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Public company info - Chengdu SIWI Science and Technology Company Limited - H Shares , 01202.HK
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Chengdu SIWI Science and Technology Company Limited - H Shares, 01202.HK - Company Profile
Chairman Wu Changlin
Share Issued (share) 160,000,000
Par Currency Renminbi
Par Value 1.0
Industry Telecomm. & Networking Equipment
Corporate Profile Business Summary: The principal activities of the Group's main business activities: wire and cable, fiber optic cable, cable special materials, radiation processing, cable technology research and development, product production, sales and service, electrical technology development, transfer, consulting and related ancillary services; design and installation: city and road lighting engineering, building construction and decoration engineering, fire safety facilities engineering, mechanical and electrical equipment installation engineering, residential building electroweak system engineering; wholesale and retail: communication equipment (excluding radio transmitters), lighting equipment, electrical equipment, instrumentation, electronic measuring instruments, electronic components, transmission and distribution and control equipment, hardware products and electronic products, plastic products, mineral products, building materials and chemical products (except dangerous chemical products and precursor chemicals), groceries; commission agency (excluding auctions); import and export of self-operated commodities and their similar products; own real estate, machinery and equipment leasing and property management. Performance for the year: During the Year, the turnover of the Company was RMB247,868,172.87, representing a decrease of 6.35% as compared to the corresponding period of the Previous Year. The net loss attributable to equity holders of the Company for the Year amounted to RMB50,135,424.57, while a net loss attributable to equity holders of the Company of RMB15,012,917.51 was recorded for the Previous Year. Business Review I. Information about major operations During the Year, under the leadership of the Board and the Supervisory Committee and based on the “Seven Improvements and Enhancements”, the Company has promoted innovation to meet market demand, earnestly performed its duties and made considerable achievement. In 2019, operations of the Company were under tremendous pressure. With an emphasis on its core businesses of optical telecommunication and locomotive cable, the Company made certain adjustments to its business structure, such as, withdrawing from the wire feed cable business, stripping the irradiation and copper processing business and establishing a materials processing division; strengthening its refined management and carrying out stringent expenditure approval procedures to reduce management costs; paying attention to system construction; laying stress on the alignment between information-based procedures and systems, and strengthening basic management; staying ahead of the market and actively exploring new projects to lay a solid foundation and be ready for the next stage of development. 1. Optical telecommunication business Due to the slowdown in 5G construction, the demand for optical fibers has decreased. Meanwhile, domestic manufacturers had expanded their production capacities of optical fibers and optical cables, which released the domestic production capacity of optical fibers. This has caused serious imbalance between supply and demand for optical fibers. As a result, prices of optical fiber products of the Company went down and the sales volume decreased. The Company has ramped up its efforts in the sales of optical fiber products with high gross profit, which played an important role in reducing losses throughout the year; on the other hand, the Company has adjusted its production lines to improve production capacity which laid a sound foundation for subsequent development. 2. Energy transmission cable business During the Year, in accordance with its business development needs, the Company shut down the wire feed cable business and stripped the irradiation and processing business so as to focus on the locomotive cable business. It made vigorous efforts to dispose inefficient and ineffective assets and inventory and reduced its inventory by approximately 35% compared with the beginning of the year; made clear the process cost through informationbased development of locomotive cable production management system, which facilitated decision-making by leaders of the Company; intensified “Two Funds” reduction internally and recorded a decrease of approximately 20% in account receivables compared with the beginning of the year; and achieved certain progress in expanding market for track cable business, which laid a foundation for the next stage of operation and development. II. Strengthening refined management to raise management and control standard The Company carried out its implementation on all of its operation and management activities, preparation of the list of issues and rectification resolutions. Continuous efforts were made to enhance its standardized and refined management ability to ensure realization of budget targets. 1. Further strengthening Party construction to play the core roles The Company organized and carried out work in light of its production and operation and completed the annual democratic consultation of the leaders and concept education democratic consultation; completed inspection on Party construction by the working team for Party construction of the Group and the third inspection team of the Party committee of the Group; carried out education on the concept of Chengdu Putian of “Remain True to The Group’s Original Aspiration and Keep The Group’s Mission Firmly in Mind (不忘初心牢記使命)” and organized its Party members and cadres to complete red theme education, under which 15 major issues in 6 aspects were identified and 33 rectification measures were formulated; actively coordinated with the sixth research team of the Party committee of the Group for research work of theme-based education; completed the report on the results of concept education and “repeat inspection”; organized pop-up events of “celebration of the 70th anniversary of the founding of the PRC”; and studied and implemented the spirit of the 4th Plenary Session of the 19th CPC Central Committee and knowledge contest, etc. The Company fulfilled the main responsibilities of Party committee and revised its “Three Key and One Major” systems. The Party committee conducted discussion in advance for the “Three Key and One Major” matters in accordance with the Rules of Procedure of Meeting of the Party committee. It gave play to the role of Party committee in charting development course and crafting overall plans. 