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Annual Report 2020 3 CORPORATE INFORMATION

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Annual Report 2020 3 CORPORATE INFORMATION CONTENTS CHAIRMAN’S STATEMENT 2 CORPORATE INFORMATION 4 FINANCIAL HIGHLIGHTS 6 BUSINESS OVERVIEW 7 MANAGEMENT DISCUSSION AND ANALYSIS 26 REPORT OF THE BOARD OF DIRECTORS 35 REPORT OF BOARD OF SUPERVISORS 60 SIGNIFICANT EVENTS 64 CHANGES IN SHARE CAPITAL AND 66 INFORMATION OF SHAREHOLDERS CORPORATE GOVERNANCE REPORT 71 ENVIRONMENTAL, SOCIAL AND 92 GOVERNANCE REPORT DIRECTORS, SUPERVISORS, 174 SENIOR MANAGEMENT AND EMPLOYEES INDEPENDENT AUDITOR’S REPORT 190 FINANCIAL STATEMENTS AND NOTES 214 FIVE YEAR FINANCIAL SUMMARY 382 DEFINITIONS AND GLOSSARY OF 384 TECHNICAL TERMS CHAIRMAN’S STATEMENT Dear Shareholders, First of all, on behalf of the Board of Directors of the Company, I would like to express my sincere gratitude to all Shareholders and the public for the concerns and support to the Company in the past year! 2020 is a very unusual year for China and the Company. Facing the ever-increasing market competition and the significant impact from the COVID-19 pandemic, we upheld the general keynote of “Improving Quality and Efficiency, and Achieving Stability for Sustainable Development”, made accurate analysis and judgement on the situation, carefully formulated detailed plans, implemented effective measures and made our best efforts to fight through adversities with new results achieved. We persisted in seeking progress in a stable manner and maintained stable development. In 2020, the Company achieved new contract value of RMB56,621 million billion, operating revenue of RMB40,150 million and net profit of RMB752 million, concluding the “13th Five-Year Plan” period with remarkable results. It is worth mentioning that we innovated the market development mode and entered into a strategic cooperation agreement with the government of Inner Mongolia Autonomous Region to jointly establish Inner Mongolia Construction Investment Group Limited, which created a good opportunity for regional business development. We also actively cooperated with large state-owned enterprises and central enterprises and entered into strategic cooperation agreements with China Metallurgical Group and Gezhouba Group, respectively. We attended to each and every detail in the construction process to continuously improve the quality of projects we delivered. The Project of Newly Established Huaneng Shanxi Low-carbon Technology Research and Development Center constructed by the Company won the 2020 Lu Ban Award for Construction Engineering in China. In addition, we also garnered one “National Quality Project Award (國家優質工程獎)” and two “China Construction Project Decoration Awards (中國建築工程裝飾獎)”, two “MOHURD Green Construction Technology Model Projects (住建部綠色施工科技示範工程)” and 100 provincial-level quality projects with one project shortlisted for the Lu Ban Award and four projects awarded as the “National Safety Production Standardized Construction Site (全國安全生產標準化建設工地)”. In terms of scientific and technological research and development, we received the “Scientific and Technological Progress Award of Hebei Provincial Government (河北省政府科技進步獎)”, 30 “Scientific and Technological Progress Awards for Construction Industry in Hebei Province (河北省建設行業科技 進步獎)”, 11 provincial process methodologies and 211 patents, including seven invention patents. Two of our projects were recognized as the key research and development projects of Hebei Province. 2 Hebei Construction Group Corporation Limited CHAIRMAN’S STATEMENT We adhered to people-oriented approach and continuously strengthened our growth momentum. In 2020, 1,200 fresh graduates and mature social talents were newly recruited, and 246 employees of the Company have obtained the qualifications of Class I certified constructor. The total number of Class I certified constructor of the Company was over 2,100. 48, 208 and 407 employees were newly recognized as professorate senior engineers, senior engineers and intermediate engineers, respectively, which further enhance the quality of our human resources. A total of 27 employees won the title of “Outstanding Project Manager in Hebei Province (河北省 優秀項目經理)”. We actively fulfilled our social responsibility by contributing to the fight against the pandemic and donated over RMB3 million in cash and supplies to people in need. In 2021, we will continue to uphold the keynote of “Improving Quality and Efficiency, and Achieving Stability for Sustainable Development”; maintain compliant operation as a publicly listed company with honesty and moral integrity; facilitate further development with the support of finance and technology; continuously strengthen our presence in construction sector and concentrate our efforts on the principal business; promote corporate culture and cohesion and consolidate our strength