Stock Code: 000570, 200570 Stock Name: Changchai, Changchai-B Announcement No. 2024-015
CHANGCHAI COMPANY, LIMITEDFIRST QUARTERLY REPORT 2024
Changchai Company, Limited (hereinafter referred to as the “Company”) and all the members of theCompany’s Board of Directors hereby guarantee that the contents of this Report are true, accurate and completeand free of any misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and seniormanagement of the Company hereby guarantee that the contents of this Report are true, accurate and completeand free of any misrepresentations, misleading statements or material omissions, and collectively andindividually accept legal responsibility for such contents.
2. The Company’s legal representative, General Manager, and head of the financial department (equivalent tofinancial manager) hereby guarantee that the financial statements carried in this Report are true, accurate andcomplete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
I Key Financial Information(I) Key Accounting Data and Financial IndicatorsIndicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
| Q1 2024 | Q1 2023 | YoY change (%) | |
| Operating revenue (RMB) | 836,479,520.73 | 703,102,297.70 | 18.97% |
| Net profit attributable to the listed company’s shareholders (RMB) | 32,382,777.70 | 23,934,592.54 | 35.30% |
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 39,340,826.68 | 1,107,543.07 | 3,452.08% |
| Net cash generated from/used in operating activities (RMB) | -16,877,796.78 | -71,086,048.66 | —— |
| Basic earnings per share (RMB/share) | 0.0459 | 0.0339 | 35.40% |
| Diluted earnings per share (RMB/share) | 0.0459 | 0.0339 | 35.40% |
| Weighted average return on equity (%) | 0.95% | 0.73% | 0.22% |
| 31 March 2024 | 31 December 2023 | Change (%) | |
| Total assets (RMB) | 5,310,015,979.74 | 5,159,394,958.92 | 2.92% |
| Equity attributable to the listed company’s shareholders (RMB) | 3,455,988,885.60 | 3,398,946,911.23 | 1.68% |
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
| Item | Q1 2024 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | 421,678.54 | |
| Government grants recognised in profit or loss (exclusive of those that are closely related to the Company's normal business operations and given in accordance with defined criteria and in compliance with government policies, and have a continuing impact on the Company's profit or loss) | 205,752.64 | |
| Gain or loss on fair-value changes in financial assets and liabilities held by a non-financial enterprise, as well as on disposal of financial assets and liabilities (exclusive of the effective portion of hedges that is related to the Company's normal business operations) | -12,754,548.76 | Decrease in the fair value of stocks of Jiangsu Liance Electromechanical Technology Co., Ltd. and Kailong High Technology Co., Ltd. held by the Company’s wholly-owned subsidiary Changzhou Horizon Investment Co., Ltd. at the period-end. |
| Non-operating income and expense other than the above | 266,860.33 | |
| Less: Income tax effects | -4,901,912.10 | |
| Non-controlling interests effects (net of tax) | -296.17 | |
| Total | -6,958,048.98 | -- |
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Consolidated Balance Sheet Items
| Item | 31 March 2024 (RMB) | 1 January 2024 (RMB) | Change (%) | Explanation of why |
| Trading financial assets | 392,073,902.48 | 225,641,429.94 | 73.76% | Increase in wealth management products purchased in the Reporting Period |
| Accounts receivable | 927,309,793.04 | 316,543,159.91 | 192.95% | Most of the Company’s multi-cylinder diesel engine customers are supporting companies of main engine, which are usually given longer payment days and the Company properly allowed customers’ buying on credit for more markets to step up efforts to expand the market due to the product emission upgrading |