2. Coordinating resource integration and restructuring and guiding business management through development plans In accordance with the principle of “shutdown, suspension and integration”, the Company withdrew from non-core loss-making enterprises and loss-marking enterprises which had no hope of turning around and growth for many years. It completed all the cancellation procedures on tax and business registration for Chongqing Putaifeng Aluminium Co., Ltd., exited the wire feed cable and smart electric business and proceeded with the liquidation of Chengdu Yuexin Materials Co., Ltd. (成都月欣材料有限公司). From the strategic point of view of business development, by starting with the problems of core business development, quality, products and market, the Company conducted analysis on the optical fiber business and locomotive cable business, formulated development plans, determined the direction for its business development and established a platform for technology development. 3. Strengthening internal control and implementing all the requirements of comprehensive risk management The Company implemented its law-based governance policy and intensified corporate risk prevent consciousness, and gradually established a long-term mechanism for the prevention and control of major risks. The Company conducted comprehensive inspection on the risk management and internal control system, revised a series of rules and regulations on risk management and internal control, and completed the report on comprehensive risk management and the report on internal control evaluation. Through legal risk warning letters, legal opinions and other means, business departments were made aware of relevant risk issues and able to take prompt action to rectify the same. The Company allocated more resources to handling its legal affairs and engaged a new chief legal advisor. The policy of “Giving Consideration to both Internal and External Affairs (內外兼顧)” has been adopted, under which the legal affair department of the Company takes charge of the Company’s daily legal affairs and a law firm was engaged to provide legal service and support for the operating activities of the Company. The Company strengthened its management of major legal disputes, actively responded to litigation disputes and handled its legal affairs based on operation and management. Legal advice in relation to major decisions were received in a timely manner. The Company strengthened the “Two Funds” reduction, conducted inspection on all account receivables and inventory, and handle the leftover issues from the previous development. A task force on “Two Funds” reduction was established. All departments inspected particular objects based on data as shown on the financial accounts and reduced the proportion of “Two Funds” in an orderly manner according to the target set at the beginning of the year. The progress of “Two Funds” reduction was taken into account in the annual performance assessment of all the units. Long-term mechanisms such as the “Account Receivables Management System” were established to step up efforts to collect payments and clear inventory, as a result of which both the balance of account receivables and inventory decreased compared with the beginning of the year. The Company attached great importance to system construction and conducted a comprehensive review of responsibilities, systems and processes to improve informationbased processes, such as expense reimbursement and contract approval, and facilitate alignment between systems and processes in time. Management system of the Company such as the “Implementation Rules for Compliance Management”, the “Implementation Measures for Accountability for Illegal Operation” and “Investment and the Measures for Management of Legal Advisors” were formulated, and the “Account Receivables Management System”, the “Implementation Rules for Contract Management” and the “Authorization Management System” were revised. The information-based process of matters to be discussed on the office meeting was also revised and matters related to “Three Key and One Major” decisionmaking shall be pre-discussed by the Party Committee. 4. Determining the definition of duties and functions and building reserved pool of talents to provide human resources for sustainable development In accordance with the principle of clearly defined responsibilities and management, the Company adjusted assignment and responsibilities of relevant departments. In view of the actual situation of the Company and the departments, the Company assigned positions with no redundancy in a reasonable and scientific manner and worked out the defined duties and functions. All the departments streamlined their responsibilities and positions, and completed the appointment of personnel. The Company also built its own reserved pool of talents, enhanced cadre training with the use of cloud learning platform and improved its evaluation system of titles, so as to provide human resources for its sustainable development. The Company continued to carry out placement work for surplus and redundant staff in accordance with the special governance for “Disposing of Zombie Enterprises and Assisting Enterprises with Difficulties”. The placement of surplus and redundant staff were carried out in accordance with relevant measures through negotiation of termination of labor contracts, internal retirement, re-designation (pending for duties) and other manners. In the process of placement, the Company took due care in respect of the actual situation of various types of personnel and various contradictions that have arisen, so as to maintain the stability of employees and avoid group incidents. A total of 373 surplus and redundant staff have been settled since the commencement of the work of “Disposing of Zombie Enterprises and Assisting Enterprises with Difficulties”, which reached the expected target. 