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Annual Report 2019 Annual Report 2019 Contents CHONGQING MACHINERY & ELECTRIC CO., LTD. CHONGQING MACHINERY (a joint stock limited company incorporated in the People’s Republic of China with limited liability) Stock Code: 02722 ANNUAL REPORT 2019 ANNUAL REPORT 2019 ANNUAL REPORT CONTENTS Corporate Information 2 Financial Highlights 4 Group Structure 5 Results Highlights 6 Chairman’s Statement 7 Management’s Discussion and Analysis 21 Directors, Supervisors and Senior Management 41 Report of the Board of Directors 57 Report of the Supervisory Committee 83 Corporate Governance Report 86 Risk and Internal Control and Governance Report 105 Environmental, Social and Governance Report 113 Independent Auditor’s Report 137 Consolidated Statement of Financial Position 148 Statement of Financial Position of the Company 152 Consolidated Income Statement 155 Income Statement of the Company 158 Consolidated Statement of Cash Flows 160 Cash Flows Statement of the Company 163 Consolidated Statement of Changes in Equity 165 Statement of Changes in Equity of the Company 171 Notes to the Consolidated Financial Statements 175 Supplementary Information to Consolidated Financial Statements 487 Corporate Information DIRECTORS COMMITTEES UNDER BOARD OF DIRECTORS Executive Directors Members of the Audit and Risk Management Mr. Wang Yuxiang (Chairman) Committee Ms. Chen Ping Mr. Yang Quan Mr. Lo Wah Wai (Chairman) Mr. Jin Jingyu Non-executive Directors Mr. Liu Wei Mr. Dou Bo CHONGQING MACHINERY LTD & ELECTRIC CO., Mr. Huang Yong Mr. Zhang Yongchao Members of the Remuneration Committee Mr. Dou Bo Mr. Wang Pengcheng Mr. Ren Xiaochang (Chairman) Mr. Lo Wah Wai Independent Non-executive Directors Mr. Jin Jingyu Mr. Huang Yong Mr. Lo Wah Wai Mr. Ren Xiaochang Members of the Nomination Committee Mr. Jin Jingyu Mr. Liu Wei Mr. Wang Yuxiang (Chairman) Mr. Ren Xiaochang SUPERVISORS Mr. Jin Jingyu Mr. Liu Wei Annual Report 2019 Mr. Sun Wenguang (Chairman) Ms. Wu Yi Members of the Strategic Committee Mr. Wang Haibing Mr. Xia Hua Mr. Wang Yuxiang (Chairman) Mr. Li Fangzhong Ms. Chen Ping Mr. Yang Quan Mr. Huang Yong Mr. Ren Xiaochang Mr. Jin Jingyu Mr. Liu Wei 2 Corporate Information (Continued) LEGAL REPRESENTATIVE AUDITORS Mr. Wang Yuxiang ShineWing Certified Public Accountants (Special General Partnership) COMPANY SECRETARY 9th Floor, Block A, Fuhua Mansion, No. 8 Chaoyangmen Beidajie, Ms. Chiu Hoi Shan (Practising Solicitor) Dongcheng District, Beijing, PRC QUALIFIED ACCOUNTANT LEGAL ADVISOR Mr. Kam Chun Ying, Francis (Certified Public Chiu & Co. (趙凱珊律師行) Accountant) (As to Hong Kong Laws) Beijing ZhongLun (Chongqing) Law Firm AUTHORIZED (As to Chinese Law) REPRESENTATIVES AND CHONGQING MACHINERY LTD & ELECTRIC CO., CONTACT INFORMATION PRINCIPAL PLACE OF BUSINESS IN HONG KONG Mr. Yang Quan No. 60 Middle Section of Huangshan Room 1204-06, 12th Floor, Avenue, New North Zone, The Chinese Bank Building, Chongqing City, the PRC 61 Des Voeux Road Central, Postal code: 401123 Central, Hong Kong Tel.: (86) 023-63075687 WEBSITE OF THE COMPANY Ms. Chiu Hoi Shan Room 1204-06, 12th Floor, The Chinese www.chinacqme.com Bank Building, 61 Des Voeux Road Central, Central, PRINCIPAL BANKER Hong Kong Tel.: 852-2155 4820 China Merchants Bank Chongqing Shangqingsi Sub-branch ALTERNATE AUTHORIZED 1st Floor, Zhong-an International Building REPRESENTATIVE AND No.162 