[年报]杭汽轮Ｂ(200771):2021年年度报告（英文版）
原标题:杭汽轮Ｂ:2021年年度报告（英文版） Stock ID: Hangqilun B Announcement No.: 20 22 - 1 8 Hangzhou Steam Turbine Co., Ltd. 2021 Ann ual Report （ Stock Code: 200771 ） March 2022 I. Important Notice , Table of Contents, and Definitions The Board of Directors, The Supervisory Committee, the supervisors and the directors of the Company guarantee that th ere are no significant omissions, fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report. Chairman Mr. Zheng Bin, Chief Financial Offi cer Zhao Jiamao, and the Chief of Accounting Department Mr.Jin Can hereby declare: the Financial Statement in the report is guaranteed to be truthful and complete. All of the directors attended the board meeting on which this report was examined. This Report contains prospective descriptions, which doesn’t constitute substantial commitment to investors. Investors are requested to be aware of the risks attached to their investment decisions. For the risks existing in the Company's operation, please refer to the section "Prospects for the future development of the Company" in Section III "Management Discussion & Analysis". The company's designated information disclosure media are: Shanghai Securities News (Chinese), Securities Times (Chinese), Hong Kong Co mmercial Daily (English), http://www.cninfo.com.cn (In English and Chinese), all information of the company is subject to the information published in the above selected media. Investors are advised to pay attention to investment risks. The profit distribu tion proposal reviewed and approved by the boarding meeting was summarized as follows: In 202 1 , with the total share capital of 754,010,400 shares at the end of the year deducting 111,800 treasury shares repurchased as of date of record by Company, that is , 753,898,600 shares, the Company would distribute cash dividend to all the shareholders at the rate of CNY 4.0 for every 10 shares （ including tax ） , 3 bonus shares （ including tax ） ， and no reserve would be converted into share capital. Tab le of Contents I .Important Notice, Table of contents and Definitions II. Basic Information of the Company and Financial index III. Management Discussion & Analysis IV. Corporate Governance V. Environmental & Social Responsibility VI. Important Events VII. Change of share capital and shareholding of Principal Shareholders VIII. Situation of the Preferred Shares IX. Corporate Bond X. Financial Report Documents available for inspection (I) Financial Statements signed and sealed by the Chairman of the Board , chief accountant and director of the financial division. (II) All the originals of the Company’s documents and public notices disclosed in the newspapers designated by China Securities Regulatory Commission in the report period; (III) Original copy of Resolutions of the Meeting of Board. Definition Terms to be defined Refers to Definition Company, the Company Refers to Hangzhou Steam Turbine Co., Ltd. The Group, Hangqi Group Refers to Hangzhou Steam Turbine Power Group Co., Ltd. Hangzhou SASAC Refers to State - owned Assets Supervision and Administration Commission of Hangzhou Municipal People's Government Hangzhou Capital Refers to Hangzhou State - owned Capital Investment and Operation Co., Ltd. The report period, the current period, the current year Refers to January 1, 2021 - December 31, 2021 Zhongneng Co. Refers to Hangzhou Zhongneng Steam Turbine Power Co., Ltd. – the holding subsidiary of the Company Casting Co. Refers to Hangzhou Steam Turbine Casting Co., Ltd. Packaged Tech. Co. Refers to Zhejiang Steam Turbine Packaged Technology Development Co., Ltd. Machinery Co. Refers to Hangzhou Steam Turbine Machinery Equipment Co., Ltd. Auxiliary Machine Co. Refers to Hangzhou Steam Turbine Auxiliary Machinery Co., Ltd. Turbine Co. Refers to Zhejiang Turbine Import & Export Co., Ltd. Heavy Industry Co. Refers to Hangzhou Steam Turbine Heavy Industry Co., Ltd. Zhongrun Company Refers to Zhejiang Zhongrun Gas Turbine technology Co., Ltd. New Energy Company Refers to Hangzhou Steam Turbine New Energy Co., Ltd. Sale s Company Refers to Hangzhou Steam Turbine Automobile Sales Service Co., Ltd. China Mechanical Institute Company Refers to China mechanical and Electrical Institute - HSTG (Hangzhou) United Institutes Co., Ltd Ranchuang Company Refers to Zhejiang Ranchuang Turbine mechanical Co., Ltd. The Board of Directors Refers to The Board of Directors of Hangzhou Steam Turbine Co., Ltd. The Supervisory Committee Refers to The Supervisory Committee of Hangzhou Steam Turbine Co., Ltd. The Shareholders’ Meeting Refers to The Board of Directors of Hangzhou Steam Turbine