ANNUAL REPORT 2024 目 錄 （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號 Stock Code: 2520 ANNUAL REPORT 2024 年度報告 年度報告 | 2 | 公司資料 | | --- | --- | | 4 | 董事長致辭 | | 6 | 財務重點 | | 7 | 管理層討論及分析 | | 25 | 董事、監事及高級管理人員履歷 | | 36 | 企業管治報告 | | 56 | 董事會報告 | | 74 | 監事會報告 | | 76 | 獨立核數師報告 | | 82 | 合併及公司資產負債表 | | 85 | 合併及公司利潤表 | | 89 | 合併及公司現金流量表 | | 92 | 合併股東權益變動表 | | 94 | 公司股東權益變動表 | | 96 | 綜合財務報表附註 | | 304 | 釋義 | 公司資料 董事會 執行董事 王利民先生 任銳先生 張琰先生 非執行董事 徐 ...

3月27日，山西建筑行业首个上市公司山西安装集团发布了2024年度业绩报告。 公告显示，截至2024年12月31日止年度业绩，该集团取得营业收入人民币122.43亿元（单位下同），同比增加11.59%；归属于母公司股东的净利润1.53亿 元，同比减少0.99%；每股基本盈利0.11元，拟分派股息每10股股份0.04537元。 据公开信息显示，2024年，山西安装集团以超450亿元的合同签订额，保持了高质量发展的稳健态势。其中，在山西市场新签合同额超164亿元，并拿下多 个重要项目。 例如，以山西天星煤气化有限公司年产101万吨焦炭及8万吨LNG新能源项目、浮山县污水处理厂提质改造项目、全国一体化算力网络国家枢纽节点山西 枢纽（太原）项目、长治高新区新材料产业基地项目为代表的121个项目先后落地山西。 除了山西市场外，山西安装集团新签项目遍布全国26个省，合同额达260.45亿元。宝看了位于新疆的明阳拉萨市尼木县50MW光储牧光互补光伏发电总承 包项目，位于中原的郑州航空港经济综合实验区绿轴印象项目，位于辽东地区的阜新恒久安泰电解液项目等。 | 財務摘要 | | | | | --- | --- | --- | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2520） 截至2024年12月31日止年度之 單位：人民幣千元 | | | 2024年 | 2023年 | | --- | --- | --- | --- | | | 附註 | 12月31日 | 12月31日 | | 負債和所有者權益 | | | | | 流動負債 | | | | | 短期借款 | | 2,400,646 | 2,443,118 | | 應付票據 | | 1,888,383 | 1,374,330 | | 應付賬款 | | 9,492,423 | 9,019,829 | | 合同負債 | | 1,357,031 | 1,382,429 | | 應付職工薪酬 | | 82,075 | 80,204 | | 應交稅費 | | 57,554 ...

（於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號 Stock Code: 02520 INTERIM REPORT 中期報告 2024 中期報告 INTERIM REPORT 2024 目 錄 | 232 | 38 | 36 | 34 | 32 | 30 | 28 | 26 | 24 | 22 | 15 | 4 | 2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 釋義 | 財務報表附註 | 公司股東權益變動表 | 合併股東權益變動表 | 公司現金流量表 | 合併現金流量表 | 公司利潤表 | 合併利潤表 | 公司資產負債表 | 合併資產負債表 | 其他資料 | 管理層討論與分析 | 公司資料 | 公司資料 董事會 執行董事 王利民先生（主席） 任銳先生 張琰先生 非執行董事 徐官師先生 張宏杰先生 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2520） 截至2024年6月30日止六個月之 中期業績公告 | --- | --- | --- | --- | |----------------------------------------------|----------------------------------------------------|-----------------------------------|--------------| | | | | | | 財務摘要 | 截至 6 月 30 2024 年 人民幣百萬元 （未經審核） | 日止六個月 2023 年 人民幣百萬元 | 變動 | | 經營業績 | | | | | 營業收入 | 6,127 | 5,265 | 1 ...

