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ANNUAL REPORT 2020 Contents ANNUAL REPORT 2020 Contents Corporate Information 2 Financial Highlights 3 Chairman’s Statement 4 Management Discussion and Analysis 7 Corporate Governance Report 18 Environmental, Social and Governance Report 28 Directors and Senior Management 71 Directors’ Report 75 Independent Auditor’s Report 85 Consolidated Statement of Profi t or Loss 91 Consolidated Statement of Profit or Loss and Other Comprehensive Income 92 Consolidated Statement of Financial Position 93 Consolidated Statement of Changes in Equity 95 Consolidated Cash Flow Statement 97 Notes to the Financial Statements 99 Financial Summary 174 2 UNITED STRENGTH POWER HOLDINGS LIMITED ANNUAL REPORT 2020 Corporate Information BOARD OF DIRECTORS PRINCIPAL PLACE OF BUSINESS IN Executive Directors HONG KONG Mr. Zhao Jinmin (Chairman & Chief Executive Officer) Suite 4310, 43/F China Resources Building Mr. Liu Yingwu 26 Harbour Road Mr. Ma Haidong (appointed with effect from 24 August 2020) Wanchai Mr. Yuan Limin Hong Kong Non-Executive Director PRINCIPAL SHARE REGISTRAR AND Mr. Xu Huilin (re-designated from executive Director to TRANSFER OFFICE non-executive Director with effect from 31 December 2020) Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive, P.O. Box 2681 Independent Non-Executive Directors Grand Cayman KY1-1111 Ms. Su Dan Cayman Islands Mr. Lau Ying Kit Mr. Zhang Zhifeng HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE COMPANY SECRETARY Tricor Investor Services Limited Mr. Lo Wai Kit, ACCA, FCPA, CFA Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong AUTHORIZED REPRESENTATIVES Mr. Xu Huilin PRINCIPAL BANKERS Mr. Lo Wai Kit CMB Wing Lung Bank Limited China Construction Bank MEMBERS OF AUDIT COMMITTEE Industrial and Commercial Bank of China Mr. Lau Ying Kit (Chairman) HONG KONG LEGAL ADVISER Ms. Su Dan Wan & Tang Mr. Zhang Zhifeng 23/F, Somptueux Central 52 Wellington Street MEMBERS OF REMUNERATION COMMITTEE Central Mr. Zhang Zhifeng (Chairman) Hong Kong Mr. Liu Yingwu Ms. Su Dan AUDITOR KPMG MEMBERS OF NOMINATION COMMITTEE (Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance) Ms. Su Dan (Chairman) 8th Floor, Prince’s Building Mr. Xu Huilin 10 Chater Road Mr. Zhang Zhifeng Central Hong Kong REGISTERED OFFICE Cricket Square, Hutchins Drive COMPLIANCE ADVISOR Zhongtai International Capital Limited PO Box 2681, Grand Cayman KY1-1111 19th Floor, Li Po Chun Chambers Cayman Islands 189 Des Voeux Road Central Hong Kong PRINCIPAL PLACE OF BUSINESS IN THE PRC STOCK CODE No. 2101, Unit 1 2337 Block 23, Zone G COMPANY WEBSITE Solana 2, Erdao District www.united-strength.com Changchun Jilin Province, the PRC CONTACT DETAILS Phone: (852) 3896 3333 Fax: (852) 3896 3300 3 UNITED STRENGTH POWER HOLDINGS LIMITED ANNUAL REPORT 2020 Financial Highlights 2020 2019 RMB’000 RMB’000 (Restated) Revenue 3,481,322 3,953,293 Gross profit 470,285 499,945 Profit for the year 124,363 138,437 Profit attributable to equity shareholders of the Company 123,283 135,645 Gross profit margin 14% 13% Earnings per share — Basic & Diluted (RMB) 0.35 0.41 Total assets 1,273,135 1,056,037 Net assets 285,109 271,926 4 UNITED STRENGTH POWER HOLDINGS LIMITED ANNUAL REPORT 2020 Chairman’s Statement Zhao Jinmin Chairman & Chief Executive Officer Dear Shareholders, I, on behalf of the board (the “Board”) of directors (the “Directors”) of United Strength Power Holdings Limited (hereinafter referred to as “United Strength Power”, “the Company” or “our Company”), hereby present the annual business results of our Company and its subsidiaries (hereinafter collectively referred to as “our Group”, “we” or “us”) for the year ended 31 December 2020 (hereinafter referred to as the “Reporting Period”). 5 UNITED STRENGTH POWER HOLDINGS LIMITED ANNUAL REPORT 2020 Chairman’s Statement BUSINESS REVIEW During the Reporting Period, the Group completed the 2020 was special – on one hand, the COVID-19 outbreak acquisition of the entire issued share capital of Eternal at the beginning of the year caused the sudden halt of Global Investment Limited (“Eternal Global”), taking the economic production and the slump of international first step towards potential new businesses. According transportation and aviation industry, severely impacting to Frost & Sullivan, as of 31 December, 2019, car users both the domestic and global economy; on the other with gasoline vehicles accounted for more than 97.0% hand, the frequent occurrence of black swan events of total, while 2.6% were users of natural gas vehicles. in international politics and tensions in the Middle East The completion of this acquisition will help expand our brought uncertainties to the international commodities refuelling business, refuelling station network, market market, and the oil and gas