[公告]潍柴动力：年报2015
目錄 Contents 02 Corporate Information 公司資料 06 Financial Highlights 財務摘要 07 Chairman’s Statement 主席報告書 16 Management Discussion and Analysis 管理層討論與分析 27 Directors, Supervisors and Senior Management 董事、監事及高級管理人員 35 Directors’ Report 董事會報告 99 Consolidated Income Statement 合併利潤表 101 Consolidated Statement of Changes in Equity 合併股東權益變動表 103 Consolidated Cash Flow Statement 合併現金流量表 105 Balance Sheet 資產負債表 107 Income Statement 利潤表 108 Statement of Changes in Equity 股東權益變動表 77 Supervisory Committee’s Report 監事會報告 81 Corporate Governance Report 企業管治報告 94 Auditors’ Report 審計報告 96 Consolidated Balance Sheet 合併資產負債表 110 Cash Flow Statement 現金流量表 113 Notes to Financial Statements 財務報表附註 350 Supplemental Information on Financial Statements 財務報表補充資料 352 Financial Summary 財務概要 Corporate Information公司資料Corporate Information公司資料 Directors Executive Directors Tan Xuguang (Chairman and Chief Executive Offi cer) Zhang Quan (Executive President) Xu Xinyu (Executive President) Li Dakai (Executive President) Sun Shaojun (Executive President) Fang Hongwei (Executive President) (resigned on 6 July 2015) Non-executive Directors Wang Yuepu Jiang Kui Gordon Riske Julius G. Kiss (retired on 30 June 2015) Han Xiaoqun (retired on 30 June 2015) Yeung Sai Hong (resigned on 6 July 2015) Independent Non-executive Directors Loh Yih Zhang Zhenhua Zhang Zhong Wang Gongyong Ning Xiangdong Chu, Howard Ho Hwa (retired on 30 June 2015) Supervisors Lu Wenwu Jiang Jianfang Ma Changhai (appointed on 30 June 2015) Sun Chengping (retired on 30 June 2015) Company Secretary and Chief Financial Officer Kwong Kwan Tong (CPA, FCCA, ACMA) Secretary to the Board Dai Lixin 董事 執行董事 譚旭光（董事長兼首席執行官） 張泉（執行總裁） 徐新玉（執行總裁） 李大開（執行總裁） 孫少軍（執行總裁） 方紅衛（執行總裁） （於二零一五年七月六日辭任） 非執行董事 王曰普 江奎 Gordon Riske Julius G. Kiss（尤利斯 G.肯斯） （於二零一五年六月三十日退任） 韓小群（於二零一五年六月三十日退任） 楊世杭（於二零一五年七月六日辭任） 獨立非執行董事 盧毅 張振華 張忠 王貢勇 寧向東 朱賀華（於二零一五年六月三十日退任） 監事 魯文武 蔣建芳 馬常海（於二零一五年六月三十日上任） 孫承平（於二零一五年六月三十日退任） 公司秘書暨財務總監 鄺焜堂(CPA, FCCA, ACMA) 董事會秘書 戴立新 Weichai Power Co., Ltd.濰柴動力股份有限公司02 公司資料（續）Corporate Information (Continued) 公司資料（續）Corporate Information (Continued) Securities Affair Representative Wang Li 197, Section A, Fu Shou East Street High Technology Industrial Development Zone Weifang Shandong Province The People’s Republic of China Postal Code: 261061 Tel: (86) (536)-819 7069 Fax: (86) (536)-819 7073 Website: http://www.weichaipower.com Authorised Repr esentatives Xu Xinyu Kwong Kwan Tong Registered Address and Headquartersof the Company 197, Section A, Fu Shou East Street High Technology Industrial Development Zone Weifang Shandong Province The People’s Republic of China Postal Code: 261061 Tel: (86) (536)-819 7069 Fax: (86) (536)-819 7073 Website: http://www.weichaipower.com Place of Business in Hong Kong Room 3407–3408 34/F Gloucester Tower Landmark 15 Queen’s Road Central Central, Hong Kong Legal Advisors Reed Smith Richards Butler Auditors 證券事務代表 王麗 中華人民共和國 山東省 濰坊 高新技術產業開發區 福壽東街197號甲 郵編： 261061 電話： (86) (536)-819 7069 傳真： (86) (536)-819 7073 網址： http://www.weichaipower.com 授權代表 徐新玉 鄺焜堂 註冊辦事處及公司總部 中華人民共和國 山東省 濰坊 高新技術產業開發區 福壽東街197號甲 郵編： 261061 電話： (86) (536)-819 7069 傳真： (86) (536)-819 7073 網址： http://www.weichaipower.com 香港營業地點 香港中環 皇后大道中15號 置地廣場 告羅士打大廈 34樓3407–3408室 法律顧問 禮德齊伯禮律師行 核數師 03Annual Report 2015年報 Ernst & Young Hua Ming LLP安永華明會計師事務所（特殊普通合伙） 公司資料（續）Corporate Information (Continued) 04Weichai Power Co., Ltd.濰柴動力股份有限公司 Audit Committee Wang Gongyong (Chairman) Loh Yih Zhang Zhenhua Zhang Zhong Ning Xiangdong Chu, Howard Ho Hwa (retired on 30 June 2015) Strategic Development and InvestmentCommittee Tan Xuguang (Chairman) Wang Yuepu Zhang Quan Xu Xinyu Li Dakai Sun Shaojun Zhang Zhenhua Fang Hongwei (resigned on 6 July 2015) Remuneration Committee Zhang Zhong (Chairman) Tan Xuguang Loh Yih Chu, Howard Ho Hwa (retired on 30 June 2015) Nomination Committee Zhang Zhong (Chairman) Xu Xinyu Zhang Zhenhua Wang Gongyong Principal Bankers Industrial and Commercial Bank of China China Construction Bank Corporation Bank of China HSBC 審核委員會 王貢勇（主席） 盧毅 張振華 張忠 寧向東 朱賀華（於二零一五年六月三十日退任） 戰略發展及投資委員會 譚旭光（主席） 王曰普 張泉 徐新玉 李大開 孫少軍 張振華 方紅衛（於二零一五年七月六日辭任） 薪酬委員會 張忠（主席） 譚旭光 盧毅 朱賀華（於二零一五年六月三十日退任） 提名委員會 張忠（主席） 徐新玉 張振華 王貢勇 主要往來銀行 中國工商銀行 中國建設銀行 中國銀行 滙豐銀行 公司資料（續）Corporate Information (Continued) 公司資料（續）Corporate Information (Continued) Hong Kong H-Share Registrar and TransferOffice 香港H股登記及過戶處 Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 Shops 1712–1716 17th Floor, Hopewell Centre 香港 183 Queen’s Road East 灣仔 Wanchai 皇后大道東183號 Hong Kong 合和中心17樓1712–1716號舖 Share Information 股份資料 Number of issued shares as at 3,998,619,278 Shares 於二零一五年3,998,619,278股 31 December 2015: (3,027,099,278 A Shares, 十二月三十一日的（3,027,099,278股A股， and 971,520,000 H Shares) 已發行股份數目： 及971,520,000股H股） Board lot (H Shares) 1,000 H Shares 交易單位（H股） 1,000股H股 (A Shares) 100 A Shares （A股） 100股A股 Abbreviation of the Company’s share and Stock Codes 本公司股份簡稱及股份代號 A Shares: Weichai Power (濰柴動力) 000338 A股：濰柴動力 (Weichai Power) 000338H Shares: Weichai Power(濰柴動力) 2338 H股：濰柴動力 (Weichai Power) 2338Stock Exchange Listings 上市交易所 A Shares: Shenzhen Stock Exchange A股：深圳證券交易所 