On January 20, the Annual Meeting 2021 of China Minmetals was held to review its work of 2020 and in the 13^th Five-Year Plan and lay out the priorities of the 14^th Five-Year Plan and of 2021. Mr. Tang Fuping, China Minmetals' Chairman and Party Group Secretary, and Mr. Guo Wenqing, China Minmetals' Board Director, President and Deputy Party Group Secretary, made reports in the meeting.

In his report, Guo Wenqing reviewed the outstanding achievements made by China Minmetals in epidemic containment and resumption of work in 2020. Over the past year, China Minmetals fully implemented the plans and policies made by the CPC Central Committee and the State Council, and followed the philosophy of "Quadrupling in Three Steps" and adhered to the principles of pursuing high-quality development, leading to a new record in operational performance and a steady improvement in operational quality. The revenue of 2020 came in at RMB 701.6 billion, registering a year-on-year growth of 15%, and the net profit grew by 36% compared to last year. On top of that, the net inflow of operating cash was RMB 42.3 billion, making the operational performance the best ever.

Guo Wenqing noted that in the face of unexpected COVID-19, China Minmetals responded swiftly and rationally, achieving the victories in both epidemic containment and operation. In terms of epidemic containment, China Minmetals ensured the epidemic prevention and control in a scientific manner. In April 2020, the enterprises at all levels under China Minmetals fully resumed their work and production. In the meanwhile, China Minmetals actively shouldered social responsibility and made great donation, both monetary and in-kind, to the areas at home and abroad hit hard by COVID-19. Over 4,600 workers from 7 design and construction enterprises completed the design and construction of 34 epidemic containment hospitals in an unprecedented pace and quality, thus making great contribution to achieving strategic outcome in epidemic containment. In terms of production and operation, China Minmetals ensured the coordination in the enterprises of metal mining. Among the 45 mines of China Minmetals, 15 overseas mines saw stable operation, while domestic mines saw the production at full capacity, with the production of iron ore and copper increased by 50% and 15% respectively. In addition, stable production, trade growth and cost reduction are ensured for the main products. The projects, including Caodianfei International Ore Trading Center, Longjiang Graphite Project and Jianghua Rare Earth Project, were put into operation in 2020 and generated profits in the same year. Besides, the Relocation of Zhuzhou Smelter Group Co., Ltd., Manganese-based Material Project of Changsha Research Institute of Mining and Metallurgy Co., Ltd. and Hi-tech Precision Tool Industrial Park of China Tungsten Hightech Materials Co., Ltd. were completed as scheduled. The enterprises of design and construction worked against the clock and ensure the planned progress in key projects relating to national economy and people's livelihood such as the National Sliding Center of Beijing Olympic Winter Games and the Universal Studios Beijing, reviving the upstream and downstream industrial chains and making itself an important force of ensuring stability on six fronts and maintain security in six areas. In terms of management, by ensuring stability, China Minmetals worked hard to strengthen risk control and reduced its amount of risk assets by RMB 3.4 billion compared to last year. In the meantime, China Minmetals proactively inspected capital risks, and checked and handled the risks in overseas trade and financial property. In addition, we fully implemented the three-year action plan for workplace safety improvement, and advanced the environmental protection supervision tasks issued by the Communist Party of China and the management of enterprises in accordance with law. On top of that, we have greatly advanced technological innovation, carried out long-term pilot incentive policies for technological enterprises, established the development fund for talent and the mechanisms for risk sharing, and encouraged technological innovation. The input of research and development in 2020 was RMB 17.3 billion, registering a year-on-year growth of 28%. Moreover, we improved and refined management systems, strengthened strategic control and deepened the three-year action plan for reforming the state-owned enterprises.

In the meeting, the successful completion of "Quadrupling in Three Steps" of China Minmetals and the achievements unseen before of China Minmetals during the 13^th Five-Year Plan were reviewed.

