1 截至2016年12月31日 止年度之业绩公告 2016年全年业绩摘要 收入为人民币21,017.2百万元，较截至 2015年12月31日止年度人民币24,056.3百 万元减少人民币3,039.1百万元或12.6%。 毛 利 为 人 民 币3,544.2百 万 元， 较 截 至 2015年12月31日止年度人民币3,726.8百 万元减少人民币182.6百万元或4.9%。 股东应占溢利为人民币2,106.5百万元， 较 截 至2015年12月31日 止 年 度 人 民 币 2,204.8百万元减少人民币98.3百万元或 4.5%。 每股基本盈利为人民币0.51元，较截至 2015年12月31日 止 年 度 人 民 币0.53元 减 少人民币0.02元或3.8%。 董 事 会 建 议 派 付2016年 末 期 股 息， 就 4,125,700,000股股份每股人民币0.2042元 （税前）（ 2015年：就4,125,700,000股股份 每股人民币0.1989元（税前）），合共人民 币842,467,940元（税 前）（ 2015年 总 计： 人民币820,601,730元（税前））。 RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 2016 ANNUAL RESULTS HIGHLIGHTS Revenue amounted to RMB21,017.2 million, representing a decrease of RMB3,039.1 million or 12.6% from RMB24,056.3 million for the year ended December 31, 2015. Gross profit amounted to RMB3,544.2 million, representing a decrease of RMB182.6 million or 4.9% from RMB3,726.8 million for the year ended December 31, 2015. Profit attributable to the Shareholders a m o u n t e d t o R M B 2 , 1 0 6 . 5 m i l l i o n , representing a decrease of RMB98.3 million or 4.5% from RMB2,204.8 million for the year ended December 31, 2015. Basic earnings per share amounted to RMB0.51, representing a decrease of RMB0.02 or 3.8% from RMB0.53 for the year ended December 31, 2015. The Board recommended to distribute a final dividend of RMB0.2042 (pre-tax) per Share for 4,125,700,000 Shares for 2016 (2015: RMB0.1989 (pre-tax) per Share for 4,125,700,000 Shares), representing a total amount of RMB842,467,940 (pre-tax) (2015 total: RMB820,601,730 (pre-tax)). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. * (a joint stock limited company incorporated in the People’s Republic of China with limited liability) （於中华人民共和国注册成立的股份有限公司） (Stock Code: 1829) （股份代号：1829） 香港交易及结算所有限公司及香港联合交易所有限 公司对本公告的内容概不负责，对其准确性或完整 性亦不发表任何声明，并明确表示，概不对因本公 告全部或任何部分内容而产生或因倚赖该等内容而 引致的任何损失承担任何责任。 2 董事会欣然宣布本集团截至2016年12月31日止 年度的以下经审计合并业绩，连同用於比较的 截至2015年12月31日止年度的比较数字。本公 司於2016年5月收购中成套的100%股权。本公 司与中成套在2016年整个期间内均处於国机的 同一控制下，且该控制不是暂时的。因此，该 收购被认为是同一控制下的业务合并。因此， 根据权益结合会计方法，本合并财务报表包含 自本合并财务报表的最早列报日（ 2015年1月1 日）的中成套的财务报表。本集团业绩乃基於 根据国际会计准则理事会颁布的国际财务报告 准则以及香港公司条例的披露要求编制的合并 财务报表而编制。 The Board is pleased to announce the following audited consolidated results of the Group for the year ended December 31, 2016, together with the comparative figures for the year ended December 31, 2015 for comparison. The Company acquired 100% equity interest in CNCEC in May 2016. The Company and CNCEC are under the common control of SINOMACH throughout 2016, and such control is not transitory. Thus, the acquisition is considered to be business combination under common control. Accordingly, these consolidated financial statements incorporated the financial statements of CNCEC from the earliest presented date (January 1, 2015) of the consolidated financial statements under merger accounting basis. The results of the Group were prepared based on the consolidated financial statements, which were prepared in accordance with IFRS issued by the International Accounting Standards Board and the disclosure requirements of the Hong Kong Companies Ordinance. 3 CONSOLIDATED STATEMENT OF PROFIT OR LOSS Year ended December 31, 2016 2016 2015 2016年 2015年 (Restated) （重述） Notes RMB’000 RMB’000 附注 人民币千元 人民币千元 REVENUE 收入 4 21,017,236 24,056,269 Cost of sales 销售成本 (17,473,045) (20,329,448) Gross profit 毛利 3,544,191 3,726,821 Other revenue 其他收入 4 29,062 14,941 Other expenses, net 其他开支净额 4 (14,170) (21,205) Selling and distribution expenses 销售及分销开支 (1,103,944) (1,148,373) Administrative expenses 行政开支 (725,366) (717,983) Other operating expenses 其他经营开支 (162,658) (67,763) PROFIT FROM OPERATIONS 经营溢利 1,567,115 1,786,438 Finance income 财务收入 1,248,682 1,263,534 Finance expenses 财务开支 (46,905) (51,877) Net finance income 财务收入净额 5(a) 1,201,777 1,211,657 Share of profits and losses of: 应占以下溢利及亏损： Joint ventures 合营公司 13,401 (1,031) Associates 联营公司 1,637 (196) PROFIT BEFORE TAX 除税前溢利 2,783,930 2,996,868 Income tax 所得税 6 (674,140) (787,908) PROFIT FOR THE YEAR 年内溢利 2,109,790 2,208,960 Attributable to: 归属於： Owners of the parent 母公司拥有人 2,106,521 2,204,777 Non-controlling interests 非控股权益 3,269 4,183 2,109,790 2,208,960 EARNINGS PER SHARE 每股盈利 ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 母公司普通权益持有人 应占每股盈利 Basic and diluted (RMB) 基本及摊薄（人民币） 51 cents（分） 53 cents（分） 合并损益表 截至2016年12月31日止年度 4 合并综合收益表 截至2016年12月31日止年度 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended December 31, 2016 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 PROFIT FOR THE YEAR 年内溢利 2,109,790 2,208,960 OTHER COMPREHENSIVE INCOME 其他综合收益 Other comprehensive income not to be reclassified into profit or loss in subsequent periods: 於後续期间不会重新 分类至损益的其他 综合收益： Remeasurement of defined benefit obligations 重新计量设定受益义务 9,990 (24,820) Other comprehensive income to be reclassified into profit or loss in subsequent periods: 於後续期间将重新分类 至损益的其他综合 收益： Changes in fair value of an available-for-sale investment 可供出售投资公允 价值变动 563 1,058 Exchange differences on translation of financial statements of overseas subsidiaries 换算海外附属公司 的财务报表产生 的汇兑差额 63,983 11,856 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 年内综合收益总额 2,184,326 2,197,054 Attributable to: 归属於： Owners of the parent 母公司拥有人 2,180,909 2,192,817 Non-controlling interests 非控股权益 3,417 4,237 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 年内综合收益总额 2,184,326 2,197,054 5 合并财务状况表 於2016年12月31日 CONSOLIDATED STATEMENT OF FINANCIAL POSITION December 31, 2016 December 31, December 31, 2016 2015 2016年 12月31日 2015年 12月31日 (Restated) （重述） Notes RMB’000 RMB’000 附注 人民币千元 人民币千元 NON-CURRENT ASSETS 非流动资产 Property, plant and equipment 物业、厂房及设备 1,605,717 1,119,807 Investment properties 投资物业 20,988 22,035 Prepaid land lease payments 预付土地租赁款项 1,797,297 1,792,357 Intangible assets 无形资产 9,587 9,498 Investments in joint ventures 对合营公司的投资 297,916 210,014 Investments in associates 对联营公司的投资 265,836 53,765 Trade and other receivables 贸易及其他应收款项 10 553,937 72,676 Amounts due from contract customers 应收合同客户款项 2,547,471 2,660,045 Deferred tax assets 递延税项资产 411,536 358,698 Other non-current assets 其他非流动资产 593,076 555,807 Total non-current assets 非流动资产总额 8,103,361 6,854,702 CURRENT ASSETS 流动资产 Inventories 存货 495,736 448,504 Trade and other receivables 贸易及其他应收款项 10 8,121,101 8,067,472 Amounts due from contract customers 应收合同客户款项 4,693,622 2,947,620 Restricted deposits 受限制存款 554,588 566,265 Time deposits with original maturity over three months 原始到期日超过 三个月的定期存款 5,942,003 4,035,091 Cash and cash equivalents 现金及现金等价物 19,541,868 21,032,899 Total current assets 流动资产总额 39,348,918 37,097,851 CURRENT LIABILITIES 流动负债 Borrowings 借贷 576,695 543,155 Receipts in advance 预收款项 12,473,750 10,189,331 Trade and other payables 贸易及其他应付款项 11 17,541,253 17,191,277 Defined benefit obligations 设定受益义务 26,850 34,374 Tax payable 应缴税项 501,728 565,687 Total current liabilities 流动负债总额 31,120,276 28,523,824 NET CURRENT ASSETS 流动资产净额 8,228,642 8,574,027 TOTAL ASSETS LESS CURRENT LIABILITIES 资产总额减流动负债 16,332,003 15,428,729 续/... 6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) December 31, 2015 December 31, December 31, 2016 2015 2016年 12月31日 2015年 12月31日 (Restated) （重述） Notes RMB’000 RMB’000 附注 人民币千元 人民币千元 TOTAL ASSETS LESS CURRENT LIABILITIES 资产总额减流动负债 16,332,003 15,428,729 NON-CURRENT LIABILITIES 非流动负债 Borrowings 借贷 469,728 397,078 Trade and other payables 贸易及其他应付款项 11 81,206 73,959 Defined benefit obligations 设定受益义务 359,323 384,812 Deferred tax liabilities 递延税项负债 46,193 26,439 Total non-current liabilities 非流动负债总额 956,450 882,288 Net assets 净资产 15,375,553 14,546,441 EQUITY 权益 Issued capital 股本 12 4,125,700 4,125,700 Reserves 储备 11,202,815 10,375,186 Total equity attributable to owners of the parent 母公司拥有人应占 权益总额 15,328,515 14,500,886 Non-controlling interests 非控股权益 47,038 45,555 Total equity 权益总额 15,375,553 14,546,441 合并财务状况表（续） 於2015年12月31日 7 财务报表附注 於2016年12月31日 1. 合规声明 该等财务报表乃根据国际财务报告准则 （「国际财务报告准则」）编制。国际财 务报告准则包括经国际会计准则理事会 （「国际会计准则理事会」）批准的全部准 则及诠释。该等财务报表亦符合香港联 合交易所有限公司证券上市规则中适用 的披露规定。本集团已在编制截至2016 年12月31日止年度的财务报表时采纳所 有在自2016年1月1日开始的会计期间首 次生效的有关新订及经修订国际财务报 告准则。本集团概无在当前或过往会计 期间提早采纳於2016年1月1日开始的会 计期间内尚未生效的任何新订及经修订 国际财务报告准则。 NOTES TO FINANCIAL STATEMENTS December 31, 2016 1. STATEMENT OF COMPLIANCE These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”), which comprise all standards and interpretations approved by the International Accounting Standards Board (the“IASB”). These financial statements also comply with the applicable disclosure provision of the Rules Governing the Listing of Securities on the Main Board of the Stock Exchange of Hong Kong Limited (“HKSE”). The Group has adopted all those new and revised IFRSs that are first effective for the accounting period beginning January 1, 2016 in preparing the financial statements for the year ended December 31, 2016. The Group has not early adopted any new and revised IFRSs that are not yet effective for the accounting period beginning January 1, 2016 in the current or previous accounting periods. 8 2. BASIS OF PREPARATION These financial statements have been prepared under the historical cost convention, except f o r d e r iva t ive fi n a n c i a l i n s t r u m e n t s a n d available-for-sale investments which have been measured at fair value. These financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand except when otherwise indicated. 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the following new and revised IFRSs for the first time for the current year’s financial statements: Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation Exception Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations IFRS 14 Regulatory Deferral Accounts Amendments to IAS 1 Disclosure Initiative Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants Amendments to IAS 27 Equity Method in Separate Financial Statements Annual Improvements 2012-2014 Cycle Amendments to a number of IFRSs Except for the amendments to IFRS 10, IFRS 12 and IAS 28, amendments to IFRS 11, IFRS 14, amendments to IAS 16 and IAS 41, amendments to IAS 27 (2011), and certain amendments included in the Annual Improvements 2012-2014 Cycle, which are not relevant to the preparation of the Group’s financial statements, the nature and the impact of the amendments are described below: 2. 编制基准 该等财务报表乃按历史成本惯例编制， 惟按公允价值计量的衍生金融工具及可 供出售投资除外。该等财务报表乃以人 民币（「人民币」）呈列，而除另有指明 外，所有数值均调整至最接近的千位数。 3. 会计政策变更及披露 本集团於本年度首次采纳下列新订及经修订 国际财务报告准则： 国际财务报告准则第 10号、国际财务报 告准则第12号及国 际会计准则第28号 的修订本 投资实体：应用综合 例外情况 国际财务报告准则第 11号的修订本 收购共同经营权益的 会计法 国际财务报告准则第 14号 监管递延账目 国际会计准则第1号的 修订本 披露计划 国际会计准则第16号 及国际会计准则第 38号的修订本 澄清可接纳的折旧及 摊销法 国际会计准则第16号 及国际会计准则第 41号的修订本 农业：生产性植物 国际会计准则第27号 的修订本 独立财务报表的 权益法 20 12年至2014年周期 的年度改进 多项国际财务报告 准则的修订本 除国际财务报告准则第10号、国际财务报告 准则第12号及国际会计准则第28号的修订 本、国际财务报告准则第11号的修订本、国 际财务报告准则第14号、国际会计准则第16 号及国际会计准则第41号的修订本、国际会 计准则第27号的修订本（ 2011）以及2012年 至2014年周期的年度改进所包含与编制本集 团的财务报表无关的若干修订本外，各修订 本的性质及影响如下： 9 (a) Amendments to IAS 1 include narrow-focus improvements in respect of the presentation and disclosure in financial statements. The amendments clarify: (i) the materiality requirements in IAS 1; (ii) that specific line items in profit or loss and the statement of financial position may be disaggregated; (iii) that entities have flexibility as to the order in which they present the notes to financial statements; and (iv) that the share of other comprehensive income of associates and joint ventures accounted for using the equity method must be presented in aggregate as a single line item, and classified between those items that will or will not be subsequently reclassified to profit or loss. Furthermore, the amendments clarify the requirements that apply when additional subtotals are presented in the statement of financial position and profit or loss. The amendments have had no significant impact on the Group’s financial statements. (b) Amendments to IAS 16 and IAS 38 clarify the principle in IAS 16 and IAS 38 that revenue reflects a pattern of economic benefits that are generated from operating a business (of which the asset is part) rather than the economic benefits that are consumed through the use of the asset. As a result, a revenue-based method cannot be used to depreciate property, plant and equipment and may only be used in very limited circumstances to amortise intangible assets. The amendments are applied prospectively. The amendments have had no impact on the financial position or performance of the Group as the Group has not used a revenue-based method for the calculation of depreciation of its non-current assets. (a) 国际会计准则第1号的修订本载有针对 财务报表的呈列方式及披露范围的改 进。该等修订本厘清： (i) 国际会计准则第1号内的重要性 规定； (ii) 损益表及财务状况表内特定项目 可以细分； (iii) 实体可灵活处理呈列财务报表附 注的先後次序；及 (iv) 使用权益法入账的应占联营公司 及合营企业的其他全面收入必须 作为单项项目合计呈列，并且分 类为将会或不会於往後重新分类 至损益的项目。 该等修订本厘清适用於在财务状况表 及 损 益 表 内 呈 列 额 外 小 计 项 目 的 规 定。该等修订本对本集团的财务报表 并无重大影响。 (b) 国际会计准则第16号及国际会计准则 第38号的修订本厘清国际会计准则第 16号及国际会计准则第38号的原则， 即收益反映经营业务（其中资产是一部 分）所产生的经济利益模式，而不是透 过使用资产所耗费的经济利益模式。 因此，收益法不能用於折旧物业、厂 房及设备，而仅可在非常有限的情况 下用以摊销无形资产。该等修订本对 未来适用。由於本集团并无使用收益 法计算其非流动资产的折旧，故该等 修订本对本集团的财务状况或表现并 无任何影响。 10 (c) Annual Improvements to IFRSs 2012-2014 Cycle issued in September 2014 sets out amendments to a number of IFRSs. Details of the amendments are as follows: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations: Clarifies that changes to a plan of sale or a plan of distribution to owners should not be considered to be a new plan of disposal, rather it is a continuation of the original plan. Accordingly, there is no change in the application of the requirements in IFRS 5. The amendments also clarify that changing the disposal method does not change the date of classification of the non-current assets or disposal group held for sale. The amendments are applied prospectively. The amendments have had no impact on the Group as the Group did not have any change in the plan of sale or disposal method in respect of the disposal group held for sale during the year. (c) 於2014年9月颁布的2012年至2014年周 期的国际财务报告准则年度改进载有 多项国际财务报告准则的修订本。该 等修订本的详情如下： 国际财务报告准则第5号持作出售的非 流动资产及已终止经营业务：厘清出 售计划或向拥有人进行分派的计划有 所转变不应被视为新出售计划，而是 对於原有计划的延续。因此，应用国 际财务报告准则第5号的规定并无改 变。该等修订本亦厘清，更改出售方 法不会改变持作出售的非流动资产或 出售组别的分类日期。该等修订本对 未来适用。由於本集团於本年度并无 改变涉及持作出售的出售组别的出售 计划或出售方法，故该等修订本对本 集团并无影响。 11 4. REVENUE, OTHER INCOME AND GAINS Revenue principally represents an appropriate proportion of contract revenue of construction contracts; the net invoiced value of goods sold, after allowances for returns and trade discounts; the value of services rendered; and gross rental income received and receivable from investment properties during the year. An analysis of revenue, other revenue and other expenses, net is as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Revenue 收入 Construction contracts 建造合同 12,385,082 13,973,541 Trading business 贸易业务 7,308,786 8,608,267 Services business 服务业务 1,323,368 1,474,461 21,017,236 24,056,269 Other revenue 其他收入 Dividend income from unquoted equity securities 非上市股本证券股息收入 10,969 9,396 Government grants 政府补贴 18,093 5,545 29,062 14,941 Other expenses, net 其他开支净额 Net gains/(losses) on disposal of items of property, plant and equipment 处置物业、厂房及设备 收益�u（亏损）净额 (3,803) 6,124 Net losses on foreign currency forward exchange contracts and interest rate swaps 远期外汇合同及利率掉期 的亏损净额 (69,943) (48,335) Others 其他 59,576 21,006 (14,170) (21,205) 4. 收入、其他收入及收益 收入主要指年内建造合同应占合同收 入、扣除退货及贸易折扣的已售货品发 票净值、所提供服务价值以及已收及应 收投资物业的租金收入总额。 本集团的收入、其他收入及其他开支净 额分析如下： 12 5. PROFIT BEFORE TAX The Group’s profit before tax is arrived at after charging/(crediting): (a) Finance income and finance expenses 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Finance income on receivables from customers 应收客户款项的 财务收入 141,492 169,885 Foreign exchange gains 汇兑收益 721,844 613,486 Interest income 利息收入 385,346 480,163 Finance income 财务收入 1,248,682 1,263,534 Interest cost recognised in respect of defined benefit obligations 就设定受益义务确认 的利息成本 12,170 14,900 Interest expenses on borrowings 借贷利息开支 24,257 25,977 Bank charges and others 银行费用及其他 10,478 11,000 Finance expenses 财务开支 46,905 51,877 Net finance income recognised in profit or loss 於损益确认的财务 收入净额 1,201,777 1,211,657 (b) Staff costs 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Salaries, wages and other benefits 薪金、工资及其他福利 1,399,330 1,546,788 Contributions to defined contribution retirement plans 设定供款退休计划 的供款 134,426 124,751 (Income)/expenses recognised in respect of defined benefit retirement plans 就设定受益退休计划 确认的（收益）�u 开支 (5,890) 430 1,527,866 1,671,969 5. 除税前溢利 本集团之除税前溢利已扣除�u（计入）： (a) 财务收入及财务开支 (b) 员工成本 13 (c) Other items 2016 2015 2016年 2015年 (Restated) （重述） Note RMB’000 RMB’000 附注 人民币千元 人民币千元 Amortisation 摊销 �C Prepaid land lease payments －预付土地租赁款项 46,523 45,949 �C Intangible assets －无形资产 5,667 5,294 �C Long-term assets －长期资产 7,617 2,256 59,807 53,499 Depreciation 折旧 �C Property, plant and equipment －物业、厂房及设备 76,804 50,253 �C Investment properties －投资物业 2,516 1,427 79,320 51,680 Impairment losses on 减值亏损 �C Trade and other receivables －贸易及其他应收 款项 10 159,573 24,990 �C Inventories －存货 �C 4,040 �C Amounts due from contract customers －应收合同客户款项 2,485 37,242 162,058 66,272 Operating lease charges 经营租赁费用 �C Lease of properties －租赁物业 30,138 31,969 �C Lease of other assets －租赁其他资产 9 46 30,147 32,015 Rental income from investment properties 来自投资物业的租赁 收入 �C Gross rental －毛租金 14,809 18,866 �C Direct outgoings －直接支出 (2,261) (2,750) �C Net rental －净租金 12,548 16,116 Cost of construction contracts 建造合同成本 9,573,656 11,404,563 Cost of goods sold 商品销售成本 6,955,770 7,963,429 Cost of services provided 所提供服务的成本 943,619 961,456 17,473,045 20,329,448 (c) 其他项目 14 6. INCOME TAX Pursuant to the relevant laws and regulations in the PRC, the statutory enterprise income tax rate of 25% is applied to the Group for the years ended December 31, 2016 and 2015, except for two subsidiaries of the Group which were entitled to the preferential tax rate of 15% (2015: 15%) because they are recognised as high and new technology enterprises by the local governments in the PRC. Hong Kong profits tax has been provided at the rate of 16.5% (2015: 16.5%) on the estimated assessable profits arising in Hong Kong during the year. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries (or jurisdictions) in which the Group operates. 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Current income tax �C Mainland China 即期所得税－中国大陆 693,689 860,742 Current income tax �C Hong Kong 即期所得税－香港 10,756 2,709 Current income tax �C Others 即期所得税－其他 2,982 7,579 Deferred income tax 递延所得税 (33,287) (83,122) Total tax charge for the year 年度税项支出总额 674,140 787,908 6. 所得税 根据中国相关法律及法规，本集团於截 至2016年及2015年12月31日止年度适用 的法定企业所得税税率为25%，惟本集 团的两家附属公司因被中国当地政府认 定为高新技术企业而有权享有15%（ 2015 年：15%）的优惠税率。 香港利得税乃就年内在香港产生的估计 应课税溢利按16.5%（ 2015年：16.5%）的 税率提拨。於其他地区的应课税利润乃 按本集团营运所在的国家（或司法权区） 的适用税率计算税项。 15 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 are as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Profit before tax 除税前溢利 2,783,930 2,996,868 Tax at the statutory tax rate 按法定税率计算的税项 695,983 749,217 Lower tax rate(s) for specific provinces or enacted by local authority 特定省份或地方当局制定 的较低税率 (10,696) (8,889) Share of losses/(profits) of joint ventures and associates not subject to tax 毋需课税的应占合营公司 及联营公司 亏损�u（溢利） (3,760) 306 Income not subject to tax 毋需课税的收入 (12,311) �C Adjustments in respect of current tax of previous periods 就过往期间即期所得税 作出的调整 (5,594) 21,257 Expenses not deductible for tax 不可扣税开支 15,137 20,378 Tax losses utilised from previous periods 使用过往期间的税项亏损 (3,204) �C Others 其他 (1,415) 5,639 Tax charge at the Group’s effective rate 按本集团实际税率计算的 税项支出 674,140 787,908 The share of tax attributable to associates and joint ventures amounting to RMB410,000 (2015: RMB49,000) and RMB3,350,000 (2015: RMB257,000), respectively, is included in “Share of profits and losses of joint ventures and associates” in the consolidated statement of profit or loss. 