H Shares: The Stock Exchange of Hong Kong Limited H股：香港聯合交易所有限公司 (the “Hong Kong Stock Exchange”) （「香港聯交所」） Investors and Media Relations 投資者及媒體關係 The Company: Securities and Capital Operation Department 公司：證券與資本運營部 Tel: (86) 536-819 7069 電話： (86) 536-819 7069Fax: (86) 536-819 7073 傳真： (86) 536-819 7073Website: www.weichaipower.com 網址： www.weichaipower.comPublic Relations Hill & Knowlton Asia Ltd 公眾關係偉達公眾關係顧問有限公司 Consultant: Tel: (852) 2894 6321 顧問：電話： (852) 2894 6321Fax: (852) 2576 1990 傳真： (852) 2576 1990Website: www.hkstrategies.com網址： www.hkstrategies.com 05Annual Report 2015年報 Financial Highlights財務摘要Financial Highlights財務摘要 Revenue 營業收入 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 58,312 79,637 73,720 60,019 48,165 2011 2012 2013 2014 2015 Basic Earnings Per Share 每股基本盈利 2.0 1.5 1.0 0.5 0.0 1.40 0.75 0.89 1.25 0.35 2011 2012 2013 2014 2015 Net Profit Attributable to the Shareholders of the Parent 歸屬於母公司股東的淨利潤 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 3,571 5,597 2,991 5,002 1,391 2011 2012 2013 2014 2015 Weichai Power Co., Ltd.濰柴動力股份有限公司06 (Important notice: This report is published in Chinese and English versions. In case of inconsistency, the Chinese version shall prevail.) （重要提示：本報告分別以中英文刊載。如中 英文有任何差異，概以中文為準。） Chairman’s Statement主席報告書Chairman’s Statement主席報告書 Dear Shareholders, 各位股東： On behalf of the Board, I would like to present the audited annual results of 本人謹代表董事會呈報本公司截止二零一五 the Company for the year ended 31 December 2015. 年十二月三十一日經審計後的全年業績。 I. Review of Operations 一、經營回顧 In 2015, the Chinese government insisted upon the general working 二零一五年，中國政府堅持穩中求進工 theme of making progress while maintaining stability, fi rmly grasping 作總基調，牢牢把握經濟社會發展主動 onto initiatives to develop society and economy, actively adapting to the 權，主動適應經濟發展新常態，妥善應 “new norms” in economic development, properly responding to 對重大風險挑戰，以改革促調整，以創 challenges posed by major risks, fostering adjustments via reforms and 新促發展，推動經濟結構更加優化，改 development via innovations, and thereby streamlining the nation’s 革開放邁向縱深。總體來看，經濟運行 economic structure and allowing the nation’s reform and opening more 總體平穩，穩中有進、穩中有好，繼續 in depth. Generally speaking, the overall economic performance was 保持中高速增長態勢。二零一五年，全 stable and sustained a trend of high-to-medium speed growth, making 國國內生產總值達67.67萬億元，同比 progress and demonstrating positivity amidst stability. In 2015, the 增長6.9%，增速創 25年新低。 national gross domestic product reached RMB67.67 trillion, representing a year-on-year growth of 6.9%, which pace was a record low for the past 25 years. 07Annual Report 2015年報 主席報告書（續）Chairman’s Statement (Continued) 08Weichai Power Co., Ltd.濰柴動力股份有限公司 During the reporting period, under the influence of a multitude of 報告期內，受宏觀經濟和排放法規升級 factors including the macro-economy condition and the implementation 等因素影響，國內重卡市場低迷，銷量 of more stringent emission regulations, the heavy-duty truck market in 持續下滑，全年實現銷售 55.1萬輛，同 the PRC was gloomy and reported a sustained drop in sales volume, 比下降25.98%。受此影響，報告期內， delivering sales of 551,000 units, representing a year-on-year decrease 本公司共銷售重卡用發動機11.8萬台， of 25.98%. Under such influence, during the reporting period, the 同比下降56.5%，行業龍頭地位穩固； Company reported sales of 118,000 units of heavy-duty truck engines, 本公司控股子公司陝西重型汽車有限 representing a year-on-year drop of 56.5%. The Company nevertheless 公司全年共銷售重型卡車5.6萬輛，同 maintained its leading position in the industry. Shaanxi Heavy-duty 比下降39.1%，在國內重卡企業的排名 Motor Company Limited (陝西重型汽車有限公司), a controlling 上升至第四位，競爭能力進一步增強； subsidiary of the Company, reported an aggregate sales of 56,000 units 本公司控股子公司陝西法士特齒輪有 of heavy-duty trucks for the year, representing a year-on-year decrease 限責任公司全年共銷售變速箱40.7萬台， of 39.1%, but bringing its ranking up to the fourth in the domestic 同比下降34.4%，繼續保持行業領先地 heavy-duty truck industry in the PRC, and further boosting its 位。 competitiveness. Shaanxi Fast Gear Co., Ltd. (陝西法士特齒輪有限責任 公司), a controlling subsidiary of the Company, has maintained its leading position in the industry with its aggregate sales of 407,000 units of gear boxes, representing a year-on-year decrease of 34.4%. During the reporting period, fixed-asset investments in the PRC 報告期內，國家固定資產投資（不含農 (excluding agricultural households) reached RMB55.2 trillion, 戶）55.2萬億元，同比增長 10.0%，增速 representing a year-on-year growth of 10.0%, a drop of 5.7 percentage 回落5.7個百分點。新開工項目計劃總 points in growth rate year-on-year. The total planned investments for 投資40.8萬億元，同比增長 5.5%，增速 newly-commenced construction projects reached RMB40.8 trillion, 提高0.8個百分點；房地產開發投資 9.6representing a year-on-year growth of 5.5%, an increase of 0.8 萬億元，同比增長 1.0%，增速回落 9.5個 percentage point in growth rate year-on-year. Investments in property 百分點。受此影響，工程機械行業整體 development reached RMB9.6 trillion, representing a year-on-year 需求低迷，銷量下滑嚴重。二零一五年， growth of 1.0%, a drop of 9.5 percentage points in growth rate year工 程機械市場共銷售36.7萬台，同比下 on-year. As such, the overall demand in the construction machinery 降31.0%，其中： 5噸裝載機銷售4.2萬 industry was weak, with a severe drop in sales volume. In 2015, the 台，同比下降 54.4%。