[HK]中国机械工程:2019年中期报告- CFi.CN 中财网

来自 : stock.cfi.cn/p201909270005...h 发布时间：2021-03-25

原标题:中国机械工程:2019年中期报告

Interim Report 2019 中期報告

CONTENTS
Chairman\'s Statement
Company Profile
Unaudited Interim Results
Key Operating and Financial Data
Financial Highlights
Management Discussion and Analysis
Corporate Governance and Other Information
Report on Review of Interim Condensed
Consolidated Financial Statements
Interim Condensed Consolidated Statement
of Profit or Loss
Interim Condensed Consolidated Statement
of Comprehensive Income
Interim Condensed Consolidated Statement
of Financial Position
Interim Condensed Consolidated Statement
of Changes in Equity
Interim Condensed Consolidated Statement
of Cash Flow
Notes to the Unaudited Interim Condensed
Consolidated Financial Statements
Definitions and Glossary of Technical Terms
Corporate Information
目錄
2董事長致辭
10公司簡介
13未經審計中期業績
14重要經營及財務數據
15財務摘要
16管理層討論及分析
75企業管治及其他資料
86中期簡明合併財務報表的
審閱報告
88中期簡明合併損益表
89中期簡明合併綜合收益表
90中期簡明合併財務狀況表
92中期簡明合併權益變動表
94中期簡明合併現金流量表
97未經審計中期簡明合併
財務報表附註
162定義及技術術語表
169公司資料

Dear Shareholders,
Since 2019, the international political situation has been in a
state of turmoil. Due to various factors such as Sino-US trade
friction, protectionism prevalence, low prices of oil and other
bulk commodities, the global economic situation continued to be
sluggish and the recovery was weak. Domestically, the national
economy of China was operating within a reasonable range,
continuing the overall stable, steady and progressive development
trend. According to the preliminary calculations, GDP in the first
half of the year amounted to RMB45,093.3 billion, representing
a year-on-year increase of 6.3% based on comparable price
calculation.
In the first half of 2019, “the Belt and Road” initiative was further
promoted. The platform for exchanges and cooperation between
countries was fully established, and a number of cooperative funds
were set up to help enterprises expand their overseas business.
These measures provided a rare opportunity for the development of
the industry. Facing the severe external environment, CMEC seized
the national strategic opportunities, actively explored overseas
market operations, and expanded its business to countries around
the world, creating a good brand image and reputation.
尊敬的各位股東：
2019年以來，國際政治形勢呈現波詭雲
譎的情況，受中美貿易摩擦、保護主義盛
行、石油等大宗貨物價格低迷等多種因素
的影響，全球經濟形勢持續低迷，復蘇
乏力。國內，我國國民經濟運行在合理
區間，延續了總體平穩、穩中有進發展態
勢。初步核算，上半年國內生產總值為人
民幣450,933億元，按可比價格計算，同比
增長6.3%。

2019年上半年「一帶一路」建設倡議深入
推進，國家間交流合作的平台全面搭建，
成立了多個合作基金助力企業擴大海外業
務，這些舉措為行業發展提供了難得的機
遇。面對嚴峻的外部環境，
CMEC緊抓國
家戰略機遇，積極開拓海外市場業務，將
業務擴展到世界各國，塑造了良好的品牌
形象與聲譽。


BUSINESS REVIEW
In 2019, the complicated global economic and political situations,
the slowing down and tightening of financial conditions, the
geopolitical conflicts, and the escalation of trade conflicts brought
related risks and challenges to the development of the industry.
During the period, the Company adhered to stability and laying
out solid foundations, continued to strengthen its efforts to fit
into national strategies such as “the Belt and Road” initiative
and “going out”, while strengthening refined management and
optimizing business layout, and overall operations continued to
develop steadily under joint efforts. As at 30 June 2019, the Group’s
engineering contracting projects span over 50 countries around the
world, mainly in Asia, Africa, Europe and South America. During the
reporting period, the Group’s revenue amounted to approximately
RMB13,938.7 million, the gross profit amounted to RMB2,103.3
million, the gross profit margin was approximately 15.1%, and the
profit from operations was RMB999.7 million.
The Group is a leading international engineering contractor
and service provider with a focus on EPC projects and special
expertise in the power and energy industry. The international
engineering contracting business is one of the Group’s traditional
core businesses. During the reporting period, the revenue from
international engineering contracting business amounted to
RMB9,611.5 million, accounting for 69.0% of the total revenue of
the Group. The gross profit from the power and energy industry
accounted for about 78.8% of the gross profit of the international
engineering contracting business, and the gross profit margin was
about 18.8%, which was at the leading level in the industry.
業務回顧
2019年世界經濟政治形勢複雜、金融條
件收緊步伐放慢、地緣政治衝突、貿易衝
突升級等給行業發展帶來相關的風險和挑
戰。期間，公司堅持穩紥穩打，繼續加大
與「一帶一路」倡議和「走出去」等國家戰
略的對接力度，同時加強精細化管理，優
化業務佈局，在共同努力下總體運營保持
穩健發展。截至
2019年6月30日，本集團
的工程承包項目遍及全球超過50個國家，
主要在亞洲、非洲、歐洲及南美洲。報告
期內，集團收入約為人民幣
13,938.7百萬
元，毛利為人民幣
2,103.3百萬元，毛利率
約15.1%，經營溢利為人民幣999.7百萬
元。

本集團是國際領先的工程承包與服務商，
主要專注於EPC項目，特別專長於電力能
源行業。國際工程承包業務為本集團傳統
核心業務之一，報告期內，國際工程承包
業務收入為人民幣
9,611.5百萬元，佔集團
總收入的69.0%。而電力能源行業的毛利
則佔國際工程承包業務總毛利約78.8%，
毛利率約18.8%，處於行業領先水平。


In the first half of the year, due to the overlapping effects of
industrial transformation, tightened financing and market demand
changes, the signing and coming into effect of contracts have been
affected. However, the engineering contracting business has a high
level of market activity and has achieved fruitful results in market
exploration. During “the Belt and Road” Entrepreneur Conference,
under the witness of Gao Yunlong, vice president of the Chinese
People’s Political Consultative Conference and chairman of the
All-China Federation of Industry and Commerce, Xiao Yaqing,
the then director of the State-owned Assets Supervision and
Administration Commission of the State Council, and other leaders,
the Company signed the EPC contract agreement for the ANH blast
furnace ferronickel smelting project in Indonesia. In April, during the
China-Central and Eastern European Countries Leaders Summit,
under the witness of State Council Premier Li Keqiang, State
Councilor and Foreign Minister Wang Yi and leaders of Central and
Eastern European countries, the Company signed a commercial
contract for the Bulgarian Port Construction Project, which is
another interconnected infrastructure construction project under
“the Belt and Road” initiative in Central and Eastern Europe. In May,
under the joint witness of Vice President Wang Qishan, the Prime
Minister of Pakistan Imran Khan and relevant leaders of China and
Pakistan, the Company successfully signed a tripartite agricultural
framework cooperation agreement on modern animal husbandry,
agricultural planting and other fields with Balochistan and Lasbela
University of Agriculture. In addition, the Company also won the bid
for the third and fourth phases of the development housing project
of the Saudi Ministry of Housing and Construction, as well as the
Jaffna Water Supply Pipeline Project and the Gothatuwa Pumping
Station Project in Sri Lanka. The former is the first large-scale water
supply project after Jaffna’s war, and also the Company’s first ADB
project in Sri Lanka, while the latter is an infrastructure project led
by European financial institutions.
上半年，雖然受到行業轉型、融資收緊、
市場需求變化等的迭加作用，簽約和生效
情況有所影響，但工程承包業務市場活躍
度很高，市場開拓方面卓有成效。「一帶
一路」企業家大會期間，在全國政協副主
席、全國工商聯主席高雲龍，時任國務院
國有資產監督管理委員會主任肖亞慶等領
導人見證下，公司簽署了印度尼西亞
ANH
高爐鎳鐵冶煉項目EPC合同協議。

4月，在
中國－中東歐國家領導人峰會期間，公司
在國務院總理李克強、國務委員王毅以及
中東歐國家領導人的見證之下，簽署了保
加利亞港口建設項目商務合同，是中東歐
在「一帶一路」倡議下的又一個互聯互通的
基礎設施建設項目。

5月，在王岐山副主
席、巴基斯坦總理伊姆蘭.汗以及中巴雙
方相關領導人的共同見證下，成功簽署公
司與俾路支省、拉斯貝拉農業大學在現代
畜牧養殖、農業種植等領域的三方農業框
架合作協議。另外公司還中標沙特住建部
發展性住房項目三期和四期項目，以及斯
里蘭卡賈夫納供水管道項目和高薩圖瓦泵
站項目，前者是賈夫納戰後首個大型供水
項目，也是公司在斯里蘭卡第一個亞行項
目，後者是由歐洲金融結構領投的基建項
目。


In the first half of the year, CMEC promoted the quality development
of projects in a timely and orderly manner, strictly controlled
various risks, and the overall implementation was in good status.
There was no major risk and accident, and the brand reputation
and recognition continued to improve. The projects received
wide attention and were highly praised. The installation of main
equipments in the coal mine portion of the second phase of the
KOSTOLAC-B Power Station Project in Serbia was fully completed.
During the Period, economic and trade and professional delegations
from Mainland China and HKSAR also visited the project site for
investigation and research. The two units of first phase of Thar
Power Station Project in the Pakistan successfully completed grid
connection. The Pakistani side stated that the project demonstrated
the Belt and Road policies and the corridor project was open,
cooperative and win-win. The third phase of the Construction
Project of Gandrabro Water Plant in Luanda is a national key
project in Angola. The Minister of Energy and Water of Angola and
his delegation inspected the project. The Minister expressed great
satisfaction with the progress of the project and the quality of the
construction, and expressed appreciation for the spirit of CMEC to
effectively organize the construction according to the plan.
上半年，
CMEC按時、保質、有序地推進
項目，嚴格控制各類風險，執行情況整體
良好，無重大風險和事故發生，品牌美譽
度和知名度持續提升，項目廣受各方關注
並獲得高度贊譽。塞爾維亞
KOSTOLAC-B
電站項目二期煤礦部分主設備安裝工作全
面完成，期間，中國內地與香港特區經貿
及專業代表團到訪項目現場進行調研；巴
基斯坦塔爾電站一期項目的兩台機組並
網成功，巴方表示該項目印證了一帶一路
政策、走廊項目是開放、合作和共贏的政
策；羅安達甘德拉布羅水廠三期建設項
目，是安哥拉國家重點項目，安哥拉能源
水利部部長一行前往視察，部長對項目進
展和施工質量表示非常滿意，對
CMEC按
計劃有效組織施工的精神表示贊賞。


The trade and service business of CMEC maintained steady
development in the first half of the year. The high-end casting and
forging business of CMIPC continued to dominate the leading
position in the industry, and the overall business continued
to develop in the direction of increased efficiency and quality.
CERIECO has made certain progress towards the development
into a comprehensive trading company. In the two core markets
of Southeast Asia and North America, it continuously created new
business opportunities through trade + EPC + industrialization, EPC
+ trade and other models, forming a rolling development in key
markets. Under the new model of “Internet + overseas operation
platform”, CMEC Suzhou accumulated more customer resources
and good reputation in overseas markets through localized
operation in the European and US markets. The overall business of
CMEC Wuxi stabilized and rebounded in this year, its five indicators
of import and export, transaction, newly signed contract, revenue
and profit all achieved year-on-year growth and achieved balanced
development. During the reporting period, the revenue from trading
business amounted to RMB3,244.7 million. Among them, revenue
from international trade amounted RMB2,935.6 million, and revenue
from service business amounted to RMB1,082.5 million.
CMEC貿易與服務業務方面，上半年保持
了平穩發展。裝備公司的高端鑄鍛件業務
繼續處於行業領先地位，整體經營情況繼
續向效益質量型方向發展。中經東源向綜
合商社方向發展取得一定進展，其在東南
亞、北美兩個核心市場，通過貿易
+EPC+
實業化、
EPC+貿易等模式不斷創造新業
務，形成了重點市場滾動發展。中設蘇州
在「互聯網
+海外運營平台」新模式下，
通過歐美市場本土化經營，從而在海外市
場積累了更多的客戶資源與商譽口碑。中
設無錫今年整體業務出現企穩回升狀態，
其進出口、成交、新簽合同、營收、利潤
五項指標同比均實現增長，實現了均衡
發展。報告期內，貿易業務收入為人民幣
3,244.7百萬元。其中，國際貿易收入為人
民幣
2,935.6百萬元，服務業務收入為人民
幣1,082.5百萬元。


In the first half of 2019, the design consulting business of CMEC
continued to maintain a steady improvement trend. The status
of market development and business execution was satisfactory,
and the production and operation indicators maintained significant
growth as compared with the corresponding period of last year.
The two design institutes under CMEC realized the expected goal
of achieving more than half of the business objectives when half of
the year passed. The large and medium-scale survey and design
projects newly signed by the two design institutes have gradually
increased. China Machinery R&D and JiKan Research Institute have
high value contracts in the field of new energy and environmental
management as well as subway and transportation respectively.
China Machinery R&D’s project “Efficient Simultaneous Nitrogen
and Phosphorus Removal Technology of Sewage Containing
Refractory Organic Matters and Its Application” was evaluated as
“International Advanced Level” and recommended to participate in
the selection of the First Prize of Science and Technology Award
by China National Machinery Industry Corporation. The drone and
high-precision tilt photogrammetric system and its application won
the Science and Technology Progress Award of Chinese Society for
Geodesy Photogrammetry and Cartography, and it was assessed
as domestic leading level by experts. These fruitful achievements
reflected the continuous improvement in technological innovation
capabilities of the Company.
With the rapid changes in the international political and economic
situation, the market environment is also changing rapidly. The
Company will actively adapt to the changes, closely follow
the relevant policies, keep abreast of market trends, promote
transformation, optimize organizational structure, and continue to
consolidate competitive advantages.
2019年上半年，
CMEC設計諮詢業務繼續
保持穩步提升態勢，市場開拓和業務執行
狀態良好，各項生產經營指標與去年同期
相比均保持較大幅度增長，
CMEC下屬兩
家設計院實現了全年時間過半，經營目標
完成過半的預期目標。兩家設計院新簽的
大中型勘察設計項目逐步增多，中機院在
新能源、環境治理領域，機勘院在地鐵、
交通領域都有大合同進賬。中機院《含難
降解有機物的污水高效同步脫氮除磷關鍵
技術及應用》項目被評定為「國際先進水
平」，並推薦參評中國機械工業集團科學技
術獎一等獎。機勘院無人機與高精度傾斜
攝影測量系統及應用獲中國測繪學會科技
進步獎，經專家評定為國內領先水平。這
些豐碩成果，體現公司在科技創新能力上
的不斷提高。

隨著國際政治、經濟形勢的急劇變化，市
場環境也在快速改變。本公司將積極求
變，並緊隨相關政策、緊跟市場趨勢，推
進轉型，優化組織結構，持續鞏固競爭優
勢。


FUTURE PROSPECTS
Since 2019, the world economic growth has shown an overall
slowdown. The economic growth impetus in US, Europe and
Japan has been insufficient, the growth momentum of emerging
economies has declined, geopolitical uncertainties have increased,
and US unilateral trade protectionism has interfered with the
effective layout of the global industrial chain. The tightness of US
monetary policy will also indirectly affect global capital flows, and
thus will have significant impacts on many emerging economies that
rely on international capital. Under the backdrop of complicated and
volatile global economic situation, the existing international system
and global order desperately need to be profoundly transformed
and reshaped. It is expected that the world economy will continue
to slow down in the second half of the year. China is still under
structural adjustment, and both the increase in tariffs and the
weakening of external demand have exerted pressure on the
Chinese economy. However, the government’s stimulus policies
have provided support for growth. The Chinese economy will
continue to adhere to the overall tone of steady progress, promote
supply-side structural reforms, revitalize the real economy, and
achieve high quality development, which will help strengthen the
capability to withstand market risks.
未來展望
2019年以來，世界經濟增長呈現總體放緩
態勢。美歐日經濟增長動力不足，新興經
濟體增長勢頭有所回落，地緣政治不確定
性加大，美國單邊貿易保護主義已經對全
球產業鏈的有效佈局造成干擾，美國貨幣
政策的鬆緊也會間接影響全球資本流動，
對很多依賴國際資本的新興市場經濟體產
生顯著的影響。世界經濟形勢複雜多變，
現有國際體系和全球秩序亟待深刻轉型和
重塑，預計下半年世界經濟將持續放緩。

中國依然處在結構調整中，加徵關稅和外
部需求減弱都給中國經濟帶來壓力，但政
府出台的刺激政策為增長提供了支持，中
國經濟將持續堅持穩中求進的總基調，推
進供給側結構性改革，振興實體經濟，實
現高質量發展，這將有助增強抵禦市場風
險的能力。


In the second half of the year, the Company will continue to
strengthen the development of the three major business segments.
In respect of engineering contracting business, the Company will
enhance the research on the markets along “the Belt and Road” and
actively invest in the construction of “the Belt and Road”. In respect
of trade and service, the Company will put more efforts in the
restructuring and integration of trade and service segment, focus
on quality, strictly manage and control risks, and explore emerging
businesses. In respect of design consulting business, the Company
will carefully compile its scientific research and development plan,
and improve the comprehensive strengths and industrial positions
of the two design institutes under the Company. Also, the Company
will summarize and extract the core competitiveness of CMEC
in continuous innovation, and leverage on its advantages and
overcome disadvantages in a targeted manner to complete new
transformations. CMEC is committed to realize the Company’s
vision of “on the basis of engineering constructing business and
driven by technology and innovation, becoming an international
diversified integrated service provider” and devoted to the long-term
sustainable development of the Company. In the second half of the
year, the Company will make more outstanding achievements and
deliver satisfactory return to the Shareholders.
Finally, on behalf of the Board, I would like to take this opportunity to
express my sincere gratitude to our Shareholders for their long-term
concern and support for CMEC, and our senior management team
and all our staff for their dedicated work and unremitting efforts!
ZHANG Chun
Chairman
Beijing, China
26 August 2019
下半年公司仍將繼續加大三大業務範疇發
展的力度，工程承包業務方面，切實加強
對「一帶一路」沿線市場的研究，積極投入
「一帶一路」建設；貿易與服務方面，做好
貿服板塊的重組和整合，抓好質量，管控
好風險，探索新興業務；設計諮詢業務方
面，認真編製好公司科研發展規劃，提高
下屬兩家設計院的綜合實力和行業地位。

公司將總結、提煉出
CMEC的持續創新的
核心競爭力，並有針對性的揚長板、補短
板，完成新的轉型。

CMEC始終致力於「以
工程承包業務為基礎，以科技和創新為驅
動，具有全球佈局的多元化綜合服務商」的
願景而努力，實現公司的長足發展。下半
年本公司將勇創佳績，向廣大股東交上一
份滿意的答卷。

最後，本人藉此機會謹代表董事會向長期
以來關心和支持中國機械工程的廣大股
東、熱忱工作的高級管理團隊及不懈努力
的全體員工致以最誠摯的謝意！

張淳
董事長
中國北京
2019年8月26日

The Company was established in 1978 and was the first
state-owned industrial and trading enterprise in the PRC. The
Company is a subsidiary controlled by SINOMACH. The Company
was listed on the Main Board of the Stock Exchange on 21
December 2012. As at 30 June 2019, the Company had issued
a total of 908,270,000 H Shares and 3,217,430,000 non-tradable
Domestic Shares. The Company has a primary focus on EPC
projects and particular expertise in the power sector, capable
of providing one-stop customized and integrated engineering
contracting solutions and services. The Company also conducts
the Trading Business, Services Business and the emerging business
segments.
Visions for Corporate Development: On the basis of engineering
constructing business and driven by technology and innovation,
becoming an international diversified integrated service provider.
Competitive Strengths: Brand reputation, operational model,
business network, professional team, business operation, financial
planning.
International Engineering Contracting Business: With
approximately 40 years of experience in the International
Engineering Contracting Business, the Company is able to provide
project owners with one-stop customized and integrated turnkey
solutions and services to manage and implement engineering
contracting projects, especially in developing countries, and has
undertaken engineering contracting projects in approximately 50
countries, primarily in Asia, Africa, Europe and South America.
Power, transportation and telecommunications sectors are the
Company’s Core Sectors. The Company is also engaged in the
Non-Core Sectors, such as water supply and treatment projects,
building and construction projects, manufacturing and processing
plant projects and mining and resources exploitation projects.
本公司成立於1978年，是中國第一家國
有工貿企業，是國機的附屬公司。本公司
於2012年12月21日在聯交所主板上市。

截至2019年6月30日，本公司已發行合共
908,270,000股H股及
3,217,430,000股尚
未流通的內資股。本公司主要專注於
EPC
項目，特別專長於電力能源行業，能夠提
供一站式訂製及綜合工程承包方案及服
務。本公司亦從事貿易業務、服務業務以
及新興業務板塊。

企業發展遠景：以工程承包業務為基礎，
以科技和創新為驅動，具有全球佈局的多
元化綜合服務商。

競爭優勢：品牌聲譽、運營模式、業務網
絡、專業團隊、商務運作、融資策劃。

國際工程承包業務：本公司在國際工程承
包業務方面擁有約40年經驗，能夠為項目
業主提供管理及實施工程承包項目的一站
式訂製及綜合交鑰匙方案及服務，尤其是
於發展中國家，並已在約
50個國家承接工
程承包項目，主要分佈於亞洲、非洲、歐
洲及南美洲。電力能源、交通運輸及電子
通訊行業是本公司的核心行業。本公司亦
從事非核心行業，如供水及水處理項目、
房屋及建築項目、製造和加工工廠項目以
及採礦和資源開採項目。


Trading Business: The Company conducts the Trading Business
through its sales and marketing network which covers over
150 countries and regions. The sales and marketing network is
established through years of international engineering contracting
and trading experiences and business transactions involving export
and import of products and services to and from these countries
and regions.
Services Business: The Company is engaged in a certain extent on
the Services Business, mainly including design consulting services,
logistics services, tendering agency services, export-import agency
services and other services.
貿易業務：本公司通過覆蓋已超過150個
國家及地區的銷售及營銷網絡進行貿易業
務。銷售及市場營銷網絡是通過涉及向此
等國家及地區出口和自此等國家及地區進
口產品及服務的多年國際工程承包及貿易
經驗及業務交易而建立。

服務業務：本公司從事一定程度的服務業
務，主要包括：設計諮詢服務、物流服
務、招標代理服務、進出口代理服務及其
他服務等。


Corporate Structure: As at 30 June 2019, the Company’s 企業架構：截至2019年6月30日，本公司
corporate structure was as follows: 企業架構如下：
SINOMACH
國機
H Share Public ShareholdersH股公眾股東
China United
中國聯合
100%
77.21%
0.78% 22.01%
COMPANY
本公司
100%
國際工程承包業務
CMEC International
Engineering Co., Ltd.
中設國際工程有限責任公司
China Machinery
International Engineering
Design & Research
Institute Co., Ltd.
中機國際工程設計研究院
有限責任公司
China National Complete
Engineering Corporation
中國成套工程有限公司
China National Electric
Engineering Co., Ltd.
中國電力工程有限公司
China Power Construction
Engineering Consulting
Central Southern Corporation
中國電力建設工程
諮詢中南有限公司
China Jikan Research
Institute of Engineering
Investigations and Design,
Co., Ltd.
機械工業勘察設計研究院
有限公司
100%
100%
100%
100%
50%
International Engineering
Contracting Business
Domestic Subsidiaries
國內附屬公司
Overseas Subsidiaries
海外附屬公司
Trading Business
貿易業務
International Engineering
Contracting Business
國際工程承包業務
Services Business
服務業務
Trading Business
貿易業務
CMEC Petrochemical-
General Machinery Co., Ltd.
中設石化機械有限公司
CMEC Engineering
Machinery Import & Export
Co., Ltd.
中設工程機械
進出口有限責任公司
CMEC General Machinery
Import & Export Co., Ltd.
中設通用機械
進出口有限責任公司
CMEC International
Trading Co., Ltd.
中設國際貿易
有限責任公司
CMEC Machinery &
Electric Equipment
Import & Export Co., Ltd.
中設機電進出口有限公司
China Machinery
Engineering Wuxi
Co., Ltd.
中設無錫機械設備
工程有限公司
China National Machinery &
Equipment Import & Export
(Suzhou) Co., Ltd.
中設（蘇州）機械設備
工程有限公司
China Machinery Industrial
Products Co., Ltd.
中設集團裝備製造
有限責任公司
China-East Resources
Import & Export Co., Ltd.
中經東源進出口
有限責任公司
Shanghai Zhong Jing Import
& Export Corporation
上海中經進出口
有限責任公司
China Machinery Engineering
Henan Co., Ltd.
中國機械設備工程
（河南）有限公司
China National Machinery &
Equipment Import &
Export (Fujian) Co., Ltd.
福建中設機械設備
進出口有限公司
China National Machinery &
Equipment Import &
Export (Hubei) Co., Ltd.
中設(湖北)機械
設備工程有限公司
China Machinery and
Equipment International
Tendering Co., Ltd.
中設國際招標有限責任公司
CMEC Senegal S.A.
(Senegal)
中國機械設備進出口總公司
塞內加爾股份有限公司
（塞內加爾）
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
67%
55%
51%
China Machinery Engineering
Yinchuan Free Trade Zone
Co., Ltd.
中國機械設備工程
(銀川綜合保稅)有限公司
100%
100%
CMEC Comtrans
International Co., Ltd.
中設國際商務運輸
代理有限責任公司
CMEC (Beijing) International
Economic & Legal
Advisors Inc.
西邁克（北京）國際經濟
法律諮詢有限責任公司
CMEC Group Shanghai
International
Forwarding Co., Ltd.
中設集團
上海國際貨代儲運有限公司
Shenzhen CMEC Industry
Corporation Limited
深圳市中設實業有限公司
100%
100%
100%
100%
100%
100%
CMEC Engineering C.A.
(Venezuela)
西麥克委內瑞拉工程公司
（委內瑞拉）
99.9%
CMEC Engineering XXK
(Mongolia)
中設蒙古工程有限責任公司
（蒙古）
CMEC Zambia Development
Limited (Zambia)
西麥克贊比亞發展
股份有限公司
（贊比亞）
100%
100%
100%
China Machinery
Engineering Argentina
S.A. (Argentina)
中國機械設備工程
阿根廷股份有限公司
（阿根廷）
90%
100%
100%
CMEC Nigeria Development
Limited (Nigeria)
CMEC尼日利亞發展有限公司
（尼日利亞）
100%
100%
100%
100%
80%
76.92%
100%
Sinland Development PTE, Ltd.
(Singapore)
騰新發展有限公司
（新加坡）
100%
100%
99%
100%
100%
CMEC Lanka (Private) Limited
(Sri Lanka)
中設蘭卡有限責任公司
（斯里蘭卡）
CMEC Middle East FZE
(United Arab Emirates)
CMEC
中東區域公司
(阿拉伯聯合猶長國)
100%
CMEC Mexico Engineering,
S. DE R.L.DE C.V. (Mexico)
西麥克墨西哥工程
有限責任公司（墨西哥）
CMEC Africa Development
Limited (Kenya)
中設非洲發展有限公司
（肯尼亞）
Maldives Renewable Energy
Company Limited
(Hong Kong, the PRC)
馬爾代夫新能源有限公司
（中國香港）
China Machinery Engineering
Corporation Namibia
(Proprietary) Limited (Namibia)
中國機械設備工程股份有限公司
納米比亞有限責任公司
（納米比亞）
Sino American Machinery
Corporation (Delaware, USA)
美國華美機械有限公司
（美國特拉華州）
China Machinery &
Equipment (HK) Company
Limited (Hong Kong, the PRC)
中國機械設備香港有限公司
（中國香港）
China Everbest
Development International
Limited (Hong Kong, the PRC)
華盛昌發展有限公司（中國香港）
CMEC Japan Co., Ltd.
(Japan)
CMEC日本株式會社
（日本）
CMEC Enmei Co., Ltd.
(Japan)
CMEC燕明株式會社
（日本）
100%
CMEC Dutch Caribbean
B.V. (Netherlands)
CMEC荷屬加勒比
有限責任公司（荷蘭）
Euro M.E.C. Import &
Export GmbH (Germany)
歐麥克進出口有限公司
（德國）
Ausino Pty. Ltd. (Australia)
澳大利亞澳華
機械有限公司
（澳大利亞）
CMEC Beijing Property
Development Co., Ltd.
中國機械設備進出口北京
物業發展有限責任公司
China Machinery Engineering
Corporation (PNG) Limited
(Papua New Guinea)
中國機械設備工程
（巴新）有限公司
（巴布亞新幾內亞）
100%
100%
中設赤道幾內亞有限責任公司
（赤道幾內亞）
CMEC Guinea Equatorial,
S.L. (Guinea Equatorial)
中設沙特建設有限責任公司
（沙特阿拉伯）
CMEC Saudi for
Construction LLC
(Saudi Arabia)
100%中國機械設備白俄
有限責任公司（白俄羅斯）
CMEC Bel Limited (Belarus)
49%
中國機械設備老撾
有限公司（老撾）
CMEC Lao Company
Limited (Laos)
100%
中國機械設備工程股份
有限公司剛果（布）
有限責任公司（剛果）
CMEC Congo S.A.R.L.U
(Congo)

The Board hereby announces the unaudited operating results of
the Group for the Period, together with the operating results for
the Corresponding Period in 2018 for comparison. For the Period,
the consolidated revenue of the Group amounted to RMB13,938.7
million, representing an increase of 15.7% over the Corresponding
Period in 2018; profit from operations amounted to RMB999.7
million, representing an increase of approximately 10.2% over the
Corresponding Period in 2018; profit attributable to the owners of
the parent amounted to RMB981.5 million, representing an increase
of 10.0% over the Corresponding Period in 2018; net cash flows
used in operating activities amounted to approximately RMB3,865.9
million while net cash flows from operating activities was RMB44.5
million in the Corresponding Period in 2018.
董事會謹此宣佈本集團於本期間的未經審
計經營業績，連同
2018年同期的經營業
績，以作比較。於本期間，本集團合併收
入為人民幣13,938.7百萬元，較
2018年同
期增加15.7%；經營溢利為人民幣999.7
百萬元，較
2018年同期上升約10.2%；歸
屬於母公司擁有人溢利為人民幣981.5百
萬元，較
2018年同期增加10.0%；經營活
動所用的現金淨額約為人民幣3,865.9百萬
元，而
2018年同期的經營活動所得的現金
流量淨額則為人民幣44.5百萬元。


1.
Revenue
收入
Unit: RMB million
單位：人民幣百萬元
12,048.3
13,938.7
1H2018
1H2019
2018年上半年
2019年上半年
3.
Basic Earnings per Share
每股基本盈利
Unit: RMB
單位：人民幣
0.22
0.24
1H2018
1H2019
2018年上半年
2019年上半年
5.
Backlog for the International Engineering
Contracting Business
國際工程承包業務未完成合同量
Unit: US$ million
單位：百萬美元
2.
Profit Attributable to the Owners of the
Parent and Net Profit Margin
歸屬於母公司擁有人的溢利及淨溢利率
Unit: RMB million
單位：人民幣百萬元
981.57.0%
892.47.4%
Profit attributable to the
owners of the parent
歸屬於母公司擁有人的
溢利
Net profit margin
淨溢利率
1H2018
1H2019
2018年上半年
2019年上半年
4.
Value of Newly Signed Contracts for the
International Engineering Contracting
Business
國際工程承包業務的新簽約合同金額
Unit: US$ million
單位：百萬美元
2,883.5
2,558.5
1H2018
1H2019
2018年上半年
2019年上半年
10,647.3
9,101.9
As of 31 December 2018As of 30 June 2019
截至2018年
12月
31日
截至2019年6月30日

For the six months ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
RMB’000
RMB’000
人民幣千元人民幣千元
Revenue收入
13,938,669 12,048,280
Gross profit毛利
2,103,341 1,939,744
Other revenue and other income, net其他收入及其他收入淨額
26,809 77,715
Operating expenses經營開支
(1,130,406) (1,110,594)
Profit from operations經營溢利
999,744 906,865
Profit before tax除稅前溢利
1,238,361 1,190,380
Income tax所得稅
(258,063) (297,290)
Profit for the period本期間內溢利
980,298 893,090
Total other comprehensive income其他綜合收益總額
(22,144) (52,260)
Total comprehensive income for the period本期間內綜合收益總額
958,154 840,830
Profit attributable to:溢利歸屬於：
– Shareholders of the Company－本公司股東
981,450 892,357
– Non-controlling interests－非控股權益
(1,152) 733
Total comprehensive income 綜合收益總額歸屬於：
attributable to:
– Shareholders of the Company－本公司股東
959,220 840,096
– Non-controlling interests－非控股權益
(1,066) 734
Basic and diluted earnings per share 每股基本及攤薄盈利
(expressed in RMB per share)（以每股人民幣元計值）
0.24 0.22
Total non-current assets非流動資產總額
14,087,505 10,085,450
Total current assets流動資產總額
40,548,791 48,068,442
Total assets資產總額
54,636,296 58,153,892
Total non-current liabilities非流動負債總額
1,572,056 984,345
Total current liabilities流動負債總額
36,419,061 41,826,566
Total liabilities負債總額
37,991,117 42,810,911
Equity attributable to Shareholders of 本公司股東應佔權益
the Company16,533,846 15,259,271
Non-controlling interests非控股權益
111,333 83,710
Total equity權益總額
16,645,179 15,342,981
Total equity and liabilities權益及負債總額
54,636,296 58,153,892
Note:
附註：
The financial information of the Group for the six months ended 30 June 本集團截至
2018年及2019年6月30日止六個月的財
2018 and 2019 are set forth on pages 88 to 161, and is presented on the 務資料載列於第88至161頁，及按未經審計中期
basis set out in note 2.1 to the unaudited interim financial report.財務報告附註2.1所載基準而呈列。


I. INDUSTRY OVERVIEW I. 行業概覽
In the first half of the year, the world situation was unsteady 上半年，世界局勢波詭雲譎，主要發
and turbulent, the potential economic growth rate of major 達經濟體潛在經濟增速下降，部分發
developed economies declined, the debt problems of 展中國家債務問題凸顯，民粹主義興
some developing countries were highlighted, populism and 起，保護主義抬頭，地緣政治衝突多
protectionism were on the rise, which, together with frequent 發，多邊貿易投資體制受到衝擊，世
geopolitical conflicts, coupled with the impaired multilateral 界銀行、國際貨幣基金組織等均下調
trade and investment system, had caused the World Bank and 了2019年的經濟增長預期。國內，我
the International Monetary Fund to lower their economic growth 國國民經濟運行在合理區間，延續了
forecasts for 2019. Domestically, China’s national economy 總體平穩、穩中有進發展態勢，初步
operated within a reasonable range, sustaining the momentum 核算，上半年國內生產總值為人民幣
of being generally stable with steady progress. Preliminary 450,933億元，按可比價格計算，同
accounting shows that the gross domestic product in the first 比增長6.3%。但也要看到，當前國內
half of the year was RMB45,093.3 billion, representing a 6.3% 外經濟形勢依然複雜嚴峻，全球經濟
year-on-year growth based on comparable price calculation. 增長有所放緩，外部不穩定不確定因
However, it should also be noted that the current domestic 素增多，國內發展不平衡不充分問題
and foreign economic situation is still complex and grim, 仍較突出，經濟面臨新的下行壓力。

the global economic growth has slowed down, the external
uncertain factors have increased, the imbalance of domestic
development is still prominent, putting downward pressure on
the economy.

(I) Engineering Contracting
From January to June 2019, foreign contracted
engineering business in China achieved a turnover of
RMB476.49 billion, representing a year-on-year increase
of 2.8% (equivalent to USD70.27 billion, representing
a year-on-year decrease of 3.4%); the newly signed
contracts amounted to RMB718.22 billion, representing a
year-on-year increase of 5.6% (equivalent to USD105.92
billion, representing a year-on-year decrease of 0.8%).
Among them, USD38.59 billion was completed in the
countries along “the Belt and Road”, accounting for
54.9% of the total amount of the same period, and
the newly signed contracts amounted to USD63.64
billion, accounting for 60.1% of the total amount of
the same period. There were 389 projects (an increase
of 33 projects over the same period last year) with
a newly signed contract value of more than USD50
million, accounting for 83.8% of the total amount of
newly signed contracts. Business turnover was mainly
concentrated in electric power engineering construction,
transportation construction and general construction
industry, accounting for nearly 70% of the total business
turnover, which effectively improved the infrastructure
conditions of the host country. It can be seen that
the general trend in the industry has not undergone
dramatic changes, presenting opportunities, but also full
of pressure and challenges.
（一）工程承包
2019年1至6月，我國對外承包
工程業務完成營業額為人民幣
4,764.9億元，同比增長
2.8%
（折合
702.7億美元，同比下降
3.4%)，新簽合同額為人民幣
7,182.2億元，同比增長
5.6%
（折合
1059.2億美元，同比下降
0.8%）。其中，在「一帶一路」沿
線國家完成營業額為385.9億美
元，佔同期總額的
54.9%；新簽
合同額為636.4億美元，佔同期
總額的60.1%。此外，新簽
5,000
萬美元以上的項目389個，比去
年同期增加33個，佔新簽合同總
額的83.8%；完成營業額主要集
中在電力工程建設、交通運輸建
設和一般建築行業，合計佔比近
七成，有效改善了東道國基礎設
施條件。可以看到，行業的總體
趨勢未發生巨變，仍然既面臨機
遇，又充滿壓力和挑戰。


1. Opportunities for industry development 1. 行業發展面臨的機遇
First, infrastructure construction worldwide is 一是全球基礎設施建設升
recovering, and the demand for investment is still 溫，投資需求仍然較大。欠
huge. There is an urgent need for less developed 發達國家亟需通過完善基礎
countries to push forward their industrialization 設施來推動其工業化進程，
process through the improvement of infrastructure. 新興市場通過提升基礎設施
Emerging markets promote development and 水平推進發展轉型以及發達
transformation through upgrading infrastructure 國家通過升級基礎設施實現
while developed countries achieve economic 經濟二次躍升，各國競相推
recovery by upgrading infrastructure. Countries 出經濟發展規劃，致力經濟
are competing to launch economic development 結構調整和產業更新升級，
plans and commit to economic restructuring and 增加基建公共支出和政府補
industrial upgrading, increase public infrastructure 貼，鼓勵跨境投資，創新拓
expenditure and government subsidies, encourage 展合作模式，積極加大對基
cross-border investment and innovate and expand 礎設施互聯互通的支持力
cooperation models, and actively increase support 度，可以預見在交通、電
for infrastructure connectivity. It is expected that 力、新能源等領域的基建需
infrastructure needs in areas such as transportation, 求依然旺盛。據亞洲開發銀
electricity, and new energy are still strong. According 行估計，僅亞太地區基礎設
to estimates by the Asian Development Bank, 施投資需求每年就高達1.7infrastructure investment demand in the Asia
萬億美元。據非洲開發銀行
Pacific region alone is as high as USD1.7 trillion 估計，非洲基礎設施領域每
annually. According to estimates by the African 年投資需求達1,300億美元
Development Bank, the annual investment needs in 至1,700億美元。

the infrastructure sector in Africa amount to between
USD130 billion and USD170 billion.

