无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
Stock Code: 000581, 200581 Public Notice No: 2020-012
Short Form of the Stock: WFHT, Su Weifu-B
Weifu High-Technology Group Co., Ltd.
Summary of Annual Report 2019
I. Important Notice
The summary is abstract from full-text of annual report, for more details of operating results, financial condition
and future development plan of the Company, investors should found in the full-text of annual report that
published on media appointed by CSRC.
The directors, supervisors and senior officers declared that they guarantee the matters in the Report are truthful,
accurate and completed without objection.
All directors are attend the Meeting of the Board for Report deliberation.
Prompt of non-standard audit opinion
□ Applicable √ Not applicable
Profit distribution plan of common stock or public reserve transfer into share capital deliberated by the Board in
the reporting period
√Applicable □Not applicable
Transfer of public reserve into share capital
□Yes √No
The profit distribution plan that deliberated and approved by the Board is: based on total share capital of
1,008,950,570, distributed 11 Yuan (tax included) bonus in cash for every 10-share hold by all shareholders, 0
share bonus issued (tax included) and no public reserve transfer into share capital either.
Profit distribution plan of preferred stock deliberated and approved by the Board in the reporting period
□ Applicable √ Not applicable
II. Company information
1. Company Profile
Short form of the stock WFHT, Su Weifu-B Stock code 000581, 200581
Stock exchange for listing Shenzhen Stock Exchange
Person/Way to contact Secretary of the Board Rep. of security affairs
1
无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
Name Zhou Weixing Yan Guohong
Office add. No.5 Huashan Road, Xinwu District, Wuxi No.5 Huashan Road, Xinwu District, Wuxi
Fax. 0510-80505199 0510-80505199
Tel. 0510-80505999 0510-80505999
E-mail wfjt@public1.wx.js.cn wfjt@public1.wx.js.cn
2.Main business or products introduction in the reporting period
(i) Main business of the Company
1. The Company belongs to automobile components industry, and its main products include diesel fuel injection
system products, exhaust after-treatment system products and air management system products.
2. Main uses of the Company's products
(1) The diesel fuel injection system products are widely used in different power diesel engines supporting all types
of trucks, passenger cars, buses, construction machinery, marine, and generator sets. The company not only makes
products matching with the main engines used at home but also exports some products to the Americas, Southeast
Asia, and the Middle East. The products meet the needs of national emission standards.
(2) The auto exhaust after-treatment system products: mainly support the major manufacturers of automobile,
motorcycle and general machinery at home which meet the national emission standards.
(3) The Air management system products (supercharger): matches with most of the domestic small-bore diesel
engine plants and some six-cylinder diesel engine manufacturers, and meet the needs of the light and heavy
commercial vehicles and some passenger cars, and meets the national emission standards.
3. Business model of the Company
The Company follows the operating philosophy of making competitive products, creating famous brands, striving
for first choices, and creating value for the users, implements the business model that parent company unifies the
management and subsidiaries decentralize the production. Namely, the group company is responsible for making
strategic development planning and operation targets, and making the unified management, instruction and
assessment for the finance, significant personnel management, core raw materials, quality control, and technology
of the subsidiaries. The subsidiaries arrange production based on the order management model of market, which
makes the subsidiaries keep the consistent quality with the company, helps keep abreast of customer needs and
saving logistics costs, maintain the timeliness of products production and supply, and improve the company’s
economic benefits.
During the reporting period, the Company’s main business and business model have no significant changes.
(ii) Development stage and periodic characteristics of the industry the Company involves and the Company's
2020 is the ending year in which China achieves its first century-long goal, builds a well-off society in an
all-round way and the “Thirteenth Five-Year Plan”, and is also the benchmark year to start a new journey of
transforming “from big to strong”, and serves as a connecting link between the preceding and the following.
Maintaining stable macroeconomic development in 2020 is of great significance, the macro economy will remain
2
无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
stable under the escort of multiple policies, the fundamentals of China’s healthy and stable economic development
will not change, and economic growth will remain within a reasonable range. In the next five years, the macro
economy will enter a critical period of transformation, reducing speed and improving quality will be the main
theme. After more than ten years of rapid growth, the Chinese auto market has begun to enter a period of
transformation and adjustment. The “new four modernizations” are reshaping the automotive industry pattern,
with the rapid penetration of technological advance, big data and artificial intelligence into the industry, the new
energy and intelligent connected vehicles have ushered in a wave of development, the automobile industry is more
firmly developing towards intelligence, networking, and coordinated development of vehicles and roads.