本公司共銷售配 construction machinery market reported sales of approximately 367,000 套5噸裝載機發動機2.7萬台，同比下降 units, representing a year-on-year decrease of 31.0%, among which, the 49.3%，在5噸裝載機市場佔有率達60% sales volume of wheel loaders with a load capacity of 5 tonnes was 以上，繼續保持在這一領域的龍頭地位。 42,000 units, representing a year-on-year decrease of 54.4%. The Company sold a total of 27,000 units of engines for wheel loaders with a load capacity of 5 tonnes, representing a year-on-year decrease of 49.3%. The Company continued to maintain a leading position in the market of wheel loaders with a load capacity of 5 tonnes with its market share of more than 60%. 主席報告書（續）Chairman’s Statement (Continued) 主席報告書（續）Chairman’s Statement (Continued) During the reporting period, under the infl uence of factors including 報告期內，受排放法規趨嚴、城鎮化建 more stringent emission regulations and accelerated urbanization etc., 設提速等因素影響，國內客車行業不 some segments in China’s passenger vehicle market achieved growth 同細分市場有增有降，全年實現銷售 whilst others reported decline. China’s passenger vehicle industry 59.54萬輛（含客車非完整車型），同比降 reported an aggregate sales figure of 595,400 units (including 低1.9%。其中，得益於國家補貼政策， incomplete passenger vehicles) for the whole year, representing a year新 能源客車呈爆發式增長，對客車市場 on-year decrease of 1.9%. Among such, benefiting from the national 起到正向拉動作用；因下半年政府對乘 subsidy policy, the new-energy passenger vehicles segment grew 用車銷量刺激政策，大型客車市場表現 exponentially and became the major force in driving the growth of the 良好，同比微增 0.33%；而受高鐵動車 passenger vehicles market. In addition, under the government’s policies 分流、客運監管力度趨嚴等因素影響， to stimulate the growth of sales volume of passenger vehicles in the 公路客運等市場表現不佳。報告期內， second half of the year, the large-sized passenger vehicles market 本公司共銷售客車用發動機2.03萬台， delivered sound performance with a slight growth of 0.33% year-on同 比下降10.2%，在大中型客車市場佔 year. On the other hand, with a share of the transportation market 有率為12.5%。 having been taken up by China’s national express rail and the increasingly stringent supervision on the passenger transportation, market sectors including the highway passenger transportation market did not perform well. During the reporting period, the Company’s aggregate sales of engines for use in passenger vehicles amounted to 20,300 units, representing a year-on-year decrease of 10.2%, and accounted for 12.5% of the market share of the large-sized and medium-sized passenger vehicles. During the reporting period, adopting a market-oriented approach, the 報告期內，本公司以市場為導向，進一 Company further expedited the structural adjustments of its products in 步加快結構調整步伐，不斷提高抗風險 an effort to continually increase its risk-resistance capacity. In 2015, the 能力。二零一五年，本公司共銷售 10L、 Company reported a sales figure of 164,000 units of its conventional 12L傳統發動機產品16.4萬台，重型發 products of 10L and 12L engines, maintaining the stable leading position 動機產品在重卡市場、 5噸裝載機市場、 of heavy-duty engine products in the heavy-duty truck market, the 11米以上客車市場的優勢地位仍然穩 market of wheel loaders with a load capacity of 5 tonnes and the 固。同時，戰略產品銷量增長明顯，揚 market of passenger vehicles with a span of over 11 metres. Meanwhile, 柴VM發動機銷售1.1萬台，同比增長 6sales of strategic products grew substantially, increasing by 6 times year倍 ；WP13發動機銷售1,237台，同比增 on-year to 11,000 units of Yangchai VM engines, by 133% to 1,237 長133%；新能源動力系統銷售 495台， units of WP13 engines, by 6 times to 495 units of new-energy power 同比增長6倍；叉車用發動機銷售 1,544system, and by nearly 10 times to 1,544 units of engines for use in fork台 ，同比增長近 10倍。同期，本公司控 lift trucks. During the reporting period, Shaanxi Heavy-duty Motor 股子公司陝西重型汽車有限公司探索 Company Limited, a controlling subsidiary of the Company, explored the 實施基於客戶需求的產品設計、交付、 possible implementation of a products series operation business model 市場推廣等全過程聯動的品系化業務 with an interactive process across multiple disciplines such as product 運行模式，載貨車市場銷量明顯提升； design, delivery, marketing etc. based on customer requirements. 陝西法士特齒輪有限責任公司客車變 Obvious growth was reported in sales volume in the truck market. The 速器實現逆勢增長，產品整體佔比和市 gear box business of Shaanxi Fast Gear Co., Ltd. grew against the 場銷量穩步提升，成為抵禦行業市場波 adversities faced by the market, and reported a steady rise in its overall 動的重要支撐點，產品結構調整成效進 09Annual Report 2015年報 market share and market sales volume, thereby acting as an important support to guard against the market fluctuations in the industry, and further articulated the effectiveness of the adjustment made to the product structure. 一步凸顯。 主席報告書（續）Chairman’s Statement (Continued) 10Weichai Power Co., Ltd.濰柴動力股份有限公司 During the reporting period, the Company was committed to the main 報告期內，本公司以「提質增效 .改革 theme of “Improving Quality and Efficiency; Achieving Reform and 轉型」為主綫，堅持內生增長，堅持創 Transformations”, strictly adhering to the notion of growing organically 新驅動，加快自身轉型升級，全面提升 and being driven by innovation, expediting its transformation, uplifting 發展質量，實現了平穩健康發展。一是 the all-round quality of development, and attaining sound and stable 從價值鏈全過程入手，努力打造最具成 development. Firstly, with the perspective of the whole value chain, we 本、技術、品質三個核心競爭力的產品， strove to shape our products with the “Three Core Competitiveness” in 滿足客戶差異化需求，積極應對日益嚴 terms of cost, technology and quality, addressing our customers’ needs 峻的行業垂直整合趨勢。