[年报]振华重工(600320):振华重工2022年年度报告（英文版）
原标题:振华重工:振华重工2022年年度报告（英文版） Annual Report 2022 CONTENTS CONTENTS 1 The Board of Directors, Board of Supervisors, directors, supervisors and senior executives of the Company hereby guarantee the truthfulness, accuracy and completeness of the contents carried in this annual report, guarantee no false record, serious misleading statement or great omission carried in this annual report and guarantee to assume the legal responsibilities jointly and separately. 2 All directors of the Company are present at the board meeting.Ernst & Young Hua Ming LLP issues the standard audit report without qualified opinion for 3 the Company. 4 Liu Chengyun, the chairman of the Company, Zhu Xiaohuai, person in charge of accounting work, and Sun Guangbo, person in charge of accounting agency (accountant in charge) hereby declare that the financial statements in this annual report are true, accurate and complete. 5 Proposal for profit distribution or common reserves capitalizing during the reporting period reviewed by the board of directors As audited by Ernst & Young Hua Ming LLP, the Company achieved a net profit attributable to the owners of the parent company of approximately RMB 372 million in 2022. As at December 31, 2022, the undistributed profit of the parent company was approximately RMB 2.746 billion. The Board of Directors of the Company, taking into account the Company’s business plan and capital demand in 2023, has prepared a profit distribution proposal for 2022: neither profit distribution nor transfer of the capital public reserves into paid-in capital. The profit distribution proposal has yet to be submitted to the 2022 Annual General Meeting of Shareholders for consideration and approval.6 Risk declaration of forward-looking statements √ Applicable □ Not Applicable The forward-looking descriptions of future plans and development strategies covered in this report do not constitute substantial commitments by the Company to investors, and investors should be aware of the investment risks. Does the Company have non-operating funds occupied by the holding shareholder and its 7 related parties? No Does the Company provide the external guarantees in breach of the stipulated decision- 8 making procedure? No Whether more than half of the directors cannot guarantee the authenticity, accuracy and 9 completeness of the annual report disclosed by the Company? No Major Risk Warning 10 The company has described the related potential risks in this annual report. Investors may pay attention to the same. Please refer to “Management Discussion and Analysis” and related chapters for the risks the company may be confronted with in the future development.11 Others Section I Definitions Section I Definitions Definitions of high frequency terms
上海振华重工（集团）股份有限公司 Abbreviation of the Company name in Chinese 振华重工 Company name in English SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD.Abbreviation of the Company name in English ZPMC Legal representative of the Company Liu Chengyun 2 Contact Information Secretary of the Board of Directors Name Sun Li Address No. 3261, Dongfang Road, Shanghai Telephone 021-50390727 Fax 021-31193316 E-mail [email protected] 3 Basic Information Registered address No.3470, Pudong South Road, Shanghai Changes of registered address N/A Office address No. 3261, Dongfang Road, Shanghai Postal code of office address 200125 Website http://www.zpmc.com E-mail [email protected] 4 Information disclosure and placement location Shanghai Securities News, www.cnstock.com Newspaper and website for disclosure of the annual report Hong Kong Wen Wei Po, www.wenweipo.com Stock exchange website for disclosure of the annual report www.sse.com.cnPlacement location of the annual report Office of the board of directors5 Stock information 5 Stock information Stock type Stock exchange Stock abbreviation Stock code Stock abbreviation before changeA-share Shanghai Stock Exchange (SSE) Zhenhua Heavy 600320 ZPMC IndustriesB-share Shanghai Stock Exchange (SSE) Zhenhua B-share 900947 -6 Other relevant information Name Ernst & Young Hua Ming LLP Public accounting Room 01-12, Floor 17th, Ernst & Young Tower Oriental Plaza, No.1 firm engaged by the Office address East Changan Street, Dongcheng District, Beijing Signed by the Accountants Gao Chong, Gu Chengli 7 Main accounting data and financial indexes in recent three years(I) Main accounting data Unit: Yuan Currency: CNY
