中国东方集团2023 中期报告

PAGES Financial Highlights2Corporate Information5Management Discussion and Analysis7Business and Financial Review13Other Information114Interim Condensed Consolidated Balance Sheet124Interim Condensed Consolidated Statement of Comprehensive Income127Interim Condensed Consolidated Statement of Changes in Equity129Interim Condensed Consolidated Statement of Cash Flows131Notes to the Interim Condensed Consolidated Financial Information133Definitions190 Financial Highlights 20236302022 Financial Highlights Financial Highlights Corporate Information Board of Directors Executive Directors Sanjay Sharma Mr. Han Jingyuan(Chairman and Chief Executive Officer)Mr. Zhu JunMr. Shen XiaolingMr. Han Li(Chief Financial Officer)Mr. Sanjay Sharma Non-executive Directors Ondra Otradovec Mr. Ondra OtradovecMr. Zhu Hao Independent Non-executive Directors Mr. Wong Man Chung, FrancisMr. Wang TianyiMr. Wang BingDr. Tse Cho Che, Edward Composition of Board CommitteesAudit Committee Mr. Wong Man Chung, Francis(Chairman)Mr. Wang TianyiMr. Wang Bing Nomination Committee Mr. Han Jingyuan(Chairman)Mr. Wong Man Chung, FrancisMr. Wang TianyiMr. Wang Bing Remuneration Committee Mr. Wong Man Chung, Francis(Chairman)Mr. Han JingyuanMr. Wang TianyiMr. Wang Bing Authorised Representatives Mr. Han LiMr. Lam Pak Kan Company Secretary Mr. Lam Pak Kan Registered Office Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda Corporate Information Principal Place of Business in Hong Kong 239901–210 Suites 901–2 & 10, 9th Floor, Great Eagle Centre23 Harbour RoadWanchai, Hong Kong Bermuda Principal Share Registrar andTransfer Office MUFG Fund Services (Bermuda) Limited MUFG Fund Services (Bermuda) Limited Hong Kong Branch Share Registrar andTransfer Office Tricor Investor Services Limited AuditorPricewaterhouseCoopers www.chinaorientalgroup.com Company’s Website www.chinaorientalgroup.com List of Principal Banks (In AlphabeticalOrders) ING Bank N.V. Agricultural Bank of ChinaBank of CangzhouBank of ChengdeBank of ChinaBank of CommunicationsBank of HebeiBank of TianjinChina Citic BankChina Construction BankChina Everbright BankChina Minsheng BankDBS BankHang Seng BankIndustrial and Commercial Bank of ChinaIndustrial BankING Bank N.V.MaybankOCBC BankPing An BankRabobankThe Export-Import Bank of China Management Discussion and Analysis 20237.2%24.9%2022202320234.525.366.7720222.7%1.3%4.4% Looking back at the first half of 2023, the downward trend of theglobal economy slowed down, with inflation in major economiescontinuing to fall. However, the recovery was increasinglycharacterised by divergence. The global service sector recoveredsteadily, while the manufacturing and commodities trading sectorsrecovered more sluggishly and geopolitical conflicts persisted. Inrespect of the PRC, economic growth during the period fell shortof expectations. The overall supply and demand in the iron andsteel industry was leant to loose and investment in infrastructureincreased by 7.2% year-on-year, still maintaining a relatively fastgrowth rate. The decline in the new construction area of realestate sector widened to a year-on-year decline of 24.9%. Thedemand for steel used in the real estate sector remained relativelyweak, while the sales and production volume of automobile sawrebound. Affected by the unfavourable condition of the real estatesector, the demand for engineering machinery remained dull. Therecovery momentum in downstream demand for steel as a wholewas relatively fragile, and the performance of the iron and steelindustry improved slightly from the low level in the second half of2022. In summary, due to the strong expectation of the iron andsteel industry for the recovery of downstream demand, the crudesteel production output in the PRC still recorded growth in the firsthalf of 2023. According to the National Bureau of Statistics of thePRC, the national production volumes of pig iron, crude steel andsteel products in the first half of 2023 amounted to 452 milliontonnes, 536 million tonnes and 677 million tonnes respectively,representing an increase of 2.7%, 1.3% and 4.4% respectively,compared to the corresponding period in 2022. Management Discussion and Analysis 2023220254.50202372023 With regard to the policies of the iron and steel industry, in February2023, the NDRC issued the “Guiding Opinions on CoordinatingEnergy Conservation and Carbon Reduction and Recycling toAccelerate the Replacement and Improvement of Products andEquipment in Key Areas ()”, which stated thatefforts will be made to promote the recycling of major renewableresources such as steel scrap, non-ferrous scrap, etc. up to 450million tonnes by 2025. In July 2023, the NDRC, together withthe MIIT and the Ministry of Ecology and Environment and otherministries, released the “Benchmarking and Baseline Levels forEnergy Efficiency in Industry Key Areas (2023 Edition) ((2023))”, which requiredthat for