2023
Annual SocialResponsibility Report
www.henglihydraulics.com
Jiangsu Hengli Hydraulic Co., Ltd.
Stock Code:601100
About this ReportReporting Period
January 1, 2023, to December 31, 2023. In consideration of the continuity and comparability of disclosure matters,some information content is appropriately extended forward or backward.
Reference StandardsThis report refers to the Listed Companies Environmental Information Disclosure Guidelines of Shanghai StockExchange.
Preface
01 Preface
About Us
2.1 Corporate Overview
02 Company Pro?le03 Corporate Strategy04-05 Industrial Layout
2.2 Corporate Governance
06-07Corporate Governance
DevelopmentResponsibilities
08-09 Major Events10-11 Corporate Honors
CorporateResponsibilityPractices
12 Shareholder Responsibility13 Supplier Responsibility14-15 Social Responsibilities16-17 Environmental Responsibility18-20 Employee Responsibility
Data SourcesThe report uses data sources including publicly available data from government departments, relevant internalcompany statistical reports, administrative documents, and reports, etc.Terminology ExplanationFor ease of expression, Jiangsu Hengli Hydraulic Co., Ltd. is abbreviated as "Hengli Hydraulic," "the Company," or"we" in the report.
FutureProspects
21 Future Prospects
CorporateResponsibilityPractices
Shareholder Responsibility
13 Supplier Responsibility14-15 Social Responsibilities16-17 Environmental Responsibility18-20 Employee Responsibility
Key QuantitativePerformanceIndicators
22-23 Key Quantitative Performance Indicators
Chairman's Address
江苏恒立液压股份有限公司董事长：汪立平
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The year 2023 is the ?rst year to fully implement the spiritof the 20th National Congress of the Communist Party ofChina, and it marks a crucial year for the implementationof the "14th Five-Year Plan." Looking back, we haveexperienced extraordinary few years, from the peak of theconstruction machinery industry in 2021 to the currentmarket downturn. We have expanded our product line tograsp both international and domestic markets, transi-tioning from a focus on excavator business to enteringindustries such as high-end machinery and agriculturalmachinery. With the collective efforts of all Hengliemployees, we ?nally achieved growth against the oddslast year, with signi?cant improvements in productresearch and development, production quality, andmarket service systems.Bold Exploration, New Chapters in Overseas LayoutIn 2023, due to the continued downturn in the domesticmarket and the unpredictable international environment,Hengli accelerated its globalization layout. We promotedorganizational changes overseas, formed a global elitetalent team, and invested in building the largest overseasfactory in Mexico, the region with the highest demand forhydraulic components globally. The Mexico factory willbe a top priority for Hengli's overseas development in thecoming decades.Continuous Investment, Diverse Products Boost GrowthThe company closely grasps industry technological trends and changes in customer demands, adhering to a man-agement philosophy that combines applied and forward-looking research. We actively expand into diverse newproduct areas, with continuous breakthroughs such as hydraulic pumps, valves, motors, and new products like linearsensors, high-precision ultra-high-speed cylinders, high-pressure heavy-duty torque dual-screw swing actuators,and threaded cartridge valves, which have been mass-produced and applied in multiple industries such as industrial,agricultural machinery, aerial work vehicles, and cement pump trucks.Strategic Vision, Building the Future with Green Electric DriveTo meet the trends of industrial automation and electri?cation of construction machinery, the company focuses onthe development direction of "electri?cation, digitization, and intelligence." We have intensi?ed our efforts in the linearactuator project, and in 2022, we established Hengli Precision, the largest domestic investment project in nearly 8years. After two years of effort by the new team, it will of?cially start operation in March 2024. Hengli will have its ?rstmajor factory producing non-hydraulic products, including precision ball screws, precision guides, and electriccylinders, contributing to the new era of industrial automation and electri?cation of construction machinery.We de?ne 2024 as the year of "management and R&D innovation breakthroughs" for Hengli. While continuing toimprove lean production, we will devote full energy to management and innovation, establishing an enterprise opera-tions management department to undertake group management responsibilities. The future of Hengli must rely onfurther development through research and development innovation and scienti?c management.Despite our achievements, we must continue to strive on the path of development. We, the Hengli team, must dare torevolutionize ourselves, be courageous in breaking old habits and innovating, and bravely lead the way towards thegreat dream of creating a century-old Hengli.
Chairman of Jiangsu Hengli Hydraulic Co., Ltd.
Wang LiPing
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Jiangsu Hengli Hydraulic Co., Ltd. was established in 2005, formerly known as Jiangsu Hengli High-PressureCylinder Co., Ltd., with its entrepreneurial history tracing back to the early 1990s.Over the past 30 years, Hengli has always adhered to the corporate vision of "eternal foundation, aspiring future,"and upheld the cultural concept that "social responsibility outweighs corporate interests." With a commitment toinnovation and actively ful?lling social responsibilities, it has developed into a leading enterprise in China'shigh-end hydraulic manufacturing sector. In the future, the company will continue to create more value for theChinese capital market.As a socially responsible enterprise, while constantly growing and developing, we never forget the socialresponsibilities that the company should bear. We adhere to the win-win concept of achieving common prosperityfor society, employees, customers, and investors, promoting the coordination, harmony, and sustainabledevelopment of the enterprise and society.