√ Applicable □ Not Applicable The change in net profit attributable to the shareholders of the listed company after deducting the non-recurring profits and losses was mainly due to the decrease in the impact of items for deducting the non-recurring profits and losses. The change in basic earnings per share after deducting the non-recurring profits and losses was mainly due to the decrease in the impact of items for deducting the non-recurring profits and losses.The change in the net cash flows from operating activities was mainly due to the decrease in cash payment for goods purchased and services received by the Company. 8 Differences in accounting data under domestic and overseas accounting standards(I) Difference in net profits and net assets attributable to the shareholders of the listed company in the financial statements synchronously disclosed under international and China’s accounting standards□Applicable √ Not Applicable (II) Difference in net profits and net assets attributable to the shareholders of the listed company in the financial statements synchronously disclosed under foreign and China’s accounting standards□Applicable √ Not Applicable (III) Explanation for differences between the domestic and foreign accounting standards:□Applicable √ Not Applicable 9 Main financial data in 2022 by quarter Unit: Yuan Currency: CNY
□Applicable √ Not Applicable 10 Non-recurring profit and loss items and amount √ Applicable □ Not Applicable Unit: Yuan Currency: CNY
on Information Disclosure of Companies Offering Securities to the Public No. 1 – Non-recurring Profit or Loss”, as well as the recurring profit or loss items defined by the non-recurring profit or loss items listed in “Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 – Non-recurring Profit or Loss” □Applicable √ Not Applicable 11 Items measured at fair value √ Applicable □ Not Applicable Unit: Yuan Currency: CNY
□Applicable √ Not Applicable would increase in the future. The Company would actively carry out research on high-end technology, cutting-edge technology and bottleneck technology at home and abroad, and intensify the research and development of lightweight, intelligent and low-carbon port machinery products. In the post-service market, users also had higher requirements on the response speed of maintenance service, after-sales service and spare parts service of the Company. In the offshore engineering business, affected by the Russia-Ukraine War, international crude oil price fell down in fluctuation after rising rapidly in March 2022. The global oil and gas offshore equipment market was in the recovery cycle, but the market outlook was still in “wait-and-see”. The Company’s offshore engineering business would continue to grasp its own advantages, do well in differentiation development, and actively expand new tracks and international market. The Company closely focused on the key fields of the global offshore engineering business, national demand for capital construction and market demand for large equipment, did well in the supply of large-scale offshore equipment and core support and services. The offshore wind power industry was gradually maturing, the cost was gradually decreasing, and the development prospects were good. China was the world’s largest offshore wind power market, and the growth space of the average annual new installation of offshore wind power was full of potential. Since the state revenue did not subsidize the new offshore wind power projects any more, the market competition was becoming more intense, and the Company was making efforts to seize the development opportunities in the wind power business and anchoring on the mature fields to achieve the development by leaps and bounds in the wind power business. As to the steel structure business, viewed from a long term, the capital construction such as highway and railroad bridge still had greater development potential, prefabricated steel structure had a vast market space, and the Company would bring into play the advantages in fabricating the large heavy special steel structure and cultivate differentiated competitive advantages. The Company was continually exploring the emerging businesses, parking business in line with the strategic orientation of “smart city” and “smart transportation”, and was in an important period of policy supporting, resource integration and technology integration, no leading enterprise was formed at home. So, it was necessary to strengthen scientific and technical innovation and market development to realize the rapid development and growth. The new energy business and elevator installation business for the old buildings had good market development space and policy supporting. III. Business of the Company during the reporting period The Company is a well-known heavy equipment manufacturer and a state-owned company listed on A and B shares, and its holding company is China Communications Construction Group Co., Ltd., which is listed in Fortune global 500. Headquartered in Shanghai, with several production bases in Shanghai and Suzhou, as well as several overseas branches worldwide, the Company had more than twenty 60,000t to 100,000t complete transport vessels which could transport complete large products to the world. At present, the products of the Company have been successfully sold to 106 countries and regions in the world. The Company upheld the goal of building a world first-class equipment manufacturer with global competitiveness in technology, management and quality, focused