[年报]招港B(201872):2022年年度报告（英文版）
原标题:招港B:2022年年度报告（英文版） CHINA MERCHANTS PORT GROUP CO., LTD. ANNUAL REPORT 2022 Date of disclosure: 4 April 2023 CHAIRMAN’S STATEMENT Dear shareholders, I hereby present to you the annual report of China Merchants Port Group Co., Ltd. and its subsidiaries (the “Company”) for the year ended 31 December 2022. On behalf of the Board, I would like to express my sincere gratitude to all of you for your long-term support to the Company. The Company is a crucial vehicle for China Merchants Group to implement the development tasks of th the "14 Five-Year Plan" and the strategy of Guangdong-Hong Kong-Macao Greater Bay Area. Serving not only as the core enterprise of China Merchants Group's port sector, the Company is also the capital operation and management platform for the group's global port assets, hence playing a key role in the consolidation and synergistic development of China Merchants Group’s port assets. The Company has become a world-leading port investor, developer and operator. By integrating into the overall development of the country, implementing new development concepts based on the new development stage and building a new development pattern, the Company will strive to promote its high-quality development and become a high-quality world-class comprehensive port service provider. While cultivating new innovative businesses with a focus on core port businesses, strengthening the supporting role of scientific and technological innovation and building an independent and controllable terminal operating system, it will strive to build a smart and diverse port ecosystem. By actively exploring and participating in global port resource integration opportunities, optimizing the port network system on a continuous basis and strengthening external and internal coordination, we will provide customers with more economical, higher-quality, and more efficient service solutions and deepen strategic cooperation with customers, thus creating greater value for the Company and more returns for shareholders, and making an important contribution to maintaining the safety, stability, and smoothness of the supply chain. Review for the year In 2022, the long-tail effect of "Black Swan" events such as the conflict between Russia and Ukraine continued to affect countries around the world, geopolitical conflicts between regions intensified, a new round of global inflation spread, and interest rates and exchange rates continued to fluctuate. These uncertain factors continued to increase, which led to unstable and uneven development trend of global economic recovery and also brought certain challenges to the daily operation and management of enterprises. Facing the complex external environment, the Company actively responded to various challenges, focused on key areas of work, such as development of leading ports, deepening reform, business expansion, technological innovation, comprehensive development, smart operation, asset optimization, and ESG, and successfully accomplished its strategic goals and various operational objectives of the year. Financial performance: In 2022, the Company achieved operating income of RMB16.23 billion, up by 6.19% year-on-year. The net profit attributable to the parent company was RMB3.34 billion, up by 24.26% year-on-year. Deduction of non net profit attributable to the parent company was Business performance: In terms of container business, the Company handled a total container throughput of 145.948 million TEUs in 2022, up by 7.0% year-on-year, of which the container throughput handled by mainland port projects was 105.174 million TEUs, up by 10.5% year-on-year, which was better than the average growth level of national ports; In terms of bulk cargo business, the Company handled a bulk cargo volume of 740 million tonnes in 2022, representing an increase of 20.6% year-on-year, mainly because the Company, as a strategic investor, completed the subscription for the A Shares of Ningbo Port issued under the non-public issuance of A Shares in 2021, and the business volume of Ningbo Port has been included in the Company's statistics from October 2022, bringing 8.172 million TEUs of containers and 150 million tonnes of bulk cargo increments in 2022. In terms of key priorities, firstly, we achieved results in the construction of strong ports. The market share of the West Shenzhen homebase port in the three ports in South China increased by 1.2 percentage points to 19.1%, and the South China bulk cargo operation center was established, opening a new high-quality development pattern for bulk cargo in the West Shenzhen homebase port; the regional influence of the overseas home port has increased, and revenue and net profit of CICT in Sri Lanka hit new highs since the opening of the port, enhancing the leading position of the ports in terms of the market share. Secondly, we achieved fruitful results in the capital operation. The non-public issuance of A shares by the Company to Zhejiang Seaport Group and the non-public issuance of A shares by Ningbo Port to the Company have been completed, strengthening the comprehensive hub role of both ports; The Company's holding subsidiary, China Merchants Port, increased its shareholding in SIPG Group to 28.05%, consolidating its position as the second