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ANNUAL REPORT Contents (H Share Stock Code: 1053) (A Share Stock Code: 601005) 2018 ANNUAL REPORT Contents Section I Definitions ........................................................... 2 Section II Company Profile and Major Financial Indicator ............................... 3 Section III Company Business Summary ............................................ 11 Section IV Management Discussion and Analysis...................................... 13 Section V Significant Events ..................................................... 38 Section VI Movement of Ordinary Shares and the Particulars of Shareholders ................ 86 Section VII Related Information of Preferred Shares .................................... 96 Section VIII Directors, Supervisors, Senior Management and Staff .......................... 97 Section IX Corporate Governance ................................................. 118 Section X Relevant Information On Corporate Bond ................................... 150 Section XI Financial Report ...................................................... 151 Section XII Documents Available For Inspection ....................................... 342 IMPORTANT NOTICE I. The board of directors, the supervisory committee and directors, supervisors and senior management of the Company warrant that there are no false representations, misleading statements contained in or material omissions from this annual report and collectively and individually accept full responsibility for the truthfulness, accuracy and completeness of the contents hereof. II. All directors of the Company attended Board meetings. III. Ernst & Young Hua Ming LLP issued a standard unqualified audit report for the Company. IV. Mr. Zhou Zhu Ping, head of the Company, and Mr. Lv Feng, the Chief Financial Officer and the Chief Accountant, have declared that they guarantee the truthfulness, accuracy and completeness of the financial statements in the annual report. V. The profit distribution proposal or proposal to transfer capital reserve to share capital for the Reporting Period as considered by the Board According to the auditing by Ernst & Young Hua Ming LLP, the net profit attributable to shareholders of the Company for 2018 amounted to RMB1.788 billion, and the unappropriated profit as at the end of 2018 amounted to RMB-10.290 billion. As the Company recorded a negative unappropriated profit carried forward, the directors suggested not to make profit distribution or transfer capital reserve to share capital pursuant to the Article 250 of the Articles of Association for 2018. VI. Risk warning in respect of forward-looking statements ✓ Applicable Not applicable The forward-looking statements set out in this annual report such as future plans involve uncertainties and do not constitute the Company’s substantial commitment to investors. Investors are advised to be aware of investment risks. VII. Is there any non-operational fund occupancy by the controlling shareholder or its related party? No VIII. Is there any provision of external guarantee by the Company in violation of the stipulated decision making procedure? No IX. Major Risk Warning During the Reporting Period, there was no major risk warning. X. Others Applicable ✓ Not applicable Section I Definitions I. DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this report: Definitions of common terms Articles of Association Articles of Association of Chongqing Iron & Steel Company Limited Board the board of directors of Chongqing Iron & Steel Company Limited Changshou Iron & Steel, Chongqing Changshou Iron & Steel Company Limited controlling shareholder Chongqing Iron & Steel Group Chongqing Iron & Steel Company (Group) Limited Companies Law the Companies Law of the People’s Republic of China Company, Group, Chongqing Chongqing Iron & Steel Company Limited Iron & Steel CSRC China Securities Regulatory Commission General Meeting the general meeting of Chongqing Iron & Steel Company Limited HKEx The Stock Exchange of Hong Kong Limited Reporting Period From 1 January 2018 to 31 December 2018 RMB, RMB’000, RMB0’000, RMB yuan, RMB thousand yuan, RMB ten thousand yuan, RMB RMB00’000’000 hundred million yuan Siyuanhe Fund Siyuanhe (Shanghai) Steel Industry Equity Investment Fund Center (Limited Partnership) Siyuanhe Industrial Siyuanhe (Chongqing) Iron & Steel Industrial Development and Development Fund Equity Investment Fund Partnership (LP) Siyuanhe Investment Siyuanhe Equity Investment Management Co., Ltd. SSE Shanghai Stock Exchange Supervisory Committee the supervisory committee of Chongqing Iron & Steel Company Limited 2 2018 Annual Report Section II Company Profile and Major Financial Indicators I. COMPANY INFORMATION Chinese name 重慶鋼鐵股份有限公司 Abbreviation of Chinese name 重慶鋼鐵 