Preface
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Company Pro?le
Jiangsu Hengli Hydraulic Co., Ltd. was founded in 2005 with a registeredcapital of 1,340.82 million yuan. It is a listed company on the A-share mainboard (SH601100). Hengli Hydraulic is a leading enterprise that integrates theresearch and development, production, and sales of series products includinghigh-pressure hydraulic cylinders, hydraulic pumps, hydraulic valves, hydraulicsystems, and high-precision hydraulic castings. It is a champion demonstra-tion enterprise of the Ministry of Industry and Information Technology, a keyproject in the "One-stop" base project of the Ministry of Industry and Informa-tion Technology, a national high-tech enterprise, a national intellectual propertydemonstration enterprise, a Chinese green casting demonstration enterprise,and a unit for formulating national and industry standards.Hengli Hydraulic has established seven major research and developmentcenters worldwide, including the Hengli International Research Center (Chang-zhou, China), Hengli Chicago Research Center (USA), Hengli Berlin ResearchCenter (Germany), Hengli Shanghai Research Center (China), Hengli FranceResearch Center, Hengli Japan Research Center, and Hengli Mexico ResearchCenter. The company has established Asia's leading hydraulic cylinderresearch center and Jiangsu Province's only "Jiangsu Provincial Ultra-highPressure Cylinder Miniaturization and Lightweight Design Engineering Tech-nology Research Center," as well as Jiangsu Province's high-pressure cylinderengineering center, enterprise technology center, and post-doctoral worksta-tion, graduate workstation, and foreign expert workstation.It has become a leading enterprise in the domestic hydraulic industry aftermore than 30 years of innovative development and is the ?rst listed companyon the A-share market with hydraulic components as its main business. HengliHydraulic is the only independent brand among the top four brands of excava-tor hydraulic cylinders in China. Currently, Hengli has built a leading globalhigh-pressure cylinder production base and a special hydraulic cylinderproduction enterprise for shield machines. Its products have expanded fromsingle cylinder products to extended industries such as hydraulic valves,hydraulic pumps, hydraulic systems, and precision castings. Hengli has invest-ed in the construction of three major bases: Hengli Cylinder, Hengli Foundry,and Hengli Hydraulic, and has established overseas sales and service compa-nies in Europe, the United States, Japan, India, and Indonesia to expand itsoverseas market. Hengli's products are sold to more than 30 countries andregions and serve more than 1,200 global units.
ABOUT US
7major researchand developmentcenters worldwide
Has established
Only
Research CenterJiangsu Province's
more than
countries and regions
Products are sold to
2.1
CorporateOverview
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Hengli Hydraulics Annual Social Responsibility Report????
Corporate Strategy
Hydraulic Motor & Orbital Motor
Hydraulic Piston Pump
Hydraulic Control Valve forMobile MachineryThreaded Cartridge Valve
Industrial Valve
Integrated System
High-precision CastingControl ComponentsBall Screw & Linear Slider
Hydraulic Cylinder & Electric Cylinder
The company will be driven by the vision of becoming a century-old shop with international influence in the ?eld ofhydraulic components and hydraulic systems. "Having international influence" is the corporate position we pursue,"hydraulic components and hydraulic systems" are the industrial directions we pursue, and "century-old shop" is thebrand inheritance and accumulation we pursue.In the future, the company will continue to deepen and consolidate the development strategy of the leading domesticbrand of excavator high-pressure cylinders, increase research and development investment, maintain absolute advan-tages in technology and quality, strengthen and consolidate the company's leading position in domestic brand excava-tor high-pressure cylinders, gradually increase the company's market share in foreign brand excavator high-pressurecylinders, and accelerate internationalization. At the same time, the company will increase its efforts in R&D and invest-ment in special cylinders, maintain technological leadership, ensure the continuous and steady growth of special cylin-der production and sales, and rely on the company's high-precision hydraulic casting, hydraulic components, andsystem research and production bases to continuously increase the market share of main control pumps and valvesfor excavators.At the same time, the company will increase its efforts in outbound mergers and acquisitions, fully implementing the"going global" strategy, and seeking international high-quality hydraulic resources for continuous integration. It will alsoenhance the construction of comprehensive integrated design and application capabilities in the ?elds of machinery,electronics, and hydraulics, especially focusing on the research and development of electromechanical-hydraulicintegrated control technology and the application of intelligent motion control technology for complex electromechani-cal-hydraulic systems. The company strives to become a top-notch domestic and globally renowned high-endhydraulic equipment supplier and provider of hydraulic technology solutions.
2.1
Corporate Overview
—Industrial Layout
About Us
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Hengli has always invested a large amount of energyand capital in technology and product research anddevelopment and has set lofty development goals:
focusing on the main business, with hydraulics as thecore, and expanding into various categories ofhydraulics. After stabilizing the development ofhigh-pressure cylinders, Hengli began to enter thepump and valve sector, which has high technicaldif?culty and added value, aiming to master the "key"technology of high-end hydraulic componentsmonopolized by foreign brands.In the year of listing, Hengli invested 594 million yuanto build the ?rst domestic scale production base forhigh-precision hydraulic castings, aiming to grasp thekey core points of high-end hydraulic components.This also echoes the saying "Those who have hydrau-lics have casting."With the formal production of the foundry company inDecember 2012, Hengli met the quality and capacityrequirements of high-precision hydraulic castingsrequired for high-pressure cylinders and hydraulicpumps and valves. It also indicates that Hengli hasgradually possessed the industrial foundation for thelarge-scale production of pumps and valves. There-fore, in 2013, the company established Jiangsu HengliHydraulic Technology Co., Ltd., focusing on high-per-formance hydraulic piston pumps and multi-waycontrol valves.Hengli Hydraulic has successively hired dozens ofexperts in the ?eld of hydraulic pumps and valvesfrom Germany, Japan, the United States, and othercountries. It has invested in equipping globally leadingresearch facilities and technological processes. Aftermore than two years of efforts, it successfully devel-oped 6T/8T excavator-speci?c high-pressure axialpiston pumps and multi-way control valves. Thisachievement revitalized the Chinese constructionmachinery industry market, making the localization ofhigh-end hydraulic components a reality. Aftersupplying batch orders to supporting units such asSany Heavy Industry, XCMG Group, and LiuGongGroup, the product performance has met and exceed-ed the level of international mainstream productsaccording to customer feedback.
In 2015, with the establishment of the HydraulicSystem Division, Hengli gained the capability to inde-pendently design and manufacture high-performance
hydraulic test benches. In early 2017, the ShanghaiLiXin Hydraulic System Division was merged into theChangzhou production base, opening a new journeyof system integration design and manufacturing. Thedivision has also achieved remarkable results invarious ?elds:
? Providing various types of TBM and shield machinehydraulic system assemblies for domestic and inter-national markets.? In the marine engineering ?eld, it has the capabilityto integrate a 2800T offshore platform pin-liftinghydraulic control system and develop a 450T-classdredger hydraulic system.? The successful development of EHA systemintegration demonstrates the strength in developinghigh-precision servo actuators.Hengli has successively overcome the technicaldif?culties of core components such as high-pressurecylinders and hydraulic pumps and valves, establish-ing the R&D and manufacturing capabilities ofhigh-end hydraulic components and systems, andbecoming a domestic leading enterprise capable ofcompeting with foreign brands. In order to highlightthe nature of the main business, since 2016, theparent company's name has changed from "JiangsuHengli High-Pressure Cylinder Co., Ltd." to "JiangsuHengli Hydraulic Co., Ltd.," demonstrating the deter-mination to become an excellent supplier of high-endhydraulic components and system integration.Currently, the excavator-speci?c cylinder series prod-ucts developed by Hengli are widely matched withwell-known construction machinery manufacturerssuch as Caterpillar, Hitachi Construction Machinery,Sany Heavy Machinery, and XCMG Excavator, makingHengli the only enterprise in Asia to win the PlatinumQuality Award from Caterpillar for ?ve consecutiveyears. Hengli's non-standard cylinders are also usedin the construction of the hydraulic actuator support-ing the construction of the National AstronomicalObservatory's FAST (Five-hundred-meter ApertureSpherical radio Telescope) super-large spherical radiotelescope project. The corrosion-resistant andwear-resistant composite coating cylinders are usedin the construction of the "Wanshan" wave compen-sation power generation device and the "Nanhai 8"offshore oil drilling platform.
