Zhejiang Wanliyang 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 (%) | Factors | |
| Sales | 5,475.01 | 6,064.88 | (9.73) | -Sales felldue to shortages of semiconductors in the passenger car market and lower sales in the commercial vehicle market. -Decrease due to lower operating revenues and significant increase in product costs resulting from higher raw material prices. |
| Operating profit | (743.97) | 674.53 | - | |
| Ordinary profit | (746.79) | 669.50 | - | |
| Net income | (749.47) | 611.90 | - |
Acquisition
-In March 2022, the Company completed the acquisition of 51% of the equity interest in Zhejiang Wanliyang Energy Technology Co., Ltd. It is mainly engaged in the business of investment and operation of energy storage stations and spot trading in the electricity market, with operating revenue of CNY 27.70 million and net income of CNY 7.07 million in 2021. Through this acquisition, the Company has added energy storage and power market spot trading to its existing automotive components business, further broadening its industrial layout. (From multiple sources)
Orders
-The Company is providing Chery's DHT hybrid system for passenger cars. It is now in the development stage before the model’s start of production. (From a press release dated April 28, 2022)
-The Company provides Wanliang's latest WLY6AG45 AMT transmission for FAW Jiefang's premium light truck, the Link Tour AMT automatic model. The product has functions including manual-automatic, vehicle creep, hill assist start, fixed speed cruise control, exhaust brake, fault diagnosis and multiple driving mode switching. In addition to light trucks, it can also be widely used in vehicles such as buses, electric trucks and buses and hybrid vehicles. (From a press release dated December 5, 2021)
R&D Projects
-In 2021, the Company conducted the following R&D projects.
- Electric vehicle ECVT electric drive system project
- Passenger car DHT dual motor hybrid system project
- Commercial vehicle hybrid power system project
- Commercial vehicle heavy-duty truck AMT project
- Commercial vehicle heavy-duty truck MT project (From company annual report 2021)
R&D Expenditure |
(CNY millions) |
| FY ended Dec. 31, 2021 | FY ended Dec. 31, 2020 | FY ended Dec. 31, 2019 | |
| R&D Expenditure | 376.86 | 361.33 | 329.34 |
| Ratio of R&D expenses to sales (%) | 6.88 | 5.96 | 6.46 |
-As of December 31, 2021, the Company had 465 employees in research and development, accounting for 11.50% of all employees.
R&D Framework
-The Company has a state-recognized enterprise technology center and CNAS-accredited automotive transmission laboratory.
-Entered into a strategic partnership with Vector of Germany to enhance R&D capabilities.
-Signed ECVT strategic cooperation agreement with Bosch to promote innovation of new energy electric drive system.