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Annual Report 2018 (incorporated in the Cayman Islands with limited liability) (Stock Code: 658) ANNUAL REPORT 2018 * For identification purpose only CONTENTS Page Corporate Information 2 Financial Highlights 4 Five-Year Financial Summary 5 Chairman’s Statement 6 Management Discussion and Analysis 9 Biographies of Directors and Senior Management 20 Directors’ Report 27 Corporate Governance Report 38 Environmental, Social and Governance Report 49 Independent Auditor’s Report 95 Consolidated Income Statement 103 Consolidated Statement of Comprehensive Income 105 Consolidated Statement of Financial Position 106 Consolidated Statement of Changes in Equity 109 Consolidated Statement of Cash Flows 111 Notes to the Consolidated Financial Statements 113 CORPORATE INFORMATION BOARD OF DIRECTORS REGISTERED OFFICE 4th Floor, Harbour Place Executive Directors 103 South Church Street Mr. Chen Yongdao George Town Mr. Wang Zhengbing Grand Cayman KY1-1002 Mr. Zhou Zhijin Cayman Islands Mr. Hu Jichun (Chief Executive Officer) Ms. Zheng Qing AUDITOR PricewaterhouseCoopers Non-executive Directors Mr. Hu Yueming (Chairman) LEGAL ADVISER Mr. Yuen Chi Ping Chungs Lawyers Independent non-executive Directors HEAD OFFICE AND PRINCIPAL PLACE OF Dr. Chan Yau Ching, Bob BUSINESS IN HONG KONG Ms. Jiang Jianhua Room 1302 Mr. Jiang Xihe 13th Floor Mr. Nathan Yu Li COFCO Tower No.262 Gloucester Road AUDIT COMMITTEE Causeway Bay Mr. Jiang Xihe (Chairman) Hong Kong Dr. Chan Yau Ching, Bob Mr. Nathan Yu Li PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE REMUNERATION COMMITTEE SMP Partners (Cayman) Limited Dr. Chan Yau Ching, Bob (Chairman) 3rd Floor, Royal Bank House Mr. Jiang Xihe 24 Shedden Road Mr. Chen Yongdao P.O. Box 1586 Grand Cayman KY1-1110 NOMINATION COMMITTEE Cayman Islands Mr. Hu Yueming (Chairman) Mr. Jiang Xihe Mr. Nathan Yu Li 2 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP CO., LTD. CORPORATE INFORMATION HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited 17M Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong COMPANY SECRETARY Mr. Lui Wing Hong, Edward CPA (Aust.), FCPA AUTHORISED REPRESENTATIVES Mr. Hu Yueming Mr. Lui Wing Hong, Edward PRINCIPAL BANKERS ICBC China Construction Bank BOCOM China Merchants Bank SPD Bank China Minsheng Bank Australia and New Zealand Bank PLACE OF LISTING The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) STOCK CODE 00658 WEBSITE www.chste.com 2018 ANNUAL REPORT 3 FINANCIAL HIGHLIGHTS Year ended Year ended 31 December 31 December 2018 2017 Change RMB’000 RMB’000 Continuing operations Revenue 8,203,500 7,990,604 2.7% Gross profit 1,530,989 2,303,882 -33.5% Continuing operations and discontinued operation Profit for the year attributable to owners of the Company 208,401 451,699 -53.9% Basic earnings per share (RMB) 0.128 0.276 -53.6% Proposed final dividend per share (HKD) 0.08 0.18 -55.6% At At 31 December 31 December 2018 2017 Change RMB’000 RMB’000 Total assets 26,748,539 27,438,175 -2.5% Total liabilities 15,883,275 16,462,174 -3.5% Net assets 10,865,264 10,976,001 -1.0% Net assets per share (RMB) 6.6 6.7 -1.5% Gearing ratio* (%) 59.4 60.0 -0.6ppt * Gearing ratio = total liabilities/total assets 4 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP CO., LTD. FIVE-YEAR FINANCIAL SUMMARY A summary of the results and of the assets, liabilities and non-controlling interests of the Group for the last five financial years, as extracted from the published audited financial statements and restated/reclassified as appropriate, is set out below. Year ended 31 December 2017 2018 Restated* 2016 2015 2014 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RESULTS REVENUE 8,203,500 7,990,604 8,966,049 9,845,695 8,147,338 PROFIT FOR THE YEAR 206,472 352,816 1,059,435 1,002,897 175,682 Profit for the year attributable to owners of the Company 208,401 451,699 1,108,995 1,033,097 208,422 As at 31 December 2018 2017 2016 2015 2014 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 ASSETS AND LIABILITIES TOTAL ASSETS 26,748,539 27,438,175 26,295,600 25,292,081 25,299,504 TOTAL LIABILITIES (15,883,275) (16,462,174) (15,055,252) (15,317,343) (16,429,402) 10,865,264 10,976,001 11,240,348 9,974,738 8,870,102 Attributable to: Owners of the Company 10,791,832 10,904,962 11,053,873 9,759,102 8,688,371 Non-controlling interests 73,432 71,039 186,475 215,636 181,731 10,865,264 10,976,001 11,240,348 9,974,738 8,870,102 * See note 29 to the consolidated financial statements for details regarding the restatement as a result of the discontinued operation. 