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--Zhengzhou Yutong (24.79,0.18,0.73%) company a share rights issue Roadshow online replay guests Zhengzhou Yutong Bus Company Zhengzhou Yutong Bus Company Limited, Mr Tang Yuxiang, Chairman of the Board, Chief Accountant of the Secretariat shares Ms Zhu Zhongxia Zhengzhou Yutong BusDirector, securities transactions on behalf of Zhengzhou Yutong Bus Company Limited, Mr Sun Qian Gu Guodong, Deputy Director of the Office of the Board of Zhongyuan securities (micro-blogging) company limited, Assistant President, investment banking division General Manager Zhao Lifeng Zhongyuan securities company limited, Managing Director, investment banking headquarters, sponsor representativeMan Lai Bulian Zhongyuan securities investment company limited sponsor representative headquarters Executive Director, Zhengzhou Yutong Bus Company Limited, Mr Zeng Xiaojun introduction speech by Mr Tang Yuxiang, Chairman dear distinguished guests, investors, you care about and support friends of Yutong buses: Hello! VeryWelcome Yutong rights Roadshow online.����First of all, please allow me on behalf of Yutong buses to the concern and support of our development over the years you heartfelt thanks my friend! Yutong Bus is a professional manufacturer of passenger cars, decades day focused on product research and development, production and sales for large and medium-sized passenger cars. You support from investors, after Yutong peopleYears of tenacious struggle and unremitting efforts, Yutong Bus has achieved rapid development. Production of passenger cars by 1997 when 3,474 units, to per cent in 2010, with an average annual compound growth rate of 21% (increased 11 times times), sales revenues grew from $ 437 million to $ 13.479 billion, an average annual compound growth rate of 30% (an increase of 29.8Times).����In 2011, the company's passenger car sales as 46,688, domestic large and medium-sized passenger car market share of 25% or more, increasing its market share. As the leading enterprises of the domestic passenger car industry, the company accelerated the pace of development of energy-saving and new energy products for passenger cars, has launched the CNG, LNG, aluminum body, hybrid and pure electric, moreEnergy saving and environmentally friendly products for passenger cars.����The company "plug-in hybrid electric city bus industrial technology research project" became Twelve-Five first won the national 863 Program key support in the planning of new energy passenger car project. Company has a design capacity for the annual production capacity of 30,000 units of passenger cars, 2011 45,895 real production, sales 46,688. With the enhancement of competition power of company, domestic and foreign customers ' increasing demand for company products for passenger cars, there is insufficient capacity problem has seriously hampered the company's rapid development. Through the rights issue, the company hopes to raise funds to invest in energy-saving and new energy passenger car project with an annual output of 10,000 cars, produce more reliable quality, advanced technology, energy saving and environmentally friendly products for passenger cars, bear FestivalSocial responsibility to reduce emissions, while seizing the bus industry's rapid development opportunities, enhance sustainable competitiveness of the company, all shareholders better returns. Yutong Bus in the course of development, gained the attention of investors and support, this is the company's strong backing of bigger and stronger, more is the inexhaustible driving force for all Yu learned person continued to struggle. Today, we sincerely hope that throughThis open communication platform and the investors, also welcomed the members of the company's business development for their valuable comments and suggestions, also sincerely hope that investors can continue in the future to give Yutong Bus to attention and support.����Yutong passenger cars will be more superior performance to reward shareholders, repaying the society!����Thank you! Total central China securities company limitedConference Assistant, investment banking division General Manager Zhao Lifeng address distinguished guests and investors: good morning! Yutong Bus sponsors of this rights agencies, underwriters, we are very pleased to take part in today's online Roadshow. Here, I represent Zhongyuan securities in online Roadshow's participant and investor friends warmlyWelcome and heartfelt thanks! Yutong Bus after more than 10 years of development and leadership in the area of passenger cars, has become the single largest one of the bus companies. While rapid development, Yutong Bus focus on shareholder return, since its 1997 listing, from the domestic securities market financing $ 745 million, $ 2.156 billion accumulated cash dividends������We believe, Yutong Bus can give full play to their advantages of bus technology in the field of energy-saving and new energy, using this rights issue to raise capital, to seize the opportunities of energy-saving and new energy passenger car market, further increasing the company's core competitiveness. In today's road show, we will work with the company's management, responsible to answer investor questions. In the futureSupervision, securities of the Central Plains will sponsor obligations faithfully.