on steady growth, project performance, cost reduction and efficiency increase, reform and innovation, risk prevention and control and other key work, continued to consolidate the traditional core business such as port machinery, offshore engineering, shipping, etc., continued to accelerate the development of “large and heavy” steel structure, offshore wind power, smart parking and other growth-oriented business, multiplies development and innovation and post-market service business, moderately developed investment and financial business, and strived to explore new business. During the reporting period, the port machinery business continued to consolidate its core strength. The market share of the Company’s shore bridge products remained up to 70% maintaining No.1 in the world for 25 consecutive years. The , signing of Shuifu Port contract represented an important step of the Company in the inland river port machinery market. The offshore engineering business focused on the layout optimization. The Company successfully won the bids for the 3 projects, including 4,000t revolving derrick barge of CCCC Third Harbor Engineering Co., Ltd. and 15,000m LNG clean energy driven trailing suction hopper dredger of CCCC Shanghai Dredging Co., Ltd. The Company also made great progress in destocking the offshore engineering equipment, and successfully achieved the bareboat chartering and reletting of in-hand drilling platforms. The steel structure business showed its brand reputation. The largest cable-stayed bridge in West Africa, the Cocody Bridge in C?te d'Ivoire, was successfully closed; Hong Kong’s Tseung Kwan O Cross Bay Bridge and Xiamen Xiang’an Bridge were opened to traffic; Peljesac Bridge in Croatia was successfully opened to traffic and won the nomination award of “Outstanding Infrastructure” issued by International Association for Bridge and Structural Engineering. The shipping business made steady progress. The shipping business fully accomplished the annual targets and tasks. A number of semi-submersible transport ships under the Company actively undertook the multi-voyage transportation of foundation jacket of Seagreen wind power in the North Sea on the return journey to improve the ratio of operation time to total time and made efforts to maximize the benefit. Wind power business achieved faster growth. The Company successfully won the bid for 1,800t and 2,500t wind power installation platform and the supporting equipment of CCCC Third Harbor Engineering Co., Ltd , with the amount of order . over RMB 2.6 billion, which was the offshore wind power project with the largest sum of bid-winning amount in recent year. It Parking business actively cultivated the characteristics. The Company had won the bids for the mechanical parking garage project of CCCC First Highway Consultants Co., Ltd., the mechanical parking garage project of Huawei Bus Station of Chengdu Public Transport Group Co., Ltd. and the mechanical parking garage project of Chongqing Lijia Public Parking Building. Among them, the mechanical parking garage project of Huawei Bus Station of Chengdu Public Transport Group Co., Ltd. firstly adopted the two-story simple bus mechanical parking equipment researched and developed by the Company, which satisfied the demand for intensive parking and reconstruction of the bus stations.The after-market service showed its business value. All businesses achieved better growth, and the renovation business completed comprehensive targets. In the new energy business, it collaborated to establish CCCC Photovoltaic Technology Co., Ltd., completed the investment in capital, participated in 3 external tendering projects, and achieved the annual operation objectives. In the business of the elevator installation for the old buildings, the trial application of the new materials and new technology achieved good results. In the prefabricated steel structure business, the project of upgrading and renovating the electrical equipment system of two stations in Antarctica was signed and entered the site construction stage. IV.Analysis of the core competitiveness during the reporting period√ Applicable □ Not Applicable 1 Leading market position The Company had independently developed new products and technologies such as the world's first double 40-foot container shore bridge, full-auto double-trolley shore bridge and two-way anti-swing system, which had promoted the technical upgrade of the automated container terminals in the world and become the global trendsetter of port machinery development. The Company had successfully built China's first automated terminal --- Xiamen Ocean Gate Automated Terminal of COSCO, Asia's first full-auto terminal ---Qingdao Port Full-auto Terminal, and the world's largest single-berth full-auto terminal - Yangshan Full-auto Terminal (Phase IV) of Shanghai Port. The automated terminal equipment and systems provided by the Company had been popularized in nearly 60 automated terminal projects at home and