无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Weifu High-Technology Group Co., Ltd.
SEMI-ANNUAL REPORT 2014
August 2014
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section I. Important Notice, Contents and Paraphrase
Board of Directors, Supervisory Committee, all directors, supervisors and senior
executives of Weifu High-Technology Group Co., Ltd. (hereinafter referred to as
the Company) hereby confirm that there are no any fictitious statements,
misleading statements, or important omissions carried in this report, and shall
take all responsibilities, individual and/or joint, for the reality, accuracy and
completion of the whole contents.
Other directors attended the board meeting on auditing the report except for the
following directors
Name of absent director Position of absent director Reason for absence Entrusted
Xing Min Independent director On a business trip Du Fangci
Chen Yudong Independent director On a business trip Rudolf Maier
The Company has no plans of cash dividend distributed, no bonus shares and
has no share converted from capital reserve either.
Chen Xuejun, Principal of the Company, Ou Jianbin, person in charger of
accounting works and Ou Jianbin, person in charge of accounting organ
(accounting principal) hereby confirm that the Financial Report of Semi-Annual
Report 2014 is authentic, accurate and complete.
Concerning the forward-looking statements with future planning involved in the
Report, they do not constitute a substantial commitment for investors. Investors
should be cautious with investment risks.
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Content
Section I Important Notice, Contents and Paraphrase…………………………………………..2
Section II Company Profile………………………………………………………………………..5
Section III Accounting data and summary of finnaical indexes ………………………………..7
Section IV Report of the Board of Directors……………………………………………………..9
Section V Important Events………………………………………………………………………22
Section VI Changes in shares and particular about shareholders……………………………..31
Section VII Preferred Stock………………………………………………………………………35
Section VIII Directors, Supervisors and Senior Executives…………………………………….36
Section IX Financial Report………………………………………………………………………37
Section X Documents Available for Reference………………………………………………….157
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Paraphrase
Items Refers to Contents
Company, The Company, Wei-fu
Refers to Weifu High-Technology Group Co., Ltd.
High-technology
Weifu Group Refers to Wuxi Weifu Group Co., Ltd.
Industry Group Refers to Wuxi Industry Development Group Co., Ltd.
Robert Bosch, Robert Bosch Company Refers to Robert Bosch Co., Ltd., ROBERT BOSCH GMBH
Bosch Automobile Diesel, Bosch Diesel
Refers to Bosch Automobile Diesel System Co., Ltd
System
Weifu Automotive Diesel Refers to Wuxi Weifu Automotive Diesel System Co., Ltd.
Weifu Leader Refers to Wuxi Weifu Leader Catalytic Converter Co., Ltd.
Weifu Jinning Refers to Nanjing Weifu Jinning Co., Ltd.
Weifu Chang’an Refers to Wuxi Weifu Chang’an Co., Ltd.
Weifu Mashan Refers to Weifu Mashan Pump Glib Co., Ltd.
Weifu ITM Refers to Wuxi Weifu ITM Supercharging Technique Co., Ltd.
Weifu Tianli Refers to Ningbo Weifu Tianli Supercharging Technique Co., Ltd.
Weifu Jialin Refers to Chaoyang Weifu Jialin Machinery Manufacture Co., Ltd.
Weifu Schmidt Refers to Wuxi Weifu Schmidt Power System Spare Parts Co., Ltd.
Weifu International Trade Refers to Wuxi Weifu International Trade Co., Ltd.
Weifu Nano Refers to Jiangsu Weifu Nano Technology Co., Ltd.
Weifu Autocam Refers to Wuxi Weifu Autocam Fine Machinery Co. Ltd.
Weifu Environment Refers to Wuxi Weifu Environment Catalyst Co., Ltd.
Kunming Xitong Refers to Kunming Xitong Machinery Co., Ltd.
Weifu Tianshi Refers to Anhui Weifu Tianshi Machinery Co., Ltd.
Weifu Instrument Refers to Wuxi Weifu Instrument Making Co., Ltd.
Zhonglian Automobile Electronic Refers to Zhonglian Automobile Electronic Co., Ltd.
CSRC Refers to China Securities Regulatory Commission
SZ Stock Exchange Refers to Shenzhen Stock Exchange
Jiangsu Gongzheng Refers to Jiangsu Gongzheng Tianye Certified Public Accountants Co., Ltd.
The reporting period Refers to From 1 Jan. 2014 to 31 Jun.2014
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section II Company profile
I. Company profile
Short form of the stock Weifu High- Tech, Su Weifu-B Stock code 000581, 200581
Stock exchange for listing Shenzhen Stock Exchange
Chinese name of the Company 无锡威孚高科技集团股份有限公司
Abbr. of Chinese name of the
威孚高科
Company(if applicable)
English name of the
WEIFU HIGH-TECHNOLOGY GROUP CO.,LTD.
Company(if applicable)
Abbr. of English name of the
WFHT
Company(if applicable)
Legal Representative Chen Xuejun
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Zhou Weixing Yan Guohong
Contact add. No.107, Renmin West Road, Wuxi City No.107, Renmin West Road, Wuxi City
Tel. 0510-82719579 0510-82719579
Fax. 0510-82751025 0510-82751025
E-mail wfjt@public1.wx.js.cn wfjt@public1.wx.js.cn
III. Others
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or
not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period,
found more details in Annual Report 2013.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC and preparation
place for semi-annual report have no change in reporting period, found more details in Annual Report 2013.
3. Registration changes of the Company
Whether registration has changed in reporting period or not
□ Applicable √ Not applicable
Date/place for registration of the Company, registration number for enterprise legal license, number of taxation registration and
organization code have no change in reporting period, found more details in Annual Report 2013.
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section III. Accounting data and summary of financial indexes
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
error correction or not
□Yes √ No
Increase/decrease in this
Current period Same period of last year
report y-o-y
Operating revenue (RMB) 3,529,819,855.63 2,878,965,006.18 22.61%
Net profit attributable to shareholders of
840,585,795.24 531,953,834.22 58.02%
the listed company(RMB)
Net profit attributable to shareholders of
the listed company after deducting 821,614,902.92 510,092,554.23 61.07%
non-recurring gains and losses(RMB)
Net cash flow arising from operating
393,612,109.41 318,573,288.00 23.55%
activities(RMB)
Basic earnings per share (RMB/Share) 0.82 0.52 57.69%
Diluted earnings per share (RMB/Share) 0.82 0.52 57.69%
Weighted average ROE (%) 8.41% 5.94% 2.47%
Increase/decrease in this
End of current period End of last period report-end over that of last
period-end
Total assets (RMB) 14,238,477,298.95 13,074,232,730.91 8.90%
Net assets attributable to shareholder of
10,091,324,886.06 9,600,765,223.81 5.11%
listed company(RMB)
II. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
The Company has no difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) in reporting period
2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company has no difference of the net profit and net assets disclosed in financial report, under both foreign accounting rules and
Chinese GAAP (Generally Accepted Accounting Principles) in reporting period
III. Items and amounts of extraordinary profit (gains)/loss
√Applicable □Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the write-off that accrued for
189,505.25
impairment of assets)
Governmental subsidy reckoned into current gains/losses (not including the subsidy enjoyed in
quota or ration according to national standards, which are closely relevant to enterprise’s 6,697,146.38
business)
Profit and loss of assets delegation on others’ investment or management 20,144,274.00
Other non-operating income and expenditure except for the aforementioned items -3,634,479.06
Less: Impact on income tax 3,487,044.30
Impact on minority shareholders’ equity (post-tax) 938,509.95
Total 18,970,892.32 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of
extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to
the Public --- Extraordinary Profit/loss
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section IV. Report of the Board of Directors
I. Introduction
According to the data released by China Association of Automobile Manufacturers: in first half year of 2014,
production and sales of the automobile in China up to 11,783,400 and 11,683,500 with a y-o-y growth of 9.60
percent and 8.36 percent respectively; among which, passenger cars shows 9,708,500 and 9,633,800 in production
and sales respectively with 12.05 percent and 11.18 percent growth y-o-y and the commercial vehicle has
2,074,900 and 2,049,700 in production and sales respectively with decrease 0.59 percent and 3.18 percent up
y-o-y, including production and sales of heavy truck reached 434,600 and 420,000 respectively with growth of
12.29 percent and 6.29 percent respectively y-o-y.
The stable development of automobile industry in first half year as well as the growth of sale & production in
heavy truck, boosting sustainable steady growth of the business; and the actively promotion of national emission
regulations, driving new produts of the Company develop rapidly. In reporting period, the Company achieved
operation revenue of 3.53 billion Yuan with 22.61 percent growth from a year eralier; profit amounting as 936
million Yuan, a 54.45 percent up from a year ago and net profit attributable to owners of parent company
amounting as 841 million Yuan, a 58.02 growth from a year earlier.
II. Main business analysis
Year-on-year changes for main financial data
In RMB
Y-o-y
Same period of last
Current period increase/decre Reasons for changes
year
ase
Operation revenue 3,529,819,855.63 2,878,965,006.18 22.61%
Operation cost 2,668,547,637.45 2,221,406,094.80 20.13%
Sales expenses 102,594,327.49 81,319,229.85 26.16%
Administrative expenses 344,239,876.45 275,092,115.54 25.14%
Financial cost -15,309,956.65 -27,181,590.78
Income tax expense 65,737,472.85 52,038,268.65 26.33%
Net cash flow arising from operation activities 393,612,109.41 318,573,288.00 23.55%
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Net cash flow arising from investment activities -387,528,765.16 -885,628,740.58
Mainly because at
same period of last
year, the short-term
Net cash flow arising from financing activities -117,108,233.62 303,169,088.85 -138.63%
loans increased; and
in this Period,
short-term loans paid
Net increase of cash and cash equivalent -111,024,889.37 -263,886,363.73
Major changes on profit composition or profit resources in reporting period
□ Applicable √ Not applicable
No major changes on profit composition or profit resources occurred in reporting period
The future development and planning extended to reporting period that published in disclosure documents as prospectus, private
placing memorandum and recapitalize statement
□ Applicable √ Not applicable
No future development and planning extended to reporting period that published in disclosure documents as prospectus, private
placing memorandum and recapitalize statement
Review on the previous business plan and its progress during reporting period
In first half of 2014, performance of the Company’s economy in general was encouraging with a stable condition,
main economic index grew fairly rapidly. In the next half year, the economical enviornement both at home and
abroad still quiet complicate, with the totally implementation of stage IV emission regulation, industry
development still have many uncertain factors, therefore, economical operation of the Company faces a certain
amount of challenges. In order to keep up a favorable development in aspect of economic performance, the
Company will seize the opportunity of changing market conditions, made unremitting efforts to create conditions
for the sustainable grwoth, in aspect of industrial restructuring, market development and mechanism
transformation etc.
III. Constitution of main business
In RMB
Increase or Increase or Increase or
Gross decrease of decrease of decrease of gross
Operating revenue Operating cost profit operating revenue operating cost over profit ratio over
ratio over same period same period of last same period of last
of last year year year
According to industries
Auto parts 3,286,301,950.71 2,469,244,190.19 24.86% 23.84% 22.41% 0.88%
According to products
Auto fuel injection
2,389,466,074.78 1,735,487,697.16 27.37% 16.33% 14.70% 1.04%
system
Induction system 99,367,405.22 73,347,372.83 26.19% 13.58% 14.82% -0.79%
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Post-processing
797,468,470.71 660,409,120.20 17.19% 55.72% 50.05% 3.13%
system
According to region
Domestic sales 3,153,328,229.70 2,344,123,526.07 25.66% 25.48% 24.38% 0.66%
Overseas sales 132,973,721.01 125,120,664.12 5.91% -5.42% -5.51% 0.09%
IV. Core competitive analysis
Core competence of the Company has no major changes in reporting period. More detail can be found in 2013 annual report.
V. Investment analysis
1. Situation of equity investment outside
(1) Situation of investment outside
√ Applicable □ Not applicable
Investment outside
Investment in reporting period (RMB) Investment in same period of last year (RMB) Changes
100,000,000.00 1,401,687.00
Invested company
Equity proportion in invested
Name Main business
company for Listed company
Venture investment, industrial investment, venture
Shanghai Cheng Ding De Tong Equity
investment management, investment management 15.87%
Fund Co., Ltd.
and investment consulting
(2)Holding equity of financial enterprise
√ Applicable □ Not applicable
Amount of Proportion Proporti
Amount of
stock-holdi of on of
stock-holdi Book value at Gains and
Initial ng at the stock-holdi stock-ho Accoun
ng at the the end of the loss in the
Name Type investment beginning ng at the lding at ting Source of
cost(RMB) end of the period reporting
of the beginning the end subject stock
period (RMB) (RMB)
period of the of the
(Share)
(Share) period period
Long-te
Guolian Securi
rm Subscripti
Securities ties 12,000,000.00 18,000,000 1.20% 18,000,000 1.20% 12,000,000.00 720,000.00
equity on
Co., Ltd. compa
investm
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
ny ent
Nanjing Long-te
Insura
Hengtai rm
nce Subscripti
Insurance 1,000,000.00 1,000,000 1.85% 1,000,000 1.85% 1,000,000.00 equity
compa on
and Broker investm
ny
Co., Ltd. ent
Total 13,000,000.00 19,000,000 -- 19,000,000 -- 13,000,000.00 720,000.00 -- --
(3)Situation of securities investment
√ Applicable □ Not applicable
Proporti
Proport
Amount of on of
Amount of ion of Gains
Vari stock-holdi stock-h
Short stock-holdi stock-h Book value at and loss
ety Code of Initial ng at the olding Sourc
form of ng at the olding the end of the in the Accountin
of securitie investment beginning at the e of
securitie end of the at the
secu s cost(RMB) period reportin g subject
s of the beginni stock
rities period end of (RMB) g
period ng of
(Share) the (RMB)
(Share) the
period
period
Financial
Subsc
Stoc SDEC assets
600841 199,208,000.00 23,680,000 2.73% 23,680,000 2.73% 232,537,600.00 riptio
k available
n
for sales
Financial
Miracle Subsc
Stoc assets
002009 Logistic 69,331,500.00 9,300,000 2.90% 9,300,000 2.90% 100,812,000.00 riptio
k available
s n
for sales
Total 268,539,500.00 32,980,000 -- 32,980,000 -- 333,349,600.00 0.00 -- --
Disclosure date of
securities investment 2012-03-24
approval of Board report
Disclosure date of
securities investment
approval of
Shareholders report (if
applicable)
Statement of holding other listed companies’ equity
√ Applicable □ Not applicable
Being deliberated and approved in 23rd meeting of 6th session of the Board dated 24 March 2012, the Company subscribes
14,800,000 private placement of A-share from SDEC with RMB 13.46 per share, a 2.72 percent in total share capital of SDEC after
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
placement. The Company committed no transfer after the subscription in 12 months, restricted period (23 March 2012 to 22 March
2013). SDEC implemented the plan of annual profit distribution and converting capital reserve into share capital for 2011 on 4th June
2012. (Sending cash of RMB 0.5(tax included) per every 10 shares, converting 6 shares per every 10 shares. The Company held
23.68 million shares of SDEC at end of the Period, representing 2.73 percent in total of the SDEC shares, after completion of the
cancellation for B-share buy-back.
In May 2013, in line with the define authority in ―Decision-making System of Major Investment and Financial‖, being discussed by
the management and approved from the Chairman, the Company decide to subscribe 9300000 private placement shares from Miracle
Logistics with RMB 7.455 per share, a 2.9 percent in total share capital of Miracle Logistics after placement. The Company
committed no transfer after the subscription in 12 months, restricted period (4 June 2013 to 3 June 2014)
2. Trust financing, investment of derivatives and entrustment loan
(1) Trust financing
√ Applicable □ Not applicable
In 10 thousand Yuan
Amount
Amount of reserve
of for
Actual
Name Whether Amount Determinat principal devaluati
Related Start date End date Estimated gains/loss
of related Type of trust ion method actual on of
relationship of trust of trust income es in
trustee trade or not financing of reward taking withdrawi
financing financing period
back in ng (if
period applicable
)
Floating
rate,
maximized
Bank, Floating 2013-07- 2015-12- annualized
No No 75,000 83,600 0 2,014.43 2,014.43
trust profit 26 22 ate of
return
agreed in
contract
Total 75,000 -- -- -- 83,600 2,014.43 2,014.43
All refers to the self-owned capital of the Company. The trust financing was
Capital resource cumulative amount; the actual capital for trust financing is RMB 2 billion at most, and
recyclable within the limit.
Overdue un-received principal and
0
accumulated earnings amount
Lawsuit involved (if applicable) N/A
Disclosure date for approval from the
2014-04-15
Board for trust financing (if applicable)
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Disclosure date for approval from board of
shareholders for trust financing (if
applicable)
(2) Investment of derivatives
□ Applicable √ Not applicable
The Company has no derivatives investment in the Period
(3) Entrustment loan
□ Applicable √ Not applicable
The Company has no entrustment loan in the Period
3. Application of raised proceeds
(1)Overall application of raised proceeds
√ Applicable □ Not applicable
In 10 thousand Yuan
Total raised proceeds 285,012.43
Total raised proceeds invested during the reporting period 28,482.94
Total accumulative raised proceeds invested 214,361.58
Total raised proceeds for new purposes during the reporting period 0
Total accumulative raised proceeds for new purposes 0
Proportion of the total accumulative raised proceeds for new purposes 0.00%
General application of raised proceeds
On 21 January 2012, the CSRC issued the reply on approving non-public issuance of Weifu High-technology Group Co., Ltd.
(ZJXK(2012)No.109), pursuant to which, the Company was approved to issue new shares not exceeding 112,858,000 by
non-public offering. On 10 February 2012, Jiangsu Gongzheng Tianye Certified Public Accountant issued capital verification report
(SGW(2012)No.B006), stating that as at 10 February 2012, Weifu High-tech has already issued 112,858,000 RMB common shares
(A-share) and raised capital proceeds of RMB2,866,028,910.00. after deduction of issuance expense of RMB15,904,657.07, the net
raise proceeds was RMB2,850,124,252.93. As of the period-end, raise proceeds of RMB 2,143,615,800 has been invested
accumulatively.
(2) Situation of committed project of raised proceeds
√ Applicable □ Not applicable In 10 thousand Yuan
Amount of Investm Reach Project
Projects Total Predicted Profit
changed committe accumulat ent the feasibility
Committed investment or not d Total Amount serviceable realize
ed program predict was
projects &investment (includin investme investme condition d in
of raised fund g nt of nt after invested in investment till the ed changed
changed raised adjustme date of this
till the period-e interes hugely or
partially) capitals this period project year
period-end nd t or not not
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
nt (1) (2) (3)=(2)/(
1)
Investment project commitment
R&D of WAPS, No No
industrialization,
2013-10
productivity expansion 62,032 62,032 9,173.53 29,994.85 48.35%
-31
of diesel common rail
system parts
Construction project in No 2013-10 No
57,750 57,750 17,317.24 34,175.33 59.18%
industrial zone -31
Industrialization of tail 2015-06 No
Yes 26,000 26,000 1,992.17 20,960.97 80.62%
treatment system -30
Research institution No 2012-12 No
5,154 5,154 5,154 100.00%
project -31
Battery material of No No
2012-12
engines and R&D of 10,000 10,000 0.00%
-31
battery
No 2012-06 No
Equity acquisition 34,381.5 34,381.5 34,381.5 100.00% 2,748.97
-30
Liquid assets No No
90,000 89,694.93 89,694.93 100.00%
supplementation
Subtotal of
-- 285,317.5 285,012.43 28,482.94 214,361.58 -- -- 2,748.97 -- --
commitment projects
Investment orientation for fund arising out of plan
Total -- 285,317.5 285,012.43 28,482.94 214,361.58 -- -- 2,748.97 -- --
1. WAPS research development and industrial diesel common rail system components capacity
enhancement project--under the feasibility report of this project, the investment plan will reaches
serviceable condition on 31 October 2013. As of 30 June 2013, the accumulative investment amounted to
Situation about not RMB 299,948,500 representing investment progress of 48.35%. Reason for lag behind the progress
coming up to schemed including:
progress or expected (1)the raised proceeds was not in place in time (the proceeds was expected to be in place in March 2011,
revenue and the while the actual cash time was February 2012);
reason(In specific (2) The project has WAPS system products involved, which was self-developed by the Company without
project) example, the products have completed after work of consistency and reliability and come to
Market-Einfuehrung stage;
(3) components involved in the project with diesel common rail system: currently, with the promotion of
emission standards of National IV, common rail products have complete cover the market of National IV,
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
the common rail components matching the Bosch diesel common rail products are in short supply,
therefore, the Company rapid up the capacity improvement for common rail parts at present. Given this,
the project will be accelerated in year of 2014.
2. According to the feasibility report, the construction of industry park project will reaches expected
serviceable condition on 31 October 2013, as of the period-end, capital of RMB 341,753,300 was invested
in total, representing 59.18% in investment progress. Reasons for far from the expected progress are:
(1) in 2012, the project not to start as scheduled due to the relocation of governmental parcel;
(2) In 1Q of 2013, relocation of government parcel was completed, the project start in April officially and
in a good process recently.
(3) by the end of 2014 to completed the main relocation.
3. Battery material of engines and R&D of battery --under the feasibility report of this project, the
investment plan will reached serviceable condition on 31 December 2012. As of the period-end, RMB 0.00
was invested. Reasons are as:
(1) the raised proceeds was not in place in time;
(2) In recently two year, the Company continues to tracking the projects, due to an uncertainty in aspect
of technology and policy, therefore, the Company was prudent for this project and continued to follow
development of power battery and would make decisions if needed.
Explanation on great
changes of feasibility Not applicable
of project
Amount, usage and
progress of using for
Not applicable
fund raising out of the
plan
Change of
implementation place
Not applicable
of investment project
of raised capitals
Applicable
Occurred in previous year
In consideration of the uncertainty of emission regulation promotion (Standard Three turns to Standard
Adjustment of Four), and the lands are in short supply at the mean time, the original investment plan of ―Industrialization
implementation way of tail treatment system‖ met no needs of the subsidiary Wuxi Weifu Leader Catalytic Converter Co., Ltd.
for investment project of implementing subject company in aspect of development. Therefore, part of the content in
of raised capitals ―Industrialization of tail treatment system‖ was changed by the Company. The abovementioned event has
been deliberated and approve by 9th meeting of 7th session of the Board held on 26 March 2013 and annual
shareholders’ general meeting of 2012 held on 23 May 2013 respectively, the ―Proposal of Changing the
Investment Plan with Raised Proceeds‖ was published on Juchao Website dated 28 March 2013, found
more details in Notice No.: 2013-007. The adjustment for the investment plan of ―Industrialization of tail
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
treatment system‖ changes no investment orientation of the raised proceeds, only the investment amount
changed from RMB 260 million to RMB 340 million, the adjusted part will supply with self-owned capital.
The project expected to reach serviceable condition after adjustment in June 2015. The changes for raised
proceed this time has no influence on the investment orientation and actual content of implementation
without affect the implementation of investment plan. The adjustment guarantees a normal utilization of
raised proceeds and smoothly implementation of projects of raised proceeds, and in line with the actual
condition of the Company and long-term development plan.
Applicable
According to the Verification Report of Fund-Raised Project Invested in Advance with Self-raised Funds of
WFHT (Su Gong W[2012] No. E1100) issued by Jiangsu Gongzheng Tianye Certified Public Accountants
Co., Ltd. Up to 29 February 2012, the actual investment funding for fund-raised project invested in
Regulation of
advance with self-raised funds amounting as 299.12 million Yuan, including 1. R&D of WAPS,
implementation ways
industrialization, productivity expansion of diesel common rail system parts: 180.05 million Yuan; 2.
of investment project
construction project in industrial zone: 16.62 million Yuan; 3. industrialization of tail treatment system:
of raised capitals
28.56 million Yuan; 4. research institution project: 51.54 million Yuan; 5. Equity acquisition project: 22.35
million Yuan. On 31 March 2012, the Proposal of Replacing the Working Capital Input to Projects by
Raised Capital was deliberated and approved by 2nd extraordinary meeting of 7th session of the Board,
agreed to replacing the working capital input to projects by raised capital with 299.12 million Yuan.
Temporarily
supplement for the
Not applicable
current capitals with
idle raised capitals
Amount surplus in
implementation of
Not applicable
raised proceeds and
reasons
Usage of raised capitals had on changes in the reporting. On the storage and the usage of raised capitals,
Usage and trend of
the company’s execution strictly based on related laws and regulations and three-party supervision protocol
unused raised capitals
of raised capitals (four-party supervision protocol of raised capitals).
Questions or other
situation while using
Not applicable
raised capitals and in
disclosure
(3)The changed project of raised proceeds
□ Applicable √ Not applicable
The Company has no project of raised proceeds changed in the Period
(4) Project of raised proceeds
17
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Disclosure
Project of raised proceeds and summary Disclosure index
date
On 21 January 2012, the Reply on Approval of Private Placement under the
name of WFHT( Zheng Jian Xu Ke [2012] No.109) was approved and
issued by CSRC, approved the Company to offering 112,858,000 new
―Private Placement of the Company and
shares at most privately. Jiangsu Gongzheng issued the ―Capital
Summary of Listing Announcement‖
Verification Report Su Gong W [2012] No. B 006‖ on 10 February 2012: 2012-02-28
(Notice No.: 2012-12) released on Juchao
ended as 10 February 2012, WFHT has offered 112,858,000 RMB common
Website (www.cninfo.com.cn)
shares (A-share), fund raised amounting as 2,866,028,910.00 Yuan, net
amount of fund raised amounting as 2,850,124,252.93 Yuan excluding the
distribution costs15,904,657.07 Yuan.
‖ Notice of Changing the Fund-raised
The Proposal of Changing the Fund-raised Projects Investment Plan was
Projects Investment Plan‖ (Notice No.:
deliberated and approved by 9th meeting of 7th session of the Board held on
2013-007) released on Juchao Website
26 March 2013 and Annual General Meeting 2012 dated 23 May 2013. The
2013-03-28 (www.cninfo.com.cn); ―Resolution
amount invested in industrialization of tail treatment system project
Notice of AGM of 2012‖ released on
changed from 260 million Yuan originally to 340 million Yuan, the parts
Juchao Website (www.cninfo.com.cn)
adjusted will funding with self-owned capital.
dated 24 May 2013
‖ Special Report on Fund-raised Deposit
and Use of Funds for year of 2012‖
Special Report on Fund-raised Deposit and Use of Funds for year of 2012 2013-03-28
released on Juchao Website
(www.cninfo.com.cn)
―Special Report on Fund-raised Deposit
and Use of Funds for year of 2013
Special Report on Fund-raised Deposit and Use of Funds for year of 2013 2014-04-15
―released on Juchao Website
(www.cninfo.com.cn)
The ―Special Report of Deposit of Raised
Deposit of raised proceeds and utilization for fist half year of 2014 2014-08-30 Proceeds and Utilization for fist half year
of 2014‖ published on Juchao Website
4. Main subsidiaries and stock-jointly companies
√ Applicable □ Not applicable
Particular about main subsidiaries and stock-jointly companies
In RMB
Main
Comp
Industr products Register Operating
any Type Total assets Net Assets Operating profit Net profit
ies or capital revenue
name
service
Subs Autom Post-pro
Weifu 502,596,
idiar obile cessing 1,799,707,031.59 1,011,980,977.11 862,616,139.65 98,899,904.68 87,510,936.89
Leader 300.00
y parts system
18
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
producti
ons
Fuel
Weifu Subs Autom injection
346,286,
Jinnin idiar obile system 1,030,586,983.08 715,329,094.32 329,915,069.15 49,787,612.38 43,101,378.62
825.80
g y parts producti
ons
Joint Fuel
Bosch
-stoc Autom injection USD241
Autom
k obile system ,000,000 7,910,342,373.94 5,588,542,700.92 5,463,280,048.26 1,271,580,301.96 1,099,588,004.02
obile
com parts producti .00
Diesel
pany ons
Joint
Petrol
-stoc Autom
CNE system 600,620,
k obile 2,824,752,617.17 2,820,370,120.62 3,754,631.66 575,709,133.52 575,771,846.68
MS producti 000
com parts
ons
pany
5. Major project invested by non-raised funds
□ Applicable √ Not applicable
No major project invested by non-raised funds in Period
VI. Prediction of business performance from January – September 2014
Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the
warning of its material change compared with the corresponding period of the last year and explanation on reason
□ Applicable √ Not applicable
VII. Explanation from the Board and Supervisory Committee for “Qualified Opinion” from
the CPA of this year’s
□ Applicable √ Not applicable
VIII. Explanation on “Qualified Opinion” of previous year from the Board
□ Applicable √ Not applicable
IX. Implementation of profit distribution in reporting period
Implementation or adjustment of profit distribution plan in reporting period, cash dividend plan and shares converted from capital
reserve in particular
√□Applicable □Not applicable
The bonus scheme of the Company was formulated strictly in line with relevant regulation of Article of Association.
19
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Profit distribution plan for year of 2013 was: based on total share capital of the Company 1,020,200,992,
distribute cash dividend of RMB 3.00 (tax included) for every 10 shares to all shareholders. The scheme was
deliberated and approve by 16th meeting of 7th session of the Board held on 11 April 2014 and annual
shareholders’ general meeting of 2013 held on 20 April 2014. The implementation of equity distribution plan for
year of 2013 (Notice No.: 2014-022) was published on China Securities Journal, Securities Times, Hong Kong
Commercial Daily and Juchao Website (http://www.cninfo.com.cn) dated 8 July 2014. And the equity distribution
plan for year of 2013 was completed in July 2014.
Special explanation on cash dividend policy
Satisfy regulations of General Meeting or requirement of Article of Association (Y/N): Y
Well-defined and clearly dividend standards and proportion (Y/N): Y
Completed relevant decision-making process and mechanism (Y/N): Y
Independent directors perform duties completely and play a proper role (Y/N): Y
Minority shareholders have opportunity to express opinions and demands totally and their legal rights are fully
Y
protected (Y/N):
Condition and procedures are compliance and transparent while the cash bonus policy adjusted or changed
Not applicable
(Y/N):
X. Profit distribution and capitalization of capital reserves in the Period
□ Applicable √ Not applicable
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from capital reserve either for
the semi-annual year
XI. In the report period, reception of research, communication and interview
√ Applicable □ Not applicable
Contents discussed and material
Time Place Way Type Reception
provided
Eighteen people of CITIC Securities,
Fullgoal Fund, HuaAn Funds, Penghua
Fund, Korea Investment, Mirae Assets,
Office of Spot Tokyo Haishang Assets Company, Communicated with the Company
2014-03-04 Institution
the Board research Rubowai Investment Company, Cephei with their concern
capital, Goldstate Securities, CIFM, Zhizhu
Investment, BOC Asset Management,
Huatai-Pinebridge Fund etc.
Scene of
Basic condition of the Company,
the Spot
2014-06-20 Institution Institution implementation of Standard IV and
shareholde research
views on market in 2014
rs’ general
20
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
meeting
The Company answered the question
for investors online through the
Jan 2014 to 30 Office of Written
Individual Public investor investor relations interactive
June 2014 the Board inquiry
platform(http://irm.p5w.net/dqhd/sic
huan/)
Telephone Basic condition of the Company,
Jan 2014 to 30 Office of
communic Individual Public investor implementation of Standard IV and
June 2014 the Board
ation views on market in 2014
21
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section V. Important Events
I. Corporate governance
Pursuit to requirement of normative documents and relevant laws and regulations, the Company has a mechanism
of decision-making, execution and supervise in the framework of shareholders general meeting, board of directors,
supervisory committee and senior management. Vary rules and regulations have been established, constructed and
improve a reasonable and efficiency internal control system, guarantee a sustainable improvement of the operation
standards for the Company. The Company strictly follows the requirement from CSRC and relevant rules from
Listing Rules of Shenzhen Stock Exchange as well as Guidance on Standard Operation of Listed Company on
Main Board, serious and timely to perform obligation of information disclosure based on principle of
―transparency, fairness and justice‖. In reporting period, the actual corporate governance of the Company shows
no major difference with the Company Law and relevant regulations from CSRC.