����Finally, I wish the Yutong Bus this rights issue every success, thank you! Zhengzhou Yutong Bus Company Limited Board of Directors Secretary, accountant-thank you speech by Ms Zhu Zhongxia dear distinguished guests, investors, members concerned friends and support of Yutong busesZhengzhou Yutong Bus Company limited rights online Roadshow is coming to an end, on behalf of all my colleagues, I wish to assure you and investors on this campaign expressed heartfelt thanks for the concern and support!����Security sponsor institutions on the rights of the Central Plains extend our sincere gratitude, thank you very much, "China Securities network" provides opportunities for exchanges and investors of the Internet! Although this networkTime to communicate on a limited, but the harvest was large. We are very happy to be with you interact with investors to discuss future planning and development of the company. Communication and Exchange through the online road show, we understand, has collected investors put forward many valuable views and suggestions on the development of the company. To everyone for their valuable suggestions, we must be combined with actual, take into consideration the work fallsReal.����At the same time, we deeply realize that as the mission and responsibilities imposed on a listed company, it is both a pressure a driving force for the company, will encourage the management team and staff continuously strive forward. Success of this rights issue cannot be separated from the general shareholders ' support, urge shareholders to actively participate in the rights issue, continued to support development of Yutong buses. Time closedDepartment, we are unable to answer all the questions of investors, Yutong Bus channels of communication with you is always open, we welcome investors on this issue in various ways swtor Mercenary Commendation power leveling, as well as development of Yutong buses continue to propose the valued suggestion.����Once again thank you for your concern and Yutong Bus support, thank you! Issue article asked: this rights issue to raise capitalTo include those? Tang Yuxiang: this rights issue to raise funds for the company "energy-saving and new energy passenger car production base", projects with a total investment of 2,243,550,000 yuan, construction with a total investment of 2,047,350,000 yuan, the total Initial working capital of $ 196.2 million. Construction of the project scale of annual output of 10,000 energy-saving and new energy buses, Which produce energy-saving 6,000 units of passenger cars, producing new energy buses 4,000 units.����Q: who can participate in the rights issue? Zhao Lifeng: the rights issue is as of Date of record on February 10 swtor power leveling, 2012 (t) after the closing of the Shanghai Stock Exchange this afternoon, the China Securities Depository and Clearing Corporation Shanghai Branch registered inShares of Yutong buses all shareholders.����Thank you!����Q: How do I purchase the rights? Sun Qian: after the Close Date of record, has a stock of Yutong buses to take. Original shareholders on payment periods (t-t-5th February 13, 2012 from 1st, 14th, 15th, 16th and 17th, the normal trading hours in Shanghai Stock Exchange) through theOnline delegate delegate, Sales Department, telephone onsite delegates participate in the rights issue. Shares quantity limits as at Date of record of Yutong Bus unit multiplied by the number of shareholders rights issue (0.30), you can subscribe for quantities of less than 1 part in accordance with the principle of exact algorithm for rounding (shareholders look "Yutong rights issue" securities be equipped with balance). Rights issue payment period, the unitEast can be declared multiple times, but Declaration of rights shall not exceed the total number of shareholders can be equipped with quantity limits.����Q: what is energy-saving and new energy passenger car main products?����Tang Yuxiang: main products for energy-saving and new energy passenger car: hybrid-electric car, electric bus, NG class buses. Hybrid passenger car means using traditional fuels while accompanied by motor/engineTo improve power output and fuel consumption of passenger cars.����Popular saying is that passenger cars using internal combustion engine drive and electric drive of two driving modes.����Pure electric bus uses batteries as a source of energy, to pure electric passenger car. NG class passenger cars mainly refers to liquefied natural gas (LNG), compressed natural gas (CNG), for liquid petroleum gas (LPG)Clean energy fuels, such as passenger cars, small power consumption, less pollution, and economic efficiency higher characteristic.����Question: this refinancing why rights? Zhu Zhongxia: the companies rights issue raised mainly consider the following factors: (1) 2011 and 2012 to implement investment projects include the production of functional office building projects, administrative staffOffice building projects, special projects, such as energy-saving and new energy passenger car production base, demand for funding of nearly $ 3 billion, fully rely on the construction of its own funds to meet the project needs, and (2) company asset-liability ratio at around 60%, financed by debt will pose a greater risk, and (3) in equity financing in the implementation of rights issue facing the old shareholders,Impact small, and the shares prices are generally higher than the market price is a discount, and (4) holding company shareholders have confidence in the future development of the company, full participation in the subscription.����Thank you!����Industry article asked: Please, briefly explain the company's sales. Tang Yuxiang: the industry, the domestic passenger car market in passenger car sales in 2011 to 16.10,000 vehicles, in 2010, an increase of 12%.