Co., Ltd. RMB, RMB0’000, RMB000’000’000 Refers to RMB Yuan, RMB10 thousand Yuan, RMB100 million Yuan MW Refers to Unit of power: 1000KW PLM Refers to Product life circle management information system MES Refers to Manufacturing execution system ERP Refers to Enterprise Resources Planning WMS Refers to Warehouse management system CRM Refers to customer relationship management SRM Refers to S upplier relationship management CNAS Refers to China National Accreditation Service For Conformlty Assessment II. Basic Information of the Company and Financial index I. Basic Information Stock ID Hangqilun B Stock Code 200771 Stock Exchange Listed Shenzhen Stock Exchange Company Name in Chinese 杭州汽轮机股份有限公司 Short form of Company Name in Chinese 杭汽轮 Name in English HANGZHOU STEAM TURBINE CO.,LTD Abbreviation in English HTC Legal representative: Zheng Bin Reg. Add. Building 1, No.608, Kangxin Road, Economic & Technological Development Zone, Yuhang District, Hangzhou City, Zhejiang Post Code 311106 Historical change of the company's registered address May 2021, The registered address of the company has been changed from No.357, Shiqiao Road, Hangzhou city, Zhejiang Province to Building 1, No.608, Kangxin Road, Economic and Technological Development Zone, Yuhang District, Hangzhou City , Zhejiang Office address No.1188, Dongxin Road, Hangzhou , Zhejiang Post code of the office address 310022 Internet Web Site www.htc.cn E - [email protected] II. Contact person and contact manner Board secretary Securities affairs Representative Name Li Guiwen Li Xiaoyang Address No.1188, Dongxin Road, Hangzhou , Zhejiang No.1188, Dongxin Road, Hangzhou , Zhejiang Tel. 0571 - 85780058 0571 - 85780438 Fax. 0571 - 85780433 0571 - 85780433 Email. [email protected] [email protected] III. Place for information disclosure Press media for information disclosure www.szse.cn Web address for the annual report as assigned by CSRC. Securities Times, Shanghai Securities Daily, Hong Kong Commercial Daily and www.info.com.cn The place where the Annual report is prepared and placed Office of the Board of directors IV. Changes in Registration Organization code 913300007042026204 Change of main business since listed The original scope of main businesses of the Company: The design and manufacturing of steam turbine, gas turbine, other rotating and to - and - fro machinery and auxiliary equipment, an d spare parts and components, sales of self - manufactured products and the providing of relevant after - sales service and import & export service. In July 2008, the business scope was modified to: Design and manufacturing of steam turbine, gas turbine, other rotating and to - and - fro machinery and auxiliary equipment, and spare parts and components, sales of self - manufactured products and the providing of relevant after - sales service; sales and import & export of power plant, industrial driving, industrial turb ine equipment and complete equipment. For those involve in quota or licensing shall follow legal procedures. In March 2009, the business scope was modified to: Design and manufacturing of steam turbine, gas turbine, other rotating and to - and - fro machinery and auxiliary equipment, and spare parts and components, sales of self - manufactured products and the providing of relevant after - sales service; sales and import & export of power plant, industrial driving, industrial turbine equipment and complete equipmen t. In December 2016, the business scope was modified to: Design and manufacturing of steam turbine, gas turbine, other rotating and to - and - fro machinery and auxiliary equipment, and spare parts and components, sales of self - manufactured products and the pr oviding of relevant after - sales service; sales and import & export of power plant, industrial driving, industrial turbine equipment ,complete equipment and Energy conservation and environmental protection projects. Change of holding shareholder (if any) Hangzhou Steam Turbine Power Group Co., Ltd. is the controlling shareholder of the Company, and the actual controller of the Company is the State - owned Assets Supervision and Administration Commission of Hangzhou Municipal People's Government. On December 2020, Hangzhou SASAC tr ansferred 90% of the shares of Hangzhou Steam Turbine Group held by itself to its wholly - owned company Hangzhou State - owned Capital Investment and Operation Co., Ltd., thus Hangzhou Capital became the indirect controlling shareholder of the company, and neither the direct controlling shareholder nor the actual controller of the company changed. V. Miscellaneous information CPA hired by the Company Name of the CPA Pan - China Certified Public Accountants (Special general partnership) Address of the CPA B Unit, Huarun Building, No.1366, Qianjiang Road, Jianggan District Hangzhou Name of CPA signed on the auditors’ report Sheng Weiming , Ye Xianbin The sponsor performing persist ant supervision duties engaged by the Company in the repor ting period. □ Applicable √ Not applicable The Financial advisor performing persist ant supervision duties engaged by the Company in the reporting period □ Applicable √ Not applicable VI.Summary of Accounting data and Financial index Indicate by tick mark whether there is any retrospectively restated datum in the table below. √ Yes □ No Retroactive adjustment or restatement of causes Merger of enterprises under the same control 2021 2020 Changed over last year （％） 2019 Before adjustment After a djustment After a djustment Before adjustment After a djustment Operating revenue （ Yuan ） 5,788,288,588.91 4,496,445,244.55 4,762,315,089.10 21.54% 4,279,848,518.81 4,651,946,726.63 Net profit attributable to the shareholders of the listed company （ Yuan ） 649,992,474.56 459,345,443.38 476,268,110.63 36.48% 345,138,064.00 337,347,736.45 Net profit after deducting of non - recurring gain/loss attributable to the shareholders of listed company （ Yuan ） 428,122,980.65 372,697,902.88 372,697,902.88 14.87% 302,012,173.45 302,012,173.45 Cash flow generated by business operation, net （ Yuan ） 71,809,489.0 2 454,416,600.69 628,885,775.12 - 88.58% 432,255,831.23 478,743,410.42 Basic earning per share(Yuan/Share) 0.88 0.62 0.64 37.50% 0.46 0.45 Diluted gains per share(Yuan/Share) 0.88 0.62 0.64 37.50% 0.46 0.45 Net asset earning ratio （ % ） 8.01% 6.24% 6.43% 1.58% 5.48% 5.31% End of 20 21 End of 20 20 Changed over End of 201 9 last year （％） Before adjustment After adjustment After adjustment Before adjustment After adjustment Gross assets （ Yuan ） 16,319,667,628.76 15,392,653,924.41 16,375,832,611.51 - 0.34% 12,600,115,579.96 13,809,675,082.80 Net assets attributable to shareholders of the listed company （ Yuan ） 7,927,485,773.65 8,104,788,941.36 8,163,905,778.62 - 2.90% 6,607,496,148.58 6,651,190,318.58 The lower of the company’s net profit before and after the deduction of non - recurring gains and losses in the last three fiscal years is negative, and the auditor's report of the previous year show s that the Company’s going concern ability is uncertain. □ Yes √No The lower of the net profit before and after the deduction of the non - recurring gains and losses is negative. □ Yes √No VII. The differences between domestic and international accounting standards 1. Differences between the net profit and net asset in the financial reports prepared under IAS and Chinese Accounting Standard □ Applicable √ Not applicable No difference in the reporting period. 2. Differences between the net profit and net asset in the financial reports prepared under IAS and Chinese Accounting Standard □ Applicable √ Not applicable No difference in the reporting period. VIII. Main Financial Index by Quarters In RMB First quarter Second quarter Third quarter Fourth quarter Operating revenue 1,181,683,010.42 1,784,337,440.65 1,114,367,481.21 1,707,900,656.63 Net profit attributable to the shareholders of the listed company 161,578,759.88 264,062,657.07 151,725,602.91 72,625,454.70 Net profit after deducting of non - recurring gain/loss attributable to the shareholders of listed company 54,440,724.84 204,072,408.44 143,471,580.39 26,138,266.98 Net Cash flow generated by business operation 157,547,348.48 19,533,664.23 - 311,520,573.87 206,249,050.18 Any material difference between the financial indicators above or their summations and those which have been disclosed in quarterly or semi - annual reports? □ Yes √ No IX. Items and amount of non-current gains and losses √ Applicable □ Not applicable In RMB Items Amount (20 21 ) Amount (20 20 ) Amount (201 9 ) Notes Non - current asset disposal gain/loss(including the write - off part for which assets impairment provision is made) - 77,159,058.06 - 20,964,286.32 - 12,341,200.47 It is mainly the delivery loss of relocated assets due to the relocation and transfer of real estate and land in this period. Governmental Subsidy accounted as current gain/loss, except for those subsidies at with amount or quantity fixed by the national government and closely related to the Compa ny’s business operation. 