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Public company info - Ruifeng Power Group Company Limited , 02025.HK

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Ruifeng Power Group Company Limited, 02025.HK - Company Profile
Chairman Meng Lianzhou
Share Issued (share) 800,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Automobiles & Components
Corporate Profile Business Summary: The Group is principally engaged in the design, manufacture and sale of cylinder blocks and cylinder heads. Performance for the year: Revenue decreased by 41.9% from RMB610.7 million for the year ended 31 December 2018 to RMB355.0 million for the year ended 31 December 2019. Gross profit decreased by 54.9% from RMB190.1 million for the year ended 31 December 2018 to RMB85.7 million for the year ended 31 December 2019. Business Review: Cylinder blocks for passenger vehicles The cylinder blocks for passenger vehicles are normally used in light-weight engines of 1.0-1.6 liters. These cylinder blocks for passenger vehicles are produced either from grey cast iron alloy which provides high strength and wear resistance or from aluminum alloy which is lighter in weight and can be used in more fuel-efficient engines. Revenue from sales of cylinder blocks for passenger vehicles decreased from approximately 25.5% of the Group’s total revenue from cylinder block sales for the year ended 31 December 2018 to approximately 13.5% for the year ended 31 December 2019. Sales volume of cylinder blocks for passenger vehicles decreased approximately 73.2% from approximately 217,000 units for the year ended 31 December 2018 to approximately 58,000 units for the year ended 31 December 2019. The decrease was mainly due to decrease in demands from the Group’s customers as the automobile market is in downturn and the Group has decreased the supply of the products to several customers which are over the Group’s credit limits and aged over 180 days. Cylinder Blocks for Commercial Vehicles The cylinder blocks for industrial vehicles are designed for use in a variety of industries, such as farming, urban construction and landscape engineering. The cylinder blocks for industrial vehicles are made from grey cast iron alloy and are normally used in engines of 2.1 liters or above. Revenue from sales of cylinder blocks for industrial vehicles increased from approximately 10.0% of total revenue from sales of cylinder blocks for the year ended 31 December 2018 to approximately 14.1% for the year ended 31 December 2019. Sales volume of cylinder blocks for industrial vehicles decreased approximately 18.8% from approximately 57,000 units for the year ended 31 December 2018 to approximately 46,000 units for the year ended 31 December 2019. The decrease was mainly due to decrease in demands from customers. Cylinder Heads The cylinder heads are primarily used in commercial vehicles and often sold, together with cylinder blocks, to automobile manufacturers and engine manufacturers in China. Sales volume of cylinder heads decreased approximately 15.3% from approximately 127,000 units for the year ended 31 December 2018 to approximately 108,000 units for the year ended 31 December 2019. Such decrease was as a result of decrease in demand on 493 series of cylinder heads. Prospects: The Chinese economy is moving from the high-speed growth stage to the high-quality development stage, while the automobile market is in the period of new and old kinetic energy conversion and structural efficiency adjustment. The Group expects that in 2020, the automobile market will have no significant changes but will continue to progress well. The Group still adheres to customer-oriented and technology-oriented strategies, continuously improving its competitiveness and providing high-quality services for traditional car companies. At the same time, the Group is gradually developing support measures for new energy vehicles while accurately grasping market trends, and enhancing production efficiency through internal technological transformation. Besides, while the precision processing market is one of the auto spare parts self-supply sectors that large-scale automakers have withdrawn from, their exit from the market has in return created a high potential for the Company to expand its market share. With the slowing down in the automobile market, plenty of large-scale automakers have changed their business models to into an asset-light business model, by outsourcing their non-core businesses or cooperating with professional manufacturers under a profit-sharing model, in order to cut their own investments and costs, and boost their profitability. When the Group expects to seize every opportunity, in 2020, the Company will push forward its indepth cooperation with large-scale automakers for, including but not limited to, establishing a sales cooperation platform or providing comprehensive outsourcing services, through which the Company will deliver more diversified and comprehensive products and services for the purpose of growing its revenue.

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