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et q 1 0 0 1 70.8661 506.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.019 tw 10 0 0 10 70.8661 492.0746 tm (create effective communication channels for the independent directors. i\ n terms of a meeting convened by )tj et q 1 0 0 1 70.8661 490.0746 cm 0 0 m 453.793 0 l s q bt 0.005 tw 10 0 0 10 70.8661 476.0746 tm (the special committees of the board, the relevant materials and informat\ ion shall, in principle, be provided )tj et q 1 0 0 1 70.8661 474.0746 cm 0 0 m 453.793 0 l s q bt 0.027 tc 0.081 tw 10 0 0 10 70.8661 460.0746 tm [(no)2 ( )0.5 (later)2 ( )0.5 (than)1.9 ( )0.5 (three)2 ( )0.5 (days)2 ( )0.5 (prior)2 ( )0.5 (to)2 ( )0.5 (the)2 ( )0.5 (meeting)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (special)2 ( )0.5 (committees)2 (.)2 ( )0.5 (the)2 ( )0.5 (aforesaid)2 ( )0.5 (meeting)2 ( )0.5 (materials)2 ( )]tj et q 1 0 0 1 70.8661 458.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 444.0746 tm (shall be kept by the company for at least ten years.)tj et q 1 0 0 1 70.8661 442.0746 cm 0 0 m 217.688 0 l s q bt 0.026 tc 0.082 tw 10 0 0 10 70.8661 412.0746 tm [(whe)0.5 (n)1 ( )0.5 (two)1 ( )0.5 (or)1 ( )0.5 (more)1 ( )0.6 (independen)0.5 (t)0.9 ( )0.6 (director)0.5 (s)1 ( )0.5 (conside)0.5 (r)0.9 ( )0.6 (the)1 ( )0.5 (meet)0.5 (ing)0.9 ( )0.6 (materia)0.5 (ls)1 ( )0.5 (inadequ)0.5 (ate)1 ( )0.5 (or)1 ( )0.5 (the)1 ( )0.6 (pr)0.5 (oof)1 ( )0.5 (uncle)0.5 (ar)1 ( )]tj et q 1 0 0 1 70.8661 410.0746 cm 0 0 m 453.793 0 l s q bt 0.027 tc 0.081 tw 10 0 0 10 70.8661 396.0746 tm [(or)2 ( not)2 ( )0.5 (provided)2 ( )0.5 (in)1.9 ( )0.5 (time)2 (,)2 ( )0.5 (they)2 ( )0.5 (may)2 ( )0.5 (propose)2 ( )0.5 (in)2 ( )0.5 (writing)2 ( )0.5 (to)2 ( )0.5 (the)2 ( )0.5 (company)2 ( )0.5 (for)2 ( )0.5 (postponing)2 ( the)2 ( )0.5 (meeting)2 ( or)2 ( )0.5 (the)2 ( )]tj et q 1 0 0 1 70.8661 394.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 380.0746 tm (consideration of the matters, and the company shall adopt such proposal.\ )tj et q 1 0 0 1 70.8661 378.0746 cm 0 0 m 311.297 0 l s q bt 0.038 tw 10 0 0 10 70.8661 348.0746 tm (in principle, the board meetings and the meetings of special committees \ shall be convened by way of on-)tj et q 1 0 0 1 70.8661 346.0746 cm 0 0 m 453.793 0 l s q bt 0.033 tc 0.075 tw 10 0 0 10 70.8661 332.0746 tm [(site)8 ( )0.5 (meetings)8 (.)8 ( )0.5 (when)8 ( )0.5 (necessary)8 (,)8 ( )0.5 (such)8 ( )0.5 (meetings)8 ( )0.5 (may)8 ( )0.5 (also)8 ( )0.5 (be)8.1 ( )0.5 (convened)8 ( )0.5 (through)8 ( )0.5 (video)8 (,)8 ( )0.5 (telephone)8 ( )0.5 (or)8 ( )0.5 (other)8 ( )]tj et q 1 0 0 1 70.8661 330.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.058 tw 10 0 0 10 70.8661 316.0746 tm (methods according to the relevant procedures and on such a premise that \ all attending directors can fully )tj et q 1 0 0 1 70.8661 314.0746 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 300.0746 tm (communicate with each other and express their opinions.)tj et q 1 0 0 1 70.8661 298.0746 cm 0 0 m 241.488 0 l s q bt /t1_1 1 tf 0.036 tc 0.072 tw 10 0 0 10 70.8661 268.0746 tm [(article)11 ( )0.5 (4)11 (4)]tj /t1_0 1 tf 4.594 0 td [( )-667 (when)11 ( )0.5 (independent)11 ( )0.5 (directors)11 ( )0.5 (are)11 ( )0.5 (performing)11 ( )0.5 (their)11 ( )0.5 (duties)11 (,)11 ( )]tj 26.188 0 td [(the)11 ( )0.5 (directors)11 (,)11 ( )0.5 (senior)11 ( )0.5 (management)10.9 ( )]tj et q 1 0 0 1 378.6902 266.0746 cm 0 0 m 145.969 0 l s q bt 0.025 tc 0.075 tw 10 0 0 10 70.8661 252.0746 tm (and other relevant personnel of)tj et q 1 0 0 1 70.8661 250.0746 cm 0 0 m 135.173 0 l s q bt 10 0 0 10 206.0392 252.0746 tm ( the company shall cooperate and shall not refuse, obstruct or conceal o\ r )tj 0 tw -13.517 -1.6 td (interfere with their independent duty performance.)tj 0.039 tw 0 -3.2 td (if independent directors encounter obstruction in performing their dutie\ s in accordance with the law, they )tj et q 1 0 0 1 70.8661 202.0747 cm 0 0 m 453.793 0 l s q bt 0.034 tc 0.074 tw 10 0 0 10 70.8661 188.0747 tm [(may)9 ( )0.5 (explain)9 ( )0.5 (the)9.1 ( )0.5 (situation)9 ( )0.5 (to)9 ( )0.5 (the)9 ( )0.5 (board)9 (,)9 ( )0.5 (request)9 ( )0.5 (cooperation)9 ( )0.5 (from)9 ( )0.5 (the)9 ( )0.5 (directors)9 (,)9 ( )0.5 (senior)9 ( )0.5 (management)9 ( )0.5 (and)9 ( )]tj et q 1 0 0 1 70.8661 186.0747 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.083 tw 10 0 0 10 70.8661 172.0747 tm [(other )0.5 (relevant )0.5 (personnel, )0.5 (and )0.5 (record )0.5 (the details )0.5 (and )0.5 (resolution )0.5 (of )0.5 (the )0.5 (obstruction )0.5 (in )0.5 (their )0.5 (work )0.5 (record; )0.5 (if )]tj et q 1 0 0 1 70.8661 170.0747 cm 0 0 m 453.793 0 l s q bt 0.064 tw 10 0 0 10 70.8661 156.0747 tm [(they )0.5 (still )0.5 (fail )0.5 (to )0.5 (remove )0.5 (the )0.5 (obstruction, )0.5 (they )0.5 (may )0.6 (report )0.5 (the )0.5 (matter )0.5 (to )0.6 (the )0.5 (csrc )0.5 (and )0.5 (the )0.5 (shanghai )0.5 (stock )]tj et q 1 0 0 1 70.8661 154.0747 cm 0 0 m 453.793 0 l s q bt -0.025 tw 10 0 0 10 70.8661 140.0747 tm (exchange.)tj et q 1 0 0 1 70.8661 138.0747 cm 0 0 m 44.179 0 l s q endstream endobj 127 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 142 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 0.021 tw 10 0 0 10 70.8661 716.0046 tm (article 36)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.021 tw 5.489 0 td (independent directors shall continuously strengthen their study of secur\ ities laws, regulations )tj et 0 0 0 1 k 0.5 w q 1 0 0 1 125.7598 714.0046 cm 0 0 m 398.9 0 l s q bt 0 tw 10 0 0 10 70.8661 700.0046 tm (and rules, and continuously improve the capabilities to perform their du\ ties.)tj et q 1 0 0 1 70.8661 698.0046 cm 0 0 m 322.547 0 l s q bt /t1_1 1 tf 0.045 tc 0.07 tw 10 0 0 10 70.8661 668.0046 tm [(article)12.6 ( 3)12.6 (7)]tj /t1_0 1 tf 0 tc 0 tw 4.675 0 td ( )tj 0.045 tc 0.07 tw 1.032 0 td [(after)12.6 ( the)12.6 ( end)12.6 ( of)12.6 ( each)12.5 ( financial)12.6 ( year)12.6 (,)12.6 ( the)12.6 ( company)12.6 (\222)12.6 (s)12.6 ( management)12.6 ( shall)12.6 ( comprehensively)20 ( )]tj et q 1 0 0 1 127.9359 666.0046 cm 0 0 m 396.724 0 l s q bt 0.029 tc 0.079 tw 10 0 0 10 70.8661 652.0046 tm [(report)4 ( )0.5 (to)4.1 ( )0.5 (the)4 ( )0.5 (independent)4.1 ( )0.5 (directors)4 ( )0.5 (the)4 ( )0.6 (progress)3.9 ( )0.6 (of)4 ( )0.5 (the)4.1 ( )0.5 (company)4 (\222)4 (s)4 ( )0.5 (production)4 ( )0.5 (and)4 ( )0.5 (operation)4 (,)4 ( )0.5 (investment)4 ( )]tj et q 1 0 0 1 70.8661 650.0046 cm 0 0 m 453.793 0 l s q bt 10 0 0 10 70.8661 636.0046 tm [(and)4 ( )0.5 (financing)4 ( )0.5 (activities)4 ( )0.5 (and)4.1 ( )0.5 (other)4.1 ( )0.5 (major)4 ( )0.5 (matters)4 ( )0.5 (for)4 ( )0.5 (the)4 ( )0.5 (year)4 (.)4 ( )0.5 (such)4 ( )0.5 (matters)4 ( )0.5 (shall)4 ( )0.5 (be)4.1 ( )0.5 (recorded)4 ( )0.5 (in)4 ( )0.5 (writing)4 (,)4 ( )]tj et q 1 0 0 1 70.8661 634.0046 cm 0 0 m 453.793 0 l s q bt 0.044 tc 0.07 tw 10 0 0 10 70.8661 620.0046 tm [(and)12.1 ( the)12.1 ( relevant)12.1 ( parties)12.1 ( shall)12.1 ( sign)12.1 ( on)12.1 ( the)12.1 ( necessary)12.1 ( documents)12.1 (.)12.1 ( at)12.1 ( the)12.1 ( same)12.1 ( time)12.1 (,)12.1 ( the)12.1 ( company)12.1 ( shall)19 ( )]tj et q 1 0 0 1 70.8661 618.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.009 tw 10 0 0 10 70.8661 604.0046 tm (promptly arrange for each independent director to conduct on-site inspec\ tions of major issues or necessary )tj et q 1 0 0 1 70.8661 602.0046 cm 0 0 m 453.793 0 l s q bt -0.025 tw 10 0 0 10 70.8661 588.0046 tm (matters.)tj et q 1 0 0 1 70.8661 586.0046 cm 0 0 m 33.94 0 l s q bt /t1_1 1 tf 0.068 tc 0.07 tw 10 0 0 10 70.8661 556.0046 tm [(article)12.5 ( 3)12.5 (8)]tj /t1_0 1 tf 0 tc 0 tw 4.906 0 td ( )tj 0.068 tc 0.07 tw 1.056 0 td [(prior)12.4 ( to)12.5 ( the)12.5 ( audit)12.4 ( conducted)12.4 ( by)12.5 ( the)12.5 ( accounting)12.5 ( firm)12.4 ( responsible)12.5 ( for)12.5 ( the)12.5 ( audit)12.5 ( of)12.4 ( the)43 ( )]tj et q 1 0 0 1 130.4809 554.0046 cm 0 0 m 394.178 0 l s q bt 0.041 tc 10 0 0 10 70.8661 540.0046 tm [(company)12.3 (\222)12.4 (s)12.3 ( annual)12.3 ( financial)12.3 ( report)12.3 ( $)12.3 (hereinafter)12.4 ( referred)12.3 ( to)12.4 ( as)12.3 ( the)12.3 ( \223)]tj /t1_1 1 tf 29.745 0 td [(annual)12.3 ( audit)12.3 ( firm)]tj /t1_0 1 tf 8.36 0 td [(\224)12.3 ($)12.4 (,)12.3 ( the)12.4 ( person)12.3 ( in)16 ( )]tj et q 1 0 0 1 70.8661 538.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.038 tw 10 0 0 10 70.8661 524.0046 tm (charge of finance is responsible for organizing the submission of this y\ ear\222s audit work arrangements and )tj et q 1 0 0 1 70.8661 522.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 508.0046 tm (other relevant materials to the independent directors.)tj et q 1 0 0 1 70.8661 506.0046 cm 0 0 m 224.288 0 l s q bt /t1_1 1 tf 0.038 tc 0.07 tw 10 0 0 10 70.8661 476.0046 tm [(article)12.8 ( 3)12.7 (9)]tj /t1_0 1 tf 0 tc 0 tw 4.603 0 td ( )tj 0.038 tc 0.07 tw 1.025 0 td [(the)12.8 ( company)12.7 ( shall)12.7 (,)12.8 ( before)12.8 ( the)12.8 ( annual)12.8 ( audit)12.8 ( firm)12.8 ( conducts)12.8 ( the)12.8 ( audit)12.7 ( and)12.7 ( before)12.7 ( the)12.7 ( board)13 ( )]tj et q 1 0 0 1 127.1474 474.0046 cm 0 0 m 397.512 0 l s q bt 0.034 tc 0.074 tw 10 0 0 10 70.8661 460.0046 tm [(meeting)9 ( )0.5 (is)9 ( )0.5 (convened)9 ( to)9.1 ( scrutinize)9.1 ( )0.5 (the)9 ( )0.5 (annual)9 ( )0.5 (report)9 (,)9 ( )0.5 (arrange)9 ( )0.5 (for)9 ( )0.5 (the)9 ( )0.5 (independent)9 ( )0.5 (directors)9 ( )0.5 (to)9 ( )0.5 (meet)9 ( )0.5 (with)9 ( )]tj et q 1 0 0 1 70.8661 458.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.054 tw 10 0 0 10 70.8661 444.0046 tm (the annual audit firm to communicate the problems identified in the cour\ se of the audit. the independent )tj et q 1 0 0 1 70.8661 442.0046 cm 0 0 m 453.793 0 l s q bt 0.031 tw 10 0 0 10 70.8661 428.0046 tm (directors shall perform the duties of the meeting, analyze the causes of\ the problems identified, determine )tj et q 1 0 0 1 70.8661 426.0046 cm 0 0 m 453.793 0 l s q bt 0.055 tw 10 0 0 10 70.8661 412.0046 tm [(the )0.5 (risks )0.5 (of the )0.5 (problems, )0.5 (and seek solutions. )0.5 (the meeting )0.5 (shall be )0.5 (recorded in )0.5 (writing )0.5 (and signed )0.5 (by the )]tj et q 1 0 0 1 70.8661 410.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 396.0046 tm (parties involved.)tj et q 1 0 0 1 70.8661 394.0046 cm 0 0 m 70.909 0 l s q bt /t1_1 1 tf 0.06 tc 0.07 tw 10 0 0 10 70.8661 364.0046 tm [(article)12.8 ( 4)12.8 (0)]tj /t1_0 1 tf 0 tc 0 tw 4.823 0 td ( )tj 0.06 tc 0.07 tw 1.047 0 td [(before)12.8 ( the)12.8 ( convening)12.8 ( of)12.8 ( board)12.7 ( meeting)12.8 ( to)12.8 ( discuss)12.8 ( the)12.8 ( annual)12.8 ( report)12.8 (,)12.8 ( the)12.8 ( independent)35 ( )]tj et q 1 0 0 1 129.5638 362.0046 cm 0 0 m 395.096 0 l s q bt 0.025 tc 0.08 tw 10 0 0 10 70.8661 348.0046 tm (directors shall verify the procedures, the necessary documents and the s\ ufficiency of the information for )tj et q 1 0 0 1 70.8661 346.0046 cm 0 0 m 453.793 0 l s q bt 0.029 tc 0.079 tw 10 0 0 10 70.8661 332.0046 tm [(reaching)4 ( )0.5 (to)4 ( )0.5 (reasonable)4 ( )0.5 (and)4 ( )0.5 (correct)4 ( )0.5 (judgement)4 (.)4 ( )0.5 (if)4 ( )0.5 (they)4 ( )0.5 (discover)4 ( )0.5 (situation)4 ( )0.5 (which)4.1 ( )0.5 (are)4 ( )0.5 (inconsistent)4 ( )0.5 (with)4 ( )0.5 (the)4 ( )]tj et q 1 0 0 1 70.8661 330.0046 cm 0 0 m 453.793 0 l s q bt 0.038 tc 0.07 tw 10 0 0 10 70.8661 316.0046 tm [(re)0.5 (le)0.5 (van)0.5 (t)12.9 ( )0.5 (rul)0.5 (es)12.9 ( )0.5 (to)13 ( co)0.5 (nve)0.5 (ne)13 ( bo)0.5 (ar)0.5 (d)12.9 ( m)0.5 (ee)0.5 (tin)0.5 (g)12.9 ( o)0.5 (r)12.9 ( i)0.5 (nsu)0.5 (ff)0.5 (ici)0.5 (en)0.5 (t)12.9 ( b)0.5 (asi)0.5 (s)12.9 ( f)0.5 (or)13 ( ju)0.5 (dge)0.5 (me)0.5 (nt)12.9 (,)13 ( th)0.5 (e)12.9 ( i)0.5 (nde)0.5 (pe)0.5 (nde)0.5 (nt)13 ( di)0.5 (rec)0.5 (tor)0.5 (s)13 ( )]tj et q 1 0 0 1 70.8661 314.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.058 tw 10 0 0 10 70.8661 300.0046 tm [(shall )0.5 (propose )0.5 (to )0.5 (supplement, )0.5 (rectify )0.5 (and )0.5 (postpone )0.5 (the )0.5 (convening )0.5 (of )0.5 (board )0.5 (meeting. )0.5 (when )0.5 (such )0.5 (proposals )]tj et q 1 0 0 1 70.8661 298.0046 cm 0 0 m 453.793 0 l s q bt 0.054 tw 10 0 0 10 70.8661 284.0046 tm (are not accepted, the independent directors can refuse to attend the boa\ rd meeting, and ask the company )tj et q 1 0 0 1 70.8661 282.0046 cm 0 0 m 453.793 0 l s q bt 0.08 tw 10 0 0 10 70.8661 268.0046 tm (to disclose the circumstances and reasons for their absence from the boa\ rd meeting. the company shall )tj et q 1 0 0 1 70.8661 266.0046 cm 0 0 m 453.793 0 l s q bt 0.032 tw 10 0 0 10 70.8661 252.0046 tm (disclose the circumstances and reasons why the independent directors did\ not attend the board meeting in )tj et q 1 0 0 1 70.8661 250.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 236.0046 tm (the announcement of the board resolution.)tj et q 1 0 0 1 70.8661 234.0046 cm 0 0 m 180.778 0 l s q bt /t1_1 1 tf 0.018 tw 10 0 0 10 70.8661 204.0046 tm (article 41)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.018 tw 5.486 0 td (independent directors shall)tj et q 1 0 0 1 125.7299 202.0046 cm 0 0 m 115.428 0 l s q bt 10 0 0 10 241.1576 204.0046 tm ( comply with provisions of the model code of appendix 10 of the )tj 0 tw -17.029 -1.6 td (listing rules of sehk.)tj et endstream endobj 126 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 141 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.028 tc 0.08 tw 10 0 0 10 70.8661 716.0046 tm [(i)0.5 (n)0.5 (d)0.5 (e)0.6 (p)0.5 (e)0.5 (n)0.6 (d)0.5 (e)0.5 (n)0.5 (t)3 ( )0.5 (d)0.5 (i)0.5 (r)0.6 (e)0.5 (c)0.5 (t)0.5 (o)0.6 (r)0.5 (s)3 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (l)0.6 (l)3 ( )0.5 (p)0.5 (r)0.5 (e)0.5 (p)0.6 (a)0.5 (r)0.5 (e)3 ( )0.5 (w)0.6 (o)0.5 (r)0.5 (k)3 ( )0.5 (r)0.5 (e)0.5 (c)0.6 (o)0.5 (r)0.5 (d)0.5 (s)3 ( )0.5 (a)0.6 (n)0.5 (d)3 ( )0.5 (r)0.5 (e)0.5 (c)0.6 (o)0.5 (r)0.5 (d)3 ( )0.5 (d)0.5 (e)0.6 (t)0.5 (a)0.5 (i)0.5 (l)0.5 (e)0.6 (d)3 ( )0.5 (i)0.5 (n)0.5 (f)0.5 (o)0.5 (r)0.6 (m)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.6 (n)3 ( )0.5 (o)0.5 (n)3 ( )0.5 (t)0.5 (h)0.5 (e)3 ( )0.5 (p)0.5 (e)0.6 (r)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.6 (a)0.5 (n)0.5 (c)0.5 (e)3.1 ( )0.5 (o)0.5 (f)3 ( )]tj et 0 0 0 1 k 0.5 w q 1 0 0 1 70.8661 714.0046 cm 0 0 m 453.793 0 l s q bt 10 0 0 10 70.8661 700.0046 tm [(their)3 ( )0.5 (duties)3 (.)3 ( )0.5 (the)3 ( )0.5 (information)3 ( )0.5 (obtained)3 ( )0.5 (in)3 ( )0.5 (the)3 ( )0.5 (process)3 ( )0.5 (of)3 ( )0.5 (an)3 ( )0.5 (independent)3 ( )0.5 (director)3 (\222)3 (s)3 ( )0.5 (performance)3 ( )0.5 (of)3 ( )0.5 (his)3 ( )0.5 (or)3 ( )]tj et q 1 0 0 1 70.8661 698.0046 cm 0 0 m 453.793 0 l s q bt 0.032 tc 0.076 tw 10 0 0 10 70.8661 684.0046 tm [(h)0.5 (e)0.5 (r)7 ( )0.5 (d)0.5 (ut)0.5 (i)0.5 (e)0.5 (s)7 (,)7 ( )0.5 (r)0.5 (e)0.5 (l)0.5 (e)0.5 (va)0.5 (n)0.5 (t)7 ( )0.5 (m)0.5 (e)0.5 (e)0.5 (t)0.5 (in)0.5 (g)7 ( )0.5 (m)0.5 (i)0.5 (n)0.5 (ut)0.5 (e)0.5 (s)7 ( )0.5 (a)0.5 (n)0.5 (d)7 ( )0.5 (r)0.5 (e)0.5 (c)0.5 (o)0.5 (rd)0.5 (s)7 ( )0.5 (o)0.5 (f)7 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (m)0.5 (un)0.5 (i)0.5 (c)0.5 (a)0.5 (t)0.5 (io)0.5 (n)7 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)7 ( )0.5 (t)0.5 (he)7 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (s)0.5 (o)0.5 (n)0.5 (ne)0.5 (l)7 ( )0.5 (o)0.5 (f)7 ( )0.5 (t)0.5 (h)0.5 (e)7 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (pa)0.5 (n)0.5 (y)7 ( )]tj et q 1 0 0 1 70.8661 682.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.033 tw 10 0 0 10 70.8661 668.0046 tm (and intermediaries, among others, shall constitute parts of the work rec\ ords. an independent director may )tj et q 1 0 0 1 70.8661 666.0046 cm 0 0 m 453.793 0 l s q bt 0.032 tc 0.076 tw 10 0 0 10 70.8661 652.0046 tm [(require)7 ( )0.5 (the)7 ( )0.5 (secretary)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (board)7 ( )0.5 (and)7 ( )0.5 (other)7 ( )0.5 (relevant)7 ( )0.5 (personnel)7 ( )0.5 (to)7 ( )0.5 (confirm)6.9 ( )0.5 (the)7 ( )0.5 (important)7 ( )0.5 (information)7 ( )0.5 (in)7 ( )]tj et q 1 0 0 1 70.8661 650.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 636.0046 tm (work records by signature, 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0 m 49.73 0 l s q bt 10 0 0 10 70.8661 460.0046 tm ($i$)tj 0.036 tc 0.072 tw [( )-1402.7 (disclosure)11 ( )0.5 (of)11 ( )0.5 (financial)11 ( )0.5 (accounting)11 ( )0.5 (reports)11 (,)11 ( )0.5 (financial)11 ( )0.5 (information)11 ( )0.5 (in)11 ( )0.6 (periodic)11 ( )0.5 (reports)11 (,)11 ( )0.5 (and)11 ( )0.5 (internal)11 ( )]tj et q 1 0 0 1 70.8661 458.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 99.2126 444.0046 tm (control evaluation reports;)tj et q 1 0 0 1 99.2126 442.0046 cm 0 0 m 112.289 0 l s q bt 10 0 0 10 70.8661 412.0046 tm [($ii$ )-1127.7 (appointment or dismissal of the accounting firm providing audit services\ for the company;)]tj et q 1 0 0 1 70.8661 410.0046 cm 0 0 m 414.453 0 l s q bt 10 0 0 10 70.8661 380.0046 tm [($iii$ )-769.7 (appointment or dismissal of the person in charge of financial affairs of\ the company;)]tj et q 1 0 0 1 70.8661 378.0046 cm 0 0 m 393.153 0 l s q bt 0.002 tw 10 0 0 10 70.8661 348.0046 tm [($iv$ )-736.7 (changes in accounting 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tm (meeting may be convened when it is proposed by two or more members, or w\ hen the convener deemed it )tj et q 1 0 0 1 70.8661 234.0046 cm 0 0 m 453.793 0 l s q bt 0.032 tc 0.076 tw 10 0 0 10 70.8661 220.0046 tm [(ne)0.5 (ce)0.5 (ssa)0.5 (ry)7 (.)7 ( )0.5 (t)0.5 (he)7 ( )0.5 (me)0.5 (et)0.5 (ing)7 ( )0.5 (o)0.5 (f)7 ( )0.5 (the)7 ( )0.5 (f)0.5 (ina)0.5 (nc)0.5 (e)7 ( )0.5 (and)7 ( )0.6 (aud)0.5 (it)7 ( )0.5 (co)0.5 (mmi)0.5 (tte)0.5 (e)7 ( )0.5 (ma)0.5 (y)6.9 ( )0.6 (not)7 ( )0.5 (b)0.5 (e)7 ( )0.5 (con)0.5 (ve)0.5 (ned)7 ( )0.5 (u)0.5 (nle)0.5 (ss)7 ( )0.5 (tw)0.5 (o)7 (-)7 (th)0.5 (ird)0.5 (s)7 ( )0.5 (or)7 ( )]tj et q 1 0 0 1 70.8661 218.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 204.0046 tm (more of its members are present.)tj et q 1 0 0 1 70.8661 202.0046 cm 0 0 m 139.078 0 l s q endstream endobj 132 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 137 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.041 tc 0.07 tw 10 0 0 10 70.8661 716.0046 tm [(if)12.6 ( the)12.6 ( company)12.6 ( fails)12.6 ( to)12.6 ( make)12.6 ( an)12.6 ( explanation)12.6 ( or)12.6 ( a)12.6 ( timely)12.5 ( disclosure)12.6 ( in)12.5 ( accordance)12.5 ( with)12.5 ( the)12.6 ( provisions)16 ( )]tj et 0 0 0 1 k 0.5 w q 1 0 0 1 70.8661 714.0046 cm 0 0 m 453.793 0 l s q bt 0.028 tc 0.08 tw 10 0 0 10 70.8661 700.0046 tm [(of)3 ( )0.5 (the)3 ( )0.5 (preceding)3 ( )0.5 (paragraph)3 (,)3 ( )0.5 (the)3 ( )0.5 (independent)3 ( )0.6 (director)3 ( )0.5 (may)3 ( )0.5 (report)3 ( )0.5 (it)3 ( )0.5 (to)3 ( )0.5 (the)3 ( )0.5 (csrc)3 ( )0.5 (and)3 ( )0.5 (the)3.1 ( )0.5 (shanghai)3 ( )0.5 (stock)3 ( )]tj et q 1 0 0 1 70.8661 698.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc -0.025 tw 10 0 0 10 70.8661 684.0046 tm (exchange.)tj et q 1 0 0 1 70.8661 682.0046 cm 0 0 m 44.179 0 l s q bt /t1_1 1 tf 0.037 tc 0.071 tw 10 0 0 10 70.8661 652.0046 tm [(article)12.1 ( 2)12.1 (4)]tj /t1_0 1 tf 0 tc 0 tw 4.597 0 td ( )tj 0.037 tc 0.071 tw 1.025 0 td [(independent)12 ( )0.5 (directors)12 ( )0.5 (shall)12 ( )0.5 (express)12 ( )0.5 (independent)12 ( )0.6 (opinions)12 ( )0.5 (on)12 ( )0.5 (matters)12 ( )0.5 (that)12 ( )0.5 (may)12.1 ( )0.5 (damage)12 ( )0.5 (the)12 ( )]tj et q 1 0 0 1 127.0868 650.0046 cm 0 0 m 397.573 0 l s q bt 0.036 tc 0.072 tw 10 0 0 10 70.8661 636.0046 tm [(rights)11 ( )0.5 (and)11 ( )0.5 (interests)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (company)11 ( )0.5 (or)11 ( )0.5 (minority)11 ( )0.5 (shareholders)11 ( )0.5 (or)11 ( )0.5 (other)11 ( )0.5 (matters)11.1 ( )0.5 (that)11 ( )0.5 (require)11.1 ( )0.5 (independent)11 ( )]tj et q 1 0 0 1 70.8661 634.0046 cm 0 0 m 453.793 0 l s q bt 0.027 tc 0.081 tw 10 0 0 10 70.8661 620.0046 tm [(opinions)2 ( )0.5 (in)1.9 ( )0.5 (accordance)2 ( )0.5 (with)2 ( )0.5 (the)2 ( )0.5 (relevant)2 ( regulations)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (csrc)2 (,)2 ( )0.5 (shanghai)2 ( )0.5 (stock)2 ( exchange)2 (,)2 ( )0.5 (securities)2 ( )]tj et q 1 0 0 1 70.8661 618.0046 cm 0 0 m 453.793 0 l s q bt 0.045 tc 0.07 tw 10 0 0 10 70.8661 604.0046 tm [(a)0.5 (n)0.6 (d)13 ( )0.5 (f)0.5 (u)0.5 (t)0.6 (u)0.5 (r)0.5 (e)0.5 (s)13.1 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (m)0.6 (i)0.5 (s)0.5 (s)0.5 (i)0.6 (o)0.5 (n)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (h)0.5 (o)0.6 (n)0.5 (g)13 ( )0.5 (k)0.6 (o)0.5 (n)0.5 (g)13 ( )0.5 (s)0.6 (t)0.5 (o)0.5 (c)0.5 (k)13 ( )0.6 (e)0.5 (x)0.5 (c)0.6 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (e)13.1 (.)13 ( )0.5 (a)0.6 (n)13 ( )0.5 (i)0.5 (n)0.5 (d)0.6 (e)0.5 (p)0.5 (e)0.5 (n)0.5 (d)0.6 (e)0.5 (n)0.5 (t)13 ( )0.6 (o)0.5 (p)0.5 (i)0.5 (n)0.5 (i)0.6 (o)0.5 (n)13 ( )0.5 (i)0.5 (s)0.6 (s)0.5 (u)0.5 (e)0.5 (d)13.1 ( )0.5 (b)0.5 (y)13 ( )0.5 (t)0.6 (h)0.5 (e)20 ( )]tj et q 1 0 0 1 70.8661 602.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 588.0046 tm (independent directors on a material matter shall at least include the fo\ llowings:)tj et q 1 0 0 1 70.8661 586.0046 cm 0 0 m 336.036 0 l s q bt 10 0 0 10 70.8661 556.0046 tm [($i$ )-1485.7 (basic information on the material matter;)]tj 0.055 tc 0.07 tw 0 -3.2 td [($)30 (i)30 (i)30 ($)30 ( )-1027.7 (b)0.6 (a)0.5 (s)0.6 (i)0.5 (s)13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.6 (o)0.5 (p)0.5 (i)0.6 (n)0.5 (i)0.6 (o)0.5 (n)13 (,)13.1 ( )0.5 (i)0.5 (n)0.6 (c)0.5 (l)0.6 (u)0.5 (d)0.6 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (c)0.6 (e)0.5 (d)0.6 (u)0.5 (r)0.5 (e)0.6 (s)13 ( )0.6 (p)0.5 (e)0.6 (r)0.5 (f)0.6 (o)0.5 (r)0.5 (m)0.6 (e)0.5 (d)13.1 (,)13 ( )0.6 (d)0.5 (o)0.5 (c)0.6 (u)0.5 (m)0.6 (e)0.5 (n)0.5 (t)0.6 (s)13 ( )0.6 (c)0.5 (h)0.6 (e)0.5 (c)0.5 (k)0.6 (e)0.5 (d)13.1 (,)13 ( )0.6 (c)0.5 (o)0.6 (n)0.5 (t)0.5 (e)0.6 (n)0.5 (t)13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (o)0.5 (n)13.1 (-)13 (s)0.6 (i)0.5 (t)0.5 (e)30 ( )]tj 0.025 tc 0 tw 2.835 -1.6 td (inspection, etc.;)tj -2.835 -3.2 td [($iii$ )-769.7 (compliance of the material matter with laws and regulations;)]tj 0.023 tw 0 -3.2 td [($iv$ )-715.7 (impact on the rights and interests of the company and minority sharehold\ ers, possible risks and the )]tj 0 tw 2.835 -1.6 td (effectiveness of the measures taken by the company;)tj 0.057 tw -2.835 -3.2 td [($v$ )-1039.7 (conclusion. in case of qualified opinion, objection or inability to expr\ ess an opinion on a material )]tj 0.04 tw 2.835 -1.6 td (matter, the relevant independent director shall clearly state the reason\ s and obstacles to inability to )tj 0 tw 0 -1.6 td (express an opinion.)tj 0.023 tc -2.835 -3.2 td [(the independent director shall sign and confirm the independent opinions\ issued, report the above opinions)-2 ( )]tj 0.025 tc 0 -1.6 td (to the board in a timely manner, and disclose them at the same time with\ the relevant announcement of the )tj -0.025 tw 0 -1.6 td (company.)tj /t1_1 1 tf 0.03 tw 0 -3.2 td (article 25)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.03 tw 5.498 0 td (independent directors shall form a majority and act as the convener of t\ he finance and audit )tj et q 1 0 0 1 125.846 266.0046 cm 0 0 m 398.813 0 l s q bt 0.027 tc 0.081 tw 10 0 0 10 70.8661 252.0046 tm [(committee)2 (,)2 ( )0.5 (nomination)1.9 ( )0.5 (committee)2 ( )0.5 (and)2 ( )0.5 (remuneration)2 ( and)2 ( )0.5 (appraisal)2.1 ( committee)2.1 ( set)2 ( )0.5 (up)2 ( )0.5 (under)2 ( )0.5 (the)2.1 ( )0.5 (board)2 ( )]tj et q 1 0 0 1 70.8661 250.0046 cm 0 0 m 453.793 0 l s q bt 0.026 tc 0.082 tw 10 0 0 10 70.8661 236.0046 tm [(o)0.5 (f)1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (c)0.5 (om)0.5 (p)0.5 (a)0.5 (n)0.5 (y)1 (.)1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (me)0.5 (m)0.5 (b)0.5 (e)0.5 (r)0.5 (s)1 ( )0.5 (o)0.5 (f)1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (f)0.5 (in)0.5 (a)0.5 (n)0.5 (c)0.5 (e)1 ( )0.5 (a)0.5 (n)0.5 (d)1 ( )0.5 (a)0.5 (u)0.5 (d)0.5 (it)1 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (m)0.5 (it)0.5 (t)0.5 (e)0.5 (e)1 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (l)0.5 (l)1 ( )0.5 (b)0.5 (e)1 ( )0.5 (d)0.5 (ir)0.5 (e)0.5 (c)0.5 (t)0.5 (o)0.5 (r)0.5 (s)1 ( )0.5 (w)0.5 (h)0.5 (o)1 ( )0.5 (do)1 ( )0.5 (n)0.5 (o)0.5 (t)1 ( )0.5 (s)0.5 (e)0.5 (r)0.5 (v)0.5 (e)1 ( )]tj et q 1 0 0 1 70.8661 234.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.041 tw 10 0 0 10 70.8661 220.0046 tm (as senior management of the company, among which the majority shall be i\ ndependent directors, and the )tj et q 1 0 0 1 70.8661 218.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 204.0046 tm (professional accountant among the independent directors shall serve as t\ he convener.)tj et q 1 0 0 1 70.8661 202.0046 cm 0 0 m 361.196 0 l s q endstream endobj 131 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 136 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.046 tc 0.07 tw 10 0 0 10 70.8661 716.0046 tm [(if)12.2 ( any)12.3 ( independent)12.3 ( director)12.3 ( fails)12.2 ( to)12.3 ( attend)12.3 ( in)12.3 ( person)12.3 ( or)12.2 ( entrust)12.3 ( other)12.2 ( independent)12.2 ( directors)12.3 ( as)12.2 ( his)12.3 (/)12.2 (her)21 ( )]tj et 0 0 0 1 k 0.5 w q 1 0 0 1 70.8661 714.0046 cm 0 0 m 453.793 0 l s q bt 0.041 tc 10 0 0 10 70.8661 700.0046 tm [(representatives)12.3 ( to)12.3 ( attend)12.3 ( meetings)12.3 ( of)12.3 ( the)12.3 ( board)12.3 ( for)12.3 ( two)12.3 ( consecutive)12.3 ( times)12.3 (,)12.2 ( the)12.3 ( board)12.3 ( shall)12.2 ( propose)12.2 ( to)16 ( )]tj et q 1 0 0 1 70.8661 698.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 10 0 0 10 70.8661 684.0046 tm (convene the general meeting within thirty days after the occurrence ther\ eof to terminate the employment )tj et q 1 0 0 1 70.8661 682.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 668.0046 tm (of such independent director.)tj et q 1 0 0 1 70.8661 666.0046 cm 0 0 m 123.889 0 l s q bt /t1_1 1 tf 0.042 tc 0.07 tw 10 0 0 10 70.8661 636.0046 tm [(article)12.6 ( 2)12.6 (1)]tj /t1_0 1 tf 0 tc 0 tw 4.644 0 td ( )tj 0.042 tc 0.07 tw 1.029 0 td [(when)12.6 ( an)12.6 ( independent)12.6 ( director)12.6 ( votes)12.6 ( against)12.7 ( or)12.6 ( abstains)12.6 ( from)12.6 ( voting)12.6 ( on)12.7 ( a)12.7 ( proposal)12.6 ( of)12.6 ( the)17 ( )]tj et q 1 0 0 1 127.6049 634.0046 cm 0 0 m 397.054 0 l s q bt 0.025 tc 0.078 tw 10 0 0 10 70.8661 620.0046 tm (board, he or she shall explain the specific reasons and basis therefor, \ the legality and compliance of the )tj et q 1 0 0 1 70.8661 618.0046 cm 0 0 m 453.793 0 l s q bt 0.003 tw 10 0 0 10 70.8661 604.0046 tm [(matters involved in )0.5 (the )0.5 (proposal, )0.5 (potential risks, and the impact on the rights and )0.5 (interests of the company )]tj et q 1 0 0 1 70.8661 602.0046 cm 0 0 m 453.793 0 l s q bt 0.039 tc 0.07 tw 10 0 0 10 70.8661 588.0046 tm [(and)12.3 ( minority)12.3 ( shareholders)12.3 (,)12.4 ( among)12.3 ( others)12.3 (.)12.3 ( when)12.3 ( the)12.3 ( company)12.3 ( discloses)12.3 ( the)12.3 ( resolution)12.3 ( of)12.3 ( the)12.3 ( board)12.3 (,)12.3 ( it)14 ( )]tj et q 1 0 0 1 70.8661 586.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.016 tw 10 0 0 10 70.8661 572.0046 tm (shall disclose the dissenting opinions of independent directors at the s\ ame time and indicate such opinions )tj et q 1 0 0 1 70.8661 570.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 556.0046 tm (in the resolution of the board and the minutes of the meeting.)tj et q 1 0 0 1 70.8661 554.0046 cm 0 0 m 261.588 0 l s q bt /t1_1 1 tf 0.066 tw 10 0 0 10 70.8661 524.0046 tm (article 22)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.066 tw 5.534 0 td (the company shall, on a periodical or unscheduled basis, convene meeting\ s attended solely )tj et q 1 0 0 1 126.2061 522.0046 cm 0 0 m 398.453 0 l s q bt 0.03 tc 0.078 tw 10 0 0 10 70.8661 508.0046 tm [(by)5 ( )0.5 (independent)5 ( )0.5 (directors)5 ( )0.6 ($)5 (hereinafter)5 ( )0.6 (referred)5 ( )0.5 (to)5 ( )0.5 (as)5 ( )0.5 (\223)]tj /t1_1 1 tf 23.147 0 td [(special)5 ( )0.5 (meetings)5 ( )0.6 (of)5 ( )0.5 (independent)4.9 ( )0.5 (directors)]tj /t1_0 1 tf 0.025 tc 0.083 tw 19.133 0 td [(\224$. )0.5 (t)-5.3 (h)-5.2 (e )]tj et q 1 0 0 1 70.8661 506.0046 cm 0 0 m 453.793 0 l s q bt 0.033 tc 0.075 tw 10 0 0 10 70.8661 492.0046 tm [(matters)8 ( )0.5 (specified)8 ( )0.5 (in)8 ( )0.5 (subparagraphs)8 ( )0.5 ($)8 (1)8 ($)8 ( )0.5 ($)8 (2)8 ($)8 ( )0.6 ($)8 (3)8 ($)8 ( )0.5 (of)8 ( )0.5 (paragraph)8 ( )0.5 (1)8 ( )0.5 (of)8 ( )0.5 (article)8 ( )0.5 (1)8 (7)8 ( )0.5 (and)8 ( )0.5 (article)8 ( )0.5 (1)8 (8)8 ( )0.5 (of)8 ( )0.5 (this)8 ( )0.5 (rules)8 ( )]tj et q 1 0 0 1 70.8661 490.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.035 tw 10 0 0 10 70.8661 476.0046 tm (shall be deliberated at the special meetings of independent directors. t\ he special meetings of independent )tj et q 1 0 0 1 70.8661 474.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 460.0046 tm (directors may study and discuss other material matters of the company if\ necessary.)tj et q 1 0 0 1 70.8661 458.0046 cm 0 0 m 357.636 0 l s q bt 0.039 tc 0.07 tw 10 0 0 10 70.8661 428.0046 tm [(th)0.5 (e)12.9 ( sp)0.5 (eci)0.5 (al)12.9 ( m)0.5 (ee)0.5 (tings)13 ( of)13 ( ind)0.5 (epen)0.5 (dent)13 ( dir)0.5 (ect)0.5 (ors)13 ( sha)0.5 (ll)12.9 ( )0.5 (be)12.9 ( c)0.5 (onve)0.5 (ned)13 ( and)13 ( pr)0.5 (esid)0.5 (ed)12.9 ( o)0.5 (ver)13 ( by)12.9 ( )0.5 (an)12.9 ( )0.5 (inde)0.5 (pende)0.5 (nt)14 ( )]tj et q 1 0 0 1 70.8661 426.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.06 tw 10 0 0 10 70.8661 412.0046 tm (director jointly elected by a majority of the independent directors. if \ the convener fails to or is unable to )tj et q 1 0 0 1 70.8661 410.0046 cm 0 0 m 453.793 0 l s q bt 0.079 tw 10 0 0 10 70.8661 396.0046 tm (perform his or her duties, two or more independent directors may, on the\ ir initiative, convene a meeting )tj et q 1 0 0 1 70.8661 394.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 380.0046 tm (and elect a representative to preside over the meeting.)tj et q 1 0 0 1 70.8661 378.0046 cm 0 0 m 228.967 0 l s q bt 10 0 0 10 70.8661 348.0046 tm (the company shall facilitate and support the convening of special meetin\ gs of independent directors.)tj et q 1 0 0 1 70.8661 346.0046 cm 0 0 m 431.046 0 l s q bt 0.058 tw 10 0 0 10 70.8661 316.0046 tm (the chairman shall hold a meeting with the independent directors without\ the presence of other directors )tj et q 1 0 0 1 70.8661 314.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 300.0046 tm (at least once a year.)tj et q 1 0 0 1 70.8661 298.0046 cm 0 0 m 83.829 0 l s q bt /t1_1 1 tf 0.079 tw 10 0 0 10 70.8661 268.0046 tm (article 23)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.079 tw 5.547 0 td (an independent director shall pay continuous attention to the implementa\ tion of resolutions )tj et q 1 0 0 1 126.3327 266.0046 cm 0 0 m 398.327 0 l s q bt 0.081 tw 10 0 0 10 70.8661 252.0046 tm (of the board on the matters specified in articles 18, 27, 28 and 29 of t\ his rules, and if the independent )tj et q 1 0 0 1 70.8661 250.0046 cm 0 0 m 453.793 0 l s q bt 0.038 tc 0.07 tw 10 0 0 10 70.8661 236.0046 tm [(director)12.4 ( finds)12.4 ( any)12.4 ( violation)12.4 ( of)12.4 ( law)12.4 (,)12.5 ( administrative)12.4 ( regulation)12.4 (,)12.4 ( rules)12.5 ( of)12.4 ( the)12.4 ( csrc)12.5 (,)12.4 ( business)12.4 ( rules)12.5 ( of)12.4 ( the)13 ( )]tj et q 1 0 0 1 70.8661 234.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.057 tw 10 0 0 10 70.8661 220.0046 tm (stock exchange, or the articles of association, or violation of the reso\ lution adopted at the shareholders\222 )tj et q 1 0 0 1 70.8661 218.0046 cm 0 0 m 453.793 0 l s q bt 0.039 tc 0.07 tw 10 0 0 10 70.8661 204.0046 tm [(general)12.4 ( meeting)12.4 ( or)12.5 ( the)12.5 ( meeting)12.5 ( of)12.5 ( the)12.5 ( board)12.4 (,)12.5 ( the)12.5 ( independent)12.5 ( director)12.5 ( shall)12.4 ( report)12.5 ( the)12.5 ( violation)12.5 ( to)12.5 ( the)14 ( )]tj et q 1 0 0 1 70.8661 202.0046 cm 0 0 m 453.793 0 l s q bt 0.047 tc 10 0 0 10 70.8661 188.0046 tm [(board)12.4 ( in)12.4 ( a)12.5 ( timely)12.4 ( manner)12.5 ( and)12.4 ( may)12.4 ( require)12.4 ( the)12.5 ( company)12.4 ( to)12.4 ( make)12.4 ( a)12.4 ( written)12.5 ( explanation)12.4 ( thereon)12.5 (.)12.3 ( the)22 ( )]tj et q 1 0 0 1 70.8661 186.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 172.0046 tm (company shall promptly disclose any involved matter that shall be disclo\ sed.)tj et q 1 0 0 1 70.8661 170.0046 cm 0 0 m 328.707 0 l s q endstream endobj 130 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 135 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.03 tc 0.078 tw 10 0 0 10 70.8661 716.0046 tm [(to)5 ( )0.5 (exercise)5 ( )0.5 (the)5 ( )0.5 (duties)5 ( )0.5 (and)5 ( )0.5 (powers)5 ( )0.5 (of)5 ( )0.5 (independent)5 ( )0.5 (directors)5 ( )0.5 (in)5 ( )0.5 (subparagraphs)5 ( )0.5 ($)5 (1)5 ($)5 ( )0.5 ($)5 (2)5 ($)5 ( )0.5 ($)5 (3)5 ($)5.1 ( )0.5 (of)5.1 ( )0.5 (paragraph)5 ( )0.5 (1)5 (,)5 ( )]tj et 0 0 0 1 k 0.5 w q 1 0 0 1 70.8661 714.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 700.0046 tm (consent of more than half of all independent directors shall be obtained\ .)tj et q 1 0 0 1 70.8661 698.0046 cm 0 0 m 305.417 0 l s q bt 0.077 tw 10 0 0 10 70.8661 668.0046 tm (the company shall make a disclosure in a timely manner if an independent\ director exercises the duties )tj et q 1 0 0 1 70.8661 666.0046 cm 0 0 m 453.793 0 l s q bt 0.035 tc 0.073 tw 10 0 0 10 70.8661 652.0046 tm [(and)10 ( )0.5 (powers)10 ( )0.5 (specified)10 ( )0.5 (in)10 ( )0.5 (the)10 ( )0.5 (paragraph)10 ( )0.5 (1)10 (.)10 ( )0.5 (if)10 ( )0.5 (the)10 ( )0.5 (above)10 (-)10 (mentioned)10 ( )0.5 (duties)10 ( )0.5 (and)10 ( )0.5 (powers)10 ( )0.5 (cannot)10 ( )0.5 (be)10 ( )0.5 (properly)10 ( )]tj et q 1 0 0 1 70.8661 650.