二是以客戶需 for product diversity and in active response to the impending trend of 求為導向，樹立了目標導向的管理思 vertical integration of the industry. Secondly, being customer demand維 ，進一步理順和優化了研發流程，規 oriented, we established a target-oriented management mindset, further 範了研發運營管控秩序，科技創新能力 streamlined and enhanced the research and development (R&D) process 進一步增強。二零一五年，濰柴動力內 and standardized the management and control process over R&D 燃機可靠性重點實驗室入選國家重點 operations, thereby further strengthening our technological innovation 實驗室，成為行業內唯一的企業內燃機 capability. In 2015, the key laboratory for testing the reliability of 可靠性國家重點實驗室。三是構建了濰 internal combustion engines of Weichai Power was nominated as one of 柴WOS運營管控體系，通過 KPI體系統一 China’s National Key Laboratories, becoming the only corporate national 了企業管理語言，通過層級會議規範了 key laboratory for testing the reliability of internal combustion engines in 管理秩序，搭建了一套可落地、可輸出、 the industry. Thirdly, we put in place the Weichai WOS management 可推廣的管理模式，為持續提升企業運 operation system, unifying the management language under the KPI 營績效奠定了堅實的基礎。四是不斷加 system and formalizing the management mechanism through a 速兩化融合，推動企業轉型升級，完成 hierarchical meeting system, thereby forming a management model that 了公司信息化戰略規劃，明確了信息化 is feasible and able to be exported and promoted and in turn laying a 戰略藍圖、整體框架和執行路綫圖，「汽 solid foundation for the continual enhancement in corporate operation 車發動機數字化車間」順利通過驗收，「柴 performance. Fourthly, to continually foster the integration of 油機智能製造綜合試點示範項目」成功 information technology usage and industrialization and facilitate 入圍國家智能製造試點示範項目。 corporate reform and upgrade, we completed the strategic planning for the development of information technology (IT) usage, defined the strategic IT blueprint, overall framework and execution roadmap, smoothly passed acceptance inspection in respect of our “digital workshops for automobile engines” and was successfully nominated as a model project under the national smart manufacturing pilot schemes in respect of our “comprehensive pilot model project for smart manufacturing of diesel engines”. During the reporting period, the Company’s revenue decreased by 7.4% 報告期內，本公司實現營業收入約為 compared with that in 2014 to approximately RMB73,720 million. The 73,720百萬元人民幣，較二零一四年下 net profit attributable to shareholders of the listed company was 降7.4%。歸屬於上市公司股東的淨利潤 approximately RMB1,391 million, representing a decrease of 約為1,391百萬元人民幣，較二零一四 approximately 72.2% compared with that in 2014. The basic earnings 年下降約72.2%。基本每股收益為 0.35per share was RMB0.35, representing a decrease of approximately 元人民幣，較二零一四年下降約 72.0%。 72.0% compared with that in 2014. 主席報告書（續）Chairman’s Statement (Continued) 主席報告書（續）Chairman’s Statement (Continued) II. Dividends Putting shareholders’ interests and returns as its top priority, the Company has maintained a relatively stable dividend policy. On 30 March 2016, the Company’s 2015 profit distribution proposal was approved by the Company’s 3rd meeting of the fourth session of the Board: the Company proposed the distribution to all shareholders of a cash dividend of RMB1.00 for every 10 shares (including tax), based on the total share capital of 3,998,619,278 shares. Completion of the proposal is subject to the consideration and approval by the 2015 Annual General Meeting. Please refer to the further announcement to be issued by the Company for details on the closure of registers of members in determining the shareholders who are eligible for the fi nal dividend. III. Acquisition and Consolidation In 2015, in order to further enhance the core competitiveness of the Company and improve the level of its international operation, and in view of the sound business performance of KION Group AG (“KION”) during the year, it was resolved by the Board of Directors that the Company shall acquire approximately 4.95% of shares of KION held by Superlift, pursuant to which our shareholding in KION increased from 33.3% to 38.25%, maintaining the Company’s status as the single largest shareholder of KION. IV. Outlook and Prospects Into 2016, the global economy will enter a stage of low growth and low expansion, with weak recovery in developed economies and slowdown in economic growth in emerging markets. Under a multitude of uncertainties and trends including increase in interest rate by the Federal Reserve of the United States, excessively high debt level around the world, competitive exchange rate policies, decline in bulk commodity prices and the highly politicized economic policies at home and abroad, it is envisaged that the global economy will grow at around 3.4%. Domestically, China will continue to grow under the “new norm” at high-to-medium speed. The adverse effects of persistent economic downturn and the core contradictions accumulated over the years will become more apparent; however, the development potential of the domestic market is still enormous from the perspective of the short-term factors that drive economic growth. The further promotion of the nation’s reform and opening will greatly mobilize and trigger the vigor and motivation for social and economic development. New strategies for 二、股息 本公司十分重視股東的利益及回報， 並一直奉行較為穩定的派息政策。