II. Significant lawsuits and arbitrations of the Company
□Applicable √Not applicable
The Company has no significant lawsuits and arbitrations in reporting period
III. Question from media
□ Applicable √ Not applicable
No universal questioned by media in reporting period
IV. Bankruptcy reorganization
□ Applicable √ Not applicable
In reporting period, the Company has no bankruptcy reorganization occurred.
V. Transaction in assets
1. Assets acquisition
□ Applicable √ Not applicable
The Company did not purchased assets in the Period
2. Sales of assets
□ Applicable √ Not applicable
The Company did not sell assets in the Period
22
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
3. Business combination
□ Applicable √ Not applicable
The Company has no business combined in the Period
VI. Implementation of the company’s equity incentive and the effects
□ Applicable √ Not applicable
No equity incentive in reporting period
VII. Significant related transaction
1. Related transaction connected to routine operations
√ Applicable □ Not applicable
Relate
Related Proportion d Similar
Related Related Related
Related transaction in the transac market
transacti Related transacti transacti Pricing Date of Index of
transacti amount (in amount of tion price
on relationship on on principal disclosure disclosure
on price 10 thousand the same settle obtaine
parties type content
yuan) transaction ment d
mode
Procure Market 2014-04- ‖Predictio
ment of price/appr 15 n of Daily
Weifu merchan Procure oval of the Related
Joint venture of
Environ dise and ment of general 35,928.98 15.96% Transacti
Weifu Leader
ment receivin goods meeting of on for
g labor shareholde year of
service rs 2014‖
and
Procure Market
Associated ―Resoluti
ment of price/appr
Bosch company, on Notice
merchan Procure oval of the
Automo controlling of Annual
dise and ment of general 11,330.78 5.03%
bile subsidiary of Sharehold
receivin goods meeting of
Diesel German Bosch ers
g labor shareholde
Company General
service rs
Meeting
Procure Market
of 2013‖
ment of Procure price/appr
published
Second largest merchan ment of oval of the
Robert on Juchao
shareholder of dise and goods or general 5,447.75 2.42%
Bosch Website
the Company receivin labor meeting of
g labor service shareholde
service rs
Weifu Associated Procure Procure Market 2,794.41 1.24%
23
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Instrume company ment of ment of price/appr
nt merchan goods oval of the
dise and general
receivin meeting of
g labor shareholde
service rs
Associated Market
Selling
company , price/appr
Bosch goods
Controlling oval of the
Automo and Sales of
subsidiary of general 76,483.55 21.67%
bile providin goods
Robert Bosch meeting of
Diesel g labor
Automobile shareholde
service
Diesel rs
Market
Selling
price/appr
goods
Weifu oval of the
Associated and Sales of
Instrume general 1,414.04 0.40%
company providin goods
nt meeting of
g labor
shareholde
service
rs
Market
Robert Selling
price/appr
Bosch goods
Second largest oval of the
Bosch and Sales of
shareholder of general 786.07 0.22%
Automo providin goods
the Company meeting of
bile g labor
shareholde
Diesel service
rs
Market
Selling
price/appr
goods
Weifu Joint venture oval of the
and Sales of
Environ company of general 744.66 0.21%
providin goods
ment Weifu Leader meeting of
g labor
shareholde
service
rs
Weifu Sales of
Joint venture of
Environ Other fixed 275.08
Weifu Leader
ment assets
Bosch Associated Detectio
Automo company , n fee
bile Controlling Other income 1.67
Diesel subsidiary of receivab
Robert Bosch le
24
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Automobile
Diesel
Associated
Bosch company , Technol
Automo Controlling ogy
bile subsidiary of Other service 181.25
Diesel Robert Bosch charge
Automobile payable
Diesel
Land
and
Largest
Industry trademar
shareholder of Other 160
Group k use
the Company
expenses
payable
Robert
Bosch Technol
2nd-largest
Bosch ogy
shareholder of Other 942.16
Automo royalties
the Company
bile payable
Diesel
Robert
Technica
Bosch
nd
2 -largest l
Bosch
shareholder of Other training 92.07
Automo
the Company fee
bile
payable
Diesel
Total -- -- 136,582.47 -- -- -- -- --
Report the actual implementation of the The total amount from daily related transaction in reporting period still in the
normal related transactions which were predicted amount that approved in Annual Shareholders’ General Meeting of 2013,
projected about their total amount by types the predicted amount of daily related transactions for year of 2014 at year-begin
during the reporting period(if applicable) amounting as RMB 2,941,200,000 in total.
2. Related transaction incurred by purchase or sales of assets
□ Applicable √ Not applicable
No related transaction incurred by purchase or sales of assets in Period
3. Related transaction from jointly investment outside
□ Applicable √ Not applicable
No related transaction from jointly investment outside occurred in Period
25
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
4. Credits and liability of related party
□ Applicable √ Not applicable
The Company had no non-operation related liabilities or credits relations in Period
5. Other significant related transactions
□ Applicable √ Not applicable
The Company had no other significant related transactions in the reporting period
VIII. Non-business capital occupying by controlling shareholders and its related parties
□ Applicable √ Not applicable
No non-business capital occupied by controlling shareholders and its related parties in Period
IX. Major contract and implantation
1. Trusteeship, contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
The Company had no trusteeship in the reporting period.
(2) Contract
□ Applicable √ Not applicable
The Company had no contract in the reporting period.
(3) Leasing
□ Applicable √ Not applicable
The Company had no leasing in the reporting period.
2. Guarantee
√ Applicable □ Not applicable
In 10 thousand Yuan
Particulars about the external guarantee of the Company (Barring the guarantee for subsidiaries)
Related Actual date of Complete Guarante
Name of the
Announcemen Guarant happening (Date Actual Guarantee Guarantee implemen e for
Company
t disclosure ee limit of signing guarantee limit type term tation or related
guaranteed
date agreement) not party
Guarantee of the Company for the subsidiaries
26
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Related Actual date of Complete Guarante
Name of the
Announcemen Guarante happening (Date Actual Guarantee Guarantee implemen e for
Company
t disclosure e limit of signing guarantee limit type term tation or related
guaranteed
date agreement) not party
Ningbo Tianli
Turbocharging Joint liability
2014-01-17 6,000 2013-12-24 6,000 3 years No No
Technology Co., guaranty
Ltd.
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 29,000 6,000
subsidiaries in report period
report period (B1)
(B2)
Total balance of actual
Total amount of approved
guarantee for subsidiaries at
guarantee for subsidiaries at the 29,000 6,000
the end of reporting period
end of reporting period (B3)
(B4)
Total amount of guarantee of the Company( total two abovementioned guarantee)
Total amount of approving Total amount of actual
guarantee in report period 29,000 occurred guarantee in report 6,000
(A1+B1) period (A2+B2)
Total amount of approved Total balance of actual
guarantee at the end of report 29,000 guarantee at the end of report 6,000
period (A3+B3) period (A4+B4)
The proportion of the total amount of actually guarantee in the
0.59%
net assets of the Company(A4+ B4)
Including:
Amount of guarantee for shareholders, actual controller and its
0
related parties(C)
The debts guarantee amount provided for the guaranteed parties
0
whose assets-liability ratio exceed 70% directly or indirectly(D)
Proportion of total amount of guarantee in net assets of the
0
Company exceed 50%(E)
Total amount of the aforesaid three guarantees(C+D+E) 0
Explanations on possibly bearing joint and several liquidating
无
responsibilities for undue guarantees (if applicable)
Explanations on external guarantee against regulated
无
procedures (if applicable)
Explanation on guarantee with composite way
(1) Guarantee outside against the regulation
□ Applicable √ Not applicable
No guarantee outside against the regulation in Period
27
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
3. Other material contracts
□ Applicable √ Not applicable
The Company had no other material contracts in the reporting period.
4. Other material transactions
□ Applicable √ Not applicable
The Company had no other material transactions in the reporting period.
X. Commitments made by the Company or shareholders holding above 5% shares of the
Company in reporting period or occurred in the previous reporting period but continued to
reporting period
√ Applicable □ Not applicable
Comm
Commitment Dated for
Commitments Contents itment Implementation
party commitment
term
In order to promote the listed
Commitments fulfilled.
company’s steady and healthy
The ―Unfulfilled
development, fully mobilize senior
Commitment of Share
executives so as to ensure to combine
Merger Reform Made by
the interests of the governance and
Majority Shareholder and
shareholders of the Company, Weifu
Wuxi Industry Proposal of Changing the
Share Merger Industry Group committed: after Weifu
Development 2006-04-05 Management Incentive
Reform High-tech finishing Share Merger
Group Co., Ltd Mechanism Plan of WFHT‖
Reform, under related regulations of
and ―Implementation Method
the state and Wuxi government in
of Incentive Fund‖ were
terms of governance encouragement
deliberated and approved by
system of listed company, the Group
AGM of 2013 held on 20
would the stock incentive plan for
June 2014
management level of Weifu High-tech.
Commitments in
report of acquisition
or equity change
Commitments in
assets reorganization
The privately offering of the Company
Wuxi Industry totally issue 112,858,000 A-shares to
Commitments in
Development substantial shareholder Wuxi Industry
initial public
Group Co., Ltd Group and foreign strategy investor Implementing
offering or
and ROBERT ROBERT BOSCH GMBH. The above
refinancing
BOSCH GMBH said shares are listed for trading in
Shenzhen Stock Exchange since 29
28
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
February 2012 with 36-month
restriction
Other commitments
to minority
shareholders of the
Company
Completed on time
Yes
or not
Detail reasons for
un-complement and
Not applicable
further plan(if
applicable)
XI. Engagement and non-reappointment of CPA
Whether the semi-annual report was audited or not
□ Yes √ No
XII. Penalty and rectification
□ Applicable √ Not applicable
The Company had no penalty or rectification in the reporting period.
XIII. Risk disclosure of delisting with laws and rules violated
□ Applicable √ Not applicable
The Company has no delisting risks with laws and rules violated in Period
XIV. Other material events
√ Applicable □ Not applicable
Material events published on China Securities Journal, Securities Times, Hong Kong Commercial Daily and Juchao Website
(www.cninfo.com.cn) in reporting period:
Item Notice No.: Disclosure date
Resolution notice of 15th meeting of 7th session of the Board 2014-001 2014-1-17
Resolution notice of 14th meeting of 7th session of supervisory committee 2014-002 2014-1-17
Guarantee Offer to Controlling Subsidiary for Loans 2014-003 2014-1-17
Notice of Investment Outside 2014-004 2014-1-17
Commitments and Implementation of the Company and Related Parties 2014-005 2014-2-13
Resolution notice of 16th meeting of 7th session of the Board 2014-006 2014-4-15
Resolution notice of 15th meeting of 7th session of supervisory committee 2014-007 2014-4-15
Summary of annual report 2013 2014-008 2014-4-15
Guarantee offer to wholly-owned subsidiary 2014-009 2014-4-15
29
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Estimation of Total Routine Related Transactions for year of 2014 2014-010 2014-4-15
Trust financing with self-owned idle funds 2014-011 2014-4-15
Performance Forcase for 1Q of 2014 2014-012 2014-4-15
Text of 1Q Report of 2014 2014-013 2014-4-29
Resolution notice of 18th meeting of 7th session of the Board 2014-014 2014-5-29
Resolution notice of 17th meeting of 7th session of supervisory committee 2014-015 2014-5-29
Unfulfilled Commitment of Share Merger Reform Made by Majority 2014-016 2014-5-29
Shareholder and Changing the Management Incentive Mechanism Plan of
WFHT
Convening the annual general meeting for year of 2013 2014-017 2014-5-29
Prompted Notice of convening the annual general meeting of 2013 2014-018 2014-6-13
Resolution notice of annual general meeting 2013 2014-019 2014-6-21
Performance forcast of semi-annual 2014 2014-020 2014-6-24
Commitments and implementation of the Company and related parties 2014-021 2014-6-24
Implementation of interest distribution for year of 2013 2014-022 2014-7-8
Prompted notice of release for the restricted shares in share reform 2014-023 2014-7-26
30
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in Shares
In share
Before the Change Increase/Decrease in the Change (+, -) After the Change
Capitaliz
New
Proporti Bonus ation of Othe Subtot Proportio
Amount shares Amount
on shares public rs al n
issued
reserve
I. Restricted shares 234,279,323 22.96% 234,279,323 22.96%
1. State holding 0 0
2. State-owned corporate
118,967,998 11.66% 118,967,998 11.66%
shares
3. Other domestic shares 50,725 0.01% 50,725 0.01%
Including: domestic corporate
0 0
shares
Domestic nature person
50,725 0.01% 50,725 0.01%
shares
4. Foreign shares 115,260,600 11.30% 115,260,600 11.30%
Including: Foreign corporate
115,260,600 11.30% 115,260,600 11.30%
shares
Foreign nature person shares 0 0
II. Unrestricted shares 785,921,669 77.04% 785,921,669 77.04%
1. RMB Ordinary shares 613,541,669 60.14% 613,541,669 60.14%
2. Domestically listed foreign
172,380,000 16.90% 172,380,000 16.90%
shares
3. Foreign listed foreign shares 0 0
4. Other 0 0
III. Total shares 1,020,200,992 100.00% 1,020,200,992 100.00%
Reasons for share changed
□Applicable √Not applicable
Approval of share changed
□Applicable √Not applicable
Ownership transfer of share changed
□Applicable √Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common
shareholders of Company in latest year and period
□Applicable √Not applicable
31
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Other information necessary to disclose for the Company or need to disclosed under requirement from security regulators
□Applicable √Not applicable
Explanation on changes of total shares and shareholder structure as well as assets and liability structure
□Applicable √Not applicable
II. Amount of shareholders of the Company and particulars about shares holding
In Share
Total common shareholders at Total preference shareholders with voting rights recovered at
38,405 0
period-end end of reporting period (if applicable) (see Note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Number of
Total
Proporti Changes Amount of Amount of share
Nature of on of shareholders
Full name of Shareholders in report restrict un-restrict pledged/frozen
shareholder shares at the end of
held period shares held shares held State of Amo
report period
share unt
Wuxi Industry Development State-owned
20.00% 204,059,398 118,967,998 85,091,400
Group Co., Ltd corporate
ROBERT BOSCH GMBH Foreign corporate 14.00% 142,841,400 115,260,600 27,580,800
China Construction Bank－
Domestic
Fullgoal Tianbo Innovation
non-state-owned 1.76% 18,000,000 18,000,000
Theme Stock Securities
corporate
Investment Fund
BBH BOS S/A FIDELITY FD -
Foreign corporate 1.50% 15,271,893 15,271,893
CHINA FOCUS FD
Bank of Communications – Domestic
Fullgoal Tianyi Value Securities non-state-owned 1.33% 13,600,000 13,600,000
Investment Fund corporate
Domestic
National Social Security
non-state-owned 1.03% 10,534,457 10,534,457
Fund-106 portfolio
corporate
Domestic
National Social Security
non-state-owned 0.88% 9,014,823 9,014,823
Fund-103 portfolio
corporate
CCB—Yinhua Core Value Domestic
Selected Securities Investment non-state-owned 0.88% 9,000,000 9,000,000
Fund corporate
Domestic
NCI—Bonus—Individual
non-state-owned 0.81% 8,248,849 8,248,849
Bonus -018L-FH002 Shen
corporate
Domestic
CCB—Bosera Theme Industry 0.78% 7,980,800 7,980,800
non-state-owned
32
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Securities Investment Fund corporate
Among the top ten shareholders, there has no associated relationship between
Wuxi Industry Development Croup Co., Ltd. and other shareholders, the first
largest shareholder of the Company; and they do not belong to the consistent
Explanation on related relationship or concerted actionist regulated by the Management Measure of Information Disclosure on
action among the abovementioned shareholders Change of Shareholding for Listed Company.
Fullgoal Tianbo Innovation Theme Stock Securities Investment Fund and
Fullgoal Tianyi Value Security Investment Fund shares same fund manager
–Fullgoal Fund Management Co., Ltd.
Particular about top ten shareholders with un-restrict shares held
Amount of un-restricted Type of shares
Shareholders’ name shares held at
Type Amount
period-end
WUXI INDUSTRY DEVELOPMENT CROUP CO., LTD. 85,091,400 RMB common shares 85,091,400
ROBERT BOSCH GMBH 27,580,800 Domestically foreign shares 27,580,800
China Construction Bank－Fullgoal Tianbo Innovation Theme
18,000,000 RMB common shares 18,000,000
Stock Securities Investment Fund
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD 15,271,893 Domestically foreign shares 15,271,893
Bank of Communications – Fullgoal Tianyi Value Securities
13,600,000 RMB common shares 13,600,000
Investment Fund
National Social Security Fund-106 portfolio 10,534,457 RMB common shares 10,534,457
National Social Security Fund-103 portfolio 9,014,823 RMB common shares 9,014,823
CCB—Yinhua Core Value Selected Securities Investment Fund 9,000,000 RMB common shares 9,000,000
NCI—Bonus—Individual Bonus -018L-FH002 Shen 8,248,849 RMB common shares 8,248,849
CCB—Bosera Theme Industry Securities Investment Fund 7,980,800 RMB common shares 7,980,800
Among the top ten shareholders, there has no associated
relationship between Wuxi Industry Development Croup Co., Ltd.
and other shareholders, the first largest shareholder of the
Expiation on associated relationship or consistent actors within Company; and they do not belong to the consistent actionist
the top 10 un-restrict shareholders and between top 10 regulated by the Management Measure of Information Disclosure
un-restrict shareholders and top 10 shareholders on Change of Shareholding for Listed Company.
Fullgoal Tianbo Innovation Theme Stock Securities Investment
Fund and Fullgoal Tianyi Value Security Investment Fund shares
same fund manager –Fullgoal Fund Management Co., Ltd.
Whether has a buy-back agreement dealing in reporting period
□Yes √No
The shareholders o f the Company had no buy-back agreement dealing in reporting period.
33
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
III. Changes of controlling shareholders or actual controller
Changes of controlling shareholders in reporting period
□ Applicable √ Not applicable
Changes of controlling shareholders had no change in reporting period.
Changes of actual controller in reporting period
□ Applicable √ Not applicable
Changes of actual controller in reporting period had no change in reporting period.
IV. Share holding increasing plan proposed or implemented in reporting period from
shareholder of the Company and its concerted action person
□ Applicable √Not applicable
As far as the Company know, there are no share holding increasing plan proposed or implemented in Period from shareholder of the
Company and its concerted action person
34
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section VII. Preferred Stock
I. Issuance and listing of preferred stock in Period
□ Applicable √ Not applicable
II. Number of shareholders with preferred stock held and shareholdings
□ Applicable √ Not applicable
III. Repurchase and conversion of preferred stock
1. Preferred stock repurchased
□ Applicable √ Not applicable
2. Preferred stock converted
□ Applicable √ Not applicable
IV. Preferred stock with voting rights recovered and executed
□ Applicable √ Not applicable
V. Accounting policy taken for preferred stock and reasons
□ Applicable √ Not applicable
35
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section VIII. Directors, Supervisors and Senior Executives
I. Changes of shares held by directors, supervisors and senior executives
□ Applicable √ Not applicable
Shares held by directors, supervisors and senior executives have no changes in reporting period, found more details in Annual Report
2013.
II. Resignation and dismissal of directors, supervisors and senior executives
□ Applicable √ Not applicable
Resignation and dismissal of directors, supervisors and senior executives have no changes in reporting period, found more details in
Annual Report 2013.
36
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Section IX. Financial Report
I. Audit reports
Whether the semi-annual report was audited or not
□ Yes √ No
The financial report of this semi-annual report was unaudited
II. Financial statements
Units in Notes of Financial Statements is RMB
1. Consolidated balance sheet
Prepared by Weifu High-Technology Group Co., Ltd In RMB
Item Closing balance Opening balance
Current assets:
Monetary fund 2,306,305,146.37 2,447,555,672.40
Settlement provisions
Capital lent
Transaction finance asset
Notes receivable 1,105,150,767.02 1,090,280,233.40
Account receivable 1,738,687,233.22 1,132,835,466.09
Accounts paid in advance 326,013,163.16 174,401,410.49
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance receivable
Interest receivable 6,036,756.73 51,438,634.58
Dividend receivable 22,937,046.01
Other receivables 17,043,712.67 11,486,223.97
Purchase restituted finance asset
Inventories 899,122,004.47 986,790,491.70
Non-current asset due within one year
Other current assets 1,562,493,085.81 1,580,056,398.02
Total current assets 7,960,851,869.45 7,497,781,576.66
Non-current assets:
37
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Granted entrust loans and advances
Financial assets available for sale 333,349,600.00 385,009,400.00
Hold-to-maturity investment 330,000,000.00 400,000,000.00
Long-term account receivable
Long-term equity investment 3,265,680,009.01 2,622,500,708.20
Investment real estate 3,196,498.86 3,424,363.44
Fixed assets 1,480,504,253.17 1,471,037,804.88
Construction in process 370,470,483.89 199,463,338.80
Engineering material
Disposal of fixed asset
Productive biological assets
Oil and gas asset
Intangible assets 355,586,789.13 360,284,868.85
Expense on Research and Development
Goodwill 1,784,086.79 1,784,086.79
Long-term expenses to be apportioned 14,731,686.58 16,331,775.24
Deferred income tax asset 122,322,022.07 116,614,808.05
Other non-current asset
Total non-current asset 6,277,625,429.50 5,576,451,154.25
Total assets 14,238,477,298.95 13,074,232,730.91
Current liabilities:
Short-term loans 309,000,000.00 399,500,000.00
Loan from central bank
Absorbing deposit and interbank deposit
Capital borrowed
Transaction financial liabilities
Notes payable 635,270,851.53 383,418,397.65
Accounts payable 1,667,523,955.75 1,476,781,979.39
Accounts received in advance 44,926,518.33 42,297,015.90
Selling financial asset of repurchase
Commission charge and commission payable
Wage payable 307,682,604.62 295,838,993.71
Taxes payable 47,869,222.26 43,814,597.61
Interest payable 1,788,111.11 996,716.67
38
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Dividend payable 306,060,297.60
Other accounts payable 76,474,081.89 87,324,894.86
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liabilities due within 1 year
Other current liabilities 33,647,894.88 26,314,544.23
Total current liabilities 3,430,243,537.97 2,756,287,140.02
Non-current liabilities:
Long-term loans 60,000,000.00 60,000,000.00
Bonds payable
Long-term account payable 19,191,818.00 19,191,818.00
Special accounts payable 20,496,771.02 25,655,817.40
Projected liabilities
Deferred income tax liabilities 18,283,907.90 19,938,394.40
Other non-current liabilities 198,379,040.61 195,506,040.61
Total non-current liabilities 316,351,537.53 320,292,070.41
Total liabilities 3,746,595,075.50 3,076,579,210.43
Owners’ equity(or Shareholders’ equity):
Paid-in capital( or share capital) 1,020,200,992.00 1,020,200,992.00
Capital public reserve 3,685,131,274.57 3,729,042,104.57
Less: Inventory shares
Reasonable reserve 1,200,135.80 1,255,141.19
Surplus public reserve 433,608,687.76 433,608,687.76
Provision of general risk
Retained profit 4,951,183,795.93 4,416,658,298.29
Balance difference of foreign currency translation
Total owner’s equity attributable to parent Company 10,091,324,886.06 9,600,765,223.81
Minority interests 400,557,337.39 396,888,296.67
Total owner’s equity( or shareholders equity) 10,491,882,223.45 9,997,653,520.48
Total liabilities and owner’s equity( or shareholders equity) 14,238,477,298.95 13,074,232,730.91
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin
Person in charge of accounting institute: Ou Jianbin
39
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
2. Balance sheet of parent company
Prepared by Weifu High-Technology Group Co., Ltd
In RMB
Item Closing balance Opening balance
Current assets:
Monetary fund 1,446,459,672.52 1,485,894,410.54
Transaction finance asset
Notes receivable 288,095,579.28 348,205,626.83
Account receivable 971,372,531.16 665,090,625.52
Accounts paid in advance 232,713,522.67 85,580,666.96
Interest receivable 45,000,000.00
Dividend receivable 21,925,117.50
Other receivables 15,096,164.92 2,907,285.14
Inventory 192,068,169.52 226,017,992.28
Non-current asset due within one year
Other current assets 1,552,100,000.00 1,562,100,000.00
Total current assets 4,697,905,640.07 4,442,721,724.77
Non-current assets:
Financial assets available for sale 333,349,600.00 385,009,400.00
Hold-to-maturity investment 330,000,000.00 400,000,000.00
Long-term account receivable
Long-term equity investment 4,222,901,693.72 3,632,576,088.69
Investment real estate
Fixed assets 639,959,644.85 640,596,120.54
Construction in process 288,654,765.03 136,613,517.22
Engineering material
Disposal of fixed asset
Productive biological assets
Oil and gas asset
Intangible assets 196,350,185.24 198,885,843.05
Expense on Research and Development
Goodwill
Long-term expenses to be apportioned
Deferred income tax asset 67,932,725.90 64,315,609.74
40
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Other non-current asset
Total non-current asset 6,079,148,614.74 5,457,996,579.24
Total assets 10,777,054,254.81 9,900,718,304.01
Current liabilities:
Short-term loans 120,000,000.00 220,000,000.00
Transaction financial liabilities
Notes payable 350,310,000.00 191,790,000.00
Accounts payable 586,236,913.10 596,257,017.04
Accounts received in advance 10,494,936.27 17,577,849.84
Wage payable 212,372,397.87 183,313,610.02
Taxes payable 16,124,276.26 38,260,172.61
Interest payable 340,511.11
Dividend payable 306,060,297.60
Other accounts payable 331,870,413.35 219,154,760.28
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 1,933,469,234.45 1,466,693,920.90
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account payable
Special accounts payable 2,231,688.91 7,390,735.29
Projected liabilities
Deferred income tax liabilities 15,871,515.00 17,470,485.00
Other non-current liabilities 181,898,815.24 181,898,815.24
Total non-current liabilities 200,002,019.15 206,760,035.53
Total liabilities 2,133,471,253.60 1,673,453,956.43
Owners’ equity(or Shareholders’ equity):
Paid-in capital( or share capital) 1,020,200,992.00 1,020,200,992.00
Capital public reserve 3,716,336,644.50 3,760,247,474.50
Less: Inventory shares
Reasonable reserve 58,899.85
Surplus public reserve 433,608,687.76 433,608,687.76
Provision of general risk
41
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Retained profit 3,473,377,777.10 3,013,207,193.32
Balance difference of foreign currency translation
Total owner’s equity( or shareholders equity) 8,643,583,001.21 8,227,264,347.58
Total liabilities and owner’s equity( or shareholders equity) 10,777,054,254.81 9,900,718,304.01
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin
Person in charge of accounting institute: Ou Jianbin
3. Consolidated profit statement
Prepared by Weifu High-Technology Group Co., Ltd
In RMB
Item Current Period Last Period
I. Total operating income 3,529,819,855.63 2,878,965,006.18
Including: Operating income 3,529,819,855.63 2,878,965,006.18
Interest income
Insurance gained
Commission charge and commission income
II. Total operating cost 3,131,829,145.38 2,569,127,289.28
Including: Operating cost 2,668,547,637.45 2,221,406,094.80
Interest expense
Commission charge and commission expense
Cash surrender value
Net amount of expense of compensation
Net amount of withdrawal of insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 21,943,274.39 18,439,419.84
Sales expenses 102,594,327.49 81,319,229.85
Administration expenses 344,239,876.45 275,092,115.54
Financial expenses -15,309,956.65 -27,181,590.78
Losses of devaluation of asset 9,813,986.25 52,020.03
Add: Changing income of fair value(Loss is listed with ―-‖)
Investment income (Loss is listed with ―-‖) 537,050,581.98 298,989,670.51
Including: Investment income on affiliated Company and joint
516,186,307.98 273,472,173.93
venture
42
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Exchange income (Loss is listed with ―-‖)
III. Operating profit (Loss is listed with ―-‖) 935,041,292.23 608,827,387.41
Add: Non-operating income 8,951,234.72 2,292,992.46
Less: Non-operating expense 7,935,026.94 5,046,403.57
Including: Disposal loss of non-current asset 300,543.56 1,725,468.28
IV. Total Profit (Loss is listed with ―-‖) 936,057,500.01 606,073,976.30
Less: Income tax 65,737,472.85 52,038,268.65
V. Net profit (Net loss is listed with ―-‖) 870,320,027.16 554,035,707.65
Including: net profit realized for merged party before combination
Net profit attributable to owner’s equity of parent Company 840,585,795.24 531,953,834.22
Minority shareholders’ gains and losses 29,734,231.92 22,081,873.43
VI. Earnings per share -- --
i. Basic earnings per share 0.82 0.52
ii. Diluted earnings per share 0.82 0.52
VII. Other consolidated income -43,910,830.00 65,789,575.00
VIII. Total consolidated income 826,409,197.16 619,825,282.65
Total consolidated income attributable to owners of parent Company 796,674,965.24 597,743,409.22
Total consolidated income attributable to minority shareholders 29,734,231.92 22,081,873.43
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin
Person in charge of accounting institute: Ou Jianbin
4. Profit statement of parent company
Prepared by Weifu High-Technology Group Co., Ltd
In RMB
Item Current Period Last Period
I. Operation income 1,326,473,373.98 1,270,886,428.63
Less: Operation cost 1,054,382,015.54 1,083,696,285.15
Operating tax and extras 6,946,840.87 7,233,003.17
Sales expenses 56,692,411.84 43,376,650.54
Administration expenses 152,005,287.14 113,257,450.11
Financial expenses -13,052,126.61 -29,351,061.05
Losses of devaluation of asset -3,209,342.25 129,551.83
Add: Changing income of fair value(Loss is listed with ―-‖)
Investment income (Loss is listed with ―-‖) 709,253,595.49 487,583,047.17
43
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Including: Investment income on affiliated Company and joint
492,416,778.66 247,946,222.53
venture
II. Operating profit (Loss is listed with ―-‖) 781,961,882.94 540,127,596.05
Add: Non-operating income 6,900,191.74 661,676.64
Less: Non-operating expense 6,153,060.18 1,499,366.12
Including: Disposal loss of non-current asset 172,625.11 109,273.68
III. Total Profit (Loss is listed with ―-‖) 782,709,014.50 539,289,906.57
Less: Income tax 16,478,133.12 9,835,613.57
IV. Net profit (Net loss is listed with ―-‖) 766,230,881.38 529,454,293.00
V. Earnings per share -- --
i. Basic earnings per share 0.75 0.52
ii. Diluted earnings per share 0.75 0.52
VI. Other consolidated income -43,910,830.00 65,789,575.00
VII. Total consolidated income 722,320,051.38 595,243,868.00
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin
Person in charge of accounting institute: Ou Jianbin
5. Consolidated cash flow statement
Prepared by Weifu High-Technology Group Co., Ltd
In RMB
Item Current Period Last Period
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor
3,480,224,120.49 2,724,674,871.14
services
Net increase of customer deposit and interbank deposit
Net increase of loan from central bank
Net increase of capital borrowed from Other financial institution
Cash received from original insurance contract fee
Net cash received from reinsurance business
Insured savings and net increase of investment
Net increase of disposal of transaction financial asset
Cash received from interest, commission charge and commission
Net increase of capital borrowed
Net increase of returned business capital
44
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Write-back of tax received 19,404,693.97 18,083,551.48
Other cash received concerning operating activities 81,374,338.65 52,716,388.42
Subtotal of cash inflow arising from operating activities 3,581,003,153.11 2,795,474,811.04
Cash paid for purchasing commodities and receiving labor service 2,283,048,356.05 1,820,040,005.91
Net increase of customer loans and advances
Net increase of deposits in central bank and interbank
Cash paid for original insurance contract compensation
Cash paid for interest, commission charge and commission
Cash paid for bonus of guarantee slip
Cash paid to/for staff and workers 429,559,435.23 286,348,011.92
Taxes paid 285,823,569.81 233,605,141.73
Other cash paid concerning operating activities 188,959,682.61 136,908,363.48
Subtotal of cash outflow arising from operating activities 3,187,391,043.70 2,476,901,523.04
Net cash flows arising from operating activities 393,612,109.41 318,573,288.00
II. Cash flows arising from investing activities:
Cash received from recovering investment 836,000,000.00 644,000,000.00
Cash received from investment income 48,736,536.92 19,267,496.58
Net cash received from disposal of fixed, intangible and Other
680,763.68 3,628,914.94
long-term assets
Net cash received from disposal of subsidiaries and Other units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 885,417,300.60 666,896,411.52
Cash paid for purchasing fixed, intangible and Other long-term
407,597,476.58 124,462,991.28
assets
Cash paid for investment 850,000,000.00 1,446,781,500.00
Net increase of mortgaged loans
Net cash received from subsidiaries and Other units -18,719,339.18
Other cash paid concerning investing activities 15,348,589.18
Subtotal of cash outflow from investing activities 1,272,946,065.76 1,552,525,152.10
Net cash flows arising from investing activities -387,528,765.16 -885,628,740.58
III. Cash flows arising from financing activities:
Cash received from absorbing investment 3,047,322.07 9,120,000.00
Including: Cash received from absorbing minority shareholders’
3,047,322.07 9,120,000.00
investment by subsidiaries
Cash received from loans 378,500,000.00 405,000,000.00
45
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Cash received from issuing bonds
Other cash received concerning financing activities
Subtotal of cash inflow from financing activities 381,547,322.07 414,120,000.00
Cash paid for settling debts 469,000,000.00 90,000,000.00
Cash paid for dividend and profit distributing or interest paying 29,655,555.69 20,611,820.15
Including: Dividend and profit of minority shareholder paid by
18,898,868.89 13,700,000.00
subsidiaries
Other cash paid concerning financing activities 339,091.00
Subtotal of cash outflow from financing activities 498,655,555.69 110,950,911.15
Net cash flows arising from financing activities -117,108,233.62 303,169,088.85
IV. Influence on cash due to fluctuation in exchange rate
V. Net increase of cash and cash equivalents -111,024,889.37 -263,886,363.73
Add: Balance of cash and cash equivalents at the period -begin 2,288,739,620.44 2,432,803,698.08
VI. Balance of cash and cash equivalents at the period –end 2,177,714,731.07 2,168,917,334.35
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin
Person in charge of accounting institute: Ou Jianbin
6. Cash flow statement of parent company
Prepared by Weifu High-Technology Group Co., Ltd
In RMB
Item Current Period Last Period
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor
1,294,576,520.94 1,429,103,912.94
services
Write-back of tax received
Other cash received concerning operating activities 69,837,433.15 21,670,581.21
Subtotal of cash inflow arising from operating activities 1,364,413,954.09 1,450,774,494.15
Cash paid for purchasing commodities and receiving labor service 865,335,890.75 711,140,296.61
Cash paid to/for staff and workers 176,842,863.16 119,741,073.35
Taxes paid 103,749,319.05 98,288,805.19
Other cash paid concerning operating activities 70,331,402.10 67,800,690.93
Subtotal of cash outflow arising from operating activities 1,216,259,475.06 996,970,866.08
Net cash flows arising from operating activities 148,154,479.03 453,803,628.07
II. Cash flows arising from investing activities:
46
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Cash received from recovering investment 830,000,000.00 644,000,000.00
Cash received from investment income 244,994,820.61 233,386,824.64
Net cash received from disposal of fixed, intangible and Other
321,910.72 80,730.24
long-term assets
Net cash received from disposal of subsidiaries and Other units 26,901,043.14
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 1,102,217,774.47 877,467,554.88
Cash paid for purchasing fixed, intangible and Other long-term
317,012,789.86 72,816,276.52
assets
Cash paid for investment 853,169,578.60 1,469,063,187.00
Net cash received from subsidiaries and Other units
Other cash paid concerning investing activities 5,159,046.38
Subtotal of cash outflow from investing activities 1,175,341,414.84 1,541,879,463.52
Net cash flows arising from investing activities -73,123,640.37 -664,411,908.64
III. Cash flows arising from financing activities:
Cash received from absorbing investment
Cash received from loans 200,000,000.00 220,000,000.00
Cash received from issuing bonds
Other cash received concerning financing activities
Subtotal of cash inflow from financing activities 200,000,000.00 220,000,000.00
Cash paid for settling debts 300,000,000.00
Cash paid for dividend and profit distributing or interest paying 6,674,731.64 3,780,000.00
Other cash paid concerning financing activities
Subtotal of cash outflow from financing activities 306,674,731.64 3,780,000.00
Net cash flows arising from financing activities -106,674,731.64 216,220,000.00
IV. Influence on cash due to fluctuation in exchange rate
V. Net increase of cash and cash equivalents -31,643,892.98 5,611,719.43
Add: Balance of cash and cash equivalents at the period -begin 1,422,429,501.73 1,524,564,526.97
VI. Balance of cash and cash equivalents at the period –end 1,390,785,608.75 1,530,176,246.40
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin
Person in charge of accounting institute: Ou Jianbin
47
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
7. Consolidate Changes of Owners’ Equity
Prepared by Weifu High-Technology Group Co., Ltd
Current Period
In RMB
Current Period
Owners’ equity attributable to the parent Company
Item Less: Gener
Minority’s Total Owners’
Paid-in capital Treasu Reasonable al risk
Capital reserves Surplus reserves Retained profit Other equity equity
(or share capital) ry reserve provisi
Stock on
I. Balance at the end of the last
1,020,200,992.00 3,729,042,104.57 1,255,141.19 433,608,687.76 4,416,658,298.29 396,888,296.67 9,997,653,520.48
year
Add: Changes of accounting
policy
Error correction of the last period
Other
II. Balance at the beginning of this
1,020,200,992.00 3,729,042,104.57 1,255,141.19 433,608,687.76 4,416,658,298.29 396,888,296.67 9,997,653,520.48
year
III. Increase/ Decrease in this year
-43,910,830.00 -55,005.39 534,525,497.64 3,669,040.72 494,228,702.97
(Decrease is listed with ―-‖)
(I) Net profit 840,585,795.24 29,734,231.92 870,320,027.16
(II) Other consolidated income -43,910,830.00 -43,910,830.00
Subtotal of (I) and (II) -43,910,830.00 840,585,795.24 29,734,231.92 826,409,197.16
(III) Owners’ devoted and decreased
-9,144,804.31 -9,144,804.31
capital
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
1. Owners’ devoted capital -9,144,804.31 -9,144,804.31
2. Amount calculated into owners’
equity paid in shares
3. Other
(IV) Profit distribution -306,060,297.60 -16,897,199.69 -322,957,497.29
1. Withdrawal of surplus reserves
2. Withdrawal of general risk
provisions
3. Distribution for owners (or
-306,060,297.60 -16,897,199.69 -322,957,497.29
shareholders)
4. Other
(V) Carrying forward internal owners’
equity
1. Capital reserves conversed to
capital (share capital)
2. Surplus reserves conversed to
capital (share capital)
3. Remedying loss with surplus
reserve
4. Other
(VI) Reasonable reserve -55,005.39 -23,187.20 -78,192.59
1. Withdrawal in the report period 9,151,156.32 1,041,547.32 10,192,703.64
2. Usage in the report period 9,206,161.71 1,064,734.52 10,270,896.23
(VII)Others
IV. Balance at the end of the report
1,020,200,992.00 3,685,131,274.57 1,200,135.80 433,608,687.76 4,951,183,795.93 400,557,337.39 10,491,882,223.45
period
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Amount at last year In RMB
Amount at last year
Owners’ equity attributable to the parent Company
Item Less: Gener
Total Owners’
Paid-in capital(or Treasu Reasonable al risk Othe Minority’s equity
Capital reserves Surplus reserves Retained profit equity
share capital) ry reserve provisi r
Stock on
I. Balance at the end of the last year 680,133,995.00 3,689,694,029.52 340,066,997.50 3,946,085,733.22 305,003,245.53 8,960,984,000.77
Add: Retroactive adjustment
arising from combination under same
control
Add: Changes of accounting
policy
Error correction of the last period
Other
II. Balance at the beginning of this
680,133,995.00 3,689,694,029.52 340,066,997.50 3,946,085,733.22 305,003,245.53 8,960,984,000.77
year
III. Increase/ Decrease in this year
340,066,997.00 39,348,075.05 1,255,141.19 93,541,690.26 470,572,565.07 91,885,051.14 1,036,669,519.71
(Decrease is listed with ―-‖)
(I) Net profit 1,108,221,450.83 46,072,082.12 1,154,293,532.95
(II) Other consolidated income 42,490,055.00 42,490,055.00
Subtotal of (I) and (II) 42,490,055.00 1,108,221,450.83 46,072,082.12 1,196,783,587.95
(III) Owners’ devoted and decreased
-3,141,979.95 73,309,536.01 70,167,556.06
capital
1. Owners’ devoted capital 73,309,536.01 73,309,536.01
2. Amount calculated into owners’
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
equity paid in shares
3. Other -3,141,979.95 -3,141,979.95
(IV) Profit distribution 340,066,997.00 93,541,690.26 -637,648,885.76 -27,705,305.87 -231,745,504.37
1. Withdrawal of surplus reserves 93,541,690.26 -93,541,690.26
2. Withdrawal of general risk
provisions
3. Distribution for owners (or
-204,040,198.50 -27,705,305.87 -231,745,504.37
shareholders)
4. Other 340,066,997.00 -340,066,997.00
(V) Carrying forward internal
owners’ equity
1. Capital reserves conversed to
capital (share capital)
2. Surplus reserves conversed to
capital (share capital)
3. Remedying loss with surplus
reserve
4. Other
(VI) Reasonable reserve 1,255,141.19 208,738.88 1,463,880.07
1. Withdrawal in the report period 17,366,734.77 2,119,500.71 19,486,235.48
2. Usage in the report period 16,111,593.58 1,910,761.83 18,022,355.41
(VII)Others
IV. Balance at the end of the report
1,020,200,992.00 3,729,042,104.57 1,255,141.19 433,608,687.76 4,416,658,298.29 396,888,296.67 9,997,653,520.48
period
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin Person in charge of accounting institute: Ou Jianbin
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
8. Statement on Changes of Owners’ Equity of Parent Company
Prepared by Weifu High-Technology Group Co., Ltd
Current Period
In RMB
Current Period
General
Item Paid-in capital(or Less: Treasury Reasonable Total Owners’
Capital reserves Surplus reserves risk Retained profit
share capital) Stock reserve equity
provision
I. Balance at the end of the last year 1,020,200,992.00 3,760,247,474.50 433,608,687.76 3,013,207,193.32 8,227,264,347.58
Add: Changes of accounting policy
Error correction of the last period
Other
II. Balance at the beginning of this year 1,020,200,992.00 3,760,247,474.50 433,608,687.76 3,013,207,193.32 8,227,264,347.58
III. Increase/ Decrease in this year (Decrease
-43,910,830.00 58,899.85 460,170,583.78 416,318,653.63
is listed with ―-‖)
(I) Net profit 766,230,881.38 766,230,881.38
(II) Other consolidated income -43,910,830.00 -43,910,830.00
Subtotal of (I) and (II) -43,910,830.00 766,230,881.38 722,320,051.38
(III) Owners’ devoted and decreased capital
1. Owners’ devoted capital
2. Amount calculated into Owners’ equity
paid in shares
3. Other
(IV) Profit distribution -306,060,297.60 -306,060,297.60
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
1. Withdrawal of surplus reserves
2. Withdrawal of general risk provisions
3. Distribution for owners (or shareholders) -306,060,297.60 -306,060,297.60
4. Others
(V) Carrying forward internal owners’ equity
1. Capital reserves conversed to capital (share
capital)
2. Surplus reserves conversed to capital (share
capital)
3. Remedying loss with surplus reserve
4. Others
(VI) Reasonable reserve 58,899.85 58,899.85
1. Withdrawal in the report period 2,181,032.81 2,181,032.81
2. Usage in the report period 2,122,132.96 2,122,132.96
(VII) Others
IV. Balance at the end of the report period 1,020,200,992.00 3,716,336,644.50 58,899.85 433,608,687.76 3,473,377,777.10 8,643,583,001.21
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Amount at last year
In RMB
Amount at last year
General
Item Paid-in capital Less: Treasury Reasonable Total Owners’
Capital reserves Surplus reserves risk Retained profit
(or share capital) Stock reserve equity
provision
I. Balance at the end of the last year 680,133,995.00 3,717,757,419.50 340,066,997.50 2,715,439,176.46 7,453,397,588.46
Add: Changes of accounting policy
Error correction of the last period
Other
II. Balance at the beginning of this year 680,133,995.00 3,717,757,419.50 340,066,997.50 2,715,439,176.46 7,453,397,588.46
III. Increase/ Decrease in this year (Decrease
340,066,997.00 42,490,055.00 93,541,690.26 297,768,016.86 773,866,759.12
is listed with ―-‖)
(I) Net profit 935,416,902.62 935,416,902.62
(II) Other consolidated income 42,490,055.00 42,490,055.00
Subtotal of (I) and (II) 42,490,055.00 935,416,902.62 977,906,957.62
(III) Owners’ devoted and decreased capital
1. Owners’ devoted capital
2. Amount calculated into Owners’ equity
paid in shares
3. Other
(IV) Profit distribution 340,066,997.00 93,541,690.26 -637,648,885.76 -204,040,198.50
1. Withdrawal of surplus reserves 93,541,690.26 -93,541,690.26
2. Withdrawal of general risk provisions
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
3. Distribution for owners (or shareholders) -204,040,198.50 -204,040,198.50
4. Others 340,066,997.00 -340,066,997.00
(V) Carrying forward internal owners’ equity
1. Capital reserves conversed to capital (share
capital)
2. Surplus reserves conversed to capital (share
capital)
3. Remedying loss with surplus reserve
4. Others
(VI) Reasonable reserve
1. Withdrawal in the report period 4,032,088.99 4,032,088.99
2. Usage in the report period 4,032,088.99 4,032,088.99
(VII) Others
IV. Balance at the end of the report period 1,020,200,992.00 3,760,247,474.50 433,608,687.76 3,013,207,193.32 8,227,264,347.58
Legal Representative: Chen Xuejun Person in charge of accounting works: Ou Jianbin Person in charge of accounting institute: Ou Jianbin
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
I I I . Basic information of the Company
1. Historical origin of the Company
By the approval of STGS (1992) No. 130 issued by Jiangsu Economic Restructuring Committee, Weifu
High-Technology Group Co., Ltd. (hereinafter referred to ―the Company‖ or ―Company‖) was established as a
company of limited liability with funds raised from targeted sources, and registered at Wuxi Administration for
Industry & Commerce in October 1992. The original share capital of the Company totaled RMB 115.4355 million,
including state-owned share capital amounting to RMB 92.4355 million, public corporate share capital amounting
to RMB 8 million and inner employee share capital amounting to RMB 15 million.
Between year of 1994 and 1995, the Company was restructured and became a holding subsidiary of Wuxi Weifu
Group Co., Ltd (hereinafter referred to as ―Weifu Group‖).
By the approval of Jiangsu ERC and Shenzhen Securities Administration Office in August 1995, the Company
issued 68 million special ordinary shares (B-share) with value of RMB 1.00 for each, and the total value of those
shares amounted to RMB 68 million. After the issuance, the Company’s total share capital increased to RMB
183.4355 million.
By the approval of CSRC in June 1998, the Company issued 120 million RMB ordinary shares (A-share) at
Shenzhen Stock Exchange through on-line pricing and issuing. After the issuance, the total share capital of the
Company amounted to RMB 303.4355 million.
In the middle of 1999, deliberated and approved by the Board and Shareholders’ General Meeting, the Company
implemented the plan of granting 3 bonus shares for each 10 shares. After that, the total share capital of the
Company amounted to RMB 394.46615 million, of which state-owned shares amounted to RMB 120.16615
million, public corporate shares RMB 10.4 million, foreign-funded shares (B-share) RMB 88.40 million, RMB
ordinary shares (A-share) RMB 156 million and inner employee shares RMB 19.5 million.
In the year 2000, by the approval of the CSRC and based upon the total share capital of 303.4355 million shares
after the issuance of A-share in June 1998, the Company allotted 3 shares for each 10 shares, with a price of RMB
10 for each allotted share. Actually 41.9 million shares was allotted, and the total share capital after the allotment
increased to RMB 436.36615 million, of which state-owned corporate shares amounted to RMB 121.56615
million, public corporate shares RMB 10.4 million, foreign-funded shares (B-share) RMB 88.4 million and RMB
ordinary shares (A-share) RMB 216 million.
In April 2005, Board of Directors of the Company has examined and approved 2004 Profit Pre-distribution Plan,
and examined and approved by 2004 Shareholders’ General Meeting , the Company distributed 3 shares for each
10 shares to the whole shareholders totaling to 130,909,845 shares in 2005.
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
According to the Share Merger Reform Scheme of the Company that passed by related shareholders’ meeting of
Share Merger Reform and SGZF [2006] No.61 Reply on Questions about State-owned Equity Management in
Share Merger Reform of Weifu High-Technology Co., Ltd. issued by State-owned Assets Supervision &
Administration Commission of Jiangsu Province, the Weifu Group etc. 8 non-circulating shareholders arranged
pricing with granting 1.7 shares for each 10 shares to circulating A-share shareholders (totally granted 47,736,000
shares), so as to realize the originally non-circulating shares can be traded on market when satisfied certain
conditions, the scheme has been implemented on April 5, 2006.
On 27 May 2009, Weifu Group satisfied the consideration arrangement by dispatching 0.5 shares for each 10
shares based on the number of circulating A shares as prior to Share Merger Reform, according to the aforesaid
Share Merger Reform, with an aggregate of 14,039,979 shares dispatched. Subsequent to implementation of
dispatch of consideration shares, Weifu Group then held 100,021,999 shares of the Company, representing
17.63% of the total share capital of the Company.
Pursuant to the document (XGZQ(2009)No.46) about ―Approval for Merger of Wuxi Weifu Group Co., Ltd. by
Wuxi Industry Development Group Co., Ltd.‖ issued by the State-owned Assets Supervision and Administration
Commission of Wuxi City Government, Wuxi Industry Development Group Co., Ltd. (hereinafter referred to as
Wuxi Industry Group) acquired Weifu Group. After the merger, Weifu Group was then revoked, and its assets and
credits & debts were transferred to be under the name of Wuxi Industry Group. Accordingly, Wuxi Industry
Group became the first largest shareholder of the Company since then.
In accordance with the resolutions of shareholders' meeting and provisions of amended constitution, and approved
by [2012] No. 109 document of China Securities Regulatory Commission, in Feb., the Company issued RMB
ordinary shares (A-share) of 112,858,000 shares to Wuxi Industry Groups and overseas strategic investor,
ROBERT BOSCH GMBH (hereinafter referred to as Germany BOSCH), face value was RMB 1 Yuan per share,
added registered capital of RMB112,858,000 Yuan , and the registered capital after change was RMB
680,133,995 Yuan. Wuxi Industry Group is the first majority shareholder of the Company, and Germany BOSCH
is the second majority shareholder of the Company.
In March 2013, the profit distribution replan for year of 2012 was deliberated and approved by the Board, and also
passed in Annual General Meeting 2012 of the Company in May 2013. On basis of total share capital 680,133,995
shares, distribute 5-share for every 10 shares held by whole shareholders, 340,066,997 shares in total are
distributed. Total share captial of the Company amounting RMB 1,020,200,992 up to 31 December 2013.
2. Registered place, organization structure and head office of the Company
Registered place and head office of the Company: Wuxi, Jiangsu.
Registration number: 320200000014926.
The Company sets up Shareholders’ General Meeting, the Board of Directors and the Supervisory Committee.
The Company sets up Administration Department, Engineering Technology Research Institution, Human
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Resources Department, Office of the Board, Risk Management Department, Information Systems Department,
Market & Strategy Plan Department, Party-masses Security Department, Finance Control Department, Project
Purchase Department, MS Business Segment, AC Business Segment, and subsidiaries such as Wuxi Weifu Leader
Catalytic Converter Co., Ltd. (referred to as Weifu Leader), Nanjing Weifu Jinning Co., Ltd. (referred to as Weifu
Jinning), and Wuxi Weifu Automotive Diesel System Co., Ltd. (referred to as Weifu Diesel System).
3. Business nature and major operation activities of the Company
Operation scope of parent company: manufacture of engine fuel oil system products, fuel oil system testers and
equipments; sales of energy-oriented machinery, hardware & electric materials, chemical products and raw
materials (other than chemical dangerous). Auto spare parts, autos (other than autos under-9 seats); repair of
engine, technological development and consultancy service of machinery industry; import and export business in
respect of diversified commodities and technologies (other than those commodities and technologies limited or
forbidden by the State for import and export) by self-operation and works as agent for such business
Major subsidiaries respectively activate in production and sales of engine accessories, auto spare parts, mufflers,
and purifiers.
4. Relevant party offering approval reporting of financial statements and date thereof
Financial statements of the Company were approved by the Board of Directors for reporting dated 28 August
2014.
IV. Major Accounting Policies, Accounting Estimation and Previous Errors of the Company
1. Basis of preparation of financial statements
The financial statement were stated in compliance with Accounting Standard for Enterprises No.30-Presentation
of Financial Statement, with recognitions and measurements made by reference to Accounting Standard for
Enterprises and Application Instruments thereof promulgated by the Ministry of Finance dated 15 February 2006
in respect of the actual transactions and proceedings, on a basis of ongoing operation.
2. Statement on observation of Accounting Standard for Enterprises
Financial statements prepared by the Company were in accordance with requirements of Accounting Standard for
Enterprises, which truly and completely reflected the financial information of the Company, such as financial
position, operation achievements and cash flow.
3. Accounting period
The accounting period of the Company comprises of annual period and interim period, among which, the annual
period commences from 1 January to 31 December, and interim period includes monthly, quarterly and half-year.
4. Currency used in book-keeping
The Company’s reporting currency is the RMB Yuan.
5. Accounting treatment methods for business combination under and not under the same control
(1)Business combination under the same control
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Business combination under the same control: consideration paid by acquirer for combination and net assets
acquired by him shall all be measured with carrying value. Difference between carrying values of net assets and
combination consideration respectively obtained and paid by acquirer over total par value of shares in issue shall
be used to adjust capital reserve; when capital reserve is insufficient for offset, then retained profit shall be
adjusted. All direct related expenses arising from business combination, including auditing expenses paid for
combination, evaluation expenses and law service expenses, shall be recorded in current gains and losses upon
occurrence; while procedure charge and commission arising from issuance of equity securities or bonds in relation
to business combination shall be accounted in initial measurement amount of shareholders’ equity or liabilities.
(2) Business combination not under the same control
Business combination not under the same control: combination cost paid by acquirer and net recognizable assets
obtained from combination shall be measured at fair value. In the event that difference between combination costs
over fair value of net recognizable assets obtained from combination is positive, thus such difference shall be
recognized as goodwill; if negative, and then shall be accounted in current gains and losses. All direct related
expenses arising from business combination including auditing expenses paid for combination, evaluation
expenses and law service expenses shall be recorded in business combination cost; while procedure charge and
commission arising from issuance of equity securities or bonds in relation to business combination shall be
accounted in initial measurement amount of shareholders’ equity or liabilities.
6. Relevant specific accounting policy for equity disposal on step-by-step basis to lose control
(1) A principle of judgment of “Package Deal”
(2) Accounting method for “Package Deal”
(3) Accounting method for Non “Package Deal”
7. Preparation method for consolidated statements
(1) Preparing method of consolidated financial statements
(1) Confirmation principle of consolidation scope
Preparation of the consolidation financial statement of the Company mainly complied with the consolidation
scope recognized by Parent Company Theory, details consolidation scope as:
①More than half of the equity capital of the investee enterprise that owned by Parent company, directly/indirectly
and jointly owned more than half of the equity capital by indirectly and directly included;
②Other investee enterprises control by Parent company including:
A. Holding more than half of voting right of the investee through agreement with other investors of the investee
enterprises; ；
B. Having the rights of financial and operation strategy controlled according to Article of Association to
Agreement;
C. Having the rights of appointment and dismissal on majority personnel’s in Board or in similar power institution
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
of the enterprise;
D. Having more than half of the rights to vote in Board or similar power institution of the enterprise.
(2) Measures used in consolidation
①The Company consolidations permit since the day of actual control right obtained; cease consolidation since the
day of control right lost. Consolidation financial statement based on the financial statement of the Company and
other relevant information of vary subsidiaries that joint in the consolidation scope, adjusted long-term equity
investment to subsidiaries according to equity method, off-setting the investment, transaction and contacts
between the Company and vary subsidiaries that in the consolidation scope, consolidated for preparation after
minority shareholders’ gains/loss and minority shareholders’ equity calculation.
②Concerning the different accounting policy or accounting period between the Company and subsidiaries,
consolidating after adjustment on subsidiaries’ financial statement based on the Company’s accounting policy or
accounting period.
③Concerning the subsidiary obtained under combination with different control, adjusted several financial
statement of the subsidiary based on the fair value of recognizable net assets on purchased day while financial
statement consolidation; concerning the subsidiary obtained under combination with same control, considered
current status of being control by ultimate controller for consolidation while financial statement consolidation.
(2)Disclosure of related accounting method for buy-and-resell or sell-and-repurchase of equities in the same
subsidiary within two successive accounting years
Nil
8. Determination criteria of cash and cash equivalent
Cash equivalent represents such kind of investment featuring with short term (generally due within 3 months since
purchase day), active liquidity, being easy for converting to cash with already-known amount, as well as tiny
exposure to value change risks.
9. Foreign currency business and the conversion of foreign currency statement
(1) Foreign currency business
Foreign currency business is accounted with amount denominated in RMB as translated at the spot exchange rate
as of the occurrence day of such business. The occurred foreign currency exchange business or transactions with
foreign currency exchange involved shall be translated at the effective exchange rate (i.e. exchange rate adopted
by banks for such transactions) adopted by such transaction.
(2) Translation of foreign currency statement
As at balance sheet date, division between foreign currency monetary items and foreign currency non-monetary
items are dealt with according to the following principles:
Foreign currency monetary items are translated at spot exchange rate as of balance sheet date, and then recorded
in current gains and losses when happening during normal operation period; exchange gains and losses related to
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
borrowings for purchasing fixed assets are disposed with principle of capitalization of borrowing expense.
Monetary item represents the monetary capital, and assets or liabilities respectively received or paid at fixed or
insurable amount, among other things, stock cash, bank deposit, account receivables, other receivables, long-term
receivables, short-term loans, account payables, other payables, long-term loans, bond payables and long-term
payables, etc.
Foreign currency non-monetary items are translated at spot exchange rate as of transaction date, with no change in
its amount accounted in standard currency. Non-monetary items represent items except for monetary items.
As for foreign currency non-monetary items measured at fair value, translation is subject to the spot exchange rate
as of the date when fair value is recognized. Difference between the accounted standard currency amount
subsequent to translation and its original accounted standard currency amount is dealt with as movement in fair
value (movement in exchange rate included), and then recorded in current gains and losses.
10. Financial instruments
Financial instruments including financial assets, financial liability and equity instrument
(1) Classification of financial instruments
In terms of investment purposes and economic natures, the Company divides its financial assets into transactional
financial assets, financial assets available for sale, account receivables and held-to-maturity investments, among
which, transactional financial asset is measured at fair value and movement of its fair value is recorded in current
gains and losses; financial asset available for sale is measured at fair value and movement of its fair value is
recorded in shareholders’ equity; account receivables and held-to-maturity investments are measured at amortized
cost.
(2) Recognition basis and measurement method for financial instruments
In the case that when a company constitutes one party to financial instrument agreement, one item of financial
asset or financial liability shall then be recognized
In terms of economic nature, the Company divides its financial liabilities into two groups, namely financial
liabilities at fair value through gains and losses and other financial liabilities at amortized cost.
(3) Recognition basis and measurement method for transfer of financial assets
That the Company grants or delivers financial assets to party other than the issuer of such financial assets equals
transfer of financial assets. Financial assets transferred could be the entire or part of such financial assets. Two
forms are listed as follows:
①Transfer of right for collecting cash flow of financial assets to another party;
②Transfer financial assets to another party, while the aforementioned right is retained, with obligation of paying
such cash flow to final collector.
In the even that the Company has transferred almost all risks and remunerations arising from ownership of all or
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part financial assets to another party, accordingly, recognition for such entire or part financial assets shall be
ceased. Gains and losses are determined by the received consideration less the carrying value of the transferred
financial assets. Meanwhile, the original accumulated gains or losses of financial assets recognized in the owners’
equity shall transferred to gains and losses; when all risks and remunerations attached to ownership are retained,
recognition for such entire or part financial assets shall continue, and the consideration received shall be viewed as
financial liabilities.
As for the financial assets which the Company has neither transferred nor retained all risks and remunerations
attached to ownership of such financial assets, while control upon such financial assets still exists, recognition
shall be conducted in light of the degree of its continuous involvement in the transferred financial assets.
Accordingly, relevant liabilities shall be recognized.
(4) Recognition condition for termination of financial liability
Upon satisfaction of one of the following condition, financial assets will immediately experience discontinued
recognition:
①Right entitled by contract in respect of collection of cash flow from such financial asset terminates.
②Such financial assets have been transferred and meet discontinued recognition condition for financial assets as
regulated by Accounting Standard for Enterprise No.23-Transfer of Financial Assets.
Only when present obligations under financial liability have been released entirely or partly, could cease
recognition of such financial liability or part thereof.
(5) Deciding of fair value of financial assets and financial liabilities
① In case of an active market, financial assets or financial liabilities which are respectively held and proposed to
be undertaken by the Company are subject to the prevailing offer price of such market, and financial assets or
financial liabilities which are respectively proposed to be held and undertaken by the Company are subject to the
prevailing asked price of such market. In case of absence of such prevailing offer or asked prices, market
quotation of the latest transaction or adjusted market quotation of the latest transaction shall be adopted, except
that there is clear evidence showing that such market quotation is not fair value.
② In case of absence of an active market, the Company recognizes fair value by reference to valuation technology
which includes reference to the price adopted by parties who are willing to make business and knowing conditions
quite well in their latest transactions, reference to prevailing fair values of other financial instruments with similar
essence, discount cash flow method and option pricing pattern.
(6) Impairment test method and impairment provision method for financial assets (not including account
receivables)
The Company conducts inspection on carrying values of financial assets, except for transactional financial assets,
as at balance sheet date. If there is objective evidence indicating that impairment has happened to financial assets,
impairment reserve then shall be provided. Financial asset with great amount in single item is subject to separate
impairment test. In case of any objective evidence indicating that impairment has happened to such financial asset,
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impairment loss shall be recognized and recorded in current gains and losses. As for the financial assets with no
great amount in single item and those which prove to be not impaired after separate test, the Company will
conduct impairment test on basis of credit portfolio which is determined in light of customers’ credit records and
historical bad debts, so as to recognize impairment loss.
Objective evidence indicating impairment happens to financial assets means the proceedings meeting the three
characteristics: actually occurred subsequent to initial recognition of such financial assets, bring influence over the
estimated future cash flow of such financial assets, and such influence could be reliably measured by the
Company.
The followings are included in objective evidences indicating impairment happens to financial assets:
A: Serious financial difficulty happens to issuer or debtor;
B: Breach of terms of contract by debtor, such as breach or overdue in repaying interest or principal;
C: Creditor makes concession for debtors who experience financial trouble in light of consideration for economy
or laws;
D: Debtor is very likely to experience bankrupt or financial reorganization;
E: Financial assets are not able to be traded in active market since material financial difficulty happens to issuer;
F: It is unable to judge whether cash flow from certain asset in a group of financial assets has decreased, while it
is finally found that the estimated future cash flow of such financial asset has actually decreased since its initial
recognition and the decrease can be reliably measured by reference to the general valuation based on open data.
For example, payment capacity of debtor of such financial assets portfolio gradually worsens, or unemployment in
country or region where the debtor locates risen, price of guaranty falls greatly in the place where it locate, and the
industry in which it belongs to is unpromising;
G: Material negative changes happen to technologies, markets, economy or law environment in which debtor
operates, which leads to that equity instrument investor is not likely to be able to recover investment cost;
H: Fair value of equity instrument investment experiences severe or non-temporary falling;
I: Other objective evidence indicating impairment happens to financial assets.
In the event of impairment in financial asset at amortized cost, impairment loss is calculated based on the
difference between carrying value and present value of estimated future cash flow discounted at effective interest
rate.
After impairment loss is recognized for financial asset at amortized cost, if there is objective evidence indicating
value of such financial asset has recovered, which is objectively related to proceedings occurred after recognition
of such loss, the original impairment loss shall be reversed and recorded in current gains and losses. However, the
carrying value subsequent to such reversal shall not exceed the amortized cost of such financial asset as at the
reversal date on assumption that such impairment loss had not been provided.