按本公司及其大多数附属公司所注册国 家（或司法权区）的法定税率计算之除税 前溢利适用之税项开支与按实际税率计 算之税项开支的对账如下： 应占联营公司及合营公司税项分别为人 民 币410,000元（ 2015年： 人 民 币49,000 元）及人民币3,350,000元（ 2015年：人民 币257,000元），已计入合并损益表「应占 合营公司及联营公司溢利及亏损」内。 16 7. DIVIDENDS 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Proposed final dividend of RMB0.2042 (2015: RMB0.1989) per ordinary share 拟派末期股息每股普通股 人民币0.2042元（ 2015年： 人民币0.1989元） 842,468 820,602 The proposed final dividend for the year is subject to the approval of the Company’s shareholders at the forthcoming annual general meeting. Pursuant to the State Administration of Taxation Circular Guoshuihan [2008] No. 897, the Company is required to withhold a 10% enterprise income tax when it distributes dividends to its non-resident enterprise shareholders out of the profit earned in 2008 and beyond. In respect of all shareholders whose names appear on the Company’s register of members who are not individuals, which are considered as non-resident enterprise shareholders, the Company will distribute the dividend after deducting enterprise income tax at the rate of 10%. Due to the repeal of Guoshuifa [1993] No. 45 Circular on the Questions Concerning Tax on the Profits Earned by Enterprises with Foreign Investment, Foreign Enterprises and Individual Foreigners from the Transfer of Stocks (Stock Rights) and on Dividend Income (关於外商投资企 业、外国企业和外籍个人取得股票 (股权) 转让收 益和股息所得税收问题的通知 (国税发[1993]45 号)), the Company is required from 4 January 2011 under the Individual Income Tax Law of the PRC (中华人民共和国个人所得税法) and its implementation rules and regulations to withhold and pay individual income tax at rates ranging from 10% to 20% when it distributes dividends to its non-PRC resident individual shareholders out of the profit earned in 2010 and beyond. 7. 股息 拟派的本年度末期股息须获本公司股东 於应届股东周年大会上批准。 按照国家税务总局颁布的通知（国税函 [2008]第897号），本公司自2008年及以後 的所得利润向非居民企业股东派发股息 时，需要代扣10%的企业所得税。对於名 列本公司股东名册的所有非个人股东（即 被视为非居民企业的股东），本公司将在 扣除10%的所得税後派发股息。 由於关於外商投资企业、外国企业和外 籍个人取得股票（股权）转让收益和股息 所得税收问题的通知（国税发[1993]第45 号）已经废止，自2011年1月4日起本公司 应根据《中华人民共和国个人所得税法》 及其实施条例的规定，自2010年及以後 所得利润向非中国居民个人股东派发股 息时，须代扣代缴10%至20%的个人所得 税。 17 8. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic earnings per share amount is based on the profit for the year attributable to ordinary equity holders of the parent, and the weighted average number of 4,125,700,000 (2015: 4,125,700,000) ordinary shares. The calculation of basic earnings per share is based on: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Earnings 盈利 Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation 计算每股基本盈利所用的 归属於母公司普通权益 持有人的溢利 2,106,521 2,204,777 Number of shares 股份数目 2016 2015 2016年 2015年 (Restated) （重述） Thousand shares Thousand shares 千股 千股 Shares 股份 Weighted average number of ordinary shares in issue during the year used in the basic earnings per share calculation 计算每股基本盈利所用的 年内已发行普通股的 加权平均数 4,125,700 4,125,700 The Group had no potentially dilutive ordinary shares in issue during the years ended December 31, 2016 and 2015. 8. 归属於母公司普通权益持有人的每股 盈利 每股基本盈利乃按年内归属於母公司普通 权益持有人的溢利及普通股的加权平均数 4,125,700,000股（ 2015年：4,125,700,000 股）计算。 每股基本盈利的计算如下： 截 至2016年 及2015年12月31日 止 年 度， 本集团并无潜在摊薄已发行普通股。 18 9. OPERATING SEGMENT INFORMATION For management purposes, the Group is organised into business units based on their products and services and has three reportable operating segments as follows: (a) Construction contracts: this segment mainly undertakes engineering, procurement and construction (“EPC”) contracting business of overseas infrastructure-related construction projects (including hydropower, thermal power or other engineering projects) in various countries. (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. (c) Services Business: this segment mainly engages in providing export-import agency services, exhibition services, design consulting services, tendering agency services and logistics services. Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/ loss, which is a measure of adjusted profit/loss before tax. The adjusted profit/loss before tax is measured consistently with the Group’s profit before tax except that share of profits less losses of an associate and joint ventures, interest income from bank deposits, finance costs related to defined benefit plans, dividend income, fair value gains/ losses from the Group’s financial instruments as well as head office and corporate income/expenses are excluded from such measurement. Segment assets exclude investments in an associate and joint ventures, prepaid land lease payments, intangible assets, deferred tax assets, time deposits, cash and cash equivalents, equity investments at fair value through profit or loss, derivative financial instruments and other unallocated head office and corporate assets as these assets are managed on a group basis. 9. 经营分部资料 就管理目的而言，本集团已按产品及服 务划分业务单位，三个可报告之经营分 部如下： (a) 建造合同：本分部主要在各国从事 海外基础设施相关的施工项目（包 括水电、火电或其他工程项目）的 设计、采购及施工（「 EPC」）承包业 务。 (b) 贸易业务：本分部主要从事为国内 外客户进口及�u或出口各种机械、 电力及工具产品。 (c) 服务业务：本分部主要从事提供进 出口代理服务、展览服务、设计谘 询服务、招标代理服务及物流服务。 管理层单独监察本集团经营分部的业 绩，以就资源配置及表现评估作出决 策。分部表现乃根据可报告之分部溢 利�u亏损评估，此乃经调整除税前溢 利�u亏损之计量指标。经调整除税前溢 利�u亏损乃贯彻以本集团除税前溢利计 量，惟应占联营公司及合营公司之溢利 减亏损、银行存款之利息收入、与设定 受益计划有关之财务成本、股息收入、 本集团金融工具之公允价值收益�u亏损 以及总部及企业收入�u开支不计入该计 量内。 分部资产不包括於联营公司及合营公司 之 投 资、 预 付 土 地 租 赁 款 项、 无 形 资 产、递延税项资产、定期存款、现金及 现金等价物、按公允价值计入损益账的 股本投资、衍生金融工具及其他未分配 总部及企业资产，此乃由於该等资产以 集团形式管理。 19 Segment liabilities exclude defined benefit obligations, tax payable, deferred tax liabilities and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis. Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices. (a) Segment revenue, results, assets and liabilities Year ended December 31, 2016 Construction contracts Trading business Services business Total 截至2016年12月31日止年度 建造合同 贸易业务 服务业务 合计 RMB’000 RMB’000 RMB’000 RMB’000 人民币千元 人民币千元 人民币千元 人民币千元 Segment revenue: 分部收入： Sales to external customers 销售予外部客户 12,385,082 7,308,786 1,323,368 21,017,236 Intersegment sales 分部间销售 77,302 79,433 648,717 805,452 Reportable segment revenue 可报告分部收入 12,462,384 7,388,219 1,972,085 21,822,688 Reportable segment profit 可报告分部溢利 1,834,015 47,239 181,239 2,062,493 Finance income on receivables from customers 应收客户款项的财务收入 109,406 32,086 �C 141,492 Finance costs 财务成本 161 13,011 11,085 24,257 Depreciation and amortisation 折旧及摊销 4,377 2,525 3,563 10,465 Provision of impairment losses 减值亏损拨备 �C Trade and other receivables －贸易及其他应收款项 110,166 26,868 22,539 159,573 �C Amounts due from contract customers －应收合同客户 款项 2,485 �C �C 2,485 Reportable segment assets 可报告分部资产 14,523,170 4,190,692 1,499,928 20,213,790 Reportable segment liabilities 可报告分部负债 24,277,521 6,014,039 5,118,037 35,409,597 Capital expenditure for the year is unallocated to segments as such expenditure is managed on a group basis. 分部负债不包括设定受益义务、应付税 项、递延税项负债及其他未分配总部及 企业负债，此乃由於该等负债以集团形 式管理。 各分部间的销售及转拨乃参考向第三方 销售所采用之售价，按当时市价进行交 易。 (a) 分部收入、业绩、资产及负债 年内资本开支未摊分予各分部，乃由於 有关开支按集团为基础管理。 20 Year ended December 31, 2015 (Restated) Construction contracts Trading business Services business Total 截至2015年12月31日止年度（重述） 建造合同 贸易业务 服务业务 合计 RMB’000 RMB’000 RMB’000 RMB’000 人民币千元 人民币千元 人民币千元 人民币千元 Segment revenue: 分部收入： Sales to external customers 销售予外部客户 13,973,541 8,608,267 1,474,461 24,056,269 Intersegment sales 分部间销售 �C 157,677 714,224 871,901 Reportable segment revenue 可报告分部收入 13,973,541 8,765,944 2,188,685 24,928,170 Reportable segment profit 可报告分部溢利 1,805,473 324,827 272,101 2,402,401 Finance income on receivables from customers 应收客户款项的财务收入 160,535 9,350 �C 169,885 Finance costs 财务成本 665 10,014 15,298 25,977 Depreciation and amortisation 折旧及摊销 1,346 698 1,887 3,931 Provision/(reversal of provision) of impairment losses 减值亏损拨备�u （拨备拨回） �C Trade and other receivables －贸易及其他应收款项 (17,373) 29,037 13,326 24,990 �C Amounts due from contract customers －应收合同客户款项 37,329 (87) �C 37,242 �C Inventories －存货 4,040 �C �C 4,040 Reportable segment assets 可报告分部资产 13,143,699 3,777,228 1,020,513 17,941,440 Reportable segment liabilities 可报告分部负债 23,036,322 4,970,524 4,209,110 32,215,956 21 (b) Reconciliation of reportable segment revenue, profit/loss, assets and liabilities 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Revenue: 收入： Reportable segment revenue 可报告分部收入 21,822,688 24,928,170 Elimination of intersegment revenue 分部间收入抵销 (805,452) (871,901) 21,017,236 24,056,269 Profit: 溢利： Reportable segment profit 可报告分部溢利 2,062,493 2,402,401 Share of profits and losses of joint ventures 应占合营公司溢利及亏损 13,401 (1,031) Share of profits and losses of associates 应占联营公司溢利及亏损 1,637 (196) Dividend income 股息收入 10,969 9,396 Other income, net 其他收入净额 14,290 11,670 Other operating expenses 其他经营开支 (600) (1,492) Interest income from bank deposits 来自银行存款的利息收入 385,346 480,163 Interest cost recognised in respect of defined benefit retirement plans 就设定受益退休计划确认 的利息成本 (12,170) (14,900) Unallocated foreign exchange gains, net 未分配的汇兑收益净额 437,226 212,105 Depreciation and amortisation 折旧及摊销 (128,662) (101,248) Profit before tax 除税前溢利 2,783,930 2,996,868 (b) 可报告分部收入、溢利�u亏损、资 产及负债的对账 22 (b) Reconciliation of reportable segment revenue, profit/loss, assets and liabilities (continued) 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Assets: 资产： Reportable segment assets 可报告分部资产 20,213,790 17,941,440 Elimination of intersegment receivables 分部间应收款项抵销 (4,371,002) (3,821,156) 15,842,788 14,120,284 Restricted deposits 受限制存款 554,588 566,265 Time deposits with original maturity over three months 原始到期日超过三个月 的定期存款 5,942,003 4,035,091 Cash and cash equivalents 现金及现金等价物 19,541,868 21,032,899 Property, plant and equipment 物业、厂房及设备 1,605,717 1,119,807 Prepaid land lease payments 预付土地租赁款项 1,797,297 1,792,357 Intangible assets 无形资产 9,587 9,498 Investments in joint ventures 对合营公司的投资 297,916 210,014 Investments in associates 对联营公司的投资 265,836 53,765 Deferred tax assets 递延税项资产 411,536 358,698 Other non-current assets 其他非流动资产 593,076 555,807 Other unallocated assets 其他未分配资产 590,067 98,068 47,452,279 43,952,553 Liabilities: 负债： Reportable segment liabilities 可报告分部负债 35,409,597 32,215,956 Elimination of intersegment payables 分部间应付款项抵销 (4,266,965) (3,821,156) 31,142,632 28,394,800 Defined benefit obligations 设定受益义务 386,173 419,186 Tax payable 应付税项 501,728 565,687 Deferred tax liabilities 递延税项负债 46,193 26,439 32,076,726 29,406,112 (b) 可报告分部收入、溢利�u亏损、资 产及负债的对账（续） 23 (c) Geographical information 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 Revenue from external customers 来自外部客户的收入 人民币千元 人民币千元 Mainland China 中国大陆 7,699,881 7,943,908 The Republic of Angola 安哥拉共和国 2,010,419 1,064,735 Pakistan 巴基斯坦 1,940,818 809,236 Argentina 阿根廷 1,113,519 3,075,409 Venezuela 委内瑞拉 892,534 2,431,675 Lao People’s Democratic Republic 老挝人民民主共和国 867,113 721,752 Serbia 塞尔维亚 772,356 397,950 Hong Kong 香港 687,203 203,093 United States 美国 543,302 729,445 Maldives 马尔代夫 525,150 264,018 Others 其他 3,964,941 6,415,048 21,017,236 24,056,269 The revenue information above is based on the locations of the customers. 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 Non-current assets 非流动资产 人民币千元 人民币千元 Mainland China 中国大陆 3,624,257 3,008,838 Others 其他 363,269 7,535 3,987,526 3,016,373 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. (d) Information about major customers No revenue was generated from sales by the construction contracts segment to a single customer which amounted to more than 10% of the Group’s revenue for the year ended December 31, 2016 (2015: RMB3,053,293,000). (c) 地理区域资料 以上收入资料乃按客户地域划分。 以上非流动资产资料乃按资产所在地域 划分，不包括对合营公司及联营公司的 投资、金融工具及递延税项资产。 (d) 有关主要客户的资料 截至2016年12月31日止年度，建造 合 同 对 单 一 客 户 所 产 生 的 收 入 占 本 集 团 收 入10%以 上 的 金 额 为 人 民 币 零 元（ 2015年： 人 民 币 3,053,293,000元）。 24 10. TRADE AND OTHER RECEIVABLES 2016 2015 2016年 2015年 (Restated) （重述） Notes RMB’000 RMB’000 附注 人民币千元 人民币千元 Bills receivables 应收票据 68,184 251,541 Trade receivables 贸易应收款项 5,619,071 4,613,603 Less: Allowance for doubtful debts 减：呆账拨备 (b) (840,205) (647,777) Trade and bills receivables 贸易应收款项及应收票据 (a) 4,847,050 4,217,367 Advances to suppliers 供应商预付款项 2,024,858 1,755,077 Other receivables 其他应收款项 1,873,834 2,236,431 Less: Allowance for doubtful debts 减：呆账拨备 (b) (70,704) (68,727) 1,803,130 2,167,704 Portion classified as non-current assets 分类为非流动资产的部分 (553,937) (72,676) Current portion 流动部分 (e) 8,121,101 8,067,472 (a) Ageing analysis An ageing analysis of the trade and bills receivables as at the end of the reporting period, based on the invoice date and net of provisions, is as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Within 3 months 3个月以内 2,819,832 2,699,262 3 months to 6 months 3个月至6个月 199,330 531,141 6 months to 1 year 6个月至1年 610,301 326,929 Over 1 year 1年以上 1,217,587 660,035 4,847,050 4,217,367 10. 贸易及其他应收款项 (a) 账龄分析 根据发票日期，於报告期末的贸易 应收款项及应收票据经扣除拨备的 账龄分析如下： 25 (a) Ageing analysis (Continued) There are no unified standard credit terms granted to customers of the construction bu s i n e s s a n d t r a d i n g bu s i n e s s . T h e credit terms granted to customers of the construction 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 receivables are generally due within 180 days from the date of issuance. (b) Impairment of trade and other receivables The movements in provision for impairment of trade receivables and other receivables are as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 At January 1 於1月1日 716,504 631,845 Impairment losses recognised 已确认的减值亏损 220,577 75,875 Transfer in from amounts due from contract customers 转拨自应收合同客户款项 38,069 62,080 Impairment losses reversed 已拨回的减值亏损 (61,004) (50,885) Amount written off as uncollectible 撇销不可收回的金额 (3,237) (2,411) 910,909 716,504 Included in the above provision for impairment of trade receivables is a provision for individually impaired trade receivables of RMB693,457,000 (December 31, 2015: RMB520,187,000) with an aggregate carrying amount before provision of RMB1,613,328,000 (December 31, 2015: RMB1,210,400,000). (a) 账龄分析（续） 建造业务及贸易业务的客户并无获 授统一标准信贷期。授予建造业务 客户的信贷期乃按个别情况逐次独 立协定，并载列於有关合同内。授 予贸易业务客户的信贷期一般约为 三至六个月。应收票据一般於发行 日期起计180日内到期。 (b) 贸易及其他应收款项减值 贸易应收款项及其他应收款项减值 拨备的变动如下： 计入上述贸易应收款项的减值拨 备 中 单 独 认 定 的 贸 易 应 收 收 款 项 减 值 拨 备 人 民 币693,457,000元 （ 2015年12月31日：人民币520,187,000 元），其拨备前的账面总值为人民 币1,613,328,000元（ 2015年12月31 日：人民币1,210,400,000元）。 26 (b) Impairment of trade and other receivables (Continued) Included in the above provision for impairment of other receivables is a provision for individually impaired other receivables of RMB62,005,000 (December 3 1 , 2 0 1 5 : R M B 6 1 , 3 1 5 , 0 0 0 ) w i t h a n aggregate carrying amount before provision of RMB1,022,095,000 (December 31, 2015: RMB1,886,758,000). The individually impaired trade and other receivables relate to customers that were in financial difficulties or were in default in interest and/or principal payments and only a portion of the receivables is expected to be recovered. (c) Trade and bills receivables that are not impaired The ageing analysis of the trade and bills receivables that are not individually nor collectively considered to be impaired is as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Neither past due nor impaired 既未逾期亦未减值 1,507,269 2,067,395 Less than 3 months past due 逾期3个月以内 79,081 111,401 3 months to 6 months past due 逾期3个月至6个月 50,238 42,192 6 months to 1 year past due 逾期6个月至1年 150,714 118,378 More than 1 year past due 逾期1年以上 271,541 128,452 2,058,843 2,467,818 Receivables that were neither past due nor impaired relate to a large number of diversified customers for whom there was no recent history of default. Receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the Group. Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. (b) 贸易及其他应收款项减值（续） 计 入 上 述 其 他 应 收 款 项 的 减 值 拨 备 中 单 独 认 定 的 其 他 应 收 款 项 减 值 拨 备 人 民 币62,005,000元 （ 2015年12月31日：人民币61,315,000 元），其拨备前的账面总值总为人民 币1,022,095,000元（ 2015年12月31 日：人民币元1,886,758,000元）。 单独认定的贸易及其他应收款减值 项涉及存在财务困难或拖欠利息 及�u或本金付款的客户，且预期仅 可收回部分应收款。 (c) 未减值的贸易应收款项及应收票据 既未单独亦未共同视为减值的贸易 应收款项及应收票据的账龄分析如 下： 既未逾期亦未减值的应收款项与近 期并无拖欠记录的多名分散的客户 有关。 逾期但并未减值的应收款项与多名 独立客户有关，彼等与本集团具有 良好的往绩记录。根据过往经验， 由於信贷品质并无重大变化且该等 结余仍被视为可悉数收回，故管理 层相信毋须就该等结余作减值拨备。 27 (d) The amounts due from related parties of the Group included in the trade and other receivables are analysed as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 SINOMACH 国机 10,155 9,833 Fellow subsidiaries 同系附属公司 55,461 43,324 These balances are unsecured, non-interestbearing and repayable on credit terms similar to those offered to the major customers of the Group. (e) As at December 31, 2016 and December 31, 2015, none of the Group’s borrowings were secured by the Group’s trade receivables. 11. TRADE AND OTHER PAYABLES 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Bills payable 应付票据 115,623 198,639 Trade payables 贸易应付款项 13,012,654 12,708,648 13,128,277 12,907,287 Accrued salaries, wages and benefits 应计薪金、工资及福利 1,022,817 907,850 Other taxes payable 其他应缴税项 80,356 85,346 Other payables 其他应付款项 3,180,134 3,246,816 Derivative financial instruments 衍生金融工具 120,151 24,230 Dividends payable 应付股息 3,782 10,144 Interest payable 应付利息 5,736 9,604 Others 其他 81,206 73,959 17,622,459 17,265,236 Less: Portion classified as current liabilities 减：分类为流动负债的部分 (17,541,253) (17,191,277) Non-current portion 非流动部分 81,206 73,959 (d) 应收本集团关联方款项（计入贸易 及其他应收款项）分析如下： 该等结余为无担保、不计息并按相 近於本集团主要客户获提供的信贷 期偿还。 (e) 於2016年12月31日及2015年12月31日， 本集团概无借贷由本集团的贸易应 收款项作为抵押。 11. 贸易及其他应付款项 28 11. TRADE AND OTHER PAYABLES (CONTINUED) An ageing analysis of the bills payable and trade payables as at the end of the reporting period, based on the invoice date, is as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 Within 3 months 3个月以内 4,789,865 4,941,403 3 months to 6 months 3个月至6个月 517,075 1,256,742 6 months to 1 year 6个月至1年 921,771 1,378,482 Over 1 year 1年以上 6,899,566 5,330,660 13,128,277 12,907,287 The trade payables are non-interest-bearing and are usually paid within the agreed period, usually due within 180 days. The bills payable are generally due within 180 days from the date of issuance. The amounts due to related parties of the Group included in trade payables which are unsecured, interest-free and have no fixed terms of repayment are analysed as follows: 2016 2015 2016年 2015年 (Restated) （重述） RMB’000 RMB’000 人民币千元 人民币千元 SINOMACH 国机 2,029 2,579 Fellow subsidiaries 同系附属公司 722,559 839,178 12. ISSUED CAPITAL 2016 2015 2016年 2015年 RMB’000 RMB’000 人民币千元 人民币千元 Ordinary shares, issued and fully paid 已发行及缴足的普通股 Domestic shares of RMB1.00 each 每股人民币1.00元的内资股 3,217,430 3,217,430 H shares of RMB1.00 each 每股人民币1.00元的H股 908,270 908,270 4,125,700 4,125,700 11. 贸易及其他应付款项（续） 根据发票日期，於报告期末的应付票据 及贸易应付款项的账龄分析如下： 贸易应付款项为免息，通常於协定期间 内支付且通常於180日内到期。应付票据 通常於发行日期起计180日内到期。 应付本集团关联方款项（计入贸易应付款 项）分析如下，该等款项为无担保、免息 并无固定还款期： 12. 