Hengli Hydraulics Annual Social Responsibility Report????
About Us
2.2 Corporate Governance
During the reporting period, the company continuously improved its corporate governance structure and enhanced its internal control management level in accor-dance with the requirements of the Company Law, Securities Law, Guidelines for Articles of Association of Listed Companies, Corporate Governance Guidelines forListed Companies, Shanghai Stock Exchange Listing Rules, Basic Norms for Enterprise Internal Control, as well as other relevant regulations of the China SecuritiesRegulatory Commission and the Shanghai Stock Exchange, ensuring the company's standardized operation and steady and rapid development.
During the reporting period, the company held one shareholders' meeting.The company convened and held shareholders' meetings in accordancewith relevant regulations and requirements such as the Company Law, theCompany's Articles of Association, and the Rules of Procedure for Share-holders' Meetings, combining on-site voting and online voting to ensurethat all shareholders, especially small and medium-sized shareholders,enjoy equal rights and fully exercise their voting rights. The shareholders'meeting strictly reviewed related-party transactions in accordance with theprescribed procedures, with related parties abstaining from voting, ensur-ing that related-party transactions comply with the principles of fairness,impartiality, and transparency, and do not harm the interests of small andmedium-sized shareholders. The company's lawyer witnessed theshareholders' meeting and issued relevant legal opinions; the resolutions ofthe shareholders' meeting were promptly and fully disclosed after themeeting.
Shareholders and Shareholders' Meeting
Controlling Shareholders and Listed Companies
The controlling shareholder of the company is Changzhou Hengyi IntelligentEquipment Co., Ltd. It exercises shareholder rights through shareholders'meetings in accordance with the law and assumes corresponding obliga-tions without interfering in the company's normal production and operation.The company has independent business and operational autonomy,completely separate from the controlling shareholder in terms of business,personnel, assets, organization, and ?nance. Related-party transactionsbetween the controlling shareholder and the company strictly followed theapproval procedures of the board of directors and the shareholders' meetingin accordance with relevant regulations. Independent directors expressedtheir pre-approval opinions and consented to opinions, and related directorsand related shareholders abstained from voting. Major related-partytransactions were subject to review opinions by the audit committee;related-party transactions meeting disclosure standards were disclosed inaccordance with the law. During the reporting period, the company did nothave any instances of the controlling shareholder or its af?liates improperlyusing the company's funds.Directors and Board of Directors
The company currently has seven directors, three of whom are independentdirectors, complying with legal requirements regarding the number andcomposition of directors. During the reporting period, the companyconvened a total of four board meetings, primarily discussing regularreports, pro?t distribution, related-party transactions, and changes inaccounting policies. The directors of the company have demonstrateddiligence, integrity, and familiarity with relevant laws and regulations,effectively safeguarding the interests of the company and all shareholders.The procedures for convening and conducting board meetings adhere to theCompany Law, the company's Articles of Association, as well as relevantregulations such as the Rules of Procedure for Board Meetings and theIndependent Directors' Work System. The board of directors has establishedfour specialized committees: the Strategic Committee, the NominationCommittee, the Compensation and Assessment Committee, and the AuditCommittee. Each committee operates according to its respective rules ofprocedure, ensuring that the company's decision-making processes aremore ef?cient, standardized, and scienti?c.
Supervisors and Supervisory BoardThe company currently has three supervisors, with two of them servingas employee representatives, in compliance with legal regulations andthe company's Articles of Association regarding the number and compo-sition of supervisors. During the reporting period, the company conveneda total of four supervisor meetings, primarily discussing regular reportsand pro?t distribution. The members of the supervisor board diligentlyful?ll their duties, demonstrating a responsible attitude towardsshareholders by overseeing the performance of the company's directorsand senior management, as well as ensuring the legality and complianceof the company's operations. The procedures for convening andconducting supervisor meetings adhere to the Company Law, thecompany's Articles of Association, and the Rules of Procedure for Super-visor Meetings, ensuring that meetings are conducted according tospeci?ed procedures.
Senior Management
All senior management members of the company diligently performedtheir duties in accordance with shareholder mandates, relevant regula-tions, and company rules and regulations during the reporting period.
Information Disclosure and TransparencyThe company adheres to the relevant regulations such as the Measuresfor the Administration of Information Disclosure of Listed Companies ofthe China Securities Regulatory Commission, the Listing Rules of theShanghai Stock Exchange, the company's Articles of Association, andthe company's Information Disclosure Management System forinformation disclosure. It designates the Shanghai Securities News andthe Shanghai Stock Exchange website as the newspapers and websitesfor information disclosure. The company conducts insider informationrecipient registration in accordance with the provisions of the Manage-ment System for Registration of Insider Information Recipients toensure that all shareholders have equal opportunities to accessinformation.
Investor Relations Management
The company places great importance on investor relations manage-ment, providing a dedicated investor mailbox, responding to shareholderemails, and directly communicating with investors through methodssuch as on-site surveys, brokerage forums, hotline calls, and onlineexchanges, receiving over a thousand investors throughout the year.
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????Hengli Hydraulics Annual Social Responsibility Report
During the reporting period, the company continuously improved its corporate governance structure and enhanced its internal control management level in accor-
dance with the requirements of the Company Law, Securities Law, Guidelines for Articles of Association of Listed Companies, Corporate Governance Guidelines forListed Companies, Shanghai Stock Exchange Listing Rules, Basic Norms for Enterprise Internal Control, as well as other relevant regulations of the China SecuritiesRegulatory Commission and the Shanghai Stock Exchange, ensuring the company's standardized operation and steady and rapid development.