129,850,767.59 38,013,637.22 44,701,311.40 It is mainly the net government subsidies recognized by the Company for relocation compensation in the Shiqiao Road factory area. Income from the exceeding part between investment cost of the Company paid for obtaining subsidiaries, associates and joint - ventures and recognizable net assets fair value attributable to the Company when acquiring the investment 1,149,217.06 Debt restructuring profit or loss 1,617,382.00 3,350,920.00 - 508,672.84 Net gain and loss of the subsidiary under the common control and produced from enterprise consolidation from the beginning of the period to the consolidation date - 29,001,203.15 27,026,646.93 - 4,054,604.10 Gain and loss arising from contingent matters irrelevant with the Company’s normal operation business 32,202,504.57 - 32,202,504.57 Gain and loss from change of the fair value arising from transactional monetary assets, transactional financial liabilities as held as well as the in vestment income arising from disposal of the transactional monetary assets, transactional financial liabilities and financial assets available for sale excluding the effective hedging transaction in 75,295,281. 43 53,211,692.31 74,013,529.88 It is mainly the income of main bank wealth management connection with the Company’s normal business products and the net income from the sale of convertible bonds of Hangzhou Bank. Reverse of the provision for impairment of accounts receivable undergoing impairment test individually 3,600,000.00 Operating income and expenses other than the aforesaid items 123,214,403.44 - 2,606,122.77 6,335,775.38 It is mainly due to the compensation paid by Sinosteel Equipment Co., Ltd. received by Turbine Company. Other non-operating income and expenditure beside for the above items Less: Influenced amount of income tax 13,388,887.75 12,239,646.17 17,931,245.32 Amount of influence of minority interests（ After tax ） - 7,840,808.41 15,574,355.08 22,676,826.36 Total 221,869,493.91 103,570,207.75 35,335,563.00 -- Details of other profit and loss items that meet the non - recurring profit and loss definition □ Applicable √ Not applicable For the Company’s non - recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public - Non - recurring Gains and Losses and its non - recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public - non - recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason. □ Applicable √ Not applicable None of Non - recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1 - Non – recurring gain/loss in the report period. III. Management Discussion & Analysis I. Industry information of the Company during the reporting period 2021 is the first year of the 14th Five - Year Plan, during which China's economy was gradually recovering and growing steadily under the background of the continuous influence of the global ep idemic and the increasingly complicated international environment. The gross domestic product (GDP) increased by 8.1% over the previous year, with an average growth rate of 5.1% in two years, ranking among the top economies in the world; The economy reache d RMB 114.4 trillion, ranking second in the world. In terms of the main segments of the Company's products, in 2021, under the influence of the "dual control of total energy consumption and intensity" policy, the price of energy products was increasing, the oil and chemical industries generally recovered, and the economic performance of the whole industry exceeded expectations. According to the data released by China Petroleum and Chemical Industry Federation, in 2021, the industrial added value of enterprises above designated size in the whole industry inc reased by 5.3% year - on - year, of which the accumulated revenue and profits of the oil refining industry were RMB 4.4 trillion and RMB 187.4 billion, up by 30.1% and 318.2% year - on - year, respectively; The accumulated revenues and profits of the chemical indu stry were RMB 8.7 trillion and RMB 793.22 billion, respectively, up by 31.1% and 85.4% year - on - year, creating a record high. In the chemical industry, except for coal chemical industry, all other sub - sectors were profitable. According to the National Burea u of Statistics, in 2021, China's crude oil processing capacity reached 703 million tons, up 4.3% year - on - year; The output of refined oil was 357 million tons, up 7.9% year on year. During the reporting period, the investment in new projects in petrochemic al industry decreased, but the large - scale integrated refining and chemical projects were still in the growth stage, and the industry was progressing towards large - scale, integration, clustering and large - scale development pattern. The coal chemical indust ry was gradually eliminated the industrial chain with high energy consumption, and the market demand of traditional coal chemical equipment was shrinking. The new