已发行股本 29 MANAGEMENT DISCUSSION AND ANALYSIS I. INDUSTRY OVERVIEW In 2016, the domestic and international economic environment is still intricate, while the world economy continues to adjust in depth, with risk increasing due to all kinds of changes. From the international perspective, the global economic growth slowed down as compared with 2015, among which the economic growth of developed countries varied, while that of developing countries gradually stabilized. International trade growth continued to slump, but global capital flows intensified, pushing up bulk commodity prices with greater volatility. From domestic perspective, China’s overall economic situation became steady and better while in a slowdown, with a reasonable economic cycle, and an upgrade of quality and efficiency. However, the trend of stability and improvement of the economy is not yet solid, impacted by conflicts of overcapacity and upgrade of demand structure, lack of internal drive for economic growth and accumulation of financial risks. A. International Engineering Contracting Industry I n 2 0 1 6 , t h e t o t a l n ew c o n t r a c t value of infrastructure engineering projects in the global market was approximately USD1,053 billion; whilst the total new contract value of infrastructure engineering projects i n d eve l o p i n g c o u n t r i e s r e a c h e d approximately USD978 billion in 2016, accounting for approximately 92.9% of the total new contract value of infrastructure engineering projects in the global market. The new contract value of power, transportation a n d t e l e c o m m u n i c a t i o n s s e c t o r s in developing countries together contributed approximately 83.3% of the total new contract value of infrastructure engineering projects in developing countries in 2016, of which power, transportation and telecommunications s e c t o r s e a c h a c c o u n t e d f o r approximately 37.1%, 28.7% and 17.5%, respectively, of the said value. 管理层讨论与分析 I. 行业概览 2016年， 国 内 外 经 济 环 境 依 然 错 综 复 杂，世界经济继续深度调整，各类变化 带来的风险也在提升。从国际看，全球 经济增速较2015年有所放缓，发达经济 体增长格局出现分化，新兴市场和发展 中经济体整体增速逐渐企稳；国际贸易 增速持续低迷，全球资本流动加剧，大 宗商品价格受资本流动影响回升但起伏 波动较大。从国内看，我国经济形势总 体缓中趋稳、稳中向好，经济运行保持 在合理区间，质量和效益提高，但经济 稳中向好的趋势尚不牢固，仍存在产能 过剩和需求结构升级矛盾突出、经济增 长内生动力不足、金融风险有所积聚等 问题。 A. 国际工程承包行业 於2016年， 全 球 市 场 的 基 础 设 施 建设工程项目新合同总金额约为 10,530亿美元，其中发展中国家於 2016年的基础设施建设工程项目新 合 同 总 金 额 达 至 约9,780亿 美 元， 占全球市场的基础设施建设工程 项目新合同总金额的约92.9%。於 2016年，发展中国家的电力能源、 交通运输及电子通讯分部的新合同 金额合共占发展中国家的基础设施 建设工程项目新合同总金额的约 83.3%，其中电力能源、交通运输 及电子通讯分部分别占上述金额的 约37.1%、28.7%及17.5%。 30 In 2016, China’s foreign engineering contracting projects achieved a turnover of RMB1,058.92 billion (equivalent to USD159.42 billion, with a growth of 3.5% on a year over year basis), while new contracts value amounted to RMB1,620.79 billion (equivalent to USD244.01 billion, with a growth of 16.2% on a year over year basis). In 2016, PRC enterprises signed 8,158 new contracts for foreign engineering contracting projects in 61 countries along the “One Belt and One Road”, with an amount of USD126.03 billion, accounting for 51.6% of China’s total new contracts value for foreign engineering contracting projects during the same period, with a growth of 36% on a year over year basis. The amount of turnover reached USD75.97 billion, accounting for 47.7% of the total at the same period, with a growth of 9.7% on a year over year basis. N e w c o n t r a c t v a l u e o f p o w e r (electricity) sector in China grew from around USD29.7 billion in 2014 to around USD52.7 billion in 2016 with a CAGR of about 33.1%. The growth in the new contract value of power (electricity) sector in China is primarily driven by increased investment in infrastructure and facilities, which creates new market demand for foreignfunded engineering contracting projects in China. The top 10 Chinese contractors accounting for approximately 44.8%, or approximately USD13,260 million, of the total revenue generated from international projects in the power sector in the global market in 2016. Amongst these top 10 Chinese contractors CMEC ranked third with about 3.5% share. 2016年，我国对外承包工程业务完 成营业额人民币10,589.2亿元（折合 1,594.2亿 美 元， 同 比 增 长3.5%）， 新 签 合 同 额 人 民 币16,207.9亿 元 （折 合2,440.1亿 美 元， 同 比 增 长 16.2%）。2016年，我国企业在「一 带一路」沿线61个国家新签对外承 包工程项目合同8,158份，新签合同 额1,260.3亿美元，占同期我国对外 承包工程新签合同总额的51.6%， 同比增长36%；完成营业额759.7亿 美元，占同期总额的47.7%，同比 增长9.7%。 中国电力能源（电力）分部的新合同 金额从2014年的约297亿美元增至 2016年的约527亿美元，复合年增 长率约为33.1%。中国电力能源（电 力）分部新合同金额的增长主要由 於基础设施及设备投资增加，为中 国的外资工程承包项目创造了新的 市场需求。於2016年，中国十大承 包商占全球市场电力能源行业国际 项目所产生的总收入的约44.8%或 约13,260百 万 美 元。CMEC在 中 国 十大承包商中排名第三，约占3.5% 的份额。 31 2016年，国际工程承包行业仍处於 重要战略机遇期，国际基础设施建 设市场仍保持了旺盛需求。从我公 司主要的业务地区市场来看： 1. 亚洲市场 受政策限制、汇率波动、政治 恶 化 等 因 素 影 响，2015年 以 来，部分亚洲国家风险增加， 尤其是中东地区工程承包市场 有下降趋势，但总体来说亚洲 仍然占全球市场份额第一，且 营业额迅猛增长，其中，东亚 和 中 亚GDP增 长 较 快。 近 年 来中国也一直加大对东南亚及 南亚的基建投资，但日韩企业 竞争能力和市场占有率也非常 高，尤其是韩国企业，相较中 国企业，韩国企业於中东市场 占有更大的市场份额。 2. 非洲市场 非洲历来是我们的传统优势市 场，现正处於工业化起步阶 段，其迫切需要基础设施，特 别在交通、电站及工业化发展 领域。2016年，一些非洲国家 政局动荡，恐怖袭击等意外事 件频发，部分资源型经济国家 更是被国际石油价格所累，国 家财政收入减少。 In 2016, international engineering contracting industry is still in a period of important strategic opportunities, and the international infrastructure construction market still maintained a strong demand. From the perspective of the markets in regions in which the Company conducts its major business: 1. Asian Market D u e t o p o l i c y r e s t r i c t i o n s , fluctuations of exchange rate, political deterioration and other factors, the risk landscape of some Asian countries has deteriorated since 2015. In particular, the engineering contracting market of the Middle East region has displayed a declining trend. However, GDP growth of East Asia and Central Asia is faster, allowing Asia to remain as the first in the global market, with a rapid growth in turnover as well. China increased infrastructural investment in Southeast Asia and South Asia in recent years, but competitiveness and market share of Japanese and Korean enterprises were very significant, especially Korean enterprises which has a far greater market s h a r e t h a n t h a t o f C h i n e s e enterprises in the Middle East market. 2. African market Africa has traditionally been our market with a competitive edge and is now in the early stages of industrialization, with pressing need for infrastructure construction, particularly in the areas of transportation, power p l a n t s a n d i n d u s t r i a l i z a t i o n development. In 2016, some African countries suffered from frequent political turmoil, terrorist attacks and other emergencies. Among these countries, the state fiscal revenue of some countries o f r e s o u r c e - b a s e d e c o n o m y was reduced by the slump of international oil prices. 32 3. 拉美市场 拉美市场易受外部需求和资本 流 向 影 响， 融 资 成 本 较 高， 但工程承包增长速度快，我 国在该区市场份额不断增加。 近几年，中拉经贸关系呈现多 元化趋势，为推动中拉基础设 施领域合作，中方设立200亿 美元中拉基础设施建设专项贷 款，提供100亿美元优惠性质 贷款、设立50亿美元中拉合作 基金和300亿美元中拉产能合 作专项基金。虽然发展前景较 好，但市场风险也不容忽视， 主要是政局不稳，政府低诚 信、腐败和低效率，金融货币 风险和汇率不稳等。 3. Latin American market L a t i n A m e r i c a n m a r k e t i s vulnerable to external demand and capital flows, with higher financing costs. However, the growth rate of its engineering contracting projects is high and China’s market share in the region is increasing. In recent years, the trend of the economic and trade relations between China and Latin America has diversified. In order to promote mutual cooperation in infrastructure construction, China has set up a dedicated loan of USD20 billion, provided USD10 billion of preferential loans and established a USD5 billion SinoL a t i n A m e r i c a n c o o p e r a t i o n fund as well as a USD30 billion Sino-Latin American production capacity special fund. Although the development prospect is looking up, the market risk cannot be ignored, mainly due to factors such as political instability, low integrity, corruption and inefficiency of governments, financial and currency risk and exchange rate instability. 33 4. 中东欧市场 受金融危机和主权债务危机影 响，中东欧地区经济衰退严 重，内生动力不足，经济波动 现象明显，风险水平增加，工 程承包营业额下降较大，且其 市场成熟，技术标准、市场准 入要求及劳工政策严格，我国 仅占该市场约1.6%。近年，由 於恢复经济需要，本区市场吸 引外资的意愿增强，为中国企 业进入本地区市场带来机遇。 2014年至2019年按基础设施建设类 别呈列的发展中国家基础设施建设 工程项目的新合同金额 资料来源：工程新闻纪录；普华永道 与牛津经济研究院；益普 索研究及分析 4. Central and Eastern Europe market Due to the financial crisis and the crisis of sovereign debt, economic recession in Central and Eastern Europe is significant, coupled with insufficient internal driving force, obvious economic fluctuation phenomenon, increasing risk level and greater downturn in the engineering contracting turnover. In addition, its market is mature with stringent technical standards, market access requirements and labor policy. China only accounted for about 1.6% of the market. In recent years, due to the need for reviving the economy, the region had a greater inclination towards attracting foreign investment, which brought along opportunities for Chinese enterprises to enter the market in the region. New contract value of infrastructure engineering projects by types of infrastructure engineering projects in developing countries from 2014 to 2019 0 100 200 300 400 500 600 700 800 900 1,000 2014 2015 2016E 2017F 2018F 2019F 电子通讯基础设施建设 交通运轮基础设施建设 电子能源（电子）基础设施建设 Telecommunications infrastructure 10亿美元 USD billion Transportation infrastructure Power-related (electricity) infrastructure 338 248 155 348 264 164 383 289 178 363 281 171 402 293 183 300 422 191 Sources: ENR; PwC & Oxford Economics; Ipsos research and analysis 34 The development of the international engineering contracting industry mainly displays the following characteristics: 1. C o n t i n u o u s e x p a n s i o n o f business scale In 2016, the turnover and the amount of new contracts of China’s foreign engineering contracting business continued to grow. In particular, both the amounts of new contracts and the market share of China’s foreign engineering contracting business along the “One Belt and One Road” region had a significant growth compared with those in 2015, almost accounting for half of the total foreign engineering contracting business, and become the main support for the industry growth in 2016. In contrast, the growth of business in Africa, Europe and Latin America had significantly slackened. Moreover, the share of large projects increased, in which 815 projects had a contract value of more than USD50 million (an increase of 91 projects compared with the number in the same period last year), with a total of USD206.7 billion, accounting for 84.7% of the total amount of new contracts. Among those large projects with a value more than USD50 million, the average amount of a single contract is about USD250 million. A large number of cooperation projects invoking international production capacity and infrastructure interconnection projects along the regions such a s Ya j i R a i l w a y a n d S i n o - Pakistan Economic Corridor have been successfully implemented, constantly breaking the record of overseas projects, while projects are becoming increasingly high-end and comprehensive, with greater contract value and more innovative structures. 从国际工程承包行业发展来看，主 要呈现以下特点： 1. 业务规模继续扩大 2016年，我国对外承包工程业 务完成营业额和新签合同额持 续增长，尤其是在「一带一路」 区域的对外工程承包，不管是 新签合同额还是占比，都较 2015年增长明显，几乎占据了 对外工程承包的半壁江山，成 为2016年行业业务增长的主要 支撑，相比之下，在非洲、欧 洲、拉美地区的业务增长明显 放缓。大型项目占比也越来越 多，去年合同额在5,000万美 元 以 上 的 项 目 有815个（比 上 年同期增加91个），合计2,067 亿美元，占新签合同总额的 84.7%；5,000万美元以上的大 项目，平均单个合同金额约 2.5亿美元。亚吉铁路、中巴 经济走廊项下等一大批国际产 能合作和基础设施互联互通项 目成功实施，不断刷新着海外 项目记录，项目越来越高端、 综合性越来越强、合同金额越 来越大、模式越来越新。 35 2. 业务模式转型积极推进 依托投资和国际产能合作，国 际工程承包行业转型升级动力 显着增强，在工程相关投资和 「建营一体化」等业务领域的发 展进一步加快，BOT（建设、 经 营、 移 交）、PPP（公 共 私 营 合 作 制）、BOO（建 设、 拥 有、经营）项目在对外承包工 程业务中的比重进一步加大， 集基础设施、能源资源和配套 工业项目为一体的综合开发项 目进一步增加，行业业务更为 多元化。 2. Active progress of business model transition R e l y i n g o n i nv e s t m e n t a n d cooperation on international p r o d u c t i o n c a p a c i t y , t h e transition and momentum in u p g r a d i n g t h e i n t e r n a t i o n a l engineering contracting industry are significantly enhanced, with further acceleration in business areas like engineering-related investment and “integration of construction and operation”. BOT (build-operate-transfer), PPP (public-private-partnership), BOO (build-own-operate) projects have a greater share in foreign engineering contracting business, while the number of projects with integration development of infrastructure, energy resources and complementary industrial projects has further increased, leading to a more diversified business in the industry. 36 3. S i g n i f i c a n t ch a n g e s i n t h e notions of development First of all, pursuant to the diversified demand of the international market for contracting business, t h e d ev e l o p m e n t n o t i o n o f enterprises has changed from being “builders” of the project to “participants” of the economic and social development in the host countries. Certain enterprises grasp the project initiative to achieve a stable development in the host countries through assisting the overall regional planning and development for the country. In different stages of implementation of the project, the advantages in areas such as talent, technology, market and capital are fully utilized and marketing, management and profit centers are moved forward, so as to deploy business resources g l o b a l l y a n d c o n t i n u o u s l y deepen localization, evolving into a multinational company. Secondly, enterprises have more regard to social responsibility and sustainable development, conduct close and effective communication with project owners and local stakeholders, and closely integrate environmental protection and social factors with all phases of projects, so as to continuously enhance the sustainability of overseas projects. 3. 发展理念显着转变 首先，随着国际市场对承包商 业务需求的多样化，企业发 展理念正由工程项目的「建设 者」向东道国经济社会发展的 「参与者」转变。部分企业通 过协助外方进行整体区域规划 和开发，把握项目主导权，实 现企业在东道国的稳定发展。 在项目实施各个阶段，充分发 挥东道国人才、技术、市场、 资金等优势，将营销、管理和 利润中心前移，全球化布局业 务调配资源，属地化程度不断 深入，正朝着真正跨国公司迈 进。其次，企业更加注重履行 社会责任和可持续发展，与项 目业主、当地利益相关方进行 密切有效的沟通，将环保、社 会因素与工程项目的各环节紧 密结合，不断提升海外项目的 可持续性。 37 4. Tightened risk management In 2016, although peace and stability are preserved under the overall international security, undercurrent is surging with intertwining security threats and the wrestling between leading powers, regional conflicts and military competition have been constantly hiking. In particular, regions along the “One Belt and One Road” display high political risk, poor legal environment, significant exchange rate risk, complex religious and ethnic issues, leading to a significant impact on the implementation of projects. In addition, commodity prices such as international oil remained low, leading to a reduction of fiscal revenue in countries with r e s o u r c e - b a s e d e c o n o m y i n Africa, Latin America and Central Asia. As a result, infrastructure projects of some countries were forced to postpone or delay, while payment delay occurred in some ongoing projects, causing some signed projects difficult to become effective and commence construction. 4. 更严谨的风险管理 2016年， 国 际 安 全 形 势 在 总 体和平稳定的大局势下暗流涌 动，多种安全威胁交织出现， 大国间的战略博弈、地区冲突 和军事竞争势头不断上升。尤 其是，「一带一路」沿线部分区 域政治风险高、法律环境差、 汇率风险大，宗教和民族问题 关系复杂，对项目的执行有较 大影响。 此外，国际石油等大宗商品价 格 低 位 徘 徊， 导 致 非 洲、 拉 美、中亚等资源型经济国家财 政收入减少，一些国家的基础 设施项目被迫推迟或延後，部 分在建项目出现工程款支付延 迟，部分已签约项目难以开工 和实施的问题。 38 B. Trading Business In 2016, China’s overall foreign trade stabilized and improved. National import and export amount reached RMB24.3 trillion (equivalent to nearly USD3.7 trillion), reduced by 0.9%, which is 6.1% lower than that of 2015. The export amount reached RMB13.84 trillion, reduced by 2.0%, while import amount reached RMB10.49 trillion, increased by 0.6%. General trade import and export accounted for 55% of the total amount of import and export, with an increase of 1% over the previous year. Netting the amount of import and export, there was a favorable balance of RMB3.35 trillion, representing a decrease by 9.1% compared to that of 2015. US$ billion 十亿美元 （机械电气产品进口额） 1,310.80 1,311.90 1,209.70 1,173.40 1,208.70 1,257.00 854.1 806.5 771.4 732.9 744.6 759.5 0.00 200.00 400.00 600.00 800.00 1,000.00 1,200.00 1,400.00 2014 2015 2016 2017F 2018F 2019F Export value of machinery and electrical products Import value of machinery and electrical products （机械电气产品出口额） B. 贸易业务 2016年，我国外贸总体实现了回稳 向好。全国进出口额达人民币24.3 万亿元（折合将近3.7万亿美元）， 下 降0.9%， 降 幅 比2015年 收 窄 了 6.1%。其中，出口额达人民币13.84 万 亿 元， 下 降2.0%； 进 口 额 达 人 民 币10.49万 亿 元， 增 长0.6%。 一 般贸易进出口占进出口总值的比重 为55%， 比 上 年 提 高1%。 进 出 口 相抵，顺差人民币3.35万亿元，较 2015年减少9.1%。 39 2016年， 全 年 外 贸 运 行 主 要 呈 现 以下特点：一是商品结构在不断优 化，出口商品从以消费品为主转向 消费品和投资品并重。二是贸易主 体结构在不断优化，民营企业出口 占比达到46%，提高0.8%，成为第 一大贸易主体。三是贸易方式在不 断优化，一般贸易出口占53.8%， 提高了0.4%。加工贸易国内增值率 达到44.6%，提高了0.6%。四是新 业态成为新动力，试点区域跨境电 商进出口人民币1,637亿元，增长1 倍以上。市场采购贸易出口人民币 2,039亿元，较往年增长16%。五是 国际市场多元化取得一定进展，部 分「一带一路」沿线国家贸易增长较 快。 另外，在产品优进优出方面取得良 好进展。从出口方面看，2016年我 国传统优势产品出口仍保持增长和 良好的竞争优势，同时得益於我国 充裕的资本、完善的工业体系以及 强大的制造能力，我国企业在加快 走出去和推进国际产能合作中也带 动了装备制造和高附加值产品的出 口。 In 2016, the operation of the annual foreign trade mainly had the following characteristics. First, the commodity structure was constantly optimized, and exported goods changed from consumer goods to consumer goods and investment products. Second, the composition of trading operators was constantly optimized, with export of private enterprises increased by 0.8%, accounting for 46% of the total amount and became the largest trading operators. Third, patterns of trade were constantly optimized, with general trade export increased by 0.4%, accounting for 53.8%. The domestic value-added rate of processing trade reached 44.6%, with an increase of 0.6%. Fourth, new patterns of business became a new driving force, with import and export of cross-border online retailers in pilot region having reached RMB163.7 billion, with an increase over 100%. The export of procurement trade reached RMB203.9 billion, with an increase of 16% as compared to previous year. Fifth, the diversification of international market has made some progress, with a faster growth in trade between certain countries along the “One Belt and One Road” regions. In addition, optimization of import and export made good progress. In terms of export, export of goods with traditional advantages in China still maintained growth and good competitive advantages in 2016. Under the advantages of China’s abundant capital, perfect industrial system and strong manufacturing capacity, China’s enterprises accelerated their pace of globalization, promoting cooperation on international production capacity, as well as the export of manufacturing equipment and high value-adding products. 40 从进口方面看，原油、铜等大宗商 品进口量继续保持增长势头，这表 明我国国内经济平稳运行，需求有 所回升。与此同时，扩大进口和优 化进口结构的政策效应显现，部分 先进技术、关键零部件和重要设备 等高新技术产品进口有较快增长。 机电产品进口增长1.9%，其中涡轮 喷气发动机进口增长26.8%，船舶 增长26.6%，计量检测分析自控仪 器及器具增长10.7%。 总的来说，我国外贸正在实现由大 到 强 的 历 史 性 转 变， 以 技 术、 标 准、品牌、质量、服务为核心的外 贸竞争新优势加快形成，新技术、 新业态、新模式正在成为外贸发展 新的动能。 C. 服务业 随着中国经济的快速增长，产业结 构已由第二产业向第三产业转型。 预期服务业将成为「新常态」下发 展中国经济的驱动力。於2016年， 第三产业的增值为人民币384,221亿 元， 较2015年 增 加12.5%， 占 中 国 GDP的51.6%。 I n t e r m s o f i m p o r t , i m p o r t o f commodity such as crude oil and copper continuously maintained a growing momentum, indicating that China’s domestic economy operated smoothly with a resumption of demand. The outcomes of expansion of import and optimization of import structure emerged, with a faster growth in the import of high-tech products such as advanced technology, key parts and important equipment. Imports of mechanical and electrical products increased by 1.9%, of which import of turbojet engines, ships and automatic measuring and analyzing instrument increased by 26.8%, 26.6% and 10.7%, respectively. In general, China’s foreign trade is undergoing a historic transition from great quantity to good quality, with acceleration in the formation of new foreign trade advantages stressing technology, standards, brand, quality and service, of which new technologies, new business patterns and new models are becoming the new driving force of foreign trade development. C. Service Industry Along with rapid economic growth in China, industry structure has been transformed into tertiary industry from secondary industry. Service industry is expected to be the driving force to develop Chinese economy in the “New Normal” stage. In 2016, the value added of the tertiary industry reached RMB38,422.1 billion, increased by 12.5% as compared to 2015, accounting for 51.6% of China’s GDP. 41 於改革业务生态系统中，行业界线 日益模糊，其透过加大行业集中 度，以并购形式增加了各行业间的 合作。