Dajin Heavy Industry Co., Ltd.
Annual Report 2024 (Summary)
April 2025
Annual Report 2024
Section I Important Reminders, Contents and DefinitionsThe Board of Directors, the Board of Supervisors, directors, supervisorsand senior executives of the Company guarantee that the contents of this annualreport are true, accurate and complete, free from false records, misleadingstatements or major omissions, and bear individual and joint legal liabilities.
Jin Xin, the person in charge of the Company, Liu Aihua, the person incharge of accounting and Su Zhe, the principal of accounting firm (chiefaccountant) declare that the financial information in the financial report of theannual report is true, accurate and complete.All directors have attended theBoard of Directors meeting at which this report was deliberated.
Forward-looking statements such as future business plans and businessobjectives of the Company in this report do not represent the Company's profitforecasts, nor do they constitute the Company's substantive commitment toinvestors, so investors are advised to pay attention to investment risks.
The profit distribution plan approved by the Board of Directors of theCompany is as follows: on the basis of 637,749,349 shares, a cash dividend ofCNY0.80 (tax included) will be paid to all shareholders for every 10 shares; 0bonus shares (tax included) will be given, and the reserved funds will not beconverted into additional capital.
Contents
Section I Important Reminders, Contents and Definitions ...... 2
Section II Company Profile and Main Financial Indicators ...... 6
Section III Discussion and Analysis of the Management ...... 7
Section IV Corporate Governance ...... 13
Section V Information on Share Changes and Shareholders ...... 14
Section VI Financial Report ...... 17
Contents of Reference DocumentsI. Financial statements signed and sealed by the legal representative, the accounting supervisor and theprincipal of accounting firm (person in charge of accounting).II. Original audit reports sealed by the accounting firm and signed and sealed by registered accountants.III. Originals of all the Company's documents and announcements and that have been publicly disclosedduring the reporting period.IV. Other relevant data.
Definitions
| Item | refers to | Definition description |
| The Company, Company, Dajin Heavy Industry | refers to | Dajin Heavy Industry Co., Ltd. |
| Reporting period | refers to | January 1, 2024 to December 31, 2024 |
| CSRC | refers to | China Securities Regulatory Commission |
| SZSE | refers to | Shenzhen Stock Exchange |
| Controlling shareholder, Fuxin Jinyin | refers to | Fuxin Jinyin Energy Consultation Co., Ltd. |
| Actual controller | refers to | Jin Xin |
| Penglai Dajin, Penglai Base | refers to | Penglai Dajin Offshore Heavy Industry Co., Ltd. |
| Zhangwu Xiliujiazi | refers to | Zhangwu Xiliujiazi Power New Energy Co., Ltd. |
| Panjin Dajin | refers to | Panjin Dajin Offshore Engineering Co., Ltd |
| Zhangjiakou Dajin | refers to | Zhangjiakou Dajin Wind Power Equipment Co., Ltd. |
| Tangshan Dajin | refers to | Tangshan Dajin Ocean Engineering Equipment Manufacturing Co., Ltd. |
| Xinganmeng Dajin | refers to | Xinganmeng Dajin Heavy Industry Co., Ltd. |
| Yangjiang Dajin | refers to | Yangjiang Dajin Wind Power Offshore Engineering Technology Co., Ltd. |
| Tangshan Jinrui | refers to | Tangshan Caofeidian Jinrui Energy Co., Ltd. |
| Tangshan Jinhong | refers to | Tangshan Caofeidian Jinhong Energy Co., Ltd. |
| FOB | refers to | Trade term, generally referring to FOB (Free On Board) price, also known as on-board delivery price. It means the seller delivers the goods onto the buyer's designated carrier at the port specified in the contract and bears all costs and risks up to that point. |
| DAP | refers to | Trade term, referring to Delivered at Place (DAP), means the seller has transported the goods to the destination designated by the buyer and delivers them, still on the transport vehicle (unloaded), for the buyer to take over—thus completing the delivery. |
| GWEC | refers to | Global Wind Energy Council |
| WindEurope | refers to | WindEurope is the association for wind energy in Europe. |
| Articles of Association | refers to | Articles of Association of Dajin Heavy Industry Co., Ltd. |
| CNY | refers to | Chinese Yuan |
| Rules Governing the Listing of Stocks | refers to | Rules Governing the Listing of Stocks on Shenzhen Stock Exchange |
| Standardized Operation | refers to | Self-regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange - Standardized Operation of Companies Listed on the Main Board |
Section II Company Profile and Main Financial Indicators
I. Company Information
| Stock abbreviation | Dajin Heavy Industry | Stock code | 002487 |
| Stock abbreviation before change (if any) | No | ||
| Stock Exchange where the stocks are listed | Shenzhen Stock Exchange | ||
| Chinese name of the Company | Dajin Heavy Industry Co., Ltd. | ||
| Chinese abbreviation of the Company | Dajin Heavy Industry | ||
| English name of the Company (if any) | Dajin Heavy Industry Co., Ltd. | ||
| English abbreviation of the Company (if any) | DHI | ||
| Legal representative of the Company | Jin Xin | ||
| Registered address | No. 155, Xinqiu Street, Xinqiu District, Fuxin City | ||
| Postal code of registered address | 123005 | ||
| Change history of the Company's registered address | No | ||
| Office address | Room 1102, East Tower, Zhonghai Real Estate Plaza, Building 7, Courtyard 8, West Binhe Road, Yongdingmen, Dongcheng District, Beijing | ||
| Postal code of office address | 100077 | ||
| Company website | https://www.dajin.cn/ | ||
| Tel | 010-57837708 | ||
| stock@dajin.cn | |||
II. Main Accounting Data and Financial Indicators
| 2024 | 2023 | Increase or decrease from the previous year | 2022 | |
| Operating income (CNY) | 3,779,650,570.21 | 4,325,081,969.61 | -12.61% | 5,106,113,624.27 |
| Net profit attributable to shareholders of the listed company (CNY) | 473,874,867.06 | 425,157,196.53 | 11.46% | 450,276,514.14 |
