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ANNUAL REPORT 2020 Annual Report 147402 (Zoomlion Eng) 00

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ANNUAL REPORT 2020 Annual Report 147402 (Zoomlion Eng) 00 中聯重科股份有限公司 ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD. ANNUAL REPORT 2020 Annual Report 147402 (Zoomlion Eng)_00. IFC (eng)_(210x285) \ 14/04/2021 \ X11 \ P. 1 Important notice • The Board of Directors and the Supervisory Board of the Company and its directors, supervisors and senior management warrant that there are no misrepresentation, misleading statements or material omissions in this report and they shall, individually and jointly, accept full responsibility for the truthfulness, accuracy and completeness of the contents of this report. • All directors attended the Board meeting at which this report was reviewed. Definition Unless the context otherwise requires, the following terms shall have the meanings set out below: “The Company” or “Zoomlion” refers to Zoomlion Heavy Industry Science and Technology Co., Ltd. “Listing Rules” or “Listing Rules of Hong Kong” refers to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. 147402 (Zoomlion Eng)_00. IFC (eng)_(210x285) \ 14/04/2021 \ X11 \ P. 2 CONTENTS Company Profile 2 Chairman’s Statement 4 Principal Financial Data and Indicators 7 Report of the Board of Directors 10 Management Discussion and Analysis 24 Environmental, Social and Governance Report 34 Significant Events 63 Changes in Share Capital and Shareholders 66 Directors, Supervisors, Senior Management and Employees 71 Share Option Scheme 82 Corporate Governance 86 Independent Auditor’s Report 101 Financial Statements prepared in accordance with International Financial Reporting Standards and Notes 109 147402 (Zoomlion Eng)_01. Company Profile_(210x285) \ 13/04/2021 \ X11 \ P. 2 Company Profile I. Company Information Company name (in Chinese): 中聯重科股份有限公司 Chinese abbreviation: 中聯重科 Company name (in English): Zoomlion Heavy Industry Science And Technology Co., Ltd.* English abbreviation: Zoomlion Legal representative of the Company: Zhan Chunxin Secretary of the Board of Directors/Company Secretary: Yang Duzhi Representative of securities affairs: Xu Yanlai Contact address: No. 361 Yinpen South Road, Changsha, Hunan Province Telephone: (86 731) 85650157 Fax: (86 731) 85651157 E-mail: [email protected] Registered address and place of business of the Company: No. 361 Yinpen South Road, Changsha, Hunan Province, PRC Postal code: 410013 Company website: http://www.zoomlion.com/ E-mail: [email protected] Authorized representatives: Zhan Chunxin, Yang Duzhi Address: No. 361 Yinpen South Road, Changsha, Hunan Province, PRC Newspapers for disclosure of the Company’s information: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily Website publishing the A share announcement: http://www.cninfo.com.cn Website publishing the H share announcement: http://www.hkexnews.hk Listing information: A Shares Shenzhen Stock Exchange of China (“SZSE”) Name: ZOOMLION Stock Code: 000157 H Shares The Stock Exchange of Hong Kong Limited (“SEHK”) Stock Name: ZOOMLION Stock Code: 1157 2 Zoomlion Heavy Industry Science and Technology Co., Ltd. 2020 Annual Report 147402 (Zoomlion Eng)_01. Company Profile_(210x285) \ 13/04/2021 \ X11 \ P. 3 Company Profile II. Other relevant information H Share Registrar: Computershare Hong Kong Investor Services Limited Shops 1712–16, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong Legal Advisors As to PRC law: Fangda Partners 27/F North Tower Beijing Kerry Centre | 1 Guanghua Road Chaoyang District, Beijing, the PRC As to Hong Kong law: Norton Rose Fulbright Hong Kong 38/F, Jardine House, 1 Connaught Place, Central, Hong Kong Auditors Domestic auditors: Baker Tilly China Certified Public Accountants (“Baker Tilly China”) Room 208, Block B, Huatong Building, B 19 Chegongzhuang West Road, Haidian District, Beijing, PRC International auditors: KPMG Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance 8/F, Prince’s Building, 10 Chater Road, Central, Hong Kong Zoomlion Heavy Industry Science and Technology Co., Ltd. 2020 Annual Report 3 147402 (Zoomlion Eng)_02. Chairmans Statement_(210x285) \ 13/04/2021 \ X11 \ P. 4 Chairman’s Statement Chairman Zhan Chunxin 4 Zoomlion Heavy Industry Science and Technology Co., Ltd. 2020 Annual Report 147402 (Zoomlion Eng)_02. Chairmans Statement_(210x285) \ 13/04/2021 \ X11 \ P. 5 Chairman’s Statement Dear Shareholders, 2020 is the last year for building a moderately prosperous society in all respects and carrying out the 13th Five-Year Plan. Zoomlion has comprehensively implemented the new development concept, accelerated the intelligent, digital and green transformation and upgrading, and achieved our best business performance as well as quality in history. “Steady for Far-Reaching” has become the