Hangzhou Steam Turbine Co., Ltd. Summary of the Semi-annual Report 2016
Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2016-63
Hangzhou Steam Turbine Co., Ltd.
Summary of the Semi-annual Report 2016
Important notes
The summary is abstract from full-text of summary of the semi-annual report, for more details information ,
investors should found in the full-text of summary of the semi-annual report that published on website of
Shenzhen Stock Exchange and other website appointed by CSRC.
I.Company Profile
Stock ID Hangqilun B Stock code 200771
Stock exchange for listing Shenzhen Stock Exchange
Contact person and contact
Board secretary Securities affairs Representative
manner
Name Yu Changquan Wang Caihua
Tel 0571-85780432 0571-85784758
Fax 0571-85780433 0571-85780433
E-mail ychq@htc.cn wangch@htc.cn
II.Financial data and change of shareholders.
（1）Financial data
Does the company adjust retrospectively or restate accounting data of previous years due to change of the
accounting policy or correction of any accounting error?
No
Reporting period Same period of last year YoY+/-（%）
Operating income（RMB） 1,367,423,771.88 1,054,996,326.24 29.61%
Net profit attributable to the
shareholders of the listed company -31,252,238.19 -10,282,333.32 -203.94%
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable to
the shareholders of listed company -43,478,314.33 -22,164,040.35 -96.17%
（RMB）
Cash flow generated by business
operation, net（RMB） 214,699,052.95 101,821,573.29 110.86%
Basic earning per share(RMB/Share) -0.04 -0.01 -300.00%
Diluted gains per
share(RMB/Share)(RMB/Share) -0.04 -0.01 -300.00%
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Hangzhou Steam Turbine Co., Ltd. Summary of the Semi-annual Report 2016
Weighted average ROE(%) -0.74% -0.23% -0.51%
As at the end of the
As at the end of last year YoY+/-（%）
reporting period
Gross assets (RMB) 8,117,183,672.84 7,683,777,005.63 5.64%
Net assets attributable to
shareholders of the listed company 4,188,280,702.81 4,219,337,312.80 -0.74%
（RMB）
（2）Statement of shares held by top 10 shareholders
In shares
Total Number of common shareholders at
16,158
the end of the reporting period
Shareholdings of the top 10 common shareholders
Share Frozen or pledged
Properties of
Name of the shareholder proportion Total shares Conditional shares Status of Amoun
shareholder
% shares t
Hangzhou Steam Turbine Power Group Co., State-owned
63.64% 479,824,800 479,824,800
Ltd. legal person
GUOTAI JUNAN Overseas
legal person 0.65% 4,909,489 0
SECURITIES(HONGKONG) LIMITED
Overseas
NORGES BANK legal person 0.57% 4,303,675 0
VANGUARD TOTAL INTERNATIONAL Overseas
legal person 0.44% 3,308,246 0
STOCK INDEX FUND
Shanwan Hongyuan Securities (HK) Overseas
legal person 0.39% 2,924,322 0
Co.,Ltd.
State-owned
China Merchants Securities (HK)Co., Ltd. 0.33% 2,468,865 0
legal person
Overseas
AUSTRALIANSUPER PTY LTD 0.28% 2,108,321 0
legal person
Domestic
Xia Zulin Natural 0.28% 2,100,000 0
person
CHINA INT'L CAPITAL CORP HONG Overseas
0.27% 2,046,860 0
KONG SECURITIES LTD legal person
CREDIT SUISSE (HONG KONG) Overseas
0.27% 2,033,703 0
LIMITED legal person
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Hangzhou Steam Turbine Co., Ltd. Summary of the Semi-annual Report 2016
(1) Hangzhou Steam Turbine Power Group Co., Ltd. is the holder
of state-shares of the Company, all other shareholders’ are holders
of domestic listed foreign shares (B shares)
(2) There is no relationship between Hangzhou Steam Turbine
Power Group Co., Ltd. and other shareholders;
Explanation on associated relationship among the
(3) Hangzhou Steam Turbine Group Co., Ltd. is not an
aforesaid shareholders
“action-in-concert” party with any of other shareholders as
described by the “Administration Rules of Informational
Disclosure about Change of Shareholding Statues of PLCs”.
Notes to the shareholders involved in financing securities
Not applicable
(if any)
（3）The top 10 preference share holders
Not applicable
（4）Changing of controlling shareholder and practical controller of the Company.
No change of holding shareholder in the report period.
III. Discussion and analysis by the management
2016 is the first year of the company’s ” the 13th Five-Year Strategic Plan”, and also a key year for the
company for adapt to the new normal, boost transformation and upgrading and strive to turn losses into gains.
During the report period, with its focus on promoting the execution of the 13th Five-Year Strategic Plan, the
company made more efforts to expand the market, continued to carry out management innovation, constantly put
more investment in R&D, actively planned the market transformation and industry transformation, strictly
controlled the operation risk, attached importance to brand culture construction and actively fostered its
competitive edge in high-end equipment and service.