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 636.0046 tm (exercised, the company shall disclose the specific situation and reasons\ therefor)tj et q 1 0 0 1 70.8661 634.0046 cm 0 0 m 341.576 0 l s q bt /t1_1 1 tf 0.009 tw 10 0 0 10 70.8661 604.0046 tm (article 18)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.009 tw 5.477 0 td (the following matters shall be submitted to the board for deliberation w\ ith the consent of the )tj et q 1 0 0 1 125.6384 602.0046 cm 0 0 m 399.021 0 l s q bt 0 tw 10 0 0 10 70.8661 588.0046 tm (a majority of all independent directors of the company:)tj et q 1 0 0 1 70.8661 586.0046 cm 0 0 m 236.498 0 l s q bt 10 0 0 10 70.8661 556.0046 tm [($i$ )-1485.7 (related party transactions that shall be disclosed;)]tj et q 1 0 0 1 70.8661 554.0046 cm 0 0 m 234.954 0 l s q bt 10 0 0 10 70.8661 524.0046 tm [($ii$ )-1127.7 (plans of the company and the relevant parties for the modification or wa\ iver of their undertakings;)]tj et q 1 0 0 1 70.8661 522.0046 cm 0 0 m 448.302 0 l s q bt 0.051 tc 0.07 tw 10 0 0 10 70.8661 492.0046 tm [($)26 (i)26 (i)26 (i)26 ($)26 ( )-673.7 (d)0.5 (e)0.5 (ci)0.5 (si)0.5 (on)0.5 (s)13 ( m)0.5 (a)0.5 (de)13 ( a)0.5 (n)0.5 (d)12.9 ( )0.5 (me)0.5 (a)0.5 (su)0.5 (r)0.5 (es)13 ( )0.5 (ta)0.5 (ke)0.5 (n)13 ( b)0.5 (y)12.9 ( )0.5 (t)0.5 (he)13 ( b)0.5 (oa)0.5 (r)0.5 (d)12.9 ( )0.5 (r)0.5 (eg)0.5 (a)0.5 (rd)0.5 (in)0.5 (g)12.9 ( 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be adopted. the detai\ led implementation rules shall )tj et q 1 0 0 1 70.8661 698.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 684.0046 tm (be stipulated in the articles of association.)tj et q 1 0 0 1 70.8661 682.0046 cm 0 0 m 184.288 0 l s q bt 0.042 tc 0.07 tw 10 0 0 10 70.8661 652.0046 tm [(a)12.8 ( separated)12.8 ( vote)12.8 (-)12.7 (taking)12.7 ( shall)12.7 ( be)12.8 ( conducted)12.7 ( for)12.7 ( the)12.7 ( minority)12.7 ( shareholders)12.7 ( and)12.7 ( the)12.7 ( poll)12.8 ( results)12.7 ( shall)12.7 ( be)17 ( )]tj et q 1 0 0 1 70.8661 650.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc -0.025 tw 10 0 0 10 70.8661 636.0046 tm (disclosed.)tj et q 1 0 0 1 70.8661 634.0046 cm 0 0 m 42.22 0 l s q bt /t1_1 1 tf 0.044 tc 0.07 tw 10 0 0 10 70.8661 604.0046 tm [(article)12.5 ( 1)12.5 (3)]tj /t1_0 1 tf 0 tc 0 tw 4.665 0 td ( )tj 0.044 tc 0.07 tw 1.031 0 td [(the)12.5 ( term)12.6 ( of)12.6 ( office)12.6 ( for)12.6 ( )]tj [(independent)12.5 ( directors)12.5 ( )]tj et q 1 0 0 1 230.5085 602.0046 cm 0 0 m 99.692 0 l s q bt 10 0 0 10 330.2005 604.0046 tm [(is)12.6 ( the)12.6 ( same)12.6 ( as)12.5 ( that)12.6 ( of)12.6 ( other)12.5 ( directors)12.6 ( of)12.5 ( the)19.1 ( )]tj 0.041 tc -25.933 -1.6 td [(company)12.2 (.)12.1 ( at)12.2 ( the)12.2 ( expiration)12.1 ( of)12.1 ( a)12.2 ( term)12.2 ( of)12.2 ( office)12.2 (,)12.1 ( directors)12.2 ( can)12.2 ( continue)12.2 ( in)12.2 ( office)12.2 ( provided)12.1 ( they)12.2 ( are)12.2 ( re)12.2 (-)]tj 0.029 tc 0.079 tw 0 -1.6 td [(elected)4.1 (,)4 ( )0.5 (provide)4 ( )0.5 (that)4.1 ( )0.5 (the)4 ( )0.5 (consecutive)4 ( )0.6 (terms)4 ( )0.5 (of)4 ( )0.6 (office)4 ( )0.5 (shall)4 ( )0.5 (not)4 ( )0.5 (exceed)4 ( )0.5 (6)4 ( )0.5 (years)4 (.)4.1 ( )]tj 34.314 0 td [(any)4 ( )0.5 (independent)4.1 ( )0.5 (director)4.1 ( )]tj et q 1 0 0 1 414.0014 570.0046 cm 0 0 m 110.658 0 l s q bt 0.063 tc 0.07 tw 10 0 0 10 70.8661 556.0046 tm [(who)12.2 ( has)12.2 ( served)12.2 ( the)12.2 ( company)12.2 ( for)12.2 ( six)12.3 ( consecutive)12.2 ( years)12.2 ( shall)12.2 ( not)12.2 ( be)12.2 ( nominated)12.2 ( as)12.2 ( a)12.3 ( candidate)12.3 ( for)38 ( )]tj et q 1 0 0 1 70.8661 554.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 540.0046 tm (independent director of the company within 36 months from the date of th\ e occurrence of such fact.)tj et q 1 0 0 1 70.8661 538.0046 cm 0 0 m 425.806 0 l s q bt /t1_1 1 tf 0.031 tc 0.077 tw 10 0 0 10 70.8661 508.0046 tm [(article)6 ( )0.5 (1)6 (4)]tj /t1_0 1 tf 0 tc 0 tw 4.561 0 td ( )tj 0.031 tc 0.077 tw 1.025 0 td [(prior)6 ( )0.5 (to)6 ( expiry)6 ( )0.5 (of)6 ( )0.5 (the)6.1 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (office)6 ( )0.5 (of)6 ( )]tj et q 1 0 0 1 126.7245 506.0046 cm 0 0 m 173.721 0 l s q bt 10 0 0 10 300.4451 508.0046 tm [(an)6 ( )0.5 (independent)6 ( )0.5 (director)6 (,)]tj 10.563 0 td [( )0.5 (the)6 ( )0.5 (company)6 ( )0.5 (may)6 ( )0.5 (dismiss)6 ( )]tj et q 1 0 0 1 406.0762 506.0046 cm 0 0 m 118.583 0 l s q bt 0.034 tc 0.074 tw 10 0 0 10 70.8661 492.0046 tm [(him)9 (/)9 (her)9 ( )0.5 (through)9 ( )0.5 (statutory)9 ( )0.5 (procedures)9 (.)9 ( )0.5 (when)9 ( )0.5 (an)9 ( )0.5 (independent)9 ( )0.5 ($)9 (non)9 (-)9 (executive)9 ($)9.1 ( )0.5 (director)9 ( )0.5 (is)9 ( )0.5 (dismissed)9 ( )0.5 (prior)9 ( )]tj et q 1 0 0 1 70.8661 490.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.049 tw 10 0 0 10 70.8661 476.0046 tm (to expiry of his/her term, the company shall promptly disclose the speci\ fic reasons and grounds therefor. )tj et q 1 0 0 1 70.8661 474.0046 cm 0 0 m 453.793 0 l s q bt 0.032 tc 0.076 tw 10 0 0 10 70.8661 460.0046 tm [(if)7 ( )0.5 (an)7 ( )0.5 (independent)7 ( )0.5 (director)7 ( )0.5 (has)7 ( )0.5 (any)6.9 ( )0.6 (objection)7 ( )0.5 (to)7.1 ( )0.5 (the)7 ( )0.5 (dismissal)7 (,)7 ( )0.5 (the)7 ( )0.5 (company)7 ( )0.5 (shall)7 ( )0.5 (disclose)7.1 ( )0.5 (it)7 ( )0.5 (in)7 ( )0.5 (a)7 ( )0.5 (timely)7 ( )]tj et q 1 0 0 1 70.8661 458.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc -0.025 tw 10 0 0 10 70.8661 444.0046 tm (manner.)tj et q 1 0 0 1 70.8661 442.0046 cm 0 0 m 34.24 0 l s q bt 0.007 tw 10 0 0 10 70.8661 412.0046 tm (any independent director who fails to comply with the qualifications and\ independence requirements shall )tj et q 1 0 0 1 70.8661 410.0046 cm 0 0 m 453.793 0 l s q bt 0.035 tc 0.073 tw 10 0 0 10 70.8661 396.0046 tm [(immediately)10 ( )0.5 (cease)10 ( )0.5 (the)10 ( )0.5 (performance)10 ( )0.5 (of)10 ( )0.5 (his)10 (/)10 (her)10 ( )0.5 (duties)10 ( )0.5 (and)10 ( )0.5 (resign)10 ( )0.5 (from)10 ( )0.5 (his)10 (/)10 (her)10 ( )0.5 (position)10 (.)10 ( )0.5 (if)10 ( )0.5 (he)10.1 (/)10 (she)10 ( )0.5 (fails)10 ( )0.5 (to)10 ( )]tj et q 1 0 0 1 70.8661 394.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.028 tw 10 0 0 10 70.8661 380.0046 tm (resign, the board shall immediately dismiss him/her in accordance with t\ he relevant provisions as soon as )tj et q 1 0 0 1 70.8661 378.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 364.0046 tm (it knows or should have known the occurrence of such facts.)tj et q 1 0 0 1 70.8661 362.0046 cm 0 0 m 256.637 0 l s q bt 0.036 tc 0.072 tw 10 0 0 10 70.8661 332.0046 tm [(if)11 ( )0.5 (the)11.1 ( number)11 ( )0.5 (of)11 ( )0.5 (independent)11 ( )0.5 (directors)11 ( )0.5 (and)11 ( )0.5 (the)11 ( )0.5 (proportion)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (independent)11 ( )0.5 (directors)11 ( )0.5 (in)11 ( )0.5 (the)11 ( )0.5 (board)11 ( )0.5 (or)11 ( )]tj et q 1 0 0 1 70.8661 330.0046 cm 0 0 m 453.793 0 l s q bt 0.035 tc 0.073 tw 10 0 0 10 70.8661 316.0046 tm [(its)10 ( )0.5 (special)10 ( )0.5 (committees)10 ( )0.5 (falls)10 ( )0.5 (below)10.1 ( )0.5 (the)10 ( )0.5 (minimum)10 ( )0.5 (requirement)10 ( )0.5 (of)10 ( )0.5 (rules)10 ( )0.5 (and)10 ( )0.5 (regulations)10 (,)10 ( )0.5 (this)10 ( )0.5 (rules)10 ( )0.5 (or)10 ( )0.5 (the)10 ( )]tj et q 1 0 0 1 70.8661 314.0046 cm 0 0 m 453.793 0 l s q bt 0.042 tc 0.07 tw 10 0 0 10 70.8661 300.0046 tm [(a)0.5 (rt)0.5 (i)0.5 (c)0.5 (le)0.5 (s)13 ( o)0.5 (f)13 ( a)0.5 (s)0.5 (s)0.5 (oc)0.5 (i)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)12.9 (,)13 ( )0.5 (or)13 ( )0.5 (th)0.5 (e)0.5 (re)13 ( )0.5 (a)0.5 (re)13 ( )0.5 (n)0.5 (o)12.9 ( )0.5 (a)0.5 (c)0.5 (co)0.5 (u)0.5 (nt)0.5 (i)0.5 (ng)13 ( )0.5 (pr)0.5 (o)0.5 (fe)0.5 (s)0.5 (s)0.5 (io)0.5 (n)0.5 (al)13 ( )0.5 (am)0.5 (o)0.5 (ng)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (in)0.5 (de)0.5 (p)0.5 (e)0.5 (nd)0.5 (e)0.5 (nt)13 ( )0.5 (di)0.5 (r)0.5 (e)0.5 (ct)0.5 (o)0.5 (rs)13 ( )0.5 (a)0.5 (s)12.9 ( )0.5 (a)17 ( )]tj et q 1 0 0 1 70.8661 298.0046 cm 0 0 m 453.793 0 l s q bt 0.038 tc 10 0 0 10 70.8661 284.0046 tm [(r)0.5 (e)0.6 (s)0.5 (u)0.6 (l)0.5 (t)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (r)0.6 (e)0.5 (s)0.6 (i)0.5 (g)0.6 (n)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.6 (n)13 ( )0.5 (o)0.5 (r)13 ( )0.5 (d)0.6 (i)0.5 (s)0.5 (m)0.6 (i)0.5 (s)0.6 (s)0.5 (a)0.6 (l)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (a)0.6 (n)13 ( )0.5 (i)0.5 (n)0.5 (d)0.6 (e)0.5 (p)0.6 (e)0.5 (n)0.6 (d)0.5 (e)0.5 (n)0.6 (t)13 ( )0.5 (d)0.5 (i)0.6 (r)0.5 (e)0.6 (c)0.5 (t)0.5 (o)0.6 (r)13 ( )0.5 (d)0.5 (u)0.6 (e)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.5 (c)0.6 (i)0.5 (r)0.5 (c)0.6 (u)0.5 (m)0.6 (s)0.5 (t)0.6 (a)0.5 (n)0.5 (c)0.6 (e)0.6 (s)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (s)0.6 (t)0.5 (i)0.5 (p)0.6 (u)0.5 (l)0.6 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )]tj et q 1 0 0 1 70.8661 282.0046 cm 0 0 m 453.793 0 l s q bt 0.056 tc 10 0 0 10 70.8661 268.0046 tm [(in)12.2 ( the)12.2 ( preceding)12.2 ( paragraph)12.2 (,)12.2 ( the)12.2 ( company)12.2 ( shall)12.2 ( supplement)12.2 ( the)12.3 ( number)12.2 ( of)12.2 ( independent)12.2 ( directors)12.3 ( in)31 ( )]tj et q 1 0 0 1 70.8661 266.0046 cm 0 0 m 453.793 0 l s q bt 0.033 tc 0.075 tw 10 0 0 10 70.8661 252.0046 tm [(accordance)8 ( )0.5 (with)8 ( )0.5 (regulations)8 (,)8 ( )0.5 (notify)8 ( )0.5 (the)8 ( )0.5 (shanghai)8 ( )0.5 (stock)8 ( )0.5 (exchange)8.1 ( )0.5 (and)8 ( )0.6 (the)8 ( )0.5 (hong)8 ( )0.5 (kong)8 ( )0.5 (stock)8 ( )0.5 (exchange)8 (,)8 ( )]tj et q 1 0 0 1 70.8661 250.0046 cm 0 0 m 453.793 0 l s q bt 0.03 tc 0.078 tw 10 0 0 10 70.8661 236.0046 tm [(make)5 ( )0.5 (a)5.1 ( )0.5 (public)5 ( )0.5 (announcement)5 ( )0.5 (and)5 ( )0.5 (appoint)5 ( )0.5 (a)5 ( )0.5 (new)5 ( )0.5 (independent)5 ( director)5 (.)5 ( )0.5 (the)5 ( )0.5 (company)5 ( )0.5 (shall)5 ( )0.5 (complete)5 ( )0.5 (the)5 ( )]tj et q 1 0 0 1 70.8661 234.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 220.0046 tm (election for replacement within 60 days from the date of the occurrence \ of aforementioned facts.)tj et q 1 0 0 1 70.8661 218.0046 cm 0 0 m 410.275 0 l s q bt /t1_1 1 tf 0.036 tc 0.072 tw 10 0 0 10 70.8661 188.0046 tm [(article)11 ( )0.5 (1)11 (5)]tj /t1_0 1 tf 4.59 0 td [( )-667 (an)11 ( )0.5 (independent)11 ( )0.6 (director)11 ( )0.5 (may)11 ( )0.5 (tender)11 ( )0.5 (resignation)11 ( )0.5 (before)11 ( )0.5 (expiration)11 ( )0.5 (of)11 ( )0.5 (the)11.1 ( )0.5 (term)11 ( )0.5 (of)11 ( )0.6 (office)11 ( )0.5 (by)11 ( )]tj 0.043 tc 0.07 tw -4.59 -1.6 td [(submitting)12.9 ( a)13 ( written)12.9 ( re)0.5 (signation)12.9 ( application)12.9 ( to)12.9 ( the)13 ( boa)0.5 (rd)12.8 (;)12.9 ( providing)12.9 ( an)12.9 ( explanation)12.8 ( )0.5 (of)12.9 ( any)12.9 ( conditions)18 ( )]tj 0.038 tc 0 -1.6 td [(which)12.3 ( are)12.3 ( related)12.4 ( to)12.3 ( his)12.4 ( or)12.3 ( her)12.4 ( resignation)12.4 ( or)12.3 ( which)12.4 ( is)12.4 ( considered)12.4 ( by)12.3 ( him)12.4 (/)12.3 (her)12.3 ( as)12.4 ( necessary)12.3 ( to)12.4 ( draw)12.3 ( the)13 ( )]tj 0.045 tc 0 -1.6 td [(a)0.5 (t)0.5 (t)0.5 (e)0.5 (nt)0.5 (i)0.5 (o)0.5 (n)13 ( o)0.5 (f)13 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (re)0.5 (h)0.5 (o)0.5 (l)0.5 (d)0.5 (e)0.5 (rs)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (c)0.5 (re)0.5 (d)0.5 (i)0.5 (t)0.5 (o)0.5 (r)0.5 (s)12.9 ( )0.5 (o)0.5 (f)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (ny)13 (.)13 ( )]tj 25.464 0 td [(t)0.5 (h)0.5 (e)13 ( c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (ny)13 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (l)0.5 (l)13 ( d)0.5 (i)0.5 (s)0.5 (c)0.5 (l)0.5 (os)0.5 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( r)0.5 (e)0.5 (a)0.5 (s)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (a)0.5 (nd)20 ( )]tj et q 1 0 0 1 325.509 138.0046 cm 0 0 m 199.15 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8662 124.0046 tm (concerns for the independent director\222s resignation.)tj et q 1 0 0 1 70.8662 122.0046 cm 0 0 m 219.058 0 l s q endstream endobj 137 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 132 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 101.9253 716.0747 tm (chapter 3 )tj 6.889 0 td (appointment and dismissal of independent directors)tj et 0 0 0 1 k 0.5 w q 1 0 0 1 170.8146 714.0747 cm 0 0 m 322.786 0 l s q bt 0.063 tc 0.07 tw 10 0 0 10 70.8661 684.0747 tm [(article)12.9 ( 9)]tj /t1_0 1 tf 0 tc 0 tw 4.301 0 td ( )tj 0.063 tc 0.07 tw 1.05 0 td [(the)12.9 ( company)12.9 (\222)12.9 (s)]tj et q 1 0 0 1 124.3823 682.0747 cm 0 0 m 72.5 0 l s q bt 10 0 0 10 196.8821 684.0747 tm [( board)12.8 (,)12.9 ( supervisory)12.9 ( committee)12.9 (,)12.9 ( shareholders)12.9 ( a)0.5 (lone)12.9 ( or)12.9 ( jointly)12.9 ( holding)38 ( )]tj 0.035 tc 0.073 tw -12.602 -1.6 td [(more)10.1 ( )0.5 (than)10 ( )0.5 (1)10 (%)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )0.5 (shares)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )0.5 (company)10 ( )0.5 (can)10.1 ( )0.5 (nominate)10 ( )0.5 (candidates)10 ( )0.5 (for)10.1 ( )0.5 (independent)10 ( )0.5 (directors)10 (,)10 ( )0.5 (whose)10 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(appointment)6 ( )0.5 (shall)6 ( )0.5 (be)6.1 ( )0.5 (subject)6 ( )0.5 (to)6 ( )0.5 (the)6.1 ( )0.5 (election)6 ( )0.5 (and)5.9 ( )0.6 (decision)6.1 ( )0.5 (of)6 ( )0.5 (shareholders)6.1 (\222)6 ( )0.5 (general)6 ( )0.5 (meetings)6 (.)6 ( )]tj 40.842 0 td [(the)6 ( )0.5 (above)6 ( )]tj et q 1 0 0 1 479.2901 650.0747 cm 0 0 m 45.369 0 l s q bt 0.027 tc 0.081 tw 10 0 0 10 70.8661 636.0747 tm [(nominator)2 ( shall)2 ( )0.5 (not)2 ( )0.5 (nominate)2.1 ( a)2 ( )0.5 (person)2 ( )0.5 (who)2 ( )0.5 (has)2 ( )0.5 (interest)2 ( )0.5 (in)2 ( )0.5 (the)2.1 ( nominator)2 ( )0.5 (or)2 ( any)2 ( )0.5 (other)2.1 ( close)2.1 ( relationship)2 ( )]tj et q 1 0 0 1 70.8661 634.0747 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 620.0747 tm (that may affect the independent performance of duties as a candidate for\ the independent director.)tj et q 1 0 0 1 70.8661 618.0747 cm 0 0 m 415.775 0 l s q bt 0.027 tw 10 0 0 10 70.8661 588.0747 tm [(an investor protection )0.5 (institution formed )0.5 (in )0.5 (accordance )0.5 (with )0.5 (the law may )0.5 (publicly )0.5 (request shareholders to )]tj et q 1 0 0 1 70.8661 586.0747 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 572.0747 tm (entrust it with exercise of the right to nominate the independent direct\ ors.)tj et q 1 0 0 1 70.8661 570.0747 cm 0 0 m 312.847 0 l s q bt /t1_1 1 tf 0.051 tc 0.07 tw 10 0 0 10 70.8661 540.0747 tm [(article)12.3 ( 1)12.2 (0)]tj /t1_0 1 tf 0 tc 0 tw 4.738 0 td ( )tj 0.051 tc 0.07 tw 1.039 0 td [(the)12.3 ( nominators)12.2 ( of)12.2 ( independent)12.2 ( directors)12.2 ( should)12.2 ( obtain)12.3 ( the)12.3 ( consent)12.2 ( of)12.2 ( nominees)12.3 ( before)26 ( )]tj et q 1 0 0 1 128.6362 538.0747 cm 0 0 m 396.023 0 l s q bt 0.049 tc 10 0 0 10 70.8661 524.0747 tm [(the)12.2 ( nomination)12.1 (.)12.2 ( a)12.2 ( nominator)12.2 ( should)12.1 ( have)12.2 ( full)12.2 ( knowledge)12.2 ( of)12.2 ( the)12.2 ( occupation)12.1 (,)12.2 ( academic)12.2 ( qualification)12.2 (,)24 ( )]tj et q 1 0 0 1 70.8661 522.0747 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.059 tw 10 0 0 10 70.8661 508.0746 tm (professional title, detailed working experience, all part-time jobs of t\ he nominee, and whether he/she has )tj et q 1 0 0 1 70.8661 506.0746 cm 0 0 m 453.793 0 l s q bt 0.032 tc 0.076 tw 10 0 0 10 70.8661 492.0746 tm [(any)7 ( )0.5 (material)7 ( )0.5 (discredit)7 ( )0.5 (and)7 ( )0.5 (other)7 ( )0.6 (misconduct)7 ( )0.5 (records)7 (,)7 ( )0.5 (etc)7 (.)7 (,)7 ( )0.5 (as)7 ( )0.5 (well)6.9 ( )0.6 (as)7.1 ( )0.5 (express)7 ( )0.5 (opinions)7 ( )0.5 (on)7 ( )0.5 (the)7 ( )0.5 (nominee)7 (\222)7 (s)7 ( )]tj et q 1 0 0 1 70.8661 490.0746 cm 0 0 m 453.793 0 l s q bt 0.053 tc 0.07 tw 10 0 0 10 70.8661 476.0746 tm [(satisfaction)12.6 ( of)12.5 ( the)12.6 ( independence)12.6 ( and)12.6 ( other)12.6 ( requirements)12.6 ( for)12.6 ( the)12.5 ( office)12.6 ( of)12.6 ( independent)12.6 ( director)12.6 (.)12.6 ( the)28.1 ( )]tj et q 1 0 0 1 70.8661 474.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.078 tw 10 0 0 10 70.8661 460.0746 tm (nominee shall make a public statement as to his/her satisfaction of inde\ pendence and other requirements )tj et q 1 0 0 1 70.8661 458.0746 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 444.0746 tm (for the office of independent director.)tj et q 1 0 0 1 70.8661 442.0746 cm 0 0 m 160.258 0 l s q bt /t1_1 1 tf 0.006 tw 10 0 0 10 70.8661 412.0746 tm (article 11)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.006 tw 5.474 0 td (the nomination committee under the board of the company shall review the\ qualifications of )tj et q 1 0 0 1 125.6046 410.0746 cm 0 0 m 399.055 0 l s q bt 0 tw 10 0 0 10 70.8661 396.0746 tm (the nominees for appointment and form a definite review opinion.)tj et q 1 0 0 1 70.8661 394.0746 cm 0 0 m 279.848 0 l s q bt 0.065 tc 0.07 tw 10 0 0 10 70.8661 364.0746 tm [(before)12.7 ( issuing)12.6 ( the)12.6 ( notice)12.7 ( and)12.6 ( announcement)12.7 ( of)12.6 ( the)12.6 ( shareholders)12.6 (\222)12.6 ( general)12.5 ( meeting)12.6 ( for)12.6 ( election)12.6 ( of)40 ( )]tj et q 1 0 0 1 70.8661 362.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.045 tw 10 0 0 10 70.8661 348.0746 tm (independent directors, the company shall disclose relevant information i\ n accordance with the provisions )tj et q 1 0 0 1 70.8661 346.0746 cm 0 0 m 453.793 0 l s q bt 0.049 tc 0.07 tw 10 0 0 10 70.8661 332.0746 tm [(o)0.5 (f)12.9 ( )0.5 (a)0.5 (rt)0.5 (ic)0.5 (l)0.5 (e)13 ( 1)13 (0)12.9 ( )0.5 (he)0.5 (r)0.5 (e)0.5 (of)13 ( a)0.5 (n)0.5 (d)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (pr)0.5 (ec)0.5 (e)0.5 (di)0.5 (ng)13 ( )0.5 (pa)0.5 (r)0.5 (a)0.5 (gr)0.5 (a)0.5 (ph)13 (,)12.9 ( )0.5 (a)0.5 (nd)13 ( s)0.5 (u)0.5 (bm)0.5 (it)13 ( )0.5 (re)0.5 (le)0.5 (v)0.5 (an)0.5 (t)13 ( m)0.5 (a)0.5 (te)0.5 (r)0.5 (ia)0.5 (ls)13 ( )0.5 (of)13 ( )0.5 (al)0.5 (l)12.9 ( )0.5 (c)0.5 (a)0.5 (nd)0.5 (id)0.5 (a)0.5 (te)0.5 (s)13 ( o)0.5 (f)24 ( )]tj et q 1 0 0 1 70.8661 330.0746 cm 0 0 m 453.793 0 l s q bt 0.03 tc 0.078 tw 10 0 0 10 70.8661 316.0746 tm [(independent)5 ( )0.5 (directors)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (shanghai)5 ( )0.5 (stock)5 ( )0.5 (exchange)5 (.)5 ( )0.5 (such)5 ( )0.5 (materials)5.1 ( )0.5 (submitted)5 ( )0.5 (shall)5 ( )0.5 (be)5 ( )0.5 (true)5 (,)5 ( )0.5 (accurate)5 ( )]tj et q 1 0 0 1 70.8661 314.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 300.0746 tm (and complete.)tj et q 1 0 0 1 70.8661 298.0746 cm 0 0 m 59.349 0 l s q bt 0.052 tc 0.07 tw 10 0 0 10 70.8661 268.0746 tm [(the)12.4 ( shanghai)12.4 ( stock)12.4 ( exchange)12.5 ( shall)12.4 (,)12.5 ( in)12.4 ( accordance)12.5 ( with)12.4 ( the)12.4 ( requirements)12.5 (,)12.4 ( review)12.4 ( such)12.4 ( materials)12.5 ( of)27 ( )]tj et q 1 0 0 1 70.8661 266.0746 cm 0 0 m 453.793 0 l s q bt 0.045 tc 10 0 0 10 70.8661 252.0746 tm [(the)12.3 ( independent)12.3 ( director)12.3 ( candidates)12.3 ( and)12.3 ( make)12.3 ( prudent)12.3 ( judgment)12.3 ( on)12.3 ( whether)12.3 ( the)12.3 ( independent)12.3 ( director)20 ( )]tj et q 1 0 0 1 70.8661 250.0746 cm 0 0 m 453.793 0 l s q bt 0.032 tc 0.076 tw 10 0 0 10 70.8661 236.0746 tm [(candidates)7 ( )0.5 (are)7 ( )0.5 (qualified)7 ( )0.5 (to)7 ( )0.5 (hold)7 ( )0.5 (office)7 (,)7 ( )0.5 (and)7 ( )0.5 (shall)7 ( )0.5 (be)7 ( )0.5 (entitled)7 ( )0.5 (to)7 ( )0.5 (raise)7 ( )0.5 (dissenting)7 ( )0.5 (views)7 (.)7 ( )0.5 (when)7 ( )0.5 (convening)7 ( )]tj et q 1 0 0 1 70.8661 234.0746 cm 0 0 m 453.793 0 l s q bt 0.031 tc 0.077 tw 10 0 0 10 70.8661 220.0746 tm [(a)6 ( )0.5 (shareholders)6 (\222)6 ( )0.5 (general)6.1 ( meeting)6.1 ( )0.5 (to)6 ( )0.5 (elect)6.1 ( )0.5 (independent)6 ( )0.5 (directors)6.1 (,)6 ( )0.5 (the)6 ( )0.5 (board)6 ( )0.5 (of)6 ( )0.5 (the)6.1 ( company)6 ( )0.5 (shall)6 ( )0.5 (explain)6 ( )]tj et q 1 0 0 1 70.8661 218.0746 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.013 tw 10 0 0 10 70.8661 204.0747 tm [(whether the )0.5 (independent director candidates )0.5 (have been dissented )0.5 (by )0.5 (the shanghai stock )0.5 (exchange. in case )]tj et q 1 0 0 1 70.8661 202.0747 cm 0 0 m 453.793 0 l s q bt 0.004 tw 10 0 0 10 70.8661 188.0747 tm (of dissent by the shanghai stock exchange, the company shall not submit \ for election at the shareholders\222 )tj et q 1 0 0 1 70.8661 186.0747 cm 0 0 m 453.793 0 l s q bt 0.047 tc 0.07 tw 10 0 0 10 70.8661 172.0747 tm [(general)12.4 ( meeting)12.4 (.)12.4 ( if)12.5 ( it)12.5 ( has)12.4 ( been)12.4 ( submitted)12.4 ( to)12.4 ( the)12.5 ( shareholders)12.4 (\222)12.5 ( general)12.4 ( meeting)12.4 ( for)12.5 ( consideration)12.4 (,)12.5 ( the)22 ( )]tj et q 1 0 0 1 70.8661 170.0747 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 70.8661 156.0747 tm (proposal shall be canceled.)tj et q 1 0 0 1 70.8661 154.0747 cm 0 0 m 114.499 0 l s q endstream endobj 136 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 131 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.032 tc 0.076 tw 10 0 0 10 70.8661 716.0046 tm [(\223)7 (main)7 ( )0.5 (social)7 ( )0.5 (relations)7 (\224)7.1 ( )0.5 (as)7 ( )0.5 (mentioned)7 ( )0.5 (in)7 ( )0.5 (above)7 ( )0.5 (paragraph)7 ( )0.5 (refers)7 ( )0.5 (to)7 ( )0.5 (siblings)7 (,)7 ( )0.5 (spouses)7 ( )0.5 (of)7 ( )0.5 (siblings)7 (,)7 ( )0.5 (parents)7 ( )]tj et 0 0 0 1 k 0.5 w q 1 0 0 1 70.8661 714.0046 cm 0 0 m 453.793 0 l s q bt 0.061 tc 0.07 tw 10 0 0 10 70.8661 700.0046 tm [(of)12.8 ( spouses)12.9 (,)12.8 ( siblings)12.9 ( of)12.9 ( spouses)12.9 (,)12.9 ( spouses)12.9 ( of)12.8 ( children)12.8 (,)12.9 ( parents)12.9 ( of)12.8 ( children)12.8 (\222)12.9 (s)12.9 ( spouses)12.9 (,)12.9 ( etc)12.9 (.)12.8 (;)12.9 ( \223)12.9 (material)36 ( )]tj et q 1 0 0 1 70.8661 698.0046 cm 0 0 m 453.793 0 l s q bt 0.042 tc 10 0 0 10 70.8661 684.0046 tm [(business)12.1 ( relationship)12.2 (\224)12.2 ( refers)12.2 ( to)12.1 ( matters)12.2 ( required)12.1 ( to)12.2 ( be)12.2 ( submitted)12.2 ( to)12.1 ( the)12.1 ( shareholders)12.1 (\222)12.2 ( general)12.1 ( meeting)17 ( )]tj et q 1 0 0 1 70.8661 682.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.074 tw 10 0 0 10 70.8661 668.0046 tm (for deliberation in accordance with the listing rules of sse or the arti\ cles of association, or any other )tj et q 1 0 0 1 70.8661 666.0046 cm 0 0 m 453.793 0 l s q bt 0.042 tc 0.07 tw 10 0 0 10 70.8661 652.0046 tm [(material)12.2 ( matters)12.1 ( as)12.1 ( recognized)12.2 ( by)12.1 ( the)12.1 ( shanghai)12.1 ( stock)12.2 ( exchange)12.2 (;)12.1 ( and)12.1 ( \223)12.2 (employment)12.1 (\224)12.2 ( refers)12.1 ( to)12.1 ( holding)17 ( )]tj et q 1 0 0 1 70.8661 650.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.082 tw 10 0 0 10 70.8661 636.0046 tm (positions of directors, supervisors, senior management personnel and oth\ er staff members. the affiliated )tj et q 1 0 0 1 70.8661 634.0046 cm 0 0 m 453.793 0 l s q bt 10 0 0 10 70.8661 620.0046 tm (companies of the controlling shareholder and de facto controller of the \ company in items $iv$, $v$ and )tj et q 1 0 0 1 70.8661 618.0046 cm 0 0 m 453.793 0 l s q bt 0.054 tw 10 0 0 10 70.8661 604.0046 tm ($vi$ above shall not include the affiliated companies which do not con\ stitute connected relationship with )tj et q 1 0 0 1 70.8661 602.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 588.0046 tm (the company under the requirements of the rule 6.3.4 of the listing rule\ s of sse.)tj et q 1 0 0 1 70.8661 586.0046 cm 0 0 m 352.727 0 l s q bt 0.066 tw 10 0 0 10 70.8661 556.0046 tm (the independent directors shall conduct a self-examination of their inde\ pendence on an annual basis and )tj et q 1 0 0 1 70.8661 554.0046 cm 0 0 m 453.793 0 l s q bt 0.024 tc 0 tw 10 0 0 10 70.8661 540.0046 tm [(issue an independence confirmation letter, and submit the self-examinati\ on and independence confirmation)-1 ( )]tj et q 1 0 0 1 70.8661 538.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0.071 tw 10 0 0 10 70.8661 524.0046 tm (letter to the board. the board shall conduct an annual assessment of the\ independence of the incumbent )tj et q 1 0 0 1 70.8661 522.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 70.8661 508.0046 tm (independent directors and issue special opinions thereon, which shall be\ disclosed together with the annual )tj et q 1 0 0 1 70.8661 506.0046 cm 0 0 m 453.793 0 l s q bt -0.025 tw 10 0 0 10 70.8661 492.0046 tm (report.)tj et q 1 0 0 1 70.8661 490.0046 cm 0 0 m 28.13 0 l s q bt /t1_1 1 tf 0.003 tw 10 0 0 10 70.8661 460.0046 tm (article 8)tj /t1_0 1 tf 0 tc 0 tw ( )tj 0.025 tc 0.003 tw 4.946 0 td (candidates for independent directors shall have good personal morality, \ shall not be prohibited )tj et q 1 0 0 1 120.3253 458.0046 cm 0 0 m 404.334 0 l s q bt 0.047 tc 0.07 tw 10 0 0 10 70.8661 444.0046 tm [(from)12.2 ( being)12.2 ( nominated)12.2 ( as)12.1 ( directors)12.1 ( of)12.1 ( listed)12.2 ( companies)12.2 (,)12.1 ( and)12.2 ( shall)12.1 ( not)12.2 ( have)12.2 ( the)12.1 ( following)12.1 ( misconduct)22 ( )]tj et q 1 0 0 1 70.8661 442.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc -0.025 tw 10 0 0 10 70.8661 428.0046 tm (records:)tj et q 1 0 0 1 70.8661 426.0046 cm 0 0 m 34.209 0 l s q bt 0.063 tw 10 0 0 10 70.8661 396.0046 tm [($i$ )-1422.7 (any )0.5 (administrative )0.5 (punishment )0.5 (imposed )0.6 (by )0.5 (the )0.5 (csrc )0.5 (or )0.5 (criminal )0.5 (punishment )0.5 (by )0.5 (judicial )0.5 (authority )]tj et q 1 0 0 1 70.8661 394.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 99.2126 380.0046 tm (due to violations or crimes on securities and futures dealing within the\ last 36 months;)tj et q 1 0 0 1 99.2126 378.0046 cm 0 0 m 366.977 0 l s q bt 0.035 tw 10 0 0 10 70.8661 348.0046 tm [($ii$ )-1092.7 (being placed on file for investigation by the csrc or judicial authority\ due to suspected violations )]tj et q 1 0 0 1 70.8661 346.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 99.2126 332.0046 tm (or crimes on securities and futures dealing, with no definite conclusion\ has been reached;)tj et q 1 0 0 1 99.2126 330.0046 cm 0 0 m 379.646 0 l s q bt 0.024 tw 10 0 0 10 70.8661 300.0046 tm [($iii$ )-745.7 (any public censure or three or more times of public criticism by the sto\ ck exchanges within the last )]tj et q 1 0 0 1 70.8661 298.0046 cm 0 0 m 453.793 0 l s q bt 0 tw 10 0 0 10 99.2126 284.0046 tm (36 months;)tj et q 1 0 0 1 99.2126 282.0046 cm 0 0 m 47.23 0 l s q bt 10 0 0 10 70.8661 252.0046 tm [($iv$ )-738.7 (any material dishonest acts or other misconduct records;)]tj et q 1 0 0 1 70.8661 250.0046 cm 0 0 m 267.584 0 l s q bt 0.04 tc 0.07 tw 10 0 0 10 70.8661 220.0046 tm [($)15 (v)15 ($)15 ( )-1011.7 (in)12.6 ( less)12.6 ( than)12.6 ( 1)12.6 (2)12.6 ( months)12.6 (,)12.7 ( having)12.6 ( been)12.7 ( proposed)12.7 ( by)12.6 ( the)12.6 ( board)12.6 ( to)12.7 ( be)12.6 ( removed)12.6 ( at)12.6 ( a)12.7 ( general)12.6 ( meeting)15 ( )]tj et q 1 0 0 1 70.8661 218.0046 cm 0 0 m 453.793 0 l s q bt 0.075 tc 10 0 0 10 99.2126 204.0046 tm [(since)12.8 ( he)12.7 (/)12.8 (she)12.7 ( fails)12.8 ( to)12.7 ( attend)12.8 ( the)12.8 ( board)12.7 ( meetings)12.8 ( either)12.7 ( in)12.8 ( person)12.7 ( or)12.8 ( by)12.7 ( appointing)12.8 ( another)50 ( )]tj et q 1 0 0 1 99.2126 202.0046 cm 0 0 m 425.447 0 l s q bt 0.025 tc 0.074 tw 10 0 0 10 99.2126 188.0046 tm (independent director on his/her behalf for two consecutive times during \ his/her previous tenure as )tj et q 1 0 0 1 99.2126 186.0046 cm 0 0 m 425.447 0 l s q bt 0 tw 10 0 0 10 99.2126 172.0046 tm (an independent director;)tj et q 1 0 0 1 99.2126 170.0046 cm 0 0 m 103.199 0 l s q bt 10 0 0 10 70.8661 140.0046 tm [($vi$ )-738.7 (other circumstances as defined by the stock exchange$s$.)]tj et q 1 0 0 1 70.8661 138.0046 cm 0 0 m 269.503 0 l s q endstream endobj 135 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 130 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.038 tc 0.07 tw 10 0 0 10 70.8661 716.0046 tm [($)13 (i)13 (i)13 ($)13 ( )-1044.7 (persons)12.5 ( directly)12.6 ( or)12.6 ( indirectly)12.5 ( holding)12.6 ( 1)12.6 (%)12.6 ( or)12.6 ( more)12.5 ( than)12.6 ( 1)12.5 (%)12.6 ( of)12.6 ( the)12.6 ( shares)12.6 ( of)12.6 ( the)12.6 ( company)12.5 ( or)12.6 ( the)13 ( )]tj 0.025 tc 0 tw 2.835 -1.6 td (company\222s top ten natural person shareholders and their )tj (spouses, parents, sons and daughters)tj et 0 0 0 1 k 0.5 w q 1 0 0 1 343.7303 698.0046 cm 0 0 m 155.088 0 l s q bt 0 tc 10 0 0 10 498.8188 700.0046 tm (;)tj 0.025 tc 0.027 tw -42.795 -3.2 td [($iii$ )-742.7 (persons employed by shareholders directly or indirectly holding 5% or mo\ re than 5% of the shares )]tj 0.036 tc 0.072 tw 2.835 -1.6 td [(of)11 ( )0.5 (the)11 ( )0.5 (company)11.1 ( or)10.9 ( )0.5 (the)11 ( )0.5 (top)11 ( )0.5 (five)11 ( )0.5 (shareholders)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (company)11 ( )0.5 (as)11 ( )0.5 (well)11 ( )0.5 (as)11 ( )0.5 (those)11 ( )0.5 (persons)11.1 (\222)11 ( )]tj -0.036 tw 38.916 0 td [(spouses)11 (,)11 ( )]tj et q 1 0 0 1 488.3722 650.0046 cm 0 0 m 36.287 0 l s q bt 0.025 tc 0 tw 10 0 0 10 99.2126 636.0046 tm (parents, sons and daughters)tj et q 1 0 0 1 99.2126 634.0046 cm 0 0 m 116.729 0 l s q bt 0 tc 10 0 0 10 215.9414 636.0046 tm (;)tj 0.031 tc 0.077 tw -14.508 -3.2 td [($)6 (i)6 (v)6 ($)6.1 ( )-655.7 (persons)6 ( )0.5 (working)6 ( )0.5 (in)6 ( )0.5 (the)6 ( )0.5 (company)6 (\222)6 (s)6 ( )0.5 (controlling)6.1 ( )0.5 (shareholder)6 (,)6 ( )0.5 (de)6 ( )0.5 (facto)6 ( )0.5 (controller)6 ( )0.5 (and)6.1 ( )0.5 (its)6 ( )0.5 (respective)6 ( )]tj et q 1 0 0 1 70.8661 602.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 99.2126 588.0046 tm (affiliated companies, and the spouses, parents, sons and daughters of su\ ch person;)tj et q 1 0 0 1 99.2126 586.0046 cm 0 0 m 348.216 0 l s q bt 0.044 tc 1.078 tw 10 0 0 10 70.8661 556.0046 tm [($)19 (v)19 ($)19 ( persons)]tj et q 1 0 0 1 70.8661 554.0046 cm 0 0 m 61.843 0 l s q bt 0.07 tw 10 0 0 10 132.709 556.0046 tm [( providing)12.7 ( )]tj -0.044 tw (financial)tj 0.07 tw 8.881 0 td [(,)12.6 ( legal)12.6 (,)12.6 ( consultancy)12.6 ( )]tj [(or)12.7 ( sponsorship)]tj et q 1 0 0 1 312.0392 554.0046 cm 0 0 m 65.203 0 l s q bt 10 0 0 10 377.2423 556.0046 tm [( services)12.6 ( to)12.7 ( the)12.6 ( company)12.6 ( )]tj [(and)12.6 ( its)19 ( )]tj et q 1 0 0 1 494.8118 554.0046 cm 0 0 m 29.848 0 l s q bt 0.025 tc 0.033 tw 10 0 0 10 99.2126 540.0046 tm [(controlling shareholder, )0.5 (de )0.5 (facto )0.5 (controller)]tj et q 1 0 0 1 99.2126 538.0046 cm 0 0 m 185.318 0 l s q bt 10 0 0 10 284.5311 540.0046 tm [( )0.5 (or )0.5 (its )]tj -0.025 tw 2.826 0 td (respective)tj et q 1 0 0 1 312.7861 538.0046 cm 0 0 m 43.039 0 l s q bt 0.033 tw 10 0 0 10 355.8254 540.0046 tm [( )0.5 (affiliated )0.5 (companies, )]tj 9.559 0 td [(including )0.5 (but )0.5 (not )]tj et q 1 0 0 1 451.4195 538.0046 cm 0 0 m 73.24 0 l s q bt 0.033 tc 0.075 tw 10 0 0 10 99.2126 524.0046 tm [(limited)8 ( )0.5 (to)8 ( )0.5 (all)8 ( )0.5 (members)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (project)8 ( )0.6 (teams)8 ( )0.5 (from)7.9 ( )0.6 (the)8 ( )0.5 (intermediaries)8.1 ( )0.5 (providing)8 ( )0.5 (service)8 (,)8 ( )0.5 (reviewing)8 ( )]tj et q 1 0 0 1 99.2126 522.0046 cm 0 0 m 425.447 0 l s q bt 0.054 tc 0.07 tw 10 0 0 10 99.2126 508.0046 tm [(officers)12.7 ( at)12.8 ( all)12.7 ( levels)12.8 (,)12.7 ( persons)12.7 ( signing)12.7 ( the)12.8 ( reports)12.7 (,)12.7 ( partners)12.8 (,)12.7 ( directors)12.7 (,)12.8 ( senior)12.7 ( management)12.8 ( and)29 ( )]tj et q 1 0 0 1 99.2126 506.0046 cm 0 0 m 425.447 0 l s q bt 0.025 tc 0 tw 10 0 0 10 99.2126 492.0046 tm (principal persons-in-charge;)tj et q 1 0 0 1 99.2126 490.0046 cm 0 0 m 119.469 0 l s q bt 0.027 tw 10 0 0 10 70.8661 460.0046 tm [($vi$ )-711.7 (persons )0.5 (who )0.5 (have )0.5 (material business )0.5 (relationship )0.5 (with the )0.5 (company )0.5 (and )0.5 (its )0.5 (controlling )0.5 (shareholder, )]tj et q 1 0 0 1 70.8661 458.0046 cm 0 0 m 453.793 0 l s q bt 0.048 tc 0.07 tw 10 0 0 10 99.2126 444.0046 tm [(de)12.5 ( facto)12.6 ( controller)12.6 ( or)12.6 ( its)12.6 ( respective)12.6 ( affiliated)12.5 ( companies)12.6 (,)12.5 ( or)12.6 ( employment)12.5 ( in)12.6 ( companies)12.6 ( and)12.6 ( its)23 ( )]tj et q 1 0 0 1 99.2126 442.0046 cm 0 0 m 425.447 0 l s q bt 0.025 tc 0 tw 10 0 0 10 99.2126 428.0046 tm (controlling shareholder and de facto controller that have material busin\ ess relationship;)tj et q 1 0 0 1 99.2126 426.0046 cm 0 0 m 372.746 0 l s q bt 10 0 0 10 70.8661 396.0046 tm [($vii$ )-380.7 (person who has met any of the conditions stated in items $i$ to $vi$\ above in the past 12 months;)]tj et q 1 0 0 1 70.8661 394.0046 cm 0 0 m 439.493 0 l s q bt -0.025 tw 8.5 0 0 10 70.8661 364.0046 tm ($viii$ )tj 0.074 tc 0.07 tw 10 0 0 10 99.2126 364.0046 tm [(any)12.2 ( other)12.2 ( person)12.1 ( who)12.1 ( does)12.2 ( not)12.2 ( work)12.1 ( independently)12.1 ( as)12.2 ( prescribed)12.2 ( by)12.1 ( laws)12.2 (,)12.1 ( administrative)49.1 ( )]tj et q 1 0 0 1 70.8661 362.0046 cm 0 0 m 453.793 0 l s q bt 0.025 tc 0 tw 10 0 0 10 99.2126 348.0046 tm (regulations, rules of the csrc, business rules of the stock exchange, et\ c.)tj et q 1 0 0 1 99.2126 346.0046 cm 0 0 m 310.407 0 l s q bt 0.739 tw 10 0 0 10 70.8661 316.0046 tm [($ix$ a)-49.3 (n)-49.4 (y)]tj et q 1 0 0 1 70.8661 314.0046 cm 0 0 m 44.892 0 l s q bt 0.074 tc 0.07 tw 10 0 0 10 115.7582 316.0046 tm [( other)12.2 ( person)12.2 ( )]tj [(who)12.2 ( does)12.1 ( not)12.1 ( work)12.2 ( independently)12.2 ( as)12.1 ( prescribed)12.1 ( by)12.2 ( laws)12.1 (,)12.2 ( administrative)49 ( )]tj et q 1 0 0 1 182.728 314.0046 cm 0 0 m 341.931 0 l s q bt 0.021 tc 0 tw 10 0 0 10 99.2126 300.0046 tm (regulations, rules of 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gaining)12.4 ( a)12.5 ( thorough)12.4 ( understanding)12.4 ( of)12.4 ( the)12.4 ( local)14 ( )]tj 0.058 tc 0 -1.55 td [(market)12.4 ( environment)12.4 (,)12.3 ( laws)12.4 ( and)12.3 ( regulations)12.3 (,)12.4 ( mitigating)12.3 ( political)12.3 ( and)12.3 ( policy)12.3 ( risks)12.4 (,)33 ( )]tj 0.025 tc 0.006 tw 0 -1.55 td (establishing good relationships with local government departments and cu\ stomers, and )tj 0.033 tc 0.075 tw 0 -1.55 td [(effectively)8 ( )0.5 (utilizing)8 ( )0.5 (local)8 ( )0.5 (policies)8 ( )0.5 (to)8 ( )0.5 (achieve)8.1 ( )0.5 (higher)8 ( )0.5 (quality)8 ( )0.5 (development)8 (.)8 ( )0.5 (secondly)8 (,)8 ( )]tj 0.025 tc 0.048 tw 0 -1.55 td (while consolidating current market position, the company should adhere t\ o a primary )tj 0.028 tc 0.08 tw 0 -1.55 td [(business)3 ( )0.5 (while)3 ( )0.5 (diversifying)3 ( )0.5 (other)3 ( )0.5 (businesses)3 ( )0.5 (moderately)3 (.)3 ( )0.5 (it)3 ( )0.5 (should)3 ( )0.5 (innovate)3 ( )0.5 (business)3 ( )]tj 0.052 tc 0.07 tw 0 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actions, coordinated the promotion of the world-class \223\ four special )tj 0.065 tw 0 -1.6 td (actions\224. the company achieved outstanding results in cultivating mod\ el enterprises, )tj 0.078 tw 0 -1.6 td (and the subsidiary of the company, cisdi, was successfully selected by t\ he sasac )tj 0.046 tc 0.07 tw 0 -1.6 td [(as)12.7 ( one)12.6 ( of)12.6 ( the)12.6 ( model)12.6 ( enterprises)12.6 ( for)12.6 ( establishing)12.6 ( a)12.7 ( world)12.6 (-)12.6 (class)12.6 ( professional)12.6 ( leader)12.6 (.)21 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(the)6.1 ( total)6 ( )0.5 (number)6 ( )0.5 (of)6 ( )0.5 (\223)6 (dual)6 ( )0.5 (hundred)6 ( )0.5 (enterprises)6 (\224)6 ( )0.5 (and)6 ( )0.5 (\223)6.1 (demonstration)6 ( )0.5 (enterprises)6 ( )0.5 (of)6 ( )]tj 0.025 tc 0.066 tw 0 -1.6 td [(science )0.5 (reform\224 )0.5 (enterprises )0.5 (increased )0.5 (to )0.5 (nine, )0.6 (and )0.5 (the )0.5 (total )0.6 (number )0.5 (of )0.5 (national )0.5 (level )]tj 0.048 tc 0.07 tw 0 -1.6 td [(specialized)12.9 (,)12.9 ( unique)12.9 ( and)12.8 ( new)12.8 ( \223)12.9 (small)12.9 ( titan)12.9 (\224)12.9 ( $)]tj /c0_0 1 tf 0.035 tc -0.035 tw 19.534 0 td <02830336025b>tj /t1_0 1 tf 0.048 tc 0.07 tw [($)12.9 ( enterprises)12.8 ( increased)12.9 ( to)12.9 ( eight)12.9 (,)23 ( )]tj 0.052 tc -19.534 -1.6 td [(r)0.5 (e)0.6 (s)0.5 (u)0.5 (l)0.6 (t)0.5 (i)0.5 (n)0.6 (g)13 ( )0.5 (i)0.6 (n)13 ( )0.5 (a)13.1 ( )0.5 (s)0.6 (u)0.5 (s)0.5 (t)0.6 (a)0.5 (i)0.5 (n)0.6 (e)0.5 (d)13.1 ( )0.5 (r)0.5 (e)0.6 (l)0.5 (e)0.6 (a)0.5 (s)0.5 (e)13.1 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (e)0.5 (n)0.5 (t)0.6 (e)0.5 (r)0.6 (p)0.5 (r)0.5 (i)0.6 (s)0.5 (e)13 ( )0.6 (r)0.5 (e)0.6 (f)0.5 (o)0.5 (r)0.6 (m)13 ( )0.5 (d)0.6 (y)0.5 (n)0.5 (a)0.6 (m)0.5 (i)0.5 (c)0.6 (s)13 (.)