[年报]振华重工(600320):振华重工2025年年度报告（英文版）
Annual Report 2025 $ 0/5&/54 Section I Definitions ....................................................................................01 Section II Company Profile and Principal Financial Indexes ..........02Section III Management Discussion and Analysis...............................06Section IV Corporate Governance, Environment, and Social..........22Section V Important Events .......................................................................40 Section VI Changes in Shares and Shareholders’ Situation .............52Section VII Bonds .............................................................................................58 Section VIII Financial Report .........................................................................65 Financial statements affixed with the signature and seal of legal representative, person in charge of accounting work and person in charge of accounting agency.List of Reference Original auditors’ report stamped by the accounting firm and signed and stamped with the Documents certified public accountants. Original copies of the documents and announcements of the Company published on the newspaper designated by the CSRC during the reporting period. * This Report has been prepared in Chinese and translated into English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Important Notice I. The Board of Directors, directors, and officers of the Company hereby guarantee the truthfulness, accuracy and completeness of the contents carried in this annual report, guarantee no false record, serious misleading statement or great omission carried in this annual report and guarantee to assume the legal responsibilities jointly and separately. II. All directors of the Company are present at the Board meeting.III. Ernst & Young Hua Ming LLP issued a standard unqualified audit report for the Company.IV. You Ruikai, chairman of the Company, Li Zhen, person in charge of accounting work, and Wang Minfei, person in charge of accounting agency (accountant in charge) hereby declare that the financial statements in this annual report are authentic, accurate and complete. V. Proposal for profit distribution or common reserves capitalizing during the reporting period reviewed by the Board of Directors To deliver reasonable returns to shareholders and strengthen their investment confidence, a profit distribution plan for 2025 has been proposed based on the Company’s performance in 2025: to distribute a cash dividend of RMB 0.055 (tax included) per share to all shareholders, based on the total share capital registered on the record date for the implementation of the equity distribution (excluding shares held in the Company’s designated securities repurchase account). The Company will not convert capital reserve into share capital, or grant bonus shares for 2025. As of March 30, 2026, the Company’s total share capital was 5,268,353,501 shares. After deducting 11,791,762 A-shares held in the Company’s designated securities repurchase account, the base for distribution was 5,256,561,739 shares, on which basis the proposed total cash dividend amounts to RMB 289,110,895.65 (tax included). The total cash dividends for 2025 (including the interim cash dividend already distributed for the first half of 2025) amount to RMB 394,348,574.43. Should the Company’s total share capital change prior to the record date for the implementation of the equity distribution, the Company intends to maintain the cash dividend per share unchanged and adjust the total amount of the distribution accordingly. ’ The proposed profit distribution plan is subject to approval at the Company s 2025 Annual General Meeting of Shareholders. Relevant information regarding the parent company’s unrecouped losses as of the end of the reporting period and their impact on matters such as the Company’s profit distribution? Applicable √ Not applicable VI. Risk declaration of forward-looking statements √ Applicable ? Not applicable The forward-looking descriptions of future plans and development strategies covered in this report do not constitute substantial commitments by the Company to investors, and investors should be aware of the investment risks. VII. Does the Company have non-operating funds occupied by the holding shareholder and its related parties? No VIII. Does the Company provide the external guarantees in breach of the stipulated decision- making procedure? No IX. Whether more than half of the directors cannot guarantee the authenticity, accuracy and completeness of the annual report disclosed by the Company? No X. Major