market experienced repeated share and scale in the northeast area, provide a richer fluctuations. product portfolio and a broader sales network, and avoid policy risks to the Group’s main business due to Facing the daunting market conditions, the Group adjusted the longer-than-expected approval period for gas-only its business strategies in a timely manner in response to refuelling stations. policy changes and adopted effective measures to ensure the normal operation and progress of the business. During The completion of the acquisition of Eternal Global has also the pandemic-stricken period, we actively cooperated turned a page for the Group’s business layout. In order to with the local government in epidemic prevention and support the development of the new refuelling business control. For our main customer groups, i.e. taxis and and leverage the synergy between the oil refuelling buses, the Group took various measures to stabilize the and gas refuelling businesses, during the Reporting customer base and improve customer loyalty such as Period, the Group entered into a strategic cooperation free disinfection for vehicles and complimentary epidemic framework agreement with China Sam Enterprise Group prevention supplies for drivers that refuelled in our gas Co., Ltd. (“Sam Group”) for potential retail and wholesale stations, which provided a stable customer group that transportation and storage projects for petroleum and helped our sales returning to a normal level in the post- natural gas in the future. The Group also signed a Letter of epidemic period. As the epidemic gradually mitigated, Intent with Jilin Zhongyuan Industrial Group Co., Ltd. (“Jilin the Group prioritized the safety of its customers and Zhongyuan”) to consolidate its market position in the employees, and resumed work and production in an energy industry in the northeast region and provide a good orderly manner to minimize the impact of the epidemic basis for its long-term healthy development. and deliver solid operation results. During the Reporting Period, thanks to a series of national policy incentives for the economy, consumption, energy and automobile industries, as well as the unremitting efforts of the management team and all staff members, the Group achieved operating profit of RMB207.9 million and profits attributable to shareholders of RMB123.3 million against all odds. 6 UNITED STRENGTH POWER HOLDINGS LIMITED ANNUAL REPORT 2020 Chairman’s Statement FUTURE PROSPECTS APPRECIATION 2021 marks the beginning of the “14th Five-Year Plan”. In the very special and challenging year that has just With uncertainties about the pandemic lingering and gone by, the Group received strong support and trust economic growth slowing down, the domestic energy from its shareholders, investors and business partners industry is faced with both challenges and opportunities. and was backed by the hard work and dedication of the management and all staff members, for which the Board President Xi Jinping put forward a new energy security would like to express its sincere gratitude. strategy of “Four Revolutions, One Cooperation”, and proposed the goals that having CO2 emissions peak before 2030 and achieving carbon neutrality before 2060, providing innovative guidance for the reform of the energy structure. The State Council issued a white book named “Energy in China’s New Era”, proposing to comprehensively promote the reform of energy consumption patterns, establish a diversified and clean energy supply system, Zhao Jinmin boost natural gas production capacity, increase domestic Chairman & Chief Executive Officer natural gas supply, promote crude oil production and storage enhancement, coordinate the development of Hong Kong transportation methods for various energy and energy sources such as coal, electricity, oil and gas, construct 26 March 2021 an interconnected transmission and distribution network and support the innovation and development of energy technologies, so as to comprehensively deepen the reform of the energy system and build an energy market featuring effective competition. The Group has been exploring the energy market in the northeast area for years and has established a solid brand penetration and business foundation. In the future, we will continue to expand our business and improve our long-term development potential by leveraging our own advantages. Looking ahead, after the completion of the acquisition of Eternal Global, the Group officially kicked off the refuelling business and diversified our sources of income. In addition, the Board is also actively seeking strategic cooperation and acquisitions to consolidate our gas and oil refuelling businesses and give full play to the synergy among different business sectors. At the
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