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苏常柴B:2019年半年度报告摘要(英文版)2019-08-29  

						Changchai Company, Limited                                                              Interim Report 2019 (Summary)




Stock Code: 000570, 200570             Stock Name: Changchai, Changchai-B            Announcement No. 2019-028


                            CHANGCHAI COMPANY, LIMITED
                           INTERIM REPORT 2019 (SUMMARY)

Part I Important Notes

This Summary is based on the full text of the 2019 Interim Report of Changchai Company, Limited (together with
its consolidated subsidiaries, the “Company”, except where the context otherwise requires). In order for a full
understanding of the Company’s operating results, financial condition and future development plans, investors
should carefully read the aforesaid full text, which has been disclosed together with this Summary on the media
designated by the China Securities Regulatory Commission (the “CSRC”).
Independent auditor’s modified opinion:
□ Applicable √ Not applicable
Board-approved interim cash and/or stock dividend plan for ordinary shareholders:
□ Applicable √ Not applicable
The Company has no interim dividend plan, either in the form of cash or stock.
Board-approved interim cash and/or stock dividend plan for preferred shareholders:
□ Applicable √ Not applicable
This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies
or misunderstandings between the two versions, the Chinese versions shall prevail.

Part II Key Corporate Information

1. Stock Profile

                                          Changchai,
    Stock name                                                 Stock code                000570, 200570
                                          Changchai-B
    Stock exchange for stock listing      Shenzhen Stock Exchange
                                                                                               Securities
    Contact information                                  Board Secretary
                                                                                             Representative
    Name                                  He Jianjiang
                                          123 Huaide Middle Road, Changzhou,
    Office address
                                          Jiangsu, China
    Tel.                                  (86)519-68683155
    E-mail address                        cchjj@changchai.com




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Changchai Company, Limited                                                                  Interim Report 2019 (Summary)



2. Key Financial Information


Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
                                                      H1 2019                 H1 2018               Change (%)
    Operating revenue (RMB)                         1,115,829,845.59       1,186,760,892.26                    -5.98%
    Net profit attributable to the listed
                                                      19,058,025.07          18,638,557.66                      2.25%
    company’s shareholders (RMB)
    Net profit attributable to the listed
    company’s      shareholders    before            14,227,155.59          17,262,823.25                    -17.59%
    exceptional gains and losses (RMB)
    Net cash generated from/used in
                                                     -154,227,704.77          -5,608,853.15                            -
    operating activities (RMB)
    Basic earnings per share (RMB/share)                       0.0339                0.0332                     2.11%
    Diluted   earnings        per     share
                                                               0.0339                0.0332                     2.11%
    (RMB/share)
    Weighted average return on equity (%)                      0.97%                 0.86%                      0.11%
                                                    30 June 2019         31 December 2018           Change (%)
    Total assets (RMB)                              3,640,229,950.93       3,542,019,195.75                     2.77%
    Equity attributable to the listed
                                                    2,135,662,393.66       2,043,308,026.74                     4.52%
    company’s shareholders (RMB)

3. Shareholders and Their Holdings as at 30 June 2019

                                                                                                             Unit: share
                                                                Number of preferred
    Number       of      ordinary                               shareholders       with
                                                      55,742                                                           0
    shareholders                                                resumed voting rights (if
                                                                any)
                                                 Top 10 shareholders
                                                       Sharehol                                   Shares in pledge or
        Name of                                          ding       Number of       Restricted          frozen
                            Nature of shareholder
       shareholder                                     percenta      shares          shares
                                                          ge                                      Status      Shares
    Changzhou
    Investment Group      State-owned legal person       30.43%    170,845,236
    Co., Ltd
    KGI Asia Limited      Foreign legal person            0.57%         3,189,845
    Huang Guoliang        Domestic natural person         0.27%         1,528,891
    Hu Wenyong            Domestic natural person         0.27%         1,528,066
    Li Suinan             Domestic natural person         0.27%         1,507,800
    Tao Xiaofang          Domestic natural person         0.22%         1,228,000
    Xue Hong              Domestic natural person         0.22%         1,220,000
    Vanguard
    Investment            Foreign legal person            0.21%         1,196,785
    Australia
    Ltd-Vanguard


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Changchai Company, Limited                                                              Interim Report 2019 (Summary)