| Net profits attributable to shareholders of the listed company, net of non-recurring gains or losses (CNY) | 432,947,141.24 | 367,840,006.15 | 17.70% | 417,177,669.27 |
| Net cash flow from operating activities (CNY) | 1,083,450,989.85 | 808,698,823.80 | 33.97% | 112,200,514.84 |
| Basic EPS (CNY/share) | 0.74 | 0.67 | 10.45% | 0.80 |
| Diluted EPS (CNY/share) | 0.74 | 0.67 | 10.45% | 0.80 |
| ROEWA | 6.68% | 6.32% | Increased by 0.36 pp | 12.94% |
| End of 2024 | End of 2023 | Increase or decrease from the end of the previous year | End of 2022 | |
| Total assets (CNY) | 11,561,949,391.14 | 10,224,813,274.51 | 13.08% | 11,259,103,311.78 |
| Net assets attributable to shareholders of the listed company (CNY) | 7,272,009,260.74 | 6,914,166,614.83 | 5.18% | 6,507,025,370.64 |
Section III Discussion and Analysis of the ManagementI. The Company's Main Business during the Reporting PeriodThe Company established in 2000 and listed on the Shenzhen Stock Exchange (SZSE) in 2010, is China's firstpublicly listed enterprise specializing in wind turbine tower and foundation piles, as well as a global leader inoffshore wind foundation structures and tower solutions, The company mainly produces and sells offshore windmonopiles, transition pieces, jacket structures, floating foundations, and wind turbine towers. The company deliverturnkey integrated solutions encompassing "fabrication, transportation, and delivery" of offshore wind equipment,engineered to meet the diverse requirements of offshore wind projects across different regions worldwide.The Company began constructing the Penglai Offshore Base ten years ago and has actively developed the"second growth curve" in addition to the traditional onshore wind power products, namely the overseas offshorewind equipment. In recent years, this strategic focus has yielded substantial results, with a continuous increase inEuropean orders. This year, the Company keep adhering to its "offshore + overseas strategy", in response to thehigh technical standards, high quality requirements, high value-added characteristics of the global offshore windpower market in developed countries. The Company is continuously iterating its market and product offerings,striving to achieve the leading market share in the major developed economies' offshore wind power markets withinthe next 3-5 years. Simultaneously, the Company is actively planning its "third growth curve" by collaborating withleading international floating foundation solution providers and developing the next generation of floatingfoundation products. Leveraging the new Panjin Base, the Company is building its own ship manufacturing base,creating its professional transport fleet, and establishing a global logistics system to become a one-stop productsolution provider that integrates production and transportation.
Since 2023, the company has firmly implemented the " offshore of overseas" strategy, continuously expandingits market share, further solidifying its leading position in the overseas market. Particularly in the high-barrier, high-value-added European offshore wind market, the company has made significant progress, becoming a top globalsupplier of offshore wind equipment. It has signed offshore project orders with several major global energydevelopers and gained a strong international brand reputation. Driven by this success, the company has made smoothprogress in expanding its business in Japan, South Korea, Southeast Asia, and other regions, with its projectcoverage steadily increasing.II. Analysis on Core Competitiveness
(1) Strategic first-mover advantage
For over twenty years, the company has remained committed to focusing on wind power equipmentmanufacturing, especially in the offshore wind sector, with deep cultivation and long-term planning, achievingsustainable growth by pursuing better markets and higher quality. By conducting continuous, prudent, and thoroughresearch on different markets and industrial chain links, the Company has iterated its products and markets aheadof key industry turning points, making strategic decisions that have allowed it to pioneer new markets and products.From the Chinese market to international markets, and from onshore to offshore wind power products, the Companyhas maintained strong strategic resolve and execution capabilities.
Since 2019, the Company was the first to successfully entered the European offshore wind power market,making significant progress in marketing services optimization, technological process upgrades, quality controlimprovements, and transportation scheme design through close collaboration with international customers. Since2022, the Company has won a number of overseas project orders, and is currently the only supplier in the Asia-Pacific region to realize the delivery of offshore products to the European market. Building on the solid foundationof its competitive advantages in the European market, the Company is simultaneously advancing its strategic layoutin deep-sea floating wind power foundations and global logistics systems. It has established strategic partnershipswith leading global research institutions and logistics scheme design organizations to create new growth curves.
In terms of industrial chain layout, while deploying major domestic offshore bases in Penglai, Tangshan, andPanjin, the Company is actively planning overseas bases in Europe, and Southeast Asia, with a planned globalproduction capacity of over 3 million tons. Based in Europe, the Company is constructing a global strategicmarketing system, setting up permanent foreign institutions in Europe, Japan, and Korea, and establishing amarketing service network that covers the major offshore wind development regions worldwide.
(2) Equipment and facilities advantage
As wind turbines become larger and the development of deep-sea areas continues, combined with the highdelivery standards required by overseas projects, higher requirements are placed on suppliers regarding site scale,port conditions, and equipment capabilities.