Therefore, we will unswervingly seek effective resources in line with the corporate vision and meet the challenges
of the industry with sufficient confidence.
After more than 60 years of hard work, the company has become a backbone enterprise of core parts of domestic
auto (power engineering), 80% products of the existing Automobile components core business are matched with
the electronic control systems and electronically controlled. The company will actively respond to the national
new energy and intelligent network strategy, take the Automobile components industry chain as the core and other
related fields as supplements, lay out new energy auto drive technology, and promote the hydrogen fuel cell
technology and intelligent network technology research and development capacity building. Market objectives:
consolidate the existing business market position and take a position in the new business potential market.
Technical objectives: strengthen the technical strength of the pillar business, lay out the new business frontier
technology, and actively expand new areas based on the existing business. Strive to achieve the goal of becoming
a leader in the auto core parts enterprises.
3. Main accounting data and financial indexes
(1) Main accounting data and financial indexes for recently three years
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes √ No
In RMB
Changes over
2019 2018 2017
last year
Operating revenue 8,784,356,960.30 8,721,674,671.18 0.72% 9,017,280,159.80
Net profit attributable to shareholders of the
2,268,026,432.78 2,396,077,415.21 -5.34% 2,571,339,490.04
listed company
Net profit attributable to shareholders of the
listed company after deducting non-recurring 1,947,408,959.68 2,014,800,714.20 -3.34% 2,322,218,596.99
gains and losses
Net cash flows arising from operating activities 1,048,670,053.23 874,381,526.63 19.93% 957,697,901.07
Basic earnings per share (RMB/Share) 2.25 2.37 -5.06% 2.55
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无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
Diluted earnings per share (RMB/Share) 2.25 2.37 -5.06% 2.55
Weighted average ROE 13.77% 15.48% -1.71% 18.52%
Changes over
Year-end of 2019 Year-end of 2018 Year-end of 2017
end of last year
Total assets 23,958,348,185.78 20,892,041,460.30 14.68% 20,231,006,224.36
Net assets attributable to shareholder of listed
16,990,405,136.62 15,913,828,778.82 6.77% 14,835,673,669.75
company
（2）Quarterly main financial index
In RMB
Q1 Q2 Q3 Q4
Operating revenue 2,270,130,717.54 2,133,313,628.51 1,916,020,020.78 2,464,892,593.47
Net profit attributable to shareholders of
699,726,864.34 556,934,712.75 470,100,118.65 541,264,737.04
the listed company
Net profit attributable to shareholders of
the listed company after deducting 623,891,223.54 490,203,601.20 426,217,054.93 407,097,080.01
non-recurring gains and losses
Net cash flows arising from operating
145,409,651.46 544,914,256.79 548,646,172.99 -190,300,028.01
activities
Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the company’s quarterly report and semi-annual report
□Yes √ No
4. Shares and shareholders
(1) Particulars about common stock shareholders, preference shareholders with voting rights recovered and
top ten shareholders
In Share
Total common Total preference Total preference
Total common stock
stock shareholders with shareholders with voting
shareholders at end of last
shareholders in 56,658 51,432 voting rights 0 rights recovered at end of 0
month before annual
reporting recovered at end of last month before annual
report disclosed
period-end reporting period report disclosed
Top ten shareholders
Number of Number of shares
Proportion
Amount of lock-up pledged/frozen
Name of Shareholders Nature of shareholder of shares
shares held stocks State of Amoun
held
held share t
Wuxi Industry Development Group Co., Ltd State-owned corporate 20.22% 204,059,398
ROBERT BOSCH GMBH Foreign corporate 14.16% 142,841,400
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无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
Hong Kong Securities Clearing Company Foreign corporate 5.47% 55,230,663
BBH BOS S/A FIDELITY FD - CHINA FOCUS
Foreign corporate 1.84% 18,530,315
FD
NSSF-107 Other 1.59% 15,998,673
Central Huijin Assets Management Co., Ltd. State-owned corporate 1.27% 12,811,200
NSSF - 403 Other 0.67% 6,740,200
FIDELITY INVMT TRT FIDELITY INTL
Foreign corporate 0.64% 6,411,002
SMALL CAP FUND
HKMA - own funds Foreign corporate 0.62% 6,232,134
Monetary Authority of Macao - own fund Foreign corporate 0.61% 6,202,109
Among the aforesaid shareholders, there has no
associated relationship between Wuxi Industry
Development Croup Co., Ltd. and other shareholders,
Explanation on associated relationship among the aforesaid shareholders the first largest shareholder of the Company; and they do
not belong to the person acting in concert regulated by
the Management Measure of Information Disclosure on
Change of Shareholding for Listed Company.
