China State Construction Engineering Corporation Limited(601668) : annual financial statements and audit report of China State Construction Engineering Corporation Limited(601668) 2021

China State Construction Engineering Corporation Limited(601668) audited financial statements for 2021

catalogue

Page audit report 1 - 7 audited financial statements

Consolidated balance sheet 8 - 10 consolidated income statement 11 - 12 consolidated statement of changes in shareholders' equity 13 - 14 consolidated cash flow statement 15 - 16 company balance sheet 17 - 19 company income statement 20 statement of changes in shareholders' equity 21 - 22 statement of cash flows 23 - 24 notes to financial statements 25 - 278 supplementary information

1. Detailed statement of non recurring gains and losses 1

2. Return on net assets and earnings per share 2

Beijing Institute of Certified Public Accountants

Business report unified coding reporting system

Unified business reporting code: 110 Andon Health Co.Ltd(002432) 022581005243

Report name: consolidated audit report of 2021

Report No.: Ernst & Young Huaming (2022) SZ No. 61398485a01

Name of audited (inspected) unit: China State Construction Engineering Corporation Limited(601668)

Name of accounting firm: Ernst & Young Huaming Certified Public Accountants (special general partnership)

Business type: financial statement audit

Report opinion type: unqualified opinion

Report date: April 15, 2022

Filing date: April 11, 2022

Zhou Ying (120 Fawer Automotive Parts Limited Company(000030) 763),

Signed by: Yang Shujuan (1 Ping An Bank Co.Ltd(000001) 00127),

Shen Yan (110 Guangdong Taiantang Pharmaceutical Co.Ltd(002433) 616)

(information can be queried by scanning QR code or logging into the official website of Beijing injection Association)

Note: this filing information only proves that the report has been filed with the Beijing Institute of certified public accountants, and does not mean that the Beijing Institute of Certified Public Accountants makes any form of guarantee for the content of the report in any sense.

1、 Basic information China State Construction Engineering Corporation Limited(601668) (hereinafter referred to as "the company") is approved by the state owned assets supervision and Administration Commission of the State Council (hereinafter referred to as "SASAC") in the document of state owned assets reform [2007] No. 1495 on December 6, 2007 in accordance with the relevant provisions of Chinese laws and administrative regulations, and by China State Construction Engineering Corporation Limited(601668) Engineering Corporation (hereinafter referred to as "China Construction Corporation"), Petrochina Company Limited(601857) Natural Gas Group Corporation Baosteel Group Co., Ltd. and Sinochem Corporation (hereinafter collectively referred to as "other sponsors") are joint stock limited companies jointly initiated and established as sponsors. In November 2017, with the approval of the state owned assets supervision and Administration Commission, China State Construction Corporation was restructured from an enterprise owned by the whole people to a wholly state-owned company. After the restructuring, the name of China State Construction Corporation was China State Construction Engineering Corporation Limited(601668) Group Co., Ltd. (hereinafter referred to as "China Construction Group"), and the state owned assets supervision and Administration Commission performed the duties of investor on behalf of the State Council. The company was incorporated in Beijing, the people's Republic of China (hereinafter referred to as "China") on December 10, 2007, and its headquarters address is Beijing, China. The parent company and ultimate holding parent company of the company are China Construction Group. The company was listed on the Shanghai Stock Exchange (A-share) in July 2009. As of December 31, 2021, the total share capital of the company was about 41.9 billion yuan, with a par value of 1 yuan per share. As of December 31, 2021, CSCEC group held about 236307 million shares of the company, accounting for about 56.33% of the total issued shares of the company. The business scope of the company and its subsidiaries (hereinafter collectively referred to as "the group") includes survey, design, construction, installation, consulting, development, decoration, production, wholesale, retail, import and export; Main business scope: undertake the construction, installation and consultation of public and civil housing construction projects outside China; Investment and construction of infrastructure projects; Real estate investment and development outside China; Survey and design of buildings and infrastructure construction; Design and construction of decoration engineering and garden engineering; Industrial investment; Contracting domestic and foreign-funded projects; Import and export business; Production and sales of building materials and other non-metallic mineral products, metal products for construction, tools, construction machinery and drilling machinery; And financial businesses such as deposits and loans within the group. The financial statements have been approved by the board of directors of the company on April 15, 2022. The consolidation scope of the consolidated financial statements is determined on the basis of control. See note VI for the changes in the consolidation scope this year. There are no important subsidiaries newly included in the consolidation scope this year, and there are no important subsidiaries no longer included in the consolidation scope this year. 2、 Preparation basis of financial statements the financial statements are prepared in accordance with the accounting standards for business enterprises - Basic Standards issued by the Ministry of Finance and the specific accounting standards, application guidelines, interpretations and other relevant provisions issued and revised later (collectively referred to as "accounting standards for business enterprises"). The financial statements are presented on a going concern basis. When preparing the financial statements, except for some financial instruments, the valuation principle is historical cost.