The manufacturing of offshore products requires large production and storage areas close to the dock. Thecompany’s Penglai Offshore Base covers 570,000 square meters and is a specialized manufacturing base foroffshore wind turbine towers, monopile foundations, and deep-sea jacket structures. It is equipped with two100,000-ton heavy-lift berths. The main products produced at the Penglai base are offshore towers and monopilefoundations suitable for 10-15 MW wind turbines. The Panjin Shipbuilding Base and Tangshan Caofeidian OffshoreBase have even larger land areas, higher technological standards, and better port facilities: the Panjin base focuseson building large transport vessels for the oil, gas, and marine engineering sectors. The Tangshan CaofeidianOffshore Base covers nearly 900,000 square meters and specializes in manufacturing ultra-heavy towers, oversizedmonopile foundations, super-large jackets, and floating foundations. It is planned to be equipped with multipleheavy-lift berths, suitable for 15-25 MW wind turbines, to meet the global demand for offshore wind products overthe next decade. The excellent deep-water harbor and port facilities are crucial for transporting wind powerequipment globally and are the key to supporting the future development of offshore wind power.The Penglai andTangshan bases both have rare qualifications as deep-water harbors and open ports, creating strong competitiveadvantage for offshore wind power exports.
Advanced equipment with excellent processing accuracy and operational stability provides the foundation fordelivering high-quality products to customers. After multiple phases of technical upgrades, the Company's PenglaiOffshore Base has achieved a leading position in technological processes and equipment upgrades before productiterations. The Base has invested heavily in a full set of advanced equipment, including a 1000-ton gantry crane,imported plate rolling machine, triple-wire welding machine, and an automatic edge milling machine, effectivelymeeting the higher demands for product quality and production and shipping efficiency required by Europeanoffshore wind power projects. Additionally, based on the future ten-year development trends of offshore wind power,the Company has initiated the deployment of more advanced production equipment and facilities in the Tangshanand Panjin Bases to meet higher delivery standards.
(3) Continuous innovation of technical processes in line with international standardsThe technical barriers of offshore wind power equipment are gradually increasing, and the ability to tackleprocess quality challenges combined with technological innovation capacity has become the Company's greatestreliance for international development. As one of the earliest Chinese companies to provide offshore wind powerequipment to international customers, the Company has accumulated quality control capabilities that meetinternational standards to satisfy the high-quality standards and stringent certification systems of internationalcustomers.As the one of earliest enterprises to provide offshore wind power equipment for overseas, The company hastaken the lead in breaking through numerous process and quality difficulties, realized several breakthroughs from 0to 1 under the ultra-difficult process level and nearly harsh standard requirements, accumulated unique technicalinnovation capability, and formed a batch delivery system for executing European offshore projects.
(4) Advantage of high-quality overseas customer resources
Since entering the European offshore wind power market in 2019, the Company has accumulated a portfolioof mainstream European customers through efforts in overseas market development, international customer qualityaudits, and consistent project delivery. With robust comprehensive competitive capabilities, the Company haspositioned itself among the top tier of the global wind power equipment manufacturing industry and established astrong brand reputation. Our products have been exported to over thirty countries and regions, including the UK,Germany, France, Japan, South Korea, Vietnam, Italy, Chile, Norway, Finland, India, Canada, and Australia. Thecompany have won a reputation for quality and market services through its own excellent product quality and perfectservice system. While maintaining company’s competitive strength in the existing European market, the Companyis continuously expanding and gaining new overseas customer certifications in Europe, and Southeast Asia, leadingin global overseas order rankings.
(5) Advantage of a globalized talent pool
The Company has built a high-quality management team and a skilled industrial workforce with a globalperspective through external recruitment and internal training, enhancing our global talent pool. Since 2018, theCompany have developed a local sales team in Europe, now equipped with dozens of experienced sales personnelwho closely match the needs of major energy companies and key customers in Europe. Additionally, the Companyis building more comprehensive business and management teams in other overseas regions, supporting the effectiveimplementation of our globalization strategy.III、Main Business Analysis
I. OverviewIn 2024, The Company's "Overseas Offshore" strategy enters a "comprehensive quality improvement phase."Overall, the company's goal of "risk prevention and pursuing high-quality development," which has been firmlyimplemented over the past two years, has yielded significant results. The company has successfully transformedfrom a domestic mainstream wind power equipment enterprise to a globally leading offshore engineering company.
In terms of market expansion, the company has fully entered the European offshore wind market, successfullypassing the supplier qualification certification of most of the leading European owners. It has established substantialbusiness partnerships as a "first supplier" or "main supplier," covering the top five major owners in the Europeanoffshore wind market, with a healthy backlog of orders. With its outstanding performance in the European market,the company is further increasing its development efforts in emerging offshore wind markets in Japan, South Korea,Southeast Asia, and Australia, continuously expanding its share in the global offshore market.In terms of project delivery, the company has an even larger scale of offshore engineering exports, with highertechnical standards and more diversified destination countries and regions. Through further technological upgradesto offshore engineering bases and port infrastructure, and by streamlining its deep-sea shipping management system,the company has successfully realized an integrated service model of "manufacturing - transport - delivery." Andhas becoming the first company in the Asia-Pacific region to achieve end-to-end export delivery of large offshoreengineering components. This milestone lays a solid foundation for further expanding overseas business, promotingsimultaneous growth in order volume and profitability, and enhancing company's international competitive strength.
（1）The layout of the three major offshore engineering export bases has been completed, positioningthe company at the forefront of the global offshore engineering market.