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.5 (c)0.6 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (n)0.5 (y)27 ( )]tj 0.03 tc 0.078 tw 0 -1.6 td [(made)5.1 ( )0.5 (key)5 ( )0.5 (breakthroughs)5 ( )0.6 (in)5 ( )0.5 (corporate)5.1 ( )0.5 (governance)5 ( )0.5 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[(milestones)12.4 ( being)12.5 ( promoted)12.4 ( and)12.5 ( applied)12.5 ( in)12.5 ( the)12.5 ( key)12.5 ( construction)12.5 ( projects)12.4 (,)12.5 ( resulting)21.9 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(in)6 ( )0.6 (significant)6 ( )0.5 (economic)6 ( )0.5 (and)6 ( )0.5 (social)6 ( )0.5 (benefits)6 (,)6 ( )0.5 (as)6.1 ( )0.5 (well)6 ( )0.5 (as)6 ( )0.5 (accelerated)6 ( )0.5 (integration)6 ( )0.5 (of)6.1 ( )0.5 (the)6.1 ( )]tj 0.052 tc 0.07 tw 0 -1.6 td [(i)0.5 (n)0.5 (n)0.5 (o)0.5 (v)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (i)0.5 (n)0.5 (d)0.5 (u)0.5 (s)0.5 (t)0.5 (r)0.5 (y)13 ( )0.5 (c)0.6 (h)0.5 (a)0.5 (i)0.5 (n)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (v)0.5 (a)0.5 (l)0.5 (u)0.5 (e)13 ( )0.6 (c)0.5 (h)0.5 (a)0.5 (i)0.5 (n)13 (.)13 ( )0.5 (u)0.5 (n)0.5 (d)0.5 (e)0.5 (r)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (b)0.5 (a)0.5 (c)0.5 (k)0.5 (g)0.5 (r)0.5 (o)0.5 (u)0.5 (n)0.5 (d)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (f)0.5 (r)0.5 (u)0.5 (i)0.5 (t)0.5 (f)0.5 (u)0.5 (l)27 ( )]tj et endstream endobj 185 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 117 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 70.8661 716.0747 tm [(iii. )-1042.7 (performance of the board of directors)]tj 2.835 -3.2 td [($i$ )-1429.7 (progress of major events on which the board placed an emphasis for the y\ ear)]tj 0.023 tc 10 0 2.6795 10 126.5328 652.0747 tm [(1)-2 (.)-2 ( )-1761.7 (focusing on main responsibilities and main businesses, continuously cons\ olidating)-2 ( )]tj 0.027 tc 0.081 tw 3.263 -1.6 td [(and)2 ( )0.5 (enhanced)2 ( )0.5 (our)2 ( )0.5 (business)2 ( )0.5 (advantages)2 ( )0.5 (in)2 ( )0.5 (the)2 ( )0.5 (\223)2 (one)2 ( )0.5 (core)2 (,)2 ( )0.5 (two)2 ( )0.5 (main)2 ( )0.5 (bodies)2 ( )0.5 (and)2 ( )]tj 0.025 tc 0 tw 0.429 -1.6 td (five features\224 fields)tj /t1_0 1 tf 0.068 tc 0.07 tw 10 0 0 10 155.9055 588.0747 tm [(i)0.5 (n)12.9 ( )0.5 (2)13 (0)12.9 (2)13 (3)13 (,)12.9 ( )0.5 (i)0.5 (n)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (f)0.5 (ie)0.5 (l)0.5 (d)0.5 (s)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (s)0.5 (te)0.5 (e)0.5 (l)13 ( m)0.5 (e)0.5 (t)0.5 (al)0.5 (l)0.5 (ur)0.5 (g)0.5 (y)12.9 (,)13 ( )0.5 (no)0.5 (n)13 (-)12.9 (f)0.5 (e)0.5 (r)0.5 (ro)0.5 (u)0.5 (s)12.9 ( )0.5 (m)0.5 (e)0.5 (ta)0.5 (l)0.5 (lu)0.5 (r)0.5 (gy)13 (,)13 ( a)0.5 (n)0.5 (d)12.9 ( )0.5 (m)0.5 (i)0.5 (ne)0.5 (r)0.5 (a)0.5 (l)42.9 ( )]tj 0.048 tc 0 -1.6 td [(resources)12.8 ( etc)12.8 (.)12.8 (,)12.7 ( we)12.7 ( undertook)12.7 ( the)12.8 ( world)12.8 (\222)12.7 (s)12.8 ( widest)12.8 (,)12.8 ( most)12.7 ( complete)12.8 ( and)12.8 ( first)12.8 ( full)12.7 (-)12.8 (line)23 ( )]tj 0.042 tc 0 -1.6 td [(digital)12.8 ( intelligent)12.7 ( wide)12.7 ( and)12.7 ( thick)12.7 ( plate)12.7 ( production)12.7 ( line)12.7 ( in)12.8 ( china)12.8 (;)12.7 ( we)12.7 ( independently)17 ( )]tj 0.07 tc 0 -1.6 td [(designed)12.8 ( and)12.8 ( supplied)12.8 ( the)12.8 ( king)12.8 ( of)12.8 ( rolling)12.8 ( mills)12.8 ( in)12.8 ( 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sintering)12.2 ( machine)29 ( )]tj 0.025 tc 0.06 tw 0 -1.6 td (project, and successfully won the leading projects such as the xinjiang \ huoshao yun )tj 0.053 tw 0 -1.6 td (lead-zinc mine smelting project and the epc project for mmp nickel matte\ refining )tj 0.055 tc 0.07 tw 0 -1.6 td [(in)12.1 ( indonesia)12.1 (;)12.1 ( the)12.1 ( sialdik)12.1 ( copper)12.1 ( mine)12.1 ( achieved)12.1 ( a)12.1 ( major)12.2 ( breakthrough)12.2 ( in)12.1 ( mineral)30 ( )]tj 0.036 tc 0.072 tw 0 -1.6 td [(exploration)11 (,)11 ( )0.5 (continuously)11 ( )0.6 (consolidated)11 ( )0.5 (the)11 ( )0.5 (national)11 ( )0.5 (team)11.1 (\222)11 (s)11 ( )0.5 (position)11 ( )0.5 (in)11 ( metallurgical)11 ( )]tj 0.026 tc 0.082 tw 0 -1.6 td [(construction)1 (,)1 ( )0.5 (demonstrated)1 ( )0.5 (our)1 ( )0.5 (responsibility)0.9 ( )0.6 (to)1 ( )0.5 (serve)1 ( )0.6 (the)1 ( )0.5 (country)1 ( )0.5 (and)1 ( )0.5 (strengthen)1.1 ( )0.5 (the)1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (mining industry, and enhanced our core functions and 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( )0.5 (edition)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (\223)8 (project)8 ( )0.5 (management)8 ( )0.5 (manual)8 (\224)8 (,)8 ( )0.6 (formulated)8 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(and)7 ( )0.5 (promoted)7 ( )0.5 (the)7 ( )0.5 (\223)7 (project)7 ( )0.5 (target)7 ( )0.5 (management)7 ( )0.5 (responsibility)7 ( )0.5 (letter)7 (\224)7 ( )0.5 ($)7 (sample)7 ( )0.5 (text)6.9 ($)7.1 (,)7 ( )]tj 0.023 tc 0 tw 0 -1.6 td [(improved the standardization, refinement and digitization level of proje\ ct management.)-2 ( )]tj 0.025 tc 0.016 tw 0 -1.6 td [(during the )0.5 (reporting )0.5 (period, the company )0.5 (became a )0.5 (recommended unit for )0.5 (the luban )]tj 0.027 tc 0.081 tw 0 -1.6 td [(award)2 ( )0.5 (for)2 ( )0.5 (the)2 ( )0.5 (first)2 ( )0.5 (time)2 (,)2 ( )0.5 (winning)2 ( )0.5 (1)2 (4)2 ( )0.5 (luban)2 ( )0.5 (awards)2 ( )0.5 (and)2 ( )0.5 (3)1.9 (0)2 ( )0.5 (national)2 ( quality)1.9 ( )0.5 (project)2 ( )]tj 0.048 tc 0.07 tw 0 -1.6 td [(awards)12.3 (,)12.3 ( with)12.3 ( the)12.3 ( 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( )]tj 0.039 tc 0 -1.6 td [(the)12.4 ( company)12.3 ( made)12.4 ( a)12.3 ( detailed)12.4 ( introduction)12.3 ( of)12.4 ( the)12.4 ( goals)12.3 ( for)12.3 ( \223)12.4 (one)12.4 ( building)12.4 (,)12.3 ( two)12.4 ( most)12.3 (,)12.4 ( five)14 ( )]tj 0.063 tc 0 -1.6 td [(strong)12.4 (\224)12.5 (,)12.5 ( performance)12.5 ( highlights)12.5 (,)12.5 ( business)12.5 ( development)12.5 ( and)12.5 ( technological)12.5 ( innovation)12.5 (,)38 ( )]tj 0.039 tc 0 -1.6 td [(looked)12.6 ( forward)12.6 ( to)12.5 ( its)12.5 ( development)12.6 ( trend)12.6 (,)12.5 ( and)12.5 ( demonstrated)12.5 ( its)12.5 ( excellent)12.5 ( performance)12.5 ( and)14 ( )]tj 0.059 tc 0 -1.6 td [(operation)12.6 ( highlights)12.6 ( to)12.6 ( the)12.6 ( capital)12.6 ( market)12.6 (.)12.6 ( the)12.6 ( company)12.6 ( also)12.6 ( organised)12.6 ( more)12.6 ( than)12.6 ( 2)12.6 (0)34 ( )]tj 0.045 tc 0 -1.6 td [(important)12.6 ( institutional)12.7 ( investors)12.7 ( and)12.7 ( brokerage)12.6 ( analysts)12.7 ( to)12.7 ( go)12.7 ( 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(development)9 ( )0.5 (achievements)9 ( )0.5 (in)9 ( )0.5 (the)9 ( )0.5 (fields)9 ( )0.5 (of)9 ( )0.5 (metallurgical)9 ( )0.5 (operation)9 ( )0.5 (services)9.1 ( )0.5 (and)8.9 ( )0.6 (core)9 ( )]tj 0.025 tc 0 tw 0 -1.6 td (equipment manufacturing.)tj et endstream endobj 183 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 115 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 99.2126 716.0747 tm [($iv$ )-682.7 (attendance of directors at board meetings and general meetings)]tj 7 0 0 10 127.5592 604.0747 tm (name of )tj -0.025 tw 0 -1.6 td (director)tj 0 tw 20.484 8 td (attendance at board meetings)tj 29.938 1.6 td (attendance at )tj -1.686 -1.6 td (general meetings)tj -38.591 -1.6 td (number of )tj -1.211 -1.6 td (attendance at )tj -0.835 -1.6 td (board meetings )tj 1.36 -1.6 td (required for )tj 1.878 -1.6 td (the year)tj 6.502 4.8 td (number of )tj -0.025 tw 0.886 -1.6 td (meetings )tj 0.055 -1.6 td (attended 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( )tj et q 1 0 0 1 399.6851 584.0457 cm 0 0 m 53.858 0 l s q bt 10 0 0 10 399.6851 585.0657 tm ( )tj et q 1 0 0 1 453.5434 584.0457 cm 0 0 m 70.866 0 l s q bt 10 0 0 10 453.5434 585.0657 tm ( )tj /t1_0 1 tf 0.025 tc 7 0 0 10 127.5593 553.0657 tm (chen jianguang)tj -0.025 tw 13.958 0 td (10)tj 7.694 0 td (10)tj 0 tc 0 tw 8.219 0 td (5)tj 7.694 0 td (0)tj 7.694 0 td (0)tj 10.934 0 td (2)tj 0.025 tc -56.193 -1.6 td (zhang mengxing)tj 0 tc 14.483 0 td (8)tj 7.694 0 td (7)tj 7.694 0 td (3)tj 7.694 0 td (1)tj 7.694 0 td (0)tj 10.934 0 td (0)tj 0.025 tc -56.193 -1.6 td (zhou jichang)tj -0.025 tw 13.958 0 td (10)tj 7.694 0 td (10)tj 0 tc 0 tw 8.219 0 td (5)tj 7.694 0 td (0)tj 7.694 0 td (0)tj 10.934 0 td (1)tj 0.025 tc -56.193 -1.6 td (lang jia)tj -0.025 tw 13.958 0 td (10)tj 7.694 0 td (10)tj 0 tc 0 tw 8.219 0 td (5)tj 7.694 0 td (0)tj 7.694 0 td (0)tj 10.934 0 td (0)tj 0.025 tc -56.193 -1.6 td (liu li)tj -0.025 tw 13.958 0 td (10)tj 7.694 0 td (10)tj 0 tc 0 tw 8.219 0 td (5)tj 7.694 0 td (0)tj 7.694 0 td (0)tj 10.934 0 td (0)tj 0.025 tc -56.193 -1.6 td (ng, kar ling )tj -0.025 tw 0.929 -1.6 td (johnny)tj 13.03 0 td (10)tj 7.694 0 td (10)tj 0 tc 0 tw 8.219 0 td (7)tj 7.694 0 td (0)tj 7.694 0 td (0)tj 10.934 0 td (0)tj 0.025 tc -56.193 -1.6 td (yan aizhong)tj -0.025 tw 13.958 0 td (10)tj 7.694 0 td (10)tj 0 tc 0 tw 8.219 0 td (5)tj 7.694 0 td (0)tj 7.694 0 td (0)tj 10.934 0 td (0)tj et 2.5 w q 1 0 0 1 189.9214 435.8821 cm 0 0 m 42.52 0 l s q 0.835 w q 1 0 0 1 189.9214 432.5496 cm 0 0 m 42.52 0 l s q bt 10 0 0 10 184.2521 433.4021 tm ( )tj et 2.5 w q 1 0 0 1 243.7797 435.8821 cm 0 0 m 42.52 0 l s q 0.835 w q 1 0 0 1 243.7797 432.5496 cm 0 0 m 42.52 0 l s q bt 10 0 0 10 238.1104 433.4021 tm ( )tj et 2.5 w q 1 0 0 1 297.6379 435.8821 cm 0 0 m 42.52 0 l s q 0.835 w q 1 0 0 1 297.6379 432.5496 cm 0 0 m 42.52 0 l s q bt 10 0 0 10 291.9687 433.4021 tm ( )tj et 2.5 w q 1 0 0 1 351.4962 435.8821 cm 0 0 m 42.52 0 l s q 0.835 w q 1 0 0 1 351.4962 432.5496 cm 0 0 m 42.52 0 l s q bt 10 0 0 10 345.8269 433.4021 tm ( )tj et 2.5 w q 1 0 0 1 405.3545 435.8821 cm 0 0 m 42.52 0 l s q 0.835 w q 1 0 0 1 405.3545 432.5496 cm 0 0 m 42.52 0 l s q bt 10 0 0 10 399.6852 433.4021 tm ( )tj et 2.5 w q 1 0 0 1 459.2127 435.8821 cm 0 0 m 65.197 0 l s q 0.835 w q 1 0 0 1 459.2127 432.5496 cm 0 0 m 65.197 0 l s q bt 10 0 0 10 453.5435 433.4021 tm ( )tj /t1_1 1 tf 0.025 tc -35.433 -3.073 td [($v$ )-1096.7 (performance of resolutions passed at general meetings by the board)]tj /t1_0 1 tf 0.014 tw 2.835 -3.2 td (in 2023, the company held 2 general meetings. 25 resolutions were consid\ ered and approved )tj 0.065 tc 0.07 tw 0 -1.6 td [(at)12.1 ( the)12 ( meeting)12 (,)12.1 ( including)12 ( the)12.1 ( work)12.1 ( report)12.1 ( of)12 ( the)12.1 ( board)12.1 (,)12 ( the)12.2 ( final)12.1 ( accounts)12.1 (,)12 ( the)12.1 ( profit)40 ( )]tj 0.024 tc 0 tw 0 -1.6 td [(distribution, the emoluments of directors and supervisors, the guarantee\ plan and issuance of)-0.9 ( )]tj 0.025 tc 0.042 tw 0 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[(standardized)12.7 ( core)12.7 ( control)12.7 ( matters)12.7 ( and)12.7 ( control)12.7 ( methods)12.8 ( for)12.8 ( subsidiaries)12.8 (,)12.7 ( and)12.7 ( improved)12.7 ( the)15.1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (level and efficiency of operation and management.)tj et endstream endobj 197 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 112 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 99.2126 716.0747 tm [($vi$ )-682.7 (comprehensive real estate business)]tj /t1_0 1 tf 0.033 tc 0.075 tw 2.835 -3.2 td [(the)8.1 ( )0.5 (company)8 ( )0.5 (is)8 ( )0.5 (one)8.1 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (first)8 ( )0.5 (group)8 ( )0.5 (of)8 ( )0.5 (centralized)8 ( )0.5 (enterprises)8 ( )0.5 (identified)8 ( )0.5 (by)8 ( )0.5 (the)8 ( )0.5 (sasac)8 ( )]tj 0.04 tc 0.07 tw 0 -1.6 td [(as)12.7 ( having)12.7 ( real)12.8 ( estate)12.8 ( development)12.7 ( as)12.7 ( its)12.8 ( principal)12.8 ( business)12.8 (.)12.8 ( in)12.7 ( recent)12.8 ( years)12.8 (,)12.7 ( the)12.7 ( company)15 ( )]tj 0.046 tc 0 -1.6 td [(has)12.1 ( successfully)12.2 ( created)12.2 ( the)12.2 ( \223)12.2 (mcc)12.2 ( real)12.2 ( estate)12.2 (\224)12.1 ( brand)12.1 ( with)12.1 ( influence)12.2 ( in)12.1 ( the)12.1 ( industry)12.1 ( by)21 ( )]tj 0.038 tc 0 -1.6 td [(constantly)12.5 ( enhancing)12.6 ( the)12.6 ( core)12.6 ( strength)12.6 ( of)12.6 ( its)12.5 ( comprehensive)12.6 ( real)12.6 ( estate)12.6 ( business)12.6 ( based)12.6 ( on)13 ( )]tj 0.041 tc 0 -1.6 td [(t)0.5 (h)0.5 (e)13 ( t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (fo)0.5 (r)0.5 (m)0.5 (a)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( u)0.5 (p)0.5 (g)0.5 (r)0.5 (ad)0.5 (i)0.5 (n)0.5 (g)13 (.)13 ( d)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (re)0.5 (p)0.5 (o)0.5 (r)0.5 (t)0.5 (in)0.5 (g)13 ( )0.5 (p)0.5 (e)0.5 (ri)0.5 (o)0.5 (d)13 (,)13 ( i)0.5 (n)13 ( )0.5 (o)0.5 (r)0.5 (de)0.5 (r)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (a)0.5 (ct)0.5 (i)0.5 (v)0.5 (e)0.5 (l)0.5 (y)12.9 ( )0.5 (c)0.5 (o)0.5 (p)0.5 (e)16 ( )]tj 0.044 tc 0 -1.6 td [(with)12.3 ( the)12.3 ( risks)12.3 ( of)12.3 ( the)12.3 ( real)12.3 ( estate)12.3 ( industry)12.3 (,)12.2 ( on)12.3 ( the)12.2 ( one)12.3 ( hand)12.2 (,)12.3 ( the)12.3 ( comprehensive)12.3 ( real)12.2 ( estate)19.1 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(business)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (company)12 ( )0.5 (continued)12 ( )0.5 (to)12 ( )0.5 (implement)12 ( )0.5 (the)12.1 ( )0.5 (decision)12 (-)12 (making)12 ( )0.5 (and)12 ( )0.5 (deployment)12 ( )0.5 (of)12 ( )]tj 0.025 tc 0.076 tw 0 -1.6 td (\223adhering to prudent development by resolving the inventory risks\224\ , and on the other hand, )tj 0.032 tc 0 -1.6 td [(t)0.5 (h)0.5 (e)7 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)7 ( )0.5 (h)0.5 (a)0.6 (s)6.9 ( )0.6 (f)0.5 (u)0.5 (l)0.5 (l)0.5 (y)7 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (e)0.5 (d)7 ( )0.5 (t)0.5 (h)0.5 (e)7 ( )0.5 (d)0.5 (e)0.5 (v)0.5 (e)0.6 (lo)0.5 (p)0.5 (m)0.5 (e)0.6 (n)0.5 (t)7 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (c)0.5 (e)0.5 (p)0.5 (t)0.5 (s)7 ( )0.5 (o)0.5 (f)7 ( )0.5 (\223)7 (f)0.5 (a)0.6 (st)7 ( )0.6 (t)0.5 (u)0.5 (r)0.5 (n)0.5 (o)0.5 (v)0.5 (e)0.5 (r)7 (,)7 ( )0.5 (l)0.5 (o)0.5 (w)7 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (t)7 (,)7 ( )]tj 0.041 tc 0.07 tw 0 -1.6 td [(high)12 ( quality)12 ( and)12.1 ( high)12.1 ( profit)12 (\224)12.1 ( and)12 ( control)12 ( of)12 ( grading)12 ( and)12.1 ( classification)12 ( of)12.1 ( \223)12.1 (one)12.1 ( policy)12.1 ( for)16 ( )]tj 0.05 tc 0 -1.6 td [(one)12.4 ( project)12.4 (\224)12.5 ( to)12.5 ( speed)12.5 ( up)12.4 ( development)12.4 ( cycle)12.4 (.)12.4 ( meanwhile)12.4 (,)12.5 ( the)12.4 ( company)12.4 ( will)12.5 ( conduct)12.4 ( in)12.4 (-)]tj 0.042 tc 0 -1.6 td [(depth)12.4 ( research)12.4 ( and)12.4 ( judgment)12.4 ( on)12.4 ( the)12.4 ( supply)12.4 ( and)12.4 ( demand)12.4 ( in)12.4 ( the)12.5 ( real)12.4 ( estate)12.5 ( market)12.4 ( and)12.4 ( the)17 ( )]tj 0.025 tc 0.052 tw 0 -1.6 td (pattern of urbanization etc. on the major trending and structural change\ s, and clearly realize )tj 0.03 tc 0.078 tw 0 -1.6 td [(the)5 ( )0.5 (opportunities)5 ( )0.5 (and)5 ( )0.5 (challenges)5 ( )0.5 (facing)5 ( )0.5 (the)5 ( )0.5 (company)5 ( )0.5 (by)5 ( )0.5 (taking)5 ( )0.5 (the)5 ( )0.5 (initiative)5.1 ( )0.5 (in)5 ( )0.5 (optimizing)5 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(the)7 ( )0.5 (operating)7 ( )0.5 (mindset)7 (,)7 ( )0.5 (focusing)7 ( )0.6 (on)7 ( )0.5 (the)7 ( )0.5 (key)7 ( )0.6 (areas)7 ( )0.5 (for)7 ( )0.5 (intensive)7 ( )0.5 (cultivation)7 (,)7 ( )0.5 (accelerating)7 ( )0.5 (the)7 ( )]tj 0.025 tc 0.007 tw 0 -1.6 td [(transition to )0.5 (the )0.5 (new development )0.5 (pattern, and )0.5 (exploring the )0.5 (development )0.5 (path )0.5 (that )0.5 (combines )]tj 0.028 tc 0.08 tw 0 -1.6 td [(development)3 ( )0.5 (and)3 ( )0.5 (operation)3 (,)3 ( )0.5 (complements)3 ( )0.5 (single)3 ( )0.5 (and)3 ( )0.5 (diversified)3 ( )0.5 (operations)3 (,)3 ( )0.6 (balances)3 ( )0.5 (short)3 (-)]tj 0.031 tc 0.077 tw 0 -1.6 td [(t)0.5 (er)0.5 (m)6 ( )0.5 (an)0.5 (d)6 ( )0.5 (lo)0.5 (ng)6.1 (-)6 (te)0.5 (rm)6 ( )0.5 (d)0.5 (ev)0.5 (e)0.5 (lo)0.5 (pm)0.5 (en)0.5 (t)6 (,)6 ( )0.5 (ma)0.5 (t)0.5 (ch)0.5 (es)6 ( )0.5 (u)0.5 (p)6 ( )0.5 (li)0.5 (gh)0.5 (t)6 ( )0.5 (a)0.5 (ss)0.5 (et)0.5 (s)6 ( )0.5 (w)0.5 (it)0.5 (h)6 ( )0.5 (he)0.5 (a)0.5 (vy)6 ( )0.5 (a)0.5 (ss)0.5 (et)0.5 (s)6 (,)6 ( )0.5 (a)0.5 (nd)6 ( )0.5 (i)0.5 (nt)0.5 (eg)0.5 (ra)0.5 (t)0.5 (es)6 ( )]tj 0.025 tc 0.037 tw 0 -1.6 td (market means with policy advantages. the company will also improve its p\ ower in product, )tj 0.034 tc 0.074 tw 0 -1.6 td [(service)9.1 ( )0.5 (and)9 ( )0.5 (brand)9 (,)9 ( )0.5 (adapt)9 ( )0.6 (to)9 ( )0.5 (the)9.1 ( )0.5 (attribute)9.1 ( )0.5 (change)9 ( )0.5 (from)9 ( )0.5 (commodity)8.9 ( )0.6 (to)9 ( )0.5 (people)9 (\222)9 (s)9 ( )0.5 (livelihood)9 ( )0.5 (in)9 ( )]tj 0.04 tc 0.07 tw 0 -1.6 td [(real)12.7 ( estate)12.8 ( development)12.7 ( as)12.7 ( soon)12.8 ( as)12.7 ( possible)12.7 (,)12.7 ( balance)12.7 ( the)12.7 ( dual)12.7 ( objectives)12.7 ( of)12.7 ( \223)12.7 (safeguarding)15 ( )]tj 0.03 tc 0.078 tw 0 -1.6 td [(people)5 (\222)5 (s)5 ( )0.5 (livelihood)5 (\224)5 ( )0.5 (and)5 ( )0.5 (\223)5 (improving)5 ( )0.5 (quality)5 (\224)5 (,)5 ( )0.5 (actively)5 ( )0.5 (participate)5 ( )0.5 (in)5 ( )0.5 (safeguarding)5.1 ( )0.5 (people)5.1 (\222)5 (s)5 ( )]tj 0.048 tc 0.07 tw 0 -1.6 td [(livelihood)12.4 ( and)12.4 ( urban)12.4 ( village)12.3 ( revamping)12.3 ( by)12.3 ( leveraging)12.3 ( the)12.4 ( advantages)12.4 ( of)12.4 ( real)12.4 ( estate)12.4 ( as)12.3 ( a)23 ( )]tj 0.033 tc 0.075 tw 0 -1.6 td [(central)8 ( )0.6 (enterprise)8 (,)8 ( )0.5 (and)8 ( )0.5 (pursuing)8 ( )0.5 (the)8 ( )0.5 (quality)8 ( )0.5 (development)8 ( )0.5 (path)8 ( )0.5 (with)8 ( )0.5 (priority)8 ( )0.5 (in)8 ( )0.5 (benefits)8 ( )0.5 (and)8 ( )]tj 0.025 tc 0 tw 0 -1.6 td (moderation in scale.)tj 0.08 tw 0 -3.2 td (during the reporting period, the company adopted different policies acco\ rding to the each )tj 0.027 tc 0.081 tw 0 -1.6 td [(category)2 ( )0.5 (and)2 ( )0.5 (each)2 ( )0.5 (city)2 (,)2 ( and)2 ( )0.5 (continuously)2 ( )0.5 (carried)2 ( on)2 ( )0.5 (accomplishing)2 ( )0.5 (the)2.1 ( )0.5 (strategic)2 ( )0.5 (layout)2 ( )0.5 (that)2 ( )]tj 0.042 tc 0.07 tw 0 -1.6 td [(yangtze)12.1 ( river)12.1 ( delta)12.1 (,)12.1 ( pearl)12 ( river)12.1 ( delta)12.1 ( and)12.1 ( the)12.1 ( beijing)12.1 (-)12 (tianjin)12 (-)12.1 (hebei)12.1 ( circum)12.1 (-)12.1 (bohai)12 ( sea)17.1 ( )]tj 0.024 tc 0 tw 0 -1.6 td [(region are taken as core development areas with coverage nationwide. in \ 2023, the company)-1.1 ( )]tj 0.042 tc 0.07 tw 0 -1.6 td [(acquired)12.8 ( 2)12.8 ( commercial)12.8 ( housing)12.8 ( projects)12.9 ( with)12.9 ( 2)12.9 ( land)12.8 ( parcels)12.9 ( in)12.8 ( aggregate)12.9 (,)12.8 ( covering)12.9 ( a)12.9 ( site)17 ( )]tj 0.04 tc 0 -1.6 td [(ar)0.5 (ea)12.9 ( )0.5 (of)13 ( 1)12.9 (0)12.9 (2)13 (,)12.9 (0)12.9 (0)12.9 (0)13 ( squ)0.5 (are)13 ( me)0.5 (ter)0.5 (s)12.9 ( )0.5 (and)12.9 ( )0.5 (per)0.5 (mis)0.5 (sible)13 ( g)0.5 (ross)13 ( fl)0.5 (oor)12.9 ( )0.5 (are)0.5 (a)12.9 ( )0.5 (of)12.9 ( )0.5 (1)12.9 (5)12.9 (9)12.9 (,)13 (0)12.9 (0)12.9 (0)12.9 ( )0.5 (squa)0.5 (re)12.9 ( )0.5 (me)0.5 (ters)13 (.)15 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(in)6 ( )0.5 (2)6 (0)6.1 (2)5.9 (3)6.1 (,)6 ( )0.5 (the)6 ( )0.5 (amount)6 ( )0.5 (invested)6 ( )0.5 (by)6 ( )0.5 (the)6 ( )0.5 (company)6 ( )0.5 (in)6.1 ( )0.5 (real)6 ( )0.5 (estate)6 ( )0.5 (development)6 ( )0.5 (was)6 ( )0.5 (rmb)6 (1)6 (1)6 (.)6 (2)6 (8)6 (6)6 ( )]tj 0.038 tc 0.07 tw 0 -1.6 td [(billion)12.2 (,)12.1 ( representing)12.1 ( a)12.2 ( year)12.2 (-)12.1 (on)12.1 (-)12.2 (year)12.1 ( decrease)12.2 ( of)12.2 ( 6)12.1 (1)12.2 (.)12.1 (0)12.2 (2)12.1 (%)12.2 (;)12.1 ( the)12.2 ( construction)12.1 ( area)12.2 ( was)12.1 ( 8)12.1 (.)12.2 (1)12.1 (0)12.2 (5)12.2 (2)12.9 ( )]tj 0.04 tc 0 -1.6 td [(million)12.7 ( square)12.7 ( meters)12.7 (,)12.7 ( representing)12.7 ( a)12.7 ( year)12.8 (-)12.7 (on)12.7 (-)12.7 (year)12.7 ( decrease)12.8 ( of)12.7 ( 1)12.7 (0)12.8 (.)12.7 (9)12.7 (2)12.7 (%)12.7 (;)12.7 ( of)12.7 ( which)12.7 ( the)12.7 ( new)15 ( )]tj 0 -1.6 td [(construction)12.6 ( area)12.6 ( was)12.7 ( 1)12.6 (.)12.7 (5)12.6 (5)12.6 (5)12.6 (4)12.7 ( million)12.7 ( square)12.6 ( meters)12.6 (,)12.7 ( representing)12.7 ( a)12.6 ( year)12.6 (-)12.6 (on)12.6 (-)12.6 (year)12.7 ( decrease)15 ( )]tj 0.025 tc 0.064 tw 0 -1.6 td (of 17.71%, while completed area was 1.1333 million square meters, repres\ enting a year-on-)tj 0.023 tw 0 -1.6 td (year decrease of 69.45%; contracted gross floor area sold amounted to 0.\ 6307 million square )tj 0.04 tw 0 -1.6 td (meters, representing a year-on-year increase of 31.36% with contracted s\ ales of rmb10.389 )tj 0 tw 0 -1.6 td (billion, representing a year-on-year increase of 11.35%.)tj et endstream endobj 196 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 111 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.041 tc 0.07 tw 10 0 0 10 155.9055 716.0046 tm [(the)12.6 ( company)12.5 ( has)12.6 ( edited)12.5 ( and)12.6 ( co)12.6 (-)12.6 (edited)12.6 ( almost)12.6 ( all)12.6 ( domestic)12.5 ( steel)12.5 ( structure)12.6 ( national)16 ( )]tj 0.025 tc 0.013 tw 0 -1.6 td (and industry standards, and holds the leading position in comprehensive \ technology of )tj 0.03 tw 0 -1.6 td (steel structures in china. during the reporting period, the company firm\ ly seized the )tj 0.022 tc 0 tw 0 -1.6 td [(market opportunities of urbanization construction to develop the united \ brand of \223mcc)-3 ( )]tj 0.025 tc 0.023 tw 0 -1.6 td (steel structures\224 in response to the requirements of national fundame\ ntal construction )tj 0.044 tc 0.071 tw 0 -1.6 td [(for)12.1 ( )0.5 (the)12 ( )0.6 (development)12.1 ( )0.5 (of)12.1 ( )0.5 (steel)12 ( )0.6 (structure)12.1 ( )0.5 (business)12 (,)12.1 ( )0.6 (and)12 ( )0.6 (successfully)12.1 ( )0.5 (contracted)12.1 ( )0.5 (metal)19 ( )]tj 0.024 tc 0 tw 0 -1.6 td (roofing engineering for science hall project of west $chongqing$ scien\ ce city $)tj /c0_0 1 tf -0.024 tw <04130bc5>tj 0.025 tc -0.025 tw -0.551 -1.6 td [<0080>99.2 <08201145>102.4 <0081>548 <07c512aa06ec07c512aa0e360a400db003660696166e070a082602880cfb>]tj /t1_0 1 tf 0.033 tc 0.075 tw [($)8 (,)8 ( )0.5 (c)0.5 (ar)0.5 (d)0.5 (io)0.5 (t)0.5 (ho)0.5 (ra)0.5 (c)0.5 (ic)8.1 ( )0.5 (di)0.5 (s)0.5 (ea)0.5 (s)0.5 (e)8 ( )0.5 (c)0.5 (li)0.5 (ni)0.5 (c)0.5 (a)0.5 (l)8 ( )0.5 (me)0.5 (d)0.5 (ic)0.5 (a)0.5 (l)8 ( )]tj 0.054 tc 0.07 tw 0.551 -1.6 td [(center)12.2 ( project)12.2 ( of)12.2 ( shanghai)12.2 ( chest)12.2 ( hospital)12.2 ( $)]tj /c0_0 1 tf 0.042 tc -0.042 tw 20.223 0 td <026a090e0339098d07c5153c09eb02d0098d0936093714570491153c12aa0295>tj 0.025 tc -0.025 tw -20.223 -1.6 td <02d00db00366>tj /t1_0 1 tf 0.029 tc 0.079 tw [($)4 (,)4 ( )0.5 (metal)4 ( )0.5 (roofing)4 ( )0.5 (in)4 ( )0.5 (west)4 ( )0.5 (area)4.1 ( )0.5 (of)4 ( )0.5 (new)4 ( )0.5 (china)4 ( )0.5 (international)4 ( )0.5 (exhibition)4 ( )0.5 (center)4 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(phase)12 ( )0.5 (ii)12 ( )0.6 (project)12 ( )0.5 (in)12 ( )0.5 (beijing)12 ( )0.5 ($)]tj /c0_0 1 tf 0.025 tc -0.025 tw 12.487 0 td <030f052f0e2d0a37089d025a0c820db0036604130a1c0696166e070a0826>tj /t1_0 1 tf 0.037 tc 0.071 tw [($)12 ( )0.5 (and)12 ( )0.5 (other)12 ( )0.5 (high)12 (-)12 (end)12 ( )]tj 0.025 tc 0 tw -12.487 -1.6 td (steel structure projects.)tj 0.058 tc 0.07 tw 0 -3.2 td [(in)12.8 ( 2)12.9 (0)12.8 (2)12.9 (3)12.8 (,)12.8 ( the)12.8 ( core)12.9 ( equipment)12.8 ( and)12.8 ( steel)12.8 ( structure)12.8 ( business)12.8 ( generated)12.8 ( an)12.9 ( operating)33 ( )]tj 0.056 tc 0.069 tw 0 -1.6 td [(r)0.5 (e)0.5 (v)0.5 (e)0.5 (nu)0.5 (e)13 ( o)0.5 (f)12.9 ( r)0.5 (m)0.5 (b)13 (1)13 (5)12.9 (.)13 (1)13 (5)13 ( )-0.6 (b)0.5 (i)0.5 (l)0.5 (l)0.5 (io)0.5 (n)13 (,)13 ( ac)0.5 (c)0.5 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (in)0.5 (g)13 ( f)0.5 (or)13 ( 4)13 (7)12.9 (.)13 (3)13 (7)13 (%)13 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diversion improvement works bot project of )]tj 0.078 tw 0 -1.6 td (sewage treatment plant in southeast qingzhou, epc contract for ecologica\ l treatment )tj 0.045 tc 0.07 tw 0 -1.6 td [(of)12.7 ( north)12.6 ( kunming)12.7 ( lake)12.7 ( in)12.7 ( xi)12.7 (\222)12.7 (an)12.7 (,)12.6 ( epc)12.7 ( contract)12.7 ( for)12.7 ( wastewater)12.7 ( treatment)12.7 ( facilities)20 ( )]tj 0.047 tc 0 -1.6 td [(for)12.2 ( new)12.1 ( photovoltaic)12.1 ( energy)12.2 ( industrial)12.1 ( park)12.1 ( project)12.1 ( $)12.2 (phase)12.2 ( i)12.1 ($)12.2 ( in)12.2 ( jinghe)12.2 ( new)12.2 ( city)12.2 (,)22 ( )]tj 0.027 tc 0.081 tw 0 -1.6 td [(xi)2 (\222)2 (an)2 (,)2 ( epc)2 ( )0.5 (contract)2 ( )0.5 (for)2 ( )0.5 (first)2 ( )0.5 (wastewater)2 ( )0.5 (treatment)2 ( )0.5 (plant)2 ( )0.5 (project)2 ( )0.5 (in)2 ( )0.5 (jinghe)2 ( )0.5 (new)2 ( )0.5 (city)2 (,)2 ( )]tj 0.025 tc -0.025 tw 0 -1.6 td (xianyang.)tj 0.064 tc 0.07 tw 0 -3.2 td [(in)12.5 ( 2)12.6 (0)12.5 (2)12.6 (3)12.5 (,)12.6 ( the)12.5 ( eco)12.6 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)0.5 (upg)0.5 (rad)0.5 (ing)9 ( )0.5 (o)0.5 (f)9 ( )]tj 0.025 tc 0.001 tw 0 -1.6 td [(china\222s )0.5 (steel )0.5 (industry. )0.5 (by )0.5 (adopting )0.5 (energy )0.5 (conservation )0.5 (and )0.5 (environmental )0.5 (protection, )]tj 0.032 tc 0.076 tw 0 -1.6 td [(g)0.5 (re)0.5 (en)7 ( )0.5 (m)0.5 (a)0.5 (nu)0.5 (fa)0.5 (ct)0.5 (u)0.5 (ri)0.5 (ng)7 ( )0.5 (a)0.5 (nd)7 ( )0.5 (s)0.5 (m)0.5 (ar)0.5 (t)7 ( )0.5 (ma)0.5 (n)0.5 (uf)0.5 (ac)0.5 (t)0.5 (uri)0.5 (n)0.5 (g)7 ( )0.5 (as)7 ( )0.5 (b)0.5 (re)0.5 (a)0.5 (kt)0.5 (hr)0.5 (ou)0.5 (g)0.5 (h)6.9 ( )0.6 (poi)0.5 (n)0.5 (ts)7 (,)7 ( )0.5 (t)0.5 (he)7 ( )0.5 (c)0.5 (om)0.5 (pa)0.5 (n)0.5 (y)7 ( )]tj 0.025 tc 0.071 tw 0 -1.6 td (gives full play to the three functions of core equipment base in respect\ of r&d pilot )tj 0.051 tc 0.07 tw 0 -1.6 td [(testing)12.4 (,)12.5 ( core)12.5 ( manufacturing)12.4 ( and)12.4 ( final)12.5 ( assembly)12.4 ( integration)12.5 (,)12.4 ( so)12.5 ( as)12.5 ( to)12.5 ( continuously)26 ( )]tj 0.047 tc 0 -1.6 td [(facilitate)12.2 ( the)12.3 ( productization)12.2 ( and)12.2 ( industrialization)12.2 ( of)12.2 ( core)12.3 ( technologies)12.2 ( and)12.3 ( realize)22 ( )]tj 0.062 tc 0 -1.6 td [(h)0.5 (i)0.5 (g)0.5 (h)13 (-)13 (e)0.5 (n)0.5 (d)13 ( )0.5 (s)0.5 (u)0.6 (pp)0.6 (l)0.5 (y)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (c)0.5 (o)0.5 (r)0.5 (e)13 ( )0.5 (e)0.6 (q)0.5 (u)0.5 (i)0.5 (p)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 (.)13 ( )0.5 (d)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (r)0.5 (e)0.5 (p)0.5 (o)0.5 (r)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (i)0.6 (od)13 (,)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)37 ( )]tj 0.025 tc 0.046 tw 0 -1.6 td (secured the project of the world\222s thickest vertical-arc extra-thick \ slab caster, i.e., the )tj 0.034 tc 0.074 tw 0 -1.6 td [(epc)9 ( )0.5 (contract)9 ( )0.6 (for)9 ( )0.5 (longton)9 ( )0.5 (group)9 (\222)9 (s)9 ( )0.5 (electric)9 ( )0.5 (furnace)9 ( )0.5 (green)9 ( )0.5 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0.021 tw 0 -1.6 td (expected that all of them will be completed and put into production in t\ he first quarter )tj 0 tw 0 -1.6 td (of 2024.)tj /t1_1 1 tf -5.669 -3.2 td [($iii$ )-601.7 (featured businesses)]tj /t1_0 1 tf 0.024 tc 2.835 -3.2 td [(the company regards technological innovation, process upgrading, and dig\ ital empowerment)-1 ( )]tj 0.025 tc 0.06 tw 0 -1.6 td (as the core elements for developing new productive forces, fully integra\ tes into the national )tj 0.033 tc 0.075 tw 0 -1.6 td [(innovation)8 ( )0.5 (system)8 (,)8 ( )0.5 (strives)8 ( )0.5 (to)8 ( )0.5 (construct)8 ( )0.6 (new)8.1 ( )0.5 (business)8 ( )0.5 (formats)8 ( )0.5 (and)8 ( )0.5 (models)8 (,)8 ( )0.5 (actively)8 ( )0.5 (deploys)8 ( )]tj 0.025 tc 0.06 tw 0 -1.6 td (new fields and tracks, enhances the added value of its products and serv\ ices, strengthens its )tj 0 tw 0 -1.6 td (ability to withstand market risks, and aims to create a second growth cu\ rve.)tj 0.047 tc 0.07 tw 0 -3.2 td [(during)12.7 ( the)12.7 ( reporting)12.8 ( period)12.7 (,)12.7 ( the)12.7 ( operating)12.8 ( revenue)12.8 ( of)12.7 ( the)12.7 ( company)12.7 (\222)12.7 (s)12.8 ( featured)12.7 ( business)22 ( )]tj 0.025 tc 0 tw 0 -1.6 td (amounted to rmb31.98 billion, an increase of 0.16% from rmb31.93 billion\ in 2022.)tj et endstream endobj 202 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 107 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 2.6795 10 126.5328 716.0747 tm [(4. )-1759.7 (pakistan saindak copper mine)]tj /t1_0 1 tf 0.041 tc 0.07 tw 10 0 0 10 155.9055 684.0747 tm [(during)12.3 ( the)12.3 ( reporting)12.2 ( period)12.3 (,)12.2 ( the)12.3 ( s)12.3 (1)12.3 ( mine)12.3 ( section)12.3 ( of)12.2 ( the)12.3 ( project)12.3 ( has)12.3 ( completed)12.3 ( the)16 ( )]tj 0.051 tc 0 -1.6 td [(detailed)12.8 ( investigation)12.9 ( report)12.9 ( and)12.9 ( exploration)12.9 ( report)12.9 (,)12.8 ( as)12.9 ( well)12.9 ( as)12.9 ( the)12.9 ( corresponding)26 ( )]tj 0.041 tc 0 -1.6 td [(expert)12.7 ( verification)12.6 ( and)12.7 ( the)12.6 ( revision)12.6 ( and)12.6 ( improvement)12.7 ( thereof)12.6 ( within)12.6 ( a)12.7 ( short)12.7 ( period)16 ( )]tj 0.038 tc 0 -1.6 td [(of)12.9 ( time)12.8 (,)12.9 ( with)12.9 ( accumulated)12.8 ( exploration)12.9 ( of)12.8 ( 3)12.9 (.)12.8 (7)12.9 (8)12.8 ( million)12.9 ( tons)12.9 ( of)12.9 ( copper)12.9 ( resources)12.9 ( and)13 ( )]tj 0.053 tc 0 -1.6 td [(a)0.5 (n)13 ( )0.5 (a)0.5 (ve)0.5 (r)0.5 (a)0.5 (g)0.5 (e)13 ( )0.5 (co)0.5 (p)0.5 (p)0.5 (e)0.5 (r)13 ( g)0.5 (r)0.5 (a)0.5 (d)0.5 (e)13 ( )0.5 (of)13 ( )0.5 (0)13 (.)13 (3)12.9 (0)13 (2)13 (%)13 (.)