If an asset is impaired, the corresponding impairment provision shall be withdrawn in accordance with relevant regulations.

Notes to financial statements (Continued) III. important accounting policies and accounting estimates the group has formulated specific accounting policies and accounting estimates according to the actual production and operation characteristics, which are mainly reflected in the measurement of expected credit loss of receivables and contract assets, inventory valuation method, revenue recognition and measurement, etc. 1. statement of compliance with the accounting standards for business enterprises the consolidated and company's financial statements of the group for 2021 comply with the requirements of the accounting standards for business enterprises, and truly and completely reflect the financial position of the company and the group as of December 31, 2021 and the operating results and cash flows of the year 2021. 2. The accounting period of the group is the Gregorian calendar year, i.e. from January 1 to December 31. 3. Bookkeeping base currency the bookkeeping base currency of the group and the currency used in the preparation of the financial statements are RMB. Unless otherwise specified, it is expressed in thousands of yuan. Subsidiaries, joint ventures and associated enterprises of the group determine their recording currency according to the main economic environment in which they operate, and convert it into RMB when preparing the financial statements. 4. Business combination business combination is divided into business combination under the same control and business combination not under the same control. Business combination under the same control: a business combination under the same control refers to a business combination in which the enterprises participating in the combination are ultimately controlled by the same party or the same parties before and after the combination, and the control is not temporary. For business combinations under the same control, the party that obtains control over other enterprises participating in the merger on the merger date is the merging party, and other enterprises participating in the merger are the merged party. The merger date refers to the date on which the combining party actually obtains control over the merged party. The assets and liabilities acquired by the combining party in the business combination under the same control (including the goodwill formed by the final controller's acquisition of the combined party) shall be subject to relevant accounting treatment based on the book value in the final controller's financial statements on the combination date. For the difference between the book value of the net assets obtained by the combining party and the book value of the merger consideration paid (or the total face value of the issued shares), the equity premium in the capital reserve shall be adjusted. If it is insufficient to offset, the retained earnings shall be adjusted.