The total assets of China Minmetals rose from RMB 705.7 billion in 2015 to RMB 987.7 billion (excluding RMB 1.1 trillion of financial assets under management) in 2020, with an annual average increase of 7%, and the revenue from RMB 421.5 billion to RMB 701.6 billion, with an annual average increase of 11%. The total profit and economic value added increased markedly. During the 13^th Five-Year Plan, China Minmetals registered a total profit of RMB 66.9 billion and paid a total tax of RMB 105.1 billion, with a net present value totaling RMB 46.6 billion and an assistance fund totaling RMB 430 million. China Minmetals also donated RMB 219 billion to the country, the society and the enterprises. Besides, China Minmetals actively implemented the requirements made by the CPC Central Committee and the State Council, carried out poverty alleviation in multiple fields such as finance, education and industries, making it rank among the best in the assessment of poverty alleviation made by the central state-owned enterprises.

Constant Improvement in the Development Quality. Over the past five years, great improvement was made in the key indicators of China Minmetals such as the scale, economic performance, asset quality and operational efficiency, leading to fundamental changes. From 2016 to 2020, the operational revenue, total profit and net profit increased by 13%, 50% and 121% respectively. The net profit attributable to the parent company rose markedly and the net inflow of operational cash flow totaled RMB 181.6 billion. China Minmetals ranked 24^th among the Top 500 Chinese Enterprises and 92^nd among the Fortune Global 500.

More Initiative in Responsibility Assumption. China Minmetals focuses on its primary responsibilities and main industries, and is committed to assuming the national mission of ensuring the resource supply. Besides, China Minmetals completed a number of key projects such as Las Bambas and Dugar River Zinc Mine. With its reserve of tungsten, bismuth and graphite leading the world and its reserve of copper, lead and zinc ranking among the first tier across the world, China Minmetals is the backbone of ensuring the primary resources of China. In addition, China Minmetals has completed a slew of landmark projects including Baosteel Zhanjiang Iron & Steel Base and Vietnam Steel Plant of Formosa Ha Tinh. Therefore, It holds 90% of domestic markets and 60% of global markets, thus constantly consolidating its title of the national metallurgical construction team around the world.

More Efficiency in Risk Control. During the 13^th Five-Year Plan, China Minmetals focused on the fields with great risks such as investment, debt, finance, trade and overseas businesses, and meanwhile defused the risks unseen before in the stock in a targeted and precision manner. Besides, China Minmetals worked harder to strengthen risk management and built the systems such as internal compliance to avoid new risk incidents. The total risk assets reduced by 52% and the asset-liability ratio dropped by 9.6 percentage points, achieving the softlanding for China Minmetals amidst the fluctuations in the industry.

Continuous Deepening in Reform of SOEs. During the 13^th Five-Year Plan, China Minmetals deepened reform on all fronts and formed the Reform Model of China Minmetals. China Minmetals proactively implemented the important political principle of the Party's leadership over central SOEs and followed the direction of establishing a modern enterprise system, and was the first to incorporate the general requirement of Party building into its articles of incorporation. In the meantime, China Minmetals fully revised the principles of annual shareholders' meeting, the Board of Directors and the Board of Supervisors, and improved the list of power, the list of responsibility and the negative list as well as corresponding procedures. In this process, the Party Group played a coordinated, institutional and concrete role in the management, making the management system of China Minmetals more well-regulated. Contract management started to work in the management. China Minmetals firmly focused on the market and proposed the concept of an internal market with RMB 100 billion. Therefore, the scale of coordinated businesses increased from RMB 100 billion to almost RMB 200 billion, making the coordination model more diverse and the space for coordination wider. Meanwhile, we took a problem-oriented approach and tackled main issues at key links. Compared to the figure at the end of 2015, the amount of the loss was reduced by more than RMB 10 billion for the enterprises with severe financial difficulty under China Minmetals. By building a Head Office with strategic control, financial benefits control plus key operation control, the management is streamlined to 4 levels, reducing the number of legal persons by 325.