二零 一六年三月三十日，本公司四屆三次董 事會審議通過了本公司二零一五年度的 利潤分配預案：擬以總股份 3,998,619,278 股為基數，向全體股東每 10股派發現金 紅利人民幣1.00元（含稅），此方案需經 二零一五年度股東周年大會審議通過後 實施。有關暫停辦理股份過戶登記以釐 定合資格收取末期股息的股東的詳情， 請參閱本公司將予刊發的進一步公告。 三、收購與整合 二零一五年，為進一步增強公司的核心 競爭力，提高國際化經營水平，鑒於凱 傲公司當期優良的業務表現，經董事會 決議通過，本公司購買 Superlift所持有約 4.95%的凱傲公司股權，對凱傲公司的 所持股權比例由33.3%增加至38.25%， 繼續保持第一大股東的地位。 四、公司前景與展望 展望2016年，世界經濟將進入低增長、 低膨脹階段，發達經濟體復蘇乏力，新 興市場經濟體增速下滑。受美聯儲加 息、全球超高債務水平、競爭性匯率政 策、大宗商品價格下跌、內外經濟政策 高度政治化等一系列不確定性和趨勢性 因素影響，預計全球經濟增速在 3.4%左 右。放眼國內，中國經濟將維持「中高速」 增長的新常態，經濟持續下行帶來的不 利影響和長期積累的深層次矛盾將進一 步顯現，但是從拉動經濟增長的短期因 素來看，國內市場發展潛力巨大。改革 開放的深入推進，將極大調動和激發經 濟社會發展的動力和活力；「一帶一路」、 京津冀協同發展、長江經濟帶等新區域 發展戰略有助於形成新的發展動力；加 11Annual Report 2015年報 主席報告書（續）Chairman’s Statement (Continued) 12Weichai Power Co., Ltd.濰柴動力股份有限公司 regional development including “One Belt and One Road”, the 快破除戶籍、土地、教育等制度性障礙， coordinated development of Beijing, Tianjin and Hebei and the 積極穩妥推進城鎮化，將創造新的消費 development of Yangtze River Economic Zone will give rise to the 和投資需求。基於此，預計 2016年中國 formation of new forces to drive development. Expedited efforts to 經濟增速將保持在6.5–7.0%左右。 remove system-born obstacles in household registration, land and education, and the fortified and steady progress of urbanization will result in new consumption and investment demand. On such basis, it is expected that China will grow at about 6.5-7.0% in 2016. The Company is cautiously optimistic about the development trend of its 對於與本公司相關的行業發展態勢，本 related industries. In 2016, it is expected that sales volume in China’s 公司持謹慎樂觀的態度。 2016年，預計 heavy-duty truck market may remain flat or grow marginally and may 中國重卡市場銷量同比持平或略有增 come under a trend where products tend to become more high-end, 長，產品將呈高端化、標載化和大功率 highly standardized and high-powered. In the future, the heavy-duty 化趨勢。未來，中國重卡市場將面臨三 truck market of China will encounter three big challenges: Firstly, 大挑戰：一是需求來源發生變化，包括 changes in the sources of demand, including reduced demand for 建築行業等方面對用車需求下降，以及 vehicles in the construction industry, and the varied demand for vehicles 物流行業調整帶來的車輛需求變化；二 in the logistics industry as a result of industrial adjustments. Secondly, 是監管方面發生改變，排放法規升級、 changes in governing regulations, with more stringent emission 監管力度加強等將對重卡行業帶來市 regulations and elevated efforts in enforcing regulations, which will give 場波動，對重卡市場年度銷量產生大幅 rise to market fluctuations in the heavy-duty truck industry and in turn 影響；三是行業競爭模式發生變化，或 drastically impact on annual sales volume of the heavy-duty truck 將對重卡行業帶來新的調整。 market. Thirdly, changes in the ways in which market players compete, which may bring forth some new adjustments to the heavy-duty truck industry. In 2016, although the construction machinery industry will still be under 2016年，工程機械行業仍面臨去產能、 the difficult mission of decapacitizing and eliminating excessive 去庫存的艱巨任務，但行業發展仍存在 inventories, there are still a number of factors which favour industrial 諸多有利因素，預計全年銷量或探底反 development and accordingly a rebound in full-year sales volume is 彈。一是國家投資方面，國內高速鐵路 anticipated. Firstly, for investments from the Chinese government, ample 等基礎設施建設、城鎮化建設仍存在較 room still exists for the construction of infrastructure, including express 大空間，「一帶一路」等國家戰略的拉動， railways, and urbanization construction. The pulling force of national 為工程機械企業走出去消化國內過剩 strategies including “One Belt and One Road” will bring forth 產能帶來了巨大機遇；二是行業排放法 tremendous opportunities to players in the construction machinery 規更趨嚴格，非道路排放法規升級將呈 industry to explore international development and utilize the excessive 加速跡象，對發動機企業的產品升級和 capacity available from their factories in China. Secondly, the more 技術創新提出了新的挑戰，將有助於發 stringent emission regulations applicable to the industry and expected 揮本企業的技術優勢和產品優勢；三是 tightened schedule in implementing more stringent regulations for off農 業供給側結構型改革、土地流轉等政 road emission have posed new challenges to product upgrade and 策，拉動農機行業持續增長，行業將呈 technological innovations for engine manufacturers and will in turn 現高端化、大功率化趨勢。 highlight the Company’s strengths in terms of its technological attainments and product quality. Thirdly, policies in agricultural supply side structural reform and land circulation will drive the continual growth of the agricultural machinery industry, which will demonstrate a trend towards high-end and high-power development. 主席報告書（續）Chairman’s Statement (Continued) 主席報告書（續）Chairman’s Statement (Continued) With effect from 1 April 2016, China V Emission Standards will be 2016年4月1日起，北京、天津等東部 11implemented on petrol-driven light vehicles, diesel-driven light passenger 省市的輕型汽油車、輕型柴油客車、重 vehicles and diesel-driven heavy-duty vehicles (for public transport, 型柴油車（僅公交、環衛、郵政用途）開 hygiene and environment, and postal use only) in 11 eastern cities or 始執行國V排放標準；非道路移動機械（農 provinces including Beijing and Tianjin, and Off-road Phase III Emission 用機械除外）開始執行非道路Ⅲ階段排 Standards will be implemented on off-road movable machinery (other 放標準。受此影響，部分細分市場將面 than agricultural machinery). As such, some segments of the market will 臨新一輪的洗牌，落後產能淘汰速度將 experience a new round of shuffling and the elimination of backward 進一步加快。