随着中国并购交易的不断增 加，预计未来行业集中度将进一步 增强，工程勘察设计行业将加速实 现市场化的最终目标。此外，随着 互联网信息技术的发展，预计与过 往相比，在激烈的竞争环境下同行 业间互动减少的企业将增加，且更 多的企业将透过影响各行业及现有 成熟行业不断改革其业务模式，该 革新业务模式的趋势将暂时持续。 随着服务业成为经济增长的主要驱 动力，全面建设小康社会的目标为 2020年人均GDP较2010年翻一番。 而经济增长率不断下降，与制造业 的衰退相比，服务业将以中高增长 率发展，发挥重要作用。 I n d u s t r i a l b o u n d a r i e s h ave b e e n increasingly blurred within the reformed bu s i n e s s e c o s y s t e m , w h i c h h ave brought increased cooperation within industries as a form of mergers and acquisitions by intensifying the industry concentration. With more mergers and acquisitions transactions in China, industrial concentration ratio is expected to be enhanced further in the future and engineering surveying and design industry will accelerate marketization as its final goal. In addition, following the development of internet information and technologies, it is expected that more enterprises in the same industry have less interaction with one another under a fierce competition environment c o m p a r e d t o t h e p a s t a n d m o r e enterprises will continuously reform their business mode by influencing various industries and existing mature industries and this trend to renovate business model will last for the time being. As the service industry becomes the major driving force of economic growth, the goal to build a well-off society in various sectors is set to double the GDP per capita of 2010 in the year of 2020. With a decreasing growth rate of the economy, the development of service industry plays an important role with medium-high growth rate compared to the recession of the manufacturing industry. 42 II. BUSINESS OVERVIEW A. International Engineering Contracting Business We are a leading international engineering contractor and service provider in China, focusing on the EPC projects, particularly in the power and energy industry. Our international engineering contracting business is one of the Company’s traditional core businesses, accounting for about 58.9% of the Company’s total revenue in 2016. In 2016, the international engineering contracting business adhered to the guiding principle of “consolidating foundation and developing innovation”, actively responding to national policies such as the “One Belt and One Road” initiative to strengthen strategy research and market deployment. On the one hand, the Company continued to enhance expansion efforts in traditional markets through the deepening of regional and territorial construction, so as to consolidate the leading position in the power industry of traditional market. At the same time, refined project management is elaborately promoted to strictly monitor quality and risk. On the other hand, the Company actively expanded into new markets, seeking to innovate investment and financing models, broaden financing channels, actively carry out international cooperation and improve the industrial chain, so as to achieve remarkable results. II. 业务概览 A. 国际工程承包业务 我们是中国领先的国际工程承包与 服务商，主要专注於EPC项目，特 别专长於电力能源行业。我们的国 际工程承包业务为本公司传统核心 业务之一，约占2016本公司总收入 的58.9%。 2016年， 国 际 工 程 承 包 业 务 秉 承 「夯实基础，创新开拓」的指导思 想，积极响应「一带一路」等国家政 策，强化战略研究与市场布局。一 方面不断加大传统市场开拓力度， 通 过 深 化 区 域 化、 属 地 化 建 设， 巩固在传统市场电力行业的主流地 位；同时，深入推进项目精细化管 理， 严 把 质 量、 风 险 关； 另 一 方 面，努力开拓新市场，创新投融资 模式，拓宽融资渠道，积极开展国 际合作，完善产业链条，取得显着 成效。 43 The following table sets forth the details of the International Engineering Contracting Business for the year ended December 31, 2016 and the comparative figures for the year ended December 31, 2015: 下表载列截至2016年12月31日止年 度国际工程承包业务详情，以及截 至2015年12月31日止年度的比较数 字： Unit: RMB million 单位：人民币百万元 2016 % of Total 2015 Yearon-year Growth 2016年 总额 的% 2015年 按年 增长 Revenue Power 收入 电力能源 7,290.2 58.9% 7,261.7 0.4% Transportation and Telecommunications 交通运输及电子通讯 1,267.0 10.2% 3,850.2 -67.1% Non-Core Sectors 非核心行业 3,827.9 30.9% 2,861.6 33.8% Total 总计 12,385.1 100.0% 13,973.5 -11.4% Gross profit Power 毛利 电力能源 1,781.1 63.3% 1,746.0 2.0% Transportation and Telecommunications 交通运输及电子通讯 272.1 9.7% 613.5 -55.6% Non-Core Sectors 非核心行业 758.2 27.0% 209.5 261.9% Total 总计 2,811.4 100.0% 2,569.0 9.4% 44 1. O v e r a l l g o o d p r o j e c t implementation In 2016, the Company had 43 projects under construction. T h e ove r a l l p e r f o r m a n c e o f p r o j e c t i m p l e m e n t a t i o n wa s s t a b l e w i t h o u t a ny m a t e r i a l accidents. The Company focused on the fulfillment of social r e s p o n s i b i l i t i e s a n d g r e a t l y improved the value of its brand and popularity. In respect of completed projects, the project regarding No.6 power unit of the central power plant i n Ve n e z u e l a c o m p l e t e d t h e operational reliability test 83 days ahead of schedule, effectively alleviating the power shortage situation in Venezuela. The said project obtained provisional acceptance certificate and also won the “SINOMACH Quality Award”. For the TENAGA wind power project in Pakistan, which is the Company’s first overseas wind power EPC project, the Company strictly controlled the quality and proactively fulfilled its social responsibilities, and was thus highly rated by all walks of life. In respect of project implementation, a number of the Company’s projects made good progress thus attracting a lot of attention. For example, Bafoussam Stadium and Limbe Stadium in Cameroon were inspected by the Confederation of African Football in April 2016 and passed acceptance test. Some other projects including SOYO phase I project in Angola and Pakistan Thar coal-fired power project made smooth progress. 1. 项目执行整体良好 2016年，公司在执行项目共43 个，项目执行情况总体平稳， 未发生重大安全事故，注重履 行社会责任，大幅提升品牌美 誉度和知名度。 在完工项目方面，委内瑞拉中 央电厂6号发电机组项目提前 83天 完 成 可 靠 性 运 行 测 试， 有效缓解了委内瑞拉缺电限电 的现状，顺利取得临时验收证 明，还荣获「国机质量奖」。巴 基斯坦迪拿戈风电项目是公司 在海外承揽的第一个风力发电 EPC总承包项目，该项目严控 质量，积极履行社会责任，获 得各界高度好评。 在执行项目方面，公司有一批 项目受到高度关注并取得良好 进展。例如，喀麦隆巴富萨姆 和林贝体育场项目，於去年4 月迎来非洲足联的考察并通过 验收。其他一些项目如安哥拉 索约I期项目、巴基斯坦塔尔 煤电项目等均进展顺利。 45 於2016年12月31日，我们的工 程承包项目遍及全球48余个国 家和地区，主要分布在亚洲及 非洲，南美洲和欧洲也有诸多 成功的完工和在建项目。以下 地图显示我们自2009年至2016 年的工程承包项目之位置。 下 表 载 列 截 至2016年12月31 日止年度按地理位置划分的本 集团国际工程承包业务收入明 细： As at December 31, 2016, we undertook engineering contracting projects in more than 48 countries and regions over the world, with a primary focus in Asia and Africa. There were a number o f s u c c e s s f u l l y c o m p l e t e d projects and ongoing projects in South America and Europe. The following map indicates the locations of our engineering contracting projects from 2009 to 2016. Asia亚洲 China中国 Myanmar 缅甸 Turkey 土耳其 Vietnam 越南 Malaysia马来西亚 Singapore 新加坡 Papua New Guinea 巴布亚新几内亚 Afghanistan 阿富汗 Indonesia印度尼西亚 Iraq 伊拉克 Republic of Yemen 也门共和国 Pakistan 巴基斯坦 Laos 老挝 Bangladesh 孟加拉 India 印度 Sri Lanka Maldives 斯里兰卡 马尔代夫 Africa 非洲 Republic of Congo 刚果共和国 Nigeria 尼日利亚 Republic of Angola 安哥拉共和国 Republic of Equatorial Guinea 赤道畿内亚共和国 Zambia 赞比亚 Ghana加纳 Namibia 纳米比亚 Zimbabwe 津巴布韦 Senegal 塞内加尔 Republic of Cote d'Ivoire 科特迪瓦 共和国 Cameroon喀麦隆 Republic of Chad 乍得共和国 Tanzania 坦桑尼亚 Ecuador 厄瓜多尔 Kenya 肯尼亚 Germany 德国 Italy 意大利 Bahrain 巴林 Belarus 白俄罗斯 Kazakhstan 哈萨克斯坦 Europe欧洲 Trinidad and Tobago 特立尼达和多巴哥 Argentina 阿根廷 Brazil 巴西 Venezuela 委内瑞拉 South America 南美洲 Oceania 大洋洲 Serbia 塞尔维亚 Mongolia 蒙古 Canada 加拿大 The following table sets forth a breakdown of the revenue from the Group’s International Engineering Contracting Business by geographic locations for the year ended December 31, 2016: 2016 % of 2016年 Total RMB million 总额的% 人民币百万元 Asia 亚洲 5,695.5 46.0% South America 南美洲 2,075.8 16.8% North America 北美洲 51.9 0.4% Africa 非洲 3,492.8 28.2% Europe 欧洲 1,069.1 8.6% Total 总计 12,385.1 100.0% 46 2. Excellent performance of market development Breakthroughs in large projects. I n 2 0 1 6 , o u r n ew l y s i g n e d projects experienced a dramatic rise including several projects with a contract amount of over USD300 million, e.g. Nam Ou phase II transmission line project i n L a o s , t h e ex p a n s i o n a n d construction project of the gas turbine combination circulation power station in Basra, Iraq, and the Omar single circulation gas turbine power station project in Nigeria. The newly effective projects comprised primarily South Nunn power transmission and distribution project in Laos, G a m p a h a , A t t a n a g a l l a a n d Minuwangoda Integrated Water Supply Scheme in Sri Lanka, the expansion and construction project of the gas turbine combination circulation power station in Basra, Iraq, and the Lauca power transmission system project in Angola. Progress in expansion into new markets. In Africa, the Company e n t e r e d i n t o a c o n t r a c t i n respect of its first 400KV power transmission project in Kenya; in the Middle East, the Company entered into a contract in relation to the new football field project in Bat Yam, Tel Aviv, Israel. 2. 市场开发佳绩频传 大项目推进有突破。 2016年， 公司新签约项目情况呈现强劲 上升势头，新签多个金额在3 亿美元以上的项目，如老挝乌 江电站II期输变电项目、伊拉 克巴士拉燃机联合循环电站扩 建项目、尼日利亚奥玛单循环 燃机电站项目等；新生效项 目主要有老挝南纳恩输变电项 目、斯里兰卡阿塔那水厂项 目、伊拉克巴士拉燃机联合循 环电站扩建项目、安哥拉拉乌 卡输电系统项目等。 新市场开拓有进展。在非洲， 签署了在肯尼亚的第一个400 千伏输变电项目；在中东，签 署了以色列特拉维夫巴特亚姆 市新足球场项目。 47 新领域开拓有建树。公司在熟 悉的电力能源市场不断开拓细 分领域。在风电领域，签署了 肯尼亚KIPETO风电项目；在 太阳能领域，参与了马尔代夫 1.5兆瓦太阳能IPP项目，已签 订执行协议、购电协议。 3. 投融资模式持续创新 投资拉动EPC模式取得实质性 突破，巴基斯坦塔尔煤电项目 已正式落地执行。 融资渠道和模式不断拓宽，融 资手段持续创新。在稳固发展 出口买方信贷业务的同时，重 启出口卖方信贷业务，并研究 设计卖贷项目再融资方案来解 决卖贷业务可能产生的汇率、 利率以及首个收汇等风险，目 前正积极推动首个卖贷再融资 项目的落地。 Achievements in creating new fields. The Company constantly developed new segments within the power energy market that it is familiar with. In the field of wind power, the Company entered into a contract in respect of KIPETO wind power project in Kenya; in the field of solar power, the Company participated in the 1.5 MW solar power IPP project in Maldives, and entered into an implementation agreement and a power purchase agreement. 3. C o n t i n u o u s i n n o v a t i o n i n investment and financing models Investment-driven EPC models achieved substantial breakthroughs. The Thar coal-electric project i n P a k i s t a n w a s o f f i c i a l l y implemented. Financing channels and models were continuously widened and financing means experienced continuous innovation. While consolidating the export buyer’s credit business, the Company restarted the export seller’s credit business, and studied and designed seller’s credit project re-financing scheme to solve the possible risks in terms of exchange rate, interest rate and collection of foreign currency in the seller’s credit business. At present, the Company is proactively promoting the implementation of its first seller’s credit re-financing project. 48 4. 国际合作不断深化 公司不断将与GE、西门子等 国内外领先企业的战略合作推 向纵深，持续深化企业间在产 业联合、市场开拓和信息交流 等方面的协作与配合，优化合 作模式和流程，充分发挥各方 优势，实现双赢局面。 2016年， 公 司 与GE续 签 了 战 略合作协议，并在个别项目 上与GE建立排他合作关系， 目 前， 公 司 已 通 过 与GE的 战略合作，成功签约肯尼亚 KIPETO风电项目、尼日利亚 奥玛单循环燃机电站等项目。 此外，还与国际知名设计谘询 公司－沃利帕森签署了战略协 议。 5. 区域化、属地化程度持续加深 区域化方面，公司对新加坡、 迪拜两个区域公司采取「特区 式管理」，允许先行先试，并 在财务、投融资等方面给予支 持，全力加速工程承包业务的 区域化和属地化进程。 4. Continuous intensification of international cooperation T h e C o m p a n y c o n t i n u e d t o intensify the strategic cooperation w i t h d o m e s t i c a n d ove r s e a s leading enterprises including GE and Siemens, and further consolidated the collaboration a n d c o o p e r a t i o n b e t w e e n enterprises in terms of industry consolidation, market development and information exchange. In addition, the Company optimised the cooperation mode and process to give full play to the advantages of all parties to achieve a win-win situation. In 2016, the Company entered into an agreement on strategic c o o p e r a t i o n w i t h G E , a n d established exclusive cooperation relationship with GE in relation to individual projects. At present, t h e C o m p a n y h a s e n t e r e d contracts for KIPETO wind power project in Kenya, Omar single circulation gas turbine power station project in Nigeria, etc. through the strategic cooperation with GE. Moreover, the Company has entered into a strategic agreement with WorleyParsons, an international renowned design consulting company. 5. Deepening of Regionalization cum Localization In respect of regionalization, the Company adopted “special zone management” for companies in such two regions as Singapore and Dubai, which were allowed to conduct and test in advance, and offered support in terms of finance, investment and financing, etc. to fully accelerate the regionalization cum localization of the engineering contracting business. 49 属地化方面，白俄罗斯、塞尔 维亚、安哥拉等市场已在现场 就地设计、就地采购、与本地 企业合作等方面向前迈出一大 步。 6. 产业链关键节点管理能力有力 提升 在监理建造能力方面，公司自 有监理监造能力不断加强，北 京兴电国际工程管理有限公司 和哈尔滨电站设备成套设计研 究所有限公司（「 哈成套」）在 受公司托管的带领下与公司业 务的参与和融合度进一步提 高，监理监造工作体系初步形 成。 在集中采购管理方面，采购管 理平台已经投运，现已覆盖公 司全部在执行项目和新签约项 目，有力保障了采购管理的高 效合规。 在售後服务方面，着力构建自 有电站运维能力，以哈成套为 基础的电站售後服务及远程诊 断能力建设也在持续推进中。 In respect of localization, the Company has made a big leap in terms of site in situ design, local procurement, cooperation with local enterprises, etc. in Belarus, Serbia, Angola and other markets. 6. M a j o r i m p r o v e m e n t i n management of critical junctures along the industrial chain I n r e s p e c t o f c o n s t r u c t i o n s u p e r v i s i o n c a p a c i t y, t h e Company’s own construction supervision capacity has been constantly reinforced. The business participation and integration of Beijing Scientech International Project Management Co., Ltd.* (北 京 兴 电 国 际 工 程 管 理 有 限 公 司) and Harbin Power System Engineering and Research Institute Co., Ltd.* (哈尔滨电站设备成套 设计研究院有限公司) (“HPI”), which are managed by the Company under custodianship, with the Company were further promoted. The construction supervision work system has been preliminarily formed. I n r e s p e c t o f c e n t r a l i z e d procurement management, the procurement management platform has been put into operation and has covered all the projects under construction and newly signed projects, providing powerful guarantee for the efficiency and compliance of procurement management. In respect of after-sales services, the Company vigorously built its power station operation and maintenance capacity. The establishment of the power station after-sales services and remote diagnosis capacity backed by HPI made continuous advancement. 50 The following table sets forth the operational details of the I n t e r n a t i o n a l E n g i n e e r i n g Contracting Business for the year ended December 31, 2016 and the comparative figures for the year ended December 31, 2015: 下表载列截至2016年12月31日 止年度国际工程承包业务的运 营详情，以及截至2015年12月 31日止年度的比较数字： Unit: US$ million 单位：百万美元 2016 % of Total 2015 Year-on-year Growth/ (Decline) 2016年 总额的 % 2015年 按年 增长�u （减少） Amount of newly effective contracts 新生效 合同金额 Power 电力能源 2,350.0 68.0% 2,144.8 9.6% Transportation and Telecommunications 交通运输及 电子通讯 233.1 6.8% 25.8 803.5% Non-Core Sectors 非核心行业 870.3 25.2% 1,010.5 -13.9% Total 总计 3,453.4 100.0% 3,181.1 8.6% 51 Unit: US$ million 单位：百万美元 As at December 31, 2016 % of Total As at December 31, 2015 Increase/ (decrease) 於2016年 12月31日 总额的 % 於2015年 12月31日 增长�u （减少） Backlog 未完成 合同量 Power 电力能源 6,095.4 68.4% 4,743.5 28.5% Transportation and Telecommunications* 交通运输及 电子通讯* 774.1 8.7% 1,194.1 -35.2% Non-Core Sectors 非核心行业 2,045.9 22.9% 1,603.4 27.6% Total 总计 8,915.4 100.0% 7,541.0 18.2% Signed contracts pending to be effective 已签约待 生效合同 Power 电力能源 6,980.2 45.9% 7,494.4 -6.9% Transportation and Telecommunications 交通运输及 电子通讯 2,611.0 17.2% 1,049.0 148.9% Non-Core Sectors 非核心行业 5,605.6 36.9% 3,647.5 53.7% Total 总计 15,196.8 100.0% 12,190.9 24.7% * 以净额确认收入的合同金 额已在未完成合同量中扣 除。 * The amount of contracts, for which income was recognised by net amount, was deducted from the backlog. 52 B. Trading Business In 2016, the Trading Business continued to increase the transformation and upgrading efforts on the basis of integration and transformation in the past and under the direction of solidifying business model and enhancing profitability, to continuously promote the reform of the modularized management system; actively explore cross-border e-commerce and other new business model; to push forward the industrialization of investment, continuously improve the one-stop integrated service capabilities, and actively shift to an integrated service provider; to further deepen the cooperation with local governments; and to enhance brand building efforts; and to consolidate cooperation with other business segments of SINOMACH and the Company, and strictly control risks while developing our business, which have achieved results. The following table sets forth the details of the Trading Business for the year ended December 31, 2016 and the comparative figures for the year ended December 31, 2015: B. 贸易业务 2016年， 贸 易 业 务 在 过 去 整 合 与 转型的基础上，以固化经营模式， 提升盈利能力为方向，继续加大转 型升级力度，持续推进板块化管理 体系改革；积极进行跨境电商等 新业务模式探索；稳妥推进实业化 投资，不断提高一站式综合服务能 力，积极向综合服务商转变；继续 深化与地方政府合作；加大品牌建 设力度；以及加大国机与本公司其 他业务板块的合作，在积极发展业 务的同时，严格把控风险，取得了 一定效果。 下表载列截至2016年12月31日止年 度贸易业务详情连同截至2015年12 月31日止年度的比较数字： Unit: RMB million 单位：人民币百万元 2016 % of Total 2015 Yearon-year Growth/ (Decline) 2016年 总额的% 2015年 按年 增长�u （减少） Revenue 收入 International trade 国际贸易 4,878.3 66.7% 6,890.2 -29.2% Domestic trade 国内贸易 2,430.5 33.3% 1,718.1 41.5% Total 总计 7,308.8 100.0% 8,608.3 -15.1% Gross profit 毛利 International trade 国际贸易 290.4 82.2% 596.2 -51.3% Domestic trade 国内贸易 62.7 17.8% 48.6 29.0% Total 总计 353.1 100.0% 644.8 -45.2% 53 1. 核心业务发展平稳 CMEC贸 易 板 块 的 高 端 铸 锻 件、电气、新能源、纺机零部 件等核心业务在行业环境不利 的形势下，进一步明确了发展 方向并且形成了具有各自特色 的发展模式。 实业化投资稳步向前。中设装 备投资的山西中设华晋铸造有 限公司和中设装备（江苏）精 工机械制造公司运行良好；同 时中设装备与重庆材料研究院 有限公司（「 重材院」）合资成 立了国机金属江苏有限公司及 与中国第二重型机械集团公司 在久益电铲项目等多项业务上 开展了合作。中设工程机械与 国机集团下属的天津传动研究 院共同出资收购三源建筑（天 津）电气有限公司的工作也在 有序推进中。 2. 海外区域化经营探索取得进展 中设装备正在建设澳洲区域综 合中心，通过缩短供应链环 节，直接为最终用户提供铸锻 件配件的销售。 1. Steady development of core business U n d e r u n f a v o r a b l e m a r k e t environment, the high-end castings and forgings, electrical, new energy, textile machinery parts and other core business of the trading segment of CMEC further clarified the direction for development and formulated an expansion model bearing their own characteristics. Industrial investment was steadily moving forward. CMIPC Huajin Casting Co., Ltd.* (山西中设华 晋 铸 造 有 限 公 司) and CMIPC Jiangsu Precision Machinery Manufacturing Company* (中 设 装 备（江 苏）精 工 机 械 制 造 公 司), in which CMIPC invested, are operating well. Also, CMIPC has established China Machinery Metal Jiangsu Co., Ltd.* (国机金属江苏 有限公司) jointly with Chongqing Materials Research Institute Co., Ltd.* (重庆材料研究院有限公司) (“Chongqing Research Institute”) and conducted cooperation with China National Erzhong Group Co.* (中国第二重型机械集团公 司) in various business such as the Jiuyi electric shovel project. The work for which CMEC Engineering Machinery and Tianjin Chuandong Institute* (天津传动研究院) under the SINOMACH Group jointly acquired Sanyuan Construction (Tianjin) Electric Co., Limited* (三源建筑（天津）电气有限公司) was orderly progressing. 