中国秦发二零二三年年报

CONTENTS CORPORATE INFORMATIONFINANCIAL HIGHLIGHTSCHAIRMAN’S STATEMENTMANAGEMENT DISCUSSION AND ANALYSISDIRECTORS’ REPORTPROFILE OF DIRECTORS AND SENIOR MANAGEMENTCORPORATE GOVERNANCE REPORTENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTCONSOLIDATED FINANCIAL STATEMENTSINDEPENDENT AUDITOR’S REPORTCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMECONSOLIDATED STATEMENT OF FINANCIAL POSITIONCONSOLIDATED STATEMENT OF CHANGES IN EQUITYCONSOLIDATED STATEMENT OF CASH FLOWSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS256828667292145159161163166168 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. XU Da (Chairman)Mr. BAI Tao (Chief Executive Officer)Mr. ZHAI Yifeng (appointed with effect from 1 March 2023)Ms. DENG Bingjing (appointed with effect from 19 April 2024)Mr. TAN Yingzhong (resigned on 1 March 2023) Independent Non-Executive Directors Prof. SHA ZhenquanMr. JING DachengMr. HO Ka Yiu Simon(appointed with effect from 20 June 2023)Mr. LAU Sik Yuen (retired on 20 June 2023) AUDIT COMMITTEE Mr. HO Ka Yiu Simon (Chairperson)(appointed with effect from 20 June 2023)Mr. LAU Sik Yuen (Chairperson)(retired on 20 June 2023)Prof. SHA ZhenquanMr. JING Dacheng REMUNERATION COMMITTEE Prof. SHA Zhenquan (Chairperson)Mr. BAI TaoMr. JING Dacheng NOMINATION COMMITTEE Prof. SHA Zhenquan (Chairperson)Mr. BAI TaoMr. JING Dacheng ENVIRONMENTAL, SOCIAL AND GOVERNANCECOMMITTEE Mr. XU Da (Chairman)Mr. BAI TaoMr. ZHAI Yifeng (appointed with effect from 1 March 2023)Mr. TAN Yingzhong (resigned on 1 March 2023) COMPANY SECRETARY Mr. OR Chun Wai Dennis AUTHORISED REPRESENTATIVES Mr. BAI TaoMr. OR Chun Wai Dennis REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1–1111, Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1–1111, Cayman Islands PRINCIPAL PLACE OF BUSINESS OF THE GROUP’SSUBSIDIARIES IN CHINA 12222012208 Unit Nos. 2201 to 2208Level 22, South Tower, Poly International PlazaNo. 1 Pazhou Avenue East, Haizhu DistrictGuangzhou City, The PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONGCHINA 18575706 Room 5706, 57th Floor, Central Plaza18 Harbour RoadWanchai, Hong Kong, China PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE SMP Partners (Cayman) LimitedRoyal Bank House, 3rd Floor, 24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman Islands SMP Partners (Cayman) LimitedRoyal Bank House, 3rd Floor, 24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman Islands HONG KONG CHINA BRANCH SHARE REGISTRARAND TRANSFER OFFICE 3382333301–04 Union Registrars LimitedSuites 3301–04, 33/FTwo Chinachem Exchange Square338 King’s RoadNorth Point, Hong Kong, China CORPORATE INFORMATION AUDITOR 301801–806 Moore CPA LimitedCertified Public Accountants and Registered Public InterestEntity Auditor801–806 Silvercord, Tower 1, 30 Canton Road, TsimshatsuiKowloon, Hong Kong China LEGAL ADVISOR 15323203-3207 Jingtian & Gongcheng LLPSuites 3203-3207, 32/F, Edinburgh TowerThe Landmark, 15 Queen’s Road Central, Hong Kong China PRINCIPAL FINANCIAL INSTITUTIONS China Huarong Asset Management Co., Ltd.China Great Wall Asset Management Co., Ltd.Jinshang Bank Co., Ltd.Shanxi Bank Co., Ltd.Hua Xia Bank Co., Ltd. STOCK CODE 00866 00866 WEBSITE http://www.qinfagroup.com http://www.qinfagroup.com Summary of the Group’s results, assets, liabilities and equityfor the last five financial years is set out below: CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the board of directors (the “Directors” or the“Board”) of China Qinfa Group Limited (the “Company”),I hereby present the annual result of the Company and itssubsidiaries (the “Group”) for the year ended 31 December2023. SDESDESDE I am pleased to announce that after the Group’s acquisition ofthe SDE project in Indonesia in 2021, with the rich experienceand strength accumulated over the years, we have completedthe construction and put into operation the first large-scalemodern underground coal mine in Indonesia. We investedcapital and brought advanced underground mining equipment,technology and management experience to Indonesia. Whiledeveloping the Group’s overseas business, we have promotedthe mining technology upgrade of Indonesia’s coal industryand helped it give full play to its natural resource advantages.Among which, SDE Mine No. 1 has started trial operation in thefourth quarter of 2023. The opening ceremony was attendedby business people from Indonesia and China to witness thehistoric moment of the Group’s entry into the overseas coalindustry. SDE Mine No. 1 has officially entered the productionstage from the construction stage, confirming the joint effortsof the Group and the Indonesian authorities. I would liketo thank the Indonesian authorities once again for activelyproviding a stable, fair and friendly business environment forforeign-invested enterprises, allowing the Group to truly enter,integrate and take root in Indonesia. SDE The Group firmly believes that a company’s long-term successcan