Second, the construction initiative of “the
Belt and Road” has been further promoted to
provide sustained and strong momentum for the
development of the industry. Relying on forums,
summits, high-level visits, etc., the results-oriented
pragmatic cooperation has been solidly promoted.
The second “the Belt and Road” international
cooperation summit forum has clearly focused on
infrastructure and other major projects and capacity
cooperation, and will focus on resolving key issues
such as major projects, financial support, investment
environment, risk control, and security. In addition,
the platform for exchange and cooperation between
countries has been established, and a number
of cooperation funds have been set up to help
enterprises expand their overseas business. Such
as promoting the “Three Transport Priority Network
Development and Industrialization”, the “Top 10
Cooperation Plans” and the “Eight Major Initiatives”
in respect of China-Africa cooperation, promoting
the connectivity of transportation and infrastructure
between China and Central and Eastern European
countries, and establishing a Sino-Latin American
development financial cooperation mechanism, and
so on. These measures provide a rare opportunity
for the development of the industry.
Third, the international contracting engineering industry
has a strong endogenous development momentum.
China is becoming a major power on foreign
contracted engineering projects undertaking. Chinese
enterprises have strong comprehensive competitive
advantage in terms of infrastructure construction,
design consulting, equipment manufacturing, etc.
China’s capital sufficiency, equipment made in
China, technologies from China and construction
undertaken by Chinese enterprises are increasingly
recognized by the international community. The
competitiveness of China is increasingly enhanced.
二是「一帶一路」建設倡議
深入推進，為行業發展提供
持續強勁動力。依托論壇、
峰會、高訪等，以成果為導
向的務實合作紥實推進，第
二屆「一帶一路」國際合作
高峰論壇明確了以基礎設施
等重大項目建設和產能合作
為重點，將重點解決好重大
項目、金融支撐、投資環
境、風險管控、安全保障等
關鍵問題。此外，國家間交
流合作的平台全面搭建，成
立了多個合作基金助力企業
擴大海外業務。如推動中非
合作「三網一化」、「十大合
作計劃」和「八大行動」，促
進中國－中東歐國家交通
和基礎設施互聯互通，建立
中－拉美開發性金融合作機
制等。這些舉措都為行業發
展提供了難得的機遇。

三是對外承包工程行業具有
很強的內生發展動力。我國
日益成為對外承包工程大
國，企業在基礎設施建設、
設計諮詢、裝備製造等方面
具備較強的綜合競爭優勢，
中國資本、中國裝備、中國
技術、中國建設越來越受到
國際社會的認可，國際競爭
力不斷增強。


2. Pressure and challenges faced by industry 2. 行業發展面臨的壓力和挑戰
development
First, the global funding gap of infrastructure 一是全球基建資金缺口巨
is huge, and the implementation of the project 大，項目落實難度加大。根
is more difficult. According to estimates by the 據亞洲開發銀行估計，亞洲
Asian Development Bank, the gap in infrastructure 基建投資需求缺口每年高達
investment in Asia is as high as USD459 billion each 4,590億美元；非洲開發銀
year; the African Development Bank estimates that 行估計，非洲基建資金缺口
Africa’s infrastructure funding gap is between USD68 每年高達680至1,080億美
billion and USD108 billion each year. At present, the 元。目前，部分國家經濟狀
economic situation and investment environment of 況和投資環境不容樂觀，債
some countries remain grim, debt risks are rising, 務風險上升，傳統的
EPC+Fand the traditional EPC+F model is being challenged. 模式受到挑戰。許多國家的
The delay, suspension and even cancellation of 合作項目拖延、停工，甚至
cooperative projects in many countries have made 取消，合作項目資金落實難
it harder to achieve the availability of funds for 度加大。同時，企業的融資
cooperative projects. At the same time, the unitary 渠道單一，資金獲取難度增
financing channel of enterprises increases the 大，國內銀行融資成本普遍
difficulty of obtaining funds, the financing cost of 較高，「融資貴、融資難」等
domestic banks is generally high, and the problems 問題仍然突出。

of “high financing cost and financing difficulties” are
still prominent.
Second, external risks are becoming increasingly 二是外部風險日益突出。全
prominent. The security situation in some parts of 球局部地區安全形勢較為嚴
the world is relatively severe, geopolitical tension 峻，地緣政治風險加劇，部
are intensifying, and the political security situation 分國家政治安全形勢不容樂
in some countries does not look optimistic. Global 觀。全球貿易保護主義、單
trade protectionism, unilateralism are on the rise, 邊主義抬頭，不確定因素增
uncertainties are increasing, and the international 多，企業在部分重點合作市
competition encountered by enterprises in some key 場所遭遇的國際競爭愈加激
cooperative markets is becoming increasingly fierce. 烈。


Third, the business transformation and upgrading
of enterprises still faces difficulties. At present, the
proportion of traditional transportation infrastructure
and energy projects is high, and the proportion of
urban development and high-end buildings that are
related to economic development is low. There are
more short-term construction projects, less high-end
investment in industry chain, fewer facilities operation
projects that can obtain long-term cash flow, and
the ability of enterprises to resist market volatility
risks is weak. Most companies lack professional
international talents who are familiar with the rules
of financing guarantee, procurement, and operation.
The ability to adapt to the development trend of
large-scale, integrated, and complex international
engineering projects is insufficient.
Fourth, cross-border cooperation between
enterprises in the industry chain still needs to be
further improved. In the industry chain, the support
of professional services, such as survey and design,
consulting supervision, equipment manufacturing,
legal finance and so on, to contracted engineering
enterprises is still insufficient, failing to form
a cooperative pattern of “strong alliance and
complementary advantages”.
三是企業業務轉型升級仍面
臨困難。當前，傳統交通基
礎設施、能源類項目佔比
高，與經濟發展高度相關的
城市開發、高端建築等佔比
低；短期施工項目多，產業
鏈高端投資類少；能獲取長
期現金流的設施運營類項目
少，企業抵抗市場波動風險
的能力弱；多數企業缺乏對
融資擔保、採購、運營等環
節規則相對熟悉的專業化國
際人才，適應部分國際工程
項目大型化、綜合化、複雜
化發展趨勢的能力顯得不
足。

四是產業鏈企業間跨界合作
還有待進一步提升。在產業
鏈條上，勘察設計、諮詢監
理、裝備製造、法律金融等
專業服務類企業對承包工程
企業的支持力度仍然不足，
未能形成「強強聯合、優勢
互補」的合作格局。


(II)
Trading
In the first half of the year, the total value of China’s
foreign trade imports and exports amounted to RMB14.67
trillion, representing a year-on-year increase of 3.9%.
Among which, amounts of export amounted to RMB7.95
trillion, up by 6.1%; amounts of imports amounted to
RMB6.72 trillion, up by 1.4%; and trade surplus reached
RMB1.23 trillion, widened by 41.6%.
In general, the external environment in the first half of
the year was complicated and severe. Despite continued
economic and trade frictions between China and the
United State, China’s foreign trade was generally stable
with steady progress made, showing strong resilience
and high-quality development, which featured seven
characteristics as follows:
1.
The import and export value of general trade
expanded and the proportion increased. In the
first half of the year, China’s general trade imports
and exports totaled RMB8.78 trillion, up by 5.5%,
accounting for 59.9% of China’s total import and
export value, representing a year-on-year increase of
0.9 percentage point. The structure of trade mode
continued to optimize.
2.
The imports and exports to major trading partners
such as the EU, ASEAN and Japan increased. In the
first half of the year, China’s total value of imports
and exports to the EU was RMB2.3 trillion, up by
11.2%, accounting for 15.7% of China’s total value
of imports and exports, while China’s total value of
imports and exports to ASEAN was RMB1.98 trillion,
up by 10.5%, accounting for 13.5% of China’s total
value of imports and exports. In the same period,
China’s total value of imports and exports to the
United States was RMB1.75 trillion, down by 9%,
accounting for 12% of China’s total value of imports
and exports, while China’s total value of imports and
exports to Japan was RMB1.03 trillion, up by 1.7%,
accounting for 7% of China’s total value of imports
and exports.
（二）貿易
今年上半年，我國外貿進出口總
值為人民幣14.67萬億元，比去
年同期增長3.9%。其中，出口為
人民幣7.95萬億元，增長
6.1%；
進口為人民幣6.72萬億元，增長
1.4%；貿易順差為人民幣1.23萬
億元，擴大41.6%。

總的來看，上半年外部環境複雜
嚴峻。儘管中美經貿摩擦影響持
續顯現，我國外貿進出口總體平
穩，穩中有進，表現出很強的韌
性，外貿高質量發展有序推進，
具體有以下七個方面的特點：
1.
一般貿易進出口增長且比重
上升。上半年，我國一般貿
易進出口為人民幣8.78萬億
元，增長
5.5%，佔我國進出
口總值的59.9%，比去年同
期提升0.9個百分點。貿易
方式結構持續優化。

2.
對歐盟、東盟和日本等主要
貿易夥伴進出口增長。上半
年，我國對歐盟進出口總值
為人民幣2.3萬億元，增長
11.2%，佔我國進出口總值
的15.7%；我國對東盟進出
口總值為人民幣1.98萬億
元，增長
10.5%，佔我國進
出口總值的13.5%。同期，
我國對美國進出口總值為
人民幣1.75萬億元，下降
9%，佔我國進出口總值的
12%；我國對日本進出口總
值為人民幣1.03萬億元，增
長1.7%，佔我國進出口總值
的7%。


3. The imports and exports growth rate of countries 3. 對「一帶一路」沿線國家進
along “the Belt and Road” is higher than the overall 出口增速高於全國進出口整
growth rate of national imports and exports. In the 體增速。上半年，我國對
first half of the year, China’s imports and exports 「一帶一路」沿線國家合計進
to countries along “the Belt and Road” totaled 出口為人民幣4.24萬億元，
RMB4.24 trillion, representing an increase of 9.7%, 增長9.7%，高出全國進出口
which was 5.8 percentage points higher than the 整體增速5.8個百分點，佔
overall imports and exports growth rate of the 我國進出口總值的28.9%，
whole country, accounting for 28.9% of China’s total 比重提升了1.5個百分點。

value of imports and exports, and the proportion 說明我國與「一帶一路」沿
increased by 1.5 percentage points. It shows that 線國家的貿易合作潛力正在
the potential of trade cooperation between China 持續釋放，成為拉動我國外
and the countries along “the Belt and Road” is being 貿發展的新動力。

continuously released, which has become a new
driving force for the development of China’s foreign
trade.
4. The imports and exports of private enterprises have 4. 民營企業進出口增長，比重
expanded and the proportion increased. In the 提升。上半年，我國民營企
first half of the year, the imports and exports of 業進出口為人民幣6.12萬億
private enterprises in China totaled RMB6.12 trillion, 元，增長
11%，佔我國進出
representing an increase of 11%, accounting for 口總值的41.7%，比去年同
41.7% of China’s total value of imports and exports, 期提升了2.7個百分點。

2.7 percentage points higher than the same period
last year.
5. The imports and exports growth rate in the central 5. 中西部進出口增速高於全國
and western regions is higher than the overall growth 進出口整體增速，區域發展
rate of the country, with more coordinated regional 更趨協調。上半年，西部
12development. In the first half of the year, the imports 省市自治區進出口增速為
and exports growth rate of the 12 provinces, cities 14%，高於全國進出口整體
and autonomous regions in the western region was 增速10.1個百分點；中部
614%, which was 10.1 percentage points higher than 省進出口增速為8.1%，高出
the national total imports and exports growth rate, 全國進出口整體增速4.2個
while the imports and exports growth rate of the six 百分點。

provinces in China’s Central Region was 8.1%, 4.2
percentage points higher than that of the country.

6.
The exports of electromechanical products and laborintensive
products increased simultaneously. In the first
half of the year, China’s exports of electromechanical
products amounted to RMB4.63 trillion, representing
an increase of 5.3%, accounting for 58.2% of
China’s total value of the exports.
7.
The imports of bulk commodities such as crude
oil and coal increased, and the imports of iron ore
and soybeans decreased. In the first half of the
year, China imported 245 million tons of crude oil,
an increase of 8.8%; 154 million tons of coal, an
increase of 5.8%; 46.92 million tons of natural gas,
an increase of 11.6%. In addition, the imported
iron ore was 499 million tons, a decrease of 5.9%;
soybeans were 38.27 million tons, a decrease of
14.7%.
(III) Design Consulting
At present, China’s engineering survey and design
industry has entered a period of rapid development, and
the quality of the workforce, the scale of operation and
economic efficiency of the industry have been greatly
improved. The engineering survey and design industry
faces both opportunities and challenges, and the trend
for transformation and upgrading is noticeable.
6.
機電產品和勞動密集型產品
出口同步增長。上半年，我
國機電產品出口為人民幣
4.63萬億元，增長
5.3%，佔
我國出口總值的58.2%。

7.
原油和煤等大宗商品進口量
增加，鐵礦砂、大豆進口
量有所減少。上半年，我
國進口原油2.45億噸，增
加8.8%；煤炭1.54億噸，
增加5.8%；天然氣4,692萬
噸，增加
11.6%。此外，進
口鐵礦砂4.99億噸，減少
5.9%；大豆3,827萬噸，減
少14.7%。

（三）設計諮詢
目前，我國工程勘察設計行業進
入了快速發展期，行業隊伍素
質、經營規模、經濟效益得到大
幅提升。工程勘察設計行業總體
是機遇與挑戰並存，轉型升級趨
勢明顯。


1. The industry is entering a reshuffle stage and 1. 行業格局邁向深度洗牌階段，
restructuring continues to pick up pace 重組分化程度不斷加劇
Mergers and restructuring in the industry are 行業內的併購重組不斷加
accelerating. Unlike in the past, mergers and 快。與以往不同的是，過去
restructuring are more focused on vertical or 的併購重組，更關注的是延
horizontal purchase, which strengthens the 伸式、拓展式的併購，增強
economies of scale. Today, mergers and acquisitions 規模化效應。當前的併購，
are to enhance the value of services, for better 是基於提升服務價值，關注
integration of effective resources, to innovate and 有效資源之間的整合，基於
develop new business model, for the creation of 業務模式創新發展，構建完
a complete biological industry chain. The results 整的生態產業鏈的角度出
of restructuring and integration will inevitably bring 發。重組整合的結果必將帶
about major changes in the industry structure, and 來行業結構的重大變化，逐
gradually moving to a polarized direction from the 漸從過去穩定的金字塔結構
pyramid structure in the past. Some enterprises 向兩極化方向過渡，一部分
stand at the high end of the value chain, and 企業站在價值鏈高端，具有
have the advantages of a comprehensive, unified 綜合化、一體化、集成化優
and integrated development, some enterprises 勢，還有一部分精專特色化
will develop their specialized features and improve 單位完善配套支撐，原有的
ancillary support, the original middle level will 中間層會逐漸減少，主動向
gradually fade out, and moves towards the two ends. 兩端靠攏。

2. Integrated development is the trend under 2. 供需關係結構性失衡下，融
imbalance supply and demand 合發展成為追逐點
The main reason for the industry reshuffle is that 行業格局重新洗牌，主要原
the demand side is constantly changing, showing 因是需求端不斷在改變，出
the characteristics of an integrated, unified, vertical, 現了集成化、一體化、垂直
industrialized and service-oriented development. 化、產業化、服務化的特
Therefore, it will definitely not work if the supply 徵。因此，行業的供給端如
side of the industry is to stick to the traditional 果還沿襲傳統的發展路線肯
development line. To start making adjustment of the 定不行。着手進行供給側調
supply side and pursue integrated development is 整、追求融合發展已成必
inevitable. 然。


First, to pay attention to high quality growth and
development. While ensuring the continuous
expansion of scale, design companies are also
required to maintain sustainable competitive
edges, from unilateral project competition to more
multilateral value competition. The value output of
enterprises is to shift from a unitary profit model with
weak counter-cyclical ability which based on people
and technology to a vertical profit model featuring
integrated services, productization, investment,
operation management, etc.
Second, to establish a mutually beneficial business
ecosystem. With the promotion of the wholeprocess
project consultation and project contracting
construction model, the design enterprises are
paying more attention to whole industry chain,
unified and integrated development. More and
more design enterprises will choose to actively
integrate into the big ecosystem, form a platformbased
development mindset, build and optimize
the ecological relationship with partners, and create
a business ecosystem of “living together, living
mutually and re-born”.
Third, to reshape the design value industry chain.
Under the integration of industry, the value chain
is being segmented, the integration of enterprises
is constantly strengthened, and the new ecological
value chain is continuously constructed. The design
enterprises should not only pay attention to the value
position on the engineering construction chain, but
also need to find out the position of the engineering
construction industry chain in the ecological value
chain.
一是注重高質增長發展理
念。在確保規模持續擴張的
同時，更要求設計企業塑造
可持續的競爭力，從單邊項
目競爭走向更加多邊價值競
爭。企業價值輸出從依托於
人與技術、抗周期能力偏弱
的單一盈利模式轉向包括綜
合型服務、產品化、投資、
運營管理等立體式盈利模式
轉型。

二是建立共生商業生態圈。

隨着工程全過程諮詢以及工
程總承包建設組織模式的大
力推進，設計企業更加注重
全產業鏈、一體化、集成化
的發展。越來越多設計企業
會選擇積極融入大生態圈，
建立平台化發展思維，構
建、優化與合作夥伴的生態
關係，營造「共生、互生、
再生」的商業生態圈。

三是重塑設計價值產業鏈。

在產業融合下，價值鏈越來
越細化，企業之間的融合不
斷加強，新的生態價值鏈在
不斷構建。設計企業不但要
關注工程建設鏈條上的價值
地位，還需要去探尋工程建
設產業鏈在生態價值鏈上地
位。


3. The process of market development accelerated,
opening-up and integration with international
market strengthened
3. 市場化進程加快，對外開放
與國際融合加強
With the decentralization of the government, the
principle and approach to industry regulation have
changed, qualification reform and strengthening of
credit supervision have been put forward. At the
same time, polices have played down the attribute
of the industry, and the overall future reform of the
construction industry has been emphasized. The
marketization process of the design industry will be
further accelerated in the future.
隨着政府簡政放權，行業監
管理念和手段發生改變，提
出資質改革，強化信用監
管。同時在政策方面淡化了
行業屬性，更加強調建築業
未來改革的整體路徑。未來
設計行業市場化進程將進一
步加快。

II. BUSINESS REVIEW II. 業務概覽
In the first half of the year, being confronted with the
complicated international and domestic situations, the
Company adopted a multi-pronged approach, make concerted
efforts and continued its overall stable development trend.
In the Period, the revenue from the International Engineering
Contracting Business accounting for about 69.0% of the total
revenue, with the gross profit accounting for about 75.6% of
the total gross profit, laying a sound foundation for fulfilling the
annual business goal.
上半年，面對錯綜複雜的國際國內形
勢，公司多管齊下、齊心協力，延續
了總體平穩的發展態勢。本期間，國
際工程承包業務佔總收入約69.0%，
毛利佔毛利總額約75.6%，為實現全
年業務目標打下了一定基礎。

(I) International Engineering Contracting Business （一）國際工程承包業務
The Group is an international leading engineering
contracting and services supplier, with a primary focus on
EPC projects and particular expertise in the power sector.
International Engineering Contracting Business is one of
the traditional core businesses of the Group, accounting
for about 69.0% of the total income of the Group for the
Period. The income from the power sector accounted
for about 69.2% of the total income of the International
Engineering Contracting Business, while the gross profit
of the power sector accounted for about 78.8% of
the total gross profit of the International Engineering
Contracting Business, with the gross profit margin was
about 18.8%, holding a leading position in the industry.
本集團是國際領先的工程承包與
服務商，主要專注於
EPC項目，
特別專長於電力能源行業。國際
工程承包業務為本集團傳統核心
業務之一，約佔於本期間的本集
團總收入的
69.0%。其中，電力
能源行業收入佔本集團國際工程
承包業務總收入約69.2%，而電
力能源行業的毛利則佔國際工程
承包業務總毛利約78.8%，毛利
率約18.8%，處於行業領先水平。


The following table sets forth the details of the International 下表載列本期間國際工程承包業
Engineering Contracting Business for the Period, together 務詳情，以及
2018年同期的比較
with comparative figures for the Corresponding Period 數字：
in 2018:
Six months Six months
ended 30 % of ended 30 Increase/
June 2019 Total June 2018 (Decrease)
截至2019年
截至2018年
6月30日6月30日增加╱
止六個月佔總額%止六個月（減少）
RMB million RMB million
人民幣百萬元人民幣百萬元
Revenue收入
Power電力能源
6,646.4 69.2 4,983.0 33.4%
Transportation and交通運輸及
telecommunications電子通訊
166.7 1.7 612.5 (72.8)%
Non-Core Sectors非核心行業
2,798.4 29.1 1,830.5 52.9%
Total合計
9,611.5 100.0 7,426.0 29.4%
Gross Profit毛利
Power電力能源
1,252.6 78.8 1,126.3 11.2%
Transportation and 交通運輸及
telecommunications電子通訊
39.8 2.5 125.4 (68.3)%
Non-Core Sectors非核心行業
297.0 18.7 154.5 92.2%
Total合計
1,589.4 100.0 1,406.2 13.0%

Six months Six months
ended 30 % of ended 30 Increase/
June 2019 Total June 2018 (Decrease)
截至2019年
截至2018年
6月30日止6月30日止增加╱
六個月佔總額%六個月（減少）
US$ million US$ million
百萬美元百萬美元
Value of 新簽約Power電力能源
1,291.8 50.5 1,054.3 22.5%
newly 合同Transportation and交通運輸及
signed 金額
telecommunications電子通訊
351.0 13.7 570.8 (38.5)%
contractsNon-Core Sectors非核心行業
915.7 35.8 1,258.4 (27.2)%
Total合計
2,558.5 100.0 2,883.5 (11.3)%
As at 31
As at 30 % of December Increase/
June 2019 Total 2018 (Decrease)
於2019年
於2018年
增加
╱
6月30日佔總額%12月31日（減少）
US$ million US$ million
百萬美元百萬美元
Backlog未完成
Power電力能源
5,939.6 65.3 7,255.1 (18.1)%
合同量
Transportation and 交通運輸及
telecommunications電子通訊
449.6 4.9 456.1 (1.4)%
Non-Core Sectors非核心行業
2,712.7 29.8 2,936.1 (7.6)%
Total合計
9,101.9 100.0 10,647.3 (14.5)%

As at 30 June 2019, the Group had undertaken
engineering contracting projects in more than 50 countries
over the world, primarily in Asia, Africa, Europe and South
America. The following map indicates the locations of our
engineering contracting projects from 1 January 2009 to
30 June 2019:
截至2019年6月30日，本集團的
工程承包項目遍及全球超過50個
國家，主要在亞洲、非洲、歐洲
及南美洲。以下地圖顯示於
2009
年1月1日至2019年6月30日我們
工程承包項目的位置：
Asia亞洲
China中國
Myanmar
緬甸
Turkey
土耳其
Vietnam
越南
Malaysia馬來西亞
Singapore
新加坡
Papua New Guinea
巴布亞新幾內亞
Afghanistan
阿富汗
Indonesia印度尼西亞
Iraq
伊拉克
Yemen
也門
Pakistan
巴基斯坦
Laos
老撾
Bangladesh
孟加拉
India
印度
Sri Lanka
斯里蘭卡Maldives
馬爾代夫
Africa
非洲
Congo
剛果
Nigeria尼日利亞
Angola
安哥拉
Equatorial Guinea赤道畿內亞
Zambia
贊比亞
Ghana加納
Namibia
納米比亞
Zimbabwe
津巴布韋
Senegal塞內加爾
Cote d\'Ivoire
科特迪瓦
Cameroon喀麥隆
Chad
乍得
Tanzania
坦桑尼亞
Ecuador
厄瓜多爾
Kenya
肯尼亞
Germany
德國
Italy
意大利
Bahrain
巴林
Belarus
白俄羅斯
Kazakhstan
哈薩克斯坦
Europe歐洲
Trinidad and Tobago
特立尼達和多巴哥
Argentina
阿根廷
Brazil
巴西
Venezuela
委內瑞拉
South
America
南美洲
Oceania
大洋洲
Serbia
塞爾維亞
Mongolia 蒙古
Canada
加拿大
North
America
北美洲
Bolivia
玻利維亞
Note: The map is provided only for illustrative purposes and 註：此地圖僅供說明用途，並非按比例編
not drawn to scale. It is not intended to accurately 繪。地圖的目的並非準確顯示我們的
show the exact locations of our engineering contracting 工程承包項目的精確位置。

projects.

The following table sets forth a breakdown of the revenue 下表載列本集團於本期間與2018from the Group’s international engineering contracting 年同期按地區劃分的國際工程承
projects by geographic locations for the Period, together 包項目收入明細：
with the comparative figures for the Corresponding Period
in 2018:
Six months ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
RMB million % of Total RMB million % of Total
人民幣百萬元佔總額%人民幣百萬元佔總額%
Asia亞洲
5,022.5 52.2 3,339.8 45.0
Africa非洲
3,333.9 34.7 3,395.2 45.7
Europe歐洲
916.2 9.5 118.9 1.6
South America南美洲
168.9 1.8 572.1 7.7
North America北美洲
170.0 1.8 ––
Total合計
9,611.5 100.0 7,426.0 100.0
1. Sound project execution 1. 項目執行情況良好
In the first half of the year, the Company stepped up
its efforts in the supervision of various projects under
implementation stage in hand, strictly controlled
various risks, and ensured that the implementation
of all projects were in good progress, without the
occurrence of major risks and accidents.
上半年，公司加大各在手執
行項目的監管力度，嚴格控
制各類風險，保證了項目執
行情況的整體良好，無重大
風險和事故發生。


The second phase of the KOSTOLAC-B Power
Station Project in Serbia was successfully
implemented, and various milestones were achieved.
On 26 March, the coal mine capacity expansion
portion of the project held a ceremony of the transfer
of the bucket wheel excavator. On 11 June, the first
pile of the main plant area of the main section of the
project was successfully completed. On 18 June,
the coal mine capacity expansion portion held a
ceremony of the transfer of the dumping plough,
marking the full completion of the installation of
main equipment in the coal mine portion. During
the Period, economic and trade and professional
delegations from Mainland China and HKSAR also
visited the project site for investigation and research.
On 3 April, Lauca Connection Line Project in the
Angola achieved the full operation, greatly alleviating
the lack of power in the central and southern
region of Angola. Meanwhile, it also means that
the first batch of three-phase integrated magnetism
controlled reactors exported from China to overseas
has been successfully put into operation.
The first phase of Thar Power Station Project in
the Pakistan achieved first grid connection for
power generation of 2# unit on 18 March and
completed first grid connection for power generation
of 1# unit on 4 April. On 10 April, the project held a
ceremony for the grid connection of the two units.
The Pakistan side stated that the project, as a Sino-
Pakistan economic corridor project, was not simply
cooperation between China and Pakistan and also
brought together participation by countries such as
the United States, Japan and Germany in terms of
technology and equipment, which demonstrated that
the corridor project and “the Belt and Road” policies
were open, cooperative and win-win.
塞爾維亞KOSTOLAC-B電站
項目二期執行順利，完成多
個重要節點。

3月26日，該
項目煤礦擴容部分舉行了斗
輪挖掘機轉場儀式。

6月11
日，該項目主標段主廠房區
域第一根樁順利施工完成。

6月18日，煤礦擴容部分舉
行排土機轉場儀式，標誌着
煤礦部分主設備安裝工作全
面完成。期間，中國內地與
香港特區經貿及專業代表團
還到訪項目現場進行調研。

4月3日，安哥拉
Lauca連接
線項目全線貫通，極大緩解
了安哥拉中南部地區電力缺
乏的狀況，同時也意味着中
國第一批出口海外的三相一
體式磁控電抗器的正式投運
成功。

巴基斯坦塔爾電站一期項目
於3月18日實現2#機組的首
次並網發電，又於
4月4日完
成1#機組的首次並網發電。

4月10日，項目舉行了兩台
機組並網成功慶典。巴方表
示該項目作為中巴經濟走廊
項目，不單純是中國和巴基
斯坦的合作，還集結了美
國、日本、德國等國家在技
術、設備等方面的參與，印
證了走廊項目、「一帶一路」
政策是開放、合作和共贏的
政策。


On 19 April, a commissioning ceremony of the
Nikopol Photovoltaic Power Station Project in
Ukraine was held. The project is currently the largest
photovoltaic project in Ukraine, and is equipped
with global advanced photovoltaic components,
inverters and advanced photovoltaic power station
management systems manufactured by China. It is
a model for win-win cooperation between Chinese
and Ukrainian companies.
On 19 May, the No. 1 steam turbine of the SOYOI
Combined Cycle Power Station Project in Angola
successfully passed the 72-hour full load reliability
test. At this point, all the installation and debugging
work of the project was completed, and the entire
project is about to be handed over and put into
commercial operation.
On 13 June, the Minister of Energy and Water of
Angola and his delegation inspected the third phase
of the Construction Project of Gandrabro Water
Plant in Luanda constructed by the Company. The
project is a national key project in Angola. It is
highly valued by the senior officials of Angola and
has received extensive attention from various social
sectors. The Minister expressed great satisfaction
with the progress of the project and the quality
of the construction, and expressed appreciation
for the spirit of CMEC to effectively organize the
construction according to the plan.
4月19日，烏克蘭尼科波爾
光伏電站項目舉行投產儀
式。該項目為烏克蘭目前最
大的光伏項目，裝備了中國
製造的全球先進的光伏組
件，逆變器以及先進的光伏
電站管理系統，是中烏兩國
企業雙贏合作的典範。

5月19日，安哥拉
SOYOI聯
合循環電站項目的一號汽機
順利通過72小時滿負荷可靠
性試驗。至此，該項目的所
有安裝調試工作全部完成，
即將整體移交投入商業運
行。

6月13日，安哥拉能源水利
部部長一行，視察了我司承
建的羅安達甘德拉布羅水廠
三期建設項目。該項目是安
哥拉國家重點項目，受到安
哥拉高層的高度重視和社會
各界的廣泛關注。部長對項
目進展和施工質量表示非常
滿意，對
CMEC按計劃有效
組織施工的精神表示贊賞。


2. Steady market development 2. 市場開拓穩步前行
On 12 April, the China-Central and Eastern European 4月12日，中國－中東歐國
Countries Leaders Summit was held in Croatia. 家領導人峰會在克羅地亞召
During the summit, under the witness of State 開。峰會期間，在國務院總
Council Premier Li Keqiang, State Councilor and 理李克強、國務委員兼外交
Foreign Minister Wang Yi and leaders of Central 部長王毅以及中東歐國家領
and Eastern European countries, the Company 導人的見證之下，公司簽署
signed a commercial contract for the Bulgarian 了保加利亞港口建設項目商
Port Construction Project. The project is the first 務合同。該項目是中資企業
port construction project undertaken by a Chinese 在保加利亞的第一個港口建
enterprise in Bulgaria, and is another interconnected 設項目，是中東歐在「一帶
infrastructure construction project under “the Belt 一路」倡議下的又一個互聯
and Road” initiative in Central and Eastern Europe 互通的基礎設施建設項目，
and also the first modern port with storage capacity 也是保加利亞第一個具備倉
in Bulgaria. 儲能力的現代化港口。

On 15 April, the Company signed the EPC contract 4月15日，公司簽署塔吉克
for the 300kt/a Electrolytic Aluminum Technical 300kt/a電解鋁技改項目EPCTransformation Project in Tajikistan. The successful 合同。該項目的成功簽約將
signing of the project will lay a good foundation for 為公司拓展新市場和新行業
the Company to expand into new markets and new 打下良好基礎。

industries.
On 25 April, under the witness of Gao Yunlong, 4月25日，在全國政協副主
vice president of the Chinese People’s Political 席、全國工商聯主席高雲
Consultative Conference and chairman of the All
龍，時任國務院國有資產監
China Federation of Industry and Commerce, Xiao 督管理委員會主任肖亞慶等
Yaqing, the then director of the State-owned Assets 領導的見證下，公司簽署了
Supervision and Administration Commission of the 印尼ANH高爐鎳鐵冶煉項目
State Council, and other leaders, the Company EPC合同協議。該項目為業
signed the EPC contract agreement for the ANH blast 主在印尼鎳鐵產業園整體規
furnace ferronickel smelting project in Indonesia. The 劃中的首期建設項目，項目
project is the first phase of the construction project 建成後每年將提供8萬噸鎳
of the owner in the overall plan of the ferronickel 鐵產能，並將為產業園後續
industrial park in Indonesia. Upon completion, the 增產擴建奠定良好基礎。

project will provide a production capacity of 80,000
tons of ferronickel per year, which will lay a good
foundation for the subsequent increase in production
and expansion of the industrial park.

On 27 April, the Company signed the agreement on
the Pakistan KE 700MW Coal-fired Power Station
Project, the cooperation framework agreement on
the Pakistan Modern Agriculture Project, and the
loan agreement on the Pakistan ThalNova 330MW
Power Station Project.
On 22 May, the Company signed a contract for
the Makhmour cement plant in Iraq. The scope of
the contract includes the construction of a new
cement plant with a daily output of 6,000 tonnes
of clinker, and the construction of a 52.2MW selfsupplied
power station for the cement plant to
provide electricity to the cement plant. The project
has laid a solid foundation for further enhancing the
Company’s brand image and penetrating the Iraqi
market.
On 26 May, under the joint witness of Vice President
Wang Qishan, the Prime Minister of Pakistan Imran
Khan and relevant leaders of China and Pakistan, the
Company successfully signed a tripartite agricultural
framework cooperation agreement on modern animal
husbandry, agricultural planting and other fields with
Balochistan and Lasbela University of Agriculture.
At the end of May, the Company successfully
signed the EPC and O&M contract for the 45MW
photovoltaic power station in Kedah, Malaysia, with a
construction period of 14 months. The project is the
Company’s third EPC general contracting project for
photovoltaic power plants in Malaysia, laying a solid
foundation for penetrating the Malaysian photovoltaic
power station market.
4月27日，公司簽署了巴基
斯坦KE 700MW燃煤電站
項目相關協議、巴基斯坦
現代農業項目合作框架協
議，以及巴基斯坦
ThalNova
330MW電站項目貸款協議。

5月22日，公司簽署了伊拉
克邁赫穆爾水泥廠合同。

合同範圍包括新建一座日
產6,000噸熟料的水泥廠，
同時為該水泥廠建設一座
52.2MW自備電站為水泥廠
提供電力。該項目為進一
步提升公司品牌形象、深耕
伊拉克市場打下了堅實的基
礎。

5月26日，在國家副主席王
岐山、巴基斯坦總理伊姆
蘭
.汗以及中巴雙方相關領
導人的共同見證下，成功簽
署公司與俾路支省、拉斯貝
拉農業大學在現代畜牧養
殖、農業種植等領域的三方
農業框架合作協議。

5月底，公司成功簽約馬來
西亞吉打州45MW光伏電站
EPC和O＆M合同，施工工
期14個月。該項目為公司在
馬來西亞的第三個光伏電站
EPC總承包項目，深耕馬來
西亞光伏電站市場打下堅實
基礎。


(II)
Trading Business
In the first half of the year, the trading business
maintained stable operation, but volatility increased. The
overall situation was the coexistence of difficulties and
opportunities.
The following table sets forth the details of the Trading
Business for the Period, together with the comparative
figures for the Corresponding Period in 2018:
Six months
ended 30
June 2019
截至2019年
6月30日
止六個月
RMB million
人民幣百萬元
（二）貿易業務
上半年，貿易業務保持經營平
穩，但波動性有所增大，總體是
困難和機遇並存的態勢。

下表載列截止本期間貿易業務詳
情連同2018年同期的比較數字：
Six months
% of ended 30 Increase/
total June 2018 (Decrease)
截至2018年
6月30日增加
╱
佔總額%止六個月（減少）
RMB million
人民幣百萬元
Revenue收入
International trade國際貿易
2,935.6 90.5 3,158.3 (7.1)%
Domestic trade國內貿易
309.1 9.5 469.7 (34.2)%
Total
合計
3,244.7 100.0 3,628.0 (10.6)%
Gross profit毛利
International trade國際貿易
196.2 87.4 195.2 0.5%
Domestic trade國內貿易
28.4 12.6 36.3 (21.8)%
Total
合計
224.6 100.0 231.5 (3.0)%
1.
Continue to promote transformation and upgrading.
The Company will vigorously develop new trading
business models, such as CMIPC’s “R&D +
manufacturing + trade” model, China National
Machinery & Equipment Import & Export (Suzhou)
Co., Ltd.’s “Internet + overseas operation platform”,
“cross-border e-commerce platform” established
through cooperation between CMEC General
Machinery Import & Export Co., Ltd.* and China
Machinery & Equipment (HK) Company Limited, etc.
1.
持續推進轉型升級。大力發
展新型貿易業務模式，如中
設裝備「研發
+製造+貿易」
模式，中設（蘇州）機械設
備工程有限公司的「互聯網
+海外運營平台」，中設通用
機械進出口有限責任公司與
中國機械設備香港有限公司
合作的「跨境電商平台」等。


2. Successfully achieve new business 2. 新業務開拓取得成效。公司
development. The Company has reached 與定州市政府達成戰略合
a strategic cooperation with the Dingzhou 作，共同推進沼氣（生物天
Municipal Government to jointly promote the 然氣）的綜合利用與開發，
comprehensive utilization and development 積極打造沼氣（生物天然氣）
of biogas (bio-natural gas), actively build a 綜合利用專用設備生產基
special equipment production base for biogas 地、建立沼氣（生物天然氣）
(bio-natural gas) comprehensive utilization, and 製備及綜合利用產業技術中
establish a manufacturing and comprehensive 心。

utilization industrial technology center for biogas
(bio-natural gas).
3. Actively build technology-based trading 3. 積極打造科技型貿易業務。

business. CMIPC begins to make preparations 中設裝備公司開始籌建中設
for building CMEC Group New Materials 集團新材料研究院；中設工
Research Institute. Preliminary ideas have 程機械和海外實驗檢測機構
been put forward for the project of establishing 合作，在國內設立合資實驗
a joint venture laboratory in China through 室項目已提出初步設想。

cooperation between Engineering Machinery
Company and overseas experimental testing
institutions.
4. Continue to promote trade regionalization and 4. 繼續推進貿易區域化屬地
localization. After completing the Photovoltaic 化。中設國際貿易有限責任
EPC project in Curacao School, CMEC 公司在完成庫拉索學校光伏
International Trading Co., Ltd.* has formed EPC項目後，已形成業務集
a business cluster and signed a number of 群，在加勒比地區已實現巴
contracts for commercial Photovoltaic EPC 拿馬、哥斯達黎加、多米尼
projects in many regions of the Caribbean 加等多個商業光伏EPC項目
such as Panama, Costa Rica and Dominica. 簽約；北美區域中心在現有
Based on the existing housing projects in 加拿大房建項目基礎上，計
Canada, the North American Regional Center 劃帶動倉儲式貿易業務，實
plans to drive warehousing-style trading 現「工程
+貿易」。

business to achieve “engineering + trade”.
In addition, the Company will continue to 此外，不斷加強制度建設，
strengthen system construction, strictly guard 嚴格防範各類風險，穩步推
against various risks, and steadily promote 進板塊協同，均取得一定實
synergy between sectors, all of which have 效。

achieved certain results.