basic logic throughout the development of enterprises. Stability is the foundation for high-quality development, and for enterprises to go through industry cycles and resolve uncertainties. In 2020, based on the deep understanding of macro-economy and industrial laws, Zoomlion accelerated the creation of growth pole and growth point of advanced manufacturing industry. The competitive industries took advantage of the trend while the emerging industries accumulated richly and broke forth vastly, the combination of which contributed to the formation of a 100 billion level industrial cluster. In 2020, Zoomlion marched into the unknown area of scientific and technological innovation, continuously promoted the development of technologies and products to the in-depth intelligence, automation and new energy, and manufactured the extraordinary products based on the extraordinary thinking. In 2020, Zoomlion reshaped its management model, operation model and business model digitally, integrated Internet thinking into the whole chain of enterprise business, kept to it through the whole process of enterprise management and utilized it to activate the whole elements of enterprise development. In 2020, Zoomlion accelerated the overall planning of domestic and international markets, built a new model of “overseas airport + ground force”, and continuously launched the extraordinary products and services on the global market, offering new momentum of steady development surging in the new pattern of double cycle. Intelligence is the core of advanced manufacturing. The future of the enterprise lies more in intelligence. The key to Zoomlion’s future core competitiveness is to accelerate the expansion from product intelligence to intelligence in terms of manufacturing, management, marketing, services and supply chain, and to create an interconnected ecosystem with ubiquitous perception, connection, data and intelligence. In 2020, taking the construction of Zoomlion Smart Industry City as an opportunity, Zoomlion built more than 18 world-leading lighthouse factories, accelerating the profound transformation of industrial model and enterprise form. As the first medium and large-sized excavator rolled off the production line at the end of 2020, the Zoomlion Smart Industry City with the idea of “facing the future and leading in the following 3 decades” is gradually turning from the blueprint into reality. Zoomlion Heavy Industry Science and Technology Co., Ltd. 2020 Annual Report 5 147402 (Zoomlion Eng)_02. Chairmans Statement_(210x285) \ 13/04/2021 \ X11 \ P. 6 Chairman’s Statement 2021 is the first year for the 14th Five-Year Plan. Zoomlion will accurately follow the new development stage, deeply implement the new development concept, and speed up the building of a new development pattern. With a strong sense of responsibility and mission, it will practice the “three high and four new” strategy, build the hundreds-of-billion level industrial joint fleet with high quality, and create a high-quality innovative and intelligent future enterprise, and a high-quality highland of advanced manufacturing industry and scientific and technological innovation. In 2021, Zoomlion will constantly incubate, cultivate and expand to consolidate its industrial echelon, and accelerate the construction of a world-class industrial cluster which is grouped horizontally and chained vertically; focus on innovation, accelerate the iterative upgrading of technology and products, and promote the Company to enter a new stage of comprehensive innovation and upgrading; focus on intelligent manufacturing, and promote the construction of Zoomlion’s intelligent industrial city to speed up in an all-round way, so as to create an efficient, ecological and intelligent city; accelerate the transformation of overseas businesses, optimize and adjust the industrial layout and global resource allocation, and boost enterprises to achieve better development in opening up to the outside world at a higher level. Last, on behalf of the Board of Directors, I would like to express my heartfelt thanks to all the shareholders, customers, partners, people from all walks of life and all the employees of Zoomlion, who care and support the development of the Company. Chairman Zhan Chunxin 6 Zoomlion Heavy Industry Science and Technology Co., Ltd. 2020 Annual Report 147402 (Zoomlion Eng)_03. Principal Financial Data and Indicators_(210x285) \ 13/04/2021 \ X11 \ P. 7 Principal Financial Data and Indicators I. Major Financial Data prepared in accordance with China Accounting Standards (“PRC GAAP”) Unit: RMB 2020 2019 Change 2018 Operating income 65,108,942,242.75 43,307,395,375.43 50.34% 28,696,542,909.99 Net profit attributable to shareholders of the Company 7,280,671,792.59 4,371,456,570.63 66.55% 2,019,857,001.70
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