largest shareholder; China Merchants Port increased its shareholding in AAT and held 34.6% interests as the second largest shareholder, optimizing the layout of the logistics supply chain in the Guangdong-Hong Kong- Macao Greater Bay Area; the Company increased its shareholding of Antong Holdings to 6.83%, further expanding the influence of the port and shipping business. Thirdly, we deepened reform to stimulate vitality. The Company was selected as one of the “Double Hundred Enterprises" for the reform of state-owned enterprises. Focusing on the “double-hundred action”, the Company deepened and promoted the reform of mixed ownership, improved the efficiency of corporate governance operations, strengthened the reform of the employment mechanism and the construction of the international talent system, and comprehensively improved the level of party leadership and party building in the enterprise, injecting new impetus for enterprise development. Fourthly, new breakthroughs were achieved in smart technology. A TOS project was granted by the Ministry of Transport to CMIT, and China Merchants' smart port solution achieved phased results; the Mawan autonomous driving project was successfully selected as the first batch of pilot applications for smart transportation by the Ministry of Transport, and the smart port solution was selected as a recommendation catalogue for successful technological innovation by central enterprises, and won the only special prize for scientific and technological progress of the China Ports & Harbours Association in 2021. Outlook Looking forward to 2023, as the energy shock caused by the conflict between Russia and Ukraine continues to stimulate inflation and increase global risks, economic growth will face greater uncertainty. The global economy will enter a recovery stage of low-to-medium growth, and trends in major economies and emerging economies will diverge. 2023 is a critical year for China to implement th the "14 Five-Year Plan". China will overcome the adverse effects of various unexpected shocks on the economy, and strive to achieve steady improvement in quality and reasonable growth in quantity in terms of its economic development. It is expected that with the gradual implementation of various economic stabilization policies and the continuous release of the effects of various trade agreements, China will further enhance the flow of elements of cross-border trade, enhance the momentum of commodity import and export, and provide new growth opportunities for the port industry. In addition, the coordinated transformation and development of port digitalization and greenization will also inject new development momentum into the port industry. In 2023, the Company will continue to grasp the general thrust of seeking progress while maintaining stability, and strive to build a comprehensive port service system with stronger innovation and higher added value based on the two-wheel drive model of "endogenous growth" and "innovation upgrading". In terms of home port construction, the West Shenzhen homebase port will continue to optimize the layout of the logistics supply chain in the Guangdong-Hong Kong-Macao Greater Bay Area. Overseas home ports will continue to promote the construction of CICT+HIPG "Gemini(双子星)" South Asia regional international shipping center; in terms of technological innovation, the Company will adhere to innovation-driven principle, promote the Company's industrial transformation and upgrading and sustained and stable growth; in terms of market expansion, the Company will change from shopkeepers (坐商) into itinerant merchants (行商), adhere to customer-centric and market-oriented principle, and comprehensively improve business development; in terms of operation management, the Company will accelerate the construction of "empowerment-specialty-value” operation management and control system; in terms of comprehensive development, domestic comprehensive development should do a good job in planning and construction and focus on bonded logistics innovation business, and overseas comprehensive development will continue to improve the comprehensive development model of “Port-Park-City”; in terms of capital operation , the Company will continue to improve capital operation, promote the creation of financial value, and prevent investment risks. Through the implementation of the above business plan, the Company will achieve leapfrog and higher quality development. Appreciation In 2022, facing the complicated external environment and risk challenges, the Company adhered to its strategic directives, took the initiative to embrace changes, and thus recorded positive results for various tasks and its operating performances have been growing steadily year-on-year. All of these could not be accomplished without the dedication from all of our staff and the support from our shareholders, investors, business partners, and those in the society who have taken to heart the Company’s interest. For this, I would like to extend my most sincere appreciation and deepest gratitude. Deng Renjie Chairman Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior managers of China Merchants Port Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Wang Xiufeng, the Company’s legal representative, Tu Xiaoping, the