[中报]杭汽轮Ｂ(200771):2023年半年度报告（英文版）
原标题:杭汽轮Ｂ:2023年半年度报告（英文版） AAugust 20223 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.Lv Lin, Person in charge of Accounting institute（accountant in charge)hereby confirm that the financial Report of Semi-Annual Report 2023 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. Definition
II. Basic Information of the Company and Financial index I. Basic Information
1.Way to contact the Company Whether registrations address, offices address and codes as well as website and email of the Company 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 2022. 2. Information inquiry 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 2022. 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 May the Company make retroactive adjustment or restatement of the accounting data of the previous years □ Yes √ No
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
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 During the reporting period, the company's main business and business model did not change significantly. 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 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. the Company took the new energy company as the platform to deeply explore the cogeneration needs of customers in the petrochemical field, and gradually transformed to engineering, systematization and financialization. 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, optimized and adjusted its business strategy, continued to increase market development, steadily promoted transformation and upgrading, as well as management efficiency enhancement, and continued to promote the high-quality development of enterprise. In the first half of 2023, the company realized operating income of 2,622.2451 million yuan, total profit of 179.1560 million yuan and net profit of 178.1285 million yuan, of which net profit attributable to shareholders of listed companies was 149.6997 year, total profit decreased by 60.54% year on year, net profit decreased by 54.15% year on year, and net profit attributable to shareholders of listed companies decreased by 57.02% year on year. Facing the risks and opportunities brought by industrial policies, the Company maintained its strategic determination and patience, and tackled the annual business objectives with the determination and attitude of sprinting. ?1. Strategic Lead During the reporting period, The Company will scientifically formulate the strategic performance targets for 2023, and do well in tracking management, performance measurement and quantitative analysis of monthly strategic performance indicators. It shall start from the objective actual situation, comprehensively analyze the changes in the Company's internal and external operating environment, benchmark the four "first-class", reference the 9 strategic measures, soundly do well in the mid-term assessment and mid-term adjustment of the "14th Five-Year Plan" strategic plan, map out the 2023-2025 three-year action plan, and comprehensively handle the relationship between strategy and tactics. With the comprehensive reform of regional state-owned assets and state-owned enterprises as an opportunity, it deeply promoted the deepening reform of Hangzhou Steam Turbine, successfully introduced strategic investors, further improved the governance structure of listed companies, and ensured the efficient promotion and implementation of the Company's business strategies and decisions. Each subsidiary also grasped the relevant policies of state-owned enterprise reform in time and fully grasped the historical opportunity of the new round of deepening reform of state-owned enterprises. Zhongneng Company and Casting and Forging Company successively completed the shareholding system reform. 2. Market development During the reporting period, the Company scientifically formulated marketing strategy and sales strategy to ensure the stable market share of industrial drive; On the basis of pilot areas and expanding areas, it further deepened customer relations, realized a broader market layout with deeper customer resources and a broader stock market, and achieved ideal results in projects such as Ningxia Baofeng, Hengli New Materials, CNOOC Ningbo Daxie, China Petroleum Jilin Ethylene and Wanhua Chemical, and achieved fruitful orders from major customers; Its orders in overseas markets were on the rise, and projects in the Middle East and Eastern Europe were growing rapidly. At present, it focuses on cultivating the overall sales and service capabilities around overseas hot markets, and strives to form new support points for overseas business; It has started the business adjustment of spare parts and services, increased customer return visits, kept track of key projects, implemented the "Going Out" strategy, and actively expanded the incremental market. 3. Transformation and upgrading During the reporting period, the new energy company actively expanded the market field of gas turbine products, and its gas turbine project orders were well received. In addition, a new energy research institute and a market development team were established to play the role of a carrier platform for research and market development in the new energy field and comprehensively expand the comprehensive smart energy business including distributed optical storage integration. During the reporting period, the Company solidly promoted the R&D of independent gas turbines as planned, with more than 280 new technical reports, more than 800 new two-dimensional drawings, more than 700 new three-dimensional models, 14 new technical specifications, 41 component tests, and more than 100 trial-manufactured products; It established 3 provincial "Top" key R&D projects, and applied for the first set of key research projects in the province for one project. During the reporting period, the Company invested in Western Power to achieve the initial integration with Western Power, and jointly explored new business directions in gas turbine inspection and maintenance and localization of gas turbine core components. 4. Management efficiency enhancement During the reporting period, the Company successfully completed the construction of ERP system and the optimization of MES and PLM systems, which were data-driven, providing basic guarantee for the Company to optimize its production and operation mode and improve its operation and management efficiency; According to the requirements of lean 2.0 construction planning outline, centered by the customer requirements, the Company issued a list of lean improvement tasks of "reducing cost, shortening delivery period, improving efficiency and enhancing quality" to promote the improvement of lean whole value chain; The Company strengthened the execution of comprehensive budget by all business departments and enhanced its comprehensive budget management ability; During the reporting period, the Company drafted and released the Cultural Construction Plan 2.0 and the Cultural Construction Practice Plan for 2023, carried out corporate culture publicity at all levels of the Company, planned cultural exchange activities, and built the brand cultural position of Hangzhou Steam Turbine, with three-dimensional, diversified and rich cultural activities to assist strategic implementation, lean landing and business execution. 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 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 involving 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 build 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. III.Main business analysis Summary Found more in”I. Main businesses of the Company in the reporting period” Changes in the financial data In RMB
□ Applicable √ Not applicable None Component of Business Income In RMB
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