Risk Warning The company has described the related potential risks in this annual report. Investors may pay attention to the same. “ ” Please refer to Management Discussion and Analysis and related chapters for the risks the company may be confronted with in the future development. XI. Others Company, the Company, ZPMC Refers to Shanghai Zhenhua Heavy Industries Co., Ltd.CCCC Refers to China Communications Construction Company Ltd.CCCG Refers to China Communications Construction Group Co., Ltd.CCCG HK Refers to CCCG (HK) Holding Limited Reporting period Refers to The period from January 1, 2025 to December 31, 2025ANNUAL REPORT 2025 ANNUAL REPORT 2025 Company name in Chinese ?????? (?? )?Щ???? Abbreviation of the Company name in Chinese ???? Company name in English SHANGHAI ZHENHUA HEAVY INDUSTRIES CO.,LTD.Abbreviation of the Company name in English ZPMC Legal representative of the Company You Ruikai II. Contact information Secretary of the Board of Directors Securities Affairs RepresentativeName Sun Li Cao Lu Address No. 3261, Dongfang Road, Shanghai No. 3261, Dongfang Road, ShanghaiTelephone 021-50390727 021-50390727 Fax 021-31193316 021-31193316 E-mail IR@ZPMC.COM IR@ZPMC.COM III. Basic Information Registered address No.3470, Pudong South Road, Shanghai Changes of registered address N/A Office address No. 3261, Dongfang Road, Shanghai Postal code of office address 200125 Website http://www.zpmc.com E-mail IR@ZPMC.COM IV. Information disclosure and placement location Shanghai Securities News, www.cnstock.com Media and websites where this Report is disclosed China Securities Journal, www.cs.com.cn Stock exchange website for disclosure of the annual report http://www.sse.com.cnPlacement location of the annual report Office of the Board of DirectorsV. Stock information Stock information Stock type Stock exchange Stock abbreviation Stock code Stock abbreviation before changeA-share Shanghai Stock Exchange (SSE) Zhenhua Heavy 600320 ZPMC IndustriesB-share Shanghai Stock Exchange (SSE) Zhenhua B-share 900947 —VI. Other relevant information Name Ernst & Young Hua Ming LLP Public accounting firm engaged by the Room 01-12, Floor 17th, Ernst & Young Tower Oriental Plaza, No.1 East Office address Company (domestic) Changan Street, Dongcheng District, BeijingSigned by the Accountants You Fei, Huang Hongwei Main accounting data 2025 2024 2023 change (%) Operating revenue 36,260,458,326 34,456,420,181 5.24 32,933,263,802Total profits 1,116,024,014 937,429,252 19.05 785,157,669 Net profit attributable to the shareholders of the listed company 731,841,793 533,524,077 37.17 519,978,765 Net profit attributable to the shareholders of the listed company 498,939,242 211,097,452 136.35 274,145,961 after deducting the non-recurring profits and losses Net cash flows from operating activities 6,249,304,381 5,275,878,878 18.45 5,184,184,446Year-on-year At the end of 2025 At the end of 2024 At the end of 2023 change (%) Net assets attributable to the shareholders of the listed company 16,176,507,028 15,867,533,500 1.95 15,756,552,794 Total assets 83,034,703,505 85,767,463,201 -3.19 84,864,576,091(II) Major financial indexes Year-on-year Major financial indexes 2025 2024 2023 change (%) Basic earnings per share (RMB/share) 0.14 0.10 40.00 0.10 Diluted earnings per share (RMB/share) 0.14 0.10 40.00 0.10 Basic earnings per share after deducting non- recurring profits and losses (RMB/share) 0.09 0.04 125.00 0.05 Weighted average rate of return on net assets (%) 4.69 3.39 +1.30 3.37Weighted average ROE after deducting non-recurring profits and losses (%) 3.19 1.29 +1.90 1.74Explanations about the main accounting data and financial indexes in the past 3 years as at the end of the reporting period √ Applicable ? Not applicable The change in net profit attributable to shareholders of the listed company was mainly due to the increase in profit resulting from the increase in project delivery. The change in net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses was mainly due to the increase in profit resulting from the increase in project delivery and the decrease in gains from asset disposals. The change in basic earnings per share was mainly due to the increase in profit resulting from the increase in project delivery. The change in diluted earnings per share was mainly due to the increase in profit resulting from the increase in project delivery. The change in basic earnings per share after deducting non-recurring profits and losses was mainly due to the increase in profit resulting from the increase in project delivery and the decrease in gains from