（a） One of the worlds largest monopile manufacturing and export base - Penglai Offshore Base
In 2024, the Penglai Offshore base hosted numerous overseas client visits and audits, all of which receivedexcellent feedback. Additionally, the regions and product weights of the offshore engineering products beingshipped from the base reached historical highs.
The Penglai Base is also the only base in the Asia-Pacific region capable of mass supplying ultra-largeoffshore wind monopiles to the European market, and it is the largest monopile manufacturing base in terms ofproduction capacity. Its project performance has been highly recognized by developers and turbine manufacturersfrom Europe, Japan, South Korea, and other regions. In 2025, based on the export order schedule, the Penglai baseis expected to further increase its export project production capacity.
（b）Cutting-Edge Deep-Sea Equipment Base —Tangshan Caofeidian Offshore Base
The Tangshan Caofeidian Offshore Base is positioned to become a world-class super factory with thecapacity for large-scale production of ultra-large offshore wind engineering structures and oil and gas offshorefoundations, specifically designed to meet the demands of deep-sea and distant-sea operations. The base is fullyaligned with the goal of producing cutting-edge offshore engineering products for the global market over the nextdecade, with a particular focus on manufacturing deep-sea ultra-large monopiles, jackets, and floatingfoundations.
In terms of equipment and facilities, the company has developed a unique, oversized factory design, adoptingthe world’s first ultra-large segment indoor construction model. The core equipment is 100% imported fromEurope, ensuring significant improvements in production scale, product specifications, and production efficiency.
Based on the company’s current order schedule, and in order to meet the production and delivery needs offuture overseas offshore engineering orders and deep-sea projects, the Caofeidian Offshore Base is set to completeits capacity ramp-up by 2025, laying the foundation for the start of project deliveries in 2026.（c）Offshore Special Transport Ship Building Base — Panjin Offshore BaseTo complement the global strategic layout, the Company is building a supporting global logistics system.The special transportation vessel for offshore wind power equipment, designed and manufactured by theCompany itself, has design breadth of 51m, total length of 240m, deadweight of over 50,000 tons, and draft of8m. This vessel is designed and built based on the exclusive needs and long-term planning of offshore wind powerequipment transportation, significantly improving transportation efficiency compared to the large transportationvessels currently used in the market. In the future, it will provide the Company with more economical andconvenient solutions for transportation of overseas offshore products, especially deep-sea products.The Company will gradually deliver two special transportation vessels for offshore wind power equipment in2025. In the future, it plans to build its own transport fleet composed of 10 to 20 ultra-large transportation vesselsof different tonnages.In addition, the company is actively exploring methods for localizing its overseas business operations toenhance its global competitiveness.
（2）Deepening the Floating Foundation Market Layout and Advancing into Deep-Sea business
In September 2024, the company officially signed a Memorandum of Understanding (MOU) with BlueFloatEnergy, a global leader in floating offshore wind farm development, in Madrid, Spain. The partnership focuses onjointly building the floating offshore wind supply chain. The cooperation will center on three key areas:
technological innovation, supply chain optimization, and decarbonization. The two companies will launch severaljoint initiatives, including identifying the most competitive floating foundation designs and exploring newtechnologies to enhance performance and cost-effectiveness. This collaboration aims to optimize themanufacturing and deployment processes for floating wind foundations and increase production capacity to meetthe growing global demand. Furthermore, both companies will work towards promoting sustainability in theirrespective businesses, with a shared commitment to reducing carbon emissions from steel production and otherkey stages of the supply chain.
The company has recently established a Global Floating Business Center and completed the recruitment andappointment of its core team. Currently, nearly 2 GW of floating projects have secured power purchaseagreements (PPAs). It is anticipated that by 2025, more floating wind tenders will be launched in the UK, France,South Korea, Italy, Norway, Portugal, and Spain, marking a pivotal moment in the industry. The floating businessteam will help the company provide an integrated one-stop solution for floating foundations, encompassingmanufacturing, transportation, assembly, and delivery, thereby helping developers and EPC contractors reducecosts and achieve large-scale production.
（3）Key Progress in Sustainable Development and International Recognition
The company has made significant strides in its sustainable development efforts and has receivedinternational certifications. In terms of information disclosure, the company released its first bilingual (Chineseand English) Sustainable Development Report in April 2024, enhancing transparency and international influence.In terms of ratings and certifications, the company became one of the first in the Asia-Pacific region toreceive EcoVadis Bronze Medal certification. Additionally, it achieved a C-level rating in both carbon and waterresource management under the CDP assessment.In terms of the green innovation, the company was the first offshore wind equipment manufacturer globallyto launch a "green steel" initiative, promoting the low-carbon transformation of its supply chain. Regardingclimate commitments, the company became one of the leading offshore wind equipment manufacturers to applyfor the Science-Based Targets initiative (SBTi), with a strong focus on setting emission reduction pathways thatalign with international standards and climate goals.
The company actively practices the United Nations Sustainable Development Goals (UNSDGs) and fulfillsits Environmental, Social, and Governance (ESG) responsibilities. Environmental: The company’s wind powerplants have generated a cumulative total of 1.102 billion kWh of green electricity, which is equivalent to reducingCO? emissions by 571,300 tons. Safety: The company has always prioritized safety management as the core ofits operations, establishing a stringent safety management system. In several offshore engineering export projects,the company has achieved approximately 3 million hours of work without any lost-time incidents (LTI), reflectingits high standards in safety production management.
Looking ahead, the company will continue to firmly adhere to the principles of sustainable development,deepen green innovation, and strengthen its core competitiveness, contributing even more to global energytransformation and sustainable development goals.