    Emerging Market
    Stock Index Fund
    (Exchange)
    Xie Deqing           Domestic natural person       0.20%       1,140,100
    Central Huijin
    Asset Management     State-owned legal person      0.20%       1,107,900
    Co., Ltd.
                                                     It is unknown whether there is among the top 10 public
                                                     shareholders and the top 10 unrestricted public shareholders
    Related or acting-in-concert parties among the
                                                     any related parties or acting-in-concert parties as defined in
    shareholders above
                                                     the Administrative Measures for Information Regarding
                                                     Shareholding Alteration.
    Shareholders involved in securities margin
                                                     N/A
    trading (if any)

4. Change of the Controlling Shareholder or the Actual Controller in the Reporting Period


Change of the controlling shareholder in the Reporting Period:

□ Applicable √ Not applicable

The controlling shareholder remained the same in the Reporting Period.

Change of the actual controller in the Reporting Period:

□ Applicable √ Not applicable

The actual controller remained the same in the Reporting Period.

5. Number of Preferred Shareholders and Shareholdings of Top 10 of Them


□ Applicable √ Not applicable

No preferred shareholders in the Reporting Period.

6. Corporate bonds


Does the Company have any corporate bonds publicly offered on the stock exchange, which were outstanding

before the date of this Report’s approval or were due but could not be redeemed in full?

No.

Part III Operating Performance Discussion and Analysis

1. Business Overview of the Reporting Period


Is the Company subject to any industry-specific disclosure requirements?
No.
The first half of 2019 saw a trough of the agricultural machinery market, which is expected to continue. During this


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Changchai Company, Limited                                                             Interim Report 2019 (Summary)



period, the Company sold 361,100 units of diesel engines, gasoline engines and related generator sets, including
69,300 units of gasoline engines, generating total sales revenue of RMB1,115,829,845.59, a drop of 5.98%
year-on-year. In the Reporting Period, the Company strengthened product advantages, accelerated market
expansion, and pushed forward product planning step by step. Also, it attached importance to service management
to increase service efficiency, and enhanced internal management for better cost efficiency. Through these efforts,
it has achieved the following results:
Product R&D and innovation: The Company continued to drive the R&D and reserve of diesel engine for
non-road vehicles project under China’s Motor Vehicle Emission Standards IV and diesel engine for automotive
use project under China’s Motor Vehicle Emission Standards VI. The development and application of the remote
monitoring platform entered the stage of software deployment, and the platform provided favorable support to the
reduction in the Company’s service costs of “three guarantees”.
Quality management: In light of the adjustment to its organizational structure, the Company revised its system
documents, which passed the internal audit in April 2019. In June, the Company passed the external audit of its
ISO9001 and IATF16949 quality management systems by CASC and the spot check by China National
Accreditation Service for Conformity Assessment.
Marketing management: The Company solidified the existing advantages and enlarged the share of superior
products. It kept improving service capabilities by building good cooperative partnership with customers and
suppliers, adapting to market changes for opportunities to expand the market and promoting new areas of
supporting products. As a result, customer satisfaction kept rising.
Internal management: The Company further improved the Articles of Association, reinforced the construction of
internal control system and the supervision of key projects. By deepening the medium-term special audit, it
improved risk prevention and control ability and the quality of internal audit work. As timely measures are taken
to solve problems, operational efficiency of the Company is improved.
Market: In traditional agriculture sector, facing increasing market competition, the Company established a sales
policy of stabilizing the market shares of its two main engine factories while developing new markets and new
fields with targeted marketing in key regions, which led to some achievements. Although the total market of single
cylinder engine industry fell substantially, decline in the Company’s sales of single cylinder engines was lower
than the industrial average. Changchai maintained its industrial top position in terms of its market share of single
cylinder engines. In non-road sector, an increase was seen in the Company’s market share of multi-cylinder
engines in tractors, harvesters, corn harvesters, with advantaged fields being further strengthened. Furthermore, in
light of the continuous decline in agriculture sector, the Company continued to expand non-agriculture market by
striving to develop market shares in such supporting markets as coastal, project infrastructure and small project
machinery, in addition to stabilizing its market share of construction machinery and prospecting machinery.
Outbound investment: In February 2019, the Company founded Jiangsu Changchai Machinery Co., Ltd., a wholly
owned subsidiary of the Company, which engages in production projects of light engines and castings. As a result,
the number of the Company’s majority-owned subsidiaries has increased to six.




