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  5. Xiangyang Automobile Bearing Co., Ltd. Business Report FY ended Dec. 2021

Xiangyang Automobile Bearing Co., Ltd. Business Report FY ended Dec. 2021

Financial Overview

 (CNY millions)
FY ended Dec. 31, 2021 FY ended Dec. 31, 2020 Rate of change (%)
Sales 1,317.69 1,191.53 10.59
Operating income (49.07) (96.00) -
Ordinary income (47.40) (98.32) -
Net income (48.84) (93.53) -

Orders

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

R&D projects

Project Progress
Research and development of wheel hub bearing units and assembly structural products for commercial vehicles Completed
Research and development of low-friction bearings that improve automobile fuel efficiency Completed
Research and development of high-speed and high-precision bearing products for electric drive systems of New Energy Vehicles Completed
New product technology research for automatic transmissions, power take-offs and differential bearings for passenger cars Completed
Research on NVH performance and product/test technology of constant velocity joints In progress

R&D Expenditure

 (CNY millions)
FY ended Dec. 31, 2021 FY ended Dec. 31, 2020 FY ended Dec. 31, 2019
R&D expense 41.95 39.92 37.48
Ratio of R&D expenses to sales (%) 3.18 3.35 3.02

-As of Dec. 31, 2021, the Company has 347 R&D staff, 10.21% of total employees.