Company’s Chief Financial Officer, and Huang Shengchao, the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report are factual, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Any forward-looking statements such as future plans or development strategies mentioned herein shall not be considered as the Company’s promises to investors. And investors are reminded to exercise caution when making investment decisions. Possible risks faced by the Company and countermeasures have been explained in “Part III Management Discussion and Analysis” herein, which investors are kindly reminded to pay attention to. Securities Times, China Securities Journal, Shanghai Securities News, Ta Kung Pao (HK) and www.cninfo.com.cn have been designated by the Company for information disclosure. And all information about the Company shall be subject to what’s disclosed on the aforesaid media. Investors are kindly reminded to pay attention to these media. The Board has approved a final dividend plan as follows: based on 2,499,074,661 shares, a cash dividend of RMB4.50 (tax inclusive) per 10 shares is to be distributed to shareholders, with no bonus issue from either profit or capital reserves. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Table of Contents Chairman’s Statement ....................................................................................................................... 2 Part I Important Notes, Table of Contents and Definitions ........................................................... 4 Part II Corporate Information and Key Financial Information ................................................... 9 Part III Management Discussion and Analysis ............................................................................. 17 Part IV Corporate Governance ...................................................................................................... 61 Part V Environmental and Social Responsibility ....................................................................... 103 Part VI Significant Events ............................................................................................................. 121 Part VII Share Changes and Shareholder Information ............................................................. 158 Part VIII Preference Shares .......................................................................................................... 169 Part IX Bonds ................................................................................................................................. 170 Part X Financial Statements ......................................................................................................... 185 Documents Available for Reference I. Financial Statements carrying the signatures and stamps of the Company Principal, the Chief Financial Officer and the person in charge of accounting firm; II. The 2022 Auditor's Report stamped by the accounting firm and signed and stamped by registered accountants; and III. Original copies of all documents and the announcements thereof disclosed in the Reporting Period on Securities Times, China Securities Journal, Shanghai Securities News, Ta Kung Pao (HK) and www.cninfo.com.cn. Definitions
Part II Corporate Information and Key Financial Information I Corporate Information
The independent audit firm hired by the Company:
Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Yes √ No
years, and the latest independent auditor’s report indicated that there was uncertainty about the Company’s ability to continue as a going concern. □ Yes √ No Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and after exceptional gains and losses was negative. □ Yes √ No The total share capital at the end of the last trading session before the disclosure of this Report:
1. Net Profit and Equity under CAS and IFRS □ Applicable √ Not applicable No difference for the Reporting Period. 2. Net Profit and Equity under CAS and Foreign Accounting Standards □ Applicable √ Not applicable No difference for the Reporting Period. 3. Reasons for Accounting Data Differences between Domestics and Foreign Accounting Principle □ Applicable √ Not applicable VIII Key Financial Information by Quarter Unit: RMB
□ Yes √ No IX Exceptional Gains and Losses Unit: RMB
No such cases for the Reporting Period. Explanation of why the Company reclassifies recurrent gain/loss as an exceptional gain/loss item listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable √ Not applicable No such cases for the Reporting Period. Part III Management Discussion and Analysis I Industry Overview of the Company during the Reporting Period 1. External environment analysis (1) Macroeconomic environment In 2022, since the outbreak of the Russia-Ukraine conflict, developed economies led by Europe and the United States jointly imposed sanctions on Russia, which resulted in global food, energy and other commodities prices soaring, triggered global inflation, reduced the demand from global trade and consumption, further casting a serious impact on the global economic prospects and posing more uncertainties on the global economic and trade development. In order to curb the increasingly severe inflation, the United States and the European Union have accelerated monetary tightening and constantly raised