2. Progress achieved on overseas regional business exploration CMIPC was in the process of establishing an integrated regional center in Australia, which can directly sell to end users forging a n d c a s t i n g g o o d s t h e r e b y shortening the nodes of the supply chain. 54 东源在以泰国为中心的东南亚 地区深耕多年，拥有良好的客 户及社会关系，初步形成了项 目梯度开发态势，积极探索在 泰国市场开发房地产项目。 中设国贸的加勒比海核心市场 开发也取得了一定的效果。其 中，库拉索学校屋顶光伏电站 项目已中标并签约，库拉索建 材供货项目已签订框架协议。 3. 政府合作趋向务实 公司不断深化与银川、驻马店 等地方政府的合作，搭建了贸 易增值服务平台，通过提供供 应链贸易服务与融资服务，从 而实现CMEC属地化「一站式」 贸易增值服务。 East Resources has many years of establishment in Thailand as the center of the Southeast Asia region, and has sound customer and social relations, which has initially formed a gradient development trend, and has actively explored property development projects in the Thai market. Core market development on the Caribbean Sea by CMEC International Trading has also made certain results. In particular, the tender of roof photovoltaic power station projects in respect of the schools at Curacao has been awarded and the framework agreement has been signed in relation to materials supply from Curacao. 3. I n c r e a s i n g l y p r a g m a t i c cooperation with the government T h e C o m p a n y c o n t i n u e d t o deepen cooperation with the local governments of Yinchuan and Zhumadian and has set up a trade value-adding service platform t o a c h i eve C M E C l o c a l i z e d “one-stop” trade value-adding services through the provision of supply chain trading services and financing services. 55 C. 服务业务 2016年， 公 司 服 务 业 务 中 的 招 标 业务、展览业务积极寻找新的增 长点，发展稳定。招标业务较上年 有爆发式增长，委托金额同比增长 469%，中标金额同比增长390%； 展览业务持续拓宽服务领域，不断 追求个性服务和增值服务，紧紧围 绕业务经营目标打造精品项目，继 续保持行业领先地位。 设计谘询方面，公司於2016年成立 设计谘询管理部，作为设计谘询业 务的归口管理部门，并在搭建管理 架构、加强与其他板块的业务对接 与合作、推进板块内企业间的市场 协作、强化科研与技术创新能力等 方面做出诸多努力，设计谘询业务 的规模与盈利能力得到显着提升。 C. Services Business In 2016, the Company’s tendering business and exhibition business under our Services Business have been actively looking for new growth points and achieved stable development. The tendering business witnessed an explosive growth as compared with last year with the commission rate and tendering amount up by 469% and 390% year on year. The exhibition business kept expanding the service market and has been seeking to achieve personalized and value-adding services and building quality projects closely adhering to such business objectives, which has maintained leading position in the industry. With respect to design consulting, the Company has established the design consulting management department in 2016 as the management department of our design consulting business, and has made great efforts in building the management structure, enhancing connection and cooperation with other business segments, promoting market coordination among enterprises within the segment and strengthening scientific research and technological innovation ability. As a result, the scale and profitability of our design consulting business achieved significant improvement. 56 1. 科技创新能力持续强化 2016年4月，中机国际工程设 计研究院有限责任公司（「 中机 院」）成立了「海绵城市技术研 究中心」，并在2016年9月获批 成为「海绵城市建设集成技术 湖南省工程研究中心」，这是 湖南省首家在海绵城市建设领 域的省级工程研究中心，为公 司在该领域研究方面抢占了先 机、奠定了基础。该研究中心 完成了多个国家及省级重大专 项研究项目，其中一项获得陕 西省科技进步二等奖，建立了 中国－安哥拉岩土工程科技合 作示范基地，并筹划成立地下 空间研究院，积极研究综合管 廊等地下工程项目。此外，机 械工业勘察设计研究院有限公 司（「 机勘院」）郑建国总工程 师荣膺「全国工程勘察设计大 师」称号，至此，机勘院已有 四位专家获此殊荣，居全国同 类单位前列。 1. Scientific and technological i n n o v a t i o n c a p a c i t y k e e p strengthening In April 2016, China Machinery International Design and Research Institute Co., Ltd.* (中 机 国 际 工 程 设 计 研 究 院 有 限 责 任 公 司) ( “China Machinery R&D”) set up a “Sponge City Technology Research Center”, which has been approved as t h e “ I n t eg r a t e d Te c h n o l o g y of Sponge City Construction -Hunan Engineering Research Center” in September 2016. It is the first provincial engineering research center at the sponge city construction field in Hunan Province, laying a foundation for the Company to seize the initiative in research of the field. The institute has completed a number of national and provincial major special research projects, o n e o f w h i c h h a s w o n t h e second prize of scientific and technological progress in Shanxi Province, established ChinaAngola Geotechnical Science and Technology Cooperation D e m o n s t r a t i o n B a s e , a n d planned to set up underground space research institute, actively researched on integrated corridor and other underground projects. In addition, Zheng Jianguo, the chief engineer of China Jikan Research Institute of Engineering Investigations and Design Co., Ltd.* (机 械 工 业 勘 察 设 计 研 究 院 有 限 公 司) (“Jikan Research Institute”), was awarded the title of “National Engineering Survey and Design Master”. At this point, four experts from Jikan Research Institute have been honored this title, ranking the forefront of similar units throughout the country. 57 2. 对公司核心业务的支撑作用有 所提升 2016年，中机院为公司提供前 期技术谘询服务近50项，包括 国内外技术和商务考察、技术 方案编制、投标报价、技术评 审等；在提供现场技术支持服 务方面，为公司斯里兰卡普特 拉姆燃煤电站等项目提供常驻 现场技术服务。机勘院集中优 势力量做好公司海外业务的技 术支撑，为安哥拉索约电站、 巴基斯坦塔尔煤电等项目的桩 基施工提供了专业化和常驻现 场的技术服务，并以海外办事 处为支点，不断加大与公司及 其他工程承包企业的合作。 2. The support from the Company’s core business has improved In 2016, China Machinery R&D provided nearly 50 pre-technical advisory services to the Company, including domestic and foreign technology and business visits, technical program preparation, tender offer, technical review etc. In respect of the provision of on-site technical support services, it provided permanent on-site technical services for our Puttalam coal power project in Sri Lanka and other projects. Jikan Research Institute concentrated on the technical support of the overseas business of the Company and provided professional and p e r m a n e n t o n - s i t e t e c h n i c a l services for the construction work of the pile foundation of our Soyo power station project in Angola and Thar coal-electric integration project in Pakistan. Besides, with the support of its oversea offices, it constantly increased the cooperation with the Company and other engineering contracting enterprises. 58 The following table sets forth the details of the Services Business for the year ended December 31, 2016 and the comparative figures for the year ended December 31, 2015: 下表载列截至2016年12月31日 止年度服务业务详情连同截至 2015年12月31日止年度的比较 数字： Unit: RMB million 单位：人民币百万元 2016 % of Total 2015 Yearon-year Growth/ (Decline) 2016年 总额的% 2015年 按年 增长�u （减少） Revenue 收入 Design consulting services 设计谘询服务 461.4 34.9% 266.1 73.4% Logistics services 物流服务 213.7 16.2% 369.1 -42.1% Exhibition services 展览服务 197.2 14.9% 244.4 -19.3% Export-import agency services 进出口代理服务 32.4 2.4% 58.2 -44.3% Tendering agency services 招标代理服务 33.2 2.5% 12.2 172.1% Others 其他 385.4 29.1% 524.5 -26.5% Total 总计 1,323.3 100.0% 1,474.5 -10.3% Gross profit 毛利 Design consulting services 设计谘询服务 134.5 35.4% 119.6 12.5% Logistics services 物流服务 126.0 33.2% 193.3 -34.8% Exhibition services 展览服务 32.4 8.5% 41.8 -22.5% Export-import agency services 进出口代理服务 30.7 8.1% 54.8 -44.0% Tendering agency services 招标代理服务 10.1 2.7% 3.8 165.8% Others 其他 46.0 12.1% 99.7 -53.9% Total 总计 379.7 100.0% 513.0 -26.0% 59 D. Important Events 1. Completion of the acquisition of CNCEC On February 5, 2016, the Company and SINOMACH entered into an acquisition agreement, pursuant to which the Company agreed to acquire the entire equity interests in CNCEC for an aggregate consideration of RMB532,678,100. The acquisition was completed in May 2016. The acquisition demonstrates SINOMACH’s strict adherence to its non-competition undertakings, and enables the Company to better utilize relevant business integration to strengthen the competitiveness of its core businesses, optimize resource allocation and further consolidate the position of the Company as SINOMACH’s flagship enterprise in conducting international engineering c o n t r a c t i n g b u s i n e s s . T h e acquisition has expanded the scale of the International Engineering Contracting Business, developed into the business of distinctive agricultural segment and expanded the Company’s business frontier around the world. For further details, please refer to the Company’s announcements published on February 5 and May 23, 2016 on the respective websites of the Stock Exchange and the Company. D. 重要事件 1. 完成中成套的收购 於2016年2月5日，本公司与国机 订立收购协议，据此，本公司同 意收购中成套全部股权，总代 价为人民币532,678,100元。 收 购事项於2016年5月完成。收购 事项是国机恪守其避免同业竞 争的体现，并使得本公司更好 地利用有关业务整合提升我们 核心业务的竞争力，优化资源配 置，进一步巩固本公司作为国机 旗下国际工程承包旗舰企业的 地位，为本公司扩大了国际工程 承包业务领域，开拓了独具特 色的农业板块业务，拓宽本公 司在全球的业务版图。有关进 一步详情，请参阅本公司於2016 年2月5日及5月23日分别於联交 所及本公司网站刊发的公告。 60 2. Investment in relation to the Formation of Zhongzhe High-speed Railway Bearing Co., Ltd.* (中浙 高铁轴承有限公司) (“Zhongzhe Bearing”) On October 26, 2016, the Company, Luoyang Bearing Science & Technology Co., Ltd, Guangming Railroad Holdings Co., Ltd. and CRRC Equity Investment Co., Ltd.* (中 车 股 权 投 资 有 限 公 司) entered into an investment agreement for the establishment of Zhongzhe Bearing. Zhongzhe Bearing had a total registered capital of RMB250,000,000. The Company made a capital contribution of RMB25,000,000 and held 10% of the equity interest of Zhongzhe Bearing. The formation of Zhongzhe Bearing would enable each joint venture partner to synchronise their respective research capabilities, manufacturing technologies, resources and sales channels in the development, manufacturing and sales of railway bearings, and would allow the Company to further increase its market share in developing and manufacturing high-end forging and casting products, especially those related to high-speed railway and urban rail transit. The formation of Zhongzhe Bearing was in furtherance of the Company’s strategy to improve its industrial supply chain and strengthen the Group’s overall competitiveness. For further details, please refer to the Company’s announcement published on October 26, 2016 on the respective websites of the Stock Exchange and the Company. 2. 投资参股成立中浙高铁轴承有 限公司（「中浙轴承」） 於2016年10月26日，本公司、 洛阳轴研科技股份有限公司、 光明铁道控股有限公司及中车 股权投资有限公司就共同出资 成立中浙轴承订立出资协议 书。中浙轴承之总注册资本为 人 民 币250,000,000元， 本 公 司出资人民币25,000,000元， 持有中浙轴承的10%的股权。 成立中浙轴承将使各合营夥伴 整合各自之研发能力、制造技 术、资源及销售渠道以开发、 制造及销售铁路轴承，并将使 本公司得以进一步增加其在开 发及生产高端锻造产品方面之 市场份额，尤其是与高铁及城 轨交通有关之该等产品。成立 中浙轴承乃进一步践行本公司 策略以改善其行业供应链及巩 固本集团之整体竞争力。有关 进一步详情，请参阅本公司於 2016年10月26日分别於联交所 及本公司网站刊发的公告。 61 3. Investment in relation to the Formation of China Machinery Metal Jiangsu Co., Ltd.* (国机金 属江苏有限公司) (“CMMC”) On November 30, 2016, CMIPC, Chongqing Research Institute and Jiangyin Nangong Forging Co., Ltd. entered into a shareholders’ agreement and formulated the articles of association for the establishment of a new joint venture company, CMMC. CMMC has a total registered capital of RMB100,000,000. The Company will make a capital contribution of RMB25,000,000 and hold 25% of the equity interest of CMMC. The formation of CMMC is in furtherance of the Company’s strategy to improve its industrial supply chain and strengthen the Group’s overall competitiveness in the market of developing and producing high-end casting and forging products and will further expand CMIPC’s product range from forging and casting goods for traditional mining machinery and engineering machinery classes to forging and casting goods for plant equipment, energy and offshore oil and gas equipment. For further details, please refer to the Company’s announcement published on November 30, 2016 on the respective websites of the Stock Exchange and the Company. 3. 投资参股成立国机金属江苏有 限公司（「国机金属」） 於2016年11月30日， 中 设 装 备、重材院及江阴南工锻造有 限公司订立股权合作协议及编 制章程，合资成立新合营公司 国机金属。国机金属的总注册 资 本 应 为 人 民 币100,000,000 元， 本 公 司 应 出 资 人 民 币 25,000,000元，持有国机金属 25%的股权。成立国机金属旨 在促进本公司锐意改善其工业 供应链以及加强本集团在开发 及生产高端铸锻件产品市场的 整体竞争力，并将进一步扩充 中设装备的产品范围，从传统 的矿山机械、工程机械类铸锻 件产品，进一步向电站设备、 能源、海洋油气装备类铸锻件 产品延伸。有关进一步详情， 请参阅本公司於2016年11月30 日分别於联交所及本公司网站 刊发的公告。 62 4. Disposal of CMEC International Exhibition Co., Ltd. (“CMEC Expo”) and investment in China National Automotive Industry I n t e r n a t i o n a l C o r p o r a t i o n (“CNAICO”) On December 14, 2016, the Company, SINOMACH, China Machine Tool Sales and Technology Services Co., Ltd., Sinomach Capital Holdings Ltd. and CNAICO entered into a share subscription agreement, pursuant to which, the Company agreed to transfer all its equity interest in CMEC Expo to CNAICO as capital contributions of RMB73,682,200 made by the Company to CNAICO. Upon completion of the transaction, the Company held approximately 19.29% of the total equity interest of CNAICO, and CMEC Expo ceased to be a subsidiary of the Company. The transaction was completed in January 2017. The reorganization of CNAICO was a strategic step to consolidate and integrate the diversified exhibition resources and talents of SINOMACH into one platform, namely CNAICO. By virtue of the integrated exhibition resources and talents, CNAICO was able to acquire other companies in the exhibition services industry and further increase its market shares in domestic and international exhibition market. On the other hand, the Company mainly focused on the International Engineering Contracting Business and the Trading Business, while the exhibition services conducted by CMEC Expo only formed a small part of the Group’s businesses. Through the restructuring of CMEC Expo and its incorporation into CNAICO in exchange for the equity interest of CNAICO, the Company would be able to concentrate the resources on the further development of its core business, as well as improve its operational efficiency and receive dividends and investment returns from CNAICO. For further details, please refer to the Company’s announcement published on the respective website of the Stock Exchange and the website of the Company on December 14, 2016. 4. 出售西麦克国际展览有限责任 公司（「西麦克展览」）及入股 中国汽车工业国际合作有限公 司（「中汽国际」） 於2016年12月14日，本公司、 国机、中国机床销售与技术服 务有限公司、国机资本控股 有限公司以及中汽国际订立 股权认股协议，本公司同意将 其於西麦克展览的全部股本权 益转让予中汽国际，作为本 公司注资中汽国际股本人民 币73,682,200元，於交易完成 後，本公司持有中汽国际全部 股 本 权 益 约19.29%， 而 西 麦 克展览不再为本公司之附属公 司。交易於2017年1月完成。 中汽国际之重组乃将国机内 分散的展览资源及人才巩固 和整合至一个平台（即中汽国 际）之战略性步骤。凭借整合 後的展览资源及人才，中汽国 际能够收购展览服务行业内的 其他公司，并进一步扩展其在 国内及国际展览市场之市场份 额。另一方面，本公司主要专 注於国际工程承包业务及贸易 业务，而西麦克展览所进行的 展览服务只构成本集团业务的 小部份。透过重组西麦克展览 并并入中汽国际以换取中汽国 际的股本权益，本公司将能够 集中资源进一步发展其核心业 务，同时可提升营运效率并收 取中汽国际之股息及取得其投 资回报。有关进一步详情，请 参阅本公司於2016年12月14日 分别於联交所及本公司网站刊 发的公告。 63 III. FINANCIAL POSITION AND OPERATING RESULTS The following discussion should be read in conjunction with the financial statements of the Group together with the accompanying notes included in this results announcement and other sections therein. 1. Overview The Group’s profitability dropped slightly in 2016. Profit before taxation decreased by 7.1% to RMB2,783.9 m i l l i o n i n 2 0 1 6 c o m p a r e d t o RMB2,996.9 million in 2015. 2. Revenue The Group generated its revenue from the International Engineering C o n t r a c t i n g B u s i n e s s , T r a d i n g Business and Services Business. The Group’s revenue dropped by 12% to RMB21,017.2 million in 2016 compared to RMB24,056.3 million in 2015. The following table sets out, for the periods indicated, the amount and percentage of our total revenue by each of our three business segments: III. 财务状况及经营业绩 在阅读下述讨论时，请一并参阅包含在 本业绩公告及其他章节中本集团的财务 报表及附注。 1. 概览 本集团的盈利於2016年略有下降。 2016年除税前溢利为人民币2,783.9 百万元，较2015年的人民币2,996.9 百万元减少7.1%。 2. 收入 本集团的收入来自国际工程承包 业 务、 贸 易 业 务 及 服 务 业 务。 2016年， 本 集 团 的 收 入 为 人 民 币 21,017.2百 万 元， 较2015年 的 人 民 币24,056.3百万元降低12%。 下表载列於所示期间三个业务分部 各自的金额及占总收入的百分比： Year ended December 31, 截至12月31日止年度 2016 2015 2016年 2015年 (RMB million) (%) (RMB million) (%) （人民币 百万元） (%) （人民币 百万元） (%) International Engineering Contracting Business 国际工程 承包业务 Power 电力能源 7,290.2 34.7% 7,261.7 30.2% Transportation and Telecommunications 交通运输及 电子通讯 1,267.0 6.0% 3,850.2 16.0% Non-Core Sectors 非核心行业 3,827.9 18.2% 2,861.6 11.9% Trading Business 贸易业务 International trade 国际贸易 4,878.3 23.2% 6,890.2 28.7% Domestic trade 国内贸易 2,430.5 11.6% 1,718.1 7.1% Services Business 服务业务 1,323.3 6.3% 1,474.5 6.1% Total 总计 21,017.2 100.0% 24,056.3 100.0% 64 1) 国际工程承包业务 2016年，本集团的国际工程承 包业务收入为人民币12,385.1 百 万 元， 而2015年 则 为 人 民 币13,973.5百 万 元， 降 幅 为 11.4%，主要由於交通运输及 电子通讯行业收入有一定幅度 下降。 2016年电力能源行业收入为人 民 币7,290.2百 万 元， 比2015 年 人 民 币7,261.7百 万 元 上 升 0.4%， 与2015年 相 比 基 本 持 平。 2016年交通运输及电子通讯行 业 收 入 为 人 民 币1,267.0百 万 元，比2015年人民币3,850.2百 万元下降67.1%，主要由於南 美洲的铁路改造项目於2016年 上半年受当地政府换届影响， 项目进展出现一定拖延，相比 2015年取得收入较少。 2016年非核心行业收入为人 民 币3,827.9百 万 元， 比2015 年 人 民 币2,861.6百 万 元 增 加 33.8%，主要由於非洲和亚洲 的水厂及房屋建设项目於2016 年取得较大进展，相比2015年 取得收入较多。 1) I n t e r n a t i o n a l E n g i n e e r i n g Contracting Business The Group’s revenue generated from the International Engineering Contracting Business decreased by 11.4% to RMB12,385.1 million in 2016 compared to RMB13,973.5 million in 2015, primarily due to the decrease in the revenue generated from the transportation and telecommunications sector. The revenue generated from the power sector increased by 0.4% to RMB7,290.2 million in 2016 as compared to RMB7,261.7 million in 2015, and remained stable compared with 2015. T h e r e v e n u e g e n e r a t e d from the transportation and t e l e c o m m u n i c a t i o n s s e c t o r d e c r e a s e d b y 6 7 . 1 % t o RMB1,267.0 million in 2016 as compared to RMB3,850.2 million in 2015, primarily due to the delay in the progress of the railway rehabilitation project in South America in the first half of 2016 under the impact of the local government transitioning, resulting in the decrease in revenue as compared with that in 2015. The revenue generated from the Non-Core Sectors increased by 33.8% to RMB3,827.9 million in 2016 as compared to RMB2,861.6 million in 2015, primarily due to the significant progress of the water plant and house construction projects in Africa and Asia in 2016 with higher revenue as compared with that in 2015. 65 2) 贸易业务 2016年，本集团的贸易业务收 入为人民币7,308.8百万元，而 2015年则为人民币8,608.3百万 元，降幅为15.1%，主要由於 国际贸易收入有所减少。 2016年， 国 际 贸 易 收 入 为 人 民 币4,878.3百 万 元， 比2015 年 人 民 币6,890.2百 万 元 减 少 29.2%，主要原因是2015年贸 易量较大的，位於欧洲的粮食 转口业务2016年出现较大幅度 减少。 2016年， 国 内 贸 易 收 入 为 人 民 币2,430.5百 万 元， 比2015 年 人 民 币1,718.1百 万 元 增 加 41.5%，主要由於太阳能组件 供货业务量的增加。 3) 服务业务 2016年，本集团的服务业务收 入为人民币1,323.3百万元，而 2015年则为人民币1,474.5百万 元，降幅为10.3%，主要由於 太阳能组件加工装配服务以及 物流业务的外部订单量下降的 影响。 2) Trading Business The Group’s revenue generated f r o m t h e Tr a d i n g B u s i n e s s d e c r e a s e d b y 1 5 . 1 % t o RMB7,308.8 million in 2016 compared to RMB8,608.3 million in 2015, primarily due to the decrease in the revenue from international trade. The revenue generated from international trade decreased by 29.2% to RMB4,878.3 million in 2016 as compared to RMB6,890.2 million in 2015, primarily due to the substantial decrease in grain re-export business in Europe in 2016 as compared with the large trading volume of the same in 2015. The revenue generated from domestic trade increased by 41.5% to RMB2,430.5 million in 2016 as compared to RMB1,718.1 million in 2015, primarily due to the increase in the business volume of the procurement of solar energy components. 3) Services Business The Group’s revenue generated from the Services Business decreased by 10.3% to RMB1,323.3 million in 2016 compared to RMB1,474.5 million in 2015, primarily due to the decrease in external orders of solar energy components processing and logistics business. 66 3. 销售成本 2016年， 本 集 团 的 销 售 成 本 为 人 民 币17,473.0百 万 元， 而2015年 则 为人民币20,329.4百万元，降幅为 14.1%，主要是由於国际工程承包 业务以及贸易业务的业务量下降， 相关板块业务收入成本均有所降低。 