杭州汽轮机股份有限公司 2015 年半年度报告摘要
Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2015-51
Hangzhou Steam Turbine Co., Ltd.
Summary of the Semi-annual Report 2015
1 Important notes
The summary is abstract from full-text of summary of the semi-annual report, for more details information ,
investors should found in the full-text of summary of the semi-annual report that published on website of
Shenzhen Stock Exchange and other website appointed by CSRC.
Company Profile
Stock ID Hangqilun B Stock code 200771
Stock ID Changed (if any)
Stock exchange for listing Shenzhen Stock Exchange
Contact person and contact
Board secretary Securities affairs Representative
manner
Name Yu Changhan Wang Gang
Tel 0571-85780432 0571-85780198
Fax 0571-85780433 0571-85780433
E-mail ychq@htc.cn wg@htc.cn
II.Financial datas and change of shareholders.
（1）Financial datas
Does the company adjust retrospectively or restate accounting data of previous years due to change of the
accounting policy or correction of any accounting error?
□ Yes√ No
Same period of last
Reporting period YoY+/-（%）
year
Operating income（RMB） 1,054,996,326.24 1,743,362,642.27 -39.48%
Net profit attributable to the shareholders
-10,282,333.32 196,174,851.01 -105.24%
of the listed company（RMB）
Net profit after deducting of
non-recurring gain/loss attributable to the -22,164,040.35 181,414,092.36 -112.22%
shareholders of listed company（RMB）
Cash flow generated by business
101,821,573.29 119,786,983.72 -15.00%
operation, net（RMB）
Basic earning per share(RMB/Share) -0.01 0.26 -103.85%
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杭州汽轮机股份有限公司 2015 年半年度报告摘要
Diluted gains per
share(RMB/Share)(RMB/Share) -0.01 0.26 -103.85%
Weighted average ROE(%) -0.23% 4.53% -4.76%
As at the end of the As at the end of last
YoY+/-（%）
reporting period year
Gross assets (RMB) 7,772,378,806.31 7,552,058,947.02 2.92%
Net assets attributable to shareholders of
4,365,106,939.87 4,450,598,244.32 -1.92%
the listed company （RMB）
（2）Statement of shares held by top 10 shareholders
In shares
Total Number of common
shareholders at the end of the 15,540
reporting period
Shareholdings of the top 10 common shareholders
Frozen or
Share pledged
Properties of Conditional
Name of the shareholder proportio Total shares Status Am
shareholder shares
n% of oun
shares t
Hangzhou Steam Turbine PowerGroup State-owned
63.64% 479,824,800 479,824,800
Co., Ltd. legal person
GUOTAI JUNAN Overseas
1.89% 14,284,477 0
SECURITIES(HONGKONG) LIMITED legal person
Overseas
First Shangai Financial Group 0.68% 5,095,921 0
legal person
Overseas
NORGES BANK 0.57% 4,303,675 0
legal person
CHINA INT'L CAPITAL CORP HONG Overseas
0.41% 3,066,768 0
KONG SECURITIES LTD legal person
Overseas
GIC PRIVATE LIMITED 0.35% 2,665,330 0
legal person
VANGUARD TOTAL
Overseas
INTERNATIONAL STOCK INDEX 0.30% 2,286,336 0
legal person
FUND
BOCHK INVESTMENT
Overseas
FUNDS-BOCHK CHINA GOLDEN
legal person
0.30% 2,273,227 0
DRAGON FUND
Overseas
AUSTRALIANSUPER PTY LTD
legal person
0.28% 2,108,321 0
Overseasnatur
Xia Zulin
al person
0.28% 2,100,000 0
（1）It is unknown to the Company if there is any
relationship among the top 10 common share
Explanation on associated relationship among the
holders without restriction;
aforesaid shareholders
(3) Hangzhou Steam Turbine Group Co., Ltd. is not an
“action-in-concert” party with any of other
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杭州汽轮机股份有限公司 2015 年半年度报告摘要
shareholders as described by the “Administration Rules
of Informational Disclosure about Change
of Shareholding Statues of PLCs”.
Notes to the shareholders involved in financing
Not applicable
securities (if any)
（3）The top 10 preference share holders
Not applicable
（4）Changing of controlling shareholder and practical controller of the Company.
No change of holding shareholder in the report period.