(2) Total preferred stock shareholders of the Company and shares held by top ten shareholders with
preferred stock held
□ Applicable √ Not applicable
The Company had no shareholders with preferred stock held in the reporting.
(3) Property right and controlling relationships between the actual controllers of the Company and the
Company is as follows:
State-owned Assets Supervision & Administration
Commission of Wuxi Municipality of Jiangsu Province
100%
Wuxi Industry Development Croup Co., Ltd.
20.22%
Weifu High-Technology Group Co., Ltd.
5. Corporate bonds
Whether the Company has a corporation bonds that issuance publicly and listed on stock exchange and without due on the date when
annual report approved for released or fail to cash in full on due
No
5
无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
III. Discussion and Analysis of the Operation
1. Brief introduction of operation in the reporting period
(i) Overall situation
According to the data released by China Association of Automobile Manufacturers:: the production and sales
volume of automobiles for year of 2019 in the country amounted to 25,721,000 and 25,769,000 respectively, with
7.5% and 8.2% down from a year earlier respectively; growth of production and sales continued last year’s low
running state, of which, the production and sales volume of passenger vehicles were 21,360,000 and 21,444,000
respectively, with 9.2% and 9.6% declined over same period of last year respectively, declining scope is greater
than the total number of cars; production and sales volume of commercial vehicles were respectively amounted as
4,360,000 and 4,324,000, the production has 1.9% up from a year earlier while sales have 1.1% declined,
production and sales for commercial vehicles is better than that of passenger vehicles.
Facing the complex and severe macro situation, the company’s management team led all employees to turn
external pressure into motivation based on various operating performance indicators formulated at the beginning
of the year, gathered strength and responded calmly, collaborated and advanced bravely, laid emphasis on
operation and management quality, controlled costs and expenditures, reduced capital occupation, accelerated
capital turnover, focused on the layout of National VI products, well completed various goals and tasks throughout
the year, and maintained the overall stability of the integrated economic operation. In reporting period, operating
revenue achieved 8,784 million yuan with 0.72% up on a y-o-y basis; total net profit amounted to 2,450 million
yuan with 5.83% down on a y-o-y basis; total assets of the Company was 23,958 million yuan with 14.68% up
from a year earlier; and the owners interest attributable to parent company was 16,990 million yuan, a y-o-y
growth of 6.77% achieved.
(ii) Main work carried out
1. Calmly responded to market fluctuations and ensured the stability of the three major system business
products.
In 2019, affected by the economic downturn and the decline in consumer demand, the overall sales volume of the
automobile market have declined. Facing the severe market situation, the company calmly responded to ensure the
stability of its main business products. Fuel injection system business: the sales volume of common rail pumps
reached 1.75 million units, and the main product CPN2 remained high; the sales volume of VE pumps continued
to grow in the off-road market and continued to maintain market share of key customers. Exhaust
After-treatment system business: seized market opportunities, ensured the market share of CNG purifiers,
ensured the supply needs of key customers; steadily advanced the development and realized the mass production
of the National VI project products in the heavy truck market, ensured the quality customer market of the
self-owned brand passenger car market, and enhanced the integration capabilities of National VI system in the
light truck market to further expand target customers in the off-road market. Air management system business:
the sales volume of 4-cyl turbochargers were generally stable throughout the year, and the entire series won the
National VI project and gradually ramped up production, at the same time, quickly deployed the VNT market. The
6
无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
sales volume of 6-cyl turbochargers increased by 10% on a year-on-year basis, and achieved the simultaneous
development of the National VI project. Meanwhile, the company’s manufacturing capabilities for precision
manufacturing and parts processing have been rapidly improved.