(III) Services Business
In the first half of the year, the tendering business of the
Company maintained the stability. The design consulting
business continued to accomplish the improvement.
The market development and business execution
status were good. The effect of technology funds and
technology incubation emerged, and internal and external
collaboration were further enhanced. In January, the postdoctoral
scientific research station that JiKan Research
Institute had applied for establishment was approved by
the state, and was also the Company’s first national-level
technological innovation carrier. In June, the Company
successfully held the first science and technology
conference, which comprehensively summarized the
status quo and capabilities of the Company’s scientific
and technological strength, and carefully analyzed the
specific tasks and needs of scientific and technological
development under the new situation, laying a foundation
for the Company to promote high-quality development
with science and technology in the next step.
（三）服務業務
上半年，公司服務業務中的招標
業務穩定發展。設計諮詢業務
繼續提升，市場開拓和業務執行
狀態良好，科技基金和科技孵化
效用顯現，內外部協同進一步增
強。1月，機勘院申請設立的博
士後科研工作站通過國家審批，
這也是公司首個國家級科技創新
載體。

6月，公司成功召開首屆
科技大會，全面總結了公司科技
力量的現狀和能力，細緻分析了
新形勢下科技發展的具體任務和
需求，為公司下一步以科技促進
高質量發展打下基礎。


The following table sets forth the details of the Services 下表載列截止本期間服務業務詳
Business as of the Period, together with the comparative 情連同2018年同期的比較數字：
figures for the Corresponding Period in 2018:
Six months Six months
ended 30 ended 30 Increase/
June 2019 % of total June 2018 (Decrease)
截至2019年
截至2018年
6月30日6月30日增加
╱
止六個月佔總額%止六個月（減少）
RMB million RMB million
人民幣百萬元人民幣百萬元
Revenue收入
Logistics services物流服務
193.9 17.9 171.4 13.1%
Design services設計服務
452.8 41.8 381.2 18.8%
Tendering agency 招標代理服務
services13.9 1.3 13.8 0.7%
Export-import 進出口代理服務
agency services3.5 0.3 12.0 (70.8)%
Others其他
418.4 38.7 415.9 0.6%
Total合計
1,082.5 100.0 994.3 8.9%
Gross Profit毛利
Total合計
289.3 100.0 302.0 (4.2)%
In general, the design consulting business in the first half
of the year mainly showed three characteristics:
First, the medium and large-sized survey and design
projects completed by the two design institutes under the
Company were gradually increasing, indicating that the
overall capabilities of the two institutes and their ability
to compete for projects in the market were constantly
improving, and the collection work was progressing
steadily, with a decrease in the gearing ratio of China
Machinery R&D.
Second, we had seized the development opportunity of
the country’s strategic industries. China Machinery R&D
obtained large contracts in the sectors of new energy and
environmental governance, and JiKan Research Institute
obtained large contracts in the sectors of subway and
transportation.
總的來說，上半年設計諮詢業務
主要呈現三個特點：
一是公司下屬兩家設計院完成的
大中型勘察設計項目在逐步增
多，說明兩院的綜合能力和在市
場競爭力不斷提升，並且收款工
作穩步推進，中機院的資產負債
率有所降低。

二是抓住了國家戰略性產業的發
展機遇。中機院在新能源、環境
治理領域，機勘院在地鐵、交通
領域均有簽署大額合同。


Third, the effect of driving the market was apparent
in terms of technological innovation. The two design
institutes under the Company had driven some new
markets by leveraging their advantages in sponge cities,
fabricated buildings, drones and subway automatic
monitoring technology.
III. HUMAN RESOURCES
As at 30 June 2019, the Group had approximately 5,010 (31
December 2018: 4,829) employees. Employees’ remuneration
comprises basic salary and performance salary. The
performance salary is determined according to the assessment
of the performance of all staff. The Company does not adopt
any pre- or post-IPO share award scheme or share option
scheme.
The Company provides systematic and effective training for
the employees. The Company also provides sustainable and
specific educational training for the senior management,
middle management as well as technical and operational staff
with a view to improving the quality and ability of the staff at
different levels.
IV.
FINANCIAL POSITION AND OPERATING
RESULTS
The following discussion should be read in conjunction with
the unaudited interim financial statements of the Group
together with the accompanying notes included in this result
announcement and other sections herein.
1.
Overview
For the Period, both of the Group’s revenue and gross
profit increased to a certain extent, and the gross profit
margin of core businesses was still maintained at a
relatively high level.
三是在科技創新方面的帶動市場
效應明顯。公司下屬兩家設計院
利用在海綿城市、裝配式建築、
無人機、地鐵自動監測技術等方
面的優勢均帶動了一些新的市
場。

III.
人力資源
截至2019年6月30日，本集團僱用
員工約5,010人（2018年12月31日：
4,829人）。員工薪酬包括基本薪金及
績效薪金。績效薪金乃根據全體員工
的表現評估釐定。本公司概無採納任
何首次公開發售前或後股份獎勵計劃
或購股權計劃。

本公司為員工提供有系統及有效的培
訓。本公司亦為高級管理層、中級管
理層以及技術及營運人員提供可持續
及特別教育培訓，旨在提升不同級別
員工的質素及能力。

IV.
財務狀況及經營業績
以下討論應與本集團的未經審計中期
財務報表，連同本業績公告所載的隨
附附註及當中其他章節一併閱讀。

1.
概覽
於本期間，本集團收入、毛利均
有一定幅度增長，核心業務毛利
率仍保持較高水平。


2. Revenue 2. 收入
The Group generated its revenue from the International 本集團的收入來自國際工程承包
Engineering Contracting Business, Trading Business and 業務、貿易業務及服務業務。

Services Business.
For the Period, the Group’s revenue amounted to 於本期間，本集團的收入約為人
approximately RMB13,938.7 million, representing an 民幣13,938.7百萬元，較本集
increase of 15.7% as compared with the Group’s revenue 團於2018年同期的收入人民幣
of RMB12,048.3 million for the Corresponding Period in 12,048.3百萬元增加15.7%。

2018.
The following table sets out, for the periods indicated, the 下表載列於所示期間本集團三個
amount and percentage of the Group’s total revenue by 業務分部各自的收入金額及佔本
each of the Group’s three business segments: 集團總收入的百分比：
Six months ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
RMB million % of Total RMB million % of Total
人民幣百萬元總額的%人民幣百萬元總額的%
International Engineering 國際工程承包業務
Contracting BusinessPower電力能源
6,646.4 47.7 4,983.0 41.3
Transportation and Telecommunications交通運輸及電子通訊
166.7 1.2 612.5 5.1
Non-Core Sectors非核心行業
2,798.4 20.1 1,830.5 15.2
Trading Business貿易業務
International Trade國際貿易
2,935.6 21.1 3,158.3 26.2
Domestic Trade國內貿易
309.1 2.2 469.7 3.9
Services Business服務業務
1,082.5 7.7 994.3 8.3
Total總計
13,938.7 100.0 12,048.3 100.0

1) International Engineering Contracting 1) 國際工程承包業務
Business
For the Period, the Group’s revenue generated from 於本期間，本集團的國際
the International Engineering Contracting Business 工程承包業務收入為人民
amounted to RMB9,611.5 million, which accounted 幣9,611.5百萬元，佔於本
for 69.0% of the Group’s total revenue for the Period, 期間本集團總收入69.0%，
representing an increase of 29.4% as compared 較2018年同期約人民幣
with approximately RMB7,426.0 million for the 7,426.0百萬元增加29.4%，
Corresponding Period in 2018, primarily due to the 主要由於電力能源及非核心
increase in the revenue generated from the Power 行業收入有所增加。

and Non-Core Sectors.
For the Period, revenue from the Power Sector 於本期間，電力能源行業
amounted to RMB6,646.4 million, representing an 收入為人民幣6,646.4百萬
increase of 33.4% as compared with RMB4,983.0 元，比
2018年同期人民幣
million for the Corresponding Period in 2018, 4,983.0百萬元增加33.4%，
primarily due to the significant progress in the power 主要由於位於亞洲的電站項
station projects in Asia during the Period. 目本期間有較大進展。

For the Period, revenue from the Transportation 於本期間，交通運輸及電
and Telecommunications Sector amounted to 子通訊行業收入為人民幣
RMB166.7 million, representing a decrease of 166.7百萬元，比
2018年同
72.8% as compared with RMB612.5 million for 期人民幣612.5百萬元減少
the Corresponding Period in 2018, primarily due to 72.8%，主要由於南美洲鐵
the significant progress in the railway improvement 路改造項目2018年同期有較
project in South America during the Corresponding 大進展。

Period in 2018.
For the Period, revenue from the Non-Core Sectors 於本期間，非核心行業收
amounted to RMB2,798.4 million, representing an 入為人民幣2,798.4百萬
increase of 52.9% as compared with RMB1,830.5 元，比
2018年同期人民幣
million for the Corresponding Period in 2018, 1,830.5百萬元增加52.9%，
primarily due to the significant progress achieved by 主要由於亞洲和非洲的水廠
the water plant and water supply projects in Asia and 及供水項目取得較大進展，
Africa, which generated higher revenue as compared 相比2018年上半年取得收入
with that for the first half of 2018. 較多。


2) Trading Business 2) 貿易業務
For the Period, the Group’s revenue generated from
the Trading Business reached RMB3,244.7 million,
which accounted for 23.3% of the Group’s total
revenue for the Period, representing a decrease of
10.6% as compared with RMB3,628.0 million for
the Corresponding Period in 2018, primarily due to
the decreases in both the revenue from international
trade and domestic trade.
於本期間，本集團的貿易業
務收入為人民幣3,244.7百
萬元，佔本集團於本期間總
收入23.3%及較2018年同
期人民幣3,628.0百萬元減
少10.6%，主要由於國際貿
易及國內貿易收入均有所下
降。

For the Period, revenue from the international trade
amounted to RMB2,935.6 million, represents a
decrease of 7.1% as compared with RMB3,158.3
million for the Corresponding Period in 2018,
primarily due to a decrease in the business volume
of chemical products business.
於本期間，國際貿易收入為
人民幣2,935.6百萬元，比
2018年同期人民幣3,158.3
百萬元減少7.1%，主要由於
化工產品業務量有所下降。

For the Period, revenue from domestic trade
amounted to RMB309.1 million, representing a
decrease of 34.2% as compared with RMB469.7
million for the Corresponding Period in 2018,
primarily due to a decrease in the business volume
of domestic chemical product trading business.
於本期間，國內貿易收入
為人民幣309.1百萬元，比
2018年同期人民幣
469.7百
萬元減少34.2%，主要由於
國內化工貿易業務量的下
降。

3) Services Business 3) 服務業務
For the Period, the Group’s revenue generated from
the Services Business amounted to RMB1,082.5
million, which accounted for 7.7% of the Group’s
total revenue for the Period, representing an increase
of 8.9% as compared with RMB994.3 million for
the Corresponding Period in 2018, primarily due to
an increase in business volume of design sector as
compared with the Corresponding Period in 2018.
於本期間，本集團的服務業
務收入為人民幣1,082.5百
萬元，佔本集團於本期間
總收入7.7%及較2018年同
期人民幣994.3百萬元增加
8.9%，主要由於設計業務量
較2018年同期有所增加。

3. Cost of Sales 3. 銷售成本
For the Period, the Group’s cost of sales amounted
to RMB11,835.3 million, representing an increase of
17.1% as compared with RMB10,108.5 million for the
Corresponding Period in 2018.
於本期間，本集團的銷售成本為
人民幣11,835.3百萬元，而
2018
年同期則為人民幣
10,108.5百萬
元，增幅為17.1%。


4. Gross Profit and Gross Profit Margin 4. 毛利及毛利率
1) Gross profit 1) 毛利
During the Period, the Group’s gross profit amounted 於本期間，本集團的毛利為
to RMB2,103.3 million, representing an increase of 人民幣2,103.3百萬元，較
8.4% as compared with RMB1,939.7 million for the 2018年同期人民幣1,939.7Corresponding Period in 2018. 百萬元增加8.4%。

Gross profit of the Group for the Period consists of 於本期間，本集團毛利構成
the following: 情況如下：
Six months ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
RMB million % of Total RMB million % of Total
人民幣百萬元總額的%人民幣百萬元總額的%
International Engineering 國際工程承包業務
Contracting BusinessPower電力能源
1,252.6 59.6 1,126.3 58.1
Transportation and 交通運輸及電子通訊
Telecommunications39.8 1.9 125.4 6.4
Non-Core Sectors非核心行業
297.0 14.1 154.5 8.0
1,589.4 75.6 1,406.2 72.5
Trading Business貿易業務
International Trade國際貿易
196.2 9.3 195.2 10.0
Domestic Trade國內貿易
28.4 1.4 36.3 1.9
224.6 10.7 231.5 11.9
Services Business服務業務
289.3 13.7 302.0
Total總計
2,103.3 100.0 1,939.7

i)
International Engineering Contracting
Business
For the Period, the Group’s gross profit from the
International Engineering Contracting Business
amounted to RMB1,589.4 million, which
accounted for 75.6% of the Group’s total gross
profit for the Period, representing an increase
of 13.0% as compared with RMB1,406.2 million
for the Corresponding Period in 2018, primarily
due to the increases in gross profit in the Power
and Non-Core Sectors.
For the Period, the Group’s gross profit from the
Power Sector amounted to RMB1,252.6 million,
representing an increase of 11.2% as compared
with RMB1,126.3 million for the Corresponding
Period in 2018, primarily due to the significant
progress in the power station projects in Asia
during the Period.
For the Period, the Group’s gross profit from the
Transportation and Telecommunications Sector
amounted to RMB39.8 million, representing
a decrease of 68.3% as compared with
RMB125.4 million for the Corresponding Period
in 2018, primarily due to the significant progress
in the railway improvement project in South
America during the Corresponding Period in
2018.
For the Period, the Group’s gross profit from
the Non-Core Sectors amounted to RMB297.0
million, representing an increase of 92.2%
as compared with RMB154.5 million for the
Corresponding Period in 2018, primarily due
to the significant progress achieved by the
water plant and water supply projects in Asia
and Africa, which generated higher gross profit
margin.
i)
國際工程承包業務
於本期間，本集團國際
工程承包業務的毛利
為人民幣
1,589.4百萬
元，佔本集團本期間總
毛利75.6%，較2018年
同期人民幣
1,406.2百
萬元增加13.0%，主要
由於電力能源和非核心
行業的毛利增加。

於本期間，電力能源
行業毛利為人民幣
1,252.6百萬元，比
2018年同期人民幣
1,126.3百萬元增加
11.2%，主要由於亞洲
的電站項目本期間取得
較大進展。

於本期間，交通運輸
及電子通訊行業毛利
為人民幣39.8百萬
元，比
2018年同期人
民幣125.4百萬元減少
68.3%，主要由於南美
洲鐵路改造項目2018
年同期有較大進展。

於本期間，非核心行業
毛利為人民幣
297.0百
萬元，比
2018年同期
人民幣154.5百萬元增
加92.2%，主要由於亞
洲和非洲的水廠及供水
項目取得較大進展，且
毛利率較高。


ii) Trading Business
For the Period, the Group’s gross profit from
the Trading Business amounted to RMB224.6
million, which accounted for 10.7% of the
Group’s total gross profit for the Period,
representing a decrease of 3.0% as compared
with RMB231.5 million for the Corresponding
Period in 2018, primarily due to a decrease
in the business volume of domestic chemical
product trading business.
iii) Services Business
For the Period, the Group’s gross profit from
the Services Business amounted to RMB289.3
million, which accounted for 13.7% of the
Group’s total gross profit for the Period,
representing a decrease of 4.2% as compared
with RMB302.0 million for the Corresponding
Period in 2018, which was primarily due to a
decrease in the gross profit of export-import
agency services.
ii) 貿易業務
於本期間，本集團貿易
業務的毛利為人民幣
224.6百萬元，佔本集
團本期間總毛利10.7%
及較2018年同期人民
幣231.5百萬元減少
3.0%，主要由於國內化
工貿易業務量的下降。

iii) 服務業務
於本期間，本集團服
務業務的毛利為人民
幣289.3百萬元，佔
本集團本期間總毛利
13.7%，較2018年同期
人民幣302.0百萬元減
少4.2%，主要由於進
出口代理服務毛利有所
下降。


2) Gross profit margin 2) 毛利率
During the Period, the Group’s gross profit margin
was approximately 15.1%, representing a
slight decrease as compared with that for the
Corresponding Period of last year.
於本期間，本集團的毛利率
約15.1%，與上年同期相比
略有降低。

Gross profit margins of the Group for the Period
consist of the following:
於本期間，本集團毛利率構
成情況如下：
Six months ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
% %
International Engineering Contracting Business國際工程承包業務
16.5 18.9
Power電力能源
18.8 22.6
Transportation and Telecommunications交通運輸及電子通訊
23.9 20.5
Non-Core Sectors非核心行業
10.6 8.4
Trading Business貿易業務
6.9 6.4
International Trade國際貿易
6.7 6.2
Domestic Trade國內貿易
9.2 7.7
Services Business服務業務
26.7 30.4
Total總計
15.1 16.1
i) International Engineering Contracting
Business
i) 國際工程承包業務
For the Period, the Group’s gross profit margin
for the International Engineering Contracting
Business was 16.5%, as compared with
18.9% for the Corresponding Period in 2018,
representing a slight decrease as compared to
the Corresponding Period in 2018.
於本期間，本集團國際
工程承包業務的毛利率
為16.5%，而2018年同
期為18.9%，與2018年
同期相比略有降低。


For the Period, the gross profit margin of the
power sector was 18.8%, as compared with
22.6% for the Corresponding Period in 2018,
representing a slight decrease as compared to
the Corresponding Period in 2018, which was
primarily due to a higher gross profit margin
arising from the projects with substantial progress
for the Corresponding Period in 2018.
For the Period, the gross profit margin of the
transportation and telecommunications sector
was 23.9%, as compared with 20.5% for the
Corresponding Period in 2018, primarily due to
an increase in gross profit margin from the railway
improvement project in South America as compared
with the Corresponding Period in 2018.
For the Period, the gross profit margin of the
Non-Core Sectors was 10.6%, representing an
increase of 2.2% as compared with 8.4% for the
Corresponding Period in 2018, primarily due to
a higher gross profit margin from the water plant
projects in Africa with substantial progress for
the Period.
ii) Trading Business
For the Period, the gross profit margin of
the Group’s Trading Business was 6.9%, as
compared with approximately 6.4% for the
Corresponding Period in 2018, which was
primarily due to an improvement of gross
profit margin of grain trade and a decrease of
business with low grass profit margin.
iii) Services Business
For the Period, the gross profit margin of
the Group’s Services Business was 26.7%,
representing a decrease of 3.7% as compared
with about 30.4% for the Corresponding Period
in 2018, primarily due to which was primarily
due to a slight decrease in gross profit margin of
the design service for the Period as compared
with that for the Corresponding Period of last
year and a decrease in gross profit margin of
export-import agency service.
於本期間，電力能源
行業毛利率為18.8%，
而2018年同期則為
22.6%，較2018年略有
降低，主要由於
2018
年同期進展較大項目的
毛利率較高。

於本期間，交通運輸及
電子通訊行業毛利率為
23.9%，而2018年同期
則為20.5%。主要由於
南美洲鐵路改造項目毛
利率較2018年同期有
所增加。

於本期間，非核心行
業毛利率為10.6%，與
2018年同期的
8.4%比
增加了2.2%，主要由
於非洲水廠項目於本期
間有較大進展且毛利率
較高。

ii) 貿易業務
於本期間，本集團貿易
業務毛利率為6.9%，
而2018年同期則約為
6.4%，主要由於糧食
貿易業務毛利率的提升
以及低毛利率業務量的
減少。

iii) 服務業務
於本期間，本集團服
務業務的毛利率為
26.7%，而2018年同期
則約為30.4%，下降了
3.7%，主要由於本期
間的設計服務毛利率較
上年同期略有下降及進
出口代理服務的毛利率
下降。


5.
Other Revenue 5. 其他收入
For the Period, the Group’s other revenue was RMB10.3 於本期間，本集團的其他收入
million, representing a decrease of 84.3% as compared 為人民幣10.3百萬元，較
2018with RMB65.4 million for the Corresponding Period in 年同期人民幣65.4百萬元減少
2018, primarily due to the impact of adjustment to the 84.3%。主要由於財資管理結構
structure of financial management. 調整的影響。

6.
Other Income, Net 6. 其他收入淨額
For the Period, the Group’s other income, net was 於本期間，本集團的其他收入淨
RMB16.5 million, as compared with RMB12.3 million 額為人民幣16.5百萬元，而
2018for the Corresponding Period in 2018. The increase was 年同期則為人民幣12.3百萬元。

primarily due to a decrease in losses from disposal of 有關增加主要由於處置物業及設
properties and equipment and an increase in gains from 備的損失減少以及於其他收入確
bargain purchase recognised in other income. 認的折價購買收益增加。

7.
Selling and Distribution Expenses 7. 銷售及分銷開支
For the Period, the Group’s selling and distribution 於本期間，本集團的銷售及分銷
expenses were RMB470.9 million, representing a 開支為人民幣470.9百萬元，較
decrease of 3.1% as compared with RMB486.1 million 2018年同期人民幣486.1百萬元
for the Corresponding Period in 2018, primarily due to 減少3.1%，主要由於國內外差旅
the decrease in expenses for domestic and overseas 費及業務招待費等減少。

business trips and business entertainment.
8.
Administrative Expenses 8. 行政開支
For the Period, the Group’s administrative expenses were 於本期間，本集團的行政開支為
RMB540.6 million, representing an increase of 10.1% as 人民幣540.6百萬元，較
2018年
compared with RMB490.9 million for the Corresponding 同期約人民幣490.9百萬元增加
Period in 2018, primarily due to an increase in labor costs. 10.1%，主要是人工成本增加。

9.
Impairment losses on financial and contract 9. 金融及合同資產減值虧損淨額
assets, net
The impairment losses of financial and contract assets of the 於本期間，本集團的金融及合
Group were RMB117.8 million for the Period, as compared 同資產減值虧損淨額為人民幣
with RMB125.5 million for the Corresponding Period in 117.8百萬元，
2018年同期為人
2018, which was mainly due to the decreases in the loss 民幣125.5百萬元。有關減少主
allowance for impairment of trade receivables and other 要由於本公司於本期間貿易及其
receivables of the Company for the Period. 他應收款項減值準備減少。


10. Other Operating Expenses
For the Period, the Group’s other operating expense
was RMB1.1 million, as compared with RMB8.1 million
for the Corresponding Period in 2018. The decrease was
primarily due to a decrease in provisions for impairment
of inventories of the Company for the Period.
11. Profit from Operations
For the Period, the Group’s profit from operations was
RMB999.7 million, representing an increase of 10.2% as
compared with RMB906.9 million for the Corresponding
Period in 2018. This increase was primarily due to the
combined effect of the increases in gross profit, sales
and distribution expenses and administrative expenses
as well as the decreases in other revenue and other
operating expenses.
12. Finance Income/Finance Expenses
For the Period, the Group’s finance income was RMB262.1
million, representing an increase of 12.1% as compared
with RMB233.8 million for the Corresponding Period in
2018. For the Period, the Group’s finance expenses were
RMB135.9 million, representing an increase of 254.8%
as compared with approximately RMB38.3 million for the
Corresponding Period in 2018. This change was primarily
due to a decrease in net exchange income, the increases
in finance income on receivables from customers and
interest expenses. As a result, for the Period, the Group’s
net finance income was RMB126.2 million, as compared
with the net finance income of RMB195.5 million for the
Corresponding Period in 2018.
10. 其他經營開支
於本期間，本集團的其他經營開
支為人民幣1.1百萬元，
2018年
同期為人民幣8.1百萬元。有關減
少主要由於公司本期存貨跌價撥
備減少。

11. 經營溢利
於本期間，本集團的經營溢利
為人民幣
999.7百萬元，較
2018
年同期人民幣906.9百萬元增加
10.2%。該增加主要由於毛利增
加、銷售及分銷開支及行政開支
增加、其他收入減少、其他經營
開支減少的共同影響。

12. 財務收入
╱財務開支
於本期間，本集團的財務收入
為人民幣
262.1百萬元，較
2018
年同期人民幣233.8百萬元增加
12.1%。於本期間內，本集團
的財務開支為人民幣135.9百萬
元，較
2018年同期約人民幣38.3
百萬元增加254.8%。有關變動
主要由於匯兌淨收益減少、應收
客戶款項的財務收入增加及利息
支出增加。因此，於本期間內，
本集團的財務收入淨額為人民幣
126.2百萬元，
2018年同期的財
務收入淨額為人民幣195.5百萬
元。


13. Income Tax
For the Period, the Group’s income tax was RMB258.1
million, representing a decrease of 13.2% as compared
with RMB297.3 million for the Corresponding Period
in 2018, primarily due to the adjustment of income tax
expenses of previous periods.
14. Profit for the Period
As a result of the foregoing, the Group’s net profit
increased by 9.8% to RMB980.3 million for the Period as
compared with RMB893.1 million for the Corresponding
Period in 2018, and its net profit margin decreased by
0.4% to 7.0% for the Period as compared with 7.4% for
the Corresponding Period in 2018, basically even with the
Corresponding Period in 2018 on a comparable basis.
15. Profit Attributable to the Owners of the Parent
The profit attributable to the owners of the parent
increased by 10.0% to RMB981.5 million for the Period as
compared with RMB892.4 million for the Corresponding
Period in 2018.
16. Profit Attributable to the Holders of Non-
Controlling Interests
The profit attributable to the holders of non-controlling
interests of the Group amounted to a net loss of RMB1.2
million for the Period as compared with a net profit of
RMB0.7 million for the Corresponding Period in 2018.
13. 所得稅
於本期間，本集團的所得稅為
人民幣258.1百萬元，較
2018
年同期人民幣297.3百萬元減少
13.2%，主要由於對以前期間所
得稅費用的調整。

14. 本期間溢利
由於上文所述，本集團於本期
間的淨溢利為人民幣980.3百萬
元，較
2018年同期人民幣893.1
百萬元增加9.8%，而本期間的淨
溢利率為7.0%，較2018年同期
7.4%減少0.4%，與2018年同期
基本持平。

15. 歸屬於母公司擁有人溢利
於本期間，歸屬於母公司擁有人
溢利為人民幣981.5百萬元，較
2018年同期人民幣892.4百萬元
增加10.0%。

16. 歸屬於非控股權益持有人溢利
於本期間，歸屬於本集團非控股
權益持有人虧損淨額為人民幣1.2
百萬元，而
2018年同期溢利淨額
為人民幣0.7百萬元。


17. Liquidity and Capital Resources 17. 流動資金及資本資源
As at 30 June 2019, the Group’s cash and cash
equivalents decreased by 17.0% to RMB17,752.4
million as compared with RMB21,383.6 million as at 31
December 2018.
截至2019年6月30日，本集團
的現金及現金等價物為人民幣
17,752.4百萬元，較
2018年12月
31日人民幣21,383.6百萬元減少
17.0%。

As at 30 June 2019, the Group’s borrowings decreased
by approximately 34.7% to RMB642.7 million as
compared with RMB984.8 million as at 31 December
2018. RMB597.6 million (including RMB9.7 million of
long-term borrowings due within one year) was short-term
borrowings and the remaining amount of RMB45.1 million
was long-term borrowings.
截至2019年6月30日，本集團的
借貸為人民幣642.7百萬元，較
2018年12月31日人民幣984.8百
萬元減少約
34.7%。人民幣
597.6
百萬元（包括人民幣
9.7百萬元於
一年內到期的長期借貸）為短期
借貸，而其餘人民幣
45.1百萬元
為長期借貸。

18. Major Investment 18. 主要投資
No significant investment in associates and joint ventures
was increased during the Period.
本期間未新增對聯營公司和合營
公司的重大投資。

19. Subsequent Events 19. 期後事項
There are no subsequent events occurred after 30 June
2019, which may have a significant effect on the assets
and liabilities on future operations of the Group.
於2019年6月30日後並無發生任
何對本集團未來營運的資產及負
債有重大影響的期後事項。

V. LIQUIDITY V. 流動資金
Our principal sources of funds have been cash generated
from operations and various short-term and long-term bank
borrowings and lines of credit, as well as equity contributions
from Shareholders. Our liquidity requirements derive primarily
from our working capital needs, purchases of fixed assets and
the servicing of our indebtedness.
我們的資金主要來自經營所產生的現
金、各種短期及長期銀行借貸及信用
額度以及股東注資。我們的流動資金
需求主要來自營運資金的需要、購買
固定資產及償還我們的債務。

We have historically met our working capital and other liquidity
requirements principally from cash generated from operations
and financed the remainder primarily through bank borrowings
and proceeds from the listing of the H Shares on the Stock
Exchange on 21 December 2012 (the “Listing”).
一直以來，我們主要靠經營所產生的
現金來滿足營運資金及其他流動資金
需求，而剩餘金額主要通過銀行借貸
和H股於2012年12月21日在聯交所上
市（「上市」）所得款項籌措。


1. Cash Flows
The following table sets forth a summary of our cash
flows for the Period, with the comparative figures for the
Corresponding Period in 2018:
1. 現金流量
下表載列我們於本期間的現金流
量概況，連同
2018年同期的比較
數字：
Six months ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(RMB million) (RMB million)
（人民幣百萬元）（人民幣百萬元）
Net cash flows from/
(used in) operating activitiesNet cash flows from
investing activitiesNet cash flows from/
(used in) financing activities
經營活動所得
╱（所用）的
現金流量淨額
(3,865.9) 44.5
投資活動所得的
現金流量淨額
626.9 102.0
融資活動所得
╱（所用）的
現金流量淨額
(411.4) 254.1
Net increase/(decrease) 現金及現金等價物增加
╱
in cash and cash equivalents（減少）淨額
(3,650.4) 400.6
Cash and cash equivalents 本期間初的現金及
at the beginning of the Period現金等價物
21,383.6 21,479.3
Effect of foreign exchange 匯率變動的淨影響
rate changes, net19.2 129.4
Cash and cash equivalents 本期間末的現金及
at the end of the Period現金等價物
17,752.4 22,009.3
As at 30 June 2019, the Group’s cash and cash
equivalents decreased by 17.0% to RMB17,752.4
million as compared with RMB21,383.6 million as at 31
December 2018. The cash and cash equivalents are
mainly denominated in RMB.
截至2019年6月30日，本集團的
現金及現金等價物約為人民幣
17,752.4百萬元，而截至
2018年
12月31日則為人民幣21,383.6百
萬元，降幅為
17.0%。現金及現
金等價物主要以人民幣計值。


2. Cash Flows from Operating Activities 2. 來自經營活動的現金流量
For the Period, we had net cash flows used in operating
activities of RMB3,865.9 million. Net cash used in
operating activities was a result of operating profit
before changes in working capital in the amount of
RMB1,238.4 million, a cash outflow of RMB4,640.3
million due to changes in working capital and income
tax paid in the amount of RMB504.4 million. The
change in working capital mainly included the decrease
of RMB1,552.0 million in contract liabilities, the increase
of RMB392.9 million in contract assets, the increase of
RMB2,046.9 million in trade and other receivables, and
the decrease of RMB566.8 million in trade and other
payables.
於本期間，我們經營活動所用的
現金流量淨額為人民幣3,865.9百
萬元。經營活動所用的現金淨額
乃來自營運資金變動前的經營溢
利人民幣1,238.4百萬元、因營
運資金變動致使現金流出人民幣
4,640.3百萬元及已付所得稅人
民幣504.4百萬元。營運資金變
動主要包括合同負債減少人民幣
1,552.0百萬元，合同資產增加人
民幣392.9百萬元及貿易及其他
應收款增加人民幣
2,046.9百萬
元，貿易及其他應付款項減少人
民幣566.8百萬元。

3. Cash Flows from Investing Activities 3. 來自投資活動的現金流量
For the Period, our net cash flows from investing
activities were RMB626.9 million. The net cash inflow
of our investment activities was from the net inflow of
RMB668.3 million in bank deposits with maturity of
over three months, the net inflow of RMB171.4 million
in restricted cash and outflow of RMB213.6 million in
investments associates and joint ventures.
於本期間，我們投資活動所得的
現金流量淨額為人民幣626.9百
萬元，我們投資活動的現金淨流
入乃來自三個月以上銀行存款
的款項淨流入人民幣668.3百萬
元、受限資金的款項淨流入人民
幣171.4百萬元及投資聯合營公
司的款項流出人民幣213.6百萬
元。

4. Cash Flows from Financing Activities 4. 來自融資活動的現金流量
For the Period, our net cash flows used in financing
activities were RMB411.4 million. Our main cash
outflow used in financing activities primarily consisted of
repayment of borrowings in the amount of RMB1,732.2
million. Cash inflow primarily consisted of borrowings
raised in the amount of RMB1,390.2 million.
於本期間，我們融資活動所用的
現金流量淨額為人民幣411.4百
萬元。我們融資活動的現金流出
主要為償還借款人民幣1,732.2百
萬元。現金流入主要包括取得借
款人民幣1,390.2百萬元。


5. Capital Expenditures and Capital Commitments 5. 資本開支和資本承擔
Our capital expenditures primarily consisted of the
purchase of property, plant and equipment, investment
properties, lease prepayments and intangible assets.
The Group’s capital expenditures decreased by 23.4%
to RMB131.3 million for the Period as compared with
RMB171.4 million for the Corresponding Period in 2018,
mainly due to a decrease of input in the construction
of the Group’s infrastructure projects of fixed assets
as compared with that for the Corresponding Period in
2018.
我們的資本開支主要包括購買物
業、廠房及設備、投資物業、預
付租賃款項及無形資產。於本期
間，本集團的資本開支為人民幣
131.3百萬元，較
2018年同期的
人民幣171.4百萬元減少23.4%，
主要由於本集團固定資產基建項
目投入較2018年同期有所減少。

Our capital commitments mainly include the value of
contracts signed but not yet completed of engineering
work under construction and investment business.
On 30 June 2019, the capital commitments of the
Group was RMB643.3 million, representing a decrease
of 33.8% as compared with RMB971.2 million on
31 December 2018. It was mainly attributable to a
decrease in the value of contracts signed but not yet
paid for infrastructure projects of fixed assets and a
decrease in capital contributions .
我們的資本承擔主要包括在建工
程以及投資業務項下已簽訂合同
但尚未執行完的合同款項。

2019
年6月30日，本集團的資本承擔
為人民幣643.3百萬元，較
2018
年12月31日的人民幣971.2百萬
元減少33.8%，主要由於本集團
固定資產基建項目已簽訂合同但
未支付的合同款減少以及資本投
入減少所致。

6. Working Capital 6. 營運資金
(a) Trade and other receivables (a) 貿易及其他應收款項
Our trade and other receivables primarily consist of
trade and bills receivables, advances to suppliers,
other receivables related to agency services
and amount due from or advances to fellow
subsidiaries.
我們的貿易及其他應收款項
主要包括貿易應收款項及應
收票據、向供應商預付款、
代理服務相關的其他應收款
項及應收或墊付同系附屬公
司款項。

The following table sets forth the turnover
days of the average trade receivables and the
turnover days of the average trade payables of
the Company for the Period, together with the
comparative figures for the Corresponding Period
in 2018:
下表載列本期間內本公司平
均貿易應收款項及平均貿易
應付款項的週轉天數，連同
2018年同期的比較數字：

Six months Six months
ended 30 June ended 30 June
2019 2018
截至2019年截至2018年
6月30日
6月30日
止六個月止六個月
days days
天數天數
Turnover days of the average trade 平均貿易應收款項的週轉天數
receivables (Note 1)（附註1）
133.0 96.0
Turnover days of the average trade 平均貿易應付款項的週轉天數
payables (Note 2)（附註2）
253.0 289.0
Note 1:
The average trade receivables are the sum of
opening balance and the closing balance of trade
receivables and bills receivable (net of allowance of
doubtful debts) divided by two. The turnover days
of the average trade receivables are the average
trade receivables divided by total revenue and
multiplied by 180.
Note 2:
The average trade payables are the sum of
opening balance and the closing balance of
trade payables and bills payable divided by two.
The turnover days of the average trade payables
are the average trade payables divided by cost
of sales and multiplied by 180.
附註1：平均貿易應收款項乃將貿易應
收款項及應收票據（扣除呆賬準
備）期初結餘與期末結餘的總和
再除二得出。平均貿易應收款
項的週轉天數乃將平均貿易應
收款項除以總收入再乘以
180得
出。

附註2：平均貿易應付款項乃將貿易應
付款項及應付票據期初結餘與
期末結餘的總和再除二得出。

平均貿易應付款項的週轉天數
乃將平均貿易應付款項除以銷
售成本再乘以180得出。


The following table sets forth the aging analysis
of trade and bill receivables (net of allowance of
doubtful debts) based on the invoice date as at 30
June 2019 and 31 December 2018:
下表載列截至2019年6月30
日及
2018年12月31日貿易
應收款項及應收票據（扣除
呆賬撥備）按發票日期的賬
齡分析：
As at 30 June As at 31 December
2019 2018
於2019年於2018年
6月30日
12月31日
(RMB million) (RMB million)
（人民幣百萬元）（人民幣百萬元）
Within 3 months 3個月以內
7,105.2 5,820.7
3 months to 6 months 3個月至6個月
737.4 299.8
6 months to 1 year 6個月至1年
2,381.1 1,297.3
Over 1 year 1年以上
1,492.1 1,447.3
11,715.8 8,865.1
The Group’s credit policies with its customers
for the Period remained the same as that for the
Corresponding Period in 2018. We continuously
enhanced our management of trade and bills
receivables to reduce our exposure to doubtful
debts. In addition, we made allowance for doubtful
debts after fully considering the nature of trade
and bills receivables and their collectability. As
of 30 June 2019, allowance for doubtful debts
for our trade and bills receivables amounted to
RMB1,965.6 million, accounting for 14.4% of
our trade and bills receivables, compared with
RMB1,919.2 million, accounting for 17.8% of our
trade and bills receivables as of 31 December
2018.
於本期間，本集團與其客戶
的信貸政策與
2018年同期
相同。我們不斷加強貿易應
收款項及應收票據的管理，
以求減低所承擔的呆賬風
險。此外，充分考慮貿易應
收款項及應收票據的性質及
其可收回金額後，我們就呆
賬計提撥備。截至
2019年
6月30日，我們就貿易應收
款項及應收票據所作的呆賬
撥備為人民幣1,965.6百萬
元，佔我們貿易應收款項及
應收票據的14.4%。而截至
2018年12月31日則為人民
幣1,919.2百萬元，佔我們
貿易應收款項及應收票據的
17.8%。