Judging standards for vary impairment of financial assets available for sale
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At end of the Period, if the fair value of financial assets avilable for sale drop dramatically, or after considering
various relevant factors, the trend is estimate falls temporary, than impairment shall be recognized. The original
accumulated loss through owners’ equity directly arising from falling fair value shall be reversed and impairment
recognized. As for the recognized impairment losses of debt instruments available for sale, in later accounting
period, if the fair value gose up and objectively relevant to the event recognized after original impairment losses
confirmed, the original recognized impairment losses shall be reversed and reckoned into current gains/losses.
Impairment losses arising from invesment of equity insutrument availabel for sale, shall not be reversed through
gains and losses.
Standards of ―serious‖down for fair value of equity insutrument availabel for sale investment: Generally speaking,
as for those active equity investmentin in a good market liquidity, over 50% decline will recognize as serious
down.
Standards of ―non-temporary‖down for fair value of equity insutrument availabel for sale investment: Generally
speaking, if consecutive drop for over 6 months, than shall recognize as ―non-temporary down‖.
(7)As for reclassification of un-matured held-to-maturity investments into financial assets available for sale,
explain the holding purposes or references for change of ability
Nil
11. Recognition standards and accrual method for bad debt provision for accounts receivable
(1) Bad debt provision for accounts receivable with single major amount
The Company’s account receivables with above RMB 1 million in single item is defined as account
receivables with significant amount in single item. Such kind of account receivables are recognized
Determine basis or amount
as bad debts in case of impossible collection though with bankrupt properties or heritages of debtors
standards for single
due to their bankrupt or death, or in the even that debtors haven’t implemented their repayment
significant amount
obligations over 3 years upon expiration and there are obvious evidences indicating impossible
collection.
Withdrawal method for As for account receivables with significant amount in single item which can not be directly
account with single significant recognized as bad debts, debt provision shall be provided according to the Company’s policies by
amount and withdrawal single item aged analysis method. 100% bad debt provision shall be provided for those account receivables with
bad debt provision great amount in single item which can be directly recognized as bad debts
(2) Accounts whose bad debts provision was accrued by combination
Methods on withdrawal of bad debt
Combination Basis for combination recognized
provision based on combination
Age A combination classified by age as major risk characteristic, withdrawal
Age analysis method
combination bad debt provision by age analysis method
In combination, accounts whose bad debts provision was accrued by age analysis
√ Applicable □ Not applicable
Account age Rate for receivables (%) Rate for other receivables
Within 1 year (one year included) 10.00% 10.00%
Within 6 months 0.00% 0.00%
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6 months to 1 year 10.00% 10.00%
1－2 years 20.00% 20.00%
2－3 years 40.00% 40.00%
Over 3 years 100.00% 100.00%
3－4 years 100.00% 100.00%
4－5 years 100.00% 100.00%
Over 5 years 100.00% 100.00%
In combination, withdrawal proportion of bad debt provision based on balance proportion
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods
□ Applicable √ Not applicable
(3) Accounts with single significant amount and bad debts provision accrued individually
Account receivable meeting the following conditions: account receivable whose single amount is not
Reasons for withdrawal single significant, impossible collection though with bankrupt properties or heritages of debtors due to their
item bad debt provision bankrupt or death, debtors haven’t implemented their repayment obligations over 3 years upon
expiration and there are obvious evidences indicating impossible collection.
Withdrawal method for bad 100% for provision percentage for percentage of total accounts receivable outstanding and 100% for
debt provision provision percentage for percentage of total other receivable outstanding
12. Inventories
(1)Classification of inventories
The Company’s inventories are categorized into stock materials, product in process and stock goods etc.
(2)Pricing for delivered inventories
Pricing method: Other
A. Generally, stock materials are calculated at planned cost. Material cost difference is individually set according
to classification of grant types. Pursuant to the difference between the planned cost of the received or delivered
raw materials and the material cost the aforesaid cost should share after carrying forward at period-end, the
Company adjusts the planned cost to effective cost; finished products are priced at effective costs, and carried
forward to operating cost by weighted average method when being delivered;
B. Products in process are priced at effective costs, and carried forward to finished products at actually occurred
cost;
C. Finished self-produced products are priced at effective costs, and carried forward to operating cost by weighted
average method; external purchase goods (from import and export trades) are carried forward to sales cost by
individual pricing method.
(3)Recognition evidence for net realizable value of inventories and withdrawal method for inventory
impairment provision
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Inventories as at period-end are priced at the lower of costs and net realizable values; at period end, on the basis of
overall clearance about inventories, inventory impairment provision is withdrew for uncollectible part of costs of
inventories which result from destroy of inventories, out-of-time of all and part inventories, or sales price
lowering than cost. Inventory impairment provision for stock goods and quantity of raw materials is subject to the
difference between costs of single inventory item over its net realizable value. As for other raw materials with
large quantity and comparatively low unit prices, inventory impairment provision is withdrawn pursuant to
categories.
As for inventories such as stock goods and materials available for direct sales, their net realizable values are
determined by their estimated selling prices less estimated sales expenses and relevant taxes. For material
inventories held for purpose of production, their net realizable values are determined by the estimated selling
prices of finished products less estimated costs, estimated sales expenses and relevant taxes accumulated till
completion of production. As for inventories held for implementation of sales contracts or service contracts, their
net realizable values are calculated on the basis of contract prices. In the event that inventories held by a company
exceed order amount as agreed in sales contracts, net realizable values of the surplus part are calculated on the
basis of normal sale price.
(4) Inventory system
Inventory system: Perpetual Inventory System
(5) Amortization of low-value consumables and wrappage
Low-value consumables
Amortization Method: one-off amortization
Wrappage
Amortization Method: one-off amortization
13. Long-term equity investment
(1)Recognition of investment cost
Long-term equity investment mainly includes the equity investments made to subsidiaries, joint ventures and
associates, and the equity investment which couldn’t entitle the Company to conduct control, common control or
significant influence over the invested units and which have no quotation price in active market and whose fair
value could not be able to measured surely. Initial investment cost of long-term equity investment of the
Company is recognized by the following ways based on different acquisition ways:
①In situation of a long-term equity investment acquired through business combination under common control,
the carrying value of the owners’ equity of the acquired company as at the combination date is deemed as initial
investment cost for this long-term equity investment; difference between acquisition cost and initial investment
cost is used to adjust capital reserve. In case of insufficient capital reserve for offset, retained profit shall be then
adjusted.
②In situation of a long-term equity investment acquired through business combination not under common control,
the initial investment cost of long-term equity investment is determined at the fair value of assets involved at
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trading dated, equity instrument issued as well as liabilities occurred or undertaken. Realizable assets and
liabilities undertaken by such assets (including contingent liabilities) of the party being combined as at the
combination date are all measured at fair values, without consideration to amount of minority interests. The
surplus of combination cost less fair value net realizable assets of the party being combined is recorded as
goodwill, and the deficit is directly recognized in the consolidated statement of gains and losses.
③Long-term investments obtained through other ways:
A. Initial investment cost of long-term equity investment obtained through cash payment is determined according
to actual payment for purchase;
B. Initial investment cost of long-term equity investment obtained through issuance of equity securities is
determined at fair value of such securities;
C. Initial investment cost of long-term equity investment injected by investor is determined at the agreed value in
investment contract or agreement. In case of an unfair contract or agreement value, measurement shall be
conducted at fair value;
D. Initial investment cost of long-term equity investment (exchanged-in) obtained through exchange with
non-monetary assets, which is of commercial nature, is determined at fair value of the assets exchanged-out;
otherwise determined at carrying value of the assets exchanged-out if it is not of commercial nature;
E. Initial investment cost of long-term equity investment obtained through debt reorganization is determined at
fair value of such investment.
(2)Recognition method for subsequent measurement and gains and losses
①Investment to subsidiaries is calculated under cost method: it is referred to the equity investment made to
subsidiaries held by the Company which can conduct control upon invested unit. If the Company holds over 50%
equities of an entity or has control power in such entity though equity holding is fewer than 50%, such entity
comprises a subsidiary of the Company.
②Investment to joint ventures or associates is calculated under equity method: it is referred to the equity
investment made to joint ventures held by the Company which can conduct common control upon the joint
venture with other joint parties; it is referred to the equity investment made to associates held by the Company
which has material influence upon such associates. In the event that the Company holds equities of an entity from
20% to 50% and no essential control exists in such entity meanwhile or that though the Company holds equities of
an entity fewer than 20% while it has material influence upon such entity, then the entity shall be deemed as a
joint venture or associate of the Company. When recognizing its share in net gains and losses of the invested
unit, the Company shall achieve recognition based on fair values of various realizable assets of such invested unit
upon obtaining such investment after adjustment in net profit of such invested unit. In case of any inconsistency of
the accounting policies and accounting periods adopted by invested unit and the Company, financial statements of
such invested unit shall be subject to adjustment in compliance with accounting policies and accounting periods
adopted by the Company, so as to recognize investment gains and losses on that basis. As for treatment for other
movement of owners’ equity other than net gains and losses of invested unit, carrying value of long-term equity
investment shall be subject to adjustment which shall be then recorded in owners’ equity.
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③Long-term equity investment to entities where the Company has no control, common control or material
influence:
Long-term equity investment which has no quotation in active market and whose fair value could not be reliably
measured is calculated under cost method.
Long-term equity investment which has quotation in active market or whose fair value could be reliably measured
is presented under item of financial asset available for sale, and is measured at fair value, and fair value movement
thereof shall be recorded in shareholders’ equity.
(3)Reference for confirmation of common control and material influence in invested unit
Common control over invested unit means common control over certain economic activity pursuant to contract
agreement, and only exists when investors who need to share control power on material financial and operation
decisions related to such economic activity make unanimous agreement. That a party has material influence upon
invested unit means that such party has power to join decision-making related to finance and operation decisions
of the invested unit, while no ability of control or joint control with other parties upon establishement of such
decisions.
(4)Impairment test method and withdrawal method for impairment provision
If any impairment indication is found in long-term equity investment by the Company in its period-end inspection,
the recoverable amount shall be estimated. In case of such recoverable amount lowering than its carrying value,
impairment provision shall be withdrawn for long-term investment by reference to the difference of the aforesaid
two items. As for long-term equity investment which has no quotation in active market and whose fair value could
not be reliably measured, its impairment loss is determined by reference to its carrying value less the amount
recognized through discounting future cash flow at the prevailing market yield ratio of similar financial assets,
and then recorded in current gains and losses. As for long-term equity investment except for financial assets
available for sale, its impairment provision will not be reversed during asset permanent period once it is
withdrawn. Impairment loss of financial assets available for sale can be reversed through equities.
14. Investment real estate
Investment real estate is stated at cost. During which, the cost of externally purchased properties
held-for-investment includes purchasing price, relevant taxes and surcharges and other expenses which are
directly attributable to the asset. Cost of self construction of properties held for investment is composed of
necessary expenses occurred for constructing those assets to a state expected to be available for use. Properties
held for investment by investors are stated at the value agreed in an investment contract or agreement, but those
under contract or agreement without fair value are stated at fair value.
The Company adopts cost methodology amid subsequent measurement of properties held for investment, while
depreciation and amortization is calculated using the straight-line method according to their estimated useful lives.
The basis of provision for impairment of properties held for investment is referred to the provision for impairment
of relevant fixed assets.
15. Fixed assets
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(1) Recognition of fixed assets
Fixed assets refer to the buildings, machinery and equipment, transportation vehicle and other equipments related
to operation with useful lives of more than one year and held for production of products, provision of labor, lease
or operation. A fixed asset is recognized when it is Contingent that the relevant economic benefits flow into the
enterprise and the cost of the fixed assets can be reliably measured.
(2) Basis of recognition and method of measurement of fixed assets by financing lease
The assets will be classified as fixed assets by financing lease if the Company satisfies one or more of the
following conditions:
①As stipulated in the lease agreement (or a reasonable judgment made pursuant to relevant conditions at the
commencement date of the lease), the ownership of fixed assets by financing lease can be passed to the Company
when the lease expires;
②As the Company has a option to acquire the leased fixed assets and the agreed price of purchase is far below the
fair value of leased fixed assets at the time of exercise of the option, it is certain that the Company will exercise
the option at the commencement date of the lease;
③Despite that the ownership of fixed assets is not transferable, the lease period represents 75% or more of the
useful life of leased fixed assets;
④The present value of the minimum lease payment by the Company at the commencement date of lease is equal
to 90% or more of the fair value of leased fixed assets at the commencement date of lease. The present value of
the minimum lease payment received by the lesser at the commencement date of lease is equal to 90% or more of
the fair value of leased fixed assets at the commencement date of lease;
⑤ Due to the special nature of the leased assets, those assets can be used only by the Company if without any
substantial renovation;
⑥The fixed assets by financing lease is carried at the lower of the fair value of the leased fixed assets at the
commencement date of lease and the present value of the minimum lease payment.
(3) Depreciation of fixed assets
Classification Depreciation time(Year) Residual rate Annual depreciation rate (%)
House and Building 20-35 5.00% 2.71-4.75%
Machinery equipment 10 5.00% 9.50%
Electronic equipment 3-5 5.00% 19.00-31.67%
Transportation equipment 4-5 5.00% 19.00-23.75%
Other equipment 5-10 5.00% 9.5-19.00%
(4) Impairment testing of fixed assets and provision for impairment
At the end of the Reporting Period, the Company carries out a review on fixed assets. If the following conditions
exist, the Company shall value the recoverable amount of fixed assets in order to determine whether there is any
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impairment of fixed assets. For fixed assets with recoverable amount falling below the carrying amount, the
Company will make a provision for impairment loss on fixed asset equals to an amount of the difference between
the recoverable amount and the carrying amount. Provision is made based on a single item basis, and based on a
group of assets to which the assets belong to if it is hard to estimate the recoverable amount of the single assets.
The impairment provision cannot be reversed in the period of duration of the assets once it is provided.
①There is a significant decrease in the market price of fixed assets. Such decrease is beyond any decrease to the
large extent in the market price as time goes by or any expected decrease from normal use of fixed assets;
②Fixed assets are obsolete and damaged;
③There is a significant negative change to the intended use of fixed assets, such as idleness or forthcoming
idleness of the fixed assets, termination or restructuring of the operating business to which the fixed assets belong
to and disposal of fixed assets earlier than the end of its useful life, thereby resulting in negative influence on the
Company;
④There is a significant current or recent change in the economic, technological and legal environment in which
the Company operates and in the market in which fixed assets are, thereby resulting in negative influence on the
Company;
⑤There is a significant increase in the market interest rate or return on investment in other markets, posing a
potential impact on the discount rate on the calculation of the present value of the estimated future cash flows,
thereby resulting in significant decrease in recoverable amount of fixed assets;
⑥There is evidence from internal reports of the enterprise that the economic benefits of the fixed assets have been
lower or will be lower than expected, for example, the net cash flows or operating profits (or losses) of the fixed
assets are far lower (or higher) than the expected amount;
⑦Other circumstances showing an indication of impairment of fixed assets
(5) Other explanation
Nil
16. Construction in process
(1) Classification of construction in process
Construction in process will calculate base on the category while project approved and initiated. Pricing of
construction in progress: To determine construction costs based on the actual occurrence of expenditures.
Self-operated projects are measured with direct materials, direct salary and direct construction expenses; contract
projects are measured with the project contract amount payables; equipment installment projects are measured
with the value of installed equipments, installment fees and occurred expenses for trial operation of projects.
Costs of construction in progress also include borrowing expenses and exchange gains and losses which shall be
capitalized.
(2) Standard and timing of converting projects under construction into fixed assets
From the date on which the fixed assets built by the Company come into an expected usable state, the projects
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under construction are converted into fixed assets on the basis of the estimated value of project estimates or
pricing or project actual costs, etc. Depreciation is calculated from the next month. Further adjustments are made
to the difference of the original value of fixed assets after final accounting is completed upon completion of
projects; however, the original depreciation is not adjusted.
(3) Recognition standards and accrual method of impairment provision for construction in process:
The Company carries out a comprehensive inspection of projects under construction at the conclusion of each
year. Where there is an indication of impairment, the recoverable amount is estimated and impairment is
provided on the basis of the difference between the amount recoverable by a project and the carrying amount of
such project. Impairment provision is not reversed during the period of duration of the assets once it is provided.
17. Borrowing costs
(1) Recognition of capitalization of borrowing costs
Borrowing costs comprise interest occurred, amortization of discounts or premiums, ancillary costs and exchange
differences in connection with foreign currency borrowings. The borrowing costs of the Company, which incur
from the special borrowings occupied by the fixed assets that need more than one year (including one year) for
construction, development of investment properties or inventories or from general borrowings, are capitalized and
recorded in relevant assets costs; other borrowing costs are recognized as expenses and recorded in the profit or
loss in the period when they are occurred. Relevant borrowing costs start to be capitalized when all of the
following three conditions are met:
① Capital expenditure has been occurred;
② Borrowing costs have been occurred;
③Acquisition or construction necessary for the assets to come into an expected usable state has been carried out.
(2) Period of capitalization of borrowing costs
The borrowing costs in relation to acquisition or construction of fixed assets, investment properties and
inventories, incurring before the assets reach an expected usable state or saleable state, are recorded in the costs of
the assets when the above conditions of capitalization are met. When acquisition or construction of fixed assets
undergo abnormal suspension, and the suspension lasts for more than 3 months consecutively, then the
capitalization of suspension borrowing ceases and will be recognized as current expenses, until the acquisition or
construction of assets start again. When the expected usable state or saleable state is achieved, capitalization of
borrowing costs ceases, and the borrowing costs incurring subsequently are directly recorded into financial
expenses in the period when they are occurred.
(3) Capitalize cost suspension
When acquisition or construction of fixed assets undergo abnormal suspension, and the suspension lasts for more
than 3 months consecutively, then the capitalization of suspension borrowing ceases and will be recognized as
current expenses, until the acquisition or construction of assets start again. When the expected usable state or
saleable state is achieved, capitalization of borrowing costs ceases, and the borrowing costs incurring
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subsequently are directly recorded into financial expenses in the period when they are occurred.
(4) Calculation of capitalized amounts of borrowing costs
In respect of the special borrowings borrowed for acquisition, construction or production and development of the
assets qualified for capitalization, the amount of interests expenses of the special borrowings actually occurred in
the period less interest income derived from unused borrowings deposited in banks or less investment income
derived from provisional investment, are recognized.
With respect to the general borrowings occupied for acquisition, construction or production and development of
the assets qualified for capitalization, the capitalized interest amount for general borrowings is calculated and
recognized by multiplying a weighted average of the accumulated expenditure on the assets in excess of the
expenditure on the some assets of the special borrowings, by a capitalization rate for general borrowings. The
capitalization rate is determined by calculation of the weighted average interest rate of the general borrowings.
18. Biological assets
Nil
19. Oil/gas assets
Nil
20. Intangible assets
(1) Measurement of intangible assets
The intangible assets of the Company include land use rights etc.
The cost of a purchased intangible asset shall be determined by the expenditure actually occurred and other related
costs.
The cost of an intangible asset contributed by an investor shall be determined in accordance with the value
stipulated in the investment contract or agreement, except where the value stipulated in the contract or agreement
is not fair.
The intangible assets acquired through exchange of non-monetary assets, which is commercial in substance, is
carried at the fair value of the assets exchanged out; for those not commercial in substance, they are carried at the
carrying amount of the assets exchanged out.
The intangible assets acquired through debt reorganization, are recognized at the fair value.
Expenditure in the research stage of the intangible assets with independent research and development should be
included in the profit or loss for the current period in which they are occurred; expenditure in the development
stage should be recognized as intangible assets (patent technologies and non-patent technologies) when all of the
following conditions are met:
①It is technically feasible that the intangible assets are completed for the purpose of their uses or sales;
②The Company has an intention to complete the intangible assets for their uses or the sale;
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③Ways of creating economic benefits by intangible assets include proof of existing market of the products
manufactured by use of intangible assets or the existing market of intangible assets and the proof of the use if the
intangible assets are only for the Company’s internal use;
④The Company has sufficient technical and financial resources and other supporting resources to complete the
research and development of such intangible assets and are capable of using or selling such intangible assets;
⑤Expenditure occurred in the development stage of such intangible assets can be accurately calculated;
⑥The cycle of the product produced with the intangible assets is above one year.
Amortization methods and time limit for intangible assets: Land use right of the company had average
amortization by the transfer years from the beginning date of transfer (date of getting land use light).
(2) Service life estimation for intangible assets with limited service life
Item Service life expected Basis
(3) Determination basis for intangible assets with uncertain service life
(4) Withdrawal of impairment of intangible assets
The Company tests impairment of the intangible assets with indefinite benefit years such as goodwill annually and
estimates their recoverable amounts and impairment of the intangible asset is provided at the difference between
the estimated recoverable amount and the carrying amount of such intangible assets.
A year-end review is conducted to other intangible assets. When there is an indication of impairment, the
recoverable amount is estimated and impairment of the intangible asset is provided at the difference between the
estimated recoverable amount and the carrying amount of such intangible assets. The impairment provision is not
reversed during the duration of the assets once it is provided.
①The intangible assets have been replaced by other new technology so that there is a material adverse effect on
their capacity to generate economic benefits for the Company;
②The market value has fallen substantially in the current period and is not expected to recover in the remaining
amortization period;
③ The intangible assets have exceeded the term protected by laws but some of them can still be used;
④Other circumstances sufficient to prove that impairment has been made actually
(5) Divide the specific standards research stage and development stage
(6) Calculation of expenditure for internal R&D projects
21. Amortization of long-term prepaid expenses
Long-term expenses to be amortized of the Company the expenses that are already charged and with the beneficial
term of more than one year are evenly amortized over the beneficial term. For the long-term deferred expense
items cannot benefit the subsequent accounting periods, the amortized value of such items is all recorded in the
profit or loss during recognition.
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22. Assets transfer with repurchase condition attached
Nil
23. Estimated liability
An obligation related to a contingency, such as guarantees provided to outsiders, pending litigations or arbitrations,
product warranties, redundancy plans, onerous contracts, reconstructing, expected disposal of fixed assets, etc.
shall be recognized as an estimated liability when all of the following conditions are satisfied:
(1) Recognition standards for estimated liability
①the obligation is a present obligation of the Company;
② It is Contingent that an outflow of economic benefits will be required to settle the obligation;
③the amount of the obligation can be measured reliably.
(2) Measurement method for estimated liability
Measure on the basis of the best estimates of the expenses necessary for paying off the contingencies
On the balance sheet date, the carrying amount of estimated liabilities is reviewed. If there is obvious evidence
that the carrying amount cannot actually reflect the current best estimates, then the carrying amount is adjusted
according to the current best estimates.
24. Share-based payment and equity instrument
(1) Category of share-based payment
Nil
(2) Recognition method for fair-value of equity instrument
Nil
(3) Basis of best estimation for vesting equity instrument
Nil
(4) Relevant accounting treatment for implementation, amendment and termination of shares payment
plan
Nil
25. Shares of the Company repurchased
Nil
26. Revenue
(1) Detail judgment standards for recognition of selling goods revenue
①the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
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②the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
③the amount of revenue can be measured reliably;
④ It is Contingent that the associated economic benefits will flow into the Company;
⑤related cost that occurred or to be occurred can be measured reliably.
Time point of revenue realization for domestic sales revenue: The Company delivers goods according to orders.
On the accounting date as agreed with purchaser, the Company checks the goods that the purchaser has received
and inspected during the period from previous accounting date to this accounting date. After such check between
both parties, relevant risk or remuneration shall be transferred to the purchaser. The Company issues invoice to
purchaser according to the variety, quantity and amount as recognized in the aforesaid check, and realizes sales
revenue on the accounting date. The Company realizes sales revenue in respect of export overseas sales on the
following time point: upon examination by the custom, the Company realizes sales revenue according to the
export date as set out on the custom clearance paper.
(2) Recognition of revenue of assets using right abalienation
Revenue from use by others of enterprise assets shall be recognized only when the associated economic benefit
can flow into the Company, and the amount of revenue can be measured reliably.
(3) Basis of recognition of labor revenue providing
Revenue from the rendering of services shall be recognized only when all of the following conditions are satisfied:
the amount of revenue and costs occurred or to be occurred for the transaction involving the rendering of services
can be measured reliably; the associated economic benefits can flow into the Company; the stage of completion of
the transaction can be measured reliably.
(4) Recognition basis and method of construction progress completion while recognize revenue from labor
service providing and from construction contract by percentage of completion method
27. Government Subsidies
(1) Category
The government subsidy is divided into government subsidy related to profits and government subsidy related to
assets.
(2) Accounting policy
The public subsidy obtained by the company, used for acquisition or construction, or formed as the long-term
assets in other ways belongs to the government grants related to the assets; except for the government grants
related to the assets, others are the income-related government grants.
The government grants related to the assets are recognized as the deferred income, and equally distributed in the
service life of the related asset, and reckoned in the current profit and loss
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
The government grants related to the income are managed respectively as following:
1) Those used for compensating for the related expenses or losses of the company in the subsequent period are
recognized as the deferred income and reckoned in the current profit and loss during the confirmation for the
related expenses.
2) Those used for compensating for the incurred related expenses or losses of the company are reckoned directly in
the current profit and loss.
The government grants are recognized and measured in accordance with the actual amount received. Only when
there is unambiguous evidence to declare that this subsidy is appropriated according to a fixed quota standard,
and there is conclusive evidence to indicate that it can meet the related conditions specified by the financial
support policies and the financial support fund can be received, the government grants can be recognized and
measured by the amount receivable.
28. Deferred income tax assets and deferred income tax liabilities
(1) Basis of affirming the deferred income tax assets
Deferred income tax assets or deferred income tax liabilities are realized based on the difference between the
carrying values of assets and liabilities and their taxation bases at the tax rates applicable in the periods when the
Company recovers such assets or settles such liabilities.
Deferred income tax assets are realized to the extent that it is probable to obtain such taxable income which is
used to set off the deductible temporary difference. As at the balance sheet date, if there is obvious evidence
showing that it is probable to obtain sufficient taxable income to set off the deductible temporary difference in
future periods, deferred income tax assets not realized in previous accounting periods shall be realized.
(2) Basis of affirming the deferred income tax liabilities
On balance sheet date, re-review shall be made in respect of the carrying value of deferred income tax assets. If it
is impossible to obtain sufficient taxable income to set off the benefits of deferred income tax assets in future
periods, then the carrying value of deferred income tax assets shall be reduced accordingly. If it is probable to
obtain sufficient taxable income, then the amount reduced shall be switched back.
29. Operation leasing, financing leasing
(1) Accounting treatment of operation leasing
Operating lease refers to other lease other than finance lease. The rental expenses of the operating leased assets are
recognized as relevant assets costs or expenses over the lease term on a straight-line basis.
(2) Accounting treatment of financing leasing
Finance lease refers to a lease that has transferred in substance all the risks and rewards related to the ownership
of an asset, no matter whether the ownership of it has been transferred eventually.
The finance lease assets are carried at the lower of the fair value of the leased assets and the present value of the
minimum lease payments on the lease beginning date, and the minimum lease payments are recorded in long-term
payables, with the difference as unrecognized finance expenses. The initial direct costs arising from finance lease
76
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
of the Company are recorded in the value of the leased assets. Depreciation and impairment are provided for the
finance lease assets according to the policies of the Company.
Where there is reasonable assurance that the ownership of the leased assets can be obtained when the lease term
expires, depreciation is provided for the leased assets over the estimated useful life. Otherwise, depreciation is
provided for the leased assets at the lower of the lease term and the estimated useful life of the leased assets.
The Company allocates the unrecognized financing expenses over the lease term by using the effective interest
rate method and in accordance with the principles of borrowing costs.
On the balance sheet date, the Company lists the difference of the long-term payables related to finance lease less
unrecognized financing expenses as finance lease payable and non-current liabilities due within one year
respectively.
(3) Accounting treatment of sale and leaseback
30. Assets held for sales
(1) Recognition of assets held for sales
Nil
(2) Accounting treatment of assets held for sales
Nil
31. Assets securitization
Nil
32. Hedge accounting
Nil
33. Changes of major accounting policies and accounting estimation
Whether there have changes of major accounting policies and accounting estimation in report period or not
□ Yes √ No
Accounting policies and accounting estimation has no changed in reporting period
(1) Changes in accounting policies
Whether have changes in accounting policies in report period
□ Yes √ No
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
(2) Changes in accounting estimates
Whether have changes in accounting estimates in report period
□ Yes √ No
34. Error correction of previous accounting
Whether has error correction of previous accounting occurred in this period
□ Yes √ No
No error correction of previous been found
(1) Retrospective Restatement
Is there has errors of previous accounting adopt retrospective restatement in this period
□ Yes √ No
(2) Prospective Application
Is there has errors of previous accounting adopt retrospective restatement in this period
□ Yes √ No
35. Other major accounting policy, accounting estimation and preparation method for financial statement
(1) Goodwill
In the business combination not under the same control, the difference of the merger cost in excess of the fair
value of net identifiable assets of the acquired party is recognized as the goodwill.
Goodwill listed alone in financial statement, while conducting impairment testing, amortized book value of the
goodwill to assets group or assets combination benefit from synergy effect of expected enterprise combination. If
the recoverable amount of assets group or assets combination, that with goodwill amortized, lower its book value,
than recognized as impairment losses correspondingly. Impairment losses should deducting book value of
goodwill, amortized to assets group or assets combination, than deducting other book value of vary assets by
proportion in line with ratio of book value of vary assets other than goodwill in such assets group or assets
combination.
(2) Employees’ remuneration
Employees’ remuneration includes: employees’ salaries, bonus, allowance and subsidies; welfare provision; social
insurance such as pension insurance, unemployment insurance and work injury insurance etc.; housing reserve
fund, labor union expenditures and staff education expenditures; benefits not in monetary value; compensation
paid for the termination of employment contracts with employees; relevant expenditures relating to the provision
of other services by employees.
In the accounting period in which employees provide service to the Company, payable employees’ remuneration is
recognized as liabilities. Other than the compensation for termination of the labor relationship with employees, the
78
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
employees’ remuneration is recorded in fixed assets costs, intangible assets costs, product costs or labor costs
respectively according to the beneficiaries of the services provided by employees. The employees’ remuneration
other than the above is directly recorded in the profit or loss.
Prior to the expiry of the labor contracts of employees, the compensation for termination of the labor relationship
with employees or encouraging employees to accept to be laid off is recognized as estimated liabilities and
recorded in the profit or loss.
(3) Accounting for income tax
The Company applies the balance sheet liability method for accounting of income tax. Current income tax and
deferred income tax is recorded in the profit or loss as income tax expenses or gains, but the income tax arising
from the following conditions is excluded:
1) Business combination;
2) The transaction events directly recognized in the owner’s equity.
(V) Taxation
1. Major taxes and tax rates
Tax Basis Tax rate
Tax rate for sale of goods is 17%; rate for exported commodities is stipulated by
Sale of goods, leasing of
the state with declaration of export tax rebate, rate of tax may be ―exempted,
VAT tangible movable property
credited and refunded‖; tax rate for leasing of tangible movable property is 17%
and modern service industry
and 6% for modern service industry
Operation tax Revenue from lease 5%
City maintaining &
Turnover tax payable 7%
construction tax
Corporation income
Taxable income 15% for the parent company
tax
Educational surtax Turnover tax payable 5%
The income tax rates applicable to each Branch Company or plant
The Company and its subsidiaries Weifu Jinning, Weifu Diesel System, Weifu Leader, Ningbo Weifu Tianli Supercharging
Technique Co., Ltd. (hereinafter referred to as Weifu Tianli) and Wuxi Weifu-Autocam Fine Machinery Co. Ltd. (hereinafter
referred to as Weifu-Autocam) are all high-tech enterprises, and enjoy a preferential tax rate of 15% according to relevant state
regulations on income taxation.