Section IV Corporate GovernanceI. Profit Distribution and Capital Reserve Conversion to Share Capital of the Company
| Number of bonus shares per 10 shares (shares) | 0 |
| Dividend payout per 10 shares (CNY) (tax included) | 0.80 |
| Equity base for distribution proposal (shares) | 637,749,349 |
| Amount of cash dividends (tax included) (CNY) | 51,019,947.92 |
| Amount of cash dividends by other means (such as share repurchase) (CNY) | 0.00 |
| Total amount of cash dividends (including other means) (CNY) | 51,019,947.92 |
| Distributable profit (CNY) | 2,730,774,919.62 |
| Ratio of Amount of cash dividends (tax included) (CNY) in total profit distribution | 100% |
| Current cash dividends | |
| If the Company's development stage is in the growth period and there is a major capital expenditure arrangement, when profit distribution is made, cash dividends should account for at least 20% of the profit distribution | |
| Notes on the Details of Plan for Profit Distribution or Capital Reserve Converted into Share Capita | |
| Based on the total share capital of 637,749,349 shares as of December 31, 2024, a cash dividend of RMB 0.80 per 10 shares (including tax) will be distributed to all shareholders, totaling a cash dividend of RMB 51,019,947.92 (including tax). No bonus shares will be issued, and no capital reserve will be converted into share capital. The remaining undistributed profits will be carried forward to future years. | |
II. Internal Control Audit Report
?Applicable □ Not applicable
| Review opinion in the internal control audit report | |
| We believe that, as of December 31, 2024, Dajin Heavy Industry has maintained effective internal controls over financial statements in all significant aspects in accordance with the "Basic Internal Control Norms for Enterprises" and relevant regulations. | |
| Disclosure of internal control audit report | Disclosed |
| Date of full disclosure of internal control audit report | April 12th , 2025 |
| Index of full-text disclosure of internal control audit report | Internal control audit report of Dajin Heavy Industry Co., Ltd. |
| Opinion type of internal control audit report | Standard unqualified opinion |
| Whether there are material deficiencies in non-financial reports | No |
Section V Information on Share Changes and Shareholders
1. Number of shareholders of the Company and their shareholdings
Unit：Stock
| Total number of common shareholders at the end of the reporting period | 70,797 | Total number of common shareholders at the end of the previous month before the annual report disclosure date | 58,864 | Total number of preferred shareholders with restored voting rights at the end of the reporting period (if any) | 0 | Total number of preferred shareholders with restored voting rights at the end of the previous month before the annual report disclosure date (if any) | 0 | |
| Shareholding situation of shareholders holding more than 5% or top 10 shareholders (excluding shares lent through refinancing) | ||||||||
| Name of shareholder | Nature of shareholder | Shareholding ratio | Number of shares held at the end of the reporting period | Changes during the reporting period | Number of shares with restrictions on sale | Number of shares without restrictions on sale | Pledges, tags or freezes | |
| Share status | Quantity | |||||||
| Fuxin Jinyin Energy Consultation Co., Ltd. | Domestic non-state-owned legal person | 38.93% | 248,300,500 | 0 | 0 | 248,300,500 | Not applicable | 0 |
| Jin, Xin | Domestic natural person | 1.21% | 7,745,625 | 0 | 5,809,219 | 1,936,406 | Not applicable | 0 |
| Hong Kong Securities Clearing Company Limited | Overseas legal person | 1.10% | 7,029,868 | - 2,212,950 | 0 | 7,029,868 | Not applicable | 0 |
| National Social Security Fund Portfolio 118 | Other | 1.00% | 6,382,800 | 6,382,800 | 0 | 6,382,800 | Not applicable | 0 |
| Basic Pension Fund Portfolio 1205 | Other | 0.99% | 6,291,500 | 6,291,500 | 0 | 6,291,500 | Not applicable | 0 |
| E Fund Management Co., Ltd. - China Life Insurance Company Limited - Participating Policy - E Fund China Life Equity Growth Single Asset Management Plan (Available-for-Sale) | Other | 0.90% | 5,756,596 | 5,756,596 | 0 | 5,756,596 | Not applicable | 0 |
| Agricultural Bank of China Limited - CSI 500 Exchange Traded Open-End Index Securities Investment Fund | Other | 0.85% | 5,431,402 | 3,608,522 | 0 | 5,431,402 | Not applicable | 0 |
| China Merchants Bank Co., Ltd. – E Fund Innovation Growth Mixed Securities Investment Fund | Other | 0.80% | 5,095,100 | 5,095,100 | 0 | 5,095,100 | Not applicable | 0 |
| China Merchants Bank Co., Ltd. – E Fund Quality Momentum Three-Year Holding Period Hybrid Securities | Other | 0.65% | 4,148,900 | 4,148,900 | 0 | 4,148,900 | Not applicable | 0 |
| Investment Fund | ||||||||
| China Europe Fund Management Co., Ltd. – China Life Insurance Company Limited – Participating Insurance – CE Fund-China Life Growth Equity Portfolio Single Asset Management Plan (Available for Sale) | Other | 0.58% | 3,668,185 | 2,167,995 | 0 | 3,668,185 | Not applicable | 0 |
2．Controlling shareholders of the CompanyNature of controlling shareholder: Natural person holdingType of controlling shareholder: Legal person
| Name of controlling shareholder | Legal representative/principal of the Company | Date of establishment | Organization code | Major business |
| Fuxin Jinyin Energy Consultation Co., Ltd. | Jin Xin | August 11, 2003 | 912109037527653728 | General items: Business management consulting, consulting and planning services, information consulting services (excluding licensed information consulting services), marketing planning (except for business items subject to approval pursuant to the law, the Company shall carry out business activities autonomously with business license pursuant to the law) |
The controlling shareholder of the Company did not change during the reporting period.