山西安装 SHANXI CIG 山西省安裝集團股份有限公司 Shanxi Installation Group Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號 Stock Code: 02520 目 錄 2 公司資料 4 董事長致辭 8 財務重點 9 管理層討論及分析 27 董事及高級管理人員履歷 38 企業管治報告 58 環境、社會及管治報告 128 董事會報告 146 監事會報告 148 獨立核數師報告 155 綜合損益及其他全面收益表 156 綜合財務狀況表 158 綜合權益變動表 159 綜合現金流量表 161 綜合財務報表附註 274 釋義 公司資料 | --- | --- | |-------------------------------------|----------------------------------| | | | | 董事會 | 授權代表 | | 執行董事 | 王利 ...

Revenue and Profit Performance - Revenue for 2023 decreased to RMB 11,150,176 thousand, a decline of RMB 1,694,646 thousand compared to 2022[2] - Gross profit for 2023 was RMB 1,578,292 thousand, down by RMB 263,754 thousand from 2022[2] - Net profit attributable to equity holders of the company increased to RMB 154,942 thousand, up by RMB 4,060 thousand compared to 2022[2] - Gross margin slightly decreased to 14.2% in 2023 from 14.3% in 2022[2] - Net profit margin improved to 1.8% in 2023, up from 1.6% in 2022[2] - The company's total revenue for the year ended December 31, 2023, was RMB 11,150,176 thousand, with RMB 9,863,712 thousand from the Construction Engineering Contracting Division and RMB 1,286,464 thousand from the Non-Engineering Division[15] - The company achieved annual revenue of RMB 11,150.2 million and an annual profit of RMB 205.6 million in 2023[44] - The company's total revenue for 2023 was RMB 11.15 billion, a 13.2% decrease from RMB 12.84 billion in 2022[57] - Revenue from professional industrial engineering decreased by 16.3% to RMB 6.35 billion in 2023, primarily due to reduced construction phase income[59] - Revenue from professional supporting engineering increased by 6.9% to RMB 2.24 billion in 2023, driven by new wastewater treatment projects[60] - Revenue from other engineering decreased by 32.7% to RMB 1.28 billion in 2023, mainly due to the completion of large commercial and office building projects[61] - Non-engineering business revenue increased by 1.6% to RMB 1,286.5 million, driven by interest and operational income from service concession projects[62] - Sales cost decreased by 13.0% to RMB 9,571.9 million due to a decline in operating revenue[63] - Gross profit decreased by 14.3% to RMB 1,578.3 million, with a slight drop in gross margin to 14.2%[64] - Other income and gains increased by RMB 21.7 million to RMB 42.5 million, mainly due to higher government subsidies and interest income[65] - Net profit increased by 2.6% to RMB 205.6 million, attributed to savings in administrative and operating expenses[72] Assets and Liabilities - Total assets increased to RMB 6,462,054 thousand in 2023 from RMB 5,344,622 thousand in 2022[6] - Total liabilities rose to RMB 3,387,378 thousand in 2023 from RMB 3,181,293 thousand in 2022[7] - Equity attributable to equity holders of the company increased to RMB 2,610,142 thousand in 2023 from RMB 1,809,316 thousand in 2022[7] - The company's total assets as of December 31, 2023, were RMB 23,522,431 thousand, with RMB 18,845,158 thousand from the Construction Engineering Contracting Division and RMB 8,695,416 thousand from the Non-Engineering Division[15] - Total liabilities amounted to RMB 20,396,627 thousand, with RMB 16,730,692 thousand from the Construction Engineering Contracting Division and RMB 6,380,644 thousand from the Non-Engineering Division[15] - Total assets as of December 31, 2022, were RMB 21,447,024 thousand, with the construction engineering segment accounting for RMB 17,275,884 thousand and the non-engineering segment accounting for RMB 8,634,003 thousand[17] - Cash and bank balances (excluding pledged deposits) rose to RMB 2,090.2 million, up from RMB 1,380.9 million in 2022[78] - Total borrowings increased to RMB 5,951.8 million, primarily used to supplement daily operating cash flow[79] Business Segments and Projects - The Construction Engineering Contracting Division generated RMB 10,194,290 thousand in total revenue, including RMB 330,578 thousand from inter-segment sales[15] - The Non-Engineering Division reported total revenue of RMB 1,858,119 thousand, with RMB 571,655 thousand from inter-segment sales[15] - The company's pre-tax profit for the year was RMB 225,124 thousand, with RMB 17,998 thousand from the Construction Engineering Contracting Division and RMB 213,545 thousand from the Non-Engineering Division[15] - Capital expenditures for the year totaled RMB 583,416 