2. Made full use of information technology, improved the system management platform, and promoted the
company’s operation and management efficiency
Through information technology and means, supported the establishment and improvement of the company’s
management business platform. Established information security risk assessment mechanism to ensure the control
of IT asset management software; completed the process management platform architecture design and system
platform selection, continued to advance the promotion of intelligent manufacturing projects, built the overall
framework of intelligent manufacturing, and information planning and roadmap, orderly launched the pilot project
of intelligent manufacturing, and independently completed the common rail intelligent equipment line, the first
phase of intelligent manufacturing project passed acceptance and was rated as the Jiangsu Industrial Internet
Development Demonstration Enterprise. Strengthened the overall management of equipment and realized the
progress tracking of the entire process of equipment investment; improved the construction of human resources
information system platform, improved the company’s salary management, career development and other systems,
increased talent development, made special training for skills, technology, business, and management personnel,
according to business development needs, optimized incentives, formulated special reward schemes for product
projects and sales, and gave full play to the effectiveness of incentives; completed the launch of procurement
sharing system, and initially realized the full-cycle management from procurement requirements, sourcing,
supplier management to payment settlement process, and carried out standardization of direct material
procurement management, got through to the information flow, logistics, and capital flow of suppliers, and
realized information interconnection; promoted the construction and promotion of financial sharing platform
information system, and achieved the stable operation of business and accounting.
3. Planned around strategic goals to promote investment cooperation in new business in an orderly manner
Based on the company’s strategic planning and combined with the company’s existing business, carried out
deep-level research planning one by one, and focused on two major areas of new energy and intelligent network to
lay out new business. On the one hand, the company strengthened and promoted a new round of strategic
cooperation with its strategic investor Robert Bosch GmbH on the new business of hydrogen vehicles and
coordinated the strategic development. On the other hand, the company controlled the Denmark IRD Fuel Cell
Company through mergers and acquisitions, IRD Company had a world-class research and development team,
mastered advanced manufacturing technologies for membrane electrode and bipolar plate core components, and
had a stable market in Europe, North America and China, the controlling of IRD Company enabled the company
to quickly enter the field of fuel cell core components and enhance its competitiveness in emerging markets.
2. Whether the main business had major change in the reporting period
□Yes √No
3. The industries, products, or regions accounting for over 10% of the company’s operating income or
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无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
operating profit
√Applicable □Not applicable
In RMB
Gross Increase/decrease Increase/decrease Increase/decrease
Products Operating revenue Operating profit profit of operating of operating of gross profit
ratio revenue y-o-y profit y-o-y ratio y-o-y
Automobile fuel
4,872,783,878.47 1,475,527,183.45 30.28% -3.09% 0.43% 1.06%
injection system
Air management
445,878,703.66 121,738,801.53 27.30% 1.26% -1.54% -0.78%
system
Automobile exhaust
3,036,081,382.54 434,667,272.02 14.32% 8.64% 29.39% 2.30%
after-treatment system
4. Whether the characteristics of management seasonal or cyclical need special attention
□ Yes √ No
5. In the reporting period, note of major changes in operating revenue, operating cost, total net profit
attributable to common stock shareholders of listed company or composing the previous reporting period
□ Applicable √ Not applicable
6. Particular about suspension and termination of listing
□Applicable √Not applicable
7. Relevant items involving financial report
(1) Particulars about the changes in aspect of accounting policy, estimates and calculation method compared with the
financial report of last year
√ Applicable □Not applicable
① Change of financial statement format
In accordance with the Notice on Revised and Printing the Format of Financial Statements for General Enterprises
in 2019 (Cai Kuai [2019] No.6), the Notice on Revised and Printing the Consolidate Financial Statement Format
(2019 version) (Cai Kai [2019] No.16 from Ministry of Finance and requirement of accounting standards for
business enterprise, the Company prepared the financial statement for year of 2019 and retroactive adjustment shall
prevail for the change of such accounting policy.
Items and amount have major impact on financial statement of 2018:
Book value present on Book value present on
On former policy new policy
Items Number adjusted
statement
2018-12-31 2018-12-31
Consolida Note receivable -- 1,148,107,603.68 1,148,107,603.68
te balance Account receivable -- 1,919,793,266.91 1,919,793,266.91
8
无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
sheet Note receivable and account
3,067,900,870.59 -- -3,067,900,870.59
receivable
Note payable -- 1,018,367,533.74 1,018,367,533.74
Account payable -- 2,047,336,834.66 2,047,336,834.66
Note payable and account payable 3,065,704,368.40 -- -3,065,704,368.40
Note receivable -- 264,264,207.30 264,264,207.30
Account receivable -- 742,246,990.99 742,246,990.99
Balance Note receivable and account
sheet of 1,006,511,198.29 -- -1,006,511,198.29
receivable
parent
company Note payable -- 330,545,052.37 330,545,052.37
Account payable -- 823,693,469.51 823,693,469.51
Note payable and account payable 1,154,238,521.88 -- -1,154,238,521.88
②Implementation of New Financial Instrument Standards
The Accounting Standards for Business Enterprise No.22- Recognition and measurement of financial instrument,
Accounting Standards for Business Enterprise No.23- Transfer of financial assets, Accounting Standards for
Business Enterprise No.24- Hedge accounting and Accounting Standards for Business Enterprise No.37-
Presentation of financial instruments (collectively name as New Financial Instrument Standards) revised by
Ministry of Finance are implemented by the Company since 1 January 2019. No adjustment is required to
information in comparable periods in accordance with the linkage between the relevant old and new standards. On
initial implementation date, the difference between former and new standards shall retroactively adjusted on the
retained earnings or other comprehensive income at beginning of the reporting period.