����3-5 years in the future, growth is estimated to be in-5%, smooth growth. Company's 2011 sales of large and medium bus 43,634, 2010, an increase of 16.73%. Our goal is growing faster than the industry and key competitors, while the growth of a moreReasonable, and further enhance the high gross profit ratio and high added-value products.����Question: which are the main advantages and disadvantages of the company and its competitors? Tang Yuxiang: formation of full competition with the company is King long motor (6.94,0.03,0.43%), in the tourism market segments and groups, Golden Dragon has certain advantages, is the traditional advantages of Yutong passenger market market. InHigh-end vehicle market, Zhejiang youth coach is the company's major competitors. Competitive advantages of the company: �� the company a stable, United, a strong management team with Executive ability; �� Yutong advantages in terms of stability, security, quality, growing, China bus and coach brand position more secure; �� experimental verification of company means for the industry's most powerful; �� company stabilityFixed diablo iii gold, controlled distribution channels.����Q: profit level is higher than the main competitors, is because the causes of the higher price? Sun Qian: products strong profitability of the main reasons for this include the following: �� of Yutong brand passenger cars in terms of stability, security, and quality advantages of form of premium products; �� products direct-sales ratio of about70%, higher than industry competitors; �� product structure to better profitability in companies large and medium bus (about 95%); �� processing depth higher than industry competitors products; �� scale savings in raw material cost and logistics costs.����Business article asked: the company's new energy passenger car how? Tang Yuxiang: company establishedA dedicated new energy products division, is responsible for the research and development of energy-saving and new energy passenger car. A full-time post-doctoral staff engaged in research and development.����Our idea is to do the basic work, related technologies and markets mature, efforts to increase sales, sales growth. Energy-saving and new energy bus company covering 10~18 m city bus. There are 20 cityEnergy-saving and new energy vehicles demonstration pilot projects, companies in these products in the bid cities reflect the good performance of energy-saving and environmental protection, including: hybrid passenger car fuel economy rate at more than 30%.����New energy passenger car project by national company "Twelve-Five" special funding for the 863 Program. Question: it is understood that the company recently had two new products, one is newThe bus, another is V-STAR light buses, introduce the two types of products. Tang Yuxiang: new bus used in the development of a number of new technologies, using new steel, strength, can be effective in reducing the body weight to achieve energy-saving emission reduction objectives. Less while costs increase, new products with high cost performance, is following the policy and direction of development of the industryProduct.����V-STAR appearance and elegant interiors of luxury, customers are groups of customers, the corresponding margin level will be improved, which is a tentative breakthrough of light passenger vehicles.����Q: long nose is the most obvious appearance of Yutong Bus features, please describe why the school bus to make "long nose"? Tang Yuxiang: school bus, is on student safetyTaking into account. In all kinds of traffic accidents, caused traffic accidents accounted for the vast majority of vehicle collision, frontal crash mortality rates the highest.����Design the tone that is set down, "long nose"--Add front collision and deformation of the buffer zone, ensure the safety of drivers and school children. Q: how about level of gross profit margin of the company? Higher than industryWhat are the main reasons for the level? Zhu Zhongxia: 2011 gross margin in the third quarter was 17.33% years ago, consistent with the 2010 level of gross profit margin, higher than the industry average. There are several causes of the higher gross profit margin: �� of Yutong brand passenger cars in terms of stability, security, quality of part of the premium brand; �� products direct-sales ratioTo about 70%; �� companies sell their products mainly to better profitability of large and medium bus (about 95%); �� products processing depth is much higher than industry competitors; �� scale savings in raw material cost and logistics costs.����Thank you!����Q: how about the last three years of our growth,? Sun Qian: in 2009, under the negative effects of the international financial crisis, public2009 Division's main business income year 2008 growth in 2010, thanks to the national economic stimulus policies and the promotion of international car markets gradually warmed up, the main business revenue in 2010 compared with 2009 growth. In 2009 and 2010, the company's main business gross margin growth respectively over a year earlierAnd 17.01%.����Main business continues to grow, from the first three quarters of 2011, the company's main business is still maintain a relatively rapid growth.����Q: how distribution in the domestic market? Zhu Zhongxia: company bus in the provinces and autonomous regions in China are major market participants, in central China, East China and South China regions such as pinSales amount larger; in Northeast, Northwest and North China area market occupation rate is higher.