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (mp)0.5 (a)0.5 (n)0.5 (y)12.9 ( )0.5 (w)0.5 (i)0.5 (l)0.5 (l)13 ( c)0.5 (o)0.5 (n)0.5 (t)0.5 (i)0.5 (nu)0.5 (e)13 ( )0.5 (t)0.5 (o)12.9 ( )0.5 (c)0.5 (a)0.5 (r)0.5 (r)0.5 (y)13 ( o)0.5 (u)0.5 (t)13 ( t)0.5 (h)0.5 (e)28 ( )]tj 0.042 tc 0 -1.6 td [(exploration)12.3 ( and)12.4 ( prospecting)12.3 ( at)12.4 ( the)12.3 ( deep)12.3 ( side)12.3 ( of)12.3 ( the)12.4 ( pakistan)12.3 ( saindak)12.3 ( copper)12.3 ( mine)17 ( )]tj 0.025 tc 0 tw 0 -1.6 td (project, and scientifically carry out the feasibility study of project d\ evelopment.)tj /t1_1 1 tf 10 0 2.6795 10 126.5328 556.0747 tm [(5. )-1759.7 (afghanistan aynak copper mine)]tj /t1_0 1 tf 0.037 tc 0.071 tw 10 0 0 10 155.9055 524.0747 tm [(during)12 ( )0.5 (the)12 ( )0.6 (reporting)12 ( )0.5 (period)12.1 (,)11.9 ( )0.5 (the)12 ( )0.5 (project)12 ( )0.5 (has)12 ( )0.5 (initiated)12 ( )0.5 (supplementary)12 ( )0.5 (exploration)12 ( )0.6 (in)12 ( )]tj 0.044 tc 0.07 tw 0 -1.6 td [(the)12.3 ( west)12.2 ( mining)12.2 ( area)12.2 ( in)12.3 ( a)12.2 ( bid)12.2 ( to)12.2 ( further)12.2 ( improve)12.2 ( the)12.2 ( resource)12.2 ( grade)12.2 ( and)12.2 ( increase)19 ( )]tj 0.045 tc 0 -1.6 td [(the)12.5 ( resources)12.5 ( under)12.6 ( the)12.5 ( west)12.5 ( mining)12.5 ( area)12.5 (,)12.5 ( and)12.5 ( facilitates)12.5 ( the)12.5 ( copper)12.5 ( resources)12.5 ( of)20 ( )]tj 0.025 tc 0.061 tw 0 -1.6 td (the project to grow further on the basis of 11.08 million tons. the comp\ any is in the )tj 0.024 tc 0 tw 0 -1.6 td [(process of communicating and negotiating with the interim government of \ afghanistan)-1 ( )]tj 0.051 tc 0.07 tw 0 -1.6 td [(on)12.6 ( the)12.6 ( protection)12.6 ( of)12.7 ( cultural)12.6 ( relics)12.6 ( and)12.6 ( the)12.7 ( development)12.6 ( plan)12.6 ( for)12.6 ( the)12.6 ( project)12.6 (,)12.6 ( and)26 ( )]tj 0.038 tc 0 -1.6 td [(plans)12.6 ( to)12.6 ( accelerate)12.6 ( the)12.7 ( preliminary)12.6 ( preparatory)12.7 ( work)12.7 ( such)12.7 ( as)12.6 ( feasibility)12.7 ( studies)12.7 ( and)13 ( )]tj 0.025 tc 0.059 tw 0 -1.6 td [(the construction of roads into the mine, )0.5 (and )0.5 (to )0.5 (actively )0.5 (create favorable conditions to )]tj 0.028 tc 0.08 tw 0 -1.6 td [(improve)3 ( )0.5 (the)3 ( )0.5 (investment)3 ( )0.5 (results)3.1 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (project)3 (,)3 ( )0.5 (so)3 ( )0.5 (as)3 ( )0.5 (to)2.9 ( )0.6 (ensure)3.1 ( )0.5 (that)3 ( )0.5 (the)3 ( )0.6 (project)3 ( )0.5 (can)3 ( )0.5 (be)3 ( )]tj 0.039 tc 0.07 tw 0 -1.6 td [(promoted)12.8 ( with)12.9 ( the)12.9 ( interim)12.9 ( government)12.8 ( of)12.9 ( afghanistan)12.8 ( as)12.9 ( early)12.8 ( as)12.9 ( possible)12.8 ( to)12.9 ( make)14 ( )]tj 0.025 tc 0 tw 0 -1.6 td (actual progress.)tj /t1_1 1 tf 10 0 2.6795 10 126.5328 332.0746 tm [(6. )-1759.7 (sinosico new silicon-based materials business project)]tj /t1_0 1 tf 0.046 tc 0.07 tw 10 0 0 10 155.9055 300.0746 tm [(the)12.7 ( company)12.6 ( regards)12.7 ( the)12.7 ( production)12.7 ( of)12.7 ( new)12.7 ( energy)12.7 ( materials)12.6 ( such)12.6 ( as)12.7 ( polysilicon)21 ( )]tj 0 -1.6 td [(as)12.6 ( one)12.5 ( of)12.6 ( the)12.5 ( strategic)12.6 ( emerging)12.5 ( businesses)12.6 ( which)12.5 ( the)12.6 ( company)12.6 ( mainly)12.6 ( cultivates)21 ( )]tj 0.068 tc 0 -1.6 td [(and)12.6 ( taps)12.6 ( into)12.7 (.)12.6 ( the)12.6 ( subsidiary)12.6 ( of)12.7 ( the)12.6 ( company)12.6 (,)12.6 ( china)12.6 ( silicon)12.6 ( corporation)12.6 ( ltd)12.7 (.)43 ( )]tj 0.038 tc -0.038 tw 0 -1.6 td ($\223)tj /t1_1 1 tf 0.05 tc -0.05 tw (sinosico)tj /t1_0 1 tf 0.07 tw 4.744 0 td [(\224)12.2 ($)12.2 (,)12.2 ( takes)12.2 ( \223)12.3 (serving)12.1 ( the)12.2 ( country)12.1 ( in)12.2 ( silicon)12.2 ( industry)12.2 (\224)12.2 ( as)12.2 ( its)12.2 ( mission)12.2 (,)12.2 ( gives)25 ( )]tj 0.044 tc -4.744 -1.6 td [(full)12.8 ( play)12.8 ( to)12.8 ( decades)12.8 ( of)12.8 ( experience)12.8 ( and)12.8 ( advantages)12.8 ( in)12.8 ( the)12.8 ( field)12.9 ( of)12.8 ( polysilicon)12.8 ( r)12.8 (&)12.8 (d)19 ( )]tj 0.043 tc 0 -1.6 td [(and)12.4 ( manufacturing)12.4 (,)12.4 ( and)12.5 ( is)12.4 ( committed)12.4 ( to)12.4 ( following)12.4 ( a)12.4 ( continuous)12.5 ( improvement)12.4 ( path)18 ( )]tj 0.038 tc 0 -1.6 td [(of)12.3 ( self)12.3 (-)12.3 (innovation)12.3 (,)12.3 ( industrial)12.3 ( development)12.3 (,)12.2 ( and)12.3 ( optimization)12.3 ( and)12.3 ( upgrading)12.3 (,)12.3 ( aiming)13 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(t)0.5 (o)7 ( )0.5 (b)0.5 (e)0.5 (c)0.5 (o)0.5 (m)0.5 (e)7 ( )0.5 (a)7 ( )0.5 (t)0.5 (e)0.5 (c)0.5 (h)0.5 (n)0.5 (o)0.5 (l)0.5 (o)0.5 (g)0.5 (i)0.5 (c)0.5 (a)0.5 (l)7 ( )0.5 (i)0.5 (n)0.5 (n)0.5 (o)0.5 (v)0.5 (a)0.5 (t)0.5 (o)0.5 (r)7 ( )0.5 (i)0.5 (n)7 ( )0.5 (t)0.5 (h)0.5 (e)7 ( )0.5 (p)0.5 (o)0.5 (l)0.5 (y)0.5 (s)0.5 (i)0.5 (l)0.5 (i)0.5 (c)0.5 (o)0.5 (n)7 ( )0.5 (i)0.5 (n)0.5 (d)0.5 (u)0.5 (s)0.5 (t)0.5 (r)0.5 (y)7 (.)7 ( )0.5 (c)0.5 (u)0.5 (r)0.5 (r)0.5 (e)0.5 (n)0.5 (t)0.5 (l)0.5 (y)7 (,)7 ( )0.5 (s)0.5 (i)0.5 (n)0.5 (os)0.5 (i)0.6 (c)0.5 (o)7 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(i)0.5 (s)12 ( )0.5 (i)0.5 (mp)0.5 (l)0.5 (e)0.5 (m)0.5 (en)0.5 (t)0.5 (i)0.5 (n)0.5 (g)12 ( )0.5 (th)0.5 (e)12 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (n)0.5 (sf)0.5 (o)0.5 (r)0.5 (m)0.5 (at)0.5 (i)0.5 (o)0.5 (n)12 ( )0.5 (a)0.5 (nd)12 ( )0.5 (u)0.5 (p)0.5 (g)0.5 (r)0.5 (a)0.5 (di)0.5 (n)0.5 (g)12 ( )0.5 (p)0.5 (ro)0.5 (j)0.5 (e)0.5 (c)0.5 (t)12 ( )0.5 (o)0.5 (f)12 ( )0.5 (e)0.5 (le)0.5 (c)0.5 (t)0.5 (r)0.5 (on)0.5 (i)0.5 (c)12 ( )0.5 (i)0.5 (n)0.5 (f)0.5 (or)0.5 (m)0.5 (a)0.5 (t)0.5 (io)0.5 (n)12 ( )]tj 0.061 tc 0.07 tw 0 -1.6 td [(materials)12.7 (,)12.7 ( which)12.7 ( is)12.7 ( an)12.7 ( \223)12.7 (import)12.7 ( substitution)12.7 (\224)12.7 ( project)12.7 ( to)12.7 ( fill)12.7 ( the)12.8 ( gaps)12.7 ( of)12.7 ( high)12.7 (-)12.8 (end)36 ( )]tj 0.035 tc 0.073 tw 0 -1.6 td [(silicon)10 (-)10 (based)10 ( )0.5 (materials)10 ( )0.5 (in)10 ( )0.5 (china)10 (.)10 ( )0.5 (the)10.1 ( )0.5 (technology)10 ( )0.5 (of)10.1 ( )0.5 (this)10 ( )0.5 (project)10 ( )0.5 (is)10 ( )0.5 (derived)10 ( )0.5 (from)10 ( )0.5 (the)10 ( )]tj 0.028 tc 0.08 tw 0 -1.6 td [(r)0.5 (e)0.5 (s)0.5 (u)0.5 (lt)0.5 (s)3 ( )0.5 (o)0.5 (b)0.5 (ta)0.5 (i)0.5 (n)0.5 (e)0.5 (d)3 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)3 ( m)0.5 (a)0.5 (j)0.5 (o)0.5 (r)3 ( )0.5 (s)0.5 (pe)0.5 (c)0.5 (i)0.5 (a)0.5 (l)0.5 (i)0.5 (z)0.5 (e)0.5 (d)3 ( )0.5 (pr)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)0.5 (s)2.9 ( )0.6 (un)0.5 (d)0.5 (e)0.5 (r)0.5 (ta)0.5 (k)0.5 (e)0.5 (n)3 ( )0.5 (b)0.5 (y)3 ( )0.5 (s)0.5 (i)0.5 (no)0.5 (s)0.5 (i)0.5 (c)0.5 (o)3 (,)3 ( )0.5 (s)0.5 (u)0.5 (ch)3 ( )0.5 (a)0.5 (s)3.1 ( t)0.5 (h)0.5 (e)3 ( )]tj 0.026 tc 0.082 tw 0 -1.6 td [(national)1 ( )0.5 (industrial)1 ( )0.5 (base)1 ( )0.6 (enhancement)1 ( )0.5 (project)1 ( )0.5 ($)]tj /c0_0 1 tf 0.025 tc -0.025 tw 20.683 0 td <0a37089502880e38414e0a3f02880cfb>tj /t1_0 1 tf 0.026 tc 0.082 tw [($)1 ( )0.5 (and)1 ( )0.5 (zhengluoxin)1 ( )]tj 0.078 tc 0.07 tw -20.683 -1.6 td [(independent)12.8 ( innovation)12.8 ( demonstration)12.8 ( zone)12.8 ( $)]tj /c0_0 1 tf 0.065 tc -0.065 tw 22.168 0 td <124d077e0e2d040602f40bf40e2d036a11cd0a1c>tj /t1_0 1 tf 0.083 tw [($, w)-12.7 (i)-12.8 (t)-12.7 (h a)40 ( )]tj 0.041 tc 0.07 tw -22.168 -1.6 td [(number)12.4 ( of)12.4 ( results)12.4 ( identified)12.4 ( to)12.3 ( be)12.4 ( at)12.4 ( the)12.4 ( international)12.4 ( leading)12.4 ( level)12.4 ( and)12.4 ( with)12.4 ( broad)16 ( )]tj et endstream endobj 201 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 106 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.042 tw 10 0 0 10 127.5591 716.0046 tm (during the reporting period, the operating revenue of the company\222s r\ esource development )tj 0.024 tc 0 tw 0 -1.6 td [(business amounted to rmb6,816 million, representing a decrease of 23.12%\ from rmb8,866)-1 ( )]tj 0.056 tc 0.07 tw 0 -1.6 td [(million)12.3 ( in)12.3 ( 2)12.4 (0)12.3 (2)12.4 (2)12.3 (.)12.4 ( basic)12.3 ( information)12.3 ( on)12.3 ( the)12.3 ( significant)12.4 ( mineral)12.4 ( resources)12.4 ( projects)12.3 ( under)31 ( )]tj 0.025 tc 0 tw 0 -1.6 td (development and operation of the company during the reporting period is \ set out below:)tj /t1_1 1 tf 10 0 2.6795 10 126.5328 636.0046 tm [(1. )-1759.7 (papua new guinea ramu nico mine)]tj /t1_0 1 tf 0.077 tw 10 0 0 10 155.9055 604.0046 tm (during the reporting period, the project was estimated to retain 1.26 mi\ llion tons of )tj 0.039 tc 0.07 tw 0 -1.6 td [(nickel)12.3 ( resources)12.3 ( and)12.3 ( 1)12.3 (4)12.3 (0)12.3 (,)12.3 (0)12.3 (0)12.3 (0)12.3 ( tons)12.3 ( of)12.3 ( cobalt)12.3 ( resources)12.3 (.)12.3 ( the)12.3 ( project)12.3 ( produced)12.3 ( nickel)14 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(hydroxide)6 (,)6 ( )0.5 (which)6 ( )0.5 (contained)6 ( )0.5 (3)6 (3)6 (,)6 (6)6 (0)6 (4)6 ( )0.5 (tons)6 ( )0.5 (of)6 ( )0.5 (nickel)6 ( )0.5 (and)6 ( )0.5 (3)6 (,)6 (0)6 (7)6 (2)6.1 ( )0.5 (tons)6 ( )0.5 (of)6 ( )0.5 (cobalt)5.9 (,)6.1 ( )0.5 (with)6 ( )0.5 (the)6 ( )]tj 0.03 tc 0.078 tw 0 -1.6 td [(annual)5 ( )0.5 (average)5 ( )0.5 (production)5 ( )0.5 (rate)5 ( )0.5 (was)5 ( )0.5 (1)5 (0)5 (3)5 (%)5 (.)5 ( )0.5 (the)5 ( )0.6 (project)5 ( )0.5 (sold)5 ( )0.5 (nickel)5 ( )0.5 (hydroxide)5.1 (,)5 ( )0.5 (which)5 ( )]tj 0.025 tc 0.038 tw 0 -1.6 td [(contained 34,122 tons of )0.5 (nickel )0.5 (and 3,086 tons of cobalt, )0.5 (achieving operating revenue )]tj 0.042 tc 0.07 tw 0 -1.6 td [(of)12.2 ( rmb)12.2 (3)12.2 (.)12.2 (8)12.2 (7)12.2 (5)12.2 ( billion)12.2 ( and)12.2 ( net)12.2 ( profit)12.2 ( attributable)12.3 ( to)12.2 ( the)12.2 ( chinese)12.3 ( party)12.2 ( of)12.2 ( rmb)12.3 (1)12.2 (.)12.2 (0)12.2 (2)12.2 (7)17 ( )]tj 0.025 tc -0.025 tw 0 -1.6 td (billion.)tj /t1_1 1 tf 0 tw 10 0 2.6795 10 126.5328 476.0046 tm [(2. )-1759.7 (pakistan saindak copper-gold mine)]tj /t1_0 1 tf 0.029 tc 0.079 tw 10 0 0 10 155.9055 444.0046 tm [(during)4.1 ( )0.5 (the)4 ( )0.5 (reporting)4 ( )0.5 (period)4 (,)4 ( )0.5 (it)4 ( )0.5 (was)4.1 ( )0.5 (estimated)4 ( )0.5 (to)4 ( )0.5 (extract)4 ( )0.5 (1)4 (.)4 (8)4 (4)4 ( )0.5 (million)4 ( )0.5 (tons)4 ( )0.5 (of)4 ( )0.5 (copper)4 ( )]tj 0.025 tc 0.083 tw 0 -1.6 td [(resources )0.5 (under )0.5 (the )0.5 (project, )0.5 (and )0.5 (the )0.5 (project )0.5 (produced )0.5 (17,042 )0.5 (tons )0.5 (of )0.5 (crude )0.5 (copper )0.5 (in )]tj 0.024 tw 0 -1.6 td (the year, which completed 106% of the annual plan, sold 17,804 tons of c\ rude copper, )tj 0.048 tc 0.07 tw 0 -1.6 td [(and)12.5 ( realized)12.5 ( operating)12.5 ( revenue)12.6 ( of)12.5 ( rmb)12.5 (1)12.5 (.)12.5 (2)12.5 (2)12.5 (2)12.4 ( billion)12.5 ( and)12.5 ( net)12.5 ( profit)12.5 ( attributable)12.5 ( to)23 ( )]tj 0.034 tc 0.074 tw 0 -1.6 td [(the)9 ( )0.5 (ch)0.5 (inese)9 ( )0.5 (pa)0.5 (rty)9 ( )0.5 (of)9 ( )0.5 (rm)0.5 (b)9 (7)9 (1)9 ( )0.5 (million)9 (.)9 ( )0.5 (me)0.5 (anwhil)0.5 (e)9 (,)8.9 ( )0.6 (the)9 ( )0.5 (2)9 (.)9 (7)9 (5)9 ( )0.5 (million)9 ( )0.5 (t)0.5 (ons)9 (/)9 (year)9 ( )0.5 (m)0.5 (ining)9 ( )]tj 0.036 tc 0.072 tw 0 -1.6 td [(expansion)11 ( )0.5 (project)11 ( )0.5 (completed)11 ( )0.5 (construction)11 ( )0.5 (in)11 ( )0.5 (1)11 (1)11 ( )0.5 (months)11 ( )0.5 (and)11 ( )0.5 (commenced)11 ( )0.5 (production)11 ( )]tj 0.025 tc 0.039 tw 0 -1.6 td (on 9 january 2024 after test run and trial production. it is expected th\ at the actual ore )tj 0.064 tw 0 -1.6 td (volume to be extracted in 2024 will hit a new level, thus to ensure the \ full release of )tj 0.081 tw 0 -1.6 td (the smelting capacity designed for the initial 20,000 tons of crude copp\ er per annum )tj -0.025 tw 0 -1.6 td (production.)tj /t1_1 1 tf 0 tw 10 0 2.6795 10 126.5328 268.0046 tm [(3. )-1759.7 (pakistan duddar lead-zinc mine)]tj /t1_0 1 tf 0.024 tc 10 0 0 10 155.9055 236.0046 tm [(during the reporting period, it was estimated to extract 330,000 tons of\ lead resources)-1 ( )]tj 0.059 tc 0.07 tw 0 -1.6 td [(and)12.3 ( 6)12.3 (9)12.2 (0)12.3 (,)12.2 (0)12.3 (0)12.2 (0)12.3 ( tons)12.2 ( of)12.3 ( zinc)12.3 ( resources)12.2 ( under)12.3 ( the)12.3 ( project)12.2 (.)12.3 ( the)12.2 ( project)12.3 ( accomplished)34 ( )]tj 0.035 tc 0.073 tw 0 -1.6 td [(5)10 (1)10 (5)10 (,)10 (0)10 (0)10 (0)10 ( )0.5 (tons)10 ( )0.5 (of)10 ( )0.5 (mine)10 ( )0.5 (output)10 ( )0.5 (for)10 ( )0.5 (the)10 ( )0.5 (year)10 (,)10 ( )0.5 (with)10 ( )0.5 (an)10 ( )0.5 (average)10 ( )0.5 (production)10 ( )0.5 (rate)10 ( )0.5 (of)10 ( )0.5 (1)10.1 (0)10 (3)10 (%)10 (.)10 ( )]tj 0.049 tc 0.07 tw 0 -1.6 td [(the)12.7 ( project)12.7 ( produced)12.7 ( lead)12.6 ( concentrate)12.7 ( ore)12.7 ( containing)12.6 ( 7)12.7 (,)12.6 (8)12.7 (3)12.7 (8)12.6 ( tons)12.6 ( of)12.6 ( lead)12.7 ( and)12.7 ( zinc)24 ( )]tj 0.025 tc 0.077 tw 0 -1.6 td (concentrate ore containing 41,295 tons of zinc. the project sold lead co\ ncentrate ore )tj 0.035 tw 0 -1.6 td (containing 8,737 tons of lead and zinc concentrate ore containing 41,198\ tons of zinc, )tj 0.048 tc 0.07 tw 0 -1.6 td [(achieving)12.6 ( operating)12.6 ( revenue)12.6 ( of)12.6 ( rmb)12.5 (6)12.6 (0)12.6 (3)12.5 ( million)12.5 ( and)12.5 ( net)12.5 ( profit)12.6 ( attributable)12.6 ( to)12.6 ( the)23 ( )]tj 0.025 tc 0 tw 0 -1.6 td (chinese party of rmb114 million.)tj et endstream endobj 200 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 105 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.052 tc 0.07 tw 10 0 0 10 155.9055 716.0046 tm [(i)0.5 (n)13.1 ( )0.5 (2)13 (0)13.1 (2)13 (3)13 (,)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (c)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.6 (y)13 (\222)13 (s)13 ( )0.6 (r)0.5 (e)0.6 (v)0.5 (e)0.5 (n)0.5 (u)0.6 (e)13 ( )0.6 (f)0.5 (r)0.5 (o)0.6 (m)13 ( )0.5 (h)0.5 (o)0.6 (u)0.5 (s)0.5 (i)0.5 (n)0.6 (g)13 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (s)0.6 (t)0.5 (r)0.5 (u)0.6 (c)0.5 (t)0.5 (i)0.5 (o)0.6 (n)13 ( )0.5 (e)0.6 (n)0.5 (g)0.5 (i)0.6 (n)0.5 (e)0.5 (e)0.6 (r)0.5 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (b)0.5 (u)0.5 (s)0.6 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)27 ( )]tj 0.025 tc 0.068 tw 0 -1.6 td (was rmb343,346 million, accounting for 58.65% of the total revenue of en\ gineering )tj 0.078 tc 0.07 tw 0 -1.6 td [(contracting)12.5 (;)12.5 ( revenue)12.5 ( from)12.4 ( municipal)12.5 ( infrastructure)12.5 ( engineering)12.5 ( business)12.6 ( was)53 ( )]tj 0.054 tc 0 -1.6 td [(rmb)12.1 (1)12 (2)12.1 (1)12.1 (,)12.1 (3)12.1 (6)12 (7)12.1 ( million)12 (,)12.1 ( accounting)12 ( for)12.1 ( 2)12.1 (0)12.1 (.)12.1 (7)12.1 (3)12 (%)12.1 ( of)12.1 ( the)12.1 ( total)12.1 ( revenue)12.1 ( of)12.1 ( engineering)29 ( )]tj 0.072 tc 0 -1.6 td [(contracting)12.4 (;)12.5 ( revenue)12.5 ( from)12.5 ( other)12.5 ( engineering)12.4 ( business)12.5 ( was)12.4 ( rmb)12.5 (9)12.5 (,)12.4 (5)12.5 (0)12.4 (0)12.5 ( million)12.4 (,)47 ( )]tj 0.025 tc 0 tw 0 -1.6 td (accounting for 1.62% of the total revenue of engineering contracting.)tj /t1_1 1 tf -5.669 -3.2 td [($ii$ )-1015.7 (resources development business)]tj /t1_0 1 tf 0.048 tc 0.07 tw 2.835 -3.2 td [(mineral)12.3 ( resource)12.4 ( business)12.3 ( is)12.3 ( one)12.3 ( of)12.3 ( the)12.3 ( most)12.3 ( important)12.3 ( featured)12.4 ( businesses)12.4 ( of)12.4 ( the)12.4 ( \223)12.3 (one)23 ( )]tj 0.054 tc 0 -1.6 td [(c)0.5 (o)0.6 (r)0.5 (e)13.1 (,)13 ( )0.6 (t)0.5 (w)0.6 (o)13 ( )0.6 (m)0.5 (a)0.5 (i)0.6 (n)13 ( )0.6 (b)0.5 (o)0.6 (d)0.5 (i)0.5 (e)0.6 (s)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.6 (f)0.5 (i)0.5 (v)0.6 (e)13 ( )0.6 (f)0.5 (e)0.6 (a)0.5 (t)0.6 (u)0.5 (r)0.5 (e)0.6 (s)13 (\224)13.1 ( )0.6 (b)0.5 (u)0.5 (s)0.6 (i)0.5 (n)0.6 (e)0.5 (s)0.5 (s)13.1 ( )0.5 (s)0.6 (y)0.5 (s)0.6 (t)0.5 (e)0.6 (m)13 ( )0.5 (a)0.6 (n)0.6 (d)13 ( )0.5 (a)0.6 (n)13 ( )0.6 (i)0.5 (m)0.5 (p)0.6 (o)0.5 (r)0.6 (t)0.5 (a)0.6 (n)0.5 (t)13 ( )0.6 (f)0.5 (e)0.6 (a)0.5 (t)0.6 (u)0.5 (r)0.6 (e)0.5 (d)29 ( )]tj 0.039 tc 0 -1.6 td [(bu)0.5 (sin)0.5 (es)0.5 (s)12.9 ( o)0.5 (f)12.9 ( t)0.5 (he)13 ( c)0.5 (ompa)0.5 (ny)13 (.)12.9 ( a)0.5 (s)12.9 ( )0.5 (one)13 ( o)0.5 (f)12.9 ( t)0.5 (he)13 ( ke)0.5 (y)12.9 ( )0.5 (re)0.5 (sou)0.5 (rce)13 ( e)0.5 (nte)0.5 (rp)0.5 (ri)0.5 (ses)13 ( i)0.5 (den)0.5 (tif)0.5 (ie)0.5 (d)12.9 ( b)0.5 (y)12.9 ( c)0.5 (hin)0.5 (a)12.9 (,)13 ( th)0.5 (e)14 ( )]tj 0.027 tc 0.081 tw 0 -1.6 td [(company)2 ( )0.5 (is)2 ( currently)2 ( )0.5 (engaged)1.9 ( )0.5 (in)2 ( )0.5 (the)2 ( )0.5 (resource)2.1 ( development)2 ( )0.5 (business)2 (,)2 ( )0.5 (which)2 ( )0.5 (mainly)2 ( )0.5 (centers)2 ( )]tj 0.025 tc 0.029 tw 0 -1.6 td [(on )0.5 (the )0.6 (exploration, )0.6 (ore )0.5 (processing )0.6 (and )0.6 (smelting )0.5 (etc. )0.6 (for )0.5 (nickel, )0.5 (cobalt, )0.6 (copper, )0.5 (lead, )0.5 (zinc )0.6 (and )]tj 0.052 tw 0 -1.6 td [(other )0.5 (metal )0.6 (mineral )0.5 (resources, )0.5 (and )0.6 (most )0.6 (of )0.5 (the )0.6 (products )0.6 (produced, )0.6 (such )0.5 (as )0.6 (nickel )0.5 (and )0.5 (cobalt )]tj 0.023 tc 0 tw 0 -1.6 td [(hydroxide, crude copper, zinc concentrates, lead concentrates, and so on\ , are transported back)-2 ( )]tj 0.025 tc 0 -1.6 td (to china for sale to the downstream refining and processing customers in\ a stable manner.)tj 0.071 tc 0.07 tw 0 -3.2 td [(in)12.9 ( 2)13 (0)12.9 (2)12.9 (3)12.9 (,)12.9 ( t)0.5 (he)12.9 ( com)0.5 (pany)12.9 ( f)0.5 (irmly)13 ( adhe)0.5 (red)12.9 ( to)13 ( the)12.9 ( )0.5 (devel)0.5 (opment)13 ( objec)0.5 (tive)12.9 ( )0.5 (of)12.9 ( \223)12.9 (in)0.5 (crea)0.5 (ses)12.9 ( )0.5 (in)46 ( )]tj 0.042 tc 0 -1.6 td [(resources)12.2 (,)12.1 ( reserves)12.2 (,)12.2 ( production)12.2 (,)12.1 ( security)12.2 ( and)12.2 ( cost)12.2 ( reduction)12.2 (\224)12.2 (,)12.2 ( and)12.1 ( endeavored)12.2 ( to)12.2 ( improve)17 ( )]tj 0.033 tc 0.075 tw 0 -1.6 td [(t)0.5 (h)0.6 (e)8 ( )0.5 (d)0.5 (e)0.6 (v)0.5 (e)0.6 (l)0.5 (o)0.6 (p)0.5 (m)0.5 (e)0.6 (n)0.5 (t)8 ( )0.5 (a)0.6 (n)0.5 (d)8 ( )0.5 (o)0.6 (p)0.5 (e)0.6 (r)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)8 ( )0.5 (l)0.6 (e)0.5 (v)0.5 (e)0.6 (l)8 ( )0.5 (r)0.5 (e)0.6 (g)0.5 (a)0.6 (r)0.5 (d)0.6 (i)0.5 (n)0.5 (g)8.1 ( )0.5 (i)0.5 (t)0.5 (s)8 ( )0.6 (m)0.5 (i)0.5 (n)0.6 (e)0.5 (r)0.6 (a)0.5 (l)8 ( )0.5 (r)0.6 (e)0.5 (s)0.6 (o)0.5 (u)0.6 (r)0.5 (c)0.6 (e)0.5 (s)8 (.)8 ( )0.5 (o)0.6 (n)8 ( )0.5 (t)0.5 (h)0.6 (e)8 ( )0.5 (o)0.5 (n)0.6 (e)8 ( )0.5 (h)0.5 (a)0.6 (n)0.5 (d)8 (,)8 ( )0.5 (t)0.6 (h)0.5 (e)8 ( )]tj 0.052 tc 0.07 tw 0 -1.6 td [(company)12.7 ( responded)12.6 ( to)12.8 ( the)12.7 ( changes)12.7 ( in)12.7 ( the)12.7 ( market)12.7 ( environment)12.7 ( in)12.7 ( a)12.7 ( positive)12.7 ( and)12.7 ( steady)27 ( )]tj 0.049 tc 0 -1.6 td [(manner)12.2 ( on)12.2 ( the)12.2 ( premise)12.2 ( of)12.2 ( ensuring)12.2 ( zero)12.2 ( accidents)12.2 ( in)12.3 ( terms)12.3 ( of)12.2 ( safety)12.2 ( and)12.2 ( environmental)24 ( )]tj 0.025 tc 0.024 tw 0 -1.6 td (protection, and adhered to the operational policy that features \223prom\ pt digging with efficient )tj 0.032 tw 0 -1.6 td (sales based on best production for sales\224 to achieve outrun profitabi\ lity, which the company )tj 0.043 tc 0.07 tw 0 -1.6 td [(has)12.3 ( achieved)12.4 ( a)12.3 ( net)12.4 ( profit)12.4 ( of)12.3 ( rmb)12.4 (1)12.4 (.)12.3 (2)12.4 (1)12.4 (4)12.3 ( billion)12.4 ( attributable)12.4 ( to)12.4 ( the)12.4 ( chinese)12.4 ( party)12.4 ( from)12.3 ( the)18 ( )]tj 0.039 tc 0 -1.6 td [(th)0.5 (ree)13 ( mi)0.5 (nes)13 ( in)13 ( p)0.5 (rodu)0.5 (cti)0.5 (on)12.9 (;)13 ( on)13 ( the)13 ( o)0.5 (the)0.5 (r)12.9 ( h)0.5 (and)13 (,)12.9 ( b)0.5 (y)12.9 ( f)0.5 (ocu)0.5 (sin)0.5 (g)12.9 ( on)13 ( ex)0.5 (pl)0.5 (orat)0.5 (ion)13 ( a)0.5 (nd)12.9 ( p)0.5 (ros)0.5 (pe)0.5 (cti)0.5 (ng)14 ( )]tj 0.054 tc 0 -1.6 td [(a)0.5 (nd)12.9 ( )0.5 (rel)0.5 (yi)0.5 (ng)12.9 ( )0.5 (on)13 ( in)0.5 (te)0.5 (rna)0.5 (l)12.9 ( )0.5 (syn)0.5 (er)0.5 (gy)13 ( an)0.5 (d)12.9 ( )0.5 (gua)0.5 (ra)0.5 (nt)0.5 (eed)13 ( b)0.5 (y)12.9 ( )0.5 (ext)0.5 (er)0.5 (na)0.5 (l)12.9 ( c)0.5 (oo)0.5 (per)0.5 (at)0.5 (ion)13 (,)12.9 ( )0.5 (the)13 ( c)0.5 (om)0.5 (pan)0.5 (y)12.9 (,)29 ( )]tj 0.025 tc 0.046 tw 0 -1.6 td [(taking \223prospecting for minerals\224 as )0.5 (the )0.5 (principle, )0.5 (has )0.5 (continuously increased )0.5 (its )0.5 (investment )]tj 0.053 tc 0.07 tw 0 -1.6 td [(in)12.1 ( risk)12.1 ( exploration)12 ( and)12.1 ( side)12.1 (-)12.1 (deep)12.1 ( prospecting)12.1 ( for)12.1 ( minerals)12.1 (,)12 ( which)12 ( has)12.1 ( made)12.1 ( significant)28 ( )]tj 0.025 tc 0 tw 0 -1.6 td (breakthroughs in mineral searching, revealing huge potential for finding\ minerals.)tj et endstream endobj 163 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 1/originaldocumentid/pageitemuidtolocationdatamap<>/pagetransformationmatrixlist<>/pageuidlist<>/pagewidthlist<>>>>>/resources<>/font<>/procset[/pdf/text]/xobject<>>>/trimbox[0.0 0.0 595.276 793.701]/type/page>> endobj 164 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 1/originaldocumentid/pageitemuidtolocationdatamap<>/pagetransformationmatrixlist<>/pageuidlist<>/pagewidthlist<>>>>>/resources<>/font<>/procset[/pdf/text]/xobject<>>>/trimbox[0.0 0.0 595.276 793.701]/type/page>> endobj 165 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 1/originaldocumentid/pageitemuidtolocationdatamap<>/pagetransformationmatrixlist<>/pageuidlist<>/pagewidthlist<>>>>>/resources<>/font<>/procset[/pdf/text]/xobject<>>>/trimbox[0.0 0.0 595.276 793.701]/type/page>> endobj 166 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 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tw 0 -1.6 td [(construction)6 ( )0.5 (business)6 ( )0.5 (accounted)6 ( )0.5 (for)6 ( )0.5 (more)6.1 ( )0.5 (than)6 ( )0.5 (7)6 (0)6 (%)6 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.6 (revenue)6 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.5 (company)6 (,)6 ( )]tj 0.023 tc 0 tw 0 -1.6 td [(which are the two major businesses of the company. leveraging on the com\ prehensive)-2 ( )]tj 0.026 tc 0.082 tw 0 -1.6 td [(advantages)1 ( )0.5 (gained)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (steel)0.9 ( )0.6 (and)1 ( )0.5 (metallurgical)1 ( )0.5 (sectors)1 (,)1 ( )0.5 (the)1 ( )0.5 (company)1 ( )0.5 (has)1 ( )0.5 (continued)1 ( )]tj 0.025 tc 0.015 tw 0 -1.6 td (to increase its efforts in the investment and construction of housing an\ d infrastructure. )tj 0.04 tc 0.07 tw 0 -1.6 td [(focusing)12.2 ( on)12.2 ( excellent)12.2 ( research)12.1 (,)12.2 ( investigation)12.2 (,)12.1 ( design)12.1 ( and)12.1 ( construction)12.1 ( capabilities)12.1 (,)15 ( )]tj 0.025 tc 0.033 tw 0 -1.6 td (the company actively integrated into and served the national development\ strategy by )tj 0.031 tc 0.077 tw 0 -1.6 td [(centralizing)6 ( )0.5 (its)6 ( )0.5 (efforts)6 ( )0.5 (in)6 ( )0.5 (economic)6 ( )0.5 (hotspots)6 ( )0.5 (such)6 ( )0.5 (as)6.1 ( )0.5 (beijing)6 (-)6 (tianjin)6 (-)6.1 (hebei)6 (,)6 ( )0.5 (yangtze)6.1 ( )]tj 0.025 tc 0.015 tw 0 -1.6 td (river delta, pearl river delta, the middle reaches of the yangtze river \ and chengdu-)tj 0.064 tc 0.07 tw 0 -1.6 td [(chongqing)12.4 ( urban)12.4 ( cluster)12.4 (,)12.4 ( and)12.4 ( persistently)12.4 ( gathering)12.4 ( technical)12.4 ( and)12.4 ( construction)39 ( )]tj 0.063 tc 0 -1.6 td [(strengths)12.2 (,)12.3 ( achieving)12.3 ( impressive)12.2 ( results)12.2 ( in)12.3 ( housing)12.2 ( and)12.3 ( municipal)12.2 ( infrastructure)38 ( )]tj 0.025 tc 0.037 tw 0 -1.6 td (construction, with steady increase in the proportion of medium-and high-\ end projects. )tj 0.037 tc 0.071 tw 0 -1.6 td [(during)12 ( )0.5 (the)12.1 ( )0.5 (reporting)12 ( )0.5 (period)12 (,)12 ( )0.5 (in)12 ( )0.5 (the)12.1 ( )0.5 (yangtze)12 ( )0.5 (river)12.1 ( )0.5 (delta)12 ( )0.5 (region)12 (,)12 ( )0.6 (the)12 ( )0.5 (company)12 ( )0.5 (won)12 ( )]tj 0.025 tc 0.047 tw 0 -1.6 td (the bidding for the global flagship and first-in-china theme park projec\ t for shanghai )tj 0.062 tc 0.07 tw 0 -1.6 td [(legoland)12.5 ( resort)12.4 ( $)]tj /c0_0 1 tf 0.05 tc -0.05 tw 10.045 0 td [<026a090e>0.5 <118009f711800de4>0.5 <071309ff0a1c>0.5 <02f4155a11800de4>0.5 <0db00366>]tj /t1_0 1 tf 0.062 tc 0.07 tw [($)12.4 (,)12.5 ( successfully)12.5 ( realizing)37 ( )]tj 0.047 tc -10.045 -1.6 td [(the)12.4 ( \223)12.4 (grand)12.4 ( slam)12.4 (\224)12.4 ( of)12.4 ( the)12.4 ( top)12.4 ( international)12.4 ( theme)12.4 ( park)12.4 ( brands)12.4 (;)12.4 ( in)12.4 ( central)12.4 ( china)12.4 (,)12.4 ( it)22 ( )]tj 0.025 tc 0.042 tw 0 -1.6 td [(contracted )0.5 (the largest )0.5 (single-furnace-size )0.5 (unit )0.5 (of )0.5 (domestic garbage )0.5 (incineration power )]tj 0.052 tc 0.07 tw 0 -1.6 td [(generation)12.1 ( project)12.1 (-)12.2 (the)12.1 ( project)12.1 ( of)12.2 ( renewable)12.2 ( resources)12.1 ( power)12.2 ( generation)12.1 ( center)27 ( )]tj 0.049 tc 0 -1.6 td [(of)12.8 ( circular)12.7 ( economy)12.8 ( park)12.8 ( in)12.7 ( xinzhou)12.8 ( district)12.7 (,)12.7 ( wuhan)12.7 ( $)]tj /c0_0 1 tf 0.036 tc -0.036 tw 25.488 0 td <061b100f0e2d07720c4314110ebe13f60b2a0e380de4>tj 0.031 tc -0.031 tw -25.488 -1.6 td <038e035b0f1f0e550cef0f65029502d00db00366>tj /t1_0 1 tf 0.043 tc 0.07 tw [($)12.2 (;)12.1 ( in)12.1 ( the)12.2 ( capital)12.1 ( economic)12.1 ( circle)12.2 (,)12.1 ( it)12.1 ( won)12.1 ( the)12.1 ( bidding)12.1 ( for)12.1 ( the)18 ( )]tj 0.028 tc 0.08 tw 0 -1.6 td [(y)0.5 (a)0.5 (n)0.5 (j)0.5 (i)0.6 (a)0.5 (o)3 ( )0.5 (v)0.5 (e)0.5 (h)0.5 (i)0.5 (c)0.5 (l)0.5 (e)3 ( )0.6 (b)0.5 (a)0.5 (s)0.5 (e)3 ( )0.5 (o)0.5 (f)3 ( )0.5 (b)0.5 (e)0.5 (i)0.6 (j)0.5 (i)0.5 (n)0.5 (g)3 ( )0.5 (s)0.5 (u)0.5 (b)0.5 (w)0.5 (a)0.5 (y)3 ( )0.5 (l)0.5 (i)0.5 (n)0.5 (e)3.1 ( )0.5 (2)3 (2)2.9 ( )0.6 (a)0.5 (n)0.5 (d)3 ( )0.5 (s)0.5 (h)0.5 (e)0.5 (n)0.5 (w)0.5 (e)0.5 (i)3 ( )0.5 (a)0.6 (r)0.5 (e)0.5 (a)3 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (r)0.5 (e)0.6 (h)0.5 (e)0.5 (n)0.5 (s)0.5 (i)0.5 (v)0.5 (e)3 ( )]tj 0.043 tc 0.07 tw 0 -1.6 td [(development)12.5 ( project)12.6 ( $)]tj /c0_0 1 tf 0.031 tc -0.031 tw 10.059 0 td [<030f>0.6 <052f>0.5 <0810>0.6 <0f38>0.5 <0374>0.5 <0bb7>]tj /t1_0 1 tf 6.183 0 td [(2)0.5 (2)]tj /c0_0 1 tf 1.061 0 td [<0eee>0.6 <376c>0.5 <12f2>0.6 <081a>0.5 <0513>0.5 <123f>0.6 <0a3f>0.5 <03ae>0.6 <026a>0.5 <108a>0.6 <0571>0.5 <095a>0.6 <06fe>0.5 <02ea>0.6 <0a1c>0.5 <105d>0.6 <03a5>0.5 <0d9a>0.6 <0cef>]tj 0.025 tc -0.025 tw -17.302 -1.6 td <0db00366>tj /t1_0 1 tf 0.035 tc 0.073 tw [($)10 (.)10 ( )0.5 (in)10 ( )0.5 (xiongan)10 ( )0.5 (new)10 ( )0.6 (area)10 (,)10 ( )0.5 (it)10 ( )0.5 (successfully)10 ( )0.5 (signed)10 ( )0.5 (the)10 ( )0.6 (guomao)10 ( )0.5 (center)10 ( )0.6 (project)10 ( )0.5 ($)]tj /c0_0 1 tf 0 tc 0 tw 35.85 0 td <0a37>tj 0.025 tc -0.025 tw -35.85 -1.6 td <0d71029502d00db00366>tj /t1_0 1 tf 0.056 tw ($, the first urban commercial complex project in xiongan; in guangdong-\ )tj 0.024 tw 0 -1.6 td [(hong )0.5 (kong-macao )0.5 (greater )0.6 (bay )0.5 (area, )0.5 (it )0.5 (successfully )0.5 (signed )0.5 (the )0.5 (project )0.5 (for )0.5 (the )0.5 (second )]tj 0.024 tc 0 tw 0 -1.6 td [(phase of the convention and exhibition center in g)0.5 (uangzhou airport central business)-1 ( )]tj 0.075 tc 0.07 tw 0 -1.6 td [(dis)0.5 (tric)0.5 (t)12.9 ( $)]tj /c0_0 1 tf 0.062 tc -0.062 tw 4.374 0 td <113f03c806640ca50295032f0a200a150a1c0e36089d029502d0025a0c820db00366>tj /t1_0 1 tf 0.075 tc 0.07 tw [($)12.9 (;)13 ( in)12.9 ( t)0.5 (he)12.9 ( o)0.5 (ld)12.9 ( in)0.5 (dustr)0.5 (ial)12.9 ( )0.5 (base)13 ( of)50 ( )]tj 0.025 tc 0.021 tw -4.374 -1.6 td [(northeast china, )0.5 (it )0.5 (won the bidding for shenyang heping )0.5 (bay ecological science )0.5 (and )]tj 0.027 tc 0.081 tw 0 -1.6 td [(innovation)2 ( )0.5 (demonstration)2 ( )0.5 (area)2 ( )0.5 (project)2 ( )0.5 ($)]tj /c0_0 1 tf 0.025 tc -0.025 tw 17.743 0 td <14e80da20571033b1744035b0fd207c50bf4036a11cd0a1c0db00366>tj /t1_0 1 tf 0.027 tc 0.081 tw [($)2 ( )0.5 (and)2 ( )0.5 (other)2 ( )]tj 0.025 tc -17.743 -1.6 td (ten-billion-dollar projects, thereby significantly enhancing its competi\ tive strength in )tj 0 tw 0 -1.6 td (hotspot regions.)tj 0.033 tc 0.075 tw 0 -3.2 td [(in)8 ( )0.5 (the)8 ( )0.5 (overseas)8 ( )0.5 (markets)8 (,)8.1 ( )0.5 (the)8 ( )0.5 (company)8 ( )0.5 (has)8 ( )0.5 (continued)8 ( )0.5 (to)8 ( )0.5 (exert)8 ( )0.5 (strength)8 ( )0.5 (in)8 ( )0.5 (the)8 ( )0.5 (market)8.1 ( )]tj 0.025 tc 0.051 tw 0 -1.6 td (of the countries where\224belt and road\224 is jointly constructed, winn\ ing the bidding for )tj 0.075 tw 0 -1.6 td (the parliament building project in guinea $)tj /c0_0 1 tf -0.025 tw <0c3b02ab052d16440e36027d0e020db00366>tj /t1_0 1 tf 0.075 tw ($, as well as signing )tj 0.042 tc 0.07 tw 0 -1.6 td [(a)12.4 ( number)12.4 ( of)12.4 ( new)12.4 ( contracts)12.4 ( for)12.4 ( high)12.4 (-)12.3 (end)12.4 ( real)12.4 ( estate)12.4 ( projects)12.3 (,)12.4 ( such)12.4 ( as)12.4 ( the)12.4 ( cambodia)17 ( )]tj 0.054 tc 0 -1.6 td [(huan)12.3 ( hai)12.3 ( bo)12.3 ( lai)12.3 ( international)12.3 ( hotel)12.3 ( $)]tj /c0_0 1 tf 0.042 tc -0.042 tw 19.223 0 td <0755087c0fbd1411090e0f540d3a0a3710e709e205b3>tj /t1_0 1 tf 0.054 tc 0.07 tw [($)12.2 (,)12.3 ( which)12.3 ( have)29 ( )]tj 0.025 tc 0 tw -19.223 -1.6 td (further enhanced the influence of the company in the overseas markets.)tj et endstream endobj 209 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 103 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.053 tc 0.07 tw 10 0 0 10 155.9055 716.0046 tm [(in)12.2 ( the)12.2 ( domestic)12.3 ( market)12.3 (,)12.2 ( the)12.2 ( company)12.3 ( successfully)12.2 ( researched)12.3 ( and)12.3 ( developed)12.3 ( the)28 ( )]tj 0.036 tc 0.072 tw 0 -1.6 td [(gas)11.1 (-)11 (based)11 ( )0.5 (direct)11 ( )0.5 (reduction)11 ( )0.5 (ironmaking)11 ( )0.5 (apparatus)11 ( )0.5 (which)11 ( )0.5 (has)11 ( )0.5 (completely)11 ( )0.5 (independent)11 ( )]tj 0.025 tc 0.041 tw 0 -1.6 td (intellectual property rights during the reporting period, filling the do\ mestic blank for )tj 0 tw 0 -1.6 td (direct reduction iron hot-loading and hot-feeding technology, and succee\ ded in the test )tj 0.027 tc 0.081 tw 0 -1.6 td [(run)2 ( )0.5 (of)1.9 ( )0.5 (hot)2 ( test)2 ( )0.5 (at)2 ( )0.5 (the)2 ( )0.5 (metallurgical)2 ( )0.5 (test)2 ( )0.5 (base)2 ( )0.5 (in)2 ( )0.5 (shanxi)2 ( )0.5 (jincheng)2 ( steel)2 (.)2 ( the)2 ( )0.5 (company)2 ( )]tj 0.055 tc 0.07 tw 0 -1.6 td [(independently)12.6 ( designed)12.7 ( and)12.7 ( manufactured)12.7 ( the)12.7 ( only)12.7 ( 5)12.7 (,)12.7 (6)12.7 (0)12.7 (0)12.6 ( millimeters)12.7 ( thick)12.6 ( plate)30 ( )]tj 0.033 tc 0.075 tw 0 -1.6 td [(r)0.5 (oll)0.5 (i)0.5 (ng)8 ( )0.5 (m)0.5 (il)0.5 (l)8 ( )0.5 (co)0.5 (mp)0.5 (le)0.5 (t)0.5 (e)8 ( )0.5 (se)0.5 (t)8 ( )0.5 (o)0.5 (f)8 ( )0.5 (eq)0.5 (ui)0.5 (pm)0.5 (e)0.5 (nt)8 ( )0.5 (w)0.5 (or)0.5 (ld)0.5 (wi)0.5 (d)0.5 (e)8 (,)8 ( )0.5 (wh)0.5 (ic)0.5 (h)8 ( )0.5 (w)0.5 (as)8 ( )0.6 (su)0.5 (cc)0.5 (e)0.5 (ss)0.5 (fu)0.5 (ll)0.5 (y)8 ( )0.5 (pr)0.5 (ov)0.5 (id)0.5 (e)0.5 (d)8 ( )]tj 0.025 tc 0.017 tw 0 -1.6 td (to the henan angang wide thick plate project, thereby breaking the monop\ oly by the )tj 0.077 tw 0 -1.6 td [(overseas )0.5 (suppliers. )0.5 (the company won the )0.5 (bidding for )0.5 (the largest sintering project in )]tj 0.01 tw 0 -1.6 td (the world \226 720 m)tj 0 tc 0 tw 5.83 0 0 5.83 233.8737 576.0046 tm (2)tj 0.025 tc 0.01 tw 10 0 0 10 236.9344 572.0046 tm ( sintering engineering project for baowu xinyu steel $)tj /c0_0 1 tf -0.025 tw <1612061b0e2d042f137b>tj 0 tc 0 tw -8.103 -1.6 td <169b>tj /t1_0 1 tf 0.025 tc -0.025 tw 1.025 0 td (720m)tj 0 tc 0 tw 5.83 0 0 5.83 189.9355 560.0046 tm (2)tj /c0_0 1 tf 0.025 tc -0.025 tw 10 0 0 10 192.9962 556.0046 tm <12f00d1012da02880cfb0db00366>tj /t1_0 1 tf 0.065 tw ($. in the non-ferrous metal engineering sector, the company )tj 0.029 tc 0.079 tw -3.709 -1.6 td [(has)4 ( )0.5 (won)4 ( )0.5 (the)4.1 ( )0.5 (bidding)4 ( )0.5 (for)4.1 ( )0.5 (epc)4 ( )0.6 (project)4 ( )0.5 (of)4 ( )0.5 (0)4 (.)4 (6)4 ( )0.5 (million)4 ( )0.5 (ton)4 (/)4 (year)4 ( )0.5 (metallurgy)4 ( )0.5 (project)4 ( )0.5 (for)4 ( )]tj 0.048 tc 0.07 tw 0 -1.6 td [(xinjiang)12.8 ( huoshaoyun)12.8 ( lead)12.9 ( &)12.9 ( zinc)12.9 ( mine)12.8 ( $)]tj /c0_0 1 tf 0.035 tc -0.035 tw 19.253 0 td <0e2d159b02e612f00dae0f5112541624>tj /t1_0 1 tf (60)tj /c0_0 1 tf <0eac129a014a03cb04370e6a02880cfb>tj /t1_0 1 tf -19.253 -1.6 td (epc)tj /c0_0 1 tf 0.025 tc -0.025 tw 1.929 0 td <0db00366>tj /t1_0 1 tf 0.035 tc 0.073 tw [($)10 ( )0.5 (as)10 ( )0.5 (the)10.1 ( )0.5 (largest)10 ( )0.5 (lead)10 (-)10 (zinc)10 ( )0.5 (oxide)10 ( )0.5 (ore)10.1 ( )0.5 (smelting)10 ( )0.5 (project)10 ( )0.5 (worldwide)10 ( )0.5 (in)10 ( )0.5 (terms)10 ( )0.5 (of)10 ( )]tj 0.025 tc 0 tw -1.929 -1.6 td (annual output to date upon the completion of this project.)tj 0.076 tw 0 -3.2 td (in the overseas market, the company actively captured the window period \ for global )tj 0 -1.6 td (iron and steel transformation, increased the pace of \223going out\224, \ achieving important )tj 0.027 tc 0.081 tw 0 -1.6 td [(bre)0.5 (akthro)0.5 (ughs)2 ( )0.5 (in)2 ( m)0.5 (arke)0.5 (t)1.9 ( )0.5 (de)0.5 (velopme)0.5 (nt)2 (,)2 ( )0.5 (with)2 ( )0.5 (the)2 ( )0.5 (succ)0.5 (essfu)0.5 (l)2 ( )0.5 (signing)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (1)2 (.)2 (6)2 ( )0.5 (millio)0.5 (n)1.9 ( )]tj 0.025 tc 0.046 tw 0 -1.6 td (ton joint steel mill project of anwar integrated steel mills limited, ba\ ngladesh $)tj /c0_0 1 tf 0 tc 0 tw <0597>tj 0.043 tc -0.043 tw 0 -1.6 td [<030b>0.5 <05d6>0.5 <0a37>0.5 <03c40359>0.5 <1027>0.5 <105d>0.5 <03a5137b>0.5 <1140>0.5 <03de>0.5 <0822>0.5 <02ae>0.5 <0321>]tj /t1_0 1 tf [(1)0.5 (6)0.5 (0)]tj /c0_0 1 tf 16.223 0 td [<0eac>0.5 <129a>0.5 <144c03a5>0.5 <137b>0.5 <1140>0.5 <0db00366>]tj /t1_0 1 tf 0.055 tc 0.07 tw 8.34 0 td [($)12.5 (,)12.5 ( which)12.4 (,)12.5 ( upon)12.5 ( completion)12.4 (,)30 ( )]tj 0.025 tc 0.06 tw -24.563 -1.6 td (will become a benchmark iron and steel greenfield project in the south a\ sian region. )tj 0.068 tc 0.07 tw 0 -1.6 td [(the)12.8 ( company)12.9 ( has)12.8 ( successfully)12.8 ( signed)12.9 ( the)12.8 ( epc)12.8 ( project)12.8 ( for)12.8 ( mmp)12.9 ( nickel)12.8 ( matte)43 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(refining)7 ( )0.5 (in)7 ( )0.5 (indonesia)7 ( )0.5 ($)]tj /c0_0 1 tf 0.025 tc -0.025 tw 10.187 0 td <03990335>tj /t1_0 1 tf 0.032 tc -0.032 tw (mmp)tj /c0_0 1 tf 0.025 tc -0.025 tw 4.473 0 td <09f7038f154304370e6a>tj /t1_0 1 tf 0.032 tc -0.032 tw (epc)tj /c0_0 1 tf 0.025 tc -0.025 tw 7.048 0 td <0db00366>tj /t1_0 1 tf 0.032 tc 0.076 tw [($)7 (,)7 ( )0.5 (which)7 ( )0.5 (has)6.9 ( )0.5 (further)7 ( )0.5 (solidified)7 ( )]tj 0.059 tc 0.07 tw -21.709 -1.6 td [(the)12.4 ( leading)12.3 ( position)12.3 ( of)12.4 ( the)12.4 ( company)12.4 ( in)12.3 ( global)12.3 ( nickel)12.3 ( laterite)12.3 ( smelting)12.3 ( industry)12.3 (,)34 ( )]tj 0.025 tc 0 tw 0 -1.6 td (highlighting its core competitive advantages once again.)tj 0.067 tc 0.07 tw 0 -3.2 td [(in)12.3 ( 2)12.4 (0)12.3 (2)12.4 (3)12.4 (,)12.3 ( the)12.4 ( company)12.3 (\222)12.4 (s)12.4 ( revenue)12.3 ( from)12.4 ( metallurgical)12.3 ( construction)12.3 ( business)12.3 ( was)42 ( )]tj 0.073 tc 0 -1.6 td [(rmb)12.2 (1)12.2 (1)12.3 (1)12.2 (,)12.2 (2)12.3 (6)12.2 (9)12.2 ( million)12.3 (,)12.2 ( accounting)12.3 ( for)12.2 ( 1)12.3 (9)12.2 (%)12.2 ( of)12.2 ( the)12.3 ( total)12.3 ( revenue)12.2 ( of)12.3 ( engineering)48 ( )]tj 0.025 tc -0.025 tw 0 -1.6 td (contracting.)tj et endstream endobj 208 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 102 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 70.8661 716.0747 tm [(i. )-1870.7 (operating results of the company)]tj /t1_0 1 tf 0.024 tw 2.835 -3.2 td (in the face of the complex domestic and international macroeconomic envi\ ronment and the arduous )tj 0.038 tc 0.07 tw 0 -1.6 td [(and)12.4 ( heavy)12.4 ( operation)12.3 ( and)12.3 ( management)12.3 ( tasks)12.3 ( in)12.3 ( 2)12.4 (0)12.3 (2)12.3 (3)12.3 (,)12.3 ( the)12.4 ( company)12.3 ( insisted)12.3 ( on)12.3 ( planning)12.3 ( globally)13 ( )]tj 0.045 tc 0 -1.6 td [(with)12.3 ( strategic)12.4 ( thinking)12.3 ( and)12.3 ( facing)12.3 ( challenges)12.3 ( with)12.3 ( strategic)12.4 ( determination)12.3 (,)12.3 ( unified)12.3 ( its)12.4 ( thoughts)20 ( )]tj 0.043 tc 0 -1.6 td [(and)12.7 ( actions)12.6 ( with)12.7 ( the)12.7 ( party)12.6 ( central)12.7 ( committee)12.7 (\222)12.7 (s)12.6 ( important)12.7 ( judgment)12.6 ( on)12.7 ( the)12.7 ( economic)12.7 ( situation)12.6 (,)18 ( )]tj 0.049 tc 0 -1.6 td [(c)0.5 (alm)0.5 (ly)12.9 ( )0.5 (res)0.5 (po)0.5 (nde)0.5 (d)12.9 ( t)0.5 (o)12.9 ( c)0.5 (ha)0.5 (nge)0.5 (s)12.9 ( )0.5 (in)12.9 ( t)0.5 (he)13 ( wo)0.5 (rld)13 (,)12.9 ( t)0.5 (he)13 ( ti)0.5 (mes)13 (,)12.9 ( h)0.5 (is)0.5 (tory)13 (,)12.9 ( a)0.5 (nd)13 ( th)0.5 (e)12.9 ( i)0.5 (ndu)0.5 (str)0.5 (y)12.9 (,)13 ( an)0.5 (d)12.9 ( g)0.5 (uid)0.5 (ed)12.9 ( )0.5 (al)0.5 (l)23.9 ( )]tj 0.025 tc 0.059 tw 0 -1.6 td (employees to move forward under the goals for \223one building, two most\ , five strong $)tj /c0_0 1 tf -0.025 tw <02530bf405470bf0029e>tj 0 tc 0 tw 0 -1.6 td <0a76>tj /t1_0 1 tf 0.025 tc 0.026 tw 1.025 0 td ($\224. the company maintained a steady development trend of main busine\ ss indicators. during the )tj 0.027 tc 0.081 tw -1.025 -1.6 td [(reporting)2 ( )0.5 (period)2 (,)1.9 ( )0.5 (the)2 ( company)2 ( )0.5 (achieved)2 ( )0.5 (operating)2 ( )0.5 (revenue)2 ( )0.5 (of)2 ( )0.5 (rmb)2 (6)2 (3)2 (3)2 (.)2 (8)2 (7)2 (0)2 ( )0.5 (billion)2 (,)2 ( )0.5 (a)2 ( )0.5 (total)2 ( )0.5 (profit)2 ( )]tj 0.035 tc 0.073 tw 0 -1.6 td [(of)10.1 ( )0.5 (rmb)9.9 (1)10 (3)10.1 (.)10 (7)10 (6)10 (5)10 ( )0.5 (billion)10 (,)10 ( )0.5 (of)9.9 ( )0.6 (which)10 ( )0.5 (the)10 ( )0.5 (net)10 ( )0.5 (profit)10 ( )0.5 (attributable)10 ( )0.5 (to)10 ( )0.6 (shareholders)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )0.5 (listed)10 ( )0.5 (company)10 ( )]tj 0.025 tc 0.079 tw 0 -1.6 td [(was )0.5 (rmb8.670 )0.5 (billion. )0.5 (the )0.5 (value )0.5 (of )0.5 (newly )0.5 (signed )0.5 (contracts )0.5 (reached rmb1,424.779 )0.5 (billion. )0.5 (with )]tj 0.026 tc 0.082 tw 0 -1.6 td [(excellent)1 ( )0.5 (results)1 (,)1 ( )0.5 (the)1 ( )0.5 (company)1 ( )0.5 (has)1 ( )0.5 (delivered)1 ( )0.5 (a)1 ( )0.5 (qualified)1 ( )0.5 (answer)1.1 ( )0.5 (to)1 ( )0.5 (its)1 ( )0.5 (shareholders)1 ( )0.5 (and)1 ( )0.6 (investors)1 (,)1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (and shared the value achievements of steady development of the enterpris\ e.)tj /t1_1 1 tf 0 -3.2 td [($i$ )-1429.7 (engineering contracting business)]tj /t1_0 1 tf 0.048 tc 0.07 tw 2.835 -3.2 td [(during)12.3 ( the)12.3 ( reporting)12.2 ( period)12.3 (,)12.2 ( operating)12.3 ( revenue)12.3 ( of)12.3 ( the)12.3 ( engineering)12.3 ( contracting)12.3 ( business)23 ( )]tj 0.044 tc 0 -1.6 td [(amounted)12.6 ( to)12.6 ( rmb)12.6 (5)12.5 (8)12.6 (5)12.5 (,)12.6 (4)12.5 (8)12.5 (2)12.6 ( million)12.6 (,)12.5 ( representing)12.6 ( an)12.5 ( increase)12.6 ( of)12.5 ( 9)12.5 (.)12.5 (3)12.6 (3)12.5 (%)12.6 ( from)12.5 ( rmb)12.6 (5)12.5 (3)12.6 (5)12.5 (,)12.5 (5)12.6 (1)12.5 (5)19.1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (million in 2022.)tj /t1_1 1 tf 10 0 2.6795 10 126.5328 380.0746 tm [(1. )-1759.7 (metallurgical construction business)]tj /t1_0 1 tf 0.023 tw 10 0 0 10 155.9055 348.0746 tm (metallurgical construction business is the \223core\224 of the \223one c\ ore, two main bodies )tj 0.04 tw 0 -1.6 td [(and )0.5 (five )0.5 (features\224 )0.5 (business )0.5 (system )0.5 (and )0.5 (the )0.5 (traditional )0.5 (core )0.5 (business )0.5 (of )0.5 (the )0.5 (company. )]tj 0.074 tw 0 -1.6 td [(being the )0.5 (founder of new )0.5 (china\222s metallurgical )0.5 (industry, )0.5 (the )0.5 (company has a )0.5 (unique )]tj 0.023 tw 0 -1.6 td [(core technology advantage in metallurgical construction sector. )0.5 (in )0.5 (2023, )0.5 (the company )]tj 0.043 tc 0.07 tw 0 -1.6 td [(w)0.5 (i)0.6 (l)0.5 (l)13 ( )0.6 (p)0.5 (u)0.5 (s)0.6 (h)13 ( )0.5 (f)0.6 (o)0.5 (r)0.5 (w)0.5 (a)0.6 (r)0.5 (d)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (\223)13.1 (1)13 (8)13 (1)13.1 (\224)13 ( )0.5 (k)0.6 (e)0.5 (y)13 ( )0.6 (r)0.5 (e)0.6 (s)0.5 (e)0.5 (a)0.6 (r)0.5 (c)0.6 (h)13 ( )0.5 (p)0.5 (l)0.6 (a)0.5 (n)13 ( )0.6 (i)0.5 (n)13 ( )0.6 (a)0.5 (n)13 ( )0.6 (o)0.5 (r)0.5 (d)0.6 (e)0.5 (r)0.5 (l)0.6 (y)13 ( )0.5 (m)0.6 (a)0.5 (n)0.5 (n)0.6 (e)0.5 (r)13 ( )0.6 (b)0.5 (y)13 ( )0.6 (e)0.5 (x)0.5 (p)0.6 (e)0.5 (d)0.5 (i)0.6 (t)0.5 (i)0.5 (n)0.6 (g)17.9 ( )]tj 0.048 tc 0 -1.6 td [(t)0.5 (h)0.5 (e)13 ( )0.5 (r)13 (&)13 (d)13 ( )0.5 (o)0.5 (n)13 ( )0.5 (c)0.5 (o)0.5 (r)0.5 (e)13 ( )0.5 (t)0.5 (e)0.5 (c)0.5 (h)0.5 (n)0.5 (o)0.5 (l)0.5 (o)0.5 (g)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (c)0.5 (o)0.5 (r)0.5 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (c)0.5 (e)0.5 (s)0.5 (s)13 (,)13 ( )0.5 (g)0.5 (r)0.5 (e)0.5 (e)0.6 (n)12.9 ( )0.5 (d)0.5 (e)0.6 (ve)0.6 (lo)0.5 (p)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.5 (l)0.5 (l)0.5 (i)0.5 (g)0.5 (e)0.5 (n)0.5 (t)23 ( )]tj 0.047 tc 0 -1.6 td [(manufacturing)12.4 (,)12.3 ( and)12.3 ( continuing)12.3 ( to)12.3 ( solidify)12.4 ( its)12.4 ( leading)12.3 ( position)12.4 ( in)12.3 ( the)12.4 ( industry)12.3 ( as)12.3 ( a)22.1 ( )]tj 0.025 tc 0.043 tw 0 -1.6 td (national team for metallurgical construction, thus to firmly lead the in\ dustry in green, )tj 0.001 tw 0 -1.6 td (low-carbon, intelligent and high-efficiency development. during the repo\ rting period, )tj 0.023 tc 0 tw 0 -1.6 td [(t)0.5 (h)0.6 (e)0.5 ( )0.6 (m)0.5 (e)0.6 (t)0.5 (a)0.6 (l)0.5 (l)0.5 (u)0.6 (r)0.5 (g)0.6 (i)0.5 (c)0.6 (a)0.5 (l)0.6 ( )0.5 (c)0.5 (o)0.6 (n)0.5 (s)0.6 (t)0.5 (r)0.6 (u)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.5 ( )0.5 (b)0.6 (u)0.5 (s)0.6 (i)0.5 (n)0.6 (e)0.5 (s)0.6 (s)0.5 ( )0.5 (o)0.6 (f)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (c)0.6 (o)0.5 (m)0.6 (p)0.5 (a)0.6 (n)0.5 (y)0.5 ( )0.6 (m)0.5 (a)0.6 (i)0.5 (n)0.5 (t)0.6 (a)0.5 (i)0.6 (n)0.5 (e)0.6 (d)0.5 ( )0.6 (i)0.5 (t)0.5 (s)0.6 ( )0.5 (a)0.6 (b)0.5 (s)0.6 (o)0.5 (l)0.5 (u)0.6 (t)0.5 (e)0.6 ( )0.5 (l)0.5 (e)0.6 (a)0.6 (d)0.5 (i)0.5 (n)0.6 (g)-2 ( )]tj 0.057 tc 0.07 tw 0 -1.6 td [(position)12.3 ( in)12.3 ( the)12.4 ( market)12.4 (,)12.3 ( basically)12.3 ( covering)12.3 ( large)12.4 (-)12.4 (scale)12.4 ( metallurgical)12.3 ( construction)32 ( )]tj 0.028 tc 0.08 tw 0 -1.6 td [(projects)3 ( )0.5 (in)3 ( )0.5 (china)3 (,)3 ( )0.5 (which)3 ( )0.5 (fully)3 ( )0.5 (displayed)3 ( )0.5 (the)3 ( )0.5 (leading)3 ( )0.5 (strength)3 ( )0.5 (as)3 ( )0.5 (a)3 ( )0.5 (national)3 ( )0.5 (team)3 (,)3 ( )0.5 (and)3 ( )]tj 0.025 tc 0.031 tw 0 -1.6 td [(further )0.5 (demonstrated )0.5 (the )0.5 (market )0.6 (position )0.6 (of )0.6 (the )0.5 (company )0.5 (as )0.5 (the )0.6 (\223best )0.5 (overall )0.5 (solution )]tj 0 tw 0 -1.6 td (provider for metallurgical construction and operation with superior core\ strength\224.)tj et endstream endobj 207 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 281.8878 39.889 tm (\226 101 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 12 0 0 12 83.6741 714.7227 tm (work report of the board of directors of metallurgical )tj 4.583 -1.667 td (corporation of china ltd. for the year 2023)tj /t1_0 1 tf 0.054 tw 10 0 0 10 70.8661 662.7228 tm (in 2023, confronted with severe and complex external challenges, the com\ pany actively committed itself )tj 0.042 tc 0.07 tw 0 -1.6 td [(to)12.4 ( serving)12.4 ( the)12.4 ( national)12.3 ( strategy)12.4 (,)12.3 ( the)12.4 ( company)12.4 (\222)12.4 (s)12.4 ( strategy)12.4 ( vision)12.4 (,)12.3 ( the)12.3 ( high)12.4 (-)12.3 (quality)12.4 ( development)12.3 ( and)12.4 ( the)17 ( )]tj 0.025 tc 0.017 tw 0 -1.6 td (goals for \223one building, two most, five strong\224, continuously opti\ mized the \223one core, two main bodies )tj 0.049 tc 0.07 tw 0 -1.6 td [(and)12.8 ( five)12.8 ( features)12.8 (\224)12.9 ( business)12.8 ( system)12.8 ( by)12.8 ( deeply)12.8 ( promoting)12.8 ( the)12.8 ( three)12.8 (-)12.8 (year)12.9 ( action)12.8 ( of)12.9 ( basic)12.9 ( management)24 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(enhancement)12 (,)12 ( )0.5 (moving)12 ( )0.5 (forward)12.1 ( )0.5 (to)12 ( )0.5 (stabilize)12 ( )0.5 (growth)12 ( )0.5 (against)12.1 ( )0.5 (pressure)12 (,)12 ( )0.5 (tackling)12 ( )0.5 (the)12 ( )0.5 (difficulties)12.1 ( )0.5 (to)12 ( )0.5 (seek)12 ( )0.5 (for)12 ( )]tj 0.047 tc 0.07 tw 0 -1.6 td [(breakthroughs)12.5 (,)12.4 ( practicing)12.4 ( internal)12.5 ( skills)12.4 ( and)12.5 ( strengthening)12.4 ( the)12.5 ( management)12.4 (,)12.4 ( with)12.4 ( the)12.5 ( main)12.4 ( operating)22 ( )]tj 0.025 tc 0.058 tw 0 -1.6 td (indicators maintaining a sound development trend. during the reporting p\ eriod, resolutely implementing )tj 0.043 tc 0.07 tw 0 -1.6 td [(the)12.4 ( major)12.4 ( principle)12.3 ( of)12.3 ( two)12.3 ( \223)12.3 (consistent)12.3 ( implementation)12.3 ( principles)12.3 (\224)12.3 (,)12.3 ( the)12.3 ( company)12.3 ( comply)12.4 ( strictly)12.3 ( with)18 ( )]tj 0.049 tc 0 -1.6 td [(the)12.9 ( laws)12.9 ( and)12.8 ( regulations)12.9 ( inc)0.5 (luding)12.9 ( the)12.9 ( company)12.9 ( law)12.9 (,)12.9 ( the)12.9 ( securities)12.9 ( law)12.9 (,)12.9 ( the)12.9 ( relevant)12.9 ( requirements)24 ( )]tj 0.033 tc 0.075 tw 0 -1.6 td [(of)8 ( )0.5 (regulatory)8 ( )0.5 (authorities)8 ( )0.5 (such)8 ( )0.5 (as)8 ( )0.5 (the)8 ( )0.5 (csrc)8 (,)8 ( )0.5 (as)8 ( )0.5 (well)8 ( )0.5 (as)8 ( )0.5 (the)8.1 ( )0.5 (relevant)8 ( )0.5 (requirements)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (shanghai)8 ( )0.5 (stock)8 ( )]tj 0.044 tc 0.07 tw 0 -1.6 td [(exchange)12.9 ( and)12.9 ( th)0.5 (e)12.9 ( hong)12.9 ( kong)12.9 ( stock)12.9 ( exchange)12.9 (,)12.9 ( c)0.5 (ons)0.5 (ta)0.5 (ntly)12.9 ( opti)0.5 (miz)0.5 (ed)12.9 ( the)12.9 ( establishment)12.9 ( and)12.9 ( oper)0.5 (ati)0.5 (on)19 ( )]tj 0.05 tc 0 -1.6 td [(of)12.3 ( governance)12.4 ( system)12.3 ( of)12.4 ( the)12.4 ( general)12.4 ( meeting)12.3 (,)12.4 ( the)12.3 ( board)12.3 (,)12.4 ( the)12.4 ( supervisory)12.3 ( committee)12.4 (,)12.3 ( as)12.3 ( well)12.4 ( as)12.4 ( the)25 ( )]tj 0.025 tc 0.056 tw 0 -1.6 td (management and its subsidiaries. as an important part of the corporate g\ overnance structure, following a )tj 0.05 tw 0 -1.6 td (strict positioning of the function of \223making strategy, making decisi\ ons and preventing risks\224, the board, )tj 0.036 tc 0.072 tw 0 -1.6 td [(the)11 ( )0.5 (party)11 ( )0.5 (committee)11 (,)11 ( )0.5 (the)11 ( )0.5 (supervisory)11 ( )0.5 (committee)11 ( )0.5 (and)11 ( )0.5 (the)11 ( )0.5 (management)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (company)11 ( )0.5 (discharge)11 ( )0.5 (their)11 ( )]tj 0.025 tc 0.073 tw 0 -1.6 td (own duties under respective terms of reference, take full responsibility\ for their own responsibilities and )tj 0.042 tc 0.07 tw 0 -1.6 td [(communicate)12.8 ( in)12.9 ( a)12.8 ( timely)12.8 ( and)12.9 ( effective)12.9 ( manner)12.9 (,)12.8 ( thus)12.8 ( a)12.8 ( regulatory)12.9 ( mechanism)12.9 ( for)12.8 ( the)12.9 ( coordination)12.9 ( and)17 ( )]tj 0.025 tc 0 tw 0 -1.6 td (efficient operation of all aspects of decision-making, management and su\ pervision has been formed.)tj 0.039 tc 0.07 tw 0 -3.2 td [(in)12.3 ( the)12.4 ( annual)12.4 ( routine)12.4 ( work)12.3 (,)12.4 ( the)12.4 ( board)12.4 ( and)12.4 ( its)12.4 ( subordinate)12.4 ( special)12.4 ( committees)12.3 ( discharge)12.4 ( their)12.4 ( duties)12.3 ( in)14 ( )]tj 0.035 tc 0.073 tw 0 -1.6 td [(strict)10 ( )0.5 (compliance)10 ( )0.5 (with)10 ( )0.5 (the)10 ( )0.5 (duties)10 ( )0.5 (and)10.1 ( )0.5 (work)10 ( )0.5 (requirements)10 ( )0.5 (as)10 ( )0.5 (authorized)10 ( )0.5 (by)10 ( )0.5 (regulatory)10 ( )0.5 (requirements)10 (,)10 ( )0.5 (and)10 ( )]tj 0.043 tc 0.07 tw 0 -1.6 td [(carried)12.8 ( out)12.8 ( their)12.8 ( work)12.8 ( pursuant)12.8 ( to)12.9 ( the)12.8 ( company)12.8 ( law)12.8 (,)12.8 ( regulatory)12.8 ( rules)12.8 ( of)12.9 ( the)12.8 ( listing)12.8 ( place)12.8 ($)12.8 (s)12.9 ($)12.8 (,)12.8 ( articles)18 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(of)7 ( )0.5 (association)7 (,)6.9 ( )0.6 (rules)7 ( )0.5 (of)7 ( )0.5 (procedures)7 ( )0.5 (for)7 ( )0.5 (general)7 ( )0.5 (meeting)7 ( )0.5 (and)7 ( )0.5 (the)7 ( )0.5 (board)7 ( )0.5 (of)7 ( )0.5 (directors)7 ( )0.5 (and)7 ( )0.5 (other)7 ( )0.5 (relevant)7 ( )]tj 0.047 tc 0.07 tw 0 -1.6 td [(requirements)12.3 (.)12.4 ( for)12.3 ( the)12.3 ( purpose)12.3 ( of)12.3 ( maintaining)12.4 ( and)12.3 ( increasing)12.3 ( the)12.4 ( value)12.4 ( of)12.3 ( the)12.3 ( state)12.4 (-)12.3 (owned)12.3 ( assets)12.4 ( and)22 ( )]tj 0.025 tc 0.016 tw 0 -1.6 td (maximizing shareholders\222 interests, the company captures the developm\ ent opportunity to target strategic )tj 0.047 tc 0.07 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manner, i also focused on the supervision \ over the matters involving )tj 0.063 tw 0 -1.6 td (potential significant interest conflicts between the listed company and \ its controlling shareholders, )tj 0.049 tc 0.07 tw 0 -1.6 td [(de)12.4 ( facto)12.4 ( controllers)12.3 (,)12.3 ( directors)12.3 ( or)12.3 ( senior)12.3 ( management)12.4 ( members)12.3 (,)12.3 ( and)12.4 (,)12.3 ( as)12.3 ( appropriate)12.3 (,)12.4 ( conducted)24 ( )]tj 0.025 tc 0.065 tw 0 -1.6 td (special investigations of the company\222s production and operation, fin\ ancial management, building )tj 0.03 tc 0.078 tw 0 -1.6 td [(of)5 ( )0.5 (the)5 ( )0.5 (internal)5 ( )0.5 (control)5 ( )0.5 (system)5 (,)5 ( )0.5 (use)5.1 ( )0.5 (of)5.1 ( )0.5 (raised)5 ( )0.6 (funds)5.1 (,)5 ( )0.5 (related)5 ( )0.5 (party)5 ( )0.5 (transactions)5 ( )0.5 (and)5 ( )0.5 (daily)5 ( )0.5 (operation)5 (,)5 ( )]tj 0.056 tc 0.069 tw 0 -1.6 td [(h)0.6 (e)0.5 (a)0.6 (r)0.5 (d)13.1 ( s)0.6 (p)0.5 (e)0.6 (c)0.5 (i)0.5 (a)0.6 (l)13.1 ( r)0.5 (e)0.6 (p)0.5 (o)0.6 (r)0.5 (t)0.6 (s)13 ( b)0.5 (y)13 ( r)0.5 (e)0.6 (l)0.5 (e)0.6 (v)0.5 (a)0.6 (n)0.5 (t)13.1 ( p)0.6 (e)0.5 (r)0.6 (s)0.5 (o)0.6 (n)0.5 (s)13 (,)13.1 ( a)0.6 (c)0.6 (q)0.5 (u)0.5 (i)0.6 (r)0.5 (e)0.6 (d)13 ( t)0.5 (h)0.6 (e)13 ( i)0.5 (n)0.5 (f)0.6 (o)0.5 (r)0.6 (m)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)13.1 ( a)0.6 (n)0.5 (d)13 ( m)0.5 (a)0.6 (t)0.5 (e)0.6 (r)0.5 (i)0.6 (a)0.5 (l)0.6 (s)13 ( n)0.5 (e)0.6 (e)0.5 (d)0.6 (e)0.5 (d)13.1 ( f)0.5 (o)0.6 (r)31 ( )]tj 0.025 tc 0 tw 0 -1.6 td (decision-making, and gave prompts about possible risks. details are list\ ed below:)tj /t1_1 1 tf 0 -3.2 td [($i$ )-1429.7 (related party transactions that should be disclosed)]tj /t1_0 1 tf 0.023 tc 2.835 -3.2 td [(during the reporting period, i conducted advance reviews of all the matt\ ers involving related)-2 ( )]tj 0.048 tc 0.07 tw 0 -1.6 td [(party)12.8 ( transactions)12.8 (,)12.7 ( and)12.7 ( provided)12.8 ( independent)12.8 ( opinions)12.8 (,)12.7 ( considering)12.7 ( the)12.7 ( decision)12.7 (-)12.8 (making)23 ( )]tj 0 -1.6 td [(and)12.8 ( voting)12.9 ( procedures)12.9 ( for)12.9 ( the)12.9 ( related)12.9 ( party)12.8 ( transactions)12.9 ( were)12.9 ( consistent)12.9 ( with)12.9 ( applicable)23 ( )]tj 0.025 tc 0.075 tw 0 -1.6 td [(laws, regulations and the )0.5 (company\222s )0.5 (articles of association; all the )0.5 (parties )0.5 (involved )0.5 (in the )]tj 0.048 tc 0.07 tw 0 -1.6 td [(transa)0.5 (ctions)12.9 ( observe)0.5 (d)12.9 ( market)12.9 ( rules)13 (,)12.9 ( signed)12.9 ( agree)0.5 (ments)12.9 ( in)12.9 ( the)12.9 ( p)0.5 (rin)0.5 (ciple)12.9 ( of)12.9 ( volunta)0.5 (ri)0.5 (ness)12.9 (,)23 ( )]tj 0.057 tc 0 -1.6 td [(equality)12.6 ( and)12.6 ( mutual)12.6 ( benefits)12.6 (,)12.6 ( and)12.7 ( enjoyed)12.6 ( rights)12.6 ( and)12.7 ( performed)12.6 ( obligations)12.7 ( as)12.7 ( agreed)12.6 (,)32 ( )]tj 0.025 tc 0.038 tw 0 -1.6 td (involving no situation in which the interests of the company or its non-\ related shareholders, )tj 0.04 tc 0.07 tw 0 -1.6 td [(especially)12.1 ( minority)12.1 ( shareholders)12.1 (,)12.2 ( were)12.2 ( undermined)12.2 (,)12.1 ( and)12.2 ( the)12.2 ( company)12.2 ( didn)12.2 (\222)12.1 (t)12.2 ( develop)12.2 ( any)15 ( )]tj 0.025 tc 0 tw 0 -1.6 td (reliance on its related parties due to such transactions.)tj /t1_1 1 tf -2.835 -3.2 td [($ii$ )-1015.7 (the plan of the listed company or its related parties to change or waive\ commitments)]tj /t1_0 1 tf 0.042 tc 0.07 tw 2.835 -3.2 td [(i)12.6 ( paid)12.6 ( due)12.6 ( attention)12.5 ( to)12.5 ( the)12.6 ( commitments)12.6 ( made)12.6 ( by)12.6 ( the)12.6 ( company)12.6 (\222)12.5 (s)12.6 ( controlling)12.6 ( shareholder)17 ( )]tj 0.039 tc 0 -1.6 td [(c)0.5 (m)0.5 (gc)13 ( )0.5 (a)0.5 (n)0.5 (d)12.9 ( )0.5 (i)0.5 (n)0.5 (di)0.5 (r)0.5 (e)0.5 (c)0.5 (t)13 ( c)0.5 (o)0.5 (n)0.5 (tr)0.5 (o)0.5 (l)0.5 (li)0.5 (n)0.5 (g)13 ( s)0.5 (h)0.5 (a)0.5 (r)0.5 (eh)0.5 (o)0.5 (l)0.5 (de)0.5 (r)13 ( )0.5 (c)0.5 (hi)0.5 (n)0.5 (a)13 ( )0.5 (mi)0.5 (n)0.5 (m)0.5 (et)0.5 (a)0.5 (l)0.5 (s)13 ( c)0.5 (o)0.5 (r)0.5 (po)0.5 (r)0.5 (a)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (ab)0.5 (o)0.5 (u)0.5 (t)12.9 ( )0.5 (a)0.5 (v)0.5 (o)0.5 (id)0.5 (i)0.5 (n)0.5 (g)14 ( )]tj 0.028 tc 0.08 tw 0 -1.6 td [(peer)3 ( )0.5 (competition)3 (,)3 ( )0.5 (reducing)3 ( )0.5 (repetitive)3 ( )0.5 (business)3 (,)3 ( )0.5 (issuing)3 ( )0.5 (bonds)3 ( )0.5 (and)3 ( )0.5 (raising)3 ( )0.5 (funds)3 (.)3 ( )0.5 (during)3 ( )0.5 (the)3 ( )]tj 0.025 tc 0.06 tw 0 -1.6 td [(reporting )0.5 (period, )0.5 (all )0.5 (the )0.5 (said )0.5 (commitments )0.5 (about )0.5 (addressing )0.5 (and )0.5 (avoiding )0.5 (peer )0.5 (competition )]tj 0.047 tc 0.07 tw 0 -1.6 td [(wer)0.5 (e)12.9 ( stric)0.5 (tly)12.9 ( fulf)0.5 (illed)12.9 (;)12.9 ( the)13 ( use)12.9 ( o)0.5 (f)12.9 ( all)12.9 ( t)0.5 (he)12.9 ( funds)13 ( raise)0.5 (d)12.9 ( through)13 ( the)12.9 ( issu)0.5 (ance)12.9 ( )0.5 (of)13 ( bonds)12.9 ( )0.5 (was)22 ( )]tj 0.055 tc 0 -1.6 td [(consistent)12.6 ( with)12.7 ( the)12.6 ( purpose)12.7 (,)12.6 ( use)12.6 ( plan)12.6 ( and)12.6 ( other)12.6 ( provisions)12.7 ( specified)12.6 ( in)12.6 ( the)12.7 ( prospectus)12.6 (;)30 ( )]tj 0.046 tc 0 -1.6 td [(operation)12.7 ( of)12.7 ( the)12.7 ( accounts)12.7 ( for)12.7 ( the)12.7 ( funds)12.7 ( raised)12.7 ( was)12.7 ( standard)12.7 (,)12.7 ( and)12.7 ( the)12.8 ( internal)12.7 ( review)12.7 ( and)21 ( )]tj 0.025 tc 0 tw 0 -1.6 td (approval procedures were completed for the withdrawal and use of each ba\ tch of funds.)tj /t1_1 1 tf 0.032 tc 0.076 tw -2.835 -3.2 td [($)7 (i)7 (i)7 (i)7 ($)7 ( )-518.6 (the)7 ( )0.5 (decisions)7 ( )0.5 (made)7 ( )0.5 (and)7 ( )0.5 (measures)7 ( )0.5 (taken)7 ( )0.5 (by)7 ( )0.5 (the)7 ( )0.5 (board)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.6 (acquired)7 ( )0.5 (listed)7 ( )0.5 (company)7 ( )]tj 0.025 tc 0 tw 2.835 -1.6 td (about the acquisition)tj /t1_0 1 tf 0 -3.2 td (no relevant matters were involved in the year.)tj et endstream endobj 216 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 97 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 0.07 tc 0.07 tw 10 0 0 10 99.2126 716.0747 tm [($)45 (v)45 ($)45 ( )-981.6 (communicating)12.5 ( with)12.4 ( the)12.4 ( audit)12.5 ( agency)12.5 ( on)12.4 ( the)12.5 ( company)12.5 (\222)12.4 (s)12.4 ( financial)12.4 ( and)12.5 ( business)45 ( )]tj 0.025 tc -0.025 tw 2.835 -1.6 td (conditions)tj /t1_0 1 tf 0.028 tw 0 -3.2 td (for the important matters attracting attention of regulators and the mar\ ket, i gave reasonable )tj 0.049 tc 0.07 tw 0 -1.6 td [(suggestions)12.3 ( on)12.3 ( the)12.4 ( key)12.4 ( contents)12.4 ( that)12.4 ( needed)12.4 ( disclosing)12.3 ( during)12.4 ( the)12.3 ( review)12.3 ( by)12.3 ( the)12.4 ( board)12.3 (.)24 ( )]tj 0.024 tc 0 tw 0 -1.6 td [(during the preparation of the annual report, i closely followed the annu\ al auditing and annual)-0.9 ( )]tj 0.05 tc 0.07 tw 0 -1.6 td [(report)12.3 ( preparation)12.2 ( process)12.2 (,)12.3 ( communicated)12.2 ( with)12.2 ( the)12.3 ( company)12.3 (\222)12.2 (s)12.3 ( management)12.3 ( in)12.3 ( a)12.3 ( timely)25 ( )]tj 0.025 tc 0.015 tw 0 -1.6 td (manner on audit opinions and the focuses of audit, and offered professio\ nal opinions through )tj 0 tw 0 -1.6 td (rounds of effective communication with auditors before and after the pro\ cess.)tj /t1_1 1 tf -2.835 -3.2 td [($vi$ )-682.7 (communicating with minority shareholders)]tj /t1_0 1 tf 0.009 tw 2.835 -3.2 td [(in )0.5 (march 2023, )0.5 (i attended )0.5 (the )0.5 (company\222s )0.5 (annual )0.5 (result )0.5 (presentation, and )0.5 (communicated )0.5 (with )]tj 0.041 tc 0.07 tw 0 -1.6 td [(minority)12.3 ( shareholders)12.4 ( face)12.3 (-)12.3 (to)12.3 (-)12.4 (face)12.4 ( at)12.3 ( the)12.4 ( meeting)12.3 (,)12.3 ( through)12.4 ( which)12.3 ( i)12.4 ( fully)12.3 ( understood)12.4 ( their)16 ( )]tj 0.025 tc 0.047 tw 0 -1.6 td (opinions and suggestions about the company\222s operation. this offered \ me fresh inspirations )tj 0 tw 0 -1.6 td (about how to improve my performance of duty as an independent director.)tj /t1_1 1 tf -2.835 -3.2 td [($vii$ )-268.7 (the listed company\222s support for independent directors)]tj /t1_0 1 tf 0.067 tc 0.07 tw 2.835 -3.2 td [(in)12.8 ( 2)12.8 (0)12.8 (2)12.8 (3)12.8 (,)12.8 ( the)12.8 ( company)12.8 (\222)12.8 (s)12.8 ( board)12.9 ( vigorously)12.8 ( expanded)12.9 ( the)12.8 ( channels)12.8 ( of)12.8 ( communication)12.9 (,)41.9 ( )]tj 0.042 tc 0 -1.6 td [(advanced)12.1 ( the)12.1 ( improvement)12.1 ( of)12.1 ( the)12.2 ( mechanism)12.1 ( for)12.2 ( information)12.2 ( sharing)12.1 (,)12.2 ( and)12.1 ( ensured)12.1 ( every)17 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(director)12 ( )0.5 (to)12 ( )0.5 (acquire)12.1 ( )0.5 (true)12.1 ( and)12 ( )0.5 (reliable)12.1 ( )0.5 (information)12 ( )0.5 (in)12 ( )0.5 (a)12.1 ( )0.5 (timely)12 (,)12 ( )0.5 (comprehensive)12 ( )0.5 (and)12 ( )0.5 (complete)12 ( )]tj 0.027 tc 0.081 tw 0 -1.6 td [(manner)2 (,)2 ( )0.5 (providing)2 ( )0.5 (support)2 ( )0.5 (for)2 ( )0.5 (independent)2 ( )0.5 (directors)2 ( )0.5 (to)2 ( effectively)2 ( )0.5 (perform)2 ( )0.5 (their)2 ( )0.5 (duties)2 ( )0.5 (and)1.9 ( )]tj 0.025 tc 0 tw 0 -1.6 td (play their due role.)tj 0.032 tc 0.076 tw 0 -3.2 td [(during)7 ( )0.5 (the)7.1 ( operation)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (board)7 (,)7 ( )0.5 (the)7 ( )0.5 (company)7 ( )0.5 (clearly)7 ( )0.5 (defined)7 ( )0.5 (the)7 ( )0.5 (responsibility)7 ( )0.5 (of)7 ( )0.5 (each)7 ( )]tj 0.038 tc 0.07 tw 0 -1.6 td [(department)12.5 ( and)12.5 ( subsidiary)12.5 ( to)12.4 ( create)12.4 ( an)12.4 ( enabling)12.5 ( environment)12.4 ( for)12.5 ( independent)12.5 ( directors)12.5 ( to)13 ( )]tj 0.025 tc 0 -1.6 td (perform duties. the company regularly sent information about its product\ ion and operation )tj 0.029 tc 0.079 tw 0 -1.6 td [(t)0.5 (o)4 ( )0.5 (e)0.5 (a)0.5 (c)0.5 (h)4 ( )0.5 (i)0.5 (nd)0.5 (e)0.5 (p)0.5 (e)0.5 (nd)0.5 (e)0.5 (n)0.5 (t)4 ( )0.5 (d)0.5 (i)0.5 (re)0.5 (c)0.5 (t)0.5 (o)0.5 (r)4 (.)4 ( )0.5 (t)0.5 (h)0.5 (e)4 ( )0.5 (c)0.5 (om)0.5 (p)0.5 (a)0.5 (n)0.5 (y)4 ( )0.5 (f)0.5 (ul)0.5 (l)0.5 (y)4 ( )0.5 (r)0.5 (e)0.5 (s)0.5 (pe)0.5 (c)0.5 (t)0.5 (e)0.5 (d)4 (,)4 ( )0.5 (c)0.5 (a)0.5 (r)0.5 (e)0.5 (fu)0.5 (l)0.5 (l)0.5 (y)4 ( )0.5 (l)0.5 (is)0.5 (t)0.5 (e)0.5 (n)0.5 (e)0.5 (d)4 ( )0.5 (to)4 (,)4.1 ( )0.5 (mo)0.5 (d)0.5 (e)0.5 (s)0.5 (t)0.5 (ly)4 ( )]tj 0.036 tc 0.072 tw 0 -1.6 td [(accepted)11 ( )0.5 (and)11 ( )0.5 (vigorously)11 ( )0.5 (implemented)11 ( )0.5 (the)11 ( )0.5 (suggestions)11 ( )0.5 (and)11 ( )0.5 (opinions)11 ( )0.5 (raised)11 ( )0.5 (by)11 ( )0.5 (independent)11 ( )]tj 0.026 tc 0.082 tw 0 -1.6 td [(d)0.6 (i)0.5 (r)0.5 (e)0.6 (c)0.6 (t)0.5 (o)0.6 (r)0.5 (s)1 ( )0.5 (a)0.6 (b)0.5 (o)0.6 (u)0.5 (t)1 ( )0.5 (t)0.6 (h)0.5 (e)1 ( )0.5 (c)0.6 (o)0.5 (m)0.5 (p)0.6 (a)0.6 (n)0.5 (y)1 (\222)1 (s)1 ( )0.5 (p)0.6 (r)0.5 (o)0.6 (d)0.5 (u)0.6 (c)0.5 (t)0.6 (i)0.5 (o)0.5 (n)1 (,)1 ( )0.5 (o)0.6 (p)0.5 (e)0.6 (r)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)1 (,)1 ( )0.5 (r)0.6 (e)0.6 (f)0.5 (o)0.5 (r)0.6 (m)1 ( )0.5 (a)0.6 (n)0.5 (d)1 ( )0.5 (d)0.6 (e)0.5 (v)0.6 (e)0.5 (l)0.6 (o)0.5 (p)0.6 (m)0.5 (e)0.6 (n)0.5 (t)1 (,)1 ( )0.5 (t)0.5 (o)1 ( )0.6 (d)0.5 (r)0.5 (i)0.6 (v)0.5 (e)1 ( )0.5 (t)0.6 (h)0.5 (e)1.1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (smooth progress of various work across the company.)tj 0.026 tc 0.082 tw 0 -3.2 td [(the)1.1 ( )0.5 (company)1 ( )0.5 (attached)1 ( )0.5 (great)1 ( )0.5 (importance)1.1 ( )0.5 (to)1 ( )0.5 (the)1 ( )0.5 (role)1 ( )0.5 (of)1 ( )0.5 (the)1.1 ( )0.5 (special)1 ( )0.5 (committees)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.6 (board)1 ( )]tj 0.025 tc 0.078 tw 0 -1.6 td (in assisting in decision-making. before important matters related to str\ ategic control, major )tj 0.036 tc 0.072 tw 0 -1.6 td [(investment)11 ( )0.5 (and)11 ( financing)11 (,)11 ( )0.5 (financial)11 ( )0.5 (budgets)11 ( )0.5 (and)11 ( )0.5 (final)11 ( )0.5 (accounts)11 (,)11 ( )0.5 (audit)11 ( )0.5 (and)11 ( )0.5 (internal)10.9 ( )0.5 (control)11 (,)11 ( )]tj 0.03 tc 0.078 tw 0 -1.6 td [(and)5 ( )0.5 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(pr)0.5 (ovi)0.5 (de)0.5 (d)6 ( )0.5 (ind)0.5 (ep)0.5 (en)0.5 (de)0.5 (nt)6 ( )0.5 (op)0.5 (ini)0.5 (on)0.5 (s)6 ( )0.5 (or)6 ( )0.5 (i)0.5 (ssu)0.5 (ed)6 ( )0.5 (s)0.5 (ta)0.5 (te)0.5 (men)0.5 (ts)6 ( )0.5 (i)0.5 (n)6 ( )0.5 (ac)0.5 (co)0.5 (rda)0.5 (nc)0.5 (e)6 ( )0.5 (w)0.5 (ith)6 ( )0.5 (r)0.5 (el)0.5 (ev)0.5 (ant)6 ( )]tj 0.042 tc 0.07 tw 0 -1.6 td [(laws)12.3 ( and)12.3 ( regulations)12.3 ( on)12.4 ( the)12.4 ( important)12.3 ( matters)12.3 ( that)12.3 ( deserved)12.4 ( special)12.4 ( attention)12.3 ( from)17 ( )]tj 0.061 tc 0 -1.6 td [(independent)12.4 ( directors)12.5 (.)12.4 ( the)12.5 ( matters)12.4 ( included)12.5 ( the)12.4 ( raising)12.4 ( of)12.4 ( funds)12.4 ( to)12.5 ( temporarily)35.9 ( )]tj 0.025 tc 0.028 tw 0 -1.6 td (supplement working capital, the 2023 plan for the foreign exchange hedgi\ ng business, )tj 0.06 tc 0.07 tw 0 -1.6 td [(the)12.3 ( provision)12.3 ( for)12.3 ( the)12.3 ( impairment)12.3 ( of)12.2 ( assets)12.3 ( in)12.3 ( 2)12.3 (0)12.2 (2)12.3 (2)12.3 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(s)0.5 (h)9 ( )0.5 (th)0.5 (e)9 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (pa)0.5 (n)0.5 (y)9 ( )0.5 (t)0.5 (o)9 ( )0.5 (c)0.5 (on)0.5 (s)0.5 (t)0.5 (a)0.5 (nt)0.5 (l)0.5 (y)9 ( )0.5 (im)0.5 (p)0.5 (r)0.5 (o)0.5 (ve)9 ( )0.5 (o)0.5 (p)0.5 (e)0.5 (r)0.5 (at)0.5 (i)0.5 (n)0.5 (g)9 ( )]tj 0.025 tc 0 tw 0 -1.6 td (quality, and effectively safeguard the legitimate rights of the company \ and its shareholders.)tj -2.835 -3.2 td (report is hereby given.)tj 10 0 2.6795 10 367.5914 140.0747 tm (independent non-executive director:)tj /t1_1 1 tf 10 0 0 10 415.7668 124.0747 tm (zhou jichang)tj /t1_0 1 tf -34.49 -3.2 td (25 june 2024)tj et endstream endobj 256 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 82 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 99.2126 716.0747 tm [($ii$ )-1015.7 (the plan of the listed company or its related parties to change or waive\ commitments)]tj /t1_0 1 tf 0.042 tc 0.07 tw 2.835 -3.2 td [(i)12.6 ( 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(period, )0.5 (all )0.5 (the )0.5 (said )0.5 (commitments )0.6 (about )0.5 (addressing )0.5 (and )0.5 (avoiding )0.5 (peer )0.5 (competition )]tj 0.047 tc 0.07 tw 0 -1.6 td [(we)0.5 (re)12.9 ( stric)0.5 (tly)12.9 ( fulf)0.5 (illed)12.9 (;)12.9 ( the)13 ( use)13 ( of)12.9 ( all)12.9 ( t)0.5 (he)12.9 ( fund)0.5 (s)12.9 ( raise)0.5 (d)12.9 ( through)13 ( the)12.9 ( iss)0.5 (uance)12.9 ( )0.5 (of)12.9 ( bonds)12.9 ( )0.5 (was)22 ( )]tj 0.055 tc 0 -1.6 td [(consistent)12.6 ( with)12.6 ( the)12.6 ( purpose)12.7 (,)12.6 ( use)12.6 ( plan)12.6 ( and)12.6 ( other)12.7 ( provisions)12.7 ( specified)12.6 ( in)12.6 ( the)12.7 ( prospectus)12.6 (;)30 ( )]tj 0.046 tc 0 -1.6 td [(operation)12.7 ( of)12.7 ( the)12.7 ( accounts)12.7 ( for)12.7 ( the)12.7 ( funds)12.8 ( raised)12.7 ( was)12.7 ( standard)12.7 (,)12.7 ( and)12.8 ( the)12.7 ( internal)12.7 ( review)12.7 ( and)21 ( )]tj 0.025 tc 0 tw 0 -1.6 td (approval procedures were completed for the withdrawal and use of each ba\ tch of funds.)tj /t1_1 1 tf 0.032 tc 0.076 tw -2.835 -3.2 td [($)7 (i)7 (i)7 (i)7 ($)7 ( )-518.7 (the)7 ( decisions)7 ( )0.5 (made)7 ( )0.5 (and)7 ( )0.5 (measures)7 ( )0.5 (taken)7 ( )0.5 (by)7 ( )0.5 (the)7 ( )0.5 (board)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.6 (acquired)7 ( )0.5 (listed)7 ( )0.5 (company)7 ( )]tj 0.025 tc 0 tw 2.835 -1.6 td (about the acquisition)tj /t1_0 1 tf 0 -3.2 td (no relevant matters were involved in the year.)tj /t1_1 1 tf 0.007 tw -2.835 -3.2 td [($iv$ )-675.7 (disclosure of )0.5 (financial reports, the financial )0.5 (information )0.5 (in )0.5 (regular )0.5 (reports and internal )]tj 0 tw 2.835 -1.6 td (control assessment reports)tj /t1_0 1 tf 0.024 tc 0 -3.2 td [(according to the board, the company has maintained effective internal co\ ntrol over financial)-0.9 ( )]tj 0.06 tc 0.07 tw 0 -1.6 td [(reports)12.1 ( in)12.1 ( all)12.1 ( major)12.1 ( aspects)12.1 ( as)12.1 ( required)12.1 ( by)12.1 ( the)12.1 ( internal)12.1 ( control)12.1 ( standards)12.1 ( and)12.1 ( relevant)35 ( )]tj 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( the)12.2 ( company)12.2 (\222)12.2 (s)12.2 ( financial)13 ( )]tj 0.02 tc 0 tw 0 -1.6 td [(report and internal control audit agency, and reviewed ernst & young hua\ ming llp $special)-5 ( )]tj 0.025 tc 0.029 tw 0 -1.6 td (general partnership$ $\223)tj /t1_1 1 tf (ernst & young hua ming)tj /t1_0 1 tf (\224$ to be appointed in terms of its business )tj 0.001 tw -0 -1.6 td (qualification, investor protection capacity, credibility records and ind\ ependence. i considered )tj 0.06 tc 0.07 tw 0 -1.6 td [(t)0.5 (h)0.6 (a)0.5 (t)13.1 ( )0.5 (e)0.5 (r)0.6 (n)0.5 (s)0.6 (t)13 ( )0.5 (&)13.1 ( )0.5 (y)0.6 (o)0.5 (u)0.5 (n)0.6 (g)13 ( )0.5 (h)0.6 (u)0.5 (a)13.1 ( )0.5 (m)0.6 (i)0.5 (n)0.5 (g)13 ( )0.6 (i)0.5 (s)13.1 ( )0.5 (q)0.5 (u)0.6 (a)0.5 (l)0.6 (i)0.5 (f)0.5 (i)0.6 (e)0.5 (d)13.1 ( )0.5 (f)0.6 (o)0.5 (r)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (s)0.6 (e)0.5 (c)0.6 (u)0.5 (r)0.5 (i)0.6 (t)0.5 (i)0.5 (e)0.6 (s)13 ( )0.6 (b)0.5 (u)0.6 (s)0.5 (i)0.5 (n)0.6 (e)0.5 (s)0.6 (s)13 (,)13 ( )0.6 (i)0.5 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my)12.8 ( obligations)12.7 ( as)12.8 ( an)12.7 ( independent)12.7 ( director)12.8 ( diligently)12.7 (,)12.8 ( responsibly)12.7 ( and)39 ( )]tj 0.025 tc 0.079 tw 0 -1.6 td (faithfully. besides attending meetings in time and learning about the co\ mpany\222s business updates )tj 0.01 tw 0 -1.6 td (in a comprehensive and timely manner, i also focused on the supervision \ over the matters involving )tj 0.063 tw 0 -1.6 td (potential significant interest conflicts between the listed company and \ its controlling shareholders, )tj 0.049 tc 0.07 tw 0 -1.6 td [(de)12.4 ( facto)12.3 ( controllers)12.3 (,)12.3 ( directors)12.3 ( or)12.3 ( senior)12.3 ( management)12.4 ( members)12.3 (,)12.3 ( and)12.3 (,)12.4 ( as)12.4 ( appropriate)12.3 (,)12.3 ( conducted)24 ( )]tj 0.025 tc 0.065 tw 0 -1.6 td (special investigations of the company\222s production and operation, fin\ ancial management, building )tj 0.03 tc 0.078 tw 0 -1.6 td [(of)5 ( )0.5 (the)5 ( )0.5 (internal)5 ( )0.5 (control)5 ( )0.5 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related party transactions, explanation \ about guarantee )tj 0.053 tc 0.07 tw 0 -1.6 td [(i)0.5 (n)13 ( )0.5 (2)13 (0)13 (2)13 (2)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (g)0.5 (u)0.5 (a)0.5 (r)0.5 (a)0.5 (n)0.5 (t)0.5 (e)0.5 (e)13 ( )0.5 (p)0.5 (l)0.5 (a)0.6 (n)13 ( )0.5 (fo)0.6 (r)13 ( )0.5 (2)13 (0)13 (2)12.9 (3)13 (,)13 ( )0.5 (i)0.5 (s)0.5 (s)0.6 (ua)0.6 (n)0.5 (c)0.5 (e)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (p)0.5 (r)0.5 (e)0.5 (f)0.5 (e)0.5 (r)0.5 (r)0.5 (e)0.5 (d)13 ( )0.5 (s)0.5 (h)0.5 (a)0.6 (r)0.5 (e)0.5 (s)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (s)0.5 (p)0.5 (e)0.5 (c)0.5 (i)0.5 (f)0.5 (i)0.5 (c)28 ( )]tj 0.025 tc 0 tw 0 -1.6 td (targets, and revision to the company\222s articles of association.)tj 0.045 tc 0.07 tw 0 -3.2 td [(personally)12.5 (,)12.4 ( i)12.4 ( consider)12.5 ( the)12.4 ( decisions)12.4 ( on)12.4 ( the)12.5 ( said)12.5 ( matters)12.5 ( and)12.4 ( the)12.5 ( voting)12.4 ( procedures)20 ( )]tj 0.025 tc 0.043 tw 0 -1.6 td (were consistent with the company\222s articles of association, and compl\ iant with laws )tj 0.038 tc 0.07 tw 0 -1.6 td [(and)12.4 ( regulations)12.4 (,)12.3 ( without)12.3 ( any)12.4 ( infringement)12.4 ( upon)12.4 ( the)12.4 ( interests)12.3 ( of)12.3 ( the)12.3 ( company)12.3 ( or)12.4 ( its)13 ( )]tj 0.025 tc -0.025 tw 0 -1.6 td (shareholders.)tj et endstream endobj 263 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 78 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 70.8661 716.0747 tm [(ii. )-1456.7 (performance in 2023)]tj 2.835 -3.2 td [($i$ )-1429.7 (onsite work at the listed company)]tj /t1_0 1 tf 0.051 tc 0.07 tw 2.835 -3.2 td [(i)0.5 (n)13 ( )0.5 (2)13 (0)13 (2)13 (3)13 (,)13 ( i)13 ( )0.5 (p)0.5 (e)0.6 (rf)0.6 (or)0.5 (m)0.5 (e)0.5 (d)13 ( )0.5 (m)0.5 (y)13 ( )0.5 (d)0.5 (u)0.5 (t)0.5 (y)13 ( )0.5 (d)0.5 (i)0.5 (l)0.5 (ig)0.5 (e)0.5 (n)0.5 (t)0.5 (l)0.5 (y)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (r)0.5 (e)0.5 (s)0.5 (p)0.5 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (b)0.5 (l)0.5 (y)12.9 ( )0.5 (t)0.5 (h)0.5 (r)0.5 (o)0.5 (u)0.5 (g)0.5 (h)13 ( )0.5 (a)0.5 (t)0.5 (t)0.5 (e)0.5 (n)0.5 (d)0.5 (i)0.5 (n)0.5 (g)12.9 ( )0.5 (m)0.5 (e)0.5 (e)0.6 (ti)0.5 (n)0.5 (g)0.5 (s)13 ( )0.5 (o)0.5 (f)26 ( )]tj 0.058 tc 0 -1.6 td [(the)12.3 ( board)12.4 ( of)12.4 ( directors)12.3 (,)12.4 ( meetings)12.3 ( of)12.3 ( the)12.4 ( special)12.3 ( committees)12.3 ( of)12.3 ( the)12.4 ( board)12.3 ( of)12.3 ( directors)12.3 (,)33 ( )]tj 0.025 tc 0.005 tw 0 -1.6 td (conducting field investigations of the company\222s key subsidiaries and\ key projects, regularly )tj 0.039 tc 0.07 tw 0 -1.6 td [(communica)0.5 (ting)12.9 ( with)12.9 ( the)12.9 ( company)12.9 (\222)13 (s)12.9 ( auditors)12.9 (,)12.9 ( and)12.9 ( re)0.5 (ading)12.9 ( materials)13 ( a)0.5 (bout)12.9 ( the)12.9 ( company)12.9 (\222)12.9 (s)14.1 ( )]tj 0.025 tc 0.061 tw 0 -1.6 td (operations, working at the company for far more than 15 days. i leverage\ d on my expertise )tj 0.063 tc 0.07 tw 0 -1.6 td [(a)0.5 (n)0.5 (d)12.9 ( )0.5 (p)0.5 (ro)0.5 (v)0.5 (id)0.5 (e)0.5 (d)13 ( c)0.5 (o)0.5 (n)0.5 (st)0.5 (r)0.5 (uc)0.5 (t)0.5 (i)0.5 (ve)13 ( )0.5 (o)0.5 (pi)0.5 (n)0.5 (io)0.5 (n)0.5 (s)12.9 ( )0.5 (f)0.5 (o)0.5 (r)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (c)0.5 (om)0.5 (p)0.5 (a)0.5 (ny)13 (\222)13 (s)13 ( d)0.5 (e)0.5 (v)0.5 (el)0.5 (o)0.5 (pm)0.5 (e)0.5 (n)0.5 (t)12.9 ( )0.5 (a)0.5 (n)0.5 (d)12.9 ( )0.5 (s)0.5 (ta)0.5 (n)0.5 (d)0.5 (ar)0.5 (d)0.5 (i)0.5 (se)0.5 (d)38 ( )]tj 0.052 tc 0 -1.6 td [(operation)12.8 (,)12.9 ( actively)12.8 ( and)12.8 ( effectively)12.9 ( performing)12.9 ( my)12.8 ( duty)12.9 ( as)12.8 ( an)12.9 ( independent)12.9 ( director)12.8 (,)12.9 ( and)27 ( )]tj 0.025 tc 0 tw 0 -1.6 td (contributing to the scientific decision-making by the board of directors\ .)tj /t1_1 1 tf -2.835 -3.2 td [($ii$ )-1015.7 (presence at meetings of the board of directors)]tj /t1_0 1 tf 0.042 tc 0.07 tw 2.835 -3.2 td [(in)12.6 ( 2)12.7 (0)12.6 (2)12.7 (3)12.6 (,)12.7 ( the)12.6 ( company)12.6 ( convened)12.6 ( 1)12.6 (0)12.7 ( meetings)12.7 ( of)12.7 ( the)12.7 ( board)12.7 ( of)12.7 ( directors)12.6 (,)12.7 ( including)12.7 ( 5)12.6 ( held)17 ( )]tj 0.041 tc 0 -1.6 td [(offline)12.2 ( $)12.2 (including)12.2 ( offline)12.2 ( meetings)12.2 ( also)12.2 ( livestreamed)12.2 ( online)12.2 ($)12.2 (,)12.2 ( and)12.2 ( 5)12.2 ( online)12.2 (.)12.1 ( the)12.3 ( meetings)16 ( )]tj 0.025 tc 0 tw 0 -1.6 td (reviewed 104 proposals and reports, and passed 93 resolutions.)tj 0.028 tc 0.08 tw 0 -3.2 td [(i)3 ( )0.5 (attended)3 ( )0.5 (all)3 ( )0.5 (the)3 ( )0.6 (1)2.9 (0)3 ( )0.6 (meetings)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (board)3 ( )0.5 (of)3 ( )0.5 (directors)3 ( )0.5 (in)3 ( )0.5 (person)3 (,)3 ( )0.5 (including)3 ( )0.5 (5)3 ( )0.5 (attended)3 ( )0.5 (on)3 ( )]tj 0.025 tc 0.001 tw 0 -1.6 td [(site and )0.5 (5 in writing. before )0.5 (the meetings, i )0.5 (carefully read )0.5 (the documents, raised )0.5 (issues worth )]tj 0.024 tc 0 tw 0 -1.6 td [(att)0.5 (ent)0.5 (ion i)0.5 (n a)0.5 ( tim)0.5 (ely )0.5 (mann)0.5 (er,)0.5 ( and)0.5 ( com)0.5 (muni)0.5 (cat)0.5 (ed w)0.5 (ith)0.5 ( the)0.5 ( comp)0.5 (any)0.5 (\222s m)0.5 (ana)0.5 (geme)0.5 (nt )0.5 (or r)0.5 (ele)0.5 (vant)-1 ( )]tj 0.025 tc 0.035 tw 0 -1.6 td (departments for more information. at the meetings, i carefully reviewed \ each proposal, took )tj 0.07 tw 0 -1.6 td (active part in discussions and offered suggestions, and aired my indepen\ dent views on each )tj 0.004 tw 0 -1.6 td (decision made by the board of directors. in 2023, i independently exerci\ sed voting rights for )tj 0.076 tw 0 -1.6 td (93 proposals, ensuring the independence of the decisions made by the com\ pany\222s board of )tj 0 tw 0 -1.6 td (directors. my votes in 2023 included 93 consents, 0 objection and 0 waiv\ er.)tj /t1_1 1 tf -2.835 -3.2 td [($iii$ )-601.7 (presence at shareholders\222 meetings and communication with minority sh\ areholders)]tj /t1_0 1 tf 0.045 tc 0.071 tw 2.835 -3.2 td [(on)12 ( )0.6 (2)12 (6)12.1 ( )0.5 (june)12 ( )0.6 (2)12 (0)12.1 (2)12 (3)12.1 (,)12 ( )0.6 (the)12 ( )0.6 (company)12.1 ( )0.5 (convened)12 ( )0.6 (the)12.1 ( )0.5 (2)12.1 (0)12 (2)12 (2)12.1 ( )0.6 (annual)12.1 ( )0.5 (shareholders)12.1 (\222)12.1 ( )0.5 (meeting)12.1 (,)12 ( )0.6 (which)20 ( )]tj 0.038 tc 0.07 tw 0 -1.6 td [(r)0.5 (e)0.5 (v)0.5 (i)0.6 (e)0.5 (w)0.5 (e)0.5 (d)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (a)0.6 (p)0.5 (p)0.5 (r)0.5 (o)0.5 (v)0.5 (e)0.5 (d)13 ( )0.5 (1)13 (2)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (p)0.5 (o)0.5 (s)0.6 (a)0.5 (l)0.5 (s)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (i)0.6 (n)0.5 (g)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (p)0.5 (o)0.5 (s)0.5 (a)0.6 (l)12.9 ( )0.5 (a)0.6 (b)0.5 (o)0.5 (u)0.5 (t)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (2)13 (0)13 (2)13 (2)13 ( )0.5 (r)0.5 (e)0.5 (p)0.5 (o)0.5 (r)0.6 (t)12.9 ( )0.6 (o)0.5 (n)12.9 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )]tj 0.024 tc 0 tw 0 -1.6 td [(work of the board of directors of mcc. i attended the meeting in person,\ and communicated)-1 ( )]tj 0.025 tc 0 -1.6 td (with minority shareholders.)tj et endstream endobj 262 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 77 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 1.016 tw 10 0 0 10 99.2126 716.0747 tm ($ii$ independence)tj /t1_0 1 tf 0 tw 2.835 -3.2 td (i self-examined my independence as an independent director, with details\ listed below:)tj 0.03 tc 0.078 tw 0 -3.2 td [(1)5 (.)5 ( )-1676.6 (my)5 ( )0.5 (spouse)5.1 (,)5 ( )0.5 (pa)0.5 (re)0.5 (nts)5 ( )0.5 (a)0.5 (nd)5 ( )0.5 (c)0.5 (hildren)5 (,)5 ( )0.5 (members)5 ( )0.5 (of)5 ( )0.6 (my)5 ( )0.5 (major)5 ( )0.5 (social)5 ( )0.5 (network)5 ( )0.5 (and)5 ( )0.5 (i)5 ( )0.5 (do)5 ( )0.5 (not)5 ( )]tj 0.025 tc 0 tw 2.835 -1.6 td (hold office in the company or its subsidiaries;)tj 0.028 tc 0.08 tw -2.835 -3.2 td [(2)3 (.)3 ( )-1676.6 (i)3 ( )0.5 (do)3 ( )0.5 (no)0.5 (t)3 ( )0.5 (hol)0.5 (d)3 ( )0.5 (ov)0.5 (er)3 ( )0.5 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company\222s top 5 shareholder entities;)tj 0.041 tc 0.07 tw -2.835 -3.2 td [(4)16 (.)16 ( )-1673.6 (my)12.3 ( spouse)12.4 (,)12.3 ( parents)12.4 ( and)12.3 ( children)12.3 ( and)12.3 ( i)12.4 ( do)12.4 ( not)12.4 ( hold)12.3 ( office)12.4 ( in)12.4 ( any)12.3 ( of)12.3 ( the)12.3 ( company)12.4 (\222)12.3 (s)16 ( )]tj 0.025 tc 0 tw 2.835 -1.6 td (controlling shareholders, de facto controllers or their subsidiaries;)tj 0.023 tc -2.835 -3.2 td [(5)-2 (.)