abroad, accounting for more than 70% of automated terminals worldwide. The Company manufactured the world’s largest full-revolving crane vessel, namely “Zhenhua 30” Vessel, helping the construction of Hong Kong-Zhuhai-Macao Bridge. The Company also fabricated all of the steel structure for San Francisco-Oakland Bay Bridge, which was regarded as a highly difficult project by the bridge industry in the world.2 Leading R&D and innovation capability As one of the first innovative enterprises in China and one of the first national technology innovation demonstration enterprises, the Company has a national enterprise technology center, a national engineering research center of core equipment for offshore lifting and pipe-laying, a national postdoctoral research center, a provincial and ministerial academician and expert workstation, a provincial and ministerial key laboratory and a provincial and ministerial engineering research and development center. By the end of 2022, the Company had applied for a total of 3,524 patents, with 1,940 valid patents and 53 international authorizations. The Company insisted on the combination of independent R&D and industry-university-research, established long-term cooperative R&D relationships with professional research institutions and customers, formed a R&D and innovation platform system to support the high-quality development of the enterprise, and built the strategic force for scientific and technological innovation.“Tiankun” manufactured by the Company made a breakthrough in the core technology of the large-sized self-propelled cutter suction dredger, making China’s design and construction technology of the dredger rank the forefront in the world. The Company independently developed the first intelligent industrial software in the field of product design simulation in the industry, deepening the integration and development of information technology and intelligent equipment. The “Independent Research and Development and Industrialization of Large Offshore Cutter Suction Dredging Equipment” won the Grand Prize of the National Award for Science and Technology Progress, the “Research and Application of Key Technologies for the New Generation Port Container Crane” won the First Prize of the National Award for Science and Technology Progress, the “Key Technologies and Applications of Full-Swing Floating Crane for Offshore Heavy Lifting Equipment” won the Second Prize of the National Award for Science and Technology Progress.3 Global marketing network and digital supply chain platformThe Company gives full play to its advantages in relevant regions at home and abroad, attracting many customers at home and abroad with quality products and services. The Company has constantly strengthened the global network layout of overseas branches and has established several overseas branches in the world, established good partnership and solid cooperation foundation with local internationally renowned enterprises and upstream and downstream enterprises of the industry, and continuously exerted its localization advantages. Based on its global operation and service network, the Company has provided integrated and lean operation and lifecycle service for global customers in a fast, accurate and comprehensive way. The Company has a service team composed of more than 1,000 high-quality professionals on the site all over the world, which can provide efficient solutions and perfect spare parts service support and supply goods to the world V.Performance during the reporting period During the reporting period, the Company’s operating revenue was steadily rising and its profitability of main business improved significantly. The Company realized the operating revenue amounting to RMB 30.192 billion, representing a year- on-year increase of 16.22%; the net profit attributable to the parent company after deducting the non-recurring profits and losses was RMB 0.415 billion, with an increase of RMB 0.855 billion over the same period last year; the basic earnings per share was RMB 0.07, representing a year-on-year decrease of 12.5%.1 Analysis of the performance 1.Analysis table of changes in the related items in profit statement and cash flow statementUnit: Yuan Currency: CNY
revenue. The change in selling and distribution expenses was mainly due to the Company’s increased efforts in market expansion and marketing. The change in general and administrative expenses was mainly due to the decrease in the travel expenses of the management personnel of the Company. The change in financial expenses was mainly due to the increase in exchange losses caused by fluctuations in the exchange rate of RMB against USD. The change in research and development expenditures was mainly due to the increase in the expensed expenditures for research and development projects of the Company. The change in the net cash flows from operating activities was mainly due to the decrease in cash payment for goods purchased and services received