����Thank you!����Q: do Yutong's products are sold in a cyclical? Sun Qian: I think that large and medium bus industry belongs to the weak cycle industry sales as macroeconomic conditions on wave, but relatively less volatile. At the same time, will render a certain seasonal in nature, every few monthsProductivity of tight, generally before Chinese new year, 11 holidays.����Thank you!����Q: Please introduce the situation of production and management of the company. Tang Yuxiang: 2010 annual total passenger car sales of 41,169 units, main business income about $ 13 billion, exports markets gradually recovered. 2011 46,688 total sales for the year, with exports to 3,713. In 2011, the company sales of large and medium buses 43,634, 2010 increase, higher than the growth of the industry, the main competitor.����Thank you!����Q: what the company expects to export is? Sun Qian: June 2011, Yutong Bus acquisition of Yutong Group's overseas sales operations-related assets, will coach the seaForeign Sales included in listed companies.����Foreign demand is certainly yes, company to have confidence in the market. Export market development but also depends on the changes in the international situation and factors such as the capacity to pay of countries of the third world, will cause a certain degree of volatility, long term export market has a lot of potential.����Thank you! Advance question: what company new energy passenger car of the futureIt planning? Tang Yuxiang: Yutong's development planning of new energy bus has two main focuses: a pure electric, this is the industry's future development. Yutong electric passenger car obvious features lightweight, such as the 12 meters of pure electric vehicle curb weight only 12.3 tons, lighter than other pure electric vehicles of the same type 2 second plug-in electric hybrid buses, Yutong's plug-in hybridElectric city bus (PHEB) industrial technology research project into "Twelve-Five" first won the national 863 Program key support in the planning of new energy passenger car project is expected by 2013 for large scale promotion.����Q: expectations of how to judge the company on the market demand? Tang Yuxiang: the company expects the next two years, needs of the passenger car marketSteady growth, mainly in the following areas: �� urbanisation of travel demand; �� public transport demand; �� excavation based on special purpose vehicle market of bus chassis; �� community attach great importance to students ' safety, school bus market will become a new growth point. Based on these considerations, companies judge the industry will maintain a steady growth in demand.Question: at present, the domestic passenger car industry enterprises are more, will have a wave of mergers, mergers in the future?����Yutong has plans of acquisitions, mergers, or merged with the international bus manufacturers plan? Gu Guodong: access to the commercial vehicle manufacturers and products made by the Ministry of Administration rules go into effect on January 1, 2011, for bus production enterprise of which large and medium busNot less than 5,000 cars, minibus provides not less than 50,000. Therefore, industry concentration will be further improved. But there is currently no acquisition integration other business considerations, has no plans to merge with other domestic bus enterprise in foreign countries.����Thank you!����Ask: the future of passenger car market, what companies think there may be an opportunity? Tang Yuxiang future passenger car market mayThere is a school bus, a bus two chances of rapid development of market segment. National standards for school bus means a dedicated school buses, expected as the school bus by standards, State financial subsidy policy of support and operational mode of exploration, school bus market will be explosive growth, reaching annual sales of 10.15 million market size, market volume will reach about 1.5 million units.Bus there are still chances of rapid development of the market. Rising levels of urbanization, rapid development of three or four lines of the emerging cities and towns, civilization city, city, city construction, have driven demand for product upgrades and new city bus. At the same time, energy-saving emission reduction and control of urban traffic congestion needs to also has energy-saving and new energy buses continueNew increase.����Thank you!����Asked: under the macro level analysis of the company's development direction.����Tang Yuxiang: next 5-10 year bus industry were stable development, the company will continue to increase market share, actively study national policies to achieve stable and rapid development of the company. Tight company productivity, the main objective would be to increase and optimize the product structure, itSteady growth in market share and profitability.����Thank you!����Q company capacity bottlenecks, in the case of sales to continue growing, how to solve the problem of capacity? Zhu Zhongxia: because of the seasonality of sales of passenger cars have a certain capacity tensions occurred mainly in 9, and 11. In 2011, through process improvement and technical innovation of local, in some threadIncrease productivity, record output in December. At the same time, balancing cycles in sales management, in part of the season according to the sales forecast schedule management orders, to ensure that the season of sales.����Thank you! Text collating this editor Li Kui Li Xia led to host Shanghai Securities News the China Securities network