thousand, with RMB 76,805 thousand from the Construction Engineering Contracting Division and RMB 506,611 thousand from the Non-Engineering Division[16] - Depreciation of property, plant, and equipment amounted to RMB 108,805 thousand, with RMB 46,121 thousand from the Construction Engineering Contracting Division and RMB 62,684 thousand from the Non-Engineering Division[16] - Financial costs for the year were RMB 336,632 thousand, with RMB 208,500 thousand from the Construction Engineering Contracting Division and RMB 128,132 thousand from the Non-Engineering Division[16] - Revenue from professional industrial engineering projects decreased to RMB 6,351,119 thousand in 2023 from RMB 7,591,132 thousand in 2022[20] - Revenue from professional supporting engineering projects increased to RMB 2,236,143 thousand in 2023 from RMB 2,091,063 thousand in 2022[20] - Revenue from non-engineering businesses was RMB 1,286,464 thousand in 2023, slightly up from RMB 1,266,030 thousand in 2022[20] - Revenue from China accounted for RMB 10,620,676 thousand in 2023, down from RMB 12,752,249 thousand in 2022, while overseas revenue increased to RMB 529,500 thousand from RMB 92,573 thousand[22] - The company secured 374MW in new energy projects, including 174MW in distributed and 200MW in centralized competitive allocation projects[44] - Overseas newly signed contracts amounted to RMB 2.738 billion, including key projects in Algeria, Vietnam, and Zimbabwe[45] - The company's new contract value in the "chemical, municipal, power, and electromechanical" markets increased by 11.07% year-on-year[44] - The company won bids for major projects such as the 80MW photovoltaic EPC project in Algeria and the 800MW photovoltaic production plant EPC project in Vietnam[45] - The company is advancing the Taiyuan Wusu Zero-Carbon Airport project in collaboration with Shanxi Aviation Industry Group and Shanxi Geological Group[45] Tax and Financial Incentives - The company benefits from a preferential corporate income tax rate of 15% for certain subsidiaries due to their high-tech enterprise status, valid until December 2024[23] - The company's subsidiary, Gaoping Xinshi Yangtian Photovoltaic Power Generation Co., Ltd., enjoys a "three exemptions and three halvings" corporate income tax preferential policy from January 1, 2017, to December 31, 2022, and a 15% preferential tax rate from December 7, 2021, to December 6, 2024, due to its high-tech enterprise certification[24] - Subsidiaries Shanxi Shan'an Biquan Sponge City Technology Co., Ltd., Shanxi Shan'an Lide Environmental Technology Co., Ltd., and Shanxi Shan'an Maode Distributed Energy Technology Co., Ltd. have been granted high-tech enterprise certifications, allowing them to enjoy a 15% preferential corporate income tax rate from September 16, 2019, to September 15, 2022, and from November 25, 2019, to November 24, 2022, respectively[24] - The company benefits from an additional R&D allowance tax incentive, with R&D expenses deductible at 50% of the actual amount, and intangible asset amortization deductible at 150% if capitalized[25] - From January 1, 2018, to December 31, 2023, the R&D expense deduction ratio increased from 50% to 75%, and the intangible asset amortization deduction ratio increased from 150% to 175%[26] Dividends and Shareholder Information - The proposed final dividend for 2023 is RMB 0.02682 per 10 ordinary shares, totaling approximately RMB 3,680,000[27] - The basic earnings per share for 2023 and 2022 are both RMB 0.15, calculated based on the weighted average number of ordinary shares of 1,040,930,000 and 1,000,000,000, respectively[29] - The company has proposed a final dividend of RMB 0.02682 per 10 shares, totaling RMB 3.68 million, subject to approval at the annual general meeting[103] Contract Assets and Receivables - The non-current portion of service concession project contract assets and receivables under service concession arrangements as of December 31, 2023, is approximately RMB 3,558,606,000, compared to RMB 2,972,086,000 in 2022[30] - The non-current portion of EPC project contract assets as of December 31, 2023, is approximately RMB 600,323,000, compared to RMB 597,411,000 in 2022[31] - The total contract assets for 2023 are RMB 6,551,068,000, compared to RMB 5,854,931,000 in 2022, with a significant portion attributed to service concession project