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Annual Report 2017 Annual Report 2017 Xiamen Kehua Hengsheng Co., Ltd. No. 1 China UPS Brand - CCID 2017 30 Years Experiences in Power Industry April 2018 2017 Annual Report of Xiamen Kehua Hengsheng Co., Ltd. Contents Company Information………………………………………………………………...….…….2 Analysis on Main Businesses………………………………………………………..…………2 1. Overview………………………………………………………………………………….…2 2. Revenues and costs……………………………………………………………...….....……2 3. Expenses…………………………………………………………..................................……7 4. Investment in research and development……………………………….……………...…7 Analysis on Investment……………………............... ……………………...............................9 1. Overview……………………………………………………………………………………..9 2. Significant equity investment acquired during the reporting period……….…………10 3. Significant non-equity investment ongoing during the reporting period…….………12 4. Financial assets measured at fair value…….………….……….……….……….………12 5. Use of Raised Funds……. ….……….……….……….…...…….……….……….………12 Shareholders and Actual Controllers….……….…...…….……….……………….………16 1. Total number of shareholders of the Company and their shareholdings…….……….16 Status of the Company’s Employees.……………….………………………………………18 Main business during the reporting period……….……….…...…….……….……...……18 1. Cloud computing basic service (“cloud-based” business) ….…………………………19 2. Energy-based business….………….………. ………….……….…...…...….…...…….…19 3. New energy business….…………….……………….……….…...……...….…...…….…19 Core Competitiveness Analysis .…………….……….…... …….…...…….….........…….…20 Discussion and Analysis on Operations…………….……….…...………………...…….…23 Outlook of Future Development of the Company…………….……….…...........…….…25 1. Industry trends…………….……….…... ………….………. …….…...…...…….…….…25 2. Company's development strategy…………….……….…. …….….....…………...….…27 3. 2018 annual operational planning…………….……….…... …….…...…………………27 Performance of the social responsibility …………….……….…... …….…... ……..…….29 1 2017 Annual Report of Xiamen Kehua Hengsheng Co., Ltd. Company Information Stock Short Name Kehua Hengsheng Stock Code 002335 Stock Exchange on which the shares are Shenzhen Stock Exchange listed Chinese Name of the 厦门科华恒盛股份有限公司 Company Chinese Abbreviation 厦门科华恒盛股份有限公司 of the Company English Name of the XIAMEN KEHUA HENGSHENG CO.，LTD. Company (if any) Legal Representative Chen Chenghui of the Company No. 457, Malong Road, Torch Park, Torch High-Tech Industrial Zone, Registered address Xiamen, Fujian, China Postal Code of the 361006 Registered Address No. 457, Malong Road, Torch Park, Torch High-Tech Industrial Zone, Address Xiamen, Fujian, China Postal Code of the 361006 Office Address Website www.kehua.com.cn E-mail [email protected] Analysis on Main Businesses 1. Overview Refer to the relevant content of “I. Overview” in the “Discussion and Analysis on Operations” section. 2. Revenues and costs (I) Operating revenue composition Unit: RMB 2017 2016 Increase Amount Proportion in Amount Proportion in and operating operating decrease on revenue revenue year-on- year basis (%) Total of operating 2,412,344,741.63 100% 1,769,996,350.07 100% 36.29% revenue By industries Electrical and electronic equipment 2,382,469,162.41 98.76% 1,733,349,792.29 97.93% 37.45% manufacturing industry Other 29,875,579.22 1.24% 36,646,557.78 2.07% -18.48% operations By products 2 2017 Annual Report of Xiamen Kehua Hengsheng Co., Ltd. High-end power supply 735,785,700.09 30.50% 699,636,616.22 39.53% 5.17% products Basic cloud products and 740,430,537.17 30.69% 303,662,834.56 17.16% 143.83% services New energy 340,460,740.76 14.11% 266,452,255.75 15.05% 27.78% products Auxiliary 366,993,846.89 15.21% 282,251,385.08 15.95% 30.02% products Photovoltaic power 71,377,320.91 2.96% 55,209,439.05 3.12% 29.28% generation Power automation system and 127,421,016.59 5.28% 126,137,261.63 7.13% 1.02% smart energy management system Other 29,875,579.22 1.24% 36,646,557.78 2.07% -18.48% operations (II) Situation of industries, products or regions with a revenue or business profit accounting for more than 10% of that of the Company √Applicable □Not applicable Whether the Company shall abide by the disclosure requirements of a special industry No Unit: RMB Year-on- Year-on- Year-on- year year Gross year Operating movement movement Operating cost profit movement revenue in in rate in gross operating operating profit rate revenue cost By industries Electrical and electronic equipment 2,382,469,162.41 1,594,544,208.19 33.07% 37.45% 43.34% -2.75% manufacturing industry By products High-end power supply 735,785,700.09 462,788,376.84 37.10% 5.17% 8.83% -2.12% products Basic cloud 740,430,537.17 508,846,687.07 31.28% 143.83% 142.30% 0.43% products and services New energy 340,460,740.76 244,997,532.00 28.04% 27.78% 38.20% -5.43% products Auxiliary 366,993,846.89 272,642,766.64 25.71% 30.02% 35.17% -2.83% 3 2017 Annual Report of Xiamen Kehua Hengsheng Co., Ltd. products Photovoltaic power 71,377,320.91 19,684,497.20 72.42% 29.28% 32.30% -0.63% generation Power automation system and 