III.Discussion and analysis by the management
1.Business overview
In the report period, the Chinese economy was still facing great downward pressure. Growth of industrial
investment were slowing down; manufacturing demands were depressed; the price index of industrial products
had seen negative growth for 40 months continuously; the Company was struggling to operate and manage.
Caused by the market, the steam turbine industry was obsessed by overcapacity of industry, depressed demands of
the downstream industry, intensified market competition and increased operating cost and other problems. The
whole industry economic indicators were still showing negative growth.
Facing with the economic situation, the Company put forward the working policy" managing strictly,
grasping the market, reducing costs and controlling risk". On the one hand, it accelerated technological progress,
improved the management, cost control and information technology application and made the Company keep
ahead in the industrial Steam Turbine market. On the other hand, the Company actively responded to the national
energy development strategy, researched on the natural gas distributed energy market deeply. Entering into the
natural gas application market, extending the industry chain, promoting industrial upgrading and reducing the
huge impact of macroeconomic downturn by carrying out external cooperation.
In the report period, the Company’s operating income, operating profit, total profit ,net profit and the net profit for
its shareholders were respectively RMB 1,054,996,326.24,RMB 14,696,409.86，RMB 18,824,453.52，
RMB 7,533,997.32 and RMB -10,282,333.32, which respectively decreased by 39.48%,94.34%,92.96%,96.69% a
nd 105.24% year on year.
II. Analysis of main business
During the reporting period, the company generated business income in RMB1,054,996,926.24, which decreased
by 39.48% year on year. The operating profit was RMB 14,696,409.86, which decreased by 94.34% year on year;
The total profit was RMB 18,824,400, which decreased by 92.96% year on year; The net profit which belongs to
the listed company’s shareholder was RMB -10,282,300 which decreased by -105.24% year on year; The product
gross profit rates was 37.08%, which decreased by 1.29% year on year. The economic indicators of the first year
have decrease substantially for the following reasons:
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杭州汽轮机股份有限公司 2015 年半年度报告摘要
(1) Impacted by the market conditions’ during the reporting period, users projects’ progress that was slow and
deferred led to product sales which was significantly less than its expectation, resulting in a significant decline in
business income.
(2) In the product structure during the reporting period, there was a significant decline in the industrial drive
area, resulting a decline in profitability and a significant decline in profits from a year earlier.
III.Progress reviewing in previous periodic report
In the report period, impacts on the Company's financial indicators of the operation failing to achieve the plan
drew up at the beginning of the year, great changes of the macroeconomic environment and the continuous
adjustment of the economic structure were far more than expectation and more highlighted the urgency of the
current enterprise transformation and upgrading. Therefore, the Company actively promoted each key work on the
development of enterprises according to the plan for the beginning of the year in the 1st half of the year.
1.Strategic plan seeking transformation. In the report period, facing with continuous and profound impacts on
industrial pattern brought by China's economic new normal, the Company actively organized special
investigations and assessments, grasped the development trend of the industry and laid out enterprises “13th
five-year-plan’’ transformation of the road. The Company would seek innovation-driven development, increase
integration efforts to the industrialization and information , promote the manufacturing process as
digital ,networked and intelligent and promote the production-oriented manufacturing industry to turn to
service-oriented manufacturing industry combing with the requirements of China's industrial manufacturing
2025.Aiming at future application of the natural gas in China's vast market, the Company carried out the extensive
market research, ensured to deepen the implementation of the gas turbine business strategy in the“13th
five-year-plan”period and realized the transition upgrading of Company’s products technology. In the report
period, the Company's major construction projects on steam turbine heavy industry and R & D center had started
construction one after another and the project was going smoothly.
2. Technological innovation stores kinetic energy. In the report period, the domestic first set of one hundred
thousand air separation device stepped into in the final acceptance stage; the projects put into operation
successfully would have demonstration effects on the follow-up of domestic large coal chemical projects and also
marked the Company's industrial Steam Turbine design and manufacturing capacity had entered advanced ranks
in the world. The Company's first design of the axial exhaust steam turbine test run was successful and exported
overseas markets. Company's “ NLNK series of low quality and high efficient use of waste heat of industrial
steam turbine project ”wins the China Machinery Industry Science and Technology Award, the project “1000MW
supercritical thermal power generating unit boiler induced-draft fan driven by steam turbine” won the 2014
Annual Zhejiang Machinery Industry Science and Technology Award; “steam waste heat, pressure recovery steam
turbine” and “petrochemical industry waste heat utilization steam turbine” two major products as efficient
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杭州汽轮机股份有限公司 2015 年半年度报告摘要
energy-saving equipment and products , identified jointly by Provincial Economic and information technology
Committee, Provincial Development and Reform Commission and Provincial Department of Finance as 2014
Annual “Zhejiang manufacturing quality”. Research on the project of "800,000 T / Y ethylene plant ethylene
refrigeration compressor unit" is approved by the Department of China Petroleum & Chemical Corporation
supplies and equipment. In the report period, the Company filed for 2 technical patents and 8 utility model patents
in the 1st half of the year and 1 technical patents and 6 utility model patents had been authorized.
