVs, designs and manufactures electric chargers, and also focuses on the sales of hands-free proximity charging systems for EVs. Evatran’s proximity EV charging systems have acquired a third-party quality certification in the U.S. (From a corporate announcement on November 24, 2017)
-On October 24, 2017, the Company announced a plan to buy all shares owned by Zhejiang Vie Group Co., Ltd. in Zhuji Vie Machinery Co., Ltd. The transaction cost is yet to be decided. Zhuji Vie Machinery is a manufacturer of metalworking machinery and components established in 2016 with a registered capital of CNY 60 million. It is built on a 83,300-square-meter site near Zhejiang Zhuji Wanbao Machine Co., Ltd., another Company subsidiary. After the share acquisition, the Company will make a capital investment to boost production capacity, improve the entire plant and build a new car testing facility. (From a corporate announcement on October 25, 2017)
-On December 29, 2017, the Company’s subsidiary, Anhui Shenglong Casting Co., Ltd. Xiaxi Branch, started production through a Denmark DISA vertical boxless molding line with an annual production capacity of 20,000 tons of precise casting. This is another milestone for Shenglong after the start of production of two lines in Japan. (From a corporate announcement on December 30, 2017)
-The Company’s subsidiary, Anhui Shenglong Casting Industry Co., Ltd., will set up a new branch in Xiaxi Town, Ningguo City, Auhui. The new branch will handle molding, precision works and sales of automotive components. (From a corporate announcement on June 9, 2017)
-On April 3, 2018, the Company announced that it had signed an agreement with Shanghai Tongyu Automotive Technology Co., Ltd. regarding the investment of CNY 8.38 million to acquire 33.5% shares in Shanghai Tongyu Automotive Technology. The company is a leading supplier of automotive intelligent drive system solutions. It has won the cooperation of School of Automotive Studies, Tongji University and National Collaborative Innovation Center of Intelligent New Energy Vehicle. Its products include brake-by-wire and steer-by-wire systems, as well as advanced driving support systems. These products contribute to the intelligence and motorization of automobiles. (From a press release on April 4, 2018)
-The Company and Shaanxi Huazhen Auto Parts Co., Ltd. have signed a strategic alliance framework agreement. According to the agreement, Shaanxi Huazhen Auto Parts will offer a site of 46,700 square meters and a 4,946-square-meter plant on the site to the Company’s fully-owned subsidiary, Shannxi Vie Automotive Parts Co., Ltd., while increasing the capital in Shannxi Vie Automotive Parts. Shannxi Vie Automotive Parts will become a joint venture with 34% owned by Shaanxi Huazhen Auto Parts and 66% owned by the Company. (From a press release on July 2, 2017)
-On October 31, 2017, the Company’s subsidiary, Zhejiang Zhuji Wanbao Machinery Co., Ltd., became a certified supplier of components (code names: 6RM 615 105 and 6RM 615 106) for two FAW-Volkswagen models (code names: F 17 M DY DY0260). Zhejiang Zhuji Wanbao Machinery also signed a contract with FAW-Volkswagen regarding trial productions. (From a corporate announcement on October 31, 2017)
-In May 2017, the Company’s subsidiary, Zhejiang Zhuji Wanbao Machinery Co., Ltd., began supplying brake boosters for a VW model. (From a corporate announcement on May 2, 2017)
-The Company announced that its subsidiary, Zhejiang Zhuji Wanbao Machinery Co., Ltd., signed an agreement with Chongqing Lifan Co., Ltd. on the joint development of new energy vehicle parts and materials. Zhejiang Zhuji Wanbao Machinery will develop and produce parts including EPB control units for a new a hybrid vehicle (development code: 720), left rear brake discs, right- and left-rear dust boots, and right- and left-caliper assemblies for Chongqing Lifan. (From a press release on March 15, 2017)
-In 2017, the Company obtained the "Quality Winner Award" from FAW Jiefang, South East Motor, and Dayun Auto; the "Excellent Supplier Award" from Dongfeng Motor and Dongfeng Xiangyang Touring Car; the "Technology innovation Award" from C&C TRUCKS; and the "Excellent Supplier Award" from Yuejin Auto.
-In November 2017, the Company’s subsidiary, Anhui Wanan, received the “2017 Excellent Supplier Award” and “2017 co-development Award” from JAC. (From a corporate announcement on December 9, 2017)
-The Company plans to reach 2.72 billion CNY sales and 250 million CNY ordinary profit for the year 2018. (From the Company's 2017 annual report)
|(in million CNY)|
|FY ended Dec. 31, 2017||FY ended Dec. 31, 2016||FY ended Dec. 31, 2015|
|Ratio of R&D expenses to sales||3.40%||3.10%||2.99%|
-The Company's technology center has been designated as a nationally accredited technical center.
-The Company has two R&D centers in Beijing and Shanghai and five research institutes consisting of a pneumatic brake institute, disc brake institute, hydraulic brake system institute, chassis electronic institute and brake chamber institute.
-In November 2017, the Company began operations at its smart driving R&D center in Beijing. The center covers an area of approximately 1,200 square meters and specializes in the research and development of smart driving and V2X technologies. (From a corporate announcement on November 6, 2017)
-In March 2017, the Company opened a lab for making a study on new connected car standards. The Company will cooperate with China's governmental agencies to develop standards and regulations for connected cars. Currently, there are no standards and regulations in this area. (From a press release on April 10, 2017)
-In 2009, the Company cooperated with the Nanjing University of Science and Technology to establish the "Nanjing University of Science and Technology - Vie Automobile Chassis Parts Joint Institute" to conduct research and development of electronic parking brakes.
-The Company's technology center cooperated with Tsinghua University, Shanghai Jiao Tong University, China Automotive Technology Center, China FAW Group Corporation Technical Center, Dongfeng Automobile Technology Center, Chongqing Automobile Research Institute to jointly develop new products.
-As of December 31, 2017, the Company has 194 authorized patents, 30 of which are invention patents.
Capital investment project
|(in million CNY)|
|Project||Budget||Investment in 2017||Project status|
|Electric control system for automobile construction||266.58||30.51||47.76%|
|Modular base construction of automobile chassis||210.22||34.69||45.58%|
|Car networking, wireless charging technology and advanced driving support system (ADAS) research and development||103.46||2.74||9.74%|