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2014 Annual Report Annual 2014 Important Notice (A joint stock limited company incorporated in the People's Republic of China with limited liability) Stock Code: 1766 2 0 14 Annual Report CONSOLIDATE THE EFFORTS ·STRIVE FOR CONSISTENCY Address: No. 16, Central West Fourth Ring Road, Haidian District, Beijing, the PRC Post Code: 100036 | Email: [email protected] | Website: www.csrgc.com.cn 2014 Annual Report Important notIce 1. the board of directors (the “Board”) and the supervisory committee (the “Supervisory committee”) of the company and its directors (the “Director(s)”), supervisors (the “Supervisor(s)”) and senior management (the “Senior management”) warrant that there are no false representations, misleading statements contained in or material omissions from this annual report and they will assume joint and several legal liabilities for the truthfulness, accuracy and completeness of the contents disclosed herein. 2. This annual report has been considered and approved at the ninth meeting of the third session of the Board of the company. all Directors of the company attended the Board meeting. 3. Deloitte touche tohmatsu CPA LLp has issued standard unqualified audit report for the company’s financial statements prepared under the PRC GAAP in accordance with PRC auditing Standards. Deloitte touche tohmatsu has issued standard unqualified audit report for the financial statements prepared under the International Financial reporting Standards (“IFrSs”) in accordance with Hong Kong Standards on auditing. 4. Zheng changhong, the chairman of the company, Zhan Yanjing, the person-in-charge of accounting affairs, and Liu Jiang, the head of the accounting Department, warrant the truthfulness, accuracy and completeness of the financial statements in this annual report. 5. The forward looking statements set out in this annual report, including future plans and development strategy, will not constitute any part of substantive commitments made by the company to investors. Investors should exercise caution when dealing in the shares of the company. CONTENT CSR Profile 2 Results Highlights 4 Financial Summary 5 Corporate Structure Chart 6 Chairman’s Statement 8 Report of Directors 10 Directors, Supervisors, Senior Management and Staff 60 Corporate Governance Report 74 Investor Relations 89 Fulfilling Social Responsibilities 91 Changes in Shares and Particulars of Shareholders 96 Significant Events 104 Independent Auditor’s Report 113 Notes to the Consolidated Financial Statements 124 Definitions 229 Basic Information of the Company 231 2 CSR CoRPoRAtIoN LIMItED CSR Profile The newly signed overseas orders amounted to “US$3.76 billion” cSr corporation Limited is one of the largest rolling stock suppliers in the world. It has a world-class platform for its mature rolling stock products in series including high speed mUs, high-powered electric locomotives, transit vehicles, heavy haul freight trains and high-end carriages, as well as the ability for the research and development, manufacturing and services for a series of railway transportation equipment, providing green rail transit products and contracting and finance services, and providing outstanding system solutions for the customers. cSr adhered to the principle of “resource extension, high-end positioning, limited multielements”, and vigorously expanded its business into extended industries such as new energy equipment, new materials, AC transmission and industrial automation, and engineering machinery, as well as contracting, finance lease, financial service, business and assets investment and management, capital operation and other businesses, which contributed to a steady improvement in its ability in meeting market demands, sustainable development and profitability. cSr had 22 directly held wholly-owned and non-wholly-owned subsidiaries, located in 10 provinces (including municipalities directly under the central government) in mainland china and Hong Kong Special administrative region, with nearly 90,000 employees and total assets of RMB150.6 billion. INNOVATION WItH KEEN DETERMINATION In 2014, cSr has been around forging ahead with innovative ideas and international operations, and gradually promoting the concept of industrial 4.0. the company actively adapted to changes in the mode of production, accelerated integration of industrialization and information, integration of manufacturing industry and service industry, integration of product management and capital operation. cSr focused on enhancing the added value of the products, and promoting industrial pattern to shift from the core of product manufacturing into equal importance in the products, services, finance and system solutions. cSr continuously strengthened customer-oriented personalized research and design, consulting and planning, financial support, supply chain management, online monitoring and maintenance, technical support and after-sales services and other businesses, and strengthening their competitive advantages. cSr is committed to achieving technological breakthroughs, strengthening basic research and technology, enhancing the technical capacity to combine with the Internet. the cSr Industrial research Institute can be a leader to improve top-level design in technological innovations, promote WIFI system of the train mobile communications and other cutting-edge subjects, and gradually promote the establishment of the platform of research Institute as an important engine for innovation and development of the company. During the reporting period, the research and development of china standard EMU has entered into a trial stage; alpine EMU and double-flow intercity EMU with the speed of 140 km per hour completed trial manufacture, and EMU product spectrum has been further improved; the world’s advanced level and the world’s first energy-storage tramcar with 100 % of low floor has been successfully developed, with a broad market prospect. the company accelerated new business models of innovation practice, actively developed contracting business, financial leasing, capital operation and other modern manufacturing service industry. the contracting business of nanjing Hexi tramcar project has been successfully completed and entered the buyback period, and accumulated successful experience; financial leasing business had a rapid development, with chengdu metro being the first to create a new model of integration of industry and finance in the industry. LEAN MANAGEMENT In 2014, the company strengthened “6621” platform construction, enhanced the on-site management, and promoted basic management level around the target of “double-effect cSr”. cSr optimized operation control, continuously strengthened operation dispatching and rolling budget, established value-oriented philosophy to guide its subsidiaries to establish and improve a good mechanism focusing on efficiency and benefit, the current benefit and long-term development, and considering enterprise development and employees harmony. cSr deepened the comprehensive budget management, strengthened budget enforcement to ensure the continued growth in the group revenue and profit target, and continued optimization of efficiency indicators. cSr increased centralized procurement efforts, accelerated popularization and application of the procurement e-business platform, expanded the scope of on-line goods procurement to ensure that the on-line rate of procurement is more than 60%. cSr strengthened inventory control, and reduced occupation of funds. the company accelerated the development of lean, actively promoted railway transportation equipment and standardization and modularity construction of the new product technology platform, developed a promotion plan for product module library, implemented product module library construction in the pilot enterprise, to create rapid design capabilities for the future market. the company paid attention to the whole industry chain, the value improvement and innovation of the product life cycle, and strengthened the value creation effect in the technological innovation. the company built a comprehensive information platform, and accelerated digital applications from the management, research and development, design and manufacturing to operation and maintenance of the product life cycle. INTERNATIONAL eXPANSION In 2014, the company continued to strengthen international operations, and gradually shifted from focusing on product sales into expanding the global market, taking into account of the integration of global quality resources, promoting overseas industrial layout, and enhancing the ability of international operation. the international operations of cSr have entered into a new phase, and multinational index has been improved significantly. the company optimized the organizational structure, and accelerated the promotion of internationalization strategy. In 2014, cSr has built four regional companies, three regional offices and three manufacturing bases in the overseas. the company had an initial construction of autonomous, collaborative and global international marketing network system, and continuously improved the synergies in the market. the company simultaneously developed “deep culture” and “open up” in the overseas market, completed the signing of the complete vehicle project of 35 locomotives and multiple railway accessories and export of new industrial products to achieve a total of US$3.76 billion in the new order signed for export, reaching the best level in history. 2014 ANNuAL REPoRt 3 CSR Profile the company improved the project mechanisms, and continuously
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