asset disposals. VIII. Differences in accounting data under domestic and overseas accounting standards(I) Difference in net profits and net assets attributable to the shareholders of the listed company in the financial statements synchronously disclosed under international and China’s accounting standards? Applicable √ Not applicable ANNUAL REPORT 2025 ANNUAL REPORT 2025 Q1 Q2 Q3 Q4 (Jan. to Mar.) (Apr. to Jun.) (Jul. to Sep.) (Oct. to Dec.) Operating revenue 8,517,137,247 8,878,569,412 8,610,978,826 10,253,772,841Net profit attributable to the shareholders of the listed company 255,338,086 89,069,399 179,439,030 207,995,278 Net profit attributable to the shareholders of the listed company 268,835,264 -22,738,576 117,208,191 135,634,363 after deducting the non-recurring profits and losses Net cash flows from operating activities 1,877,299,473 1,606,531,331 -702,861,694 3,468,335,271Explanations about the differences between the quarterly data and the data in periodically disclosed reports ? Applicable √ Not applicable X. Non-recurring profit and loss items and amount √ Applicable ? Not applicable Unit: RMB, Currency: CNY Note Non-recurring profit and loss items Amount in 2025 Amount in 2024 Amount in 2023(if applicable) Profit or loss from disposal of non-current assets, including the write-off 36,480,392 ? 95,809,521 79,038,662 portion of the provision of asset impairment Government subsidies included in current profits and losses except for government subsidies closely related to the normal operations of the Company, in line with national policies, and obtained according to 157,488,939?? 154,291,909 107,480,822 determined standards, with a lasting impact on the Company’s profits and losses Profit or loss from changes in fair value of financial assets and financial liabilities held by non-financial enterprises and from disposal of financial 81,459,300?? 122,619,695 94,482,602 assets and financial liabilities, except for effective hedging operations associated with the Company’s normal operations Capital occupation fees charged to the non-financial enterprises and ?? included in current profit or loss Profit or loss from the assets entrusted to others for investment or ?? management Profit or loss from external entrusted loans ?? Losses of various assets caused by force majeure such as natural disasters ??Reversal of provision for impairment of receivables subject to separate ?? 37,819,017 impairment test Profit generated when the Company’s investment cost in acquiring the subsidiary, affiliated company and joint venture is less than the fair value ?? 1,914,106of the recognizable net assets of the invested unit at the time of acquiringOther non-operating revenue and expenses except for the above- 7,422,903?? 18,583,824 19,796,255 mentioned items Other profit or loss items that conform to the definition of non- recurring ?? profit or loss Non-recurring profit and loss items Amount in 2025 Amount in 2024 Amount in 2023(if applicable) Less: Affected amount of income tax 43,453,352?? 74,475,101 45,161,118Affected amount of minority equity (after tax) 6,495,631?? 34,136,346 9,804,419Total 232,902,551?? 322,426,625 245,832,804 Explanations should be provided to the items not listed in the “Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss”, but identified as non-recurring profit or loss items with significant amount by the Company, and the non-recurring profit or loss items listed in the “Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss”, but defined as recurring profit or loss items by the Company.√ ? Applicable Not applicable XI. Companies with equity incentive schemes or employee stock ownership plans may choose to disclose net profit after excluding the impact of share-based payments? Applicable √ Not applicable XII. Items measured at fair value √ Applicable ? Not applicable Unit: RMB, Currency: CNY Item Beginning balance Ending balance Current change Impact on current profitsJiangxi Huawu Brake Co., Ltd. 138,755,008 103,401,780 -35,353,228 84,062,335China Railway Signal & Communication Corporation 395,445,574 300,044,391 -95,401,183 -24,497,484 Limited Hunan Fengri Power & Electric Co., Ltd. 33,199,200 45,993,605 12,794,405 171,626CCCC Highway Bridges National Engineering 13,179,019 15,235,278 2,056,259 0 Research Centre Co., Ltd. CCCC National Engineering Research Center of 7,937,621 9,555,259 1,617,638 0 Dredging Technology and Equipment Co., Ltd. Shenyang Weichen Crane Equipment Co., Ltd. 9,058,100 8,407,542 -650,558 0Ningbo Weilong Port Machinery Co., Ltd. 24,208,224 33,296,629 9,088,405 0Shanghai Longchang Lifting