3. Actual controller of the Company and its concerted parties
Nature of actual controller: Domestic natural personType of actual controller: Natural person
| Name of actual controller | Relationship with actual controller | Nationality | Whether the right of residence in other countries or regions is obtained |
| Jin Xin | In person | China | No |
| Main occupation and position | Currently serves as the Chairman of the Company and its subsidiaries; concurrently serves as Executive Director and General Manager of Fuxin Jinyin Energy Consultation Co., Ltd.; | ||
| Information on domestic and overseas listed companies that have been controlled in the past 10 years | No | ||
The actual controller of the Company did not change during the reporting period.
Block diagram of the property rights and control relationship between the Company and the actual controller
Jin XinFuxin Jinyin Energy Investment Co., Ltd.
Fuxin Jinyin Energy Investment Co., Ltd.Dajin Heavy Industry Co., Ltd.
Section VI Financial Report
I. Audit Report
| Type of audit opinion | Standard unqualified opinion |
| Signing date of audit report | April 10th , 2025 |
| Name of audit institution | BDO China Shu LunPan Certified Public Accountants LLP |
| Document No. of audit report | XKSBZ [2025] No. ZG10919 |
| Name of certified public accountant | Xiong Yu, Wang Baiyuan |
II. Financial Statements
The unit of statements in the notes to financial statements is CNY.
1. Consolidated balance sheet
Prepared by: Dajin Heavy Industry Co., Ltd.
December 31 , 2024
Unit: CNY
| Item | December 31, 2024 | January 1, 2024 |
| Current assets: | ||
| Monetary funds | 2,869,022,557.12 | 1,960,572,967.42 |
| Provision for settlement fund | ||
| Funds lent | ||
| Trading securities | 1,003,673,018.90 | |
| Derivative financial assets | ||
| Notes receivable | 59,588,397.67 | 40,188,682.53 |
| Accounts receivable | 1,309,621,502.95 | 1,629,436,576.02 |
| Accounts receivable financing | 254,166,889.08 | 289,715,098.79 |
| Prepayment | 544,967,318.02 | 278,551,569.66 |
| Premium receivable | ||
| Reinsurance accounts receivable | ||
| Reserves for reinsurance contract receivable | ||
| Other receivables | 43,249,363.51 | 32,988,574.48 |
| Including: interest receivable | ||
| Dividends receivable | ||
| Redemptory monetary capital for sale | ||
| Inventory | 2,084,479,105.73 | 1,545,529,824.24 |
| Contract assets | 278,735,118.41 | 307,716,357.72 |
| Held-for-sale assets | ||
| Non-current assets maturing within one year | 52,757,643.88 | |
| Other current assets | 238,671,942.21 | 205,002,094.08 |
| Total current assets | 7,735,259,838.58 | 7,293,374,763.84 |
| Non-current assets: | ||
| Loans and advances | ||
| Debt investments | 10,000,000.00 | 112,174,657.55 |
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investment | ||
| Other equity instrument investment | ||
| Other non-current financial assets | ||
| Investment real estate | ||
| Fixed assets | 2,308,722,586.16 | 1,564,756,590.02 |
| Construction in progress | 707,935,993.03 | 836,938,008.14 |
| Productive biological assets | ||
| Oil-and-gas assets | ||
| Right-of-use assets | 268,738,950.35 | 124,882,564.34 |
| Intangible assets | 259,693,979.48 | 270,047,977.16 |
| Development expenditures | ||
| Goodwill | ||
| Long-term deferred expenses | 544,280.97 | |
| Deferred tax assets | 74,600,863.26 | 20,848,996.60 |
| Other non-current assets | 196,452,899.31 | 1,789,716.86 |
| Total non-current assets | 3,826,689,552.56 | 2,931,438,510.67 |
| Total assets | 11,561,949,391.14 | 10,224,813,274.51 |
| Current liabilities: | ||
| Short-term loans | 34,031,194.48 | 9,769,934.37 |
| Loans from the central bank |
| Borrowed funds | ||
| Trading financial liabilities | 21,481,786.02 | |
| Derivative financial liabilities | ||
| Notes payable | 1,139,589,715.30 | 1,053,285,789.19 |
| Accounts payable | 711,511,821.12 | 612,478,188.29 |
| Advances from customers | ||
| Contract liabilities | 1,388,935,782.47 | 588,995,745.72 |
| Financial assets sold for repurchase | ||
| Deposits from customers and other banks | ||
| Receiving from vicariously traded securities | ||
| Receiving from vicariously sold securities | ||
| Employee compensation payable | 30,821,268.12 | 11,024,892.33 |
| Taxes payable | 60,745,967.19 | 14,693,699.96 |
| Other payables | 78,064,014.11 | 94,255,158.01 |
| Including: interest payable | ||
| Dividends payable | ||
| Handling charges and commissions payable | ||
| Reinsurance accounts payable | ||
| Held-for-sale liabilities | ||
| Non-current liabilities maturing within one year | 53,591,325.17 | 493,189,271.50 |
| Other current liabilities | 31,126,084.68 | 30,966,023.97 |
| Total current liabilities | 3,528,417,172.64 | 2,930,140,489.36 |
| Non-current liabilities: | ||
| Reserves for insurance contracts | ||
| Long-term loans | 264,967,887.40 | |
| Bonds payable | ||
| Including: preferred stock | ||
| Perpetual bonds | ||
| Lease liabilities | 203,084,642.23 | 88,093,066.19 |
| Long-term payables | 161,361,205.37 | 108,681,305.37 |