by the Company. The change in net cash flows from investing activities was mainly due to the investment recovery by the Company and the decrease in the cash received from investment income. The change in net cash flows from financing activities was mainly due to the repayment of loans by the Company. The change in taxes and surcharges was mainly due to the increase of the Company’s VAT credit into the scope of surcharge tax collection in accordance with the “Announcement of the Shanghai Municipal Finance Bureau and Shanghai Municipal Tax Service, State Taxation Administration on the Collection of Urban Maintenance and Construction Tax” (HCF [2021] No. 5). The change in other income was mainly due to the increase in government subsidies received by the Company during the period. The change in investment income was mainly due to the decrease in the disposal of held-for-trading financial assets of the Company. The change in credit impairment losses was mainly due to the increase in the Company’s provision for bad debts. The change in assets impairment loss was mainly due to the decrease in the Company’s provision for inventory depreciation. 2. Analysis of revenue and cost √ Applicable □ Not Applicable During the reporting period, the Company realized the operating revenue amounting to RMB 30.192 billion, representing a year-on-year increase of 16.22%; the operating cost was RMB 26.145 billion, representing a year-on-year increase of 11.27%. (1) Main business by sector, product, region and sales modelUnit: Yuan Currency: CNY 2. Analysis of revenue and cost √ Applicable □ Not Applicable During the reporting period, the Company realized the operating revenue amounting to RMB 30.192 billion, representing a year-on-year increase of 16.22%; the operating cost was RMB 26.145 billion, representing a year-on-year increase of 11.27%. (1) Main business by sector, product, region and sales modelUnit: Yuan Currency: CNY
from the export sales of this Company to the overseas subsidiaries of the Company and then sales to the related projects of the domestic customers. (2) Analysis table of cost-volume-profit relationship □Applicable √ Not Applicable (3) Fulfillment of major purchasing contracts and sales contracts√ Applicable □ Not Applicable Fulfillment of major sales contracts signed by the reporting period√ Applicable □ Not Applicable 9 Unit: 10 Yuan Currency: CNY
Note: Unit of contracted value of Sri Lanka Project: USD 10 Fulfillment of major purchasing contracts signed by the reporting period□Applicable √ Not Applicable (4) Cost analysis table Unit: Yuan By product
None (5) Changes in consolidation scope attributable to changes in equity of main subsidiaries during the reporting period □Applicable √ Not Applicable (6) Significant change or adjustment of business, products or service during the reporting period□Applicable √ Not Applicable (7) Particulars about main customers and suppliers A. Main customers of the Company √ Applicable □ Not Applicable The sales to the top 5 customers were RMB 5,461,076,400, accounting for 18.09% of the total annual sales; the sales to the related parties among the top 5 customers were RMB 1,290,408,400, accounting for 4.27% of the total annual sales. Indicate whether sales to a single customer accounted for over 50% of the total sales, there was any new customer in the top five customers, or the Company heavily relied on a few number of customers during the reporting period. □Applicable √ Not Applicable B. Main suppliers of the Company √ Applicable □ Not Applicable The purchases from the top 5 suppliers were RMB 4,186,281,700, accounting for 15.29% of total annual purchases; the purchases from the related parties among the top 5 suppliers were RMB 370,483,900, accounting for 1.35% of total annual purchases. Indicate whether sales to a single supplier accounted for over 50% of the total sales, there was any new supplier in the top five suppliers, or the Company heavily relied on a few number of suppliers during the reporting period. □Applicable √ Not Applicable Other description None The change in selling and distribution expenses was mainly due to the Company’s increased efforts in market expansion and marketing. The change in general and administrative expenses was mainly due to the decrease in the travel expenses of the management personnel of the Company. The change in financial expenses was mainly due to the increase in exchange losses caused by fluctuations in the exchange rate of RMB against USD. The change in research and development expenditures was mainly due to the increase in the expensed expenditures for research and development projects of the Company. 4.R&D investments (1) Detail table of R&D investments √ Applicable □ Not Applicable Unit: Yuan √ Applicable □ Not Applicable □Applicable √Not applicable (4) Reasons for any significant change in the composition of R&D personnel and the impact on the future development of the Company □Applicable √Not applicable 5. Cash flows √ Applicable □ Not Applicable The change in the net cash flows from operating activities was mainly due to the decrease in cash payment for goods purchased and services received by the Company. The change in net cash flows from investing activities was mainly due to the investment recovery by the Company and the decrease in the cash received from investment income. The change in net cash flows from financing activities was mainly due to the repayment of loans by the Company. 2 Explanation for the significant changes in profits due to non-main business□Applicable √ Not Applicable 3 Analysis of assets and liabilities √ Applicable □ Not Applicable 1. Assets and liabilities Unit: Yuan