Zhongshan Third Road, Yuzhong CONTACT INFORMATION District, Chongqing City, the PRC Annual Report 2019 Mr. Lo Wah Wai SHARE INFORMATION 33rd Floor, Shui On Centre, No. 6-8 Harbour Road, Wanchai, Hong Kong Listing Place Tel.: 852-2802 2191 The Stock Exchange of Hong Kong Limited REGISTERED ADDRESS (the “Stock Exchange”) No. 60 Middle Section of Stock Code Huangshan Avenue, New North Zone, Chongqing City, the PRC 02722 HONG KONG SHARE FINANCIAL YEAR END REGISTRAR 31 December Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong 3 Financial Highlights (RMB’000) 2015 2016 2017 2018 2019 (Restated) (Note) Revenue and profit Revenue 9,010,422 9,255,032 9,292,602 5,284,318 5,516,812 Profit before income tax 523,896 529,854 468,472 555,672 242,946 Income tax expense (57,311) (27,182) (102,454) (60,500) (39,031) Profit for the year 466,585 502,672 366,019 495,172 203,915 CHONGQING MACHINERY LTD & ELECTRIC CO., Attributable to owners of the Company 417,634 440,834 316,645 444,061 184,835 Non-controlling interests 48,951 61,838 49,374 51,111 19,080 Dividends – proposed final dividends 92,116 128,963 110,539 147,386 36,846 Earnings per share attributable to owners of the Company – Basic (RMB) 0.11 0.12 0.09 0.12 0.05 Assets and liabilities Non-current assets 5,627,580 6,137,920 5,745,841 5,747,618 6,167,115 Current assets 9,139,491 9,429,046 10,544,832 10,530,066 10,350,701 Current liabilities 6,869,058 6,135,937 7,083,411 6,736,277 7,014,766 Annual Report 2019 Net current assets 2,270,433 3,293,109 3,461,421 3,793,789 3,335,935 Total assets less current liabilities 7,898,013 9,431,029 9,207,262 9,541,407 9,503,049 Non-current liabilities 1,343,211 2,272,819 2,029,276 2,311,745 2,213,959 Net assets 6,554,802 7,158,210 7,177,987 7,229,662 7,289,090 Equity attributable to owners of the Company 6,106,407 6,577,614 6,777,724 6,808,890 6,844,421 Non-controlling interests 448,395 580,596 400,263 420,762 444,669 (Note) According to the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC 4 Group Structure CHONGQING MACHINERY & ELECTRIC CO., LTD Annual Report 2019 5 49% Water Gen Power S.r.l 70% Chongqing Machinery and Electronics Holding (Group) Finance Co., Ltd. 100% Chongqing Shengpu Materials Co., Ltd. 100% Chongqing Industrial Enabling Innovation 51% Chongqing Machinery and Electronics Additive Center Co., Ltd. Manufacturing Co., Ltd. (重慶機電增材製造有限公司) Industrial Service 7.26% GRIPM Advanced Materials Co., Ltd. 70% Exedy Beijing Co., Ltd. (愛思帝（北京）汽車配件有限公司) 27% Exedy Chongqing Driving System Co., Ltd. 57 subsidiaries of Chongqing Machinery & Electric Co., Ltd in total 40% Exedy (Guangzhou) Driving System Co., Ltd. 20 second-tier subsidiaries, including 9 wholly-owned subsidiaries, 3 subsidiaries with controlling interest, 8 subsidiaries with non-controlling interest 30 third-tier subsidiaries, including 15 wholly-owned subsidiaries, 8 subsidiaries with controlling interest, 7 subsidiaries with non-controlling interest 6 fourth-tier subsidiaries, including 5 wholly-owned subsidiaries, 1 subsidiary with controlling interest 2% Shandong Xinhai Financing and Guarantee Co., Ltd. 1 fifth-tier subsidiary, including 1 wholly-owned subsidiary 44% Chongqing Hongyan Fangda Automobile Suspension Co., Ltd. 94.73% Chengdu Hongyan Fangda Automobile Suspension Co., Ltd. 86.63% Jinan Fangda Zhongtan Automobile Suspension Co., Ltd. 45% Chongqing Holroyd Precision Screw Manufacturing Co., Ltd. 34% Knorr-Bremse Systems for Commercial Vehicles (Chongqing) Ltd. 100% Precision Technologies Group（US）Limited 100% Precision Technologies Group INC. 100% Holroyd Precision Rotors INC. 100% Chongqing CAFF Automotive Braking & Steering System Co., Ltd. 100% PTG Investment Development Company Ltd. (PTG香港) 100% Precision Technologies Group (PTG) Limited 100% PTG Deutschland GmbH（PTG德國） （精密技術集團） 100% Milnrow Investments Ltd. (米羅威投資) 100% PTG Heavy Industries Ltd.