| Long-term employee benefits payable | ||
| Estimated liabilities | ||
| Deferred income | 126,825,332.57 | 179,522,520.99 |
| Deferred tax liabilities | 5,283,890.19 | 4,209,277.77 |
| Other non-current liabilities | ||
| Total non-current liabilities | 761,522,957.76 | 380,506,170.32 |
| Total liabilities | 4,289,940,130.40 | 3,310,646,659.68 |
| Owner's equity: | ||
| Share capital | 637,749,349.00 | 637,749,349.00 |
| Other equity instruments | ||
| Including: preferred stock | ||
| Perpetual bonds | ||
| Capital reserve | 3,806,028,183.90 | 3,806,028,183.90 |
| Less: treasury stock | ||
| Other comprehensive income | -856,302.64 | -894,460.53 |
| Special reserve | ||
| Surplus reserve | 98,313,110.86 | 94,421,793.72 |
| General risk reserve | ||
| Undistributed profits | 2,730,774,919.62 | 2,376,861,748.74 |
| Total owner's equity attributable to the parent company | 7,272,009,260.74 | 6,914,166,614.83 |
| Minority equity | ||
| Total owner's equity | 7,272,009,260.74 | 6,914,166,614.83 |
| Total liabilities and owner's equity | 11,561,949,391.14 | 10,224,813,274.51 |
Legal Representative: Jin Xin Person in charge of Accounting: Liu Aihua Principal of Accounting Firm: Su Zhe
2. Consolidated income statement
Unit: CNY
| Item | 2024 | 2023 |
| I. Total operating income | 3,779,650,570.21 | 4,325,081,969.61 |
| Including: operating income | 3,779,650,570.21 | 4,325,081,969.61 |
| Interest income | ||
| Premium earned | ||
| Handling charges and commissions | ||
| II. Total operating costs | 3,194,113,865.43 | 3,888,096,631.86 |
| Including: operating costs | 2,652,257,777.21 | 3,319,738,806.38 |
| Interest expenses | ||
| Expenditures for handling fee and commissions | ||
| Refunded premiums | ||
| Net compensation expenses | ||
| Net amount withdrawn for insurance contract reserves | ||
| Expenditures for policy dividends | ||
| Reinsurance expenses | ||
| Taxes and surcharges | 29,191,042.45 | 30,656,739.46 |
| Sales expenses | 89,534,971.03 | 62,111,356.73 |
| Administrative expenses | 226,569,256.52 | 155,636,365.43 |
| R&D expenses | 182,011,735.35 | 255,605,750.57 |
| Financial expenses | 14,549,082.87 | 64,347,613.29 |
| Including: interest expenses | 5,633,495.74 | 13,839,058.50 |
| Interest income | 47,332,130.48 | 34,625,865.25 |
| Add: other income | 18,571,601.84 | 30,210,469.55 |
| Investment income (loss indicated with "-") | 11,472,749.76 | 15,418,039.24 |
| Including: income from investments in associates and joint ventures | ||
| Income from derecognition of financial assets at amortized cost | -1,811,775.63 | -6,874,289.14 |
| Exchange income (loss indicated with "-") | ||
| Net exposure hedging income (loss indicated with "-") | ||
| Income from changes in fair value (loss indicated with "-") | 2,191,232.88 | |
| Credit impairment loss (loss indicated with "-") | -70,071,210.51 | -1,061,200.89 |
| Asset impairment loss (loss indicated with "-") | -44,510,418.91 | -6,916,975.14 |
| Gains from disposal of assets (loss indicated with "-") | 6,690,439.25 | -19,871.20 |
| III. Operating profits (loss indicated with "-") | 507,689,866.21 | 476,807,032.19 |
| Add: non-operating income | 9,930,515.23 | 8,056,920.21 |
| Less: non-operating expenses | 1,868,604.68 | 138,631.92 |
| IV. Total profit (total loss indicated with "-") | 515,751,776.76 | 484,725,320.48 |
| Less: income tax expenses | 41,876,909.70 | 59,568,123.95 |
| V. Net profit (net loss indicated with "-") | 473,874,867.06 | 425,157,196.53 |
| (I) Classification by going concern | ||
| 1. Net profits from going concern (net loss indicated with "-") | 473,874,867.06 | 425,157,196.53 |
| 2. Net profits from discontinued operation (net loss indicated with "-") | ||
| (II) Classification by attribution of the ownership | ||
| 1. Net profit attributable to shareholders of the parent company | 473,874,867.06 | 425,157,196.53 |
| 2. Minority profit or loss | ||
| VI. Net amount of other comprehensive income after tax | 38,157.89 | -420,074.47 |
| Net amount of other comprehensive income after tax attributable to the owners of the parent company | 38,157.89 | -420,074.47 |
| (I) Other comprehensive income that cannot be reclassified into profits or losses in subsequent periods | ||
| 1. Changes from re-measurement of defined benefit plan | ||
| 2. Other comprehensive income that cannot be carried over to profit or loss under equity method | ||
| 3. Changes in the fair value of other equity instrument investment | ||
| 4. Changes in the fair value of the company's own credit risk | ||
| 5. Other | ||
| (II) Other comprehensive income that will be reclassified into profit or loss | 38,157.89 | -420,074.47 |
| 1. Other comprehensive income that can be carried over to profit or loss under equity method |
| 2. Changes in the fair value of other debt investments | ||
| 3. Amount of reclassified financial assets credited to other comprehensive income | ||
| 4. Credit impairment provision of other debt investments | ||
| 5. Hedging reserve of cash flows | ||
