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Roundup of commercial vehicle enterprise financial reports in 2015 (I)

Major public-listed commercial vehicle and construction machinery manufacturers recently released their financial performance for 2015. Below are some highlights of their financial reports.

DFG sales revenue increases 52.3 percent

According to the 2015 yearly performance of Dongfeng Motor Group Co., Ltd. (DFG), the company witnessed sales revenue increase of 52.3 percent to ¥126.56 billion ($19.77 billion) last year. The board of directors suggested a ¥0.2 per share dividend based on yearly profit.

DFG sold 2,867,000 vehicles in 2015, up 3.8 percent with a market share of 11.7 percent. Passenger vehicle sales increased 7.8 percent to 2,521,800 units and grabbed a market share of 11.9 percent. Sales of commercial vehicles dropped 18.6 percent to 345,200 units, taking up 10 percent of market share.

Passenger vehicle sales revenues increased 27.1 percent from the ¥141.67 billion in 2014 to ¥180.02 billion in 2015. Passenger vehicle sales of Dongfeng-Nissan, Dongfeng-Honda, Dongfeng Passenger Vehicle, and Dongfeng Liuzhou climbed 5.2, 31.9, 25.5 and 4.1 percent respectively on a yearly basis.

DFG also registered electric vehicle sales of over 15,000 units last year, a 12-fold increase compared with the previous year and higher than the industry average.

Due to overall sales slump of the commercial vehicle sector, DFG posted 16.22 percent less sales revenue last year to ¥46.75 billion.

Market shares of medium- and heavy-duty truck sectors increased 2.3 and 0.51 percentage points in 2015. Subsidiaries of DFG produced 42 major commercial vehicle models, including 35 truck models and 7 bus models by the end of 2015.

DFG has 153 models included in the National New Energy Vehicle Pilot Promotion Catalogue and has more than 16,000 new energy vehicles running on the roads nationwide.

According to the expected future market situation and the group’s development planning, DFG will focus on SUV models in the coming years by launching 14 all-new and next generation models. DFG will also release four new energy products, 10 sedans and make all-new and next generation models to 30 in total with 10 of them self-developed products. The company will release three series of medium- and heavy-duty truck models and one series of light truck models to make sure the growth of the company is no lower than the industry average.

King Long Motor Group 2015 net profit more than doubles to ¥523 million

According to the performance report of King Long Motor Group on March 30, the company’s sales revenue in 2015 grew 25.21 percent to ¥26.8 billion with net profit increasing 110.3 percent to ¥523 million.

Large increase of new energy vehicle sales, gross profit growth and the acquisition of Xiamen Chuangcheng Environmental Protection Technology Co., Ltd. have all contributed to the annual profit growth of the group.

Zhengzhou Yutong Bus posts 35 percent profit growth

Zhengzhou Yutong Bus Co., Ltd., one of China’s leading bus makers, posted a net profit growth of 35.31 percent in 2015, thanks to booming sales of new energy coaches.

The company made a net profit of ¥3.54 billion ($543 million), according to its annual report filed with the Shanghai Stock Exchange.

Revenues hit ¥31.21 billion, up 21.31 percent year-on-year. Earnings per share stood at ¥1.6, compared with ¥1.18 a year earlier.

Zhengzhou Yutong Bus’ sales of new energy coaches jumped 176.1 percent year-on-year to 20,446 units, as environmentally-conscious local authorities increasingly chose green vehicles.

The bus maker held a 20-percent share of the Chinese domestic bus market last year, and it will continue to improve its competitiveness in 2016, according to the report.

Ankai net profit up 70.95 percent to ¥400 million

Anhui Ankai Automobile Co., Ltd. posted sales revenues of ¥4,022,112,450.11 ($618,786,530) in 2015, down 16.82 percent on a yearly basis. However, net profit increased 70.95 percent to ¥40,236,605.73, indicating a high profit trend thanks to product improvement and sales network expansion.

XCMG reports ¥50.59 million net profit in 2015

XCMG registered sales revenues of ¥16.65 billion in 2015, down 28.53 percent with net profit decreasing 87.76 percent to ¥50.59 million. Net profit deducting recurrent P&L was ¥41.58 million, down 0.99 percent on a yearly basis with basic earnings per share of ¥0.007.   

CIMC Group posts sales revenue of ¥58.68 billion in 2015

One of China’s leading commercial vehicle and construction machinery manufacturers CIMC Group posted sales revenues of ¥58.68 billion in 2015, with net profit of ¥1.97 billion and basic earnings per share of ¥0.72.

The rapid growth of refrigerated container business of the group witnessed a net profit growth of 40.21 percent to ¥996 million, making it the top seller in the industry and major source of the group’s income.

CIMC vehicles saw large sales growth in North American and emerging markets with tank trucks entering into the Saudi Arabian market. Heavy-duty truck sales declined to some extent due to the gloomy industry.

Financial business of CIMC Group posted operational revenue growth of 13.34 percent to ¥1.79 billion. Net profit climbed 38.5 percent to ¥774 million. The increase can be mainly attributed to the quick development of financial leasing business.

CIMC established the CIMC Electric Commerce Logistics Technology Co., Ltd. in 2014 and completed the layout in Shenzhen and Guangzhou. CIMC E-Commerce has covered 4 million families in 4,000 residence communities. The company has completed the A round of financing with company valuation at ¥1.1 billion. CIMC plans to cover 2,000 high-end users in tier-one cities such as Beijing and Shanghai within this year.

The company will establish 10 more innovation companies similar with CIMC E-Commerce in the next stages, according to Mai Boliang, CEO of CIMC Group.

CIMC Group has introduced three strategic investors, the Ping’an Group, Nanshan Group and Sumitomo Corp. at the beginning of this year for optimizing the management structure of its road transportation vehicle business, enhancing financial investment management, and expanding light materials and overseas business. CIMC Group is probable to be listed systematically in part, according to Mai. 

CIMC Group officially established the CIMC Multimodal Transport Co., Ltd. in March this year. The newly established company plans to reach a ¥10 billion business scale in the next three to five years, according to the Group. 

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