English name Chongqing Iron & Steel Company Limited Abbreviation of English name CISC Legal representative Zhou Zhu Ping II. CONTACT INFORMATION Secretary to the Board Securities representative Name Meng Xiangyun Peng Guo Ju Correspondence No. 1 Gangcheng Avenue, No. 1 Gangcheng Avenue, Changshou address Changshou Economic Development Economic Development Zone, Zone, Chongqing, the PRC Chongqing, the PRC Telephone 86-23-6887 3311 86-23-6898 3482 Fax 86-23-6887 3189 86-23-6887 3189 E-mail [email protected] [email protected] III. BASIC INFORMATION Registered address No. 1 Gangcheng Avenue, Changshou Economic Development Zone, Chongqing, the PRC Postal code of registered 401258 address Office address No. 1 Gangcheng Avenue, Changshou Economic Development Zone, Chongqing, the PRC Postal code of office address 401258 Website http://www.cqgt.cn E-mail [email protected] Chongqing Iron & Steel Company Limited 3 Section II Company Profile and Major Financial Indicators (Continued) IV. INFORMATION DISCLOSURE AND PLACE FOR INSPECTION Name of media designated China Securities Journal, Shanghai Securities News, Securities Times by the Company for and Securities Daily information disclosure Website designated by http://www.sse.com.cn; CSRC for publishing http://sc.hkex.com.hk (HKEx) annual reports Place for inspection of Secretariat of the Board of the Company annual reports V. BASIC INFORMATION ABOUT THE SHARES OF THE COMPANY Basic Information about the Shares of the Company Abbreviated Class of name before shares Place of listing Abbreviated name Stock code change A shares Shanghai Stock Chongqing Iron & Steel 601005 *ST Chonggang Exchange H shares The Stock Exchange of Chongqing Iron & Steel 01053 None Hong Kong Limited VI. OTHER RELATED INFORMATION Accounting firm Name Ernst & Young Hua Ming LLP engaged by the Company (domestic) Office address 16/F, Ernst & Young Tower, Oriental Plaza, 1 East Chang’an Avenue, Beijing, the PRC Name of Chen Xiaoxiang (陳曉祥), Ai Wei (艾維) accountants signing-off the report 4 2018 Annual Report Section II Company Profile and Major Financial Indicators (Continued) VII. KEY ACCOUNTING DATA AND FINANCIAL INDICATORS FOR THE LAST THREE YEARS (I) Key Accounting Data Unit: RMB’000 Currency: RMB Increase/ decrease from Key accounting data 2018 2017 last year 2016 (%) Operating income 22,638,957 13,236,840 71.03 4,414,902 Net profit attributable to shareholders of the Company 1,787,906 320,086 458.57 -4,685,956 Net profit attributable to shareholders of the Company after deducting non-recurring profit and loss 1,677,588 -1,870,066 N/A -5,392,375 Net cash flow generated from operating activities 1,338,195 505,815 164.56 -449,021 Increase/ decrease At the end At the end from At the end of 2018 of 2017 last year of 2016 (%) Net assets attributable to shareholders of the Company 18,531,665 16,730,115 10.77 -200,494 Total assets 26,933,351 25,012,459 7.68 36,438,454 Chongqing Iron & Steel Company Limited 5 Section II Company Profile and Major Financial Indicators (Continued) VII. KEY ACCOUNTING DATA AND FINANCIAL INDICATORS FOR THE LAST THREE YEARS (CONTINUED) (II) Key Financial Indicators Increase/ decrease from Key financial indicators 2018 2017 last year 2016 (%) Basic earnings per share (RMB per share) 0.20 0.04 400 -0.53 Diluted earnings per share (RMB per share) 0.20 0.04 400 -0.53 Basic earnings per share after deducting non-recurring profit and loss (RMB per share) 0.19 -0.21 N/A -0.60 Weighted average return on net assets (%) 10.14 -1,290.51 N/A -284.59 weighted average return on net assets after deducting non- recurring profit and loss (%) 9.52 7,539.68 N/A -327.49 Explanation on the key accounting data and financial indicators for the last three years at the end of the Reporting Period Applicable ✓ Not applicable 6 2018 Annual Report Section II Company Profile and Major Financial Indicators (Continued) VIII. DIFFERENCE IN ACCOUNTING DATA UNDER THE PRC ACCOUNTING STANDARDS AND OVERSEAS ACCOUNTING STANDARDS (I) Difference between the net profit and net assets attributable to shareholders of listed companies as disclosed in the financial statements under International Accounting Standards and those under PRC Accounting Standards Applicable ✓ Not applicable (II) Difference between net profit and net assets attributable to shareholders of listed companies as disclosed in the financial statements under overseas accounting standards and those under PRC Accounting Standards Applicable ✓ Not applicable (III) Explanation on the differences between the PRC accounting standards and overseas accounting standards: Applicable ✓ Not applicable IX. MAJOR FINANCIAL DATA OF EACH QUARTER OF 2018 Unit: RMB’000 Currency: RMB 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (January – (April – (July – (October
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