| Receivables financing | 43,039,962.27 | 195,875,948.92 | -78.03% | Discounting some bank acceptance bills with higher credit rating in the Reporting Period |
| Other receivables | 8,369,962.10 | 49,699,753.61 | -83.16% | Receiving the remaining housing expropriation compensation of Changzhou Wuxing branch company in the Reporting Period |
| Other current assets | 11,246,642.93 | 20,910,504.84 | -46.22% | Decreased overpaid value added tax |
| Other non-current assets | 1,439,496.77 | 2,578,776.77 | -44.18% | Decrease in prepayment for purchasing equipment in the Reporting Period |
| Employee benefits payable | 19,915,758.78 | 47,738,883.57 | -58.28% | Salaries and bonuses accrued last period were paid in the Reporting Period |
| Taxes and levies payable | 33,356,751.03 | 6,231,169.74 | 435.32% | Increased value added tax payable and other taxes and levies payable |
| Other current liabilities | 91,687,395.08 | 67,069,965.96 | 36.70% | Increase in transferred bank acceptance bills before maturity with low credit rating in the Reporting Period |
2. Consolidated Income Statement Items
| Item | Q1 2024 (RMB) | Q1 2023 (RMB) | Change (%) | Explanation of why |
| Development costs | 20,281,737.94 | 15,089,418.27 | 34.41% | Increase in investment in R&D projects in the Reporting Period |
| Finance costs | -3,640,059.02 | 2,888,672.62 | —— | Increased exchange gains and decreased interest expenses |
| Other income | 205,752.64 | 1,110,261.12 | -81.47% | Decreased government grants |
| Return on investment | 523,222.06 | 2,726,741.04 | -80.81% | YoY decrease in interest income from trading financial assets |
| Gain on changes in fair value | -13,802,251.45 | 25,718,114.28 | -153.67% | Decrease in the fair value of stocks of Jiangsu Liance Electromechanical Technology Co., Ltd. and Kailong High Technology Co., Ltd. held by the Company’s wholly-owned subsidiary Changzhou Horizon Investment Co., Ltd. at the period-end. |
| Credit impairment loss | -11,899,204.76 | -7,540,965.36 | —— | Increase in impairment losses provided accordingly to the increase in accounts receivable in the Reporting Period |
| Asset impairment loss | 421,678.54 | 16,000.00 | 2535.49% | Disposal of fixed assets |
| Income tax expense | 5,272,662.37 | 7,666,120.91 | -31.22% | Decrease in fair value of trading financial assets held by the Company’s wholly-owned subsidiary Changzhou Horizon Investment Co., Ltd. and corresponding decrease in deferred income tax liabilities in the Reporting Period |
| Net profit attributable to shareholders of the Company as the parent | 32,382,777.70 | 23,934,592.54 | 35.30% | Increase in sales proportion of products with higher gross profit margins with the optimization of the sales structure of the Company’s products in the Reporting Period |
3. Consolidated Cash Flow Statement Items
| Item | Q1 2024 (RMB) | Q1 2023 (RMB) | Change (%) | Explanation of why |
| Net cash generated from/used in operating activities | -16,877,796.78 | -71,086,048.66 | —— | Decrease in cash paid to customers for purchase due to that the Company digested the previous year’s inventory goods in the Reporting Period |
| Net cash generated from/used in investing activities | -187,867,211.79 | -119,390,601.99 | —— | Increase in investment in wealth management in the Reporting Period |
| Net cash generated from/used in financing activities | 0.00 | -69,125.00 | —— | There were no financing activities in the Reporting Period, but there was repayment of interest by subsidiaries in the prior year |
II Shareholder Information(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as wellas Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders | 56,686 | Number of preference shareholders with resumed voting rights | 0 | |||
