东方精工：2020年年度报告（英文版）.PDF

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1、 1 / 286 Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 March 2021 Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 2 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Commi

2、ttee as well as the directors, supervisors and senior management of Guangdong Dongfang Precision Science & Technology Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleading

3、statements or material omissions, and collectively and individually accept legal responsibility for such contents. Tang Zhuolin, the Companys legal representative, Shao Yongfeng, the Companys Chief Financial Officer, and Yao Bin, the Head of the Companys Accounting Department (equivalent to Financia

4、l Manager) hereby guarantee that the financial statements carried in this Report are truthful, accurate and complete. All the directors of the Company attended in person the board meeting for the approval of this Report. The future development strategies, business plans and other forward-looking sta

5、tements mentioned in this Report shall be deemed as uncertain plans instead of promises to investors. Therefore, investors are reminded to exercise caution when making investment decisions. For possible risks with respect to the Company, please refer to “(V) Possible Risks in the Companys Developmen

6、t” in “IX Prospects” of “Part IV Management Discussion and Analysis” herein. And investors are kindly advised to read through the aforesaid contents. The Company has no final dividend plan, either in the form of cash or stock. This Report has been prepared in Chinese and translated into English. Sho

7、uld there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 3 Table of Contents Part I Important Notes, Table of Contents and Definitions . 2 Part II Corporate Informat

8、ion and Key Financial Information . 7 Part III Business Summary . 12 Part IV Management Discussion and Analysis . 27 Part V Significant Events. 83 Part VI Share Changes and Shareholder Information . 107 Part VII Preference Shares. 119 Part VIII Convertible Corporate Bonds . 120 Part IX Directors, Su

9、pervisors, Senior Management and Staff. 121 Part X Corporate Governance . 132 Part XI Corporate Bonds . 142 Part XII Corporate Financial Statements. 143 Part XIII Documents Available for Reference . 282 Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 4 Definitions Term

10、 Definition Dongfang Precision, or the “Company” Guangdong Dongfang Precision Science & Technology Co., Ltd. and its consolidated subsidiaries, except where the context otherwise requires Dongfang Precision (China) The corrugated box packaging machinery division of Guangdong Dongfang Precision Scien

11、ce & Technology Co., Ltd. Fosber Group Fosber S.p.A. Fosber Asia Guangdong Fosber Intelligent Equipment Co., Ltd. Fosber America Fosber America, Inc. Fosber Tianjin Fosber Machinery (Tianjin) Co., Ltd. Tiru a Group/Spain Tiru a Tiru a Group Industrial, S.L. Tiru a America Tiru a America Inc. Italy Q

12、Corr QuantumCorrugated S.r.l. Dongfang Precision (Europe)/Italy EDF EDF Europe S.r.l. Dongfang Precision (Netherland) Dong Fang Precision (Netherland) Cooperatief U.A. Dongfang Precision (HK) Dong Fang Precision (HK) Limited Parsun Power Suzhou Parsun Power Machine Co., Ltd. Shunyi Investment Suzhou

13、 Shunyi Investment Co., Ltd. Yinglian Digital Foshan Yinglian Digital Printing Equipment Co., Ltd. Jaten Robot Guangdong Jaten Robot & Automation Co., Ltd. Hainan Yineng Hainan Yineng Investment Co., Ltd. Dongfang Digicom Dongfang Digicom Technology Co., Ltd. Dongfang Digicom (Guangdong) Dongfang Di

14、gicom Technology (Guangdong) Co., Ltd. Pride, or Beijing Pride Beijing Pride New Energy Battery Technology Co., Ltd. Pulead Pulead Technology Industry Co., Ltd. BAIC Capital Beijing Automotive Group Industry Investment Co., Ltd. CATL Contemporary Amperex Technology Co., Ltd. Foton Beiqi Foton Motor

15、Co., Ltd. Qinghai Puren Qinghai Puren Intelligent Technology R & D Center (Limited Partnership) Corrugated board Corrugated board is a multi-layer paper-bonding object composed of at least one sandwich layer of wavy medium (commonly known as corrugated paper, corrugated medium paper, corrugated pape

16、r medium and corrugated base Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 5 paper) and one layer of cardboard (also known as liner board). Corrugated box Corrugated box is a rigid paper container made of corrugated boards through die cutting, indenting, nailing or g

17、luing. Corrugated box is one of the most widely used packaging containers in modern business and trade. Corrugated box printing and packaging machinery Corrugated box printing and packaging machinery include corrugated box printing and packaging line and stand-alone products that integrates pre-feed