4. 毛利及毛利率 (i) 2016年本集团毛利构成情况如 下： Year ended December 31, 截至12月31日止年度 2016 2015 2016年 2015年 (RMB million) (%) (RMB million) (%) （人民币 百万元） (%) （人民币 百万元） (%) International Engineering Contracting Business 国际工程 承包业务 Power 电力能源 1,781.1 50.2% 1,746.0 46.8% Transportation and Telecommunications 交通运输及 电子通讯 272.1 7.7% 613.5 16.5% Non-Core Sectors 非核心行业 758.2 21.4% 209.5 5.6% Trading Business 贸易业务 International trade 国际贸易 290.4 8.2% 596.2 16.0% Domestic trade 国内贸易 62.7 1.8% 48.6 1.3% Services Business 服务业务 379.7 10.7% 513.0 13.8% Total 总计 3,544.2 100.0% 3,726.8 100.0% 3. Cost of sales The Group’s cost of sales decreased by 14.1% to RMB17,473.0 million in 2016 compared to RMB20,329.4 million in 2015, primarily due to the decrease in the business volume of the International Engineering Contracting Business and the Trading Business, as well as the decrease in both revenues and costs from the relevant sectors. 4. Gross profit and gross profit margin (i) Gross profit of the Group in 2016 consists of the followings: 67 (ii) 2016年本集团毛利率载於下 表： Year ended December 31, 截至12月31日止年度 2016 2015 2016年 2015年 (%) (%) International Engineering Contracting Business 国际工程承包业务 22.7% 18.4% Power 电力能源 24.4% 24.0% Transportation and Telecommunications 交通运输及电子通讯 21.5% 15.9% Non-Core Sectors 非核心行业 19.8% 7.3% Trading Business 贸易业务 4.8% 7.5% International trade 国际贸易 6.0% 8.7% Domestic trade 国内贸易 2.6% 2.8% Services Business 服务业务 28.7% 34.8% Total 总计 16.9% 15.5% 2016年，本集团的毛利为人民 币3,544.2百万元，而2015年则 为人民币3,726.8百万元，降幅 为4.9%。此降幅主要由於交通 运输及电子通讯行业的毛利减 少。 (ii) Gross profit margins of the Group in 2016 are set out below: T h e G r o u p ’ s g r o s s p r o f i t decreased by 4.9% to RMB3,544.2 million in 2016 compared to RMB3,726.8 million in 2015. This decrease is mainly attributable to the decrease in the gross profit of the transportation and telecommunications sector. 68 1) 国际工程承包业务 (a) 毛利 2016年， 国 际 工 程 承 包 业 务 毛 利 为 人 民 币 2,811.4百 万 元， 而2015 年 则 为 人 民 币2,569.0百 万 元， 增 加9.4%， 主 要 是由於非核心业务毛利 增加。 2016年， 电 力 能 源 行 业 毛 利 为 人 民 币1,781.1百 万 元， 而2015年 为 人 民 币1,746.0百 万 元， 增 加 2.0%，与上年同期基本 持平。 2016年， 交 通 运 输 及 电 子通讯行业毛利为人民 币272.1百 万 元， 而2015 年 为 人 民 币613.5百 万 元， 减 少55.6%， 主 要 由於南美洲铁路改造项 目 於2016年 上 半 年 受 当 地政府换届影响，相比 2015年取得收入较少。 1) I n t e r n a t i o n a l E n g i n e e r i n g Contracting Business (a) Gross Profit The gross profit generated f r o m t h e I n t e r n a t i o n a l Engineering Contracting Business increased by 9.4% to RMB2,811.4 million in 2016 as compared to RMB2,569.0 million in 2015, primarily due to the increase in gross profit from the Non-Core Sectors. The gross profit generated f r o m t h e p ow e r s e c t o r i n c r e a s e d b y 2 . 0 % t o RMB1,781.1 million in 2016 as compared to RMB1,746.0 million in 2015, which remained stable compared with the same period in 2015. The gross profit generated from the transportation and telecommunications sector d e c r e a s e d b y 5 5 . 6 % t o RMB272.1 million in 2016 as compared to RMB613.5 million in 2015, primarily due to the decrease in the revenue as compared to that in 2015 as the railway rehabilitation project in South America was affected by the local government transitioning in the first half of 2016. 69 2016年， 非 核 心 行 业 毛 利 为 人 民 币758.2百 万 元， 比2015年 的 人 民 币209.5百 万 元 增 加 261.9%，主要由於非洲 和亚洲的水厂及房屋建 设 项 目 於2016年 取 得 较 大进展。 (b) 毛利率 2016年， 国 际 工 程 承 包 业务毛利率小幅上升至 22.7%， 而2015年 则 为 18.4%，主要由於交通运 输及电子通讯行业以及 非核心行业的毛利率上 升。 2016年， 电 力 能 源 行 业 毛利率为24.4%，2015年 则为24.0%，维持相对稳 定。 2016年， 交 通 运 输 及 电 子通讯行业毛利率增至 21.5%， 而2015年 则 为 15.9%，主要由於位於非 洲的高速公路和电子通 讯扩建项目毛利率较高。 2016年， 非 核 心 行 业 毛 利率升至19.8%，而2015 年 则 为7.3%， 主 要 由 於 2016年完工的非洲房屋 建设项目毛利率较高。 The gross profit generated from the Non-Core Sectors increased by 261.9% to RMB758.2 million in 2016 as compared to RMB209.5 million in 2015, primarily d u e t o t h e s i g n i f i c a n t progress of the water plant and house construction projects in Africa and Asia with higher revenue in 2016. (b) Gross Profit Margin The gross profit margin g e n e r a t e d f r o m t h e International Engineering C o n t r a c t i n g B u s i n e s s slightly increased to 22.7% in 2016 as compared to 18.4% in 2015, primarily due to the increase in the gross profit margin from t h e t r a n s p o r t a t i o n a n d telecommunications sector and Non-Core Sectors. The gross profit margin generated from the power sector was 24.4% in 2016 as compared to 24.0% in 2015, which remained relatively stable. The gross profit margin g e n e r a t e d f r o m t h e t r a n s p o r t a t i o n a n d telecommunications sector increased to 21.5% in 2016 as compared to 15.9% in 2015, primarily due to the high gross profit margin f r o m t h e e x p r e s s w a y and telecommunications expansion projects in Africa. The gross profit margin g e n e r a t e d f r o m t h e Non-Core Sectors increased t o 1 9 . 8 % i n 2 0 1 6 a s compared to 7.3% in 2015, primarily due to the high gross profit margin from t h e h o u s e c o n s t r u c t i o n projects in Africa which was completed in 2016. 70 2) 贸易业务 (a) 毛利 2016年， 贸 易 业 务 毛 利 为人民币353.1百万元， 比2015年 的 人 民 币644.8 百万元减少45.2%，主要 由於国际贸易毛利有所 减少。 2016年， 国 际 贸 易 业 务 毛利为人民币290.4百万 元， 比2015年 的 人 民 币 596.2百万元减少51.3%， 主要由於欧洲粮食转口 业务量及毛利率同时降 低。 2016年， 国 内 贸 易 业 务 毛 利 为 人 民 币62.7百 万 元， 比2015年 的 人 民 币 48.6百万元增加29.0%， 主要是高端铸锻件业务 取得较好的经济效益。 2) Trading Business (a) Gross Profit The gross profit generated from the Trading Business d e c r e a s e d b y 4 5 . 2 % t o RMB353.1 million in 2016 as compared to RMB644.8 million in 2015, primarily due to the decrease in gross profit from international trade. The gross profit generated from international trade d e c r e a s e d b y 5 1 . 3 % t o RMB290.4 million in 2016 as compared to RMB596.2 million in 2015, primarily due to the decrease in both the business volume and gross profit margin of the grain re-export business in Europe. The gross profit generated from the domestic trading business increased by 29.0% to RMB62.7 million in 2016 as compared to RMB48.6 million in 2015, primarily due to the better economic outcomes received in from the business of the high-end casting and forgings. 71 (b) 毛利率 2016年， 贸 易 业 务 毛 利 率 为4.8%， 而2015年 则 为7.5%， 主 要 由 於 国 际 贸易毛利率降低。 2016年， 国 际 贸 易 业 务 毛 利 率 为6.0%， 而2015 年 则 为8.7%， 主 要 由 於 欧洲粮食转口业务毛利 率降低较多。 2016年， 国 内 贸 易 业 务 毛 利 率 为2.6%，2015年 为2.8%， 与2015年 基 本 持平。 3) 服务业务 (a) 毛利 2016年， 服 务 业 务 毛 利 为人民币379.7百万元， 比2015年 的 人 民 币513.0 百万元减少26.0%，主要 由於物流服务业务收入 低於上年同期。 (b) 毛利率 2016年， 服 务 业 务 毛 利 率为28.7%，而2015年则 为34.8%，主要由於本年 度物流业务毛利所占比 重下降及设计谘询服务 业务毛利率低於上年。 (b) Gross Profit Margin The gross profit margin generated from the Trading Business was 4.8% in 2016 as compared to 7.5% in 2015, primarily due to the decrease in gross profit margin from international trade. The gross profit margin g e n e r a t e d f r o m t h e i n t e r n a t i o n a l t r a d i n g business was 6.0% in 2016 as compared to 8.7% in 2015, primarily due to the s u b s t a n t i a l d e c r e a s e i n gross profit margin from the grain re-export business in Europe. The gross profit margin generated from the domestic trading business was 2.6% in 2016 as compared to 2 . 8 % i n 2 0 1 5 , w h i c h remained stable compared with that of 2015. 3) Services Business (a) Gross Profit The gross profit generated from the Services Business d e c r e a s e d b y 2 6 . 0 % t o RMB379.7 million in 2016 as compared to RMB513.0 million in 2015, primarily d u e t o t h e d e c r e a s e i n revenue from the logistics s e r v i c e s b u s i n e s s a s compared with that for the same period in 2015. (b) Gross Profit Margin The gross profit margin generated from the Services Business was 28.7% in 2016 as compared to 34.8% in 2015, primarily due to the decrease in the proportion of gross profit of logistics business and the decrease in gross profit margin from the design consulting services business in the year as compared with that in 2015. 72 5. 其他收入 2016年，本集团的其他收入为人民 币29.1百万元，而2015年则为人民 币14.9百万元，主要由於公司取得 的补贴款增加。 6. 其他收支净额 2016年，本集团的其他收支净额为 人民币(14.2)百万元，而2015年则为 收入人民币(21.2)百万元，主要由於 营业外收入增加。 7. 销售及市场营销开支 2016年，本集团的销售及市场营销 开 支 为 人 民 币1,103.9百 万 元， 而 2015年则为人民币1,148.4百万元， 与上年同期基本持平。 8. 行政开支 2016年，本集团的行政开支为人民 币725.4百万元，而2015年则为人民 币718.0百万元，与上年同期基本持 平。 9. 其他经营开支 2016年， 本 集 团 的 其 他 经 营 开 支 为 人 民 币162.7百 万 元， 而2015年 则 为 人 民 币67.8百 万 元， 增 幅 为 140.0%。此增幅主要由於应收账款 减值拨备较2015年增加。 5. Other revenue The Group’s other revenue amounted to RMB29.1 million in 2016 as compared to RMB14.9 million in 2015. This increase is mainly attributable to the increase in subsidy received by the Company. 6. Other income and expenses, net T h e G r o u p ’s o t h e r i n c o m e a n d expenses, net amounted to RMB(14.2) m i l l i o n i n 2 0 1 6 a s c o m p a r e d t o income of RMB(21.2) million in 2015, mainly attributable to the increase in non-operating income. 7. Selling and marketing expenses The Group’s selling and marketing expenses increased to RMB1,103.9 million in 2016 as compared to RMB1,148.4 million in 2015, which remained relatively stable. 8. Administrative expenses The Group’s administrative expenses amounted to RMB725.4 million in 2016 as compared to RMB718.0 million in 2015, which remained relatively stable. 9. Other operating expenses The Group’s other operating expenses increased by 140.0% to RMB162.7 m i l l i o n i n 2 0 1 6 a s c o m p a r e d t o RMB67.8 million in 2015. This increase is mainly attributable to the increase in provision for impairment on receivables as compared to that in 2015. 73 10. 经营溢利 2016年， 本 集 团 的 经 营 溢 利 为 人 民 币1,567.1百 万 元， 而2015年 则 为 人 民 币1,786.4百 万 元， 降 幅 为 12.3%。主要由於毛利减少及资产 减值拨备增加。 11. 财务收入�u财务开支 2016年，本集团的财务收入为人民 币1,248.7百万元，而2015年则为人 民币1,263.5百万元，与上年同期基 本持平。 2016年，本集团的财务开支为人民 币46.9百万元，而2015年则为人民 币51.9百万元，与上年同期相比有 所下降。 因此，2016年，本集团的财务收入 净额为人民币1,201.8百万元，2015 年为财务净收入人民币1,211.7百万 元，与上年同期基本持平。 12. 所得税 2016年，本集团的所得税为人民币 674.1百万元，而2015年则为人民币 787.9百万元，降幅为14.4%。主要 由於除税前溢利降低及免税收入及 资产减值等因素的共同影响。 13. 年内溢利 由於上文所述，2016年，本集团的 年 内 净 溢 利 为 人 民 币2,109.8百 万 元，而2015年则为人民币2,209.0百 万元，降幅为4.5%，其於2016年的 净溢利率为10.0%，而2015年则为 9.2%。 10. Profit from operations The Group’s profit from operations decreased by 12.3% to RMB1,567.1 m i l l i o n i n 2 0 1 6 a s c o m p a r e d t o RMB1,786.4 million in 2015, primarily due to the decrease in gross profit and the increase in provision for assets impairment. 11. Finance income/finance expenses In 2016, the Group’s finance income amounted to RMB1,248.7 million as compared to RMB1,263.5 million in 2015, which remained relatively stable. In 2016, the Group’s finance expenses amounted to RMB46.9 million as compared to RMB51.9 million in 2015, which remained relatively stable. Thus, in 2016, net finance income of the Group amounted to RMB1,201.8 million as compared to RMB1,211.7 million in 2015, which remained relatively stable. 12. Income tax The Group’s income tax decreased by 14.4% to RMB674.1 million in 2016 as compared to RMB787.9 million in 2015. This decrease was mainly due to the collective effects attributable to the decrease in the profit before tax, tax free income and assets impairment and etc.. 13. Profit for the year As a result of the foregoing, the Group’s net profit for the year decreased by 4.5% to RMB2,109.8 million in 2016 as compared to RMB2,209.0 million in 2015 and its net profit margin was 10.0% in 2016 as compared to 9.2% in 2015. 74 14. 归属於股东溢利 2016年，归属於股东溢利为人民币 2,106.5百万元，而2015年则为人民 币2,204.8百万元，降幅为4.5%。 15. 归属於非控股权益持有人溢利 2016年，归属於本集团非控股权益 持有人溢利为人民币3.3百万元，而 2015年则为溢利人民币4.2百万元， 降幅为21.4%。 16. 流动资金及资本资源 於2016年12月31日， 本 集 团 持 有 现金及现金等价物人民币19,541.9 百 万 元， 而 於2015年12月31日 则 为人民币21,032.9百万元，降幅为 7.1%，维持相对稳定。 於2016年12月31日，本集团借贷为 人民币1,046.4百万元，而於2015年 12月31日则为人民币940.2百万元， 增幅为11.3%。短期借贷为人民币 576.7百万元（含一年内到期的长期 借贷人民币101.8百万元），长期借 贷为人民币469.7百万元。 该等借贷均以人民币、美元或日元 计值并以每年利率0.05%至6.76%计 息。 17. 资本开支 本集团的资本开支主要包括购买物 业、厂房及设备、无形资产及预付 土地租赁款项。2016年，本集团的 资本开支为人民币626.0百万元，而 2015年则为人民币504.7百万元，增 幅为24.0%，主要由於固定资产基 建项目实施取得一定进展。 14. Profit attributable to the Shareholders T h e p r o f i t a t t r i b u t a b l e t o t h e Shareholders decreased by 4.5% to RMB2,106.5 million in 2016 compared to RMB2,204.8 million in 2015. 15. Profit attributable to the holders of non-controlling interests The profit attributable to the holders of non-controlling interests of the Group decreased by 21.4% to RMB3.3 million in 2016 as compared to profit of RMB4.2 million in 2015. 16. Liquidity and capital resources As at December 31, 2016, the Group’s cash and cash equivalents amounted to RMB19,541.9 million, compared to RMB21,032.9 million as at December 31, 2015, representing a decrease of 7.1%, and remained relatively stable. As at December 31, 2016, the Group’s borrowings amounted to RMB1,046.4 million, compared to RMB940.2 million as at December 31, 2015, representing an increase of 11.3%. RMB576.7 million (including RMB101.8 million of long-term borrowings due within one year) was short-term borrowings and RMB469.7 million was long-term borrowings. The borrowings were denominated in either RMB, US dollars or Japanese Yen and were subject to interest rates ranging from 0.05% to 6.76% per annum. 17. Capital expenditures Our capital expenditures consisted primarily of the purchase of property, plant and equipment, intangible assets and land lease prepayments. In 2016, the Group’s capital expenditure was RMB626.0 million, representing an increase of 24.0% as compared to RMB504.7 million in 2015, mainly due to satisfactory progress made in the construction of infrastructure projects which are fixed assets. 75 18. Gearing ratio In 2016, the Group’s gearing ratio (total borrowings divided by total assets) was 2.2%, representing an increase of 0.1% as compared to 2.1% in 2015, mainly due to the increase in short-term borrowings. 19. Major acquisition and disposals and significant investments Please see the paragraphs headed “II. BUSINESS OVERVIEW �C D. Important Events” on pages 59 to 62 of this announcement. 20. Contingent liabilities We were involved in a number of legal proceedings and claims against either our Company or a subsidiary of our Company in the ordinary course of business. While the outcomes of such contingencies, lawsuits or other proceedings cannot be determined at present, the Directors believe that any resulting liabilities will not have a material adverse impact on the financial position, liquidity or operating results of the Group. 18. 杠杆比率 2016年，本集团的杠杆比率（借贷 总额除以总资产）为2.2%，与2015 年的2.1%相比增长0.1%，主要是由 於短期借款的增加。 19. 重大收购及出售及重大投资 请参阅本公告第59至62页「 II.业务 概览－ D. 重要事件」一段。 20. 或有负债 我们於日常业务中涉及多宗针对本 公司或本公司附属公司的法律诉讼 及申诉。虽然目前未能确定该等或 有事件、诉讼或其他法律程序的结 果，董事相信任何由此引致的负债 不会对本集团的财务状况、流动资 金或经营业绩产生重大不利影响。 76 21. Event after reporting period On March 28, 2017, the Board resolved that a final dividend of RMB0.2042 per share is to be distributed to the Shareholders, subject to approval of the Shareholders at the forthcoming annual general meeting. Such final dividend proposed after the end of the reporting period has not been recognised as a liability at the end of the reporting period. In December 2016, the Company entered into a conditional equity subscription agreement to dispose of its entire equity interest in CMEC Expo to CNAICO as consideration for the Company’s equity investment of RMB73,682,200 into CNAICO. Upon completion of all conditions of the equity subscription agreement, the Company shall own approximately 19.29% of the total equity interest in CNAICO, and CMEC Expo shall no longer be a subsidiary of the Company. In January 2017, all conditions of the equity subscription agreement were completed. 21. 报告期後的事项 2017年3月28日， 董 事 会 决 议 向 股 东派发每股人民币0.2042元的末期 股息，惟须获股东於应届股东周年 大会上批准。於报告期末後拟派的 末期股息尚未确认为报告期末的负 债。 於2016年12月， 本 公 司 达 成 有 条 件的股东认购协议约定将本公司持 有的西麦克展览全部股本权益转 让予中汽国际，作为对中汽国际增 资人民币73,682,200元的注资，於 该协议所有条件完成後，本公司将 持有中汽国际的全部股本权益的约 19.29%，而西麦克展览不再是本公 司的子公司。於2017年1月，上述协 定条件全部完成。 77 IV. R I S K F A C T O R S A N D R I S K 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 The Group is exposed to currency risk primarily through sales and purchases and our International Engineering Contracting Business overseas and overseas financing which give rise to receivables, payables and cash balances that are denominated in foreign currencies other than the functional currency of our operations, RMB, to which these transactions relate. The currencies giving rise to this risk are primarily US dollars and Euros. The Group 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 under such projects. As a matter of policy and in compliance with the PRC laws and regulations, we are not allowed to widely engage in hedging activities. Hence, our foreign currency hedging activities were limited to these foreign currency forward contracts. Our foreign currency forward contracts corresponded to our business volume, i.e. the amounts and terms of such contracts corresponded to the amounts of the foreign currency expected to be received from our business. We do not enter hedging instruments for speculation. The Group maintains and follows the internal policies and controls for managing our Group’s use of derivative financial instruments. IV. 风险因素及风险管理 我们於日常业务过程中面临多类风险， 包括货币风险、利率风险、信用风险、 流动资金风险、竞争风险及投资风险 等。我们的管理层不断监督我们面临的 该等风险以确保适当的措施实施到位且 及时有效地执行。 1. 货币风险 本集团面临货币风险，主要是通过 在海外的销售和采购及我们的国际 工程承包业务以及海外融资产生之 以外币（我们与此等交易相关的业 务的功能货币人民币除外）计价的 应收款项、应付款项及现金结余。 产生该风险的货币主要有美元及 欧元。本集团主要就国际工程承包 项目的收款订立远期外汇合同，以 锁定我们部分未来现金收入的人民 币价值，务求降低货币风险及确保 根据该等项目将自项目业主收取的 延迟付款所产生的预测收入。按照 政策及中国法律和法规，我们不得 广泛从事对冲活动。因此，我们的 外币对冲活动限於此等远期外汇合 同。我们的远期外汇合同与我们的 业务量相匹配，即该等合同的金额 及条款与业务上预计将收取的外汇 款项相匹配。我们并无订立对冲投 机风险的工具。本集团维持及遵守 有关规范本集团使用衍生金融工具 的内部政策及控制。 78 2. Interest Rate Risk Interest rate risk arises primarily from borrowings and bank deposits. 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, only either through managing the contractual terms of interest-bearing financial assets and liabilities or through the use of interest rate swaps in order to manage our interest rate risks. Like our currency risk hedging activities, our use of interest rate swaps is also subject to our internal control policy of derivative financial instruments. 3. Credit Risk Our credit risk is primarily attributable to trade and other receivables. The Company has a credit policy in place and our exposure to these credit risks is monitored on an ongoing basis. Credit terms extended to our customers are determined on a case-by-case basis, depending on credit assessment carried out by our management. The credit terms granted to customers of our Trading Business are normally about three to six months. With respect to the Group’s International Engineering Contracting Business, credit terms granted are negotiated individually on a case-by-case basis and are set forth in the relevant engineering contracting contracts. The Company conducts monthly reviews of credit risks and end-of-credit-term period reviews as an internal control measure to determine if the Group needs to make any necessary provisions for credits that we have 2. 利率风险 利率风险主要来自於借贷及银行存 款。按浮动利率及固定利率计息的 借贷分别使我们面临现金流量利率 风险及公允价值利率风险。本公司 仅通过管理计息金融资产及负债的 合同条款或通过对利率掉期的使用 定期检讨及监察固定利率借贷与浮 动利率借贷的比例，以管理利率风 险。与我们的货币风险对冲活动相 类似，我们使用利率掉期亦须遵守 衍生金融工具的内部控制政策。 3. 信用风险 信用风险主要来自於贸易及其他应 收款项。本公司已制定合适的信贷 政策并持续监控面临的该等信用风 险。我们给予客户的信贷期乃根据 管理层作出的信用评估，视乎个别 情况而定。我们给予贸易业务客户 的信贷期一般约为三至六个月。在 本集团的国际工程承包业务方面， 我们给予的信贷期视乎个别情况通 过协商厘定，并载列於有关工程承 包合同。作为内部监控措施，本公 司每个月审查信用风险，亦会於信 贷期末作出审查，决定本集团是否 就给予客户的信贷作出任何必要的 拨备。