| Top 10 shareholders (exclusive of shares lent in refinancing) | ||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares held | Shares in pledge, marked or frozen | |
| Status | Shares | |||||
| Changzhou Investment Group Co., | State-owned corporation | 32.26% | 227,663,417.00 | 56,818,181.00 | N/A | 0.00 |
| Ltd. | |||||||
| Song Yang | Domestic individual | 0.71% | 5,000,000.00 | 0.00 | N/A | 0.00 | |
| Chen Jian | Domestic individual | 0.55% | 3,862,800.00 | 0.00 | N/A | 0.00 | |
| KGI ASIA LIMITED | Foreign corporation | 0.44% | 3,101,695.00 | 0.00 | N/A | 0.00 | |
| Wu Chunhua | Domestic individual | 0.35% | 2,442,200.00 | 0.00 | N/A | 0.00 | |
| Lu Zhang | Domestic individual | 0.30% | 2,090,243.00 | 0.00 | N/A | 0.00 | |
| Goldman Sachs, LLC | Foreign corporation | 0.28% | 1,945,467.00 | 0.00 | N/A | 0.00 | |
| BARCLAYS BANK PLC | Foreign corporation | 0.26% | 1,835,622.00 | 0.00 | N/A | 0.00 | |
| Chen Hengjun | Domestic individual | 0.23% | 1,633,600.00 | 0.00 | N/A | 0.00 | |
| Li Suinan | Domestic individual | 0.23% | 1,593,800.00 | 0.00 | N/A | 0.00 | |
| Top 10 unrestricted shareholders | |||||||
| Name of shareholder | Unrestricted ordinary shares held | Shares by class | |||||
| Class | Shares | ||||||
| Changzhou Investment Group Co., Ltd. | 170,845,236.00 | RMB-denominated ordinary share | 170,845,236.00 | ||||
| Song Yang | 5,000,000.00 | RMB-denominated ordinary share | 5,000,000.00 | ||||
| Chen Jian | 3,862,800.00 | RMB-denominated ordinary share | 3,862,800.00 | ||||
| KGI ASIA LIMITED | 3,101,695.00 | Domestically listed foreign share | 3,101,695.00 | ||||
| Wu Chunhua | 2,442,200.00 | RMB-denominated ordinary share | 2,442,200.00 | ||||
| Lu Zhang | 2,090,243.00 | Domestically listed foreign share | 2,090,243.00 | ||||
| Goldman Sachs, LLC | 1,945,467.00 | RMB-denominated ordinary share | 1,945,467.00 | ||||
| BARCLAYS BANK PLC | 1,835,622.00 | RMB-denominated ordinary share | 1,835,622.00 | ||||
| Chen Hengjun | 1,633,600.00 | RMB-denominated ordinary share | 1,633,600.00 | ||||
| Li Suinan | 1,593,800.00 | Domestically listed foreign share | 1,593,800.00 | ||||
| Related or acting-in-concert parties among the shareholders above | It is unknown whether there is among the top 10 public shareholders and the top 10 unrestricted public shareholders any related parties or acting-in-concert parties as defined in the Administrative Measures for Information Regarding Shareholding Alteration. | ||||||
| Top 10 shareholders engaged in securities margin trading | Shareholders Chen Jian and Wu Chunhua respectively held 3,022,800 shares and 2,442,200 shares in the Company through their credit accounts. | ||||||
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
1. Expropriation of the Wuxing branch company’s properties on state-owned land and compensationOn 25 May 2023, the Proposal on the Intention to Sign the Agreement on the Expropriation of the Properties ofthe Wuxing Branch Company on State-owned Land in Changzhou City and the Compensation was approved atthe 17th Meeting of the Ninth Board of Directors. Later, the said matter was approved at the First ExtraordinaryGeneral Meeting of Shareholders in 2023 dated 12 June 2023. As such, the Company was agreed to sign acontract with Changzhou Zhonglou District Housing and Urban-Rural Development Bureau on theexpropriation of the Wuxing branch company’s properties on state-owned land and the compensation, with thecontractual total compensation amount being RMB117 million. On 14 June 2023, the Company signed theAgreement on the Expropriation of the Properties of the Wuxing Branch Company on State-owned Land inChangzhou City and the Compensation with Changzhou Zhonglou District Housing and Urban-RuralDevelopment Bureau, and received the first compensation payment of RMB70 million on 28 June 2023, andreceived the residual compensation payment of RMB47 million on 9 January 2024.