5. Optimizing basic management and improving management standard The Company has fully advanced the centralized procurement and bidding management work and standardized the bidding procedures through informatization. Information-based procedures consisting of the “Annual Bidding Plan”, “Quarterly Adjustments on Bidding Plan” and “Application for Bids” were added. The Company has implemented the bidding elements in steps pursuant to such plans. With an aim to enhance communication, 38 general manager’s meetings were held and 170 decisions were made. The Company also held production and operation analysis meetings on a quarterly basis. This has facilitated communication and narrowing of the gap between personnel at various level and helped in solving problems. The Company has made continuous efforts to improve its QEHS management system. The Company has passed the supervision and verification on environmental management system and occupational health and safety management system. It has submitted applications for quality management system certification and relevant changes. The Company has completed the review on its qualification as a High and New Technology Enterprises and has obtained a new certificate. While striving for success in its operations, the Company attaches great importance to production safety to prevent the occurrence of accidents during production process. Under the guidance and inspection of municipal environment protection bureau and other departments, the Company has carried out training on safety, fire extinguishing and environmental knowledge and formulated its emergency plan for environmental incident in the industrial park, environmental risk assessment report and investigation report on environmental emergency resources. It has also updated the compliance evaluation report, and has comprehensively re-identified the lists of laws and regulations which were applicable to the Company. 6. Promoting compliance awareness and enhancing efforts to combat corruption and maintain integrity Efforts have been made to strengthen the compliance of operation with laws and regulations and ensure the compliance of the “Three Key and One Major” aspects of the Company. In order to prevent debt risks, each business unit has been required to pay attention to the rate of response to confirmations. The Company has strengthened the control on non-controlling companies to ensure investment returns. It continued to strengthen the management of related party transactions, adhered to the annual transaction planning system, entered into responsibility statements for related party transaction, and issued briefings on related party transaction every quarter to ensure compliance of transaction process with the Listing Rules. It continued to organize compliance training, especially the continuous training of directors, supervisors and key positions of the Company, and continuously improved its own capability and awareness of compliance. The Company signed the “Chengdu Putian Integrity Construction Responsibility Statement (成都普天黨風廉政建設主體責任書)”, which clarified the “One Post with Two Responsibilities” of Party members and leading cadres. With unremitting efforts to uphold high standards of Party conduct and Party discipline, and based on key schedule, the Company called attention through special forums, WeChat groups of Party members and cadres, official WeChat account of the Company and other means to keep a close watch on the compliance with spirits of the eight-point frugality code issued by the CPC Central Committee, so as to enhance daily supervision. It also strictly followed work requirements and procedures, standardized the acceptance of complaints and handling of issues, and strictly implemented the system of reporting complaint cases and handling of and investigation on disciplinary issues to the Party committee and the disciplinary inspection group on a monthly basis. Prospects: In 2020, under the leadership of the Board and the Supervisory Committee, the Company will operate closely in line with the direction of national policies. Based on the “Seven Improvements and Enhancements” requirements of the headquarters of the Group, the Company will set the Party construction as its guidance, set development as its goal, insist on developing business, release idle resources, and enhance its service capabilities. It will carry out its work with focus on target market and product research and development team building and endeavor to give play to the core technological and business capabilities of enterprises. It will adjust and optimize its business structure and further implement the “practice of austerity” to continue to reduce cost and increase efficiency, optimize and improve internal control, and promote the healthy development of the Company. I. Measures taken under the current epidemic Since the outbreak of the novel coronavirus epidemic (“COVID-19”) in early December last year and the spread of which nationwide in mid-to-late January, the flow of production elements such as raw materials and labor required for production have been blocked, and normal operating activities such as logistics, production, sales, and payment collection have been severely disrupted. For the Group’s businesses, some project constructions have been suspended and market demand and corresponding sales have decreased, leading to a possible further decline in product prices, while depreciation, labor and other fixed costs remained the same. Such suspension has caused declines in output but increases in unit costs, which would result in an increase in loss. There will be tremendous pressure to complete the estimated indicators in 2020. Being concerned with the outbreak of COVID-19, the Company has set up the “Leading Group of Chengdu Putian on Epidemic Prevention and Control” on 27 January 2020 to coordinate epidemic prevention and control and resumption of work, and has established an accountability system and daily reporting system. On 2 February 2020, the Company held a meeting and mapped out the plan for epidemic prevention and control, and has also set up an epidemic prevention and control work office. The responsible personnels of all joint ventures and functional departments were required to bear responsibility, and place great emphasis on fulfilling their obligations of epidemic prevention and control. With the efforts of the leading group and the work office on epidemic prevention and control, the Company’s headquarter officially resumed work on 13 February 2020 with the approval of the relevant local government departments. II. Sticking to the original aspiration and enhancing market awareness to foster business development The Company will stick to its original aspiration of the development of its telecommunication business, strengthen its strategic guidance and profit-orientation consciousness, focus on optical telecommunication business, locomotive cable business and steadily push forward the release of idle resources of the industrial park and reinforce management of joint ventures to maximize the efficiency of exploitation of existing assets, proactively, aiming to nurture new growth drivers. 