-2 ( )-1761.7 (i do not provide financial, legal, consulting or sponsorship services to\ the company, or)-2 ( )]tj 0.025 tc 2.835 -1.6 td (any of its controlling shareholders, de facto controllers or their respe\ ctive subsidiaries;)tj 0.051 tc 0.07 tw -2.835 -3.2 td [(6)26 (.)26 ( )-1663.7 (i)12.5 ( do)12.4 ( not)12.4 ( have)12.5 ( any)12.4 ( significant)12.4 ( business)12.4 ( connections)12.5 ( to)12.4 ( the)12.4 ( company)12.4 (,)12.4 ( or)12.5 ( any)12.5 ( of)12.4 ( its)25.9 ( )]tj 0.027 tc 0.081 tw 2.835 -1.6 td [(controlling)2 ( 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engineering)15 ( )]tj 0.025 tc 0.078 tw 0 -1.6 td (construction $income$ transactions, the credit services and the deposi\ t services must be included in the )tj 0 tw 0 -1.6 td (company\222s subsequent published annual report.)tj 0.002 tw 0 -3.2 td (furthermore, it is also required by the listing rules that the auditors \ of the company must provide a letter )tj 0.037 tc 0.071 tw 0 -1.6 td [(to)12 ( )0.5 (the)12 ( )0.5 (board)12 ( )0.5 (confirming)12 (,)12 ( )0.5 (among)12 ( )0.5 (other)12 ( )0.5 (things)12 (,)12.1 ( )0.5 (whether)12 ( )0.5 (anything)12 ( )0.5 (has)12 ( )0.5 (come)12 ( )0.5 (to)12 ( )0.5 (their)12 ( )0.5 (attention)12 ( )0.5 (that)11.9 ( )0.6 (causes)12 ( )]tj 0.025 tc 0.019 tw 0 -1.6 td (them to believe that the sale and purchase of materials $income and exp\ enditure$ transactions, engineering )tj 0.054 tc 0.07 tw 0 -1.6 td [(construction)12.4 ( $)12.4 (income)12.4 ($)12.4 ( transactions)12.4 (,)12.4 ( the)12.4 ( credit)12.4 ( services)12.4 ( and)12.4 ( the)12.5 ( deposit)12.4 ( services)12.4 (:)12.5 ( $)12.4 (i)12.4 ($)12.5 ( have)12.5 ( not)12.5 ( been)28.9 ( )]tj 0.025 tc 0 tw 0 -1.6 td (approved by the board; $ii$ were not, in all material respects, in acc\ ordance with the pricing policies of the )tj 0.079 tw 0 -1.6 td (group if the transactions involve the provision of goods or services by \ the group; $iii$ were not entered )tj 0.022 tc 0 tw 0 -1.6 td [(into, in all material respects, in accordance with the relevant agreemen\ t governing the transactions; and $iv$)-3 ( )]tj 0.025 tc 0 -1.6 td (have exceeded the proposed annual caps.)tj 0.071 tc 0.07 tw 0 -3.2 td [(in)12.7 ( the)12.8 ( event)12.7 ( that)12.8 ( the)12.7 ( total)12.7 (/)12.8 (maximum)12.8 ( amounts)12.8 ( of)12.8 ( the)12.8 ( sale)12.8 ( and)12.8 ( purchase)12.7 ( of)12.7 ( materials)12.8 ( $)12.8 (income)12.8 ( and)46 ( )]tj 0.048 tc 0 -1.6 td [(expenditure)12.6 ($)12.6 ( transactions)12.6 (,)12.5 ( engineering)12.5 ( construction)12.6 ( $)12.6 (income)12.6 ($)12.6 ( transactions)12.5 (,)12.6 ( the)12.6 ( credit)12.5 ( services)12.6 ( or)12.5 ( the)23.1 ( )]tj 0.044 tc 0 -1.6 td [(deposi)0.5 (t)12.9 ( service)0.5 (s)12.9 ( are)12.9 ( a)0.5 (nticipated)12.9 ( t)0.5 (o)12.9 ( excee)0.5 (d)12.8 ( )0.5 (their)12.9 ( res)0.5 (pective)12.9 ( p)0.5 (ro)0.5 (posed)12.9 ( annua)0.5 (l)12.9 ( caps)12.9 (,)12.9 ( or)12.9 ( )0.5 (that)12.9 ( there)13 ( is)12.9 ( any)19 ( )]tj 0.025 tc 0.023 tw 0 -1.6 td (proposed material amendment to the terms of the sale and purchase of mat\ erials $income and expenditure$ )tj 0.021 tc 0 tw 0 -1.6 td [(transactions, engineering construction $income$ transactions, the cred\ it services or the deposit services, as)-4 ( )]tj 0.025 tc 0.019 tw 0 -1.6 td (confirmed by the directors, the company shall comply with the applicable\ provisions of the listing rules )tj 0 tw 0 -1.6 td (governing continuing connected transactions.)tj 0.04 tc 0.07 tw 0 -3.2 td [(g)0.5 (i)0.6 (v)0.5 (e)0.5 (n)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.5 (a)0.6 (b)0.5 (o)0.5 (v)0.5 (e)13 ( )0.5 (s)0.6 (t)0.5 (i)0.5 (p)0.5 (u)0.5 (l)0.5 (a)0.6 (t)0.5 (e)0.5 (d)13 ( )0.6 (r)0.5 (e)0.5 (q)0.5 (u)0.6 (i)0.5 (r)0.5 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.5 (s)13 ( )0.6 (f)0.5 (o)0.5 (r)13 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (t)0.5 (i)0.5 (n)0.6 (u)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (n)0.5 (e)0.6 (c)0.5 (t)0.5 (e)0.5 (d)13 ( )0.6 (t)0.5 (r)0.5 (a)0.5 (n)0.6 (s)0.5 (a)0.5 (c)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (p)0.6 (u)0.5 (r)0.5 (s)0.5 (u)0.5 (a)0.6 (n)0.5 (t)13 ( )0.5 (t)0.6 (o)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (l)0.5 (i)0.5 (s)0.5 (t)0.5 (i)0.6 (n)0.5 (g)15 ( )]tj 0.027 tc 0.081 tw 0 -1.6 td [(rules)2 (,)2 ( we)2 ( )0.5 (are)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (view)2 ( )0.5 (that)2 ( )0.5 (there)2 ( )0.5 (are)2 ( )0.5 (adequate)2.1 ( measures)2 ( )0.5 (in)2 ( )0.5 (place)2 ( )0.5 (to)2 ( )0.5 (monitor)2 ( )0.5 (the)2 ( )0.5 (sale)2 ( )0.5 (and)2 ( )0.5 (purchase)2 ( )0.5 (of)2 ( )]tj 0.047 tc 0.07 tw 0 -1.6 td [(materials)12.4 ( $)12.3 (income)12.3 ( and)12.3 ( expenditure)12.3 ($)12.3 ( transactions)12.3 (,)12.3 ( engineering)12.4 ( construction)12.3 ( $)12.4 (income)12.3 ($)12.4 ( transactions)12.3 (,)12.4 ( the)22 ( )]tj 0.025 tc 0.071 tw 0 -1.6 td (credit services and the deposit services and thus the interest of the in\ dependent shareholders would be )tj -0.025 tw 0 -1.6 td (safeguarded.)tj et endstream endobj 271 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 73 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.078 tw 10 0 0 10 99.2126 716.0046 tm (having considered that $i$ one of the reasons for the credit services \ is to facilitate the settlement )tj 0.03 tc 0 -1.6 td [(b)0.5 (e)0.5 (t)0.5 (w)0.5 (ee)0.5 (n)5 ( )0.5 (t)0.5 (h)0.5 (e)5 ( )0.5 (g)0.5 (r)0.5 (o)0.5 (u)0.5 (p)5 ( )0.5 (a)0.5 (nd)5 ( )0.5 (c)0.5 (h)0.5 (i)0.5 (n)0.5 (a)5 ( )0.5 (m)0.5 (i)0.5 (nm)0.5 (e)0.5 (t)0.5 (a)0.5 (l)0.5 (s)5 ( )0.5 (g)0.5 (r)0.5 (ou)0.5 (p)5 (;)5 ( )0.5 (a)0.5 (n)0.5 (d)5 ( )0.5 ($)5 (i)0.5 (i)5 ($)5 ( )0.5 (t)0.5 (h)0.5 (e)5 ( )0.5 (g)0.5 (r)0.5 (ou)0.5 (p)5 (\222)5 (s)5 ( )0.5 (p)0.5 (o)0.5 (s)0.5 (s)0.5 (ib)0.5 (l)0.5 (e)5 ( )0.5 (d)0.5 (e)0.5 (m)0.5 (a)0.5 (nd)5 ( )0.5 (f)0.5 (o)0.5 (r)5 ( )0.5 (c)0.5 (r)0.5 (e)0.5 (d)0.5 (it)5 ( )]tj 0.025 tc 0.034 tw 0 -1.6 td (services, we are of the view that the proposed credit caps for the three\ years ending 31 december )tj 0 tw 0 -1.6 td (2027 to be fair and reasonable.)tj /t1_1 1 tf 10 0 2.6795 10 98.1863 636.0046 tm (proposed deposit caps)tj /t1_0 1 tf 0.072 tc 0.07 tw 10 0 0 10 99.2126 604.0046 tm [(as)12.9 ( de)0.5 (picted)12.9 ( in)12.9 ( the)12.9 ( )0.5 (above)12.9 ( table)12.9 (,)12.9 ( )0.5 (the)12.9 ( daily)12.9 ( bala)0.5 (nce)12.9 ( of)12.9 ( the)12.9 ( )0.5 (group)12.9 (\222)12.9 (s)12.9 ( deposit)0.5 (s)12.9 ( with)12.9 ( minmeta)0.5 (ls)47.1 ( )]tj 0.039 tc 0 -1.6 td [(finance)12.3 ( company)12.4 ( $)12.3 (including)12.3 ( accrued)12.3 ( interests)12.3 ( incurred)12.4 ($)12.4 ( were)12.4 ( approximately)12.3 ( rmb)12.3 (4)12.4 (,)12.3 (3)12.4 (0)12.4 (0)12.3 ( million)14 ( )]tj 0.052 tc 0 -1.6 td [(and)12.9 ( rmb)13 (5)12.9 (,)12.9 (5)12.9 (4)12.9 (9)12.9 ( million)12.9 ( for)12.9 ( fy)12.9 (2)12.9 (0)12.9 (2)12.9 (2)12.9 ( a)0.5 (nd)12.9 ( f)0.5 (y)12.9 (2)12.9 (0)12.9 (2)12.9 (3)12.9 ( respec)0.5 (tively)12.9 (,)12.9 ( represe)0.5 (ntin)0.5 (g)12.9 ( utilisation)12.9 ( rates)13 ( of)27 ( )]tj 0.025 tc 0 tw 0 -1.6 td (approximately 35.83% and 46.24% respectively.)tj 0.049 tc 0.07 tw 0 -3.2 td [(as)12.4 ( at)12.3 ( 3)12.3 (1)12.4 ( december)12.3 ( 2)12.3 (0)12.3 (2)12.3 (3)12.3 (,)12.3 ( the)12.3 ( group)12.3 (\222)12.3 (s)12.3 ( cash)12.4 ( and)12.3 ( bank)12.3 ( balances)12.3 ( were)12.3 ( approximately)12.3 ( rmb)12.3 (4)12.3 (4)12.3 (.)12.4 (4)12.3 (4)24 ( )]tj 0.025 tc -0.025 tw 0 -1.6 td (billion.)tj 0.027 tc 0.081 tw 0 -3.2 td [(g)0.5 (ive)0.5 (n)2 ( )0.5 (tha)0.5 (t)2 ( )0.5 ($)2 (i)2 ($)2 ( )0.5 (the)2.1 ( g)0.5 (ro)0.5 (up)2 (\222)2 (s)2 ( )0.5 (ca)0.5 (sh)2 ( )0.5 (a)0.5 (nd)2 ( )0.5 (ba)0.5 (nk)2 ( )0.5 (b)0.5 (al)0.5 (anc)0.5 (es)2.1 ( a)0.5 (s)2 ( )0.5 (at)2 ( )0.5 (3)2 (1)2 ( )0.5 (de)0.5 (c)0.5 (emb)0.5 (er)2 ( )0.5 (2)2 (0)2 (2)2 (3)2 ( )0.5 (wa)0.5 (s)2 ( )0.5 (mu)0.5 (ch)2 ( )0.5 (la)0.5 (rg)0.5 (er)2 ( )0.5 (t)0.5 (ha)0.5 (n)1.9 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(the)7 ( )0.5 (proposed)6.9 ( )0.5 (deposit)7 ( )0.5 (caps)7 (,)7 ( )0.5 (which)7 ( indicated)7 ( )0.5 (the)7 ( )0.5 (group)7 (\222)7.1 (s)7 ( )0.5 (possible)7 ( )0.5 (demand)7 ( )0.5 (for)7 ( )0.5 (deposit)7 ( )0.5 (services)7 ( )0.5 (to)7 ( )]tj 0.025 tc 0.065 tw 0 -1.6 td (be provided by independent financial institutions and minmetals finance \ company; $ii$ the group )tj 0 -1.6 td (recorded net cash inflow from operating activities for fy2022 and fy2023\ ; and $iii$ the increases )tj 0.053 tc 0.07 tw 0 -1.6 td [(in)12.6 ( the)12.6 ( maximum)12.6 ( daily)12.6 ( balance)12.6 ( of)12.5 ( the)12.6 ( group)12.6 (\222)12.6 (s)12.6 ( deposits)12.6 ( with)12.6 ( minmetals)12.6 ( finance)12.6 ( company)12.6 ( for)28 ( )]tj 0.025 tc 0.076 tw 0 -1.6 td (fy2024 $two months data only$ as compared to fy2023 of approximately r\ mb4,255 million and )tj 0 -1.6 td (for fy2023 as compared to fy2022 of approximately rmb1,249 million, we a\ re of the view that )tj 0 tw 0 -1.6 td (the proposed deposit caps for the three years ending 31 december 2027 ar\ e fair and reasonable.)tj 0.046 tc 0.07 tw 0 -3.2 td [(shareholders)12.9 ( should)12.8 ( note)12.8 ( that)12.9 ( as)12.9 ( the)12.8 ( proposed)12.8 ( credit)12.9 ( caps)12.9 ( and)12.9 ( the)12.9 ( proposed)12.9 ( deposit)12.8 ( caps)12.9 ( are)21 ( )]tj 0.029 tc 0.079 tw 0 -1.6 td [(relating)4 ( )0.5 (to)4 ( )0.5 (future)4.1 ( )0.5 (events)4 ( )0.5 (and)4 ( )0.5 (were)4.1 ( )0.5 (estimated)4 ( )0.5 (based)4 ( )0.5 (on)4 ( )0.5 (assumptions)4 ( )0.5 (which)4 ( )0.5 (may)4 ( )0.5 (or)4 ( )0.5 (may)4 ( )0.5 (not)4 ( )0.5 (remain)4 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(valid)6 ( )0.6 (for)6.1 ( the)6 ( )0.5 (entire)6 ( )0.5 (period)6 ( )0.5 (up)6 ( )0.5 (to)6 ( )0.5 (3)6 (1)6 ( )0.5 (december)6 ( )0.5 (2)6 (0)6 (2)6 (7)6 (,)6 ( )0.5 (and)6 ( )0.5 (they)6 ( )0.5 (do)6 ( )0.5 (not)6 ( )0.5 (represent)6 ( )0.5 (forecasts)6.1 ( )0.5 (of)6.1 ( )0.5 (credit)6 ( )]tj 0.027 tc 0.081 tw 0 -1.6 td [(facilities)2 ( )0.5 (or)2 ( )0.5 (deposit)2 ( )0.5 (amounts)2 ( )0.5 (under)2 ( )0.5 (the)2 ( )0.5 (credit)2 ( )0.5 (services)2 ( )0.5 (or)2 ( )0.5 (the)2 ( )0.5 (deposit)2 ( )0.5 (services)2 (.)2 ( )0.5 (consequently)2 (,)2 ( )0.5 (we)2 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(express)12 ( )0.5 (no)12 ( )0.5 (opinion)12 ( )0.5 (as)12 ( )0.5 (to)12 ( )0.5 (how)12.1 ( )0.5 (closely)12 ( )0.5 (the)12 ( )0.5 (actual)12 ( )0.5 (credit)11.9 ( )0.5 (facilities)12 ( )0.5 (under)12 ( )0.6 (the)12 ( )0.5 (credit)12 ( )0.5 (services)12 ( )0.5 (or)12 ( )0.5 (the)12.1 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(deposit)6 ( )0.5 (amount)6 ( )0.5 (under)6.1 ( the)6 ( )0.5 (deposit)6 ( )0.5 (services)6.1 ( )0.5 (will)6 ( )0.5 (correspond)6 ( )0.5 (with)6 ( )0.5 (the)6.1 ( )0.5 (proposed)6 ( )0.5 (credit)6 ( )0.5 (caps)6.1 ( )0.5 (or)6 ( )0.5 (the)6 ( )]tj 0.025 tc 0 tw 0 -1.6 td (proposed deposit caps.)tj 0.035 tc 0.073 tw 0 -3.2 td [(ha)0.5 (ving)10 ( )0.5 (cons)0.5 (idered)10 ( )0.6 (the)10 ( )0.5 (princ)0.5 (ipal)10 ( )0.5 (te)0.5 (rms)10 ( )0.5 (of)10 ( )0.5 (th)0.5 (e)10 ( )0.5 (credit)10 ( )0.6 (servic)0.5 (es)10 ( )0.5 (and)10 ( )0.5 (t)0.5 (he)10 ( )0.5 (depo)0.5 (sit)10 ( )0.5 (serv)0.5 (ices)10 ( )0.5 (un)0.5 (der)10 ( )0.5 (the)10 ( )]tj 0.025 tc 0.023 tw 0 -1.6 td (new financial services agreement as set out above, we are of the view th\ at the terms of the credit )tj 0.04 tw 0 -1.6 td (services and the deposit services under the financial services agreement\ $including the proposed )tj 0 tw 0 -1.6 td (credit caps and the proposed deposit caps$ are fair and reasonable.)tj et endstream endobj 270 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 72 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 321.4512 708.1046 tm (for the )tj -1.631 -1.6 td (year ended )tj -0.912 -1.6 td (31 december )tj -0.025 tw 3.756 -1.6 td (2025)tj 0 tw 7.291 4.8 td (for the )tj -1.631 -1.6 td (year ended )tj -0.912 -1.6 td (31 december )tj -0.025 tw 3.756 -1.6 td (2026)tj 0 tw 7.291 4.8 td (for the )tj -1.99 -1.6 td (year ending )tj -0.553 -1.6 td (31 december )tj -0.025 tw 3.756 -1.6 td (2027)tj /t1_0 1 tf 10 0 2.6795 10 311.2448 644.1046 tm (rmb\222000)tj 8.504 0 td (rmb\222000)tj 8.504 0 td (rmb\222000)tj 0 tw 10 0 0 10 99.2126 612.1046 tm (proposed annual caps for:)tj -0 -1.6 td (\226 credit services $\223)tj /t1_1 1 tf (proposed credit )tj -0.025 tw 1.984 -1.6 td (cap\(s$)tj /t1_0 1 tf (\224\))tj 0 tc 0 tw 5.83 0 0 5.83 157.1544 584.1046 tm ( )tj 0.025 tc 5.83 0 1.5621 5.83 158.1593 584.1046 tm ($note 1$)tj -0.025 tw 10 0 0 10 307.0806 580.1046 tm (30,000,000)tj 8.504 0 td (30,000,000)tj 8.504 0 td (30,000,000)tj 0 tw -37.795 -1.6 td (\226 deposit services $\223)tj /t1_1 1 tf (proposed deposit )tj -0.025 tw 1.984 -1.6 td (cap\(s$)tj /t1_0 1 tf (\224\) )tj 0 tw 5.83 0 1.5621 5.83 159.3061 552.1046 tm ($note 2$)tj -0.025 tw 10 0 0 10 307.0806 548.1046 tm (15,000,000)tj 8.504 0 td (15,000,000)tj 8.504 0 td (15,000,000)tj 9 0 2.4115 9 98.2888 521.3746 tm (notes:)tj 0.03 tc 0.078 tw 9 0 0 9 99.2125 497.3746 tm [(1)5 (.)5 ( )-1991.6 (including)5 ( )0.5 (but)5 ( )0.5 (not)5 ( )0.5 (limited)5 ( )0.5 (to)5 ( )0.5 (loans)5 ( )0.5 (and)5 ( )0.5 (finance)5 ( )0.5 (lease)5 (,)5 ( )0.5 (acceptance)5 ( )0.5 (and)5 ( )0.5 (discounting)5 ( )0.5 (of)5 ( )0.5 (bills)5 (,)5 ( )0.5 (guarantees)5 (,)5 ( )]tj 0.025 tc 0 tw 3.15 -1.333 td (letters of guarantee, opening of letters of credit, etc., including accr\ ued interests incurred.)tj -3.15 -2.667 td [(2. )-2074.6 (including accrued interests incurred.)]tj /t1_1 1 tf 10 0 2.6795 10 98.1862 433.3746 tm (proposed credit caps)tj /t1_0 1 tf 0.031 tc 0.077 tw 10 0 0 10 99.2125 401.3746 tm [(as)6 ( )0.5 (depicted)6.1 ( in)6 ( )0.5 (the)6 ( )0.5 (above)6 ( )0.5 (table)6 (,)6 ( )0.5 (the)6 ( )0.5 (maximum)6 ( )0.5 (daily)6 ( )0.5 (balance)6.1 ( of)6 ( )0.5 (composite)6 ( )0.5 (credit)6 ( )0.5 (facilities)6 ( )0.5 (granted)6 ( )]tj 0.073 tc 0.07 tw 0 -1.6 td [(to)12.7 ( the)12.7 ( group)12.8 ( by)12.7 ( minmetals)12.8 ( finance)12.7 ( company)12.7 ( $)12.8 (including)12.7 ( accrued)12.7 ( interests)12.8 ( incurred)12.7 ($)12.7 ( were)48 ( )]tj 0.057 tc 0 -1.6 td [(approximately)12.9 ( rmb)12.9 (5)12.8 (0)12.9 ( million)12.9 ( and)12.9 ( rmb)12.9 (3)12.9 (,)12.8 (1)12.9 (8)12.9 (8)12.9 ( million)12.8 ( for)12.9 ( fy)12.9 (2)12.8 (0)12.9 (2)12.9 (2)12.9 ( and)12.9 ( fy)12.9 (2)12.9 (0)12.9 (2)12.8 (3)12.9 ( respec)0.5 (tively)12.9 (,)32 ( )]tj 0.025 tc 0 tw 0 -1.6 td (representing utilisation rates of approximately 0.17% and 10.63% respect\ ively.)tj 0.051 tc 0.07 tw 0 -3.2 td [(to)12.5 ( assess)12.5 ( the)12.4 ( fairness)12.5 ( and)12.4 ( reasonableness)12.4 ( of)12.4 ( the)12.5 ( proposed)12.4 ( credit)12.5 ( caps)12.5 (,)12.4 ( we)12.4 ( obtained)12.5 ( from)12.4 ( the)26.1 ( )]tj 0.036 tc 0.072 tw 0 -1.6 td [(company)11 ( )0.5 (a)11 ( )0.5 (detailed)11 ( )0.5 (explanation)11 ( )0.5 (on)11 ( )0.5 (the)11 ( )0.5 (basis)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (same)11 (.)11 ( )0.5 (the)11 ( )0.5 (directors)11 ( )0.5 (advised)11 ( )0.5 (us)11 ( )0.5 (that)11 ( )0.5 (the)11.1 ( )0.5 (low)11 ( )]tj 0.041 tc 0.07 tw 0 -1.6 td [(utilisation)12.8 ( of)12.7 ( the)12.8 ( existing)12.8 ( annual)12.8 ( caps)12.8 ( for)12.7 ( credit)12.7 ( services)12.8 ( was)12.7 ( primarily)12.7 ( because)12.7 ( the)12.8 ( group)12.7 ( had)16 ( )]tj 0.044 tc 0 -1.6 td [(prioritised)12.2 ( the)12.2 ( use)12.3 ( of)12.2 ( external)12.3 ( credit)12.3 ( services)12.2 ( in)12.3 ( the)12.2 ( past)12.2 (;)12.3 ( while)12.2 ( the)12.2 ( proposed)12.3 ( credit)12.3 ( caps)12.3 ( were)19 ( )]tj 0.025 tc 0 tw 0 -1.6 td (determined with reference to the group\222s maximum demand for loans and\ other credit services.)tj 0.073 tc 0.07 tw 0 -3.2 td [(we)12.2 ( noted)12.2 ( from)12.1 ( the)12.2 ( 2)12.1 (0)12.2 (2)12.1 (3)12.1 ( annual)12.2 ( report)12.1 ( that)12.2 (,)12.1 ( as)12.1 ( at)12.1 ( 3)12.1 (1)12.1 ( december)12.1 ( 2)12.1 (0)12.1 (2)12.2 (3)12.1 (,)12.1 ( the)12.2 ( group)12.2 (\222)12.1 (s)12.1 ( credit)48 ( )]tj 0.045 tc 0 -1.6 td [(loans)12.3 ( $)12.3 (included)12.4 ( in)12.4 ( short)12.3 (-)12.4 (term)12.4 ( and)12.3 ( long)12.3 (-)12.4 (term)12.4 ( borrowings)12.4 ($)12.4 ( and)12.3 ( bills)12.4 ( payable)12.4 ( were)12.4 ( approximately)20 ( )]tj 0.024 tc 0 tw 0 -1.6 td [(rmb82,084 million in aggregate, which is much larger than the proposed c\ redit caps and indicated)-1 ( )]tj 0.027 tc 0.081 tw 0 -1.6 td [(the)2 ( )0.5 (group)1.9 (\222)2 (s)2 ( )0.5 (possible)2.1 ( demand)2 ( )0.5 (for)2 ( )0.5 (credit)2 ( )0.5 (services)2 ( )0.5 (from)1.9 ( )0.5 (both)2 ( )0.5 (independent)2 ( )0.5 (financial)2 ( )0.5 (institutions)2 ( )0.5 (and)2 ( )]tj 0.025 tc 0 tw 0 -1.6 td (minmetals finance company.)tj et endstream endobj 269 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 71 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.047 tc 0.07 tw 10 0 0 10 99.2126 716.0046 tm [(were)12.5 ( not)12.5 (,)12.4 ( in)12.4 ( all)12.4 ( material)12.5 ( respects)12.4 (,)12.5 ( in)12.4 ( accordance)12.4 ( with)12.4 ( the)12.5 ( pricing)12.4 ( policies)12.4 ( of)12.5 ( the)12.4 ( company)12.4 (;)12.5 ( $)12.5 (c)12.4 ($)22.1 ( )]tj 0.027 tc 0.081 tw 0 -1.5 td [(nothing)2 ( )0.5 (has)2 ( )0.5 (come)2 ( )0.5 (to)2 ( )0.5 (the)2 ( )0.5 (auditor)2 (\222)2 (s)2 ( )0.5 (attention)2 ( that)2 ( )0.5 (causes)2 ( )0.5 (the)2 ( auditor)2 ( )0.5 (to)2 ( )0.5 (believe)2.1 ( )0.5 (that)2 ( )0.5 (the)2 ( )0.5 (transactions)2 ( )]tj 0.024 tc 0 tw 0 -1.5 td [(were not entered into, in all material respects, in accordance with the \ relevant agreements governing)-1 ( )]tj 0.041 tc 0.07 tw 0 -1.5 td [(such)12.6 ( transactions)12.7 (;)12.7 ( and)12.7 ( $)12.7 (d)12.7 ($)12.6 ( nothing)12.7 ( has)12.7 ( come)12.7 ( to)12.7 ( the)12.7 ( auditor)12.6 (\222)12.7 (s)12.7 ( attention)12.7 ( that)12.7 ( causes)12.7 ( the)12.7 ( auditor)12.7 ( to)16 ( )]tj 0.037 tc 0.071 tw 0 -1.5 td [(believe)12 ( )0.5 (that)12 ( )0.5 (the)12 ( )0.5 (amount)12 ( )0.5 (of)12.1 ( )0.5 (the)12.1 ( )0.5 (continuing)12 ( )0.5 (connected)12 ( )0.5 (transactions)12 ( )0.6 (have)12 ( )0.5 (exceeded)12 ( )0.5 (the)12 ( )0.5 (total)12 ( )0.5 (annual)12.1 ( )]tj 0.025 tc 0 tw 0 -1.5 td (caps set by the company.)tj 0.031 tc 0.077 tw 0 -3 td [(in)6 ( )0.5 (light)6 ( )0.5 (of)6 ( )0.5 (our)6 ( )0.5 (works)6.1 ( )0.5 (as)6 ( )0.5 (mentioned)6 ( )0.5 (above)6 (,)6 ( )0.5 (we)6 ( )0.6 (consider)6 ( )0.5 (the)6.1 ( )0.5 (internal)6 ( )0.5 (control)6 ( )0.5 (measures)6 ( )0.5 (in)6 ( )0.5 (place)6 ( )0.5 (are)6 ( )]tj 0 -1.5 td [(effective)6 ( )0.5 (to)6 ( )0.5 (ensure)6 ( )0.5 (that)6 ( )0.5 (the)6 ( )0.5 (prices)6 ( )0.5 (and)6 ( )0.6 (terms)6 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.5 (credit)6 ( )0.6 (services)6 ( )0.5 (and)5.9 ( )0.6 (deposit)6 ( )0.5 (services)6 ( )0.5 (will)6 ( )0.5 (not)6 ( )]tj 0.029 tc 0.079 tw 0 -1.5 td [(be)4 ( )0.5 (less)4 ( )0.6 (favourable)4 ( )0.5 (to)4 ( )0.5 (the)4 ( )0.5 (group)4 ( )0.5 (than)4 ( )0.5 (those)4 ( )0.5 (entered)4 ( )0.5 (into)4 ( )0.5 (between)4 ( )0.5 (the)4 ( )0.5 (group)4 ( )0.5 (and)4 ( )0.6 (independent)4 ( )0.5 (third)4 ( )]tj 0.025 tc -0.025 tw 0 -1.5 td (parties.)tj /t1_1 1 tf 0 tw 10 0 2.6795 10 98.1863 536.0046 tm (proposed annual caps)tj /t1_0 1 tf 0.074 tw 10 0 0 10 99.2126 506.0046 tm [(set )0.5 (out )0.5 (below )0.5 (is )0.6 ($i$ )0.5 (the )0.5 (historical )0.5 (transaction )0.5 (amounts )0.5 (of )0.6 (the )0.5 (credit )0.5 (services )0.5 (and )0.6 (deposit )0.5 (services )]tj 0.066 tw 0 -1.5 td (for the three years ending 31 december 2024; $ii$ the existing annual \ caps and relevant utilisation )tj 0 tw 0 -1.5 td (rates; and $iii$ the proposed annual caps for the three years ending 3\ 1 december 2027.)tj /t1_1 1 tf 24.492 -3 td (for the )tj -1.631 -1.5 td (year ended )tj -0.912 -1.5 td (31 december )tj -0.025 tw 3.756 -1.5 td (2022)tj 0 tw 6.157 4.5 td (for the )tj -1.631 -1.5 td (year ended )tj -0.912 -1.5 td (31 december )tj -0.025 tw 3.756 -1.5 td (2023)tj 0 tw 6.157 4.5 td (for the )tj -1.99 -1.5 td (year ending )tj -0.553 -1.5 td (31 december )tj -0.025 tw 3.756 -1.5 td (2024)tj /t1_0 1 tf 10 0 2.6795 10 333.9219 386.0046 tm (rmb\222000)tj 7.37 0 td (rmb\222000)tj 7.37 0 td (rmb\222000)tj 0 tw 10 0 0 10 99.2126 356.0046 tm (maximum daily balance of composite credit )tj 0.992 -1.5 td (facilities granted to the group by minmetals )tj 0 -1.5 td (finance company )tj 5.83 0 1.5621 5.83 188.0849 330.0046 tm ($note 1$)tj -0.025 tw 10 0 0 10 348.2579 326.0046 tm (49,540)tj 6.045 0 td (3,187,901)tj 5.284 0 td (3,287,050)tj 0 tw 5.83 0 1.5621 5.83 503.2024 330.0046 tm ($note 3$)tj 10 0 0 10 99.2126 311.0046 tm (existing annual caps for credit services )tj 5.83 0 1.5621 5.83 272.1724 315.0046 tm ($note 1$)tj -0.025 tw 10 0 0 10 329.7579 311.0046 tm (30,000,000)tj 7.37 0 td (30,000,000)tj 7.37 0 td (30,000,000)tj 0 tw -37.795 -1.5 td (utilisation rate )tj -0.025 tw 10 0 2.6795 10 164.6556 296.0046 tm ($%$)tj 10 0 0 10 358.7579 296.0046 tm (0.17)tj 6.845 0 td (10.63)tj 7.37 0 td (10.96)tj 0 tw -40.17 -3 td (daily balance of the group\222s deposits with )tj 0.992 -1.5 td (minmetals finance company )tj 5.83 0 1.5621 5.83 235.8644 255.0046 tm ($note 2$)tj -0.025 tw 10 0 0 10 335.0079 251.0046 tm (4,300,100)tj 7.37 0 td (5,548,744)tj 5.284 0 td (9,804,010)tj 0 tw 5.83 0 1.5621 5.83 503.2024 255.0046 tm ($note 3$)tj 10 0 0 10 99.2126 236.0046 tm (existing annual caps for deposit services )tj 5.83 0 1.5621 5.83 278.5323 240.0046 tm ($note 2$)tj -0.025 tw 10 0 0 10 329.7579 236.0046 tm (12,000,000)tj 7.37 0 td (12,000,000)tj 7.37 0 td (12,000,000)tj 0 tw -37.795 -1.5 td (utilisation rate )tj -0.025 tw 10 0 2.6795 10 164.6556 221.0046 tm ($%$)tj 10 0 0 10 353.5079 221.0046 tm (35.83)tj 7.37 0 td (46.24)tj 7.37 0 td (81.70)tj 9 0 2.4115 9 98.289 196.2746 tm (notes:)tj 0.03 tc 0.078 tw 9 0 0 9 99.2126 174.2746 tm [(1)5 (.)5 ( )-1991.6 (including)5 ( )0.5 (but)5 ( )0.5 (not)5 ( )0.5 (limited)5 ( )0.5 (to)5 ( )0.5 (loans)5 ( )0.5 (and)5 ( )0.5 (finance)5 ( )0.5 (lease)5 (,)5 ( )0.5 (acceptance)5 ( )0.5 (and)5 ( )0.5 (discounting)5 ( )0.5 (of)5 ( )0.5 (bills)5 (,)5 ( )0.5 (guarantees)5 (,)5 ( )]tj 0.025 tc 0 tw 3.15 -1.222 td (letters of guarantee, opening of letters of credit, etc., including accr\ ued interests incurred.)tj -3.15 -2.444 td [(2. )-2074.6 (including accrued interests incurred.)]tj 0 -2.444 td [(3. )-2074.6 (for the four months ended 30 april 2024.)]tj et endstream endobj 268 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 70 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.026 tc 0.082 tw 10 0 0 10 99.2126 716.0046 tm [(\225)1 ( )-2101.6 (we)1 ( )0.5 (obtained)1 ( )0.5 (one)1 ( )0.5 (set)1 ( )0.5 (of)1 ( )0.5 (deposit)1 ( )0.5 (records)1 ( )0.6 (for)1 ( )0.5 (each)1 ( )0.5 (quarter)1 ( )0.5 (from)1 ( )0.5 (the)1 ( )0.6 (fourth)0.9 ( )0.6 (quarter)1 ( )0.5 (of)1 ( )0.5 (fy)1 (2)1 (0)1 (2)1 (2)1 ( )]tj 0.025 tc 0.04 tw 2.835 -1.6 td (to fy2023 $as advised by the directors, the group had begun to utilise \ the deposit services )tj 0.03 tw 0 -1.6 td (from the fourth quarter of fy2022$ $i.e. 5 sets of deposit records in \ total, the \223)tj /t1_1 1 tf (cct deposit )tj 0.037 tc -0.037 tw 0 -1.6 td (records)tj /t1_0 1 tf 0.071 tw 3.748 0 td [(\224)12 ($)12 (,)12 ( )0.5 (together)12 ( )0.5 (with)12 ( )0.5 ($)12 (i)12 ($)12 ( )0.5 (one)12 ( )0.5 (set)12 ( )0.5 (of)12 ( )0.5 (deposit)12 ( )0.6 (records)12 ( )0.5 (for)12 ( )0.5 (comparable)12.1 ( )0.5 (deposits)12 ( )0.5 (placed)12 ( )0.5 (by)12 ( )]tj 0.047 tc 0.07 tw -3.748 -1.6 td [(the)12.3 ( group)12.3 ( with)12.3 ( independent)12.3 ( commercial)12.3 ( banks)12.3 ( for)12.4 ( comparable)12.3 ( periods)12.3 (;)12.3 ( and)12.4 ( $)12.3 (ii)12.3 ($)12.3 ( a)12.4 ( list)12.3 ( of)22 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(comparable)6 ( )0.5 (deposits)6 ( )0.5 (placed)6 ( )0.5 (by)6.1 ( other)6 ( )0.5 (member)6 ( )0.5 (of)6 ( )0.5 (china)6.1 ( )0.5 (minmetals)6 ( )0.5 (with)6 ( )0.5 (minmetals)6 ( )0.6 (finance)6 ( )]tj 0.039 tc 0.07 tw 0 -1.6 td [(company)12.8 ( for)12.8 ( comparable)12.8 ( periods)12.8 (,)12.7 ( for)12.8 ( comparison)12.8 (.)12.7 ( we)12.8 ( noted)12.8 ( that)12.8 ( the)12.8 ( interest)12.8 ( rates)12.7 ( on)12.8 ( the)14 ( )]tj 0.051 tc 0 -1.6 td [(deposit)12.1 ( services)12.1 ( provided)12.1 ( by)12.2 ( minmentals)12.2 ( finance)12.2 ( company)12.1 ( to)12.1 ( the)12.1 ( group)12.2 ( were)12.1 ( no)12.1 ( less)26 ( )]tj 0.025 tc 0.023 tw 0 -1.6 td (favourable to members of the group than those offered by $i$ independe\ nt commercial banks )tj 0 tw 0 -1.6 td (to the group; and $ii$ minmetals finance company to members of china m\ inmetals.)tj 0.007 tw -2.835 -3.2 td [(\225 )-2177.7 (we also noted from the ccts deposit records that the interest rates for \ the deposit services )]tj 0.004 tw 2.835 -1.6 td (was not lower than the benchmark deposits interest rate on deposits of t\ he same type with the )tj 0 tw 0 -1.6 td (same maturity published by the pboc.)tj 0.064 tc 0.07 tw -2.835 -3.2 td [(\225)39 ( )-2075.7 (we)12.5 ( also)12.5 ( discussed)12.4 ( with)12.4 ( staffs)12.5 ( of)12.5 ( the)12.5 ( capital)12.4 ( managerial)12.4 ( department)12.4 ( $)]tj /c0_0 1 tf 0.052 tc -0.052 tw 35.914 0 td [<0f1f>0.5 <06960bc5>]tj /t1_0 1 tf 0.064 tc 0.07 tw [($)12.5 ( of)12.4 ( the)39 ( )]tj 0.042 tc -33.079 -1.6 td [(company)12.3 ( and)12.3 ( understood)12.4 ( that)12.3 ( the)12.3 ( staffs)12.4 ( were)12.4 ( aware)12.4 ( of)12.4 ( the)12.3 ( internal)12.3 ( control)12.3 ( measures)12.4 ( and)17 ( )]tj 0.039 tc 0 -1.6 td [(would)12.7 ( comply)12.7 ( with)12.8 ( internal)12.8 ( control)12.7 ( measures)12.8 ( when)12.7 ( conducting)12.8 ( transactions)12.8 ( contemplated)14 ( )]tj 0.025 tc 0 tw 0 -1.6 td (under the new financial services agreement.)tj 0.039 tc 0.07 tw -2.835 -3.2 td [(with)12.7 ( reference)12.7 ( to)12.7 ( the)12.6 ( 2)12.7 (0)12.6 (2)12.7 (3)12.6 ( annual)12.7 ( report)12.7 (,)12.6 ( the)12.7 ( company)12.6 (\222)12.7 (s)12.7 ( independent)12.7 ( non)12.6 (-)12.7 (executive)12.7 ( directors)14 ( )]tj 0.04 tc 0 -1.6 td [(have)12.3 ( reviewed)12.4 ( the)12.4 ( continuing)12.3 ( connected)12.3 ( transactions)12.3 ( $)12.3 (including)12.3 (,)12.3 ( among)12.4 ( other)12.3 ( things)12.4 (,)12.3 ( the)12.3 ( credit)15 ( )]tj 0.034 tc 0.074 tw 0 -1.6 td [(services)9 ( )0.5 (and)9 ( )0.5 (deposit)9 ( )0.5 (services)9 ($)9 ( )0.5 (and)9 ( )0.5 (confirmed)9 ( )0.5 (that)9 ( )0.5 (these)9 ( )0.5 (transactions)9 ( )0.5 (have)9.1 ( )0.5 (been)9 ( )0.5 (entered)9 ( )0.5 (into)9 (:)9 ( )0.5 ($)9 (a)9.1 ($)9 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(in)7 ( )0.5 (th)0.5 (e)7 ( )0.5 (or)0.5 (dina)0.5 (ry)7 ( )0.5 (c)0.5 (our)0.5 (se)7 ( )0.5 (of)7 ( )0.5 (b)0.5 (usi)0.5 (nes)0.5 (s)7 ( )0.5 (of)7 ( )0.5 (th)0.5 (e)7 ( )0.5 (com)0.5 (pan)0.5 (y)7 (;)7 ( )0.5 ($)7 (b)7 ($)7 ( )0.5 (ei)0.5 (ther)7 ( )0.6 (on)7 ( )0.5 (nor)0.5 (mal)7 ( )0.5 (c)0.5 (omm)0.5 (erc)0.5 (ia)0.5 (l)6.9 ( )0.6 (ter)0.5 (ms)7 ( )0.5 (or)7 ( )0.5 (o)0.5 (n)7 ( )]tj 0.025 tc 0.059 tw 0 -1.6 td [(terms )0.5 (no )0.5 (less )0.6 (favourable )0.5 (to )0.5 (the )0.5 (company )0.6 (than )0.6 (those )0.5 (available )0.5 (to )0.5 (or )0.6 (provided )0.6 (from )0.6 ($as )0.5 (appropriate$ )]tj 0.039 tc 0.07 tw 0 -1.6 td [(independent)12.6 ( third)12.5 ( parties)12.6 ( as)12.6 ( the)12.6 ( company)12.6 ( is)12.6 ( concerned)12.6 (;)12.5 ( and)12.6 ( $)12.5 (c)12.6 ($)12.6 ( in)12.6 ( accordance)12.6 ( with)12.6 ( the)12.6 ( terms)12.6 ( of)14 ( )]tj 0.026 tc 0.082 tw 0 -1.6 td [(the)1 ( )0.5 (agreements)1.1 ( )0.5 (governing)1 ( )0.5 (them)1 ( )0.5 (that)1 ( )0.5 (are)1 ( )0.5 (fair)1 ( )0.6 (and)1 ( )0.5 (reasonable)1 ( )0.5 (and)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (interests)1 ( )0.5 (of)1 ( )0.5 (the)1.1 ( )0.5 (company)1 (\222)1 (s)1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (shareholders as a whole.)tj 0.076 tc 0.07 tw 0 -3.2 td [(in)12.6 ( addition)12.5 (,)12.6 ( the)12.6 ( company)12.6 (\222)12.5 (s)12.6 ( auditors)12.5 ( were)12.6 ( engaged)12.5 ( to)12.6 ( report)12.5 ( on)12.6 ( the)12.6 ( continuing)12.6 ( connected)51 ( )]tj 0.053 tc 0 -1.6 td [(t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.6 (a)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 ($)13 (i)0.5 (n)0.5 (c)0.6 (l)0.5 (u)0.5 (d)0.5 (i)0.5 (n)0.5 (g)13 (,)13 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (n)0.5 (g)13 ( )0.6 (ot)0.6 (h)0.5 (e)0.5 (r)13 ( )0.5 (t)0.5 (h)0.5 (i)0.5 (n)0.5 (g)0.5 (s)13 (,)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (r)0.5 (e)0.5 (d)0.5 (i)0.5 (t)13 ( )0.6 (s)0.5 (e)0.5 (r)0.5 (v)0.5 (i)0.5 (c)0.5 (e)0.5 (s)13 ( )0.6 (a)0.5 (n)0.5 (d)13 ( )0.5 (d)0.5 (e)0.5 (p)0.5 (o)0.5 (s)0.5 (i)0.6 (t)13 ( )0.5 (s)0.5 (e)0.5 (r)0.5 (v)0.5 (i)0.5 (c)0.5 (e)0.5 (s)13 ($)13.1 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)28 ( )]tj 0.036 tc 0.072 tw 0 -1.6 td [(company)11.1 ( in)11 ( )0.5 (accordance)11 ( )0.5 (with)11 ( )0.5 (hong)11 ( )0.5 (kong)11 ( )0.5 (standard)11 ( )0.5 (on)11 ( )0.5 (assurance)11.1 ( )0.5 (engagements)11 ( )0.5 (3)11 (0)11 (0)11 (0)11 ( )0.5 (\223)11 (assurance)11 ( )]tj 0.023 tc 0 tw 0 -1.6 td [(engagements other than audits or reviews of historical financial informa\ tion\224 and with reference)-2 ( )]tj 0.025 tc 0 -1.6 td (to practice note 740 \223auditor\222s letter on continuing connected tra\ nsactions under the hong kong )tj 0.043 tw 0 -1.6 td [(listing )0.5 (rules\224 )0.5 (issued by )0.5 (the )0.5 (hong )0.5 (kong )0.5 (institute )0.5 (of )0.5 (certified )0.5 (public )0.5 (accountants. the )0.5 (auditor )0.5 (had )]tj 0.03 tc 0.078 tw 0 -1.6 td [(issued)5 ( )0.5 (their)5 ( )0.5 (unqualified)5 ( )0.5 (letter)5 ( )0.6 (containing)5 ( )0.5 (their)5 ( )0.5 (conclusions)5 ( )0.5 (in)5 ( )0.5 (respect)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (continuing)5 ( )0.5 (connected)5 ( )]tj 0.025 tc 0.08 tw 0 -1.6 td (transactions $including the credit services and deposit services$ in a\ ccordance with rule 14a.56 )tj 0.032 tc 0.076 tw 0 -1.6 td [(of)7 ( )0.5 (the)7 ( )0.5 (listing)7 ( )0.5 (rules)7 (,)7 ( )0.5 (stating)7 ( )0.5 (that)7 (,)7 ( )0.5 (during)7 ( )0.5 (fy)7 (2)7 (0)7 (2)7 (3)7 (:)7 ( )0.5 ($)7 (a)7 ($)7 ( )0.5 (nothing)7 ( )0.5 (has)7 ( )0.5 (come)7 ( )0.5 (to)7 ( )0.5 (the)7 ( )0.5 (auditor)7 (\222)7 (s)7 ( )0.5 (attention)7 ( )]tj 0.025 tc 0.008 tw 0 -1.6 td (that causes the auditor to believe that the continuing connected transac\ tions have not been approved )tj 0.036 tc 0.072 tw 