就涉及贸易及其他应收款项 的信用风险，我们通过建立合适的 79 extended. As to credit risk for trade and other receivables, we first evaluate our customer’s credit status and its ability to guarantee the payment through establishing an appropriate business evaluation system. Meanwhile, as part of our risk control mechanism on trade and other receivables, we implemented the policy to buy export credit insurance. For the Trading Business, the Company and the trading subsidiaries are required to buy unified export credit insurance from Sinosure; for the International Engineering Contracting Business financed by export seller’s credit, the Group typically buys export credit insurance from Sinosure for its projects to meet its financing needs as well as to control credit risk for trade and other receivables. Our credit risk arising from trade and other receivables relates to a number of independent customers. As at December 31, 2016, 9.4% of the total trade and other receivables was due from our largest customer (2015: 8.7%), and 21.5% of the total trade and other receivables was due from the five largest customers (2015: 23.2%). 4. Liquidity Risk Liquidity risk is the risk that the Group has net current liabilities at the balance sheet date. The Group is exposed to liquidity risk if it is unable to raise sufficient funds to meet its financial obligations when they fall due. To manage liquidity risk, the Company prepares both annual and quarterly fi n a n c i a l bu d g e t s w h i c h i n c l u d e budgeting for capital and utilization of credit facilities to plan and consolidate various financial resources to meet the 业务评估系统，首先评估客户的信 用状况，以及其担保还款的能力。 与此同时，作为贸易及其他应收款 项的风险控制机制的一部分，我们 实行购买出口信用保险政策。就贸 易业务而言，本公司及其贸易子公 司须向中国信保购买统一出口信用 保险；就由出口卖方信贷融资的国 际工程承包业务而言，本集团一般 会为其项目向中国信保购买出口信 用保险，以应付财务需要以及控制 贸易及其他应收款项的信用风险。 我们贸易及其他应收款项的信用风 险与多名独立客户有关。於2016年 12月31日，贸易及其他应收款项总 额 中 有9.4%来 自 我 们 的 最 大 客 户 （ 2015年：8.7%），而贸易及其他应 收款项总额中有21.5%来自五大客 户（ 2015年：23.2%）。 4. 流动资金风险 流动资金风险指本集团於结算日 拥有流动负债净额的风险。倘本 集团未能筹集足够资金以应付到期 的财务负债，则其将承受流动资金 风险。为管理流动资金风险，本公 司编制年度和季度财务预算，包括 对资本和信用额度动用的预算，以 计划和巩固各种财务资源满足其业 务、营运及发展的需要。此外，本 80 needs of its business, operations and development. Furthermore, the Group monitors and maintains a level of cash and cash equivalents the management considered adequate to finance its operations and mitigate the effects of fluctuations in cash flow. As at December 31, 2015 and 2016, our net current assets amounted to RMB8,574.0 million and RMB8,228.6 million, respectively. 5. Competition Risk T h e G r o u p c o m p e t e s w i t h b o t h domestic and foreign contractors in its International Engineering Contracting B u s i n e s s . C o m p e t i t i o n g e n e r a l l y stems from price, design, variety of the services provided, service quality, financial solutions, business models and environmental standards. Similar to other Chinese contractors in the industry, the Group faces competition from engineering contractors with advanced technology from the developed countries such as the U.S., Japan and various European countries as the latter have relatively large competitive advantages in global branch networks, information collection, management and construction capabilities, adaptability and brand name recognition, among other areas. The Company will continue to leverage our competitive advantage in pricing, especially for projects in the developing countries, benefiting from competitive labor cost and equipment price. The Company will also continue to leverage the cooperation between the PRC government and foreign governments (especially those of the developing countries) to compete with both domestic and foreign contractors. T h e G r o u p c o m p e t e s w i t h b o t h Chinese and foreign companies in our international trading business. Competition with Chinese companies engaged in the international trading business focuses on price, range of products, and range of suppliers and customers, whereas competition 集团监察及维持管理层认为足以为 其营运提供资金及减少现金流量 波动影响的现金及现金等价物水 平。 於2015年 及2016年12月31日， 我们的流动资产净额分别为人民币 8,574.0百万元及人民币8,228.6百万 元。 5. 竞争风险 本集团就其国际工程承包业务与国 内外的承包商竞争。竞争主要由价 格、设计、所提供服务的多样性、 服务质量、融资方案、业务模式及 环境标准所造成。如同行业中其他 中国承包商，本集团面对来自发达 国家（如美国、日本及多个欧洲国 家）且具备领先技术的工程承包商 的竞争，後者在全球分支网络、信 息搜集、管理及施工能力、适应性 及品牌认知度等各个方面拥有较大 的竞争优势。本公司将继续藉助在 价格方面的竞争优势，尤其在发展 中国家的项目，并受益於具竞争性 的劳动力成本和设备价格。本公司 亦将继续把握中国政府与外国政府 （尤其是发展中国家政府）之间的合 作，与国内外承包商竞争。 本集团与中外公司就国际贸易业务 进行竞争。与从事国际贸易业务的 中国公司竞争源於对价格、产品范 围及供应商及客户的范围的竞争， 而与国外公司的竞争则来自中外供 应商生产产品的价格及质量的竞 争。尽管国际贸易市场竞争激烈， 然而由於该市场非常巨大，本公司 81 with foreign companies focuses on the price and quality of products manufactured by Chinese and foreign suppliers. While competition in the international trading market is intense, given this market is considerably vast, the Company will continue to compete with the Chinese and foreign companies by capitalizing on its financing capabilities and value-adding services. With more than 30 years of operating history in the international trading business, the Directors believe the Group has an edge over the PRC competitors within the industry in terms of our extensive sales and marketing networks, long-established experiences in the international trading market, well-trained business talents, strong capabilities in providing financing solutions and good reputation. 6. Investment Risk Investment risk mainly represents any discrepancy between actual return from investment and anticipated return caused by factors which are out of the Company’s control or contingent factors which cannot be ascertained when making an investment decision. In addition, it is also associated with relevant advance payments for certain projects, decrease of investment in infrastructure by non-governmental investment institutions resulting from changes in policies, and significant outlay of working capital over extended period of time. Governmental approvals from and regulatory compliance with various governmental departments may also increase uncertainties when implementing the investment projects. The Company has set up an investment review committee and engaged independent third parties such as financial advisors, taxation advisors and legal counsels during the investment process to carry out comprehensive due diligence, analysis and deliberation with a view to improving the level of decision-making in investment and managing investment risks. 将利用自身的融资能力及增值服务 继续与中外公司竞争。凭藉在国际 贸易业务30多年的经营历史，董事 相信，本集团所拥有的广泛销售及 市场营销网络、在国际贸易市场长 期累积的经验、训练有素的商业人 才、提供融资方案的强大能力及良 好的声誉，令本集团比中国同行竞 争者更具优势。 6. 投资风险 投资风险主要指由於本公司控制 范围以外的因素或在作出投资决 定时无法确定的随机因素的影响， 投资的实际回报及预期回报之间的 差异。此外亦与垫付若干项目的有 关款项、政策变动造成非政府投资 机构对基础设施建设的投资减少及 在较长期间内动用大量营运资金等 有关。自不同政府部门取得政府批 准及遵守有关政府部门的监管规例 亦可能增加执行投资项目时的不确 定因素。本公司已成立投资审查委 员会，并在投资过程中聘请财务顾 问、税务顾问、法律顾问等独立第 三方机构进行充分的尽职调查，分 析论证，以提高投资决策水平，管 控投资风险。 82 7. Overseas Management Risk Currently, most of the projects of the International Engineering Contracting Business are conducted overseas, especially in developing countries or less-developed regions (including some countries and regions in constant social or political turbulence). The International Engineering Contracting B u s i n e s s i s t h e r e f o r e s u b j e c t t o c o n s t a n t l y c h a n g i n g e c o n o m i c , r e g u l a t o r y, s o c i a l a n d p o l i t i c a l conditions in the overseas jurisdictions in which we conduct business or operate our projects. To the extent that the Group’s overseas business or operation is affected by unexpected and adverse foreign economic, regulatory, social and political conditions, the Group may experience project disruptions, losses of assets and personnel, as well as other indirect losses. In some of the high-risk locations where the Group has employees, business or operations, the Group may incur additional costs in safeguarding our personnel and assets. The Company typically seeks to manage potential losses through contractual arrangement which protects us against liabilities due to force majeure and provides for indemnities from project owners, subcontractors and suppliers, as well as purchase of construction, installation and engineering all-risks insurance and third-party liability insurance. 7. 海外管理风险 目前，我们大部分的国际工程承包 业务项目於海外进行，尤其是在发 展中国家或发展较落後的地区，当 中包括一些社会或政治持续动荡的 国家及地区。因此，国际工程承包 业务在我们进行业务或经营项目的 海外司法权区内受到其不断改变的 经济、监管、社会及政治情况影响。 倘本集团的海外业务或营运受到意 料之外及不利的外国经济、监管、 社会及政治情况影响，本集团可能 经历项目受阻、资产及人员损失及 其他间接亏损。在一些本集团拥有 雇员、业务或营运的高风险地区 内，本集团或会产生额外成本以保 障我们的人员及资产。本公司一般 寻求透过合约安排规避我们因不可 抗力事件而承担的责任及规定项目 业主、分包商及供应商作出弥偿保 证，并藉着投购建筑、安装及工程 一切险以及第三方责任保险，以控 制潜在亏损。 83 8. Project Risk Project risk relates to risk associated with the projects for our International Engineering Contracting Business. While the Directors consider power, transportation and telecommunications sectors to be our Core Sectors, demand for the International Engineering C o n t r a c t i n g B u s i n e s s w h i c h i s principally international in nature depends on the general level of activity and growth in the industries in which the Group operates and serves. The actual portfolio of the engineering contracting projects differs year from year due to many factors not within our control, including but not limited to, general economic conditions, government investment plans, demographic trends, political stability, consumer confidence and requirements for industries or markets access. Any fluctuations in these macroscopic factors will have an impact on the demand for the International Engineering Contracting Business. They may lead to an increase or a decrease of investment in and number of new projects available to the Group, the type of projects that the Group can undertake and delays in or cancellations of the ongoing projects. While we take into consideration projected costs and target profit margin during the pricing process of our engineering contracting projects, profitability of the International Engineering Contracting Business may still be affected and our revenue may experience fluctuations. In addition, project owners and other contractual counterparties of our International Engineering Contracting Business may not be able to fulfil their contractual obligations owed to the Group or the conditions precedent to the contracts for the projects, which could negatively impact the Group’s revenue, working capital, cash flows and results of operations. 8. 项目风险 项目风险与我们的国际工程承包业 务项目所涉及的风险有关。尽管董 事视电力能源、交通运输及电子通 讯行业为我们的核心行业，但对我 们的国际工程承包业务的需求（主 要为国际性）则取决於本集团经营 所在及提供服务的行业的整体活动 及增长水平。基於非我们所能控 制的多个因素，包括但不限於普遍 经济状况、政府投资计划、人口趋 势、政治稳定性、消费者信心及行 业要求或市场准入，我们的工程承 包项目的实际组合每年不同。该等 宏观因素的任何波动将对我们的国 际工程承包业务之需求造成影响， 可能导致本集团可参与的新项目投 资金额及数目以及本集团可进行的 项目类型增加或减少及令我们进行 中的项目有所延误或被取消。尽管 我们於工程承包项目之定价过程中 已考虑到预计成本及目标利润率， 我们的国际工程承包业务之盈利能 力仍可能受到影响，而我们的收益 可能出现波动。 此外，我们的国际工程承包业务的 业主及其他合约对手方可能无法履 行其对本集团项目合约的合约责任 或先决条件，这可能对本集团的收 入、营运资金、现金流量及营运业 绩构成负面影响。 84 9. 安全及品质风险 由於我们的国际工程承包业务所参 与的建筑工程的性质，本集团的项 目可能涉及若干本质上危险的活 动，包括於架空平台工作、地下建 设、使用重型机械及於工作时使用 易燃及爆炸性物料。尽管本公司确 保遵守必要的安全要求及标准，我 们仍面临地质灾难、火灾、毒气、 设备故障及爆炸等固有风险。此 外，我们的雇员还面对因不稳定安 全环境而产生的人身风险。雇员可 能遭受的人身伤害及身亡、财产及 设备受损或受到破坏及其他由上述 情况的不可抗力事件造成的损失， 可能导致我们的工程承包项目延 误、工程时间延长及管理工作加 重、营运暂停，甚至须承担法律责 任。本公司透过采取多项措施，包 括与项目业主就不可抗力事件而导 致项目受阻订立合约安排，寻求项 目业主、分包商及供应商作出弥偿 保证，以及投购建筑、安装及工程 一切险、第三方责任保险以及人身 意外伤害保险，强化我们的内部监 控系统以确保项目具备安全及优质 的工作环境，以及与项目业主及地 方政府机关维持紧密联系，务求降 低我们所面临上述与我们的国际工 程承包业务有关的潜在风险。 9. Safety and Quality Risk Due to the nature of construction work involved in our International Engineering Contracting Business, the Group’s projects may involve certain inherently dangerous activities, including operations on aerial platform, underground construction, use of heavy machinery and working with flammable and explosive materials. Despite the fact that the Company ensures compliance with the requisite safety requirements and standards, it is subject to inherent risks of geological catastrophes, fire, toxic gas, equipment failure and explosion and so on. Besides, the employees are subject to personal risks caused by the environment with unstable security. Any personal injury or loss of life the employees may suffer, damage to or destruction of properties and equipment and other losses caused by force majeure in the situations mentioned above would result in the delay in the engineering contracting projects, extended construction time a n d e ff o r t s o f o u r m a n a g e m e n t , s u s p e n s i o n o f o u r o p e r a t i o n s o r even imposition of legal liabilities. The Company endeavors to lower its exposure to the abovementioned potential risks associated with our International Engineering Contracting Business by taking measures including making contractual arrangements with the project owners in the event of disruption to the projects due to force majeure, seeking indemnities from the project owners, subcontractors and suppliers, purchasing construction, installation and engineering all-risks insurance, third-party liability insurance and personal accident insurance, strengthening our internal control system to ensure a safe and high quality working environment for our projects, as well as maintaining close communications with the project owners and local governmental authorities. 85 10. 工程移交後风险 我们的国际工程承包项目在质保期 结束并由项目业主签发最终接收证 书之後即已在合同意义上全部完 成。在项目业主实际使用及运行过 程中，工程可能会因为飓风、海啸 等自然因素或者项目业主运营人员 操作或维护不当的原因产生运行或 品质问题，此时根据合同本集团不 再承担任何质保义务或其他责任。 但是，由於某些工程关乎国计民生 或在当地有较大影响，项目完工後 产生的任何品质瑕疵或缺陷，可能 会给我们的声誉带来不利影响，导 致客户对我们的整体评价降低。部 分项目业主可能会要求我们继续投 入成本进行维修或更换相应组件， 由此将给我们带来合同预期之外的 损失。企业声誉是我们开拓市场的 基石，本公司将继续加大对项目业 主运营人员的培训力度，尽力与项 目业主签订运行维护支持合同，提 高项目业主运营人员的运行维护水 准，尽量避免或减少因人为操作不 当原因导致的品质问题发生。同 时，本公司注重业务开发的核心市 场培养和可持续发展，注重收集客 户的意见和建议，与客户积极沟 通，努力维护良好的社会效益和企 业利益。 10. Post-project Transfer Risk O u r i n t e r n a t i o n a l e n g i n e e r i n g contracting projects are contractually completed after the warranty period expires and the project owner issues a final acceptance certificate. During the course of use and operation by the project owner, operational or quality issues may arise due to natural factors such as hurricanes and tsunamis or improper operation or maintenance by the project owner’s operational staff. According to the contracts, the Group is then no longer liable for any warranty obligations or other liabilities. However, since some projects are associated with national interests and people’s livelihood or bear significant influences in the local areas, any flaws or defects in quality that occur after project completion may adversely compromise our reputation, as well as negatively impact customers’ overall evaluation on us. Some of the project owners may require us to bear costs for continuous maintenance or replacement of relevant components, causing us losses not foreseeable under the contracts. Since corporate reputation is the cornerstone for our expansion of markets, the Company will keep on stepping up the training for the project owner’s operational staffs and endeavor to enter into operational maintenance support contracts with the project owners, so as to enhance the operational and maintenance capabilities of the project owners’ operational staffs and avoid or reduce quality issues caused by improper human errors as much as possible. At the same time, the Company emphasizes on the cultivation of core markets and the sustainable development o f t h e bu s i n e s s w h i l e a t t a c h i n g importance to collecting opinions and comments from the customers, actively communicating with clients, as well as being committed to maintaining good social benefits and corporate interests. 86 11. Corruption Risk T h e P R C g o v e r n m e n t h a s b e e n 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 ordinary 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 t r a i n i n g s , s o a s t o e n h a n c e t h e compliance awareness of the staffs and increase their compliance consciousness. 12. Sanctions Risk We are a company incorporated in the PRC and we comply with all applicable PRC laws and regulations. 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 particular, if any of our transactions is conducted in or through the United States, or otherwise involves US persons, US dollar clearing in the United States or US-origin goods, US sanctions regulations may be applicable to some or all of such transactions. In recent years the U.S. sanctions 11. 舞弊风险 当前，中国政府反腐败力度日趋加 强，我们承揽工程的各国政府亦日 益强化反商业贿赂的监管力度，任 何雇员的个人违规或舞弊行为， 将会给公司声誉带来重大不利影 响。本集团作为国际工程承包与服 务商，与中国政府、工程所在国政 府、中国金融机构、项目业主不可 避免地进行必要的普通沟通及工作 联系，在此过程中，我们可能面临 涉及雇员个人违规的风险，甚至舞 弊风险。本公司将持续加强内部控 制，进一步完善公司反舞弊制度， 强化责任追究，同时己经开展员工 合规培训，提高彼等合规意识，增 强彼等遵规守法的自觉性。 12. 制裁风险 我们为在中国注册成立的公司，须 遵守所有适用的中国法律法规。然 而，由於从事国际业务，我们亦须 遵守我们开展业务所在不同国家及 地区的法律法规。尤其是，倘我们 的任何交易在美国或通过美国开 展，或以其他方式涉及美籍人士、 於美国的美元结算或美国原产货 87 landscape has evolved substantially, especially those targeted at Iran. January 16, 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 nuclearrelated activities, Iran was granted relief from certain U.S., EU, and UN sanctions. Following the regulatory changes in the United States, the Company decided to cautiously approach the Iranian market. The Company’s potential activities in Iran are limited and only to civilian infrastructure projects. Further, every potential project in Iran 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. On February 2017, the U.S. Department of the Treasury imposed sanctions on 13 people and a dozen companies in response to Iran’s recent ballistic missile test. The Trump Administration was careful in pointing out these new sanctions measures were undertaken pursuant to existing statutory authorities that target Iran’s weapons of mass destruction (WMD) and ballistic missile activities, but that did not affect implementation of the JCPOA. Although there is some uncertainty with regard to the Trump Administration’s policy vis-à-vis various U.S. sanctions regimes, we have been in compliance with the undertakings made at the time of the Listing as regards economic sanctions. We also believe that our internal control policies targeted at sanctions compliance, and in particular our internal compliance program on 品，则美国制裁法规可能适用於部 分或全部该等交易。近年来，美国 制裁格局大幅演变，尤其是针对伊 朗的制裁。2016年1月16日为「执行 日」，标志着向伊朗承诺的制裁解除 （为伊朗、P5+1（美国、俄罗斯、中 国、法国、英国、德国）及欧盟谈 判并经联合国认可的联合全面行动 计划(JCPOA)的一部分）得到全面执 行。作为伊朗减少若干核相关活动 的交换，伊朗免於美国、欧盟及联 合国的若干制裁。 随着美国监管的变化，本公司决定 谨慎地进入伊朗市场。本公司在伊 朗展开的潜在业务仅限於民用基础 设施项目。此外，在伊朗开展的每 个潜在项目均须：(1)经本公司内部 的出口管制办公室审核；(2)经外部 的法律顾问审核；及(3)获本公司总 经理同意。 2017年2月，美国财政部对与伊朗近 期弹道导弹试验有关的13名个人及 十二家公司实施制裁。特普朗政府 慎重指出，该等新制裁措施是根据 针对伊朗大规模杀伤性武器及弹道 导弹活动的现有法定权限实施，并 不影响联合全面行动计划的实施。 虽然特普朗政府对有关美国制裁体 制的政策存在不确定性，但我们一 直遵守上市时就经济制裁所作的承 诺。我们亦认为，我们针对制裁合 规的内部控制政策，尤其是针对出 口控制的内部合规方案属健全，足 以在国际制裁格局演变的进程中为 我们导航。尽管美国制裁计划十分 深远复杂，但我们在美国进行的业 88 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 have provided either a “wind-down” period, or issued a general or specific license to that effect, in order to allow affected firms to terminate operations and withdraw from countries placed under new sanctions. Though 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 outside council. Furthermore, because �C as noted above �C CMEC’s exposure in Iran is so limited, any adverse impact from changes to Iran sanctions by the United States will be minimal. 务有限，且内部控制政策严格，将 最大限度降低违反潜在制裁的风险 及责任。当然，我们不可能预见未 来美国政府会对哪些国家或组织实 施制裁。然而，往届美国政府会给 予缓和期，或是颁发一般或特别许 可证，以使受影响的公司终止在新 受制裁的国家内经营或撤离该等国 家。尽管终止与任何新受制裁交易 方、行业、项目或国家相关的业务 活动，或没收相关收入可能对我们 在所涉及司法管辖区的经营、财务 状况或从事业务的能力造成不利影 响，但我们争取透过积极的政治经 济分析评估且及时向经验丰富的外 部顾问寻求法律意见来减少该等危 害。此外，由於如上所述CMEC在 伊朗开展活动面临的风险有限，故 美国变更伊朗制裁对我们产生的不 利影响极小。 