coal chemical industry advocated the development in the direction of high - end, green, intelli gent and integrated, and strove to build a clean, low - carbon, safe and efficient energy system. However, under the control of the domestic "double carbon" goal and "two - high" policy, new projects were strictly approved, with difficulty to continuously expa nd production capacity. In 2021, the power industry was running smoothly, and the annual power consumption growth rate achieved a double - digit growth, with the power generation exceeding 8 trillion kWh. The installed power structure continued its green an d low - carbon development trend, and the power investment continued to increase. In 2021, the installed power generation capacity in China was about 2.38 billion kilowatts, up by 7.9% year - on - year, including, 391 million kilowatts for hydropower, 328 millio n kilowatts for wind power, 306 million kilowatts for photovoltaic power, and 37.98 million kilowatts for biomass, up by 5.6%, 16.6%, 20.9% and 28.7% respectively. During the reporting period, with the promotion of the national "double carbon" policy and t he implementation of targeted policy details in each province in the second half of the year, the power industry continued to increase its efforts to eliminate backward production capacity, encourage regional central heating and promote energy conservation and consumption reduction. In 2021, China entered the critical period and window period to realize the goal of double carbon. The Central Committee of the Communist Party of China and the State Council issued the Opinions on Fully, Accurately and Compreh ensively Implementing the New Development Concept to Well Ensure Emission Peak and Carbon Neutralization Goals, and the State Council issued the Peak Emission Action Plan by 2030, which together constitute the top - level design that runs through the two sta ges of peak emission and carbon neutrality. The promulgation of a series of policies will accelerate the pace of China's energy structure adjustment and scientific and technological innovation, and force high - energy consumption industries to deeply study l ow - carbon ways and promote industrial transformation. II. Main Business the Company is Engaged in During the Report Period As the leading provider of turbo machinery equipment and relevant service in China, our company is mainly famous for designing and producing rotating turbo machinery like industrial steam turbines and gas turbines. Our company, one of the major companies drafting the industrial standard in Chinese domestic industry of industrial steam turbine, has developed into the biggest base to research, develop and produce industrial steam turbines in China and ranks first among industrial steam turbine producers in terms of the market occupancy. Holding the principle “our products should be based on clients’ demands” as our business mode and characteristic, our company designs and produces in accordance with every client’s personal demands so as to meet personalized needs in engineering projects to the utmost. To realize the fast research and development of our products, our company has adopted the advanced modular design technique and, on the other hand, introduces information technique to assist the collaborative production to achieve the resource saving and flexible production. In addition, our company also provides our clients with relevant service such as engineering programs, general engineering contracting, operation and maintenance of our products as well as remote control and so on. Industrial steam turbines use the steam featuring high temperature and high pressure as their working medium so as to convert the thermal energy into mechanical energy to drive various industrial equipments through the rotating steam turbines. As for different objects driven by industrial steam turbines, the steam turbines could be divided into industrial driving steam turbines and industrial power-generation steam turbines. Mainly driving rotating machines like compressors, air blowers, pumps and squeezers, industrial driving steam turbines, as the core power part in numerous large-scale industrial equipments, are always introduced into some industries like oil refining, chemical engineering, chemical fertilizer, building materials, metallurgy, electric power, light industry and environmental production. The industrial power-generation steam turbines, mainly utilized to drive electric generators and provide thermal energy, are mainly adopted in private stations, regional projects of combined heat and power generation, power generation by recycling