本公司憑藉全球協同研發 production capacities shall be accelerated. Leveraging upon the synergy 優勢、先進的智能製造技術、差異化的 presented by its globally coordinated R&D, advanced technology in smart 產品與服務、穩定忠誠的客戶群體，提 manufacturing, product and service diversity and its strong base of loyal 前佈局、積極應對，基本完成了發動機、 customers, the Company has actively responded by starting its 重卡產品升級換代工作，未來在大功率 preparation work in advance. Having essentially completed the upgrade 發動機、重型變速器和重卡整車市場將 and replacement of products of engines and heavy-duty trucks, the 繼續保持領先。董事會對本公司的未來 Company is poised to maintain its leading position in the market of 發展前景充滿信心。 high-power engines, heavy-duty gear boxes and complete heavy-duty trucks. The Board has full confidence in the development prospect of the Company. In early 2016, through strategic decoding, the Company identified 2016年初，本公司通過戰略解碼，確定 thirteen battles that it must win and formulated detailed action plans, 了必須打贏的十三場硬仗，並制定了詳 covering various aspects including cost saving and efficiency 細的行動計劃，內容涵蓋降本增效、市 enhancement, market expansion, quality enhancement, technology R&D, 場開拓、品質提升、技術研發、管理創 management innovation etc. In the year ahead, the Company will work 新等各個方面。今年，本公司將重點做 strenuously on the following: 好以下工作： Firstly, the Company will strengthen the development of its “Three Core 一是強化成本、技術、品質三個核心競 Competitiveness” in terms of cost, technology and quality, and 爭力建設，對標世界一流水平，持續提 benchmark itself against leading international standards and continue to 升產品「可靠、耐用」的差異化競爭優勢， uplift its competitive edge in terms of the distinctive reliability and 並不斷優化產品盈利模式，積極應對行 durability of its products. It will also keep on enhancing the profi t model 業垂直整合趨勢。二是推動建立目標導 of its products in active response to the trend of vertical integration of 向的科技創新管理機制，持續強化自主 the industry. Secondly, the Company will promote the establishment of 創新，不斷提升產品品質和性能優勢。 a target-oriented, innovative, and scientific management mechanism and 三是扎實做好產品，加大戰略產品推廣 continually enhance internal innovation and aim at continually boosting 力度，打造全系列、全領域產品優勢， its strengths in product quality and performance. Thirdly, the Company 實現戰略產品和戰略市場大幅增長，不 will remain committed to producing products of high quality. It will step 斷提升後市場業務規模。四是運用新思 up the promotion of its strategic products and build up its strengths in 維、新工具、新方法，繼續完善 WOS運 delivering a full range of comprehensive products, in turn achieving 營管控體系，積極開展智能製造基地建 substantial growth in its strategic products and strategic markets and 設，大力開展組織改革優化，不斷提升 continually extending the scale of its business in the after-sale market. 企業運行效率。五是進一步加強海內外 Fourthly, the Company will continue to enhance its WOS management 業務協同發展，提高海外子公司發展水 operation system using new mindsets, new tools and new methods, and 平，加大海外新興市場開拓力度，建立 13Annual Report 2015年報 actively engage in the development of smart manufacturing base infrastructure, strenuously engage in organizational reforms and enhancements, and continually uplift the operational effi ciency of the 健全全球銷售和服務網絡體系，積極參 與全球競爭。六是深化全產業鏈、全業 務流程、全員參與降成本的理念，創新 主席報告書（續）Chairman’s Statement (Continued) 14Weichai Power Co., Ltd.濰柴動力股份有限公司 enterprise. Fifthly, the Company will further strengthen the coordinated 思路和方法，繼續推進降本增效，同時， development of its domestic and foreign businesses, increase the level of 進一步完善子公司減虧扭虧機制，逐步 development of its subsidiaries overseas, step up its efforts in exploring 消滅虧損企業。重型汽車板塊將穩步推 new overseas markets and establish a sound system of global sales and 進新一代重卡產品研發工作，加大品系 services network, and actively participate in global competition. Sixthly, 化推廣力度和廣度，實現國內細分市場 the Company will further promote the concept of achieving cost 銷量提升，推動海外六大市場一國一策 reduction along the entire industry chain, and throughout all business 重點突破，確保完成全年銷量目標。變 processes and get all staff members involved. It will innovate upon new 速器公司將以「5221」戰略方針為指引， thoughts and methods and further promote its work on cost saving and 推動結構調整和轉型升級發展，拓展以 efficiency enhancement. Meanwhile, the mechanism for narrowing and 齒輪傳動技術為核心的產品應用領域， stopping losses made for subsidiaries will be further improved, and loss加 快開發以系統化、模塊化為方向的新 making entities will gradually be eliminated. In our heavy-duty truck 產品平台，利用本公司內部資源優勢， segment, the R&D for new-generation heavy-duty truck products will 加大AT/AMT智能化、工程機械傳動產品 proceed steadily, and market promotion for specialized product series 的研發力度，發揮好零部件業務板塊與 will be fortified in depth and breadth. These aim at generating higher 發動機板塊、整車板塊的協同效應。 sales volume in different segments of the domestic market, and achieving breakthroughs in our six big overseas markets by taking a “One Nation, One Policy” approach, thereby ensuring that the full-year goal of sales volume can be achieved. Strategic direction “5221” will guide gear box companies the way to promote structural adjustments, transformation and upgrade, to develop the scope of application of products primarily based upon gear transmission technology and to speed up the development of systematic and module-based new product platforms. Leveraging upon the availability of internal resources of the Company, more efforts will be made on the R&D of AT/AMT smart technology and transmission products for use in construction machinery. We will make good use of the synergy among the component segment, the engine segment and the complete vehicles segment. At the same time, the Company will remain committed to its 同時，本公司將堅持「打造全系列、全 development goal of “developing a full series and range of 領域產品，挑戰全球第一」的發展目標， comprehensive products and seeking to become the first in the world”. 