Equipment Co., Ltd. 739,815 0 -739,815 0Jiangsu Zhangjinggao Bridge Co., Ltd. 75,410,000 75,410,000 0 0Nezha Smart Technology (Shanghai) Co., Ltd. 26,798,909 23,297,528 -3,501,381 0Total 724,731,470 614,642,012 -110,089,458 59,736,477 XIII. Others √ ? Applicable Not applicable ANNUAL REPORT 2025 ANNUAL REPORT 2025 Item 2025 2024 Change (%) Operating revenue 36,260,458,326 34,456,420,181 5.24 Operating costs 31,278,160,080 30,060,171,301 4.05 Selling and distribution expenses 236,909,842 232,654,482 1.83General and administrative expenses 837,981,962 818,457,672 2.39Financial expenses 330,376,439 324,945,799 1.67 Research and development expenditures 1,515,374,795 1,502,397,344 0.86Net cash flows from operating activities 6,249,304,381 5,275,878,878 18.45Net cash flows from investment activities -473,108,409 -221,754,360 N/ANet cash flows from financing activities -7,026,172,711 -4,303,151,262 N/AInvestment income 144,556,726 78,121,431 85.04 Income from fair value change -7,820,546 13,425,987 -158.25 Credit impairment loss -545,528,648 -418,414,816 N/A Assets impairment losses -386,685,061 -200,815,539 N/A Income from disposal of assets 42,148,850 106,961,574 -60.59The change in operating revenue was mainly due to the increase in project deliveries.The change in operating costs was mainly due to the increase in operating cost as a result of the increase in operating revenue. The change in selling and distribution expenses was mainly due to the Company’s increased efforts in market expansion and marketing. Main business by product Year-on- year Year-on-year Year-on-year Operating Gross profit change in change in Product Operating costs change in gross revenue rate(%) operating operating cost profit rate (%) revenue (%) (%) Port machinery 22,776,108,389 19,303,237,872 15.25 10.60 10.30 +0.23Heavy equipment 7,382,674,206 6,822,593,786 7.59 -10.97 -9.57 -1.43Engineering construction projects 285,913,696 374,896,137 -31.12 -30.86 -17.56 -21.16Steel structure and related income 3,396,764,185 3,178,636,007 6.42 1.64 -3.49 +4.97Marine transport and others 2,261,886,121 1,470,175,904 35.00 38.29 29.92 +4.18ANNUAL REPORT 2025 ANNUAL REPORT 2025 Main business by region Year-on- year Year-on-year Year-on-year Operating Gross profit change in change in Region Operating costs change in gross revenue rate(%) operating operating cost profit rate (%) revenue (%) (%) Chinese Mainland 19,673,193,097 17,452,051,085 11.29 8.81 17.09 -6.28Chinese Mainland (export sales) 551,014,260 471,458,410 14.44 276.40 231.76 +11.52Europe 2,846,772,292 2,459,593,417 13.60 98.00 79.52 +8.90 Asia (excluding Chinese Mainland) 7,035,536,493 5,553,303,262 21.07 -28.13 -41.60 +18.21North America 3,150,614,443 2,863,379,602 9.12 89.24 103.34 -6.30South America 432,392,071 337,554,197 21.93 -63.80 -67.05 +7.69Africa 2,393,015,993 1,994,999,174 16.63 33.70 40.80 -4.21 Oceania 20,807,948 17,200,559 17.34 -88.02 -88.51 +3.52 Explanations for the main business by sector, product, region and sales model1. The amount listed in “Chinese Mainland (export sales)” in “Main business by region” was the main operation income from the export sales of the Company to the overseas subsidiaries of the Company and then sales to the related projects of the domestic customers. Fulfillment of major sales contracts signed by the reporting period√ Applicable ? Not applicable Unit: RMB 100 million, Currency: CNY Amount Explanation Total Total performed Amount Normally for abnormal Subject-matter of contract The opposite party contracted amount during the to be performed performance of value performed reporting performed or not the contract period Contract for ECT Terminal of East Port, Chairman of Sri Lanka 2.8256 2.57748 0.74084 0.24812 Yes Sri Lanka Ports Authority Procurement of double-trolley quayside container cranes for Phase I project of the Container Terminal Hu Chaoyang 12.93 7.4994 1.9395 5.4306 Yes Project in East Operation Section of Yantian Port Area, Shenzhen Port (secondary) Deepwater crane vessel construction Liu Jinzhang 11.488 1.7232 1.7232 9.7648 Yes project for Guangzhou Salvage Bureau Note: Unit of contracted value of Sri Lanka Project: USD 100 millionFulfillment of major purchasing contracts signed by the reporting period? Applicable √ Not applicable Information based on product Proportion of Proportion in the one in the Items of cost total cost in Year-on-year Product 2025 2024 same period of Description structure the current change (%) the last year in period (%) total costs (%) Raw material cost, Normal Port machinery labor cost and 19,303,237,872 61.97 17,500,885,960 