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Changchai Company, Limited                                                             Interim Report 2019 (Summary)



2. Matters Related to Financial Reporting


(1) Changes to Accounting Policies, Accounting Estimates or Measurement Methods Compared to the Last
Accounting Period


√ Applicable □ Not applicable
                Changes to the accounting policies and why                    Approval process           Remark
                                                                           On 27 August 2019, the
    The Notice on Revising and Issuing the Formats of 2019 Financial
                                                                           Company held the 20th
    Statements for General Enterprises issued by the Ministry of Finance
                                                                           Meeting of the 8th
    on 30 April 2019 requires the companies which have implemented
                                                                           Board of Directors and      Refer to (1)
    the new standards governing financial instruments but not the new
                                                                           the 16th Meeting of the     of other
    standards governing revenue and lease or companies which have
                                                                           8th        Supervisory      notes for
    implemented the new standards governing financial instruments and
                                                                           Committee           and     details
    revenue but not the new standards governing lease to adjust items of
                                                                           approved the Proposal
    financial statements in line with requirements in Appendix 1 and
                                                                           on Changes of Some
    Appendix 2 of this Notice.
                                                                           Accounting Policies
 The Company starts to implement the Accounting Standards for
 Business Enterprises No.22-Recognition and Measurement of
                                                                        On 9 April 2019, the
 Financial Instruments, Accounting Standards for Business Enterprises
                                                                        Company held the 17th
 No.23-Transfer of Financial Assets, Accounting Standards for
                                                                        Meeting of the 8th
 Business Enterprises No.24-Hedge Accounting and Accounting
                                                                        Board of Directors and         Refer to (2)
 Standards for Business Enterprises No.37-Presentation of Financial
                                                                        13th Meeting of the 8th        of other
 Instruments, which revised and issued by the Ministry of Finance in
                                                                        Supervisory Committee          notes for
 March 2017 and hereinafter collectively referred to as new standards
                                                                        and     approved    the        details
 governing financial instruments since 1 January 2019 which stipulate
                                                                        Proposal on Changes in
 that the company shall classify and measure financial instruments in
                                                                        Some         Accounting
 accordance with regulations on the execution date, when the data of
                                                                        Policies
 comparative financial statements of prior years do not comply with
 the new standards, no adjustment is made by the Company.
(1) Influence of Changes in Formats of Financial statements
Affected items in the consolidated balance sheet and amount thereof:
                31 December 2018                                   1 January 2019
Notes receivable and accounts                        Notes receivable                 495,370,782.47
receivable                          874,229,941.58
                                                     Accounts receivable              378,859,159.11
Notes payable and accounts                        Notes payable                      438,375,400.00
payable                          1,030,130,275.77
                                                  Accounts payable                   591,754,875.77
Affected items in the balance sheet of the Company as the parent and amount thereof:
                31 December 2018                                   1 January 2019
Notes receivable and accounts                        Notes receivable                 490,519,795.91
receivable                          790,877,079.72
                                                     Accounts receivable              300,357,283.81
Notes payable and accounts                           Notes payable                    425,995,400.00
payable                             987,550,797.44
                                                   Accounts payable                   561,555,397.44
(2) Influence of Execution of New Standards Governing Financial Instruments
Affected items in the consolidated balance sheet and amount thereof:
                                                         Affected amount
           Item              31 December        Affected by          Affected by      1 January 2019
                                 2018        classification and     impairment of
                                               measurement         financial assets



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Changchai Company, Limited                                                          Interim Report 2019 (Summary)



Available-for-sale
                            498,851,369.49 -498,851,369.49
financial assets
Other investments in
                                                498,851,369.49                       498,851,369.49
equity instruments
Affected items in the balance sheet of the Company as the parent and amount thereof:
                                                         Affected amount
                             31 December        Affected by          Affected by
            Item                                                                    1 January 2019
                                 2018        classification and     impairment of
                                               measurement         financial assets
Available-for-sale
                            470,940,000.00 -470,940,000.00
financial assets
Other investments in
                                                470,940,000.00                       470,940,000.00
equity instruments

(2) Retrospective Restatements due to the Correction of Material Accounting Errors in the Reporting
Period


□ Applicable √ Not applicable

No such cases.


(3) Changes to the Scope of Consolidated Financial Statements Compared to the Last Accounting Period


□ Applicable √ Not applicable

No such changes for the Reporting Period.




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