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2018 Interim Report

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2018 Interim Report 2018 INTERIM REPORT (A joint stock limited company incorporated in the People’s Republic of China with limited liability) Stock Code: 1618 * For identification purpose only * 僅供識別 Important Notice I. The Board and the Supervisory Committee of the Company and its Directors, Supervisors and senior management warrant that the contents of this interim report are true, accurate and complete without false representations, misleading statements or material omissions, and they severally and jointly accept legal responsibility for the above warranty. II. All Directors of the Company attended the forty-third meeting of the second session of the Board convened on 30 August 2018. 6 out of 7 eligible directors attended the Meeting. Jing Tianliang, a Director, did not attend the meeting due to other business engagements and authorized Yu Hailong, a Director, in writing to attend the meeting and exercise the voting right on his behalf upon consideration of the resolutions. Position of the absent Name of the absent Reason for the absence of Director Director the Director Name of the appointee Director Jing Tianliang Duet to other business Yu Hailong engagements III. Deloitte Touche Tohmatsu CPA LLP issued a review report of unqualified opinion report to the Company. IV. Guo Wenqing, the Chairman and legal representative of the Company, Zou Hongying, the Vice President and General Accountant of the Company, and Fan Wanzhu, the Deputy General Accountant and Head of the Financial Planning Department have declared that they warrant the truthfulness, accuracy and completeness of the financial report contained in this interim report. V. Statement for the risks involved in the forward-looking statements The forward-looking statements contained in this report regarding the Company’s future plans and others do not constitute any substantive commitment to investors by the Company and investors are reminded of investment risks. VI. Is there any misappropriation of funds by the Controlling Shareholder and its related parties for non-operating purposes No VII. Is there any external guarantee made in violation of the required decision-making procedures No VIII. Warning of major risks 1. International and domestic macroeconomic trends All business operations of the Company are affected by the international and domestic macroeconomic environment. Macroeconomic trends inside or outside China may have an impact on various business segments of the Company, including procurement, production and sales, thereby causing fluctuations in the Company’s operating performance. The Company’s operating income is mainly derived from the domestic market. Its business operations may perform differently in various domestic economic cycles. 2. Changes in the policies of the industries in which the Company operates and the demands of its domestic and overseas markets The Company’s engineering contracting, property development and equipment manufacture businesses were all influenced by the policies of the industry. In recent years, the adjustments to the business fields and the regional market strategies have been guided, to a certain extent, by the restructuring and upgrade of the steel and iron industry pushed forward by the PRC’s implementation of “Made in China 2025”（《 中 國 製造2025》）, a nation strengthening strategy focusing on manufacturing industries, and implementation of “destocking”, a supporting policy focusing on the property industry, periodic fluctuations of the industries and changes in the operating situation of upstream and downstream enterprises of the industries, and thereby influencing the Company’s internal structure and hence influencing the Company’s financial position. IX. Others Unless otherwise specified, all the amounts in this report are denominated in RMB. 2018 Interim Report 1 2 Metallurgical Corporation of China Ltd. Contents Definitions 4 Chairman’s Statement 6 Company Profile and Major Financial Indicators 8 Report of Directors 18 Business Discussion and Analysis 34 Significant Events 54 Changes in Ordinary Shares and Particulars 77 of Shareholders Directors, Supervisors and Senior Management 82 Corporate Bonds 88 Financial Report 95 Documents for Inspection 312 2018 Interim Report 3 Definitions In this report, unless the context otherwise requires, the following expressions have the meanings as follows: Definitions of commonly used expressions “Company” or “MCC” Metallurgical Corporation of China Ltd.* “State Council” the State Council of the People’s Republic of China “SASAC” the State-owned Assets Supervision and Administration Commission of the State Council “CSRC” the China Securities Regulatory Commission “SSE” the Shanghai Stock Exchange “Shanghai Listing Rules” or the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange “A Share Listing Rules” “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “Hong Kong Listing Rules” or the Rules Governing the Listing of Securities on The Stock Exchange of Hong “H Share Listing Rules” Kong Limited “Controlling Shareholder” or “MCC Group” China Metallurgical Group Corporation “China Minmetals” China Minmetals Corporation “Shareholders’ Meeting” the Shareholders’ meeting of Metallurgical Corporation of China Ltd.* “Shareholder(s)” holder(s) of share(s) of the Company “Board” the board of Directors of Metallurgical Corporation of China Ltd.* “Director(s)” the Director(s) of the Company, including all executive, non-executive and Independent Non-executive Directors “Independent Director” or a Director who is independent of the Shareholders of the Company and is “Independent Non-executive Director” not an employee of the Company, has no material business connections or professional connections with the Company or its management and is responsible for exercising independent judgment over the Company’s affairs “Supervisory Committee” the Supervisory Committee of Metallurgical Corporation of China Ltd.* “Supervisor(s)” the Supervisor(s) of the Company “Articles of Association” the articles of association of Metallurgical Corporation of China Ltd.* 4 Metallurgical Corporation of China Ltd. Definitions “Reporting Period” from 1 January 2018 to 30 June 2018 “A Share(s)” the domestic shares with a nominal value of RMB1.00 each in the ordinary share capital of the Company, which are listed on the Shanghai Stock Exchange and traded in RMB “H Share(s)” the overseas listed foreign invested shares with a nominal value of RMB1.00 each in the ordinary share capital of the Company, which are listed on the Hong Kong Stock Exchange and subscribed and traded in Hong Kong dollars “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules of the Hong Kong Stock Exchange “Connected person(s)” connected party/parties under A Share Listing Rules and connected person(s) under the H Share Listing Rules “Renminbi” or “RMB” Renminbi, the lawful currency of the PRC “Hong Kong dollars” Hong Kong dollars, the lawful currency of Hong Kong “USD” United States dollars, the lawful currency of the United States “Securities and Futures Ordinance” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time “Corporate Governance Code” the Corporate Governance Code and Corporate Governance Report set out in Appendix 14 to the Hong Kong Listing Rules 2018 Interim Report 5 Chairman’s Statement Chairman Guo Wenqing 6 Metallurgical Corporation of China Ltd. Chairman’s Statement You reap what you sow. In the first half of the year, insisting on the strategic positioning of “being the national team for metallurgical construction, the main force for fundamental construction, the forerunner of the emerging industries, and long-term adherence to pursuing the path for development with advanced technologies and high quality”, MCC’s interim operating results broke records again, creating the historical best compared with the same period before. During the Reporting Period, the Group had remarkable increase in revenue and profit year on year, among which the operating revenue amounted to RMB126,100 million, representing a year-on-year increase of 24.76%, while the total profit amounted to RMB4,660 million, representing a year-on-year increase of 17.35%, among which the net profit attributable to Shareholders of the listed Company amounted to RMB2,910 million, representing a year-on-year increase of 8.69%. It was the first time for all the four major business segments recorded profit. The revenue from the engineering segment and property segment experienced steady growth, while the revenue and profit from the resource segment increased substantially, and the manufacture segment turned losses into profit. The contract quality continued to improve, with remarkable increase in the number of newly-signed large-scale projects. The newly-signed projects with the amount of over RMB500 million amounted to RMB176,800 million, representing a year-on-year increase of 18.22%, accounting for 59.02% of all newly-signed projects. The Company has made new achievements in scientific and technological innovation, resulting in emerging in major innovation results. Three national enterprise technology centers and one national technology standard innovation base have been approved, becoming one of the first batch of the six international standard innovation bases in China, and the number of science and technology platforms with national level has increased to 24. The Company had 2,100 new authorized
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