(b) Trade and other payables
Our trade and other payables primarily consist of
trade and bills payables, other payables related
to agency services, accrued salaries, wages and
benefits and amounts due to fellow subsidiaries.
The following table sets forth the aging analysis of
our trade and bills payables based on the invoice
date as of 30 June 2019 and 31 December 2018:
(b) 貿易及其他應付款項
我們的貿易及其他應付款項
主要包括貿易應付款項及應
付票據、代理服務相關的其
他應付款項、應計薪金、工
資及福利以及應付同系附屬
公司款項。

下表載列截至2019年6月30
日及
2018年12月31日我們
貿易應付款項及應付票據按
發票日期的賬齡分析：
As at 30 June As at 31 December
2019 2018
於2019年於2018年
6月30日
12月31日
(RMB million) (RMB million)
（人民幣百萬元）（人民幣百萬元）
Within 3 months 3個月以內
5,093.2 5,627.4
3 months to 6 months 3個月至6個月
969.9 739.8
6 months to 1 year 6個月至1年
2,267.1 1,819.9
Over 1 year 1年以上
8,305.1 8,489.0
16,635.3 16,676.1
The Group’s credit policies with its suppliers for the 於本期間，本集團與其供應
Period remained the same as that for 2018. 商的信貸政策與
2018年相
同。


VI. INDEBTEDNESS
1. Borrowings
Our consolidated borrowings as of 30 June 2019 and
31 December 2018 for the purpose of calculating the
indebtedness of our Company were as follows:
VI. 債務
1. 借貸
截至2019年6月30日及2018年12月
31日，我們用以計算本公司債務
的合併借貸如下：
As at As at
30 June 31 December
2019 2018
於2019年於2018年
6月30日
12月31日
(RMB million) (RMB million)
（人民幣百萬元）（人民幣百萬元）
Current:流動：
Short term bank loans短期銀行貸款
Unsecured無擔保
383.9 640.1
Secured有擔保
204.0 228.5
Subtotal小計
587.9 868.6
Add: current portion of 加：長期銀行貸款
long term bank loans的流動部分
9.7
Subtotal小計
597.6 878.4
Non-current:非流動：
Long term bank loans長期銀行貸款
Unsecured無擔保
3.4 61.0
Secured有擔保
51.4 55.2
Subtotal小計
54.8 116.2
Less: current portion of 減：長期銀行貸款
long term bank loans的流動部分
9.7
Subtotal小計
45.1 106.4
Total總計
642.7 984.8

Our short term borrowings primarily included credit
borrowings, mortgage borrowings and pledge borrowings
from commercial banks and other financial institutions. As
at 30 June 2019, our short term borrowings (including
the current portion of long term borrowings) amounted
to RMB597.6 million, accounting for 93.0% of our total
borrowings.
Our long term borrowings primarily included credit,
mortgage and pledge borrowings from commercial
banks and other financial institutions. These included
bank borrowings related to projects financed by export
seller’s credit, with the total balance of such borrowings
(excluding the current portion of long term borrowings)
amounting to approximately RMB45.1 million as at 30
June 2019. As at 30 June 2019, our long term borrowings
(including their current portion) amounted to RMB54.8
million, accounting for 8.5% of our total borrowings. The
decrease in our interest-bearing borrowings to RMB642.7
million as at 30 June 2019 was primarily due to the
decreases in both short term borrowings and long term
borrowings during the Period.
All borrowings were denominated in RMB, USD, CAD
and JPY and were subject to interest rates ranging from
1.55% to 7.00% per annum.
短期借貸主要包括來自商業銀行
及其他金融機構的信用借貸、抵
押借貸及質押借貸。截至
2019年
6月30日，我們的短期借貸（包括
長期借貸的流動部分）為人民幣
597.6百萬元，佔我們的借貸總
額93.0%。

長期借貸主要包括來自商業銀行
及其他金融機構的信用、抵押及
質押借貸。該等借貸包括與由出
口賣方信貸融資的項目有關的銀
行借貸，截至
2019年6月30日，
該等借貸（不包括長期借貸的流
動部分）的結餘總額約為人民幣
45.1百萬元。截至
2019年6月30
日，包括其流動部分的長期借貸
為人民幣54.8百萬元，佔我們借
貸總額的8.5%。我們的計息借貸
截至2019年6月30日減少至人民
幣642.7百萬元，主要由於本期
的短期借貸及長期借貸均有所減
少。

所有借貸均以人民幣、美元、加
拿大元及日元計值並以每年利率
1.55%至7.00%計息。


There had been no material defaults in repayment of our
bank borrowings and breaches of the finance covenants
during the Period. The maturity profile of our interestbearing
borrowings as at 30 June 2019 and 31 December
2018 was as follows:
於本期間，我們在償還銀行借貸
方面概無重大違約情況，亦無
嚴重違反融資契約的情況。截至
2019年6月30日及2018年12月31日，
我們的計息借貸到期日如下：
As at As at
30 June 31 December
2019 2018
於2019年於2018年
6月30日
12月31日
(RMB million) (RMB million)
（人民幣百萬元）（人民幣百萬元）
Within 1 year or on demand 1年以內或實時還款
597.6 878.4
After 1 year but within 2 years 1年至2年
9.8 67.4
After 2 years but within 5 years 2年至5年
26.6 26.8
After 5 years 5年以上
8.7 12.2
Total總計
642.7 984.8
The Group monitors its capital on the basis of gearing 本集團以槓桿比率基準管理資
ratio. Gearing ratio is derived by dividing total borrowings 本。槓桿比率乃將借貸總額除以
by total assets and multiplied by 100%. As of 30 June 資產總額再乘以100%得出。截
2019, the Group’s gearing ratio was 1.2%, 0.6% lower 至2019年6月30日，本集團的槓
than 1.8% as of 31 December 2018, mainly due to the 桿比率為1.2%，較截至2018年
repayment of borrowings. 12月31日的1.8%下降0.6%，主
要由於償還借貸。

2. Contingent Liabilities 2. 或有負債
The Group was involved in a number of legal proceedings 本集團於日常業務中涉及多宗針
and claims against either the Company or the subsidiaries 對本公司或本公司附屬公司的法
of the Company in the ordinary course of business. 律訴訟及申訴。雖然目前未能確
While the outcomes of such contingencies, lawsuits or 定該等或有事件、訴訟或其他法
other proceedings cannot be determined at present, the 律程序的結果，董事相信任何由
Directors believe that any resulting liabilities will not have a 此引致的負債不會對本集團的財
material adverse impact on the financial position, liquidity 務狀況、流動資金或經營業績產
or operating results of the Group.生重大不利影響。


VII. RISK FACTORS AND RISK MANAGEMENT
We are exposed to various types of risks, including currency
risk, interest rate risk, credit risk, liquidity risk, competition risk
and investment risk, etc., in the normal course of our business.
Our management continuously monitors our exposure to these
risks to ensure appropriate measures are in place and are
implemented in a timely and effective manner.
1. Currency Risk
Currency risk arises primarily from sales and purchases
and our International Engineering Contracting Business
overseas and overseas financing which give rise to
receivables, payables and cash balances that are
primarily denominated in U.S. dollars and Euros. As
a matter of policy and in compliance with the PRC
laws and regulations, we are not allowed to widely
engage in hedging activities. Therefore, we entered into
foreign currency forward contracts to lock in the value
in RMB for some of our future cash receipts, primarily in
respect of the proceeds of our international engineering
contracting projects to reduce our currency risk and to
obtain certainty of forecasted income generated from
the deferred payments to be received from the project
owners. The Group maintains and follows the internal
policies and controls for managing the use of derivative
financial instruments and will not participate in pure
speculative arbitrage activities.
2. Interest Rate Risk
Interest rate risk arises primarily from borrowings and
bank deposits, of which the borrowings bearing interests
at variable rates and at fixed rates expose us to
cash flow interest rate risk and fair value interest rate
risk, respectively. The Company regularly reviews and
monitors the mix of our fixed and variable rate
borrowings, either through managing the contractual
terms of interest-bearing financial assets and liabilities
or using of interest rate swaps in order to manage our
interest rate risks.
VII. 風險因素及風險管理
我們於日常業務過程中面臨多類風
險，包括貨幣風險、利率風險、信用
風險、流動資金風險、競爭風險及投
資風險等。我們的管理層不斷監督我
們面臨的該等風險以確保適當的措施
實施到位且及時有效地執行。

1. 貨幣風險
貨幣風險主要來自海外的銷售和
採購及我們的國際工程承包業務
以及海外融資產生之主要以美元
及歐元計價的應收款項、應付款
項及現金結餘。由於按照政策及
中國法律和法規，我們不得廣泛
從事對沖活動，因此我們主要就
國際工程承包項目的收款訂立遠
期外匯合約，以鎖定我們部分未
來現金收入的人民幣價值，務求
降低貨幣風險及確保從項目業主
獲得由於延遲付款所產生的預測
收入。本集團維繫及遵守有關規
範使用衍生金融工具的內部政策
及控制，不參與純粹的投機套利
活動。

2. 利率風險
利率風險主要來自借貸及銀行存
款，其中按浮動利率及固定利率
計息的借貸分別使我們面臨現金
流量利率風險及公允價值利率風
險。本公司通過管理計息金融資
產及負債的合同條款或對利率掉
期的使用定期檢討及監察固定利
率借貸與浮動利率借貸的比例，
以管理利率風險。


3. Credit Risk 3. 信用風險
Our credit risk is primarily attributable to trade and other 信用風險主要來自貿易及其他應
receivables. The Company has a credit policy in place 收款項。本公司已制定合適的信
and our exposure to these credit risks is monitored 貸政策並持續監控面臨的該等信
on an ongoing basis. With respect to the International 用風險。就國際工程承包業務，
Engineering Contracting Business, credit terms granted 我們給予的信貸期視乎個別情況
are negotiated individually on a case-by-case basis and 通過協商釐定，並載列於有關工
are set forth in the relevant engineering contracting 程承包合同。本公司每月及於信
contracts. The Company conducts monthly reviews of 貸期末審查信用風險，以決定本
credit risks and end-of-credit-term period reviews to 集團是否須就給予客戶的信貸作
determine if the Group needs to make any necessary 出任何必要撥備。我們通過建立
provisions for credits that we have extended to customers. 合適的業務評估系統，評估客戶
We evaluate our customer’s credit status and repayment 的信用狀況及付款能力。同時，
capability through establishing an appropriate business 我們實行購買出口信用保險政
evaluation system. Meanwhile, we implemented the policy 策。就貿易業務，本公司及其貿
to buy export credit insurance. For the Trading Business, 易附屬公司須向中國信保購買統
the Company and the trading subsidiaries are required to 一出口信用保險；就由出口賣方
buy unified export credit insurance from Sinosure; for the 信貸融資的國際工程承包業務，
International Engineering Contracting Business financed 本集團一般會為其項目向中國信
by export seller’s credit, the Group typically buys export 保購買出口信用保險，以應付財
credit insurance from Sinosure for its projects to meet its 務需要以及控制貿易及其他應收
financing needs as well as to control credit risk for trade 款項的信用風險。

and other receivables.
4. Liquidity Risk 4. 流動資金風險
Liquidity risk is the risk that the Group is unable to 流動資金風險指本集團於結算日
raise sufficient funds at the balance sheet date to meet 未能籌集足夠資金以應付到期的
its financial obligations when they fall due. To manage 財務負債的風險。為管理流動資
liquidity risk, the Company prepares both annual and 金風險，本公司編製年度和季度
quarterly financial budgets which include budgeting for 財務預算，包括對資本和信用額
capital and utilization of credit facilities to plan and 度動用的預算，以計劃和鞏固各
consolidate various financial resources to meet the 種財務資源滿足其業務、營運及
needs of its business, operations and development. 發展的需要。此外，本集團監察
Furthermore, the Group monitors and maintains a level of 及維持管理層認為足以為其營運
cash and cash equivalents the management considered 提供資金及減少現金流量波動影
adequate to finance its operations and mitigate the effects 響的現金及現金等價物水平。

of fluctuations in cash flow.

5. Competition Risk 5. 競爭風險
The Group competes with both domestic and foreign 本集團就其國際工程承包業務與
contractors for the International Engineering Contracting 國內外的承包商競爭。競爭主要
Business. Competition generally stems from price, 由價格、設計、所提供服務的多
design, variety of the services provided, service quality, 樣性、服務質量、融資方案、業
financial solutions, business models and environmental 務模式及環境標準所造成。如同
standards. Similar to other Chinese contractors in the 行業中其他中國承包商，本集團
industry, the Group faces competition from engineering 面對來自發達國家（如美國、日
contractors with advanced technology from the developed 本及多個歐洲國家）且具備領先
countries such as the U.S., Japan and various European 技術的工程承包商的競爭，後者
countries as the latter have relatively large competitive 在（其中包括）全球分支網絡、
advantages in global branch networks, information 資訊搜集、管理及施工能力、適
collection, management and construction capabilities, 應性及品牌認知度等各個方面擁
adaptability and brand recognition, among other areas. 有較大的競爭優勢。本公司將繼
The Company will continue to leverage our competitive 續藉助在價格方面的競爭優勢，
advantage in pricing, especially for projects in the 尤其在發展中國家的項目，並受
developing countries, benefiting from more competitive 益於具競爭性的勞動力成本和設
labor cost and equipment price. The Company will also 備價格。本公司亦將繼續把握中
continue to leverage the cooperation between the PRC 國政府與外國政府（尤其是該等
government and foreign governments (especially those of 發展中國家政府）之間的合作，
the developing countries) to compete with both domestic 與國內外承包商競爭。

and foreign contractors.
The Group competes with both Chinese and foreign 本集團與中外公司就國際貿易業
companies for the international trading business. 務進行競爭。與從事國際貿易業
Competition with Chinese companies engaged in the 務的中國公司競爭集中於價格、
international trading business focuses on price, range 產品範圍及供應商及客戶的範圍
of products and range of suppliers and clients, whereas 的競爭，而與國外公司的競爭則
competition with foreign companies focuses on the price 集中於中外供應商生產產品的價
and quality of products manufactured by Chinese and 格及質量的競爭。儘管國際貿易
foreign suppliers. While competition in the international 市場競爭激烈，然而由於該市場
trading market is intense, given this market is considerably 非常巨大，本公司將利用自身的
vast, the Company will continue to compete with the 融資能力及增值服務繼續與中外
Chinese and foreign companies by capitalizing on our 公司競爭。憑借在國際貿易業務
financing capabilities and value-adding services. With 40多年的經營歷史，董事相信，
more than 40 years of operating history in the inter 本集團所擁有的廣泛銷售及市場
national trading business, the Directors believe the Group 營銷網絡、在國際貿易市場長期
has an edge over our PRC competitors within the industry 累積的經驗、訓練有素的商業人
in terms of our extensive sales and marketing networks, 才、提供融資方案的強大能力及
long-established experiences in the international trading 良好的聲譽，令本集團比中國同
market, well-trained business talents, strong capabilities 行競爭者更具優勢。

in providing financing solutions and good reputation.

6. Investment Risk 6. 投資風險
Investment risk mainly represents any discrepancy 投資風險主要指投資的實際回報
between actual return and anticipated return from 及預期回報之間的差異。導致投
investment. Investment risk is caused by factors which 資風險的原因包括受本公司控制
are out of the Company’s control or contingent factors 範圍之外的因素或作出投資決定
which cannot be ascertained when making an investment 時無法確定的隨機因素的影響，
decision, relevant advance payments for certain 墊付若干項目的有關款項，政策
projects, decrease of investment in infrastructure by 變動造成非政府投資機構對基礎
non-governmental investment institutions resulting from 設施建設的投資減少，在較長期
changes in policies, significant outlay of working capital 間內動用大量營運資金，執行投
over extended period of time, and governmental approvals 資項目需自不同政府部門取得政
from and regulatory compliance with various governmental 府批准或需遵守有關政府部門的
departments when implementing the investment projects. 監管規例等。本公司已成立投資
The Company has set up an investment review committee 審查委員會，並在投資過程中聘
and engaged independent third parties such as financial 請財務顧問、稅務顧問、法律顧
advisors, taxation advisors and legal counsels during 問等獨立第三方機構進行充分的
the investment process to carry out comprehensive 盡職調查及分析論證，以提高投
due diligence, analysis and deliberation with a view to 資決策水平、管控投資風險。

improving the level of decision-making in investment and
managing investment risks.

7. Country Risk from Overseas Business 7. 海外業務國別風險
Currently, most of the projects of our International 目前，我們大部分的國際工程承
Engineering Contracting Business are conducted 包業務項目於海外進行，尤其是
overseas, especially in developing countries or less
在發展中國家或發展較落後的地
developed regions including some countries and regions 區，當中包括一些社會或政治持
in constant social or political turbulence. Our International 續動蕩的國家及地區。因此，國
Engineering Contracting Business is therefore subject 際工程承包業務在我們進行業務
to constantly changing economic, regulatory, social and 或經營項目的海外司法權區內受
political conditions in the overseas jurisdictions in which 到其不斷改變的經濟、監管、社
we conduct business or operate our projects. 會及政治情況影響。

To the extent that the Group’s overseas business or 倘本集團的海外業務或營運受到
operations is affected by unexpected and adverse foreign 意料之外及不利的外國經濟、監
economic, regulatory, social and political conditions, 管、社會及政治情況影響，本集
the Group may experience project disruptions, losses 團可能經歷項目受阻、資產及人
of assets and personnel, and other indirect losses. 員損失及其他間接虧損。在一些
In some of the high-risk locations where the Group 本集團擁有僱員、業務或營運的
has employees, business or operations, the Group may 高風險地區內，本集團或會產生
incur additional costs in safeguarding our personnel and 額外成本以保障我們的人員及資
assets. The Company typically seeks to manage potential 產。本公司一般尋求透過合同安
losses through contractual arrangement which protects 排規避我們因不可抗力事件而承
us against liabilities due to force majeure and provides 擔的責任及規定項目業主、分包
for indemnities from project owners, subcontractors and 商及供應商作出彌償保證，並借
suppliers, as well as purchase of construction, installation 著投購建築、安裝及工程一切險
and engineering all-risks insurance and third-party liability 以及第三方責任保險，以控制潛
insurance. 在虧損。


8. Safety and Quality Risk 8. 安全及品質風險
Due to the nature of construction work involved in 由於我們的國際工程承包業務所
our International Engineering Contracting Business, the 參與的建築工程的性質，本集團
Group’s projects may involve certain inherently dangerous 的項目可能涉及若干本質上危
activities, including operations on aerial platform, 險的活動，包括於架空平台工
underground construction, use of heavy machinery and 作、地下建設、使用重型機械
working with flammable and explosive materials. Despite 及於工作時使用易燃及爆炸性
that the Company ensures compliance with the requisite 物料。儘管本公司確保遵守必要
safety requirements and standards, we are subject to the 的安全要求及標準，我們仍面臨
inherent risks of geological catastrophes, fire, toxic gas, 地質災難、火災、毒氣、設備故
equipment failure and explosion and so on. Besides, our 障及爆炸等固有風險。此外，我
employees are subject to the personal risks caused by 們的僱員還面對因不穩定安全環
unstable safety environment. Any personal injury or loss 境而產生的人身風險。僱員可能
of life our employees may suffer, damage to or destruction 遭受的人身傷害及身亡、財產及
of properties and equipment and other losses caused 設備受損或受到破壞及其他由上
by force majeure in the situations mentioned above 述情況的不可抗力事件造成的損
would result in the delay in our engineering contracting 失，可能導致我們的工程承包項
projects, extended construction time and efforts of our 目延誤、工程時間延長及管理工
management, suspension of our operations or even 作加重、營運暫停，甚至須承擔
imposition of legal liabilities. The Company endeavors to 法律責任。本公司透過採取多項
lower our exposure to the abovementioned potential risks 措施，包括與項目業主就不可抗
associated with our International Engineering Contracting 力事件而導致項目受阻訂立合約
Business by taking measures including making contractual 安排，尋求項目業主、分包商及
arrangements with the project owners in the event of 供應商作出彌償保證，以及投購
disruption to the projects due to force majeure, seeking 建築、安裝及工程一切險、第三
indemnities from the project owners, subcontractors 方責任保險以及人身意外傷害保
and suppliers, purchasing construction, installation 險，強化我們的內部監控系統以
and engineering all-risks insurance, third-party liability 確保項目具備安全及優質的工作
insurance and personal accident insurance, strengthening 環境，以及與項目業主及地方政
our internal control system on ensuring a safe and high 府機關維持緊密聯繫，務求降低
quality working environment for our projects, as well 我們所面臨上述與我們的國際工
as maintaining close communications with the project 程承包業務有關的潛在風險。

owners and local governmental authorities.

9. Post-project Transfer Risk 9. 工程移交後風險
Our international engineering contracting projects are 我們的國際工程承包項目在質保
contractually completed after the warranty period expires 期結束並由項目業主簽發最終接
and the project owner issues a final acceptance certificate. 收證書之後即已在合同意義上全
During the course of actual use and operation by the 部完成。在項目業主實際使用及
project owner, operational or quality issues may arise due 運行過程中，工程可能會因為颶
to natural factors such as hurricanes and tsunamis or 風、海嘯等自然因素或者項目業
improper operation or maintenance by the project owner’s 主運營人員操作或維護不當的原
operational staff. According to the contracts, the Group is 因產生運行或品質問題，此時根
then no longer liable for any warranty obligations or other 據合同本集團不再承擔任何質保
liabilities. However, since some projects are associated 義務或其他責任。但是，由於某
with national interests and people’s livelihood or bear 些工程關乎國計民生或在當地有
significant influences in the local areas, any flaws or 較大影響，項目完工後產生的任
defects in quality that occur after project completion may 何品質瑕疵或缺陷，可能會給我
adversely compromise our reputation, as well as having a 們的聲譽帶來不利影響，導致客
negative impact on customers’ overall evaluation on us. 戶對我們的整體評價降低。部分
Some of the project owners may require us to bear costs 項目業主可能會要求我們繼續投
for continuous maintenances or replacement of relevant 入成本進行維修或更換相應組
components, causing us losses not foreseeable under the 件，由此將給我們帶來合同預期
contracts. Since corporate reputation is the cornerstone 之外的損失。企業聲譽是我們開
for our expansion of markets, the Company will continue 拓市場的基石，本公司將繼續加
to step up the training for the project owner’s operational 大對項目業主運營人員的培訓力
staff and endeavor to enter into operational maintenance 度，盡力與項目業主簽訂運行維
support contracts with the project owners, so as to 護支持合同，提高項目業主運營
enhance the operational and maintenance capabilities of 人員的運行維護水準，盡量避免
the project owners’ operational staff and avoid or reduce 或減少因人為操作不當原因導致
the quality issues caused by improper manual handling 的品質問題發生。同時，本公司
as far as possible. At the same time, the Company 注重業務開發的核心市場培養和
emphasizes on the cultivation of core markets and the 可持續發展，注重收集客戶的意
sustainable development of our business while attaching 見和建議，與客戶積極溝通，努
importance to collecting opinions and comments from 力維護良好的社會效益和企業利
customers, actively communicating with customers, as 益。

well as being committed to maintaining good social
benefits and corporate interests.

10. Corruption Risk
Currently, the PRC government has been strengthening
its anti-corruption efforts and governments of various
countries for which we have undertaken works are also
enhancing their regulatory efforts in anti-commercial
bribery. Personal non-compliance or corruption of
any employee will bring material adverse impact to
the reputation of our Company. Being an international
engineering contractor and service provider, the Group
cannot avoid carrying out necessary and work-related
communications with the PRC government, governments
of countries where our works are conducted, Chinese
financial institutions and project owners. During this
process, we may be exposed to risks associated with
personal non-compliance of employees or even corruption
risks. The Company will continuously strengthen its
internal control and further improve its anti-corruption
regime as well as strengthening accountabilities. The
Company has already, at the same time, embarked
on staff’s compliance trainings, so as to enhance the
compliance awareness of the staff and increase their
compliance consciousness.
10. 舞弊風險
當前，中國政府反腐敗力度日趨
加強，我們承攬工程的各國政府
亦日益強化反商業賄賂的監管力
度，任何僱員的個人違規或舞弊
行為，將會給公司聲譽帶來重大
不利影響。本集團作為國際工程
承包與服務商，與中國政府、工
程所在國政府、中國金融機構、
項目業主不可避免地進行必要的
溝通及工作聯繫，在此過程中，
我們可能面臨涉及僱員個人違規
的風險，甚至舞弊風險。本公司
將持續加強內部控制，進一步完
善公司反舞弊制度，強化責任追
究，同時已經開展員工合規培
訓，提高彼等合規意識，增強彼
等遵規守法的自覺性。


11. Sanctions Risk
We are a company incorporated in the PRC and we
comply with all applicable PRC laws and regulations,
undertake the international commitments and international
obligations made by China and the relevant resolutions
passed by the United Nations Security Council. However,
as a result of our international activities, we are also
subject to the laws and regulations of the various countries
and regions in which we do business. In order to prevent
and control the risk of sanctions, we established an
export control internal compliance program (ICP) within
the Company. The Company’s ICP adopts the principle
of comprehensive control (CATCH-ALL), and the scope
and content of the ICP control will be adjusted in time in
accordance with the changes in the international export
control situation and the possible impact on the business
of the Company. In particular, if any of our transactions is
conducted in or through the United States, or otherwise
involves U.S. persons, U.S. dollar clearing in the United
States or U.S.-origin goods, U.S. sanctions regulations
may be applicable to some or all of such transactions.
In recent years, the U.S. sanctions landscape has evolved
substantially, especially those targeted at Iran and Cuba.
16 January 2016 marked the “Implementation Day”, which
marked the full execution of sanctions relief promised to
Iran as part of the Joint Comprehensive Plan of Action
(JCPOA) as negotiated by Iran, the P5+1 (United States,
Russia, China, France, United Kingdom, Germany) and
the EU and endorsed by the UN (the “Iran Nuclear
Deal”). In exchange for curtailing certain nuclear-related
activities, Iran was granted relief from certain U.S., EU,
and UN sanctions. However, the United States announced
on 8 May 2018 that it will withdraw from the Iran Nuclear
Deal and restore sanctions against Iran. So the Company
decided to terminate all business ties in Iran thereafter
from a prudent perspective and the Company has no
existing or implemented project in Iran.
11. 制裁風險
我們為在中國註冊成立的公司，
須遵守所有適用的中國法律法
規，承擔中國的國際承諾和國際
義務、聯合國安理會的有關決
議。然而，由於從事國際業務，
我們亦須遵守我們開展業務所在
不同國家及地區的法律法規。為
了防控制裁風險，我們在公司內
部建立了出口管制內控合規機制
(ICP)。公司ICP採取的是全面控
制原則(CATCH-ALL)，並且ICP
的管控範圍和內容將結合國際出
口管制形勢變化和可能給公司業
務帶來的影響而及時調整。尤其
是，倘我們的任何交易在美國或
通過美國開展，或以其他方式涉
及美籍人士、於美國的美元結算
或美國原產貨品，則美國制裁法
規可能適用於部分或全部該等交
易。

近年來，美國制裁格局大幅演
變，尤其是針對伊朗及古巴的
制裁。

2016年1月16日為「執行
日」，標誌著向伊朗承諾的制裁
解除（為伊朗、
P5+1（美國、俄
羅斯、中國、法國、英國、德
國）及歐盟談判並經聯合國認可
的聯合全面行動計劃(JCPOA)的
一部分）得到全面執行（「伊朗核
協議」）。作為伊朗減少若干核相
關活動的交換，伊朗免於美國、
歐盟及聯合國的若干制裁。然
而，美國於
2018年5月8日宣佈將
退出伊朗核協議並恢復對伊朗的
制裁。因此，本公司審慎決定終
止在伊朗的所有業務關係，且本
公司在伊朗並無現有或已實施項
目。


As to Cuba, following a resumption of formal diplomatic
ties between the two countries under the Obama
administration and the removal of Cuba from the U.S.
government’s State Sponsors of Terrorism list, a series
of amendments to OFAC’s Cuban Assets Control
Regulations and Section 746.4 of Export Administration
Regulations administered by the Bureau of Industry and
Security of United States Department of Commerce
expanded the range of transactions in which U.S. persons
are allowed to engage with Cuba. However, beginning
in November 2017, the Trump administration began to
reverse some (but not all) of the changes made by the
Obama administration and to re-tighten the U.S. embargo
against Cuba. These changes included the creation of
the State Department “List of Restricted Entities and
Subentities Associated with Cuba” that identifies entities
that are “under the control of, or act for or on behalf of,
the Cuban military, intelligence, or security services or
personnel” (the “Cuba Restricted List”). U.S. persons
are prohibited from engaging in certain direct financial
transactions with entities on the Cuba Restricted List.
Additionally, the Commerce Department will deny licenses
in most cases for exports of U.S.-origin items for use by
entities on the Cuba Restricted List. Furthermore, on 4
March 2019, the Trump administration announced that it
would authorize U.S. nationals to file a limited range of
civil claims against entities operating in Cuba pursuant
to Title III of the Cuban Liberty and Democratic Solidarity
Act of 1996 (also known as the Helms-Burton Act).
Following the regulatory changes in the United States
and taking into account the local economic conditions, no
potential project carried out in Cuba has been approved
by the general manager of the Company. The Company
has no existing or implemented project in Cuba and
has expressed no willingness to carry out business in
Cuba market recently. Pursuant to our ICP control, every
potential project carried out in Cuba must be (1) reviewed
by the Company’s internal export compliance office, (2)
reviewed by outside legal counsel, and (3) approved by
the general manager of the Company.
至於古巴，繼古巴、美國兩國於
奧巴馬政府執政時恢復正式外交
關係及美國政府將古巴從國家恐
怖主義支持者名單中剔除後，對
外國資產管制局的古巴資產管制
條例及美國商務部工業與安全局
所實施的出口管理條例第
746.4
條作出的一系列修訂，擴展了
美籍人士可在古巴進行的交易
範圍。然而，從
2017年11月開
始，特朗普政府開始撤回奧巴馬
政府所施行的部分（並非全部）
變革，並重新收緊美國對古巴的
禁運。這些變革包括國務院增設
「與古巴有關的受限制實體及子
實體名單」，當中列明「在古巴軍
事、情報或保安部門或人員的控
制下或為其行事」的實體（「古巴
限制名單」）。美籍人士被禁止與
古巴限制名單所列的實體進行某
些直接金融交易。此外，大部分
供古巴限制清單所列的實體使用
的美國產品均不獲商務部授予出
口許可證。另外，在
2019年3月4
日，特朗普政府宣佈將授權美國
國民根據1996年《古巴自由與民
主聲援法》（亦稱為《赫爾姆斯伯
頓法》）第三章對古巴境內的
實體提出有限的民事訴訟。因應
美國的監管變化並考慮到當地的
經濟狀況，本公司總經理並未批
准於古巴進行任何潛在項目。本
公司在古巴並無現有或已實施的
項目，並且於近期無意在古巴市
場開展業務。根據我們的
ICP管
控，在古巴開展的每個潛在項目
均須(1)經本公司內部的出口管制
辦公室審核；
(2)經外部的法律顧
問審核；及
(3)獲本公司總經理批
准。


Notwithstanding the Trump Administration’s revised sanctions
policies vis-à-vis Iran and Cuba, we believe we have
been in compliance with the sanctions undertakings
made at the time of the Listing with regard to economic
sanctions. We also believe that our internal control
policies targeted at sanctions compliance, and in
particular our internal compliance program on export
control, are sound and sufficient to assist us in navigating
the evolving international sanctions landscape. Despite
the far-reaching and complex nature of U.S. sanctions
programs, our limited activities in the United States
and rigorous internal control policies will minimize
our exposure and liability to any potential sanctions
violations. Of course, it is not possible to foresee which
countries or organizations the U.S. government may
place under sanctions in the future. However, previous
U.S. administrations, including the Trump administration,
have provided either a “wind-down” period, or issued
a general or specific license, in order to allow affected
firms to terminate operations and withdraw from countries
placed under new sanctions. Although the termination or
forfeiture of any business operations or revenue in relation
to any newly sanctioned counterparties, industries,
projects or countries, may cause an adverse impact
on our operations, financial condition, or ability to carry
on business in the jurisdictions concerned, we strive
to reduce such hazards through proactive political and
economic risk assessment, along with timely legal advice
from experienced external counsel. Furthermore, as a
result of the foregoing, the Company’s exposure in Cuba
is so limited that any adverse impact from changes to
Cuba sanction by the United States will be minimal.
雖然特朗普政府修訂對伊朗及古
巴的制裁政策，但我們認為，我
們一直遵守上市時就經濟制裁所
作的承諾。我們亦認為，我們針
對制裁合規的內部控制政策，尤
其是針對出口控制的內部合規方
案屬健全，足以在國際制裁格
局演變的進程中為我們導航。

儘管美國制裁計劃十分深遠複
雜，但我們在美國進行的業務有
限，且內部控制政策嚴格，將最
大限度降低違反潛在制裁的風險
及責任。當然，我們不可能預見
未來美國政府會對哪些國家或組
織實施制裁。然而，往屆美國政
府（包括特朗普政府）會給予「緩
衝」期，或是頒發一般或特別許
可證，以使受影響的公司終止在
新受制裁的國家內經營或撤離該
等國家。儘管終止與任何新受制
裁交易方、行業、項目或國家相
關的業務活動，或沒收相關收入
可能對我們在所涉及司法管轄區
的經營、財務狀況或從事業務的
能力造成不利影響，但我們爭取
透過積極的政治經濟分析評估，
並且及時向經驗豐富的外部顧問
尋求法律意見來減少該等危害。

此外，由於如上所述本公司在古
巴開展活動面臨的風險有限，故
美國變更對古巴的制裁對我們產
生的不利影響極小。


VIII.
PROSPECTS FOR THE SECOND HALF OF THE
YEAR
(I)
Engineering Contracting Business
1.
Make every effort to facilitate the contract signing
and coming into effect, pay close attention to
changes in the policies of relevant authorities, adjust
the direction of development in a timely manner, and
strictly control contract signing quality.
2.
Focus on the various domestic diplomatic
opportunities and major and important events in the
second half of the year, and plan ahead and as early
as possible.
3.
Vigorously strengthen the front force, promote the
localization of personnel, and maintain long-term
existence.
4.
Develop ideas for the financing issue, and focus
efforts on the “F” of EPC+F.
5.
Constantly strengthen professional construction.
6.
Promote centralized procurement with full efforts.
7.
Coordinate both domestic and foreign resources and
stress on accumulating domestic resources.
VIII. 下半年展望
（一）工程承包業務
1.
全力抓簽約、促生效。要密
切關注相關部門政策的變
化，及時調整開拓方向，嚴
格把控簽約質量。

2.
要重點關注下半年的各類主
場外交機遇和大事要事，事
先籌劃、盡早佈局。

3.
要大力加強前方力量，推進
人員屬地化，保持長期紥
根。

4.
融資問題要開拓思路，着力
在EPC+F的「F」上做文章。

5.
不斷加強專業化建設。

6.
全力推進集中採購。

7.
統籌好國內國外兩種資源，
注意積累國內資源。


(II)
Trading Business
1.
Stabilize the traditional business in hand and improve
the level of sophistication.
2.
Unswervingly carry out market development. Clarify
the direction of innovation and explore new projects
based on the current situation and with a focus on
the core market, core technologies, core products
and business practice, taking into account long-term
development.
3.
Accelerate the pace of talent fostering, pay attention
to the construction of talent echelon, and tap the
potential of existing talents.
4.
Continue to strengthen collaboration among sectors.
5.
Strictly prevent and control risks.
(III) Services Business
1.
Find out the shortcomings of the two institutes in
terms of internationalization, leading talent training,
and risk prevention and control, and do a good job
in implementation of rectification, and get rid of all
development shortcomings.
2.
Enhance the layout and management capabilities
of the two institutes in the national market, improve
the overall strength and industry status of the two
institutes, and constantly strengthen the supporting
role for the main business.
3.
Put in order the core competency of the design
consulting sector.
4.
Effectively carry out M&A and restructuring of design
resources to enhance the market response and
competitiveness of the Company.
（二）貿易業務
1.
穩定好在手的傳統業務，提
升精細化水平。

2.
堅定不移做好市場開發。立
足當下，圍繞核心市場、核
心技術、核心產品及經營方
式，結合長遠發展，明確創
新方向，探索新的項目。

3.
加快人才培養步伐，注意人
才梯隊建設，挖掘現有人才
潛力。

4.
繼續加強板塊間的協同。

5.
嚴格防控風險。

（三）服務業務
1.
要找出兩院在國際化、領軍
人才培養、風險防控等方面
存在的不足，並抓好整改落
實，補齊發展短板。

2.
提升兩院在全國市場的佈局
能力和管理能力，提高兩院
的綜合實力和行業地位，不
斷加強對主業的支撐作用。

3.
做好設計諮詢板塊核心能力
的梳理。

4.
做好設計資源的併購重組，
提升公司的市場響應速度和
競爭能力。


1.
SHARE CAPITAL 1. 股本
As of 30 June 2019, the total share capital of the Company 截至2019年6月30日，本公司的總股
was RMB4,125,700,000, divided into 4,125,700,000 Shares 本為人民幣4,125,700,000元，分為
with nominal value of RMB1.00 each. 4,125,700,000股每股面值人民幣1.00
元的股份。

2.
INTERIM DIVIDEND 2. 中期股息
The Board does not recommend the payment of interim 董事會不建議派付本期間的中期股息。

dividend for the Period.
3.
INTERESTS, SHORT POSITIONS AND SHARE 3. 董事、監事及高級管理人員於
OPTION SCHEME OF THE DIRECTORS, 股份、相關股份及債券的權
SUPERVISORS AND SENIOR MANAGEMENT 益、淡倉及購股權計劃
IN THE SHARES, UNDERLYING SHARES AND
DEBENTURES
As of 30 June 2019, none of the Directors, Supervisors or 截至2019年6月30日，概無本公司董
members of the senior management of the Company had 事、監事或高級管理人員於本公司或
any interests or short positions in the shares, underlying 其相關法團（定義見證券及期貨條例
shares or debentures of the Company or any of its associated 第XV部）的股份、相關股份或債券中
corporations (within the meaning of Part XV of the SFO), which 擁有根據證券及期貨條例第XV部第7would have to be notified to the Company and the Stock 及第8分部規定須知會本公司及聯交所
Exchange pursuant to the provisions of Divisions 7 and 8 of 的權益或淡倉（包括彼等根據證券及
Part XV of the SFO (including interests or short positions which 期貨條例的該等條文被當作或被視為
they were taken or deemed to have under such provisions of 擁有的權益或淡倉），或按證券及期貨
the SFO), or which were required, pursuant to Section 352 of 條例第352條記載於本公司於該條所
the SFO, to be recorded in the register referred to therein, or 指的登記冊內的權益或淡倉，或根據
which were required to be notified to the Company and the 《標準守則》須知會本公司及聯交所的
Stock Exchange pursuant to the Model Code. 權益或淡倉。