Main impact on the financial statement dated 1 Jan. 2019 while implementing the new financial instrument
standard:
Consolidate financial statement:
In RMB
Item 2018-12-31 Re-classified Re-measured 2019-1-1
Assets:
Transaction financial asset 4,692,952,711.43 25,169,410.96 4,718,122,122.39
Other current assets 4,632,137,600.26 -4,571,886,703.43 60,250,896.83
Available-for-sale financial assets 255,975,176.91 -255,975,176.91
Other equity instrument investment 87,088,272.91 87,088,272.91
Other non-current financial assets 47,820,896.00 47,820,896.00
Deferred income tax assets 234,697,139.58 -3,775,411.64 230,921,727.94
Note receivable 1,148,107,603.68 -49,984,087.50 1,098,123,516.18
Receivables financing 49,984,087.50 49,984,087.50
Liability:
9
无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
Short-term borrowings 298,928,213.94 420,478.58 299,348,692.52
Other account payable 64,448,723.52 -510,791.08 63,937,932.44
Non-current liabilities due within one
15,000,000.00 21,770.83 15,021,770.83
year
Long-term borrowings 30,000,000.00 43,541.67 30,043,541.67
Long-term account payable 35,422,354.11 25,000.00 35,447,354.11
Owners’ equity:
Other comprehensive income -19,809,442.95 19,809,442.95
Retained profit 10,996,945,870.13 -19,809,442.95 21,393,999.32 10,998,530,426.50
Financial statement of parent company:
In RMB
Item 2018-12-31 Re-classified Re-measured 2019-1-1
Assets:
Transaction financial asset 4,692,952,711.43 25,169,410.96 4,718,122,122.39
Other current assets 4,576,688,553.49 -4,571,886,703.43 4,801,850.06
Available-for-sale financial assets 180,035,176.91 -180,035,176.91
Other equity instrument investment 11,148,272.91 11,148,272.91
Other non-current financial assets 47,820,896.00 47,820,896.00
Deferred income tax assets 140,286,756.70 -3,775,411.64 136,511,345.06
Liability:
Short-term borrowings 112,000,000.00 149,966.66 112,149,966.66
Other account payable 12,142,596.68 -149,966.66 11,992,630.02
Owners’ equity:
Other comprehensive income -19,809,442.95 19,809,442.95
Retained profit 9,340,610,451.36 -19,809,442.95 21,393,999.32 9,342,195,007.73
(2) Major accounting errors within reporting period that needs retrospective restatement
□ Applicable √ Not applicable
No major accounting errors within reporting period that needs retrospective restatement for the Company in the period.
(3) Compare with last year’s financial report; explain changes in consolidation statement’s scope
√Applicable □Not applicable
10
无锡威孚高科技集团股份有限公司 2019 年年度报告摘要
Changes of Contribution
Enterprise Equity obtained method
consolidate scope ratio
In September 2018, the company obtained 80.00% equity of Weifu Electric
Drive by way of cash contribution. According to the Articles of Association
of Weifu Electric Drive, the company could not control Weifu Electric
Wuxi Weifu
Drive, and its investment was accounted for as a joint venture using the
Consolidate scope Electric Drive
equity method. On May 5, 2019, the BOD of Weifu Electric Drive reviewed 80.00%
increased Technology Co.,
and approved the proposal to amend the Articles of Association of Weifu
Ltd.
Electric Drive. After the revision of the Articles of Association of Weifu
Electric Drive, the company was able to control Weifu Electric Drive, so the
company incorporated it into the scope of consolidation on May 5, 2019.
Consolidate scope Weifu Holding
Newly established in April 2019 100.00%
increased ApS
Board of Directors of
Weifu High-Technology Group Co., Ltd.
21 April 2020
11
