Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Dajin Heavy Industry Co. Ltd.Annual Report 2024 (Summary)
April 2025
1Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Annual Report 2024
Section I Important Reminders Contents and Definitions
The Board of Directors the Board of Supervisors directors supervisors
and senior executives of the Company guarantee that the contents of this annual
report are true accurate and complete free from false records misleading
statements or major omissions and bear individual and joint legal liabilities.Jin Xin the person in charge of the Company Liu Aihua the person in
charge of accounting and Su Zhe the principal of accounting firm (chief
accountant) declare that the financial information in the financial report of the
annual report is true accurate and complete.All directors have attended the
Board of Directors meeting at which this report was deliberated.Forward-looking statements such as future business plans and business
objectives of the Company in this report do not represent the Company's profit
forecasts nor do they constitute the Company's substantive commitment to
investors so investors are advised to pay attention to investment risks.The profit distribution plan approved by the Board of Directors of the
Company is as follows: on the basis of 637749349 shares a cash dividend of
CNY0.80 (tax included) will be paid to all shareholders for every 10 shares; 0
bonus shares (tax included) will be given and the reserved funds will not be
converted into additional capital.
2Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Contents
Section I Important Reminders Contents and Definit... 2
Section II Company Profile and Main Financial Indi... 6
Section III Discussion and Analysis of the Managem... 7
Section IV Corporate Governance .................... 13
Section V Information on Share Changes and Shareho.. 14
Section VI Financial Report......................... 17
3Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Contents of Reference Documents
I. Financial statements signed and sealed by the legal representative the accounting supervisor and the
principal 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 disclosed
during the reporting period.IV. Other relevant data.
4Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Definitions
Item refers to Definition description
The Company Company Dajin Heavy
refers to Dajin Heavy Industry Co. Ltd.Industry
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 Ocean Engineering Equipment Manufacturing
Tangshan Dajin refers to
Co. Ltd.Xinganmeng Dajin refers to Xinganmeng Dajin Heavy Industry Co. Ltd.Yangjiang Dajin Wind Power Offshore Engineering
Yangjiang Dajin refers to
Technology Co. Ltd.Tangshan Jinrui refers to Tangshan Caofeidian Jinrui Energy Co. Ltd.Tangshan Jinhong refers to Tangshan Caofeidian Jinhong Energy Co. Ltd.Trade term generally referring to FOB (Free On Board) price
also known as on-board delivery price. It means the seller
FOB refers to 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.Trade term referring to Delivered at Place (DAP) means the
seller has transported the goods to the destination designated by
DAP refers to 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 on Shenzhen Stock
Rules Governing the Listing of Stocks refers to
Exchange
Self-regulatory Guidelines No. 1 for Companies Listed on
Standardized Operation refers to Shenzhen Stock Exchange - Standardized Operation of
Companies Listed on the Main Board
5Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Section II Company Profile and Main Financial Indicators
I. Company Information
Stock abbreviation Dajin Heavy Industry Stock code 002487
Stock abbreviation before change (if
No
any)
Stock Exchange where the stocks are
Shenzhen Stock Exchange
listed
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
DHI
any)
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
No
registered address
Room 1102 East Tower Zhonghai Real Estate Plaza Building 7 Courtyard 8 West Binhe Road
Office address
Yongdingmen Dongcheng District Beijing
Postal code of office address 100077
Company website https://www.dajin.cn/
Tel 010-57837708
E-mail stock@dajin.cn
II. Main Accounting Data and Financial Indicators
Increase or decrease
202420232022
from the previous year
Operating income (CNY) 3779650570.21 4325081969.61 -12.61% 5106113624.27
Net profit attributable to shareholders of the
473874867.06425157196.5311.46%450276514.14
listed company (CNY)
Net profits attributable to shareholders of the
listed company net of non-recurring gains or 432947141.24 367840006.15 17.70% 417177669.27
losses (CNY)
Net cash flow from operating activities
1083450989.85808698823.8033.97%112200514.84
(CNY)
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%
Increase or decrease
End of 2024 End of 2023 from the end of the End of 2022
previous year
Total assets (CNY) 11561949391.14 10224813274.51 13.08% 11259103311.78
Net assets attributable to shareholders of the
7272009260.746914166614.835.18%6507025370.64
listed company (CNY)
6Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Section III Discussion and Analysis of the Management
I. The Company's Main Business during the Reporting Period
The Company established in 2000 and listed on the Shenzhen Stock Exchange (SZSE) in 2010 is China's first