2. Housing expropriation on state-owned land and compensation of Sanjing BranchOn 27 October 2023, the Company held the Third Meeting of the Tenth Board of Directors, deliberating on andapproving the Proposal on Signing the Sanjing Branch's Agreement on Non-residential Housing Expropriationand Compensation in Xinbei District, Changzhou City. The matter was approved at the third extraordinarygeneral meeting on 14 November 2023, approving that the Company would sign agreement with the Housingand Urban-Rural Development Bureau of Changzhou National High-tech Industrial Development Zone and theHousing Expropriation and Compensation Service Centre of Sanjing Street, Xinbei District, Changzhou City,regarding the housing expropriation on state-owned land and compensation of the Sanjing Branch. The totalcompensation amount under the agreement was RMB99,929,900. On 29 November 2023, the Company signedthe Agreement on Non-residential Housing Expropriation and Compensation with the Housing and Urban-RuralDevelopment Bureau of Changzhou National High-tech Industrial Development Zone and the HousingExpropriation and Compensation Service Centre of Sanjing Street, Xinbei District, Changzhou City. TheCompany received the first compensation of RMB30 million in the Reporting Period.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Changchai Company, Limited
31 March 2024
Unit: RMB
| Item | 31 March 2024 | 1 January 2024 |
| Current assets: | ||
| Monetary assets | 856,670,442.52 | 1,083,867,966.87 |
| Settlement reserve | ||
| Loans to other banks and financial institutions | ||
| Held-for-trading financial assets | 392,073,902.48 | 225,641,429.94 |
| Derivative financial assets | ||
| Notes receivable | 113,604,375.63 | 161,632,567.94 |
| Accounts receivable | 927,309,793.04 | 316,543,159.91 |
| Receivables financing | 43,039,962.27 | 195,875,948.92 |
| Prepayments | 10,894,841.77 | 12,333,310.85 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 8,369,962.10 | 49,699,753.61 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventories | 637,704,906.34 | 789,220,185.68 |
| Including: Data resource | ||
| Contract assets | ||
| Assets held for sale | ||
| Current portion of non-current assets | 40,773,509.75 | 40,773,509.75 |
| Other current assets | 11,246,642.93 | 20,910,504.84 |
| Total current assets | 3,041,688,338.83 | 2,896,498,338.31 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables |
| Long-term equity investments | ||
| Investments in other equity instruments | 997,802,025.67 | 969,488,025.67 |
| Other non-current financial assets | 412,914,576.80 | 412,914,576.80 |
| Investment property | 39,313,379.72 | 39,837,558.11 |
| Fixed assets | 656,580,629.54 | 675,596,920.95 |
| Construction in progress | 4,438,282.27 | 4,275,622.18 |
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | 146,380,637.41 | 148,458,185.68 |
| Including: Data resource | ||
| Development costs | ||
| Including: Data resource | ||
| Goodwill | ||
| Long-term prepaid expense | 7,939,616.94 | 8,227,958.66 |
| Deferred income tax assets | 1,518,995.79 | 1,518,995.79 |
| Other non-current assets | 1,439,496.77 | 2,578,776.77 |
| Total non-current assets | 2,268,327,640.91 | 2,262,896,620.61 |
| Total assets | 5,310,015,979.74 | 5,159,394,958.92 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Borrowings from the central bank | ||
| Loans from other banks and financial institutions | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 560,693,656.21 | 528,139,582.33 |
| Accounts payable | 612,997,833.81 | 641,484,184.05 |
| Advances from customers | 30,647,441.22 | 1,647,441.22 |
| Contract liabilities | 40,073,982.98 | 33,352,877.66 |
| Financial assets sold under repurchase agreements | ||
| Customer deposits and deposits from other banks and financial institutions | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Employee benefits payable | 19,915,758.78 | 47,738,883.57 |
| Taxes and levies payable | 33,356,751.03 | 6,231,169.74 |
| Other payables | 186,400,648.38 | 159,023,382.81 |
| Including: Interest payable | ||
| Dividends payable | 3,891,433.83 | 3,891,433.83 |
| Fees and commissions payable | ||
| Reinsurance payables | ||
| Liabilities directly associated with assets held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 91,687,395.08 | 67,069,965.96 |
