[中报]杭汽轮Ｂ(200771):2022年半年度报告（英文版）
原标题:杭汽轮Ｂ:2022年半年度报告（英文版） August 2022 I. Important Remarks, Table of Contents, and Definitions The Board of Directors, the Supervisory Committee, the directors, the supervisors, and executives of the Company guarantee that there 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. Mr. Zheng Bin, The Company leader, Mr. Zhao Jiamao, Person in charge of accounting and Mr. Jin Can, Person in charge of Accounting institute（accountant in charge)hereby confirm that the financial Report of Semi-Annual Report 2022 is authentic, accurate and complete. All the directors attended the board meeting for the review of this Report. 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 Commercial 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 Company will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the report period. Table of Contents I.Important Notice, Table of contents and Definitions II. Company Profile & Financial Highlights. 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.
II. Company Profile & Financial Highlights. I. Basic Information
1. Contacts No change to the registered address, office address, postal code, official website, and email address of the Company. For details please find the Annual Report 2020. √ Applicable □ Not applicable
Whether information disclosure and preparation place changed in reporting period or not □ Applicable √ Not applicable None of the official presses, website, and place of enquiry has been changed in the semi report period. For details please find the Annual Report 2021. 3.Other relevant information Did any change occur to other relevant information during the reporting period? □ Applicable √ Not applicable IV.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
Accounting Standard Not existent 2. Differences between the net profit and net asset in the financial reports prepared under IAS and Chinese Accounting Standard Not existent VI. Non-recurring gain/loss items and amounts √ Applicable □ Not applicable In RMB
None 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.Main Business the Company is Engaged in During the Report Period (I) Company business 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 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 SGT300, SGT700 and SGT2000E. 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 distributed 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 cogeneration /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 of 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 business 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 basis 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, implemented 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 through 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 structure, 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 development 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 Company 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 good 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 promote the company’s transformation from manufacturing to service. (II) Operating conditions during the reporting period During the reporting period, the Company further consolidated the market, accelerated digital transformation, steadily promoted business transformation and resource integration, and continued to improve high-quality development of the Company. In the first half of 2022, the company realized operating income of 3,075.9803 million yuan, total profit of 453.9833 million yuan and net profit of 388.5354 million yuan, of which net profit attributable to shareholders of listed companies was 348.3403 million yuan. Compared with the same period of last year, the operating income decrease by 2.78% year on year, total profit decreased by 1.94% year on year, net profit increased by 5.69% year on year, and net profit attributable to shareholders of listed companies increased by 3.62% year on year. Good results have been achieved. 1. Consolidating the market During the reporting period, facing the unfavorable factors of repeated epidemics and restricted business trips, the Company actively adjusted sales strategies in key regions and industries, and strengthened the synergy between domestic and foreign trade, enhanced the synergy of drive and power generation, the synergy between steam turbines and gas turbines and the synergy between the Company and China Energy. By adopting the form of multi-user visits in the same region, multi-point docking and precision marketing, relying on video conferences, on-site exchanges, user visits and other channels, it had better protected the traditional advantages of the refining and chemical industry, and meanwhile it had also won a certain number of short-cycle orders in the small and medium thermoelectric and other driving fields. Updated and implemented the system of reporting commodity nodes, improved the integrity of the unit when it’s delivered and improved the accuracy of the delivery status, and assisted in the collection of receivables with the help of pre-sale and after-sale links. Further promoted the standardized service work system, implemented the service strategy with marketing as the goal, and strengthened the in-depth integration of service and marketing. During the reporting period, the Company centered on the quality foundation and safeguarded the lifeline of enterprise development. Be problem-oriented, the Company coordinated multiple departments to implement measures and strengthened pre- positioned quality management. In addition, it optimized the quality assessment documents, strengthened the quality assessment efforts, and improved the rationality, operability and coverage of assessments. 2. Digital Guiding During the reporting period, the Company continued to promote digital construction. We made every effort to promote the implementation of the ERP project. There were 201 special investigations carried out for the ERP project, completed the collection of more than 450 business data, and the version 3.0 of the blueprint scheme had been formed. Promoted the construction of digital factories in production bases, realized the workstation data access, work reporting, the electronic Kanban and other equipment deployment for the first time in the blade section, implemented the function expansion and optimization of the MES system, developed and improved the report function and delivered it for use. There were 8 new online processes were added to the office system, and the process was revised 59 times. It also used digitalization to achieve integrated management and control of business, finance and taxation. During the reporting period, the Company deepened the integration of business and finance, extended cost management, advanced the construction of financial informatization in depth, and included cost control into the asset management ecosystem. Furthermore, it formulated the "Standardized Process of Workshop Accounting Work" to comprehensively improve the workshop financial accounting work. 3. Business transformation During the reporting period, the Company re-planned the major customer management system according to changes in the market situation, strengthened the linkage between the sales side and the service side, and focused on the management of basic customer information and the on-site service management and service teaching materials for the major service training module, and the work related to the major customer credit evaluation system had been launched, focusing on promoting the measurement and design of contract performance. During the reporting period, the Company focused on the main business. Based on the traditional energy, it explored the development path of new energy, and accelerated the pace of development of the Company in the field of new energy. Through the deployment of demonstration projects, the Company actively promoted the Company's new energy brand, and further layed out a solid technical reserve for the Company's business expansion into the new energy industry. 4. Innovation &Development During the reporting period, the Company accelerated the technological innovation and further consolidated its core competitiveness. In the first half of the year, 25 scientific research projects were launched for the first phase of the Company, and 13 scientific research projects were completed and accepted. The scientific research focused on product expansion, efficiency improvement, informatization construction, process research, quality control services and standard upgrades, providing technical support for the Company's development. The preliminary work had been carried out on the second stage of the development of supercritical carbon dioxide units (prototype design and manufacturing). The Company-led "R&D and promotion and application of key technologies for high-efficiency and high-reliability turbine machinery" was approved by the Zhejiang Provincial Department of Science and Technology. The first second-stage technology transfer landing project of Siemens gas turbine had completed the localization design of the gas turbine chassis and core engine installation materials. II. Analysis On core Competitiveness Firstly. A complete technical innovation system was established. The Company has under its possession of national, provincial, and municipal grade technical 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 has 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 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 provide clients with the
□ Applicable √ Not applicable None Component of Business Income In RMB
with Profit over 10% √ Applicable □ Not applicable In RMB
business based on latest on year’s scope of period-end. □ Applicable √ Not applicable Reasons for Y-o-Y relevant data with over 30% changes √ Applicable □ Not applicable IV. Analysis of Non-core Business √ Applicable □Not applicable In RMB
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