The monetary funds decreased primarily driven by the investment recovery by the Company and the decrease in the cash received from investment income, and the increase in cash for repayment of borrowings.Notes receivable increased primarily driven by the increased commercial acceptance received by the Company. Receivables financing increased primarily driven by the increased bank acceptance receivable of the Company. The contract assets increased primarily driven by the increase in the amounts recognized under the time period method by the Company that are not eligible for collection. The assets held for sale decreased primarily driven by delivery of the fixed assets with sales contracts signed in the previous year. Non-current assets due within one year decreased primarily driven by the decrease in the Company’s long-term receivables due within one year. The short-term borrowings decreased primarily driven by the decreased short-term borrowings of the Company from banks in the current period. The tax payable increased primarily driven by the increase in value-added tax and surtax payable by the Company. Other payables increased primarily driven by the implementation of Asset-Backed Securities Special Plan by the Company. Non-current liabilities due within one year increased primarily driven by the increase in the long-term bank borrowings of the Company within a year. Other non-current liabilities decreased primarily driven by the decrease in the Company’s output tax to be carried forward. 2. Overseas assets √ Applicable □ Not Applicable (1) Asset size Including: overseas assets of 13,485,191,449 (Unit: Yuan, Currency: CNY), accounting for 17.24% of the total assets. (2) Related explanation for relatively high proportion of overseas assets□Applicable √ Not Applicable 3. Particulars about main restricted assets as at the end of the reporting period√ Applicable □ Not Applicable Unit: Yuan Currency: CNY
□Applicable √ Not Applicable 4 Analysis of operational information of the industry √ Applicable □ Not Applicable In port machinery market, the Company closely followed the industry development trend, strengthened product innovation research, and maintained its market leadership in the main business field. The Company would continue to expand the after-sales market and promote manufacturing plus services to create a new engine for development. The marine engineering market was in the upward cycle of the industry, and the Company actively promoted the dissolution of marine engineering inventory and the turnover of idle equipment by strengthening market research and planning. At the same time, the Company brought into play the innovative advantages to strengthen the research and development of cutting-edge technologies and seize the policy dividends of marine power strategy.In the offshore wind power market, as the central government no longer provided subsidies for new offshore wind power projects, the market competition was becoming increasingly intense. The Company took the implementation of professional wind power operation and maintenance ship projects as the starting point to strengthen the comprehensive advantages such as brand, scientific research and scale. The parking business was in line with the strategic direction of “smart city” and “smart transportation”, and was in an important period of policy support, resource integration and technological integration. There was no leading enterprise in China yet, and the Company should strengthen technological innovation and market exploration for rapid development and growth. For steel structure business, there would be great development potential in infrastructure such as highways and railway bridges in the long run, and the market space for prefabricated steel structure buildings was vast. The Company focused on the construction advantages of large and heavy special steel structures to cultivate differentiated competitive advantages. 5 Analysis of investment Overall analysis of external equity investment √ Applicable □ Not Applicable Unit: Yuan Currency: CNY √ Applicable □ Not Applicable Unit:’0,000 Yuan Currency: CNY
□Applicable √ Not Applicable 3. Financial assets measured at fair value √ Applicable □ Not Applicable Unit: Yuan Currency: CNY
√ Applicable □ Not Applicable Unit: Yuan Currency: CNY
 |