The income tax of Weifu Mashan Pump Glib Co., Ltd. (hereinafter referred to as ―Weifu Mashan ‖), Wuxi Weifu Chang’an Co.,
Ltd.(hereinafter referred to as ―Weifu Chang’an‖), Wuxi Weifu International Trade Co. Ltd.(hereinafter referred to as ―Weifu
International Trade‖), Jiangsu Weifu Nano Technology Co., Ltd. (hereinafter referred to as ―Weifu Nano‖), Wuxi Weifu ITM
Supercharging Technique Co., Ltd.(hereinafter referred to as ―Weifu ITM ‖), Wuxi Weifu Schmidt Power System Spare Parts Co.,
Ltd.(hereinafter referred to as ―Weifu Schmidt ‖), Chaoyang Weifu Jialin Machinery Manufacture Co., Ltd.(hereinafter referred to as
―Weifu Jialin ‖), Kunming Xitong Machinery Co., Ltd.(hereinafter referred to as ―Kunming Xitong ‖) and Anhui Weifu Tianshi
Machinery Co., Ltd. (hereinafter referred to as ―Weifu Tianshi‖) is 25%.
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
2. Tax preference and approvals
Certification Serial of Hi-Tech
No. Enterprise Issuring or (receiving) dated Expiration
Enterprise
1 Parent company GF201132000279 2011-9-9 3-year
2 Nanjing Jinning GF201132000048 2011-9-9 3-year
3 Weifu Diesel System GF201132000112 2011-9-9 3-year
4 Weifu Leader GF201132000006 2011-9-9 3-year
5 Weifu Tianli GF201132000022 2011-9-6 3-year
6 Weifu-Autocam GF201132001080 2011-11-8 3-year
3. Other explanation
Nil
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
VI. Enterprise consolidation and consolidated financial statements
1. Subsidiary
(1) Subsidiaries acquired by means of establishment or investment
In RMB
The balance
after the
parent
company’s
owner’s equity
writing down
the excess of
State Amount in
the current
Balance of ment minority
loss
other s interest
undertaken by
Regist Investment items Voting com Minority’s used for
Business Holding minority
Name Type ration Registered capital Business scope amount actual at materially right bine writing
nature proportion equity shareholders
place period-end forming proportion d down
of the
net (Y/ minority
subsidiary
investment N) gain and
over the share
to loss
enjoyed by
subsidiary minority
shareholders
in the original
owner’s equity
of the
subsidiary
Accessories and matching
Weifu Wholly-own Manufac
Wuxi 45,000,049.36 parts of internal 48,693,380.51 100.00% 100.00% Y
Mashan ed subsidiary turing
combustion engine
Accessories and matching
Weifu Wholly-own Manufac
Wuxi 60,000,000.00 parts of internal 70,902,037.30 100.00% 100.00% Y
Chang’an ed subsidiary turing
combustion engine
Weifu Wholly-own Manufac Accessories and matching
Wuxi 300,000,000.00 260,187,500.00 100.00% 100.00% Y
Diesel ed subsidiary turing parts of internal
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
System combustion engine
Accessories and matching
Weifu Controlling Manufac
Wuxi 48,000,000.00 parts of internal 31,680,000.00 66.00% 66.00% Y 10,531,028.33
Schmidt subsidiary turing
combustion engine
Accessories and matching
Weifu Controlling Quanji Manufac
10,000,000.00 parts of internal 5,200,000.00 52.00% 52.00% Y 2,348,644.71
Tianshi subsidiary ao turing
combustion engine
Other explanation on subsidiary obtained by establishment or investment:
(2) Subsidiaries acquired by business combination under the common control
In RMB
Balance
between the
Amou
owners’ equity
nt in
Balance of in parent
minori
other offsetting the
ty
items Statem current losses
interes
which ents attributable to
Actual t
Name of actually minority
Type of Register Business investment Holding Voting combi Minority’s availa
subsidia Registered capital Business scope constitutes shareholders
subsidiary ed place nature amount at proportion proportion equity ble to
ry net ned of subsidiaries
period-end offset
investment over the share
(Y/N) minori
in of beginning
ty
subsidiarie owner’s equity
gains
s in such
and
subsidiaries by
losses
the minority
shareholders
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Accessories and matching
Weifu Controlling Manufac
Nanjing 346,286,825.80 parts of internal 178,639,593.52 80.00% 80.00% Y 142,892,272.51
Jinning subsidiary turing
combustion engine
Weifu Controlling Manufac
Wuxi 502,596,300.00 Cleaner, muffler 460,113,855.00 94.81% 94.81% Y 52,527,364.73
Leader subsidiary turing
Weifu
Internati Controlling
Wuxi Trading 30,000,000.00 International trade 30,999,996.22 100.00% 100.00% Y
onal subsidiary
Trade
Other explanation on subsidiary obtained by enterprise merger under same control:
(3) Subsidiaries acquired by business combination not under the common control
In RMB
Amou Balance
nt in between the
Balance of
minori owners’ equity
other
ty in parent
items Statem
interes offsetting the
which ents
Actual t current losses
actually
Name of Type of Register Business investment Holding Voting combi Minority’s availa attributable to
Registered capital Business scope constitutes
subsidiary subsidiary ed place nature amount at proportion proportion equity ble to minority
net ned
period-end offset shareholders
investment
(Y/N) minori of subsidiaries
in
ty over the share
subsidiarie
gains of beginning
s
and owner’s equity
losses in such
83
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
subsidiaries by
the minority
shareholders
Wholly-own Accessories and matching
Weifu Manufac
ed Wuxi 160,000,000.00 parts of internal 167,000,000.00 100.00% 100.00% Y
ITM turing
subsidiary combustion engine
Accessories and matching
Weifu Controlling Manufac
Ningbo 104,690,000.00 parts of internal 90,229,100.00 51.00% 51.00% Y 97,009,225.54
Tianli subsidiary turing
combustion engine
Accessories and matching
Kunming Controlling Kunmin Manufac
4,000,000.00 parts of internal 5,471,793.17 70.00% 70.00% Y 2,628,516.07
Xitong subsidiary g turing
combustion engine
Weifu-Aut Controlling Manufac
Wuxi US$ 15,100,000 Auto parts 69,519,068.71 51.00% 51.00% Y 92,620,285.50
ocam subsidiary turing
Other explanation on subsidiary obtained by enterprise merger not under the same control:
2. Special purposes entity or operation entity where controlling right is formed under entrusted operation or leasing
In RMB
Name Main business contact with the Company Balance of main assets and liability at period-end recognized in consolidated statement
Other explanation for special purposes entity or operation entity where controlling right is formed under entrusted operation or leasing:
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
3. Explanation for changes in consolidation scope
Explanation for changes in consolidation scope:
Name Consolidate in the Year (Y/N) Consolidate last year (Y/N)
Weifu Mashan Y Y
Weifu Chang’an Y Y
Weifu Nano[note 1] Y Y
Weifu Diesel System Y Y
Weifu Jinning Y Y
Weifu Leader Y Y
Weifu International Trade Y Y
Weifu Schmidt Y Y
Weifu ITM Y Y
Weifu Tianli Y Y
Weifu Jialin[note 2] Y Y
Weifu Tianshi Y Y
Kunming Xitong Y Y
Weifu-Autocam Y Y
√ Applicable □ Not applicable
Comparing with last year, unit increased in this year (period), reasons are:
Comparing with last year, two units decreased in this year (period), reasons are:
[note 1]Weifu Nano: cancelled in Feburary 2014, the profit statement and cash flow statement under the name of Weifu Nano from
period-begin to date of cancelled were included in consolidation statement range.
[note 2]Weifu Jialin: cancelled in April 2014, the profit statement and cash flow statement under the name of Weifu Jialin from
period-begin to date of cancelled were included in consolidation statement range.
4. Entities newly included in consolidate scope during the reporting period and entities ceasing to be
included in consolidate scope during the reporting period
Subsidiaries, special purposes entities, operation entity where controlling right is formed under entrusted operation or leasing newly
included in consolidation scope during the period
In RMB
Name Net assets as at period-end Net profit for the period
Subsidiaries, special purposes entities, operation entity where controlling right is formed under entrusted operation or leasing
ceasing to be excluded in consolidation scope during the period
In RMB
Net profit from the year-begin to
Name Net assets as at the disposal date
the disposal date
Weifu Nano[note 1] 27,533,945.85
Weifu Jialin[note 2] 13,641,679.28 146,967.24
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Other explanation on entities newly included in consolidation scope and entities ceasing to be included in consolidation scope:
[note 1]Weifu Nano: cancelled in Feburary 2014, the profit statement and cash flow statement under the name of Weifu Nano from
period-begin to date of cancelled were included in consolidation statement range.
[note 2]Weifu Jialin: cancelled in April 2014, the profit statement and cash flow statement under the name of Weifu Jialin from
period-begin to date of cancelled were included in consolidation statement range.
5. Business combination under the common control during the reporting period
In RMB
Consolidated income for Consolidated net Consolidated operating
Basis for determination of Actual controller
Party to be the period from the profit from this activities cash flow
business combination under the common
consolidated period-begin to period to from this period to
under the common control control
consolidation date consolidation date consolidation date
Other explanation for business combination under the common control:
6. Business combination not under the common control during the reporting period
In RMB
Party to be consolidated Amount of goodwill Calculation method for goodwill
Other explanation for business combination not under the common control:
Nil
Achieved enterprise combination by multiple trading on step-by-step basis and obtained controlling rights in the Period
□ Applicable √ Not applicable
7. Loss of subsidiaries due to disposal of equity interests without controlling rights during the
reporting period
Subsidiary Disposal date Recognition method for gains and losses
Other explanation for loss of subsidiaries due to disposal of equity interests without controlling rights
Dispose investment for subsidiary by multiple trading on step-by-step basis and losing controlling rights lasting to the Period
□ Applicable √ Not applicable
8. Counter purchase occurred during the reporting period
Basis for determination of Determination method Calculation method for goodwill recognized in
Backdoor
counter purchase for consolidated costs consolidation or recorded in current gains and losses
Other explanation for counter purchase:
9. Absorption consolidation occurred during the reporting period
In RMB
Types of absorption consolidation Major assets consolidated Major liabilities consolidated
Absorption consolidation under common control Item Amount Item Amount
Absorption consolidation not under common
Item Amount Item Amount
control
Other explanation for absorption consolidation:
10. Translation exchange rates for items in major statements of overseas operating entities
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
VII. Notes to major items in consolidated financial statements
1. Monetary capital
In RMB
Closing amount Opening amount
Item Amount in Converting Amount in Converting
Amount in RMB Amount in RMB
foreign currency rate foreign currency rate
Cash: -- -- 708,108.43 -- -- 1,127,043.52
RMB -- -- 708,108.43 -- -- 1,127,043.52
Bank savings: -- -- 2,177,006,622.64 -- -- 2,287,612,576.92
RMB -- -- 2,176,968,183.42 -- -- 2,287,612,576.92
EUR 3,622.72 8.3946 30,411.29
USD 1,304.76 6.1528 8,027.93
Other monetary fund: -- -- 128,590,415.30 -- -- 158,816,051.96
RMB -- -- 128,590,415.30 -- -- 158,816,051.96
Total -- -- 2,306,305,146.37 -- -- 2,447,555,672.40
Separate explanation is required for accounts with restricted application purposes, deposited overseas and of potential recovery risks
arising from pledge, mortgage or frozen:
Item 2014-06-30 2013-12-31
Bank acceptance bill, L/C and other collateral 128,590,415.30 158,816,051.96
2. Transactional financial assets
(1) Transactional financial assets
In RMB
Item Fair value as at period-end Fair value as at period-begin
(2) Realization of restricted transactional financial assets
In RMB
Other significant restrictions on restriction
Item Amount as at period-end
conditions for sale or realization
(3) Explanation for hedge instruments and related hedge transactions
3. Notes receivables
(1) Classification of notes receivables
In RMB
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Types Closing amount Opening amount
Bank acceptance bill 1,043,900,767.02 1,016,340,233.40
Commercial acceptance bill 61,250,000.00 73,940,000.00
Total 1,105,150,767.02 1,090,280,233.40
(2) Notes receivable already pledged by the Company at the end of the period
In RMB
Issuer Issue date Expiring date Amount Notes
Weichai Power Co., Ltd 2014-05-27 2014-11-27 114,372,082.69 Total of multiple notes
Fengcheng Tianxiang Mining Co., Ltd. 2014-01-24 2014-07-24 10,000,000.00
Handan Pangda Jiefang Auto Sale Service Co., Ltd. 2014-03-04 2014-09-04 10,000,000.00
Anhui Runda Auto Trading Co., Ltd. 2014-01-24 2014-07-24 6,000,000.00
Total -- -- 140,372,082.69 --
(3)Transfer of notes to notes receivable due to the issuer’s impossibility to perform its obligations, and
un-matured notes endorsed to others by the Company as at the period-end
Notes transfer to account receivable due to weak performance of drawer
In RMB
Issuer Issue date Expiring date Amount Notes
Explanation:
Un-matured notes endorsed to others by the Company
In RMB
Issuer Issue date Expiring date Amount Notes
Zhejiang Yuanjing Auto Parts Co., Ltd. 2014-04-30 2014-11-15 59,653,868.00 Total of multiple notes
Dongfeng Well-off Automobile Co., Ltd. 2014-05-22 2014-11-22 48,600,000.00 Total of multiple notes
Anhui Jianghuai Automobile Co., Ltd. 2014-05-13 2014-11-13 47,400,000.00 Total of multiple notes
Mianyang Power Xinchen Co., Ltd. 2014-05-27 2014-11-27 29,842,400.00 Total of multiple notes
Dongfeng Chaoyang Chaochai Engine Co., Ltd. 2014-05-22 2014-11-22 17,000,000.00 Total of multiple notes
Total -- -- 202,496,268.00 --
Explanation:
Explanation for commercial acceptance notes discounted or pledged:
Among the note receivable in period-end, RMB 140,372,100 bank acceptance bill was pledged for issuing of note payable
4. Dividend receivables
In RMB
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Depreciation for
Increase in Decrease in this Closing Reasons of
Item Opening amount relevant account
this period period amount unrevoked
or not
Dividend receivables aging
22,937,046.01 22,937,046.01
within 1 year
Including: -- -- -- -- -- --
Bosch Diesel System 22,937,046.01 22,937,046.01 N
Including: -- -- -- -- -- --
Total 22,937,046.01 22,937,046.01 -- --
Explanation:
5. Interests receivables
(1) Interests receivables
In RMB
Item Opening amount Increase in this period Decrease in this period Closing amount
Interest of bank savings 51,438,634.58 6,271,455.47 51,673,333.32 6,036,756.73
Total 51,438,634.58 6,271,455.47 51,673,333.32 6,036,756.73
(2)Overdue interests
In RMB
Loan provider Times overdue (days) Overdue interests
(3)Explanation for interests’ receivables
6. Account receivables
(1) Classified by categories
In RMB
Closing amount Opening amount
Book balance Bad debt reserve Book balance Bad debt reserve
Types
Proporti Propor Proporti Proportio
Amount Amount Amount Amount
on tion on n
Account receivable
with single significant
amount and 1,073,545.39 0.09% 1,073,545.39 100.00%
withdrawal bad debt
provision separately
Account receivable of bad debt provision withdrawal by combination
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Withdrawal bad debt
provision by age 1,751,184,522.13 99.86% 12,497,288.91 0.53% 1,141,290,547.86 99.75% 8,455,081.77 0.74%
group
Subtotal of group 1,751,184,522.13 99.86% 12,497,288.91 0.53% 1,141,290,547.86 99.75% 8,455,081.77 0.74%
Accounts with single
significant amount
100.00
and bad debts 2,463,434.41 0.14% 2,463,434.41 1,857,615.66 0.16% 1,857,615.66 100.00%
%
provision accrued
individually
Total 1,753,647,956.54 -- 14,960,723.32 -- 1,144,221,708.91 -- 11,386,242.82 --
Explanation for category of account receivables:
Other accounts receivable with amount in single item above RMB 1 million indicated other accounts receivable with significant
amount in single item from which provision for bad debt was still drawn based on account age analysis method, as no objective evi
Account receivable with single significant amount and withdrawal bad debt provision separately at period end
□ Applicable √ Not applicable
Account receivable provided for bad debt reserve under aging analysis method in the groups:
√ Applicable □ Not applicable
In RMB
Closing amount Opening amount
Age Book balance Book balance
Bad debt reserve Bad debt reserve
Amount Proportion Amount Proportion
within 1 year
Including: -- -- -- -- -- --
Within 6 months 1,693,296,496.38 96.69% 1,100,786,007.10 96.45%
6 months to 1 year 41,252,332.38 2.36% 4,125,233.24 28,212,207.20 2.47% 2,821,220.72
Subtotal of within
1,734,548,828.76 99.05% 4,125,233.24 1,128,998,214.30 98.92% 2,821,220.72
1 year
1-2 years 7,170,398.63 0.41% 1,434,079.72 5,575,203.62 0.49% 1,115,040.72
2-3 years 4,212,197.98 0.24% 1,684,879.19 3,663,849.35 0.32% 1,465,539.74
Over 3 years 5,253,096.76 0.30% 5,253,096.76 3,053,280.59 0.27% 3,053,280.59
Total 1,751,184,522.13 -- 12,497,288.91 1,141,290,547.86 -- 8,455,081.77
In combination, withdrawal proportion of bad debt provision based on balance proportion for account receivable
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for account receivable
□ Applicable √ Not applicable
Accounts with single significant amount and bad debts provision accrued individually at end of period
√ Applicable □ Not applicable
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
In RMB
Provision
Contents of account receivables Book balance Bad debt reserve Reason for provision
proportion
Mianyang Power Xinchen Co., Ltd. 919,344.77 919,344.77 100.00% The account was too old to collect
Changchai Wanzhou Diesel Co., ltd 837,472.95 837,472.95 100.00% The account was too old to collect
Changzhou Mengfa Fuel Injector Co., Ltd. 703,111.39 703,111.39 100.00% The account was too old to collect
Other clients 3,505.30 3,505.30 100.00% The account was too old to collect
Total 2,463,434.41 2,463,434.41 -- --
(2) Reversal or recovery of account receivables during the reporting period
In RMB
Accumulated provision of bad
Contents of account Reason for reversal Basis for determination of Amounts reversed or
debt reserve before reversal or
receivables of recovery original bad debt reserve recovered
recovery
Provision for bad debt reserve for account receivable with single significant or minor amount but tested for impairment separately
as at period-end:
In RMB
Contents of account receivables Book balance Bad debt amount Provision proportion (%) Reasons
Explanation for account receivable with single minor amount while the risks of the group categorized with similar risk
characteristics are relative significant:
(3) Account receivables actually written-off during the reporting period
In RMB
Name of the Nature of account Time of Amount written Arising from related
Reason for write-off
company receivables write-off off transactions (Y/N)
Other clients Amount for goods 13,476.51 Old account age and unable to collected N
Total -- -- 13,476.51 -- --
Explanation for write-off of account receivables:
Old account age and unable to collected
(4) Account receivables due from the shareholders holding 5% or above voting shares of the Company
during the reporting period
In RMB
Closing amount Opening amount
Name of the company Bad debt provision Bad debt provision
Book balance Book balance
accrual accrual
91
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
BOSCH 5,458,999.05
Total 5,458,999.05
(5) Top 5 account receivable
In RMB
Relationship with the Proportion in total
Name of the company Amount Terms
Company account receivables (%)
Bosch Automobile Diesel System Co., Ltd Associated company 288,801,969.72 Within 1 year 16.47%
Client2 Client 111,550,336.81 Within 1 year 6.36%
Client3 Client 96,783,115.14 Within 1 year 5.52%
Client4 Client 85,050,341.65 Within 1 year 4.85%
Client5 Client 77,937,685.32 Within 1 year 4.44%
Total -- 660,123,448.64 -- 37.64%
(6) Account receivables due from related parties
In RMB
Relationship with the Proportion in total account
Name of the company Amount
Company receivables
Bosch Automobile Diesel System Co., Ltd Associated company 288,801,969.72 16.47%
Wuxi Weifu Instrument Manufacturing Co., Ltd. Associated company 1,495,888.61 0.09%
Total -- 290,297,858.33 16.56%
(7) Account receivables derecognized
In RMB
Item De-recognition amount Gains or losses related to derecognizing
(8) As for securities with account receivables as target subject, list the assets and liabilities arising from
further involvement
In RMB
Item Closing amount
Assets:
Liabilities:
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
7. Other receivables
(1) Disclosure of other receivables by classification
In RMB
Closing amount Opening amount
Book balance Bad debt reserve Book balance Bad debt reserve
Types
Proport Proportio Proportio Proportio
Amount Amount Amount Amount
ion n n n
Other receivable with
single significant amount
1,514,671.20 7.54% 1,514,671.20 100.00% 3,514,671.20 18.55% 3,514,671.20 100.00%
and withdrawal bad debt
provision separately
Other receivable of bad debt provision withdrawal by combination
Withdrawal bad debt
18,570,406.01 92.46% 1,526,693.34 6.87% 13,029,135.09 68.78% 1,542,911.12 11.84%
provision by age group
Subtotal of group 18,570,406.01 92.46% 1,526,693.34 6.87% 13,029,135.09 68.78% 1,542,911.12 11.84%
Other receivable with
single minor amount
2,400,000.00 12.67% 2,400,000.00 100.00%
while withdrawal bad debt
provision separately
Total 20,085,077.21 -- 3,041,364.54 -- 18,943,806.29 -- 7,457,582.32 --
Explanation for category of other receivables:
Other accounts receivable with amount in single item above RMB 1 million indicated other accounts receivable with significant amount
in single item from which provision for bad debt was still drawn based on account age analysis method, as no objective evidence showed
that the potential depreciation would exceed provision for bad debt drawn by age analysis.
Other receivable with single significant amount and withdrawal bad debt provision separately at end of period
√ Applicable □ Not applicable
In RMB
Contents of other receivables Book balance Bad debt amount Provision proportion Reason
American HESS Company 1,514,671.20 1,514,671.20 100.00% Bankruptcy
Total 1,514,671.20 1,514,671.20 -- --
In combination, other accounts receivable whose bad debts provision was accrued by age analysis
√ Applicable □ Not applicable
In RMB
Closing amount Opening amount
Age
Book balance Bad debt reserve Book balance Bad debt reserve
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Proporti Proporti
Amount Amount
on on
Within 1 year
Including:
Within 6 months 14,358,402.03 77.32% 8,430,798.98 64.71%
6 months to 1 year 312,831.84 1.68% 31,283.18 510,368.30 3.92% 51,036.83
Subtotal of within 1 year 14,671,233.87 79.00% 31,283.18 8,941,167.28 68.63% 51,036.83
1-2 years 2,939,425.32 15.83% 587,885.06 3,180,701.40 24.41% 636,140.28
2-3 years 87,036.20 0.47% 34,814.48 85,887.34 0.66% 34,354.94
Over 3 years 872,710.62 4.70% 872,710.62 821,379.07 6.30% 821,379.07
Total 18,570,406.01 -- 1,526,693.34 13,029,135.09 -- 1,542,911.12
In combination, withdrawal proportion of bad debt provision based on balance proportion for other account receivable
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods for other account receivable
□ Applicable √ Not applicable
Other receivable with single minor amount while withdrawal bad debt provision separately at end of period
□ Applicable √ Not applicable
(2) Reversal or recovery of other receivables during the reporting period
In RMB
Accumulated
Reason for Amounts
Contents of other Basis for determination of original bad debt provision of bad debt
reversal of reversed or
receivables reserve reserve before reversal
recovery recovered
or recovery
Nanjing University Collected Unable to collected due to a long account age 600,000.00 600,000.00
SEU Collected Unable to collected due to a long account age 600,000.00 600,000.00
NUST Collected Unable to collected due to a long account age 600,000.00 600,000.00
NUT Collected Unable to collected due to a long account age 600,000.00 600,000.00
Technology of Science and
Technology Center of Collected Unable to collected due to a long account age 1,000,000.00 1,000,000.00
Jiangsu Province
Total -- -- 3,400,000.00 --
Provision for bad debt reserve for other receivable with single significant or minor amount but tested for impairment separately as at
period-end:
In RMB
Contents of account receivables Book balance Bad debt amount Provision proportion (%) Reason
Explanation for other receivable with single minor amount while the risks of the group categorized with similar risk characteristics
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
are relative significant:
(3) Other receivables actually written-off during the reporting period
In RMB
Nature of other Amount Arising from related
Name of the company Time of write-off Reason for write-off
receivables written off transactions (Y/N)
Technology of Science
Unable to collection due
and Technology Center Accounts current 2014-02-11 1,000,000.00 N
to long account age
of Jiangsu Province
Total -- -- 1,000,000.00 -- --
Explanation for write-off of other receivables:
(4) Other receivables due from the shareholders holding 5% or above voting shares of the Company
during the reporting period
In RMB
Closing amount Opening amount
Name of the company
Book balance Bad debt provision accrual Book balance Bad debt provision accrual
(5) Nature or content of other receivables with significant amount
In RMB
Name of the company Amount Nature or content of account Proportion in total other receivables
Explanation:
(6) Top 5 other receivable
In RMB
Proportion in
Relationship with
Name of the company Amount Terms total other
the Company
receivables
Ningbo Jiangbei High-Tech Industry Park Development
Non-related party 2,868,976.00 Within 2 years 14.28%
Construction Co., Ltd.
Wuxi Zhongshe International Freight Forwarding Agent
Non-related party 2,060,000.00 Within 6 months 10.26%
Co., Ltd.
Nanjing Yin-Kun & Industry Asset Management Co., Ltd. Non-related party 1,632,640.00 Within 6 months 8.13%
American HESS Company Non-related party 1,514,671.20 Over 2 years 7.54%
Nanjing China Gas Urban Development Co., Ltd. Non-related party 575,640.00 Over 3 years 2.87%
Total -- 8,651,927.20 -- 43.08%
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
(7) Other receivables due from related parties
In RMB
Name of the company Relationship with the Company Amount Proportion in total other receivables
(8) Other receivables derecognized
In RMB
Item De-recognition amount Gains or losses related to de-recognition
(9) As for securities with other receivables as target subject, list the assets and liabilities arising from
further involvement
In RMB
Item Closing amount
Assets:
Liabilities:
(10) Government subsidy recognized by amount receivable at end of period
In RMB
Name of Item of Time to Amount Reasons of fails to collected
Closing Age of Basis for
the government collected estimated to amount in estimated time (if
balance period-end obtained
company subsidy estimated obtained applicable)
8. Payment in advance
(1) Analysis of payments in advance by aging
In RMB
Closing amount Opening amount
Age
Amount Proportion Amount Proportion
Within 1 year 313,405,737.10 96.13% 155,732,339.89 89.30%
1-2 years 9,334,837.22 2.86% 10,851,413.45 6.22%
2-3 years 935,316.51 0.29% 7,092,296.14 4.07%
Over 3 years 2,337,272.33 0.72% 725,361.01 0.41%
Total 326,013,163.16 -- 174,401,410.49 --
Explanation for aging analysis of payments in advance:
96
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
(2) Top 5 of payments in advance
In RMB
Relationship with the
Name of the company Amount Time Reason for unsettlement
Company
Ipsen Industrial Furnace (Shanghai) Account of equipment paid in
Non-related party 23,347,500.00 Within 1 year
Co., Ltd. advance without delivery
EMAG Machine Tools (Taicang) Account of equipment paid in
Non-related party 15,218,277.00 Within 1 year
Co., Ltd. advance without delivery
Account of equipment paid in
Shutter Company Non-related party 13,200,025.99 Within 1 year
advance without delivery
Account of equipment paid in
Chiron Company Non-related party 13,073,157.38 Within 1 year
advance without delivery
Jiangsu Electric Power Company
Non-related party 11,352,471.93 Within 1 year Electricity paid in advance
Wuxi Power Supply Company ,/
Total -- 76,191,432.30 -- --
Explanation for major units paid in advance:
(3) Shareholders holding 5% or above voting shares of the Company in payments in advance during the
reporting period
In RMB
Closing amount Opening amount
Name of the company Bad debt provision Bad debt provision
Book balance Book balance
accrual accrual
(4) Explanation for account paid in advance
9. Inventory
(1) Classification
In RMB
Closing amount Opening amount
Item Depreciation Depreciation
Book balance Book value Book balance Book value
provision provision
Raw materials 274,994,699.60 70,352,794.51 204,641,905.09 248,884,900.37 61,615,995.10 187,268,905.27
Product in process 157,382,258.57 2,813,579.63 154,568,678.94 141,732,336.39 2,813,579.63 138,918,756.76
Stock products 618,087,223.22 78,175,802.78 539,911,420.44 748,178,219.91 87,575,390.24 660,602,829.67
Total 1,050,464,181.39 151,342,176.92 899,122,004.47 1,138,795,456.67 152,004,964.97 986,790,491.70
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
(2) Inventory impairment provision
In RMB
Opening book Provision for this Decrease during this period
Kinds of inventories Closing book balance
balance period Reversal Written-off
Raw materials 61,615,995.10 8,736,799.40 70,352,794.51
Product in process 2,813,579.63 2,813,579.63
Stock products 87,575,390.24 905,447.59 10,305,035.04 78,175,802.78
Total 152,004,964.97 9,642,246.99 10,305,035.04 151,342,176.92
(3) Particular about inventory impairment provision
Proportion of the reversal
Reason for
amount during the year
Item Accrual basis for inventory impairment provision reversal during
in the period-end balance
the period
of the inventory
Raw materials
Compared cost of inventory at period-end with its net realizable value
by single item comparison method and withdrew provision for price Written-off
Stock products drop according to the balance between the net realizable value and cost. mainly due to 1.67%
As the country improved standard for vehicle exhaust emission, the sales outside
Company had correspondingly withdrawn provision for devaluation for
Product in
products and relevant raw materials failing to meet new standard.
process
Explanation on inventory
10. Other current assets
In RMB
Item Closing amount Opening amount
Entrust financing products 1,552,100,000.00 1,568,100,000.00
Receivable export tax rebates 10,257,039.86 11,430,742.61
Other 136,045.95 525,655.41
Total 1,562,493,085.81 1,580,056,398.02
Explanation on other current assets
11. Financial assets available for sale
(1) Particular about financial assets available for sale
In RMB
Item Closing fair value Opening fair value
Equity instrument available for sale 333,349,600.00 385,009,400.00
Total 333,349,600.00 385,009,400.00
For financial assets available for sale that re-category from investment held to maturity, re-category amounting as Yuan, and takes
percent of the investment held to maturity before re-category.
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Explanation on financial assets available for sale
In March 2012, privately offering shares of SDEC was purchased by the Company with restriction of one year.
In June 2013, privately offering shares of Miracle Logistics was purchased by the Company with restriction of one year.
(2) Long-term debt investment in financial assets available for sales
In RMB
Interest receivable
Book Initial Closing
Bond Type Expired dated Opening balance Interest or received
value investment cost balance
accumulative
Explanation on long-term debt investment in financial assets available for sales
(3) Impairment of financial assets available for sale
In RMB
Type of financial assets available for sale Equity instrument available for sale Debt instrument available for sale Other Total
(4) Changes of impairment of financial assets available for sale in period
In RMB
Type of financial assets available for sale Equity instrument available for sale Debt instrument available for sale Other Total
(5) Explanation on closing fair value of equity instrument available for sale which was down sharply and
drop continuously
In RMB
Equity Explanation on not to accrual
Decline changes of fair Accrual
instrument Fair Time to drop impairment in line with the
Cost value comparing with impairment
available for value continuously difference between cost and closing
its costs amount
sale (by items) fair value
12. Held-to-maturity investment
(1) Particular about held-to-maturity investment
In RMB
Item Closing book balance Opening book balance
Entrust financing products 330,000,000.00 400,000,000.00
Total 330,000,000.00 400,000,000.00
Explanation on held-to-maturity investment
(2) Held-to-maturity investment that sold in report period but not expired
In RMB
99
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Item Amount Proportion in amount before sold
Explanation on held-to-maturity investment that sold in report period but not expired
13. Long-term account receivable
In RMB
Types Closing amount Opening amount
14. Investment for affiliated enterprise and joint ventures
In RMB
Equity Proportion
proporti of voting
Total operation
Invested on held rights in Total assets at Total liability at total net assets at Net profit in this
revenue in this
company by the invested period-end period-end period-end period
period
Compan company
y (%) (%)
I. Joint venture
Wuxi Weifu
Environmen
49.00% 49.00% 1,126,901,341.97 552,201,468.92 622,032,414.29 667,762,924.77 58,244,737.81
t Catalyst
Co., Ltd.