127,421,016.59 85,584,348.44 32.83% 1.02% 2.76% -1.14% smart energy management system The main business data adjusted at the end of the reporting period will be taken for the recent one year if the Company's statistical caliber of main business data is adjusted during the reporting period. □ Applicable √ Not applicable (III) Whether the Company's sales revenue from material object is greater than service revenue √Yes □No Trade category Item Unit 2017 2016 Increase and decrease on year-on- year basis (%) Electrical and Sales volume Pcs (set) 563,586 634,808 -11.22% electronic Production Pcs (set) 573,565 625,414 -8.29% equipment quantity (set/pcs) Inventory Pcs (set) 34,386 24,407 40.89% Sales volume Pcs (set) 22,781 22,331 2.02% Supporting Production device for new Pcs (set) 22,182 20,847 6.40% quantity energy (pcs) Inventory Pcs (set) 1,757 2,356 -25.42% Power Sales volume Pcs (set) 10,668 12,622 -15.48% automation Production Pcs (set) 8,386 15,459 -45.75% system and quantity smart energy system Inventory Pcs (set) 6,485 8,767 -26.03% Explanation on the causes for the related data with a year-on-year change over 30% √Applicable □Not applicable 1. The main reason for the increase in the ending inventory of power electronic equipment is that the Company's final sales orders have increased, and the delivery has not yet been completed by the end of the period, which leads to the increase in the ending inventory. 2. The current sales consumption of the power automation system and smart energy system is mainly from the inventory, so the production volume in the current period is decreased. (IV) Performance for major sales contracts signed by the Company as of the reporting period □ Applicable √ Not applicable (V) Composition of operation cost By industry and product Unit: RMB 4 2017 Annual Report of Xiamen Kehua Hengsheng Co., Ltd. 2017 2016 Increase and decrease Trade Proportion Proportion Item in in on year- category Amount Amount operating operating on-year costs costs basis (%) Electrical and electronic Prime equipment business 1,594,544,208.19 99.73% 1,112,386,140.11 99.60% 43.34% manufacturing cost industry Prime Other business 4,375,194.27 0.27% 4,502,205.43 0.40% -2.82% operations cost Unit: RMB 2017 2016 Increase and Proportion Proportion decrease By product Item in in Amount Amount on year- operating operating on-year costs costs basis (%) High-end Prime power business 462,788,376.84 28.94% 425,243,328.54 38.07% 8.83% supply cost products Basic cloud Prime products business 508,846,687.07 31.82% 210,003,531.39 18.80% 142.30% and services cost Prime New energy business 244,997,532.00 15.32% 177,273,267.39 15.87% 38.20% products cost Prime Auxiliary business 272,642,766.64 17.05% 201,704,375.23 18.06% 35.17% products cost Photovoltaic Prime power business 19,684,497.20 1.23% 14,878,892.55 1.33% 32.30% generation cost Power automation system and Prime smart business 85,584,348.44 5.35% 83,282,745.01 7.46% 2.76% energy cost management system Other Other operating 4,375,194.27 0.27% 4,502,205.43 0.40% -2.82% operations cost Notes By product Item 2017 2016 Increase 5 2017 Annual Report of Xiamen Kehua Hengsheng Co., Ltd. and decrease Proportion Proportion on year- Amount Amount in in on-year operating operating basis costs costs (%) Raw 400,84,257.11 86.62% 367,855,919.56 86.50% 8.98% High-end materials power supply Others 61,914,119.74 13.38% 57,387,408398 13.50% 7.98% Raw 153,235,161.90 30.11% 107,693,789.07 51.28% 42.29% Basic cloud materials products and IDC O&M 347,644,352.78 68.32% 98,736,921.12 47.02% 252.09% services cost Others 7,967,172.39 1.57% 3,572,821.20 1.70% 122.99% Raw Product series 221,753,151.60 90.51% 162,974,936.85 91.93% 36.07% for new materials energy Others 23,244,380.40 9.49% 14,298,330.54 8.07% 62.57% Raw 267,003,282.42 97.93% 196,206,466.74 97.27% 36.08% Auxiliary materials products Others 5,639,484.22 2.07% 5,497,908.49 2.73% 2.58% Power Raw 81,039,996.16 94.69% 80,349,221.69 96.48% 0.86% automation materials system and smart energy management Others 4,544,352.28 5.31% 2,933,523.32 3.52% 54.91% system Operation Photovoltaic and power 19,684,497.20 100.00% 14,878,892.55 100.00% 32.30 maintenance generation cost (VI) Information on main sales customers and main suppliers Main sales customers of the Company Total sales amount of the top 5 customers (RMB) 234,912,793.92 Proportion of the total sales amount of the top 5 customers in total 9.74% annual sales amount Proportion for the sales amount of the related parties among the top 5 0.00% clients in total annual sales amount Information on the top 5 customers of the Company S/N Customer name Sales amount (RMB) Proportion in total annual sales amount 1 No.1 62,806,507.21 2.60% 2 No.2 50,298,570.17 2.09% 3 No.3 44,149,477.17 1.83% 4 No.4 39,726,603.52 1.65% 5 No.5 37,931,635.85 1.57% Total -- 234,912,793.92 9.74% Explanation on other situations of main customers □ Applicable √ Not applicable Main suppliers of the Company 6 2017 Annual Report of Xiamen Kehua Hengsheng Co., Ltd.
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