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2020 Annual Results Announcement

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2020 Annual Results Announcement B_table indent_3.5 mm N_table indent_3 mm Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 3898) 2020 ANNUAL RESULTS ANNOUNCEMENT The board of directors (the “Board”) of Zhuzhou CRRC Times Electric Co., Ltd. (the “Company” together with its subsidiaries, the “Group”) is pleased to announce the audited results of the Group for the year ended 31 December 2020. This announcement, containing the main text of the 2020 annual report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in relation to information to accompany preliminary announcements of annual results. The 2020 annual report of the Company will be despatched to the H-Share holders of the Company and will also available for viewing on the website of the Stock Exchange at http://www.hkex.com.hk and on the website of the Company at http://www.tec.crrczic.cc on or before 30 April 2021. By order of the Board Zhuzhou CRRC Times Electric Co., Ltd. Li Donglin Chairman Zhuzhou, China, 30 March 2021 As at the date of this announcement, our chairman of the Board and executive director is Li Donglin, our vice chairman of the Board and executive director is Liu Ke’an, our other executive directors are Shang Jing and Yan Wu, our non-executive director is Zhang Xinning, and our independent non-executive directors are Chan Kam Wing, Clement, Pao Ping Wing, Liu Chunru, Chen Xiaoming and Gao Feng. Contents 2 | Financial Highlights 3 | Chairman’s Report 5 | Management Discussion and Analysis 11 | Directors, Supervisors and Senior Management 25 | Corporate Governance Report 42 | Directors’ Report 65 | Supervisory Committee’s Report 67 | Auditors’ Report 72 | Consolidated Statement of Financial Position 74 | Company’s Statement of Financial Position 76 | Consolidated Statement of Profit or Loss and Other Comprehensive Income 78 | Company’s Statement of Profit or Loss and Other Comprehensive Income 79 | Consolidated Statement of Cash Flows 81 | Company’s Statement of Cash Flows 83 | Consolidated Statement of Changes in Equity 85 | Company’s Statement of Changes in Equity 87 | Notes to the Financial Statements 289 | Glossary 296 | Basic Corporate Information Notes: 1. The financial data in this Annual Report are prepared under PRC Accounting Standards; 2. This Annual Report is prepared in Chinese and English. In the event of any inconsistency between the Chinese version and the English version, the Chinese version shall prevail. Financial Highlights CONSOLIDATED STATEMENT OF PROFIT OR LOSS HIGHLIGHTS Year ended 31 December 2020 2019 2018 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 16,033,899 16,304,207 15,657,900 15,143,709 14,657,820 Operating profit 2,777,570 2,901,285 2,942,893 2,816,361 2,971,620 Total profit 2,836,938 2,932,613 2,967,131 2,874,309 3,320,250 Net profit 2,496,557 2,657,559 2,650,535 2,562,210 2,902,686 Net profit attributable to shareholders of the Parent 2,475,455 2,659,164 2,612,488 2,523,471 2,893,142 Net profit attributable to non-controlling interests 21,102 -1,605 38,047 38,739 9,544 Basic earnings per share (RMB Yuan/share) 2.11 2.26 2.22 2.15 2.46 CONSOLIDATED STATEMENT OF FINANCIAL POSITION HIGHLIGHTS As at 31 December 2020 2019 2018 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total assets 33,865,721 32,985,615 29,034,522 26,649,648 23,735,276 Total liabilities 9,606,131 10,789,336 8,911,008 8,593,083 7,664,369 Net assets 24,259,590 22,196,279 20,123,514 18,056,565 16,070,907 2 ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. 2020 Annual Report Chairman’s Report Dear Shareholders, I am pleased to present the annual report of the Company for the year ended 31 December 2020. On behalf of the Board of Directors, I would like to express my sincere gratitude to all shareholders for your continual support and care. PERFORMANCE REVIEW The Group’s revenue in 2020 amounted to RMB16,033.9 million (2019: RMB16,304.2 million), representing a decrease of 1.7% year-on-year. Net profit attributable to Shareholders of the Parent Company amounted to RMB2,475.5 million (2019: RMB2,659.2 million), representing a decrease of 6.9% year-on-year. Basic earnings per share amounted to RMB2.11 (2019: RMB2.26), representing a decrease of 6.6% year-on-year. BUSINESS REVIEW AND OUTLOOK Business Review The year of 2020 is the final year of the “13th Five-Year Plan”, and the outbreak of COVID-19 had a profound impact on the world. The Group continued to deepen reform and innovation efforts and consolidate industrial operations, and focused on technology research and development, strengthening the fine management and improving efficiency. The Company has