Xiangyang Automobile Bearing Co., Ltd. Business Report FY ended Dec. 2023

Financial Overview

(CNY millions)

	FY ended Dec. 31, 2023	FY ended Dec. 31, 2022	Rate of change (%)
Sales	1,394.46	1,130.57	23.34%
Operating income	(54.14)	(134.91)	-
Ordinary income	(53.40)	(132.82)	-
Net income	(60.04)	(127.27)	-

-The loss in 2023 was significantly reduced compared with 2022, mainly due to the company's successful development of passenger car and overseas markets, the year-over-year increase in the operating income of the Chinese domestic operations, improvement of the company's management efficiency, and the effectiveness of comprehensive cost reductions.

Orders

-The company participated in the 2023 Supplier Conference of DFM Nano (Dongfeng Motor Nano Technology Co., Ltd.). At the event, DFM Nano signed procurement contracts with suppliers such as Xiangyang Automobile Bearing, which will install its bearings including drive shafts and hub units in the S31 EV model under DFM Nano. (From a press release dated March 28, 2023)

R&D Expenditure

	FY ended Dec. 31, 2023	FY ended Dec. 31, 2022	FY ended Dec. 31, 2021
R&D expense (CNY millions)	56.85	38.72	41.95
R&D expenses as percent of Sales (%)	4.08	3.42	3.18

-As of Dec. 31, 2023, the Company has 303 R&D staff, 11.29% of total employees.

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Xiangyang Automobile Bearing Co., Ltd. Business Report FY ended Dec. 2023

Financial Overview

Orders

R&D Expenditure

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