publicly listed enterprise specializing in wind turbine tower and foundation piles as well as a global leader in
offshore wind foundation structures and tower solutions The company mainly produces and sells offshore wind
monopiles transition pieces jacket structures floating foundations and wind turbine towers. The company deliver
turnkey 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 offshore
wind equipment. In recent years this strategic focus has yielded substantial results with a continuous increase in
European orders. This year the Company keep adhering to its "offshore + overseas strategy" in response to the
high technical standards high quality requirements high value-added characteristics of the global offshore wind
power 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 within
the next 3-5 years. Simultaneously the Company is actively planning its "third growth curve" by collaborating with
leading international floating foundation solution providers and developing the next generation of floating
foundation 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 product
solution provider that integrates production and transportation.Since 2023 the company has firmly implemented the " offshore of overseas" strategy continuously expanding
its 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 global
supplier of offshore wind equipment. It has signed offshore project orders with several major global energy
developers and gained a strong international brand reputation. Driven by this success the company has made smooth
progress in expanding its business in Japan South Korea Southeast Asia and other regions with its project
coverage 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 equipment
manufacturing especially in the offshore wind sector with deep cultivation and long-term planning achieving
sustainable growth by pursuing better markets and higher quality. By conducting continuous prudent and thorough
research on different markets and industrial chain links the Company has iterated its products and markets ahead
of 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 Company
has maintained strong strategic resolve and execution capabilities.
7Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
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 control
improvements and transportation scheme design through close collaboration with international customers. Since
2022 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 foundation
of its competitive advantages in the European market the Company is simultaneously advancing its strategic layout
in deep-sea floating wind power foundations and global logistics systems. It has established strategic partnerships
with 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 and
Panjin the Company is actively planning overseas bases in Europe and Southeast Asia with a planned global
production capacity of over 3 million tons. Based in Europe the Company is constructing a global strategic
marketing system setting up permanent foreign institutions in Europe Japan and Korea and establishing a
marketing 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 high
delivery 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. The
company’s Penglai Offshore Base covers 570000 square meters and is a specialized manufacturing base for
offshore wind turbine towers monopile foundations and deep-sea jacket structures. It is equipped with two
100000-ton heavy-lift berths. The main products produced at the Penglai base are offshore towers and monopile
foundations suitable for 10-15 MW wind turbines. The Panjin Shipbuilding Base and Tangshan Caofeidian Offshore
Base have even larger land areas higher technological standards and better port facilities: the Panjin base focuses
on building large transport vessels for the oil gas and marine engineering sectors. The Tangshan Caofeidian
Offshore Base covers nearly 900000 square meters and specializes in manufacturing ultra-heavy towers oversized
monopile foundations super-large jackets and floating foundations. It is planned to be equipped with multiple
heavy-lift berths suitable for 15-25 MW wind turbines to meet the global demand for offshore wind products over
the next decade. The excellent deep-water harbor and port facilities are crucial for transporting wind power
equipment globally and are the key to supporting the future development of offshore wind power.The Penglai and
Tangshan bases both have rare qualifications as deep-water harbors and open ports creating strong competitive
advantage for offshore wind power exports.Advanced equipment with excellent processing accuracy and operational stability provides the foundation for
delivering high-quality products to customers. After multiple phases of technical upgrades the Company's Penglai
Offshore Base has achieved a leading position in technological processes and equipment upgrades before product
iterations. 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 effectively
meeting the higher demands for product quality and production and shipping efficiency required by European
offshore 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 Tangshan
and Panjin Bases to meet higher delivery standards.
8Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
(3) Continuous innovation of technical processes in line with international standards
The technical barriers of offshore wind power equipment are gradually increasing and the ability to tackle
process quality challenges combined with technological innovation capacity has become the Company's greatest
reliance for international development. As one of the earliest Chinese companies to provide offshore wind power
equipment to international customers the Company has accumulated quality control capabilities that meet
international standards to satisfy the high-quality standards and stringent certification systems of international
customers.As the one of earliest enterprises to provide offshore wind power equipment for overseas The company has
taken the lead in breaking through numerous process and quality difficulties realized several breakthroughs from 0
to 1 under the ultra-difficult process level and nearly harsh standard requirements accumulated unique technical
innovation 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 portfolio
of mainstream European customers through efforts in overseas market development international customer quality
audits and consistent project delivery. With robust comprehensive competitive capabilities the Company has
positioned itself among the top tier of the global wind power equipment manufacturing industry and established a
strong 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. The
company have won a reputation for quality and market services through its own excellent product quality and perfect
service system. While maintaining company’s competitive strength in the existing European market the Company
is continuously expanding and gaining new overseas customer certifications in Europe and Southeast Asia leading
in 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 global
perspective through external recruitment and internal training enhancing our global talent pool. Since 2018 the
Company have developed a local sales team in Europe now equipped with dozens of experienced sales personnel
who closely match the needs of major energy companies and key customers in Europe. Additionally the Company
is building more comprehensive business and management teams in other overseas regions supporting the effective
implementation of our globalization strategy.III、Main Business Analysis
I. Overview
In 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 firmly
implemented over the past two years has yielded significant results. The company has successfully transformed
from a domestic mainstream wind power equipment enterprise to a globally leading offshore engineering company.
9Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
In terms of market expansion the company has fully entered the European offshore wind market successfully
passing the supplier qualification certification of most of the leading European owners. It has established substantial
business partnerships as a "first supplier" or "main supplier" covering the top five major owners in the European
offshore 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 higher
technical standards and more diversified destination countries and regions. Through further technological upgrades
to 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." And
has becoming the first company in the Asia-Pacific region to achieve end-to-end export delivery of large offshore
engineering components. This milestone lays a solid foundation for further expanding overseas business promoting
simultaneous 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 positioning
the 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 received
excellent feedback. Additionally the regions and product weights of the offshore engineering products being
shipped from the base reached historical highs.The Penglai Base is also the only base in the Asia-Pacific region capable of mass supplying ultra-large
offshore wind monopiles to the European market and it is the largest monopile manufacturing base in terms of
production capacity. Its project performance has been highly recognized by developers and turbine manufacturers
from Europe Japan South Korea and other regions. In 2025 based on the export order schedule the Penglai base
is 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 the
capacity for large-scale production of ultra-large offshore wind engineering structures and oil and gas offshore
foundations specifically designed to meet the demands of deep-sea and distant-sea operations. The base is fully
aligned with the goal of producing cutting-edge offshore engineering products for the global market over the next
decade with a particular focus on manufacturing deep-sea ultra-large monopiles jackets and floating
foundations.In terms of equipment and facilities the company has developed a unique oversized factory design adopting
the world’s first ultra-large segment indoor construction model. The core equipment is 100% imported from
Europe ensuring significant improvements in production scale product specifications and production efficiency.
10Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Based on the company’s current order schedule and in order to meet the production and delivery needs of
future overseas offshore engineering orders and deep-sea projects the Caofeidian Offshore Base is set to complete
its 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 Base
To 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 the
Company itself has design breadth of 51m total length of 240m deadweight of over 50000 tons and draft of
8m. This vessel is designed and built based on the exclusive needs and long-term planning of offshore wind power
equipment transportation significantly improving transportation efficiency compared to the large transportation
vessels currently used in the market. In the future it will provide the Company with more economical and
convenient 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 in
2025. In the future it plans to build its own transport fleet composed of 10 to 20 ultra-large transportation vessels
of different tonnages.In addition the company is actively exploring methods for localizing its overseas business operations to
enhance 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 BlueFloat
Energy a global leader in floating offshore wind farm development in Madrid Spain. The partnership focuses on
jointly 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 several
joint initiatives including identifying the most competitive floating foundation designs and exploring new
technologies to enhance performance and cost-effectiveness. This collaboration aims to optimize the
manufacturing and deployment processes for floating wind foundations and increase production capacity to meet
the growing global demand. Furthermore both companies will work towards promoting sustainability in their
respective businesses with a shared commitment to reducing carbon emissions from steel production and other
key stages of the supply chain.The company has recently established a Global Floating Business Center and completed the recruitment and
appointment of its core team. Currently nearly 2 GW of floating projects have secured power purchase
agreements (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 business
team will help the company provide an integrated one-stop solution for floating foundations encompassing
manufacturing transportation assembly and delivery thereby helping developers and EPC contractors reduce
costs and achieve large-scale production.
（3）Key Progress in Sustainable Development and International Recognition
11Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
The company has made significant strides in its sustainable development efforts and has received
international certifications. In terms of information disclosure the company released its first bilingual (Chinese
and 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 to
receive EcoVadis Bronze Medal certification. Additionally it achieved a C-level rating in both carbon and water
resource management under the CDP assessment.In terms of the green innovation the company was the first offshore wind equipment manufacturer globally
to launch a "green steel" initiative promoting the low-carbon transformation of its supply chain. Regarding
climate commitments the company became one of the leading offshore wind equipment manufacturers to apply
for the Science-Based Targets initiative (SBTi) with a strong focus on setting emission reduction pathways that
align with international standards and climate goals.The company actively practices the United Nations Sustainable Development Goals (UNSDGs) and fulfills
its Environmental Social and Governance (ESG) responsibilities. Environmental: The company’s wind power
plants have generated a cumulative total of 1.102 billion kWh of green electricity which is equivalent to reducing
CO? emissions by 571300 tons. Safety: The company has always prioritized safety management as the core of
its 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) reflecting
its 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 energy
transformation and sustainable development goals.
12Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Section IV Corporate Governance
I. 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) 637749349
Amount of cash dividends (tax included) (CNY) 51019947.92
Amount of cash dividends by other means (such as share repurchase) (CNY) 0.00