（PTG重工） 100% Precision Components Ltd.（精密零部件） 100% Holroyd Precision Ltd.（霍洛伊德） High-End Smart Equipment 35% Chongqing Shenjian Automotive Drive Part Co., Ltd. 40% Chongqing Sino-Germany Smart Factory Solutions Co., Ltd. 55% Chongqing Holroyd Precision Screw Manufacturing Co., Ltd. Chongqing Machinery & Electric Co., Ltd. 100% Chongqing Machine Tools (Group) Co., Ltd. 100% Chongqing Shengong Machinery Manufacture Co., Ltd. 51% Xinjiang Fubaotian Cotton-picking Service Co., Ltd. 100% Chongqing Yinhe Forging & Founding Co., Ltd. 100% Chongqing No. 2 Machine Tools Factory Co., Ltd. 100% Chongqing Tool Factory Co., Ltd. 100% Chongqing Machinery & Electronic Intelligent Manufacturing Co., Ltd. 26.67% Chongqing Chongtong Turbine Technology Co., Ltd. 66.26% Chongqing Unication Electronic Technology Co., Ltd. 41% Chongqing Jiangbei Machinery Co., Ltd. 37.8% Chongqing ABB Power Transformer Co., Ltd. 50% Chongqing Cummins Engine Co., Ltd. 58.4% Shenzhen Chongfa Cummins Engine Co., Ltd. 64.21% Chongqing Gas Compressor Factory Co., Ltd. 35.79% Agricultural Industry Development Fund） 100% Chongqing Pump Industry Co., Ltd. 100% Chongqing Water Turbine Works PVT.LTD 100% Chongqing Water Turbine Works Co., Ltd. （重慶水輪尼泊爾公司） Clean Energy Equipment 74% Chongqing Pigeon Electric Wires & Cables 50% Chongqing Pigeon Electric Materials Co., Ltd. Co., Ltd. 100% Chongqing Pigeon Electric Porcelain Co., Ltd. 42% Chongqing Chongtong Wide Wisdom Air Conditioning Equipment Co., Ltd. 100% Gansu Chongtong Chengfei New Material Co., Ltd. 40% Chongqing Chongtong Turbine Technology Co., Ltd. 100% Chongqing General Industry (Group) Co., Ltd. 100% Chongtong Chengfei Wind Power Equipment Jiangsu Co., Ltd. 96.0267% Jilin Chong Tong Chengfei New Material Co., Ltd. 100% Chongqing Chongtong Chengfei New Material Co., Ltd. 100% Chongqing General Industry (Group) Tong Kang Water Affairs Co., Ltd. 100% Xilinhaote Chenfei Wind-Power Equipment Co., Ltd. 100% Chongqing Shunchang General Electric Equipment Co., Ltd. Results Highlights Results highlights of Chongqing Machinery & Electric Co., Ltd. (the “Company” or “Chongqing Machinery & Electric”) and its subsidiaries (collectively the “Group”). The revenue of the Group for the year ended 31 December 2019 amounted to approximately RMB5,516.8 million, representing an increase of approximately RMB232.5 million or approximately 4.4% as compared with approximately RMB5,284.3 million for the same period CHONGQING MACHINERY LTD & ELECTRIC CO., of 2018. Profit attributable to the shareholders of the Company for the year ended 31 December 2019 was approximately RMB184.8 million, representing a decrease of approximately RMB259.3 million or approximately 58.4% as compared with approximately RMB444.1 million for the same period of 2018. Basic earnings per share for the year ended 31 December 2019 amounted to approximately RMB0.05 (2018: approximately RMB0.12).
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