waste heat in industrial production, urban waster power plants and gas-steam combined cycle power stations in various industrial sectors. The gas turbines produced by our company are mainly used by metallurgical industry to recycle the waste heat from the blast furnace exhaust to generate power. In the gas turbine business, the company cooperated with Siemens Energy on SGT - 800, an advanced natural gas turbine with high efficiency, high reliability and low emission, to enter the field of natural gas distributed energy, with its models gradually expanded to SGT - 300, SGT - 700 an d SGT - 2000E. As the general supplier of Siemens gas turbine in China, the company has carried out gas turbine business from two aspects of project procurement and integrated implementation, and has the ability of selecting combined cycle projects for distr ibuted energy, has established the complete system supporting standards and material systems, and can complete the independent processing and supporting work of equipment other than the gas turbine itself. In the industrial fields including the cogeneratio n /combined cycle power plant and the oil & gas project with distributed energy projects that adopt the small and medium gas turbines, the Company not only can provide gas turbine equipment for customers, but also can provide customers with complete sets o f equipment for gas turbine power plant and the efficient integrated solutions. Especially, it can provide customers with operational support services throughout the product life, and this service model is conductive for the establishment of long - term busi ness cooperation relationships between the company and its customers. As the major producer of industrial equipments in China, our company is mainly benefited from the following factors in terms of the elements driving our business performance: 1. On the b asis of market demands. The relevant market demands fluctuate differently due to various business condition and investment cycles in different industrial fields. The company further made more specified positions toward the market for the products, implemen ted the differentiated marketing strategy, and integrated the business sectors and tapped into the potential , According to different customers' needs, it has further consolidated the original market position and broadened the market share in new fields thr ough precise matching and precise policies. 2. Innovation and further reform in difficult areas of product technology ： Our company continuously improves product technical performance and tackles hard issues in the scientific researches of product structu re, core parts, basic design, manufacturing technology, material technology, etc. In addition, basing on clients’ demands, To push forward the intelligence of our products and the development of the integration technology. Meantime, the company cooperated with universities, scientific research institutes to build the technological exchange and cooperation platform. 3. Upgrading of industrial structure transformation ： The company jointed with Siemens to enter the distributed energy market and enhance the de velopment and utilization of natural gas distributed energy. In the industrial fields including the cogeneration /combined cycle power plant and the oil & gas project with distributed energy projects that adopt the small and medium gas turbines, the Compan y not only can provide gas turbine equipment for customers, but also can provide customers with complete sets of equipment for gas turbine power plant and the efficient integrated solutions. 4. Brand and market position ： The company’s products have a goo d reputation and extensive brand influence in the domestic market, The company has maintained a leading market share in the domestic industrial drive. The company's products have a high reputation and brand influence in the domestic market. 5.Cost controlling level：As domestic labor costs continue to rise and the price of industrial products continue to decline, the product profitability is facing a severe test. In recent years, the company continuously improves the level of costs controlling by improving the organizational structure, optimizing business processes, enhancing the supply chain controlling, strengthening risk management, raising the efficiency of all the staff and so on. 6. Emphasis on quality engineering and services: promote the key project management, meticulously plan key projects, implement dynamic quality supervision; attach importance to products’ after - sales service market, integrate existing resources to increase after - sales service