Stock Code: 600320 900947 Stock Name: Zhenhua Heavy Zhenhua B-share
Shanghai Zhenhua Heavy Industries Co., Ltd.
Annual Report 2022
CONTENTS
Section I Definitions 03
Section II Company Profile and Principal Financial Indexes 04
Section III Management Discussion and Analysis 08
Section IV Corporate Governance 22
Section V Environmental and Social Responsibility 35
Section VI Important Events 42
Section VII Changes in Shares and Shareholders' Situation 52
Section VIII Preference Shares 56
Section IX Bonds 57
Section X Financial Report 61
Financial statements affixed with the signature and seal of legal
representative, person in charge of accounting work and person in
charge of accounting agency.
List of Reference Documents Original auditors' report stamped by the accounting firm and signed
and stamped with the certified public accountants.
Original copies of the documents and announcements of the
Company published on the newspaper designated by the CSRC in
the reporting period.
Important Notice
1 The Board of Directors, Board of Supervisors, directors, supervisors and senior executives
of the Company hereby guarantee the truthfulness, accuracy and completeness of the
contents carried in this annual report, guarantee no false record, serious misleading
statement or great omission carried in this annual report and guarantee to assume the
legal responsibilities jointly and separately.
2 All directors of the Company are present at the board meeting.
3 Ernst & Young Hua Ming LLP issues the standard audit report without qualified opinion for
the Company.
4 Liu Chengyun, the chairman of the Company, Zhu Xiaohuai, person in charge of
accounting work, and Sun Guangbo, person in charge of accounting agency (accountant
in charge) hereby declare that the financial statements in this annual report are true,
accurate and complete.
5 Proposal for profit distribution or common reserves capitalizing during the reporting period
reviewed by the board of directors
As audited by Ernst & Young Hua Ming LLP, the Company achieved a net profit
attributable to the owners of the parent company of approximately RMB 372 million in
2022. As at December 31, 2022, the undistributed profit of the parent company was
approximately RMB 2.746 billion. The Board of Directors of the Company, taking into
account the Company’s business plan and capital demand in 2023, has prepared a profit
distribution proposal for 2022: neither profit distribution nor transfer of the capital public
reserves into paid-in capital. The profit distribution proposal has yet to be submitted to the
2022Annual General Meeting of Shareholders for consideration and approval.
6 Risk declaration of forward-looking statements
√Applicable □ NotApplicable
The forward-looking descriptions of future plans and development strategies covered in
this report do not constitute substantial commitments by the Company to investors, and
investors should be aware of the investment risks.
7 Does the Company have non-operating funds occupied by the holding shareholder and its
related parties?
No
8 Does the Company provide the external guarantees in breach of the stipulated decision-
making procedure?
No
9 Whether more than half of the directors cannot guarantee the authenticity, accuracy and
completeness of the annual report disclosed by the Company?
No
10 Major Risk Warning
The company has described the related potential risks in this annual report. Investors may
pay attention to the same. Please refer to “Management Discussion and Analysis” and related
chaptersfortherisksthecompanymaybeconfrontedwithinthefuturedevelopment.
11 Others
□Applicable √ NotApplicable
Section I Definitions
I. Definitions
The terms
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