Supervisors and Supervisory BoardThe company currently has three supervisors, with two of them servingas employee representatives, in compliance with legal regulations andthe company's Articles of Association regarding the number and compo-
sition of supervisors. During the reporting period, the company conveneda total of four supervisor meetings, primarily discussing regular reportsand pro?t distribution. The members of the supervisor board diligentlyful?ll their duties, demonstrating a responsible attitude towardsshareholders by overseeing the performance of the company's directorsand senior management, as well as ensuring the legality and complianceof the company's operations. The procedures for convening andconducting supervisor meetings adhere to the Company Law, thecompany's Articles of Association, and the Rules of Procedure for Super-
visor Meetings, ensuring that meetings are conducted according tospeci?ed procedures.
Senior Management
All senior management members of the company diligently performedtheir duties in accordance with shareholder mandates, relevant regula-
tions, and company rules and regulations during the reporting period.
Information Disclosure and TransparencyThe company adheres to the relevant regulations such as the Measuresfor the Administration of Information Disclosure of Listed Companies ofthe China Securities Regulatory Commission, the Listing Rules of theShanghai Stock Exchange, the company's Articles of Association, andthe company's Information Disclosure Management System forinformation disclosure. It designates the Shanghai Securities News andthe Shanghai Stock Exchange website as the newspapers and websitesfor information disclosure. The company conducts insider informationrecipient registration in accordance with the provisions of the Manage-
ment System for Registration of Insider Information Recipients toensure that all shareholders have equal opportunities to accessinformation.
Investor Relations Management
The company places great importance on investor relations manage-
ment, providing a dedicated investor mailbox, responding to shareholderemails, and directly communicating with investors through methodssuch as on-site surveys, brokerage forums, hotline calls, and onlineexchanges, receiving over a thousand investors throughout the year.
Internal Control ConstructionThe company effectively implements the provisions of the Basic Normsfor Enterprise Internal Control and its supporting guidelines, as well asthe internal control system established by the company. The supervisoryboard oversees the establishment and implementation of internalcontrols by the board of directors, while the management is responsiblefor organizing and leading the daily operation of internal controls toensure lawful and compliant business operations, as well as to enhancethe company's management level and risk prevention capabilities.
Integrity Management and Anti-Corruption
To promote lawful operation and uphold the integrity of employees,safeguarding the interests of the company and the legitimate rights ofemployees, the company has established various anti-corruptionmeasures, including the Employee Integrity System, Anti-Corruption andAnti-Bribery Control Procedures, Fair Trade, Advertising, and CompetitionManagement System, Whistleblower Management Measures, andSensitive Transaction Gift System. These measures enhance compli-ance management in behavior standards, gift acceptance, andwhistleblower rewards. Additionally, the company organizes integrity andself-discipline training for departments such as procurement, outsourc-ing, marketing, ?nance, and warehousing at least once a year. Thetraining covers common types of corporate crimes, such as bribery ofnon-state personnel, bribery of non-state personnel, embezzlement,misappropriation of funds, infringement of trade secrets, and breach oftrust harming the interests of listed companies, supported by speci?ccase studies to analyze the triggering factors and legal consequences ofcorporate crimes. This training serves as a warning and enhancesemployees' awareness of integrity and anti-corruption.To establish a fair, just, and transparent cooperative environment, thecompany requires suppliers and outsourcing partners to sign a Respon-sibility Pledge at the beginning of cooperation. During the reportingperiod, the signing rate of suppliers and outsourcing partners reached100%.The company has established of?cial channels such as the integrityhotline and integrity email for reporting, conducts integrity publicitythrough various means, and encourages employees, suppliers, and otherbusiness partners to participate in the integrity compliance supervisionsystem. The company strictly follows the investigation and handlingmechanism of reported matters stipulated in the Employee IntegritySystem, Anti-Corruption and Anti-Bribery Control Procedures, andWhistleblower Management Measures, with the General AdministrationOf?ce being the sole department responsible for handling reports offraud and complaints, ensuring the independence and impartiality ofinvestigation results. The company advocates and encourages allemployees to supervise and report violations, providing rewards forsubstantiated reports while ensuring con?dentiality.
Development Responsibilities
3.1
Major Events of the Company in 2023
The construction of Hengli's factory in Mexico made new progress, with the hydraulic component production factory nearingcompletion after the topping-out ceremony on March 18. It is about to enter full trial operation. Additionally, Mexican universitystudents who came to China for studies completed their programs and returned to Mexico on September 23. With their contribu-tion, Hengli Mexico is expected to have a brighter future.In the South American market, Hengli successfully established Hengli Brazil Ltd. in 2023, further improving the company'scustomer service network in the Americas and demonstrating the localization of the company's global strategy.In the Southeast Asian market, Hengli established Hengli Singapore Company to further enhance its business coverage in theregion.
Expansion of Subsidiaries and Steady Progress in Globalization Strategy
In March 2023, the Compact Hydraulic Division's new factory was completed and began production in April. In September, theintelligent warehouse project was completed. Advanced automated production lines and high-performance testing benchesensure product quality, with an annual capacity of 12 million thread-inserted valves, 2 million flange-inserted valves, and 600,000plate valves.Construction of the new factory for Jiangsu Hengli Precision Industry Co., Ltd. entered its ?nal stage in December, with a totalarea of 118,000 square meters. It will have the capacity to produce 660,000 meters of standard ball screws, 422,000 meters ofprecision ball screws, 10,000 meters of planetary ball screws, 1 million meters of linear guides, 104,000 standard ball screwelectric cylinders, 25,000 heavy-duty ball screw electric cylinders, and 1,750 planetary ball screw electric cylinders annually.