to achieve sustainable development. We will strive to achieve a good start to the “14th Five-Year Plan” with determination and confidence in a diligent and pragmatic manner and serve the society, reward the shareholders and benefit our employees with outstanding performance! Li Baozhong Chairman 20 April 2021 Annual Report 2020 3 CORPORATE INFORMATION Basic information of the Company is set out below: LEGAL NAME OF JOINT COMPANY THE COMPANY SECRETARIES 河北建設集團股份有限公司 Mr. Li Wutie Ms. Wong Wai Ling (ACG, ACS) ENGLISH NAME OF THE COMPANY AUTHORIZED Hebei Construction Group Corporation Limited REPRESENTATIVES Ms. Shen Lifeng DIRECTORS Ms. Wong Wai Ling (ACG, ACS) Executive Directors BOARD COMMITTEES Mr. Li Baozhong (Chairman of the Board) Audit Committee Mr. Shang Jinfeng (President) Mr. Liu Yongjian Ms. Shen Lifeng (Chairwoman of the committee) Mr. Zhao Wensheng Mr. Li Baoyuan Mr. Cao Qingshe Non-executive Directors Ms. Chen Xin Mr. Chan Ngai Sang Kenny Mr. Li Baoyuan (Honorary Chairman) Mr. Cao Qingshe (Vice Chairman) Remuneration and Appraisal Independent Non-executive Committee DirectorsNote Ms. Chen Xin (Chairwoman of the committee) Mr. Li Baozhong Ms. Shen Lifeng Mr. Shang Jinfeng Ms. Chen Xin Ms. Shen Lifeng Mr. Chan Ngai Sang Kenny Mr. Chan Ngai Sang Kenny SUPERVISORS Nomination Committee Mr. Yu Xuefeng Ms. Chen Xin (Chairwoman of the committee) (Chairman of the Board of Supervisors) Mr. Li Baozhong Mr. Liu Jingqiao Mr. Shang Jinfeng Ms. Feng Xiujian Ms. Shen Lifeng Mr. Yue Jianming Mr. Chan Ngai Sang Kenny Mr. Wang Feng Note: During the Reporting Period, due to reaching his retirement age, Mr. Xiao Xuwen did not seek re-election of directors upon the expiration of his term of office as a Director on 23 June 2020, and he ceased to take the role as an independent non-executive Director of the Company. 4 Hebei Construction Group Corporation Limited CORPORATE INFORMATION Strategic Committee COMPANY WEBSITE Mr. Li Baozhong (Chairman of the committee) http://www.hebjs.com.cn Mr. Cao Qingshe Mr. Shang Jinfeng INVESTOR RELATIONS CONTACT REGISTERED OFFICE Tel: (86) 312 331 1000 125 Lugang Road Fax: (86) 312 301 9434 Jingxiu District E-mail: [email protected] Baoding, Hebei Province Address: 125 Lugang Road, PRC Jingxiu District, Baoding, Hebei Province, PRC HEADQUARTERS AND Postal code: 071000 PRINCIPAL PLACE OF BUSINESS IN THE PRC LEGAL ADVISORS 125 Lugang Road As to Hong Kong law Jingxiu District Clifford Chance Baoding, Hebei Province 27/F, Jardine House PRC One Connaught Place Central, Hong Kong PRINCIPAL PLACE OF BUSINESS IN HONG KONG As to PRC law 40th Floor, Dah Sing Financial Centre Jia Yuan Law Offices 248 Queen’s Road East F408, Ocean Plaza Wanchai, Hong Kong 158 Fuxing Men Nei Street Xicheng District, Beijing STOCK SHORT NAME AND PRC STOCK CODE HEBEI CONS (01727) AUDITOR Ernst & Young Hua Ming LLP H SHARE REGISTRAR AND Certified Public Accountants TRANSFER OFFICE IN Level 16, Ernst & Young Tower, Oriental Plaza HONG KONG No. 1 East Chang An Avenue Dong Cheng District, Beijing Tricor Investor Services Limited PRC Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong Annual Report 2020 5 FINANCIAL HIGHLIGHTS In 2020, our revenue amounted to RMB40,150 million, representing a decrease of 2.3% as compared with that of 2019. In 2020, our net profits amounted to RMB752 million, representing a decrease of 1.4% as compared with that of 2019. In 2020, our earnings per Share amounted to RMB0.43, which remained the same as that of 2019. 6 Hebei Construction Group Corporation Limited BUSINESS OVERVIEW PART I: BUSINESS REVIEW We are a leading non-state-owned construction group in China and are principally engaged in the following businesses: • Construction contracting business. We provide construction project contracting services mainly as a general contractor for building construction projects and infrastructure construction projects. • Other businesses. We are also engaged in service concession arrangements, property management and other businesses. A substantial majority of our revenue is generated from the construction contracting business, which mainly comprises of building construction business, infrastructure construction business and specialized and other construction contracting business. In 2020, the outbreak of the COVID-19 pandemic (the “Pandemic”) has caused significant impact on the production activities and daily life in various regions. With lockdown imposed in many regions of the country, operation in construction industry was disrupted, public services were suspended, tendering and bidding business cannot be conducted, and staff in infected area were unable to return to work. In view of this, the Pandemic caused certain impact on the volume of business undertaken by us in 2020 with our new contract value amounted to RMB56,621 million, representing a decrease of
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