F 中国铁建 中 國 鐵 建 股 份 有 限 公 司 China Railway Construction Corporation Limited (於中華人民共和國註冊成立的股份有限公司) 股份代號：1186 年 度 重要提示 一. 本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實、準確、完整， 不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二. 公司全體董事出席董事會會議。 三. 德勤華永會計師事務所（特殊普通合夥）為本公司出具了標準無保留意見的審計報告。 四. 公司負責人汪建平、主管會計工作負責人王秀明及會計機構負責人（會計主管人員）郭雙來聲 明：保證年度報告中財務報告的真實、準確、完整。 五. 經董事會審議的報告期利潤分配預案或公積金轉增股本預案 根據公司2020年度經審計財務報告，2020年年初母公司未分配利潤為19,005,961,004.91 元，加上本年度母公司實現的淨利潤15,260,631,296.23元，扣除2019年度現金分紅 2,851,703,715.00元、分配其他權益工具持有人的利息2,024,337,814.58元，本年末母公 司可供 ...

Financial Performance - The net profit for 2020 was CNY 15,260,631,296.23, with a beginning retained earnings of CNY 19,005,961,004.91, resulting in a total distributable profit of CNY 29,390,550,771.56 at year-end[7] - The company reported a net profit attributable to shareholders for 2020 of CNY 22,392,983, a 10.87% increase compared to CNY 20,197,378 in 2019[29] - The company's operating revenue for 2020 was CNY 910,324,763, representing a 9.62% increase from CNY 830,452,157 in 2019[29] - The total profit for 2020 was 5,875.028 million, down 3.95% from the previous year[92] - The total operating revenue for 2020 was 76,624.569 million, an increase of 6.63% from 2019[94] - The gross profit for 2020 was 8,318.975 million, reflecting a decline of 5.73% year-over-year, with a gross margin of 20.33%[91] - The company achieved operating revenue of CNY 910.324763 billion in 2020, representing a year-on-year growth of 9.62%[78] - The total new contracts signed in 2020 amounted to CNY 2,554.2887 billion, reflecting a year-on-year growth of 27.28%[78] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.23 per share, totaling CNY 3,123,294,545.00, based on a total share capital of 13,579,541,500 shares[7] - The company reported a remaining undistributed profit of CNY 24,741,193,096.94 to be carried forward to the next year after the dividend distribution[7] Market Position and Recognition - The company ranked 3rd in the "ENR Top 250 Global Contractors" and 54th in the "Fortune Global 500" in 2020, highlighting its significant market position[18] - The company ranked 54th in the Fortune Global 500 in 2020, up from 79th in 2015, and maintained a top-three position among global engineering contractors according to ENR[39] Innovation and Technology - The company has a total of 19,072 patents and has received 87 national science and technology awards, indicating strong innovation capabilities[18] - The company emphasizes a development strategy focused on technological innovation and international competitiveness, aiming to become a leading comprehensive construction industry group[19] - The company received 107 provincial and ministerial science and technology awards in 2020, highlighting its commitment to innovation[75] - The company has developed leading technologies in high-altitude and high-speed railway construction, with proprietary products filling domestic gaps[62] Operational Strategy and Risk Management - The company has faced risks including international operations, cash flow, investment, safety, and cost risks, which are detailed in the report[10] - The company established a risk monitoring KRI indicator system to enhance risk management effectiveness[76] - The company emphasizes the importance of risk management, identifying major risks including international operational risk, cash flow risk, investment risk, safety risk, and cost risk[200] Global Operations and Market Expansion - The company operates in 134 countries and has established a comprehensive service capability across the entire industry chain, from design to construction and maintenance[18] - The company operates in 134 countries globally, indicating significant market expansion efforts[81] - The company is leveraging national strategies like the Belt and Road Initiative to enhance its market presence and drive growth in infrastructure projects[46] - The company is actively expanding its consulting services in new industries such as smart transportation and ecological environment, aiming for integrated engineering consulting services[47] Construction and Engineering Business - The engineering contracting business remains the core of the company, covering multiple sectors including railways, highways, urban transit, and water conservancy[44] - The engineering contracting sector contributed 2,220.7446 billion RMB in new contracts, representing 86.94% of the total new contracts and a year-on-year increase of 28.32%[70] - In 2020, the engineering contracting business generated revenue of 813,334.003 million RMB, accounting for 89.35% of the company's total revenue[151] Real Estate Development - The real estate development business focuses on core city clusters, including the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area, with a strategy emphasizing first and second-tier cities[53] - The total real estate development investment reached RMB 67.343 billion, with the Bohai Rim region accounting for 28.44% and the Yangtze River Delta region for 27.51%[163] - The company holds 328 development projects, with a total construction land area of approximately 29.19 million square meters and a total building scale of about 90.76 million square meters[162] Financial Assets and Liabilities - The total liabilities of the group amounted to RMB 747,551,064 thousand, with short-term borrowings at RMB 49,879,073 thousand[122] - Long-term borrowings increased by 20.55% to RMB 126,399,543 thousand compared to the previous period[117] - The group's cash and cash equivalents increased to RMB 187,997,046 thousand, representing 15.13% of total assets, up from 14.51% in the previous period[116] Future Plans and Goals - The company plans to focus on high-quality development during the "14th Five-Year Plan" period, emphasizing production operations, reform innovation, and risk prevention[40] - The company's 2021 operating plan targets a new contract value of 2.735 trillion yuan and revenue of 965 billion yuan, with costs and taxes amounting to 928.5486 billion yuan[198] - To meet the 2021 operating goals, the company will primarily rely on self-funding, issuing new shares, bank loans, bank acceptance bills, and bond issuance for its funding needs[199]