4. SUBSTANTIAL SHAREHOLDERS’ AND 4. 主要股東及其他人士於股份及
OTHER PERSONS’ INTERESTS AND SHORT 相關股份的權益及淡倉
POSITIONS IN SHARES AND UNDERLYING
SHARES
As of 30 June 2019, so far as it was known by or otherwise 截至2019年6月30日，據任何董事或
notified to any Directors or the chief executive of the Company, 本公司最高行政人員所知或以其他方
the particulars of the corporations or persons (other than a 式獲知會，根據證券及期貨條例第
XVDirector, Supervisor or chief executive of the Company) which 部第2及3分部規定須予披露，或根
would fall to be disclosed under the provisions of Divisions 據證券及期貨條例第336條登記於該
2 and 3 of Part XV of the SFO, or which would be required 條所述的股東名冊的法團或人士（董
pursuant to Section 336 of the SFO, to be entered in the 事、監事或本公司最高行政人員除外）
register referred to therein were as follows: 詳情如下：
Long positions and Short positions in the Shares 股份的好倉及淡倉
Approximate Approximate
Percentage of Percentage of
Number of Issued Shareholding Shareholding
Shares/ in the Relevant in the Total
Capacity/ Underlying Class of Shares Shares
Name of Shareholders Class of Shares Nature of Interest Shares Held Total (Note 1) (Note 1)
佔有關股份類別佔股份總數股
所持已發行股份
╱股權概約百分比權概約百分比
股東名稱股份類別身份
╱權益性質相關股份數目總數（附註1）（附註1）
SINOMACH Domestic Shares Beneficial owner/Personal 3,185,260,000
interests (Note 2)
(Long position)
國機內資股實益擁有人
╱個人權益
3,185,260,000（附註2）
（好倉）
3,217,430,000 100% 77.99%
Interests of controlled 32,170,000
corporation/ Corporate (Note 2)
interests (Long position)
受控法團權益
╱法團權益
32,170,000（附註2）
（好倉）
SSF H Shares Beneficial owner/ 81,352,000 81,352,000 8.96% 1.97%
Personal interests (Long position)
社保基金理事會
H股實益擁有人
╱個人權益
81,352,000（好倉）

Approximate Approximate
Percentage of Percentage of
Number of Issued Shareholding Shareholding
Shares/ in the Relevant in the Total
Capacity/ Underlying Class of Shares Shares
Name of Shareholders Class of Shares Nature of Interest Shares Held Total (Note 1) (Note 1)
佔有關股份類別佔股份總數股
所持已發行股份
╱股權概約百分比權概約百分比
股東名稱股份類別身份
╱權益性質相關股份數目總數（附註1）（附註1）
Value Partners Group Limited H Shares Interests of controlled 66,684,000 66,684,000 7.34% 1.62%
corporation/ (Note 3)
Corporate interests (Long position)
惠理集團有限公司
H股受控法團權益
╱法團權益
66,684,000（附註3）
（好倉）
Value Partners High-Dividend H Shares Beneficial owner/ 64,047,000 64,047,000 7.05% 1.55%
Stocks Fund Personal interests (Long position)
惠理高息股票基金
H股實益擁有人
╱個人權益
64,047,000（好倉）
Cape Ann Asset Management H Shares Investment manager/ 54,765,000 54,765,000 6.03% 1.33%
Limited Other interest (Long position)
H股投資經理
╱其他權益
54,765,000（好倉）
LSV Asset Management H Shares Investment manager 40,670,000
/Other interests (Long position)
H股投資經理
╱其他權益
40,670,000（好倉）
Interests of controlled 14,004,000
54,674,000 6.02% 1.33%
corporation/Corporate (Note 4)
interests (Long position)
受控法團權益
╱法團權益
14,004,000（附註4）
（好倉）

Approximate Approximate
Percentage of Percentage of
Number of Issued Shareholding Shareholding
Shares/ in the Relevant in the Total
Capacity/ Underlying Class of Shares Shares
Name of Shareholders Class of Shares Nature of Interest Shares Held Total (Note 1) (Note 1)
佔有關股份類別佔股份總數股
所持已發行股份
╱股權概約百分比權概約百分比
股東名稱股份類別身份
╱權益性質相關股份數目總數（附註1）（附註1）
Wellington Management
Group LLP
H Shares
H股
Investment manager/
Other interest
投資經理
╱其他權益
46,348,835
(Long position)
(Note 5)
46,348,835（好倉）
（附註5）
46,348,835 5.10% 1.12%
Notes: 附註：
(1)
This percentage is calculated on the basis of the number of underlying (1) 該百分比乃以本公司截至
2019年6月30日
Shares/total Shares that had been issued by the Company as of 30 已發行的相關股份數目
╱股份總數計算。

June 2019.
(2)
SINOMACH was beneficially interested in 3,185,260,000 Domestic (2) 國機於3,185,260,000股內資股中實益擁有
Shares, representing approximately 77.21% of our total share capital. 權益，佔我們總股本約
77.21%。中國聯合
China United was beneficially interested in 32,170,000 Domestic 於32,170,000股內資股中實益擁有權益，
Shares, representing approximately 0.78% of our total share capital. 佔我們總股本約
0.78%。由於中國聯合為
Since China United is a wholly-owned subsidiary of SINOMACH, 國機的全資附屬公司，因此，國機被視為
SINOMACH is, therefore, deemed to be interested in the Domestic 於中國聯合所持內資股中擁有權益。上文
Shares held by China United. The following Shares which are referred 附註所述的以下股份指根據證券及期貨條
to in the notes above represent the same block of Shares in which all 例視為擁有權益的所有相關各方的同一批
the relevant parties are deemed under the SFO to be interested.股份。


(3) The 66,684,000 Shares as referred to in note 3 above.
Value Partners Group Limited has 100% interest over Value Partners
Hong Kong Limited. Value Partners Hong Kong Limited has 100%
interest over Value Partners Limited.
(4) The 14,004,000 Shares as referred in note 4 above.
Among these 14,004,000 Shares, 11,972,000 Shares were held by
LSV Emerging Markets Equity Fund, LP and 2,032,000 Shares were
held by LSV Emerging Markets Small Cap Equity Fund, LP, both are
a general partner of LSV Asset Management. Accordingly, LSV Asset
Management is deemed to be interested in all the Shares in which LSV
Emerging Markets Equity Fund, LP and LSV Emerging Markets Small
Cap Equity Fund, LP are interested.
(5) The 46,348,835 Shares are referred in note 5 above.
Among these 46,348,835 Shares, 15,281,630 Shares were
held by Wellington Management International Ltd., an indirect
non-wholly-owned subsidiary of Wellington Management Group
LLP and 31,067,205 Shares were held by Wellington Management
Company LLP, an indirect non-wholly-owned subsidiary of Wellington
Management Group LLP. Accordingly, Wellington Management Group
LLP is deemed to be interested in 46,348,835 Shares.
Save as disclosed above, and as at 30 June 2019, the Directors
were not aware of any corporations or persons (who were not
Directors, Supervisors or the chief executive of the Company) who
had an interest or short position in the Shares or underlying Shares
which would fall to be disclosed under the provisions of Divisions 2
and 3 of Part XV of the SFO, or which would be required, pursuant
to Section 336 of the SFO, to be entered in the register referred
to therein.
(3) 上文附註3所述的66,684,000股股份。

惠理集團有限公司擁有惠理基金管理香港
有限公司全部權益，惠理基金管理香港有
限公司擁有惠理基金管理公司全部權益。

(4) 上文附註4所述的14,004,000股股份。

於該等14,004,000股股份中，
11,972,000
股股份及2,032,000股股份分別由LSV
Asset Management的普通合夥人LSV
Emerging Markets Equity Fund, LP
及LSV Emerging Markets Small Cap
Equity Fund, LP持有。因此，
LSV Asset
Management被視為於LSV Emerging
Markets Equity Fund, LP及LSV Emerging
Markets Small Cap Equity Fund, LP擁有
權益的全部股份中擁有權益。

(5) 上文附註5所述的46,348,835股股份。

於該等46,348,835股股份中，
15,281,630
股股份及31,067,205股股份分別由
Wellington Management Group LLP的間
接非全資附屬公司Wellington Management
International Ltd.及
Wellington
Management Group LLP的間接非全資附
屬公司Wellington Management Company
LLP持有。因此，Wellington Management
Group LLP被視為於46,348,835股股份中
擁有權益。

除上文披露者外，及截至
2019年6月30
日，董事並不知悉任何法團或人士（並非董
事、監事或本公司最高行政人員）於股份
或相關股份中擁有根據證券及期貨條例第
XV部第2及3分部規定須予披露的權益或淡
倉，或須根據證券及期貨條例第
336條登記
於該條所述的登記冊的權益或淡倉。


5. PURCHASE, SALE OR REDEMPTION OF THE
LISTED SECURITIES
5. 購買、出售或贖回上市證券
During the Period, the Company did not redeem any of its H
Shares listed on the Stock Exchange nor did the Company or
any of its subsidiaries purchase or sell any of such Shares.
本期間內，本公司並無贖回其於聯交
所上市之任何H股，而本公司或其任
何附屬公司亦無購買或出售任何該等
股份。

6. BOARD COMPOSITION 6. 董事會組成
As at the date of this report, the Board comprises: Mr. ZHANG
Chun and Mr. HAN Xiaojun as executive Directors; Mr. YU Benli
and Mr. ZHANG Fusheng as non-executive Directors; and Mr.
LIU Li, Ms. LIU Hongyu, Mr. FANG Yongzhong and Mr. WU
Tak Lung as INEDs.
截至本報告日期，董事會成員包括：
張淳先生及韓曉軍先生為執行董事；
余本禮先生及張福生先生為非執行董
事；以及劉力先生、劉紅宇女士、方
永忠先生及吳德龍先生為獨立非執行
董事。

7. COMPLIANCE WITH THE CG CODE 7. 遵守《企業管治守則》
The Group is committed to maintaining high standards of
corporate governance to safeguard the interests of the
Shareholders and enhance corporate value and accountability.
The Company has adopted the CG Code as its own code of
corporate governance. The Company has complied with the
code provisions as set out in the CG Code during the Period
and up to the date of this report.
本集團致力維持高水平的企業管治，
以保障股東權益以及提升企業價值及
問責性。本公司已採納《企業管治守
則》作為其企業管治守則。本公司於
本期間及截至本報告日期一直遵守
《企業管治守則》所載的守則條文。


8. COMPLIANCE WITH THE MODEL CODE
FOR SECURITIES TRANSACTIONS BY
DIRECTORS AND SUPERVISORS
8. 遵守董事及監事進行證券交易
的《標準守則》
The Company adopted the Model Code as its own code of
conduct regarding securities transactions by Directors and
Supervisors on terms no less exacting than the required
standard set out in the Model Code. Upon specific enquiry
of all the Directors and Supervisors, all the Directors and
Supervisors confirmed that they had complied with the Model
Code during the Period.
本公司已採納《標準守則》，作為董事
及監事進行證券交易的行為守則，其
條款不遜於《標準守則》所載的規定準
則。對全體董事及監事作出特定查詢
後，全體董事及監事均確認，於本期
間內，彼等均一直遵守《標準守則》。

The Company also adopted its own code of conduct regarding
employees’ securities transactions on terms no less exacting
than the standard set out in the Model Code for the compliance
by its relevant employees who are likely to be in possession of
unpublished price-sensitive information or inside information
of the Company in respect of their dealings in the Company’s
securities.
本公司已採納一套其條款不遜於《標
準守則》所訂標準的僱員證券交易的
自身行為守則，以供可能掌握本公司
的未公開價格敏感資料或內幕消息的
相關僱員遵照規定買賣本公司證券。

9. INDEPENDENT NON-EXECUTIVE
DIRECTORS
9. 獨立非執行董事
Pursuant to the relevant requirements of the Listing Rules,
the Company has appointed sufficient number of INEDs
with appropriate professional qualifications, or appropriate
accounting or related financial management expertise. The
Company has appointed a total of four INEDs: Mr. LIU Li, Ms.
LIU Hongyu, Mr. FANG Yongzhong and Mr. WU Tak Lung.
本公司已根據《上市規則》的有關規定
委任足夠數目並具備適當的專業資格
或具備適當的會計或相關財務管理專
長的獨立非執行董事。本公司共委任
四名獨立非執行董事：劉力先生、劉
紅宇女士、方永忠先生及吳德龍先生。


10. CHANGE TO INFORMATION OF DIRECTORS
AND SUPERVISORS
Pursuant to Rule 13.51B(1) of the Listing Rules, the changes
to Directors’ and Supervisors’ information subsequent to the
date of the annual report of the Company and up to the date
of this report are set out below:
Since January 2019, Mr. WU Tak Lung, an INED, ceased as
an independent non-executive director of Sinotrans Shipping
Limited (中外運航運有限公司), a company listed on the Main
Board of the Stock Exchange (stock code: 368), which was
delisted in January 2019. Since May 2019, Mr. WU resigned
as an independent non-executive director of Olympic Circuit
Technology Co., Ltd. (廣東世運電路科技有限公司
), a company
listed on the Shanghai Stock Exchange (stock code: 603920).
Since April 2019, Mr. QUAN Huaqiang, a Shareholder
Representative Supervisor and the chairman of the Supervisory
Board, ceased as a member of the Standing Committee of the
CPC of China National Erzhong Group Co. (中國第二重型機械
集團公司) and the chief accountant of China Erzhong Group
(Deyang) Heavy Industries Co., Ltd. (二重集團（德陽）重型裝
備股份有限公司).
On 23 April 2019, Mr. QIAN Xiangdong resigned as a
Shareholder Representative Supervisor of the third session of
the Supervisory Board.
On 24 June 2019, Mr. GUO Weihua was elected as a
Shareholder Representative Supervisor of the third session of
the Supervisory Board.
11. REVIEW BY THE AUDIT COMMITTEE
The Audit Committee comprises one non-executive Director,
Mr. ZHANG Fusheng, and two INEDs, namely Mr. LIU Li
(committee chairman) and Ms. LIU Hongyu. It has jointly
reviewed with the management on the accounting standards,
and discussed internal control and financial reporting matters
(including the review of the interim results) of the Group. This
report has been reviewed by the Audit Committee. The Audit
Committee considered that the interim results and this report
are in compliance with the applicable accounting standards,
laws and regulations, and the Company has made appropriate
disclosures thereof.
10. 董事及監事資料變更
根據《上市規則》第
13.51B(1)條，於
本公司年報日期後及直至本報告日期
為止之董事及監事資料變更載列如
下：
自2019年1月起，獨立非執行董事吳德
龍先生不再擔任中外運航運有限公司
（一家於聯交所主板上市的公司（股份
代號：
368），並於2019年1月除牌）的
獨立非執行董事，自
2019年5月起，吳
先生辭任廣東世運電路科技有限公司
（一家於上海證券交易所上市的公司，
股票代碼：603920）獨立非執行董事。

自2019年4月起，股東代表監事兼監
事會監事長全華強先生不再擔任中國
第二重型機械集團公司黨委常委及二
重集團（德陽）重型裝備股份有限公司
總會計師。

於2019年4月23日，錢向東先生已辭
去第三屆監事會股東代表監事。

於2019年6月24日，郭偉華先生當選
為第三屆監事會股東代表監事。

11. 審計委員會的審閱
審計委員會包括一名非執行董事（張
福生先生）及兩名獨立非執行董事（即
劉力先生（委員會主席）及劉紅宇女
士）。審計委員會已與管理層共同審閱
會計準則，並討論了本集團的內部控
制及財務報告事宜（包括審閱中期業
績）。本報告已獲審計委員會審閱。審
計委員會認為，中期業績及本報告已
遵從適用會計準則及法律法規，而本
公司亦已作出適當披露。


12. COMPLIANCE WITH SANCTIONS
UNDERTAKINGS
As disclosed in the Prospectus, the Company and the
Directors have covenanted to the Stock Exchange that they
will not, directly or indirectly, (1) use any of the proceeds
from the Global Offering, or make such proceeds available to
any individual or entity, to fund any activities in or business
of or with (i) any individual or entity or (ii) in any country or
territory, that at the time of such funding, is the target of
any sanctions administered by OFAC, or (2) engage in any
activity that is sanctionable under the ISA (as amended
by the Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010) or the Executive Order 13846 (the
“Executive Order”) for so long as the ISA and Executive
Order remain in effect (the “Sanctions Undertakings”). The
Directors confirmed that both the Company and the Directors
were in compliance with the Sanctions Undertakings as at the
date of this report. In particular, the Company has taken the
following measures to ensure compliance with the Sanctions
Undertakings:
1.
Proceeds Account – The Company has opened and
maintained separate designated bank accounts for the
proceeds from the Listing in Hong Kong as at the
date of this report (the “Proceeds Accounts”). The
Proceeds Accounts are segregated from other normal
bank accounts of our Company and designated for the
sole use of deposit and deployment of the proceeds
from Listing. With such segregation and designation, the
Proceeds Accounts record all transactions and activities
within these bank accounts and trace the flow of funds
in and out of the Proceeds Accounts. As at 31 December
2015, the proceeds from the Company’s Listing in Hong
Kong have been fully utilized for the intended purposes.
For details, please refer to page 145 of the 2015 annual
report of the Company dated 27 April 2016.
12. 恪守制裁承諾
誠如招股章程所披露，本公司及董事
已向聯交所承諾，彼等將不會直接或
間接
(1)動用任何全球發售所得款項，
或向任何個人或實體提供該等所得
款項，以向在
(i)任何個人或實體或(ii)
任何國家或領土（彼等於下述撥資之
時，為外國資產管制局所實施的任何
制裁的目標）開展的任何活動或彼等
本身或與彼等進行的任何業務提供資
金；或
(2)於伊朗制裁法（經
2010年全
面制裁伊朗、問責及撤資法修訂）或
執行令13846號（「執行令」）保持有效
期間內參與受伊朗制裁法或執行令所
制裁的任何活動（「制裁承諾」）。董事
作出確認，截至本報告日期，本公司
及董事均恪守制裁承諾。尤其是，公
司已採取下列措施，以確保遵守制裁
承諾：
1.
所得款項賬戶－本公司已就截至
本報告日期於香港上市的所得款
項開立及維持單獨的指定銀行賬
戶（「所得款項賬戶」）。所得款
項賬戶獨立於本公司的其他一般
銀行賬戶，並指定作唯一用途，
即存入及調配上市所得款項。鑒
於上述賬戶是獨立及指定賬戶，
所得款項賬戶會記錄在該等銀行
賬戶內進行的所有交易及活動，
並可追蹤所得款項賬戶的資金流
進出情況。截至
2015年12月31
日，本公司香港上市的所得款項
已全部用作擬定用途。詳情請參
見本公司於2016年4月27日公佈
的2015年度報告第145頁。


2.
Accounting measures – The Company has ensured that
separate books and records are in place to monitor the
activities, including deposits and disbursements, of the
Proceeds Accounts.
3.
Internal control policies – We have formulated a dedicated
set of internal control policies particularly in respect of
the Proceeds Accounts to regulate various aspects of
operating the Proceeds Accounts, such as the designated
use, record keeping (e.g. the underlying documents for
projects or transactions towards which the proceeds will
be applied), regular review, responsible personnel to be
appointed, accountability and reporting line and other
necessary operational procedures.
4.
Internal compliance program on export control (the “ICP”)
– With the Company’s existing ICP platform, the export
control office has continued to be responsible for project
screening, evaluation and approval from an export control
perspective to ensure the nature and location of the
activities or business, as well as the identity of the
counterparties and products involved, etc., would not
violate the Sanctions Undertakings.
In recent years, the US sanctions landscape has evolved
substantially, especially those targeted at Iran. 16 January
2016 marked the “Implementation Day”, which marked the full
execution of sanctions relief promised to Iran as part of the
Joint Comprehensive Plan of Action (JCPOA) as negotiated by
Iran, the P5+1 (United States, Russia, China, France, United
Kingdom, Germany) and the EU and endorsed by the UN. In
exchange for curtailing certain nuclear-related activities, Iran
was granted relief from certain U.S., EU, and UN sanctions.
2.
會計措施－本公司已確保擁有分
立的賬簿及記錄，以監察所得款
項賬戶的存入及支出等活動。

3.
內部控制政策－我們已制定一
套專用的內部控制政策，尤其是
在所得款項賬戶上，以規範操作
所得款項賬戶的多個方面，如指
定用途、記錄保存（如將動用所
得款項的項目或交易的相關文
件）、定期審閱、將予委任的負
責人員、問責及匯報程序以及其
他必要營運程序。

4.
有關出口管制的內控合規機制
（「內控合規機制」）－憑借本公司
現有的內控合規機制平台，出口
管制辦公室已繼續負責從出口管
制層面進行項目篩選、評估及批
准，確保所涉及的活動或業務的
性質及地點以及交易對手的身份
及產品等將不違反制裁承諾。

近年來，美國制裁格局發生了巨大變
化，尤其是針對伊朗的制裁變動。

2016年1月16日被定為「執行日」，標
誌著經伊朗、
P5+1（美國、俄羅斯、
中國、法國、英國、德國）及歐盟談
判及聯合國批准，全面解除對伊朗的
制裁成為《聯合全面行動計劃》的一部
分。作為伊朗減少若干核相關活動的
交換，美國、歐盟及聯合國解除對伊
朗的若干制裁。


For further details, please refer to the Company’s announcement
published on the respective websites of the Stock Exchange
and the Company on 23 March 2016. However, the United
States announced on 8 May 2018 that it will withdraw from
the Iran Nuclear Deal and restore sanctions against Iran. So
the Company decided to terminate all business ties in Iran
thereafter from a prudent perspective and the Company has
no existing or implemented project in Iran.
In addition, given the new development in the sanctions
landscape on Cuba, Holland & Knight LLP has advised
the Company that, despite the remaining U.S. embargo on
Cuba, the Company (and its shareholders and investors)
would face very limited risks in engaging in Cuba activities if
done from outside of U.S., and similarly limited risks if done
under U.S. authorization from or through a U.S. subsidiary
of the Company. With Cuba having been removed from the
U.S. Department of State’s State Sponsors of Terrorism
(“SST”) list, the reputational risks and heightened due diligence
(especially for non-U.S. financial institutions) associated with
transactions involving countries placed on SST list has been
reduced significantly, even though the U.S. embargo remains
in place. For further details, please refer to the Company’s
announcement published on the respective websites of the
Stock Exchange and the Company on 19 December 2016.
詳情請參閱本公司分別載於聯交所及
本公司網站的2016年3月23日刊發的
公告。然而，美國於
2018年5月8日宣
佈將退出伊朗核協議並恢復對伊朗的
制裁。因此，本公司審慎決定終止在
伊朗的所有業務關係，且本公司在伊
朗並無現有或已實施項目。

此外，考慮到古巴制裁格局的新發
展，Holland & Knight LLP告知本公
司：儘管美國對古巴繼續禁運，但倘
在美國境外參與古巴活動，本公司
（及其股東與投資者）面臨的風險非常
有限，倘根據本公司的美國授權或透
過本公司的一家美國附屬公司參與古
巴活動，亦會面臨類似的風險。美國
國務院已將古巴從國家恐怖主義支持
者（「恐怖主義支持者」）名單中刪除，
儘管美國禁運仍然持續，但與涉及名
列恐怖主義支持者名單的國家進行交
易的信譽風險及高度盡職調查（尤其
是非美金融機構）已顯著降低。詳情
請參閱本公司分別載於聯交所及本公
司網站的2016年12月19日刊發的公
告。


Ernst & Young ...............
Tel....: +852 2846 9888
22/F, CITIC Tower .............
1.
: +852 2868 4432....Fax
1 Tim Mei Avenue .......
22.
ey.com
Central, Hong Kong
Independent review report
To the shareholders of China Machinery Engineering Corporation
InTroduCTIon
We have reviewed the interim financial information set out on pages
88 to 161, which comprises the condensed consolidated statement
of financial position of China Machinery Engineering Corporation
(the “Company”) and its subsidiaries (the “Group”) as at 30 June
2019 and the related condensed consolidated statement of profit
or loss, comprehensive income, changes in equity and cash
flows for the six-month period then ended and other explanatory
notes. The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited require the preparation of a
report on interim financial information to be in compliance with the
relevant provisions thereof and International Accounting Standard
34 Interim Financial Reporting (“IAS 34”) issued by the International
Accounting Standards Board. The directors of the Company are
responsible for the preparation and presentation of this interim
financial information in accordance with IAS 34. Our responsibility
is to express a conclusion on this interim financial information
based on our review. Our report is made solely to you, as a body,
in accordance with our agreed terms of engagement, and for no
other purpose. We do not assume responsibility towards or accept
liability to any other person for the contents of this report.
獨立審閱報告
致中國機械設備工程股份有限公司股東
引言
我們已審閱第88至161頁所載的中期財務
資料，包括中國機械設備工程股份有限公
司（「貴公司」）及其附屬公司（統稱「貴集
團」）於
2019年6月30日的簡明合併財務狀
況表，以及截至該日止六個月期間的相關
簡明合併損益表、簡明合併綜合收益表、
簡明合併權益變動表及簡明合併現金流量
表及其他解釋附註。根據香港聯合交易所
有限公司證券上市規則規定，中期財務資
料報告須按照其相關條文以及國際會計準
則理事會頒佈的國際會計準則第34號「中
期財務報告」（「國際會計準則第
34號」）編
製。貴公司董事負責按照國際會計準則第
34號編製及呈報本中期財務資料。我們
的責任為根據我們的審閱工作對本中期財
務資料發表結論。根據我們受聘的協定條
款，我們的報告僅向閣下作為一個全體匯
報，而不作任何其他用途。我們不會就本
報告之內容向任何其他人士承擔或負上任
何責任。


SCopE of rEvIEw
We conducted our review in accordance with Hong Kong Standard
on Review Engagements 2410 Review of Interim Financial
Information Performed by the Independent Auditor of the Entity
issued by the Hong Kong Institute of Certified Public Accountants.
A review of interim financial information consists of making inquiries,
primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with Hong Kong Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
ConCluSIon
Based on our review, nothing has come to our attention that causes
us to believe that the interim financial information is not prepared,
in all material respects, in accordance with IAS 34.
Ernst & Young
Certified Public Accountants
Hong Kong
26 August 2019
審閱範圍
我們根據香港會計師公會頒佈的香港審閱
工作準則第2410號「獨立核數師對實體中
期財務資料的審閱」進行審閱。中期財務資
料審閱工作包括主要向負責財務及會計事
宜的人員詢問，並應用分析和其他審閱程
序。審閱之範圍遠小於根據香港核數準則
進行之審計，故無法確保我們會注意到所
有可能通過審計識別的重要事項。因此，
我們不會發表審計意見。

結論
根據我們的審閱工作，我們並無注意到任
何事宜使我們相信中期財務資料在所有重
大方面未有按照國際會計準則第34號編製。

安永會計師事務所
執業會計師
香港
2019年8月26日

For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
Notes
RMB’000
RMB’000
附註人民幣千元人民幣千元
REVENUE收入
4
13,938,669 12,048,280
Cost of sales銷售成本
(11,835,328) (10,108,536)
Gross profit毛利
2,103,341 1,939,744
Other revenue其他收入
5
10,284 65,407
Other income, net其他收入淨額
5
16,525 12,308
Selling and distribution expenses銷售及分銷開支
(470,945) (486,128)
Administrative expenses行政開支
(540,619) (490,913)
Impairment losses on financial 金融及合同資產減值虧損淨額
and contract assets, net(117,777) (125,493)
Other operating expenses其他經營開支
(1,065) (8,060)
PROFIT FROM OPERATIONS經營溢利
999,744 906,865
Finance income財務收入
6
262,114 233,824
Finance expenses財務開支
6
(135,919) (38,298)
Net finance income財務收入淨額
6
126,195 195,526
Share of profits and losses of:應佔以下溢利及虧損：
Associates聯營公司
94,010 66,667
Joint ventures合營公司
18,412 21,322
PROFIT BEFORE TAX除稅前溢利
1,238,361 1,190,380
Income tax所得稅
7
(258,063) (297,290)
PROFIT FOR THE PERIOD本期間溢利
980,298 893,090
Attributable to:歸屬於：
Owners of the parent母公司擁有人
981,450 892,357
Non-controlling interests非控股權益
(1,152) 733
980,298 893,090
EARNINGS PER SHARE每股盈利
ATTRIBUTABLE TO ORDINARY 母公司普通權益
EQUITY HOLDERS OF THE PARENT持有人應佔
Basic and diluted (RMB)基本及攤薄（人民幣）
9
24 cents（分）
22 cents（分）

PROFIT FOR THE PERIOD
OTHER COMPREHENSIVE INCOME
Other comprehensive income/(loss) that will
not be reclassified to profit or loss
in subsequent periodsRemeasurement of defined benefit obligationsChanges in fair value of financial assets
at fair value through other comprehensive
income (FVOCI)
Share of other comprehensive income/(loss)
of associates
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000
RMB’000
人民幣千元人民幣千元
本期間溢利
980,298 893,090
其他綜合收益
於後續期間將不會重新分類
至損益的其他綜合收益
╱
（虧損）
重新計量設定受益義務
(9,735) 3,685
以公允價值計量且其變動
計入其他綜合收益的金融
資產的公允價值變動
24,868 9,008
應佔聯營公司其他綜合
收益
╱（虧損）
13,650 (20,705)
Net other comprehensive income/(loss) that 於後續期間將不會重新分類
will not be reclassified to profit or loss in 至損益的其他綜合收益
╱
subsequent periods （虧損）淨額
28,783 (8,012)
Other comprehensive loss that 於後續期間可能重新分類至
may be reclassified to profit or loss in 損益的其他綜合虧損
subsequent periodsExchange differences on translation 換算海外附屬公司的財務
of financial statements of 報表產生的匯兌差額
overseas subsidiaries(50,927) (44,248)
Net other comprehensive loss that may be 於後續期間可能重新分類至
reclassified to profit or loss 損益的其他綜合
in subsequent periods虧損淨額
(50,927) (44,248)
Other comprehensive income for the period, 本期間其他綜合收益
net of tax（扣除稅項）
(22,144) (52,260)
Total comprehensive income for the period本期間綜合收益總額
958,154 840,830
Attributable to:歸屬於：
Owners of the parent母公司擁有人
959,220 840,096
Non-controlling interests非控股權益
(1,066) 734
958,154 840,830

30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
Notes
RMB’000
RMB’000
附註人民幣千元人民幣千元
NON-CURRENT ASSETS非流動資產
Property, plant and equipment物業、廠房及設備
10
2,424,465 2,293,698
Investment properties投資物業
631,860 640,115
Right-of-use assets使用權資產
11
1,802,471 –
Prepaid land lease payments預付土地租賃款項
– 1,755,868
Intangible assets無形資產
455,872 464,816
Investments in joint ventures對合營公司的投資
399,002 380,590
Investments in associates對聯營公司的投資
1,265,792 1,102,433
Trade and other receivables貿易及其他應收款項
14
6,058,796 3,905,768
Deferred tax assets遞延稅項資產
551,606 561,201
Other non-current assets其他非流動資產
– 897,782
Equity investments designated at 以公允價值計量
fair value through other 且其變動計入其他
comprehensive income綜合收益的股權投資
18
497,641 425,890
Total non-current assets非流動資產總額
14,087,505 12,428,161
CURRENT ASSETS流動資產
Inventories存貨
12
668,716 578,900
Trade and other receivables貿易及其他應收款項
14
12,387,937 11,520,437
Contract assets合同資產
13
4,353,757 3,977,833
Restricted deposits受限制存款
1,040,372 1,211,805
Time deposits with original 原始到期日超過三個月的
maturity of over three months定期存款
4,345,585 5,013,871
Cash and cash equivalents現金及現金等價物
15
17,752,424 21,383,610
Total current assets流動資產總額
40,548,791 43,686,456
CURRENT LIABILITIES流動負債
Borrowings借貸
17
597,582 878,403
Contract liabilities合同負債
13,389,093 14,941,065
Trade and other payables貿易及其他應付款項
16
22,088,738 21,811,779
Lease liabilities租賃負債
28,784 –
Defined benefit obligations設定受益義務
29,887 33,114
Tax payable應付稅項
284,977 527,133
Continued/...
續╱...

30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
Notes
RMB’000
RMB’000
附註人民幣千元人民幣千元
Total current liabilities流動負債總額
36,419,061 38,191,494
NET CURRENT ASSETS流動資產淨額
4,129,730 5,494,962
TOTAL ASSETS LESS 資產總額減流動負債
CURRENT LIABILITIES18,217,235 17,923,123
NON-CURRENT LIABILITIES非流動負債
Borrowings借貸
17
45,136 106,356
Trade and other payables貿易及其他應付款項
16
930,739 746,769
Lease liabilities租賃負債
40,858 –
Defined benefit obligations設定受益義務
466,400 462,384
Deferred tax liabilities遞延稅項負債
88,923 94,360
Total non-current liabilities非流動負債總額
1,572,056 1,409,869
Net assets淨資產
16,645,179 16,513,254
EQUITY權益
Issued capital已發行股本
19
4,125,700 4,125,700
Reserves儲備
20
12,408,146 12,301,708
Total equity attributable to 母公司擁有人應佔權益總額
owners of the parent16,533,846 16,427,408
Non-controlling interests非控股權益
111,333 85,846
Total equity權益總額
16,645,179 16,513,254
Director Zhang Chun Director Han Xiaojun
董事張淳董事韓曉軍

Noncontrolling
Total
Attributable to owners of the parent interests equity
歸屬於母公司擁有人非控股權益權益總額
Fair value
reserve of
financial Statutory Exchange
Issued Capital assets at surplus fluctuation Retained
capital reserve FVOCI reserve reserve profits Sub-total
以公允價值
計量且其
變動計入
其他綜合
收益的金融
資產的公允法定盈餘匯兌
已發行股本資本儲備價值儲備公積金波動儲備保留溢利小計
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
At 1 January 2019 (audited)
Profit for the period
Other comprehensive income/(loss)
for the periodExchange differences on
translation of foreign
operations
Remeasurement losses on
defined benefit obligations,
net of tax
Changes in fair value of
financial assets
at FVOCI, net of tax
Share of other comprehensive
income of associates
於2019年1月1日
（經審計）
本期間溢利
本期間其他
綜合收益╱（虧損）
外幣報表
折算差額
設定受益義務重新
評估虧損，扣稅後
以公允價值計量且其
變動計入其他綜合
收益的金融資產
的公允價值變動，
扣稅後
應佔聯營公司
其他綜合收益
4,125,700 1,785,692
––
––
––
––
––
(23,776)
–
–
–
24,868
13,650
1,377,179
–
–
–
–
–
(36,548)
–
(51,013)
–
–
–
9,199,161
981,450
–
(9,735)
–
–
16,427,408 85,846 16,513,254
981,450 (1,152) 980,298
(51,013) 86 (50,927)
(9,735) – (9,735)
24,868 – 24,868
13,650 – 13,650
Total comprehensive income/(loss) 本期間綜合收益
╱
for the period（虧損）總額
– – 38,518 – (51,013) 971,715 959,220 (1,066) 958,154
Business combination (note 21)業務合併（附註
21）
– – – – – – –26,55326,553
Dividends paid to shareholders 付予本公司股東的股息
of the Company (note 8)（附註8）
– – – – – (852,782) (852,782) – (852,782)
At 30 June 2019 (unaudited)於2019年6月30日
（未經審計）
4,125,700 1,785,692 14,742 1,377,179 (87,561) 9,318,094 16,533,846 111,333 16,645,179

Noncontrolling
Total
Attributable to owners of the parent interests equity
歸屬於母公司擁有人非控股權益權益總額
Available-Fair value
for-sale reserve of
investment financial Statutory Exchange
Issued Capital revaluation assets at surplus fluctuation Retained
capital reserve reserve FVOCI reserve reserve profits Sub-total
以公允價值
計量且其
變動計入
其他綜合
可供收益的金融
出售投資資產的公允法定盈餘匯兌
已發行股本資本儲備重估儲備價值儲備公積金波動儲備保留溢利小計
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
At 1 January 2018 (audited)於2018年1月1日
Impact of adopting IFRS 9（經審計）
採納國際財務報告準則
4,125,700 3,479,823 (7,295) – 1,198,687 16,925 8,486,646 17,300,486 80,263 17,380,749
第9號的影響
– – 7,295 26,697 – – (85,790) (51,798) – (51,798)
Restated opening balance 國際財務報告準則第9號
under IFRS 9項下重述期初結餘
4,125,700 3,479,823 – 26,697 1,198,687 16,925 8,400,856 17,248,688 80,263 17,328,951
Profit for the period本期間溢利
– – – – – – 892,357 892,357 733 893,090
Other comprehensive 本期間其他
income/(loss) for the period綜合收益
╱（虧損）
Exchange differences 外幣報表
on translation 折算差額
of foreign operations– – – – – (44,249) – (44,249) 1 (44,248)
Remeasurement gains on 設定受益義務重新
defined benefit obligations, 評估收益，扣稅後
net of tax– – – – – – 3,685 3,685 – 3,685
Changes in fair value of 以公允價值計量且其
financial assets 變動計入其他綜合
at FVOCI, net of tax收益的金融資產的
公允價值變動，
扣稅後
– – – 9,008 – – – 9,008 – 9,008
Share of other comprehensive 應佔聯營公司
income of associates其他綜合收益
– – – (20,705) – – – (20,705) – (20,705)
Total comprehensive 本期間綜合收益
╱
income/(loss) for the period（虧損）總額
– – – (11,697) – (44,249) 896,042 840,096 734 840,830
Business combination under 同一控制下的
common control業務合併
– (1,980,031) – – – – – (1,980,031) – (1,980,031)
Capital contribution from a 一名非控股股東的
non-controlling shareholder資本投入
– – – – – – – – 3,264 3,264
Dividends paid to shareholders 付予本公司股東的股息
of the Company– – – – – – (849,482) (849,482) – (849,482)
Profit appropriation to reserves轉撥至儲備的溢利
– 285,900 – – – – (285,900) – – –
Dividends paid to 付予附屬公司
non-controlling shareholders 非控股股東的股息
of subsidiaries– – – – – – – – (551) (551)
At 30 June 2018 (unaudited)於2018年6月30日
（未經審計）
4,125,700 1,785,692 – 15,000 1,198,687 (27,324) 8,161,516 15,259,271 83,710 15,342,981

2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
Notes
RMB’000
RMB’000
附註人民幣千元人民幣千元
CASH FLOWS FROM 來自經營活動的
OPERATING ACTIVITIES現金流量
Profit before tax:除稅前溢利：
1,238,361 1,190,380
Adjustments for:調整項目：
Finance costs財務成本
6(a)
46,665 26,541
Foreign exchange differences, net匯兌差額淨額
(18,066) (134,438)
Share of profits and losses 應佔聯營公司溢利及虧損
of associates(94,010) (66,667)
Share of profits and losses 應佔合營公司溢利及虧損
of joint ventures(18,412) (21,322)
Interest income利息收入
6(a)
(122,801) (131,399)
Investment income on financial assets金融資產投資收益
5
(7,305) (55,934)
Net losses/(gains) on disposal of items 處置物業、廠房及
of property, plant and 設備項目的損失
equipment╱（收益）淨額
5
895 2,471
Net losses on foreign 遠期外匯合約及利率掉期
currency forward exchange 損失淨額
contracts and interest rate swaps5
7,812 8,661
Depreciation of property, plant, 物業、廠房、設備
equipment and investment properties及投資物業折舊
6(b)
55,914 57,950
Depreciation of right-of-use assets使用權資產折舊
6(b)
42,001 –
Amortisation攤銷
6(b)
28,851 38,707
Impairment losses減值虧損
6(b)
118,836 125,493
1,278,741 1,040,443
Increase in inventories存貨增加
(82,489) (102,401)
Increase in contract assets合同資產增加
(392,897) (2,618,782)
Increase in trade and other receivables貿易及其他應收款項增加
(2,046,894) (650,056)
Increase/(Decrease) in contract liabilities合同負債增加
╱（減少）
(1,551,972) 2,673,963
Decrease in trade and other payables貿易及其他應付款項減少
(566,840) (83,721)
Increase/(Decrease) in defined benefit 設定受益義務增加
╱（減少）
obligations789 (10,777)
Cash generated from/(used in) operations經營活動所得
╱（所用）的
現金
(3,361,562) 248,669
Income tax paid已付所得稅
(504,358) (204,210)
Net cash flows from/(used in) 經營活動所得
╱（所用）的
operating activities現金流量淨額
(3,865,920) 44,459
Continued/...
續╱...

