Public company info - Jingwei Textile Machinery Co. Ltd. - H Shares , 00350.HK
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Jingwei Textile Machinery Co. Ltd. - H Shares, 00350.HK - Company Profile
Chairman Ye Maoxin
Share Issued (share) 181,000,000
Par Currency Renminbi
Par Value 1.0
Industry Machinery & Equipment
Corporate Profile Business Summary: The Group is principally engaged in manufacturing and sales of textile machinery and providing trust and fi duciary services. Performance for the year: In 2014, the Company achieved a total operating revenue of RMB10,013,390,000, representing a decrease of 5.16% over the same period last year; revenue from the principal operations was RMB9,072,440,000, representing a decrease of 6.96% over the same period last year; total gross profit was RMB2,790,100,000, representing an increase of 12.71% over the same period last year; net profit was RMB2,002,510,000, representing an increase of 12.43% over the same period last year; sales revenue from export was RMB1,331,800,000, representing an increase of 51.82% over the same period last year. Business Review In 2014, the Company and staff of the Company as a whole responded to market challenges proactively, and devoted theirs effort in aspects including market expansion, standardized management and cost efficiency to ensure the smooth running of production operations and steady rise of the Company’s market value, laying a solid foundation for addressing the more intense competition in the market. The quality of the textile machine products of the Company was further enhanced. There was a significant enhancement in the stability, suitability for weaving, energy saving features of the main products; after ten years of hard work, Jingwei e-system already possesses comprehensive functions, its skill is at the internationally advanced level. The new service model of the Company was further tested. Those solutions with the implementation of important, complete set of textile machinery projects provided technical services and comprehensive management to users, they actively drove the market promotion, quality enhancement and technological progress of the products of the Company. The effects of the business structural adjustments of the Company were further reflected. The non-textile business obtained positive progress in the exploration of the new energy vehicle field, the structure of the industry continued to be optimized, there was breakthrough in the export trade; the financial business maintained a stable growth, revenue from the principal operations was RMB4,895,740,000, strengthening further its advanced position in the industry, and laid a solid basis for the enhancement of value for the Company. On 12 December 2014, Zhongrong International Trust Co., Ltd. (“Zhongrong Trust”) (中融國際信託有限公司), a subsidiary of the Company and 13 other companies entered into a joint venture agreement to form China Trust Insurance Funds Limited Liability Company (中國信託業保障基金有限責任公司) (the “JVC”). The JVC is established with the aim to prevent, resolve and tackle the risks, maintain stability and procure the development of the trust industry by managing trust portfolio including funds and assets with liquidity risks in Mainland. Pursuant to the Joint Venture Agreement, Zhongrong Trust will make the contribution of RMB1,500,000,000 in cash to be used as the registered capital of the JVC. Upon the establishment of the JVC, Zhongrong Trust will own 13.04% of the equity interest in the JVC. Such transaction was approved in the general meeting held on 11 March 2015. Saved as disclosed above, there was no major acquisition or disposal of subsidiaries and associates by the Company as at 31 December 2014. Save for the securities investment business engaged in by the Company’s subsidiary Zhongrong Trust, the Group had no material investment. Prospects: (I) Industry competition layout and development trend In 2015 and the coming few years China will deepen reform comprehensively, push forward the ruling of the state in accordance with the law, the economic development will enter into a state of “New Normal”, the international environment will be complex and changing, the domestic economic growth pace will continue to slow down. 1. The total scale of the domestic textile machinery market shows a downward trend, the advantages in terms of quality-price ratio of the overseas competitors have finished localization are remarkable, the technical level of the domestic products continues to raise. The competition in the textile machinery market is changing from the traditional quantity expansion competition and price competition to the competition in techniques, quality, services and efficiency. 2. The trust sector is facing the New Normal state where the growth rate of the sector is slowing down, the traditional businesses are facing a development bottleneck, the competition in the asset management market is getting keener. The trust sector is heading towards a new round of adjustment cycle, the traditional financing trust business will change to asset management business, investment bank business, personal wealth management business. 3. The heavy truck industry will maintain a stable and low speed development, it is entering into the New Normal of “minor growth”. The new energy vehicles is an industry with great support of the state, it is the future development direction of the automobile industry. (II) Development strategies of the Company Strategic objectives: With the strategic development objective of becoming a world class textile machinery company, the Company will construct a new operation pattern with the coordinated development of the product manufacturing business and the manufacturing service business. Textile machinery business: The Company will continue to build the brand of textile machinery complete set project, enhance the quality of the textile machinery products as its cornerstone, with Jingwei e-system as its core, using financial services to launch promotion, implement the “Jingwei intelligent system solution”, realize the change from sales of “products” to sales of “products + services”, assist the Chinese textile industry to start the new era of “Made in China 2025”. Trust business: As a result of the new situations in the trust sector, the Company will maintain the positive development of the traditional trust business, and increase investment in and support of innovative businesses, so that the innovative businesses will form a fixed profit model as soon as possible, accelerate the transformation from a simple “asset provider” to a “comprehensive asset manager”. Non-textile machinery business: the Company will further adjust the product structure and business model of the automobile business, continue to streamline the management relationship, strengthen team building, push forward the new energy vehicle business. It will establish the global leader position of heavy truck business in the market segment, build the competitive power of the new energy vehicles in the market operation platform, common technique platform and key parts assembly areas. (III) Business plan In 2015, the Company will liberalize ideas, explore new ways and make innovation, centre on raising economic beneftis, focus on reform and innovation, enhance quality and raise efficiency, enhance the four scientific management, technical R & D, market competitiveness and international operation capabilities, speed up changes of development modes, so that the Company can achieve high quality and high efficiency, sustainable development, and achieve the target of growth of operating revenue when compared with the same period last year when the market conditions improve.

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