the benchmark loan rate. The global liquidity was facing a realignment, which added to the pressure on global economic and trade recovery. According to the “World Economic Outlook” report published by the International Monetary Fund (IMF) in January 2023, the global economy in 2022 was expected to grow by 3.4%, among which developed economies and emerging economies grew by 2.7% and 3.9%, respectively. In view of the complex and volatile international situation and surrounding environment, China’s domestic economy has withstood the impact and influence arising from factors beyond the expected, showing its strong resilience and growth potential, and maintaining its long-term positive growth trend. According to the National Bureau of Statistics of China, the GDP of China increased by 3% in 2022. As supply-side structural reform further deepened, and enterprises resumed work and production in an orderly manner, and the regional trade cooperation in the Asia-Pacific was strengthened, China would steadily achieve high-quality development and its economy was expected to recover at a steady pace. According to the statistics published by the General Administration of Customs of China, the total value of foreign trade of import and export of China amounted to RMB42.07 trillion in 2022, representing a year-on-year increase of 7.7%, among which the export value was RMB23.97 trillion, up by 10.5%, and the import value was RMB18.1 trillion, up by 4.3%. The trade surplus was RMB5.87 trillion. (2) Market environment of the port and shipping industry In the first half of 2022, the worsening labor strikes in European and American ports and the great impact on the global commodities arising from the Russia-Ukraine conflict, which led to the adjustment of routes, ship delays, port congestion and container shortage from time to time. The freight rate in the international market was still higher than that of the same period last year in spite of its downward trend. In the second half of 2022, European and American ports resumed their normal production activities successively, and the ordering of new ships and the orderly delivery of containers significantly increased the shipping capacity. The freight rate in the international market supply chain was gradually eased. As new opportunities have been emerging in the industry, digitalization, new energy and green infrastructure added new impetus to the industry transformation and development. Under such circumstances, the global container throughput increased steadily in 2022, and China's industrial chain and supply chain maintained its overall steady operation, keeping its strong position in the global industrial chain and supply chain pattern. In 2022, the container throughput handled by major domestic ports recorded a significant increase. According to the national port throughput data published by the Ministry of Transport of China in January 2023, the container throughput handled by the national ports reached 296 million TEUs in 2022, representing an increase of 4.7% year-on-year, and the national port cargo throughput reached 15,685 million tonnes, representing an increase of 0.9% year-on-year. (3) The Company’s industry position The port industry is a crucial foundation of national economy and social progress, and is closely linked to global economic and trade development. The Company is the China’s largest and global leading port developer, investor, and operator, with a comprehensive port network across the hub locations along coastal area of China, as well as Asia, Africa, Europe, Mediterranean Sea, Oceania, South and North America, amongst others. Upholding an enterprising, steady and efficient operating style, the Company capitalises on its global port portfolio, professional management experience, the self-developed state-of-the-art terminal operation system and integrated logistics management platform for exports and imports, thereby providing its customers with timely and efficient port and maritime logistics services along with comprehensive and modern integrated logistics solutions. In addition, the Company also invests in bonded logistics business and launches integrated park development business, promotes the transformation and upgrade of the port industry, develops port supporting industries, and is committed to improving the industrial efficiency and creating greater value through the synergy within existing terminal network. II Principal Activities of the Company during the Reporting Period The Company is principally engaged in port operations, ancillary port-related services and bonded logistics operations. The port operations include containers and bulk cargos, with a comprehensive port network across the hub locations along coastal China, and the terminals which the Company invested in or invested in and managed are located in hub locations across Hong Kong, Taiwan, Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin, Dalian, Zhangzhou, Zhanjiang, and Shantou, as well as in Asia, Africa, Europe, Oceania, South and North America, amongst others. The ancillary port-related services mainly include smart port solutions, an open platform for smart ports, smart port technology operation and other port information technology businesses, as well as port tug services （未完）  |