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On behalf of the Board of Directors of the Company, I am pleased to present the annual results of the Group for the year ended 31 December 2015.

During the year of 2015, the Group has achieved remarkable results. Our achievements include:

  • Our sales volume and revenue have once again hit record highs, with a revenue of approximately RMB18,870 million, which resulted in improvement on profitability.
  • The Group boasted an industry-leading production capacity of approximately 140 million batteries.
  • The Group again demonstrated our innovation leadership by being awarded as a “National Model Enterprise of Technology Innovation (國家技術創新示範企業),” a “National Model Enterprise of Intellectual Property Right (國家知識產權示範企業),” a “National Certified Enterprise Technology Centre (國家認定企業技術中心)” and a “National Model Base of Corporate Culture (全國企業文化示範基地).”
  • iv.The Group once again ranked first in the industry among the “Top 500 Listed Chinese Companies (中國上市公司500強),” “Top 500 Chinese Enterprises (中國企業500強)” and “Top 100 Chinese Manufacturing Enterprises (中國製造業企業100強),” underscoring its leading position in the battery industry.

These remarkable results were attributable to the following factors:

  • Strengthening its leading market position

    In 2015, the national policy has continuously eliminated substandard enterprises in the industry in China. Since its establishment, the Group has gradually become the leader in the battery industry through continuous reform of its operations and innovation. During the year, the Group ranked first in terms of market share, production capacity, production volume, sales volume and revenue. During the year under review, through a series of measures such as improving the technology innovation level, enhancing the influence of the “CHILWEE” brand, and reinforcing the recruitment and development of talents, the Group made satisfactory achievements and successfully consolidated its leading position in the lead-acid battery industry. The market share of the Group was approximately 41.7% in 2015 and has topped the industry for three consecutive years.

  • Recruiting Professional Talent to Achieve Breakthroughs in New Technology

    In order to secure market share, the Group has always attached great importance to technology innovation for business development. The Group has continued unstinting efforts in reform and innovation with its high-performing industry teams. In recent years, the Group has recruited six well-known academicians, more than 20 experts and professors as well as three experts from the national “1,000 Talent Plan” (“ 千人計劃” ) in the global new energy field to establish a dedicated professional technology team. In addition, the Group has collaborated with leading domestic research and development (“R&D”) organizations and professional institutions in order to enhance its R&D capability, resulting in a number of patented technology and industry revolutionary achievements.

    During the year, the exploration of new markets and many of our product R&D projects have made remarkable advances. In March 2015, the new lithium-ion motive battery for electric vehicles developed by the Group has been officially commenced mass production. Moreover, the Group is the only domestic lead-acid motive battery manufacturer in the industry that has fully adopted gel battery technology, placing it far ahead of other manufacturers. With the excellent results, the Group has attained a milestone in new energy R&D and production, driving better and faster development in the future.

    Currently, the Group possesses a total of 1,096 patents, and has garnered various national awards such as the “National Torch Program — Certificate for Exemplary Project for Commercialisation,” (《 國家火炬計劃產業化示範項目證書》 ) and enjoys a good reputation in China. The Group closely monitors market trends with the aim to develop a wide range of more reliable and durable products with higher quality to fulfill customers’ changing demands in a timely manner. The Group also leverages its innovation capability and focuses on research and development of patented technologies to achieve breakthroughs in new processes and products, so as to promote income growth from future products.

  • Insisting on Green Development to Lead Green Production in China

    In 2015, the Ministry of Environmental Protection (“MEP”) and the Ministry of Industry and Information Technology (“MIIT”) of the PRC issued the Regulatory Standards of Lead-acid Battery Industry (2015 Version) (《 鉛蓄電池行業規範條件(2015年本)》 ) (“Regulatory Standards”) and Interim Administrative Measures for the Regulatory Circular of the Lead-acid Battery Industry (2015 Version) (《 鉛蓄電池行業規範公告管 理暫行辦法(2015年本)》 ) (“Interim Administrative Measures”). These documents replace the “Entry Requirements of the Lead-acid Battery Industry” (《 鉛蓄電池行業准 入條件》 ) (“Entry Requirements”) and further strengthened the environmental protection requirements in the lead-acid battery industry and stimulate its continuous restructuring, transformation and upgrade.

    In parallel with enlarging its economic benefits and continuously enhancing production technology, the Group has adhered to its environmental protection philosophy of minimizing consumption of resources, pollution and emissions. The Group continues to advocate the harmonious and symbiotic relationship between business and the environment to fulfill its long-term goal of “green production”. To guide the lead-acid battery industry towards green, healthy and sustainable development, the Group has united enterprises both upstream and downstream in a lead-acid battery industry alliance for promoting green development and recycling during the year. The alliance aims at improving industry standards in compliance with national policies, regulating market development and encouraging self-discipline so as to further promote green and sustainable development and recycling in the lead-acid battery industry. Furthermore, the Group and the China Environmental Protection Foundation (《 中華環境保護基金會》 ) have co-established the China Environmental Protection Foundation — Battery Pollution Prevention and Relief Fund (《 中華環境保護基金會-電池污染防治和救助專項基金》 ), aiming to promote healthy and orderly development of the national battery industry and hence contributing to the construction of an ecological civilization. Through a series of activities intended to improve the brand image, the Group has strived to become the top green energy brand in China.

  • Optimizing Production Capacity and Technology to Improve Brand Equity

    Currently, the annual production capacity of the Group has reached approximately 140 million batteries, the highest in the industry. The Group will continue to increase its production capacity by refining its technology and techniques, and consolidate its domestic battery industry-leading position in terms of market share through sales of its high quality products.

    During the year under review, the Group’s nationwide sales and distribution network has covered both the primary and secondary markets. It has recently adopted sophisticated distributor management processes to decrease the intervening layers in our sales channels, which has greatly enhanced the loyalty of end customers. The Group also provides professional technical training and consultancy services to independent distributors to develop and enhance their management capability in order to fully optimize its marketing strategies and, ultimately, increase sales revenues. In addition, to better meet the needs of consumers, the Group has continuously enhanced its brand image, broadened its scope of customer services and increased its brand equity. The “CHILWEE” brand has gained high recognition in the PRC.

In the future, the accelerating pace of urbanization and further tightening of relevant environmental protection regulations, together with the benefits from industry consolidation policies and increasing demand for new energy electric bikes, will likely drive further growth in the industry. The Group will closely monitor market trends in order to proactively adjust its production and marketing strategies and seize every appropriate opportunity, and sustain leading-edge technological innovation in its development. The long term solid business foundation as well as advanced research, development and innovation capabilities will provide strong support to our continuous growth in the future. While focusing on technological innovation, the Group will devote greater efforts and more resources into research and development as well as recruitment of experienced professionals in the industry, while continuing to extend its distribution network in line with its strategy. The Group will also adhere to its objective of green and safe production so as to enhance its image as an innovative and productive new energy enterprise.

In 2015, as a market leader in the battery industry, the Group has responded to the calls of the country and the government to improve quality of production, engage in innovation and insist on green development. The Group has strived to lead the development of the battery industry in the PRC towards greater effectiveness and efficiency, energy saving and environment protection in a healthy and progressive manner. On behalf of the Group, I would like to express my gratitude to our shareholders, customers and business partners for their long lasting support and faith in the Group. I would also like to thank the Board, management and staff for their wholehearted commitment to the Group’s success. With this excellent business performance and the corporate culture of solidarity, the Group has full confidence and high morale, and thus looks forward to new heights of success in 2016.

 

Zhou Mingming
Chairman and Chief Executive Officer
31 March 2016

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