Multi-point efforts in corporate infrastructure construction havesolidi?ed the foundation for development
Hengli now boasts over 1200 global research personnel, with an annual research investment exceeding 650 million RMB. TheHengli International Research Center project, initiated in February 2023, successfully topped out on November 8, with a buildingarea of nearly 82,000 square meters and expected completion by the end of 2024. This comprehensive research buildingintegrates research innovation, small-batch trial manufacturing, product performance testing centers, and comprehensiveservice centers. It will conduct applied research in hydraulic pumps, valves, and motors while delving into foundational andforward-looking research, contributing to industry theoretical research and establishing a solid innovative technology advantage.The Hengli International Research Center will work in clear collaboration with research centers in the United States, Germany,France, and others, forming a synergistic force.In the ?elds of basic materials and processes, the company has established substantial industry-academia-research coopera-tion with expert teams from Tsinghua University, Yanshan University, Qingdao University of Science and Technology, amongothers. In the future, efforts will continue to strengthen the development of cutting-edge foundational technologies and furthersolidify the industrial foundation.
The Research and Development Building successfully topped out,fostering domestic and international innovation collaboration:
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3.1 Major Events of the Company in 2023
In the ?eld of hydraulic cylinders, 2023 witnessed a surge of new products. For example, in the ?eld of construction machinery, a new type of sensorcylinder capable of real-time collection of the position and speed of working devices has emerged. This cylinder enables auxiliary driving andremote precise control, and has already been validated on a 20-tonnage construction vehicle. Moreover, ultra-high-speed cylinders, characterizedby lightweight design and produced with high machining precision, have been delivered to customers. In 2023, three new series of high-pressureheavy-duty double helical swing actuators, namely "HBM-95, HBH-180, HBK-105 series," developed by the company, successfully passed the newproduct production appraisal organized by the Jiangsu Provincial Department of Industry and Information Technology. The expert panel appraisedthat these products broke the monopoly of foreign companies in this ?eld, achieved import substitution, and overall technology reached interna-tional advanced levels. Performance indicators such as output torque and comprehensive energy consumption are leading internationally.Alignedwith the trend of industrial automation and the electri?cation of mobile machinery, Hengli has launched eight series of electric cylinders andnumerous series of controllers. These products, harnessing the achievements of electri?cation and digitalization, ef?ciently empower variousmechanical equipment to embark on a new era of electric drive. To cater to different industries, customers, and working conditions, Hengli hasdeveloped six major series of spiral swing cylinders with over a hundred speci?cations, signi?cantly improving the technological level of domesticswing cylinder processing.In April 2023, Hengli's CAN bus electro-hydraulic drive obtained the T?V Süd Greater China Functional Safety Certi?cation after rigorous testing.Integrated with Hengli's multi-way valve, this drive provides more precise and intelligent digital control solutions, enhancing product competitive-ness and signaling Hengli's commitment to technical innovation and providing customers with superior and reliable products and services.The newly developed V90C series closed-circuit double pumps by Hengli offer a wide range of control options and can be combined with DA valvesand emergency brake valves. Building upon the mature application experience of the original series, the HM7XE series axial piston quantitativemotors provide even stronger shock resistance capabilities.In 2023, Hengli Transmission launched 6 new axial piston motors, 4 radial piston motors, and 1 brake, with several being industry-?rst designs withindependent intellectual property rights. These products focus on emerging application areas to consolidate Hengli's advantages and expand intoglobal markets.The Industrial Valve division also introduced several new products, notably the 4WRPE10 servo performance direct-acting proportional valve,catering to industries such as wind power and injection molding that demand precise speed and position control while also being suitable forpressure control.In 2023, the Casting Technology division developed 411 new products, including 103 non-engineering machinery products, mainly distributedacross industries such as industrial, new energy, automotive components, and high-speed rail.
Continuous introduction of new products to support diversi?cation strategy
The company closely follows industry technological trends and changes in customer demands, adhering to a managementphilosophy that combines applied and forward-looking research. While continuously improving and upgrading existing leadingproducts, it is increasing investment in research and development for new products and technologies to break foreign monopo-lies on relevant hydraulic technologies. In 2023, research and development investment reached 694 million RMB, accounting for
7.73% of operating income.
As of December 2023, Hengli Hydraulic has 681 valid patents in China, including 99 invention patents, 12 international inventionpatents, and has received 3 China Patent Excellence Awards, 1 Changzhou Patent Gold Award, and 5 Changzhou Patent Excel-lence Awards. Hengli Hydraulic also holds 71 valid registered trademarks, with the trademark "hengli" registered under registra-tion number 7675837 and protected in over 30 countries via the Madrid route. The main Hengli trademark was shortlisted in the?rst batch of "Thousand Enterprises Hundred Cities" trademark brands by the National Intellectual Property Administration andwas also shortlisted in the Jiangsu Provincial Department of Commerce's list of key cultivated and developed internationalfamous brands for 2023-2024, earning the title of Jiangsu Provincial High Well-known Trademark.In 2023, the company actively invested resources to conduct comprehensive patent searches and analyses. We systematicallyconducted patent searches tailored to our business direction and technological ?elds, followed by detailed analysis of theretrieved patent information. From patent application trends, technological hotspots, to application areas, we delved into thevalue of patent information from multiple dimensions. These analyses not only provided insights into the latest industry technolo-gy trends but also uncovered potential market opportunities and competitive risks. The results of these analyses served asimportant references for the company in formulating market strategies and optimizing product layouts.
Emphasis on research and development investment and enhancedintellectual property management
January 2023National Industrial Award(National Level)
3.2 Corporate Honors
February 2023Star Enterprise of the
Year 2022(Municipal Level)
June 2023Manitowoc Excellence
Supplier Award(
Enterprise)
October 2023Excellent Labor Union Organi-zation of Changzhou City for
the Years 2018-2023(Municipal Level)
November 2023SVP Special Award at theCaterpillar China SupplierLeadership Summit 2023
(Enterprise)
December 2023Third Prize of Jiangsu Scienceand Technology Award for 2022
(Provincial Level)
December 2023Caterpillar Excellence
Supplier 2023
(Enterprise)
December 2023National-level IntelligentManufacturing Demon-stration Factory(National Level)
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Development Responsibilities
June 2023Manitowoc Excellence
Supplier Award(Enterprise)
July 2023Key Backbone Enterprise in
Machinery Industry
(Industry)
August 2023Model Party Organization ofBrand Benchmarking Enterprises
in Changzhou City(Municipal Level)
December 2023Third Prize of Jiangsu Scienceand Technology Award for 2022
(Provincial Level)
December 2023Model Unit of HappinessEnterprise Demonstration in
Changzhou City(Municipal Level)
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Interacting with investors in a positive manner to enhance market transparency. Hengli Hydraulics attaches greatimportance to investor relations management, facilitating effective interaction with investors to enhance the com-pany's transparency.During the reporting period, the company placed signi?cant emphasis on communicating with investors, patientlyaddressing daily inquiries from investors through emails, investor hotlines, and other channels. It strengthenedcommunication with shareholders, regulatory authorities, analysts, securities service agencies, media, and thepublic to convey the company's investment value and maintain the company's image in the capital market.
