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2020 Annual Report 2020 Annual Report China Railway Group Limited Pb Company Profile

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2020 Annual Report 2020 Annual Report China Railway Group Limited Pb Company Profile (a joint stock limited company incorporated in the People's Republic of China with limited liability) Stock Code : 390 ANNUAL REPORT 2020 Zhangjiajie Grand Canyon Glass Bridge Cover Legend 1. The Dadu River Bridge on the Sichuan-Tibet 1 Railway (Rendering) 2 2. Yinchuan-Xi’an High-Speed Railway 3 3. Xiongan Railway Station 4 4. National Ski Jumping Center for the 2022 Winter Olympics in Beijing CONTENTS Company Prole 1 Financial Summary 2 Chairman’s Report 4 Changes in Share Capital and Information on 7 Shareholders Business Overview 14 Management Discussion and Analysis 31 Biography of Directors, Supervisors and 44 Senior Management Report of the Directors 56 Report on Corporate Governance Practices 72 Independent Auditor’s Report 92 Financial Statements 98 Signicant Events 276 Denition and Glossary of Technical Terms 312 Company Information 314 Shenyang Fourth Ring Expressway (Won Luban Award) 1 CHINA RAILWAY GROUP LIMITED 2020 ANNUAL REPORT 2020 ANNUAL REPORT CHINA RAILWAY GROUP LIMITED PB COMPANY PROFILE The Company was established as a joint stock company with limited liability in the People’s Republic of China (the “PRC”) under the Company Law of the PRC on 12 September 2007. The A shares and H shares issued by the Company were listed on the Shanghai Stock Exchange and the main board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) on 3 December 2007 and 7 December 2007 respectively. We are one of the largest multi-functional integrated construction group in the PRC and Asia in terms of the total revenue of the engineering contract, and rank 50th on the 2020 Fortune Global 500 list. We offer a full range of construction-related services, including infrastructure construction, survey, design and consulting services and engineering equipment and component manufacturing, and also expand to property development and other businesses such as mining. We have outstanding advantages in the construction of infrastructure facilities such as railways, highways, municipal works and urban rails. In particular, we hold leading positions in the design and construction of bridges, tunnels and electrified railways, and the design and manufacturing of bridge steel structures and turnouts in the PRC, which has achieved advanced international standards. While we operate in every province across the PRC, we have also explored extensive global markets. Adhering to the motto of “strive to challenge limits and achieve excellence”, the Company is committed to continuous development of the Company to create a brighter and better future. PB CHINA RAILWAY GROUP LIMITED 2020 ANNUAL REPORT 2020 ANNUAL REPORT CHINA RAILWAY GROUP LIMITED 2 FINANCIAL SUMMARY Summary of Consolidated Income Statement Change For the year ended 31 December 2020 vs 2020 2019 2018 2017 2016 2019 RMB million (%) Revenue Infrastructure Construction 876,310 762,084 646,914 611,095 559,223 15.0 Survey, Design and Consulting Services 17,321 17,031 15,095 13,761 12,312 1.7 Engineering Equipment and Component Manufacturing 29,793 24,322 20,787 18,521 17,063 22.5 Property Development 49,763 43,662 43,991 30,951 32,976 14.0 Other Businesses 74,183 70,402 67,730 53,074 42,671 5.4 Inter-segment Eliminations and Adjustments (72,638) (66,658) (54,134) (38,629) (31,389) Total 974,732 850,843 740,383 688,773 632,856 14.6 Gross Profit 90,352 79,864 71,658 62,729 49,789 13.1 Profit before Income Tax 35,612 33,187 24,945 20,828 18,772 7.3 Profit for the Year 27,250 25,379 17,436 14,204 12,703 7.4 Profit for the Year attributable to Owners of the Company 25,188 23,678 17,198 16,067 12,509 6.4 Basic Earnings per Share (RMB) 0.963 0.950 0.718 0.669 0.517 1.4 3 CHINA RAILWAY GROUP LIMITED 2020 ANNUAL REPORT 2020 ANNUAL REPORT CHINA RAILWAY GROUP LIMITED PB FINANCIAL SUMMARY Summary of Consolidated Balance Sheet Change As at 31 December 2020 vs 2020 2019 2018 2017 2016 2019 RMB million (%) Assets Current Assets 742,107 709,770 652,040 641,668 595,147 4.6 Non-current Assets 457,870 346,271 290,473 202,254 159,198 32.2 Total Assets 1,199,977 1,056,041 942,513 843,992 754,345 13.6 Liabilities Current Liabilities 705,145 676,034 622,475 579,303 506,603 4.3 Non-current Liabilities 181,786 134,679 98,057 95,061 98,746 35.0 Total Liabilities 886,931 810,713 720,532 674,364 605,349 9.4 Total Equity 313,046 245,328 221,981 169,558 148,996 27.6 Total Equity and Liabilities 1,199,977 1,056,041 942,513 843,992 754,345 13.6 PB CHINA RAILWAY GROUP LIMITED 2020 ANNUAL REPORT 2020 ANNUAL REPORT CHINA RAILWAY GROUP LIMITED 4 CHAIRMAN’S REPORT CHEN Yun Chairman, Executive Director and Secretary to the CPC Committee Dear shareholders and investors, Great achievements are the result of sustained efforts. 