89 V. PROSPECTS In 2017, with heightened competitions, the international landscape became more complex, and the uncertainties caused by exchange rate fluctuations are more prominent. Under these circumstances, the Company faces more challenges in its development. The Company’s business philosophy for this year is to adhere to the strategic leadership, achieve steady progress, make comprehensive layout, optimize our management, improve our quality and efficiency, and strive to complete the five-year strategic planning objectives so as to lay a solid foundation for a sustainable development of the Company. (A) Business Development Strategy 1. E n g i n e e r i n g C o n t r a c t i n g Business W e a i m t o i m p r o v e o u r c o m p r e h e n s i v e c o m p e t i t i v e s t r e n g t h i n t h e e n g i n e e r i n g contracting business through steady development. We shall f o r t i f y o u r f o o t h o l d o n t h e traditional business, closely embrace the market, strengthen the research and layout in key markets. In particular, we shall set business goals and strengthen the market layout so as to actively respond to the “One Belt and One Road” initiative of the government. We shall also put our efforts into promoting completions and signing new contracts, and continue improving the quality of compliance to ensure attaining business indicators and stable development. We shall continue to improve our industrial chain, including the integration of upgrading the supervision and construction platform, actively ex p a n d a f t e r- s a l e s s e r v i c e s , and promote the process of assimilating project construction and operation. Besides, we shall continue to explore innovating the financing model and business m o d e l , d e e p e n o u r f o r e i g n c o o p e r a t i o n , s t r e n g t h e n t h e establishment of policies and systems and enhance the level of management refinement. V. 前景 2017年， 国 际 形 势 更 加 复 杂， 竞 争 更 加激烈，由汇率波动等带来的不确定性 更加突出，给公司的发展提出了更多挑 战。今年公司经营工作的指导思想是， 坚持战略引领，稳中求进，全面布局， 优化管理，提质增效，努力完成五年战 略规划目标，为公司可持续发展打下坚 实基础。 （一） 业务发展战略 1. 工程承包业务 工程承包业务要平稳发展，提 高综合竞争实力。要立足传 统 业 务， 紧 紧 围 绕 市 场， 加 强重点市场的研究与布局， 尤其是积极响应政府「一带一 路」倡议，设定目标，加强市 场布局；全力促成交，继续抓 签约，持续提高履约质量，确 保完成经营指标及业务稳定发 展；持续完善产业链条，包括 整合升级监理建造平台，积极 拓展售後服务，推进项目建营 一体化进程等；要继续探索融 资模式及业务模式的创新，深 化对外合作，加强制度和体系 建设，提升管理精细化水平。 90 2. 贸易业务 贸易业务要向核心市场、核心 业 务、 核 心 产 品 聚 焦， 要 向 「有质量可持续」方向发展。继 续推进传统贸易业务向高附加 值业务方向的转型升级，积极 推进「互联网+贸易」的各种业 务模式的尝试，并尽快固化模 式；积极推进贸易业务的海外 区域化建设；持续打造核心品 牌，继续做强做大核心业务， 提高掌控及盈利能力；务实开 展实业化投资；继续深化、做 实地方政府合作。 3. 设计谘询业务 设计与谘询业务要强化技术优 势，打造核心竞争力。要努力 提升业务规模与盈利能力，继 续增强科技创新实力；充分激 发科技创新活力，对影响公司 发展的前瞻性科技领域加强研 究与应用，力争取得在行业领 先的创新成果，形成新的核心 竞争力；同时充分发挥技术支 撑平台的作用，加大与其他业 务板块的协同，实现国内外市 场的并举发展。 2. Trading Business T h e Tr a d i n g B u s i n e s s s h a l l focus on the core markets, core businesses and core products, and make development towards the direction of “high quality and sustainability”. We shall c o n t i n u e t o p r o m o t e t h e transformation and upgrading of traditional value-added business into high value-added business, and actively promote various “Internet + Trading” business models and rapidly solidify those models; actively promote overseas regional set up of the Tr a d i n g B u s i n e s s ; c o n t i n u e building our core brands, continue strengthening our core businesses, and improve our control ability and profitability; pragmatically carry out industrial investment; and continue deepening and implementing cooperation with local governments. 3. Design and Consulting Business In respect of our design and consulting business, we shall strengthen the technological advantages and build our core competitiveness. We shall strive to enhance the scale of business and profitability, continue enhancing the strength of scientific and t e c h n o l o g i c a l i n n o v a t i o n ; fully stimulate the vitality of sc ien tific and t ech nol og ica l i n n o v a t i o n , s t r e n g t h e n t h e r e s e a r c h a n d a p p l i c a t i o n i n forward-looking scientific and technological fields which can promote the development of the Company; strive to achieve the leading innovation results in the industry and form a new core competitiveness. At the same time, we give full play to the role of the technical support platform, and increase cooperation with other business segments to achieve the simultaneous development of domestic and foreign markets. 91 （二） 公司管理战略 1. 逐步完善核心管理体系 持续完善公司EPC项目全生命 周期管理体系，不断提升项目 精细化管理水平；进一步完善 投资管理架构，加强投资管理 体系建设，提升投融资管理能 力；不断提升财务管理水平， 深化预算管理和成本费用管 理，进一步推进职能前移，加 大对海外业务的支持力度并夯 实财务基础管理；充分发挥法 律管理体系的服务保障和价值 创造作用，持续加强法律风险 防范、合规管理和法律监督管 理；加强企业文化、社会责任 管理，持续提升公司在国内外 市场的影响力和品牌价值。 (B) M a n a g e m e n t S t r a t e g i e s o f t h e Company 1. To improve key management system step by step To i m p r o v e t h e C o m p a n y ’s m a n a g e m e n t s y s t e m o f t h e lifecycle of EPC projects on an ongoing basis by continuously e n h a n c i n g t h e e l a b o r a t e administration level; to further c o m p l e t e t h e i n v e s t m e n t m a n a g e m e n t s t r u c t u r e b y enhancing the establishment of investment management system t o u p g r a d e i nv e s t m e n t a n d financing capabilities; to uplift finance management level by deepening budget management and cost management so as to press ahead functional operation and enhance support for overseas business and strengthen basic finance management; to bring into full play the effect of service guarantee and value creation b r o u g h t f o r t h b y t h e l e g a l management system to increase anti-risk awareness, compliance management and legal monitoring management; to enhance corporate culture and social responsibility management, thus improving the impact and brand value of the Company both in domestic and overseas markets. 92 2. To constantly improve the level of management To improve the systems within the Board and Supervisors so a s t o p r o m o t e p r o f e s s i o n a l a n d e l a b o r a t e c o m p l i a n c e m a n a g e m e n t ; t o i m p r o v e strategic control and research by deploying and implementing new strategies of the Company at an opportune time; to strengthen forward-looking research on southeastern Asia and other hotspot cities around the “One Belt and One Road” region; to continuously uplift comprehensive management level and enhance informationalization construction; to adhere to the risk adverse principle and enhance auditing results; to strengthen safety awareness and ensure continual stabilization of production and safety of the Company. FINAL DIVIDENDS The Board recommended the distribution of a final dividend of RMB0.2042 per Share (pre-tax) for 4,125,700,000 Shares for the year ended December 31, 2016, representing a total amount of RMB842,467,940 (pre-tax). According to the articles of association of the Company, dividends will be denominated and declared in Renminbi. Dividends on Domestic Shares will be paid in Renminbi and dividends on H Shares will be paid in Hong Kong dollars. 2. 不断提升管理水平 加强董事会、监事会建设，促 进合规管理专业化和精细化； 加强战略管控与研究，适时部 署公司新战略规划的制定与落 地工作，围绕「一带一路」战 略布局，加强对东南亚等热点 市场的前瞻性研究；不断提升 综合管理服务水平，加强信息 化建设；坚持风险导向，不断 提升审计效果；强化安全生产 意识，确保公司安全生产形势 的持续稳定等。 末期股息 董事会建议派付截至2016年12月31日止年度的 末期股息，就4,125,700,000股股份每股人民币 0.2042元（税 前）， 合 共 人 民 币842,467,940元 （税前）。 根据本公司章程规定，股息将以人民币计值和 宣派。内资股的股息将以人民币支付，而H股 的股息则以港元支付。 93 拟派发的末期股息须经股东於本公司应届股东 周年大会（「 股东周年大会」）上批准。经批准 後，末期股息预计於2017年10月31日或之前 分派予於股息分派记录日期名列本公司股东名 册的内资股及H股持有人。本公司将就应届股 东周年大会日期、支付H股股息的记录日期及 本公司暂停办理股份过户登记日期刊发独立公 告。 企业管治 本集团致力於维持企业管治的高标准以确保股 东利益及提高公司价值及问责性。本公司已采 用《企业管治守则》作为其企业管治守则。本 公司於截至2016年12月31日止年度一直遵守 《企业管治守则》所载的守则条文。本公司将 继续检讨及提升其企业管治常规，以确保遵守 《企业管治守则》。 证券交易的标准守则 本公司已采纳《标准守则》，作为其董事及监 事进行证券交易的行为守则，其条款不逊於 《标准守则》所载的规定准则。对全体董事及 监事的专门查询後，各董事及监事均确认，彼 等於截至2016年12月31日止年度一直遵守《标 准守则》。 The proposed final dividend is subject to Shareholders’ approval at the upcoming annual general meeting of the Company (the “AGM”). Subject to approval, the final dividend is expected to be distributed on or before October 31, 2017 to the holders of Domestic Shares and H Shares whose names appear in the register of member of the Company on the record date for dividend distribution. The Company will issue a separate announcement regarding the date of the upcoming AGM, the record date for the payment of H Share dividends and the dates of closure of register of members of the Company. CORPORATE GOVERNANCE 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 year ended December 31, 2016. The Company will continue to review and enhance its corporate governance practices to ensure compliance with the CG Code. M O D E L C O D E F O R S E C U R I T I E S TRANSACTIONS 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 year ended December 31, 2016. 94 PURCHASE, SALE OR REDEMPTION OF THE LISTED SECURITIES During the year ended December 31, 2016, 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. AUDITORS Ernst & Young (安永会计师事务所) and Ernst & Young Hua Ming LLP (Special General Partnership) (安 永 华 明 会 计 师 事 务 所（特 殊 普 通 合 夥)) were appointed as the Company’s international and domestic auditors, respectively, for the year ended December 31, 2016. The 2016 consolidated financial statements of the Company prepared in accordance with IFRS have been audited by Ernst & Young. REVIEW OF ANNUAL RESULTS BY THE AUDIT COMMITTEE The Company established the Audit Committee and adopted the written terms of reference in compliance with the CG Code. The primary duties of the Audit Committee are to review and supervise the financial reporting process and internal controls system. The Audit Committee comprises one non-executive Director, namely Mr. WANG Zhian and two independent non-executive Directors, namely Mr. LIU Li (committee chairman) and Ms. LIU Hongyu. The Audit Committee reviewed the Company’s annual consolidated results for the year ended December 31, 2016. 购买、出售或赎回上市证券 截至2016年12月31日止年度，本公司并无赎回 其於联交所上市的任何H股，而本公司或其任 何附属公司亦无购买或出售任何该等股份。 核数师 截至2016年12月31日止年度，安永会计师事务 所及安永华明会计师事务所（特殊普通合夥） 分别获委任为本公司国际核数师及境内核数 师。根据国际财务报告准则编制的本公司2016 年合并财务报表已由安永会计师事务所审核。 审计委员会审阅全年业绩 本公司已遵照《企业管治守则》成立审计委员 会，并采纳其书面职权范围。审计委员会的主 要职责为审阅及监督财务申报程序及内部监控 制度。审计委员会由一名非执行董事（即王治 安先生）及两名独立非执行董事（即刘力先生 （委员会主席）及刘红宇女士）组成。 审计委员会已审阅本公司截至2016年12月31日 止年度的全年合并业绩。 95 P U B L I C A T I O N O F T H E A U D I T E D CONSOLIDATED ANNUAL RESULTS AND 2016 ANNUAL REPORT ON THE RESPECTIVE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANY This annual results announcement is published on the respective websites of the Stock Exchange (www.hkexnews.hk) and the Company (www. cmec.com). In accordance with the requirements under the Listing Rules which are applicable to the reporting period, the 2016 annual report containing all the information about the Company set out in this preliminary announcement of results for the year ended December 31, 2016 will be dispatched to the Shareholders and published on the respective websites of the Stock Exchange and the Company in due course. 分别於联交所及本公司的网站刊登经审计 合并全年业绩及2016年年报 本 全 年 业 绩 公 告 分 别 於 联 交 所 网 站(www. hkexnews.hk)及 本 公 司 网 站(www.cmec.com) 上刊登。根据适用於报告期的《上市规则》规 定，本公司将於适当时候向股东寄发载有该截 至2016年12月31日止年度业绩初步公告中所载 的关於本公司的所有数据的2016年年报，并分 别在联交所及本公司的网站上刊登。 D E F I N I T I O N S A N D G L O S S A R Y O F TECHNICAL TERMS “Audit Committee” the audit committee of the Board 「审计委员会」 董事会审计委员会 “Board” the board of Directors of the Company 「董事会」 本公司董事会 “CAGR” compound annual growth rate 「复合年增长率」 复合年增长率 “CG Code” the Corporate Governance Code set out in Appendix 14 to the Listing Rules 「《企业管治守则》」 载於《上市规则》附录十四之《企业管治守则》 “CMEC International Trading” CMEC International Trading Co., Ltd. (中设国际贸易有限责任公司), a wholly-owned subsidiary of our Company established in the PRC on January 16, 1995 with limited liability 「中设国际贸易」 中设国际贸易有限责任公司，一家於1995年1月16日在中国成立的本 公司全资附属有限责任公司 “CMIPC” China Machinery Industrial Products Co., Ltd.* (中设集团装备制造有 限责任公司), a company established in the PRC on February 6, 2002 and a subsidiary wholly-owned by the Company 「中设装备」 中设集团装备制造有限责任公司，一家於2002年2月6日在中国成立的 公司，并为本公司全资拥有的附属公司 “CNCEC” China National Complete Engineering Corporation* (中国成套工程有 限公司), a corporation established in the PRC in September 5, 1985 and wholly-owned by SINOMACH 「中成套」 中国成套工程有限公司，一家於1985年9月5日在中国成立的企业，由 国机全资拥有 定义及技术术语表 96 “Company”, “Our Company” or “CMEC” China Machinery Engineering Corporation* (中国机械设备工程股份 有限公司), a joint stock company with limited liability incorporated in the PRC on January 18, 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) their predecessors 「公司」、「本公司」或 「中国机械工程」 中国机械设备工程股份有限公司，一家於2011年1月18日在中国注册 成立的股份有限公司；除非文义另有所指，否则包括：(i)我们的前身 及(ii)就本公司成为其现时附属公司的控股公司前的期间而言，其及 其现时附属公司或（视情况而定）其前身经营的业务 “Core Sectors” the core sectors of our International Engineering Contracting Business which are the power sector, transportation sector and telecommunications sector 「核心行业」 我们国际工程承包业务的核心行业为电力能源行业、交通运输行业及 电子通讯行业 “developing countries” refers to the 139 countries worldwide with low income, low middle income and upper middle income economies which as defined by World Bank are those with gross national income (GNI) per capita less than USD 12,475 「发展中国家」 指世界银行所定义收入处於低水平、中低水平及中高水平的全球139 个国家，其人均国民总收入低於12,475美元 “Director(s)” the director(s) of our Company 「董事」 本公司董事 “Domestic Share(s)” ordinary shares in our capital, with a nominal value of RMB1.00 each, which are subscribed for and paid up in Renminbi 「内资股」 我们股本中的普通股，每股面值为人民币1.00元，乃以人民币认购及 缴足 “East Resources” China-East Resources Import & Export Co. Ltd. (中经东源进出口有限 责任公司), a wholly-owned subsidiary of our Company established in the PRC on July 22, 1993 with limited liability 「东源」 中经东源进出口有限责任公司，一家於1993年7月22日在中国成立的 本公司全资附属有限责任公司 “ENR” Engineering News-Record magazine, a publication that provides news, analyses, commentary and data about the global construction industry and an independent third party 「 ENR」 《工程新闻记录》杂志，一本提供有关全球建造业消息、分析、评论 及数据的刊物，为一名独立第三方 97 “EPC” 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 「 EPC」 承包安排的常见形式，即承包商受项目拥有人的委托进行设计、采 购、施工及试工等项目工作，或任何上述的组合（无论是通过承包商 本身的人员或分包部分或所有项目工作），并对项目的质量、安全、 工期及成本负责 “EU” the European Union 欧盟 欧洲联盟 “GDP” the gross domestic product 「国内生产总值」 国内生产总值 “GE” General Electric Company, a company incorporated in the United States, whose principal activities include, among others, engineering and power generation services 「通用电气」 通用电气公司，在美国注册成立的公司，主要业务为（其中包括）工 程及发电服务 “Group”, “we” and “us” the Company and, except where the context otherwise requires, all its subsidiaries 「集团」或「我们」 本公司及除文义另有所指外，包括其所有附属公司 “H Share(s)” overseas listed foreign shares in our ordinary share capital with a nominal value of RMB1.00 each, which are listed on the Main Board of the Stock Exchange and subscribed for and traded in HK$ 「 H股」 我们普通股本中的境外上市外资股，每股面值人民币1.00元，以港元 认购及买卖，并於联交所主板上市 “Hong Kong dollars” or “HK$” Hong Kong dollars, the lawful currency of the Hong Kong Special Administration Region of the PRC 「港元」 港元，中国香港特别行政区法定货币 “IFRS” International Financial Reporting Standards 「国际财务报告准则」 国际财务报告准则 98 “independent third party(ies)” 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 「独立第三方」 独立於本公司或其任何附属公司的任何董事、监事、控股股东、主要 股东及行政总裁（定义见《上市规则》）或任何一方的联系人的个人或 公司 “International Engineering Contracting Business” the International Engineering Contracting Business conducted by our Group with a primary focus on EPC projects 「国际工程承包业务」 由本集团开展，并以EPC项目为重点的国际工程承包业务 “Ipsos” Ipsos Limited, an independent third party, is part of Ipsos SA and it conducts research on market profiles, market size, share and segmentation analyses, distribution and value analyses, competitor tracking and corporate intelligence; it is responsible for conducting a comprehensive research on the industry information included in this announcement and providing the relevant data 「益普索」 Ipsos Limited，一名独立第三方，为Ipsos SA的一部分，其开展市场 概况、市场规模、份额及细分分析、分销及价值分析、竞争对手追踪 及企业情报的研究；其对本公告内的行业资料展开全面调查并提供相 关数据 “Ipsos Report” a report prepared by Ipsos Hong Kong Limited, an independent third party, on the global infrastructure engineering industry and international trading industry in general, and the infrastructure engineering industry and international trading industry in the developing countries in particular, which was commissioned by us and issued on March 28, 2017 「益普索报告」 由我们委托独立第三方益普索香港有限公司*於2017年3月28日刊发有 关全球基础设施建设工程行业与国际贸易行业整体（特别是有关发展 中国家的基础设施建设工程行业与国际贸易行业）的报告 “Listing” listing of our H Shares on the Stock Exchange 「上市」 我们的H股在联交所上市 “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange, as amended from time to time 「《上市规则》」 《联交所证券上市规则》（经不时修订） “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules 「《标准守则》」 《上市规则》附录十所载《上市发行人董事进行证券交易的标准守则》 “MW” unit of energy, megawatt. 1MW = 1,000kW. The installed capacity of power plants is generally expressed in MW 「兆瓦」 能源单位兆瓦。1兆瓦=1,000千瓦。发电厂装机容量通常以兆瓦表示 99 “Non-Core Sectors” any sectors that do not fall within the Core Sectors of our International Engineering Contracting Business 「非核心行业」 任何并非属於我们国际工程承包业务核心行业的行业 “PRC” The People’s Republic of China 「中国」 中华人民共和国 “RMB” or “Renminbi” Renminbi, the lawful currency of the PRC 「人民币」 人民币，中国法定货币 “Services Business” the design consulting services, logistics services, exhibition services, tendering agency services, export-import agency services and other services conducted by the Group 「服务业务」 本集团开展的设计谘询服务、物流服务、展览服务、招标代理服务、 进出口代理服务及其他服务 “Share(s)” share(s) in the share capital of our Company, with a nominal value of RMB1.00 each, including our Domestic Shares and H Shares 「股份」 本公司股本中每股面值人民币1.00元的股份，包括内资股及H股 “Shareholder(s)” holder(s) of our Share(s) 「股东」 我们的股份持有人 “SINOMACH” China National Machinery Industry Corporation* (中国机械工业集团 有限公司), a state-owned enterprise established in the PRC on May 21, 1988, our controlling shareholder 「国机」 我们的控股股东中国机械工业集团有限公司，一家於1988年5月21日 在中国成立的国有企业 “SINOMACH Group” SINOMACH and its subsidiaries, which excludes our Group 「国机集团」 国机及其附属公司，不包括本集团 “Sinosure” China Export & Credit Insurance Corporation (中国出口信用保险公 司), a policy-oriented insurance company specializing in export credit insurance in the PRC and an independent third party 「中国信保」 中国出口信用保险公司，一家在中国专营出口信用保险的政策性保险 公司和独立第三方 “Stock Exchange” The Stock Exchange of Hong Kong Limited 「联交所」 香港联合交易所有限公司 “subsidiary(ies)” has the meaning ascribed thereto under the Listing Rules 「附属公司」 具有《上市规则》赋予该词的涵义 “Supervisor(s)” the supervisor(s) of the Company 「监事」 本公司监事 “Trading Business” the international and domestic trading business conducted by our Group 「贸易业务」 本集团进行的国际和国内贸易业务 100 “UN” the United Nations 「联合国」 联合国 “United States” or “U.S.” or “US” the United States of America, its territories, its possessions and all areas subject to its jurisdiction 「美国」 美利坚合众国，其领土、属地及受限於其司法管辖权的所有地区 “US dollars” or “US$” or “USD” United States dollars, the lawful currency of the United States 「美元」 美元，美国的法定货币 “%” per cent. or percentage 「 %」 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. By order of the Board China Machinery Engineering Corporation* SUN Bai Chairman Beijing, the PRC, March 28, 2017 As at the date of this announcement, the executive Directors are Mr. SUN Bai (Chairman) and Mr. ZHANG Chun (President); the non-executive Directors are Mr. WANG Zhian, Mr. YU Benli and Mr. ZHANG Fusheng; and the independent non-executive Directors are Mr. LIU Li, Ms. LIU Hongyu, Mr. FANG Yongzhong and Mr. WU Tak Lung. * 指中国公司或实体名称的英文译名或相反情 况，仅供识别。 承董事会命 中国机械设备工程股份有限公司 董事长 孙柏 中国北京，2017年3月28日 於本公告日期，执行董事为孙柏先生（董事 长）及张淳先生（总裁）；非执行董事为王治安 先生、余本礼先生及张福生先生；以及独立非 执行董事为刘力先生、刘红宇女士、方永忠先 生及吴德龙先生。