3．Responding to the market breakout actively. In the report period, the industrial steam turbine market showed
overall downward trend. With the exchange rate of euro and yen continuing downward, foreign products
enhanced competition in the domestic high-end market; domestic manufactures market competition continued to
intensify and product prices continued to decline. Facing with the market structure limited by the internal and
external, the Company actively changed the marketing organization structure; fully integrated domestic and
foreign two market, industrial drive and industrial power two areas, equipment sales and supply two models; fully
tapped the market potential and developed the user values deeply. The Company had achieved good results in the
high power generator units, large capacity power station feed water pump and induced draft fan units and other
markets in the 1st half of the year. With the restart of domestic nuclear power projects construction, the Company
got new orders for nuclear power projects this year. Through unremitting efforts, the Company successfully
obtained gas turbine sets projects in Tiantie Group project. The Company was carrying out market cooperation
through a variety of ways currently and strived to enter into the natural gas distributed energy and cogeneration
market which is nascent at home.
4．Management upgrading promoted reform. In the report period, the Company had been carrying out and
implementing process optimization and management reforms in scientific research, marketing, manufacturing,
finance, management and other fields, breaking through the original management model boldly to meet with the
urgent requirements of reducing costs, improving efficiency and controlling the risk .The Company accelerated
the construction of information technology and implemented the PLM project which would go online. Hangzhou
Steam Turbine Design - production process refinement management system construction was listed as the 2015
provincial deep integration of two socialization planning project; carrying forward centralized procurement,
warehousing upgrading, financial business integration and other management projects continuously. Great efforts
had been paid on controlling the risks of receivable accounts, inventory goods, the process of fulfilling the
contract and the establishment of shared risk-taking mechanism.
IV. Issues involve with financial reports
(1) Statement on changes of accounting policies, accounting estimations, and accounting basis comparing with the
last fiscal year
In order to adapt to the change of market environment, better prevent and control accounts receivable risks
and make Company’s receivable accounts accord with relevant risks situation and the proportion of actual loss.
The Company decided to change the accounting evaluation of provision for bad debts set up on accounts
receivable, reduce and raise the percentage it in 3 years and over 3 years respectively and make devaluation
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杭州汽轮机股份有限公司 2015 年半年度报告摘要
provision for full accounts receivable in line with cautious and objective principle.
On March 26, 2015, The company convened the 19th session of the 6th board meeting, The meeting examined
and adopted Proposal on Changing Accounting Estimates of The Company. No deliberation of the shareholder’s
meeting needed submitting to this change of accounting estimates.
Date of Change: Since March 26, 2015.
The proportion of the provision for bad debts summed and drew by age analysis will be changed, adopting age
analysis for the receivables with provision for bad debts, which will generate the following before-and-after
changes for accounting estimates change:
Ageing Original Drawing Proportion of Receivables Simulate Varying Drawing Proportion of
Receivables
Within 1 year 5% 5%
1-2 years 20% 10%
2-3 years 40% 30%
3-4 years 60% 60%
4-5 years 60% 80%
Over 5 years 60% 100%
(2) Statement on correcting of material accounting error and retrospective adjustment
No retrospective correction of material accounting error in the report period.
(3) Statement on change of consolidation range comparing with the previous fiscal year
Way of acquiring
Expending of consolidationrange Date of acquiring Capital input Proportion
equity
Zhejiang Zhongrun Fuel Engine Newly
May 22,2015 10,000,000 55.55%
Technology Co., Ltd. incorporated
No change of consolidation range in the report period.
(4) Statement of the Board and the Supervisory Committee on the Non-standard Auditors’ Report issued by the
CPA.
Not applicable
Hangzhou Steam Turbine Co., Ltd.
Chairman of the Board: Zheng Bin
August 25, 2015
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