Xiangyang Automobile Bearing Co., Ltd. Business Report FY ended Dec. 2020

Financial Overview

(CNY millions)
FY ended Dec. 31, 2020 FY ended Dec. 31, 2019 Rate of change (%) Factors
Sales 1,191.53 1,241.31 (4.01)

Sales decreased due to the lower production and sales volumes caused by intensified market competition, lower demand in China, and the impact of the new coronavirus at the production plant in Poland.

Operating profit (96.00) 11.30 -
Ordinary profit (98.32) 13.33 -
Net profit (93.53) 13.25 -

Business Trends

-Passed the supplier qualification examination of FCA (Fiat Chrysler Automobiles). (From the press release dated January 29, 2021)

-Signed a "Strategic Alliance Framework Agreement on Smart Factory" with Tongfang Co. The two companies will collaborate in the four areas of smart factory, intelligence, utilization of big data, and integration of operations, and utilize Tongfang's knowledge in the fields of smart city and smart factory to promote the transformation of existing industrial parks and the reform of newly developed industrial parks. We will promote the reform of existing and newly developed industrial parks. (From the press release dated May 28, 2020)

R&D Expenditure

(CNY millions)
FY ended Dec. 31, 2020 FY ended Dec. 31, 2019 FY ended Dec. 31, 2018
R&D expense 39.92 37.48 54.93
Ratio of R&D expenses to operating income (%) 3.35 3.02 3.68

-As of Dec. 31, 2020, the Company has 353 R&D staff, 10.04% of total employees.