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Xiangyang Bearing(Shenzhen Exchange: 000678) announced their 2005 annual financial results.
In 2005, sales hit RMB242 million, up 7.55% from 2004. Net profit were only RMB5.855 million, decreased by 46.23%; Earning Per Share were RMB0.04, Assets Per Share were RMB2.55. No dividend will be delivered.
According to the report, weak profit of Xiangyang Bearing was mainly caused by its high expense during last year. The total expense last year had reached RMB57.17 million, almost 50% higher than the figure of 2004. Operation expense hit RMB20.95 million, increased by 109%. Overhead expense reached RMB27.67 million, increased by 70%.
We can know from the 2005 report that the company had generally contained the declining sales which caused by decreasing demand of aftermarket products, by thifting sales focus to aftermarket, improving production technology and optimizing management of raw materieal supplying.
However, the above measures have brought about roaring expense of operation expense at the same time. The increasing number of sales man also contribute to a higher payment and welfare expense. Frequent business trips to collect receivables was another cause of the company
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| 32205A bearing | 25 | 52 | 19.25 |
| 30205A bearing | 25 | 52 | 16.25 |