2020 has been a year like no other. Bearing in mind the two major landscapes and national interests, we, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, took the initiative in promoting the fight against the COVID-19 pandemic and being a pioneer in operations. Against major headwinds, we are a strong champion of high-quality development, contributing to stable economic growth. We won the trust of SASAC, the capital market and staff by announcing our first-ever ranking among the top 50 of the Fortune Global 500, demonstrating our prowess. 5 CHINA RAILWAY GROUP LIMITED 2020 ANNUAL REPORT 2020 ANNUAL REPORT CHINA RAILWAY GROUP LIMITED 6 CHAIRMAN’S REPORT This year, we stayed true to our original intention and worked hard with our mission firmly in mind. In the face of the pandemic, we embraced challenges. We supported the construction of 46 hospitals such as Wuhan Huoshenshan Hospital, Wuhan Leishenshan Hospital. Furthermore, we invested in and constructed the pandemic emergency response project, Camp 1 of the “home of constructors in east Rongcheng County, Xiongan New Area”. Focusing on the “6+6” initiative (i.e. stability in employment, finance, foreign trade, foreign capital, investment and expectation, and supporting employment, people’s livelihoods, being a main market player, achieving food and energy safety, stable industrial chain supply and community-level operation) and “two struggles”, we conducted campaigns featuring “100 days of hard work” and “combating four seasons to achieve goals” to fight the pandemic for growth. As a result and as scheduled, we promoted the resumption of work and production of nearly 5,000 construction projects, creating more than 1 million jobs. The Company’s major economic indicators were on the rise, hitting a record high level. We, committed to the development philosophy with people at the core, engaged in targeted poverty reduction efforts with fruitful results. Both the “the smart terraced fungus-farming project” in Jinmi village, Zhashui County, Shaanxi Province, and the poverty relief efforts in Shazhou village, Rucheng County, Hunan Province were commended by General Secretary Xi Jinping. The Company received honors for “National Advanced Collective in Poverty Relief” and “National Advanced Individual in Fighting the COVID-19”, which fully reflected our responsibilities. This year, we shouldered the responsibilities as a major national force. Following significant decisions and deployments made by the central government, we stepped forward to serve the national strategies as a pioneer for the “China Railway for China Construction”. Specifically, we were involved in city cluster construction in the Beijing – Tianjin – Hebei region, the Yangtze River Delta, the Pearl River Delta, Xiongan New Area, Guangdong – Hong Kong – Macao Greater Bay Area and Chengdu – Chongqing double city economic circle. We filled infrastructure gaps, contributing to such strategies as a stronger China through transport, rural revitalization and the Belt and Road Initiative. Furthermore, we have made great progress in major projects at home and abroad such as the Sichuan – Tibet Railway, Beijing – Xiongan Expressway, Chengdu – Kunming Railway, and China – Laos Railway, Jakarta – Bandung High – speed Railway, Budapest – Belgrade Railway, and Bangladesh Padma Bridge, and completed super projects such as the Beijing – Xiongan Intercity Railway, Pingtan Strait Highway Bridge, and Dazhu Mountain Tunnel. The completed Shanghai – Jiangsu Yangtze River Highway Bridge and the avenues currently under construction for the Winter Olympics featuring “three competition zones and one Olympic village” were recognized and hailed by General Secretary Xi Jinping. This year, we empowered China Railway’s development through reform and innovation. We, committed to the “Party’s Governance over Officials and State-owned Enterprise Reform” initiative, were a strong champion of the important guidance of the “three transformations” mentioned by General Secretary Xi Jinping. To that end, we cemented our foundations and kept working hard with innovative thinking. Specifically, we improved the enterprise legal person system and promoted efforts to modernize the corporate system with Chinese characteristics, including rolling-out mixed-ownership reforms and carrying out comprehensive reforms through the “two hundred” program and an organization reform of the headquarters. We restructured and established China Tiegong Investment and Construction Group Co., Ltd., China Overseas Engineering Co.,Ltd. and China Railway Cloud Network Information Technology Co., Ltd., acquired China Railway Prefabricated Construction Co., Ltd. (“China Railway Prefabricated Construction”), China Railway Changjiang Transport Design Group Co., Ltd. (“China Railway Changjiang Institute”), China Railway Water Conservancy & Hydropower Planning and Design Group Co., Ltd. (“China Railway Water Conservancy Institute”), and made successful spin-off listing of China Railway High-Speed Electrification Equipment Corporation Limited (“CRHEEC”) (873023). Making fresh breakthroughs in technological innovation, we won the China Industry Award and the golden prize of the China Excellent Industry Design Award for the first time, with the sales volume of shield tunneling machines ranking first for the fourth year running.
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