Financial Performance - Operating revenue for the first half of the year reached RMB 370,789,433 thousand, an increase of 5.06% compared to RMB 352,934,879 thousand in the same period last year[16]. - Net profit attributable to shareholders of the listed company was RMB 9,316,253 thousand, a slight increase of 0.35% from RMB 9,284,178 thousand year-on-year[16]. - The net cash flow from operating activities was negative at RMB -48,078,512 thousand, compared to RMB -32,471,913 thousand in the previous year, indicating a decline in cash generation[16]. - Total assets increased to RMB 1,145,163,270 thousand, reflecting a growth of 5.91% from RMB 1,081,239,213 thousand at the end of the previous year[16]. - The basic earnings per share decreased by 4.62% to RMB 0.62 from RMB 0.65 in the same period last year[17]. - The weighted average return on net assets was 4.81%, down by 0.90 percentage points compared to 5.71% in the previous year[17]. - The gross profit margin for the engineering contracting business decreased by 0.61 percentage points to 7.00%[38]. - The total profit for the engineering contracting business increased by 19.13% to CNY 6.608 billion[38]. Risks and Challenges - The company faced several risks including overseas risks, investment risks, significant unexpected event risks, accounts receivable risks, and cash flow risks[4]. - The group identified major risks for 2020, including overseas risks, investment risks, major unexpected event risks, accounts receivable risks, and cash flow risks[84]. - Investment risks are concentrated in real estate and PPP projects, characterized by large investment scales and long construction periods, with significant policy impacts[85]. - The company emphasizes strict control over non-core investments and enhances feasibility study standards to mitigate investment risks[85]. Business Operations - The engineering contracting business remains the core and traditional business, with services provided across 31 provinces in China and participation in infrastructure projects overseas[21]. - The company anticipates stable growth in domestic infrastructure markets driven by national initiatives such as the Belt and Road Initiative and urbanization strategies[22]. - Emerging markets such as rural construction and green environmental projects are expected to experience rapid growth, contributing to the overall healthy development of the infrastructure market[22]. - The company has established a comprehensive layout of the entire construction industry chain, covering engineering contracting, design consulting, industrial manufacturing, real estate development, logistics, and material trade[29]. - The company has applied for over 100 domestic and international patents in the mid-low speed maglev technology field, enhancing its core competitiveness[29]. Contracts and Projects - In the first half of 2020, the company signed new contracts worth CNY 875.8514 billion, achieving 40.93% of the annual target and a year-on-year growth of 21.87%[32]. - Domestic new contracts amounted to CNY 799.4458 billion, accounting for 91.28% of the total, with a year-on-year increase of 23.75%[32]. - The company’s total uncompleted contracts reached CNY 3,561.9219 billion, a year-on-year growth of 21.06%[32]. - Engineering contracting new contracts were CNY 765.2660 billion, up 25.07% year-on-year, with uncompleted contracts at CNY 3,179.6227 billion, a 24.69% increase[33]. - The company has engaged in multiple financing guarantees for its subsidiaries, reflecting a strategic focus on supporting growth in key projects[120]. Financial Management - The company reported a net cash flow from financing activities of RMB 32,589,447, an increase of 24.93% compared to the previous year[44]. - The net cash flow from operating activities for the reporting period was a net outflow of RMB 48.078 billion, an increase of RMB 15.607 billion compared to the same period last year[51]. - The company’s total assets included cash and cash equivalents of RMB 124,770,685, accounting for 10.90% of total assets, a decrease of 20.47% from the previous year[48]. - The company maintained a stable debt situation and credit rating, with sufficient cash flow to meet upcoming debt obligations[151]. Corporate Governance - The company strictly adheres to the Corporate Governance Code and relevant regulations during the reporting period[163]. - The company has not experienced any changes in accounting policies, estimates, or methods compared to the previous accounting period[159]. - The independent non-executive directors approved the related party transactions before submission to the board for review[102]. Social Responsibility and Community Engagement - In the first half of 2020, the company invested a total of 49.176 million yuan in poverty alleviation funds and 3.333 million yuan in material assistance[132]. - The company implemented various poverty alleviation projects, including a 950-acre asparagus planting initiative in Shanxi Province, enhancing local employment and income[133]. - CRCC has been recognized with the title of "Pioneer of Social Responsibility" for its poverty alleviation efforts[140]. - The company has contributed RMB 220,000 to support pandemic prevention efforts in impoverished areas[138]. Shareholder Information - As of June 30, 2020, the largest shareholder, China Railway Construction Group Co., Ltd., holds 6,942,736,590 shares, representing 51.13% of the total issued shares[169]. - The total number of shareholders as of June 30, 2020, is 326,944, comprising 311,406 A-share shareholders and 15,538 H-share shareholders[168]. - The company has not repurchased, sold, or redeemed any of its securities during the reporting period[166]. Bonds and Financing - The company issued USD 500 million H-share convertible bonds on January 29, 2016, with a zero coupon rate and an initial conversion price of HKD 10.30 per share[144]. - The total outstanding principal of USD H-share convertible bonds at the end of the reporting period was USD 500 million, with a maximum potential issuance of 403,854,922 H-shares if all bonds were converted at the adjusted conversion price of HKD 9.65 per share[153]. - The company maintained an AAA credit rating for its bonds, with a stable outlook as of April 26, 2020[198].