0 -1.6 td [(by)11 ( )0.5 (the)11.1 ( )0.5 (board)11 (;)11 ( )0.5 ($)11 (b)11 ($)11 ( )0.5 (for)11 ( )0.5 (transactions)11 ( )0.5 (involving)11 ( )0.5 (the)11 ( )0.5 (provision)11 ( )0.5 (of)10.9 ( )0.5 (goods)11 ( )0.5 (or)11 ( )0.5 (services)11 ( )0.5 (by)11 ( )0.5 (the)11 ( )0.5 (company)11 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tm (parties)tj /t1_0 1 tf 0 tw 10 0 0 10 99.2126 428.0046 tm [($1$ )-1318.7 (the company; and)]tj 0 -3.2 td [($2$ )-1318.7 (minmetals finance company)]tj /t1_1 1 tf 10 0 2.6795 10 98.1863 364.0046 tm (transaction types)tj /t1_0 1 tf 0.017 tw 10 0 0 10 99.2126 332.0046 tm [(pursuant )0.5 (to )0.5 (the )0.5 (new )0.5 (financial )0.5 (services )0.5 (agreement, )0.5 (minmetals finance )0.5 (company )0.5 (agreed )0.5 (to provide )]tj 0 tw 0 -1.6 td (the following services to the group:)tj 0.057 tc 0.07 tw 0 -3.2 td [($)32 (i)32 ($)32 ( )-1438.6 (credit)12.8 ( services)12.7 (:)12.8 ( minmetals)12.8 ( finance)12.7 ( company)12.7 ( will)12.7 ( provide)12.7 ( composite)12.7 ( credit)12.7 ( extension)32 ( )]tj 0.031 tc 0.077 tw 2.835 -1.6 td [(s)0.5 (e)0.6 (r)0.5 (v)0.5 (i)0.6 (c)0.5 (e)0.5 (s)6 ( )0.5 (a)0.6 (n)0.5 (d)6 ( )0.5 (s)0.5 (e)0.6 (r)0.5 (v)0.5 (i)0.6 (c)0.5 (e)0.5 (s)6 ( )0.6 (t)0.5 (h)0.5 (e)0.5 (r)0.6 (e)0.5 (u)0.5 (n)0.6 (d)0.5 (e)0.5 (r)6 ( )0.5 (t)0.5 (o)6.1 ( t)0.6 (h)0.5 (e)6 ( )0.5 (g)0.6 (r)0.5 (o)0.5 (u)0.5 (p)6 (,)6.1 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (l)0.6 (u)0.5 (d)0.5 (i)0.5 (n)0.6 (g)6 ( )0.5 (t)0.5 (h)0.5 (e)6 ( )0.5 (h)0.5 (a)0.6 (n)0.5 (d)0.5 (l)0.6 (i)0.5 (n)0.5 (g)6 ( )0.5 (o)0.5 (f)6 ( )0.5 (l)0.6 (o)0.5 (a)0.5 (n)0.6 (s)6 ( )0.5 (a)0.5 (n)0.5 (d)6 ( )0.5 (f)0.6 (i)0.5 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (e)6 ( )]tj 0.046 tc 0.07 tw 0 -1.6 td [(l)0.5 (e)0.6 (a)0.6 (s)0.5 (e)13.1 ( )0.5 (a)0.6 (p)0.5 (p)0.5 (l)0.6 (i)0.5 (c)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.6 (n)0.5 (s)13 (,)13.1 ( )0.5 (b)0.6 (i)0.5 (l)0.6 (l)0.5 (s)13 ( )0.6 (a)0.5 (c)0.6 (c)0.5 (e)0.6 (p)0.5 (t)0.6 (a)0.5 (n)0.6 (c)0.5 (e)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13.1 ( )0.5 (d)0.6 (i)0.5 (s)0.6 (c)0.5 (o)0.5 (u)0.6 (n)0.5 (t)0.6 (i)0.5 (n)0.5 (g)13.1 (,)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.6 (p)0.5 (r)0.5 (o)0.6 (v)0.5 (i)0.6 (s)0.5 (i)0.5 (o)0.6 (n)13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (g)0.5 (u)0.6 (a)0.5 (r)0.6 (a)0.5 (n)0.6 (t)0.5 (e)0.6 (e)0.5 (s)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13.1 ( )0.5 (t)0.5 (h)0.6 (e)21 ( )]tj 0.025 tc 0 tw 0 -1.6 td (applications for letters of guarantee.)tj -2.835 -3.2 td [($ii$ )-1237.7 (deposit services: minmetals finance company will provide deposit service\ s to the group.)]tj /t1_1 1 tf -0.025 tw 10 0 2.6795 10 98.1863 172.0046 tm (term)tj /t1_0 1 tf 0.076 tw 10 0 0 10 99.2126 140.0046 tm (subject to the approval by the independent shareholders at the agm, the \ new financial services )tj 0.027 tc 0.081 tw 0 -1.6 td [(agreement)2 ( )0.5 (will)1.9 ( )0.5 (be)2 ( )0.5 (valid)2 ( )0.5 (from)2 ( )0.5 (1)1.9 ( )0.5 (january)2 ( )0.5 (2)2 (0)2 (2)1.9 (5)2.1 ( to)2 ( )0.5 (3)2 (1)2 ( )0.5 (december)2 ( )0.5 (2)2 (0)2 (2)2 (7)2 (.)1.9 ( )0.5 (the)2 ( new)2 ( )0.5 (financial)2 ( services)2 ( )]tj 0.025 tc 0.036 tw 0 -1.6 td (agreement can be extended or renewable for a term of three years if ther\ e is no disagreement from )tj 0.047 tc 0.07 tw 0 -1.6 td [(both)12.1 ( parties)12.1 (,)12.1 ( subject)12.1 ( to)12 ( compliance)12.1 ( with)12.1 ( all)12.1 ( applicable)12.1 ( laws)12.1 ( and)12 ( regulations)12.1 ( and)12.1 ( all)12.1 ( applicable)22 ( )]tj 0.025 tc 0 tw 0 -1.6 td (requirements under the listing rules.)tj et endstream endobj 300 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 67 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.075 tc 0.07 tw 10 0 0 10 127.5591 716.0046 tm [(w)0.5 (e)13 ( n)0.5 (ot)0.5 (e)0.5 (d)12.9 ( )0.5 (f)0.5 (ro)0.5 (m)13 ( t)0.5 (he)13 ( )0.5 (s)0.5 (up)0.5 (po)0.5 (r)0.5 (ti)0.5 (n)0.5 (g)12.9 ( )0.5 (d)0.5 (oc)0.5 (u)0.5 (me)0.5 (n)0.5 (ts)13 ( o)0.5 (f)13 ( t)0.5 (h)0.5 (e)12.9 ( )0.5 (s)0.5 (am)0.5 (p)0.5 (le)0.5 (d)13 ( p)0.5 (r)0.5 (oj)0.5 (e)0.5 (ct)0.5 (s)13 ( t)0.5 (h)0.5 (at)13 ( )0.5 (th)0.5 (e)13 ( r)0.5 (e)0.5 (le)0.5 (v)0.5 (an)0.5 (t)50 ( )]tj 0.025 tc 0.026 tw 0 -1.6 td [(committed value for fy2025 were either less than or the same as the tota\ l )0.5 (value )0.5 (showing in )]tj 0.056 tw 0 -1.6 td (the successful bidding notices or the signed contracts. as advised by th\ e directors, the time )tj 0.035 tc 0.073 tw 0 -1.6 td [(schedule)10 ( )0.5 (of)10.1 ( )0.5 (the)10 ( )0.5 (project)10 ( )0.5 (was)10 ( )0.5 (also)10 ( )0.5 (considered)10 ( )0.6 (as)10 ( )0.5 (some)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )0.5 (projects)10 ( )0.5 (will)10 ( )0.5 (not)10 ( )0.5 (be)10 ( )0.5 (completed)10.1 ( )]tj 0.025 tc 0.042 tw 0 -1.6 td (within one year. as such, we considered that the estimated transaction a\ mounts for sampled )tj 0 tw 0 -1.6 td (projects are reasonable.)tj 0.044 tc 0.07 tw 0 -3.2 td [(b)0.5 (as)0.5 (ed)13 ( on)13 ( o)0.5 (ur)13 ( r)0.5 (ev)0.5 (ie)0.5 (w)12.9 ( )0.5 (of)13 ( t)0.5 (he)13 ( s)0.5 (am)0.5 (pl)0.5 (ed)13 ( pr)0.5 (oj)0.5 (e)0.5 (ct)0.5 (s)12.9 (,)12.9 ( )0.5 (w)0.5 (e)12.9 ( )0.5 (do)12.9 ( )0.5 (no)0.5 (t)12.9 ( )0.5 (do)0.5 (ub)0.5 (t)12.9 ( t)0.5 (he)13 ( e)0.5 (st)0.5 (im)0.5 (at)0.5 (ed)13 ( t)0.5 (ra)0.5 (ns)0.5 (ac)0.5 (ti)0.5 (on)19 ( )]tj 0.025 tc 0 tw 0 -1.6 td (amounts for fy2025 as estimated by the company\222s subsidiaries.)tj 0.042 tc 0.07 tw 0 -3.2 td [(having)12.3 ( considered)12.3 ( that)12.4 ( $)12.4 (i)12.3 ($)12.4 ( the)12.4 ( estimated)12.3 ( income)12.4 ( of)12.3 ( the)12.3 ( engineering)12.4 ( construction)12.3 ( services)17 ( )]tj 0.056 tc 0 -1.6 td [(would)12.7 ( depend)12.7 ( on)12.7 ( the)12.7 ( potential)12.7 ( demand)12.7 ( of)12.7 ( china)12.7 ( minmetals)12.7 ( group)12.7 ( $)12.7 (i)12.7 (.)12.7 (e)12.8 (.)12.7 ( the)12.7 ( demand)12.7 ( on)31 ( )]tj 0.026 tc 0.082 tw 0 -1.6 td [(contra)0.5 (ctors)1 ( )0.5 (for)1 ( )0.5 (its)1 ( )0.5 (e)0.5 (ngineering)1 ( )0.5 (c)0.5 (onstruction)1 ( )0.5 (proje)0.5 (cts)1 ($)1 ( )0.5 (and)1 ( )0.5 (the)1 ( )0.5 (o)0.5 (ut)0.5 (come)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (te)0.5 (nder)1 ( )0.5 (proces)0.5 (s)1 ( )]tj 0.046 tc 0.07 tw 0 -1.6 td [(on)12.4 ( the)12.5 ( selection)12.5 ( of)12.4 ( contractors)12.5 (;)12.4 ( $)12.5 (ii)12.5 ($)12.4 ( the)12.4 ( estimated)12.5 ( transaction)12.4 ( amounts)12.4 ( of)12.4 ( the)12.5 ( company)12.4 (\222)12.5 (s)21 ( )]tj 0 -1.6 td [(subsidiaries)12.7 ( were)12.7 ( determined)12.7 ( based)12.6 ( on)12.7 ( their)12.7 ( understanding)12.6 ( on)12.7 ( the)12.7 ( strategic)12.7 ( development)21 ( )]tj 0.038 tc 0 -1.6 td [(plan)12.2 ( of)12.2 ( china)12.3 ( minmetals)12.2 ( group)12.2 ( and)12.3 ( the)12.3 ( estimated)12.2 ( building)12.3 ( cost)12.3 ( of)12.3 ( such)12.3 ( projects)12.3 (;)12.2 ( $)12.2 (iii)12.2 ($)12.3 ( the)13 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(estimated)7 ( )0.5 (income)7 ( )0.5 (of)7 ( )0.6 (the)7 ( )0.5 (engineering)7 ( )0.5 (construction)7 ( )0.5 (services)7 ( )0.5 (was)7 ( )0.5 (calculated)7 ( )0.5 (by)7 ( )0.5 (the)7 ( )0.5 (estimated)7 ( )]tj 0.025 tc 0.001 tw 0 -1.6 td [(amounts )0.5 (of )0.5 (a )0.5 (series )0.5 (of )0.5 (potential )0.5 (engineering )0.5 (construction )0.5 (projects )0.5 (or )0.5 (engineering )0.5 (construction )]tj 0.078 tw 0 -1.6 td (projects which the company\222s subsidiaries would be involved on the as\ sumption that all of )tj 0.064 tw 0 -1.6 td (the bidding projects will be won by the group; and $iv$ our due dilige\ nce performed on the )tj 0.033 tw 0 -1.6 td (sampled projects, we are of the view that the estimated transaction amou\ nt in relation to the )tj 0 tw 0 -1.6 td (engineering construction $income$ transactions for fy2025 is justifiab\ le.)tj 0 -3.2 td (buffer of 10%)tj 0.037 tc 0.071 tw 0 -3.2 td [(as)12 ( )0.5 (detailed)12 ( )0.5 (above)12.1 (,)12 ( )0.5 (the)12 ( )0.5 (company)11.9 ( )0.6 (applied)12 ( )0.5 (a)12 ( )0.5 (buffer)12 ( )0.6 (of)12 ( )0.5 (1)12 (0)12 (%)12 ( )0.5 (to)12 ( )0.5 (the)12 ( )0.5 (sum)12 ( )0.5 (of)12 ( )0.5 (estimated)12 ( )0.5 (project)12 (/)]tj 0.025 tc 0.047 tw 0 -1.6 td (transaction amounts for its subsidiaries to cater for any unforeseeable \ circumstances such as )tj 0.029 tc 0.079 tw 0 -1.6 td [(the)4 ( )0.5 (unexpected)4 ( )0.5 (increase)4.1 ( )0.5 (in)4 ( )0.6 (demand)4 ( )0.5 (of)4 ( )0.5 (products)4 ( )0.5 (and)4 ( )0.5 (the)4 ( )0.5 (unexpected)4 ( )0.5 (increase)4.1 ( )0.5 (in)4 ( )0.6 (price)4 ( )0.5 (of)4 ( )0.5 (the)4 ( )]tj 0.025 tc 0.08 tw 0 -1.6 td (products. as mentioned above, we consider the incorporation of buffer ra\ nging from 5% to )tj 0.009 tw 0 -1.6 td (15% in the proposed annual caps is common among listed companies in hong\ kong and is in )tj 0 tw 0 -1.6 td (line with market practice and therefore it is justifiable.)tj 0.05 tc 0.07 tw 0 -3.2 td [(having)12.1 ( considered)12.1 ( the)12.1 ( above)12.2 (,)12.1 ( in)12.1 ( particular)12.1 (,)12.2 ( $)12.1 (i)12.1 ($)12.1 ( that)12.1 ( the)12.1 ( estimated)12.2 ( transaction)12.1 ( amount)12.1 ( in)25 ( )]tj 0.025 tc 0.081 tw 0 -1.6 td (relation to the engineering construction $income$ transactions for fy2\ 025 is justifiable; $ii$ )tj 0.034 tc 0.074 tw 0 -1.6 td [(the)9 ( )0.5 (buff)0.5 (er)9 ( )0.5 (of)9 ( )0.5 (1)9 (0)9 (%)9 ( )0.5 (is)9 ( )0.5 (justifi)0.5 (able)9 (;)9 ( )0.5 (and)9 ( )0.5 ($)9 (iii)9 ($)9 ( )0.5 (the)9 ( )0.6 (estimated)9 ( )0.5 (t)0.5 (ransact)0.5 (io)0.5 (n)8.9 ( )0.6 (amount)9 ( )0.5 (was)9 ( )0.5 (f)0.5 (or)0.5 (mulated)9 ( )]tj 0.025 tc 0.055 tw 0 -1.6 td (on the basis that the existing and estimated bidding projects of china m\ inmetals group that )tj 0.029 tc 0.079 tw 0 -1.6 td [(the)4 ( )0.5 (group)4.1 ( )0.5 (intends)4 ( )0.5 (to)4 ( )0.5 (participate)4 ( )0.5 (would)4 ( )0.5 (be)4 ( )0.5 (won)4 ( )0.5 (by)4 ( )0.5 (the)4.1 ( )0.5 (group)4 (,)4 ( )0.6 (which)4 ( )0.5 (coincide)4.1 ( )0.5 (with)4 ( )0.5 (purpose)4 ( )]tj 0.025 tc 0.025 tw 0 -1.6 td (of the annual caps to cater for the possible business needs of the group\ , we consider that the )tj 0 tw 0 -1.6 td (proposed annual cap for fy2025 is fair and reasonable.)tj et endstream endobj 299 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 66 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.026 tc 0.082 tw 10 0 0 10 127.5591 716.0046 tm [($)1 (i)1 (v)1 ($)1 ( )-932.6 (the)1 ( )0.5 (estimated)1 ( )0.5 (amount)1 ( )0.5 (of)1 ( )0.5 (engineering)1 ( )0.5 (construction)1 ( )0.5 (transactions)1 ( )0.5 (with)1 ( )0.5 (china)1 ( )0.5 (minmetals)1 ( )]tj 0.025 tc 0.066 tw 2.835 -1.6 td (group for 2025 $based on the group\222s market development plans and th\ e amounts of )tj 0 tw 0 -1.6 td (businesses to be developed$ of approximately rmb3,343 million.)tj 0.055 tc 0.07 tw -2.835 -3.2 td [(we)12.2 ( noted)12.2 ( from)12.2 ( the)12.2 ( engineering)12.3 ( annual)12.3 ( cap)12.2 ( calculation)12.3 ( that)12.2 ( the)12.3 ( estimated)12.2 ( transaction)30 ( )]tj 0.025 tc 0.012 tw 0 -1.6 td (amounts were based on the consideration under various agreements and pro\ jects involvement )tj 0.024 tc 0 tw 0 -1.6 td [(o)0.5 (f)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)0.5 (\222)0.5 (s)0.5 ( )0.5 (s)0.5 (u)0.5 (b)0.5 (s)0.5 (i)0.5 (d)0.5 (i)0.5 (a)0.5 (r)0.5 (i)0.5 (e)0.6 (s)0.5 (.)0.5 ( t)0.6 (he)0.6 ( )0.5 (va)0.6 (r)0.5 (i)0.5 (o)0.5 (u)0.5 (s)0.5 ( )0.5 (t)0.5 (y)0.5 (p)0.5 (e)0.5 (s)0.5 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)0.5 (s)0.5 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (e)0.5 ( )0.5 (e)0.5 (n)0.5 (g)0.5 (i)0.5 (n)0.5 (e)0.5 (e)0.6 (ri)0.5 (n)0.5 (g)0.5 ( )0.5 (s)0.5 (u)0.5 (p)0.5 (e)0.6 (r)0.5 (v)0.5 (i)0.5 (si)0.6 (o)0.5 (n)0.5 (,)-1 ( )]tj 0.025 tc 0.083 tw 0 -1.6 td [(engineering )0.5 (design, )0.5 (contracting, )0.5 (provision )0.5 (of )0.5 (technical )0.5 (services, )0.5 (exploration )0.5 (and )0.5 (design )0.5 (etc. )]tj 0.004 tw 0 -1.6 td (we also understood that the estimated income of the engineering construc\ tion services would )tj 0.082 tw 0 -1.6 td (depend on the potential demand of china minmetals group $i.e. the deman\ d on contractors )tj 0.053 tc 0.07 tw 0 -1.6 td [(for)12.7 ( its)12.7 ( engineering)12.7 ( construction)12.7 ( projects)12.7 ($)12.7 ( and)12.7 ( the)12.7 ( outcome)12.7 ( of)12.7 ( the)12.7 ( tender)12.7 ( process)12.7 ( on)12.7 ( the)28 ( )]tj 0.025 tc 0.027 tw 0 -1.6 td [(selection of )0.5 (contractors. it )0.5 (would be )0.5 (difficult for )0.5 (the group )0.5 (to accurate )0.5 (measure )0.5 (the potential )]tj 0 tw 0 -1.6 td (amount of the transaction.)tj 0.061 tc 0.07 tw 0 -3.2 td [(as)12.8 ( aforementioned)12.8 (,)12.8 ( the)12.8 ( estimated)12.8 ( transactions)12.8 ( amounts)12.9 ( for)12.9 ( projects)12.9 (,)12.8 ( which)12.8 ( the)12.9 ( group)36 ( )]tj 0.056 tc 0 -1.6 td [(was)12.1 ( awarded)12.1 ( the)12.1 ( tender)12.1 ( or)12.1 ( the)12.1 ( group)12.1 ( had)12.1 ( entered)12.1 ( into)12.1 ( relevant)12.1 ( contracts)12.1 (,)12.1 ( amounted)12.1 ( to)31 ( )]tj 0.025 tc 0.029 tw 0 -1.6 td (approximately rmb7,129 million in aggregate $i.e., the committed value$\ . this represented )tj 0 tw 0 -1.6 td (approximately 66% of the total estimated transactions amounts for fy2025\ .)tj 0.036 tc 0.072 tw 0 -3.2 td [(for)11 ( )0.5 (our)11 ( )0.5 (due)11 ( )0.5 (diligence)11 ( )0.5 (purpose)11 (,)11 ( )0.5 (we)11 ( )0.5 (reviewed)11 ( )0.5 (the)11 ( )0.5 (supporting)11 ( )0.5 (documents)11 ( )0.5 (for)11 ( )0.5 (the)11.1 ( )0.5 (five)11 ( )0.5 (largest)11 ( )]tj 0.056 tc 0.07 tw 0 -1.6 td [(projects)12.2 ( in)12.2 ( terms)12.2 ( of)12.3 ( value)12.2 ( for)12.2 ( fy)12.3 (2)12.2 (0)12.2 (2)12.2 (5)12.2 ( $)12.2 (the)12.2 ( \223)]tj /t1_1 1 tf 20.469 0 td [(sampled)12.2 ( projects)]tj /t1_0 1 tf 8.416 0 td [(\224)12.2 ($)12.3 (,)12.2 ( including)12.3 ( successful)31 ( )]tj 0.025 tc 0.053 tw -28.886 -1.6 td (bidding notice and/or signed contracts by various parties including the \ group and the china )tj 0.034 tc 0.074 tw 0 -1.6 td [(minmetals)9 ( )0.5 (group)9 (.)9 ( )0.5 (despite)9 ( )0.5 (that)9 ( )0.5 (we)9 ( )0.5 (only)9 ( )0.5 (selected)9 ( )0.5 (five)9 ( )0.5 (projects)9 (,)9 ( )0.5 (we)9 ( )0.5 (considered)9 ( )0.5 (the)9.1 ( )0.5 (sampled)9 ( )]tj 0.025 tc 0 tw 0 -1.6 td (projects are sufficient for us to form our view given that:)tj 0.041 tc 0.07 tw 0 -3.2 td [($)16 (i)16 ($)16 ( )-1454.6 (the)12.7 ( sampled)12.7 ( projects)12.7 ( are)12.8 ( the)12.7 ( five)12.7 ( largest)12.7 ( projects)12.7 ( in)12.7 ( terms)12.7 ( of)12.8 ( value)12.8 (,)12.7 ( and)12.7 ( accounted)16 ( )]tj 0.048 tc 2.835 -1.6 td [(for)12.7 ( $)12.7 (a)12.7 ($)12.6 ( approximately)12.7 ( 5)12.6 (0)12.7 (%)12.7 ( of)12.7 ( the)12.7 ( estimated)12.7 ( transaction)12.7 ( amounts)12.7 ( in)12.7 ( relation)12.7 ( to)12.7 ( the)23 ( )]tj 0.042 tc 0 -1.6 td [(engineering)12.2 ( construction)12.2 ( $)12.2 (income)12.2 ($)12.2 ( transactions)12.2 ( for)12.2 ( fy)12.2 (2)12.2 (0)12.2 (2)12.2 (5)12.2 (;)12.2 ( and)12.2 ( $)12.2 (b)12.2 ($)12.2 ( approximately)17 ( )]tj 0.025 tc 0 tw 0 -1.6 td (75% of the committed value;)tj 0.081 tc 0.07 tw -2.835 -3.2 td [($)56 (i)56 (i)56 ($)56 ( )-1111.7 (as)12.6 ( aforementioned)12.6 (,)12.6 ( the)12.6 ( estimated)12.5 ( transaction)12.6 ( amounts)12.6 ( were)12.6 ( estimated)12.6 ( by)12.6 ( the)56 ( )]tj 0.022 tc 0 tw 2.835 -1.6 td [(company\222s relevant subsidiaries taking into 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the)12.1 ( bid)12.1 ( already)12.1 ( or)12.2 ( intends)12.1 ( to)39 ( )]tj 0.025 tc 0.075 tw 0 -1.6 td (participate in bidding during both fy2023 and fy2024; $ii$ the subsidi\ aries\222 understanding )tj 0 tw 0 -1.6 td (on the strategic development plan of china minmetals group; and $iii$ \ the estimated building )tj 0.03 tc 0.078 tw 0 -1.6 td [(cost)5 ( )0.5 (of)5 ( )0.5 (such)5 ( )0.6 (engineering)5 ( )0.5 (projects)5 (.)5 ( )0.5 (we)5 ( )0.5 (noted)5 ( )0.5 (from)4.9 ( )0.6 (the)5 ( )0.5 (engineering)5 ( )0.5 (annual)5 ( )0.5 (cap)5 ( )0.5 (calculation)5 ( )]tj 0.066 tc 0.07 tw 0 -1.6 td [(that)12.4 ( the)12.4 ( proposed)12.4 ( annual)12.4 ( cap)12.4 ( for)12.4 ( engineering)12.4 ( construction)12.4 ( $)12.4 (income)12.4 ($)12.4 ( transactions)12.4 ( was)41.1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (formulated based on the estimated transaction amounts and a buffer of ap\ proximately 10%.)tj 0.075 tc 0.07 tw 0 -3.2 td [(estimated)12.7 ( transaction)12.7 ( amounts)12.7 ( in)12.7 ( relation)12.7 ( to)12.7 ( the)12.7 ( engineering)12.7 ( construction)12.7 ( $)12.7 (income)12.7 ($)50 ( )]tj 0.025 tc -0.025 tw 0 -1.6 td (transactions)tj 0.062 tc 0.07 tw 0 -3.2 td [(with)12.8 ( reference)12.7 ( to)12.7 ( the)12.7 ( board)12.7 ( letter)12.7 (,)12.7 ( the)12.8 ( estimated)12.7 ( transaction)12.7 ( amounts)12.7 ( of)12.7 ( engineering)36.9 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(construction)6.9 ( )0.5 ($)7.1 (income)7 ($)7 ( )0.5 (transactions)7.1 ( )0.5 (for)7 ( )0.5 (fy)7 (2)7 (0)7 (2)7 (5)7 ( )0.5 (of)7 ( )0.5 (approximately)7 ( )0.5 (rmb)7 (1)7 (0)7 (,)7 (7)7 (7)6.9 (2)7 ( )0.5 (million)7 ( )0.5 (were)7 ( )]tj 0.025 tc 0 tw 0 -1.6 td (formulated based on the following information as at 31 december 2023:)tj -0.025 tw 0 -3.2 td ($i$)tj 0 tc 0 tw ( )tj 0.063 tc 0.07 tw 2.835 0 td [(the)12.5 ( value)12.4 ( of)12.5 ( contracts)12.5 ( of)12.4 ( successful)12.5 ( bids)12.4 ( for)12.5 ( engineering)12.5 ( construction)12.5 ( $)12.5 (income)12.5 ($)38 ( )]tj 0.025 tc 0 tw 0 -1.6 td (amounted to approximately rmb130 million;)tj -0.025 tw -2.835 -3.2 td ($ii$)tj 0 tc 0 tw ( )tj 0.025 tc 0.041 tw 2.835 0 td (the value of signed contracts amounted to approximately rmb6,999 million\ $together )tj 0 tw 0 -1.6 td (with \(i$ above, the \223)tj /t1_1 1 tf (committed value)tj /t1_0 1 tf -0.025 tw (\224\);)tj 0.054 tc 0.07 tw -2.835 -3.2 td [($)29 (i)29 (i)29 (i)29 ($)29 ( )-835.6 (the)12.7 ( value)12.8 ( for)12.8 ( projects)12.8 ( which)12.8 ( were)12.8 ( being)12.7 ( followed)12.8 (-)12.7 (up)12.8 ( amounted)12.8 ( to)12.7 ( approximately)29 ( )]tj 0.025 tc 0 tw 2.835 -1.6 td (rmb250 million; and)tj et endstream endobj 288 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 1/originaldocumentid/pageitemuidtolocationdatamap<>/pagetransformationmatrixlist<>/pageuidlist<>/pagewidthlist<>>>>>/resources<>/font<>/procset[/pdf/text]/xobject<>>>/trimbox[0.0 0.0 595.276 793.701]/type/page>> endobj 289 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 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1/originaldocumentid/pageitemuidtolocationdatamap<>/pagetransformationmatrixlist<>/pageuidlist<>/pagewidthlist<>>>>>/resources<>/font<>/procset[/pdf/text]/xobject<>>>/trimbox[0.0 0.0 595.276 793.701]/type/page>> endobj 310 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 64 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 0 10 491.5299 708.1046 tm (for the )tj -1.99 -1.6 td (year ending )tj -0.553 -1.6 td (31 december )tj -0.025 tw 3.756 -1.6 td (2025)tj /t1_0 1 tf 10 0 2.6795 10 481.3235 644.1046 tm (rmb\222000)tj 0 tw 10 0 0 10 127.559 612.1046 tm (proposed annual cap)tj -0.025 tw 34.96 0 td (11,800,000)tj 0.082 tc 0.07 tw -34.96 -3.073 td [(as)12.7 ( depicted)12.7 ( in)12.7 ( the)12.7 ( above)12.7 ( table)12.7 (,)12.7 ( the)12.7 ( historical)12.6 ( transaction)12.7 ( amounts)12.7 ( for)12.7 ( engineering)57 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(construction)12 ( )0.5 ($)12 (income)12 ($)12 ( )0.5 (transactions)12.1 ( )0.5 (were)12 ( )0.5 (approximately)12 ( )0.5 (rmb)12 (3)12 (,)12 (6)12 (2)12 (0)12 ( )0.5 (million)12 ( )0.5 (and)12 ( )0.5 (rmb)12.1 (5)12 (,)12 (2)12 (7)12 (8)12 ( )]tj 0.025 tc 0.03 tw 0 -1.6 td (million for fy2022 and fy2023 respectively, representing utilization rat\ es of approximately )tj 0.038 tc 0.07 tw 0 -1.6 td [(1)12.4 (9)12.3 (.)12.4 (2)12.4 (0)12.4 (%)12.3 ( and)12.3 ( 3)12.4 (9)12.4 (.)12.3 (2)12.4 (5)12.4 (%)12.4 ( respectively)12.4 (.)12.3 ( despite)12.4 ( the)12.4 ( significant)12.4 ( increase)12.4 ( in)12.3 ( historical)12.4 ( transaction)13 ( )]tj 0.025 tc 0.039 tw 0 -1.6 td (amounts and the utilisation rate for fy2023 as compared to that for fy20\ 22, the utilisations )tj 0.066 tc 0.07 tw 0 -1.6 td [(of)12.5 ( the)12.5 ( previous)12.5 ( annual)12.5 ( caps)12.5 ( were)12.5 ( not)12.5 ( high)12.5 (.)12.5 ( the)12.5 ( proposed)12.4 ( annual)12.5 ( cap)12.5 ( for)12.5 ( engineering)41 ( )]tj 0.04 tc 0 -1.6 td [(construction)12.3 ( $)12.3 (income)12.4 ($)12.3 ( transactions)12.4 ( for)12.4 ( fy)12.4 (2)12.3 (0)12.4 (2)12.3 (5)12.4 ( was)12.4 ( downward)12.3 ( adjusted)12.3 ( by)12.4 ( approximately)15 ( )]tj 0.025 tc 0 tw 0 -1.6 td (17.43% to rmb11,800 million.)tj 0.037 tc 0.071 tw 0 -3.2 td [(w)0.5 (it)0.5 (h)12 ( )0.5 (r)0.5 (e)0.5 (f)0.5 (er)0.5 (e)0.5 (n)0.5 (ce)12.1 ( )0.5 (to)12 ( )0.5 (t)0.5 (h)0.5 (e)12 ( )0.5 (b)0.5 (oa)0.5 (r)0.5 (d)12 ( )0.5 (l)0.5 (e)0.5 (tt)0.5 (e)0.5 (r)12 (,)12 ( )0.5 (t)0.5 (he)12 ( )0.5 (g)0.5 (r)0.5 (o)0.5 (up)12 (\222)12 (s)12.1 ( )0.5 (te)0.5 (n)0.5 (de)0.5 (r)12 ( )0.5 (s)0.5 (u)0.5 (c)0.5 (ce)0.5 (s)0.5 (s)12 ( )0.5 (r)0.5 (a)0.5 (te)0.5 (s)12 ( )0.5 (f)0.5 (o)0.5 (r)12 ( )0.5 (c)0.5 (hi)0.5 (n)0.5 (a)12 ( )0.5 (m)0.5 (in)0.5 (m)0.5 (et)0.5 (a)0.5 (l)0.5 (s)12 ( )]tj 0.051 tc 0.07 tw 0 -1.6 td [(g)0.5 (r)0.5 (ou)0.5 (p)13 (\222)13 (s)12.9 ( )0.5 (b)0.5 (i)0.5 (dd)0.5 (i)0.5 (n)0.5 (g)12.9 ( )0.5 (p)0.5 (r)0.5 (oj)0.5 (e)0.5 (c)0.5 (t)0.5 (s)12.9 ( )0.5 (w)0.5 (e)0.5 (r)0.5 (e)13 ( a)0.5 (p)0.5 (p)0.5 (ro)0.5 (x)0.5 (i)0.5 (ma)0.5 (t)0.5 (e)0.5 (ly)13 ( )0.5 (6)13 (8)13 (.)12.9 (5)13 (7)13 (%)13 (,)12.9 ( )0.5 (6)13 (6)13 (.)12.9 (2)13 (8)13 (%)13 ( a)0.5 (n)0.5 (d)13 ( 8)13 (0)13 (.)13 (0)12.9 (0)13 (%)13 ( )0.5 (fo)0.5 (r)13 ( )0.5 (fy)13 (2)13 (0)13 (2)13 (2)12.9 (,)26 ( )]tj 0.025 tc 0.023 tw 0 -1.6 td (fy2023 and the four months ended 30 april 2024. despite the relatively h\ igh tender success )tj 0.048 tc 0.07 tw 0 -1.6 td [(rates)12.4 ( for)12.5 ( china)12.5 ( minmetals)12.5 ( group)12.4 (\222)12.5 (s)12.4 ( bidding)12.4 ( projects)12.4 (,)12.5 ( the)12.4 ( utilisation)12.4 ( rates)12.5 ( of)12.4 ( the)12.5 ( existing)23 ( )]tj 0.025 tc 0.022 tw 0 -1.6 td (annual caps were relatively low. we enquired into the directors regardin\ g the low utilisation )tj 0.029 tw 0 -1.6 td (rates for both fy2022 and fy2023 and understood that the low utilisation\ rates were mainly )tj 0.057 tw 0 -1.6 td (due to $i$ the suspension or cancellation of some of the projects whic\ h the group intends to )tj 0.021 tc 0 tw 0 -1.6 td [(p)0.5 (ar)0.5 (t)0.5 (ic)0.5 (i)0.5 (pa)0.5 (te)0.5 (,)0.5 ( a)0.5 (s)0.5 ( a)0.5 ( )0.5 (re)0.5 (s)0.5 (ul)0.5 (t)0.5 ( o)0.5 (f )0.5 (c)0.5 (ha)0.5 (n)0.5 (ge)0.5 (s)0.5 ( i)0.5 (n)0.5 ( m)0.5 (a)0.5 (rk)0.5 (e)0.5 (t )0.5 (e)0.5 (nv)0.5 (ir)0.5 (o)0.5 (nm)0.5 (e)0.5 (nt)0.5 ( a)0.5 (n)0.5 (d )0.5 (th)0.5 (e)0.5 ( d)0.5 (e)0.5 (c)0.5 (is)0.5 (io)0.5 (n )0.5 (o)0.5 (f )0.5 (t)0.5 (he)0.5 ( )0.5 (te)0.5 (n)0.5 (de)0.5 (r)0.5 (ee)0.5 (s)0.5 (; )0.5 ($)0.5 (ii)0.5 ($)-4 ( )]tj 0.025 tc 0 -1.6 td (the fact that the group did not progress further on the bidding process \ of some of the projects )tj 0.045 tw 0 -1.6 td (which the group intended to participate, as they were not as feasible/pr\ ofitable as originally )tj 0.042 tc 0.069 tw 0 -1.6 td [(e)0.6 (x)0.5 (p)0.6 (e)0.5 (c)0.6 (t)0.6 (e)0.5 (d)13.1 (;)13 ( a)0.6 (n)0.5 (d)13.1 ( $)13.1 (i)0.5 (i)0.6 (i)13 ($)13.1 ( t)0.5 (h)0.6 (e)13 ( c)0.6 (o)0.5 (n)0.6 (s)0.5 (t)0.6 (r)0.5 (u)0.6 (c)0.6 (t)0.5 (i)0.6 (o)0.5 (n)13.1 ( p)0.6 (r)0.5 (o)0.6 (g)0.6 (r)0.5 (e)0.6 (s)0.5 (s)13.1 ( o)0.6 (f)13.1 ( s)0.6 (o)0.5 (m)0.6 (e)13.1 ( o)0.6 (f)13 ( t)0.5 (h)0.6 (e)13.1 ( p)0.6 (r)0.5 (o)0.6 (j)0.5 (e)0.6 (c)0.6 (t)0.5 (s)13.1 ( w)0.6 (e)0.6 (r)0.5 (e)13.1 ( p)0.5 (r)0.6 (o)0.5 (l)0.6 (o)0.5 (n)0.6 (g)0.5 (e)0.6 (d)13.1 ( a)0.6 (s)13 ( a)17 ( )]tj 0.025 tc 0.072 tw 0 -1.6 td (result of changes in the market environment, fiscal policies and/or othe\ r influencing factors )tj 0 tw 0 -1.6 td (given the long construction period.)tj 0.026 tc 0.082 tw 0 -3.2 td [(w)0.5 (e)1 ( )0.5 (f)0.5 (u)0.5 (r)0.5 (t)0.5 (h)0.5 (e)0.5 (r)1 ( )0.5 (u)0.5 (nd)0.5 (e)0.5 (r)0.5 (s)0.5 (t)0.5 (o)0.5 (o)0.5 (d)1 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)1 ( )0.5 (t)0.5 (he)1.1 ( )0.5 (d)0.5 (i)0.5 (r)0.5 (e)0.5 (c)0.5 (to)0.5 (r)0.5 (s)1 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (t)1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (t)0.5 (ru)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)1 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (g)0.5 (re)0.5 (s)0.5 (s)0.5 (e)0.5 (s)1 ( )0.6 (of)1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (l)0.5 (o)0.5 (n)0.5 (ge)0.6 (d)1 ( )]tj 0.041 tc 0.07 tw 0 -1.6 td [(projects)12.5 ( are)12.5 ( uncertain)12.4 ( and)12.5 ( they)12.4 ( are)12.5 ( subject)12.4 ( to)12.5 ( the)12.5 ( prevailing)12.5 ( market)12.5 ( conditions)12.5 (;)12.5 ( while)12.5 ( the)16 ( )]tj 0.042 tc 0 -1.6 td [(proposed)12.6 ( annual)12.6 ( caps)12.7 ( for)12.6 ( engineering)12.6 ( construction)12.7 ( $)12.6 (income)12.6 ($)12.6 ( transactions)12.6 ( was)12.6 ( determined)17 ( )]tj 0.052 tc 0 -1.6 td [(o)0.5 (n)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.6 (a)0.5 (s)0.5 (s)0.6 (u)0.5 (m)0.6 (p)0.5 (t)0.5 (i)0.6 (o)0.5 (n)13 ( )0.6 (t)0.5 (h)0.5 (a)0.6 (t)13 ( )0.6 (a)0.5 (l)0.6 (l)13 ( )0.5 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (b)0.5 (i)0.6 (d)0.5 (d)0.5 (i)0.6 (n)0.5 (g)13 ( )0.6 (p)0.5 (r)0.5 (o)0.6 (j)0.5 (e)0.6 (c)0.5 (t)0.5 (s)13.1 ( )0.5 (w)0.6 (i)0.5 (l)0.5 (l)13.1 ( )0.5 (b)0.6 (e)13 ( )0.5 (w)0.6 (o)0.5 (n)13.1 ( )0.5 (b)0.5 (y)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.6 (g)0.5 (r)0.6 (o)0.5 (u)0.5 (p)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (b)0.5 (a)0.5 (s)0.6 (e)0.5 (d)13.1 ( )0.5 (o)0.5 (n)27 ( )]tj 0.045 tc 0 -1.6 td [(the)12.1 ( group)12.1 (\222)12.1 (s)12.1 ( possible)12.1 ( business)12.1 ( demand)12.1 ( $)12.1 (including)12.2 (,)12.1 ( possible)12.2 ( business)12.2 ( demands)12.1 ( for)12.1 ( certain)20 ( )]tj 0.025 tc 0 tw 0 -1.6 td (prolonged projects$.)tj et endstream endobj 309 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 63 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.065 tw 10 0 0 10 127.5591 716.0046 tm (having considered the above, in particular, $i$ the estimated transact\ ion amounts in relation )tj 0.018 tw 0 -1.6 td (to the sale and purchase of materials $expenditure$ transactions for f\ y2025 is justifiable; $ii$ )tj 0.058 tw 0 -1.6 td (the buffer of 10% is justifiable; and $iii$ the estimated transaction \ amounts were formulated )tj 0.047 tc 0.07 tw 0 -1.6 td [(on)12.1 ( the)12.2 ( basis)12.2 ( that)12.2 ( the)12.2 ( existing)12.1 ( and)12.2 ( estimated)12.2 ( bidding)12.1 ( projects)12.2 ( of)12.1 ( china)12.2 ( minmetals)12.1 ( group)22 ( )]tj 0.031 tc 0.077 tw 0 -1.6 td [(that)6 ( )0.5 (the)6 ( )0.6 (group)6 ( )0.5 (intends)6 ( )0.5 (to)6 ( )0.5 (participate)6 ( )0.5 (would)6 ( )0.5 (be)6 ( )0.6 (won)6 ( )0.5 (by)6 ( )0.5 (the)6 ( )0.5 (group)6 (,)6 ( )0.5 (which)6 ( )0.5 (coincide)6.1 ( )0.5 (with)6 ( )0.5 (the)6 ( )]tj 0.025 tc 0.082 tw 0 -1.6 td (purpose of the annual caps to cater for the possible business needs of t\ he group, we are of )tj 0 tw 0 -1.6 td (the view that the proposed annual cap for fy2025 is fair and reasonable.\ )tj 0.051 tc 0.07 tw 0 -3.2 td [(shareholders)12.2 ( should)12.2 ( note)12.2 ( that)12.2 ( as)12.2 ( the)12.2 ( proposed)12.1 ( annual)12.1 ( caps)12.1 ( are)12.1 ( relating)12.2 ( to)12.2 ( future)12.2 ( events)26 ( )]tj 0.06 tc 0 -1.6 td [(and)12.8 ( were)12.8 ( estimated)12.9 ( based)12.8 ( on)12.9 ( assumptions)12.8 ( which)12.8 ( may)12.9 ( or)12.8 ( may)12.8 ( not)12.8 ( remain)12.9 ( valid)12.8 ( for)12.8 ( the)35 ( )]tj 0.043 tc 0 -1.6 td [(entire)12.2 ( period)12.1 ( up)12.2 ( to)12.2 ( 3)12.2 (1)12.2 ( december)12.1 ( 2)12.2 (0)12.1 (2)12.2 (5)12.2 (,)12.1 ( and)12.2 ( they)12.2 ( do)12.1 ( not)12.2 ( represent)12.1 ( forecasts)12.2 ( of)12.2 ( revenue)12.2 ( to)18 ( )]tj 0.032 tc 0.076 tw 0 -1.6 td [(be)7.1 ( )0.5 (recognised)7 ( )0.5 (or)7 ( )0.5 (costs)7 ( )0.5 (to)7 ( )0.5 (be)7 ( )0.5 (incurred)7 ( )0.5 (from)7 ( )0.6 (the)7 ( )0.5 (sale)7 ( )0.5 (and)7 ( )0.5 (purchase)7 ( )0.5 (of)7 ( )0.5 (materials)7 ( )0.5 ($)7 (income)7 ( )0.5 (and)7 ( )]tj 0.025 tc 0.051 tw 0 -1.6 td (expenditure$ transactions. consequently, we express no opinion as to ho\ w closely the actual )tj 0.051 tc 0.07 tw 0 -1.6 td [(transaction)12.1 ( amount)12.1 ( to)12.1 ( be)12.1 ( incurred)12.1 ( from)12.1 ( the)12.1 ( sale)12.1 ( and)12.1 ( purchase)12.1 ( of)12.1 ( materials)12.1 ( $)12.1 (income)12.1 ( and)26 ( )]tj 0.025 tc 0 tw 0 -1.6 td (expenditure$ transactions will correspond with the proposed annual cap.\ )tj 0.023 tc 0 -3.2 td [(in light of the above, we consider that the terms of the sale and purcha\ se of materials $income)-2 ( )]tj 0.025 tc 0.025 tw 0 -1.6 td (and expenditure$ transactions $including the proposed annual cap for f\ y2025$ are on normal )tj 0 tw 0 -1.6 td (commercial terms and are fair and reasonable.)tj 10 0 2.6795 10 98.1863 396.0046 tm [($2$ )-1318.7 (engineering construction $income$ transactions)]tj 0.081 tw 10 0 0 10 127.5591 364.0046 tm (set out below is $i$ the historical transaction amounts of engineering\ construction $income$ )tj 0.026 tc 0.082 tw 0 -1.6 td [(transactions)1 ( )0.5 (for)1 ( )0.5 (the)1 ( )0.5 (three)1 ( )0.5 (years)1 ( )0.5 (ending)1 ( )0.5 (3)1 (1)1 ( )0.5 (december)1 ( )0.5 (2)1 (0)1 (2)1 (4)1 (;)1 ( )0.5 ($)1 (ii)1 ($)1 ( )0.5 (the)1 ( )0.5 (existing)1 (/)1 (previous)1 ( )0.5 (annual)1 ( )]tj 0.025 tc 0.06 tw 0 -1.6 td (caps and relevant utilisation rates; and $iii$ the proposed annual cap\ s for the year ending 31 )tj 0 tw 0 -1.6 td (december 2025.)tj /t1_1 1 tf 19.389 -3.2 td (for the )tj -1.631 -1.6 td (year ended )tj -0.912 -1.6 td (31 december )tj -0.025 tw 3.756 -1.6 td (2022)tj 0 tw 7.291 4.8 td (for the )tj -1.631 -1.6 td (year ended )tj -0.912 -1.6 td (31 december )tj -0.025 tw 3.756 -1.6 td (2023)tj 0 tw 7.291 4.8 td (for the )tj -1.99 -1.6 td (year ending )tj -0.553 -1.6 td (31 december )tj -0.025 tw 3.756 -1.6 td (2024)tj /t1_0 1 tf 10 0 2.6795 10 311.2448 220.0046 tm (rmb\222000)tj 8.504 0 td (rmb\222000)tj 8.504 0 td (rmb\222000)tj 0 tw 10 0 0 10 127.559 188.0046 tm (historical transaction amounts)tj -0.025 tw 18.477 0 td (3,619,922)tj 8.504 0 td (5,277,779)tj 6.884 0 td (1,606,120)tj 5.83 0 1.5621 5.83 507.8664 192.0046 tm ($note$)tj 0 tw 10 0 0 10 127.559 172.0046 tm (existing/previous annual caps)tj -0.025 tw 17.952 0 td (18,850,000)tj 8.504 0 td (13,447,080)tj 8.504 0 td (14,290,870)tj 0 tw -34.96 -1.6 td (utilisation rate )tj -0.025 tw 10 0 2.6795 10 193.002 156.0046 tm ($%$)tj 10 0 0 10 330.8307 156.0046 tm (19.20)tj 8.504 0 td (39.25)tj 9.082 0 td (n/a)tj 9 0 2.4115 9 126.6354 129.2746 tm (note:)tj 0 tw 9 0 0 9 148.6818 129.2746 tm [( )-527.6 (for the four months ended 30 april 2024.)]tj et endstream endobj 308 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 62 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.034 tc 0.074 tw 10 0 0 10 127.5591 716.0046 tm [(from)9 ( )0.5 (the)9 ( )0.5 (start)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (review)9 ( )0.5 (period)9 (,)9 ( )0.5 (the)9 ( )0.5 (closing)9 ( )0.5 (prices)9.1 ( of)9 ( )0.6 (stainless)9 ( )0.5 (steel)9 ( )0.5 (formed)9 ( )0.5 (a)9 ( )0.5 (general)9 ( )]tj 0.025 tc 0.068 tw 0 -1.6 td (increasing trend before it fluctuated between rmb16,905 per metric ton t\ o rmb19,295 per )tj 0.048 tw 0 -1.6 td (metric ton during the period from 4 january 2022 to 28 february 2022. th\ e closing price of )tj 0.007 tw 0 -1.6 td (stainless steel surged and reached the highest price of rmb22,125 per me\ tric ton on 8 march )tj 0.067 tw 0 -1.6 td (2022 before it formed a general decreasing trend after reaching its peak\ . from 1 september )tj 0.083 tw 0 -1.6 td [(2022 )0.5 (up )0.5 (to the )0.5 (announcement )0.5 (date, )0.5 (the )0.5 (closing )0.5 (prices )0.5 (of )0.5 (stainless )0.5 (steel )0.5 (fluctuated )0.5 (between )]tj 0.02 tw 0 -1.6 td (rmb13,155 per metric ton and rmb17,755 per metric ton before it reached \ rmb13,490 per )tj 0 tw 0 -1.6 td (metric ton on the announcement date.)tj 0.045 tc 0.07 tw 0 -3.2 td [(the)12.6 ( closing)12.6 ( prices)12.6 ( of)12.6 ( stainless)12.5 ( steel)12.5 ( ranged)12.6 ( from)12.5 ( rmb)12.6 (1)12.6 (3)12.5 (,)12.6 (3)12.5 (3)12.6 (0)12.6 ( per)12.5 ( ton)12.6 ( to)12.6 ( rmb)12.5 (1)12.6 (3)12.5 (,)12.6 (9)12.6 (5)12.5 (5)12.6 ( per)20 ( )]tj 0.033 tc 0.075 tw 0 -1.6 td [(t)0.5 (on)8 ( )0.5 (d)0.5 (ur)0.5 (i)0.5 (ng)8 ( )0.5 (t)0.5 (he)8.1 ( )0.5 (pe)0.5 (r)0.5 (io)0.5 (d)8 ( )0.5 (f)0.5 (ro)0.5 (m)8 ( )0.5 (2)8 ( )0.5 (ja)0.5 (n)0.5 (ua)0.5 (r)0.5 (y)8 ( )0.5 (2)8 (0)8 (2)8 (4)8 ( )0.5 (u)0.5 (p)8 ( )0.5 (to)8 ( )0.5 (t)0.5 (h)0.5 (e)8 ( )0.5 (an)0.5 (n)0.5 (ou)0.5 (nc)0.5 (e)0.5 (m)0.5 (en)0.5 (t)8 ( )0.5 (d)0.5 (at)0.5 (e)8 (,)8 ( )0.5 (w)0.5 (h)0.5 (ic)0.5 (h)8 ( )0.5 (a)0.5 (re)8.1 ( )0.5 (cl)0.5 (os)0.5 (e)8 ( )]tj 0.025 tc 0.054 tw 0 -1.6 td (to the lower end of the closing prices of stainless steel during the rev\ iew period. given the )tj 0.035 tc 0.073 tw 0 -1.6 td [(aforesaid)10 (,)10 ( )0.5 (we)10.1 ( do)10 ( )0.5 (not)10 ( )0.5 (doubt)10 ( )0.5 (the)10 ( )0.5 (reasonableness)10 ( )0.5 (of)10 ( )0.6 (the)10 ( )0.6 (possible)10 ( )0.5 (increase)10.1 ( )0.5 (in)10 ( )0.5 (the)10 ( )0.5 (unit)10 ( )0.5 (price)10 ( )0.5 (of)10.1 ( )]tj 0.025 tc -0.025 tw 0 -1.6 td (steel.)tj 0.026 tc 0.082 tw 0 -3.2 td [(a)0.5 (s)1 ( )0.5 (il)0.5 (l)0.5 (us)0.5 (tr)0.5 (a)0.5 (t)0.5 (ed)1 ( )0.5 (i)0.5 (n)1 ( )0.5 (th)0.5 (e)1 ( )0.5 (s)0.5 (e)0.5 (ct)0.5 (i)0.5 (on)1 ( )0.5 (h)0.5 (e)0.5 (ad)0.5 (e)0.5 (d)1 ( )0.5 (\223)1 (i)0.5 (nf)0.5 (o)0.5 (rm)0.5 (a)0.5 (ti)0.5 (on)1 ( )0.5 (o)0.5 (n)1 ( )0.5 (t)0.5 (he)1 ( )0.5 (g)0.5 (r)0.5 (ou)0.5 (p)1 (\224)1 ( )0.5 (a)0.5 (bo)0.5 (v)0.5 (e)1 (,)1 ( )0.5 (th)0.5 (e)1 ( )0.5 (g)0.5 (r)0.5 (ou)0.5 (p)1 ( )0.5 (re)0.5 (c)0.5 (o)0.5 (rd)0.5 (e)0.5 (d)1 ( )]tj 0.055 tc 0.07 tw 0 -1.6 td [(total)12.6 ( operating)12.6 ( revenue)12.6 ( of)12.6 ( approximately)12.6 ( rmb)12.6 (6)12.6 (3)12.5 (3)12.6 (.)12.6 (8)12.6 (7)12.5 ( billion)12.5 ( for)12.6 ( fy)12.6 (2)12.6 (0)12.5 (2)12.6 (3)12.6 (,)12.6 ( representing)30 ( )]tj 0.071 tc 0 -1.6 td [(a)0.5 (n)12.9 ( i)0.5 (ncr)0.5 (ea)0.5 (s)0.5 (e)12.9 ( o)0.5 (f)12.9 ( )0.5 (ap)0.5 (pro)0.5 (xim)0.5 (at)0.5 (el)0.5 (y)12.9 ( 6)13 (.)12.9 (9)12.9 (5)13 (%)12.9 ( )0.5 (as)13 ( c)0.5 (omp)0.5 (ar)0.5 (ed)13 ( to)13 ( t)0.5 (hat)13 ( f)0.5 (or)13 ( fy)13 (2)12.9 (0)13 (2)12.9 (2)12.9 (.)13 ( r)0.5 (eve)0.5 (nu)0.5 (e)12.9 ( )0.5 (fro)0.5 (m)46 ( )]tj 0.025 tc 0 tw 0 -1.6 td [(e)0.5 (n)0.6 (g)0.5 (i)0.5 (n)0.5 (e)0.6 (e)0.5 (r)0.6 (i)0.5 (n)0.5 (g)0.5 ( )0.6 (c)0.5 (o)0.5 (n)0.6 (t)0.5 (r)0.5 (a)0.5 (c)0.6 (t)0.5 (i)0.5 (n)0.6 (g)0.5 ( )0.5 (s)0.5 (e)0.6 (g)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.5 ( )0.5 (a)0.6 (m)0.5 (o)0.5 (u)0.6 (n)0.5 (t)0.5 (e)0.6 (d)0.5 ( )0.5 (t)0.5 (o)0.6 ( )0.5 (a)0.5 (p)0.5 (p)0.6 (r)0.5 (o)0.5 (x)0.5 (i)0.6 (m)0.5 (a)0.5 (t)0.6 (e)0.5 (l)0.5 (y)0.6 ( )0.5 (r)0.5 (m)0.5 (b)0.6 (5)0.5 (8)0.5 (0)0.6 (.)0.5 (8)0.5 (5)0.5 ( )0.6 (b)0.5 (i)0.5 (l)0.5 (l)0.6 (i)0.5 (o)0.5 (n)0.5 ( )0.6 (f)0.5 (o)0.5 (r)0.5 ( )0.6 (f)0.5 (y)0.5 (2)0.6 (0)0.5 (2)0.5 (3)0.5 (, )]tj 0 -1.6 td (representing an increase of approximately 9.34% as compared to that for \ fy2022.)tj 0.053 tc 0.07 tw 0 -3.2 td [(as)12.5 ( detailed)12.5 ( in)12.5 ( the)12.5 ( section)12.5 ( headed)12.5 ( \223)12.6 (information)12.5 ( on)12.5 ( the)12.5 ( group)12.5 (\224)12.5 ( above)12.5 (,)12.5 ( the)12.6 ( group)12.5 (\222)12.5 (s)12.5 ( total)28 ( )]tj 0.049 tc 0 -1.6 td [(o)0.5 (p)0.6 (e)0.5 (r)0.5 (a)0.6 (t)0.5 (i)0.6 (n)0.5 (g)13 ( )0.6 (r)0.5 (e)0.6 (v)0.5 (e)0.5 (n)0.6 (u)0.5 (e)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.5 (r)0.6 (e)0.5 (v)0.6 (e)0.5 (n)0.5 (u)0.6 (e)13 ( )0.6 (f)0.5 (r)0.5 (o)0.6 (m)13 ( )0.6 (e)0.5 (n)0.5 (g)0.6 (i)0.5 (n)0.5 (e)0.6 (e)0.5 (r)0.6 (i)0.5 (n)0.5 (g)13 ( )0.6 (c)0.5 (o)0.6 (n)0.5 (t)0.5 (r)0.6 (a)0.5 (c)0.6 (t)0.5 (i)0.5 (n)0.6 (g)13 ( )0.5 (s)0.6 (e)0.5 (g)0.6 (m)0.5 (e)0.5 (n)0.6 (t)13 ( )0.5 (r)0.6 (e)0.5 (c)0.6 (o)0.5 (r)0.6 (d)0.5 (e)0.5 (d)13.1 ( )0.5 (y)0.6 (e)0.5 (a)0.5 (r)13.1 (-)13 (o)0.6 (n)13 (-)]tj 0.033 tc 0.075 tw 0 -1.6 td [(year)8.1 ( )0.5 (increase)8 ( )0.5 (for)8 ( )0.5 (fy)8 (2)8 (0)8 (2)8 (3)8.1 (,)7.9 ( )0.6 (which)8 ( )0.5 (indicates)8 ( )0.5 (the)8 ( )0.5 (increasing)8.1 ( )0.5 (demand)8 ( )0.5 (for)8 ( )0.5 (sale)8 ( )0.5 (and)8 ( )0.5 (purchase)8 ( )0.5 (of)8 ( )]tj 0.045 tc 0.07 tw 0 -1.6 td [(materials)12.1 ( $)12.1 (expenditure)12.2 ($)12.1 ( transactions)12.1 (.)12.1 ( given)12.1 ( that)12.1 ( $)12.2 (i)12.1 ($)12.1 ( majority)12.2 ( of)12.1 ( the)12.1 ( estimated)12.1 ( transaction)20 ( )]tj 0 -1.6 td [(amounts)12.5 ( were)12.5 ( determined)12.4 ( to)12.4 ( cater)12.5 ( for)12.4 ( the)12.4 ( purchase)12.5 ( of)12.4 ( steels)12.5 ( from)12.5 ( certain)12.4 ( subsidiaries)12.5 ( of)20 ( )]tj 0.046 tc 0 -1.6 td [(china)12.2 ( minmetals)12.2 (;)12.3 ( and)12.3 ( $)12.3 (ii)12.2 ($)12.3 ( the)12.2 ( purchase)12.3 ( of)12.3 ( materials)12.2 ( such)12.3 ( as)12.2 ( steels)12.2 ( and)12.2 ( equipment)12.2 ( are)12.2 ( to)21 ( )]tj 0.025 tc 0.008 tw 0 -1.6 td (satisfy the group\222s needs for engineering construction and production\ operation, we consider )tj 0.06 tc 0.07 tw 0 -1.6 td [(the)12.3 ( estimated)12.3 ( amount)12.3 ( of)12.3 ( sale)12.3 ( and)12.3 ( purchase)12.3 ( of)12.2 ( materials)12.2 ( $)12.3 (expenditure)12.3 ($)12.3 ( transactions)12.3 ( for)35 ( )]tj 0.025 tc 0 tw 0 -1.6 td (fy2025, which remained at similar level as that for fy2024, is justifiab\ le.)tj 0 -3.2 td (buffer of 10%)tj 0.047 tc 0.07 tw 0 -3.2 td [(as)12.2 ( mentioned)12.2 ( above)12.2 (,)12.3 ( the)12.2 ( company)12.2 ( applied)12.2 ( a)12.2 ( buffer)12.2 ( of)12.2 ( 1)12.3 (0)12.2 (%)12.2 ( to)12.2 ( the)12.2 ( estimated)12.2 ( transaction)22 ( )]tj 0.025 tc 0.022 tw 0 -1.6 td [(amounts )0.5 (for )0.5 (its )0.5 (subsidiaries )0.6 (for )0.5 (fy2025 )0.5 (to )0.5 (cater )0.5 (for )0.5 (any )0.5 (unforeseeable )0.5 (circumstances )0.5 (such )0.5 (as )]tj 0.029 tc 0.079 tw 0 -1.6 td [(the)4 ( )0.5 (unexpected)4 ( )0.5 (increase)4.1 ( )0.5 (in)4 ( )0.6 (demand)4 ( )0.5 (of)4 ( )0.5 (products)4 ( )0.5 (and)4 ( )0.5 (the)4 ( )0.5 (unexpected)4 ( )0.5 (increase)4.1 ( )0.5 (in)4 ( )0.6 (price)4 ( )0.5 (of)4 ( )0.5 (the)4 ( )]tj 0.025 tc 0.08 tw 0 -1.6 td (products. as mentioned above, we consider the incorporation of buffer ra\ nging from 5% to )tj 0.009 tw 0 -1.6 td (15% in the proposed annual caps is common among listed companies in hong\ kong and is in )tj 0 tw 0 -1.6 td (line with market practice and therefore it is justifiable.)tj et endstream endobj 304 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 61 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.074 tc 0.07 tw 10 0 0 10 127.5591 716.0046 tm [(th)0.5 (e)12.9 ( e)0.5 (stim)0.5 (ate)0.5 (d)12.9 ( a)0.5 (mou)0.5 (nt)12.9 ( f)0.5 (or)12.9 ( )0.5 (the)12.9 ( )0.5 (yea)0.5 (r)12.9 ( o)0.5 (f)12.9 ( 2)13 (0)12.9 (2)12.9 (5)12.9 ( )0.5 (for)0.5 (mula)0.5 (ted)13 ( bas)0.5 (ed)12.9 ( )0.5 (on)12.9 ( )0.5 (the)12.9 ( )0.5 (amo)0.5 (unt)12.9 ( )0.5 (of)12.9 ( )0.5 (sal)0.5 (e)49 ( )]tj 0.056 tc 0 -1.6 td [(and)12.9 ( purc)0.5 (hase)12.9 ( of)12.9 ( mater)0.5 (ia)0.5 (ls)12.9 ( $)12.9 (expenditure)12.9 ($)12.9 ( tr)0.5 (ansactions)12.9 ( exe)0.5 (cuted)12.9 ( in)12.9 ( the)12.9 ( pre)0.5 (vi)0.5 (ous)12.9 ( years)12.9 ( of)31 ( )]tj 0.068 tc 0 -1.6 td [(approximately)12.9 ( rm)0.5 (b)12.8 (1)12.9 (4)12.9 (,)12.9 (4)12.9 (4)12.9 (3)12.9 ( million)12.8 ( r)0.5 (epre)0.5 (se)0.5 (nted)13 ( a)0.5 (n)12.8 ( )0.5 (increase)13 ( of)13 ( approximately)12.9 ( 1)12.9 (4)12.9 (%)12.9 ( as)43 ( )]tj 0.021 tc 0 tw 0 -1.6 td [(compared to the historical transaction amounts of sale and purchase of m\ aterials $expenditure$)-4 ( )]tj 0.059 tc 0.07 tw 0 -1.6 td [(transactions)12.5 ( for)12.5 ( fy)12.5 (2)12.5 (0)12.4 (2)12.5 (3)12.5 (.)12.4 ( we)12.5 ( further)12.5 ( understood)12.5 ( from)12.5 ( the)12.5 ( directors)12.4 ( that)12.4 ( the)12.5 ( estimated)34 ( )]tj 0.028 tc 0.08 tw 0 -1.6 td [(transaction)3 ( )0.5 (amounts)3 ( )0.5 (that)3 ( )0.5 (were)3 ( )0.5 (formulated)3 ( )0.5 (based)3 ( )0.5 (on)3 ( )0.6 (the)3 ( )0.6 (historical)3 ( )0.5 (transaction)3 ( )0.5 (amount)3 ( )0.5 (of)3.1 ( )0.5 (the)3 ( )]tj 0.05 tc 0.07 tw 0 -1.6 td [(s)0.5 (a)0.5 (le)13 ( )0.5 (a)0.5 (nd)13 ( )0.5 (p)0.5 (ur)0.5 (c)0.5 (h)0.5 (as)0.5 (e)13 ( )0.5 (of)13 ( )0.5 (m)0.5 (a)0.5 (te)0.5 (r)0.5 (ia)0.5 (l)0.5 (s)13 ( )0.5 ($)12.9 (e)0.5 (x)0.5 (p)0.5 (en)0.5 (d)0.5 (i)0.5 (tu)0.5 (r)0.5 (e)12.9 ($)13 ( )0.5 (t)0.5 (ra)0.5 (n)0.5 (s)0.5 (a)0.5 (ct)0.5 (i)0.5 (on)0.5 (s)13 ( )0.5 (in)0.5 (c)0.5 (lu)0.5 (d)0.5 (i)0.5 (ng)13 ( )0.5 (po)0.5 (s)0.5 (s)0.5 (ib)0.5 (l)0.5 (e)13 ( i)0.5 (n)0.5 (cr)0.5 (e)0.5 (a)0.5 (s)0.5 (e)13 ( i)0.5 (n)25 ( )]tj 0.025 tc 0.067 tw 0 -1.6 td (unit prices, possible business growth and the status of the relevant eng\ ineering construction )tj 0 tw 0 -1.6 td (projects for which the steels are used.)tj 0.049 tw 0 -3.2 td (for our due diligence purposes, we examined the prices of stainless stee\ l during the review )tj 0.034 tw 0 -1.6 td (period, based on information obtained from wind financial terminal. as t\ he review period )tj 0.02 tw 0 -1.6 td (represents approximately two-year period prior to the announcement date,\ we consider such )tj 0 tw 0 -1.6 td (period to be fair and representative.)tj /t1_1 1 tf 5.74 -3.2 td (historical daily closing price of stainless steel $per metric ton$)tj et /placedpdf /mc0 bdc 0 0 0 0.463 k 0.5 w 1 j /gs1 gs q 1 0 0 1 160.651 239.7048 cm 0 0 m 0 202.18 l s q q 1 0 0 1 158.7633 239.7048 cm 0 0 m 1.888 0 l 0 20.229 m 1.888 20.229 l 0 40.424 m 1.888 40.424 l 0 60.67 m 1.888 60.67 l 0 80.865 m 1.888 80.865 l 0 101.111 m 1.888 101.111 l 0 121.306 m 1.888 121.306 l 0 141.501 m 1.888 141.501 l 0 161.747 m 1.888 161.747 l 0 181.942 m 1.888 181.942 l 0 202.18 m 1.888 202.18 l -0.649 0 m 1.888 0 l -0.649 40.424 m 1.888 40.424 l -0.649 80.865 m 1.888 80.865 l -0.649 121.306 m 1.888 121.306 l -0.649 161.747 m 1.888 161.747 l -0.649 202.18 m 1.888 202.18 l s q q 1 0 0 1 160.651 239.7048 cm 0 0 m 366.088 0 l s q q 1 0 0 1 160.651 239.7048 cm 0 0 m 0 -1.914 l 13.95 0 m 13.95 -1.914 l 26.508 0 m 26.508 -1.914 l 40.45 0 m 40.45 -1.914 l 53.981 0 m 53.981 -1.914 l 67.923 0 m 67.923 -1.914 l 81.403 0 m 81.403 -1.914 l 95.345 0 m 95.345 -1.914 l 109.287 0 m 109.287 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aps was primarily the )tj 0.029 tc 0.079 tw 0 -1.5 td [(outcome)4 ( )0.5 (of)4 ( )0.5 (the)4 ( )0.5 (group)4 (\222)4 (s)4 ( )0.5 (tender)4 ( )0.5 (process)4 ( )0.6 (where)4 ( )0.5 (other)4 ( )0.5 (independent)4 ( )0.5 (suppliers)4 ( )0.5 (may)4 ( )0.5 (be)4 ( )0.5 (awarded)4 ( )]tj 0.025 tc 0 tw 0 -1.5 td (the relevant tenders.)tj et endstream endobj 283 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 1/originaldocumentid/pageitemuidtolocationdatamap<>/pagetransformationmatrixlist<>/pageuidlist<>/pagewidthlist<>>>>>/resources<>/font<>/procset[/pdf/text]/xobject<>>>/trimbox[0.0 0.0 595.276 793.701]/type/page>> endobj 284 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 1/originaldocumentid/pageitemuidtolocationdatamap<>/pagetransformationmatrixlist<>/pageuidlist<>/pagewidthlist<>>>>>/resources<>/font<>/procset[/pdf/text]/xobject<>>>/trimbox[0.0 0.0 595.276 793.701]/type/page>> endobj 285 0 obj </lastmodified/numberofpageitemsinpage 2/numberofpages 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716.0046 tm [(particular)12.8 (,)12.7 ( after)12.7 ( the)12.7 ( surge)12.8 ( in)12.7 ( closing)12.7 ( prices)12.7 ( of)12.8 ( nickel)12.7 ( in)12.7 ( early)12.7 (-)12.8 (march)12.7 ( 2)12.7 (0)12.8 (2)12.7 (2)12.7 (;)12.8 ( and)12.8 ( $)12.8 (iii)12.7 ($)12.8 ( the)28 ( )]tj 0.055 tc 0 -1.6 td [(a)0.5 (s)0.5 (s)0.5 (u)0.5 (m)0.5 (p)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.6 (th)0.5 (a)0.6 (t)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (g)0.5 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.5 (w)0.5 (o)0.6 (u)0.5 (l)0.5 (d)12.9 ( )0.6 (w)0.5 (i)0.5 (n)13 ( )0.5 (a)0.5 (l)0.5 (l)13 ( )0.5 (b)0.5 (i)0.5 (d)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.6 (c)0.5 (t)0.5 (s)13 (/)13 (t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (a)0.5 (c)0.6 (ti)0.5 (o)0.6 (n)0.5 (s)13 ( )0.5 (i)0.5 (s)0.5 (s)0.5 (u)0.5 (e)0.5 (d)13 ( )0.5 (b)0.5 (y)13 ( )0.5 (c)0.5 (h)0.5 (i)0.5 (n)0.5 (a)30 ( )]tj 0.034 tc 0.074 tw 0 -1.6 td [(minmetals)9.1 ( )0.5 (group)9 ( )0.5 (for)9 ( )0.5 (fy)9.1 (2)9 (0)9 (2)9 (5)9 (,)8.9 ( )0.5 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n bt 10 0 0 10 127.5592 598.7472 tm (40)tj et q bt 10 0 0 10 137.5592 598.7472 tm (,)tj 0.246 0 td (000)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 127.5592 634.5272 tm (50)tj et q bt 10 0 0 10 137.5592 634.5272 tm (,)tj 0.246 0 td (000)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 127.5592 670.3072 tm (60)tj et q bt 10 0 0 10 137.5592 670.3072 tm (,)tj 0.246 0 td (000)tj 1.22 -22.529 td ( jan)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 150.1392 433.0172 tm (2022)tj et q bt 10 0 0 10 176.9592 445.0172 tm ( mar)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 176.5392 433.0172 tm (2022)tj et q bt 10 0 0 10 203.4192 445.0172 tm ( may)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 203.8392 433.0172 tm (2022)tj et q bt 10 0 0 10 234.0492 445.0172 tm ( jul)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 231.1392 433.0172 tm (2022)tj et q bt 10 0 0 10 260.1392 445.0172 tm ( )tj (s)tj 0.802 0 td (ep)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 258.8692 433.0172 tm (2022)tj et q bt 10 0 0 10 286.3292 445.0172 tm ( n)tj (o)tj 1.467 0 td (v)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 286.1692 433.0172 tm (2022)tj et q bt 10 0 0 10 315.5492 445.0172 tm ( jan)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 313.4692 433.0172 tm (2023)tj et q bt 10 0 0 10 340.3192 445.0172 tm ( mar)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 339.8992 433.0172 tm (2023)tj et q bt 10 0 0 10 366.7792 445.0172 tm ( may)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 367.1992 433.0172 tm (2023)tj et q bt 10 0 0 10 397.4092 445.0172 tm ( jul)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 394.4992 433.0172 tm (2023)tj et q bt 10 0 0 10 423.4992 445.0172 tm ( )tj (s)tj 0.802 0 td (ep)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 422.2292 433.0172 tm (2023)tj et q bt 10 0 0 10 449.6892 445.0172 tm ( n)tj (o)tj 1.467 0 td (v)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 449.5292 433.0172 tm (2023)tj et q bt 10 0 0 10 478.9092 445.0172 tm ( jan)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 476.8293 433.0172 tm (2024)tj et q bt 10 0 0 10 504.1093 445.0172 tm ( mar)tj et q 127.559 430.85 397.601 269.425 re w n bt 10 0 0 10 503.6892 433.0172 tm (2024)tj /t1_3 1 tf -36.644 25.895 td (u)tj (s)tj 1.279 0 td ($)tj et emc q bt /gs0 gs /t1_0 1 tf 0.025 tc 9 0 2.4115 9 126.6354 402.8497 tm [(source: )-750 (wind financial terminal)]tj 0.026 tw 10 0 0 10 127.559 370.8497 tm (the spot prices of nickel formed a general increasing trend and fluctuat\ ed between the range )tj 0.038 tc 0.07 tw 0 -1.6 td [(of)12.6 ( us)12.5 ($)12.6 (2)12.5 (0)12.5 (,)12.6 (4)12.5 (8)12.6 (0)12.5 ( per)12.6 ( metric)12.6 ( ton)12.5 ( to)12.6 ( us)12.6 ($)12.5 (2)12.6 (9)12.5 (,)12.5 (8)12.6 (0)12.5 (0)12.6 ( per)12.5 ( metric)12.6 ( ton)12.5 ( during)12.6 ( the)12.6 ( period)12.6 ( from)12.6 ( january)13 ( )]tj 0.039 tc 0 -1.6 td [(2)12.8 (0)12.9 (2)12.8 (2)12.8 ( to)12.9 ( february)12.8 ( 2)12.8 (0)12.9 (2)12.8 (2)12.8 (.)12.9 ( the)12.8 ( spot)12.8 ( prices)12.8 ( of)12.9 ( nickel)12.9 ( surged)12.9 ( significantly)12.8 ( during)12.9 ( early)12.8 (-)12.9 (march)14 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(2)12 (0)12 (2)12 (2)12 ( )0.5 (and)12 ( )0.5 (reached)12 ( )0.5 (the)12 ( )0.5 (highest)12 ( )0.5 (of)12 ( )0.5 (us)12 ($)12 (4)12 (8)12 (,)12 (2)12 (4)12 (1)12 ( )0.5 (per)12 ( )0.5 (metric)12.1 ( )0.5 (ton)12.1 ( )0.5 (on)12 ( )0.5 (1)12 (0)12 ( )0.5 (march)12 ( )0.5 (2)12 (0)12 (2)12 (2)12 (.)12 ( )0.5 (thereafter)12.1 (,)12 ( )]tj 0.025 tc 0.028 tw 0 -1.6 td (the spot prices of nickel formed a general decreasing trend and reached \ the lowest spot price )tj 0.051 tc 0.07 tw 0 -1.6 td [(in)12.7 ( 2)12.8 (0)12.8 (2)12.7 (2)12.8 ( of)12.8 ( us)12.7 ($)12.8 (1)12.8 (9)12.7 (,)12.8 (1)12.8 (0)12.7 (0)12.8 ( per)12.8 ( metric)12.8 ( ton)12.7 ( on)12.7 ( 1)12.8 (5)12.8 ( july)12.8 ( 2)12.8 (0)12.7 (2)12.8 (2)12.8 (,)12.7 ( before)12.7 ( it)12.8 ( rebounded)12.8 ( and)12.8 ( reached)26 ( )]tj 0.025 tc 0 tw 0 -1.6 td (us$30,425 per metric ton on 30 december 2022.)tj 0.04 tc 0.07 tw 0 -3.2 td [(from)12.9 ( the)12.8 ( start)12.8 ( of)12.8 ( 2)12.8 (0)12.8 (2)12.9 (3)12.8 (,)12.8 ( the)12.9 ( closing)12.8 ( price)12.8 ( of)12.8 ( nickel)12.8 ( formed)12.8 ( a)12.8 ( general)12.8 ( decreasing)12.8 ( trend)12.8 ( and)15 ( )]tj 0.025 tc 0.065 tw 0 -1.6 td (fluctuated between the range of us$15,620 per metric ton to us$31,200 pe\ r metric ton and )tj 0 tw 0 -1.6 td (reached rmb16,530 per metric ton on the announcement date.)tj 0.083 tw 0 -3.2 td [(the )0.5 (estimated nickel )0.5 (price )0.5 (is )0.5 (close )0.5 (to the )0.5 (spot )0.5 (prices )0.5 (of )0.5 (nickel from )0.5 (late-february )0.5 (2024 )0.5 (to )]tj 0 tw 0 -1.6 td (mid-march 2024. as such, we do not doubt the reasonableness of the estim\ ated nickel price.)tj 0.03 tc 0.078 tw 0 -3.2 td [(having)5 ( )0.5 (considered)5 ( )0.5 ($)5 (i)5 ($)5 ( )0.5 (the)5 ( )0.6 (estimated)5 ( )0.5 (transaction)5.1 ( )0.5 (amounts)5 ( )0.5 (were)5 ( )0.5 (formulated)5 ( )0.5 (and)5 ( )0.5 (approved)5 ( )0.5 (by)5 ( )]tj 0.043 tc 0.07 tw 0 -1.6 td [(the)12.6 ( relevant)12.6 ( subsidiaries)12.5 ( before)12.6 ( submitting)12.5 ( to)12.5 ( the)12.5 ( company)12.6 ( for)12.6 ( consolidation)12.6 ( and)12.5 ( review)18 ( )]tj 0.049 tc 0 -1.6 td [(and)12.7 ( they)12.7 ( are)12.7 ( formulated)12.7 ( based)12.7 ( on)12.8 ( the)12.8 ( potential)12.7 ( business)12.8 ( needs)12.7 ( of)12.7 ( the)12.8 ( relevant)12.7 ( operating)24 ( )]tj 0.048 tc 0 -1.6 td [(subsidiaries)12.1 (;)12.1 ( $)12.1 (ii)12 ($)12.1 ( the)12.1 ( movement)12 ( in)12.1 ( closing)12.1 ( prices)12.1 ( of)12.1 ( nickel)12.1 ( during)12.1 ( the)12 ( review)12.1 ( period)12.1 (,)12.1 ( in)23 ( )]tj et endstream endobj 322 0 obj <> endobj 324 0 obj <>stream adobe pdf library 15.00 adobe illustrator 25.0 (windows) 2024-05-09t10:36:31 09:00 2024-05-09t10:36:31 08:00 2024-05-09t10:36:31 08:00 xmp.did:9c918ea2-fb50-e640-9ba3-9c1c038576ac uuid:676e4bf2-57dd-4111-8a43-72b9873f727c uuid:7a235291-532a-4d92-89e0-08c403d6a95b proof:pdf uuid:7a235291-532a-4d92-89e0-08c403d6a95b uuid:7a235291-532a-4d92-89e0-08c403d6a95b uuid:7a235291-532a-4d92-89e0-08c403d6a95b saved xmp.iid:9c918ea2-fb50-e640-9ba3-9c1c038576ac 2024-05-09t10:30:04 08:00 adobe illustrator 25.0 (windows) / application/pdf e_chart_ifa_001 gcl 1 false false 210.058001 296.925997 millimeters timesltstd-roman times lt std roman open type version 2.050;ps 002.000;hotconv 1.0.51;makeotf.lib2.0.18671 false timesltstd-roman.otf timesltstd-bold times lt std bold open type version 2.050;ps 002.000;hotconv 1.0.51;makeotf.lib2.0.18671 false timesltstd-bold.otf cyan magenta black 預設色票群組 0 document airobin endstream endobj 320 0 obj <> endobj 321 0 obj <> endobj 326 0 obj <> endobj 327 0 obj <>stream h�l�olg��@k9/.��>�dje��f�(��z]�lk*��w�݉��7`m��e��f ƽ�øu(��e�ej�e�hc��w� o��͘��>��o��t~e��ʀڝ��(��~],ۨddk%ŵ1?�x��z"�$g�8��7��qqyv~-][��۾��-��g�� [��vs��|%� *�1�'4g5t 7 jlq�:�hc$�l��t�a��m�� ՠ��a�)!t'ɋ��atc�f�e2�*�$#=��n�ߋl��,��ԍ�a4�@f�w��xճ歘�٫j�(5�"k��`��"�l1��m�[�ˬb"q�qp��w쟡�iz�6��w�6uifv*�hfri't�1��l9 "�8�l��s~d�a1��ۄ 3w��prg ��"tq죱=�⍼��p�c`��x��e��n/� �5p�t) �b��g��@��q�70��ێ�iʙ��?%jg�1��_|%<��g5*@ �n��sb��wwv��_��ƭ��,?ttm`��s�i#n(d�l��c�.pum1�i��v�z��v�x䦶�?�qj\;e�fp<��ij�y�� i��~��o�^?&�{�҇�a��̾k��w6�:k_�� exv�1[ő��||�tύ1�ݣ��l"kr | ��d��^�p�>��.�@_��>��z��w �ă\�ó�3��w��ï� endstream endobj 325 0 obj <> endobj 328 0 obj <>stream h�lt pg�v�n��1al�i��=r4�,��aq�ae�f��ό�p�9d��r�"�!�k"�jl�f�s�d�辞�s��c�q[�ꪯ�w}�w��p�i��а��t^�ovӥ վ и0�i�9�b�h�kίs��b��3]��/�f�3s�ڞ��<��ȁ��=�q�8��v%k��\x�nϧ� u�f�s�u��dwnuz7n�㴼��q��j�)9�v�̧ �q�.x��3w��],خ9�|2�rs�t��tw�bdf��s��vojiq%��te&'��$^�w��h��v�֪tɪ$�j��\�l�c�f˩d�i"�z��m��8 <�a,��ao�bsǳ��0l�m��cx��b�tq�x0�3c��8�n�7a@�iԓ�n�nw�s��a�ud��|��rq��$��b�t��z��@�@�ðw�vb��v �&��q{[fp�s��h%o��mń�z펜ĥ��#�u��lyee��'vw��[��,��@��`�u��-c�h �re�oz��g�p�e 4��!��a��e (��w3pp=��t�~uf�� 撇.��t�y��o&w��12�px�g%��@�ui��)4�c�/�k��={�'ϛk��t��$�x�s� .m�c�=��(�j�)��]s�ۣ�w�[��[�6s��yhg�*��o��;�_n��ś�g�v��a6l��w��3�w��@�44-��hۭ�w��ýq1��<Ԭ��>cbh^��w%bds��[ �w{�t=� �;��d�c*&��k-�,��pe�k �(�!�j�5��'e�ҝ��]4� ��biqi��}4`%�a�_ao"�sru�6��vg�s�e7f��umy��q�uq�l�07ۜd��jb�ŷ�bq�e��l�"e�fb��e�r�}�0c�jc��fru�� i�� ix��,/��; !�m�w�� `��-��0�h�4��a�=*#�ra��4}��ͧy��j��r�l?'=(&�w�*�w32�o��4~�!��m"�ۖq��̤�h#{6ўመ?��(�ר sd&�� :�=щr��ڃ-l秪��|�j��x��ⳮ��c��6b�� z�q��_��`2�^��ø��v�)��b��]��,f[��b�6wt�m^3��e�/�s�rv��h��d�*�n6uw�a6��ku��s.^��}�ys��q��u�i? j��c@��m��%�2*e��֋��i�0��!��w�}�[�4{�$0�*��e�=xd=n>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 57 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt -0.025 tw 10 0 0 10 127.5591 716.0046 tm ($iii$)tj 0 tc 0 tw ( )tj 0.054 tc 0.07 tw 2.835 0 td [(the)12.8 ( value)12.8 ( for)12.8 ( projects)12.8 ( which)12.7 ( were)12.8 ( being)12.7 ( followed)12.7 ( up)12.8 ( amounted)12.7 ( to)12.8 ( approximately)29 ( )]tj 0.025 tc 0 tw 0 -1.6 td (rmb15.3 million; and)tj -0.025 tw -2.835 -3.2 td ($iv$)tj 0 tc 0 tw ( )tj 0.025 tc 0.022 tw 2.835 0 td (the value of projects proposed to be developed amounted to approximately\ rmb630.2 )tj -0.025 tw 0 -1.6 td (million.)tj 0.043 tc 0.07 tw -2.835 -3.2 td [(we)13 ( noted)12.9 ( )0.5 (from)12.9 ( the)13 ( mate)0.5 (rials)13 ( annua)0.5 (l)12.9 ( caps)13 ( calcu)0.5 (lation)12.9 ( t)0.5 (hat)12.9 ( ap)0.5 (proxima)0.5 (tely)12.9 ( 6)12.9 (8)12.9 (.)12.9 (1)13 (0)12.9 (%)12.9 ( of)12.9 ( )0.5 (the)18 ( )]tj 0.027 tc 0.081 tw 0 -1.6 td [(total)2 ( )0.5 (estimated)2 ( )0.5 (transaction)2 ( )0.5 (amounts)2 ( )0.5 (of)2 ( )0.5 (sale)2.1 ( and)2 ( purchase)2 ( )0.5 (of)2 ( )0.5 (materials)2 ( )0.5 ($)2 (income)2 ($)2 ( )0.5 (transactions)2 ( )]tj 0.04 tc 0.07 tw 0 -1.6 td [(for)12.5 ( fy)12.5 (2)12.5 (0)12.5 (2)12.5 (5)12.5 ( were)12.5 ( estimated)12.5 ( to)12.5 ( cater)12.5 ( for)12.5 ( the)12.5 ( sale)12.5 ( of)12.5 ( a)12.5 ( type)12.5 ( of)12.5 ( nickel)12.5 ( intermediate)12.5 ( products)15 ( )]tj 0.026 tc 0.082 tw 0 -1.6 td [(to)1 ( )0.5 (a)1 ( )0.5 (subsidiary)1 ( )0.5 (of)1.1 ( )0.5 (china)1 ( )0.5 (minmetals)1 (.)1 ( )0.5 (such)1.1 ( )0.5 (amounts)1.1 ( )0.5 (were)1.1 ( )0.5 (formulated)1 ( )0.5 (based)1 ( )0.5 (on)1 ( )0.5 (the)1 ( )0.6 (estimated)1 ( )]tj 0.025 tc 0.015 tw 0 -1.6 td (quantity of nickel composition in the nickel intermediate products, the \ nickel price of around )tj 0.083 tw 0 -1.6 td [(u)-8.8 (s$18,000 )0.5 (p)-8.8 (e)-8.9 (r )0.5 (m)-8.9 (e)-8.8 (t)-8.9 (r)-8.8 (i)-8.9 (c )0.5 (t)-8.8 (o)-8.9 (n )0.5 ($t)-8.9 (h)-8.8 (e )0.5 (\223)]tj /t1_1 1 tf 0.034 tc 0.074 tw [(estimated)9 ( )0.5 (nickel)9 ( )0.5 (price)]tj /t1_0 1 tf 24.822 0 td [(\224)9 ($)9 (,)9 ( )0.5 (the)9 ( )0.5 (estimated)8.9 ( )0.5 (exchange)9 ( )0.5 (rate)9 ( )0.5 (of)9.1 ( )]tj 0.025 tc 0 tw -24.822 -1.6 td (us$1.00 to rmb7.00.)tj 0.033 tw 0 -3.2 td (based on the information provided by the company, we noted that approxim\ ately 65%, 51% )tj 0.04 tc 0.07 tw 0 -1.6 td [(and)12.8 ( 5)12.8 (9)12.8 (%)12.8 ( of)12.8 ( the)12.8 ( individual)12.8 ( contracts)12.8 ( $)12.8 (in)12.8 ( terms)12.8 ( of)12.8 ( contract)12.8 ( value)12.8 ($)12.8 ( entered)12.7 ( into)12.8 ( between)12.8 ( the)15 ( )]tj 0.025 tc 0.018 tw 0 -1.6 td [(group )0.5 (and )0.6 (china )0.5 (minmetals )0.5 (group )0.5 (in )0.6 (relation )0.5 (to )0.5 (the )0.6 (sale )0.5 (and )0.6 (purchase )0.5 (of )0.6 (materials )0.5 ($income$ )]tj 0.039 tc 0.07 tw 0 -1.6 td [(transactions)12.1 ( were)12.1 ( for)12.2 ( the)12.2 ( sale)12.1 ( of)12.2 ( nickel)12.2 ( intermediate)12.2 ( products)12.1 ( for)12.1 ( each)12.1 ( of)12.2 ( the)12.2 ( three)12.2 ( years)14 ( )]tj 0.025 tc 0 tw 0 -1.6 td (ended 31 december 2023, respectively.)tj 0 -3.2 td (estimated quantity of nickel intermediate products)tj 0.037 tc 0.071 tw 0 -3.2 td [(to)12.1 ( )0.5 (assess)12 ( )0.5 (the)12 ( )0.5 (fairness)12 ( )0.6 (and)12 ( )0.5 (reasonableness)12.1 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (estimated)12 ( )0.5 (quantity)12 ( )0.5 (of)12 ( )0.5 (nickel)12 ( )0.5 (composition)12 ( )]tj 0.039 tc 0.07 tw 0 -1.6 td [(in)12.6 ( the)12.6 ( nickel)12.6 ( intermediate)12.7 ( products)12.6 ( to)12.6 ( be)12.6 ( sold)12.6 ( to)12.6 ( china)12.6 ( minmetals)12.6 ( group)12.6 ( for)12.5 ( fy)12.6 (2)12.6 (0)12.6 (2)12.6 (5)12.6 (,)12.6 ( we)14 ( )]tj 0.024 tc 0 tw 0 -1.6 td [(obtained the historical sales volume of nickel composition in the nickel\ intermediate products)-0.9 ( )]tj 0.025 tc 0.075 tw 0 -1.6 td (sold by the group to china minmetals group for the three years ended 31 \ december 2023. )tj 0.038 tc 0.07 tw 0 -1.6 td [(w)0.5 (e)13 ( )0.5 (no)0.5 (t)0.5 (e)0.5 (d)12.9 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (t)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (q)0.5 (u)0.5 (a)0.5 (nt)0.5 (i)0.5 (t)0.5 (y)12.9 ( )0.5 (o)0.5 (f)13 ( )0.5 (ni)0.5 (c)0.5 (ke)0.5 (l)13 ( )0.5 (c)0.5 (o)0.5 (mp)0.5 (o)0.5 (s)0.5 (it)0.5 (i)0.5 (o)0.5 (n)12.9 ( )0.5 (i)0.5 (n)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (ni)0.5 (c)0.5 (k)0.5 (e)0.5 (l)12.9 ( )0.5 (i)0.5 (n)0.5 (te)0.5 (r)0.5 (m)0.5 (e)0.5 (di)0.5 (a)0.5 (t)0.5 (e)13 ( p)0.5 (r)0.5 (o)0.5 (du)0.5 (c)0.5 (t)0.5 (s)13 ( s)0.5 (o)0.5 (l)0.5 (d)13 ( )]tj 0.041 tc 0 -1.6 td [(by)12.5 ( the)12.5 ( group)12.5 ( to)12.5 ( china)12.5 ( minmetals)12.4 ( group)12.4 ( for)12.5 ( fy)12.5 (2)12.5 (0)12.5 (2)12.5 (3)12.4 ( increased)12.5 ( by)12.4 ( approximately)12.5 ( 2)12.4 (5)12.5 (%)12.5 ( as)16 ( )]tj 0.047 tc 0 -1.6 td [(compared)12.1 ( to)12.1 ( that)12.1 ( for)12 ( fy)12.1 (2)12.1 (0)12.1 (2)12 (2)12.1 (;)12.1 ( while)12.1 ( the)12.1 ( estimated)12.1 ( quantity)12.1 ( of)12.1 ( nickel)12.1 ( composition)12.1 ( in)12.1 ( the)22 ( )]tj 0.039 tc 0 -1.6 td [(n)0.5 (i)0.5 (c)0.6 (k)0.5 (e)0.5 (l)13 ( )0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (m)0.6 (e)0.5 (d)0.5 (i)0.5 (a)0.5 (t)0.5 (e)13.1 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (d)0.5 (u)0.5 (c)0.5 (t)0.5 (s)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (b)0.5 (e)13.1 ( )0.5 (s)0.5 (o)0.5 (l)0.5 (d)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (c)0.5 (h)0.6 (i)0.5 (n)0.5 (a)13 ( )0.5 (m)0.6 (i)0.5 (n)0.5 (m)0.5 (e)0.5 (t)0.6 (a)0.5 (l)0.5 (s)13 ( )0.5 (g)0.6 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.6 (f)0.5 (o)0.5 (r)13 ( )0.5 (f)0.5 (y)13.1 (2)13 (0)13 (2)13 (5)13 ( )0.6 (r)0.5 (e)0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.5 (e)0.5 (n)0.6 (t)0.5 (s)14 ( )]tj 0.025 tc 0.043 tw 0 -1.6 td (an increase of approximately 7% as compared to that for fy2023. as such,\ we do not doubt )tj 0.028 tw 0 -1.6 td (the reasonableness of the estimated quantity of nickel composition in th\ e nickel intermediate )tj 0 tw 0 -1.6 td (products to be sold by the group to china minmetals group for fy2025.)tj 0 -3.2 td (estimated nickel price)tj 0.047 tc 0.07 tw 0 -3.2 td [(for)12.9 ( our)12.9 ( due)12.8 ( diligence)12.9 ( purposes)12.8 (,)12.9 ( we)12.9 ( examined)12.8 ( the)12.8 ( historical)12.9 ( spot)12.9 ( prices)12.9 ( of)12.9 ( nickel)12.9 ( quoted)22 ( )]tj 0.041 tc 0 -1.6 td [(o)0.5 (n)12.9 ( )0.5 (l)0.5 (m)0.5 (e)13 ( d)0.5 (u)0.5 (ri)0.5 (n)0.5 (g)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (pe)0.5 (r)0.5 (i)0.5 (od)13 ( )0.5 (f)0.5 (ro)0.5 (m)13 ( )0.5 (4)12.9 ( )0.5 (j)0.5 (a)0.5 (nu)0.5 (a)0.5 (r)0.5 (y)13 ( 2)13 (0)13 (2)12.9 (2)13 ( )0.5 (t)0.5 (o)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (a)0.5 (n)0.5 (no)0.5 (u)0.5 (n)0.5 (ce)0.5 (m)0.5 (e)0.5 (n)0.5 (t)12.9 ( )0.5 (d)0.5 (a)0.5 (te)13 ( )0.5 ($)13 (t)0.5 (he)13 ( )0.5 (\223)]tj /t1_1 1 tf -0.041 tw 36.372 0 td [(r)0.5 (e)0.5 (vi)0.5 (e)0.5 (w)16 ( )]tj 0.031 tc -0.031 tw -36.372 -1.6 td (period)tj /t1_0 1 tf 0.077 tw 3.015 0 td [(\224)6 ($)6 (,)6.1 ( )0.5 (based)6 ( )0.5 (on)6 ( )0.5 (information)6.1 ( )0.5 (obtained)6 ( )0.5 (from)6 ( )0.5 (wind)6 ( )0.5 (financial)6 ( )0.5 (terminal)6 (,)6.1 ( )0.5 (being)6 ( )0.5 (a)6 ( )0.5 (reputable)6.1 ( )]tj 0.025 tc 0.03 tw -3.015 -1.6 td (source of reference. as the review period represents approximately two-y\ ear period prior to )tj 0 tw 0 -1.6 td (the announcement date, we consider such period to be fair and representa\ tive.)tj et endstream endobj 317 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 56 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt 0.03 tc 0.078 tw 10 0 0 10 127.5591 716.0046 tm [(as)5 ( )0.5 (depicted)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (above)5 ( )0.5 (table)5 (,)5 ( )0.5 (the)5 ( )0.5 (historical)5 ( )0.5 (transaction)5 ( )0.5 (amounts)5 ( )0.6 (for)5 ( )0.5 ($)5 (i)5 ($)5 ( )0.5 (sale)5 ( )0.5 (and)5 ( )0.5 (purchase)5 ( )]tj 0.039 tc 0.07 tw 0 -1.6 td [(of)12.7 ( materials)12.7 ( $)12.8 (income)12.7 ($)12.7 ( transactions)12.7 ( were)12.7 ( approximately)12.7 ( rmb)12.7 (3)12.7 (,)12.7 (0)12.7 (9)12.7 (5)12.7 ( million)12.7 ( and)12.7 ( rmb)12.7 (3)12.7 (,)12.7 (8)12.6 (6)12.7 (9)14 ( )]tj 0.025 tc 0.03 tw 0 -1.6 td (million for fy2022 and fy2023 respectively, representing utilization rat\ es of approximately )tj 0.056 tc 0.069 tw 0 -1.6 td [(3)13 (8)12.9 (.)13 (1)12.9 (9)13 (%)13 ( )-0.6 (a)0.5 (n)0.5 (d)12.9 ( 6)12.9 (1)13 (.)13 (6)12.9 (6)13 (%)12.9 ( r)0.5 (es)0.5 (p)0.5 (ec)0.5 (t)0.5 (iv)0.5 (el)0.5 (y)13 (;)12.9 ( a)0.5 (nd)13 ( )-0.6 ($)13 (i)0.5 (i)12.9 ($)13 ( )-0.6 (s)0.5 (a)0.5 (l)0.5 (e)12.9 ( a)0.5 (nd)13 ( )-0.6 (p)0.5 (u)0.5 (rc)0.5 (h)0.5 (as)0.5 (e)13 ( )-0.6 (o)0.5 (f)13 ( )-0.6 (m)0.5 (a)0.5 (te)0.5 (r)0.5 (ia)0.5 (l)0.5 (s)12.9 ( $)12.9 (e)0.5 (x)0.5 (pe)0.5 (n)0.5 (di)0.5 (tu)0.5 (r)0.5 (e)12.9 ($)31 ( )]tj 0.037 tc 0.071 tw 0 -1.6 td [(transactions)12 ( )0.5 (were)12 ( )0.5 (approximately)12 ( )0.5 (rmb)12.1 (1)12 (1)12 (,)12 (4)12 (4)12 (6)12 ( )0.5 (million)12 ( )0.5 (and)11.9 ( )0.6 (rmb)12 (1)12 (2)12 (,)12 (6)12 (2)12 (0)12 ( )0.5 (million)12.1 ( )0.5 (for)12 ( )0.5 (fy)12.1 (2)12 (0)12 (2)12 (2)12 ( )]tj 0.025 tc 0.005 tw 0 -1.6 td (and fy2023 respectively, representing utilization rates of approximately\ 47.03% and 49.87% )tj 0.044 tc 0.07 tw 0 -1.6 td [(respectively)12.2 (.)12.2 ( the)12.2 ( proposed)12.2 ( annual)12.2 ( cap)12.2 ( for)12.2 ( fy)12.2 (2)12.2 (0)12.1 (2)12.2 (5)12.2 ( for)12.2 ( $)12.2 (i)12.1 ($)12.2 ( sale)12.1 ( and)12.2 ( purchase)12.2 ( of)12.2 ( materials)19 ( )]tj 0.058 tc 0 -1.6 td [($)12.9 (inc)0.5 (ome)12.9 ($)12.9 ( tra)0.5 (nsactio)0.5 (ns)12.9 ( repr)0.5 (esented)13 ( an)12.9 ( inc)0.5 (rease)13 ( of)12.9 ( appr)0.5 (oximatel)0.5 (y)12.9 ( 3)12.9 (.)12.9 (8)12.9 (3)12.9 (%)12.9 ( a)0.5 (s)12.9 ( compa)0.5 (red)12.9 ( to)33 ( )]tj 0.04 tc 0 -1.6 td [(the)12.3 ( existing)12.3 ( annual)12.4 ( cap)12.3 ( for)12.4 ( fy)12.4 (2)12.4 (0)12.4 (2)12.3 (4)12.4 (;)12.4 ( and)12.4 ( $)12.4 (ii)12.4 ($)12.4 ( sale)12.4 ( and)12.3 ( purchase)12.4 ( of)12.4 ( materials)12.4 ( $)12.4 (expenditure)12.4 ($)15 ( )]tj 0.046 tc 0 -1.6 td [(transactions)12.1 ( represented)12.1 ( a)12.1 ( decrease)12.2 ( of)12.1 ( approximately)12.1 ( 1)12.1 (.)12.1 (4)12.1 (3)12.1 (%)12.1 ( as)12.1 ( compared)12.1 ( to)12.1 ( the)12.1 ( existing)21 ( )]tj 0.025 tc 0 tw 0 -1.6 td (annual cap for fy2024.)tj 0.06 tc 0.07 tw 0 -3.2 td [(as)12.1 ( advised)12.1 ( by)12.1 ( the)12.2 ( directors)12.1 (,)12.1 ( the)12.2 ( difference)12.2 ( between)12.1 ( the)12.2 ( historical)12.1 ( annual)12.1 ( cap)12.2 ( and)12.1 ( the)35 ( )]tj 0.039 tc 0 -1.6 td [(historical)12.1 ( transaction)12 ( amount)12 ( was)12.1 ( primarily)12.1 ( an)12 ( outcome)12.2 ( of)12.1 ( the)12.1 ( group)12.1 (\222)12.1 (s)12.1 ( actual)12.1 ( operations)12.1 (,)14 ( )]tj 0.029 tc 0.079 tw 0 -1.6 td [(in)4 ( )0.5 (particular)4 (,)4 ( )0.5 (the)4 ( )0.5 (group)4 ( )0.5 (or)4 ( )0.5 (china)4 ( )0.5 (minmetals)4 ( )0.5 (group)4 ( )0.5 (might)4 ( )0.5 (also)4 ( )0.5 (procure)4 ( )0.5 (material)4 ( )0.5 (from)4 ( )0.5 (other)4 ( )]tj 0.025 tc 0.007 tw 0 -1.6 td (suppliers depending on the outcome of the tender process, and certain tr\ ansactions might still )tj 0 tw 0 -1.6 td (be under negotiation and there might be delay in execution.)tj 0.046 tc 0.07 tw 0 -3.2 td [(to)12.7 ( assess)12.6 ( the)12.7 ( fairness)12.6 ( and)12.6 ( reasonableness)12.6 ( of)12.6 ( the)12.6 ( proposed)12.6 ( 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)0.6 (subsidiaries)9 ( )0.5 (before)9 ( )]tj 0.04 tc 0.07 tw 0 -1.6 td [(submitting)12.8 ( to)12.9 ( the)12.8 ( company)12.8 ( for)12.8 ( consolidation)12.8 ( and)12.8 ( review)12.8 ( and)12.8 ( they)12.8 ( were)12.8 ( formulated)12.8 ( based)15 ( )]tj 0.036 tc 0.072 tw 0 -1.6 td [(on)11 ( )0.5 (the)11 ( )0.5 (business)11 ( )0.5 (needs)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (relevant)11 ( )0.5 (operating)11 ( )0.5 (subsidiaries)11.1 (.)10.9 ( )0.6 (we)11.1 ( )0.5 (noted)11 ( )0.6 (from)11 ( )0.5 (the)11 ( )0.5 (materials)11 ( )]tj 0.061 tc 0.07 tw 0 -1.6 td [(annual)12.9 ( caps)12.9 ( calculation)12.9 ( that)12.9 ( the)12.9 ( proposed)12.9 ( annual)12.9 ( caps)12.9 ( for)12.9 ( both)12.9 ( sale)12.9 ( and)12.9 ( purchase)12.9 ( of)36 ( )]tj 0.044 tc 0 -1.6 td [(materials)12.4 ( $)12.4 (income)12.3 ( and)12.3 ( expenditure)12.4 ($)12.3 ( transactions)12.4 ( were)12.3 ( formulated)12.4 ( based)12.3 ( on)12.3 ( the)12.4 ( estimated)19 ( )]tj 0.025 tc 0 tw 0 -1.6 td (transaction amounts and a buffer of approximately 10%.)tj 0 -3.2 td (estimated transaction amounts of sale and purchase of materials $income\ $ transactions)tj 0.027 tc 0.081 tw 0 -3.2 td [(with)2 ( )0.5 (reference)2 ( )0.5 (to)2 ( )0.5 (the)2 ( )0.5 (board)2 ( )0.5 (letter)2 (,)2 ( )0.5 (the)2 ( )0.5 (estimated)2 ( )0.5 (transaction)2 ( )0.5 (amounts)2.1 ( of)2 ( )0.5 (sale)2 ( )0.5 (and)2 ( )0.5 (purchase)2 ( )]tj 0.043 tc 0.07 tw 0 -1.6 td [(of)12.3 ( materials)12.3 ( $)12.4 (income)12.4 ($)12.3 ( transactions)12.3 ( for)12.4 ( fy)12.4 (2)12.4 (0)12.3 (2)12.4 (5)12.4 ( was)12.3 ( approximately)12.4 ( rmb)12.4 (5)12.3 (,)12.4 (7)12.3 (0)12.4 (8)12.4 (.)12.3 (9)12.4 (9)12.4 ( million)12.4 (,)18 ( )]tj 0.025 tc 0 tw 0 -1.6 td (formulated based on the following information as at 31 december 2023:)tj -0.025 tw 0 -3.2 td ($i$)tj 0 tc 0 tw ( )tj 0.025 tc 0.039 tw 2.835 0 td (the value of signed contracts for sale and purchase of materials $incom\ e$ amounted to )tj 0 tw 0 -1.6 td (approximately rmb680.76 million;)tj -0.025 tw -2.835 -3.2 td ($ii$)tj 0 tc 0 tw ( )tj 0.065 tc 0.07 tw 2.835 0 td [(the)12.6 ( value)12.6 ( for)12.6 ( cooperation)12.7 ( with)12.7 ( confirmed)12.7 ( intention)12.6 ( amounted)12.7 ( to)12.7 ( approximately)40.1 ( )]tj 0.025 tc 0 tw 0 -1.6 td (rmb4,382.73 million;)tj et endstream endobj 316 0 obj <>stream bt 0 0 0 1 k /perceptual ri /gs0 gs /t1_0 1 tf 0.025 tc 10 0 0 10 284.5128 39.889 tm (\226 55 \226)tj et q 0 tc 0 g /gs1 gs 0 tl/fm0 do q bt /t1_1 1 tf 10 0 2.6795 10 98.1863 716.0747 tm (proposed annual caps)tj /t1_0 1 tf 0.777 -2.9 td [($1$ )-1318.7 (sale and purchase of materials $income and expenditure$ transactions)]tj 0.048 tc 0.07 tw 10 0 0 10 127.5591 658.0747 tm [(set)12.9 ( o)0.5 (ut)12.9 ( below)13 ( is)12.9 ( $)12.9 (i)13 ($)12.9 ( the)12.9 ( his)0.5 (torica)0.5 (l)12.9 ( trans)0.5 (action)12.9 ( a)0.5 (mounts)12.9 ( o)0.5 (f)12.9 ( sale)12.9 ( )0.5 (and)12.9 ( pur)0.5 (chase)12.9 ( )0.5 (of)12.9 ( mate)0.5 (rials)23 ( )]tj 0.025 tc 0.045 tw 0 -1.45 td ($income and expenditure$ transactions for the three years ending 31 de\ cember 2024; $ii$ the )tj 0.041 tc 0.07 tw 0 -1.45 td [(existing)12.3 (/)12.4 (previous)12.3 ( annual)12.3 ( caps)12.3 ( and)12.3 ( relevant)12.4 ( utilisation)12.3 ( rates)12.4 (;)12.3 ( and)12.4 ( $)12.4 (iii)12.3 ($)12.4 ( the)12.3 ( proposed)12.3 ( annual)16 ( )]tj 0.025 tc 0 tw 0 -1.45 td (caps for the year ending 31 december 2025.)tj /t1_1 1 tf 19.389 -4.35 td (for the )tj -1.631 -1.45 td (year ended )tj -0.912 -1.45 td (31 december )tj -0.025 tw 3.756 -1.45 td (2022)tj 0 tw 7.291 4.35 td (for the )tj -1.631 -1.45 td (year ended )tj -0.912 -1.45 td (31 december )tj -0.025 tw 3.756 -1.45 td (2023)tj 0 tw 7.291 5.8 td (for the )tj -1.99 -1.45 td (year ending )tj -0.553 -1.45 td (31 december )tj -0.025 tw 3.756 -1.45 td (2