58.48 10.30 operating production cost fluctuations Raw material cost, Normal Heavy equipment labor cost and 6,822,593,786 21.90 7,544,542,230 25.21 -9.57 operating production cost fluctuations Raw material cost, Normal Engineering labor cost and 374,896,137 1.20 454,731,637 1.52 -17.56 operating construction projects production cost fluctuations Raw material cost, Normal Steel structure and labor cost and 3,178,636,007 10.20 3,293,532,465 11.01 -3.49 operating related income production cost fluctuations Raw material cost, Normal Marine transport and labor cost and 1,470,175,904 4.72 1,131,566,701 3.78 29.92 operating others production cost fluctuations Other information about cost analysis None
except where they are ultimately controlled by the same state-owned assets administration authority. Explanation of customer and supplier information presented on a combined basis according to the common-control principle CCCG and its subsidiaries are presented on a combined basis The sales to the top 5 customers were RMB 7,377,896,200, accounting for 20.35% of the total annual sales; the sales to the related parties among the top 5 customers were RMB 2,849,411,000, accounting for 7.86% of the total annual sales. The purchases from the top 5 suppliers were RMB 4,036,180,600, accounting for 15.98% of total annual purchases; the purchases from the related parties among the top 5 suppliers were RMB 1,221,953,500, accounting for 4.84% of total annual purchases. ANNUAL REPORT 2025 ANNUAL REPORT 2025 √ ? Applicable Not applicable Top 5 suppliers ? Applicable √ Not applicable Top 5 customers where trading business revenue accounted for more than 10% of operating revenue? Applicable √ Not applicable Top 5 suppliers where trading business revenue accounted for more than 10% of operating revenue? Applicable √ Not applicable Other description: None 3. Expenses √ Applicable ? Not applicable For details, see “Section III. V. Primary business performance during the reporting period — (I) Analysis of main — ” business 1. Analysis table of changes in the related items in profit statement and cash flow statement of this report. 4. R&D investments Applicable ? Not applicable Unit: RMB, Currency: CNY Current expensed R&D investments 1,515,374,795 Current capitalized R&D investments 0 Total R&D investments 1,515,374,795 Proportion of total R&D investments in operating revenue (%) 4.18Proportion of capitalized R&D investments (%) 0 Number of R&D employees in the Company 1,890 Proportion of number of R&D employees in the total employees of the 23.82 Company (%) Educational structure of R&D employees Educational structure category Number Doctor 16 Master 298 Undergraduate 1,403 Junior College 149 Senior high school and below 24 Age structure category Number Under 30 (exclusive) 304 30-40 (inclusive of 30 and exclusive of 40) 613 40-50 (inclusive of 40 and exclusive of 50) 815 50-60 (inclusive of 50 and exclusive of 60) 153 60 and above 5 5. Cash flows √ Applicable ? Not applicable “ — For details, see Section III. V. Primary business performance during the reporting period (I) Analysis of main business — 1. Analysis table of changes in the related items in profit statement and cash flow statement” of this report. (II) Explanation for the significant changes in profits due to non-main business√ ? Applicable Not applicable (III) Analysis of assets and liabilities √ Applicable ? Not applicable 1. Assets and liabilities Unit: RMB, Currency: CNY Proportion of the Proportion of the Amount at Amount at the end amount at the end of amount at the end of Year- on- year Item the end of the of the previous Description the current period in the previous period change (%) current period period total assets(%) in total assets (%) Notes receivable 149,325,265 0.18 50,000,000 0.06 198.65 Non-current assets due 888,580,054 1.07 1,346,060,900 1.57 -33.99 within one year Other current assets 1,338,624,990 1.61 858,154,532 1.00 55.99Right-of-use assets 17,568,182 0.02 37,979,304 0.04 -53.74 Short-term borrowings 3,686,556,417 4.44 2,297,334,457 2.68 60.47Non-current liabilities due 4,309,086,267 5.19 6,745,720,647 7.87 -36.12 within one year Estimated liabilities 302,749,809 0.36 208,887,331 0.24 44.93Other description: The change in notes receivable was mainly due to the increase in commercial bills endorsed or discounted by the Company during the reporting period that may not satisfy the derecognition criteria.The change in non-current assets due within one year was mainly due to the decrease in the Company’s long-term receivables due within one year. The change in other current