Stronger Capacity in Science and Technology. Over the past five years, the number of national scientific platforms owned by China Minmetals such as the National Key Laboratory, has increased from 29 to 41, national technological prizes from 175 to 194, industrial standards at home and abroad from 872 to over 1,400, and granted patents from more than 18,000 to more than 35,000.

Continuing Efforts in Party Building. China Minmetals fully implemented the general principle of building the Party in the new era, and continued to implement the work of Party building, improved the quality of Party building, promoted the work of Party building at the primary level and consolidated the work of Party building to adhere to the leadership of the Party. Over 4,500 organizations and nearly 70,000 Party members of China Minmetals kept in mind their original aspirations, fulfilled their responsibilities and demonstrated the lofty spirit of the Party.

Guo wenqing noted that during the 13^th Five-Year Plan, China Minmetals ensured a success in "Quadrupling in Three Steps"; the structure of the business system featured by "four beams and eight columns" saw continuous improvement; the effect of the restructuring was felt more directly; the outcome of handling the enterprises with severe financial difficulty was notable; the driver of growth were strong and the officials were full of vigor. Our history fully demonstrates that China Minmetals after restructuring has chosen an absolutely right path of development, become a behemoth having the largest and complete industrial chain as well as strongest capacity in China, and ranked itself among the top 100 enterprises listed in the Fortune Global 500. Our achievements are comprehensive, unprecedented and tangible. All these new achievements, changes and images have been well acclaimed by our superiors, all sectors of society and our peers.

In the 14^th Five-Year Plan, China will enter the new development phase of building a modern socialist country, and China Minmetals will embark on the new journey of building itself into a world-class enterprise.

Guo Wenqing said that in the 14^th Five-Year Plan, the general principles for China Minmetals to pursue its development were to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and implement the guiding principles of the Party's 19^th National Congress and the second, third, fourth and fifth plenary sessions of its 19^th Central Committee in full, and undertake the mission of ensuring metal resources as the national metallurgical construction team. He stated that China Minmetals would follow the strategic path of constantly improving the business system featured by "four beams and eight columns" and complementing its main industries and sidelines. Besides, he added that China Minmetals would lose no time in achieving the five-year development goal of "revenue exceeding trillion yuan and double profits".

Guo Wenqing emphasized the following three points: First, China Minmetals shall move toward high-quality development under the mission of ensuring metal resources as the national metallurgical construction team. Second, China Minmetals shall lay out its three-year action plan, five-year action plan and ten-year action plan to achieve the goal of "revenue exceeding trillion yuan and doubling profits". From 2021 to 2023, it is the three-year action plan of pursuing high-quality development. From 2021 to 2025, it is a period of strengthening the main responsibilities and main industries of China Minmetals. After another 5 years' efforts, namely by 2030, China Minmetals shall basically build itself into a world-class enterprise that can compete in the global market. Third, China Minmetals shall integrate itself into the new development pattern by following the strategic path of constantly improving the business system featured by "four beams and eight columns" and complementing its main industries and sidelines. It means that China Minmetal shall excel in metal mining, develop metallurgical construction, work carefully in trade and logistics, stabilize financial service and become a professional of real estate.

For 2021, Guo Wenqing asked all enterprises under China Minmetals to follow the general principle of maintaining stability while pursuing progress, fully implement the new development philosophy, integrate them into the new development pattern, and focus on their primary responsibilities and main industries to see that funds are put to better and more effective use, thus having a good start of the 14^th Five-Year Plan and demonstrating the new image of a world-class metal mining enterprise.

To this end, he lays out seven requirements: First, work harder to accomplish the targets and tasks of 2021 to ensure a good start of China Minmetal in the 14^th Five-Year plan; Second, pursue high-quality development and strengthen the primary responsibilities and main industries; Third, be committed to technological innovation to improve core competitiveness; Fourth, adhere to build the system and reshape the pattern of market development; Fifth, continue to deepen reform to galvanize our staff; Sixth, guard against and defuse various risks; Seventh, take a down-to-earth approach to build China Minmetals into a first-class state-owned enterprise.