contract assets and EPC projects[32] - The company's trade receivables and notes are primarily from engineering contracting services, sales of goods, and provision of services, with credit terms specified in relevant contracts[34] - Trade receivables increased to RMB 6,823,406 thousand in 2023 from RMB 6,377,191 thousand in 2022, reflecting a growth of 7%[35] - Expected credit losses for trade receivables rose to RMB 380,570 thousand in 2023, up from RMB 302,072 thousand in 2022, an increase of 26%[35] - The net amount of trade receivables and notes receivable was RMB 6,699,792 thousand in 2023, compared to RMB 6,371,366 thousand in 2022, showing a 5% increase[35] - Pledged trade receivables and notes receivable amounted to RMB 1,113,665 thousand in 2023, up from RMB 828,866 thousand in 2022, a 34% increase[35] - Service concession receivables increased to RMB 156,430 thousand in 2023 from RMB 94,743 thousand in 2022, a 65% rise[36] Capital and Share Issuance - The company issued 373,486,000 H shares at HK$2.18 per share, raising approximately HK$409,435 thousand (equivalent to RMB 373,486 thousand) in 2023[42] - Total issued and fully paid shares increased to 1,373,486,000 in 2023 from 1,000,000,000 in 2022, reflecting a 37% growth[43] - The company plans to use HKD 738.5 million from the net proceeds of its H-share listing for various projects, including centralized photovoltaic projects, distributed photovoltaic projects, wind power projects, and clean heating projects[96][97] Market and Industry Trends - China's renewable energy installed capacity reached 1.516 billion kW by the end of 2023, accounting for 51.9% of the total power generation capacity[47] - The market size of China's new energy industry engineering is expected to reach RMB 4,501.8 billion by 2027, with a CAGR of 9.7%[47] - The market size of China's petrochemical industry engineering is projected to reach RMB 2,688.4 billion by 2027[48] - Shanxi Province's new energy and clean energy installed capacity reached 60.9778 million kW by the end of 2023, with a target of 80 million kW by 2025[47] - Centralized heating can save approximately 30% of energy compared to decentralized heating, with significant environmental and economic benefits[51] - China's urban construction waste exceeds 2 billion tons annually, with a current processing volume of 1.75 billion tons, expected to surpass 2 billion tons by 2026[52] - The resource utilization rate of construction waste in China is less than 10%, compared to 90% in some developed countries[52] - By 2025, Shanxi Province aims to achieve a distributed renewable energy power capacity of 10 million kilowatts, doubling the 2022 generation[54] - In 2023, China's overseas construction business revenue reached RMB 856.88 billion, an 8.3% YoY increase, with 82.0% from Belt and Road countries[56] Corporate Governance and Compliance - The company listed on the Hong Kong Stock Exchange on November 22, 2023[8] - The company has fully complied with the Corporate Governance Code since its listing on the Hong Kong Stock Exchange on November 22, 2023[99] - The company has adopted the Standard Code for Securities Transactions and confirmed that all directors have complied with the code from the listing date to December 31, 2023[100] - The company has not purchased, sold, or redeemed any of its listed securities from the listing date to December 31, 2023[101] - The company’s 2023 annual report will be made available to shareholders and published on the Hong Kong Stock Exchange and the company’s website[105] Strategic Goals and Development - The company aims to become the most competitive modern engineering service provider in China, focusing on market expansion, product quality, resource integration, and digital capabilities[80] - The company's vision includes becoming a full lifecycle provider in design consulting, investment construction, building construction, component manufacturing, and operation maintenance[80] - By the end of the 14th Five-Year Plan, the company targets to become a nationally renowned and industry-leading modern engineering service provider, emphasizing green energy and low-carbon project operations[84] - The company's development strategy revolves around "15326," focusing on transformation, innovation, and high-quality development, with a goal to achieve a revenue scale of 10 billion