II.
Associated
company
II. Associated company
Bosch
Diesel 34.00% 34.00% 7,910,342,373.94 2,321,799,673.02 5,588,542,700.92 5,463,280,048.26 1,099,588,004.02
System
Zhonglian
Automobile
20.00% 20.00% 2,824,752,617.17 4,382,496.55 2,820,370,120.62 3,754,631.66 575,771,846.68
Electronic
Co., Ltd
Wuxi Weifu
Instrument
20.00% 20.00% 331,127,177.11 114,293,397.84 216,833,779.27 127,108,992.03 17,092,998.18
Manufacturi
ng Co., Ltd.
Explanation on major accounting policy and accounting estimation in joint venture and affiliated enterprises difference from the
policy and estimation of the Company:
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15. Long-term equity investment
(1) Details of long-term equity investment
In RMB
Proporti Explanation on
Proporti
on of the incongruity
on of
share in share holding Impairment
voting
Calculation Increase/decreas holding proportion and Impairment provision of Cash bonus
Invested company Investment cost Opening balance Closing balance rights in
method e(+,-) in voting provision accruing this this period
invested
invested proportion in period
compan
compan invested
y (%)
y (%) company
Wuxi Weifu
Equity
Environment Catalyst 24,500,000.00 275,854,017.23 27,112,925.46 302,966,942.69 49.00% 49.00%
method
Co., Ltd.
Equity
Bosch Diesel System 893,372,014.77 1,760,507,521.65 397,487,813.38 2,157,995,335.03 34.00% 34.00%
method
Zhonglian Automobile Equity
120,124,000.00 444,015,778.45 115,154,369.34 559,170,147.79 20.00% 20.00%
Electronic Co., Ltd method
Wuxi Weifu
Instrument Equity
2,000,000.00 39,183,390.87 3,424,192.63 42,607,583.50 20.00% 20.00%
Manufacturing method
Co.,Ltd.
Guolian Securities
Cost method 12,000,000.00 12,000,000.00 12,000,000.00 1.20% 1.20% 720,000.00
Co., Ltd.
Guangxi Liufa Co.,
Cost method 1,600,000.00 1,600,000.00 1,600,000.00 1.22% 1.22% 1,600,000.00
Ltd.
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Financial Company of
Changchai Group Co., Cost method 800,000.00 800,000.00 800,000.00 800,000.00
Ltd.
H&J Vanguard
Cost method 33,000,000.00 33,000,000.00 33,000,000.00 11.72% 11.72% 33,000,000.00
Investment Co., Ltd.
Nanjing Hengtai
Insurance and Broker Cost method 1,000,000.00 1,000,000.00 1,000,000.00 1.85% 1.85% 1,000,000.00
Co., Ltd.
Henan Gushi Weining
Oil Pump & Nozzle Cost method 2,033,106.95 2,033,106.95 2,033,106.95 2,033,106.95
Co., Ltd.
Beijing Foton
Environmental Engine Cost method 86,940,000.00 86,940,000.00 86,940,000.00 13.44% 13.44% 11,000,000.00
Co., Ltd.
Wuxi Xidong
Technological
Cost method 5,000,000.00 5,000,000.00 5,000,000.00 1.43% 1.43%
Industry Park Co.,
Ltd.
Shanghai IMS
Automotive Electronic Cost method 10,000,000.00 10,000,000.00 10,000,000.00 18.52% 18.52%
System Co., Ltd.
Shanghai Cheng Ding
De Tong Equity Fund Cost method 100,000,000.00 100,000,000.00 100,000,000.00 15.87% 15.87%
Co., Ltd.
Total -- 1,292,369,121.72 2,671,933,815.15 643,179,300.81 3,315,113,115.96 -- -- -- 49,433,106.95 720,000.00
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(2) Limited ability for capital transfer to investment enterprise
In RMB
Long-term equity investment that has
un-recognized investment losses
limited ability of capital transfer to Restriction reasons
accumulative in period
investment enterprise
Explanation on long-term equity investment
[Note 1]Bosch Diesel System: register capital at beginning of the year was US$ 230 million and US$ 11 million increased in the year.
Increase register capital from the unpaid profit that distributed which was annouced in 2012, register capital of Bosch Diesel System
comes to US$ 241 million after increased. And including US$ 78.33 million contributed by the Company, accounts for 32.50% of the
register capial while Weifu Jinning contribute US$ 3.61 million, a 1.5% in register capial.
[Note 2]Shanghai Cheng Ding De Tong Equity Fund Co., Ltd.: register capital amounting as 630 million Yuan, the Company
contributed 100 million Yuan with 15.87% represented, and calclated based on cost method
16. Investment real estate
(1) Investment real estate measured by cost
In RMB
Decrease
Increase during
Item Opening book balance during this Closing book balance
the period
period
I. Total original book value 24,091,482.75 24,091,482.75
1. Houses and buildings 24,091,482.75 24,091,482.75
II. Accumulated depreciation and
20,667,119.31 227,864.58 20,894,983.89
accumulated amortization
1. Houses and buildings 20,667,119.31 227,864.58 20,894,983.89
III. Total net book value of investment real
3,424,363.44 -227,864.58 3,196,498.86
estate
1. Houses and buildings 3,424,363.44 -227,864.58 3,196,498.86
IV. Total accumulated depreciation reserve for
0.00 0.00 0.00
investment real estate
1. Houses and buildings 0.00 0.00 0.00
V. Total book value of investment real estate 3,424,363.44 -227,864.58 3,196,498.86
1. Houses and buildings 3,424,363.44 -227,864.58 3,196,498.86
In RMB
This period
Depreciation and amortization amount in this period 227,864.58
(2) Investment real estate measured by fair value
In RMB
Item Opening fair value Increase during the period Decrease during this Closing fair
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
period value
Transfer to
Self-use real estate or Gains/losses of fair
Purchase Disposal self-use real
transfer from inventory value changed
estate
Explain the investment real estate that changing measurement mold in report period, and the investment real estate without property
certificate done as well as the reasons for property certificate un-finished and predicted the time to obtained that certificates
17. Fixed assets
(1) Particular about fixed assets
In RMB
Opening book Decrease during this Closing book
Item Increase during the period
balance period balance
I. Total original book value: 2,899,858,674.41 104,443,405.90 11,541,265.18 2,992,760,815.13
Including :House and
774,351,592.88 35,345.48 774,386,938.36
Building
Machinery
1,788,379,852.56 93,726,863.18 9,103,333.34 1,873,003,382.40
equipment
Transportation tools 45,500,497.88 2,077,230.52 993,028.00 46,584,700.40
Other equipment 291,626,731.09 8,603,966.72 1,444,903.84 298,785,793.97
Opening book Increase during Accrual in this Decrease during this Book balance at
--
balance this period period period period-end
II. total of accumulated
1,305,228,537.87 93,443,520.73 9,820,510.67 1,388,851,547.93
depreciation:
Including: House and
221,728,280.52 13,435,309.18 235,163,589.70
Building
Machinery
899,050,611.95 68,454,562.63 7,504,529.68 960,000,742.13
equipment
Transportation tools 29,421,431.13 1,599,694.22 959,562.88 30,061,562.47
Other equipment 155,028,214.27 9,953,954.70 1,356,418.11 163,625,750.86
Opening book Book balance at
-- --
balance period-end
III. total net value of fixed
1,594,630,136.54 -- 1,603,909,267.20
assets
Including: House and
552,623,312.36 -- 539,223,348.66
Building
Machinery
889,329,240.61 -- 913,002,737.50
equipment
Transportation tools 16,079,066.75 -- 16,523,137.93
Other equipment 136,598,516.82 -- 135,160,043.11
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
IV. Total impairment
123,592,331.66 -- 123,405,014.03
provision
Including: House and
0.00 -- 0.00
Building
Machinery
115,009,921.02 -- 114,827,931.01
equipment
Transportation tools 133,515.66 -- 133,515.66
Other equipment 8,448,894.98 -- 8,443,567.36
V. total book value of fixed
1,471,037,804.88 -- 1,480,504,253.17
assets
Including: House and
552,623,312.36 -- 539,223,348.66
Building
Machinery
774,319,319.59 -- 798,174,806.49
equipment
Transportation tools 15,945,551.09 -- 16,389,622.27
Other equipment 128,149,621.84 -- 126,716,475.75
Depreciation in this period amounting to 93,443,520.73 Yuan; original price transfer from construction in progress to fixed assets
amounting as 70,884,797.90Yuan
(2) Temporary idle fixed assets
In RMB
Depreciation Impairment
Item Original book value Net book value Note
accumulative provision
(3) Fixed assets leasing-in by financing lease
In RMB
Item Original book value Depreciation accumulative Net book value
(4) Fixed assets leasing-out by operational lease
In RMB
Types Closing book value
(5) Fixed assets held for sale in period-end
In RMB
Item Book value Fair value Disposal expense predicted Disposal date predicted
(6) Fixed assets with un-completed property certificates
Times expected for
Item Reasons for un-completed certificate
certificate completed
Plant and office building of Weifu Chang’an Still in process of relevant property procedures 2014
Plant and office building of Weifu Jinning Newly built plant, in process of relevant property procedures 2014
Explanation on fixed assets:
105
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
18. Construction in process
(1) Construction in process
In RMB
Closing amount Opening amount
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
R& D AS WELL AS INDUSTRIALIZATION OF WAPS AND CAPACITY
855,383.53 855,383.53 1,166,919.67 1,166,919.67
PROMOTION FOR PARTS OF DIESEL COMMON RAIL SYSTEM
Construction of industry zone district 272,524,952.35 272,524,952.35 134,769,103.17 134,769,103.17
Industrialization of auto tail-gas treatment system products 11,230,090.80 11,230,090.80
Ningbo Tianli new plant project 43,436,885.17 43,436,885.17 22,101,076.65 22,101,076.65
technical innovation 44,945,282.93 2,522,110.89 42,423,172.04 43,948,350.20 2,522,110.89 41,426,239.31
Total 372,992,594.78 2,522,110.89 370,470,483.89 201,985,449.69 2,522,110.89 199,463,338.80
(2) Changes of major projects under construction
In RMB
Proporti
on of including: Interest
Accumulated
Increase during Transfer to Other project interest capitalizati
amount of
Item Budget Opening amount Progress capitalized Capital source Closing amount
the period fixed assets decrease investme interest
amount of on rate of
capitalization
nt in the year the year
budget
R& D AS WELL AS
INDUSTRIALIZATION
1,166,919.67 17,901,028.03 18,209,274.17 3,290.00 47.80% Fund-raised 855,383.53
OF WAPS AND
CAPACITY
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
PROMOTION FOR
PARTS OF DIESEL
COMMON RAIL
SYSTEM
Construction of industry
134,769,103.17 137,755,849.18 50.50% Fund-raised 272,524,952.35
zone district
Industrialization of auto
tail-gas treatment system 19,109,639.64 7,879,548.84 48.20% Fund-raised 11,230,090.80
products
Ningbo Tianli new plant Self-raised
22,101,076.65 21,335,808.52 50.00% 43,436,885.17
project funds
Parent company’s project
Self-raised
of technical improvement 642,148.90 20,821,339.84 16,545,095.46 118,205.13 4,800,188.15
funds
equipment
Weifu-Autocam’s Self-raised
3,547,649.56 1,503,364.10 3,499,271.36 1,551,742.30
equipment project funds
Total 162,226,897.95 218,427,029.31 46,133,189.83 121,495.13 -- -- -- -- 334,399,242.30
Explanation on changes of major projects under construction
(3) Impairment provision of construction in process
In RMB
Item Opening amount Increase during the period Decrease during this period Closing amount Accrual Reason
Other projects 2,522,110.89 2,522,110.89
Total 2,522,110.89 2,522,110.89 --
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
(4) Progress of material construction in progress
Item progress Note
R& D AS WELL AS INDUSTRIALIZATION OF WAPS AND CAPACITY PROMOTION FOR PARTS
47.8%
OF DIESEL COMMON RAIL SYSTEM
Construction of industry zone district 50.5%
Industrialization of auto tail-gas treatment system products 48.2%
Ningbo Tianli new plant project 50%
(5) Explanation on construction in process
19. Construction materials
In RMB
Increase during the Decrease during this
Item Opening amount Closing amount
period period
Explanation on construction materials
20. Disposal of fixed assets
In RMB
Item Opening book value Closing book value Reasons for turn to disposal
Explain the progress of disposal of fixed assets transfer over one year
21. Productive biological assets
(1) Measured by cost
In RMB
Increase during the
Item Opening book balance Decrease during this period Closing book balance
period
I. Crop farming
II. Livestock
III. Forestry
IV. Aquaculture
(2) Measured by fair value
In RMB
Increase during the
Item Opening book value Decrease during this period Closing book value
period
I. Crop farming
II. Livestock
III. Forestry
IV. Aquaculture
Explanation on productive biological assets
108
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
22. oil/gas assets
In RMB
Increase during the
Item Opening book balance Decrease during this period Closing book balance
period
Explanation on oil/gas assets
23. Intangible assets
(1) Particular about intangible assets
In RMB
Increase during the Decrease during this
Item Opening book balance Closing book balance
period period
I. Total original book value 431,682,082.79 1,063,418.77 432,745,501.56
Land use right 374,590,720.00 374,590,720.00
Right to use a trademark 41,597,126.47 41,597,126.47
Computer software 11,954,443.27 1,063,418.77 13,017,862.04
Non-patents 3,539,793.05 3,539,793.05
II. total accumulated
54,750,313.94 5,761,498.49 60,511,812.43
amortization
Land use right 37,797,494.70 4,112,644.74 41,910,139.44
Right to use a trademark 9,709,000.00 9,709,000.00
Computer software 6,388,369.12 1,471,864.07 7,860,233.19
Non-patents 855,450.12 176,989.68 1,032,439.80
III. total net book value of
376,931,768.85 -4,698,079.72 372,233,689.13
intangible assets
Land use right 336,793,225.30 -4,112,644.74 332,680,580.56
Right to use a trademark 31,888,126.47 31,888,126.47
Computer software 5,566,074.15 -408,445.30 5,157,628.85
Non-patents 2,684,342.93 -176,989.68 2,507,353.25
IV. Total impairment
16,646,900.00 16,646,900.00
provision
Land use right
Right to use a trademark 16,646,900.00 16,646,900.00
Computer software
Non-patents
Total of intangible asset book 360,284,868.85 -4,698,079.72 355,586,789.13
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value
Land use right 336,793,225.30 -4,112,644.74 332,680,580.56
Right to use a trademark 15,241,226.47 15,241,226.47
Computer software 5,566,074.15 -408,445.30 5,157,628.85
Non-patents 2,684,342.93 -176,989.68 2,507,353.25
The amount amortized in this period accounting as 5,761,498.49 Yuan
(2) Expenditure of project development
In RMB
Decrease during this period
Increase during the
Item Opening amount Record into current Confirm as intangible Closing amount
period
gains and losses assets
The proportion of development expenditure of total expenditure in R&D projects in reporting period
The proportion of intangible assets form by internal R&D in total book value of intangible assets at period-end
For development projects, including single price over one million Yuan occurred in this period and the assessment price have been
kept in book, disclosed the assessment institution and way of assessment:
24. Goodwill
In RMB
Closing
Name of invested company or Increase during the Decrease during
Opening balance Closing balance impairment
items formed goodwill period this period
provision
Weifu Tianli 1,784,086.79 1,784,086.79
Total 1,784,086.79 1,784,086.79
Explain the impairment testing method and withdrawal method for impairment provision of goodwill:
Good will of Weifu Tianli: In 2010, the Company increasing capital to Weifu Tianli for holding merger; the goodwill was the part
that merger cost over than fair value of Weifu Tianli’s identifiable net assets. Weifu Tianli is running normally without impairment
evidence being found.
25. Long-term deferred expense
In RMB
Increase during Amortization Reasons for other
Item Opening amount Other decrease Closing amount
the period during this period decrease
Decoration
16,331,775.24 1,957,982.03 3,558,070.69 14,731,686.58
charge etc.
Total 16,331,775.24 1,957,982.03 3,558,070.69 14,731,686.58 --
Explanation on long-term deferred expense:
26. Deferred income tax assets and deferred income tax liabilities
(1) Net amount of deferred income tax assets and deferred income tax liabilities before deduction
Deferred income tax assets and deferred income tax liability that recognized
110
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
In RMB
Item Closing amount Opening amount
Deferred income tax assets:
Assets impairment provision 48,528,142.97 48,174,800.20
Deferred income 28,239,697.24 28,239,697.24
Internal un-realized profit 8,321,799.11 6,548,915.40
Payable salary, three-guarantee accrual etc. 37,232,382.75 33,651,395.21
Subtotal 122,322,022.07 116,614,808.05
Deferred income tax liability:
Variation of fair value of financial assets available for sale which reckoned into capital
9,721,515.00 17,470,485.00
reserve
Differences of fair value and taxation basis of Weifu Tianli, which was combined under
2,412,392.90 2,467,909.40
different control
Other 6,150,000.00
Subtotal 18,283,907.90 19,938,394.40
Details of un-recognized deferred income tax assets
In RMB
Item Closing amount Opening amount
Deductible temporary differences-Bad debt reserve (parent company) 4,400,000.00
Deductible temporary differences-Long-term equity investment impairment provision 49,433,106.95 49,433,106.95
Deductible losses -Weifu ITM and other subsidiaries 54,442,640.97 45,961,603.98
Total 103,875,747.92 99,794,710.93
The deductible losses of un-recognized deferred income tax assets are expired in the follow year:
In RMB
Year Closing amount Opening amount Note
2014 2,429,134.89 2,429,134.89 Weifu ITM and other subsidiaries have operation deficit
2015 3,169,614.06 3,169,614.06 Weifu ITM and other subsidiaries have operation deficit
2016 3,044,019.10 3,044,019.10 Weifu ITM and other subsidiaries have operation deficit
2017 12,490,509.17 12,490,509.17 Weifu ITM and other subsidiaries have operation deficit
2018 24,828,326.76 24,828,326.76 Weifu ITM and other subsidiaries have operation deficit
2019 8,481,036.99 Weifu ITM and other subsidiaries have operation deficit
Total 54,442,640.97 45,961,603.98 --
Details of taxable difference and deductible differences
111
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
In RMB
Amount of temporary differences
Item
Amount at period-end Amount at period-begin
Items of taxable differences
Bad debt reserve 18,002,087.86 14,443,825.14
Inventory impairment provision 151,342,176.92 152,004,964.97
Fixed assets impairment provision 123,405,014.03 123,592,331.66
Construction in process impairment provision 2,522,110.89 2,522,110.89
Intangible assets impairment provision 16,646,900.00 16,646,900.00
Operation losses from subsidiary 188,264,648.24 188,264,648.24
Deferred income 50,616,324.98 43,626,587.78
Internal un-realized profit 245,489,918.08 221,616,667.80
Subtotal 796,289,181.00 762,718,036.48
Item of deductible differences
Differences of fair value and taxation basis of Weifu
16,082,619.34 16,452,729.34
Tianli, which was combined under different control
Variation of fair value of financial assets available
64,810,100.00 116,469,900.00
for sale
Other 41,000,000.00
Subtotal 121,892,719.34 132,922,629.34
(2) Net amount of deferred income tax assets and deferred income tax liabilities after deduction
Item of deferred income tax assets and liability after mutual offset
In RMB
Deductible of Deductible of
Deferred income tax temporary Deferred income tax temporary
assets and liability differences of assets and liability differences of
Item
after mutual offset at payable taxes after after mutual offset at payable taxes after
period-end mutual offset at period-begin mutual offset at
period-end period-begin
Deferred income tax assets 122,322,022.07 116,614,808.05
Deferred income tax liability 18,283,907.90 19,938,394.40
Details of mutual offset of deferred income tax assets and liability
In RMB
Item Amount mutual offset
Explanation on deferred income tax assets and deferred income tax liabilities
112
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27. Details of asset impairment provision
In RMB
Opening book Increase during Decrease during this period Closing book
Item
balance the period Reversal Written-off balance
I. Bad debt reserve 18,843,825.14 4,040,132.04 3,868,392.81 1,013,476.51 18,002,087.86
II. Inventory impairment
152,004,964.97 9,642,246.99 10,305,035.04 151,342,176.92
provision
III. Impairment provision of
0.00 0.00
financial assets available for sale
IV. Impairment provision of
0.00 0.00
investment held-to-maturity
V. Long-term equity investment
49,433,106.95 49,433,106.95
provision
VI. Investment real estate
0.00 0.00 0.00
impairment provision
VII. Fix assets impairment
123,592,331.66 0.03 187,317.66 123,405,014.03
provision
VIII. Provision for impairment of
0.00 0.00
engineering material
IX. Construction in process
2,522,110.89 2,522,110.89
impairment provision
X. Provision for impairment of
0.00 0.00
productive biological asset
XII. Intangible assets impairment
16,646,900.00 16,646,900.00
provision
XIII. Goodwill depreciation
0.00
reserves
XIV. Other 0.00 0.00
Total 363,043,239.61 13,682,379.06 3,868,392.81 11,505,829.21 361,351,396.65
Explanation on asset impairment provision:
28. Other non-current assets
In RMB
Item Closing amount Opening amount
Explanation on other non-current assets
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29. Short-term loans
(1) Type of Short-term Loans
In RMB
Item Closing amount Opening amount
Guarantee loans 309,000,000.00 399,500,000.00
Total 309,000,000.00 399,500,000.00
Explanation on short-term loans
(2) Short-term loans un-paid by expired
In RMB
Unit Loan amount Loan rates Using in Reasons of un-paid Predicted payment date
Amount paid after balance sheet date.
Explanation on short-term loans: for those expired short-term loans obtained expansion period, explain the expansion condition and
new expiration:
30. Transactional financial liabilities
In RMB
Item Closing amount Opening amount
Explanation on transactional financial liabilities:
31. Note payable
In RMB
Types Closing amount Opening amount
Bank acceptance bill 635,270,851.53 383,418,397.65
Total 635,270,851.53 383,418,397.65
Amount expired in next accounting period: 635,270,851.53 Yuan
Explanation on note payable:
At period-end, margin saving 126.1616 million Yuan was provided for the bank acceptance bill, and 140.3721 million Yuan was
pledge for not receivable
32. Account payables
(1) Account payables
In RMB
Item Closing amount Opening amount
Within 1 year 1,642,461,499.25 1,392,785,345.30
1-2 years 6,930,171.95 34,820,774.21
2-3 years 9,448,924.84 35,735,580.70
Over 3 years 8,683,359.71 13,440,279.18
Total 1,667,523,955.75 1,476,781,979.39
(2)Accounts payable to shareholders holding 5% or above voting shares of the Company
114
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In RMB
Name of the company Closing amount Opening amount
BOSCH Company 29,345,303.59 23,536,386.44
Total 29,345,303.59 23,536,386.44
(3) Explanation on major account payable with over one year age:
33. Account received in advance
(1) Account received in advance
In RMB
Item Closing amount Opening amount
Within 1 year 39,777,047.37 34,658,130.49
1-2 years 741,455.41 1,619,257.30
2-3 years 2,857,355.00 4,489,665.94
Over 3 years 1,550,660.55 1,529,962.17
Total 44,926,518.33 42,297,015.90
(2)Accounts received in advance to shareholders holding 5% or above voting shares of the Company
In RMB
Name of the company Closing amount Opening amount
(3) Explanation on major account received in advance with over one year age:
34. Wages payable
In RMB
Opening book Increase during Decrease during Closing book
Item
balance the period this period balance
I. Wage, bonus, allowance and subsidy 215,485,782.87 316,681,914.94 305,898,055.45 226,269,642.36
II. Employees’ welfare 20,218,444.66 20,218,444.66
III. Social security 39,415,989.03 75,078,981.13 74,596,341.99 39,898,628.17
IV. Housing fund 1,555,756.29 17,778,452.90 17,710,736.90 1,623,472.29
VI. Other 39,381,465.52 11,645,252.51 11,135,856.23 39,890,861.80
Including: Residence subsidy for employees 13,356,267.99 157,974.00 126,569.76 13,387,672.23
Labor union and staff educational charge 15,503,003.36 4,591,076.62 4,360,948.28 15,733,131.70
Staff bonus and welfare fund 9,182,410.77 9,182,410.77
Other 1,339,783.40 6,896,201.89 6,648,338.19 1,587,647.10
Total 295,838,993.71 441,403,046.14 429,559,435.23 307,682,604.62
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Wages payable has 0 Yuan for arrears
Outlay for labor union and staff educational charge amounting as 15,733,131.70 Yuan; non-monetary welfare amounting as 0 Yuan
and compensation for dismiss of labor relationship amounting to 0 Yuan
The wages payable expected to pay and the amount for payment:
The bonus funds of the parent company to be counted and withdrawn according to the resolutions of shareholders’ meeting includes
in the salary, bonus, allowances and subsidies, and the Company will use according to the board of directors’ arrangements.
Staff bonus and welfare fund refers to, subsidiary of the Company Weifu-Autocam,which is accrual and use in line with relevant
regulations as a foreign-funded enterprise,
35. Tax payable
In RMB
Item Closing amount Opening amount
VAT 7,016,011.23 -22,762,664.31
Business tax 9,262.90 14,187.60
Enterprise income tax 33,703,807.87 63,034,264.50
Personal income tax 424,168.58 51,112.66
City maintenance and construction tax 1,490,977.42 98,185.79
Educational surtax 1,064,983.85 70,132.67
Other 4,160,010.41 3,309,378.70
Total 47,869,222.26 43,814,597.61
Explanation on tax payable: if the local taxation bureau agrees mutual adjustment between vary branches and plants, explain taxation
calculation:
36. Interest payable
In RMB
Item Closing amount Opening amount
Interest payable for short-term loans 1,788,111.11 996,716.67
Total 1,788,111.11 996,716.67
Explanation on interest payable:
37. Dividend payable
In RMB
Reasons for un-payment over one
Name of the company Closing amount Opening amount
year
Dividend payable of parent company 306,060,297.60
Total 306,060,297.60 --
116
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Explanation on dividend payable:
38. Other payables
(1) Other payables
In RMB
Item Closing amount Opening amount
Within 1 year 56,022,387.04 57,829,595.15
1-2 years 3,298,182.56 20,553,060.36
2-3 years 8,568,209.51 1,185,600.90
Over 3 years 8,585,302.78 7,756,638.45
Total 76,474,081.89 87,324,894.86
(2) Others payable due to shareholders units holding over 5% (5% included) voting shares of the Company
at period-end
In RMB
Name of the company Closing amount Opening amount
Wuxi Industry Group 16,250,000.00 17,250,000.00
Total 16,250,000.00 17,250,000.00
(3) Explanation on other major account payable with over one year age
Item 2014-06-30 Note
Nanjing Jidian Industrial Group Co., Ltd. 4,500,000.00 Accounts current
(4) Explanation on unit of major connected amount for other account payable
39. Accrued liability
In RMB
Item Opening amount Increase during the period Decrease during this period Closing amount
Explanation on accrued liability:
40. Non-current liability due within one year
(1) Non-current liability due within one year
In RMB
Item Closing amount Opening amount
(2) Long-term loans due within one year
Long-term loans due within one year
In RMB
Item Closing amount Opening amount
In long-term loans due within one year, amount of undue but with expansion time
Top five long-term loans due within one year:
In RMB
Starting date Termination Closing amount Opening amount
Unit Currency Rate
for loans date for loans Amount in foreign Local currency Amount in Local
117
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currency foreign currency currency
Due loans in long-term loans due within one year:
In RMB
Unit Amount loans Undue date Annual rate Using purpose Unpaid reasons Paid expected
Amount paid after balance sheet date.
Explanation on long-term loans due within one yea:
(3) Bond payable due within one year
In RMB
Interest Interest payable
Issuing Issuing Interest payable Interest paid Balance at
Name Value Terms payable in this in this
date amount at period-begin in this period period-end
period period-end
Explanation on bond payable due within one year:
(4) Long-term account payable due within one year
In RMB
Unit Terms Initial amount Rate Interest reckoned Amount at period-end Loan condition
Explanation on long-term account payable due within one year:
41. Other current liability
In RMB
Item Closing book balance Opening book balance
Sales discount 13,956,410.26 9,500,000.00
Vary subsidy 746,000.00 872,000.00
Auditing fee 450,000.00 1,200,000.00
Three-guarantee charge 9,715,010.58 12,000,000.00
Certificate charge for real estate 2,160,778.00 2,317,423.10
Other 6,619,696.04 425,121.13
Total 33,647,894.88 26,314,544.23
Explanation on other current liability:
42. Long-term loan
(1) Category of long-term loans
In RMB
Item Closing amount Opening amount
Guaranteed loan 60,000,000.00 60,000,000.00
Total 60,000,000.00 60,000,000.00
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Explanation on category of long-term loans:
Parent company offering guarantee and borrow-in special loans by Weifu Tianli
(2) Top five long-term loans
In RMB
Closing amount Opening amount
Starting date Termination Amount in Amount in
Unit Currency Rate (%) Local Local
for loans date for loans foreign foreign
currency currency
currency currency
Explanation on long-term loans: if there has long-term loans from undue with expansion obtained, explain the expansion condition,
principle, interest and predicted payment arrange:
43. Bond payable
In RMB
Amount at Interest paid Amount at
Issuing Issuing Interest payable Closing
Name Value Terms period-begin in this period-end
date amount in this period balance
Interest payable period Interest payable
Bond payable including convertible corporate bond’s condition and time for shares transfer:
44. Long-term account payable
(1) Top five long-term account payable
In RMB
Interes
t Closing
Unit Term Initial amount Rate Loan condition
reckon balance
ed
To encourage Weifu Jinning to enter
Nanjing High-tech Technology Industry
Development Zone, financial supporting
Hi-tech
capital is allotted by High-tech branch of
Branch of
28 December 2011 to Finance Bureau of Nanjing for supporting
Nanjing 5,040,000.00 5,040,000.00
28 December 2026 use, the term is from 28 December 2011 to
Finance
28 December 2026. Provided that the
Bureau
operation period in the zone is less than 15
years, financial supporting capital will be
reimbursed.
Loan The transferred Loan transferred from treasury bond: Weifu
3,051,818.00 3,051,818.00
transferred national debt capital Jinning received RMB1.87 million Yuan of
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
from received by Weifu special funds from budget of the central
treasury Jinning in 2007. Pay government, and RMB1.73 million Yuan of
bond the loans with 11-year special funds from budget of the local
installment since 2012 government. The non-operating income
transferred in was 1.87 million Yuan in 2011
which was confirmed not to return, if the
Company pays back special funds of 3.73
million Yuan to the local government in 11
years since 2012, then the Company needs
to repay the principal of 339,091.00 Yuan
each year.
To encourage Weifu Jinning to enter
Nanjing High-tech Technology Industry
Development Zone, financial supporting
Hi-tech
capital is allotted by High-tech branch of
Branch of
10 November 2008 to Finance Bureau of Nanjing for supporting
Nanjing 2,750,000.00 2,750,000.00
10 November 2023 use, the term is from 10 November 2008 to
Finance
10 November 2023. Provided that the
Bureau
operation period in the zone is less than 15
years, financial supporting capital will be
reimbursed.
To encourage Weifu Jinning to enter
Nanjing High-tech Technology Industry
Development Zone, financial supporting
Hi-tech
capital is allotted by High-tech branch of
Branch of
18 December 2013 to Finance Bureau of Nanjing for supporting
Nanjing 2,740,000.00 2,740,000.00
18 December 2028 use, the term is from 18 December 2013 to
Finance
18 December 2028. Provided that the
Bureau
operation period in the zone is less than 15
years, financial supporting capital will be
reimbursed.
To encourage Weifu Jinning to enter
Nanjing High-tech Technology Industry
Hi-tech Development Zone, financial supporting
Branch of capital is allotted by High-tech branch of
20 July 2006 to 20 July
Nanjing 1,250,000.00 1,250,000.00 Finance Bureau of Nanjing for supporting
2021
Finance use, the term is from 20 July 2006 to 20 July
Bureau 2021. Provided that the operation period in
the zone is less than 15 years, financial
supporting capital will be reimbursed.
