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NORINCO's Great Achievements from High-quality Development during the "Thirteenth Five-Year" Plan
Date:2021-06-21 Read times: Font size:[ L M S ]

This is a “transcript” from NORINCO after five years of endeavor, for which  NIRINCO has made great success in its five major divisions: military trade, petroleum, minerals, civilian products and international operations, investment and asset management; this is a great undertaking for which NORINCO has made effort for five years, reflecting our course of development and aiming at our greater vision in future: developing NORINCO into a world-class multinational company with global competitiveness, such undertaking is being transformed from a blueprint to reality. During the endeavor, each step of NORINCO’s strivers is regarded as a great milestone in the journey during the "13th Five-Year Plan". 

Over the past five years, NORINCO has fulfilled its primary responsibility/duties and strived for core mission in military trade conscientiously, and entered in a new stage of high-quality development, under the strong leadership of the Group. The Company further communicated the importance and mission of "three major powers", comprehensively improved its "three major capabilities", established a number of iconic projects for the "Belt and Road", set up a multinational operation system, management system, innovation system and HR system, and initially formed a trading-production-financing integrated modern industrial system, therefore significantly increasing its contribution and driving force to the weapons industry. 

Over the past five years, the Company has actively promoted the transformation and upgrading of military trade business and further stabilized its leading position in the military trade industry. It has made efforts to promote the "three transformations, three upgrades" and developed its military trade systemized capabilities, with a significant progress by expanding its product line from single product and equipment to systemic solutions, thereby obtaining the competitive advantage in the entire industry chain that requires the integration of technology, production and trading, and further consolidating the status of industry leader. The Company has achieved initial results in term of development of five major divisions of military trade, diversified its products in military trade market gradually, and made new breakthroughs in market development. In addition, NORINCO has upgraded its military trade technology innovation system, and continuously optimized the structure of export products. The Company has improved the military trade supply chain management system and taken further measures in quality management. Over the past five years, the Company’s military trade business exports and foreign exchange collection amounts have doubled compared with the "Twelfth Five-Year Plan" period. 

Over the past five years, the Company has made concentrated efforts for the “Belt and Road” Initiative and promoted high-quality development continuously. NORINCO made new breakthroughs in the structural adjustment of the petroleum business, and further improved the quality of development. The Company has achieved remarkable results in restructuring of oil and gas assets, further promoted transformation and upgrading of oil and gas trading business; it paid equal attention to development of both oil and gas business, with steadily recovered total profit, steadily increasing scale of operations as well as continuously improving quality of operations.

The Company made great effort to develop key projects in the mineral business and improved economies of scale rapidly. The development of mines and the acquisition of new projects were progressing steadily, and the resource reserves were further consolidated; the Company continued to enrich its trading patterns model and expanded the scale of trading. In term of international engineering and specialized civilian products, the Company seized the opportunity in the context of the "Belt and Road" to export the Chinese equipment, technology, capital, and management to internal market, with a revenue of 87.01 billion yuan, at a cumulative increase rate of 33.83% over the "Twelfth Five-Year Plan" period. The Company has established a series of landmark projects in international engineering business, such as the Lahore Orange Line in Pakistan, the Addis Ababa–Djibouti Railway, the Nam Phay Hydropower Station in Laos, the Coal-fired Power Station in Bangladesh, and the Croatian Wind Power Station. It has been involved in continuous improvement of professional capabilities in international trade and capacity cooperation business. NORINCO contributed greatly in driving the Group's outstanding export performance; It has further optimized its footprints for civil explosives business, non-traditional safety business, and electronic circuit business, and further enhanced its competitiveness of international operations. 

Over the past five years, the Company has thoroughly implemented the innovation-oriented development strategy, and achieved remarkable results in transformation and upgrading. Depending on the advantages of international operation and management, the Company has built an international technological innovation system centered on military trade, kept ahead with the world-class R&D mechanisms, and attached importance to independent control of key technologies. NORINCO increased substantially its investment in scientific and technological innovation, with a total scientific research investment of more than 3.7 billion yuan and at an average annual increase rate of more than 6.6% in independent scientific research investment. The Company has accumulatively completed 121 foreign trade design finalization and technical appraisal cases, applied for nearly 500 patents, and obtained 269 patent permission; Zhenhua Petroleum Research Center, Mineral Design and Research Institute and other technological innovation platforms were established, basically covering the Company's main business. New progress has been made in business innovation, management innovation and business model innovation. The Company organized and held "Armor Day", "Artillery and Smart Ammunition Day", "Armor and Anti-Armor Day" experiential themed marketing activities and "Zhuhai Airshow" branded marketing activities. In addition,  NORINCO actively participated and exhibited in the International Import Expo for three consecutive sessions; its management innovation theory and achievements have been granted the Corporation Management Innovation Award by the National Defense Technology Industry Enterprise Association and the Group for many times. 

Over the past five years, the Company has taken active measures in external investment, and its overseas projects have made great success. The investment and asset management business has actively served the main business, and NORINCO continued to optimize its industrial layout and business structure. The asset management efficiency was further improved. The cumulative profit was 3.08 billion yuan, at a growth rate of 184% compared with the "Twelfth Five-Year Plan". Through continuous increase in investment, the Company has formed a number of high-quality investment projects in overseas market, each of which was completed successfully and made great brand influence, therefore the Company has transformed from an import and export trade company to a coordinated operator in trading, industry and financing. The Company newly invested in 13 overseas projects with a cumulative new investment amount of US$7.6 billion. The Company successfully acquired the UAE A project and Iraq’s EBS project for orderly succession of oil business assets; successfully obtained the Congo (DRC) Pumpi project, which greatly increased the reserves of copper and cobalt resources; NORINCO invested in coal-fired power plants in Bangladesh, wind power plants in Croatia, and cross-border logistics facilities in Southern Africa and mine integration projects in Mongolia, thereby realized the transformation and upgrading of international engineering business; through overseas investment and mergers & acquisitions, the Company acquired the Australian NSA project, incorporated the Congo (Kinshasa) joint venture and the Guinea civil explosion company, thereby exported and outputted the civil explosion products into international market; therefore, its oversea investment has become an effective way to promote the rapid development of the Company. 

Taking advantage of the right time and place, it is time to make greater achievements now. Currently, at a new starting point for the development of the "14th Five-Year Plan", the NORINCO will pay major attention to the weapon manufacturing business   under the guidance by Xi Jinping’s Socialism with Chinese Characteristics for a New Era, following the strategy of serving the country; we will unswervingly implement the new development concept, and give the full play of party building in leadership development, take innovation-driven and systemic measures, enhance our  capability, thereby further targeting at our development vision for a new era, and further building our core competitiveness, further forming the new advantages of market competition, further promoting the Company's high-quality development; NORINCO will make unremitting efforts to further play the role of the Group's military trade and international business strategy in a pioneering, creative and down-to-earth manner, thereby to forge ahead for the realization of the Chinese dream, the objective of military power, and NORINCO’s vision!  

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