2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
Notes
RMB’000
RMB’000
附註人民幣千元人民幣千元
CASH FLOWS FROM
INVESTING ACTIVITIES
Interest receivedInvestment income on financial assetsPurchases of items of property, plant and
equipmentPurchase of an investment propertyPurchases of non-current
financial assets
Proceeds from disposal of items
of property, plant and equipment and
right-of-use assets
Proceeds from settlement of forward
exchange contracts and interest
rate swaps
Proceeds from disposal of other
non-current assetsAdditions to prepaid land
lease paymentsAdditions to other intangible assets
Additions to other long-term assetsAcquisition of a subsidiary
Investments in associatesPlacing of restricted depositsProceeds from redemption of
restricted deposits
Placing of non-pledged time
deposits with original maturity
of over three months when acquired
Proceeds from redemption of
non-pledged time deposits
with original maturity of over
three months when acquired
來自投資活動的現金流量
已收利息
金融資產投資收益
購買物業、廠房及
設備項目
購買投資業務
購買非流動金融資產
處置物業、廠房及設備項目及
使用權資產所得款項
結算遠期外匯合約及
利率掉期的所得款項
處置其他非流動資產所得款項
添置預付土地租賃款項
添置其他無形資產
添置其他長期資產
收購附屬公司
21
對聯營公司的投資
存放受限制存款
贖回受限制存款的所得款項
存放自獲取時原始到期日超過
三個月的無抵押定期存款
贖回自獲取時原始到期日超過
三個月的無抵押定期存款
所得款項
73,559 62,673
7,305 55,934
(117,515) (149,320)
(24) –
(38,586) (4,241)
2,269 1,904
7,028 1,280
5,746 –
– (11,769)
(1,376) (10,351)
(12,374) (2,010)
74,757 (1,980,031)
(213,601) –
(22,700) (65,001)
194,133 86,806
(1,432,505) (4,664,340)
2,100,791 6,780,431
Net cash flows from investing activities投資活動所得的
現金流量淨額
626,907 101,965
Continued/...
續╱...

2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
Notes
RMB’000
RMB’000
附註人民幣千元人民幣千元
CASH FLOWS FROM 來自融資活動的
FINANCING ACTIVITIES現金流量
Proceeds from borrowings借貸所得款項
1,390,164 678,921
Repayment of borrowings償還借貸
(1,732,205) (399,949)
Capital contribution from 非控股股東資本投入
non-controlling shareholders– 3,264
Principal portion of lease payments租賃付款的本金部分
(17,132) –
Dividends paid已付股息
(3,557) (552)
Interest paid已付利息
(48,706) (27,522)
Net cash flows from/(used in) 融資活動所得
╱（所用）的
financing activities現金流量淨額
(411,436) 254,162
NET INCREASE/(DECREASE) IN 現金及現金等價物增加
╱
CASH AND CASH EQUIVALENTS（減少）淨額
(3,650,449) 400,586
Cash and cash equivalents at 於期初的現金及現金等價物
beginning of period21,383,610 21,479,315
Effect of foreign exchange rate 匯率變動的影響淨額
changes, net19,263 129,354
CASH AND CASH EQUIVALENTS 於期末的現金及現金等價物
AT END OF PERIOD15
17,752,424 22,009,255
ANALYSIS OF BALANCES OF CASH 現金及現金等價物餘額分析
AND CASH EQUIVALENTSCash and bank balances現金及銀行結餘
23,138,381 28,019,195
Restricted deposits balances受限制存款結餘
(1,040,372) (1,341,720)
Time deposits with original 原始到期日超過三個月的
maturity of over three months定期存款
(4,345,585) (4,668,220)
Cash and cash equivalents as stated 現金流量表所列現金及
in the statement of cash flows現金等價物
15
17,752,424 22,009,255

1. CORPORATE INFORMATION 1. 公司資料
China Machinery Engineering Corporation (the “Company”) is
a joint stock company with limited liability established in the
PRC. The registered office of the Company is located at No.
178 Guang’anmenwai Street, Beijing, PRC.
中國機械設備工程股份有限公司（「本
公司」）為在中國成立的股份有限公
司。本公司的註冊辦事處位於中國北
京市廣安門外大街178號。

The Company and its subsidiaries (the “Group”) are mainly
engaged in the international construction contracting business
and trading business.
本公司及其附屬公司（「本集團」）主要
從事國際工程承包業務及貿易業務。

On 21 December 2012, the Company became listed on the
Main Board of The Stock Exchange of Hong Kong Limited
(“HKSE”). The Company issued 718,000,000 H shares at
HK$5.40 per share by initial public offering (“IPO”) to investors
in Hong Kong and overseas. Pursuant to the IPO, a total of
71,800,000 domestic state-owned shares of RMB1.00 each
owned by China National Machinery Industry Corporation
(“SINOMACH”) and China United Engineering Corporation
(“China United”) in aggregate were converted into H shares on
a one-for-one basis and transferred to the National Council for
Social Security Fund of the PRC (“SSF”).
於2012年12月21日，本公司於香港
聯合交易所有限公司（「香港聯交所」）
主板上市。本公司透過首次公開發售
（「首次公開發售」），按每股股份
5.40
港元的價格向香港及海外投資者發行
718,000,000股H股。基於首次公開發
售，中國機械工業集團有限公司（「國
機」）及中國聯合工程有限公司（「中國
聯合」）共同擁有的合共
71,800,000股
每股面值人民幣1.00元的國有內資股
已按一換一的基準轉為H股，並轉予
中國全國社會保障基金理事會（「社保
基金理事會」）。

On 2 January 2013, an over-allotment option granted by the
Company was fully exercised, and the Company issued and
allotted an aggregate of 107,700,000 H shares at HK$5.40
per share. Accordingly, a total of 10,770,000 domestic stateowned
shares of RMB1.00 each owned by SINOMACH and
China United were converted into H shares on a one-for-one
basis and transferred to the SSF. As at 30 June 2019, a total
of 908,270,000 H shares were listed on the HKSE.
於2013年1月2日，本公司授予的
超額配股權獲悉數行使，本公司已
按每股5.40港元發行及配發合共
107,700,000股H股。因此，國機及中
國聯合擁有的合共
10,770,000股每股
面值人民幣1.00元的國有內資股已按
一換一的基準轉為H股，並轉予社保
基金理事會。於
2019年6月30日，合
共908,270,000股H股於香港聯交所上
市。

In the opinion of the directors of the Company (the “Directors”),
the holding company and the ultimate holding company of
the Company is SINOMACH, which was established in the
People’s Republic of China.
根據本公司董事（「董事」）的意見，本
公司的控股公司及最終控股公司是於
中華人民共和國成立的國機。


2.1 BASIS OF PREPARATION
The unaudited interim condensed consolidated financial
statements for the six months ended 30 June 2019 have been
prepared in accordance with International Accounting Standard
(“IAS”) 34 Interim Financial Reporting and the disclosure
requirements of the Rules Governing the Listing of Securities
on the Hong Kong Stock Exchange.
The unaudited interim condensed consolidated financial
statements do not include all the information and disclosures
required in the annual financial statements, and should be read
in conjunction with the Group’s annual financial statements for
the year ended 31 December 2018. The interim condensed
consolidated financial statements are presented in Renminbi
(“RMB”) and all values are rounded to the nearest thousand,
except when otherwise indicated.
2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS
The accounting policies adopted in the preparation of the
unaudited interim condensed consolidated financial statements
are consistent with those followed applied in the preparation
of the Group’s annual financial statements for the year ended
31 December 2018, except for the adoption of the new and
revised International Financial Reporting Standards (“IFRSs”)
effective as of 1 January 2019. The Group has not early
adopted any other standard, interpretation or amendment that
has been issued but is not yet effective.
The Group applies, for the first time, IFRS 16 Leases. As
required by IAS 34, the nature and effect of these changes
are disclosed below.
Several other amendments and interpretations apply for the
first time in 2019, but do not have an impact on the interim
condensed consolidated financial statements of the Group.
2.1 編製基準
截至2019年6月30日止六個月的未經
審計中期簡明合併財務報表已按國際
會計準則（「國際會計準則」）第
34號
「中期財務報告」及香港聯交所證券上
市規則的披露規定編製。

未經審計中期簡明合併財務報表並不
包括年度財務報表所要求的所有資料
及披露資訊，並應連同本集團截至
2018年12月31日止年度的年度財務報
表一併閱讀。中期簡明合併財務報表
以人民幣（「人民幣」）呈列，除另有指
明外，所有金額均湊整至最接近千位。

2.2 新訂及經修訂國際財務報告準
則的影響
編製未經審計中期簡明合併財務報表
所採納的會計政策與編製本集團截至
2018年12月31日止年度的年度財務
報表隨後所應用者一致，惟採納截至
2019年1月1日已生效的新訂及經修訂
國際財務報告準則（「國際財務報告準
則」）除外。本集團尚未提前採納任何
其他已頒佈但尚未生效的準則、詮釋
或修訂。

本集團首次應用國際財務報告準則第
16號「租賃」。鑒於國際會計準則第34
號規定，該等變動的性質及影響披露
如下。

部分其他修訂及詮釋於2019年首次應
用，但對本集團的中期簡明合併財務
報表並無影響。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases
IFRS 16 replaces IAS 17 Leases, IFRIC 4 Determining
whether an Arrangement contains a Lease, SIC-15 Operating
Leases-Incentives and SIC-27 Evaluating the Substance of
Transactions Involving the Legal Form of a Lease. The standard
sets out the principles for the recognition, measurement,
presentation and disclosure of leases and requires lessees
to account for most leases under a single on-balance sheet
model. Lessor accounting under IFRS 16 is substantially
unchanged from IAS 17. Lessors will continue to classify
leases as either operating or finance leases using similar
principles as in IAS 17. Therefore, IFRS 16 did not have any
financial impact on leases where the Group is the lessor.
The Group adopted IFRS 16 using the modified retrospective
method of adoption with the date of initial application of 1
January 2019. Under this method, the standard is applied
retrospectively with the cumulative effect of initial adoption
as an adjustment to the opening balance of retained earnings
at 1 January 2019, and the comparative information for 2018
was not restated and continues to be reported under IAS 17.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
國際財務報告準則第16號取代國際會
計準則第17號「租賃」、國際財務報告
詮釋委員會詮釋第
4號「釐定安排是否
包括租賃」、準則詮釋委員會詮釋第
15號「經營租賃－優惠」及準則詮釋
委員會詮釋第27號「評估涉及租賃法
律形式交易之內容」。該準則載列確
認、計量、呈列及披露租賃之原則，
並要求承租人在單一資產負債表內模
型中計算大多數租賃。國際財務報告
準則第16號下之出租人會計處理與國際
會計準則第
17號下規定並無實質性改
變。出租人將繼續採用與國際會計準則
第17號類似的原則將租賃分類為經營租
賃或融資租賃。因此，國際財務報告準
則第16號對本集團為出租人的租賃並無
任何財務影響。

本集團透過採用經修訂追溯採納法採
納國際財務報告準則第16號，首次應
用日期為2019年1月1日。根據此方
法，已追溯應用該準則，並將首次應
用該準則的累計影響作為2019年1月1
日保留溢利期初餘額的調整，而
2018
年的比較資料並無重列並繼續根據國
際會計準則第17號列報。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(a)
New definition of a lease
Under IFRS 16, a contract is, or contains a lease if the
contract conveys a right to control the use of an identified
asset for a period of time in exchange for consideration.
Control is conveyed where the customer has both the
right to obtain substantially all of the economic benefits
from use of the identified asset and the right to direct the
use of the identified asset. The Group elected to use the
transition practical expedient allowing the standard to be
applied only to contracts that were previously identified
as leases applying IAS 17 and IFRIC 4 at the date of
initial application. Contracts that were not identified as
leases under IAS 17 and IFRIC 4 were not reassessed.
Therefore, the definition of a lease under IFRS 16 has
been applied only to contracts entered into or changed
on or after 1 January 2019.
At inception or on reassessment of a contract that contains
a lease component, the Group allocates the consideration
in the contract to each lease and non-lease component
on the basis of their standard-alone prices. A practical
expedient is available to a lessee, which the Group has
adopted, not to separate non-lease components and
to account for the lease and the associated non-lease
components (e.g., property management services for
leases of properties) as a single lease component.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(a)
租賃的新定義
根據國際財務報告準則第16號，
一項合約如讓渡在一段時間內控
制已識別資產使用的權利以獲取
代價，則屬於或包含租賃。倘客
戶有權透過使用該項已識別資產
獲取絕大部分經濟利益及有權操
控該項已識別資產用途，則為讓
渡控制權。在首次應用日期，本
集團選擇採用的過渡期可行權宜
方法，僅對於之前應用國際會計
準則第17號及國際財務報告詮釋
委員會詮釋第4號識別為租賃的
合約應用該準則。未根據國際會
計準則第17號及國際財務報告詮
釋委員會詮釋第4號識別為租賃
的合約不予重新評估。因此，國
際財務報告準則第16號的租賃定
義僅適用於在2019年1月1日或之
後訂立或更改的合約。

在開始或重新評估包含租賃組成
部分的合約時，本集團以各租賃
組成部分和非租賃組成部分的單
獨價格為基礎將合約內的代價分
配至該等組成部分。本集團已作
為承租人採用可行權宜方法，選
擇不分拆非租賃組成部分，而是
將租賃組成部分和與其相關的非
租賃組成部分（如物業租賃的物
業管理服務）作為單一租賃組成
部分入賬。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(b)
As a lessee – Leases previously classified as
operating leases
Nature of the effect of adoption of IFRS 16
The Group has lease contracts for various items of
property and other equipment. As a lessee, the Group
previously classified leases as either finance leases or
operating leases based on the assessment of whether
the lease transferred substantially all the rewards and
risks of ownership of assets to the Group. Under IFRS
16, the Group applies a single approach to recognise and
measure right-of-use assets and lease liabilities for all
leases, except for two elective exemptions for leases of
low value assets (elected on a lease-by-lease basis) and
short-term leases (elected by class of underlying asset).
The Group has elected not to recognise right-of-use
assets and lease liabilities for (i) leases of low-value
assets (e.g., laptop computers); and (ii) leases, that
at the commencement date, have a lease term of 12
months or less. Instead, the Group recognises the lease
payments associated with those leases as an expense on
a straight-line basis over the lease term.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(b)
作為承租人－之前分類為經營租
賃的租賃
採納國際財務報告準則第16號
的影響的性質
本集團擁有多個物業及其他設備
項目的租賃合約。本集團之前作
為承租人根據對租賃是否將資產
擁有權的絕大部分報酬與風險轉
移至本集團的評估，將租賃分類
為融資租賃或經營租賃。根據國
際財務報告準則第16號，本集團
對所有租賃應用單一方法確認和
計量使用權資產與租賃負債，惟
低價值資產租賃（基於每一項租
賃選擇）與短期租賃（基於每一
類相關資產選擇）兩類選擇性豁
免除外。本集團選擇不就
(i)低價
值資產（如手提電腦）租賃；及
(ii)
於租賃開始之日租賃期為12個月
或以下的租賃確認使用權資產及
租賃負債。相反，本集團在租賃
期內以直線法將與該等租賃相關
的租賃付款確認為開支。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(b)
As a lessee – Leases previously classified as
operating leases (continued)
Impacts on transition
Lease liabilities at 1 January 2019 were recognised based
on the present value of the remaining lease payments,
discounted using the incremental borrowing rate at 1
January 2019 and included in lease liabilities.
The right-of-use assets were measured at the amount of
the lease liability, adjusted by the amount of any prepaid or
accrued lease payments relating to the lease recognised
in the statement of financial position immediately before
1 January 2019. All these assets were assessed for any
impairment based on IAS 36 on that date. The Group
elected to present the right-of-use assets separately in
the statement of financial position.
The Group has used the following elective practical
expedients when applying IFRS 16 at 1 January 2019:
.
Applied the short-term lease exemptions to leases
with a lease term that ends within 12 months from
the date of initial application
.
Used hindsight in determining the lease term where
the contract contains options to extend/terminate
the lease
.
Applied a single discount rate to a portfolio of leases
with reasonably similar characteristics
.
Excluded initial direct costs from the measurement of
the right-of-use asset at the date of initial application
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(b)
作為承租人－之前分類為經營租
賃的租賃（續）
過渡影響
於2019年1月1日的租賃負債乃根
據剩餘租賃付款按於
2019年1月1
日的增量借款利率貼現的現值確
認並計入租賃負債。

使用權資產乃按照租賃負債的金
額計量，並根據與於緊接
2019年
1月1日前於財務狀況表確認的租
賃相關的任何預付或預提租賃付
款金額調整。本集團於該日根據
國際會計準則第36號對所有該等
資產進行減值評估。本集團選擇
在財務狀況表中單獨列示使用權
資產。

本集團於2019年1月1日應用國際
財務報告準則第16號時，採用下
述選擇性可行權宜方法：
.
對於租賃期將於首次應用日
期起計12個月內結束的租賃
應用短期租賃豁免
.
對合約中包含續租
╱終止租
賃選擇權的租賃，採用事後
確認方式確定租賃期
.
對具有合理相似特徵的租賃
組合使用單一貼現率
.
在首次採納日計量使用權資
產時不包括初始直接成本

2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(b)
As a lessee – Leases previously classified as
operating leases (continued)
Impacts on transition (continued)
The impacts arising from the adoption of IFRS 16 as at 1
January 2019 are as follows:
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(b)
作為承租人－之前分類為經營租
賃的租賃（續）
過渡影響（續）
於2019年1月1日採納國際財務報
告準則第16號的影響如下：
Increase/(Decrease)
增加
╱（減少）
(Unaudited)
（未經審計）
RMB’000
人民幣千元
Assets資產
Increase in right-of-use assets使用權資產增加
1,844,073
Decrease in prepaid land lease payments預付土地租賃款減少
(1,755,868)
Decrease in prepayments預付款項減少
(2,446)
Increase in total assets總資產增加
85,759
Liabilities負債
Increase in lease liabilities租賃負債增加
85,759
Increase in total liabilities總負債增加
85,759

2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(b)
As a lessee – Leases previously classified as
operating leases (continued)
Impacts on transition (continued)
The lease liabilities as at 1 January 2019 reconciled to the
operating lease commitments as at 31 December 2018
are as follows:
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(b)
作為承租人－之前分類為經營租
賃的租賃（續）
過渡影響（續）
於2019年1月1日的租賃負債與於
2018年12月31日的經營租賃承
擔對賬如下：
(Unaudited)
（未經審計）
RMB’000
人民幣千元
Operating lease commitments as at 31 December 於2018年12月31日的經營租賃承擔
201826,468
Weighted average incremental borrowing rate as at於2019年1月1日的
1 January 2019加權平均增量借款利率 4.69%
Discounted operating lease commitments at
1 January 2019
Less: Commitments relating to short-term leases and
those leases with a remaining lease term ending
on or before 31 December 2019
Add: Payments for optional extension periods not
recognised as at 31 December 2018
於2019年1月1日的已貼現經營租賃承擔
24,991
減：與短期租賃及餘下租賃期
將於2019年12月31日或
之前結束的租賃相關的承擔
714
加：於2018年12月31日
未獲確認的可選延期期間的付款
61,482
Lease liabilities as at 1 January 2019於2019年1月1日的租賃負債
85,759

2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(c)
Summary of new accounting policies
The accounting policy for leases as disclosed in the
annual financial statements for the year ended 31
December 2018 is replaced with the following new
accounting policies upon adoption of IFRS 16 from 1
January 2019:
Right-of-use assets
Right-of-use assets are recognised at the commencement
date of the lease. Right-of-use assets are measured
at cost, less any accumulated depreciation and any
impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial direct
costs incurred, and lease payments made at or before
the commencement date less any lease incentives
received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease
term, the recognised right-of-use assets are depreciated
on a straight-line basis over the shorter of the estimated
useful life and the lease term.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(c)
新會計政策概要
截至
2018年12月31日止年度的
年度財務報表所披露的租賃會計
政策將於2019年1月1日起採納國
際財務報告準則第16號時以如下
新會計政策取代：
使用權資產
使用權資產於租賃開始日期確
認。使用權資產按成本減任何累
計折舊及任何減值虧損計量，並
就任何重新計量的租賃負債作出
調整。使用權資產成本包括已確
認租賃負債金額、已發生的初始
直接成本及於開始日期或之前作
出的租賃付款減任何已收取租賃
獎勵。除非本集團合理確定於租
期結束時取得租賃資產所有權，
否則已確認的使用權資產於其估
計可使用年期及租期（以較短者
為準）內按直線法計提折舊。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(c)
Summary of new accounting policies (continued)
Lease liabilities
Lease liabilities are recognised at the commencement
date of the lease at the present value of lease payments
to be made over the lease term. The lease payments
include fixed payments (including in- substance fixed
payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate,
and amounts expected to be paid under residual value
guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for
terminating a lease, if the lease term reflects the Group
exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are
recognised as an expense in the period on which the
event or condition that triggers the payment occurs.
In calculating the present value of lease payments,
the Group uses the incremental borrowing rate at the
lease commencement date if the interest rate implicit
in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the
in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(c)
新會計政策概要（續）
租賃負債
租賃負債於租賃開始日期按租期
內將作出的租賃付款現值確認。

租賃付款包括定額付款（含實質
定額款項）減任何租賃獎勵應收
款項、取決於指數或利率的可變
租賃款項以及預期根據剩餘價值
擔保支付的金額。租賃付款亦包
括本集團合理確定行使的購買選
擇權的行使價及在租期反映本集
團行使終止租賃選擇權時，有關
終止租賃的罰款。不取決於指數
或利率的可變租賃付款在出現觸
發付款的事件或條件的期間內確
認為一項開支。

於計算租賃付款的現值時，倘租
賃內含利率不易釐定，則本集團
使用租賃開始日期的增量借款利
率計算。於開始日期後，租賃負
債金額的增加反映了利息的增
長，其減少則關乎所作出的租賃
付款。此外，倘存在租期的修改
以及租期、實質定額租賃付款或
購買相關資產的評估的變更，則
重新計量租賃負債的賬面值。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRS 16 Leases (continued)
(c)
Summary of new accounting policies (continued)
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition
exemption to its short-term leases of office buildings and
equipment (i.e., those leases that have a lease term of
12 months or less from the commencement date and do
not contain a purchase option). It also applies the lease
of low-value assets recognition exemption to leases of
office equipment that are considered of low value. Lease
payments on short- term leases and leases of low-value
assets are recognised as an expense on a straight-line
basis over the lease term.
Significant judgement in determining the lease term
of contracts with renewal options
The Group determines the lease term as the noncancellable
term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably
certain to be exercised, or any periods covered by an
option to terminate the lease, if it is reasonably certain
not to be exercised.
The Group has the option, under some of its leases, to
lease the assets for additional terms. The Group applies
judgement in evaluating whether it is reasonably certain
to exercise the option to renew. It considers all relevant
factors that create an economic incentive for it to exercise
the renewal. After the lease commencement date, the
Group reassesses the lease term if there is a significant
event or change in circumstances that is within the control
of the Group and affects its ability to exercise the option
to renew.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告準則第16號「租賃」
（續）
(c)
新會計政策概要（續）
短期租賃及低價值資產租賃
本集團對辦公樓宇及設備的短期
租賃（即自開始日期起租期為
12
個月或以下且不含購買選擇權的
租賃）應用短期租賃確認豁免，
亦對其認為屬低價值的辦公設備
租賃應用低價值資產租賃確認豁
免。短期租賃及低價值資產租賃
的租賃付款以直線法按租期確認
為一項開支。

釐定有重續選擇權合約的租期
時所用重大判斷
本集團將租期釐定為不可撤銷租
賃期限，而如果能合理確定將行
使延長租賃的選擇權，租期還
應包括該選擇權所涵蓋的任何期
間，或在合理確定將不會行使終
止租賃的選擇權時，還應包括該
選擇權所涵蓋的任何期間。

本集團根據其部分租約可選擇將
有關資產按額外期限續租。本集
團於評估行使重續選擇權有否合
理確定性時運用判斷。其將所有
會對行使重續構成經濟激勵的相
關因素進行考量。於租賃開始日
期後，本集團於有影響其行使重
續選擇權的可控範圍內重大事件
或情況變動時，會重新評估租
期。


2.2 IMPACTS
OF NEW AND AMENDED 2.2 新訂及經修訂國際財務報告準
INTERNATIONAL FINANCIAL REPORTING 則的影響（續）
STANDARDS (continued)
IFRS 16 Leases (continued) 國際財務報告準則第16號「租賃」
（續）
(d)
Amounts recognised in the unaudited interim (d) 於未經審計中期簡明合併財務狀
condensed consolidated statements of financial 況表及損益表確認的金額
position and profit or loss
The carrying amounts of the Group’s right-of-use assets 下表載列期內本集團使用權資產
and lease liabilities, and the movements during the period 及租賃負債的賬面值及變動：
are as follows:
Right-of-use assets
使用權資產
Office buildings
辦公樓宇
Land use right
土地使用權
Total Lease liabilities
合計租賃負債
(Unaudited)
（未經審計）
RMB’000
人民幣千元
(Unaudited)
（未經審計）
RMB’000
人民幣千元
(Unaudited)
（未經審計）
RMB’000
人民幣千元
(Unaudited)
（未經審計）
RMB’000
人民幣千元
As at 1 January 2019於2019年1月1日
88,205 1,755,868 1,844,073 85,759
Additions添置
1,279 – 1,279 697
Depreciation charge折舊開支
(18,604) (23,397) (42,001) –
Interest expense利息開支
– – – 1,392
Payments付款
– – – (17,132)
Others其他
(880) – (880) (1,074)
As at 30 June 2019於2019年6月30日
70,000 1,732,471 1,802,471 69,642

2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRIC Interpretation 23 uncertainty over income tax
treatment
The interpretation addresses the accounting for income taxes
when tax treatments involve uncertainty that affects the
application of IAS 12 Income Taxes. It does not apply to taxes
or levies outside the scope of IAS 12, nor does it specifically
include requirements relating to interest and penalties
associated with uncertain tax treatments. The interpretation
specifically addresses the following:
.
Whether an entity considers uncertain tax treatments
separately.
.
The assumptions an entity makes about the examination
of tax treatments by taxation authorities.
.
How an entity determines taxable profit (tax loss), tax
bases, unused tax losses, unused tax credits and tax
rates.
.
How an entity considers changes in facts and
circumstances.
An entity has to determine whether to consider each uncertain
tax treatment separately or together with one or more other
uncertain tax treatments. The approach that better predicts the
resolution of the uncertainty needs to be followed.
The Group applies significant judgement in identifying
uncertainties over income tax treatments. Since the Group
operates in a complex multinational environment, it assessed
whether the interpretation had an impact on its interim
condensed consolidated financial statements.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告詮釋委員會詮釋第23
號「所得稅處理之不確定性」
倘稅項處理涉及影響應用國際會計準
則第
12號「所得稅」的不確定性，該
詮釋處理該情況下的所得稅會計方
法。該詮釋不適用於國際會計準則第
12號範圍外的稅項或徵稅，尤其亦不
包括不確定稅項處理相關的權益及處
罰相關規定。該詮釋具體處理以下事
項：
.實體是否考慮對不確定稅項進行
單獨處理。

.實體對稅務機關的稅項處理檢查
所作的假設。

.實體如何釐定應課稅溢利（稅
項虧損）、稅基、未動用稅項虧
損、未動用稅收抵免及稅率。

.
實體如何考慮事實及情況變動。

實體必須釐定是考慮單獨進行各項不
確定的稅項處理還是將一項或多項其
他不確定稅項處理合併進行。應採用
能更好預測不確定性的解決方法。

本集團於確定所得稅處理不確定性時
運用重大判斷。由於本集團在複雜的
跨國環境下經營，本集團已評估該詮
釋是否會對其中期簡明合併財務報表
造成影響。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
IFRIC Interpretation 23 uncertainty over income tax
treatment (continued)
Upon adoption of the Interpretation, the Group considered
whether it has any uncertain tax positions, particularly those
relating to transfer pricing. The Company’s and the subsidiaries’
tax filings in different jurisdictions include deductions related
to transfer pricing and the taxation authorities may challenge
those tax treatments. The Group determined, based on its tax
compliance and transfer pricing study, that it is probable that
its tax treatments (including those for the subsidiaries) will be
accepted by the taxation authorities. The interpretation did
not have an impact on the interim condensed consolidated
financial statements of the Group.
Amendments to IFRS 9 Prepayment Features with
negative compensation
Under IFRS 9, a debt instrument can be measured at
amortised cost or at fair value through other comprehensive
income, provided that the contractual cash flows are ‘solely
payments of principal and interest on the principal amount
outstanding’ (the SPPI criterion) and the instrument is held
within the appropriate business model for that classification.
The amendments to IFRS 9 clarify that a financial asset passes
the SPPI criterion regardless of an event or circumstance that
causes the early termination of the contract and irrespective
of which party pays or receives reasonable compensation for
the early termination of the contract. These amendments had
no impact on the interim condensed consolidated financial
statements of the Group.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際財務報告詮釋委員會詮釋第23
號「所得稅處理之不確定性」（續）
於採納該詮釋時，本集團考慮其是否
存在任何不確定稅務情況（尤其是與
轉移定價有關時）。本公司及附屬公司
於不同司法權區進行的稅務申報包括
有關轉移定價的抵扣，而稅務機關可
能質疑有關稅項處理。本集團根據其
對稅務合規及轉移定價的研究確定，
其稅項處理（包括對附屬公司的稅項
處理）可能會獲稅務機關接受。該詮
釋對本集團的中期簡明合併財務報表
並無影響。

國際財務報告準則第9號的修訂本
「具有負補償的提前還款特性」
根據國際財務報告準則第9號，債務工
具可按攤餘成本或以公允價值計量且
其變動計入其他綜合收益計量，惟合
約現金流量為「僅支付本金及未償還
本金的利息」（SPPI標準）且該工具以
該類別適用的業務模式而持有。國際
財務報告準則第9號的修訂本就金融資
產通過SPPI標準進行了澄清，不論有
關事件或情況導致合約提早終止且不
論哪一方因合約提早終止而支付或收
取合理補償。該等修訂對本集團的中
期簡明合併財務報表並無影響。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
Amendments to IAS 19 Plan Amendment, curtailment
or Settlement
The amendments to IAS 19 address the accounting when a
plan amendment, curtailment or settlement occurs during a
reporting period. The amendments specify that when a plan
amendment, curtailment or settlement occurs during the
annual reporting period, an entity is required to determine the
current service cost for the remainder of the period after the
plan amendment, curtailment or settlement, using the actuarial
assumptions used to remeasure the net defined benefit liability
(asset) reflecting the benefits offered under the plan and the
plan assets after that event. An entity is also required to
determine the net interest for the remainder of the period
after the plan amendment, curtailment or settlement using
the net defined benefit liability (asset) reflecting the benefits
offered under the plan and the plan assets after that event,
and the discount rate used to remeasure that net defined
benefit liability (asset). These amendments had no impact on
the interim condensed consolidated financial statements of the
Group as it did not have any plan amendments, curtailments,
or settlements during the period.
Amendments to IAS 28 Long-term interests in
associates and joint ventures
The amendments clarify that an entity applies IFRS 9 to longterm
interests in an associate or joint venture to which the
equity method is not applied but that, in substance, form part
of the net investment in the associate or joint venture (longterm
interests). This clarification is relevant because it implies
that the expected credit loss model in IFRS 9 applies to such
long-term interests. The amendments also clarified that, in
applying IFRS 9, an entity does not take account of any losses
of the associate or joint venture, or any impairment losses
on the net investment, recognised as adjustments to the net
investment in the associate or joint venture that arise from
applying IAS 28 Investments in Associates and Joint Ventures.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際會計準則第19號的修訂本「計
劃修訂、縮減或清償」
國際會計準則第19號的修訂本解決了
於報告期內發生計劃修訂、縮減或清
償時的會計處理。該等修訂明確了當
於年度報告期間發生計劃修訂、縮減
或清償時，實體須使用反映該事件後
根據計劃及計劃資產所提供利益重新
計量界定福利負債（資產）淨額所使用
的精算假設，釐定計劃修訂、縮減或
清償後剩餘期間的當前服務成本。實
體亦須使用反映該事件後根據計劃及
計劃資產所提供利益的界定福利負債
（資產）淨額以及重新計量界定福利負
債（資產）淨額所使用的折現率，釐定
計劃修訂、縮減或清償後剩餘期間的
淨利息。該等修訂對本集團的中期簡
明合併財務報表並無影響，因為期內
並無計劃進行修訂、縮減或清償。

國際會計準則第28號的修訂本「於
聯營公司及合營公司的長期權益」
該等修訂澄清，實體將國際財務報告
準則第9號應用於未使用權益法但實質
上構成於聯營公司或合營公司的淨投
資（長期權益）一部分的於聯營公司或
合營公司的長期權益。該澄清具有相
關性，因其說明了國際財務報告準則
第9號的預期信貸虧損模型適用於該等
長期權益。該等修訂亦澄清，應用國
際財務報告準則第9號時，實體不考慮
將聯營公司或合營公司的任何虧損或
淨投資的任何減值虧損確認為對應用
國際會計準則第28號「於聯營公司及
合營公司的投資」時產生的聯營公司
或合營公司淨投資的調整。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
Amendments to IAS 28 Long-term interests in
associates and joint ventures (continued)
These amendments had no impact on the interim condensed
consolidated financial statements as the Group does not have
long-term interests in its associate and joint venture.
Annual Improvements 2015-2017 Cycle:
.
IFRS 3 Business combinations
The amendments clarify that, when an entity obtains
control of a business that is a joint operation, it applies
the requirements for a business combination achieved in
stages, including remeasuring previously held interests in
the assets and liabilities of the joint operation at fair value.
In doing so, the acquirer remeasures its entire previously
held interest in the joint operation.
An entity applies those amendments to business
combinations for which the acquisition date is on or
after the beginning of the first annual reporting period
beginning on or after 1 January 2019, with early
application permitted.
These amendments had no impact on the interim
condensed consolidated financial statements of the
Group as there is no transaction where a joint control is
obtained.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
國際會計準則第28號的修訂本「於
聯營公司及合營公司的長期權益」
（續）
該等修訂對中期簡明合併財務報表並
無影響，原因是本集團於其聯營公司
及合營公司並無長期權益。

2015年至2017年週期之年度改進：
.
國際財務報告準則第3號「業務合
併」
該等修訂澄清，當實體取得共同
經營的一項業務的控制權時，其
應用分步實現的業務合併的規
定，包括按公允價值重新計量先
前於該共同經營業務的資產及負
債中所持權益。如此，收購方將
重新計量其於該共同經營業務先
前所持的全部權益。

實體將該等修訂應用於收購日期
為2019年1月1日或之後開始的首
個年度報告期間開始時或之後的
業務合併，惟可提早應用。

該等修訂對本集團中期簡明合併
財務報表並無影響，原因是並無
取得共同控制權的交易。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
Annual Improvements 2015-2017 Cycle: (continued)
.
IFRS 11 Joint Arrangements
A party that participates in, but does not have joint
control of, a joint operation might obtain joint control
of the joint operation in which the activity of the joint
operation constitutes a business as defined in IFRS 3.
The amendments clarify that the previously held interests
in that joint operation are not remeasured.
An entity applies those amendments to transactions in
which it obtains joint control on or after the beginning of
the first annual reporting period beginning on or after 1
January 2019, with early application permitted.
These amendments had no impact on the interim
condensed consolidated financial statements of the
Group as there is no transaction where a joint control is
obtained.
.
IAS 12 income taxes
The amendments clarify that the income tax consequences
of dividends are linked more directly to past transactions
or events that generated distributable profits than to
distributions to owners. Therefore, an entity recognises
the income tax consequences of dividends in profit or
loss, other comprehensive income or equity according
to where it originally recognised those past transactions
or events.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
2015年至2017年週期之年度改進：
（續）
.
國際財務報告準則第11號「共同
安排」
參與但並非共同控制一項共同經
營業務的參與方可能於共同經營
之活動構成國際財務報告準則第
3號所界定業務的共同經營中取
得共同控制權。該等修訂澄清，
先前於共同經營業務所持權益不
進行重新計量。

實體於2019年1月1日或之後開始
的首個年度報告期間開始時或之
後將該等修訂應用於其取得共同
控制權的交易，惟可提早應用。

該等修訂對本集團中期簡明合併
財務報表並無影響，原因是並無
取得共同控制權的交易。

.國際會計準則第12號「所得稅」
該等修訂澄清，股息的所得稅影
響與產生可予分派利潤的過往交
易或事件（而非對擁有人的分派）
更為直接相關。因此，實體根據
其原本確認該等過往交易或事件
的項目而於損益、其他綜合收益
或權益確認股息的所得稅影響。