Total amount of cash dividends (including other means) (CNY) 51019947.92
Distributable profit (CNY) 2730774919.62
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 637749349 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 51019947.92 (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
th
Date of full disclosure of internal control audit report April 12 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 No
reports
13Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Section V Information on Share Changes and Shareholders
1. Number of shareholders of the Company and their shareholdings
Unit：Stock
Total number of Total number of
common preferred
Total number of
shareholders at shareholders Total number of preferred shareholders
common
70797 the end of the 58864 with restored 0 with restored voting rights at the end of shareholders at the 0
previous month voting rights at the previous month before the annual
end of the reporting
before the the end of the report disclosure date (if any)
period
annual report reporting period
disclosure date (if any)
Shareholding situation of shareholders holding more than 5% or top 10 shareholders (excluding shares lent through refinancing)
Number of shares Number of Number of shares Pledges tags or freezes
Changes during
Nature of Shareholding held at the end of shares with without
Name of shareholder the reporting
shareholder ratio the reporting restrictions on restrictions on
period
period sale sale Share status Quantity
Domestic
Fuxin Jinyin Energy
non-state-
Consultation Co. 38.93% 248300500 0 0 248300500 Not applicable 0
owned legal
Ltd.person
Domestic
Jin Xin natural 1.21% 7745625 0 5809219 1936406 Not applicable 0
person
Hong Kong
Overseas -
Securities Clearing 1.10% 7029868 0 7029868 Not applicable 0
legal person 2212950
Company Limited
National Social
Security Fund Other 1.00% 6382800 6382800 0 6382800 Not applicable 0
Portfolio 118
Basic Pension Fund
Other 0.99% 6291500 6291500 0 6291500 Not applicable 0
Portfolio 1205
E Fund Management
Co. Ltd. - China
Life Insurance
Company Limited -
Participating Policy -
Other 0.90% 5756596 5756596 0 5756596 Not applicable 0
E Fund China Life
Equity Growth
Single Asset
Management Plan
(Available-for-Sale)
Agricultural Bank of
China Limited - CSI
500 Exchange
Other 0.85% 5431402 3608522 0 5431402 Not applicable 0
Traded Open-End
Index Securities
Investment Fund
China Merchants
Bank Co. Ltd. – E
Fund Innovation
Other 0.80% 5095100 5095100 0 5095100 Not applicable 0
Growth Mixed
Securities
Investment Fund
China Merchants
Bank Co. Ltd. – E
Fund Quality
Other 0.65% 4148900 4148900 0 4148900 Not applicable 0
Momentum Three-
Year Holding Period
Hybrid Securities
14Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Investment Fund
China Europe Fund
Management Co.Ltd. – China Life
Insurance Company
Limited –
Participating
Insurance – CE Other 0.58% 3668185 2167995 0 3668185 Not applicable 0
Fund-China Life
Growth Equity
Portfolio Single
Asset Management
Plan (Available for
Sale)
2．Controlling shareholders of the Company
Nature of controlling shareholder: Natural person holding
Type of controlling shareholder: Legal person
Legal
Name of controlling representative/prin
Date of establishment Organization code Major business
shareholder cipal of the
Company
General items: Business
management consulting consulting
and planning services information
consulting services (excluding
licensed information consulting
Fuxin Jinyin Energy services) marketing planning
Jin Xin August 11 2003 912109037527653728
Consultation Co. Ltd. (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 person
Type of actual controller: Natural person
Whether the right of residence in
Relationship with actual
Name of actual controller Nationality other countries or regions is
controller
obtained
Jin Xin In person China No
Currently serves as the Chairman of the Company and its subsidiaries; concurrently serves as Executive
Main occupation and position Director and General Manager of Fuxin Jinyin Energy Consultation Co. Ltd.;
Information on domestic and
overseas listed companies that No
have been controlled in the past
10 years
The actual controller of the Company did not change during the reporting period.
15Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Block diagram of the property rights and control relationship between the Company and the actual controller
Jin Xin
Fuxin Jinyin Energy Investment Co. Ltd.Dajin Heavy Industry Co. Ltd.
16Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Section VI Financial Report
I. Audit Report
Type of audit opinion Standard unqualified opinion
th
Signing date of audit report April 10 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 2869022557.12 1960572967.42
Provision for settlement fund
Funds lent
Trading securities 1003673018.90
Derivative financial assets
Notes receivable 59588397.67 40188682.53
Accounts receivable 1309621502.95 1629436576.02
Accounts receivable financing 254166889.08 289715098.79
Prepayment 544967318.02 278551569.66
Premium receivable
Reinsurance accounts receivable
Reserves for reinsurance contract receivable
Other receivables 43249363.51 32988574.48
17Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Including: interest receivable
Dividends receivable
Redemptory monetary capital for sale
Inventory 2084479105.73 1545529824.24
Contract assets 278735118.41 307716357.72
Held-for-sale assets
Non-current assets maturing within one year 52757643.88
Other current assets 238671942.21 205002094.08
Total current assets 7735259838.58 7293374763.84
Non-current assets:
Loans and advances
Debt investments 10000000.00 112174657.55
Other debt investments
Long-term receivables
Long-term equity investment
Other equity instrument investment
Other non-current financial assets
Investment real estate
Fixed assets 2308722586.16 1564756590.02
Construction in progress 707935993.03 836938008.14
Productive biological assets
Oil-and-gas assets
Right-of-use assets 268738950.35 124882564.34
Intangible assets 259693979.48 270047977.16
Development expenditures
Goodwill
Long-term deferred expenses 544280.97
Deferred tax assets 74600863.26 20848996.60
Other non-current assets 196452899.31 1789716.86
Total non-current assets 3826689552.56 2931438510.67
Total assets 11561949391.14 10224813274.51
Current liabilities:
Short-term loans 34031194.48 9769934.37
Loans from the central bank
18Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Borrowed funds
Trading financial liabilities 21481786.02
Derivative financial liabilities
Notes payable 1139589715.30 1053285789.19
Accounts payable 711511821.12 612478188.29
Advances from customers
Contract liabilities 1388935782.47 588995745.72
Financial assets sold for repurchase
Deposits from customers and other banks
Receiving from vicariously traded securities
Receiving from vicariously sold securities
Employee compensation payable 30821268.12 11024892.33
Taxes payable 60745967.19 14693699.96
Other payables 78064014.11 94255158.01
Including: interest payable
Dividends payable
Handling charges and commissions payable
Reinsurance accounts payable
Held-for-sale liabilities
Non-current liabilities maturing within one 53591325.17 493189271.50
year
Other current liabilities 31126084.68 30966023.97
Total current liabilities 3528417172.64 2930140489.36
Non-current liabilities:
Reserves for insurance contracts
Long-term loans 264967887.40
Bonds payable
Including: preferred stock
Perpetual bonds
Lease liabilities 203084642.23 88093066.19
Long-term payables 161361205.37 108681305.37
Long-term employee benefits payable
Estimated liabilities
Deferred income 126825332.57 179522520.99
19Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Deferred tax liabilities 5283890.19 4209277.77
Other non-current liabilities
Total non-current liabilities 761522957.76 380506170.32
Total liabilities 4289940130.40 3310646659.68
Owner's equity:
Share capital 637749349.00 637749349.00
Other equity instruments
Including: preferred stock
Perpetual bonds
Capital reserve 3806028183.90 3806028183.90
Less: treasury stock
Other comprehensive income -856302.64 -894460.53
Special reserve
Surplus reserve 98313110.86 94421793.72
General risk reserve
Undistributed profits 2730774919.62 2376861748.74
Total owner's equity attributable to the parent
7272009260.746914166614.83
company
Minority equity
Total owner's equity 7272009260.74 6914166614.83
Total liabilities and owner's equity 11561949391.14 10224813274.51
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 3779650570.21 4325081969.61
Including: operating income 3779650570.21 4325081969.61
Interest income
Premium earned
Handling charges and commissions
II. Total operating costs 3194113865.43 3888096631.86
Including: operating costs 2652257777.21 3319738806.38
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 29191042.45 30656739.46
20Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Sales expenses 89534971.03 62111356.73
Administrative expenses 226569256.52 155636365.43
R&D expenses 182011735.35 255605750.57
Financial expenses 14549082.87 64347613.29
Including: interest expenses 5633495.74 13839058.50
Interest income 47332130.48 34625865.25
Add: other income 18571601.84 30210469.55
Investment income (loss indicated with "-") 11472749.76 15418039.24