按照「戰略統一、獨立運營、資源共享」 Under the principle of “Unified Strategy, Independent Operation, 的原則，加快本公司汽車板塊、工程機 Resources Sharing”, we will accelerate the coordinated development 械板塊、動力總成板塊及汽車零部件板 among the business segments of vehicles, construction machinery, 塊的協同發展，充分發揮國內外公司的 powertrains and automobile components, in order to fully utilize the 資源協同優勢，不斷提升企業的發展質 synergetic advantage of our resources in the domestic and overseas 量和形象，增強本公司整體抗風險能力。 companies, to continually enhance the quality and image of the Company’s development, and boost the overall capability to resist risks. 主席報告書（續）Chairman’s Statement (Continued) 主席報告書（續）Chairman’s Statement (Continued) V. Appreciation Last but not least, I would like to express my sincere appreciation to all our shareholders, the general public and our customers for their care and support, as well as all of our staff for their hard work and dedication in the past year! Tan Xuguang Chairman and Chief Executive Offi cer Hong Kong, 30 March 2016 五、致謝 最後，我謹向關心和支持本公司的所有 股東及社會各界人士、廣大客戶，向一 年來勤勉工作的全體員工，表示衷心的 感謝! 董事長兼首席執行官 譚旭光 香港，二零一六年三月三十日 15Annual Report 2015年報 16 Weichai Power Co., Ltd.濰柴動力股份有限公司 Management Discussion and Analysis管理層討論與分析 The Directors are pleased to present a management discussion and analysis of the annual results of operations of the Group for the year ended 31 December 2015 as follows: I. Industry Analysis The Company is one of the vehicle and equipment manufacturing conglomerates in the PRC with the best comprehensive strengths. It is a leading company in the markets of powertrain, complete vehicles and machines, hydraulic controlling parts and automotive electronics parts and components. It is equipped with the most comprehensive supply chain of engines, gear boxes and axles and offers the related after-sales market services. 1. Heavy-duty Vehicle Industry During the year, the economy of China was stable and sustained its high-to-medium speed growth. In 2015, the gross domestic product of the PRC reached RMB67.67 trillion, representing a year-on-year growth of 6.9%, which pace was nevertheless a record low for the past 25 years. Factors including the weak economy in general, suppressed export, excessive capacity and the implementation of more stringent emission regulations contributed to the sustained drop in sales volume in heavy-duty truck market in the PRC. The aggregate sales figure of the heavyduty truck market in the year in the PRC was approximately 551,000 units, representing a year-on-year decrease of approximately 25.9% from approximately 744,000 units last year. 2. Construction Machinery During the reporting period, fixed-asset investments in the PRC reached RMB55.2 trillion, representing a year-on-year growth of 10.0%, a drop of approximately 5.7 percentage points in growth rate compared with that in year 2014. In particular, investment in real estate developments was approximately RMB9.6 trillion, representing a year-on-year increase of 1.0%, a drop of approximately 9.5 percentage points in growth rate year-on-year. As such, the overall demand in the construction machinery industry was weak, with severe drop in sales volume. In 2015, the construction machinery market reported aggregate sales of approximately 367,000 units, representing a year-on-year decrease of 31.0%, and among which, the sales volume of wheel loaders with a load capacity of 5 tonnes for use in large construction machinery was approximately 42,000 units, representing a drop of 董事欣然提呈本集團截至二零一五年十二月 三十一日止年度經營業績之管理層討論與分 析，詳情如下： 一、行業分析 本公司為中國綜合實力最強的汽車及裝 備製造產業集團之一，是動力總成、整 車整機、液壓控制和汽車電子及零部件 市場領先公司，具有最完善的發動機、 變速箱及車橋供應鏈和後市場服務。 1. 重型汽車行業 於本年度內，中國經濟運行保持 平穩，繼續維持中高速增長。於二 零一五年國內生產總值達人民幣 67.67萬億元；同比增長 6.9%，但 創25年來新低。受宏觀經濟疲弱、 出口不振、產能過剩和排放法規 升級等因素影響，國內重卡市場 銷量持續下滑。全年實現銷售約 55.1萬輛，比去年銷售約 74.4萬輛； 同比下降約25.9%。 2. 工程機械 報告期間，全國固定資產投資 達人民幣55.2萬億元；同比增長 10.0%，增速比二零一四年回落約 5.7個百分點。其中，房地產開發 投資約人民幣9.6萬億元；同比增 長1.0%，增速大幅下滑約 9.5個百 分點。受此影響，工程機械行業整 體需求低迷，銷量下滑嚴重。在二 零一五年中國工程機械市場共銷 售約36.7萬台；同比下降 31.0%。 其中，大型工程機械 5噸裝載機銷 售約4.2萬台；同比下降 54.4%。 54.4% year-on-year. 17 17 管理層討論與分析（續）Management Discussion and Analysis (Continued) 3. Passenger Vehicle Market During the reporting period, under the influence of multiple factors, including the accelerated urbanization, the nation’s policies supporting new-energy vehicles and the increasingly stringent emission regulations, some of the market segments of China’s passenger vehicle industry achieved growth whilst others reported decline. In 2015, the aggregate sales figure for passenger vehicles in China was approximately 595,400 units (including incomplete passenger vehicles), representing a year-on-year decrease of 1.9%. 