4.1 Shareholder Responsibility
First Financial Radio led a research team for discussionsInvestors participating in on-site research visits
Corporate Responsibility Practices
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Hengli Hydraulic adheres to thelong-term cooperative concept of"co-creation, sharing, win-win, andprosperity" with suppliers, helpingsuppliers overcome dif?culties, shar-ing resources, optimizing costs, andmaintaining a steady and positivedevelopment trend with suppliers.
The company continues to adopt new technologies, new processes, andinnovative management methods to achieve resource conservation andenvironmental friendliness. Energy conservation and environmentalprotection are one of the most important factors for evaluating suppliersand building a supply chain ecosystem.
From March to June 2023, according to the service agreement signed bythe company and the Wujin District Human Resources and Social Securi-ty Bureau, the company organized two batches of supplier safety man-agement training, with more than 100 suppliers participating in on-sitesafety management training. Specialists were sent to the suppliers' com-panies to conduct hazard investigations and safety training.
4.2 Supplier Responsibility
· Organizing departments such as quality, safety, and internal audit to
visit suppliers regularly to provide on-site guidance on quality control,safety management, and site management.· Faced with the continuous increase in market raw material and labor
costs, the company, together with some suppliers, strictly controls inter-nal costs to achieve cost reduction and ef?ciency improvement.
Mutual Assistance withSuppliers forSustainable Growth
Shared EnvironmentalResponsibility to Builda Green Supply Chain
Incorporating Suppliersinto SynchronizedManagement for PreciseControl and Optimizationof the Supply Chain
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While pursuing its own development, the company actively engages in publicwelfare undertakings, adhering to a high sense of social responsibility and grati-tude to give back to society. Continuously expanding the radiation of corporateculture, Hengli Hydraulic contributes its strength to promote social develop-ment.Public welfare activities are an important part of corporate culture. By partici-pating in such activities, companies can demonstrate their sense of socialresponsibility and care for employees, embodying corporate values and socialmissions. Through public welfare activities, the company can cultivate employ-ees' sense of teamwork, innovation spirit, and social responsibility, therebyenhancing the overall competitiveness of the enterprise.Hengli Hydraulic is always full of love and actively carries out various publicwelfare charity undertakings. Adhering to the concept of "giving back to societyand sustainable operation," Hengli Hydraulic never forgets to give back tosociety and bene?t the masses. Through organizations such as the GuangcaiFund and Charity Association, the company has long been donating money andgoods to support impoverished students and contribute to local education. In2023, it paired up with Wujin Special School and communities for assistance,with a cumulative value exceeding 50 million yuan. At the same time, the com-pany organizes a series of public welfare activities among employees, such asblood donation drives, community volunteering, and activities to honor theelderly on the Double Ninth Festival, which have received enthusiastic respons-es from employees.
Demonstrating Responsibility, Dedicated to Public Welfare
4.3 Social Responsibilities
For many years, Hengli Hydraulic has adhered to the ideal of serving the countrywith industry and the spirit of hard work and innovation, never forgetting thesocial responsibilities that the company should bear, and actively participatingin various public welfare activities.
Corporate Responsibility Practices
Cumulative value exceeding50 million yuan
Blood Donation Drive
Community Anti-FraudVolunteer Activity
Community Free MedicalConsultation and Volun-teering Activities
Major labor safety accidents
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Cumulative value exceeding50 million yuan
Safety in Production, Training for Prevention
Major labor safety accidents
The company strictly abides by laws and regulations such asthe People's Republic of China Production Safety Law and theJiangsu Province Production Safety Regulations, taking safetyproduction as the basic starting point for ful?lling social respon-sibilities. It has established a special safety managementdepartment and safety committee to implement the conceptand action of safety production in all aspects of production andoperation through perfecting systems, strengthening manage-ment, and enhancing training. By conducting regular inspec-tions and recti?cation of safety hazards, it effectively preventsand avoids safety accidents caused by hidden dangers. Thecompany also arranges ?re?ghting drills in various factoryareas to improve employees' ability to respond to safetyaccidents. In 2023, a total of 10 ?re?ghting training sessionsand 2 special training sessions for team leaders were conduct-ed, as well as activities such as Safety Month, gas safetylectures, and dormitory ?re safety lectures. In 2023, the compa-ny's safety production situation was relatively stable, with nomajor labor safety accidents occurring.
Team leader specializedtraining on workplace safety
Fire drill training
Actively Practicing Environmental Protection Concepts
Carefully Managing Water Resources
In recent years, Hengli Hydraulic has focusedon the national dual-carbon plan and theprocess of green, low-carbon, and high-qualitydevelopment. It has actively promoted thedeep integration of intelligence, digitization,and greening, using environmental innovationas the driving force and the industrial chain asthe carrier. It aims to enhance the greencontent of industries to boost the quality ofdevelopment, accelerate the formation of newproductive forces, and stimulate the dynamicenergy of high-quality development.
4.5 Environmental Responsibility
Corporate Responsibility Practices
The company has always taken energy conservation, consumption reduction, safety, and environmentalprotection as its responsibilities, continuously advancing environmental protection work. In terms of produc-tion, in 2023, the company obtained environmental impact assessment approvals for projects such as the tech-nology insertion valve project, Hengli Precision 110kV substation, and Hengli Precision Industrial IntegratedProject. The annual environmental protection investment exceeded 19 million yuan.From promoting green production to implementing green management and building energy-saving andenvironmentally friendly green factories, Hengli Hydraulic, guided by the new development concept, relies onindustrial layout and professional advantages to actively promote the integration of environmental protection,ef?ciency, intelligence, and scienti?c research and development, production, and operation management.
In 2023, the company improved its water balance work, investing 150,000 yuan in purchasing third-lev-el water metering equipment to promote the rational use of water resources.Additionally, the company invested 500,000 yuan in purchasing testing equipment such as ICP andHash, conducting daily tests on various indicators of wastewater and strictly controlling wastewaterdischarge. Various measures were taken to dispose of hazardous waste, outsource work, and promotethe standard discharge of wastewater and the reduction of hazardous waste.