In his speech, Tang Fuping comprehensively summarized that in the past five years, under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, China Minmetals had thoroughly implemented decisions and arrangements of the CPC Central Committee and the State Council, promoted high-quality development, deepened the reform of state-owned enterprises and continued to strengthen and consolidate the valuable experience and development achievements accumulated in the Party construction.

Tang Fuping pointed out that in the past five years, facing the complicated internal and external environment, China Minmetals closely focused on the goal of building itself into a world-class metal mining enterprise, smoothly promoted the strategic restructuring and continued to enhance the its competitiveness with "Quadrupling in Three Steps" accomplished, "the 13^th Five-Year Plan" fulfilled and leap-forward development gained. He also stated that we had made full use of our role as the "ballast" of stabilizing the national economy and the "pillar" of implementing national strategies and made our due contribution to the building of a moderately prosperous society in all respects.

Facing the 14^th Five-Year Plan, Tang Fuping put forward the guiding ideology of the development of China Minmetals: We should follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the guiding principles of the 19^th CPC National Congress and the second, third, fourth, and fifth plenary sessions of the 19^th CPC Central Committee, and fully execute General Secretary Xi Jinping's keynote speeches and instructions on the reform and development of state-owned enterprises and Party building. Meanwhile, we should accurately grasp the new development opportunities, thoroughly implement the new development concept, deeply integrate into the new development pattern, aim at world-class enterprise building. To this end, we should continue to promote high-quality development, enhance the competitiveness of enterprises, strengthen the driving force and unswervingly make ourselves stronger and better.

Tang Fuping stressed that during the 14^th Five-Year Plan period, China Minmetals should apply the system concept to promote development and grasp the five major relations in the process: First, the relationship between connotation and denotation should be coordinated and the mode of development based on connotation should be adhered to realize mutual promotion between inside and outside. Second, the relationship between the main industry and diversification should be coordinated to maintain the moderately diversified industrial development system with the core industry as the leading role. Third, the short-term and long-term relationship should be coordinated, and the long-term sustainable development of seeking improvement in stability should be adhered to. Fourth, the relationship between China and foreign countries should be coordinated and a double cycle pattern focusing on domestic development, facing the international outlook and pursuing the linkage of the both should be built. Fifth, the relationship between development and risks should be coordinated to ensure the baseline that major risks do not arise in development.

On the work in the new year, Tang Fuping stressed that 2021 is the first year of the 14^th Five-Year Plan, all the work should be based on the five-year goal to get off to a smooth start and solid progress to speed up the implementation of six key strategic actions. First, the top-level design should be strengthened to optimize the distribution of resources, improve systems and mechanisms and implement the strategy of innovation-driven development. Second, the three-year action plan should be implemented to reform SOEs, fulfill key tasks and upgrade the China Minmetals mode. Third, the strategic action of restructuring and integration should be implemented to internally promote integration, build an industrial platform and externally promote merger and reorganization. Fourth, the efficiency of staff and facilities should be continuously improved to reduce costs and implement actions to enhance competitiveness. Fifth, the capital operation strategy should be conducted to improve the quality of listed companies and strengthen the capacity of capital operation. Sixth, the vitality of talents should be stimulated and the strategic action of strengthening enterprises through talents should be pursued.

Tang finally stressed that in 2021, China Minmetals should follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhere to the overall leadership of the Party, and thoroughly implement the general requirements for Party building and the Party's organizational line for the new era. To celebrate the 100^th anniversary of the founding of the Communist Party of China and the 5^th anniversary of the National Conference for Party Building of State-owned Enterprises, China Minmetals will steadily carry out activities for the Year of Innovation and Development in Party Building of Central State-owned Enterprises, further improve the quality of Party building and provide a strong political and organizational guarantee for the development of the 14^th Five-Year Plan.