18、ing, printing, grooving, die cutting, forming and packaging functions in whole or in part, which is highly functionally integrated, highly automated and highly technical, can save the capital and manpower investment, reduce workers workload and improve the production efficiency of box manufacturers,

19、 and requires equipment manufacturers to be highly competent in design, technological innovation, assembly and finishing of parts. Corrugator lines Corrugator lines are assembly lines comprising corrugating, gluing, agglutinating, bundle breaking, dimension board cutting and output processes, which

20、are used to produce and process corrugated boards. A corrugator line has two independent process sections as the wet section and the dry section. The wet section, composed of the base paper stand, auto splicer, preheat preregulator, single-face corrugator, feeding bridge, glue machine and double fac

21、er, is used to make corrugated based paper into three-layer, five-layer and seven-layer corrugated boards of different corrugated combinations. The dry section, composed of the rotary shear, slitter indenter, cut-off knife and stacker, is used to slit, indent, cut off and stack corrugated boards as

22、ordered. Corrugator lines are key production equipment for corrugated board and box manufacturers. Pre-printing and post-printing intelligent automatic packaging machinery Pre-printing and post-printing intelligent automatic packaging machinery refers to equipment that is compatible with the corruga

23、ted box printing line or stand-alone products and can provide functions related to pre-printing and post-printing processes of corrugated box printing and packaging. It includes the pre-feeder, stripper conveyor, intelligent stacker and folder gluer. Outboard motors Outboard motors are a kind of det

24、achable power units that are mounted on the stern plate of a boat to drive the boat to sail. General utility small gasoline motors General utility small gasoline motors are a kind of thermo-dynamic machinery of 20kW power or less with a wide range of applicability. It is characterized by small size,

25、 light weight and easy operation, and is usually used as a power engine for a variety of terminal products. By the structure of engine and principle of work, general utility small gasoline motors can be divided into two-stroke general utility small gasoline motors and four-stroke general utility sma

26、ll gasoline motors. MES MES, namely the Manufacturing Execution System, is a set of production information management system for workshop executives of manufacturing enterprises. It can manage manufacturing data, plans and schedules, production scheduling, inventory, quality, human resources, work c

27、entre and equipment, Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 6 tools and tooling, procurement, costs, project dashboards, production process control, and integrated underlying data analysis and integrated upper-layer data decomposition, and provides enterprises

28、 with an effective, reliable, comprehensive, feasible and collaborative manufacturing management platform. ERP Enterprise Resource Planning WMS WMS, namely the Warehouse Management System, is a management system that comprehensively operates batch management, material corresponding, inventory checki

29、ng, quality inspection management, empty warehouse management and instant inventory management through functions of incoming and outgoing management, warehouse allotting, inventory allocation and empty warehouse management. SCADA Supervisory Control And Data Acquisition APS Advanced Planning and Sch

30、eduling AGV AGV, namely Automated Guided Vehicle, refers to the vehicle that is equipped with an electromagnetic or optical auto-navigation unit, can travel along the prescribed navigation path and is functioned with safety protection and load transferring. CSRC China Securities Regulatory Commissio

31、n SZSE, or the “Stock Exchange” Shenzhen Stock Exchange RMB, RMB0,000 Expressed in the Chinese currency of Renminbi, expressed in tens of thousands of Renminbi The “Reporting Period” or “Current Period” The period from 1 January 2020 to 31 December 2020 Guangdong Dongfang Precision Science & Technol

32、ogy Co., Ltd. Annual Report 2020 7 Part II Corporate Information and Key Financial Information I Corporate Information Stock name Dongfang Precision Stock code 002611 Stock exchange Shenzhen Stock Exchange Company name in Chinese 广东东方精工科技股份有限公司 Abbr. 东方精工 Company name in English (if any) Guangdong D

33、ongfang Precision Science & Technology Co., Ltd Abbr. (if any) Dongfang Precision Legal representative Tang Zhuolin Registered address (Office Building, Plant A, Plant B) 2 Qiangshi Road, Shishan Town, Nanhai District, Foshan City, Guangdong Province, China Zip code 528225 Office address 25/F, Hisen

34、se Southern Building, 1777 Chuangye Road, Nanshan District, Shenzhen City, Guangdong Province, China Zip code 518000 Company website http:/www.df- Email address II Contact Information Board Secretary Securities Representative Name Zhou Wenhui Zhu Hongyu Office address 25/F, Hisense Southern Building