2.2 IMPACTS
OF NEW AND AMENDED
INTERNATIONAL FINANCIAL REPORTING
STANDARDS (continued)
Annual Improvements 2015-2017 Cycle: (continued)
.
IAS 12 income taxes (continued)
An entity applies the amendments for annual reporting
periods beginning on or after 1 January 2019, with
early application permitted. When the entity first applies
those amendments, it applies them to the income tax
consequences of dividends recognised on or after the
beginning of the earliest comparative period.
Since the Group’s current practice is in line with these
amendments, they had no impact on the interim
condensed consolidated financial statements of the
Group.
.
IAS 23 Borrowing costs
The amendments clarify that an entity treats as part of
general borrowings any borrowing originally made to
develop a qualifying asset when substantially all of the
activities necessary to prepare that asset for its intended
use or sale are complete.
The entity applies the amendments to borrowing costs
incurred on or after the beginning of the annual reporting
period in which the entity first applies those amendments.
An entity applies those amendments for annual reporting
periods beginning on or after 1 January 2019, with early
application permitted.
Since the Group’s current practice is in line with these
amendments, they had no impact on the interim
condensed consolidated financial statements of the
Group.
2.2 新訂及經修訂國際財務報告準
則的影響（續）
2015年至2017年週期之年度改進：
（續）
.
國際會計準則第12號「所得稅」
（續）
實體於2019年1月1日或之後開始
的年度報告期間應用該等修訂，
惟可提早應用。當實體首次應用
該等修訂，其將應用於最早可比
較期間開始時或之後確認股息的
所得稅影響。

由於本集團的當前慣例與該等修
訂一致，因此該等修訂對本集團
中期簡明合併財務報表並無影
響。

.
國際會計準則第23號「借貸成本」
該等修訂澄清，當為使合資格資
產達成擬定用途或出售所必需的
絕大部分活動已經完成時，實體
將原本用於開發該合資格資產的
任何借款作為一般借款入賬。

實體對其首次應用該等修訂的年
度報告期間開始時或之後產生的
借貸成本應用該等修訂。實體於
2019年1月1日或之後開始的年度
報告期間應用該等修訂，惟可提
早應用。

由於本集團的當前慣例與該等修
訂一致，因此該等修訂對本集團
中期簡明合併財務報表並無影
響。


2.3 ISSUED BUT NOT YET EFFECTIVE 2.3 已頒佈但尚未生效的國際財務
INTERNATIONAL FINANCIAL REPORTING 報告準則
STANDARDS
The Group has not applied the following new and revised 本集團並未於其財務報表中應用以下
IFRSs, that have been issued but are not yet effective, in its 已頒佈但尚未生效的新訂及經修訂國
financial statements. 際財務報告準則。

Amendments to IFRS 3 Definition of a Business1 國際財務報告準則業務的釋義1
第3號的修訂本
Amendments to IAS 1 Definition of Material1 國際會計準則第1號及重要性的釋義1and IAS 8 國際會計準則第8號
的修訂本
IFRS 17 Insurance Contracts2 國際財務報告保險合約2
準則第17號
Amendments to IFRS 10 Sale or Contribution of Assets 國際財務報告準則投資者與其聯營公司
and IAS 28 between an Investor and its 第10號及國際會計或合營公司之間的
Associate or Joint Venture3 準則第28號的修訂本資產出售或注資3
1
2
3
Effective for annual periods beginning on or after 1 January 2020
Effective for annual periods beginning on or after 1 January 2021
In December 2015, the IASB postponed the effective date of
this amendment indefinitely pending the outcome of its research
project on the equity method of accounting
123
於2020年1月1日或之後開始的年度
期間生效
於2021年1月1日或之後開始的年度
期間生效
於2015年12月，國際會計準則委員
會無限期推遲該項修訂的生效日期，
以等待其針對會計權益法研究項目的
結果
The Group is in the process of making an assessment of the
impact of these new and revised IFRSs upon initial application.
本集團正在評估該等新訂及經修訂國
際財務報告準則於首次應用時之影響。

3. OPERATING SEGMENT INFORMATION 3. 經營分部資料
For management purposes, the Group is organised into
business units based on their products and services and has
three reportable operating segments as follows:
就管理目的而言，本集團已按產品及
服務劃分業務單位，三個可報告之經
營分部如下：
(a) Construction contracts: this segment mainly undertakes the
Engineering Procurement Construction (“EPC”) contracting
business of overseas infrastructure-related construction
projects (including hydropower, thermal power or other
engineering projects) in various countries.
(a) 建造合同：本分部主要在各國
從事海外基礎設施相關的施工
項目（包括水電、火電或其他工
程項目）的工程、採購及施工
（「EPC」）承包業務。

(b) Trading business: this segment mainly engages in the
business of importing and/or exporting various machinery,
electrical and instrumental products for domestic and
overseas customers.
(b) 貿易業務：本分部主要從事為國
內外客戶進口及
╱或出口各種機
械、電力及工具產品業務。

(c) Services business: this segment mainly engages in
providing exportimport
agency services, design services,
tendering agency services and logistics services.
(c) 服務業務：本分部主要從事提供
進出口代理服務、設計服務、招
標代理服務及物流服務。


3. OPERATING SEGMENT INFORMATION 3. 經營分部資料（續）
(continued)
Management monitors the results of the Group’s operating 管理層單獨監察本集團經營分部的業
segments separately for the purpose of making decisions about 績，以就資源分配及表現評估作出決
resource allocation and performance assessment. Segment 策。分部表現乃根據可報告之分部溢
performance is evaluated based on reportable segment profit/ 利
╱虧損評估，此乃經調整除稅前溢
loss, which is a measure of adjusted profit/loss before tax. The 利
╱虧損之計量指標。計量經調整除
adjusted profit/loss before tax is measured consistently with 稅前溢利
╱虧損的方式與計量本集團
the Group’s profit before tax except that share of profits and 除稅前溢利的方式一致，惟應佔聯營
losses of associates and joint ventures, interest income from 公司及合營公司之溢利及虧損、銀行
bank deposits, finance costs related to defined benefit plans, 存款之利息收入、與設定受益計劃有
investment income on financial assets, loss on disposal of a 關之財務成本、金融資產投資收益、
subsidiary, fair value gains/losses from the Group’s financial 處置附屬公司虧損、本集團金融工具
instruments as well as head office and corporate income/ 之公允價值收益
╱虧損以及總部及企
expenses are excluded from such measurement. 業收入
╱開支均不計入該計量內。

Segment assets exclude investments in associates and joint 分部資產不包括於聯營公司及合營公
ventures, prepaid land lease payments, right-of-use assets, 司之投資、預付土地租賃款項、使用
intangible assets, deferred tax assets, time deposits, cash and 權資產、無形資產、遞延稅項資產、
cash equivalents, equity investments at fair value through profit 定期存款、現金及現金等價物、以公
or loss, derivative financial instruments and other unallocated 允價值計量且其變動計入損益之股權
head office and corporate assets as these assets are managed 投資、衍生金融工具以及其他未分配
on a group basis. 總部及企業資產，此乃由於該等資產
以集團形式管理。

Segment liabilities exclude lease liabilities, defined benefit 分部負債不包括租賃負債、設定受益
obligations, tax payable, deferred tax liabilities and other 義務、應付稅項、遞延稅項負債及其
unallocated head office and corporate liabilities as these 他未分配總部及企業負債，此乃由於
liabilities are managed on a group basis. 該等負債以集團形式管理。

Intersegment sales and transfers are transacted with reference 各分部間的銷售及轉撥乃參考向第三
to the selling prices used for sales made to third parties at the 方銷售所採用之售價，按當時市價進
then prevailing market prices. 行交易。


3. OPERATING SEGMENT INFORMATION 3. 經營分部資料（續）
(continued)
(a) Segment revenue, results, assets and liabilities (a) 分部收入、業績、資產及負債
Six months ended 截至2019年6月30日Construction Trading Services
30 June 2019止六個月
contracts business business Total
建造合同貿易業務服務業務合計
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審計）（未經審計）（未經審計）（未經審計）
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Segment revenue (note 4)分部收入（附註4）
External customers外部客戶
9,611,542 3,244,668 1,082,459 13,938,669
Intersegment sales分部間銷售
213,958 24,431 172,771 411,160
Reportable segment revenue可報告分部收入
9,825,500 3,269,099 1,255,230 14,349,829
Reportable segment profit可報告分部溢利
776,598 95,253 210,947 1,082,798
Finance income on receivables 應收客戶款項的
from customers財務收入
53,587 58,410 – 111,997
Finance costs財務成本
19,777 26,860 28 46,665
Depreciation and amortisation折舊及攤銷
12,729 4,183 10,777 27,689
Provision for impairment losses減值虧損撥備
– Trade and other receivables－貿易及其他應收款項
71,729 14,106 14,969 100,804
– Inventories－存貨
– 1,059 – 1,059
– Contract assets－合同資產
16,973 – – 16,973
As at 30 June 2019於2019年6月30日
Construction Trading Services
contracts business business Total
建造合同貿易業務服務業務合計
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審計）（未經審計）（未經審計）（未經審計）
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Reportable segment assets可報告分部資產
20,587,644 5,789,551 2,129,835 28,507,030
Reportable segment liabilities可報告分部負債
31,510,372 7,143,463 3,955,607 42,609,442

3.
OPERATING SEGMENT INFORMATION 3. 經營分部資料（續）
(continued)
(a)
Segment revenue, results, assets and liabilities (a) 分部收入、業績、資產及負債
(continued) （續）
Six months ended
截至2018年6月30日Construction Trading Services
30 June 2018止六個月
contracts business business Total
建造合同貿易業務服務業務合計
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審計）（未經審計）（未經審計）（未經審計）
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Segment revenue (note 4)分部收入（附註4）
Sales to external customers銷售予外部客戶
7,426,066 3,627,958 994,256 12,048,280
Intersegment sales分部間銷售
240,429 61,963 134,957 437,349
Reportable segment revenue可報告分部收入
7,666,495 3,689,921 1,129,213 12,485,629
Reportable segment profit可報告分部溢利
621,709 95,946 156,454 874,109
Finance income on receivables 應收客戶款項的
from customers財務收入
6,685 32,571 4 39,260
Finance costs財務成本
684 19,462 6,395 26,541
Depreciation and amortisation折舊及攤銷
– – 8,400 8,400
Provision/(reversal of provision) for 減值虧損撥備
╱
impairment losses（撥備撥回）
– Trade and other receivables－貿易及其他應收款項
122,212 (504) 12,159 133,867
– Contract assets－合同資產
(8,374) – – (8,374)
As at 30 June 2018於2018年6月30日
Construction Trading Services
contracts business business Total
建造合同貿易業務服務業務合計
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審計）（未經審計）（未經審計）（未經審計）
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Reportable segment assets可報告分部資產
19,528,357
Reportable segment liabilities可報告分部負債
34,714,202
Capital expenditures amounting to RMB131,265,000 and
RMB171,440,000 for the six months ended 30 June 2019
and 2018, respectively are unallocated to segments as
such expenditures are managed on a group basis.
6,097,837 1,937,320 27,563,514
7,832,622 4,218,896 46,765,720
截至2019年及2018年6月30日
止六個月的資本開支分別為人
民幣
131,265,000元及人民幣
171,440,000元，概無攤分予各
分部，此乃由於有關開支以集團
形式管理。


3. OPERATING(continued)
SEGMENT INFORMATION 3. 經營分部資料（續）
(b) Reconciliation of reportable segment revenue,
profit/(loss), assets and liabilities
(b) 可報告分部收入、溢利
╱（虧
損）、資產及負債的對賬
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Revenue:收入：
Reportable segment revenue可報告分部收入
14,349,829 12,485,629
Elimination of intersegment revenue分部間收入抵銷
(411,160) (437,349)
13,938,669 12,048,280
Profit:溢利：
Reportable segment profit可報告分部溢利
1,082,798 874,109
Share of profits and losses of associates應佔聯營公司溢利及虧損
94,010 66,667
Share of profits and losses of joint ventures應佔合營公司溢利及虧損
18,412 21,322
Investment income on financial assets金融資產投資收益
7,305 55,934
Loss on disposal of a subsidiary處置附屬公司虧損
(15) –
Other income, net其他收入淨額
2,084 7,002
Other operating expenses其他經營開支
(5) –
Interest income from bank deposits來自銀行存款之利息收入
122,801 131,399
Interest cost recognised in respect of 就設定受益退休計劃確認
defined benefit retirement plans的利息成本
(9,215) (7,150)
Unallocated foreign exchange gains, net未分配之匯兌收益淨額
19,263 129,354
Depreciation and amortisation折舊及攤銷
(99,077) (88,257)
Profit before tax除稅前溢利
1,238,361 1,190,380

3. OPERATING(continued)
SEGMENT INFORMATION 3. 經營分部資料（續）
(b) Reconciliation of reportable segment revenue,
profit/(loss), assets and liabilities (continued)
(b) 可報告分部收入、溢利
╱（虧
損）、資產及負債的對賬（續）
As at As at
30 June
2019
31 December
2018
於2019年
6月30日
於2018年
12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Assets:資產：
Reportable segment assets可報告分部資產
28,507,030 24,903,974
Elimination of intersegment receivables分部間應收款項抵銷
(5,840,852) (5,370,896)
22,666,178 19,533,078
Restricted deposits受限制存款
1,040,372 1,211,805
Time deposits with original maturity 原始到期日超過三個月的
of over three months定期存款
4,345,585 5,013,871
Cash and cash equivalents現金及現金等價物
17,752,424 21,383,610
Property, plant and equipment物業、廠房及設備
2,424,465 2,293,698
Right-of-use assets使用權資產
1,802,471 –
Prepaid land lease payments預付土地租賃款項
– 1,755,868
Intangible assets無形資產
455,872 464,816
Long-term assets長期資產
70,233 82,136
Investments in joint ventures對合營公司的投資
399,002 380,590
Investments in associates對聯營公司的投資
1,265,792 1,102,433
Deferred tax assets遞延稅項資產
551,606 561,201
Other non-current assets其他非流動資產
– 897,782
Equity investments designated at fair value 以公允價值計量且其變動計入
through other comprehensive income其他綜合收益的股權投資
497,641 425,890
Other unallocated assets其他未分配資產
1,364,655 1,007,839
54,636,296 56,114,617
Liabilities:負債：
Reportable segment liabilities可報告分部負債
42,609,442 43,486,607
Elimination of intersegment payables分部間應付款項抵銷
(5,569,765) (5,002,235)
37,039,677 38,484,372
Lease liabilities租賃負債
69,642 –
Defined benefit obligations設定受益義務
496,287 495,498
Tax payable應付稅項
284,977 527,133
Deferred tax liabilities遞延稅項負債
88,923 94,360
Other unallocated liabilities其他未分配負債
11,611 –
37,991,117 39,601,363

3. OPERATING(continued)
SEGMENT INFORMATION 3. 經營分部資料（續）
(c) Geographical information (c) 地理區域資料
Revenue from external customers 來自外部客戶的收入
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
China中國
3,474,284 3,639,777
Iraq伊拉克
2,131,685 176,455
Pakistan巴基斯坦
1,515,472 2,005,155
The Republic of Angola安哥拉共和國
934,951 1,880,116
C.te d’Ivoire科特迪瓦
891,690 458,050
Zambia贊比亞
729,936 46,208
Cameroon喀麥隆
520,014 590,118
Sri Lanka斯里蘭卡
465,248 170,536
Ukraine烏克蘭
445,132 –
United States美國
365,989 321,616
Others其他
2,464,268 2,760,249
13,938,669 12,048,280
The revenue information above is based on the locations 以上收入資料乃按客戶地域劃
of the customers. 分。


3. OPERATING(continued)
SEGMENT INFORMATION 3. 經營分部資料（續）
(c) Geographical information (continued) (c) 地理區域資料（續）
Non-current assets 非流動資產
As at As at
30 June
2019
31 December
2018
於2019年
6月30日
於2018年
12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Mainland China中國大陸
5,666,188 5,481,563
Others其他
112,961 973,367
5,779,149 6,454,930
The non-current asset information above is based on
the locations of the assets and excludes investments in
joint ventures and associates, financial instruments and
deferred tax assets.
以上非流動資產資料乃按資產所
在地域劃分，不包括對合營公司
和聯營公司的投資、金融工具及
遞延稅項資產。

(d) Information about major customers (d) 有關主要客戶之資料
The Group derived (more than 10% of its total revenue)
RMB2,049,558,000 from one single customer for the six
months ended 30 June 2019 (30 June 2018： Nil).
截至2019年6月30日止六個月，
本集團自單一客戶所產生的收入
（佔其總收入的
10%以上）為人民
幣2,049,558,000元（2018年6月
30日：無）。


4. REVENUE 4. 收入
Revenue represents the net invoiced value of goods sold, after
allowances for returns and trade discounts; and an appropriate
proportion of contract revenue of construction contracts and
the value of services rendered during the period.
收入是指期內扣除退貨備抵及貿易折
扣的已售貨品發票淨值、建造合同適
當部分的合同收入以及所提供服務價
值。

An analysis of revenue is as follows: 收入分析如下：
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Construction contracts建造合同
9,611,542 7,426,066
Trading business貿易業務
3,244,668 3,627,958
Services business服務業務
1,082,459 994,256
13,938,669 12,048,280

4. REVENUE (continued) 4. 收入（續）
Set out below is the disaggregation of the Group’s revenue 本集團的客戶合同收入分析如下：
from contracts with customers:
For the six months ended 30 June 2019
截至2019年6月30日止六個月
Construction Trading Services
Segments分部
contracts business business Total
建造合同貿易業務服務業務合計
Type of goods or services商品或服務類型
Construction contracts建造合同
9,611,542 – – 9,611,542
Trading business貿易業務
– 3,244,668 – 3,244,668
Services business服務業務
– – 1,082,459 1,082,459
Total revenue from contracts 客戶合同收入總額
with customers9,611,542 3,244,668 1,082,459 13,938,669
Geographic markets地區市場
Asia亞洲
5,022,517 2,252,052 1,016,484 8,291,053
Africa非洲
3,333,889 56,501 47,785 3,438,175
Europe歐洲
916,237 300,351 2,156 1,218,744
South America南美洲
168,899 24,490 1,141 194,530
North America北美洲
170,000 607,910 14,389 792,299
Oceania大洋洲
– 3,364 504 3,868
Total revenue from contracts 客戶合同收入總額
with customers9,611,542 3,244,668 1,082,459 13,938,669
Timing of revenue recognition確認收入時間點
Construction transferred over time於一段時間內轉讓9,611,542 – – 9,611,542
的建造
Trading transferred at a point of time於某個時間點轉讓– 3,244,668 – 3,244,668
的貿易
Services transferred over time於一段時間內轉讓– – 1,082,459 1,082,459
的服務
Total revenue from contracts 客戶合同收入總額
with customers9,611,542 3,244,668 1,082,459 13,938,669

4. REVENUE (continued) 4. 收入（續）
Segments分部
For the six months ended 30 June 2018
截至2018年6月30日止六個月
Construction
contracts
Trading
business
Services
business
建造合同貿易業務服務業務
Total
合計
Type of goods or services商品或服務類型
Construction contracts建造合同
7,426,066 – – 7,426,066
Trading business貿易業務
– 3,627,958 – 3,627,958
Services business服務業務
– – 994,256 994,256
Total revenue from contracts 客戶合同收入總額
with customers7,426,066 3,627,958 994,256 12,048,280
Geographic markets地區市場
Asia亞洲
3,339,949 2,801,004 947,055 7,088,008
Africa非洲
3,395,209 88,060 37,056 3,520,325
Europe歐洲
118,852 225,962 6,988 351,802
South America南美洲
572,052 22,770 2,628 597,450
North America北美洲
– 474,487 – 474,487
Oceania大洋洲
4 15,675 529 16,208
Total revenue from contracts 客戶合同收入總額
with customers7,426,066 3,627,958 994,256 12,048,280
Timing of revenue recognition確認收入時間點
Construction transferred over time於一段時間內轉讓7,426,066 – – 7,426,066
的建造
Trading transferred at a point of time於某個時間點轉讓– 3,627,958 – 3,627,958
的貿易
Services transferred over time於一段時間內轉讓– – 994,256 994,256
的服務
Total revenue from contracts 客戶合同收入總額
with customers7,426,066 3,627,958 994,256 12,048,280

4. REVENUE (continued) 4. 收入（續）
Set out below is the reconciliation of the revenue from 客戶合同收入與分部資料中披露的金
contracts with customers to the amounts disclosed in the 額之對賬載列如下：
segment information:
For the six months ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
Construction Trading Services Construction Trading Services
contracts business business Total contracts business business Total
建造合同貿易業務服務業務合計建造合同貿易業務服務業務合計
Revenue收入
External customers外部客戶
9,611,542 3,244,668 1,082,459 13,938,669 7,426,066 3,627,958 994,256 12,048,280
Inter-segment分部之間
213,958 24,431 172,771 411,160 240,429 61,963 134,957 437,349
9,825,500 3,269,099 1,255,230 14,349,829 7,666,495 3,689,921 1,129,213 12,485,629
Adjustments and eliminations調整及抵銷
(213,958) (24,431) (172,771) (411,160) (240,429) (61,963) (134,957) (437,349)
Total revenue from 客戶合同收入總額
contracts with customers9,611,542 3,244,668 1,082,459 13,938,669 7,426,066 3,627,958 994,256 12,048,280

5. OTHER REVENUE AND OTHER INCOME, NET 5. 其他收入及其他收入淨額
An analysis of other revenue and other income, net is as
follows:
本集團的其他收入及其他收入淨額分
析如下：
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Other revenue其他收入
Investment income on financial assets金融資產投資收益
7,305 55,934
Government grants政府補貼
2,979 9,473
Other income, net
Net losses on disposal of
items of property, plant and
equipment
Net losses on foreign currency
forward exchange contracts and
interest rate swaps
Gain on bargain purchase recognised
in other income
Others
10,284 65,407
其他收入淨額
處置物業、廠房及設備項目
的虧損淨額
(895) (2,471)
遠期外匯合約及利率掉期
虧損淨額
(7,812) (8,661)
於其他收入確認的
折價購買收益
4,577 –
其他
20,655 23,440
16,525 12,308

6. PROFIT BEFORE TAX 6. 除稅前溢利
The Group’s profit before tax from continuing operations is
arrived at after crediting/(charging):
本集團來自持續經營業務之除稅前溢
利乃計入
╱（扣除）以下各項後得出：
(a) Finance income and finance expenses (a) 財務收入及財務開支
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Finance income on receivables 應收客戶款項的財務收入
from customers111,997 39,260
Foreign exchange gains匯兌收益
27,316 63,165
Interest income利息收入
122,801 131,399
Finance income財務收入
262,114 233,824
Interest cost recognised in 就設定受益義務確認的
respect of defined benefit 利息成本
obligations(9,215) (7,150)
Interest expenses on borrowings借貸利息開支
(46,665) (26,541)
Bank charges and others銀行費用及其他
(80,039) (4,607)
Finance expenses財務開支
(135,919) (38,298)
Net finance income recognised 於損益確認的財務收入淨額
in profit or loss126,195 195,526

6. PROFIT BEFORE TAX (continued) 6. 除稅前溢利（續）
(b) Other items (b) 其他項目
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Amortisation攤銷
– Prepaid land lease payments－預付土地租賃款項
– 22,527
– Intangible assets－無形資產
10,320 10,357
– Long-term assets－長期資產
18,531 5,823
28,851 38,707
Depreciation折舊
– Property, plant and equipment－物業、廠房及設備
47,635 49,550
– Investment properties－投資物業
8,279 8,400
– Right-of-use assets－使用權資產
42,001 –
97,915 57,950
Impairment losses/ 減值虧損
╱（減值撥回）
(reversal of impairment) on– Trade and other receivables－貿易及其他應收款項
100,804 133,867
– Inventories－存貨
1,059 –
– Contract assets－合同資產
16,973 (8,374)
118,836 125,493
Operating lease charges經營租賃費用
– Lease of properties－租賃物業
– 19,313
– Rental expenses for short-term leases －短期租賃費用及
and leases of low-value assets低價值資產租賃
費用
2,806 –
2,806 19,313
Cost of construction contracts建造合同成本
8,022,074 6,019,808
Cost of goods sold商品銷售成本
3,020,063 3,396,438
Cost of services provided所提供服務的成本
793,191 692,290
11,835,328 10,108,536

7. INCOME TAX 7. 所得稅
Pursuant to the relevant laws and regulations in the PRC, the 根據中國相關法律及法規，本集團的
statutory enterprise income tax rate of 25% was applied to the 中國內地附屬公司於截至2019年及
subsidiaries of the Group in Mainland China for the six months 2018年6月30日止六個月適用的法定
ended 30 June 2019 and 2018, except for certain subsidiaries 企業所得稅稅率為25%，惟本集團
of the Group which were entitled to the preferential tax rate 的若干附屬公司因被中國地方政府認
of 15% (2018: 15%) because they were recognised as high 定為高新技術企業而有權享有
15%
and new technology enterprises by the local governments in （2018年：15%）的優惠稅率除外。

the PRC.
Hong Kong profits tax has been provided at the rate of 16.5% 香港利得稅乃就期內在香港產生的
(2018: 16.5%) on the estimated assessable profits arising in 估計應課稅溢利按16.5%（2018年：
Hong Kong during the period. Taxes on profits assessable 16.5%）的稅率提撥。於其他地區的
elsewhere have been calculated at the rates of tax prevailing 應課稅利潤乃按本集團營運所在的國
in the countries (or jurisdictions) in which the Group operates. 家（或司法權區）的現行稅率計算稅
項。

For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Current income tax – Mainland China即期所得稅－中國大陸
270,051 313,065
Current income tax – Hong Kong即期所得稅－香港
4,096 1,895
Current income tax – Others即期所得稅－其他
2,036 2,174
Deferred income tax遞延所得稅
(18,120) (19,844)
Total tax charge for the period本期間稅項支出總額
258,063 297,290

7. INCOME TAX (continued) 7. 所得稅（續）
A reconciliation of the tax expense applicable to profit before
tax at the statutory rates for the countries (or jurisdictions) in
which the Company and the majority of its subsidiaries are
domiciled to the tax expense at the effective tax rates is as
follows:
按本公司及其大多數附屬公司所註冊
國家（或司法權區）的法定稅率計算之
除稅前溢利適用之稅項開支與按實際
稅率計算之稅項開支的對賬如下：
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Profit before tax除稅前溢利
1,238,361 1,190,380
Tax at the statutory tax rate按法定稅率計算的稅項
309,590 297,595
Lower tax rate(s) for specific provinces 特定省份或地方當局制定的
or enacted by local authority較低稅率
(10,728) (5,895)
Income not subject to tax毋需課稅收益
(10,125) (10,145)
Share of profits of joint ventures and 應佔合營公司及聯營公司
associates not subject to tax毋需課稅溢利
(28,106) (21,997)
Adjustments in respect of current tax of 就過往期間即期稅項
previous periods作出的調整
(14,498) 6,357
Expenses not deductible for tax不可扣稅開支
11,268 16,905
Tax losses utilised from 使用過往期間的稅項虧損
previous periods(59) (37)
Others其他
721 14,507
Tax charge at the Group’s effective rate按本集團實際稅率計算的
稅項支出
258,063 297,290

8. DIVIDENDS 8. 股息
(a) Dividends payable to shareholders of the
Company attributable to the interim period
(a) 於中期期間應付予本公司股東
股息
The Directors do not recommend the payment of any
interim dividend for the six months ended 30 June 2019
(six months ended 30 June 2018: nil).
董事不建議派付截至2019年6月
30日止六個月的任何中期股息
（截至2018年6月30日止六個月：
無）。

(b) Dividends payable to shareholders of the
Company attributable to the previous financial
year, approved during the interim period
(b) 於中期期間內批准之過往財政
年度應付予本公司股東股息
On 24 June 2019 upon the approval at the annual
general meeting, the Company declared a final dividend
and a special dividend in respect of the financial year
ended 31 December 2018 of RMB0.2067 per share
(2017: RMB0.1659 per share) and RMB0.00 per share
(2017: RMB0.04 per share), respectively, with a total
amount of approximately RMB852,782,190 (2017:
RMB684,453,630) and RMB0 (2017: RMB165,028,000),
respectively.
於2019年6月24日經股東週年大
會批准後，本公司就截至
2018年
12月31日止財政年度宣派末期
股息及特別股息分別為每股人民
幣0.2067元（2017年：每股人民
幣0.1659元）及每股人民幣
0.00
元（2017年：每股人民幣
0.04
元），總金額分別約為人民幣
852,782,190元（2017年：人民
幣684,453,630元）及人民幣
0元
（2017年：人民幣
165,028,000
元）。


9. EARNINGS PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE PARENT
9. 歸屬於母公司普通權益持有人
的每股盈利
The calculation of the basic earnings per share amount is
based on the profit for the six months ended 30 June 2019
attributable to ordinary equity holders of the parent and the
weighted average number of 4,125,700,000 (six months ended
30 June 2018: 4,125,700,000) ordinary shares in issue during
the period.
每股基本盈利乃按截至2019年6月30
日止六個月歸屬於母公司普通權益持
有人的溢利及期內已發行普通股的加
權平均數4,125,700,000股（截至
2018
年6月30日止六個月：
4,125,700,000
股）計算。

The calculation of basic earnings per share is based on: 每股基本盈利的計算乃基於：
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Earnings盈利
Profit attributable to ordinary equity 計算每股基本盈利所用的
holders of the parent used in the 歸屬於母公司普通權益
basic earnings per share calculation持有人的溢利
981,450 892,357

9. EARNINGS PER SHARE ATTRIBUTABLE TO 9. 歸屬於母公司普通權益持有人
ORDINARY EQUITY HOLDERS OF THE PARENT 的每股盈利（續）
(continued)
Number of shares
股份數目
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
thousands Thousands
shares shares
千股千股
Shares股份
Weighted average number of 計算每股基本盈利所用的
ordinary shares in issue during the 期內已發行普通股的
period used in the basic earnings 加權平均數
per share calculation4,125,700 4,125,700
The Group had no potentially dilutive ordinary shares in issue
during the six months ended 30 June 2019 and 2018.
10. PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 June 2019, the Group
acquired property, plant and equipment at a cost of
approximately RMB117,515,000 (six months ended 30 June
2018: RMB149,320,000). No material items of property, plant
and equipment were disposed of during the six months ended
30 June 2019 and 2018.
11. RIGHT-OF-USE ASSETS
Right-of-use assets mainly represent land use right premiums
paid by the Group for land located in Mainland China.
本集團於截至2019年及2018年6月30
日止六個月並無已發行具潛在攤薄性
的普通股。

10. 物業、廠房及設備
截至2019年6月30日止六個月，本
集團收購物業、廠房及設備的成本
約為人民幣117,515,000元（截至
2018年6月30日止六個月：人民幣
149,320,000元）。截至2019年及2018
年6月30日止六個月，本集團並無處置
任何重大物業、廠房及設備項目。

11. 使用權資產
使用權資產主要指本集團就位於中國
內地的土地支付的土地使用權出讓金。


12. INVENTORIES 12. 存貨
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Goods in transit在途商品
101,987 100,432
Entrusted processing materials委託加工物資
156,522 188,228
Finished goods製成品
406,907 285,881
Completed properties held for sale持作待售已竣工物業
11,364 11,364
676,780 585,905
Provision for impairment減值撥備
(8,064) (7,005)
668,716 578,900
13. CONTRACT ASSETS 13. 合同資產
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Contract assets arising from:以下項目產生的合同資產：
Construction services施工服務
4,395,837 4,002,940
Impairment減值
(42,080) (25,107)
4,353,757 3,977,833

14. TRADE AND OTHER RECEIVABLES 14. 貿易及其他應收款項
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
Bills receivable應收票據
123,800 162,411
Trade receivables貿易應收款項
8,269,584 7,250,344
Long-term trade receivables長期貿易應收款項
5,288,025 3,371,567
Less: Allowance for doubtful debts減：呆賬撥備
(b) (1,965,594) (1,919,227)
Trade and bills receivables貿易應收款項及應收票據
(a) 11,715,815 8,865,095
Advances to suppliers向供應商預付款項
3,384,358 3,416,686
Other receivables其他應收款項
2,701,765 2,660,486
Debt investments債權投資
756,602 598,581
Less: Allowance for doubtful debts減：呆賬撥備
(b) (111,807) (114,643)
3,346,560 3,144,424
Total總計
18,446,733 15,426,205
Portion classified as non-current 分類為非流動資產的部分
assets(6,058,796) (3,905,768)
Current portion流動部分
12,387,937 11,520,437

14. TRADE AND OTHER RECEIVABLES 14. 貿易及其他應收款項（續）
(continued)
(a) Ageing analysis (a) 賬齡分析
An ageing analysis of the trade and bills receivables as 根據發票日期，於報告期末的貿
at the end of the reporting period, based on the invoice 易應收款項及應收票據經扣除撥
date and net of provisions, is as follows: 備的賬齡分析如下：
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Within 3 months 3個月以內
7,105,205 5,820,715
3 months to 6 months 3個月至6個月
737,422 299,755
6 months to 1 year 6個月至1年
2,381,088 1,297,292
Over 1 year 1年以上
1,492,100 1,447,333
There are no unified standard credit terms granted to
customers of the international engineering contracting
business and trading business. The credit terms granted
to customers of the international engineering contracting
business are negotiated individually on a case-by-case
basis and set forth in the relevant contracts. The credit
terms granted to customers of the trading business are
normally about three to six months. The bills receivable
are generally due within 180 days from the date of
issuance.
11,715,815 8,865,095
國際工程承包業務及貿易業務的
客戶並無獲授統一標準信貸期。

授予國際工程承包業務客戶的
信貸期乃按個別情況逐次獨立協
定，並載列於有關合同內。授予
貿易業務客戶的信貸期一般約為
三至六個月。應收票據一般於發
行日期起計180日內到期。


14. TRADE AND OTHER RECEIVABLES 14. 貿易及其他應收款項（續）
(continued)
(b) Impairment of trade and other receivables (b) 貿易及其他應收款項減值
The movements in provision for impairment of trade 貿易應收款項及其他應收款項減
receivables and other receivables are as follows: 值撥備的變動如下：
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
At January 1於1月1日
2,033,870 1,330,435
Impact of adopting IFRS 9採納國際財務報告準則
第9號的影響
– 84,811
Restated opening balance under IFRS 9根據國際財務報告準則
第9號重述期初餘額
2,033,870 1,415,246
Impairment losses recognised已確認的減值虧損
235,581 678,248
Impairment losses reversed已撥回的減值虧損
(134,777) (48,113)
Amount written off as uncollectible撇銷不可收回的金額
(57,273) (11,511)
2,077,401 2,033,870

14. TRADE AND OTHER RECEIVABLES 14. 貿易及其他應收款項（續）
(continued)
(b)
Impairment of trade and other receivables (b) 貿易及其他應收款項減值
(continued) （續）
Set out below is the information about the credit risk 下表載列使用撥備矩陣計量的有
exposure on the Group’s trade receivables using a 關本集團貿易應收款項信貸風險
provision matrix: 狀況的資料：
As at 30 June 2019
於2019年6月30日
Gross carrying Expected credit Expected credit
amount losses loss rate
總賬面值預期信貸虧損預期信貸虧損率
(RMB’000) (RMB’000)
（人民幣千元）（人民幣千元）
Within 1 year一年內
4,880,350 70,293 1.44%
1 year to 2 years一年至兩年
684,246 36,750 5.37%
2 years to 3 years兩年至三年
205,068 26,122 12.74%
Over 3 years超過三年
557,853 456,394 81.81%
6,327,517 589,559

14. TRADE AND OTHER RECEIVABLES 14. 貿易及其他應收款項（續）
(continued)
(c)
The amounts due from the related parties of the (c) 應收本集團關聯方款項（計入
Group included in the trade and other receivables 貿易及其他應收款項）分析如
are analysed as follows: 下：
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
SINOMACH國機
1,026,584 902,995
Fellow subsidiaries同系附屬公司
38,074 52,367
Associates聯營公司
6,219 7,941
Fellow ventures合營公司
55 299
1,070,932 963,602
These balances are unsecured, non-interest-bearing and
repayable on credit terms similar to those offered to the
major customers of the Group.
該等結餘為無擔保、不計息並按
相近於本集團主要客戶獲提供的
信貸期償還。

(d) As at 30 June 2019, borrowings of RMB1,028,000 (31
December 2018: Nil) were secured by the Group’s trade
and bills receivables.
(d)於2019年6月30日，借貸人民
幣1,028,000元（2018年12月31
日：無）以本集團的貿易應收款
項及應收票據作為抵押。


15. CASH AND CASH EQUIVALENTS AND 15. 現金及現金等價物及已抵押存
PLEDGED DEPOSITS 款
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Cash and bank balances現金及銀行結餘
23,138,381 27,609,286
Less: Restricted deposits減：受限制存款
(1,040,372) (1,211,805)
Cash and cash equivalents in 於合併財務狀況表的現金及
the consolidated statement of 現金等價物
financial position22,098,009 26,397,481
Less: Non-pledged time deposits with 減：購買時原到期日為
original maturity of over three months 三個月以上的無抵押
when acquired定期存款
(4,345,585) (5,013,871)
Cash and cash equivalents in 於財務狀況表及合併現金
the statement of financial position 流量表的現金及現金等價物
and in the consolidated statement of
cash flows17,752,424 21,383,610
The RMB is not freely convertible into other currencies,
however, under Mainland China’s Foreign Exchange Control
Regulations and Administration of Settlement, Sale and
Payment of Foreign Exchange Regulations, the Group is
permitted to exchange RMB for other currencies through
banks authorised to conduct foreign exchange business.
Cash at banks earns interest at floating rates based on
daily bank deposit rates. Short term time deposits are made
for varying periods of between one day and three months
depending on the immediate cash requirements of the Group,
and earn interest at the respective short term time deposit
rates. The bank balances and pledged deposits are deposited
with creditworthy banks with no recent history of default.
人民幣不可自由兌換成其他貨幣。然
而，根據中國大陸《外匯管理條例》及
《結匯、售匯及付匯管理規定》，本集
團可透過獲授權經營外匯業務的銀行
將人民幣兌換成其他貨幣。

銀行現金按每日銀行存款利率的浮動
利率計息。短期定期存款的存款期介
乎一日至三個月，視乎本集團的即時
現金需求而定，並按相關短期定期存
款利率計息。銀行結餘及已抵押存款
存放於近期無拖欠記錄且信譽良好的
銀行。


16. TRADE AND OTHER PAYABLES 16. 貿易及其他應付款項
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Bills payable應付票據
7,964 137,157
Trade payables貿易應付款項
16,627,321 16,538,909
Trade and bills payables貿易應付款項及應付票據
16,635,285 16,676,066
Accrued salaries, wages and benefits應計薪金、工資及福利
771,860 843,845
Other taxes payable其他應付稅項
77,064 232,599
Long-term payables長期應付款項
321,140 267,435
Long-term payables due within one year一年內到期之長期應付款項
807,478 789,582
Other payables其他應付款項
4,406,650 3,749,021
23,019,477 22,558,548
Less: Portion classified as current liabilities減：分類為流動負債的部分
(22,088,738) (21,811,779)
Non-current portion非流動部分
930,739 746,769

