振华重工2025年年度报告（英文版）

Stock Code: 600320 900947 Stock Name: Zhenhua Heavy Zhenhua B-shareShanghai Zhenhua Heavy Industries Co., Ltd.Annual Report 2025List of Reference DocumentsFinancial statements affixed with the signature and seal of legal representative, person in charge of accounting work and person in charge of accounting agency.Original auditors’ report stamped by the accounting firm and signed and stamped with the 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.$0/5&/54Section I Definitions ....................................................................................01Section II Company Profile and Principal Financial Indexes ..........02Section III Management Discussion and Analysis...............................06Section IV Corporate Governance, Environment, and Social..........22Section V Important Events .......................................................................40Section VI Changes in Shares and Shareholders’ Situation .............52Section VII Bonds .............................................................................................58Section VIII Financial Report .........................................................................65 * 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.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 DirectorsTo 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,