Actively Practicing Environmental Protection Concepts
In 2023, a large-scale rooftop photovoltaic canopy was built on the top floor of the company's super-large hydrauliccylinder production workshop, fully utilizing the roof space to achieve the dual value of vehicle parking and the developmentof clean energy. The project started in August and was delivered in November, with a photovoltaic system installed capacityof 5.5MW. It is expected to generate an average of 4.88 million kWh per year and reduce CO2 emissions by approximately4869 tons annually. The annual electricity generation revenue is estimated to reach 3.85 million yuan. As of March 31, 2024,the total photovoltaic power generation was 1,339,100 kWh, saving approximately 993,000 yuan in electricity costs.The company has implemented multiple measures to promote energy conservation and emission reduction, such asanalyzing, discussing, and verifying narrow-gap welding processes, and controlling the opportunity for secondaryprotective gas injection in narrow-gap welding to reduce the use of welding gas and thereby reduce greenhouse gasemissions. After various efforts, the total greenhouse gas emissions in 2023 were 250,675 tons of carbon dioxideequivalent, a decrease of 2% compared to 2022 despite an increase in company production.
Practicing Low-Carbon Energy Conservation andIntroducing Photovoltaic Power Generation Systems
Carefully Managing Water Resources
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The company has always taken energy conservation, consumption reduction, safety, and environmentalprotection as its responsibilities, continuously advancing environmental protection work. In terms of produc-
tion, in 2023, the company obtained environmental impact assessment approvals for projects such as the tech-
nology insertion valve project, Hengli Precision 110kV substation, and Hengli Precision Industrial IntegratedProject. The annual environmental protection investment exceeded 19 million yuan.From promoting green production to implementing green management and building energy-saving andenvironmentally friendly green factories, Hengli Hydraulic, guided by the new development concept, relies onindustrial layout and professional advantages to actively promote the integration of environmental protection,ef?ciency, intelligence, and scienti?c research and development, production, and operation management.
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In 2023, the company improved its water balance work, investing 150,000 yuan in purchasing third-lev-
el water metering equipment to promote the rational use of water resources.Additionally, the company invested 500,000 yuan in purchasing testing equipment such as ICP andHash, conducting daily tests on various indicators of wastewater and strictly controlling wastewaterdischarge. Various measures were taken to dispose of hazardous waste, outsource work, and promotethe standard discharge of wastewater and the reduction of hazardous waste.
The company has always adhered to the concept of "people-oriented, building bridges of communication with trust,and letting employees feel at ease," taking the realization and maintenance of the interests of all employees as thestarting point and foothold of its work. It safeguards the various rights and interests of employees, promotes the reali-zation of employee value and comprehensive development, protects the physical and mental health of employees,enhances the cohesion of the enterprise, and achieves common growth of employees and the enterprise.
In recent years, Hengli Hydraulic has continuously improved employee welfare projects to enhance the happinessindex of employees and strengthen internal cohesion. In addition to providing free meals, four sets of work clothes peryear, shuttle services, health check-ups, family visit subsidies, wedding bonuses, holiday allowances, talent apart-ments, and employee dormitories, the company provides a million-dollar medical insurance project for all employees.The premium is borne by the company, and employees can enjoy zero deductible medical insurance, eliminatingworries about medical expenses and improving both the safety and happiness indices of employees. The claims ratioincreased in 2023, and the claims threshold was lowered again. According to statistics, 167 employees had accidentsin 2023, with a total payout of 740,700 yuan. In 2023, the company's trade union also purchased employee mutual aidinsurance for all employees as another supplement: in 2023, 144 people successfully applied for employee mutual aidinsurance, receiving a subsidy of 209,000 yuan. With three layers of guarantees including medical insurance,million-dollar medical insurance, and employee mutual aid insurance, the issue of employee hospitalization expenseswas comprehensively resolved, fully realizing the principle of "not spending a penny when getting sick."
Focusing on Humanized Management,Providing Differentiated Corporate Bene?ts
4.4 Employee Responsibility
A total of ? million yuan was invested in the early stage to establishan employee childcare center in the employee dormitory area, trulyhelping employees achieve the ideal state of "sending children tothe nursery before work and picking them up after work." The parkis operated by a third-party professional childcare institutioncommissioned by the company. The childcare class does not chargeany fees to enterprise employees, and all expenses related tocaregiving, education, and daily meals are borne by the company,with annual operating costs exceeding ?.? million yuan.In August ????, ?? full-time daycare children successfully graduatedfrom the childcare center and entered kindergarten. However, theydid not completely leave the childcare center. They continued toenjoy this service as temporary students every Saturday.
invested in the early stage?，???,??? yuanAnnual operating costs exceeding
?，???,??? yuan
Corporate Responsibility Practices
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The company not only nurtured a largenumber of typical representatives who canrepresent the company's advanced cultureinternally but also sent out outstanding talentssuch as Ma Yandong, a delegate to the 18thNational Congress of the Chinese Trade Union,and Pan Hongbo, a delegate to the 14th Jiang-su Provincial People's Congress, showcasingthe company's social image.
Strengthening Cultural Construction Efforts toEnhance the Leading Role of Culture
The methods for enterprise cultural construction are becoming increasingly diverse, including the selection ofrole models such as model workers, skill competitions, and popular employee sports events. Through theseforms, with the efforts of cultural coordinators, more and more employees are participating in enterprise cultur-al construction.As of 2023, Hengli Hydraulic has held the "Worker Pioneer" and "Model Worker" selection activities for upto the third session, selecting 16 Worker Pioneer teams and 36 model workers. They are distributed invarious positions of the company, influencing their colleagues with the power of example to moveforward together. Among the selected "Hengli Model Workers," there are craftsmen rooted in the frontline, as well as technical leaders who adhere to innovation-driven development and brave the peaks oftechnology. There are also "breakthroughers" who won the district-level competition championship forthe company for the ?rst time and are indispensable pillars in their departments. They are practicingtheir original mission with action and interpreting dedication with practical responsibility.