| Total current liabilities | 1,575,773,467.49 | 1,484,687,487.34 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions | ||
| Deferred income | 32,795,896.48 | 32,795,896.48 |
| Deferred income tax liabilities | 172,670,628.68 | 171,843,455.52 |
| Other non-current liabilities | ||
| Total non-current liabilities | 205,466,525.16 | 204,639,352.00 |
| Total liabilities | 1,781,239,992.65 | 1,689,326,839.34 |
| Owners’ equity: | ||
| Share capital | 705,692,507.00 | 705,692,507.00 |
| Other equity instruments | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Capital reserves | 640,509,675.84 | 640,509,675.84 |
| Less: Treasury stock | ||
| Other comprehensive income | 691,247,221.82 | 667,180,321.82 |
| Specific reserve | 20,024,386.19 | 19,432,089.52 |
| Surplus reserves | 363,695,592.34 | 363,695,592.34 |
| General reserve | ||
| Retained earnings | 1,034,819,502.41 | 1,002,436,724.71 |
| Total equity attributable to owners of the Company as the parent | 3,455,988,885.60 | 3,398,946,911.23 |
| Non-controlling interests | 72,787,101.49 | 71,121,208.35 |
| Total owners’ equity | 3,528,775,987.09 | 3,470,068,119.58 |
| Total liabilities and owners’ equity | 5,310,015,979.74 | 5,159,394,958.92 |
Legal representative: Xie Guozhong General Manager: Xie GuozhongHead of the accounting department: Jiang He
2. Consolidated Income Statement
Unit: RMB
| Item | Q1 2024 | Q1 2023 |
| 1. Revenues | 836,479,520.73 | 703,102,297.70 |
| Including: Operating revenue | 836,479,520.73 | 703,102,297.70 |
| Interest revenue | ||
| Insurance premium income | ||
| Fee and commission income | ||
| 2. Costs and expenses | 772,816,412.40 | 691,918,401.77 |
| Including: Cost of sales | 689,569,001.62 | 610,046,549.40 |
| Interest costs | ||
| Fee and commission expense | ||
| Surrenders | ||
| Net insurance claims paid | ||
| Net amount provided as insurance contract reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and levies | 4,683,468.33 | 3,617,737.48 |
| Selling expense | 35,869,182.08 | 34,136,631.64 |
| Administrative expense | 26,053,081.45 | 26,139,392.36 |
| R&D expense | 20,281,737.94 | 15,089,418.27 |
| Finance costs | -3,640,059.02 | 2,888,672.62 |
| Including: Interest costs | 587,604.70 | 2,590,486.99 |
| Interest revenue | 3,080,070.64 | 3,370,700.72 |
| Add: Other income | 205,752.64 | 1,110,261.12 |
| Return on investment (“-” for loss) | 523,222.06 | 2,726,741.04 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Exchange gain (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | -13,802,251.45 | 25,718,114.28 |
| Credit impairment loss (“-” for loss) | -11,899,204.76 | -7,540,965.36 |
| Asset impairment loss (“-” for loss) | -57,832.48 | |
| Asset disposal income (“-” for loss) | 421,678.54 | 16,000.00 |
| 3. Operating profit (“-” for loss) | 39,054,472.88 | 33,214,047.01 |
| Add: Non-operating income | 370,474.42 | 380,282.59 |
| Less: Non-operating expense | 103,614.09 | 99,246.35 |
| 4. Gross profit (“-” for loss) | 39,321,333.21 | 33,495,083.25 |
| Less: Income tax expense | 5,272,662.37 | 7,666,120.91 |
| 5. Net profit (“-” for net loss) | 34,048,670.84 | 25,828,962.34 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 34,048,670.84 | 25,828,962.34 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the Company as the parent | 32,382,777.70 | 23,934,592.54 |
| 5.2.2 Net profit attributable to non-controlling interests | 1,665,893.14 | 1,894,369.80 |
| 6. Other comprehensive income, net of tax | 24,066,900.00 | 78,150,700.00 |
| Attributable to owners of the Company as the parent | 24,066,900.00 | 78,150,700.00 |
| 6.1 Items that will not be reclassified to profit or loss | 24,066,900.00 | 78,150,700.00 |
| 6.1.1 Changes caused by remeasurements on defined benefit schemes | ||
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
| 6.1.3 Changes in the fair value of investments in other equity instruments | 24,066,900.00 | 78,150,700.00 |
| 6.1.4 Changes in the fair value arising from changes in own credit risk | ||
| 6.1.5 Other | ||
| 6.2 Items that will be reclassified to profit or loss | ||
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
| 6.2.2 Changes in the fair value of other debt investments | ||
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.4 Credit impairment allowance for other debt investments | ||
