中国秦发二零二四年年报

ANNUAL REPORT2024 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 STATEMENTS256930687494143152154156159161 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. XU Da (Chairman)Mr. BAI Tao (Chief Executive Officer)Mr. ZHAI YifengMs. DENG Bingjing (appointed with effect from 19 April 2024) Independent Non-Executive Directors Prof. SHA ZhenquanMr. JING DachengMr. HO Ka Yiu Simon AUDIT COMMITTEE Mr. HO Ka Yiu Simon (Chairperson)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 COMPANY SECRETARYMr. 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 Unit Nos. 2201 to 2208Level 22, South Tower, Poly International PlazaNo. 1 Pazhou Avenue East, Haizhu DistrictGuangzhou City, The PRC 12222012208 PRINCIPAL PLACE OF BUSINESS IN HONG KONGCHINA 18575703 Room 5703, 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 191001-1010 Moore CPA LimitedCertified Public Accountants and Registered Public InterestEntity Auditor1001-1010, North Tower, World Finance Centre, Harbour City19 Canton Road, Tsimshatsui, Kowloon, Hong Kong, China LEGAL ADVISOR Jingtian & Gongcheng LLPSuites 3203-3207, 32/F, Edinburgh TowerThe Landmark, 15 Queen’s Road Central, Hong Kong, China 15323203-3207 PRINCIPAL FINANCIAL INSTITUTIONS 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: RESULTS CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the board of directors (the “Directors” or the“Board”) of China Qinfa Group Limited (the “Company”), Ihereby present the annual results of the Company and itssubsidiaries (the “Group”) for the year ended 31 December2024. SDESDE 30%29.5 The most significant achievement of 2024 is the strategiccooperation reached with Zhejiang Energy InternationalLimited regarding the SDE Coal Project in Indonesia. Thiscooperation represents that the Group has successfullyrealised RMB2.95 billion in cash by disposal of 30% indirectequity interest in SDE after hundreds of millions of capitalcontribution. After nearly two years of in-depth negotiations, acompletion ceremony was successfully held by the parties inHong Kong in November 2024. This project fully demonstratesa new model of collaborative development between state-owned enterprises and private enterprises, in which ourGroup not only implementing the national policy of “Belt andRoad” Initiative in vivid practices but also setting a successfulexample for coal enterprises in China to “go global”. As aprivate enterprise, the strategic cooperation between theGroup and Zhejiang Energy International Limited has created anew situation of “taking complementary advantages, achievingwin-win results for mutual benefits”. Both parties will jointly playthe role of bellwether in promoting the standards, technologyand management experience of the coal industry in China tothe international market. 1,000SDESDESDESDE Since the commencement of the construction of SDE CoalProject in Indonesia upon the target of 10 million tonnesof designated production capacity, the Group’s team hasovercome numerous technical challenges including geologicalexploration, coal mine design and building of infrastructure,and successfully built the first high-standard underground coalmine in Indonesia from scratch. Since the first quarter of 2025,the production volume of SDE