1. Optical telecommunication business Due to the overall surplus of production capacity of optical fibers and cables, along with the fierce competition in the optical telecommunications market as well as the current epidemic, the construction of operator projects and other optical cable projects has suspended. As there is no demand for the optical fiber industry, and sales volume is declining, thus the price of optical fibers is expected to fall further. Meanwhile, there may be an increase in anti-dumping duties this year. In view of such critical circumstances, the Company will make tremendous efforts in respect of its business, projects and building of talent pools. The Company will constantly increase the percentage of production and sales of characteristic optical fibers with high gross profit and boost the sales volume of export optical fibers. The Company will use its best efforts to reduce the adverse effect on profit brought by the sharp decline in the price of optical fibers, seek greater room for improvement of operating revenue, improve the work efficiency of various departments and reduce the comprehensive cost of optical fibers and strive to have the overall cost of optical fibers decreased by more than 5% year-on-year. 2. Energy transmission cable business The Company will carry out its work with a focus on the market and products. As the Company operates in a competitive industry, it will analyze loss-making points and prevent any inefficient and mismanagement so as to do well in respect of products and market, based on the business development approach of “same-rooted technology and same-source market”. According to its locomotive cable business development plan, the Company will enhance its business competitiveness from the following aspects: the first is to increase investment in technological research and development, improve product portfolio, expand coverage of rail transit cables products and boost revenue; the second is to carry out upgrade, transformation and acquisition of key equipment, raise production capacity and stability of equipment; the third is to make more efforts in market development to ensure ongoing expansion of the scale of markets; the fourth is to make good use of the production management informationbased system, strengthen management and control of procurement and production processes, improve manufacturing gross profit margin; the fifth is to strengthen collection of accounts receivable, invoicing of delivered goods and disposal of inventory. 3. Electronic information industrial park The first is to strengthen communication with the High-tech Zone Electronic Information Bureau to obtain support from the government. The Group has presently joined the asset mobilization platform of the High-tech Zone Electronic Information Bureau to further carry out park operations through the government’s overall arrangement. The second is to further tap the potential and continue to expand property rental income and speed up leasing of vacant factories and office buildings. The third is to consider using information technology to build a smart park, collect information through big data, improve the management level of the park, and explore value-added services for its property. In addition, the Group will continue to build characteristic parks and introduce high-tech and high value-added emerging enterprises to settle in. 4. Paying attention to research and development and enhancing technological innovation capabilities In 2020, the Company will focus on the core business of telecommunication, improve the integration of corporate research and development with business development and market demand, establish a market-oriented innovation system based on the principle of research and development project “from the market to the market” and build a technology development platform in alignment with the Company’s sales, so as to support business development with technology research and development. Development of new products is a driving force for corporate sustainable development. The Company will pay close attention to the cultivation of core technical capabilities, find the right direction to improve efficiency, and products for research and development based on market acceptance, capacity and difficulty to launch, be pragmatic and avoid being hasty; fully and effectively allocate various resources of the Company and society, secure suitable industrial projects, and gradually increase the proportion of research and development investment in revenue to be at a reasonable level. In the meantime, the Company will actively seek government-funded projects, improve investment management capabilities and give full play to the role of functional departments in guiding the investment of joint ventures to enable the Company to respond to the market more quickly and more in line with market competition requirements, so as to benefit the sustainable development of various business segments. III. Intensifying the implementation of the “Seven Improvements and Enhancements” to foster progress in various work The Company will seek improvement in stability, focus on core businesses, address and improve area of weakness, strengthen its intensive operation and refined management, and improve management efficiency and operation quality, thus generating dynamic and momentum for the sustainable development of the Company. 