| 6.2.5 Reserve for cash flow hedges | ||
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | ||
| 6.2.7 Other | ||
| Attributable to non-controlling interests | ||
| 7. Total comprehensive income | 58,115,570.84 | 103,979,662.34 |
| Attributable to owners of the Company as the parent | 56,449,677.70 | 102,085,292.54 |
| Attributable to non-controlling interests | 1,665,893.14 | 1,894,369.80 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.0459 | 0.0339 |
| 8.2 Diluted earnings per share | 0.0459 | 0.0339 |
Legal representative: Xie Guozhong General Manager: Xie GuozhongHead of the accounting department: Jiang He
3. Consolidated Cash Flow Statement
Unit: RMB
| Item | Q1 2024 | Q1 2023 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 456,415,221.66 | 447,807,917.75 |
| Net increase in customer deposits and deposits from other banks and financial institutions | ||
| Net increase in borrowings from the central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Interest, fees and commissions received | ||
| Net increase in loans from other banks and financial institutions | ||
| Net increase in proceeds from repurchase transactions | ||
| Net proceeds from acting trading of securities | ||
| Tax and levy rebates | 6,692,216.64 | 13,664,218.21 |
| Cash generated from other operating activities | 6,180,466.59 | 4,216,912.24 |
| Subtotal of cash generated from operating activities | 469,287,904.89 | 465,689,048.20 |
| Payments for commodities and services | 340,923,732.36 | 387,355,660.67 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in the central bank and other banks and financial institutions | ||
| Payments for claims on original insurance contracts | ||
| Net increase in loans to other banks and financial institutions | ||
| Interest, fees and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 91,776,376.54 | 96,431,976.19 |
| Taxes and levies paid | 10,294,557.87 | 10,202,886.37 |
| Cash used in other operating activities | 43,171,034.90 | 42,784,573.63 |
| Subtotal of cash used in operating activities | 486,165,701.67 | 536,775,096.86 |
| Net cash generated from/used in operating activities | -16,877,796.78 | -71,086,048.66 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 101,700,000.00 | 339,016,751.99 |
| Return on investment | 711,860.42 | 2,726,741.04 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 422,378.54 | 16,000.00 |
| Net proceeds from the disposal of subsidiaries and other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 102,834,238.96 | 341,759,493.03 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 8,657,126.75 | 119,772,481.02 |
| Payments for investments | 282,044,324.00 | 341,377,614.00 |
| Net increase in pledged loans granted | ||
| Net payments for the acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | ||
| Subtotal of cash used in investing activities | 290,701,450.75 | 461,150,095.02 |
| Net cash generated from/used in investing activities | -187,867,211.79 | -119,390,601.99 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Including: Capital contributions by non-controlling interests to subsidiaries | ||
| Borrowings received | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | ||
| Repayment of borrowings | ||
| Interest and dividends paid | 69,125.00 | |
| Including: Dividends paid by subsidiaries to non-controlling interests | ||
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | 69,125.00 | |
| Net cash generated from/used in financing activities | -69,125.00 | |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | ||
| 5. Net increase in cash and cash equivalents | -204,745,008.57 | -190,545,775.65 |
| Add: Cash and cash equivalents, beginning of the period | 971,629,523.46 | 810,350,966.05 |
| 6. Cash and cash equivalents, end of the period | 766,884,514.89 | 619,805,190.40 |
Legal representative: Xie Guozhong General Manager: Xie GuozhongHead of the accounting department: Jiang He(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementationof the New Accounting Standards Implemented since 2024
□ Applicable √ Not applicable
(III) Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.
□ Yes √ No
These financial statements have not been audited by such an auditor.
The Board of DirectorsChangchai Company, Limited
30 April 2024