As of 2023, the Hengli Craftsman Cup skill com-petition has been held for up to the ?fth session.Over the past ?ve years, Hengli Hydraulic hassolidly promoted the reform of the constructionof industrial workers' teams, continuouslypromoted the construction of high-quality tech-nical and skilled talents in the new era. The 2023skill competition set up seven projects, includingforklift, CNC, welding, painting, product inspec-tion, flaw detection, and ?tter. The ?tter competi-tion is a new addition this year. Nearly 320 peoplesigned up to participate in this session, a 63%increase from last year's registration number. Inthe end, 66 skilled talents were awarded ?rst,second, and third prizes.
“HengliCraftsmanCup”
"Worker Pioneer""Model Worker"
TypicalRepresentatives
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Creating Career Advancement Channels, Strengthening Talent Development, and Facilitating Employee Growth.Hengli's talent philosophy is: "Virtue and talent are used regardless of seniority," "Fair competition appoints the capable," "Match-ing talent to positions," and "Reasonable personnel deployment." To build a talent development pipeline for Hengli employees,especially to cultivate "excellent" talents, the company has conducted a series of systematic projects through a combination ofinternal and external training. For example, there's the "Innovation Unlimited" design capability enhancement project for technicalpersonnel, the team leader training program for team leaders, and skill enhancement programs for front-line employees. Thecompany has also established the Liangjian Cloud University, providing exclusive courses tailored to Hengli's needs.For newly hired employees, the company conducts targeted university student training programs and "Hengli Class" vocationalcollege student training programs. In terms of employee career development planning, the company has established differentpromotion channels for different groups of people. Employees in functional departments and production departments canchoose between management and technical promotion channels, while sales personnel enjoy a unique promotion channel. Thiscomprehensive approach helps employees achieve personal growth.School-enterprise cooperation is also an important means of talent cultivation and input. Our company has deeply collaboratedwith prestigious universities such as Zhejiang University and Yanshan University. In 2023, we held the 21st edition of the univer-sity recruitment and training program. Now, there are students from various departments of these universities in our company,and many of them have grown to become department heads or technical backbones. Additionally, in 2023, the company jointlyorganized two sessions of the "Hengli Class" recruitment and training program for vocational college students with the Schoolof Light Industry and the School of Mechanical and Electrical Engineering. This initiative has cultivated more than 90 high-qualityproduction line workers for the manufacturing site, infusing fresh blood into grassroots management personnel.
In 2023, various cultural activities at Hengli continued to be carriedout, with highlights in cultural work. Activities such as the SpringFestival series, Women's Day celebrations, heat wave condolenc-es, and employee sports meetings were diverse, ingenious, andcommendable, creating a cultural feast for employees.These cultural activities enriched the cultural life of the employees,demonstrated their spirit of learning, unity and hard work, whichfurther promoted corporate culture, making everyone feel moreful?lled, proud, and happy.
Enriching Cultural Activities to Demonstrate Care for Employees
Establishing Training Systems to Support Talent Growth
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Corporate Responsibility Practices
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2024 marks the 75th anniversary of the founding of the People's Republic of China, a crucial year for achieving thegoals of the "14th Five-Year Plan," and a critical year for Hengli Hydraulic to ?rmly advance its internationalization,diversi?cation, electri?cation, and greening strategies, as well as management and R&D innovation.Facing a new year full of opportunities and challenges, Hengli will adhere to its original aspiration, persist in revitalizingthe company's vitality with technological innovation, ?rmly follow the path of independent innovation, adapt to thesituation, seize the opportunity, and become one of the most competitive companies in the global hydraulic industry,contributing to global sustainable development.At the same time, adhering to the business philosophy of "focusing on customer needs and creating value for custom-ers, shareholders, employees, and society in the hydraulic industry," continuously enhancing core competitiveness,and making the company stand out in the ?erce market competition, striving to build itself into a high-quality, cost-ef-fective, and internationally leading enterprise trusted by investors.
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Future Prospects
Economic Performance
Operating IncomeMajor Accounting DataUnit
10,000
yuan
yuan/share%
Net Pro?t Attributable to Share-holders of Listed CompaniesNet Pro?t Attributable to Share-holders of Listed Companiesafter Deducting Non-recurringGains and LossesNet Cash Flow from OperatingActivitiesBasic Earnings per ShareWeighted Average Return onNet Assets
2022819,671.39234,272.22223,154.28206,362.68
1.79
22.60
2021
930,921.81269,360.00255,750.05279,565.04
2.06
32.83
Corporate Governance Performance
Number of Board Members
Quantitative Performance Indicators
Number of Independent DirectorsNumber of Male Directors in the BoardNumber of Female Directors in the BoardNumber of Board MeetingsNumber of Audit Committee MeetingsNumber of Strategy Committee MeetingsNumber of Shareholders' MeetingsNumber of Supervisory Board Meetings
Unitpersonpersonpersonperson
time
time
time
time
time
2022
2021
Key Quantitative Performance
2023
898,464.04
249,872.91
244,653.35
267,714.71
1.86
18.69
2023
10,000
yuan10,000yuan10,000yuan
Research and Development Performance
Amount of Research and DevelopmentInvestmentQuantitative Performance IndicatorsUnit10,000yuan%person
%
Ratio of Research and DevelopmentExpenses to Operating IncomeNumber of R&D PersonnelProportion of R&D Personnel
202264,995.34
7.93
1203
19.85
2021
63,606.18
6.83
12.69
Resource Utilization Performance
Electricity Consumption
Quantitative Performance IndicatorsUnitMWh
m
m
Natural Gas ConsumptionWater Consumption
2022
269,372.5410,951,101
935,210
Greenhouse Gas Emission Management Performance
Total Greenhouse Gas EmissionsQuantitative Performance IndicatorsUnittCO2eScope 1 Greenhouse Gas EmissionsScope 2 Greenhouse Gas Emissions
2022256，524.7431，759.73224，765.01
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2023
69,436.99
7.73
1265
19.42
2023
289，525.0710，514，397
946，810
*Note: Total greenhouse gas emissions include both scope 1 and scope 2 greenhouse gas emissions, where scope 1 represents direct emissions and scope 2 represents energy indirect emissions.
2023250，675.1634，572.95216，102.21tCO2etCO2e
Jiangsu Hengli Hydraulic Co., Ltd.
ADD: No.99 Longqian Road, Wujin District, Changzhou 213167TEL: +86 400101 8889E-mail: hengli@henglihydraulics.comWebsite: ww.henglihydraulics.com
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