Including: income from investments in associates and joint
ventures
Income from derecognition of financial assets at -1811775.63 -6874289.14
amortized cost
Exchange income (loss indicated with "-")
Net exposure hedging income (loss indicated with "-")
Income from changes in fair value (loss indicated with "-") 2191232.88
Credit impairment loss (loss indicated with "-") -70071210.51 -1061200.89
Asset impairment loss (loss indicated with "-") -44510418.91 -6916975.14
Gains from disposal of assets (loss indicated with "-") 6690439.25 -19871.20
III. Operating profits (loss indicated with "-") 507689866.21 476807032.19
Add: non-operating income 9930515.23 8056920.21
Less: non-operating expenses 1868604.68 138631.92
IV. Total profit (total loss indicated with "-") 515751776.76 484725320.48
Less: income tax expenses 41876909.70 59568123.95
V. Net profit (net loss indicated with "-") 473874867.06 425157196.53
(I) Classification by going concern
1. Net profits from going concern (net loss indicated with "-") 473874867.06 425157196.53
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 473874867.06 425157196.53
2. Minority profit or loss
VI. Net amount of other comprehensive income after tax 38157.89 -420074.47
Net amount of other comprehensive income after tax attributable to the
38157.89-420074.47
owners of the parent company
(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
38157.89-420074.47
or loss
1. Other comprehensive income that can be carried over to profit
or loss under equity method
21Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
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 38157.89 -420074.47
7. Other
Net post-tax other comprehensive income attributable to minority
shareholders
VII. Total comprehensive income 473913024.95 424737122.06
Total comprehensive income attributable to the owners of the parent
473913024.95424737122.06
company
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 4766998472.40 4188380117.80
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 138102776.36 144817655.80
Other cash received from operating activities 211955756.70 564812577.22
Subtotal of cash inflows of operating activities 5117057005.46 4898010350.82
Cash paid for purchasing goods and receiving services 3403977900.78 3439988212.26
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 273659473.12 211590577.58
Tax payments 126304402.97 199330375.67
22Dajin Heavy Industry Co. Ltd. Annual Report 2024 (Summary)
Other cash paid for operating activities 229664238.74 238402361.51
Subtotal of cash outflows from operating activities 4033606015.61 4089311527.02
Net cash flows from operating activities 1083450989.85 808698823.80
II. Cash flows from investing activities:
Cash received from investment recovery 4980000000.00 5411960800.00
Cash received from investment income 15770055.50 19892837.26
Net cash recovered from disposal of fixed assets intangible
5691748.6062180.00
assets and other long-term assets
Net cash received from disposal of subsidiaries and other
11300000.0067724904.19
business entities
Other cash received relating to investment activities
Subtotal of cash inflows of investing activities 5012761804.10 5499640721.45
Cash paid for acquisition and construction of fixed assets
844891725.56413363384.36
intangible assets and other long-term assets
Cash paid for investment 3950000000.00 6501960800.00
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 4794891725.56 6915324184.36
Net cash flow from investment activities 217870078.54 -1415683462.91
III. Cash flows from financing activities:
Cash received from investment
Including: cash received by subsidiaries by absorbing minority
shareholders' investment
Cash received from loans 298999081.88 9761853.72
Cash received from other financing activities 55401741.00
Subtotal of cash inflows from financing activities 354400822.88 9761853.72
Cash paid for debt repayment 470428520.40 974982474.39
Cash paid for distribution of dividends and profits or payment of 120387675.34 39534366.41
interests
Including: dividends and profits paid by subsidiaries to minority
shareholders
Cash paid relating to other financing activities 87287437.48 5818122.52
Subtotal cash outflows of financing activities 678103633.22 1020334963.32
Net cash flow from financing activities -323702810.34 -1010573109.60
IV. Impact of exchange rate changes on cash and cash
-42793329.51-56613535.33
equivalents
V. Net increase in cash and cash equivalents 934824928.54 -1674171284.04
Add: opening balance of cash and cash equivalents 1901628668.88 3575799952.92
VI. Closing balance of cash and cash equivalents 2836453597.42 1901628668.88
Legal Representative: Jin Xin Person in charge of Accounting: Liu Aihua Principal of Accounting Firm: Su Zhe
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