initiative, extend product value chain, and p romote the company’s transformation from manufacturing to service. III. Analysis On core Competitiveness Firstly. A complete technical innovation system was established. The Company has under its possession of national, provincial, and municipal grade tech nical centers, a doctorial workstation, and an academician workstation. Close co - operations were carried out with institutions and universities from throughout the country. As the main drafter of national standard on industrial steam turbine, the Company h as the newest technical trend under its close observation. The Company is now providing nearly 600 different models of steam turbines to the customers and hold the newest technical system covering the product lines up to 150 MW. Cooperating with Siemens Ene rgy in the field of gas turbine, our company has been capable of selecting the model of the combined recycling project of distributed energy. In addition, our company has also been able to finish the independent processing or supporting work which doesn’t need to depend on the gas turbine machine. Secondly .The advantages of solutions. The modular design of industrial steam turbine and the production pattern featuring parallelization production enable our company to give considerations to the cost, date of delivery and clients’ demands in the process of production in accordance with clients’ personalized designs, thereby making our company capable of advancing with the development trend of individual requirements. Our company has always been devoting to the localization in terms of the gas turbine business so as to achieve the localized one - stop service step by step including the sale, production, installation, debugging, operation, training and after - sale service. Our company has always been striving to pro vide clients with the complete equipment of gas turbine power station and the efficient total solutions. Thirdly, the Company has established strategic co - operations with main customers in the country. Further marketing approaches were carried on by involv ing itself in the customers’ value. A sound and steady image has been set up in the domestic steam turbine market. In the global market, the Company has acquired multiple important certifications and has established a primary global recognition. Fourthly, the Company has its complete service providing system. The Company is not only capable to provide onsite 24 - hour service for the Company’s own products, but also accumulated rich experiences in technical maintenance and reengineering of other manufacturers ’ products. Fifthly, the Company has cultivated a significant advantage in human resources. Great importance has been attached to construction of work teams with collection of high - end workforce in the areas of research & development, At the same time, our company values the cooperation with universities. “Zhejiang Technical Association for Gas Turbines in Equipment Manufacturing Industry” was officially founded jointly by our company and Zhejiang University and other scientific research institutions to bui ld a new platform for integration of production and research in terms of gas turbine technology. The Company has cultivated a significant advantage in human resources. Great importance has been attached to construction of work teams with collection of high - end workforce in the areas of research & development, designing, technique, testing, and quality control. An excellent workforce provides a sound foundation to lift quality and services. IV. Main business analysis (1)General During the reporting period, the Company focused on the annual work policy of "digital empowerment, transformation and upgrading, strengthening enterprises with talents and high - quality development", while continuously ensuring epidemic prevention and cont rol, it steadily increased the production capacity of the manufacturing base, and fully guaranteed the contract delivery; solidly promoted technology research and development, and made fine products with craftsman spirit; explored the construction of key c ustomer marketing management system and consolidated the market competitive advantage; promoted the "14th Five - Year Plan" and started the road of transformation, upgrading and high - quality development. In 2021, the annual operating income was RMB 5,788,28 8,600, the total profit was RMB 832,547,500 and the net profit was RMB 727,247,800, of which the net profit attributable to shareholders of listed companies was RMB 649,992,500. Compared with the same period of last year, the operating income increased by （未完）  |