16. TRADE AND OTHER PAYABLES (continued) 16. 貿易及其他應付款項（續）
An ageing analysis of the bills payable and trade payables as 根據發票日期，於報告期末的應付票
at the end of the reporting period, based on the invoice date, 據及貿易應付款項的賬齡分析如下：
is as follows:
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Within 3 months 3個月以內
5,093,168 5,627,392
3 months to 6 months 3個月至6個月
969,928 739,826
6 months to 1 year 6個月至1年
2,267,091 1,819,844
Over 1 year 1年以上
8,305,098 8,489,004
16,635,285 16,676,066
The amounts due to the related parties of the Group, which are 應付本集團關聯方款項（計入貿易應
unsecured, interest-free and have no fixed terms of repayment, 付款項）分析如下，該等款項為無擔
included in the trade payables are analysed as follows: 保、免息，且並無固定還款期：
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
SINOMACH國機
4,846 101,514
Fellow subsidiaries同系附屬公司
803,023 840,214
Joint ventures合營公司
20,295 36,797
Associates聯營公司
31,572 32,261
859,736 1,010,786

17. BORROWINGS 17. 借貸
As at 30 June 2019 As at 31 December 2018
於2019年6月30日於2018年12月31日
Effective Effective
interest interest
rate (%) Maturity (Unaudited) rate (%) Maturity (Audited)
實際利率(%)到期日（未經審計）實際利率(%)到期日（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Current流動
Short term bank loans:短期銀行貸款：
– Unsecured－無擔保
3.07-5.44 2019-2020 383,868 3.00-6.00 2019 640,164
– Secured－有擔保
5.22-7.00 2019-2020 204,029 3.29-5.44 2019 228,450
Current portion of long 長期銀行貸款的
term bank loans:流動部分：
– Unsecured－無擔保
1.55-1.98 2019-2020 1,145 1.55-1.98 2019 1,189
– Secured－有擔保
5.13 2019-2020 8,540 5.13 2019 8,600
597,582 878,403
Non-current非流動
Long term bank loans:長期銀行貸款：
– Unsecured－無擔保
1.98 2022 2,266 1.00-4.90 2020-2029 59,782
– Secured－有擔保
5.13 2025 42,870 5.13 2020-2025 46,574
45,136 106,356
642,718 984,759

17. BORROWINGS (continued) 17. 借貸（續）
Bank loans repayable 應償還銀行貸款
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Analysed into:分析為：
Within one year一年以內
597,582 878,403
In the second year第二年
9,849 67,407
In the third to fifth years, inclusive第三年至第五年
（包括首尾兩年）
26,577 26,775
Over five years五年以上
8,710 12,174
642,718 984,759
Notes: 附註：
(a) As at 30 June 2019, certain borrowings of RMB72,320,000 (31 (a) 於2019年6月30日，若干借貸人民幣
December 2018: RMB79,084,000) were secured by the Group’s 72,320,000元（2018年12月31日：
property, plant and equipment, which included borrowings of 人民幣79,084,000元）由本集團的物
RMB51,410,000 secured by property, plant and equipment as 業、廠房及設備作為抵押，其中包
mentioned in note 17(d) below. 括以下附註17(d)中提及的由物業、
廠房及設備作為抵押的借貸人民幣
51,410,000元。

(b) As at 30 June 2019, certain borrowings of RMB182,092,000 (b) 於2019年6月30日，若干借貸人民幣
(31 December 2018: RMB204,540,000) were guaranteed by the 182,092,000元（2018年12月31日：
Company. 人民幣204,540,000元）由本公司作
擔保。

(c) As at 30 June 2019, borrowings of RMB1,028,000 (31 (c) 於2019年6月30日，借貸人民幣
December 2018: Nil) were secured by the Group’s trade and 1,028,000元（
2018年12月31日：
bills receivables. 無）由本集團的貿易應收款項及應收
票據作為擔保。

(d) As at 30 June 2019, borrowings of RMB51,410,000 (31 (d) 於2019年6月30日，借貸人民幣
December 2018: 55,174,000) were secured by certain of the 51,410,000元（2018年12月31日：
Group’s property, plant and equipment, investment properties, 人民幣55,174,000元）由本集團若干
and right-of-use assets. 物業、廠房及設備，投資物業和使用
權資產作為抵押。


18. EQUITY INVESTMENTS DESIGNATED AT FAIR 18. 以公允價值計量且其變動計入
VALUE THROUGH OTHER COMPREHENSIVE 其他綜合收益的股權投資
INCOME
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Listed equity investments, at fair value上市股權投資，按公允價值
Hong Kong香港
68,940 56,328
Shanghai上海
5,554 5,644
74,494 61,972
Unlisted equity investments, at fair value非上市股權投資，按公允價值
423,147 363,918
497,641 425,890

19. ISSUED CAPITAL 19. 已發行股本
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Ordinary shares, issued and fully paid已發行及繳足的普通股
Domestic shares of RMB1.00 each每股人民幣1.00元的內資股
3,217,430 3,217,430
H shares of RMB1.00 each每股人民幣1.00元的H股
908,270 908,270
20. RESERVES
The amounts of the Group’s reserves and the movements
therein for the current and prior periods are presented in the
consolidated statement of changes in equity on pages 92 to
93 of the interim condensed consolidated financial statements.
21. BUSINESS COMBINATION
On 7 January 2019, the Group acquired a 55% equity interest
in CERIECO RUBBER (THAILAND) CO., LTD at a total cash
consideration of RMB27,880,000. The acquisition has been
accounted for using the acquisition method. The interim
condensed consolidated financial statements include the
results of CERIECO RUBBER (THAILAND) CO., LTD for the
six months period from the acquisition date.
4,125,700 4,125,700
20. 儲備
本集團於本期間及過往期間的儲備金
額及其變動於該等中期簡明合併財務
報表第92頁至第93頁中的合併權益變
動表內呈列。

21. 業務合併
本集團於2019年1月7日以人民幣
27,880,000元的總現金代價收購
CERIECO RUBBER (THAILAND) CO.,
LTD的55%股權。該收購乃採用收購
法列賬。中期簡明合併財務報表包括
CERIECO RUBBER (THAILAND) CO.,
LTD自收購日期起六個月的業績。


21. BUSINESS COMBINATION (continued) 21. 業務合併（續）
The fair values of the identifiable assets and liabilities of CERIECO RUBBER (THAILAND) CO.,
CERIECO RUBBER (THAILAND) CO., LTD as at the date of LTD於收購日期的可識別資產及負債
acquisition were as follows: 的公允價值如下：
Upon
acquisition date
於收購日期
RMB’000
人民幣千元
Property, plant and equipment物業、廠房及設備
64,051
Other non-current assets其他非流動資產
233
Inventories存貨
8,386
Trade and other receivables貿易及其他應收款項
34,783
Cash and cash equivalents現金及現金等價物
102,637
Borrowings借貸
(164)
Contract liabilities合同負債
(1,920)
Trade and other payables貿易及其他應付款項
(148,996)
Total identifiable net assets at fair value按公允價值呈列的可識別淨資產總額
59,010
Non-controlling interests非控股權益
(26,553)
Gain on bargain purchase recognised 於其他收入確認的議價購買收益
in other income(4,577)
Satisfied by cash以現金支付
27,880
Analysis of cash flows on acquisition:收購現金流量分析：
Net cash acquired with the subsidiary 收購附屬公司的現金淨額
(included in cash flows from investing activities)（計入投資活動所得現金流）
102,637
Cash paid已付現金
(27,880)
Net cash flow on acquisition收購時的現金流淨額
74,757

22. COMMITMENTS 22. 承擔
The Group had the following capital commitments at the end 本集團於報告期末擁有以下資本承
of the reporting period: 擔：
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Contracted, but not provided for:已訂約但未撥備：
Land and buildings土地及樓宇
567,790 690,162
Capital contributions資本投入
75,545 281,011
23. CONTINGENT LIABILITIES
The Company and certain subsidiaries of the Group are
defendants in certain lawsuits as well as the named parties in
other proceedings arising in the normal course of business.
While the outcomes of such contingencies, lawsuits or other
proceedings cannot be determined at present, the directors of
the Company believe that any resulting liabilities will not have
a material adverse impact on the financial position, liquidity,
or operating results of the Group.
643,335 971,173
23. 或有負債
本公司及本集團的若干附屬公司為正
常業務過程中發生的某些訴訟中的被
告及其他法律程序中的被點名方。雖
然目前未能確定該等或有事件、訴訟
或其他法律程序的結果，本公司董事
相信任何由此引致的負債不會對本集
團的財務狀況、流動資金或經營業績
產生重大不利影響。


24. RELATED PARTY TRANSACTIONS 24. 關聯方交易
(a) In addition to the transactions detailed elsewhere in these (a)除此中期簡明合併財務報表其他
interim condensed consolidated financial statements, the 部分所述交易外，本集團於本期
Group had the following transactions with related parties 間與關聯方進行了下列交易：
during the period:
(b) In the opinion of the Directors, the transactions below (b)根據董事的意見，下列交易乃於
were conducted in the ordinary course of business of the 本集團一般業務過程中根據本集
Group and in accordance with the terms agreed between 團與其關聯方議定的條款進行：
the Group and its related parties:
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Purchase of engineering services and 向下列各方採購
products from工程服務及產品
– Fellow subsidiaries－同系附屬公司
118,807 27,549
– Associates－聯營公司
3,013 –
Sale of engineering services and 向下列各方銷售工程服務
products to及產品
– SINOMACH－國機
587,556 592,254
– Associates－聯營公司
255,441 843,019
Sale of integrated services to向下列各方銷售綜合服務
– Fellow subsidiaries－同系附屬公司
4,933 93,296
– Joint Ventures－合營公司
4,918 –
Net deposits withdrawn from自下列各方提取存款淨額
– Associate (also a fellow subsidiary)－聯營公司（同時是
同系附屬公司）
(261,804) (1,071,807)
Interest income earned from自下列各方賺取的利息收入
– Associate (also a fellow subsidiary)－聯營公司（同時是
同系附屬公司）
68,948 27,108

24. RELATED PARTY TRANSACTIONS (continued) 24. 關聯方交易（續）
(c) Outstanding balances with related parties: (c) 關聯方的結欠餘額：
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Cash deposits placed with於下列各方的現金存款
– Associate (also a fellow subsidiary)－聯營公司（同時是
同系附屬公司）
3,619,725 3,881,529
Trade and other receivables due from應收下列各方的貿易及
其他應收款項
– SINOMACH－國機
1,026,584 902,995
– Fellow subsidiaries－同系附屬公司
38,074 52,367
– Associates－聯營公司
6,219 7,941
– Joint ventures－合營公司
55 299
Receipts in advance from自下列各方收取的預收款項
– SINOMACH－國機
755,744 706,475
– Fellow subsidiaries－同系附屬公司
20,682 2,461
– Associates－聯營公司
510 62,377
Trade and other payables due to欠付下列各方的貿易及
其他應付款項
– SINOMACH－國機
4,846 101,514
– Fellow subsidiaries－同系附屬公司
803,023 840,214
– Associates－聯營公司
31,572 32,261
– Joint ventures－合營公司
20,295 36,797
Prepayments due to欠付下列各方的預付款項
– Fellow subsidiaries－同系附屬公司
114,559 87,393
– Associates－聯營公司
8,912 10,465
– Joint ventures－合營公司
318 26,184
Note: 附註：
Except for the balances of cash deposits placed with a fellow 除於一家同系附屬公司的現金存款結
subsidiary which accrue interest at relevant market rates, the 餘按相關市場利率計息外，應收關聯
balances due from related parties are unsecured, interest-free 方的結餘為無擔保、免息且並無固定
and have no fixed terms of repayment.還款期。


24. RELATED PARTY TRANSACTIONS (continued) 24. 關聯方交易（續）
(d) Commitments with related parties: (d) 關聯方承諾：
As at 30 June 2019, the Group entered into several 於2019年6月30日，本集團與關
sale and purchase agreements with related parties. The 聯方訂立若干買賣協議。有關承
commitments and backlogs are as follows: 諾及未完成合同量如下：
As at As at
30 June 31 December
2019 2018
於2019年
於2018年
6月30日12月31日
(Unaudited) (Audited)
（未經審計）（經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Receipt of engineering services and 接受來自於下列各方的
products from工程服務及產品
– Fellow subsidiaries－同系附屬公司
2,517,770 2,453,307
Sale of engineering services and 向下列各方銷售工程服務
products to及產品
– SINOMACH－國機
3,046,645 3,549,728
– Associates－聯營公司
412,193 666,938

24. RELATED PARTY TRANSACTIONS (continued) 24. 關聯方交易（續）
(e)
Compensation of key management personnel of (e) 本集團主要管理人員的薪酬：
the Group:
For the six months
ended 30 June
截至6月30日止六個月
2019 2018
2019年
2018年
(Unaudited) (Unaudited)
（未經審計）（未經審計）
RMB’000 RMB’000
人民幣千元人民幣千元
Short term employee benefits短期僱員福利
13,318 16,669
Post-employment benefits離職後福利
301 316
Total compensation paid to 向主要管理人員支付的
key management personnel薪酬總額
13,619 16,985

25. FINANCIAL INSTRUMENTS BY CATEGORY
The carrying amounts of each of the categories of financial
instruments as at the end of the reporting period are as
follows:
30 June 2019
Financial assets
金融資產
Financial
assets at
FVOCI
以公允價值計量
且其變動計入
其他綜合收益
的金融資產
RMB’000
人民幣千元
25. 按類別劃分的金融工具
各類金融工具於報告期末的賬面值如
下：
2019年6月30日
Financial assets
at fair value
through profit Financial
or loss – held assets at
for trading amortised cost Total
以公允價值計量
且其變動計入以攤餘
損益的金融資產成本計量
－持作買賣的金融資產總計
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
Equity investments designated at FVOCI以公允價值計量且其變動
計入其他綜合收益的
股權投資
497,641 – – 497,641
Financial assets included in trade 計入貿易及其他應收款項的
and other receivables金融資產
– 991 13,543,716 13,544,707
Restricted deposits受限制存款
– – 1,040,372 1,040,372
Time deposits with original maturity of 原始到期日超過三個月的
over three months定期存款
– – 4,345,585 4,345,585
Cash and cash equivalents現金及現金等價物
– – 17,752,424 17,752,424
497,641 991 36,682,097 37,180,729

25. FINANCIAL INSTRUMENTS(continued)
BY CATEGORY 25. 按類別劃分的金融工具（續）
30 June 2019 2019年6月30日
Financial liabilities
金融負債
Financial liabilities
at fair value through
profit or loss
– held for trading
以公允價值計量
且其變動計入
損益的金融負債
－持作買賣
RMB’000
人民幣千元
Financial
liabilities at
amortised cost
以攤餘
成本計量的
金融負債
RMB’000
人民幣千元
Total
總計
RMB’000
人民幣千元
Financial liabilities included in 計入貿易及其他應付款項的
trade and other payables金融負債
– 20,758,015 20,758,015
Derivative financial instruments 計入貿易及其他應付款項的
included in trade and other payables衍生金融工具
69,020 – 69,020
Lease liabilities租賃負債
– 69,642 69,642
Interest-bearing bank and other borrowings計息銀行及其他借貸
– 642,718 642,718
69,020 21,470,375 21,539,395

25. FINANCIAL INSTRUMENTS BY CATEGORY 25. 按類別劃分的金融工具（續）
(continued)
31 December 2018 2018年12月31日
Financial assets
金融資產
Financial assets
at fair value
Financial through profit Financial
assets at or loss – held assets at
FVOCI for trading amortised cost Total
以公允價值計量
以公允價值計量且其變動計入
且其變動計入損益的
其他綜合收益的金融資產以
攤餘成本
金融資產持作買賣計量的金融資產合計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Equity investments designated at FVOCI以公允價值計量且其變動
計入其他綜合收益的
股權投資
425,890 – – 425,890
Financial assets included in trade and 計入貿易及其他應收款項
other receivables的金融資產
– 552 12,052,395 12,052,947
Restricted deposits受限制存款
– – 1,211,805 1,211,805
Time deposits with original maturity 原始到期日超過三個月的
of over three months定期存款
– – 5,013,871 5,013,871
Cash and cash equivalents現金及現金等價物
– – 21,383,610 21,383,610
425,890 552 39,661,681 40,088,123

25. FINANCIAL INSTRUMENTS(continued)
BY CATEGORY 25. 按類別劃分的金融工具（續）
31 December 2018 2018年12月31日
Financial liabilities
金融負債
Financial liabilities
at fair value through
profit or loss
– held for trading
以公允價值計量
且其變動計入
損益的金融負債
－持作買賣
RMB’000
人民幣千元
Financial
liabilities at
amortised cost
以攤餘成本計量
的金融負債
RMB’000
人民幣千元
Total
合計
RMB’000
人民幣千元
Financial liabilities included in 計入貿易及其他應付款項的
trade and other payables金融負債
– 20,929,417 20,929,417
Derivative financial instruments 計入貿易及其他應付款項的
included in trade and other payables衍生金融工具
53,741 – 53,741
Interest-bearing bank and other borrowings計息銀行及其他借貸
– 984,759 984,759
26. FINANCIAL RISK MANAGEMENT AND FAIR
VALUES
(a) Financial instruments carried at fair value
The following table presents the carrying values of
financial instruments measured at fair value at the end of
the reporting period across the applicable levels of the fair
value hierarchy defined in IFRS 7 Financial Instruments:
Disclosures with the fair value of each financial instrument
categorised in its entirety based on the lowest level of
input that is significant to that fair value measurement.
53,741 21,914,176 21,967,917
26. 財務風險管理及公允價值
(a) 以公允價值列賬的金融工具
下表呈列以公允價值計量的金融
工具於報告期末在國際財務報告
準則第7號「金融工具：披露」所
界定的公允價值層級的適用層級
的賬面值，各金融工具的公允價
值完全依據對該公允價值計量而
言屬重要的最低層級輸入參數歸
類。


26. FINANCIAL RISK MANAGEMENT AND FAIR
VALUES (continued)
(a) Financial instruments carried at fair value
(continued)
The Group’s financial instruments carried at fair value as
at 30 June 2019 and 31 December 2018 are measured
under Level 1 or Level 2.
As at 30 June 2019
於2019年6月30日
26. 財務風險管理及公允價值（續）
(a)
以公允價值列賬的金融工具
（續）
本集團於2019年6月30日及2018
年12月31日按公允價值列賬的金
融工具均按第1級或第2級計量。

Fair value measurement using
採用以下數據的公允價值計量
Quoted
prices in Significant
active observable
markets inputs
(Level 1) (Level 2) Total
於活躍市場重大可觀察
的報價輸入值
（第1級）（第2級）總計
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
Assets資產
Financial assets at FVOCI以公允價值計量且其變動計入
其他綜合收益的金融資產
74,494 423,147 497,641
Derivative financial 計入貿易及其他應收款項
instruments, included in 的衍生金融工具
trade and other receivables991 – 991
Liabilities負債
Derivative financial instruments 計入其他流動金融負債的
included in other current 衍生金融工具
financial liabilities– Foreign currency forward －遠期外匯合約
exchange contracts69,020 – 69,020

26. FINANCIAL RISK MANAGEMENT AND FAIR 26. 財務風險管理及公允價值（續）
VALUES (continued)
(a) Financial instruments carried at fair value (a) 以公允價值列賬的金融工具
(continued) （續）
Fair value measurement using
採用以下數據的公允價值計量
Quoted
prices in Significant
active observable
markets inputs
(Level 1) (Level 2) Total
於活躍市場重大可觀察
的報價輸入值
（第1級）（第2級）總計
As at 31 December 2018 RMB’000 RMB’000 RMB’000
於2018年12月31日人民幣千元人民幣千元人民幣千元
Assets
Equity investments designated
at fair value through other
comprehensive income
Derivative financial instruments,
included in trade and other
receivables
– Foreign currency forward
exchange contracts
Liabilities
Derivative financial instruments
included in trade and
other payables
– Foreign currency forward
exchange contracts
資產
以公允價值計量且其變動計入
其他綜合收益的股權投資
計入貿易及其他應收款項的
衍生金融工具
61,972 363,918 425,890
－遠期外匯合約
552 – 552
負債
計入貿易及其他應付款項的
衍生金融工具
－遠期外匯合約
53,741 – 53,741

26. FINANCIAL RISK MANAGEMENT AND FAIR 26. 財務風險管理及公允價值（續）
VALUES (continued)
(b) Fair values of financial instruments carried at (b) 非以公允價值列賬的金融工具
other than fair value 的公允價值
The carrying amounts of the Group’s financial instruments 於2018年12月31日及於2019年6which were stated at cost or amortised cost were 月30日，本集團以成本或攤餘成
not materially different from their fair values as at 31 本列賬的金融工具的賬面值與其
December 2018 and as at 30 June 2019. 公允價值並無重大差異。

(c) Estimation of fair values (c) 公允價值的估計
(1) Receivables and borrowings (1) 應收款項及借貸
The fair value was estimated as the present value 公允價值估計為未來現金流
of the future cash flows discounted at the market 量按報告期末的市場利率折
interest rate at the end of the reporting period. 現的現值。

(2) Derivatives (2) 衍生工具
Foreign currency forward exchange contracts are 遠期外匯合約按折現合同遠
measured by discounting the difference between 期價格與現時市場遠期價格
the contractual forward price and the current market 之差額計量。利率掉期的公
forward price. The fair value of interest rate swaps 允價值使用折現現金流量模
is obtained using discounted cash flow models. The 式釐定。本集團與不同對手
Group enters into derivative financial instruments 進行衍生金融工具交易，主
with various counterparties, principally financial 要為信用評級優異的金融機
institutions with strong credit ratings. Derivative 構。衍生金融工具（包括遠
financial instruments, including forward currency 期貨幣合約及利率掉期合
contracts and interest rate swaps, are measured 約）採用類似遠期定價及掉
using valuation techniques similar to forward pricing 期模式的估值技術，按現值
and swap models, using present value calculations. 計量。該等模型採用多項市
The models incorporate various market observable 場可觀察輸入數據，如交易
inputs including the credit quality of counterparties, 對手信貸質量、外匯即期、
foreign exchange spot and forward rates and interest 遠期利率和利率曲線。遠期
rate curves. The carrying amounts of forward 貨幣合約和利率掉期合約的
currency contracts and interest rate swaps are the 賬面值與其公允價值相同。

same as their fair values.

27. SUBSEQUENT EVENT
There was no material event subsequent to 30 June 2019.
28. APPROVAL
OF INTERIM CONDENSED
FINANCIAL STATEMENTS
These interim condensed financial statements of the Company
were approved and authorised for issue by the board of
directors on 26 August 2019.
27. 期後事項
於2019年6月30日後並無任何重大期
後事項。

28. 批准中期簡明財務報表
本公司的中期簡明財務報表已於
2019
年8月26日獲董事會批准及授權刊發。


“ASEAN”
「東盟」
“Audit Committee”
「審計委員會」
“Board”
「董事會」
“CAD”
「加拿大元」
“CG Code”
「企業管治守則」
\"CERIECO\"
「中經東源」
“China Machinery R&D”
「中機院」
\"CMEC Wuxi\"
「中設無錫」
\"CMEC Suzhou\"
「中設蘇州」
Association of Southeast Asian Nations
東南亞國家聯盟
the audit committee of the Board
董事會審計委員會
the board of Directors
董事會
Canadian dollars, the lawful currency of Canada
加拿大元，加拿大的法定貨幣
the Corporate Governance Code set out in Appendix 14 to the Listing Rules
《上市規則》附錄14所載之企業管治守則
China-East Resources Import & Export Co., Ltd.* (中經東源進出口有限責任
公司), a wholly-owned subsidiary of our Company established in the PRC
on 22 July 1993 with limited liability
中經東源進出口有限責任公司，一家於1993年7月22日在中國成立的本公司
全資附屬有限責任公司
China Machinery International Engineering Design & Research Institute Co.,
Ltd.* (中機國際工程設計研究院有限責任公司
), a wholly-owned subsidiary of
our Company established in the PRC on 5 October 1993 with limited liability
中機國際工程設計研究院有限責任公司，一家於1993年10月5日於中國註冊
成立的股份有限公司，為本公司的全資附屬公司
China Machinery Engineering Wuxi Co., Ltd.* (中設無錫機械設備工程有限
公司), a wholly-owned subsidiary of our Company established in the PRC
on 9 April 1987 with limited liability
中設無錫機械設備工程有限公司，一家於1987年4月9日在中國成立的本公司
全資附屬有限責任公司
China National Machinery & Equipment Import & Export (Suzhou) Co., Ltd.*
(中設（蘇州）機械設備工程有限公司
), a wholly-owned subsidiary of our
Company established in the PRC on 20 February 1987 with limited liability
中設（蘇州）機械設備工程有限公司，一家於1987年2月20日在中國成立的
本公司全資附屬有限責任公司

“China United”
「中國聯合」
“CMIPC”
「中設裝備」
“Company”, our Company”,
or “CMEC”
「公司」、「本公司」或
「中國機械工程」
“Core Sectors”
「核心行業」
“Corresponding
Period in 2018”
「2018年同期」
“Director(s)”
「董事」
“Domestic Shares”
「內資股」
China United Engineering Corporation Limited* (中國聯合工程有限公司
), an
enterprise established in the PRC on 21 January 1984 and a wholly-owned
subsidiary of SINOMACH, our connected person and our Promoter
中國聯合工程有限公司，一家於1984年1月21日在中國成立的企業，國機的
全資附屬公司。中國聯合為我們的關連人士暨發起人
China Machinery Industrial Products Co., Ltd.* (中設集團裝備製造有限責任
公司), a wholly-owned subsidiary of our Company established in the PRC
on 6 February 2002 with limited liability
中設集團裝備製造有限責任公司，一家於2002年2月6日在中國成立的本公司
全資附屬有限責任公司
China Machinery Engineering Corporation* (中國機械設備工程有限公司),
a joint stock company with limited liability established in the PRC on 18
January 2011, and except where the context indicates otherwise, includes
(i) our predecessors and (ii) with respect to the period before our Company
became the holding company of its present subsidiaries, the business
operated by it and its present subsidiaries or (as the case may be) its
predecessors
中國機械設備工程有限公司，一家於2011年1月18日在中國註冊成立的股份
有限公司；除非文義另有所指，否則包括：(i)我們的前身及(ii)就本公司成為
其現時附屬公司的控股公司前的期間而言，本公司及其現時附屬公司或（視
情況而定）其前身經營的業務
the core sectors of our International Engineering Contracting Business which
are the power sector, transportation and telecommunications sector
我們國際工程承包業務的核心行業為電力能源行業、交通運輸行業及電子通
訊行業
the six months ended 30 June 2018
截至2018年6月30日止六個月
the director(s) of our Company
本公司董事
ordinary shares in our capital, with a nominal value of RMB1.00 each, which
are subscribed for and paid up in Renminbi
我們股本中的普通股，每股面值為人民幣1.00元，乃以人民幣認購及繳足

“EPC”
「EPC」
“EU”
「歐盟」
“Euros”
「歐元」
“Group”, “we” and “us”
「集團」或「我們」
“H Share(s)”
「H股」
“HKSAR”
「香港特區」
“Hong Kong Companies
Ordinances”
「香港公司條例」
“Hong Kong dollars”
or “HK$”
「港元」
a common form of contracting arrangement whereby the contractor is
commissioned by the project owner to carry out such project work as
design, procurement, construction and trial operations, or any combination
of the above, either through the contractor’s own labor or by subcontracting
part or all of the project work, and be responsible for the quality, safety,
timely delivery and cost of the project
承包安排的常見形式，即承包商受項目擁有人的委託進行設計、採購、施工
及試工等項目工作，或任何上述的組合（無論是通過承包商本身的人員或分
包部分或所有項目工作)，並對項目的質量、安全、工期及成本負責
European Union
歐洲聯盟
Euro dollars, the lawful currency of EU
歐元，歐盟法定貨幣
the Company and, except where the context otherwise requires, all its
subsidiaries
本公司及除文義另有所指外，其所有附屬公司
overseas listed foreign shares in our ordinary share capital with a nominal
value of RMB1.00 each, subscribed for and traded in HK$ and which are
listed on the Main Board of the Stock Exchange
我們普通股本中的境外上市外資股，每股面值人民幣
1.00元，以港元認購及
買賣，並於聯交所主板上市
Hong Kong Special Administration Region of the PRC
中國香港特別行政區
the Companies Ordinances, Chapter 622 of the Laws of Hong Kong, as
amended, supplemented or otherwise modified from time to time
經不時修訂、補充或以其他方式修改的香港法例第622章公司條例
Hong Kong dollars, the lawful currency of the HKSAR
港元，香港特區法定貨幣

“INED(s)”
「獨立非執行董事」
“independent third
party(ies)”
「獨立第三方」
“International Engineering
Contracting Business”
「國際工程承包業務」
“ISA”
「伊朗制裁法」
“JiKan Research Institute”
「機勘院」
“JPY”
「日元」
“KW”
「千瓦」
“Listing Rules”
「《上市規則》」
the independent non-executive Director(s) of our Company
本公司獨立非執行董事
person(s) or company(ies) which is (are) independent of the directors,
supervisors, controlling shareholder, substantial shareholder and the chief
executive (such terms as defined in the Listing Rules) of the Company or
any of its subsidiaries or an associate of any of them
獨立於本公司或其任何附屬公司董事、監事、控股股東、主要股東及行政總
裁（定義見《上市規則》
)或任何一方的聯繫人的個人或公司
the International Engineering Contracting Business conducted by our Group
with a primary focus on EPC projects
由本集團開展，並以EPC項目為重點的國際工程承包業務
the United States Iran Sanctions Act, as amended (P.L. 104-172, August 5,
1996) (formerly the Iran and Libya Sanctions Act of 1996)
美國的伊朗制裁法，經修訂（P.L. 104-172，1996年8月5日）（前稱
1996年
伊朗及利比亞制裁法）
China JiKan Research Institute of Engineering Investigations and Design
Co., Ltd.* (機械工業勘察設計研究院有限公司), a company established in
the PRC and a wholly-owned subsidiary of the Company
機械工業勘察設計研究院有限公司，一家於中國註冊成立的公司並為本公司
全資附屬公司
Japanese yen, the lawful currency of Japan
日元，日本法定貨幣
unit of energy, kilowatt. 1 kW=1,000 watts
能源單位千瓦。1千瓦＝1,000瓦特
the Rules Governing the Listing of Securities on the Stock Exchange, as
amended, supplemented or otherwise modified from time to time
《聯交所證券上市規則》(經不時修訂、補充或以其他方式修改)

“Model Code”
「《標準守則》」
the Model Code for Securities Transactions by Directors of Listed Issuers
set out in Appendix 10 to the Listing Rules
《上市規則》附錄十所載之《上市發行人董事進行證券交易的標準守則》
“MW”
「兆瓦」
unit of energy, megawatt. 1MW=1,000kW. The installed capacity of power
plants is generally expressed in MW
能源單位兆瓦。1兆瓦=1,000千瓦。發電廠裝機容量通常以兆瓦表示
“Non-Core Sectors”
「非核心行業」
any sectors that do not fall within the Core Sectors of our International
Engineering Contracting Business
任何並非屬於我們國際工程承包業務核心行業的行業
“OFAC”
「外國資產管制局」
the Office of Foreign Assets Control of the US Department of the Treasury
美國財政部屬下外國資產管制局
“Period”
「本期間」
the six months ended 30 June 2019
截至2019年6月30日止六個月
“PRC” or “China”
「中國」
The People’s Republic of China excluding, for the purpose of this
announcement, Hong Kong Special Administration Region of the PRC, the
Macau Special Administration Region of the PRC and Taiwan
中華人民共和國，就本公告而言，不包括中國香港特別行政區、中國澳門特
別行政區及台灣
“RMB” or “Renminbi”
「人民幣」
Renminbi yuan, the lawful currency of the PRC
人民幣，中國法定貨幣
“Services Business”
「服務業務」
the design consulting services, logistics services, exhibition services,
tendering agency services, export-import agency services and other services
conducted by the Group
本集團開展的設計諮詢服務、物流服務、展覽服務、招標代理服務、進出口
代理服務及其他服務

“SFO”
「證券及期貨條例」
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong), as amended, supplemented or otherwise modified from time to time
香港法例第571章證券及期貨條例（經不時修訂、補充或以其他方式修改）
“Share(s)”
「股份」
share(s) in the share capital of our Company, with a nominal value of
RMB1.00 each, including our Domestic Shares and H Shares
本公司股本中每股面值人民幣1.00元的股份，包括內資股及H股
“Shareholder(s)”
「股東」
holder(s) of our Share(s)
我們股份的持有人
“SINOMACH”
「國機」
China National Machinery Industry Corporation* (中國機械工業集團有限公
司), a state-owned enterprise established in the PRC on 21 May 1988, our
controlling shareholder
我們的控股股東中國機械工業集團有限公司，一家於1988年5月21日在中國
成立的國有企業
“Sinosure”
「中國信保」
China Export & Credit Insurance Corporation (中國出口信用保險公司), a
policy-oriented insurance company specializing in export credit insurance
in the PRC and an independent third party
中國出口信用保險公司，一家在中國專營出口信用保險的政策性保險公司和
獨立第三方
“SSF”
「社保基金理事會」
National Council for Social Security Fund of the PRC (中國全國社會保障基
金理事會)
中國全國社會保障基金理事會
“Stock Exchange”
「聯交所」
The Stock Exchange of Hong Kong Limited
香港聯合交易所有限公司
“Supervisor(s)”
「監事」
one (or all) of our Company’s supervisors
本公司的一名（或全體）監事

“Supervisory Board” the supervisory board of the Company
「監事會」本公司監事會
“the Belt and Road” the Silk Road Economic Belt and the 21st-Century Maritime Silk Road
「一帶一路」絲綢之路經濟帶和21世紀海上絲綢之路
“Trading Business” the international and domestic trading business conducted by our Group
「貿易業務」本集團進行的國際和國內貿易業務
“UN” the United Nations
「聯合國」聯合國
“United States” or “U.S.” the United States of America, its territories, its possessions and all areas
or “US” subject to its jurisdiction
「美國」美利堅合眾國，包括其領土、屬地及受其司法管轄的所有地區
“U.S. dollars” or “US$” United States dollars, the lawful currency of the United Statesor “USD”
「美元」美元，美國的法定貨幣
“%”
「%」
per cent
百分比
* Denotes English translation of the name of a Chinese company or
entity or vice versa and is provided for identification purposes only.
* 指中國公司或實體名稱的英文譯名或相反
情況，僅供識別。


LEGAL NAME OF THE COMPANY
中國機械設備工程股份有限公司
ENGLISH NAME OF THE COMPANY
China Machinery Engineering Corporation*
BOARD OF DIRECTORS
Executive Directors
Mr. ZHANG Chun (Chairman)
Mr. HAN Xiaojun (President)
Non-executive Directors
Mr. YU Benli
Mr. ZHANG Fusheng
Independent Non-executive Directors
Mr. LIU Li
Ms. LIU Hongyu
Mr. FANG Yongzhong
Mr. WU Tak Lung
SUPERVISORS
Mr. QUAN Huaqiang (Chairman)
(Shareholder representative supervisor)
Mr. GUO Weihua (Shareholder representative supervisor)
Ms. LIU Ting (Staff representative supervisor)
JOINT COMPANY SECRETARIES
Ms. WANG Weiling
Sir KWOK Siu Man KR, FCS
* For Identification Purposes Only
本公司法定名稱
中國機械設備工程股份有限公司
本公司英文名稱
China Machinery Engineering Corporation*
董事會
執行董事
張淳先生（董事長）
韓曉軍先生（總裁）
非執行董事
余本禮先生
張福生先生
獨立非執行董事
劉力先生
劉紅宇女士
方永忠先生
吳德龍先生
監事
全華強先生（監事長）
（股東代表監事）
郭偉華先生（股東代表監事）
劉婷女士（職工代表監事）
聯席公司秘書
王瑋玲女士
郭兆文黎剎騎士勳賢，資深特許秘書
* 僅供識別

AUTHORIZED REPRESENTATIVES
Mr. ZHANG Chun
Ms. WANG Weiling
AUDIT COMMITTEE
Mr. LIU Li (Chairman)
Mr. ZHANG Fusheng
Ms. LIU Hongyu
NOMINATION COMMITTEE
Mr. ZHANG Chun (Chairman)
Ms. LIU Hongyu
Mr. FANG Yongzhong
REMUNERATION COMMITTEE
Mr. FANG Yongzhong (Chairman)
Mr. ZHANG Fusheng
Mr. LIU Li
STRATEGY AND DEVELOPMENT COMMITTEE
Mr. ZHANG Chun (Chairman)
Mr. HAN Xiaojun
Mr. YU Benli
Mr. LIU Li
OPERATION AND RISK MANAGEMENT
COMMITTEE
Mr. YU Benli (Chairman)
Mr. HAN Xiaojun
Mr. FANG Yongzhong
Mr. WU Tak Lung
授權代表
張淳先生
王瑋玲女士
審計委員會
劉力先生（主席）
張福生先生
劉紅宇女士
提名委員會
張淳先生（主席）
劉紅宇女士
方永忠先生
薪酬委員會
方永忠先生（主席）
張福生先生
劉力先生
戰略與發展委員會
張淳先生（主席）
韓曉軍先生
余本禮先生
劉力先生
經營與風險管理委員會
余本禮先生（主席）
韓曉軍先生
方永忠先生
吳德龍先生

INDEPENDENT AUDITORS
International Auditors
Ernst & Young
PRC Auditors
Ernst & Young Hua Ming LLP (Special General Partnership)
PRINCIPAL BANKS
China Development Bank
The Export-Import Bank of China
Industrial and Commercial Bank of China Limited
Bank of China Limited
CITIC Bank
China Merchants Bank (Beijing Branch)
Bank of Communications (Beijing Dongdan Sub-branch)
REGISTERED OFFICE AND HEAD OFFICE IN THE
PRC
No.178 Guang’anmenwai Street
Xicheng District, Beijing, PRC
PRINCIPAL PLACE OF BUSINESS IN HONG
KONG
Room 804, 8/F, Tower 1
South Sea Centre
75 Mody Road
Tsimshatsui East
Kowloon, Hong Kong
HONG KONG H SHARE REGISTRAR AND
TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
Wanchai, Hong Kong
獨立核數師
國際核數師
安永會計師事務所
中國核數師
安永華明會計師事務所（特殊普通合夥）
主要往來銀行
國家開發銀行
中國進出口銀行
中國工商銀行
中國銀行股份有限公司
中信銀行
招商銀行（北京分行）
交通銀行（北京東單支行）
中國註冊辦事處及本部
中國北京市西城區
廣安門外大街178號
香港主要營業地點
香港九龍
尖沙咀東
麼地道75號
南洋中心
第1座8樓804室
香港H股股份過戶登記處
香港中央證券登記有限公司
香港灣仔
皇后大道東183號
合和中心
17樓1712-1716號舖

LEGAL ADVISORS
As to Hong Kong Laws
Clifford Chance LLP
As to PRC Laws
Tian Yuan Law Firm
STOCK CODE
INVESTOR INQUIRIES
Investor Hotline: 86 10 6331 2262
Fax No: 86 10 6332 1086
COMPANY’S WEBSITE
www.cmec.com
法律顧問
關於香港法律
高偉紳律師事務所
關於中國法律
天元律師事務所
股份代號
01829
投資者諮詢
投資者熱線：86 10 6331 2262
傳真：86 10 6332 1086
公司網站
www.cmec.com