assets was mainly due to the increase in the Company’s input tax to be deducted. ’ The change in right-of-use assets was mainly due to the decrease in the Company s leased assets.ANNUAL REPORT 2025 ANNUAL REPORT 2025 ? Applicable Not applicable 3. Particulars about main restricted assets as at the end of the reporting period√ Applicable ? Not applicable Unit: RMB, Currency: CNY Item Book value at the end of the period Reason for restrictionMonetary funds 28,075,380 Special fund, L/C deposits, L/G deposits, etc. in the overseas supervision account Fixed assets 2,294,086,970 Collateral for loan Long-term receivables 1,015,896,808 Hypothecation for loan Other non-current assets 3,492,464,663 Hypothecation for loanContract assets 193,452,361 Hypothecation for loan Accounts receivable 357,764,154 Hypothecation for loan Intangible assets 1,483,548,403 Hypothecation for loan 4. Other description ? Applicable √ Not applicable (IV) Analysis of operational information of the industry √ Applicable ? Not applicable Globally, the political and economic landscape remains highly volatile, with regional conflicts proliferating and uncertainties and complexities in the international environment mounting significantly. Concurrently, the ongoing technological revolution and industrial transformation continue to unlock new industry opportunities. Despite mounting external headwinds, the fundamental pillars underpinning China’s high-quality development — a resilient economic base, distinct comprehensive advantages, robust dynamism, and immense growth potential — remain firmly in place, sustaining the long-term positive trajectory. In the port machinery sector, demand for automation and smart terminal upgrades retains considerable upside. Equipment demand across BRI economies remains resilient, while the country’s push to bolster inland waterway shipping is spawning fresh opportunities. Nevertheless, the sector is grappling with intensifying competition and sustained margin compression amid rising costs. Global supply chain disruptions and shifting trade patterns have introduced heightened uncertainty into overseas expansion. Furthermore, the accelerated iteration of high-end, green, and intelligent technologies is placing elevated demands on corporate innovation capabilities.In the offshore engineering sector, long-term fundamentals point to a stable and constructive outlook. Offshore wind power has solidified its role as a critical pillar of the marine economy and the broader new energy landscape, though near-term headwinds persist. Volatility in global energy markets, slower project investment cycles, and escalating competition have collectively tempered the pace of recovery. Compounding this, the accelerated evolution of high-end Unit: RMB, Currency: CNY Investment amount by the end of reporting period 2,401,013,967Changes in investment amount -90,870,112 Investment amount in the same period of the last year 2,491,884,079Change in investment amount (%) -3.65 1. Significant equity investment ? Applicable √ Not applicable 2. Significant non-equity investment ? Applicable √ Not applicable 3. Financial assets measured at fair value √ Applicable ? Not applicable Unit: RMB, Currency: CNY Profit or loss on Accumulated fair Impairment Amount Amount sold/ Beginning changes in fair value changes Other Ending Asset class provision for purchased redeemed in balance values for the recognized in changes balance the period in the period the period period equity Stock 534,200,582 -7,820,546 -122,933,865 403,446,171 Total 534,200,582 -7,820,546 -122,933,865 403,446,171 Securities investment √ Applicable ? Not applicable Unit: RMB, Currency: CNY Accumulated Profit or loss Amount Profit or Initial Book value at fair value Book value Securities Stock Stock Fund on changes in purchased Amount sold loss on Accounting investment the beginning changes at the end of Variety code abbreviation source fair values for in the in the period investments subjectcost of the period recognized in the period the period period in the period equity Held-for- Self- trading Stock 03969 CRSC 617,854,000 owned 395,445,574 21,604,639 -117,005,822 -21,616,648 300,044,391financial funds assets Held-for- Self- trading Stock 300095 Huawu Stock 11,071,606 owned 138,755,008 -29,425,185 -5,928,043 110,722,262 103,401,780 financial funds assets Total / / 628,925,606 / 534,200,582 -7,820,546 -122,933,865 89,105,614 403,446,171 /ANNUAL REPORT 2025 ANNUAL REPORT 2025 Type of Registered Operating Operating Company Name Main business Total assets Net assets Net profitcompany capital revenue profit