yuan[86][87] - The company plans to enhance its core business, optimize business models, and improve integrated service capabilities to support high-quality growth[86] - The company emphasizes technological innovation, increasing R&D investment to solve key technical challenges and drive development momentum[86] - The company will optimize its business structure to align with national "dual carbon" strategies, building industrialization, and digital transformation trends[86] - The company aims to expand its market presence by deepening domestic and international cooperation, integrating into global industrial systems[86] - The company will deepen reforms, including mixed-ownership and market-oriented mechanisms, to enhance operational efficiency and governance[87] - The company's high-quality development goals include strong scale and profitability, a focus on quality, and enhancing employee satisfaction and well-being[87] - The company aims to enhance project profitability by optimizing project selection, risk control, and operational management to maximize profits[88] - The company is focusing on improving resource integration capabilities by leveraging its full industry chain and expanding social resource collaborations[88] - The company is committed to technological innovation and the application of research outcomes to enhance product quality and market competitiveness[88] - The company is implementing a "1+7+X" regional development strategy to expand its market presence both domestically and internationally[89] - The company is optimizing its organizational structure and management processes to improve efficiency and operational effectiveness[90] - The company is investing in technological innovation to develop proprietary core technologies and enhance technical efficiency[90] Risks and Challenges - The company faces market risks from major clients and suppliers, as well as external factors such as foreign exchange and interest rate fluctuations[93] - The company is subject to environmental compliance risks and must adhere to national and local environmental regulations, including pollution control measures[94][95] - The company is exposed to policy and regulatory risks, particularly in the construction industry, which could impact its business and financial performance[92] Financial Utilization and Allocation - The company plans to utilize HKD 22.2 million by the end of 2024 for the registered capital of project companies and construction costs of existing service concession projects[98] - HKD 36.9 million will be used by the end of 2024 for the construction costs of existing service concession projects[98] - HKD 44.3 million is allocated for current and future service concession projects, including the Changzhi City Zhangzi County urban flood control and ecological environment comprehensive management project, to be utilized by the end of 2025[98] - HKD 73.9 million will be used by the end of 2025 to fund new energy upstream and downstream manufacturing projects, including the purchase of tower production line equipment and related facilities, as well as raw materials[98] - HKD 59.1 million is allocated for working capital and other general corporate purposes, to be utilized by June 2024[98] Administrative and Operating Expenses - Administrative and other operating expenses decreased by RMB 227.9 million to RMB 963.0 million, primarily due to reduced R&D costs[67] - Financial costs decreased by RMB 60.6 million to RMB 336.6 million, driven by lower LPR interest rates[68] Capital Expenditures and Depreciation - Capital expenditures for the year amounted to RMB 253,819 thousand, with the non-engineering segment accounting for RMB 219,898 thousand and the construction engineering segment accounting for RMB 33,921 thousand[18] - Capital expenditure increased significantly to RMB 583.4 million, mainly for property, plant, equipment, and intangible assets[76] Trade Payables and Notes - Trade payables and notes payable aged within 1 year increased to RMB 7,626,761 thousand in 2023 from RMB 6,483,009 thousand in 2022, a 18% rise[41] - The company transferred bank-accepted notes with a book value of RMB 456,539 thousand in 2023, up from RMB 315,854 thousand in 2022, a 45% increase[40] - The company's long-term payables to related parties amounted to RMB 300,000 thousand with an annual interest rate of 9.7%[41]