| 6. Translation difference of foreign currency financial statements | 38,157.89 | -420,074.47 |
| 7. Other | ||
| Net post-tax other comprehensive income attributable to minority shareholders | ||
| VII. Total comprehensive income | 473,913,024.95 | 424,737,122.06 |
| Total comprehensive income attributable to the owners of the parent company | 473,913,024.95 | 424,737,122.06 |
| Total comprehensive income attributable to minority shareholders | ||
| VIII. Earnings per share (EPS) | ||
| (I) Basic EPS | 0.74 | 0.67 |
| (II) Diluted EPS | 0.74 | 0.67 |
Legal Representative: Jin Xin Person in charge of Accounting: Liu Aihua Principal of Accounting Firm: Su Zhe
3. Consolidated cash flow statement
Unit: CNY
| Item | 2024 | 2023 |
| I. Cash flows from operating activities: | ||
| Cash received from sale of goods and rendering of services | 4,766,998,472.40 | 4,188,380,117.80 |
| Net increase in deposits from customers and interbank | ||
| Net increase in loans from the central bank | ||
| Net increase in funds borrowed from other financial institutions | ||
| Cash received for the premium of the original insurance contract | ||
| Net cash received from reinsurance operations | ||
| Net increase in policyholders' savings and investment funds | ||
| Cash by charging interests, handling charges and commissions | ||
| Net increase in borrowed funds | ||
| Net increase in funds for repurchase business | ||
| Net cash received from receiving from vicariously traded securities | ||
| Refund of tax and levies | 138,102,776.36 | 144,817,655.80 |
| Other cash received from operating activities | 211,955,756.70 | 564,812,577.22 |
| Subtotal of cash inflows of operating activities | 5,117,057,005.46 | 4,898,010,350.82 |
| Cash paid for purchasing goods and receiving services | 3,403,977,900.78 | 3,439,988,212.26 |
| Net increase in customer loans and advances | ||
| Net increase in deposits in the central bank and interbank | ||
| Cash paying the compensation of the original insurance contract | ||
| Net increase in the borrowed funds | ||
| Cash paid for interests, handling charges and commissions | ||
| Cash for paying policy bonus | ||
| Cash paid to and for employees | 273,659,473.12 | 211,590,577.58 |
| Tax payments | 126,304,402.97 | 199,330,375.67 |
| Other cash paid for operating activities | 229,664,238.74 | 238,402,361.51 |
| Subtotal of cash outflows from operating activities | 4,033,606,015.61 | 4,089,311,527.02 |
| Net cash flows from operating activities | 1,083,450,989.85 | 808,698,823.80 |
| II. Cash flows from investing activities: | ||
| Cash received from investment recovery | 4,980,000,000.00 | 5,411,960,800.00 |
| Cash received from investment income | 15,770,055.50 | 19,892,837.26 |
| Net cash recovered from disposal of fixed assets, intangible assets and other long-term assets | 5,691,748.60 | 62,180.00 |
| Net cash received from disposal of subsidiaries and other business entities | 11,300,000.00 | 67,724,904.19 |
| Other cash received relating to investment activities | ||
| Subtotal of cash inflows of investing activities | 5,012,761,804.10 | 5,499,640,721.45 |
| Cash paid for acquisition and construction of fixed assets, intangible assets and other long-term assets | 844,891,725.56 | 413,363,384.36 |
| Cash paid for investment | 3,950,000,000.00 | 6,501,960,800.00 |
| Net increase in pledge loans | ||
| Net cash paid for acquiring subsidiaries and other business units | ||
| Other cash paid relating to investment activities | ||
| Subtotal of cash outflows of investing activities | 4,794,891,725.56 | 6,915,324,184.36 |
| Net cash flow from investment activities | 217,870,078.54 | -1,415,683,462.91 |
| III. Cash flows from financing activities: | ||
| Cash received from investment | ||
| Including: cash received by subsidiaries by absorbing minority shareholders' investment | ||
| Cash received from loans | 298,999,081.88 | 9,761,853.72 |
| Cash received from other financing activities | 55,401,741.00 | |
| Subtotal of cash inflows from financing activities | 354,400,822.88 | 9,761,853.72 |
| Cash paid for debt repayment | 470,428,520.40 | 974,982,474.39 |
| Cash paid for distribution of dividends and profits or payment of interests | 120,387,675.34 | 39,534,366.41 |
| Including: dividends and profits paid by subsidiaries to minority shareholders | ||
| Cash paid relating to other financing activities | 87,287,437.48 | 5,818,122.52 |
| Subtotal cash outflows of financing activities | 678,103,633.22 | 1,020,334,963.32 |
| Net cash flow from financing activities | -323,702,810.34 | -1,010,573,109.60 |
| IV. Impact of exchange rate changes on cash and cash equivalents | -42,793,329.51 | -56,613,535.33 |
| V. Net increase in cash and cash equivalents | 934,824,928.54 | -1,674,171,284.04 |
| Add: opening balance of cash and cash equivalents | 1,901,628,668.88 | 3,575,799,952.92 |
| VI. Closing balance of cash and cash equivalents | 2,836,453,597.42 | 1,901,628,668.88 |
Legal Representative: Jin Xin Person in charge of Accounting: Liu Aihua Principal of Accounting Firm: Su Zhe