(1) With a development-first idea, boost the execution of the 13th Five-Year Strategic Plan. During the report
period, the board of directors in the company reviewed and passed the 13th Five-Year Strategic Plan, and defined
the company’s transformation direction, business layout and capability construction in the upcoming 5 years. To
ensure the strategic orientation of the company’s business activities, the company further strengthened the strategy
implementation and management, combined the medium and long-term planning target closely with short-term
business plan and focused on the operability and measurability for executing key strategic measures.
(2) Adjust the organization to ensure the guarantee by the management organization. During the report period,
the company adjusted and reorganized the management organization, set up an operation management department
and capital & material management department, reinforced the management of external investment, cooperation
and capital operation, intensified internal strategy management, risk control and budget management, and
constructed a high-efficient functional management mode that adapts to the extension of industry chain in the
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Hangzhou Steam Turbine Co., Ltd. Summary of the Semi-annual Report 2016
company.
(3) Plan the market transformation and make a new breakthrough in gas turbine field. During the report period,
subject to the influence of the national industry regulatory policies, the feed pump contract decreased sharply and
the drive market continued to be sluggish. Comparatively speaking, the thermoelectricity market was still robust
and the nuclear power market has lived up to expectation. The company further deepened its cooperation with
Simens in gas turbine market. To be specific, in May, 2016, the company and Simens united and won the bidding
for the GCL’s distributed energy project. On July 5, on the China Gas Distributed Generation Forum, the company
signed a memorandum of understanding for strategic cooperation with GCL and joined hands to enter the
distributed energy market and strengthened the development and application of natural gas-fuelled distributed
energy. At the same time, the company won a long-term contract in natural gas turbine field for the first time.
(4) Insist on technological innovation and improve its core competitiveness. During the report period, the
company continued to make more scientific breakthroughs by improving the technical performance of products
from various aspects, including structure, core part, basic design, manufacturing process, material, technology, etc.
On the other hand, targeted at the customers’ demand, the company made a study of turbine packaging technology
demonstration application project and promoted the development of intelligent, integrated product technologies.
In May, 2016, Zhejiang Equipment Manufacturing Industry & Gas Turbine Machinery Technology Alliance,
which was built by the company in conjunction with Zhejiang University and other R&D institutes, was formally
set up, which served as the new platform for university-industry-research cooperation of turbine technology.
Under the development tendency of ”Made in China 2025”, the company accelerated the application of
information technology, advanced the construction of intelligent and digitized workshops, and set up many
scientific research subjects, such as discrete intelligent manufacturing mode research and digitized workshop
construction, PLM system research and execution phase II project and MES phase I project. The key technology
development and application project for 1000MW boiler feed pump turbine, a project developed the company,
passed the sci-tech achievement evaluation hosted by China Machinery Industry Federation. The industrial steam
turbine for the ancillary feed water pump of 1 Million KW pressurized water reactor, a key project in Hangzhou
city, successfully passed the acceptance inspection. During the report period, the company acquired 2 authorized
invention patents and 3 utility model patents.
(5)Manage and control operational risk and improve its management constantly. Faced with the severe market
environment, the company set up its business principle of ”Risk Control First, Profit Second and Scale Third”.
The company held risk management committee meetings on a regular basis, paid close attention to three risk
factors, such as accounts receivable, inventory and articles being processed, managed and controlled the major
operational risk through multiple channels and aspects, improved the asset turnover ratio and controlled the
non-performing asset. Besides, the company constantly advanced quality projects and lean manufacturing,
strengthened budget management and process control and deepened excellent performance management mode.
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Hangzhou Steam Turbine Co., Ltd. Summary of the Semi-annual Report 2016
Moreover, it constantly improved the supply chain management, gradually increased the bid-invitation-based
purchasing and strove to revitalize overstocked products.
(6) Innovate the platform and strengthen the corporate brand culture propaganda. The company further
enhanced its corporate culture construction and brand construction and improved its corporate image. Besides, it
further gave play to the edges of many channels, such as network, wechat, situation briefing and broadcast, and
put its emphasis on the thematic propaganda, such as a series of propaganda for model worker in the company; it
also organized and carried out the appraisal of ”Excellent Turbine Worker”, further carried forward its enterprise
spirit in the company, propagandized the outstanding workers, and guided workers to work hard to realize their
own values and shape a correct cognition of public opinion and values.
IV. Issues involve with financial reports
(1) Statement on changes of accounting policies, accounting estimations, and accounting basis comparing with the
last fiscal year
No Particulars about the changes in aspect of accounting policy estimates or calculation method in period.
(2) Statement on correcting of material accounting error and retrospective adjustment
No retrospective correction of material accounting error in the report period.
(3) Statement on change of consolidation range comparing with the previous fiscal year
No change of consolidation range in the report period.
(4) Statement of the Board and the Supervisory Committee on the Non-standard Auditors’ Report issued by the
CPA.
Not applicable
Hangzhou Steam Turbine Co., Ltd.
Chairman of the Board: Zheng Bin
August 13, 2016
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