2018 ANNUAL REPORT 5 CHAIRMAN’S STATEMENT I am pleased to present the 2018 annual report (the “Annual Report”) of China High Speed Transmission Equipment Group Co., Ltd. (the “Company” or “China High Speed Transmission”). For the year ended 31 December 2018 (the “Year”), the company and its subsidiaries (collectively referred to as the “Group”) recorded sales revenue from continuing operations of approximately RMB8,203,500,000, representing an increase of approximately 2.7% from 2017. Profit attributable to owners of the Company was approximately RMB208,401,000, representing a decrease of approximately 53.9% from 2017. China High Speed Transmission continued to lead domestic wind power equipment industry with its strong research, design and development as well as commitment to the provision of quality, reliable and innovative products for customers. The Company also adjusted the business development strategies of the industrial gear transmission equipment industry to enhance its market competitiveness. During the Year, the Group was awarded the title of “Outstanding Enterprise in the Building Materials Machinery Industry for 40 Years of China’s Reform and Opening up” by China Building Materials Machinery Association. In 2018, the overall rate of global economy slowed down, while China’s economy has made a steady progress. China’s economic aggregate has reached RMB90,000 billion, with a year-on-year growth rate of 6.6%, ranking first among the world’s top five economies. Regarding the wind power industry, according to the preliminary statistics of Chinese Wind Energy Association, the installed wind power clearly revived in 2018. Newly installed wind power grid-connected capacity was up to 20.59 million kilowatts. The cumulate grid-connected installed capacity was 184GW, representing 9.7% of the total power-generating installed capacity. The annual wind power generation was 366,000GW, representing 5.2% of the total power generation and an increase of 0.4 percentage point over 2017. According to the Bloomberg New Energy Finance report, the total global investment in clean energy reached USD333.1 billion in 2018. Despite a 7% decline from 2017, the investment in clean energy exceeded USD300 billion for the fifth year in a row. During the period, the total investment in wind energy globally was USD128.6 billion, representing an increase of 3%, of which offshore wind energy increased by 14% to USD25.7 billion. With a shift in offshore wind energy from traditional developed markets such as Europe to China, construction of 13 offshore wind farms began in China in 2018, with an estimated value of USD11.4 billion. In addition, newly installed capacity of photovoltaic energy generation also set a record, breaking 100GW mark for the first time. 6 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP CO., LTD. CHAIRMAN’S STATEMENT Looking back to 2018, the Group as a leading supplier of overall solution in wind gear transmission equipment in the world, its production technology reached an internationally advanced level, aligning with its international competitors. With quality products and services, we supplied in bulk to a portfolio of wind power customers including domestically and internationally renowned wind turbine general manufacturers and were well-recognized and trusted. During the Year, building on the outstanding strength of its R&D design, processing and manufacturing, product testing, equipment maintenance, and other areas of transmission equipment, adhering to a business philosophy of providing users with reliable quality and innovative products, the Group successfully developed the wind power gearbox online status monitoring and health management system and launched a new generation of high-power gearbox. In addition, while maintaining its leading domestic market share, the Group expanded its overseas market and continuously enhanced its international competitiveness. Through its wholly-owned subsidiaries in the United States, Germany, Singapore, Canada and India, the Group is committed to providing global customers with diversified services in line with its sustainable development strategy. During the Year, the Group maintained the development strategy for traditional industrial gear transmission equipment. Above all, with the focus on energy-saving and environmentally-friendly products, the Group self- developed standardized and modular products which are internationally competitive, in order to facilitate the change in sales strategies and explore new markets and new industries; at the same time, the Group strengthened its efforts to provide and sell parts and components of relevant products as well as system solutions to its customers, helping them enhance their current production efficiency without increasing capital expenditure, thereby maintaining the Company’s position as a major supplier in the traditional industrial transmission product market. At the same time, with continuous advancement of “The Belt and Road Initiative” construction, the Group’s products have more room for development. Furthermore, the Group’s rail vehicle gearboxes have again entered the African market. The metro gearboxes for Tunisia are PDM400 two-level-transmission-structure gearboxes, which have passed their first inspection covering various test data, appearance, as well as parts and related technical documents.
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