Notes to financial statements (Continued) III. important accounting policies and accounting estimates (Continued) 4 Business combination (Continued) business combination not under the same control. If the enterprise participating in the combination is not ultimately controlled by the same party or the same parties before and after the combination, it is a business combination not under the same control. For business combinations not under the same control, the party that obtains control over other enterprises participating in the merger on the acquisition date is the acquirer, and other enterprises participating in the merger are the acquiree. The date of purchase refers to the date on which the purchaser actually obtains control over the acquiree. The identifiable assets, liabilities and contingent liabilities of the acquiree obtained in the business combination not under the same control shall be measured at fair value on the acquisition date. The difference between the sum of the fair value of the merger consideration paid (or the fair value of the equity securities issued) and the fair value of the equity of the acquiree held before the acquisition date is greater than the fair value share of the identifiable net assets of the acquiree obtained in the merger is recognized as goodwill and subsequently measured at cost less accumulated impairment losses. If the sum of the fair value of the merger consideration paid (or the fair value of the equity securities issued) and the fair value of the equity of the acquiree held before the acquisition date is less than the fair value share of the identifiable net assets of the acquiree obtained in the merger, the identifiable assets The measurement of the fair value of liabilities and contingent liabilities, the fair value of the merger consideration paid (or the fair value of equity securities issued) and the fair value of the equity held by the acquiree before the acquisition date shall be reviewed, If the sum of the fair value of the merger consideration paid after review (or the fair value of the equity securities issued) and the fair value of the equity of the acquiree held before the acquisition date is still less than the fair value share of the identifiable net assets of the acquiree obtained in the merger, the difference shall be included in the current profit and loss. If the business combination not under the same control is realized step by step through multiple transactions, the long-term equity investment held by the acquiree before the acquisition date shall be re measured according to the fair value of the long-term equity investment on the acquisition date, and the difference between the fair value and its book value shall be included in the current profit and loss; The other comprehensive income of the long-term equity investment of the acquiree held before the acquisition date under the equity method shall be accounted for on the same basis as the direct disposal of relevant assets or liabilities by the investee. Other changes in shareholders' equity other than net profit and loss, other comprehensive income and profit distribution shall be transferred to the current profit and loss on the acquisition date. For the equity instrument investment held by the acquiree before the acquisition date, the changes in the fair value of the equity instrument investment accumulated in other comprehensive income before the acquisition date are transferred to retained profits and losses. 5. Consolidated financial statements the consolidation scope of consolidated financial statements is determined on the basis of control, including the financial statements of the company and all subsidiaries. Subsidiaries refer to the entities controlled by the company (including the separable parts of enterprises and invested units, as well as the structured entities controlled by the company).

Notes to financial statements (Continued) III. important accounting policies and accounting estimates (Continued) 5 Consolidated financial statements (Continued) during the preparation of consolidated financial statements, the accounting policies of subsidiaries that may be inconsistent with the company have been adjusted in accordance with the accounting policies of the company, and the accounting periods of subsidiaries that may be inconsistent with the company have been adjusted in accordance with the accounting periods of the company. Assets, liabilities, equity, income, expenses and cash flows arising from all transactions between companies within the group are fully offset at the time of consolidation. If the current loss shared by the minority shareholders of a subsidiary exceeds the share enjoyed by the minority shareholders in the opening shareholders' equity of the subsidiary, the balance shall still be offset against the reduced shareholders' equity. For subsidiaries acquired through business combination not under the same control, the operating results and cash flow of the acquiree shall be included in the consolidated financial statements from the date when the group obtains control until the group terminates its control. When preparing the consolidated financial statements, the financial statements of subsidiaries shall be adjusted on the basis of the fair value of all identifiable assets, liabilities and contingent liabilities determined on the acquisition date. For subsidiaries obtained through business combination under the same control, the operating results and cash flow of the combined party shall be included in the consolidated financial statements from the beginning of the current period. When preparing and comparing the consolidated financial statements, the relevant items of the previous financial statements are adjusted, which is regarded as the reporting entity formed after the merger has existed since the final controller began to implement control. If changes in relevant facts and circumstances lead to changes in one or more of the control elements, the group reassesses whether to control the investee. Under the condition of not losing control, the change of minority shareholders' equity is regarded as equity transaction. If the recognition of the same transaction with the group as the accounting entity is different from that with the company or subsidiaries as the accounting entity, the transaction shall be adjusted from the perspective of the group. 6. Classification of joint venture arrangements and joint operation joint venture arrangements are divided into joint operation and joint venture. Joint operation refers to the joint arrangement in which the joint venture party enjoys the relevant assets of the arrangement and bears the relevant liabilities of the arrangement. A joint venture refers to a joint venture arrangement in which the joint venture party has rights only to the net assets of the arrangement. The joint venture confirms the following items related to its share of interests in joint operation: confirm the assets held separately and jointly held assets according to its share; Recognize the liabilities undertaken individually and jointly according to their shares; Recognize the income generated from the sale of its share of joint operation output; Recognize the income generated from the sale of output in the joint operation according to its share; Recognize the expenses incurred separately and the expenses incurred in joint operation according to their share.

Notes to financial statements (Continued) III. important accounting policies and accounting estimates (Continued) 7 Cash and cash equivalents refer to the group's cash on hand and deposits that can be used for payment at any time; Cash equivalents refer to the short-term, highly liquid investments held by the group, which are easy to be converted into known amounts of cash and have little risk of value change. eight

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