亚洲水泥(中国)年报 2023

（於開曼群島註冊成立的有限公司） Annual Report2023年 報 CONTENTS目錄 2Corporate Information5Financial Highlights6Chairman’s Statement9Management Discussion and Analysis21Corporate Governance Report41Directors and Senior Management47Directors’ Report58Independent Auditor’s Report 64Consolidated Financial Statements 64Consolidated Statement of Profit or Lossand Other Comprehensive Income綜合損益及其他全面收益表65Consolidated Statement ofFinancial Position綜合財務狀況表67Consolidated Statement ofChanges in Equity綜合權益變動表69Consolidated Statement of Cash Flows綜合現金流量表71Notes to the ConsolidatedFinancial Statements綜合財務報表附註 Corporate Information公司資料 BOARD OF DIRECTORS Executive Directors Mr. HSU, Shu-ping(Vice Chairman)Mr. CHANG, Tsai-hsiung (Retired on 9 June 2023)Mr. CHEN, Ruey-long (Appointed on 9 June 2023)Mr. LEE, Kun-yenMr. CHANG, Chen-kuen(Chief Executive Officer)Mr. LIN, Seng-changMs. WU, Ling-ling 徐旭平先生（副主席）張才雄先生（2023年6月9日退任）陳瑞隆先生（2023年6月9日任職）李坤炎先生張振崑先生（行政總裁）林昇章先生吳玲綾女士 Non-Executive DirectorMr. HSU, Shu-tong(Chairman) 徐旭東先生（主席） 詹德隆先生王偉先生李高朝先生王國明博士 Independent Non-Executive Directors Mr. TSIM, Tak-lung DominicMr. WANG, WeiMr. LEE, Kao-chaoDr. WANG, Kuo-ming 莫明慧女士 COMPANY SECRETARYMs. MOK, Ming Wai AUTHORIZED REPRESENTATIVES 張振崑先生莫明慧女士 Mr. CHANG, Chen-kuenMs. MOK, Ming Wai 詹德隆先生（主席）徐旭東先生李高朝先生 MEMBERS OF AUDIT COMMITTEE Mr. TSIM, Tak-lung Dominic(Chairman)Mr. HSU, Shu-tongMr. LEE, Kao-chao 王國明博士（主席）徐旭東先生詹德隆先生 MEMBERS OF REMUNERATION COMMITTEE Dr. WANG, Kuo-ming(Chairman)Mr. HSU, Shu-tongMr. TSIM, Tak-lung Dominic 徐旭東先生（主席）詹德隆先生王偉先生 MEMBERS OF NOMINATION COMMITTEE Mr. HSU, Shu-tong(Chairman)Mr. TSIM, Tak-lung DominicMr. WANG, Wei MEMBERS OF INDEPENDENCE COMMITTEE 李高朝先生（主席）詹德隆先生王國明博士 Mr. LEE, Kao-chao(Chairman)Mr. TSIM, Tak-lung DominicDr. WANG, Kuo-ming MEMBERS OF CORPORATE SUSTAINABILITYCOMMITTEE Dr. WANG, Kuo-ming(Chairman)Mr. HSU, Shu-pingMs. WU, Ling-ling 王國明博士（主席）徐旭平先生吳玲綾女士 Corporate Information公司資料 REGISTERED OFFICE Cricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THE PRC 江西省瑞昌市碼頭鎮亞東大道6號 No. 6 Yadong AvenueMa-Tou Town, Ruichang CityJiangxi Province PRINCIPAL PLACE OF BUSINESS IN HONG KONG Portion of Unit B, 11th FloorLippo Leighton Tower103 Leighton RoadCauseway BayHong Kong 香港銅鑼灣禮頓道103號力寶禮頓大廈11樓B室部分 PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE SMP Partners (Cayman) LimitedRoyal Bank House – 3rd Floor24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman Islands SMP Partners (Cayman) LimitedRoyal Bank House – 3rd Floor24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 中國建設銀行中國工商銀行中國銀行交通銀行 PRINCIPAL BANKERS China Construction BankIndustrial and Commercial Bank of ChinaBank of ChinaBank of Communications HONG KONG LEGAL ADVISER Zhong Lun Law Firm4/F, Jardine House1 Connaught PlaceCentralHong Kong 中倫律師事務所香港中環康樂廣場1號怡和大廈4樓 Corporate Information公司資料 AUDITOR 德勤•關黃陳方會計師行註冊公眾利益實體核數師香港金鐘道88號太古廣場一期35樓 Deloitte Touche TohmatsuRegistered Public Interest Entity Auditors35/F, One Pacific Place88 QueenswayHong Kong STOCK CODE743 743 COMPANY WEBSITEwww.achc.com.cn www.achc.com.cn 電話：(852) 2839 3705傳真：(852) 2577 8040 CONTACT DETAILSPhone:(852) 2839 3705Fax:(852) 2577 8040 Financial Highlights財務摘要 Notes:1.Current ratio is calculated as current assets divided by current liabilities.2.Quick ratio is calculated as current assets less inventories divided by currentliabilities.3.Gearing ratio is calculated as total liabilities divided by total assets. Chairman’s Statement主席報告 致各股東： To our shareholders, In 2023, China’s economy rebounded and showed signs of improvement.Economic transformation and upgrading were actively promoted. Thegross domestic product (“GDP”) growth rate for the year was 5.2%.However, due to the sharp decline in real estate investment and slowdownin the phase-out of backward capacity, the imbalance between supply anddemand in the cement industry escalated. Fierce competition had led to afurther decline in the overall profitability of the industry, with total profitof the industry dropping by more than 50% year-on-year. 2023年中國經濟回升向好，轉型升級積極推進，全年GDP增速5.2%。但因房地產投資大幅下滑及落後產能退出較慢，水泥行業供需失衡加劇，競爭激烈導致行業整體效益進一步下滑，行業利潤總額同比降幅超50%。 低碳綠色發展和化解過剩是目前影響水泥行業供給變化的最重要因素，也是當前產業政策的主要發力點。2023年以來水泥行業嚴監管態勢延續，繼2022年11月國家發改委等四部門聯合印發《建材行業碳達峰實施方案》，國家發改委《產業結構調整指導目錄（2023年本）》調整確定鼓勵類、限制類和禁止類產業目錄，2023年全國各省陸續發佈碳達峰工作方案或行業改造提升行動計畫，進一步加快對落後產能的清理、退出工作。同時，《建材行業穩增長工作方案》中提出研究推動水泥行業納入全國碳排放權交易市場，目前亦正在針對超低排放評估監測程序和方法建立明細指導並統一標準，因此增加的履約成本很可能由水泥企業自身承擔，小企業迫於成本壓力或將加快出清，同時，政策的實施也將有益於推動企業加大綠色低碳關鍵技術研發。 Low-carbon green development and elimination of excess capacityare the most important factors affecting changes in the supply of thecement industry, and they are also the main focus of the current industrypol