4. Forklift Truck Industry During the reporting period, riding on low oil prices, the high level of consumer spending in Western Europe and improvement in the labour and housing markets in the United States, recovery in Western Europe and the United States continued. Global sale orders for forklift trucks increased to approximately 1.1 million units, rising by 1.0% from the corresponding period of last year. II. The Group’s Business An analysis of the Group’s business segments is set out in Note XIV.2 to the consolidated financial statements. The following is an overview of the operating conditions of the major products of the Group: 1. Sale of Diesel Engines For use in Heavy-duty Trucks The Group is the largest supplier of diesel engines among major manufacturers of heavy-duty trucks with a load capacity of 15 tonnes (and above) in the PRC. In 2015, with the suppressed demand in the domestic heavy-duty truck market and the trend of vertical integration in the industry, the Company sold approximately 118,000 units (2014: approximately 271,300 units) of heavy-duty truck diesel engines, representing a decrease of 56.5% from the corresponding period in 2014. The Company nevertheless maintained its leading position in the industry. For use in Construction Machinery The Group is also the largest supplier of diesel engines among major manufacturers of construction machinery (mainly wheel loaders) with a load capacity of 5 tonnes in the PRC. Out of the diesel engines sold during the year, approximately 27,000 units (2014: approximately 53,000 units) were engines for wheel 3. 客車市場 報告期間，受城鎮化建設提速， 國家對新能源客車支持政策和排 放法規趨嚴等因素影響，國內客 車細分市場表現有升有降。在二 零一五年中國客車市場共銷售約 59.54萬輛（含客車非完整車型）， 同比下降1.9%。 4. 叉車行業 報告期間，受惠於低油價、西歐地 區消費性開支保持高水平和美國 勞動及房屋市場好轉，西歐和北 美市場持續復蘇，全球叉車訂單 數量增加至約110萬輛；比去年同 期上升1.0%。 二、本集團之業務 本集團業務分部之分析載於合併財務 報表附註十四、 2。本集團主要產品之 經營狀況概述如下： 1. 銷售柴油機 用於重型卡車 本集團是中國載重量15噸及以上 重型卡車主要製造商的最大柴油 機供應商。在二零一五年期間受 國內重卡市場需求低迷和行業垂 直整合趨勢影響，公司共銷售重 卡用發動機約11.8萬台（二零一四 年：約 27.13萬台），較二零一四年 同期下降56.5%，行業龍頭地位穩 固。 用於工程機械 本集團亦是中國載重量5噸工程機 械（主要為輪式裝載機）的主要製 造商之最大柴油機供應商。本年 度內所售出的柴油機中， 5噸裝載 發動機約2.7萬台（二零一四年：約 Annual Report 2015年報 loaders with a load capacity of 5 tonnes, representing a decrease of approximately 49.3% compared to that in the corresponding period in 2014. The Group’s market share increased to more than 60.0%, maintaining its leading position in this sector. 5.3萬台），較二零一四年同期下降 約49.3%，市場佔有率有所提升至 超過60.0%，繼續保持這一領域龍 頭地位。 速箱業務於本年度內為本集團貢 獻銷售收入約人民幣5,980百萬元。 管理層討論與分析（續）Management Discussion and Analysis (Continued) For use in Passenger Vehicles 用於客車 During the reporting period, whilst benefiting from the national 於本期間，雖然受惠於國家對新 subsidy policy which applied to new-energy passenger vehicles, 能源客車補貼政策，但因高鐵動 with a share of the transportation market having been taken up 車分流、客運監管趨嚴使公路客 by China’s national express rail, and the increasingly stringent 運市場表現不佳。在二零一五年， supervision on passenger transportation, the highway passenger 公司共銷售客車用發動機約2.03transportation market did not perform well. In 2015, the 萬台（二零一四年：約 2.26萬台）； Company sold approximately 20,300 (2014: approximately 同比下跌約10.2%。在大、中型客 22,600) units of engines for use in passenger vehicles, 車市場佔有率約為12.5%。 representing a decrease of approximately 10.2% year-on-year. The Company’s market share in the market of large-sized and medium-sized passenger vehicles was approximately 12.5%. 2. Forklift Trucks Production and Warehousing 2. 叉車生產及倉庫技術服務 Technology Services Benefiting from the growth of the forklift truck industry and 受惠於叉車行業增長和凱傲推行 KION’s “2020” strategy, KION achieved strong sales performance 「2020戰略」，凱傲在歐洲、北美及 in the European, North American and Asian markets. The Group 亞洲市場銷售表現強勁。本集團 reported an increase of orders for forklift trucks to approximately 叉車訂單在二零一五年增加至約 165,800 units in 2015, and achieved annual sales exceeding EUR5 16.58萬輛，全年銷售更首次突破 billion for the first time. Before elimination of intra-group sales, 50億歐元。於對沖集團間公司銷 the forklift trucks production and warehousing technology services 售前，叉車生產及倉庫技術服務 business contributed sales revenue of approximately RMB35,488 業務於本年度內為本集團貢獻銷 million to the Group during this Year. 售收入約人民幣35,488百萬元。 3. Sale of Heavy-duty Trucks 3. 銷售重型卡車 During the Year, the Group sold approximately 56,000 units of 於本年度內，本集團售出重型卡車 heavy-duty trucks, representing a decrease of approximately 約5.6萬輛，與二零一四年同期約 9.239.1% from approximately 92,000 units in the corresponding 萬輛相比下降約39.1%，集團控股 period in 2014. Shaanxi Heavy-duty Motor Company Limited (陝西子公司陝西重型汽車有限公司銷 重型汽車有限公司), a controlling subsidiary of the Company, 售排名在全國重卡行業躍升至第 reported a sales figure which brought its ranking up to the fourth 四位。於對沖集團間公司銷售前， in the domestic heavy-duty truck industry in the PRC. Before 卡車業務於本年度內為本集團貢 elimination of intra-group sales, the truck business contributed 獻銷售收入約人民幣16,558百萬元。 approximately RMB16,558 million to the Group’s revenue this Year. 4. Sale of Heavy-duty Gear Boxes 4. 銷售重型變速箱 During the Year, the Group sold approximately 407,000 units of 於本年度內，本集團售出重型變 heavy-duty gear boxes, representing a decrease of 34.4% 速箱約40.7萬台，與二零一四年同 compared to approximately 620,000 units of heavy-duty gear 期售出約62萬台重型變速箱相比（未完）  |