achieved stable development. In respect of the rail transit sector, the existing orders for the locomotive traction system were delivered as scheduled, the Chinese standard EMU with a speed of 250 kilometers per hour started trial operation in batch, and a high-speed maglev prototype with a speed of 600 kilometers per hour was successfully tested; the Company has led the domestic urban rail traction systems industry for nine consecutive years in terms of market share, and China’s first full-line permanent magnet subway Changsha Line 5 was successfully opened, ushering the domestic subway sector into the permanent magnet era; our high-end rail grinder, a road maintenance machinery, gained new orders; and LKJ-15C has been installed for application on local railway systems, while ETCS has been installed for trial in Europe. In respect of the new industry sector, IGBT’s chips have won orders from projects of China Southern Power Grid, the delivery of Wudongde Flexible DC Transmission Project has been achieved and IGBTs for civil automobiles received batch orders from Guangzhou Automobile and Dongfeng Automobile; the Company has developed joint venture brand for our electric drive system applied in new energy vehicles; our wind power converters and central air conditioning converters continued to be delivered in batches; the Company has received bulk orders for current sensors, and the self-developed Hall ASIC chips have been developed and applied in batches; and the “Shuilong” shallow water trencher successfully conducted subsea tests. In the past year, the Company spared no effort in innovating mechanisms and systems. The Company has taken key steps in the proposed Initial Public Issue and Listing of A Shares on the Science and Technology Innovation Board, aiming to optimize the allocation of resources, improve operational efficiency and enhance the level of asset management. Outlook As of the end of 2020, China’s railway operating mileage reached 146,300 kilometers, of which the high-speed rail mileage reached 37,900 kilometers. The “four vertical and four horizontal” high-speed rail network was completed ahead of schedule while the “eight vertical and eight horizontal” high-speed rail network had been strengthened and formed. 2021 is the opening year of the “14th Five-Year Plan”. In the face of the prolonged COVID-19 epidemic and the complicated domestic and international environment, railway investments are expected to maintain stable development and bring development opportunities to the Company. 2020 Annual Report ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. 3 Chairman’s Report In 2021, the Company will adhere to the concept of “operating with high quality and high efficiency” and the strategy of “concentric and diversified development”. The Company will deeply cultivate the rail transit field, develop the emerging industries in an innovative manner and give full play to its strong vertical integration capabilities in the industrial chain and cross-professional technical advantages based on the market-oriented principle. In addition, the Company will promote multi-system synergy and complementarity, as well as innovation and integration, and improve quality and empowerment through fine management, so as to steadily improve efficiency and benefits, continuously enhance the innovation of mechanisms and systems and fully realize the Company’s steady development. In terms of the railway industry, the Company will continue to leverage the advantages of the railway industry platform, step up our efforts on key technology research and accelerate the industrial layout of the maintenance business. In terms of the urban rail industry, the Company will focus on the four core competitiveness of “technology, market, brand and services”, deepen the strategy of “operating cities”, strengthen precision marketing, enhance the product life-cycle management and accelerate the development of maintenance services business. In terms of the rail engineering machinery industry, the Company will comprehensively deepen the synergistic advantage of “system-complete machine-service” of rail engineering machinery, and it will also rely on the railway engineering machinery R&D center to strengthen the technological originality, continue to enrich the product spectrum of railway engineering machinery and promote the development of maintenance service business. In terms of new industries, the Company will rely on superior resources such as proprietary technology, facilities, channels and brands on rail transit equipment and adhere to the principle of limited diversification to accelerate breakthroughs in new industries and create development boosters.
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