Design, construction, dismantling, and services relating to large-scale port equipment, container yard cranes, general machinery and equipment, gearboxes and their components and spare parts; specialized contracting for steel structure engineering; design, construction, dismantling, and services relating to bridge steel structures, building steel structures, and large Nantong Zhenhua metal structural components and Heavy Equipment their accessories; design, construction, Subsidiary 2,500,000,000 7,166,121,357 2,527,550,941 5,336,516,846 27,230,152 53,357,406Manufacturing dismantling, and services relating Co., Ltd. to offshore wind power installation platforms, wind power modules, equipment, components, and supporting facilities; EPC contracting for offshore engineering; design, construction, dismantling, and services relating to offshore engineering equipment, offshore living platforms, oil and gas modules, equipment, components, and supporting facilities, among others. Company Name Main business Total assets Net assets Net profitcompany capital revenue profit Sales of port loading and unloading machine, bulk cargo and container machine, port engineering vessels Shanghai (including floating engineering cranes), Zhenhua Heavy material handling machinery products Industries Port and parts; sales and technical services, Machinery Subsidiary installation and maintenance, technical 2,184,730,000 2,360,616,421 2,161,757,527 332,985,375 151,923 180,684 General consultation of all types of machine Equipment Co., and equipment, key parts of the raw Ltd. materials and accessories equipment; crane manufacturing, installation, modification and maintenance, steel structure fabrication, among others. Construction and installation of large- scale port equipment, engineering Shanghai vessels, offshore heavy equipment, Zhenhua Heavy mechanical equipment, gear box for Industries Group wind power generation equipment; (Nantong) Subsidiary large-sized reverse branch, transmission 738,878,329 2,468,534,948 1,774,537,938 1,154,887,486 127,541,699 103,804,519 Transmission mechanism, dynamic positioning, large- Machinery Co., sized anchor windlass, offshore oil Ltd. platform lifting device and components; design and manufacturing of the accessories Shanghai Design, manufacturing and sales of port Zhenhua Port HKD Subsidiary machinery, engineering vessel, steel 12,849,723,770 336,631,821 3,538,542,147 27,161,049 17,159,297 Machinery (Hong 50,000,000 structure and other parts Kong) Co., Ltd. Greenland Heavylift USD Subsidiary Marine transport 2,694,489,992 1,430,037,186 821,565,161 359,986,910 359,777,140(Hongkong) 91,975,158 Limited Construction, repair, conversion, and sale of general-purpose and specialized ZPMC Qidong vessels of up to 100,000 tons, offshore Marine engineering platforms; steel structure Subsidiary 303,000,000 1,755,482,973 -1,142,008,127 3,314,575,668 46,912,450 50,504,935Engineering Co., fabrication and sales; manufacture and Ltd. sale of marine supplies and accessories; ship technical consulting services, among others. Acquisition and disposal of subsidiaries during the reporting period√ Applicable ? Not applicable Method of acquisition and Company Name disposal of subsidiaries Impact on overall production, operations, and operating results during the reporting period As of December 31, 2025, this subsidiary had no material impact on the ZPMC Morocco Co., Ltd. Newly established Company’s overall production, operations, or operating results.CCCC Zhenhua Offshore Hoisting and As of December 31, 2025, this subsidiary had no material impact on the Pipe-Laying Core Equipment Engineering Newly established Company’s overall production, operations, or operating results.Technology (Shanghai) Co., Ltd. As of December 31, 2025, this subsidiary had no material impact on the ZPMC Group (Hainan) Co., Ltd. Newly established Company’s overall production, operations, or operating results.Zhenhua Haitong Intelligent Equipment As of the date of deregistration, this subsidiary had no material impact on the Deregistered Co., Ltd. Company’s overall production, operations, or operating results.Other description ? Applicable √ Not applicable (VIII) Particulars about structured entities controlled by the Company√ ? Applicable Not applicable Number Change Whether of shares remuneration pre- of shares in Reason acquiring Starting date of Expiration date held at tax acquired from Remarks for the Name Position Sex Age held at the shares of remuneration in tenure of tenure the end the Company in the total remunerationbeginning in the change the related parties （未完）  |