1. Developing strong and solid foundation for Party construction and promoting in-depth integration of branch work and operation work to foster the healthy development of the Company’s operations By further studying and implementing the spirit of the 19th CPC National Congress and the Second, Third and Fourth Plenary Sessions of the 19th Central Commission for Discipline Inspection, and aiming at improving the quality of Party construction work, the Company will focus on enhancing the scientific level of Party construction, maintain corporate governance in line with Party leadership and combine Party construction with production and operation so as to achieve development led by high-quality Party construction. The Company has established a long-term mechanism of “Remain True to The Group’s Original Aspiration and Keep The Group’s Mission Firmly in Mind (不忘初心、牢記使命)” to improve the outcomes for concept education and solidify good experience and practice of concept education into the working system and mechanism. The Company will implement accountability system in Party construction, give full play to the leading role of Party committee, do well in decision-making in advance, take enhancements of corporate efficiency and competitiveness and value maintenance and appreciation of state-owned assets as the starting point and foothold of its Party construction works, safeguard the implementation of all the work related to Party construction, and perform its obligations. The Company will consolidate its establishment of the “Three Basics (三基)”. The Party committee shall be capable of guiding Party branches to carry out works based on the actual situation of production and operation, and reinforce training for the Secretary of the Party Committee and integrate it with operation and management. It shall fully play the role of its Party branches as strongholds in the process of production and operation and play the role of Party members as paragons, so as to take Party construction to a new level. The Company will prevent the rebound and resurgence of “Four Morales (四風)” by seriously implementing “Two Responsibilities (兩個責任)”, conscientiously supervising enforcement and accountability, strengthening daily supervision and inspection, and seriously implementing the spirit of the eight-point frugality code issued by the CPC Central Committee. It will also do well in ideological work to attain the purpose of promotion and encouragement. 2. Building an operating concept of “solid development” and enhancing risk control and prevention The Company will focus on its core business, remain committed to achieve solid business development and adhere to the development principle that takes quality as the top mission and keeps efficiency as the priority with a practical and pragmatic mindset, so as to build an operating concept with the improvement of gross profit margin and operating cash flow as the primary goal. It will not engage in businesses with low gross profit and no proprietary product. Financing trade and idle businesses are prohibited. The Company will give prominence to its main responsibilities and core businesses and strengthen investment and financing management, focus on businesses in the main course and concentrate various resources in the core businesses; develop business based on the concept of “same-rooted technology and same-source market”, speed up the stripping of non-core businesses and non-advantageous businesses, work on the disposal of inefficient and ineffective assets, equity interests with long periods of no dividend distribution or even making loss and enterprises under liquidation for years which are not included in the consolidated statement. It will seek outbound expansion, improve the image and fundamentals of listed company, and revitalize the financing function of the capital market. The Company will improve and implement a long-term mechanism to prevent and address major risks, strictly prevent all kinds of operating risks, and keep the bottom line where it is not exposed to any major risk. Instead of post-event actions, pre-event and in-process management will be taken in promoting the improvement of the comprehensive risk management system of the Company with a more focused approach. It will also concentrate its efforts to strengthen the compliance of “Three Key and One Major” systems of the Company with laws and regulations. It will enhance compliance of the listed company, strictly implement the three-meeting approval system, improve the standard of information closure and effectively maintain its positive image. 3. Effectively promoting sustainable development through improving quality and efficiency The Company will complete its work for the separation and transfer of “Three Supplies and Estate Management”, the maintenance and transformation work under which was basically completed at the end of 2019. As affected by the outbreak of COVID-19, it is expected to meet the conditions for liquidation and settlement of financial subsidies from the central government by the end of June 2020. It will promote the implementation of the special governance of loss-making enterprises, bring its joint ventures to the goal of reducing losses and achieving turnaround from top to bottom, boost their confidence and determination and put some pressure on them so as to implement governance on the loss-making enterprises in a refined and effective manner. For loss-making businesses with hopes for development, it will control and reduce losses so as to achieve turnaround and positive development as soon as possible. For non-core loss-making businesses with no hope of turnaround for many years, it will follow the principle of “Shutdown, Suspension and Integration” and withdraw as soon as possible with the purpose of revitalizing idle assets, optimizing resource allocation and improving economic efficiency. Governance procedures of loss-making enterprises will be in compliance with laws and regulations and standing various tests. For disposal of property rights and assets, it will conscientiously perform audit and evaluation, market transactions, industrial and commercial registration of changes, property rights registration and other procedures. A sound and long-term mechanism for addressing the source of losses will be established to facilitate development through improving quality and efficiency. The Company will further