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
(2)Details of financing rent payable in long-term payable
In RMB
Closing amount Opening amount
Unit
Foreign currency RMB Foreign currency RMB
Amount of guarantee from independent third party for the financing rent of the Company
Explanation on long-term payable:
45. Specific account payable
In RMB
Increase during Decrease during
Item Opening amount Closing amount Note
the period this period
Removal compensation of parent company 7,390,735.29 5,159,046.38 2,231,688.91
Removal compensation of Weifu Jinning 18,265,082.11 18,265,082.11
Total 25,655,817.40 5,159,046.38 20,496,771.02 --
Explanation on specific account payable:
[Note 1] According to the ―State-owned land use right of Wuxi City purchase contract‖ signed between parent company and Wuxi
Land Reserve Center, the two parties come to an agreement with the property attributable to parent company, located in No.107,
Renmin West Road, Wuxi City and No.125, Yunhe East Road, Wuxi City, as well as the equipment unable to move, that is parne
tcompany received RMB 503.8116 million for removal compensation. RMB 7.9 million was received in the 2013 as relocation
compensation, and RMB 509,300 occurred in removal was reconked into non-operation revenue. The RMB 5,159,000 occurred in
removal was included into non-operation revenue
[Note 2]Removal compensation of Weifu Jinning: in line with regulation of the house acquisition decision of People’s government of
Xuanwu District, Nanjing City, Ning Xuan Fu Zheng Zi (2012) No.001, part of the lands and property of Weifu Jingning needs
expropriation in order to carry out the comprehensively improvement of Ming Great Wall. According to the house expropriation and
compensation agreement in state-owned lands signed between Weifu Jinning and House Expropriation Management Office of
Xuanwu District, Nanjing City, RMB 19.7067 million in total are compensate, including operation losses from lessee RMB 1.4416
million in total. The above compensation was received in 2013 and is making up for the losses from lessee, and the above lands and
property have not been collected up to 30 June 2014.
46. Other non-current liability
In RMB
Item Closing book balance Opening book balance
Appropriation on industrialization project of electrical control and
6,489,002.66 6,489,002.66
high voltage jet VE system of low emissions diesel
R&D subsidy for new products 37,668,815.24 37,668,815.24
Appropriation on reforming of production line technology and
R&D ability of common rail system for diesel by distributive 7,100,000.00 7,100,000.00
high-voltage
Fund of industry upgrade (2012) 60,400,000.00 60,400,000.00
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Fund of industry upgrade (2013) 60,520,000.00 60,520,000.00
Appropriation on central basic construction investment 5,000,000.00 5,000,000.00
R&D and industrialization of the high pressure variable pump of
8,050,000.00 8,050,000.00
the common rail system of diesel engine for automobile
Research institute of motor vehicle exhaust aftertreatment
4,000,000.00 4,000,000.00
technology
Other 9,151,222.71 6,278,222.71
Total 198,379,040.61 195,506,040.61
Explanation on other non-current liability
1. Appropriation on industrialization project of electrical control and high voltage jet VE system of low emissions diesel: in
September 2009, Weifu Jinning signed ―Project Contract of Technology Outcome Transferring Special Capital in Jiangsu Province‖
with Nanjing Technical Bureau, according to which Weifu Jinning received appropriation RMB 6.35 million in 2009, RMB 4.775
million received in 2010 and RMB 0.875 million received in 2011. According to the contract, the attendance date of this project was:
from October of 2009 to March of 2012. This contract agreed 62% of newly increased investment in project would be spent in fixed
assets investment. In 2013, accepted by the science & technology agency of Jiangsu Province, and RMB 4,789,997.04 with income
related was reckoned into current operation revenue directly; the RMB 7,210,002.96 with assets related was amortized durting the
predicted service period of the assets.
2. R&D subsidy for new products: in 2011, the subsidy for R&D of new products are received from Wuxi New Financial Bureau for
year of 2012 to 2013. The RMB 3,410,293.07 compensate for expenditure of R&D has transfer to non-operation income in 2013. In
line with the reply from enterprise service management office of Wuxi New District, the amount can be extended to year of 2014 and
later period for compensate the expenditure of R&D of the Company.
3. Appropriation on reforming of production line technology and R&D ability of common rail system for diesel by distributive
high-voltage: in 2011, specific fund RMB 7.1 million was allocated from Wuxi New Zone Financial Bureau.
4. Industry upgrading funds (2012): In accordance with the document Xi Xin Guanjing Fa [2012] No.216 and Document Xi Xin
Guancai Fa [2012] No. 85, the Company received funds of 60.4 million Yuan appropriated for industry upgrading this year.
5. Industry upgrading funds (2013): In accordance with the document Xi Xin Guan Jing Fa [2013] No.379, Xi Xin Guan Jing Fa
[2013] No.455, Xi Xin Guan Cai Fa [2013] No.128 and Xi Xin Guan Cai Fa [2013] No.153, the Company received funds of 60.52
million Yuan appropriated for industry upgrading in 2013.
6. Appropriation for investment of capital construction from the central government: In accordance with the document Xi Caijian
[2012] No.43, the Company received appropriation of 5 million Yuan for investment of capital construction from the central
government in 2012.
7. R&D and industrialization of the high pressure variable pump of the common rail system of diesel engine for automobile: the
Company received appropriated for the project in 2013 with 8.05 million Yuan in line with documents of Xi Ke Ji [2013] No.186, Xi
Ke Ji [2013] No.208, Xi Cai Gong Mao [2013] No.104 and Xi Cai Gong Mao [2013] No.138.
8. Research institute of motor vehicle exhaust aftertreatment technology: the appropriation received by Weifu Leader from research
institute of motor vehicle exhaust aftertreatment technology
Item of liability with government subsidy concerned
In RMB
Amount reckoned into
Opening Subsidy increase Closing Assets-related/Inco
Item non-operation revenue in the Other changes
balance during this period balance me-related
Period
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
47. Share capital
In RMB
Increased (decreased) in this period
Opening amount New shares Shares converted from Closing amount
Bonus shares Other Subtotal
issued public reserve
Total shares 1,020,200,992.00 1,020,200,992.00
Explanation on share capital changes, if there has capital increase/decrease in reporting period, disclosed the CPA’s name and
verification documents; for company limited within 3 years operation, explain the net assets before establishment; for those company
limited changed from limited liability company, explain the verification condition while established.
At period-end, Wuxi Industry Group, who holds 204,059,398 shares of the Company with 20.00% in total share
capital, is the substantial shareholder of the Company.
48. Stock shares
Explanation on stock shares
49. Reasonable reserve
Explanation on reasonable reserve
Item 2013-12-31 Increase during the period Decrease during this period 2014-06-30
Safety production costs 1,255,141.19 9,151,156.32 9,206,161.71 1,200,135.80
1. According to the ―management method of extraction and use the safety production costs for enterprise‖ Cai Qi [2012] No.16
jointly issued by Ministry of Finance and Administration of Production Safety Supervision, the provision for year of 2013 is based on
the actual operation revenue of last year, extract on average month-by-month basis through excess regressive method
2. Among the above safety production costs, including the safety production costs accrual by the Company in line with regulations
and the parts enjoy by shareholders of the Company in safety production costs accrual by subsidiary in line with regulations.
50. Capital reserves
In RMB
Increase Decrease
Item Opening amount during the during this Closing amount
period period
Capital premium (Share capital premium) 3,610,959,358.19 3,610,959,358.19
Other Capital reserves 19,083,331.38 19,083,331.38
Net variation of fair value of financial assets available for sale 98,999,415.00 43,910,830.00 55,088,585.00
Total 3,729,042,104.57 43,910,830.00 3,685,131,274.57
Explanation on capital reserve
51. Surplus reserves
In RMB
Item Opening amount Increase during the period Decrease during this period Closing amount
Statutory surplus reserves 433,608,687.76 433,608,687.76
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Total 433,608,687.76 433,608,687.76
Explanation on surplus reserve, if share capital converted from surplus reserve, remedy deficit and dividend distributed, explain
relevant resolutions:
Withdraw the legal surplus according to 10% of the net profit after tax of the parent company.
52. General risk provision
Explanation on general risk provision
53. Retained profit
In RMB
Item Amount Withdrawal or Allocation Ratio
Retained profits at the end of last year before adjustment 4,416,658,298.29 --
Retained profits at the beginning of the year after adjustment 4,416,658,298.29 --
Add: The net profits belong to owners of patent company of this period 840,585,795.24 --
Common dividend payable 306,060,297.60
Retained profit at period-end 4,951,183,795.93 --
Details about adjusting the retained profits at the beginning of the year:
1) The retroactive adjustments to Accounting Standards for Business Enterprises and its relevant new regulations affect the retained
profits at the beginning of the year amounting to 0 Yuan.
2) The changes in accounting policies affect the retained profits at the beginning of the year amounting to 0 Yuan. 3) The major
accounting error correction affects the retained profits at the beginning of the year amounting to 0 Yuan
4) Merge scope changes caused by the same control affect the retained profits at the beginning of the year amounting to 0 Yuan.
5) Other adjustments affect the retained profits at the beginning of the year amounting to 0 Yuan
The retained profits explain that the company initial public offering bonds should clearly state if the accumulated profits are decided
to be shared by old and new shareholders by general meeting of stockholders before issuing; while the company should clearly
disclose that the profits in the dividends payable belong to old shareholders after auditing if the general meeting of stockholders
decides the accumulated profits are allocated and shared by old shareholders before issuing.
According to the profit distribution plan 2013 approved in the Board in March 2014, as well as deliberated in Annual General
Meeting of 2013 in June 2014, base on the total share capital 1,020,200,992.00 shares , distributed 3.00 Yuan (tax included) for
each 10 shares held in cash, totally 306,060,300 Yuan common dividend were distributed.
54. Operating income and cost
(1) Operating income and cost
In RMB
Item Amount of this period Amount of last period
Main operating income 3,286,301,950.71 2,653,564,877.88
Other operating income 243,517,904.92 225,400,128.30
Operating cost 2,668,547,637.45 2,221,406,094.80
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
(2) Main business (By industries)
In RMB
Amount of this period Amount of last period
Industry
Operating income Operating cost Operating income Operating cost
Auto parts 3,286,301,950.71 2,469,244,190.19 2,653,564,877.88 2,017,109,946.68
Total 3,286,301,950.71 2,469,244,190.19 2,653,564,877.88 2,017,109,946.68
(3) Main business (By products)
In RMB
Amount of this period Amount of last period
Products
Operating income Operating cost Operating income Operating cost
Vehicle fuel injection system 2,389,466,074.78 1,735,487,697.16 2,053,972,523.57 1,513,096,920.14
Intake system 99,367,405.22 73,347,372.83 87,486,778.13 63,882,254.47
Tail treatment system 797,468,470.71 660,409,120.20 512,105,576.18 440,130,772.07
Total 3,286,301,950.71 2,469,244,190.19 2,653,564,877.88 2,017,109,946.68
(4) Main business (By districts)
In RMB
Amount of this period Amount of last period
District
Operating income Operating cost Operating income Operating cost
Domestic 3,153,328,229.70 2,344,123,526.07 2,512,968,209.41 1,884,690,405.41
Overseas 132,973,721.01 125,120,664.12 140,596,668.47 132,419,541.27
Total 3,286,301,950.71 2,469,244,190.19 2,653,564,877.88 2,017,109,946.68
(5) The operating income of the top five customers of the Company
In RMB
Client Income from main business The percentage in all operating income of the Company
Client1 764,852,215.82 21.67%
Client2 186,480,532.45 5.28%
Client3 179,121,048.17 5.07%
Client4 150,249,097.80 4.26%
Client5 128,945,629.78 3.65%
Total 1,409,648,524.02 39.93%
Explanation on operating income
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55. Contract item income
In RMB
Fixed price Cost accumulative Gross profit accumulative recognized Amount with
Contract Item Amount
contract occurred (loss listed with ―-―) settlement done
Fixed price Cost accumulative Gross profit accumulative recognized Amount with
Contract Item Amount
contract occurred (loss listed with ―-―) settlement done
Explanation on contract item
56. Business tax and surcharges
In RMB
Item Amount of this period Amount of last period Taxation standards
Business tax 132,235.73 149,639.43 5%
City maintenance and construction tax 12,722,422.40 10,669,039.00 7%
Educational surtax 9,088,616.26 7,620,741.41 5%
Total 21,943,274.39 18,439,419.84 --
Explanation on business tax and surcharges
57. Sales expenses
In RMB
Item Amount of this period Amount of last period
Salary and fringe benefit 16,074,626.30 12,599,026.50
Consumption of office materials and business travel charge 5,132,587.67 5,257,175.42
Transportation charge 15,464,872.07 8,690,229.74
Warehouse charge 4,947,905.01 2,229,366.45
Three-guarantee fee 55,811,673.82 44,206,026.43
Other 5,162,662.62 8,337,405.31
Total 102,594,327.49 81,319,229.85
58. Administration expenses
In RMB
Item Amount of this period Amount of last period
Salary and fringe benefit 112,939,535.27 112,599,710.21
Depreciation charger and long-term assets amortization 17,225,788.77 23,168,500.66
Consumption of office materials and business travel charge 11,517,091.05 10,599,487.85
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Tax 7,229,170.26 7,155,195.29
Other 195,328,291.10 121,569,221.53
Total 344,239,876.45 275,092,115.54
59. Financial expenses
In RMB
Item Amount of this period Amount of last period
Interest expenses 10,054,081.24 6,587,753.14
Note discount interest expenses 3,686,643.42 1,846,228.97
Saving interest income -30,149,038.17 -37,422,324.27
Gains/losses from exchange 518,088.44 1,428,142.66
Handling charges 580,268.02 378,608.72
Total -15,309,956.65 -27,181,590.78
60. Income of fair value changes
In RMB
Sources generating income of fair value changes Amount of this period Amount of last period
Explanation on income of fair value changes
61. Investment income
(1) Particulars about investment income
In RMB
Item Amount of this period Amount of last period
Income of long-term equity investment calculated based on cost 720,000.00 360,000.00
Income of long-term equity investment calculated based on equity 516,186,307.98 273,472,173.93
Investment income obtained from held-to-maturity investment 20,144,274.00 25,157,496.58
Total 537,050,581.98 298,989,670.51
(2) Income of long-term equity investment calculated based on cost
In RMB
Invested company Amount of this period Amount of last period Reasons of change (+,-)
Guolian Security 720,000.00 360,000.00
Total 720,000.00 360,000.00 --
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(3) Income of long-term equity investment calculated based on equity
In RMB
Amount of this Amount of last
Invested company Reasons of change (+,-)
period period
Profit growth due to influence from
Bosch Diesel System 373,159,455.06 146,756,243.01
auto industry
Profit growth due to influence from
Zhonglian Automobile Electronic Co., Ltd. 115,154,369.34 89,664,088.66
auto industry
Profit growth due to influence from
Wuxi Weifu Environment Protection Catalyst Co., Ltd. 24,503,775.32 22,940,499.40
auto industry
Wuxi Weifu Fine Machinery Manufacturing Co., Ltd. 3,368,708.26 5,032,836.48 Profit declined due to the down of sales
Calculated from equity method to cost
Wuxi Weifu-Autocam Fine Machinery Co. Ltd. 9,078,506.38
method
Total 516,186,307.98 273,472,173.93 --
Investment income description: It should be introduced if there are significant restrictions to repatriation of investment income; it
also should be introduced if there is no this kind of significant restrictions:
62. Asset impairment loss
In RMB
Item Amount of this period Amount of last period
I. bad debt loss 171,739.23 -58,069.01
II. inventory falling price loss 9,642,246.99 -45,767.89
III. Impairment loss of financial assets available for sales 0.00 0.00
IV. Impairment loss of held-to-maturity investment 0.00 0.00
V. Impairment loss of long-term equity investment 0.00 0.00
VI. Impairment loss of investment real estate 0.00 0.00
VII. Impairment loss of fixed assets 0.03 155,856.93
VIII. Impairment loss of engineering materials 0.00 0.00
IX. Impairment loss of construction in process 0.00 0.00
X. Impairment loss of productive biological assets 0.00 0.00
XI. Impairment loss of fuel/oil assets 0.00 0.00
XII. Impairment loss of intangible assets 0.00 0.00
XIII. Goodwill impairment loss 0.00 0.00
XIV. Other 0.00 0.00
Total 9,813,986.25 52,020.03
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63. Non-operating income
(1) Non-operating income
In RMB
Amount reckoned into current
Item Amount of this period Amount of last period
non-recurring gains/losses
Non-current assets disposal gains 490,048.81 1,282,327.98 490,048.81
Including: fixed assets disposal gains 490,048.81 1,282,327.98 490,048.81
Government subsidy 6,697,146.38 195,025.00 6,697,146.38
Other 1,764,039.53 815,639.48 1,764,039.53
Total 8,951,234.72 2,292,992.46 8,951,234.72
Explanation on non-operating income
(2) Government subsidy reckoned into current gains/losses In RMB
Non-recurri
Amount of this Amount of Assets-related/in ng
Item
period last period come-related gains/losses
(Y/N)
Compensation of relocation losses of parent company 5,159,046.38 Income-related Y
Special project of 2013 technical reform for key industry 630,000.00 Income-related Y
Advance supporting funding to special project of 2013 technical
505,600.00 Income-related Y
reform for key industry in Ningbo City
Special subsidy for enterprise technology innovation team in
200,000.00 Income-related Y
Ningbo for year of 2013
Tax contribution award for industrial enterprise 100,000.00 Income-related Y
Vary municipal funding for post doctorate workstation for year of
80,000.00 Income-related Y
2013
Green enterprise subsidy 20,000.00 Income-related Y
Subsidy of 2013.1-8 patent licensing district of management
committee of Jiangbei District, Ningbo City; subsidy for patent 2,500.00 Income-related Y
licensing city 2013.4-8
Dongchuan district re-employment special district preferential 93,025.00 Income-related Y
Re-evaluation funding awards Two-innovation business model 100,000.00 Income-related Y
Municipal new product subsidy for year of 2012 1,000.00 Income-related Y
Advanced unit of safety in production for year of 2012 1,000.00 Income-related Y
Total 6,697,146.38 195,025.00 -- --
129
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Semi-annual of 2014
Item Note
Compensation of relocation losses of parent
company
Special project of 2013 technical reform for key Transfer-in from deferred income,
industry Yong Jing Xin Ji Gai [2013] No. 398
Advance supporting funding to special project of
2013 technical reform for key industry in Ningbo Bei Qu Fa Gai [2014] No. 17
City
Special subsidy for enterprise technology
Yong Ren She Fa [2014] No. 117
innovation team in Ningbo for year of 2013
Xi Bin Wei Fa (2014) No.20 Honored the industry development award for
Tax contribution award for industrial enterprise
year of 2013 of Binhu District—top 10 award for increase of tax revenue
Vary municipal funding for post doctorate
Yong Ren She Fa [2013] No.
workstation for year of 2013
Green enterprise subsidy Ning Gao Guan [2014] No. 10
Subsidy of 2013.1-8 patent licensing district of
management committee of Jiangbei District,
Bei Qu Ke Ji {2013} No. 29
Ningbo City; subsidy for patent licensing city
2013.4-8
Semi-annual of 2013
Item Note
Dongchuan district re-employment special district
Yun Cai Yu [2007] No.183; Yun Dong Te Fa [2013] No.12
preferential
Re-evaluation funding awards Two-innovation business Yong Jing Xin Ji Gai [2012] No. 294; Yong Cai Zheng Gong [2012]
model No.1138
Municipal new product subsidy for year of 2012 Bei Qu Ke Ji [2012] No.14
Advanced unit of safety in production for year of 2012 Jiang Bei Guan [2013] No. 8
64. Non-operating expenditure
In RMB
Amount reckoned into current
Item Amount of this period Amount of last period
non-recurring gains/losses
non-current assets disposal losses 300,543.56 1,725,468.28 300,543.50
Including: fixed assets disposal losses 300,543.56 1,725,468.28 300,543.56
Donations 13,500.00 13,500.00 13,500.00
Relocation expenses of parent company 5,159,046.38 5,159,046.38
Local fund etc. 2,235,964.79 3,016,422.95
130
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Other expenditure 225,972.21 291,012.34 225,972.21
Total 7,935,026.94 5,046,403.57
Explanation on non-operating expenditure
65. Income tax expense
In RMB
Item Amount of this period Amount of last period
current income tax calculated based on tax law and relevant rules 71,500,203.37 53,101,121.58
Increase/decrease of deferred income tax assets -5,707,214.02 -1,007,336.43
Increase/decrease of deferred income tax liability -55,516.50 -55,516.50
Total 65,737,472.85 52,038,268.65
66. Calculation of basic earnings per share and diluted earnings per share
Symbol or
Item calculation Amount of this period Amount of last period
formula
Net profits belong to common stock stockholders of the P0 840,585,795.24 531,953,834.22
Company
Non-recurring gains/losses DC 18,970,892.32 21,861,279.99
Net profits belong to common stock stockholders of the =P0-DC 821,614,902.92 510,092,554.23
Company after deducted non-recurring gains/losses
Total shares amount at period-begin S0 1,020,200,992.00 680,133,995.00
Number of increased shares due to reserve’s conversion into S1 340,066,997.00
share capital or distribution of dividends
Number of increased shares due to issue of new shares or Si --
debt-to-equity
Number of accumulated months from the next month of Mi 6
shares increase to the end of the reporting period
Number of decreased shares due to repurchase Sj -- --
Number of accumulated months from the next month of Mj -- --
shares decrease to the end of the reporting period
Number of contraction of shares in the reporting period Sk -- --
Number of months in the reporting period M0 6 6
The weighted average number of ordinary shares S=S0+S1+Si×Mi÷ 1,020,200,992 1,020,200,992
outstanding M0-Sj×Mj÷M0-Sk
Basic EPS =P0÷S 0.82 0.52
Basic EPS after deducted non-recurring gains/losses =(P0-DC)÷S 0.81 0.50
[Note] The Company increases the capital stock from retained profit for last period, and exercise retroactive adjustment for the
weighted average and EPS of common shares that outstanding last period
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67. Other consolidated income In RMB
Item Amount of this period Amount of last period
1.gains (losses) amount generated by available-for-sale financial assets -51,659,800.00 77,399,500.00
Less: impact on income tax arising from assets available for sale -7,748,970.00 11,609,925.00
Subtotal -43,910,830.00 65,789,575.00
Total -43,910,830.00 65,789,575.00
Explanation on other consolidated income
The privately offering share of SDEC was purchased by the Company in March 2012 with restriction term of one year; in June 2013,
privately offering shares of Miracle Logistics was purchased by the Company with restriction of one year. RMB -43,910,830.00 was
reckoned into capital reserve after deduction of deferred income tax liability from changes of fair value at period-end
68. Notes to statement of cash flow
(1) Other cash received in relation to operation activities
In RMB
Item Amount
Income from bank deposit interest 75,550,916.02
Government subsidy 4,411,100.00
Other 1,412,322.63
Total 81,374,338.65
Explanation on other cash received in relation to operation activities
(2) Other cash paid in relation to operation activities
In RMB
Item Amount
Expenses of operation cash paid 65,832,960.05
Expenses of management cash paid 121,618,644.64
Other 1,508,077.92
Total 188,959,682.61
Explanation on other cash paid in relation to operation activities
(3) Cash received from other investment activities
In RMB
Item Amount
Explanation on cash received from other investment activities
(4) Cash paid related with investment activities
In RMB
Item Amount
Relocation expenses paid 5,159,046.38
132
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Clearing amount paid to minority shareholder of Weifu Nano & Weifu Jialin 10,189,542.80
Total 15,348,589.18
Explanation on cash paid related with investment activities
(5) Other cash received in relation to financing activities
In RMB
Item Amount
Explanation on other cash received in relation to financing activities
(6) Cash paid related with financing activities
In RMB
Item Amount
Explanation on cash paid related with financing activities
69. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information This Period Last Period
1. Net profit adjusted to cash flow of operation activities: -- --
Net profit 870,320,027.16 554,035,707.65
Add: Assets impairment provision 9,813,986.25 52,020.03
Depreciation of fixed assets, consumption of oil assets and depreciation of productive
93,671,385.31 84,786,881.01
biology assets
Amortization of intangible assets 5,761,498.49 4,338,599.86
Amortization of long-term deferred expenses 3,558,070.69 2,362,254.88
Loss from disposal of fixed assets, intangible assets and other long-term assets(gain
-189,505.25 443,140.30
is listed with ―-‖)
Financial expenses (gain is listed with ―-‖) 10,054,081.24 7,067,753.14
Investment loss (gain is listed with ―-‖) -537,050,581.98 -298,989,670.51
Decrease of deferred income tax asset( (increase is listed with ―-‖) -5,707,214.02 -1,007,336.43
Increase of deferred income tax liability (decrease is listed with ―-‖) 6,094,483.50 -55,516.50
Decrease of inventory (increase is listed with ―-‖) 88,331,275.28 -23,460,309.04
Decrease of operating receivable accounts (increase is listed with ―-‖) -603,544,712.40 -678,860,014.66
Increase of operating payable accounts (decrease is listed with ―-‖) 452,499,315.14 667,859,778.27
Net cash flow arising from operating activities 393,612,109.41 318,573,288.00
2. Material investment and financing not involved in cash flow -- --
3. Net change of cash and cash equivalents: -- --
Balance of cash at period end 2,177,714,731.07 2,168,917,334.35
Less: Balance of cash equivalent at year-begin 2,288,739,620.44 2,432,803,698.08
Net increasing of cash and cash equivalents -111,024,889.37 -263,886,363.73
133
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(2) Relevant information about obtaining/disposal of subsidiary and other business unit in report period
In RMB
Supplementary information Amount of this period Amount of last period
I. Relevant information about obtaining subsidiary and other business units: -- --
1. price of obtaining subsidiary and other operation unit 1,401,687.00
2. cash and cash equivalent obtained from subsidiary and other operation unit 1,401,687.00
Less: cash and cash equivalent held by subsidiary and other operation unit 20,121,026.18
3. net cash received from subsidiary and other operation unit -18,719,339.18
4. net assets obtained from subsidiary 140,699,154.26
Current assets 148,357,716.54
Non-current assets 114,695,674.80
Current liability 78,008,139.41
II. Relevant information about disposal of subsidiary and other business units: 44,346,097.67
I. Relevant information about obtaining subsidiary and other business units: -- --
(3) Constitution of cash and cash equivalent
In RMB
Item Closing amount Opening amount
Ⅰ. Cash 2,177,714,731.07 2,288,739,620.44
Including: stock cash 708,108.43 1,127,043.52
Bank deposit available for payment at any time 2,177,006,622.64 2,287,612,576.92
Ⅲ. Balance of cash and cash equivalent at period-end 2,177,714,731.07 2,288,739,620.44
Explanation on constitution of cash and cash equivalent:
70. Notes of changes of owners’ equity
Explain the name and adjusted amount in ―Other‖ at end of last period as well as the retroactive adjustment arising from enterprise
combination under same control:
VIII. Accounting treatment of assets securitization
1. Explain the main exchange of assets securitization and its accounting treatment and provision of
bankruptcy-remote
2. Subject of special purpose without controlling rights on hand by actually bear the risks In RMB
Total liability at Net assets at Total operation Net profit in this
Name Total assets at period-end Note
period-end period-end revenue in this period period
134
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IX. Related Parties and Transactions
1. Parent company of the Company
Proportion of Proportion of
Parent Registration Legal Registered Organization
Relationship Nature Business nature shares held to voting right to Final controller of the Company
company place representative capital code
the Company the Company
State-owned Assets Supervision
Wuxi Operation of 358937.924146
Controlling State-owned Jiang & Administration Commission of
Industry Wuxi state-owned (in 10 thousand 20.00% 20.00% 13600265-4
shareholder exclusively Guoxiong Wuxi Municipality of Jiangsu
Group assets Yuan)
Province
Explanation on parent company of the enterprise
Wuxi Industry Development Group Co., Ltd was solely state-owned enterprise funded and established by Wuxi Municipal People’s Government which mainly took responsibility of authorizing
the state-owned assets operation within a certain areas, investment management of significant project, investment and development of manufacturing and services and venture capital in
high-tech achievement
2. Subsidiary of the Company
Proportion Proportion
Registration Legal Organization
Subsidiary Type Nature Business nature Registered capital of shares of voting
place representative code
held right
Weifu Jinning Controlling subsidiary Limited company Nanjing Chen Xuejun Parts of combustion engine 346,286,825.80 80.00% 80.00% 13497754-6
Weifu Leader Controlling subsidiary Limited company Wuxi Chen Xuejun Vehicle exhaust cleaner, muffler 502,596,300.00 94.81% 94.81% 13600159-8
Weifu Mashan Controlling subsidiary Limited company Wuxi Wang Xiaodong Parts of combustion engine 45,000,049.36 100.00% 100.00% 13625011-3
Weifu Chang’an Controlling subsidiary Limited company Wuxi Wang Xiaodong Parts of combustion engine 60,000,000.00 100.00% 100.00% 70354868-9
Weifu Nano Controlling subsidiary Limited company Wuxi Xu Liangfei Nano material 30,000,000.00 80.00% 80.00% 74066428-3
Weifu Diesel
Controlling subsidiary Limited company Wuxi Chen Xuejun Parts of combustion engine 300,000,000.00 100.00% 100.00% 76418029-1
System
Weifu
International Controlling subsidiary Limited company Wuxi Gao Guoyuan International trade 30,000,000.00 100.00% 100.00% 76103151-4
Trade
135
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Weifu ITM Controlling subsidiary Limited company Wuxi Chen Xuejun Parts of combustion engine 160,000,000.00 100.00% 100.00% 72418270-0
Weifu Schmidt Controlling subsidiary Limited company Wuxi Chen Xuejun Parts of combustion engine 48,000,000.00 66.00% 66.00% 69449050-9
Weifu Tianli Controlling subsidiary Limited company Ningbo Chen Xuejun Parts of combustion engine 104,690,000.00 51.00% 51.00% 73424810-1
Weifu Jialin Controlling subsidiary Limited company Chaoyang Xu Yunfeng Parts of combustion engine 8,000,000.00 51.00% 51.00% 78877120-5
Weifu Tianshi Controlling subsidiary Limited company Quanjiao Chen Xuejun Parts of combustion engine 10,000,000.00 52.00% 52.00% 57301523-4
Kunming
Controlling subsidiary Limited company Kunming Xu Yunfeng Parts of combustion engine 4,000,000.00 70.00% 70.00% 77554741-5
Xitong
Weifu-Autocam Controlling subsidiary Limited company Wuxi Gao Guoyuan Parts of combustion engine USD15,100,000.00 51.00% 51.00% 77540714-8
3. Details of joint-venture and affiliated enterprise of the Company
Equity Proportion of
Register proportion voting rights Organization
Invested company Type Legal rep. Business nature Register capital Relationship
place held by the in invested code
Company company
I. Joint venture
Wuxi Weifu Environment joint-venture of Joint-venture of
Wuxi Ou Jianbin Catalyst 50,000,000.00 49.00% 49.00% 75969849-1
Protection Catalyst Co., Ltd. Sino-foreign Weifu Leader
II. Associated company
joint-venture of BOHLER Accessories and matching parts USD241,000,00
Bosch Diesel System Wuxi 34.00% 34.00% Associated company 60791796-6
Sino-foreign KLAUS of internal combustion engine 0.00
Weifu Precision Machinery Limited Accessories and matching parts
Wuxi Chen Haojun 12,000,000.00 20.00% 20.00% Associated company 73944370-7
Manufacture Co., Ltd. company of internal combustion engine
136
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4. Particulars about other related parties
Other Related parties Relationship with the Company Organization code
Second largest shareholder of the
German Bosch Company
Company
Explanation on other related parties:
5. Related transaction
(1) Statement of commodity purchased and labor service received
In RMB
Amount of this period Amount of last period
Ratio in
Pricing way and decision Ratio in
Related parties Content similar
making procedures Amount similar Amount
transactio
transactions
ns
Wuxi Weifu
Products purchase
Environment Market price / approved by
or receiving labor 359,289,821.39 15.96% 283,965,030.85 18.20%
Protection Catalyst shareholders general meeting
service
Co., Ltd.
