Zhejiang Founder Motor Co., Ltd. Business Report FY ended Dec. 2018
Financial Overview |
(in million CNY) |
| FY ended Dec. 31,2018 | FY ended Dec. 31,2017 | Rate of increase/ decrease (%) | Factors | |
| Sales | 1,363.62 | 1,318.08 | 3.46 | -Actively adjusted customer and product structure to achieve growth in sales. |
| Operating profit | (418.61) | 154.63 | - | -The decline in profit was due to the decline in production and sales of automobiles and the increase in raw material prices. |
| Ordinary profit | (426.75) | 153.04 | - | |
| Net profit | (444.66) | 132.09 | - |
Recent Development
-On April 25, 2019, the Company announced a plan to merge a wholly-owned subsidiary, Hangzhou Dewos Electric Technology Co. Ltd. Established in 2012, Hangzhou Dewos Electric Technology works in areas such as technology for electric motor systems for new energy cars, motors and motor controllers, and control systems. It also offers technology services. In the three months from January through March 2019, it generated sales of CNY 5 million and net profit of CNY 268,000. After the merger, Hangzhou Dewos Electric Technology will be deregistered. (From a press release on April 29, 2019)
-The new energy drive motor series products established supporting relations with OEMs such as SAIC, Yuchai Group, Geely, Zotye and SAIC-GM-Wuling in China. (From the Company's 2018 annual report)
Contract
-The Company's self-developed new energy system drive integration project has achieved mass production. The Company became the only drive-integrated system supplier for Wuling's E200 automotive platform. (From the Company's 2018 annual report)
-The Company became supplier for Geely's two EV models. (From the Company's 2018 annual report)
Awards
-On March 13, 2018, the Company won the “2018 New Energy Contribution Award” of SAIC-GM-Wuling. (From the Company's official website news)
Production
-The Company implemented the automation technology renovation project of the automobile seat motor series products, which was appraised as the provincial key demonstration project of "integration of two cultures" by the Zhejiang Economic and Information Technology Commission.
R&D Expenditure |
(in million CNY) |
| FY ended Dec. 31,2018 | FY ended Dec. 31,2017 | FY ended Dec. 31,2016 | |
| R&D Expenditure | 100.79 | 61.68 | 46.35 |
| Ratio of R&D expenses to operating income (%) | 7.39 | 4.68 | 4.42 |
-By the end of 2018, the Company had 264 R&D personnel, accounting for 10.97% of the total number of employees.
R&D Facility
-The Company is a national high-tech enterprise with a post-doctoral workstation pilot unit and provincial high-tech research and development center. The Company’s Technology R&D Center was officially approved by the Zhejiang Enterprise Research Institute.
-In October 2017, Founder Research Institute was officially established in Shanghai, which focuses on the research and development of integrated system series products for new energy vehicles.
R&D activity
-In 2018, the Company developed gas controller products which meet the National Ⅵ Standard.
Investment in 2018 |
(in million CNY) |
| Project | Budget | Investment in 2018 | Progress rate (%) |
| Commercial NEV drive motor project with an annual output of 10,000 sets | 58.01 | 0.22 | 100 |
| Equipment to be installed project for EV drive system project with an annual output of 100,000 sets |
207.40 | - | 100 |
| Annual production of 350,000 new energy automobile motor and electric drive integrated system project | 354.18 | 48.72 | 28 |
| New energy vehicle electric drive system and energy saving motor research institute project | 103.50 | 16.81 | 18 |
| Construction for the Vietnam Plant | 8.00 | 0.56 | 38 |
| Automatic winding line | 10.74 | 10.74 | 95 |