reduce costs and increase efficiency comprehensively, impose more rigid budgetary restrictions, reinforce cost control and management of the “Two Funds”, broaden sources of income and reduce expenditure, reduce expenses with no added value, and carry out business operations within its means. From all aspects of production, operation and management, the Company will identify key areas for cost reduction with careful and accurate budgeting to control costs and expenses and reinforce the management of the same. In line with the principle of matching expenses with revenues, the Company will encourage “incremental” development and increase investments in market-oriented research and development. It will implement stringent budget management, and thus fully play the role of budgets as guidance in production and operation. Out-of-budget expenses shall be matched with out-of-budget revenues. It will also further strengthen its control over monthly budget to put an end to the situation of implementation without budget and avoid the concentrated spending by departments at the end of year. The Company will effectively implement the requirements for the “Three Key and One Major” matters. Significant sum of money shall only be paid upon approval of the prescribed decision-making procedures. In particular, it must play a supervisory role in reducing the asset-liability ratio and cost of joint ventures. It will not only conduct business benchmarking, and prompt analysis and discussion on the budget implementation in terms of monthly and cumulative profits, income, expenses and other indicators, but also thoroughly work out improvement measures. The Company will continue to reduce “Two Funds” and focus on the collection of accounts receivable. It will improve the whole-process management mechanism for accounts receivables, conduct risk assessment beforehand, improve service quality halfway and strengthen the follow up of collection afterwards, so as to avoid new bad debts and proactively clean up idle account receivables. 4. Promoting reforms, making dynamic adjustments, and strengthening team building The Company will improve the existing performance appraisal system, by establishing an appraisal system taking into consideration of the market condition and strengthen the profit-oriented performance appraisal system.It will establish a multi-dimensional appraisal system linked to workload, professionalism, and work difficulty, and promote an incentive mechanism of determining remuneration based on performance and relative to the market. It will further strengthen the building of talent pools by setting up allocation mechanism of human resources that accommodates to the business structure adjustment of the Company, thus providing human resource guarantee for the industrial development of the Company. It will adhere to the principle of management of cadres and talents by the Party and act based on the selection and appointment of personnel on the market. Leading cadres should act responsibly. It will enhance the sense of responsibility of cadres at all levels, in such a way that they will be dutifully dedicated to the Company and its development and planning. Team building includes not only building of cadres, but also team building of staff. The Company will make the best use of personnel and resources to match talents with positions efficiently, and settle surplus and redundant staff through multi-channel at multilevel. 5. Strengthening system construction to improve capability and standard of corporate governance The Company will clarify the division of responsibilities, refine authority, improve rules and regulations implementation mechanism, and further strengthen the construction of rules and systems that accommodates to corporate development. The Company will strengthen the implementation of management system of the Company, and conscientiously streamline its system and procedure to ensure matching system with procedure. The Company will improve the code of conduct for law-based corporate governance and strengthen supervision and inspection; increase the frequency of internal audits, proactively perform cost-efficiency audits on joint ventures to provide a basis for timely decision-making by management. The Company will also continue to improve and revise its internal control manual. It will improve the overall management level, make up for shortcomings, identify gaps, and stamp out formalism and bureaucracy at work. The management of functional departments has significantly improved last year, but there is still much room for improvement from the requirements of business development. The functional departments will keep an eye on their subordinates and understand the situations through on-site visits to entities, instead of being a “passer”. The Company will further improve the standard of informatization and enhance management innovation capabilities, modify and improve its self-developed production management ERP system to ensure that the actual data of each process is reflected, which provides a strong basis for reducing waste during the production process and accurately calculating production costs. It will also raise the application level of existing information-based system, align the information-based process with management system in a timely manner, and comprehensively improve the overall standard of informatization of the Company. 6. Strengthening basic management and enhancing operation guarantee capability The Company will strengthen its centralized procurement management to standardize and consummate its bidding procedures. It will implement centralized procurement in strict accordance with relevant regulations to further improve the centralized procurement and supplier management informatization. It will also continue to carry out the three-system management and identify risks related to quality of product process. The Company will strengthen its safety and environmental protection management. It will adhere to its safety works at all levels to prevent the occurrence of safety related accidents and ensure smooth production and operation of the Company. The Company will contribute to the building of an ecological civilization by further enhancing energy conservation and environmental protection works.

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