Products purchase
Market price / approved by
Bosch Diesel System or receiving labor 113,307,799.10 5.03% 110,325,315.29 7.07%
shareholders general meeting
service
Products purchase
German Bosch Market price / approved by
or receiving labor 54,477,464.43 2.42% 23,281,068.25 1.49%
Company shareholders general meeting
service
Wuxi Weifu Fine
Products purchase
Machinery Market price / approved by
or receiving labor 27,944,090.40 1.24% 39,749,577.78 2.55%
Manufacturing Co., shareholders general meeting
service
Ltd.
Wuxi Products purchase
Market price / approved by
Weifu-Autocam Fine or receiving labor 8,536,957.14 0.55%
shareholders general meeting
Machinery Co. Ltd. service
Statement of commodity sales and labor service provided
In RMB
Amount of this period Amount of last period
Ratio in
Pricing way and decision Ratio in
Related parties Content similar
making procedures Amount similar Amount
transactio
transactions
ns
Market price / approved by
Bosch Diesel System Sales of goods 764,835,499.82 21.67% 168,327,820.72 5.85%
shareholders general meeting
137
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Wuxi Weifu Fine
Machinery Market price / approved by
Sales of goods 14,140,405.46 0.40% 9,850,929.54 0.34%
Manufacturing Co., shareholders general meeting
Ltd.
German Bosch Market price / approved by
Sales of goods 7,860,748.62 0.22% 8,987,663.30 0.31%
Company shareholders general meeting
Wuxi Weifu
Environment Market price / approved by
Sales of goods 7,446,638.32 0.21% 7,178,065.34 0.25%
Protection Catalyst shareholders general meeting
Co., Ltd.
Wuxi
Market price / approved by
Weifu-Autocam Fine Sales of goods 1,684,161.14 0.06%
shareholders general meeting
Machinery Co. Ltd.
(2) Related trusteeship/contract
Statement of related trusteeship/contract
In RMB
Assignee/contract Income recognized in
Assigner/contractor Assts type Starting from Terminated dated Pricing basis
-out party this period
Statement of entrusted management and contract
In RMB
Assignee/contract Income recognized in
Assigner/contractor Assts type Starting from Terminated dated Pricing basis
-out party this period
Explanation on related trusted ship and contract
(3) Related leasing
Leasing-out
In RMB
Type of Terminated Pricing basis for Leasing income recognized in
Lessor Lessee Starting from
leasing dated leasing income period
Statement of leasing
In RMB
Type of Terminated Pricing basis for Leasing income recognized in
Lessor Lessee Starting from
leasing dated leasing income period
Explanation on related leasing
(4) Related guarantee
In RMB
Whether guarantee
Guarantee provided Guarantee received Guarantee amount Starting from Terminated dated
implemented or not
Explanation on related leasing
(5) Borrowed funds from related party
In RMB
138
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Related parties Borrowed funds Starting from Terminated dated Note
Borrow-in
Borrow-out
(6) Assets transfer, debt restructure of related party
In RMB
Amount of this period Amount of last period
Pricing
Related parties Type Content Ratio in similar Ratio in similar
principal Amount Amount
transactions transactions
(7) Other related transactions
Item Related parties Jan-Jun 2014 Jan-Jun 2013
Wuxi Weifu Environment Protection
Sales of fixed assets 2,750,775.89 1,055.85
Catalyst Co., Ltd.
Detection of fee income receivable Bosch Diesel System 16,716.10
Payable Technology service Bosch Diesel System 1,812,501.00 2,217,574.00
Land and trademark fee payable Wuxi Industry Group 1,600,000.00 1,600,000.00
Purchasing exclusive right to use trademark Wuxi Industry Group 16,155,700.00
Technology royalties payable ROBERT BOSCH GMBH 9,421,620.84 8,711,696.15
Technocal training fee payable ROBERT BOSCH GMBH 920,717.59
6. Account receivable/payable for related parties
Account receivable from related parties
In RMB
Amount at period-end Amount at period-begin
Item Related parties
Book balance Bad debt reserve Book balance Bad debt reserve
Wuxi Weifu Fine Machinery
Note receivable 1,080,000.00
Manufacturing Co., Ltd.
Account receivable Bosch Diesel System 288,801,969.72 100,164,734.24
Wuxi Weifu Fine Machinery
Account receivable 1,495,888.61 1,180,465.57
Manufacturing Co., Ltd.
Account receivable German Bosch Company 5,458,999.05
Wuxi Weifu Fine Machinery
Account paid in advance 988,229.18
Manufacturing Co., Ltd.
Account payable for related parties
In RMB
Amount at Amount at
Item Related parties
period-end period-begin
Note payable Wuxi Weifu Environment Protection Catalyst Co., Ltd. 160,000,000.00 80,000,000.00
139
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Account payables Wuxi Weifu Fine Machinery Manufacturing Co., Ltd. 3,544,963.75 10,450,446.23
Account payables Wuxi Weifu Environment Protection Catalyst Co., Ltd. 212,565,275.04 175,293,136.79
Account payables Bosch Diesel System 7,124,457.18 5,623,282.56
Account payables German Bosch Company 29,345,303.59 23,536,386.44
Account received in advance Wuxi Weifu Environment Protection Catalyst Co., Ltd. 1,266,200.00 2,627,152.95
Other payables Wuxi Industry Group 16,250,000.00 17,250,000.00
X. Share-based payment
1. General particular about share-based payment
In RMB
Explanation on share-based payment
2. Share-based payment settled by equity
In RMB
Explanation on share-based payment settled by equity
3. Share-based payment settled by cash
In RMB
Explanation on share-based payment settled by cash
4. Share-based payment settled by service
In RMB
5. Particular about amendment of share-based payment and its termination
XI. Contingent events
1. Contingent liability and its financial influence formed by un-settle lawsuits or arbitration
2. Contingent liability and its financial influence formed from debt guarantee offered to other units
Other contingent liability and its financial influence
As of 30 June 2014, assets mortgage or pledge is as follows:
1. Bank saving 128,590,400 Yuan was provided for issuing bank acceptance or credit margin
2. Receivable bank acceptance 140,372,100 Yuan was pledge to the bank for issuing bank acceptance
XII. Commitments
1. Material commitments
2. Commitments made previously
XIII. Subsequent events of balance sheet
1. Explanation on major event after balance sheet date
In RMB
Influence on financial status Reasons for no estimation on
Item Content
and operation results influence amount
2. Profit distribution after balance sheet date
In RMB
140
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Profit or dividend declare to distributed which have been
306,060,297.60
approved
3. Other explanation after balance sheet date
XIV. Other major event
1. Non-monetary assets exchange
2. Debt reorganization
3. Enterprise combination
4. Leasing
5. Financial instrument issued outside and convertible to shares in report period
6. Assets and liability measured by fair value
In RMB
Changes of fair
Gains/losses of
Amount at value reckoned into Impairment accrual Amount at
Item change of fair value
period-begin equity in this term period-end
in this term
accumulatively
Financial assets
3.Financial assets
385,009,400.00 -51,659,800.00 333,349,600.00
available for sales
Total 385,009,400.00 -51,659,800.00 333,349,600.00
Financial liability 0.00 0.00
7. Foreign currency financial assets and financial liability
In RMB
Changes of fair
Gains/losses of
Amount at value reckoned into Impairment accrual Amount at
Item change of fair value
period-begin equity in this term period-end
in this term
accumulatively
Financial assets
Subtotal of financial
0.00 0.00
assets
Financial liability 0.00 0.00
8. Main content of pension plan and major changes
Pension plan has no changes
141
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9. Other
XV. Principle notes of financial statements of parent company
1. Accounts receivable
(1) Accounts receivable
In RMB
Closing amount Opening amount
Book balance Bad debt reserve Book balance Bad debt reserve
Types
Proporti Proporti Proporti
Amount Amount Amount Amount Proportion
on on on
Account receivable of bad debt provision withdrawal by combination
Including: Age
472,301,595.42 48.45% 3,513,262.63 0.74% 371,879,011.88 55.64% 3,223,908.39 0.87%
combination
Subsidiary
502,584,198.37 51.55% 296,435,522.03 44.35%
combination
Subtotal of group 974,885,793.79 100.00% 3,513,262.63 0.36% 668,314,533.91 99.99% 3,223,908.39 0.48%
Accounts with single
significant amount
and bad debts 97,292.64 0.01% 97,292.64 100.00%
provision accrued
individually
Total 974,885,793.79 -- 3,513,262.63 -- 668,411,826.55 -- 3,321,201.03 --
Explanation for category of account receivables:
Accounts receivable with over RMB 1 million of single amounts is accounts receivable of significant single amount. To accounts
receivable of significant single amount, provision for bad debts is still made by aging analysis method because no objective evidence
can manifest that Contingent depreciation will exceed provision for bad debts by aging analysis method. Account receivable from
subsidiaries is not withdrawal bad debt provision by the Company.
Account receivable with single significant amount and withdrawal bad debt provision separately at period end
□ Applicable √ Not applicable
In combination, accounts receivable whose bad debts provision was accrued by age analysis
√ Applicable □ Not applicable
In RMB
Closing amount Opening amount
Age Book balance Bad debt Book balance
Bad debt reserve
Amount Proportion reserve Amount Proportion
142
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Within 1 year
Including: -- -- -- -- -- --
Within 6
459,662,909.20 97.32% 362,622,150.61 97.51%
months
6 months to 1
9,066,878.69 1.92% 906,687.87 6,228,167.55 1.68% 622,816.76
year
Subtotal of
468,729,787.89 99.24% 368,850,318.16 99.19% 622,816.76
within 1 year
1-2 years 926,470.65 0.20% 185,294.13 527,985.41 0.14% 105,597.08
2-3 years 373,427.08 0.08% 149,370.83 8,689.60 3,475.84
Over 3 years 2,271,909.80 0.48% 2,271,909.80 2,492,018.71 0.67% 2,492,018.71
Total 472,301,595.42 -- 3,513,262.63 371,879,011.88 -- 3,223,908.39
In combination, withdrawal proportion of bad debt provision based on balance proportion-account receivable
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods-account receivable
□ Applicable √ Not applicable
Accounts with single significant amount and bad debts provision accrued individually at end of period
□ Applicable √ Not applicable
(2) Reversal or recovery of account receivables during the reporting period
In RMB
Contents of account Reason for reversal Basis for determination of Accumulated provision of bad debt Amounts reversed
receivables of recovery original bad debt reserve reserve before reversal or recovery or recovered
Provision for bad debt reserve for account receivable with single significant or minor amount but tested for impairment separately
as at period-end
In RMB
Contents of account receivables Book balance Bad debt amount Provision proportion Reason
Explanation for account receivable with single minor amount while the risks of the group categorized with similar risk
characteristics are relative significant
(3) Account receivables actually written-off during the reporting period
In RMB
Name of the Nature of account Time of Amount Arising from related
Reason for write-off
company receivables write-off written off transactions (Y/N)
Old account age and unable to N
Other clients Amount for goods 13,476.51
collected
Total -- -- 13,476.51 -- --
143
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Explanation for write-off of account receivables:
(4)Account receivables due from the shareholders holding 5% or above voting shares of the Company
during the reporting period
In RMB
Closing amount Opening amount
Name of the company
Book balance Bad debt provision accrual Book balance Bad debt provision accrual
(5) Properties and contents of other accounts receivable with large amount
(6) Top 5 account receivable
In RMB
Relationship with the Proportion in total account
Name of the company Amount Terms
Company receivables
Weifu Chang’an Subsidiary 166,175,795.85 Within 1 year 17.04%
Weifu Diesel System Subsidiary 156,646,211.37 Within 1 year 16.06%
Bosch Diesel System Associated company 83,620,115.36 Within 1 year 8.58%
Client 4 Client 83,509,293.29 Within 1 year 8.57%
Weifu International Trade Subsidiary 73,676,595.90 Within 1 year 7.56%
Total -- 563,628,011.77 -- 57.81%
(7) Account receivables due from related parties
In RMB
Name of the company Relationship with the Company Amount Proportion in total account receivables
Weifu Chang’an Subsidiary 166,175,795.85 17.05%
Weifu Diesel System Subsidiary 156,646,211.37 16.07%
Bosch Diesel System Associated company 83,620,115.36 8.58%
Weifu International Trade Subsidiary 73,676,595.90 7.56%
Weifu Mashan Subsidiary 56,438,824.18 5.79%
Kunming Xitong Subsidiary 22,948,134.35 2.35%
Weifu Tianshi Subsidiary 22,925,533.72 2.35%
Weifu ITM Subsidiary 3,666,803.00 0.38%
Weifu Leader Subsidiary 106,300.00 0.01%
Total -- 586,204,313.73 60.14%
144
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(8)
Transferring amount is 0 Yuan for accounts receivable not conforming to terminate the confirmation.
(9) It is required to introduce the relevant transaction arrangement for asset securitization taking
accounts receivables as the standard
2. Other accounts receivable
(1) Other accounts receivable
In RMB
Closing amount Opening amount
Book balance Bad debt reserve Book balance Bad debt reserve
Types
Proportio Propor Proporti Proportio
Amount Amount Amount Amount
n tion on n
Other receivable with single
significant amount and
2,000,000.00 27.23% 2,000,000.00 100.00%
withdrawal bad debt provision
separately
Other receivable of bad debt provision withdrawal by combination
Including: Age combination 5,117,800.23 33.85% 21,635.31 0.42% 2,943,800.84 40.09% 36,515.70 1.24%
Subsidiary
10,000,000.00 66.15%
combination
Subtotal of group 15,117,800.23 100.00% 21,635.31 0.42% 2,943,800.84 40.09% 36,515.70 1.24%
Other receivable with single
minor amount while withdrawal 2,400,000.00 32.68% 2,400,000.00 100.00%
bad debt provision separately
Total 15,117,800.23 -- 21,635.31 -- 7,343,800.84 -- 4,436,515.70 --
Explanation for category of other receivables:
Other accounts receivable with over RMB 1 million of single amount is other receivables of significant single amount. To other
receivables of significant single amount, provision for bad debts is still made by aging analysis method because no objective
evidence can manifest that Contingent depreciation will exceed provision for bad debts by aging analysis method. Account receivable
from subsidiaries is not withdrawal bad debt provision by the Company.
Other receivable with single significant amount and withdrawal bad debt provision separately at end of period
□ Applicable √ Not applicable
In combination, other accounts receivable whose bad debts provision was accrued by age analysis
√ Applicable □ Not applicable
In RMB
145
无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
Closing amount Opening amount
Book balance Book balance
Age
Proporti Bad debt reserve Proporti Bad debt reserve
Amount Amount
on on
Within 1 year
Including: -- -- -- -- -- --
Within 6 months 4,988,096.74 97.47% 2,635,947.35 89.54%
6 months to 1
80,302.44 1.57% 8,030.24 250,550.00 8.51% 25,055.00
year
Subtotal of
5,068,399.18 99.04% 8,030.24 2,886,497.35 98.05% 25,055.00
within 1 year
1-2 years 30,776.76 0.60% 6,155.35 57,303.49 1.95% 11,460.70
2-3 years 18,624.29 0.36% 7,449.72
Total 5,117,800.23 -- 21,635.31 2,943,800.84 -- 36,515.70
In combination, withdrawal proportion of bad debt provision based on balance proportion-Other account receivable
□ Applicable √ Not applicable
In combination, withdrawal proportion of bad debt provision based on other methods- Other account receivable
□ Applicable √ Not applicable
Other receivable with single minor amount while withdrawal bad debt provision separately at end of period
□ Applicable √ Not applicable
(2) Reversal or recovery of other receivables during the reporting period
In RMB
Accumulated provision of Amounts
Reason for reversal of Basis for determination of original
Contents of other receivables bad debt reserve before reversed or
recovery bad debt reserve
reversal or recovery recovered
Nanjing University Ask for collected The account was too old to collect 600,000.00 600,000.00
Southeast University Ask for collected The account was too old to collect 600,000.00 600,000.00
Nanjing University of
Ask for collected The account was too old to collect 600,000.00 600,000.00
Science and Technology
Nanjing University of
Ask for collected The account was too old to collect 600,000.00 600,000.00
Technology
Jiangsu Techniques and
Ask for collected The account was too old to collect 1,000,000.00 1,000,000.00
Technology Center
Total -- -- 3,400,000.00 --
Provision for bad debt reserve for other receivable with single significant or minor amount but tested for impairment separately as at
period-end
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In RMB
Contents of account receivables Book balance Bad debt amount Provision proportion Reason
Explanation for other receivable with single minor amount while the risks of the group categorized with similar risk characteristics
are relative significant
(3) Other receivables actually written-off during the reporting period
In RMB
Nature of other Time of Amount written Arising from related
Name of the company Reason for write-off
receivables write-off off transactions (Y/N)
Jiangsu Techniques and Come-and-go Old account age and
2014-02-11 1,000,000.00 N
Technology Center money unable to collected
Total -- -- 1,000,000.00 -- --
Explanation for write-off of other receivables
(4) Other receivables due from the shareholders holding 5% or above voting shares of the Company
during the reporting period
In RMB
Closing amount Opening amount
Name of the company
Book balance Bad debt provision accrual Book balance Bad debt provision accrual
(5) Nature or content of other receivables with significant amount
(6) Top 5 other receivable
In RMB
Relationship with the Percentage in total accounts
Name of the company Amount Terms
Company receivable amount (%)
Weifu Schmidt Subsidiary 10,000,000.00 Within 1 year 66.15%
Total -- 10,000,000.00 -- 66.15%
(7) Other receivables due from related parties
In RMB
Name of the company Relationship with the Company Amount Proportion in total other receivables
Weifu Schmidt Subsidiary 10,000,000.00 66.15%
Total -- 10,000,000.00 66.15%
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(8)
Transferring amount is 0 Yuan for other accounts receivable not conforming to terminate the confirmation.
(9) It is required to introduce the relevant transaction arrangement for asset securitization taking other accounts receivables as the standard
3. Long-term equity investment
In RMB
Explanation
on the
Proportio Impairme
Proportio incongruity
n of nt
n of in share
share provision
Calculation Increase/decrease voting holding Impairment Cash bonus this
Invested company Investment cost Opening balance Closing balance holding of
method (+,-) rights in proportion provision period
in accruing
invested and voting
invested this
company proportion
company period
in invested
company
Weifu Jinning Cost method 178,639,593.52 178,639,593.52 178,639,593.52 80.00% 80.00% -- 67,588,798.74
Weifu Leader Cost method 460,113,855.00 460,113,855.00 460,113,855.00 94.81% 94.81% --
Weifu Nano Cost method 24,000,000.00 24,000,000.00 -24,000,000.00 0.00
Weifu Diesel System Cost method 260,187,500.00 260,187,500.00 260,187,500.00 100.00% 100.00% -- 124,544,694.18
Weifu Mashan Cost method 48,693,380.51 48,693,380.51 48,693,380.51 100.00% 100.00% --
Weifu Chang’an Cost method 70,902,037.30 70,902,037.30 70,902,037.30 100.00% 100.00% --
Weifu International
Cost method 30,999,996.22 30,999,996.22 30,999,996.22 100.00% 100.00% -- 2,041,420.78
Trade
Weifu ITM Cost method 167,000,000.00 167,000,000.00 167,000,000.00 100.00% 100.00% --
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Weifu Schmidt Cost method 31,680,000.00 31,680,000.00 31,680,000.00 66.00% 66.00% --
Weifu Tianli Cost method 90,229,100.00 90,229,100.00 90,229,100.00 51.00% 51.00% --
Weifu Jialin Cost method 4,685,868.73 4,685,868.73 -4,685,868.73 0.00 -- 2,083,369.99
Kunming Xitong Cost method 5,471,793.17 5,471,793.17 5,471,793.17 70.00% 70.00% --
Weifu Tianshi Cost method 5,200,000.00 5,200,000.00 5,200,000.00 52.00% 52.00% --
Weifu-Autocam Cost method 69,519,068.71 66,349,490.11 3,169,578.60 69,519,068.71 51.00% 51.00% --
Equity
Bosch Diesel System 867,509,767.37 1,689,813,796.94 395,775,418.56 2,085,589,215.50 32.50% 32.50% --
method
Zhonglian Automobile Equity
120,124,000.00 444,015,778.45 115,154,369.34 559,170,147.79 20.00% 20.00% --
Electronic Co., Ltd method
Wuxi Weifu Fine
Equity
Machinery 2,000,000.00 39,093,898.74 3,412,107.26 42,506,006.00 20.00% 20.00% --
method
Manufacturing Co., Ltd.
Guolian Securities Co.,
Cost method 12,000,000.00 12,000,000.00 12,000,000.00 1.20% 1.20% -- 720,000.00
Ltd.
Guangxi Liufa Co., Ltd. Cost method 1,600,000.00 1,600,000.00 1,600,000.00 1.22% 1.22% -- 1,600,000.00
Financial Company of
Changchai Group Co., Cost method 800,000.00 800,000.00 800,000.00 -- 800,000.00
Ltd.
H&J Vanguard
Cost method 33,000,000.00 33,000,000.00 33,000,000.00 11.72% 11.72% -- 33,000,000.00
Investment Co., Ltd.
Nanjing Hengtai
Insurance and Broker Cost method 1,000,000.00 1,000,000.00 1,000,000.00 1.85% 1.85% -- 1,000,000.00
Co., Ltd.
Wuxi Xidong
Cost method 5,000,000.00 5,000,000.00 5,000,000.00 1.43% 1.43%
Technological Industry
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Park Co., Ltd.
Shanghai Chengding
100,000,000.00 100,000,000.00 100,000,000.00 15.87% 15.87% -- 0.00
Detong
Total -- 2,590,355,960.53 3,670,476,088.69 588,825,605.03 4,259,301,693.72 -- -- -- 36,400,000.00 196,978,283.69
Explanation on long-term equity investment
1. Bosch Diesel System: register capital at beginning of the year was US$ 230 million, increased US$11 million in the year. Increasing the register capital from rests of the parts of un-paid profit
that annouced for allocation in 2012, after increased, register capital of the enterprise amounting as US$ 241 million, including US$78.33 million contributed by the Company, representing
32.50% of the registered capital; Weifu Jinning invested US$ 3.61 million, a 1.5% of the registered capital.
2. Weifu-Autocam: increased US$ 5.1 million register capital in the year, including US$ 2.6010 million should be contributed by WFHT, 20% of which has been paid in the period, that is
US$ 0.5202 million, equivalent to 3169578.60 Yuan.
3. Shanghai Cheng Ding De Tong Equity Investment Fund Co., Ltd.: registered capial amounting to 630 million Yuan, the Company contributed 100 million Yuan, representing 15.87% in
registed capital and calculated based on cost.
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4. Operating income and cost
(1) Operating income
In RMB
Item Amount of this period Amount of last period
Main operating income 1,196,299,308.98 1,090,313,785.56
Other operating income 130,174,065.00 180,572,643.07
Total 1,326,473,373.98 1,270,886,428.63
Operating cost 1,054,382,015.54 1,083,696,285.15
(2) Main business (by industry)
In RMB
Amount of this period Amount of last period
Industry
Operating income Operating cost Operating income Operating cost
Auto parts 1,196,299,308.98 938,909,440.59 1,090,313,785.56 910,480,693.26
Total 1,196,299,308.98 938,909,440.59 1,090,313,785.56 910,480,693.26
(3) Main business (by product)
In RMB
Amount of this period Amount of last period
Product
Operating income Operating cost Operating income Operating cost
Auto fuel injection system 1,196,299,308.98 938,909,440.59 1,090,313,785.56 910,480,693.26
Total 1,196,299,308.98 938,909,440.59 1,090,313,785.56 910,480,693.26
(4) Main business (by districts)
In RMB
Amount of this period Amount of last period
Districts
Operating income Operating cost Operating income Operating cost
Domestic sales 1,196,299,308.98 938,909,440.59 1,090,313,785.56 910,480,693.26
Total 1,196,299,308.98 938,909,440.59 1,090,313,785.56 910,480,693.26
(5) The operating income of the top five customers of the Company
In RMB
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The percentage in all
Client Total operation revenue operating revenue of the
Company
Client1 208,229,420.15 15.70%
Client2 93,313,342.58 7.03%
Client3 86,446,145.30 6.52%
Client4 81,353,850.35 6.13%
Client5 55,818,804.08 4.21%
Total 525,161,562.46 39.59%
Explanation on operating income
5. Investment income
(1) Particulars about investment income
In RMB
Item Amount of this period Amount of last period
Income of long-term equity investment calculated based on cost 196,978,283.69 214,479,328.06
Income of long-term equity investment calculated based on equity 492,416,778.66 247,946,222.53
Investment income obtained from disposal of long-term equity investment -285,740.86
Investment income obtained during holding available-for-sale financial assets 20,144,274.00 25,157,496.58
Total 709,253,595.49 487,583,047.17
(2) Income of long-term equity investment calculated based on cost
In RMB
Invested company Amount of this period Amount of last period Reasons of change (+,-)
Weifu Diesel System 124,544,694.18 117,672,378.25 Gains profit for year of 2013, bonus in the Year
Weifu Jinning 67,588,798.74 93,949,002.07 Gains profit for year of 2013, bonus in the Year
Weifu International Trade 2,041,420.78 2,497,947.74 Gains profit for year of 2013, bonus in the Year
Weifu Jialin 2,083,369.99 Previous bonus before liquidation in the Year
Guolian Securities Co., Ltd. 720,000.00 360,000.00 Gains profit for year of 2013, bonus in the Year
Total 196,978,283.69 214,479,328.06 --
(3) Income of long-term equity investment calculated based on equity
In RMB
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Amount of the Amount of the
Invested company Reasons for changes (+,-)
current period last period
Profit increase in this period due to
Bosch Diesel System 373,850,301.06 144,187,591.01
influence from auto industry
Profit increase in this period due to
Zhonglian Automobile Electronic Co., Ltd. 115,154,369.34 89,664,088.66
influence from auto industry
Profit declined due to the decrease of
Wuxi Weifu Fine Machinery Manufacturing Co., Ltd. 3,412,108.26 5,016,036.48
sales
Calculated from equity method to cost
Wuxi Weifu-Autocam Fine Machinery Co. Ltd. 0.00 9,078,506.38
method
Total 492,416,778.66 247,946,222.53 --
Explanation on investment income:
6. Supplementary information of cash flow statement
In RMB
Supplementary information This Period Last Period
1. adjust the net profits to be cash flow for operating activities -- --
Net profits 766,230,881.38 529,454,293.00
Add: Assets impairment provision -3,209,342.25 129,551.83
fixed assets depreciation, oil-and-gas assets loss , productive living beings depreciation 35,230,427.17 35,820,064.18
intangible assets amortization 2,535,657.81 1,967,691.84
losses from handling fixed assets, intangible assets and assets(profits fill with ―-― ) 7,003.69 48,919.73
financial costs(profits fill with ―-― ) 6,334,220.53 3,780,000.00
investment losses(profits fill with ―-―) -709,253,595.49 -487,583,047.17
deferred income tax assets decrease(increases fill with ―-― ) -3,617,116.16 -2,559,640.23
deferred income tax assets increase(increases fill with ―-― ) 6,150,000.00
stock decreases(increases fill with ―-― ) 34,124,414.76 5,597,885.83
operating receivables decrease(increases fill with ―-― ) -225,451,943.82 -64,794,249.69
operating payables increase(decreases fill with ―-― ) 239,073,871.41 431,942,158.75
cash flow net amount generated by operating activities 148,154,479.03 453,803,628.07
2. significant investment financial activities not involving and cash deposit and withdrawal -- --
3. net changes of cash and cash equivalents -- --
ending balance of cash 1,390,785,608.75 1,530,176,246.40
decrease: opening balance of cash equivalents 1,422,429,501.73 1,524,564,526.97
net increase of cash and cash equivalents -31,643,892.98 5,611,719.43
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7. Assets and liabilities enter into the account book with assessed value by counter purchase
Assets and liability reckoned into book with fair value while counter purchased
In RMB
Item Fair value Method to determine fair value Process of fair value Original Book value
Long-term equity investment form by counter purchased
In RMB
Item Amount of long-term equity investment form by counter purchased Process of long-term equity investment
XVI. Supplementary Information
1. Current non-recurring gains/losses
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the write-off that accrued for
189,505.25
impairment of assets)
Governmental subsidy reckoned into current gains/losses (not including the subsidy enjoyed in
quota or ration according to national standards, which are closely relevant to enterprise’s 6,697,146.38
business)
Profit and loss of assets delegation on others’ investment or management 20,144,274.00
Other non-operating income and expenditure except for the aforementioned items -3,634,479.06
Less: Impact on income tax 3,487,044.30
Impact on minority shareholders’ equity (post-tax) 938,509.95
Total 18,970,892.32 --
Explain recognition reasons item-by-item if the government subsidy reckoned into current gains/losses was the recurring
gains/losses
□ Applicable √ Not applicable
2. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
In RMB
Net profit attributable to shareholders of listed company Net assets attributable to shareholders of listed company
Amount in this period Amount in last period Closing amount Opening amount
Chinese GAAP 840,585,795.24 531,953,834.22 10,091,324,886.06 9,600,765,223.81
Items and amount adjusted by IAS
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(2) Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
In RMB
Net profit attributable to shareholders of listed company Net assets attributable to shareholders of listed company
Amount in this period Amount in last period Closing amount Opening amount
Chinese GAAP 840,585,795.24 531,953,834.22 10,091,324,886.06 9,600,765,223.81
Items and amount adjusted by foreign accounting rules
(3) Reasons for the differences of accounting data under accounting rules in and out of China
3. REO and earnings per share
In RMB
Weighted average Earnings per share
Profits during report period
ROE (%) Basic EPS Diluted EPS
Net profits belong to common stock stockholders of the Company 8.41% 0.82 0.82
Net profits belong to common stock stockholders of the Company after
8.22% 0.81 0.81
deducting nonrecurring gains and losses
4. Abnormalities and reasons of the accounting statement items of the Company
1. Account receivable: amount at period-end increase RMB 605,851,800 over that of year-begin, mainly
because sales income increased.
2. Account paid in advance: amount at period-end increase RMB 151,611,800 over that of year-begin,
mainly because the project of Countries No.4 emissions standards products invested more lately.
3. Interest receivable: amount at period-end decrease RMB 45,401,900 over that of year-begin, mainly
because bank certificate expired and interest receivable was taken back
4. Dividend receivable: amount at period-end decrease RMB 22,937,000 over that of year-begin, mainly because
rests of the retained profit of Bosch Diesel for year of 2012 has converted into register capital
5. Other account receivable: amount at period-end increase RMB 5,557,500 over that of year-begin, mainly
because rental fee receivable etc. increased
6. Construction in process: amount at period-end increase RMB 171,007,100 over that of year-begin, mainly
because the investment of Weifu Industry Park project etc. increased
7. Note payable: amount at period-end increase RMB 251,852,500 over that of year-begin, mainly because the
Company increases the settlement business of note payable
8. Investment income: amount in the Period increase RMB 238,060,900 over the same period of last year with
79.62% up, mainly because profit of shareholding enterprise Bosch Automobile Diesel increased greatly.
9. Assets impairment loss: amount in the Period increase RMB 9,762,000 over the same period of last year,
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无锡威孚高科技集团股份有限公司 2014 年半年度报告全文
mainly because provision for impairment of inventories increased.
10. Non-operation income: amount in the Period increase RMB 6,658,200 over the same period of last year with
290.37% up, mainly due to the confirmation of government relocation compensation.
11. Non-operation expenditure: amount in the Period increase RMB 2,888,600 over the same period of last year
with 57.24% up, mainly due to the relocation expense.
12. Net cash flow arising from operation activity: amount in the Period has RMB 498,100,000 out-flow decreased
over the same period of last year, mainly because net out-flow of trust management in the Period decrease over
same period of last year, meanwhile, more investment for Weifu Industry Zone and Ningbo Tianli New plant etc.
in the Period
13. Net cash flow arising from financing activity: amount in the Period has RMB 420,277,300 out-flow increased
over the same period of last year, mainly because short-term loans increased at same period of last year while the
short-term loans have been paid in the Period
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Section X. Documents available for reference
I. Semi-Annual Reports with the chairman’s own signature;
II. Financial statement with signature and seal of legal representative, person in charge of financial works and
accountant officer;
III. The original manuscripts of all documents and announcements of the Company publicly disclosed on China
Securities Journal, Securities Times and Hong Kong Commercial Daily during the Period.
Board of Director of
Weifu High-Technology Group Co., Ltd.
Chairman:
Chen Xuejun
30 August 2014
157