35、, 1777 Chuangye Road, Nanshan District, Shenzhen City, Guangdong Province, China 25/F, Hisense Southern Building, 1777 Chuangye Road, Nanshan District, Shenzhen City, Guangdong Province, China Tel. 0755-36889712 0755-36889712 Fax 0755-36889822 0755-36889822 Email address III Media for Information Di

36、sclosure and Place where this Report Is Lodged Newspapers designated by the Company for China Securities Journal, Shanghai Securities News, and Securities Times Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 8 information disclosure Website designated by the CSRC for

37、publication of this Report http:/ Place where this Report is lodged Securities Department of the Company, 25/F, Hisense Southern Building, 1777 Chuangye Road, Nanshan District, Shenzhen City, Guangdong Province, China IV Change to Company Registered Information Organization code 914406002318313119 C

38、hange to the principal activities of the Company since its listing (if any) Unchanged Every change of controlling shareholder since incorporation (if any) Unchanged V Other Information The independent auditor hired by the Company: Name of independent auditor Ernst & Young Hua Ming LLP Office address

39、 18/F, Ernst & Young Tower, 13 Pearl River East Road, Tianhe District, Guangzhou City, China (the Headquarters: Rooms 01-12, 17/F, Ernst & Young Tower, Oriental Plaza, 1 East Chang An Avenue, Dongcheng District, Beijing, China) Accountants writing signatures Feng Xingzhi and Lin Hongyan The independ

40、ent sponsor hired by the Company to exercise constant supervision over the Company in the Reporting Period: Applicable Not applicable The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period: Applicable Not applicable Name of fi

41、nancial advisor Office address Representative Period of supervision China Securities Co., Ltd. 188 Chaoyangmennei Street, Dongcheng District, Beijing, China Zhu Lin and Gu Zhongjie From 25 December 2019 to 31 December 2020 Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 202

42、0 9 VI Key Financial Information Indicate whether there is any retrospectively restated datum in the table below. Yes No 2020 2019 2020-over-2019 change (%) 2018 Operating revenue (RMB) 2,916,270,143.13 9,973,503,602.19 -70.76% 6,621,349,618.40 Net profit attributable to the listed companys sharehol

43、ders (RMB) 389,180,624.08 1,838,018,805.50 -78.83% -3,875,995,219.91 Net profit attributable to the listed companys shareholders before exceptional gains and losses (RMB) 263,426,429.87 438,715,870.86 -39.96% -3,905,407,016.45 Net cash generated from/used in operating activities (RMB) 550,996,031.75

44、 281,297,787.01 95.88% 721,724,801.12 Basic earnings per share (RMB/share) 0.26 1.01 -74.26% -2.11 Diluted earnings per share (RMB/share) 0.26 1.01 -74.26% -2.11 Weighted average return on equity (%) 6.20% 36.87% -30.67% -67.71% 31 December 2020 31 December 2019 Change of 31 December 2020 over 31 De

45、cember 2019 (%) 31 December 2018 Total assets (RMB) 6,323,236,687.05 6,273,516,157.31 0.79% 8,986,973,675.89 Equity attributable to the listed companys shareholders (RMB) 4,158,538,499.75 4,337,064,607.87 -4.12% 4,026,565,236.20 Indicate whether the lower of the net profit attributable to the listed

46、 companys shareholders before and after exceptional gains and losses was negative for the last three accounting years, and the latest independent auditors report indicated that there was uncertainty about the Companys ability to continue as a going concern. Yes No Indicate whether the lower of the n

47、et profit attributable to the listed companys shareholders before and after exceptional gains and losses was negative. Yes No VII Key Financial Information on a Comparable Basis The consolidated income statement and cash flow statement of 2019 included Pride, while the consolidated financial stateme

48、nts of 2020 did not. In order to give a more accurate view of the year-on-year changes in operating results, the Guangdong Dongfang Precision Science & Technology Co., Ltd. Annual Report 2020 10 2019 data in the table below do not include Pride, i.e. the 2019 and 2020 data below are on a comparable

49、basis: 2020 2019 (adjusted on a comparable basis) Change (%) Operating revenue (RMB) 2,916,270,143.13 2,867,406,250.70 1.70% Net profit attributable to the listed companys shareholders (RMB) 389,180,624.08 171,674,716.84 126.70% Net profit attributable to the listed companys shareholders before exce

50、ptional gains and losses (RMB) 263,426,429.87 126,681,554.70 107.94% Net cash generated from/used in operating activities (RMB) 550,996,031.75 235,284,708.85 134.18% VIII Accounting Data Differences under Chinas Accounting Standards for Business Enterprises (CAS) and International Financial Reportin